MIRA
INFORM REPORT
|
Report Date : |
29.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHREE NAKODA ISPAT LIMITED (w.e.f. 04.06.2001) |
|
|
|
|
Formerly known
as : |
SHREE NAKODA ISPAT PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Near Railway Crossing, Mowa, Raipur – 492007, Chhattisgarh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
20.04.2000 |
|
|
|
|
Com. Reg. No.: |
10-014186 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.29.557 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109CT2000PLC014186 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
JBPS02640B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAHCS2143Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of Sponge Iron, M.S. Ingot/Billets products and
Generation of Power. |
|
|
|
|
No. of Employees
: |
5000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2200000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having moderate track. The company has seen a deterioration is its financial profile as
reflected by a sharp deterioration of the capital structure and weakening of coverage
indicators. Management has reported significant losses on account of long and
frequent shut downs of the production facilities during the year ended FY 13. The ratings also take into consideration the ongoing weakness of the
steel industry and high working capital intensity of operations which could
adversely impact its liquidity position. However, trade relations seems to be fair. Business is active. Payment
terms are reported as slow but correct. In view of long track record of the promoter, the subject can be
considered for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief information
officers at gathering in Bangalore in April to meet Indian startups at an event
called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term loan = B+ |
|
Rating Explanation |
Risk prone credit quality and high risk of default. |
|
Date |
June 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non fund based limits = A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
June 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Rajendra |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-789-8989701 |
|
Date : |
21.05.2014 |
LOCATIONS
|
Registered Office / Head Office : |
Near Railway Crossing, Mowa, Raipur – 492007, Chhattisgarh, India |
|
Tel. No.: |
91-771-2282230 |
|
Fax No.: |
91-771-2282130 |
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E-Mail : |
|
|
Website : |
|
|
Location : |
Owned (Commercial) |
|
|
|
|
Factory 1 : |
Plot No. 109, Phase-II, Sittara Industrial Growth Cntre, Siltara, Raipur-493221, Chhattisgarh, India |
|
Tel. No.: |
91-789-8989701, 8989702 |
|
Fax No.: |
91-771-2282130 |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Virendra Goel |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Designation : |
Managing director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
B-35, Sectro – 4, Devendra Nagar, Raipur - 492001, Chhattisgarh, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
02.10.1960 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Appointment : |
15.03.2012 |
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PAN No.: |
AEHPG8427N |
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DIN No. : |
00043016 |
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Other Directorship :
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Name : |
Mr. Sanjay Goel |
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|
Designation : |
Whole-time director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
B-35, Sectro – 4, Devendra Nagar, Raipur - 492001, Chhattisgarh, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
25.01.1969 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.10.2013 |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AGRPG8327R |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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DIN No. : |
00043096 |
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Other Directorship :
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|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Ramesh Chandra Goel |
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Designation : |
Whole-time director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
B-35, Sectro – 4, Devendra Nagar, Raipur - 492001, Chhattisgarh, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
12.05.1952 |
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Date of Appointment : |
01.10.2013 |
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PAN No.: |
AEIPG4921L |
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DIN No. : |
00309349 |
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Other Directorship :
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|
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|
Name : |
Mr. Anant Dave |
