MIRA INFORM REPORT
|
Report Date : |
29.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
ADHUNIK METALIKS LIMITED (w.e.f 09.08.2005) |
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Formerly Known
As : |
NEEPAZ METALIKS LIMITED (w.e.f 18.02.2004) NEEPAZ METALIKS PRIVATE LIMITED |
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Registered
Office : |
Chadri Hariharpur, P.O.- Kuarmunda, Sundargarh – 770039,
Orissa |
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Country : |
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Financials (as
on) : |
30.06.2014 |
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Date of
Incorporation : |
20.11.2001 |
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Com. Reg. No.: |
15-017271 (New) 21-093945 (Old) |
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Capital
Investment / Paid-up Capital : |
Rs.1234.995 Millions |
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CIN No.: [Company Identification
No.] |
L28110OR2001PLC017271 (New) L28110WB2001PLC093945 (Old) |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RCHN00117F |
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PAN No.: [Permanent Account No.] |
AABCN5676P |
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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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Line of Business
: |
Manufacture and Sale of Steel, Both Alloy and Non Alloy. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 48000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a flagship company of “Adhunik Group”. It is an established
company having moderate track record. The company possesses a moderate financial profile marked by adequate networth
base along with deterioration in cash reserves and working capital intensive
operations resulting in dependency on borrowings. Management has reported a consecutive loss for previous years which
further acts as a threat to the business profile during FY2013. The ratings also take into consideration the unfavourable gap between
trade receivables and payables which may also deteriorate the liquidity
profile. However, we found that the group has planned a restructuring exercise,
the proposed merger between the group companies would develop positive
synergies resulting in increasing operational efficiency by cutting
inventories and further smooth the flow of operations. Trade relations seems to be fair. Business is active. Payment terms
are reported as slow but correct. In view of established presence in eastern part of the country, the
company can be considered for business dealings with 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) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications:
Apex court order may alter coal import dynamics. Traders go slowly 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 |
India Ratings and Research |
|
Rating |
BBB (Suspended) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
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Date |
October 17, 2013 |
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Rating Agency Name |
India Ratings and Research |
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Rating |
A2 (Non Fund Based Limits) (Suspended) |
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Rating Explanation |
Strong degree of safety and low credit risk.
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Date |
October 17, 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 DENIED
Management Non Co-Operative (91-661-2586001)
LOCATIONS
|
Registered Office / Factory 1 : |
Chadri Hariharpur, P.O.- Kuarmunda, Sundargarh – 770039,
Orissa, India |
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Tel. No.: |
91-661-2586001-04 / 2586006 / 3051300 / 2401974/60/46 |
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Fax No.: |
91-661-2586005 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
Lansdowne Towers, 2/1A, Sarat Bose Road, Kolkata-700020, West Bengal,
India |
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Tel. No.: |
91-33-30517100 (30 Lines) |
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Fax No.: |
91-33-22890285 |
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E-Mail : |
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Factory 2 : |
Kandra Chowka Road, P.O: Kandra District
Saraikela-Kharswan Jharkhand - 832402, India |
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Tel. No.: |
91-6597-3298932/3292943 |
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Fax No.: |
