MIRA INFORM REPORT
|
Report Date : |
14.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
ANKIT METAL AND POWER LIMITED (w.e.f. 31.08.2004) |
|
|
|
|
Formerly Known
As : |
ANKIT METAL AND POWER PRIVATE LIMITED (w.e.f. 08.07.2004) ANKIT STEEL WORKS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
35, Chittaranjan Avenue, Kolkata – 700012, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
07.08.2002 |
|
|
|
|
Com. Reg. No.: |
21-094979 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1220.755 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27101WB2002PLC094979 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALA05741B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECA5230B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the manufacturing of sponge iron, ingots billet,
TMT bars and ferro alloys and also actively involved in the trading of steel
items and others like ferro alloys. |
|
|
|
|
No. of Employees
: |
538 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 20000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. Rating reflects moderate financial risk profile due to loss incurred by
the company in the year 2014. However, trade relation are fair. Business is active. Payment terms
are 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 |
CARE |
|
Rating |
Long term bank facilities: “BB+” |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
18.11.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A4” |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
18.11.2013 |
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-33-40168000)
LOCATIONS
|
Registered Office : |
35, Chittaranjan Avenue, Kolkata – 700012, West
Bengal, India |
|
Tel. No.: |
91-33-22110225/ 0226/ 40640021/ 0022/ 22119805/ 06 |
|
Fax No.: |
91-33-22114134 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
SKP House, 132A, S. P. Mukherjee Road, Kolkata – 700026, West Bengal, India |
|
Tel. No.: |
91-33-40168000/ 8100 |
|
Fax No.: |
91-33-40168107/ 8189 |
|
|
|
|
Factory : |
Village: Jorehira, Mouza : Burat, Jorehira and Sonpura, P.S.: Chattna, District Bankura, West Bengal, India |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Suresh Kumar Patni |
|
Designation : |
Non-Executive Chairman |
|
|
|
|
Name : |
Mr. Ankit Patni |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
28 Years |
|
Qualification : |
CFA and MBA |
|
Date of Appointment : |
08.08.2003 |
|
|
|
|
Name : |
Mr. Sanjay Singh |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Jatindra Nath Rudra |
|
Designation : |
Independent/Non-Executive Director |
|
Date of Birth/Age : |
76 Years |
|
Date of Appointment : |
31.05.2006 |
|
|
|
|
Name : |
Mr. Vijay KumarJain |
|
Designation : |
Independent/Non-Executive Director (Resigned w.e.f. 29th September, 2012 |
|
|
|
|
Name : |
Mr. Jay Shanker Shukla |
|
Designation : |
Independent/Non-Executive Director |
|
Date of Birth/Age : |
53 Years |
|
Date of Appointment : |
29.09.2012 |
|
|
|
|
Name : |
Mr. Kailash Chand Jain |
|
Designation : |
Independent/Non-Executive (Resigned w.e.f. 9th October, 2012) |
|
|
|
|
Name : |
Mr. Jayanta Kumar Chatterjee |
|
Designation : |
Independent/Non-Executive |
|
Date of Birth/Age : |
70 Years |
|
Date of Appointment : |
09.10.2012 |
KEY EXECUTIVES
|
Name : |
Mr. Chandra Kumar Jain |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
2510500 |
2.06 |
|
|
78669500 |
64.44 |
|
|
81180000 |
66.50 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
81180000 |
66.50 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
100 |
0.00 |
|
|
2731712 |
2.24 |
|
|
2731812 |
2.24 |
|
|
|
|
|
|
27379485 |
22.43 |
|
|
|
|
|
|
2922160 |
2.39 |
|
|
7383552 |
6.05 |
|
|
478491 |
0.39 |
|
|
358215 |
0.29 |
|
|
106748 |
0.09 |
|
|
13528 |
0.01 |
|
|
38163688 |
31.26 |
|
Total Public shareholding (B) |
40895500 |
33.50 |
|
Total (A)+(B) |
122075500 |
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) |
122075500 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacturing of sponge iron, ingots billet,
TMT bars and ferro alloys and also actively involved in the trading of steel
items and others like ferro alloys. |
GENERAL INFORMATION
|
No. of Employees : |