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|
Designation : |
Whole-time director |
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|
Address : |
Near B.T.I., Shankar
Nagar, Raipur, Chhattisgarh, India |
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Date of Birth/Age : |
24.08.1968 |
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Date of Appointment : |
01.04.2009 |
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PAN No. : |
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DIN No. : |
02481182 |
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Other Directorship :
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|
Name : |
Mr. Saroj Kumar Jha |
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|
Designation : |
Whole-time director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
C-7, Maruti Road, Homes Mohba Bazar, Hirapur Road, Kota, Raipur,
Chhattisgarh, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
01.12.1977 |
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|
Date of Appointment : |
01.03.2011 |
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|
DIN No. : |
03426446 |
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KEY EXECUTIVES
|
Name : |
Mr. Rajendra |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Shri Sanjay Goel |
|
61900 |
|
Saroj Goel |
|
14300 |
|
Shyamlal Goel and sons HUF |
|
177750 |
|
Ramesh Chandra Goel |
|
204250 |
|
Virendra Goel |
|
365800 |
|
Nirmala Goel |
|
209500 |
|
Ashok Kumar Goel |
|
400 |
|
Surendra Goel |
|
402200 |
|
Ramesh Chandra Goel HUF |
|
112000 |
|
Ashok Kumar Goel HUF |
|
160000 |
|
Rekha Goel |
|
100000 |
|
Virendra Goel HUF |
|
128500 |
|
Anita Goel |
|
59000 |
|
Online information Technologies Limited, Guwahati |
|
55000 |
|
Vikram Goel |
|
19125 |
|
Sangeeta Goel |
|
613000 |
|
Oshin Investment and Finance Private Limited, India |
|
11000 |
|
Sidh Housing Development Company Limited, India |
|
15200 |
|
Albatross Sharae Registry Private Limited, India |
|
42200 |
|
Gyaneshwar Trdaing and Finance Company Private Limited, India |
|
14000 |
|
ONE2E solutions India Private Limited, India |
|
37000 |
|
Goel Zanith Agro Private Limited, India |
|
25600 |
|
Shree Nakoda Industries Limited, India |
|
87000 |
|
Woodland Securities Private Limited, India |
|
4200 |
|
Bhadrawati Ispat and Energy Limited, India |
|
36800 |
|
|
|
|
|
Total |
|
2955725 |
AS ON 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
|
|
|
Bodies corporate |
11.10 |
|
Directors or relatives of Directors |
88.90 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Sponge Iron, M.S. Ingot/Billets products and
Generation of Power. |
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|
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|
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Products : |
|
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|
|
||||||||||
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Exports : |
|
||||||||||
|
Products : |
Finished Goods |
||||||||||
|
Countries : |
·
Nepal ·
Thailand ·
Indonesia |
||||||||||
|
|
|
||||||||||
|
Imports : |
|
||||||||||
|
Products : |
Machinery |
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|
Countries : |
China |
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|
|
|
||||||||||
|
Terms : |
|
||||||||||
|
Selling : |
L/C and Credit |
||||||||||
|
|
|
||||||||||
|
Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
Retasilers |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
5000 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
·
Bank of Baroda, LIC Investment Building,
Pandri, Raipur - 492001, Chhattisgarh, India ·
Indian Oversease Bank, 310, Station Road, Raipur
- 492001, Chhattisgarh, India ·
Bank of Baroda, MID Corporate Branch, 2nd Floor,
LIC Investment Building, Pandri, Raipur - 492004, Chhattisgarh, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
Note : Term Loan of Rs.
1094.900 Millions, Bank Guarantee of Rs. 50.000 Millions, Bill Discounting Limit
Rs. 30.000 Millions and Cash Credit Limit of Rs. 464.800 Millions sanctioned by Bank of Baroda,
Wholesale Banking Branch. similarly Term Loan of Rs. 307.200 Millions, Bank
Guarantee of Rs. 22.000 Millions, Bill Discounting
Rs. 20.000 Millions and Cash Credit Limit of Rs. 323.200 Millions sanctioned
by the Indian Overseas Bank under consortium. All the above limites are
secured by 1st Pari-passu Charge on all the fixed and current assets of the
Company. The limits are secured by equitable mortgage of Land and Building
constructed thereon, Hypothecation of Plant and Machinery, Hypothecation of
Stocks and Book Debts. The limits of Bank of Baroda are also secured by
personal guarantee of Directors (Ramesh Chandra Goel, Virendra Goel, Sanjay
Goel), Surendra Goel, Ashok Kumar Goel, Saroj Goel, M/s. Ashok Kumar Narendra
Kumar and M/s Goel Zenith Agro Private Limited. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Umesh Chandra and Company |
