MIRA INFORM REPORT
|
Report Date : |
10.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
SARDA ENERGY AND MINARALS LIMITED (w.e.f. 12.10.2007) |
|
|
|
|
Formerly Known
As : |
RAIPUR ALLOYS AND STEEL LIMITED |
|
|
|
|
Registered
Office : |
73/A, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
23.06.1973 |
|
|
|
|
Com. Reg. No.: |
11-016617 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.358.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27100MH1973PLC016617 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NGPR00172E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACR6149L |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturing of Pellets, Sponge Iron, Steel Billets, Wire Rods, Ferro
Alloys and Power. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 36810000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a merger of two entities, Chhattisgarh Electricity Company
Limited (CECL) and Riapur Gases Private Limited (RGPL). It is a
well-established company having good track record. Financial position of the company appears to be sound. Over all
fundamentals of the company appears to be strong and healthy. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
regular and as per commitments. Company can be considered good for normal 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 |
September 13, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities A1+ |
|
Rating Explanation |
Very strong degree at safety and lowest
credit risk. |
|
Date |
September 13, 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 DENIED
MANAGEMENT NON – COOPERATIVE (91-712-2722407)
LOCATIONS
|
Registered Office : |
73/A, Central
Avenue, Shri Ram Niketan, Nagpur – 440
018, Maharashtra, India |
|
Tel. No.: |
91-712-2727509/ 2660071/ 5616707 / 2722407 |
|
Fax No.: |
91-712-2728207/ 2641171 / 2722107 |
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E-Mail : |
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|
Website : |
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Head Office/ Factory : |
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|
Tel. No.: |
91-771-2216000 |
|
Fax No.: |
91-771-216198 /
2216199 |
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|
|
|
Corporate Office : |
125, B-Wing, Mittal Court, Nariman Point, Mumbai - 400 021, Maharashtra, India. |
|
Tel. No.: |
91-22-22880080-81 |
|
Fax No.: |
91-22-22826680 |
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|
|
|
Branch Office : |
Located At:
|
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Kamal Kishore Sarda |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
60 Years |
|
Qualification : |
B.E (Mechanical) |
|
Experience : |
38 Years |
|
|
|
|
Name : |
Mr. G K Chhanghani |
|
Designation : |
Executive Director |
|
Qualification : |
B.E (Mechanical) |
|
|
|
|
Name : |
Mr. Pankaj Sarda |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. G D Mundra |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Asit Kumar Basu |
|
Designation : |
Director |
|
Date of Birth/Age : |
62 Years |
|
Qualification : |
BME |
|
Experience : |
More than 40 years in the field of finance |
|
Date of Appointment : |
31.01.2003 |
|
Other
Directorships/ Partnerships : |
|
|
|
|
|
Name : |
Mr. C.K. Lakshminarayanan |
|
Designation : |
Director |
|
Date of Birth/Age : |
63 Years |
|
Qualification : |
Bachelor of Technology |
|
Experience : |
He worked as a Plant Engineer for 8 years with Madras Petrochem Limited. Thereafter, he worked with Industrial Development Bank of India, firstly in Project finance and then in Investment Banking. Lastly, he worked as President and CEO of STCMS Electric Company Private Limited, which is operating a 250 MW IPP. |
|
Date of Appointment : |
28.01.2009 |
|
Other
Directorships/ Partnerships : |
|
|
|
|
|
Name : |
Mr. G.S. Sahni |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Jitender Balakrishnan |
|
Designation : |
Director |
|
Date of Birth/Age : |
63 Years |
|
Qualification : |
B.E (Mech) National Institute of Technology (NIT) Madras University and Post Graduate Diploma in Industrial Management, Bombay University |
|
Experience : |
He has wide experience in the sectors like, Oil and Gas, Refineries, Power, Telecom, Airports, Roads, Ports, Steel, Cement, Fertilizers, Petrochemicals, Hotel, Pharmaceuticals, Paper, etc. |
|
Date of Appointment : |
30.07.2010 |
|
Other
Directorships/ Partnerships : |
|
|
|
|
|
Name : |
Mr. P R Tripathi |
|
Designation : |
Director |
|
Qualification : |
Mining Engineer |
|
|
|
|
Name : |
Mr. Rakesh Mehra |
|
Designation : |
Director |
|
Qualification : |
FCWA |
KEY EXECUTIVES
|
Name : |
Mr. P. K. Jain |
|
Designation : |
Chief Financial Officer - Cum – Company Secretary |
|
|
|
|
Name : |
Mr. Manish |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2013
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
8153428 |
22.74 |
|
|
16466129 |
45.93 |
|
|
1000000 |
2.79 |
|
|
1000000 |
2.79 |
|
|
25619557 |
71.46 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
25619557 |
71.46 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
754834 |
2.11 |
|
|
2750 |
0.01 |
|
|
250 |
0.00 |
|
|
405680 |
1.13 |
|
|
1804891 |
5.03 |
|
|
1804891 |
5.03 |
|
|
2968405 |
8.28 |
|
|
|
|
|
|
3264595 |
9.11 |
|
|
|
|
|
|
3176266 |
8.86 |
|
|
733846 |
2.05 |
|
|
87331 |
0.24 |
|
|
11957 |