538 (Approximately) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India · Andhra Bank · Syndicate Bank · IDBI Bank Limited · State Bank of Travancore · Indian Overseas Bank · State Bank of Mysore · State Bankof Bikaner and Jaipur · United Bank of India · Allahabad Bank · Corporation Bank · UCO Bank · State Bank of Hyderabad · State Bank of Patiala |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
Notes: A) Nature of
Security i) Term Loan are primary secured by a) 1st pari-passu charge on fixed assets by way of equitable mortgage of the land and building/shed along with all movable and immovable plant and machinery and other fixed assets thereon at Chhatna District Bankura and extension of second charge on the Company's current assets on pari passu basis. b) Collateral Security equitable mortgage on office space at 35, C. R. Avenue, Kolkata on pari passu basis. c) Personal guarantee of Promoters/Director-Mr. Suresh Kumar Patni, Mr. Rohit Patni, Mr. Ankit Patni and Mrs. Sarita Patni d) Corporate guarantee of Four group companies - Vasupujya Enterprises Private Limited, Poddar Mech Tech Services Private Limited, Suanvi Trading and Investment Company Private Limited and Sarita Steel and Power Limited. e) Pledge of 5744700 shares of Company in the name of promoters and group associates ii) Loans against Vehicle amounted to Rs. 2.148 Millions are repayable by way of Equated Monthly Installments subsequent to taking of such loan. The original period of such loans is 3 yrs. iii) Unsecured Loan from Bodies Corporate from Related Parties and others aggregating to Rs. 903.641 Millions. The said Loans are repayable at the option of the Company and are stated by the management to be in the nature of Long Term Borrowings. The average rate of interest is 13.88%. Details of
Security Working Capital including SLC are jointly secured by
hypothecation of all the current assets on 1st pari-passu Basis and 2nd
pari-passu charge by way of extension of charge on the entire fixed assets of
factory land, building/ shed, etc. and along with equitable mortgage on
office space at 35, C. R. Avenue, Kolkata on pari passu basis and personal
guarantee of Promoters / Director Mr. Suresh Kumar Patni, Mr. Rohit Patni,
Mr. Ankit Patni and Mrs. Sarita Patni and Corporate Guarantee off our group
Companies - Vasupujya Enterprises Private Limited, Poddar Mech Tech Services
Private Limited, Suanvi Trading and Investment Company Private Limited and
Sarita Steel and Power Limited and pledge of 57,44,700 shares of Company held
in the name of promoters and group associates. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R. Kothari and Company Chartered Accountants |
|
Address : |
16A, Shakespeare Sarani, Kolkata – 700071, West Bengal, India |
|
Tel. No.: |
91-33-22826776/ 6809/ 6807 |
|
Fax No.: |
91-33-22825921 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Control of KMP : (As on 31.03.2013) |
· Suanvi Trading and Investment Company Private Limited · Vasupujya Enterprises Private Limited · Poddar Mech Tech Services Private Limited · Impex Metal and Ferro Alloys Limited · DivineTrading Company Private Limited · Invesco Finance Private Limited · Impex FerroTech Limited · Rohit Ferro-Tech Limited · Marble Arch Properties Private Limited · SKP Aviation Services Limited · SKP Overseas Pte Limited · SKP Power Ventures Limited · SKP Stock Broking Private Limited · SKP Derivatives and Commodities Private Limited · Laxmiwan Marketing Private Limited · Binapani Tradelink Private Limited · Mahabala Merchants Private Limited · Versatile Suppliers Private Limited · Paropkar Merchants Private Limited · Gannath Commerce Private Limited · Shubham Complex Private Limited · Dhodwala Enterprises Limited · Impex Cements Limited · VSN Agro Products Limited · Impex Industries Limited · Gold MoharSteel Limited · Patni Metal and Ferro Alloys Limited · SKP Impex Pte. Limited · VNG Mercantiles Private Limited · Arthodock Vinimay Private Limited · Nucore Exports Private Limited · Shreyansh Leafin Private Limited · Whitestone Suppliers Private Limited · Sarita Steel and Power Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital : NA
Issued, Subscribed & Paid-up Capital : Rs.
