MIRA INFORM REPORT
|
Report Date : |
04.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
LLOYDS METALS AND ENERGY LIMITED |
|
|
|
|
Registered
Office : |
Plot No. A 1-2, MIDC Area, Ghugus, Chandrapur - 442505,
Maharashtra |
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|
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|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
05.04.1977 |
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Com. Reg. No.: |
11-019594 |
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|
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|
Capital
Investment / Paid-up Capital : |
Rs. 224.305 Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
L40300MH1977PLC019594 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NGOL00245A |
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|
PAN No.: [Permanent Account No.] |
AAACL0830E |
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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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|
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Line of Business
: |
Manufacturing
and marketing of Iron and Steel and generation and distribution of Power. |
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|
|
|
No. of Employees
: |
411 (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 |
|
Status : |
Moderate |
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|
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|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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|
Comments : |
Subject is a part of “Lloyds Group”. It is an established company having moderate track record. The company has incurred a loss from its operations during 2014. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered for business dealings with great
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Not Divulged |
|
Designation : |
Reception |
|
Contact No.: |
91-22-30418111 |
|
Date : |
03.11.2014 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. A 1-2, MIDC Area, Ghugus, Chandrapur -
442505, Maharashtra, India |
|
Tel. No.: |
91-7172-285099/285103 |
|
Fax No.: |
91-7172-285003 |
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E-Mail : |
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|
Website : |
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Corporate Office/ Marketing Office 1 : |
Trade World, ‘C’ Wing, 16th Floor, Senapati
Bapat Marg, Lower Parel (West), Mumbai – 442505, Maharashtra, India |
|
Tel. No.: |
91-22-30418111/06 |
|
Fax No.: |
91-22-30418260/59 |
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E-Mail : |
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Marketing Office 2 : |
501, Pragati House, 48, Nehru Place, New Delhi – 110 019,
India |
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Tel. No.: |
91-11-46597681/9 |
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Fax No.: |
91-11-26451595 |
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E-Mail : |
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Marketing Office 3 : |
Sanmach Executive Centre, 244, Mount Road, IInd floor,
Chennai – 600006, Tamilnadu, India |
|
Tel. No.: |
91-044-24352845 |
|
E-Mail : |
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Marketing Office 4 : |
No.76 Kasturi Complex, Mission Road, Bangalore – 560027,
Karnataka, India |
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Tel. No.: |
91-80-2123092/91 |
|
Fax No.: |
91-80-2123092 |
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E-Mail : |
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Marketing Office 5 : |
318, 3rd Floor, Mittal Chambers, 2-2-51, Pan Bazar, M.G.
Road, Secunderabad – 500003, Andhra Pradesh, India |
|
Tel. No.: |
91-40-27717141 |
|
Fax No.: |
91-40-27717141 |
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E-Mail : |
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Marketing Office
6 : |
Chaterjee International Centre, 16th floor, Room No. A-8,
33-A, Chowrangee, |
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Tel. No.: |
91-33-22175903 |
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Fax No.: |
91-33-22260928 |
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E-Mail : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Mukesh R. Gupta |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Babulal Agarwal |
|
Designation : |
Managing Director |
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|
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|
Name : |
Mr. Rajesh R. Gupta |
|
Designation : |
Director |
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|
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|
Name : |
Sonam Bodh (IDBI Nominee) (w.e.f.23.10.2013) |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Shantanu Mohapatra |
|
Designation : |
Director |
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|
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|
Name : |
Mr. B.B. Chadha |
|
Designation : |
Director |
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|
Name : |
Mr. Devidas Kambale (w.e.f.12.11.2013) |
|
Designation : |
Director |
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|
Name : |
Mr. Jagannath Dange (w.e.f. 26.05.204) |
|
Designation : |
Director |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4360860 |
3.92 |
|
|
54724464 |
49.17 |
|
|
