MIRA
INFORM REPORT
|
Report Date : |
29.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
B.M.M. ISPAT LIMITED |
|
|
|
|
Formerly Known
As : |
B.M.M. IRONORE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
114, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
15.04.2002 |
|
|
|
|
Com. Reg. No.: |
08-030365 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1029.248 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U13100KA2002PLC030365 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRB05074G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCB3556B |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is
engaged in Trading in Iron Ore, Generation and Sale of Power, Manufacturing
TMT Bars and Iron ORE Processing. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. As per registrar of companies the date of balance sheet (i.e.
financial filed) is shown as 31.03.2014 but the documents related to
financial are not available for any sources. As per available financial of 2013, the rating takes into
consideration company’s moderate financial risk profile marked be declining
in profitability margins and increased in external borrowing of the company
over previous year. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term loans facilities = BB |
|
Rating Explanation |
Inadequate credit quality and high credit
risk |
|
Date |
May 2014 |
|
|
|
|
Rating Agency Name |
ICRA |
|
Rating |
Non- Fund based facilities = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
May 2014 |
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 DECLINED BY
|
Name : |
Mr. Alok Kumar |
|
Designation : |
Account Manager |
|
Contact No.: |
91-8394-244681 |
|
Date : |
27.11.2014 |
LOCATIONS
|
Registered Office / Factory : |
114, Danapur Village, Hobli Marriamanahalli, Hospet Taluk, Bellary
District – 583 222, Karnataka, India |
|
Tel. No.: |
91-8394-244681/82/83/84 |
|
Fax No.: |
91-8394-244680/244686 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
101, 1st Floor, Pride Elite, No.10, Museum Road. Bangalore – 560001,
Karnataka, India. |
|
Tel. No.: |
91-80-41495660/ 1/ 3 |
|
Fax No.: |
91-80-41495663/ 4 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on : 30.09.2014
|
Name : |
Mr. Dinesh Kumar Singhi |
|
Designation : |
Managing Director |
|
Address : |
No.7-201-1, Shravanipride Basavangudi Market Road,
Bangalore – 560004, Karnataka, India |
|
Date of Birth/Age : |
14.01.1971 |
|
Qualification : |
B.E.(Mech) |
|
Date of Appointment : |
30.04.2012 |
|
PAN No.: |
AAMHS2836L |
|
DIN No.: |
00208064 |
|
|
|
|
Name : |
Mrs. Snehalatha Singhi |
|
Designation : |
Director |
|
Address : |
No.7-201-1, Shravanipride Basavangudi Market Road,
Bangalore – 560004, Karnataka, India |
|
Date of Birth/Age : |
08.12.1972 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
15.04.2002 |
|
PAN No.: |
AJMPS0427Q |
|
DIN No.: |
00208131 |
|
|
|
|
Name : |
Mr. Laxmipat Dudheria |
|
Designation : |
Director |
|
Address : |
No.7-201-1, Shravanipride Basavangudi Market Road,
Bangalore – 560004, Karnataka, India |
|
Date of Birth/Age : |
24.08.1962 |
|
Qualification : |
CA |
|
Date of Appointment : |
12.07.2004 |
|
DIN No.: |
00300443 |
|
|
|
|
Name : |
Mr. Mrutunjaya Senapati |
|
Designation : |
Director |
|
Address : |
002, Aster Block, |
|
Date of Birth/Age : |
15.05.1947 |
|
Qualification : |
B.Sc. (Mechanical Engineering), MBA |
|
Date of Appointment : |
01.06.2012 |
|
PAN No.: |
ABUPS2716C |
|
DIN No.: |
02167644 |
|
|
|
|
Name : |
Mr. Subramaniyam Pratapgiri |
|
Designation : |
Director |
|
Address : |
10-28 Patel Nagar, P and T Colony, Dilsukhnagar, Hyderabad-500060,
Andhra Pradesh, India |
|
Date of Birth/Age : |
25.09.1965 |
|
Date of Appointment : |
26.07.2008 |
|
DIN No.: |
00038729 |
|
|
|
|
Name : |
Mr. Bangalore Krishnamurthy Ganesh |
|
Designation : |
Whole-time director |
|
Address : |
Shashikiran, 1st Floor, Opposite Huda Park, 5th Main, M J Nagar, Hospet, Karnataka – 583201, India |
|
Date of Birth/Age : |
07.05.1966 |
|
Date of Appointment : |
01.07.2013 |
|
DIN No.: |
02108349 |
KEY EXECUTIVES
|
Name : |
Suman Bajoria |
|
Designation : |
Company Secretary |
|
Address : |
No. 251, 1st Floor, 24th Main, 5th
Phase, J.P. Nagar, |
|
Date of Birth/Age : |
04.04.1982 |
|
Date of Appointment : |
19.03.2008 |
|
Pan No.: |
ANDPB4760G |
|
|
|
|
Name : |
Mr. Alok Kumar |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 30.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Dinesh Kumar Singhi |
|
47624940 |
|
Snehlatha Singhi |
|
68605 |
|
Singhi Finlease Private Limited, India
|
|
16227491 |
|
Snehfin Investment Private Limited, |
|
34660750 |