1220.755 Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
95375500 |
Equity Shares |
Rs.10/- each |
Rs.953.755 Millions |
|
|
|
|
|
Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period
|
Equity Shares |
31.03.2013 |
|
|
|
No. in Lacs |
Rs. in Millions |
|
At the Beginning of the Year |
953.76 |
953.755 |
|
Issued during the Period - Preferential Allotment |
- |
- |
|
Outstanding at the End of the Year |
953.76 |
953.755 |
Terms/Rights attached to Equity Shares
The Company has only one class of Equity Shares having a par value of Rs. 10/- per share. On a show of hands, every member present in person or by proxy, is entitled to one vote and in case of poll, the voting rights of every member shall be in proportion to his shares of the paid-up equity share capital of the Company.
The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the shareholders.
Details of
Shareholders Holding more than 5% Shares in the Company
|
Equity Shares of
Rs. 10/- Each Fully Paid |
31-03-2013 Nos. in Lacs |
|
Invesco Finance Private Limited |
105.52 |
|
Vasupujya Enterprises Private Limited |
103.70 |
|
VNG Mercantiles Private Limited |
87.24 |
|
Nucore Exports Private Limited |
75.69 |
|
Shreyansh Leafin Private Limited |
55.00 |
|
Whitestone Suppliers Private Limited |
53.88 |
|
Arthodock Vinimay Private Limited |
53.55 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1220.755 |
953.755 |
953.755 |
|
(b) Reserves & Surplus |
3805.507 |
4037.821 |
3525.941 |
|
(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) |
5026.262 |
4991.576 |
4479.696 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
3264.084 |
4730.678 |
3675.943 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
302.040 |
175.564 |
|
(c) Other long term liabilities |
20.025 |
20.151 |
13.763 |
|
(d) long-term provisions |
1.132 |
0.892 |
0.244 |
|
Total Non-current
Liabilities (3) |
3285.241 |
5053.761 |
3865.514 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
4140.645 |
2937.851 |
2080.546 |
|
(b) Trade payables |
3207.991 |
2303.219 |
1621.854 |
|
(c) Other current liabilities |
1904.341 |
1041.891 |
790.403 |
|
(d) Short-term provisions |
97.102 |
233.688 |
110.329 |
|
Total Current
Liabilities (4) |
9350.079 |
6516.649 |
4603.132 |
|
|
|
|
|
|
TOTAL |
17661.582 |
16561.986 |
12948.342 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
|
8505.900 |
7062.155 |
4688.168 |
|
(ii) Intangible Assets |
|
1.992 |
0.000 |
|
(iii) Capital work-in-progress |
|
1647.389 |
2420.765 |
|
(iv) Intangible assets under development |
|
0.000 |
2.490 |
|
(b) Non-current Investments |
1.175 |
1.175 |
1.184 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
44.281 |
309.597 |
|
(e) Other Non-current assets |
0.132 |
0.132 |
0.132 |
|
Total Non-Current
Assets |
8507.207 |
8757.124 |
7422.336 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
4278.204 |
3593.268 |
2099.205 |
|
(c) Trade receivables |
3237.928 |
2591.774 |
1780.850 |
|
(d) Cash and cash equivalents |
327.576 |
197.144 |
235.384 |
|
(e) Short-term loans and advances |
743.145 |
1288.471 |
1243.578 |
|
(f) Other current assets |
567.522 |
134.205 |
166.989 |
|
Total Current
Assets |
9154.375 |
7804.862 |
5526.006 |
|
|
|
|
|
|
TOTAL |
17661.582 |
16561.986 |
12948.342 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
14756.953 |
11927.681 |
9257.831 |
|
|
|
Other Income |
31.246 |
11.786 |
13.097 |
|
|
|
TOTAL (A) |
14788.199 |
11939.467 |
9270.928 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw Materials and Components Consumed |