0.03 |
|
|
75374 |
0.21 |
|
|
7262038 |
20.26 |
|
Total Public shareholding (B) |
10230443 |
28.54 |
|
Total (A)+(B) |
35850000 |
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) |
35850000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Pellets, Sponge Iron, Steel Billets, Wire Rods, Ferro
Alloys and Power. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
NOTE: Long Term
Borrowing Terms of
repayment The non-convertible
debentures are redeemable in three equal annual installments commencing from
July, 2015. The company has an option to redeem these debentures earlier;
however, no redemption will take place before the end of 3rd year from the
date of allotment. External
commercial borrowings availed in foreign currencies are payable in 5 annual
installments (First three installments are 1/6th of the loan amount and
remaining 2 installments are 1/4th of the loan amount). First three
installments have already been paid. Rupee term loan
from a financial institution is payable in 12 equal quarterly installments
commencing from September, 2013. Rupee term loan
of Rs. 250.400 millions from bank is payable in 11 quarterly installments starting
from September, 2013 quarter. During the financial year 2013-14, 3
installments comprising 10% of the loan amount will be repaid, in the year
2014-15, 4 installments involving 20% and in the year 2015-16, 4 installments
involving 70% of the loan amount will be repaid. Rupee term loan
of Rs. 100.000 millions from bank is payable in 3 equal monthly installments
starting from March, 2014. Hire purchase
loan of Rs. 4.193 millions from bank is payable in 34 equal installments of
Rs. 0.194 millions starting from June, 2012. Deferred sales
tax loan is interest free and payable at the end of fifth year from the end
of the financial year of accrual. Security The
non-convertible debentures are secured by a registered mortgage of an
immovable property of the company situated at Ahmedabad. Term loans from
bank, working capital term loan from bank, financial institution, external
commercial borrowing and debentures are secured by first pari-passu charge by
way of hypothecation of entire movable and immovable assets of the company
situated at Industrial Growth Centre, Siltara, Raipur subject to prior charge
on current assets in favour of working capital bankers and by way of joint
equitable mortgage of immovable properties of the company situated at Industrial
Growth Centre, Siltara.
Hire purchase
loan from bank is secured by hypothecation of related vehicles. Short Term
Borrowing Security Working capital
loans from banks are secured by first pari-passu charge on stocks and book
debts and second paripassu charge on all present and future movable plant and
machinery and second charge by way of joint equitable mortgage of immovable
properties located at Industrial Growth Centre, Siltara, Raipur. These
facilities are also secured by irrevocable personal guarantees of Mr.
K.K.Sarda and Mr. Manish Sarda. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M. M. Jain and Associates Chartered Accountants |
|
Address : |
Shreemohini, Kingsway, Nagpur, Maharashtra, India |
|
|
|
|
Subsidiaries : |
Ø
Sarda Energy and Minerals Hongkong Limited, Hongkong Ø
Sarda Global Ventures Pte Limited, Singapore Ø
Sarda Metals and Alloys Limited Ø
Sarda Energy Limited Ø
Parvatiya Power Limited Ø
Madhya Bharat Power Corporation Limited Ø
Sarda Hydro Power Private Limited Ø
Raipur Fabritech Private Limited Ø
Raipur Industrial Gases Private Limited |
|
|
|
|
Controlled
entities : |
Ø
Chhattisgarh Hydro Power LLP Ø
Shri Ram Electricity LLP |
|
|
|
|
Associate : |
Ø
Chhatisgarh Investments Limited Ø
Chhattisgarh Bricks Private Limited (Upto
14.12.2012) |
|
|
|
|
Related enterprises
where significant influence exists : |
Ø
R.R. Sarda and Company |
|
|
|
|
Joint ventures : |
Ø
Raipur Infrastructure Company Limited Ø
Madanpur South Coal Company Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35850000 |
Equity Shares |
Rs.10/- each |
Rs.358.500 Millions |
|
|
|
|
|
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 |
358.500 |
358.500 |
358.500 |
|
(b) Reserves and Surplus |
8844.053 |
7723.465 |
6579.475 |
|
(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) |
9202.553 |
8081.965 |
6937.975 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3528.387 |
4506.722 |
3812.890 |
|
(b) Deferred tax liabilities (Net) |
433.103 |
499.614 |
360.740 |
|
(c) Other long term
liabilities |
23.128 |
17.151 |
8.392 |
|
(d) long-term
provisions |
114.728 |
83.476 |
77.500 |
|
Total Non-current
Liabilities (3) |
4099.346 |
5106.963 |
4259.522 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
1674.042 |
2038.519 |
2006.983 |
|
(b) Trade payables |
1038.802 |
834.863 |
657.853 |
|
(c) Other current
liabilities |
1569.143 |
907.545 |
819.775 |
|
(d) Short-term
provisions |
36.333 |
48.998 |
136.420 |
|
Total Current
Liabilities (4) |
4318.320 |
3829.925 |
3621.031 |
|
|
|
|
|
|
TOTAL |
17620.219 |
17018.853 |
14818.528 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
7104.675 |
6860.668 |
6509.822 |
|
(ii) Intangible Assets |
437.468 |
456.126 |
352.573 |
|
(iii) Capital
work-in-progress |
618.458 |
1087.694 |
1240.341 |
|
(iv)
Intangible assets under development |
28.360 |
22.569 |
15.358 |
|
(b) Non-current Investments |
4021.950 |