|
Singhi Holdings Private Limited, |
|
3115000 |
|
Laxmipat Dudheria |
|
70000 |
|
Dinesh Kumar Singhi (HUF) |
|
55000 |
|
BPO Finance and Investment Private Limited, |
|
722500 |
|
Panchmukhi Properties Private Limited, India |
|
725000 |
|
VSL Securities Private Limited, India
|
|
150000 |
|
Devendra Contra Private Limited, India
|
|
630000 |
|
Xplosion Entertainment Private Limited, India |
|
12500 |
|
Ashok Kumar |
|
10 |
|
Silas Nerella |
|
10 |
|
Prashant Rajaram Hegde |
|
10 |
|
Lakshmnarayana G |
|
10 |
|
Ediga Hemendra Goud |
|
10 |
|
Parvathappa N |
|
10 |
|
TOTAL
|
|
104061846 |
As On : 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Bodies corporate |
54.05 |
|
Directors or relatives of Directors |
45.95 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in Trading in Iron Ore, Generation and Sale of Power, Manufacturing
TMT Bars and Iron ORE Processing. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· State Bank of India, Corporate Accounts Group Branch - 13039, "Ozone", 2nd Floor, #6-3-669, Punjagutta Main Road, Hyderabad - 500082, Andhra Pradesh, India · Punjab National Bank, Large Corporate Branch, Centenary Building, No.28, M G Road, Bangalore - 560001, Karnataka, India ·
Canara Bank, Prim Corporate Branch, 25, M.G.
Road, Bangalore - 560001, Karnataka, India |
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|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
T.D. Jain and D.I. Sakaria Chartered Accountants |
|
Address : |
No. 34, Keshava Nivas, 3rd Floor, 1st Main, Gandhinagar, 1st Main, Gandhinagar,
Bangalore – 560009, Karnataka, India |
|
PAN No.: |
AAAFO2177L |
|
|
|
|
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives: |
· ShravanI Constructions and Projects · Singhi Finlease Private Limited, India [U67120KA1999PTC025712] · Snehfin Investments Private Limited, India [U67120KA2001PTC028490] · Singhi Holdings Private Limited, India [U67120KA2007PTC043709] · BMM Cements Limited, India [U40300KA2007PLC043746] · Shree Gavisiddeshwara Minerals Private Limited, India [U01010KA2004PTC033519] · Sneh Shelters Private Limited, [U70101KA2007PTC041769] · Shravanee Properties Private Limited, India [U70101KA2005PTC037125] · Panchmukhi Properties Private Limited, India [U70101WB1986PTC101350] · B. P.O .Finance and Investments Private Limited, India [U74899DL1995PTC070930] · BMM Energy Private Limited, India [U40100KA2010PTC055239] · Bharat Mines and Minerals · Shri Gavisiddeshwara Minerals |
|
|
|
|
Subsidiary company: |
· Ranj Itpura Infrastructure Private Limited, India [U45203KA2006PTC040944] |
CAPITAL STRUCTURE
AS ON: 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
160000000 |
Equity Shares |
Rs.10/- each |
Rs.1600.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
104061846 |
Equity Shares |
Rs.10/- each |
Rs.1040.618
Millions |
AS ON: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
160000000 |
Equity Shares |
Rs.10/- each |
Rs.1600.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
102924765 |
Equity Shares |
Rs.10/- each |
Rs.1029.248 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 |
1029.248 |
1029.248 |
1021.998 |
|
(b) Reserves & Surplus |
12193.423 |
11850.539 |
10072.228 |
|
(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) |
13222.671 |
12879.787 |
11094.226 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
13883.821 |
11300.446 |
4809.622 |
|
(b) Deferred tax liabilities (Net) |
1238.669 |
750.826 |
592.627 |
|
(c) Other long term
liabilities |
0.598 |
331.626 |
115.057 |
|
(d) long-term provisions |
48.928 |
36.974 |
26.262 |
|
Total
Non-current Liabilities (3) |
15172.016 |
12419.872 |
5543.568 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2195.902 |
2145.386 |
1621.846 |
|
(b) Trade payables |
1187.829 |
2064.365 |
1470.941 |
|
(c) Other current liabilities |
1945.437 |
1844.122 |
1131.300 |
|
(d) Short-term provisions |
69.322 |
100.805 |
7.885 |
|
Total
Current Liabilities (4) |
5398.490 |
6154.678 |
4231.972 |
|
|
|
|
|
|
TOTAL |
33793.177 |
31454.337 |
20869.766 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
15073.460 |
11942.074 |
9303.498 |
|
(ii) Intangible Assets |
13.639 |
10.844 |
10.683 |
|
(iii) Capital work-in-progress |
10753.721 |
10215.449 |
3694.586 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
764.191 |
871.788 |
988.646 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1775.738 |
2220.863 |
2737.391 |
|
(e) Other Non-current assets |
9.047 |
1.465 |
11.181 |
|
Total
Non-Current Assets |
28389.796 |
25262.483 |
16745.985 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
50.000 |
5.000 |
0.000 |
|