8801.387 |
6856.200 |
5491.174 |
|
|
|
Purchase of Traded Goods |
4067.135 |
3188.087 |
2183.625 |
|
|
|
(Increase)/Decrease in Inventories of Finished Goods, Work-in Progress and Traded Goods |
113.699 |
(696.179) |
97.887 |
|
|
|
Employee Benefits Expenses |
141.076 |
92.830 |
69.252 |
|
|
|
Other Expenses |
981.348 |
724.800 |
536.274 |
|
|
|
TOTAL (B) |
14104.645 |
10165.738 |
8378.212 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
683.554 |
1773.729 |
892.716 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1152.008 |
713.739 |
350.988 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(468.454) |
1059.990 |
541.728 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
596.379 |
411.123 |
142.343 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(1064.833) |
648.867 |
399.385 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(299.632) |
136.987 |
66.977 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(765.201) |
511.880 |
332.408 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
1197.171 |
864.763 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1709.051 |
1197.171 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
NA |
120.555 |
14.006 |
|
|
TOTAL EARNINGS |
NA |
120.555 |
14.006 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
518.657 |
409.983 |
|
|
|
Components & Spares Parts |
NA |
1.466 |
1.372 |
|
|
|
Capital Goods |
NA |
34.494 |
427.632 |
|
|
TOTAL IMPORTS |
NA |
554.617 |
838.987 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(5.39) |
5.37 |
3.49 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2014 1st Quarter |
|
Audited / Unaudited |
|
|
Unaudited |
|
Net Sales |
|
|
3587.900 |
|
Total Expenditure |
|
|
3720.600 |
|
PBIDT (Excl OI) |
|
|
(132.700) |
|
Other Income |
|
|
17.500 |
|
Operating Profit |
|
|
(115.200) |
|
Interest |
|
|
317.700 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
(432.800) |
|
Depreciation |
|
|
185.500 |
|
Profit Before Tax |
|
|
(618.300) |
|
Tax |
|
|
0.000 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
(618.300) |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
(618.300) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(5.17) |
4.29 |
3.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(7.22) |
5.44 |
4.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.03) |
4.35 |
3.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.21) |
0.13 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.47 |
1.54 |
1.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98 |
1.20 |
1.20 |
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 |
953.755 |
953.755 |
1220.755 |
|
Reserves & Surplus |
3525.941 |
4037.821 |
3805.507 |
|
Net
worth |
4479.696 |
4991.576 |
5026.262 |
|
|
|
|
|
|
long-term borrowings |
3675.943 |
4730.678 |
3264.084 |
|
Short term borrowings |
2080.546 |
2937.851 |
4140.645 |
|
Total
borrowings |
5756.489 |
7668.529 |
7404.729 |
|
Debt/Equity
ratio |
1.285 |
1.536 |
1.473 |
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 |
9257.831 |
11927.681 |
14756.953 |
|
|
|
28.839 |
23.720 |
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 |
9257.831 |
11927.681 |
14756.953 |
|
Profit |
332.408 |
511.880 |
-765.201 |
|
|
3.59% |
4.29% |
-5.19% |
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 |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10448688 |
04/09/2013 |
500,000,000.00 |
ALLAHABAD BANK |
RED CROSS PLACE
BRANCH, 7, RED CROSS PLACE, KOLKA |