2126.145 |
1105.404 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
651.284 |
1884.081 |
1114.335 |
|
(e) Other
Non-current assets |
6.839 |
12.102 |
6.309 |
|
Total Non-Current
Assets |
12869.034 |
12449.385 |
10344.142 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
3.122 |
5.139 |
417.437 |
|
(b) Inventories |
2199.890 |
2272.222 |
2587.588 |
|
(c) Trade receivables |
625.042 |
431.304 |
433.595 |
|
(d) Cash and cash
equivalents |
72.405 |
9.475 |
16.865 |
|
(e) Short-term loans
and advances |
1732.183 |
1591.469 |
992.574 |
|
(f) Other current
assets |
118.543 |
259.859 |
26.327 |
|
Total Current Assets |
4751.185 |
4569.468 |
4474.386 |
|
|
|
|
|
|
TOTAL |
17620.219 |
17018.853 |
14818.528 |
PROFIT AND LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
13839.453 |
11001.770 |
8847.423 |
|
|
|
Other Income |
151.219 |
593.205 |
252.771 |
|
|
|
TOTAL |
13990.672 |
11594.975 |
9100.194 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of
materials consumed |
7458.025 |
6287.740 |
5602.623 |
|
|
|
Purchases of
stock-in-trade |
373.287 |
140.477 |
440.739 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
160.736 |
(4.124) |
(632.574) |
|
|
|
Employee
benefits expense |
496.330 |
408.701 |
330.019 |
|
|
|
Other expenses |
2630.145 |
2386.483 |
1759.313 |
|
|
|
TOTAL |
11118.523 |
9219.277 |
7500.120 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2872.149 |
2375.698 |
1600.074 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
631.392 |
702.767 |
316.568 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2240.757 |
1672.931 |
1283.506 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
640.792 |
632.336 |
576.267 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1599.965 |
1040.595 |
707.239 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
345.663 |
(103.395) |
210.511 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
1245.302 |
1143.990 |
496.728 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4535.420 |
3603.930 |
3444.699 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Equity Dividend |
(107.550) |
0.000 |
(107.550) |
|
|
|
Tax on equity dividend |
(17.448) |
0.000 |
(17.447) |
|
|
|
Transfer to Debenture Redemption Reserve |
(62.500) |
(62.500) |
(62.500) |
|
|
|
Transfer to General Reserve |
(150.000) |
(150.000) |
(150.000) |
|
|
BALANCE CARRIED
TO THE B/S |
5443.224 |
4535.420 |
3603.930 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Fob value of exports (direct) |
1494.627 |
1135.110 |
1174.588 |
|
|
|
Interest received |
0.778 |
4.722 |
0.718 |
|
|
|
Dividend |
0.000 |
266.550 |
0.000 |
|
|
|
Discounts and
dispatch money received |
0.000 |
0.000 |
4.230 |
|
|
TOTAL EARNINGS |
1495.405 |
1406.382 |
1179.536 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials |
1940.788 |
834.933 |
1854.606 |
|
|
|
Components, stores and spare parts |
68.376 |
73.366 |
7.113 |
|
|
|
Capital goods |
22.329 |
46.970 |
95.953 |
|
|
TOTAL IMPORTS |
2031.493 |
955.269 |
1957.672 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
34.74 |
31.91 |
13.86 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2013 1st
Quarter |
30.09.2013 2nd
Quarter |
31.12.2013 3rd
Quarter |
|
Audited / UnAudited |
Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
3090.600 |
2789.900 |
3121.200 |
|
Total Expenditure |
2538.400 |
2404.200 |
2681.000 |
|
PBIDT (Excl OI) |
552.200 |
385.800 |
440.200 |
|
Other Income |
207.700 |
47.400 |
76.400 |
|
Operating Profit |
759.900 |
433.200 |
516.600 |
|
Interest |
161.600 |
163.200 |
154.30 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
598.300 |
270.000 |
362.300 |
|
Depreciation |
158.500 |
163.300 |
158.200 |
|
Profit Before Tax |
439.800 |
106.700 |
204.100 |
|
Tax |
140.700 |
39.900 |
68.700 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
299.100 |
66.800 |
135.500 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
299.100 |
66.800 |
135.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.90
|
9.86 |
5.46 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.56
|
9.46 |
7.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.35
|
7.55 |
5.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.13 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.56
|
0.81 |
0.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10
|
1.19 |
1.24 |
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 |
358.500 |
358.500 |
358.500 |
|
Reserves & Surplus |
6579.475 |
7723.465 |
8844.053 |
|
Net
worth |
6,937.975 |
8,081.965 |
9,202.553 |
|
|
|
|
|
|
long-term borrowings |
3812.890 |
4506.722 |
3528.387 |
|
Short term borrowings |
2006.983 |
2038.519 |
1674.042 |
|
Total
borrowings |
5,819.873 |
6,545.241 |
5,202.429 |
|
Debt/Equity
ratio |
0.839 |
0.810 |
0.565 |
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 |
8847.423 |
11001.770 |
13839.453 |
|
|
|
24.350 |
25.793 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
8847.423 |
11001.770 |
13839.453 |
|
Profit |
496.728 |
1143.990 |
1245.302 |
|
|
5.61% |
10.40% |
9.00% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check
List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year
of Establishment |
Yes |
|
2] |
Locality
of the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type
of Business |
Yes |
|
6] |
Line
of Business |
Yes |
|
7] |
Promoter's
background |
Yes |
|
8] |
No.