|
Address : |
Deshbandhu Complex, Rai Pur, Chhattisgarh, India |
|
PAN No.: |
ADCPG6321P |
|
|
|
|
Associates : |
·
Shree Nakoda Industries Limited
[U15141CT1991PLC006808] ·
Shree Nakoda Golobal Private Limited
[U65921CT1993PLC007472] ·
Gole Zenith Agro Private Limited ·
Ashok Tradares ·
Goel Polymers (Prop. Virendra Goel) ·
Chhattisharh Captive Coal Minning Limited ·
Shree Nakoda Ispat and Power Limited
[U27101CT2009PLC021220] |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2955725 |
Equity Shares |
Rs.10/- each |
Rs. 29.557 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) Sahre Capital |
29.557 |
29.557 |
27.449 |
|
(b) Reserves & Surplus |
503.015 |
759.024 |
636.407 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
58.400 |
|
Total
Shareholders’ Funds (1) + (2) |
532.572 |
788.581 |
722.256 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1,459.055 |
973.177 |
901.816 |
|
(b) Deferred tax liabilities
(Net) |
11.326 |
24.129 |
22.462 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
1,470.381 |
997.306 |
924.278 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
805.807 |
770.247 |
466.445 |
|
(b) Trade payables |
646.904 |
308.301 |
172.728 |
|
(c) Other current liabilities |
133.852 |
57.993 |
41.418 |
|
(d) Short-term provisions |
5.705 |
9.033 |
34.183 |
|
Total
Current Liabilities (4) |
1,592.268 |
1,145.574 |
714.774 |
|
|
|
|
|
|
TOTAL |
3,595.221 |
2,931.461 |
2,361.308 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2,104.061 |
1,371.477 |
1,399.603 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
208.346 |
286.320 |
98.971 |
|
(iv) Intangible assets under
development |
76.214 |
179.751 |
11.851 |
|
(b) Non-current Investments |
33.996 |
33.996 |
9.744 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
16.618 |
10.592 |
10.464 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
2,439.235 |
1,882.136 |
1,530.633 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
465.711 |
665.553 |
377.915 |
|
(c) Trade receivables |
235.351 |
91.014 |
163.012 |
|
(d) Cash and cash equivalents |
23.507 |
10.187 |
9.431 |
|
(e) Short-term loans and
advances |
431.417 |
282.571 |
280.317 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1,155.986 |
1,049.325 |
830.675 |
|
|
|
|
|
|
TOTAL |
3,595.221 |
2,931.461 |
2,361.308 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
3,424.588 |
2,137.207 |
2639.104 |
|
|
Other Income |
5.273 |
1.472 |
1.918 |
|
|
TOTAL
(A) |
3,429.861 |
2,138.679 |
2641.022 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1,805.099 |
1,102.109 |
586.646 |
|
|
Purchases of Stock-in-Trade |
1,521.029 |
749.183 |
1637.186 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(56.622) |
(12.144) |
15.325 |
|
|
Employees benefits expense |
43.736 |
16.871 |
16.408 |
|
|
Other expenses |
98.528 |
79.151 |
82.448 |
|
|
TOTAL
(B) |
3,411.770 |
1,935.170 |
2338.013 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
18.091 |
203.509 |
303.009 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
180.372 |
111.891 |
106.038 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(162.281) |
91.618 |
196.971 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
106.530 |
65.271 |
54.623 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(268.811) |
26.347 |
142.348 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
(12.802) |
7.022 |
26.199 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
(256.009) |
19.325 |
116.149 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(86.610) |
6.540 |
42.31 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(7.46) |
0.90 |
4.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(7.84) |
1.23 |
5.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.88) |
1.08 |
6.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.50) |
0.03 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.25 |
2.21 |
1.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.73 |
0.91 |
1.16 |
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 |
27.449 |
29.557 |
29.557 |
|
Reserves & Surplus |
636.407 |
759.024 |
503.015 |
|
Share Application money pending
allotment |
58.400 |
0.000 |
0.000 |
|
Net
worth |
722.256 |
788.581 |
532.572 |
|
|
|
|
|
|
long-term borrowings |
901.816 |
973.177 |
1,459.06 |
|
Short term borrowings |
466.445 |
770.247 |
805.807 |
|
Total
borrowings |
1,368.261 |
1,743.424 |
2,264.862 |
|
Debt/Equity
ratio |
1.894 |
2.211 |
4.253 |
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.) |
|
Revenue from Operations |
2,639.104 |
2,137.207 |
3,424.588 |
|
|
|
(19.018) |
60.237 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Revenue from Operations |
2,639.104 |
2,137.207 |
3,424.588 |
|
Profit After Tax |
116.149 |
19.325 |
(256.009) |
|
|
4.40% |
0.90% |
(7.48%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available
in Report (Yes / No) |
|
1] |
Year of
Establishment |
Yes |
|
2] |
Locality of