B84839554 |
|
2 |
10448021 |
13/08/2013 |
1,027,800,000.00 |
INDIAN OVERSEAS BANK |
INDIA EXCHANGE
PLACE BRANCH, P-35, INDIA EXCHANGE |
B84557578 |
|
3 |
10435791 |
18/06/2013 |
9,767,400,000.00 |
INDIAN OVERSEAS BANK |
INDIA EXCHANGE
PLACE BRANCH (AS TITLE DEED HOLDER), P-35 INDIA EXCHANGE PLACE, KOLKATA, WEST
BENGAL |
B79178000 |
|
4 |
10424136 |
10/04/2013 |
235,000,000.00 |
CORPORATION BANK |
CORPORATE BANKING BRANCH,
17, BRABOURNE ROAD, KOL |
B74572322 |
|
5 |
10423716 |
28/03/2013 |
300,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
20B, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
B74424847 |
|
6 |
10422280 |
26/03/2013 |
250,000,000.00 |
ANDHRA BANK |
BALLYGUNGE BRANCH,, 87, RASH BEHARI AVENUE, KOLKATA, WEST BENGAL - 700026, INDIA |
B73900953 |
|
7 |
10371884 |
07/08/2012 |
612,200,000.00 |
STATE BANK OF BIKANER & JAIPUR (LEAD BANK) |
N. S. ROAD BRANCH, 14
N. S. ROAD, KOLKATA, WEST |
B56140288 |
|
8 |
10352948 |
28/03/2012 |
180,000,000.00 |
SBI GLOBAL FACTORS LIMITED |
6TH FLOOR, METROPOLITAN BUILDING, BANDRA-KURLA, COMPLEX, BANDRA(EAST), MUMBAI, MAHARASHTRA - 400051, INDIA |
B38677522 |
|
9 |
10353267 |
16/03/2012 |
2,120,000,000.00 |
STATE BANK OF INDIA (LEAD BANK) |
INDUSTRIAL FINANCE
BRANCH, KOLKATA, 11, DR. U. N. |
B38800512 |
|
10 |
10299088 |
07/07/2011 |
100,000,000.00 |
STATE BANK OF TRAVANCORE |
LAKE MARKET BRANCH, 91, RASH BEHARI AVENUE, KOLKATA, WEST BENGAL - 700026, INDIA |
B17633256 |
|
11 |
10299098 |
07/07/2011 |
370,000,000.00 |
STATE BANK OF TRAVANCORE |
LAKE MARKET BRANCH, 91, RASH BEHARI AVENUE, KOLKATA, WEST BENGAL - 700026, INDIA |
B17634494 |
|
12 |
10292698 |
30/05/2011 |
110,000,000.00 |
STATE BANK OF MYSORE |
BENTINCK STREET BRANCH, 1 & 2, OLD COURT HOUSE CORNER, KOLKATA, WEST BENGAL - 700001, INDIA |
B15171820 |
|
13 |
10295565 |
30/05/2011 |
550,000,000.00 |
CORPORATION BANK |
CORPORATE BANKING BRANCH, 17, BRABOURNE ROAD, MUKHERJEE HOUSE, KOLKATA, WEST BENGAL - 700001, INDIA |
B16337701 |
|
14 |
10285618 |
26/03/2011 |
500,000,000.00 |
ALLAHABAD BANK |
RED CROSS PLACE BRANCH, 7, RED CROSS PLACE, KOLKATA, WEST BENGAL - 700001, INDIA |
B12525960 |
|
15 |
10255798 |
19/03/2013 * |
540,000,000.00 |
UCO BANK |
FLAGSHIP CORPORATE BRANCH, 3, NETAJI SUBHAS ROAD, KOLKATA, WEST BENGAL - 700001, INDIA |
B71193585 |
|
16 |
10239974 |
10/06/2013 * |
2,010,000,000.00 |
INDIAN OVERSEAS BANK |
INDIA EXCHANGE
PLACE BRANCH, P-35 INDIA EXCHANGE |
B79120457 |
|
17 |
10227816 |
08/06/2010 |
90,000,000.00 |
ALLAHABAD BANK |
RED CROSS PLACE BRANCH, 7, RED CROSS PLACE, KOLKATA, WEST BENGAL - 700001, INDIA |
A89325393 |
|
18 |
10223170 |
23/04/2010 |
470,000,000.00 |
STATE BANK OF TRAVANCORE |
LAKE MARKET BRANCH, 91, RASH BEHARI AVENUE, KALIGHAT, KOLKATA, WEST BENGAL - 700026, INDIA |
A86476413 |
|
19 |
10215923 |
01/06/2013 * |
995,100,000.00 |
UNITED BANK OF INDIA |
OLD COURT HOUSE
STREET BRANCH, 11, HEMANTA BASU |
B78369907 |
|
20 |
10216698 |
29/03/2012 * |
960,000,000.00 |
INDIAN OVERSEAS BANK |
INDIA EXCHANGE
PLACE BRANCH, P-35, INDIA EXCHANGE |
B37259108 |
|
21 |
10215868 |
18/03/2010 |
230,000,000.00 |
STATE BANK OF INDORE |
COTTON STREET BRANCH, 161, C R AVENUE, KOLKATA, WEST BENGAL - 700007, INDIA |
A84142769 |
|
22 |
10209450 |
15/03/2010 |
240,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
N. S. ROAD BRANCH,
14 N. S. ROAD, KOLKATA, WEST |
A82423666 |
|
23 |
10203789 |
09/02/2010 |
230,000,000.00 |
STATE BANK OF MYSORE |
BENTINCK STREET BRANCH, 1 & 2, OLD COURT HOUSE CORNER, KOLKATA, WEST BENGAL - 700001, INDIA |