59085324 |
53.09 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
59085324 |
53.09 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
3500 |
0.00 |
|
|
13000 |
0.01 |
|
|
16500 |
0.01 |
|
|
|
|
|
|
233018437 |
20.94 |
|
|
|
|
|
|
8676523 |
7.80 |
|
|
12161904 |
10.93 |
|
|
8049196 |
7.23 |
|
|
1492586 |
1.34 |
|
|
5600000 |
5.03 |
|
|
500 |
0.00 |
|
|
72860 |
0.07 |
|
|
883250 |
0.79 |
|
|
52189466 |
46.89 |
|
Total
Public shareholding (B) |
52189466 |
46.89 |
|
Total
(A)+(B) |
111291290 |
100.00 |
|
(C) Shares
held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
111291290 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and marketing of Iron and Steel and generation and distribution of Power. |
GENERAL INFORMATION
|
No. of Employees : |
411 (Approximately) |
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Bankers : |
·
Punjab and Maharashtra Co-operative
Bank Limited ·
IDBI Bank Limited |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
Note: 1. IDBI
Loan Carries interest @ 4-18% p.a. The loan is repayable in 11 - 12 years
avg. yield 9% 2. The
details of Security of the loans are as follows: a. The
term Loan from Financial Institution, is secured by first mortgage and charge
on all the Company's immovable and movable properties, both present and
future, subject to prior charge on specified movable assets created to be
created in favour of Company's Bankers for Working Capital facilities. b. Security by way of hypothecation of the entire movable, except aforesaid specified assets has already been created in respect of the entire aforesaid Term Loans. |
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Banking
Relations : |
--- |
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|
Auditors : |
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|
Name : |
Todarwal and Todarwal Chartered Accountant |
|
Address : |
12, Maker Bhavan No. 3, 1st Floor, 21 New Marine Lines,
Mumbai – 400020, Maharashtra, India |
|
Tel. No.: |
91-22-22068264/22083115/43023300 |
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E-Mail : |
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Website : |
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PAN No.: |
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Wholly owned
Subsidiary Company : |
Gadchiroli
Metals and Minerals Limited CIN
No.:
U13100MH2004PLC146956 |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
375000000 |
Equity Shares |
Rs. 2/- each |
Rs. 750.000 Millions |
|
25000000 |
Preference Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
|
|
Total |
|
Rs. 1000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
111291290 |
Equity Shares |
Rs. 2/- each |
Rs. 222.583 Millions |
|
|
Add :
Forfeited Equity Shares |
Rs. 10/- each |
Rs. 1.722 Millions |
|
|
Total |
|
Rs. 224.305
Millions |
- Reconciliation of the shares
outstanding at the beginning and at the end of the reporting period
|
Equity Shares |
Number
of Shares |
|
At the
beginning of the year |
111291290 |
|
Issued during
the year |
-- |
|
Outstanding at the end of the year |
111291290 |
- Terms/rights attached to equity shares
The company has only one class of shares having a par value at Rs.
2/- per share. Each holder of equity shares is entitled to one vote per share.
- Details of equity shares held by
shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
ASP Technologies
Limited |
18200170 |
16.35% |
|
Shree Global
Tradefin Limited |
21945190 |
19.72% |
|
Trump Investments
Limited |
14579104 |
13.10% |
|
Halan Properties
Private Limited |
8761500 |
7.87% |
|
Uttam Exports
Private Limited |
7390000 |
6.64% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
224.305 |
224.305 |
224.305 |
|
(b) Reserves & Surplus |
599.728 |
1024.185 |
1005.03 |
|
(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) |
824.033 |
1248.490 |
1229.335 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
156.633 |
205.854 |
266.97 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
35.512 |
31.892 |
28.16 |
|
Total
Non-current Liabilities (3) |
192.145 |
237.746 |
295.13 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
2535.785 |
2237.311 |
3254.59 |
|
(c) Other current liabilities |
824.345 |
848.918 |
724.198 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities (4) |
3360.130 |
3086.229 |
3978.788 |
|
|
|
|
|
|
TOTAL |
4376.308 |
4572.465 |
5503.253 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2753.698 |
2949.119 |
3168.085 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
46.936 |
39.408 |
20.246 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.315 |
1.125 |
1.125 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
383.745 |
400.604 |
393.472 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
3184.694 |
3390.256 |
3582.928 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
489.683 |
311.457 |
787.68 |
|
(c) Trade receivables |
158.673 |
365.426 |
494.171 |
|
(d) Cash and cash equivalents |
98.574 |
78.553 |
120.482 |
|
(e) Short-term loans and
advances |
444.684 |
426.773 |
517.992 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1191.614 |
1182.209 |
1920.325 |
|
|
|
|
|
|
TOTAL |
4376.308 |
4572.465 |
5503.253 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
5677.461 |
7592.022 |
10068.039 |
|
|
Other Income |
166.766 |
162.629 |
171.894 |
|
|
TOTAL
(A) |
5844.227 |
7754.651 |
10239.933 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
3544.880 |
3630.833 |