the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type of
Business |
Yes |
|
6] |
Line of
Business |
Yes |
|
7] |
Promoter's
background |
Yes |
|
8] |
No. of
employees |
Yes |
|
9] |
Name of
person contacted |
Yes |
|
10] |
Designation
of contact person |
Yes |
|
11] |
Turnover of
firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons for
variation <> 20% |
----- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital in
the business |
Yes |
|
16] |
Details of
sister concerns |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments
terms |
Yes |
|
20] |
Export /
Import details (if applicable) |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
VIEW INDEX OF
CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10489926 |
11/04/2014 |
40,000,000.00 |
Others |
Bank of Baroda, LIC Investment Building,
Pandri, Raipur - 492001, Chhattisgarh, India |
C02961860 |
|
2 |
10483788 |
24/02/2014 |
25,000,000.00 |
Indian Overseas
Bank |
310, Station Road,
Raipur - 492001, Chhattisgarh, India |
C00029827 |
|
3 |
10435025 |
22/06/2013 |
430,000,000.00 |
BANK OF BARODA |
MID Corporate
Branch, 2nd Floor, LIC Investment Building, Pandri, Raipur - 492004,
Chhattisgarh, India |
B78836426 |
|
4 |
10388577 |
03/11/2012 |
40,000,000.00 |
BANK OF BARODA |
MID Corporate
Branch, 2nd Floor, LIC Investment Building, Pandri, Raipur - 492004,
Chhattisgarh, India |
B62811484 |
|
5 |
10357064 |
05/05/2012 |
40,000,000.00 |
BANK OF BARODA |
MID Corporate Branch,
2nd Floor, LIC Investment Building, Pandri, Raipur - 492004, Chhattisgarh,
India |
B40115149 |
|
6 |
10031508 |
13/07/2013 * |
2,735,900,000.00 |
BANK OF BARODA |
MID Corporate
Branch, 2nd Floor, LIC Investment Building, Pandri, Raipur - 492004, Chhattisgarh,
India |
B84130731 |
* Date Of Charge Modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from directors |
0.000 |
10.906 |
|
Loans and advances from others |
307.355 |
126.705 |
|
|
|
|
|
Total |
307.355 |
137.611 |
OPERATIONS
During the year, the sales and other income of
the company has increased to Rs. 3424.600 Millions as compared to Rs. 2137.200
Millions in the previous year. However, due low capacity utilization as a
result of lower demand, poor sales realization and major breakdown in power
plant, the company has suffered net loss of Rs. 256.000 millions as compared to
net profit of Rs. 19.300 Millions in the previous year. The company expects to
achieve better results during the currecnt year.
WEBSITE DETAILS
Shree Nakoda Ispat ventures into
TMT bars production
R Krishna Das | Kolkata/
Raipur
January 9, 2013
Beating the recessionary trends in the
steel market, Chhattisgarh based Shree Nakoda
Ispat Limited (SNIL) has ventured into the production
of TMT bars eyeing reach across the country.
The company having an investment of Rs 300 crore in the
mineral-rich Chhattisgarh state has been a leading producer of sponge iron.
Under the business expansion plan, the company has been looking forward to
venture into other sectors that include power, steel and mining.
“The SNIL today launched
the TMT (thermo mechanically treated) bars to become the first unit in
Chhattisgarh to produce the same directly from a single facility,” Managing
Director of SNIL Virendra Goel said. The TMT bars would be produced in the
same plant where the company had been manufacturing sponge iron and billet.
Goel explained that the practice would be environment
friendly as the billet produced in the plant would not be taken to other
facility to produce TMT. Initially, the plant would be manufacturing 10,000
tonnes of TMT bars and would be one among a few units to produce it by billets
instead of ingots.
“In fact, manufacturing TMT bars using billets would be
comparatively expensive, but we have decided to go for it as we do not want to
compromise with the quality,” Goel said. The TMT bars manufactured through
billets are comparatively stronger than the one manufactured by using ingots,
he added.
The company’s decision to venture into a new segment comes
at a time when steel makers in Chhattisgarh are passing through worst phase of
crises. The units are striving for iron ore while the market for the
Chhattisgarh steel is also sinking fast following units coming up in southern
states.
“No doubts it is a challenge,” Goel said, adding that they
were hopeful to beat the crises and see a better prospect ahead. The company
eyes market across the country to sell its new product.
The SNIL has been allotted coal and iron ore mines. Goel
said they expected that the required clearances would be obtained at the
earliest so as to start production in the mines soon.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.08 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SNT |
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 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
----- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
NB |
New Business |
|
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.