of employees |
No |
|
9] |
Name
of person contacted |
No |
|
10] |
Designation
of contact person |
No |
|
11] |
Turnover
of firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons
for variation <> 20% |
-------------------- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital
in the business |
Yes |
|
16] |
Details
of sister concerns |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export
/ Import details (if applicable) |
No |
|
21] |
Market
information |
---------------------- |
|
22] |
Litigations
that the firm / promoter involved in |
---------------------- |
|
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 |
UNSECURED
LOAN:
|
Particulars |
31.03.2013 [Rs.
in Millions] |
31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowing |
|
|
|
Deferred payment
liabilities |
|
|
|
Deferred sales
tax loan |
94.097 |
131.925 |
|
|
|
|
|
Short Term
Borrowing |
|
|
|
Loans repayable on demand |
|
|
|
From banks |
|
|
|
Short term loans |
200.000 |
699.998 |
|
Other loans and advances |
|
|
|
Advances from customers |
35.948 |
67.290 |
|
|
|
|
|
Total |
330.045 |
899.213 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10413661 |
21/03/2013 |
500,000,000.00 |
THE RATNAKAR BANK LIMITED |
SHAHUPURI,KOLHAPUR, KOLHAPUR - 416001,
Maharashtra, INDIA |
B71405237 |
|
2 |
10361044 |
01/06/2012 |
5,700,000.00 |
HDFC BANK LIMITED |
HDFC Bank Housesenapati Bapat Marg, Lower Parel West, Mumbai- 400013,
Maharashtra, India |
B41797036 |
|
3 |
10292943 |
13/03/2013 * |
1,250,000,000.00 |
IDFC Limited |
KRM Tower, 8th Floor, No. 1,
Harrington Road, Chetpet, Chennai- 600031, Tamil Nadu, India |
B72618309 |
|
4 |
10248797 |
30/12/2010 * |
1,250,000,000.00 |
Axis Trustee Services Limited |
2nd Floor, Axis Bank Building, Bombay Dyeing Millis Compound, P. B.
Marg, Mumbai - 400025, Maharashtra, INDIA |
B04036919 |
|
5 |
10118855 |
31/01/2014 * |
4,998,000,000.00 |
Union Bank of India |
MAIN BRANCH, AJIT TOWER, RAMSAGARPARA, RAIPUR
- 492009, Chhattisgarh, INDIA |
B96903067 |
|
6 |
10084600 |
29/12/2010 * |
2,600,400,000.00 |
Axis Bank Ltd. |
2nd Floor, Axis Bank Building, Bombay Dyeing Millis Compound, P. B.
Marg, Mumbai - 400025, Maharashtra, INDIA |
B03608239 |
|
7 |
90238763 |
03/04/1975 |
2,000,000.00 |
MADHYA PRADESH AUDYOGIK VIKAS NIGAM |
36; BHADBHADA ROAD, NEW MARKET, BHOPAL,
Madhya Pradesh, INDIA |
- |
* Date of charge modification
OPERATIONS
During the year performance
of the manufacturing facilities and coal mine was satisfactory and saw all
round improvement over previous year. This was achieved through constant
endeavor at all levels for excellence. The operations at the iron ore mines
remained suspended due to law and order problems in the surrounding area.
PROJECTS
DEBOTTLENECKING,
MODERNIZATION AND EXPANSION PROJECT
The Company has
achieved financial closure for its Rs. 5500.000 millions project for
debottlenecking, modernization and expansion of existing manufacturing and
mining facility. The project will be executed over next 2 years.
PITHEAD THERMAL POWER
PLANT
The Company has
received Environmental Clearance for its 350 MW pithead thermal power plant,
subject to receipt of Stage-1 forest clearance. Coal mining plan for enhanced
capacity of coal mining has been prepared and submitted to concerned government
authorities. Project execution will be started after approval of the mining
plan.