3873.428 |
|
|
Purchases of Stock-in-Trade |
1967.490 |
3211.286 |
5474.667 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(67.733) |
4.973 |
(29.895) |
|
|
Employees benefits expense |
151.742 |
151.493 |
144.972 |
|
|
Manufacturing and Other
expenses |
333.444 |
386.733 |
329.864 |
|
|
TOTAL
(B) |
5929.823 |
7385.318 |
9793.036 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
(85.596) |
369.333 |
446.897 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
71.586 |
84.993 |
149.459 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(157.182) |
284.340 |
297.438 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
267.275 |
265.185 |
260.115 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(424.457) |
19.155 |
37.323 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
(424.457) |
19.155 |
37.323 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
248.561 |
229.406 |
192.083 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
(175.896) |
248.561 |
229.406 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(3.81) |
0.14 |
0.34 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(7.48) |
0.25 |
0.37 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
(1.51) |
4.86 |
4.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.80) |
0.42 |
0.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.52) |
0.02 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.19 |
0.16 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.35 |
0.38 |
0.48 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
224.305 |
224.305 |
224.305 |
|
Reserves & Surplus |
1005.030 |
1024.185 |
599.728 |
|
Net
worth |
1229.335 |
1248.490 |
824.033 |
|
|
|
|
|
|
long-term borrowings |
266.970 |
205.854 |
156.633 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
266.970 |
205.854 |
156.633 |
|
Debt/Equity
ratio |
0.217 |
0.165 |
0.190 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
10068.039 |
7592.022 |
5677.461 |
|
|
|
(24.593) |
(25.218) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
10068.039 |
7592.022 |
5677.461 |
|
Profit |
37.323 |
19.155 |
(424.457) |
|
|
0.37% |
0.25% |
(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 |
No |
|
8] |
No. of employees |
Yes |
|
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 |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
LITIGATION DETAILS
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
STRL/102/2009 |
Failing Date:- |
29/10/2009 |
Reg. No.: |
STR/48/2010 |
Reg. No.: |
30/08/2010 |
|
Petitioner:- |
THE ADDITIONAL COMMISSIONER OF SALES TAX |
Respondent:- |
M/s. LIoyds Metal and Engineers Limited. |
||||
|
Petn.Adv:- |
GOVY. PLEADER (0) |
Resp. Adv.: |
MARAVOOR WAMORKAR AND CO. (0) |
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
DIVISION |
Category:- |
SALES TAX REFERENCES. |
||||
|
Status:- |
Pre-Admission |
Stage:- |
SALES TAX REFERENCES FOR REJECTION U/R 986 OF THE H.C. (O.S.) RULES 1980 |
||||
|
Last Date:- |
01/12/2009 |
||||||
|
Last Coram:- |
REGISTRAR (OS) / PROTHONOTARY AND SR. MASTER. |
||||||
UNSECURED
LOAN
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Other Loans and
Advances |
|
|
|
Sales Tax Deferral |
97.651 |
97.651 |
|
|
|
|
|
Total |
97.651 |
97.651 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10391570 |
16/06/2014 * |
350,000,000.00 |
PUNJAB & MAHARASHTRA CO-OPERATIVE BANK LIMITED |
Central Office No. 4&5, 3rd Floor, Dreams Mall,, |
C16445355 |
|
2 |
90156895 |
27/05/2011 * |
210,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B14765093 |
|
3 |
90156434 |
27/05/2011 * |
500,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B14769814 |
|
4 |
80054610 |
27/05/2011 * |
95,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B14768741 |
|
5 |
90156167 |
27/05/2011 * |
75,000,000.00 |
IDBI Bank Limited |
IDBI TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B14765689 |
|
6 |
90156112 |
27/05/2011 * |
100,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B14766117 |
|
7 |
80054721 |
27/05/2011 * |
50,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B14767909 |
|
8 |
90155804 |
27/05/2011 * |
20,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B14767362 |
|
9 |
90155791 |
27/05/2011 * |
35,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B14766463 |
* Date of charge modification
OPERATIONS AND OVERALL PERFORMANCE
Global Steel demand grew at a moderate pace of 3.3 %
in spite of subdued economy worldwide on the back of improvement of output in
the European market which has partly set off the downturn in China, a world’s
largest steel maker, which moved from an investment to service-driven economy.
The Indian Steel Industry witnessed muted growth during the year under review
due to various reasons like issue in the global economy, high interest rates,
slow pace of public infrastructure projects, slow investment- demand cycle and
the reduced steel consumption. Persistent weakness in demand from key end-user
industries kept the domestic steel consumption growth at a meager of 0.7 %
during the financial year under review. The India became a net exporter of
total finished steel during the year due to major factors such as the sustained
fall of the rupee, slowdown in domestic demand and the gradual recovery of the
global markets. India remained to be the world’s largest producer of Direct
Reduced Iron (DRI) or sponge iron with a host of coal based units, located in
the mineral – rich states of the country.