91-6597-255413/422/411 |
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Branch Office : |
14 N S Road, 2nd Floor, Kolkata-700001, West Bengal, India |
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Tel. No.: |
91-33-22428551/8553 |
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Tele Fax No. : |
91-33-22428553 |
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Fax No.: |
91-33-22428551 |
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Marketing Offices : |
Located At:
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DIRECTORS
As on 30.06.2013
|
Name : |
Mr. Ghanshyamdas Agarwal |
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Designation : |
Chairman |
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Date of Birth/Age : |
16.10.1957 |
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Name : |
Mr. Jugal Kishore Agarwal |
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Designation : |
Director |
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Date of Birth/Age : |
05.10.1951 |
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Name : |
Mr. Nirmal Kumar Agarwal |
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Designation : |
Director |
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Date of Birth/Age : |
11.11.1962 |
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Name : |
Mr. Mohan Lal Agarwal |
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Designation : |
Director |
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Date of Birth/Age : |
10.05.1964 |
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Name : |
Mr. Mahesh Kumar Agarwal |
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Designation : |
Director |
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Date of Birth/Age : |
10.05.1966 |
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Name : |
Mr. Nihar Ranjan Hota |
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Designation : |
Director |
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Name : |
Mr. Ram Gopal Agarwal |
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Designation : |
Director |
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Name : |
Mr. Nandanandan Mishra |
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Designation : |
Director |
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Name : |
Mr. Raghaw Sharan Pandey |
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Designation : |
Director |
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Name : |
Mr. Surendra Mohan Lakhotia |
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Designation : |
Director |
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Name : |
Mr. Manoj Kumar Agarwal |
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Designation : |
Director |
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Date of Birth/Age : |
06.08.1969 |
KEY EXECUTIVES
|
Name : |
Mr. Anand Sharma |
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Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
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|
11103634 |
8.99 |
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|
68809537 |
55.72 |
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|
79913171 |
64.71 |
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Total
shareholding of Promoter and Promoter Group (A) |
79913171 |
64.71 |
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(B)
Public Shareholding |
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|
2000000 |
1.62 |
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|
4663781 |
3.78 |
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|
6243439 |
5.06 |
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|
12907220 |
10.45 |
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|
|
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|
13460565 |
10.90 |
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|
|
|
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|
6817864 |
5.52 |
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|
4626737 |
3.75 |
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|
5773979 |
4.68 |
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|
256500 |
0.21 |
|
|
53299 |
0.04 |
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|
1000 |
0.00 |
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|
5463180 |
4.42 |
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|
30679145 |
24.84 |
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Total