A80219579 |
|
24 |
10127352 |
22/02/2010 * |
461,400,000.00 |
ANDHRA BANK |
BURRABAZAR BRANCH, 23/1 M D ROAD, KOLKATA, WEST BENGAL - 700007, INDIA |
A81505901 |
|
25 |
10088614 |
10/03/2011 * |
420,000,000.00 |
IDBI BANK LTD |
KOLKATA MAIN BRANCH (MCG), IDBI HOUSE, 44 SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700017, INDIA |
B07796196 |
|
26 |
10071430 |
27/09/2013 * |
5,708,900,000.00 |
STATE BANK OF INDIA (LEAD BANK) |
INDUSTRIAL FINANCE
BRANCH, KOLKATA, 11, DR. U. N. |
B87195426 |
|
27 |
10122499 |
13/02/2013 * |
250,000,000.00 |
SYNDICATE BANK |
CAMAC STREET BRANCH, 26, SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700017, INDIA |
B68802552 |
|
28 |
10024964 |
31/10/2006 |
123,500,000.00 |
ANDHRA BANK |
BURRA BAZAR BRANCH,
23/1, MAHARSHI DEVENDRA ROAD, |
A06366264 |
|
29 |
90248951 |
02/11/2005 |
176,800,000.00 |
ANDHRA BANK |
N. S. ROAD
COMMERCIAL BRANCH, 132/1; M. G. ROAD, |
- |
|
30 |
90246713 |
30/03/2007 * |
54,000,000.00 |
SYNDICATE BANK |
BARA BAZAR BRANCH, 132/1
M G ROAD, KOLKATA, WEST |
A29776218 |
|
31 |
90247583 |
14/07/2005 |
125,100,000.00 |
ANDHRA BANK |
BURRABAZAR BRANCH, 23/1; MAHARSI DEBENDRA ROAD, KOLKATA, WEST BENGAL - 700001, INDIA |
- |
|
32 |
90244793 |
27/09/2013 * |
10,515,000,000.00 |
STATE BANK OF INDIA (LEAD BANK) |
INDUSTRIAL FINANCE
BRANCH, KOLKATA, 11, DR. U. N. |
B87196937 |
|
33 |
90246313 |
04/03/2013 * |
3,152,300,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, KOLKATA, 11, DR. U. N. |
B71041677 |
|
34 |
90248571 |
03/06/2004 |
1,500,000.00 |
CITICORP FINANCE (INDIA) LIMITED |
7THN FLOOR; METRO PLAZA; 1, HOCHI MINIL SARANI, KOLKATA, WEST BENGAL - 700071, INDIA |
- |
|
35 |
90248554 |
30/04/2004 |
1,300,000.00 |
CITICORP FINANCE (INDIA) LIMITED |
7TH FLOOR; METRO PLAZA; 1, HOCHI MINH SARANI, KOLKATA, WEST BENGAL, INDIA |
- |
* Date of charge modification
UNSECURED LOAN
(Rs.
In Millions)
|
PARTICULARS |
As
on 31.03.2013 |
|
LONG TERM
BORROWINGS |
|
|
Loans and Advances
from Related Parties |
|
|
From Bodies Corporate |
403.500 |
|
Other Loans and
Advances |
|
|
Loan from Bodies Corporate |
500.141 |
|
|
|
|
SHORT-TERM
BORROWINGS |
|
|
Working Capital Loan from Financial Institution |
196.070 |
|
Bridge Loan |
31.242 |
|
Total |
1130.953 |
FIXED ASSETS
Tangible Assets
- Land
- Free hold Land
- Lease hold land
- Factory Building
- Other than Factory Building
- Plant and Equipments
- Office Equipments
- Computers
- Vehicles
- Furniture and Fixtures
Intangible Assets
- Trade Mark
- Software Charges
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH
JUNE 2014
(Rs. In Millions)
|
SL |
Particular |
30.06.2014 Unaudited |
|
|
|
|
|
a |
Income from
operations |
|
|
|
a) Net safes/income from operations (Net of excise duty) |
3579.962 |
|
|
b) Other operating income |
7.972 |
|
|
Total income from
operations (net) |
3587.934 |
|
2 |
Expenses |
|
|
|
a) Cost of materials consumed |
2339.578 |
|
|
b) Purchases of stock-in-trade |
1416.572 |
|
|
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(321.521) |
|
|
d) Employees benefits expense |
39.699 |
|
|
e) Depreciation and amortisation expense |
185.504 |
|
|
f) Power expense |
114.643 |
|
|
g) Other expenses |
131.654 |
|
|
Total expenses |
3906.129 |
|
3 |
Profit/(Loss) from operations
before other income, finance costs & exceptional items (1-2) |
(318.195) |
|
4 |
Other income |
17.536 |
|
5 |
Profit/(Loss) from
ordinary activities before finance costs & exceptional items (3+4) |
(300.659) |