Steel Prices, Globally and
domestically witnessed a sustained downside mainly due to overcapacity, cheaper
imports, economic conditions and shift towards other substitutes which
significantly impacted the steel prices. Steel makers margins have consistently
contracted since FY’11 due to overcapacity and demand –supply gap.
Margins of steel producers would continue to be under pressure, given the high
cost of production on the back of higher input costs and their limited ability
to pass on hikes in costs. The credit profile of steel makers to remain weak
next fiscal due to their large debt for working capital and capex coupled with
modest EBITDA (earnings before interest, taxes, depreciation, and amortization)
margins. Global steel prices will continue to trend downward which will in
turn, exert tremendous pressure on global contract prices of raw materials such
as iron ore and coal. On the domestic front too, the steel prices are expected
to come under pressure and decline by around 3-4 %. The recovery in the world
steel pricing momentum would be driven by a reviving economy, stabilization in
the Euro-zone and a rebound in the construction industry in developed countries.
A robust and thriving Power sector is central to
India’s sustained economic growth. India’s power sector has evolved
substantially over the last few decades and is now witnessing unprecedented
interest and investments across the value chain. With the global economic
growth and industrialization, power consumption is escalating rapidly, creating
demand for more power and compelling industry players to manage their power
portfolio efficiently. In 2013-14 as a whole, total power generation in India
grew by six per cent to 966.4 billion units
The power transmission sector in India has not been
able to keep pace with the rising power demand and generation capacity in the
country. Inspite of flurry of reforms declared by the Government during the
year under review, the Indian Power Sector registered a monthly average power
deficit of 4.5 % as compared to 8.7 % for the preceding year despite having 225
GW of installed generation capacity mainly due to reluctance of State
Electricity Boards to buy power due to their financial weakness which has led
many power producers to operate at sub-optimal capacities. The Indian Power
Sector faced a challenging year under review as it juggled with increasing
power demand, the poor paying capability of power distribution companies, inadequate
domestic coal/gas availability, an inefficient power tariff mechanism and
rising financing costs.
The Total Income of the Company was Rs.
5844.200 Millions during the year as against Rs.
7754.600 Millions in the previous year, showed substantial
decrease of 25 %. The
Company has reported Net Loss of Rs.424.500 Millions during the year under
review as against profit of Rs. 100 Millions in
the previous year.
SPONGE IRON DIVISION
The production of Sponge Iron Division during the year
under review was 165631 MT against
153371 MT in the previous year showing an increase of 8 %. The total income of the division was Rs.
5844.200 Millions (including trading
) as against Rs. 6866.300 Millions during the
previous year, showing decrease of 23 %.
Due to reduction of trading business and realization of lower prices of Sponge
Iron.
POWER DIVISION
During the financial year 2010-11, in
order to utilize the waste heat and convert into productive energy, the Company
has commissioned it’s 30 MW co-generation Waste Heat Recovery Based (WHRB) Power Plant, at Ghugus,
Maharashtra. The production of the division was 17.05 MWH during the year under review as compared to 23.96
MWH for the previous year. The total income of the division was 388.800 Millions during the year under
review as against Rs. 725.700 Millions during the previous year showing a
decrease of 46 %.
By virtue of issuance of Commercial Circular No. 154
& 156 dated 23.01.2012 by Maharashtra State Electricity Distribution
Company Limited and other laws and circulars of authority, the scope of
distribution/supply/utilization of electricity through Open Access has been
expanded. Due to this, the prospectus of the industry is expected to improve in
the nearest future. The company is exploring all the possibilities, strictly
adhering to and complying with the parameters and conditions laid down in the
said circulars & other laws to utilize the power generated by its power
generation unit.
In respect of Iron ore mining activities, the company has received all statutory permissions and necessary sanctions from the concerned authorities to commence mining operations. However, due to insurrection by Naxals near Surjagarh Iron Ore Mine in which one of the official of the Company was killed, the Mining Operations of the Company at Surjagarh Iron Ore Mine at Surjagarh Village, Gadchiroli District, Maharashtra has been temporarily discontinued w.e.f. July, 2013 and the same facts has been informed to the concerned Govt. Authority. The company is taking adequate steps to commence mining operations.
OUTLOOK:
The longer term outlook for
Global Steel Industry would continue to depend on few key issues such as
overcapacity, raw materials pricing volatility and potential for economic
growth. India’s Steel Demand is expected to go up by 3-5 per cent in the next
financial year on higher economic growth although margin pressure would
continue due to high production costs and limited scope to pass them on to
customers. India has the world’s fifth-largest electricity generation capacity
and demand is expected to surge in the coming years owing to growth in the
economy. The long-term average demand growth rate is expected to remain in the
higher single digit growth levels given the lower per capita power consumption
in india as compared to the global average.