Public shareholding (B) |
43586365 |
35.29 |
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Total
(A)+(B) |
123499536 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total
(A)+(B)+(C) |
123499536 |
100.00 |
Individual shareholders holding nominal
share capital up to Rs.0.100 million
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Sale of Steel, Both Alloy and Non Alloy. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
· Allahabad Bank · Bank of Baroda · Bank of India · Bank of Maharashtra · Canara Bank · Corporation Bank · HDFC Bank Limited · ICICI Bank Limited · Indian Overseas Bank · IndusInd Bank · Oriental Bank of Commerce · Punjab National Bank · State Bank of Bikaner and Jaipur · State Bank of India · State Bank of Mysore · State Bank of Patiala · State Bank of Travancore · Syndicate Bank · UCO Bank · Union Bank of India |
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Facilities : |
Note: LONG TERM
BORROWINGS Nature of security
– i. The rupee term loans from banks amounting to Rs.4596.175 Millions (Rs.6614.100 Millions) are secured by first charge over all the fixed assets of the Company, at Chadrihariharpur, Kuarmunda, Distt. Sundargarh, Orissa, both present and future, ranking pari passu with the charges created / to be created in favour of other existing and proposed Institutions / Banks and second pari-passu charge on all the current assets of the Company. ii. The rupee term loans from banks amounting to Rs.1500.000 Millions (Rs. Nil Millions) are secured by first charge over all the fixed assets of the Company, at Chadrihariharpur Kuarmunda, Distt. Sundargarh, Orissa and over all the fixed assets of the wholly owned subsidiary Company, Orissa Manganese and Minerals Limited, and Zion Steel Limited, the enterprises over which Key Management Personnel have significant influence, both present and future, ranking pari passu with the charges created / to be created in favor of other existing and proposed Institutions / Banks and second pari-passu charge on all the current assets of the Company, Orissa Manganese and Minerals Limited and Zion Steel Limited under obligor co-obligor structure. iii. The rupee term loans from banks amounting to Rs.1159.375 Millions (Rs.1375.000 Millions) are secured by second charge on entire movable and immovable fixed assets of the Company. iv. The rupee term loans from banks amounting to Rs. Nil Millions (Rs.9125.00 Millions) are secured by a subservient charge on the fixed and current assets of the Company. v. The rupee Term Loans of Rs.7255.550 Millions (Rs.8901.600 Millions) from banks are further secured by the personal guarantee of one or more promoter directors of the Company. vi. Finance against equipments/vehicles/housing are secured by hypothecation of the respective equipments/vehicles/housing. SHORT
TERM BORROWINGS a. Cash credit from banks of Rs.6114.515 Millions (Rs.4741.006 Millions) which is repayable on demand and export packing credit facilities from banks of Rs.134.324 Millions (Rs.140.773 Millions) which is repayable within one year, are secured by first charge by way of hypothecation of entire stock of raw materials, finished goods, process stock, trade receivables and other current assets (both present and future) ranking pari passu amongst working capital lenders. The same are further secured by second charge on pari-passu basis together with other working capital lenders over the fixed assets of the Company. Cash credit from banks carry interest ranging between bank base rate (ranging from 9.70% to 10.20%) plus 3.75% to 4.25% per annum. Export packing credit facilities from banks carry interest of LIBOR plus 4.00% per annum. b. Short term rupee loan from bank (secured) of Rs.Nil (Rs.500.000 Millions) is secured by a first charge on all the fixed assets of the Company ranking pari passu with other lenders. The loan has already been paid during the year. c. Cash credit from banks of Rs.6114.115 Millions (Rs.4741.006 Millions) as well as Short term loans from Banks of Rs.Nil Millions (Rs.500.000 Millions) are further secured by the personal guarantee of one or more promoter directors of the Company. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Das and Prasad Chartered Accountants |
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As on 30.06.2013 : |
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Subsidiary/Step down Subsidiary Companies : |
·
Orissa Manganese and Minerals Limited ·
Adhunik Power and Natural Resources Limited ·
Adhunik Power and Transmission Limited (Ceased to