CONTROLLED
ENTITIES
- Sarda Energy and Minerals Hongkong Limited
Hongkong (SEMHKL), is a wholly owned subsidiary, functioning as
global investment arm of The Company. During the year , the subsidiary
reported a net profit of Rs. 324.300 millions
- Sarda Global Venture Pte. Limited Singapore
(SGV), a wholly owned subsidiary, has acquired economic interest in coal
mines in Indonesia. Land acquisition for mining is going on. During the
year, the subsidiary reported a net profit of Rs. 2.100 millions
- Sarda Metals and Alloys Limited (SMAL), a wholly
owned subsidiary has executed 2x33 MVA Ferro Alloys plant backed by 80 MW
captive thermal power plant. In view of adverse market condition, SMAL is
operating the power plant only. Commercial operation of Ferro Alloys will
be started on improvement of economics of Ferro Alloys industry. The
Company has made equity investment of Rs. 2000.000 millions in the
project. The project has reported profit in the very first month of its
commercial operation in March, 2013.
- Sarda Energy Limited (SEL), a wholly
owned subsidiary, has taken up the project of 1320 MW super critical
thermal power project in Chhattisgarh. Nearly half of the required land
has already been acquired by the company. The matter of acquisition of
balance land through compulsory acquisition route is pending before the
Hon’ble High Court of Chhattisgarh and all activities have been deferred
until the decision of the Hon’ble High Court of Chhattisgarh is pronounced
in the matter.
- Parvatiya Power Limited (PPL), is
operating 4.8 MW Loharkhet Small Hydro Power Project in Bageshwar District
of Uttarakhand since 2008. During the year 2012-13, the plant generated
and supplied 19.270 millions KWh power achieving 46% capacity utilization
factor. The company earned a profit after tax of Rs. 17.800 millions. The
Company continues to hold 51% stake in PPL.
- Madhya Bharat Power Corporation Limited
(MBPCL), is implementing 96MW Rongnichu Hydro Power Project near Gangtok
in East Sikkim as a run-of-the-river scheme. During the year, civil works
gained momentum at all construction fronts and the contracts for Hydro
Mechanical Works were awarded. The Projecthas got successfully registered
as a CDM Project with UNFCCC. So far, The Company has made an equity
investment of Rs. 650.000 millions and holds 58.73% share in the company.
- Chhattisgarh Hydro Power LLP has been
allotted four run–of-the river Small Hydro Power Projects in Chhattisgarh
with a total generation capacity of 77 MW. The LLP has started work on
first 24 MW Gullu Hydro power project. The project is entitled for CDM
benefits; MOEF has conveyed Host Country Approval to Project for CDM
registration on 29.06.2012. The project is currently under validation
stage. All these projects are entitled for benefits in the form of subsidy
from Ministry of New and Renewable Energy, Clean Development Mechanism as
well as Renewable Energy Certificates. The Company has contributed Rs.
130.000 millions towards its share in the LLP and holds 60.92% stake in
CHP LLP.
- Sarda Hydro Power Private Limited (SHPPL) has been
allotted 24 MW Kotaiveera and 9MW Ganeshpur Small Hydro Power Project in
Chhattisgarh. Land Acquisition and statutory approvals are in progress.
The Company holds 60% stake in SHPPL.
- Shri Ram Electricity LLP (SRELLP) has been
incorporated as a special purpose vehicle (SPV) for setting up a captive
thermal power plant of 40 MW in the State of Chhattisgarh. The Company
continues to hold 51% stake in SRELLP. Techno-economic viability study is
being carried out.
- Raipur Fabritech Private Limited (RFPL) has been
incorporated to undertake Steel fabrication activities at the site of
closed steel plant of The Company. The Company holds 52.38% stake in RFPL.
- Raipur Industrial Gases Private Limited
(RIGPL) has been incorporated to undertake activities related to production
of industrial gases at the site of Raipur Gases Private Limited. The
company is yet to start its operations. The Company holds 51% stake in
RFPL.
JOINT VENTURES
- Raipur Infrastructure Company Limited (RICL) operates a
private railway siding in Mandhar, Raipur. During the year 2012–13, the
company has earned profit of Rs. 13.700 millions as against Rs. 13.800
millions in the previous year. RICL is also in the process of developing a
private railway siding allotted in Orissa. The process of approvals for
land acquisition is under progress. The Company holds one third share in
the Joint Venture.
- Madanpur South Coal Company Limited (MSCCL) has been
allotted a coal block in Madanpur area of Dist. Korba of Chhattisgarh in consortium.
Most of the clearances required have been obtained however, the forest
clearance is yet to be granted by the Ministry of Environment and Forest,
Government of India and efforts are on to obtain the Forest Clearance at
the earliest. The Company holds a 20.63% stake in the joint venture.
AWARDS /
APPRECIATION
During the year,
The Company received an award from the Chhattisgarh State AIDS Control Society
for the highest blood collection of 613 units at the Blood Donation Camp
organized in association with “Red Cross Society and CII Young Indians”.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT
GLOBAL ECONOMIC
SCENARIO- 2012
As reported by
IMF, during 2012 world GDP witnessed growth of 3.2 percent against 4 percent
achieved in 2011. A growing number of developed economies have fallen into a
double-dip recession and those in severe sovereign debt distress moved even
deeper into recession. The sovereign debt crisis and economic recession in the
Euro zone, which recorded negative growth of 0.6 percent and continued
financial deleveraging in most developed economies affected capital flows to
emerging markets and other developing countries. These factors, combined with
spillover effects of expansionary monetary policies in developed economies,
also fueled volatility in primary commodity prices and exchange rates.