(b) Inventories |
3032.068 |
1791.538 |
2064.847 |
|
(c) Trade receivables |
1142.239 |
755.626 |
319.281 |
|
(d) Cash and cash equivalents |
247.080 |
1094.231 |
872.249 |
|
(e) Short-term loans and
advances |
922.027 |
2530.313 |
853..674 |
|
(f) Other current assets |
9.967 |
15.146 |
13.730 |
|
Total
Current Assets |
5403.381 |
6191.854 |
4123.781 |
|
|
|
|
|
|
TOTAL |
33793.177 |
31454.337 |
20869.766 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
16748.262 |
14937.496 |
10440.836 |
|
|
Other Income |
42.915 |
55.819 |
2248.078 |
|
|
TOTAL
(A) |
16791.177 |
14993.315 |
12688.914 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
9724.134 |
8074.151 |
5229.730 |
|
|
Purchases of Stock-in-Trade |
359.423 |
66.658 |
501.983 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(204.645) |
(10.132) |
(47.124) |
|
|
Employees benefits expense |
352.257 |
335.458 |
231.436 |
|
|
Other expenses |
3314.206 |
2966.747 |
2152.901 |
|
|
TOTAL
(B) |
13545.375 |
11432.882 |
8068.926 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
3245.802 |
3560.433 |
4619.988 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
991.906 |
648.51 |
238.172 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2253.896 |
2911.923 |
4381.816 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1474.942 |
870.383 |
495.86 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
778.954 |
2041.540 |
3885.956 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
436.070 |
545.979 |
593.77 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
342.884 |
1495.561 |
3292.186 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
11850.540 |
10072.230 |
5922.130 |
|
|
|
|
|
|
|
|
Balance Carried to the B/S |
12193.430 |
11850.540 |
10072.230 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
3.33 |
14.61 |
31.99 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT / Sales) |
|
2.05 |
10.01 |
31.53 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
19.38 |
23.84 |
44.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.50 |
10.02 |
24.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.16 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.22 |
1.04 |
0.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00 |
1.01 |
0.97 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
1021.998 |
1029.248 |
1029.248 |
|
Reserves & Surplus |
10072.228 |
11850.539 |
12193.423 |
|
Net worth |
11094.226 |
12879.787 |
13222.671 |
|
|
|
|
|
|
long-term borrowings |
4809.622 |
11300.446 |
13883.821 |
|
Short term borrowings |
1621.846 |
2145.386 |
2195.902 |
|
Total
borrowings |
6431.468 |
13445.832 |
16079.723 |
|
Debt/Equity
ratio |
0.580 |
1.044 |
1.216 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
10440.836 |
14937.496 |
16748.262 |
|
|
|
43.068 |
12.122 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
10440.836 |
14937.496 |
16748.262 |
|
Profit |
3292.186 |
1495.561 |
342.884 |
|
|
31.53% |
10.01% |
2.05% |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
OVERVIEW AND REVIEW
OF OPERATIONS
During the year under report, the total revenue of the Company was Rs.14993.320 millions, registering a growth of 42.79% from Rs.10500.010 millions in the financial year 2010-11. EBIDTA increased to Rs.3940.970 millions in 2011-12 from Rs.2459.590 millions in 2010-11, witnessing a growth of 60.23%.Profit before tax grew by 42.72% to Rs.2422.080 millions in the period from Rs.1697.060 millions in the period year. The profit after tax has increased by 70.05% to Rs.1876.100 millions in 2011-12 The Year under the report was challenging for the steel industry with pressure on raw material availability, high inflation and cost increases. The procurement cost of iron ore shot up by 37% in comparison to previous year due to iron ore crisis in state of Karnataka. In addition to this, prices of other raw material like coal, furnace oil and scarp also rose significantly. Despite difficult environment, the Company has strengthened itself with operational efficiencies and execution excellence. Inspite of the given scenario, the Company’s the beneficiation plant production increased 22.95% from 10, 96,069 MT in 2010-11 to 13, 47,668 MT in 2011-12 and pellet plant production increased 19.03% from 9,56,073 MT in 2011-12 to 11,38,009 MT in 2011-12. The Company achieved sponge iron production from Sponge Iron Plant to 4, 64,949 MT from 2, 66,181 MT in the corresponding previous year, billet production from induction Furnace to 75,815 MT from 67,706 MT and TMT production from Rolling Mill to 66,319 MT from 58,130 MT. The generation of power increased by 86% to 39 MW as against 23 MW.