be a subsidiary company w.e.f 1st November 2011) ·
Neepaz V Forge (India) Limited (Ceased to be a
subsidiary company w.e.f 27th April 2012) |
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|
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|
Enterprises over which Key Management Personnel / Share Holders /
Relatives have significant influence : |
·
Adhunik Alloys and Power Limited ·
Adhunik Infotech Limited ·
Adhunik Industries Limited ·
Adhunik Corporation Limited ·
Adhunik Steels Limited ·
Mahananda Suppliers Limited ·
Zion Steel Limited |
CAPITAL STRUCTURE
As on 30.06.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.1234.995 Millions
As on 30.06.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
145180000 |
Equity Shares |
Rs.10/- each |
Rs.1451.800 Millions |
|
2000 |
Preference Shares |
Rs.100/- each |
Rs.0.200 Million |
|
|
Total |
|
Rs.1452.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
123499536 |
Equity Shares |
Rs.10/- each |
Rs.1234.995
Millions |
a. Terms/rights attached to equity shares
i. The Company has only one class of equity shares having a par value of H10 per share. Each holder of equity shares is entitled to one vote per share. 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 General Meeting.
ii. 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.
iii. During the period ended 30th June, 2013, the amount of per share dividend recognized as distribution to equity shareholders is H Nil per share (H Nil per share).
b. Aggregate number of bonus shares issued and
shares issued for consideration other than cash during the period of five years
immediately preceding the reporting date
|
Equity Shares |
Rs. In Millions |
|
Equity Shares of Rs.10 each issued to the shareholders of Vedvyas Ispat Limited under the scheme of amalgamation dated 16th December, 2009 approved by the court. |
1,259,590 |
|
Equity Shares of Rs.10 each issued to the shareholders of Sri M.P. Ispat and Power Private Limited under the scheme of amalgamation dated 16th September, 2009 approved by the court. |
2,773,732 |
c. Details of shareholders holding more than
5% shares in the Company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Mahananda Suppliers Limited |
29,993,485 |
24.29% |
|
Sungrowth Share and Stocks Limited |
29,001,592 |
23.48% |
|
Shyam Vatika Advisors LLP |
7,436,741 |
6.02% |
As per of the Company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
d. Employee Stock Options Scheme
For details related to shares reserved for issue under Employee Stock Option (ESOP) plan of the Company
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2014 (12
Months) |
30.06.2013 (12
Months) |
30.06.2012 (15
Months) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1,234.995 |
1,234.995 |
1,234.995 |
|
(b) Reserves & Surplus |
10,821.446 |
10,997.981 |
11,161.575 |
|
(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) |
12,056.441 |
12,232.976 |
12,396.570 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7,790.680 |
5,900.841 |
5,460.341 |
|
(b) Deferred tax liabilities (Net) |
740.691 |
858.320 |
956.831 |
|
(c) Other long term liabilities |
4,177.826 |
0.000 |
0.000 |
|
(d) long-term provisions |
55.977 |
47.301 |
38.917 |
|
Total Non-current Liabilities (3) |
12,765.174 |
6,806.462 |
6,456.089 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
6,765.487 |
6,248.439 |
5,381.779 |
|
(b) Trade payables |
6,637.022 |
8,259.140 |
7,382.189 |
|
(c) Other current
liabilities |
1,984.004 |
5,061.997 |
4,347.850 |
|
(d) Short-term provisions |
8.636 |
10.802 |
29.543 |
|
Total Current Liabilities (4) |
15,395.149 |
19,580.378 |
17,141.361 |
|
|
|
|
|
|
TOTAL |
40,216.764 |
38,619.816 |
35,994.020 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
21,663.711 |
13,737.876 |
14,637.972 |
|
(ii) Intangible Assets |
0.000 |
4,140.830 |
4,313.534 |
|
(iii) Capital work-in-progress |
0.000 |
2,976.562 |
703.945 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
732.552 |
732.552 |
732.581 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2,916.700 |
1,624.040 |
788.252 |
|
(e) Other Non-current assets |
366.619 |
406.744 |
368.566 |
|
Total Non-Current Assets |
25,679.582 |
23,618.604 |
21,544.850 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
7,661.265 |
7,142.717 |
8,869.116 |
|
(c) Trade receivables |
3,130.380 |
4,930.278 |
2,586.700 |
|
(d) Cash and cash
equivalents |
124.428 |
69.525 |
245.512 |
|
(e) Short-term loans and advances |
2,701.804 |
1,815.608 |
1,447.216 |
|
(f) Other current assets |
919.305 |
1,043.084 |