INDIAN ECONOMIC
SCENARIO- FY 2012-13
In FY 2012-13,
India’s GDP grew at 5 percent as against 6.2 percent in FY 2011-12. The fiscal
deficit could be contained to 4.9 percent against 5.80 percent in the previous
year but current account deficit reached to 4.8 percent of GDP against 4.2
percent in the previous year mainly on account of oil and gold imports.
Decelerating growth and increasing current account deficit put pressure on
rupee which depreciated by 6.7 percent on a year on year basis from Rs. 50.87
to Rs. 54.28 against the US Dollar. During current fiscal, the Indian rupee has
witnessed further depreciation breaking the psychological barrier of Rs. 60 to
a US Dollar creating new lows. Manufacturing and core sector also faced
challenges due to policy paralysis, uncertainties and increasing transaction
costs. Manufacturing recorded meager growth of 1.1 percent. Mining recorded
negative growth of 0.6 percent due to excessive regulation / control. High
interest costs took its toll on industrial growth and NPAs of banks also
increased substantially. Tax collections fell short of budgeted estimates.
In recent times,
government has taken various initiatives to revive growth and to control
deficit, the effect of which is yet to be felt. The US economy is showing signs
of recovery and US Fed has indicated tapering of quantitative easing, news of
which has hit capital flows to emerging economies like India. The government has
targeted reduction in CAD by at least 30 basis points.
IRON AND STEEL
The global steel
output reached a new high of 1519 Mn tonnes in 2012 against 1490 Mn tonnes of
2011 while global industrial production dropped to its lowest since 2009. China
produced 717 Mn tonnes of steel increasing its share in global production from
45.85 percent to 47.18 percent. India ranked fourth with an output of 77.56 Mn
tonnes registering a growth of 7.43 percent over 72.2 Mn tonnes.The per capita
consumption of steel in India was 59 Kg. as against 477 Kg. in China and global
average of 217 Kg. The prices of steel saw sharp correction during the year.
The steel consumption in India continued to grow and India continued to be net
importer on account of increased demand of special grade of steel.
The Indian sponge
iron industry suffered badly on account of high cost and poor availability of
iron ore, natural gas and coal on the one side and increasing import of scrap
due to lower prices in the global market on the other keeping prices of
finished goods under pressure. In FY 2013, sponge iron production in India
dropped to 18.67 Mn tonnes against 20.56 Mn tonnes in FY 2012 and 23.25 Mn
tonnes in FY 2011, which is 20 percent fall in last two years. In last two
years, capacity utilization fell from 66.56 percent to 50.05 percent. Capacity
utilization of gas based plants fell from 64.48 percent to 40.90 percent. On
account of supply side issues, the domestic price of iron ore, coal and gas
remained high causing losses to the sponge iron plants which had to compete
with falling global prices of scrap. In spite of these adverse conditions,
India continues to remain the largest producer of sponge iron in the world.
Increasing capacity of iron ore pellet in the country is expected to address
issues on supply side of iron ore and help in improving viability of sponge
iron industry. In 2012-13, Indian Iron ore pellet industry did well. However,
huge quantity of the material was imported in the western part of the country.
Domestic prices dropped by around 20 percent as a result of poor margins and
low iron ore lump price. The pressure on margins is expected to continue with
new capacity additions but iron ore lump prices will prove to be savior.
FERRO ALLOYS
Manganese is an
essential non–substitutable element in steel making and with the increase in
steel production the consumption of Ferro Alloys is also increasing. The global
output of manganese alloys fell from 17.8 Mn tonnes in 2011 to 17.5 Mn tonnes
in 2012 down by 2 percent. The Mn ore output also fell from 55 Mn tonnes (with
Mn content of 17 Mn tonnes) to 53 Mn tonnes (Mn content of 16 Mn tonnes). The
Indian capacity is nearly 10 percent of the world’s Ferro Alloys production.
About 1/3rd of the country’s production is exported. India, South Africa, China
and the CIS countries represent a large source for Ferro Alloys. Manganese
alloys constitute about 62 percent of Ferro Alloys production. India has sixth
largest reserves of manganese ore with MOIL Ltd. controlling major and premium
quality reserves of country producing 42 percent of the total production. China
continued to be by far the largest importer with around 13 million MT of Mn
ore.
The fragile states
of major economies and new capacity additions led the manganese alloy sector to
suffer from oversupply inspite of increased consumption. Fierce competition
amongst domestic producers and exporters in a weak demand environment continued
to hamper the performance of ferro alloys. New capacities coming up in
Malaysia, where power cost is low, will intensify the competition in the ferro
alloys market.