UNAUDITED FINANCIAL RESULTS FOR THE THREE MONTH 30th
JUNE 2014
(Rs. In Millions)
|
Particulars |
Quarter ended (Unaudited) |
|
|
30.06.2014 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
1741.346 |
|
b) Other operating income |
0.000 |
|
Total
income from Operations(net) |
|
|
2.Expenditure |
|
|
a) Cost of material consumed |
930.108 |
|
b) Purchases of stock in trade |
666.773 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
104.614 |
|
d) Staff Cost |
37.875 |
|
e) Depreciation |
26.584 |
|
f) Other Expenditure |
91.020 |
|
Total expenses |
1856.974 |
|
3. Profit from operations before other income and
financial costs |
(115.628) |
|
4. Other income |
43.931 |
|
5. Profit /(Loss) before Interest and Exceptional Items |
(71.697) |
|
6. Finance costs |
13.974 |
|
7. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
(85.671) |
|
8. Exceptional item |
-- |
|
9. Profit from ordinary activities before tax
Expense |
(85.671) |
|
10.Tax expenses |
-- |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
(85.671) |
|
12.Extraordinary Items (net of tax expense) |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
(85.671) |
|
14.Paid-up
equity share capital (Nominal value Re. 1/- per share) |
2243.05 |
|
15. Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
- |
|
16.i) Earnings per share (before extraordinary
items) of Re. 1/- each) (not annualised): |
- |
|
(a) Basic and diluted |
(0.77) |
|
ii) Earnings per share (after extraordinary items) |
- |
|
(a) Basic and diluted |
(0.77) |
|
A.
Particulars of shareholding |
30.06.2014
(Unaudited) |
|
1. Public Shareholding |
|
|
- Number of shares |
52205966 |
|
- Percentage of shareholding |
46.91% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
20472590 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
34.65% |
|
Percentage of shares (as a % of total share capital of the
company) |
18.40% |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
38612734 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
65.35% |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
NIL |
|
Receiving during the quarter |
11 |
|
Disposed of during the quarter |
11 |
|
Remaining unreserved at the end of the quarter |
NIL |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
Quarter ended (Unaudited) |
|
|
30.06.2014
|
|
Revenue ( Net sale /Income from each segment} |
|
|
a) Sponge Iron and Steel |
1682.996 |
|
b) Power |
126.969 |
|
Total |
1809.965 |
|
Less : Inter Segment Revenue |
24.687 |
|
Net
Sales |
1785.277 |
|
|
|
|
2. Results (Profit (+) / Loss (-)
Before lax and interest from each segment) |
|
|
a) Sponge Iron and Steel |
(110.564) |
|
b) Power |
49.225 |
|
Total |
|
|
Less
: (i) Interest |
(61.339) |
|
(ii) Other un-allocable
expenditure net off un-allocable income |
10.359 |
|
(iii) Exceptional Items |
- |
|
Profit
before Tax |
(85.671) |
|
3.
Capital Employed |
|
|
a) Sponge Iron and Steel |
787.170 |
|
b) Power |
107.876 |
|
c) Unallowable Assets Less Liabilities |
(18.244) |
Note:
1. The above Financial Results were reviewed by the Audit Committee and thereafter
approved and taken on record by the Board of Directors of the Company at their
meeting held on 8th August, 2014.
2. The Statutory Auditors have carried out a Limited Review of the financial
results for the quarter ended 30th June, 2014
3. The figures of quarter ended 31 st March 2014 are the balance figure
between audited figures in respect of the full financial year and published
year to date figures up to the third quarter of the financial year.
4. Consequent to the introduction of Schedule II of companies Act 2013, the
result life of certain Assets has been revised. Accordingly depreciation for
the quarter is lower by Rs. 40.183 Millions. Further an amount of Rs. 3.356
Millions has been adjusted as retained earning whose remaining useful life is
nil as at April 1st, 2014.
5. Revenue shown in Segment wise results includes other income.
6. Previous year figures have been regrouped / reclassified wherever
necessary.
FIXED ASSETS
·
Freehold Land
·
Leasehold Land
·
Factory Building
·
Staff Residential Building
·
Plant and Machinery
·
Plant and
Machinery-Power
·
Computers
·
Electrical
Installation
·
Air Conditioners
·
Office Equipments
·
Furniture and
Fixtures
·
Motor Vehicles
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.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.76.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
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 |
4 |
|
--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 |
|
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.