1,300.626 |
|
Total Current Assets |
14,537.182 |
15,001.212 |
14,449.170 |
|
|
|
|
|
|
TOTAL |
40,216.764 |
38,619.816 |
35,994.020 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2014 (12
Months) |
30.06.2013 (12 Months) |
30.06.2012 (15 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
16,914.634 |
16,537.799 |
18,584.240 |
|
|
|
Other Income |
649.938 |
673.320 |
415.561 |
|
|
|
TOTAL (A) |
17,564.572 |
17,211.119 |
18,999.801 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw Materials Consumed |
8,302.469 |
7,282.089 |
11,192.836 |
|
|
|
Purchase of Stock-in-trade |
2,969.958 |
1,113.035 |
837.108 |
|
|
|
(Increase)/ decrease in inventories of Finished Goods,
Work-in-Progress, Stock-in-trade and By-Products |
210.709 |
1,656.099 |
(1,616.956) |
|
|
|
Employee benefits expense |
564.688 |
516.312 |
595.074 |
|
|
|
Consumption of stores and spares
|
771.962 |
0.000 |
0.000 |
|
|
|
Other expenses |
1,742.872 |
3,477.458 |
4,896.117 |
|
|
|
Exceptional items |
0.000 |
0.000 |
(595.959) |
|
|
|
TOTAL (B) |
14,562.658 |
14,044.993 |
15,308.220 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3,001.914 |
3166.126 |
3691.581 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2,118.240 |
2276.182 |
3009.019 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
883.674 |
889.944 |
682.562 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
987.084 |
960.253 |
1131.447 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(103.410) |
(70.309) |
(448.885) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(106.496) |
(98.511) |
(443.668) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
3.086 |
28.202 |
(5.217) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2503.669 |
2475.467 |
2480.684 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
0.000 |
0.000 |
|
|
|
Dividend |
NA |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
NA |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
2503.669 |
2475.467 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
4194.122 |
3471.369 |
|
|
TOTAL EARNINGS |
NA |
4194.122 |
3471.369 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
2522.428 |
3097.881 |
|
|
|
Stores & Spares |
NA |
65.541 |
111.341 |
|
|
|
Capital Goods |
NA |
7.265 |
111.921 |
|
|
TOTAL IMPORTS |
NA |
2595.234 |
3321.143 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.02 |
0.23 |
(0.04) |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2014 (12
Months) |
30.06.2013 (12 Months) |
30.06.2012 (15 Months) |
|
PAT / Total Income |
(%) |
0.02 |
0.16 |
(0.03) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.61) |
(0.43) |
(2.42) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.26) |
(0.20) |
(1.30) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01) |
(0.01) |
(0.04) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.21 |
1.10 |
0.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.94 |
0.77 |
0.84 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.06.2012 (15 Months) |
30.06.2013 (12 Months) |
30.06.2014 (12 Months) |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
1234.995 |
1234.995 |
1234.995 |
|
Reserves & Surplus |
11161.575 |
10997.981 |
10821.446 |
|
Net
worth |
12396.570 |
12232.976 |
12056.441 |
|
|
|
|
|
|
long-term borrowings |
5460.341 |
5900.841 |
7790.680 |
|
Short term borrowings |
5381.779 |
6248.439 |
6765.487 |
|
Total
borrowings |
10842.120 |
12149.280 |
14556.167 |
|
Debt/Equity
ratio |
0.875 |
0.993 |
1.207 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.06.2012 (15 Months) |
30.06.2013 (12 Months) |
30.06.2014 (12 Months) |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
18,584.240 |
16,537.799 |
16,914.634 |
|
|
|
(11.012) |
2.279 |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.06.2012 (15 Months) |
30.06.2013 (12 Months) |
30.06.2014 (12 Months) |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
18,584.240 |
16,537.799 |
16,914.634 |
|
Profit |
(5.217) |
28.202 |
3.086 |
|
|
(0.03%) |
0.17% |
0.02% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
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 |
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 |
LITIGATION
DETAILS:
|
CASE STATUS :
PENDING Status
of EXECUTION
CASES (EC) 68 OF 2014 M/S
EXPRESSWELL INTERNATIONAL
LIMITED Vs. M/S ADHUNIK
METALIKS LIMITED Pet's
Adv. : DHIRAJ KUMAR GUPTA
Res's
Adv. : Court No.
: 5
Next Date of Hearing : Tuesday, November
11, 2014 Last Listed On
: Tuesday, September 09, 2014
Category :
NO CATEGORY MENTIONED Case Updated