|
6 |
Finance costs |
317.660 |
|
7 |
Profit/(Loss) from
ordinary activities after finance costs but before exceptional Items (5-6) |
(618.319) |
|
8 |
Exceptional items |
-- |
|
9 |
Profit/(Loss) from
ordinary activities before tax (7-8) |
(618.319) |
|
10 |
Tax expense |
-- |
|
11 |
Net Profit/(Loss)
from ordinary activities after tax (9-10) |
(618.319) |
|
12 |
Extraordinary items (net of tax expense) |
-- |
|
13 |
Net Profit/(Loss)
for the period (11-12) |
(618.319) |
|
14 |
Paid-up equity share capital Face Value of Rs. 10/-per share)] |
1220.755 |
|
15 |
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
-- |
|
16.1 |
Earnings per share
(before extraordinary items) |
|
|
|
of Rs.10/-each) (not annualised) |
|
|
|
a} Basic |
(4.36) |
|
|
b) Diluted |
(4.36) |
|
16.ii |
Earnings per share
(after extraordinary items) |
|
|
|
of Rs.10/-each) (not annualised) |
(4.36) |
|
|
a) Basic |
(4.36) |
|
(b) Diluted |
|
|
|
|
Particulars |
30.06.2014 |
|
|
Particulars of
Shareholding |
|
|
1 |
Public Shareholding |
|
|
|
Number of shares |
40895500 |
|
|
Percentage of shareholding |
33.50% |
|
|
|
|
|
2 |
Promoter &
Promoter Group Shareholding |
|
|
a |
Pledged/Encumbered |
|
|
|
Number of shares |
5744700 |
|
|
Percentage of shares {as a % of the total shareholding of promoter & promoter group) |
7.08% |
|
|
Percentage of shares (as a % of the total share capital of the Company) |
4.71% |
|
b |
Non-encumbered |
|
|
|
Number of shares |
75435300 |
|
|
Percentage of shares (as a % of the total shareholding of promoter & promoter group) |
92.92% |
|
Percentage of shares (as a % of the total share capital of |
61.79% |
|
|
|
||
|
SL |
PARTICULARS |
Quarter Ended 30.06.2014 |
|
B |
INVESTOR COMPLAINTS
(Nos.) |
|
|
|
Pending at the beginning of the quarter |
NIL |
|
|
Received during the quarter |
NIL |
|
|
Disposed of during the quarter |
NIL |
|
|
Remaining unresolved at the end of the quarter |
NIL |
NOTE
1. The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 12th August, 2014.
2. Company’s Debt Restructuring proposal have been referred to the Corporate Debt Restructuring Empowered Group (CDR-EG) by the Monitoring agency, State Bank of India. The consequential impact on the financials will be taken upon the approval of the scheme by CDR-EG.
3. Pursuant to the Company’s Act, 2013 the company has reworking the depreciation on the estimated useful life of Fixed Assets prescribed under Schedule II of the Act. Further based on transitional provision provided in note 7(b) of Schedule II to the act an amount of Rs. 2.952 Millions has been adjusted in the opening balance of retained earnings in respect of assets having no useful life as on 1st April 2014.
4.Tax Expenses Includes Provision for Current Tax, Deffered
Tax and Mat Credit Entitlement.
5. The Company operates in one reportable segment only viz. Iron & Steel. However,
the Company also generates power which is entirely used for the captive
consumption. Hence Segment Reporting is not applicable.
6. The figures for the previous year & period have been regrouped /
rearranged wherever considered necessary.
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.61.24 |
|
|
1 |
Rs.98.68 |
|
Euro |
1 |
Rs.77.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
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 |
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 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
35 |
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.