The operations at iron ore mines of the Company’s group entities M/s Bharat Mines and Minerals and M/s Shree Gavisiddeshwara Minerals were suspended due to ban on mining operations in Karnataka by the Hon’ble Supreme Court of India. The iron ore was made available through e-auction to all steel industry in Karnataka and the Company has ensured uninterrupted supply of iron ore for its operations with proper procurement planning and working capital management. A detailed analysis of the Company’s operations, project review, and financial review and analysis has been given in the Management Discussion and Analysis Report which forms part of the Annual Report.
EXPANSION AND FUTURE
BUSINESS PLAN
The Company believes in delivering a stellar performance, as mirrored in its project execution strategies. Under its Phase III expansion, the Company has completed associated projects i.e. 1000 TPD Sponge Iron Plant, 1.3 MTPA Beneficiation plant and 1.2 MTPA Pellet Plant. The 140 MW thermal power plant will be commissioned by FY 2012-13. The project work for 1.25 MTPA Integrated Steel plant is progressing rapidly and the Company thrive on the best international and domestic suppliers, consultants and contractors for its project execution to ensure high standards and quality.
UNSECURED
LOAN
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and advances from directors |
1317.174 |
1317.174 |
|
Loans and advances from others |
125.600 |
105.600 |
|
Total |
1442.774 |
1422.774 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER
(SRN) |
|
1 |
10385982 |
04/12/2013 * |
5,600,000,000.00 |
STATE BANK OF INDIA |
CORPORATE
ACCOUNTS BRANCH, 2ND FLOOR,, OZONE BUIL |
B94515814 |
|
2 |
10344921 |
05/03/2012 |
1,200,000,000.00 |
STATE BANK OF INDIA |
COLLEGE ROAD
BRANCH, PARWAZ PLAZA, COLLEGE ROAD, HOSPET, KARNATAKA - 583201, INDIA |
B36032670 |
|
3 |
10344922 |
05/03/2012 |
250,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE BRANCH,
CENTENARY BUILDING, NO.28, M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
B36033280 |
|
4 |
10341146 |
22/02/2012 |
1,500,000,000.00 |
CANARA BANK |
PRIM CORPORATE
BRANCH, 25, M.G. ROAD, BANGALORE, |
B34548677 |
|
5 |
10306952 |
07/11/2012 * |
42,000,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER
TOWER, 'E', CUFFE PARADE,, COLABA,, MU |
B64329352 |
|
6 |
10206134 |
13/09/2013 * |
1,981,000,000.00 |
STATE BANK OF INDIA |
CORPORATE
ACCOUNTS GROUP BRANCH - 13039,, "OZONE", 2ND FLOOR, #6-3-669,
PUNJAGUTTA MAIN ROAD, HYDER |
B86646569 |
|
7 |
10172529 |
07/11/2012 * |
4,600,000,000.00 |
STATE BANK OF INDIA |
COLLEGE ROAD BRANCH,
PARWAJ PLAZA, COLLEGE ROAD, |
B64329741 |
|
8 |
10124193 |
04/10/2008 |
1,000,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE
BRANCH CENTENARY BUILDING, NO. 2 |
A47364393 |
|
9 |
10112198 |
05/03/2012 * |
2,000,000,000.00 |
PUNJAB NATIONAL BANK |
LARGE CORPORATE
BRANCH, CENTENARY BUILDING, NO.28 |
B36031706 |
|
10 |
10255047 |
14/11/2009 * |
900,000,000.00 |
STATE BANK OF INDIA |
COLLEGE ROAD
BRANCH, PARWAJ PLAZA, COLLEGE ROAD, |
A80484983 |
* Date of charge modification
FIXED ASSETS
·
Land and Land
Improvements
·
Freehold Land
·
Building
·
Office Equipments
·
Plant and Machinery
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.61.97 |
|
|
1 |
Rs.97.37 |
|
Euro |
1 |
Rs.77.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.