on: Tuesday, September 09, 2014 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10487108 |
26/03/2014 |
21,287,900,000.00 |
State Bank Of India |
Corporate Accounts Group Branch, Reliance House, 2nd Floor, 34, Jawahar Lal Nehru Road, Kolkata, West Bengal - 700071, India |
C01202183 |
|
2 |
10487075 |
20/02/2014 |
15,220,000,000.00 |
State Bank Of India |
Corporate Accounts Group Branch, Reliance House, 2nd Floor, 34, Jawahar Lal Nehru Road, Kolkata, West Bengal - 700071, India |
C01195692 |
|
3 |
10475874 |
18/01/2014 |
500,000,000.00 |
Bank Of Baroda |
Indian Exchange Place Branch, 4, Indian Exchange Place, Kolkata, West Bengal - 700001, India |
B95610143 |
|
4 |
10465606 |
13/12/2013 |
1,000,000,000.00 |
UCO Bank |
Flagship Corporate Branch, 3, Netaji Subhas Road, Kolkata, West Bengal - 700001, India |
B91721183 |
|
5 |
10469299 |
09/12/2013 |
1,100,000,000.00 |
IFCI LIMITED |
Ifci Tower 61 Nehru Place, New Delhi, Delhi - 110019, India |
B93187144 |
|
6 |
10462535 |
20/11/2013 |
1,760,000,000.00 |
Punjab National Bank |
52a, Shakespeare Sarani, Kolkata, West Bengal - 700017, India |
B90468661 |
|
7 |
10454761 |
18/10/2013 |
1,000,000,000.00 |
IFCI Limited |
Ifci Tower, 61 Nehru Place, New Delhi, Delhi - 110019, India |
B87437547 |
|
8 |
10449730 |
20/09/2013 |
1,000,000,000.00 |
Punjab & Sind Bank |
Ibd Branch, 14-15, Old Court Street, Kolkata, West Bengal - 700001, India |
B85269934 |
|
9 |
10449731 |
20/09/2013 |
1,000,000,000.00 |
Punjab & Sind Bank |
Ibd Branch, 14-15, Old Court Street, Kolkata, West Bengal - 700001, India |
B85270387 |
|
10 |
10447294 |
10/09/2013 |
50,000,000.00 |
Rochak Distributors Private Limited |
4a Narendra Chandra Dutta Sarani, 2nd Floor, Unit No. 206, Kolkata, West Bengal - 700001, India |
B84168111 |
|
11 |
10450915 |
31/08/2013 |
500,000,000.00 |
Punjab National Bank |
52A, SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 70 0017, INDIA |
B85683340 |
|
12 |
10441060 |
13/07/2013 |
100,000,000.00 |
ICICI Bank Limited |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
B81131260 |
|
13 |
10435927 |
22/05/2013 |
1,250,000,000.00 |
State Bank Of India |
Corporate Accounts Group Branch, Reliance House, 2nd Floor, 34, Jawahar Lal Nehru Road, Kolkata, West Bengal - 700071, India |
B79227617 |
|
14 |
10435929 |
22/05/2013 |
1,500,000,000.00 |
State Bank Of India |
Corporate Accounts Group Branch, Reliance House, 2nd Floor, 34, Jawahar Lal Nehru Road, Kolkata, West Bengal - 700071, India |
B79227955 |
|
15 |
10435931 |
22/05/2013 |
2,250,000,000.00 |
State Bank Of India |
Corporate Accounts Group Branch, Reliance House, 2nd Floor, 34, Jawahar Lal Nehru Road, Kolkata, West Bengal - 700071, India |
B79228961 |
|
16 |
10429250 |
20/05/2013 |
50,000,000.00 |
Small Industries Development Bank Of India |
11, U.N. Brahmachari Street, 8th Floor, Kolkata, West Bengal - 700017, India |
B76373281 |
|
17 |
10408292 |
02/03/2013 |
450,000,000.00 |
Syndicate Bank |
Camac Street Branch, 26, Shakespeare Sarani, Kolkata, West Bengal - 700017, India |
B69719334 |
|
18 |
10380075 |
10/12/2012 * |
400,000,000.00 |
Uco Bank |
Flagship Corporate Branch, 3, Netaji Subhas Road, Kolkata, West Bengal - 700001, India |
B63897748 |
|
19 |
10378718 |
16/08/2012 |
1,130,000.00 |
State Bank Fo Patiala |
Mid Corporate Branch, 8, Camac Street, Kolkata, West Bengal - 700017, India |
B58975731 |
|
20 |
10366319 |
06/06/2012 |
400,000,000.00 |
State Bank Of Patiala |
8, Camac Street, Shantiniketan, Kolkata, West Bengal - 700017, India |
B44088664 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
NEWS:
ADHUNIK METALIKS ARM DECLARES COMMERCIAL OPERATION OF 2ND UNIT OF 270
MW THERMAL POWER PLANT
Adhunik Metaliks Limited has informed BSE about Declaration of Commercial
Operation Date (COD) for 2st Unit of 270 MW of 2x270 MW Thermal Power Plant of Adhunik
Power and Natural Resources Limited. Adhunik Power and Natural Resources
(APNRL) has declared commercial operation of its 2nd Unit of 270 MW of 2x270 MW
Thermal Power Plant on 19.05.2013. APNRL is a step down subsidiary of Adhunik
Metaliks.
PRESS RELEASE
STEEL INDUSTRY HEADS
FOR SHAKE-OUT
March 17, 2014
The steel industry is ripe for a shake-out. Nearly three-fourths of the listed steel makers are trading at a big discount to their enterprise value and debt on their books, putting them in debt trap. Most stressed are medium and small size firms that expanded aggressively during pre-2008 boom funded through debt. For example, Chhattisgarh-based Monnet Ispat’s market capitalisation of Rs 4800.000 Millions is just 5 per cent of its total debt at the end of FY13.