OPPORTUNITIES AND
THREATS
OPPORTUNITIES
The strong
manufacturing base, developed infrastructure, sufficient land in possession,
environmental clearances and mineral resources available with the company
provide a good opportunity and base for growth in the core area of its
operation. The first phase of greenfield project at Vizag was commissioned
successfully and has reported profit in the very first month of its operation.
The project has advantage of power shortage in the Southern Grid where price of
power is much better over rest of the country. Complete infrastructure is
readily available for capacity addition. The company is examining proposal for
expansion. With the low gearing and strong cash flow, the company is in a
position to take advantage of the opportunities emerging in the present
economic scenario. The company has submitted mining plan for increase in the
capacity of coal mining from 1.2 million tonnes to 5.9 million tonnes. Once
approved, the increased capacity will support The Company’s future expansion
plan particularly in the power sector. The low per capita consumption of steel
and power in India provides huge potential in these sectors to meet the growing
demand for infrastructure and growth.
THREATS
The new capacity
additions in the ferro alloys sector backed by low cost power in overseas
market such as Malaysia and mineral resource may pose threat to the ferro
alloys industry. The captive ferro alloys plants from steel producers will
erode market of existing merchant ferro alloys plants. However, with its low
cost production with low cost power, strategic location, economic size,
prominent position in the market and established global clientele base, The Company
will be able to face the challenges.
The super critical
thermal power plants and falling prices of electricity will threaten survival
of smaller power plants supplying merchant power. The Company is captively
consuming most of the power generated. With the use of captive coal and waste
heat, The Company will be able to compete with the new age power plants. The 80
MW power plant commissioned in Vizag gets advantage of power deficit in the
zone.
OUTLOOK
Amid
macro-economic risks, both global and Indian economies are on recovery path.
According to the forecast of
International
Monetary Fund, the world GDP is expected to grow by 3.3 percent in 2013 with
the advanced economies growing by 1.2 percent and emerging economies by a much faster
rate of 5.3 percent. The Reserve Bank of India has projected India’s GDP growth
at 5.5 percent for the current financial year. The government is taking steps
to boost the GDP growth and to contain the current account deficit.
Infrastructure projects are being taken on fast track. In view of the impending
elections, the government spending is also expected to go up. The production of
crude steel in India is estimated to reach 126 million tonnes by FY 2016-17 and
production of Ferro Alloys is expected to go up to 3 million tonnes in the same
year. Power is expected to remain in short supply.
Against this
backdrop, the outlook of sectors in which the company is operating appears to
be stable / positive. However, substantial capacity addition may result in
demand supply mismatch and may put pressure on the margins.The Company has
taken cost optimization drive to sustain the pressure on the prices. The
motivated team and cost reduction drive taken up by the company will bring in
further savings. The 80 MW thermal power plant installed in a wholly owned
subsidiary is operating satisfactorily and is expected to fetch reasonably good
realisations in view of the shortage of power in the southern region of the
country. The decision about production of Ferro Alloys in this plant will be
taken depending upon realization from sale of power or its consumption in the
production of Ferro Alloys.
STATEMENT
OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / NINE MONTHS ENDED
31ST
DECEMBER, 2013
|
|
|
Particulars |
Quarter Ended |
Nine
Month |
|
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1 |
Income
from Operations |
|
|
|
|
|
|
|
Sales/Income
from Operations (Gross) |
3378.137 |
3072.639 |
9839.794 |
|
|
|
Less:
Excise Duty |
292.425 |
302.179 |
909.620 |
|
|
a) Net
Sales/Income from Operations (net of excise duty) |
3085.712 |
2770.460 |
8930.174 |
|
|
|
b) Other
Operating Income |
35.479 |
19.450 |
71.533 |
|
|
|
Total Income from Operations (Net) |
3121.191 |
2789.910 |
3001.707 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of
Materials consumed |
1549.637 |
1317.357 |
4457.416 |
|
|
b) |
Purchase
of stock in-trade |
225.135 |
79.524 |
406.345 |
|
|
c) |
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(23.152) |
43.037 |
(112.477) |
|
|
d) |
Employee
benefit expenses |
132.789 |
131.168 |
397.178 |
|
|
e) |
Depreciation
and amortization expense |
158.185 |
163.272 |
479.964 |
|
|
f) |
Other
expenses |
796.568 |
833.075 |
2475.095 |
|
|
Total Expenses |