Odisha-based Adhunik Metaliks’ market value is now down to Rs 3640.000 Millions against its total debt of around Rs 5,000 crore. It’s even worse for Varun Industries that came out with its initial public offer in 2007. At its current stock price, the company’s market capitalisation is now less than one percent of its total debt, making it financially insolvent. (See table)At operating level too, most of these companies are grappling to make two ends meet.
Poor steel demand and fall in realisations has led to a sharp decline
in operating profits while interest payment continue to mount. In the first
nine months of FY14, interest outgo ate-up near two-third of Adhunik Metaliks
operating profit. The ratio is one-third in case of Monnet Ispat, while
Electrosteel Steel reported operating losses against interest obligations of Rs
1280.000 Millions during April-December 2013 period. Mumbai-based Mukand
operating profit fell short of interest payments.
At the end of FY13, 98 steel makers with market capitalization of Rs 1000.000 Millions and more were cumulatively sitting on total debt worth Rs 2.5 lakh crore against their combined market capitalization of Rs 1.3 lakh crore. Over three-fourth of the industry’s market cap is accounted for by top four steel makers – Tata Steel, JSW Steel, SAIL and Jindal Steel and Power. Their share in industry’s revenues and debt is however much lower at around 55 per cent and 66 per cent respectively.
Experts say the widening gap between market value and assets on ground (enterprise value) makes smaller companies ripe candidates for acquisitions by larger peers. Best acquisitions targets are those that either produce value added products or have access to raw materials. “A company which is into speciality products are good acquisition targets as it would enable acquirer to strengthen its forward integration,” said Vikram Dhawan, director-wealth management, Equentis Capital.
A case in point of JSW Steel’s recent acquisition of 50 per cent stake in Vallabh Tinplate that gave former an entry in tinplate segment. Similarly in 2010, JSW Steel acquired Ispat Industries making an entry into value added products such as galvanised steel, colour coated steel and cold rolled steel among others. In late 2012, Uttam Galva acquired majority stake in loss making Lloyd Steel for Rs 2570.000 Millions to emerge an integrated manufacturer of value added steel. Lloyd Steel since renamed to Uttam Value Steel makes HR coils using pig-iron sourced from Uttam Galva.Lenders are also encouraging take-over in the hope of recovering their money stuck-up in loss making firms. “The steel sector is under stress no doubt, especially the small and medium sized companies. Take-over by larger companies is one the many options that we are looking at while restructuring their stressed balance sheets,” said an official from Indian Overseas Bank.
However, it’s not an easy choice for the acquirer, given an oversupply in the domestic steel market. “If the company makes intermediate products then the acquirer will assess the upfront cost of acquisition against post-acquisition investment in turning around the operations and the additional debt that it added to their books,” said Abhisar Jain, analyst with Centrum Broking. Uttam Glava Steel for instance plans to invest Rs 3800.000 Millions in turning around Lloyd Steel operations.
Some of the small companies are profitable at operating level but are saddled
with huge debt, while some others have valuable asset but is making losses at
operational level. In such cases acquirers will have to look into financial
restructuring of these companies or improve their operational performance to
turn them around.
Experts say that companies like Usha Martin, Uttam Galva, Electrosteel Steel, Godawari Power and Visa Steel among others seem to be some of the ripe candidates for such acquisitions as they either have good assets or they are doing well at the operational level. “A lot depends on the business model of the small company. If the company has some raw material linkage then an acquistion makes sense as it will strengthen the back-end of the acquirer else it will just add capacity without any raw material to feed it,” said the official with Ernst and Young.
Despite the availability of suitable candidates for acquisition, shutdowns more than take-overs is the fate of smaller companies in near future, industry officials said. “There is already an overcapacity in steel at present plus investment is also stalled. In such a scenario acquistions may not happen,” said Revathi Kasture head-macro industry research of CARE Ratings. “All big companies are engaged in their own capex. There is no one to acquire these small companies,” said Jain of Centrum.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.61.5 |
|
UK Pound |
1 |
Rs.100.42 |
|
Euro |
1 |
Rs.78.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
|
30 |
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.