2839.162 |
2567.433 |
8103.521 |
|
|
3 |
|
Profit
/(Loss) from operations before other income, finance costs and exceptional
items (1-2) |
282.029 |
222.477 |
898.186 |
|
4 |
Other
Income |
76.392 |
47.402 |
331.477 |
|
|
5 |
|
Profit /(Loss)
from ordinary activities before finance costs and exceptional items (3+4) |
358.421 |
269.879 |
1229.663 |
|
6 |
Finance
Costs |
154.302 |
163.182 |
479.070 |
|
|
7 |
|
Profit /(Loss)
from ordinary activities after finance costs but before exceptional items
(5-6) |
204.119 |
106.697 |
750.593 |
|
8 |
Exceptional
Items |
|
-- |
-- |
|
|
9 |
Profit
/(Loss) from ordinary activities before tax |
204.119 |
106.697 |
750.593 |
|
|
10 |
Tax
Expense |
68.663 |
39.886 |
249.199 |
|
|
11 |
Net Profit
/(Loss) from ordinary activities after tax (9-10) |
135.456 |
66.811 |
501.394 |
|
|
12 |
Extraordinary
items (net of tax expense) |
|
-- |
-- |
|
|
13 |
Net Profit
/(Loss) for the period (11-12) |
135.456 |
66.811 |
501.394 |
|
|
14 |
Paid up
equity share capital (Eq. shares of
Rs.10/- each) |
358.500 |
358.500 |
358.500 |
|
|
15 |
Reserve
excluding revaluation reserves |
|
|
|
|
|
16 |
|
Earnings
per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
|
|
Basic |
3.78 |
1.86 |
13.99 |
|
|
|
Diluted |
3.78 |
1.86 |
13.99 |
|
|
|||||
|
A |
|
Particulars
of shareholding |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of
Shares |
10230443 |
10230443 |
10230443 |
|
|
|
-
Percentage of Shareholding |
28.54 |
28.54 |
28.54 |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number
of shares |
-- |
-- |
-- |
|
|
|
- Percentage
of shares ( as a % of the total shareholding of the promoter and promoter
group) |
-- |
-- |
-- |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
-- |
-- |
-- |
|
|
|
b) Non- encumbered |
|
|
|
|
|
|
- Number
of shares |
25619557 |
25619557 |
25619557 |
|
|
|
-
Percentage of shares ( as a % of the total shareholding of the promoter and
promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
- Percentage
of shares (as a % of the total share capital of the Company) |
71.46 |
71.46 |
71.46 |
|
|
Particulars |
Quarter
ended 31.12.2013 |
|
|
B |
|
Investor
Complaints |
|
|
|
|
Pending at
the beginning of the quarter |
0 |
|
|
|
Received
during the quarter |
4 |
|
|
|
Disposed
during the quarter |
4 |
|
|
|
Remaining
unresolved at the end of the quarter |
0 |
NOTE:
- The above accounts were reviewed
by the Audit Committee and considered and approved in the meeting of the Board
of Directors held on 01.02.2014.
- The statutory auditors have
carried out a limited review of the above results.
- Other expenses include forex
fluctuaion loss / (gain).
- The other income for the nine
months 31st December, 2013 includes dividend received from
subsidiary of Rs. 168.700 Millions.
- Change in inventories of finished
goods, work in progress and stock in trade includes Rs. 238.900 millions
on account of loss due to impairment of inventories.
- The figures for the corresponding
previous periods have been restated / regrouped, wherever necessary, to
make them comparable.
SEGMENT
WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER
/ NINE MONTHS ENDED 31ST DECEMBER, 2013
|
Particulars |
Quarter Ended |
Nine
Month |
|
|
Segment
Revenue |
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
a)
Steel |
1827.174 |
1797.325 |
5645.283 |
|
b)
Ferro Alloys |
1269.806 |
968.292 |
3225.058 |
|
c)
Unallocated |
45.061 |
24.293 |
168.189 |
|
Total |
3142.041 |
2789.910 |
9038.530 |
|
Less:
Inter Segment Revenue |
20.850 |
0.000 |
36.823 |
|
Net Sales/Income
from operations |
3121.191 |
2789.910 |
9001.707 |
|
Segment
Results Profit/(Loss)
before tax and interest and forex fluctuation gain/(loss) |
|
|
|
|
a)
Steel |
134.430 |
274.760 |
766.817 |
|
b)
Ferro Alloys |
213.615 |
148.620 |
557.960 |
|
Total |
348.045 |
423.380 |
1324.777 |
|
Add:
i) Interest and Forex fluctuation Gain/(Loss) |
(125.046) |
(256.742) |
(611.213) |
|
ii) Unallocable expenditure net off unallocable
income. Gain/(Loss) |
(18.878) |
(59.941) |
37.029 |
|
Total Profit before
tax |
204.120 |
106.697 |
750.593 |
|
Capital Employed (Segment Assets -
Segment Liabilities) (Based on estimates
in terms of available data) |
|
|
|
|
a)
Steel |
7508.474 |
7571.192 |
7508.474 |
|
b)
Ferro Alloys |
1374.088 |
892.238 |
1374.088 |
|
c)
Unallocated |
3437.906 |
3478.681 |
3437.906 |
|
Total |
12320.468 |
11942.111 |
12320.468 |
NOTE:
- The figures for the corresponding
previous periods have been restated / regrouped, wherever necessary, to
make them comparable.
FIXED
ASSETS:
- Freehold land
- Leasehold land
- Building
- Plant and machinery
- Furniture, fixture and equipment
- Vehicle
CMT REPORT (Corruption, Money Laundering and 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.60.98 |
|
|
1 |
Rs.102.07 |
|
Euro |
1 |
Rs.84.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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 and 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.