MIRA INFORM REPORT

 

 

Report No. :

318233

Report Date :

20.04.2015

 

IDENTIFICATION DETAILS

 

Name :

STEEL AUTHORITY OF INDIA LIMITED

 

 

Registered Office :

Ispat Bhawan, Lodhi Road, New Delhi – 110003, Delhi

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

24.01.1973

 

 

Com. Reg. No.:

55-006454

 

 

Capital Investment / Paid-up Capital :

Rs.41305.300 Millions

 

 

CIN No.:

[Company Identification No.]

L27109DL1973GOI006454

 

 

TIN No.:

Not Available

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

DELS20873G / DELS27448B / DELS23314E / DELS23327D / DELS22351A / DELS21126A / DELS06268D / DELS23804E / DELS22350G / DELS22349F / DELS21127B

 

 

PAN No.:

[Permanent Account No.]

AAACS7062F / AAALS7062F / AAAC57062F

 

 

Legal Form :

A Public Limited Liability Company.  The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer of Steel and Steel Products.

 

 

No. of Employees :

Information denied by management

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (78)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a government of India company, having excellent track record.

 

The rating derives comfort from its established position as India’s largest integrated steel producer in India with captive iron ore mines, geographical diversity of sales and comfortable liquidity position backed by healthy cash and bank balance.

 

Directors are reported to be experienced and respectable businessmen.

 

Fundamental of the company seems to be strong.

 

Trade relations are reported as fair. Business is active. Payment terms reported to be regular and as per commitments.

 

The company can be considered good for normal nosiness dealings at usual trade terms and conditions.

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long-Term Bond Programme – I = AAA

Rating Explanation

Have the highest degree of safety and carry lowest credit risk

Date

26.08.2014

 

 

Rating Agency Name

CARE

Rating

Short Term CP/ICD Programme : A1+

Rating Explanation

Have Very strong degree of safety and lowest credit risk.

Date

26.08.2014

 

 

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 PARTED BY

 

Name :

Mr. M.C. Jain

Designation :

Secretary

Contact No.:

91-11-24367867

 

 

LOCATIONS

 

Registered / Corporate Office :

Ispat Bhawan, Lodhi Road, New Delhi – 110003, India

Tel. No.:

91-11-24367481 (14 lines)

Fax No.:

91-11-24367015

E-Mail :

secy.sail@sailex.com

mcjsail@gmail.com

drgeeta.sharma@sailex.com

Website :

www.sail.co.in

 

 

Factory:

IISCO Steel Plant, Burnpur – 713325, West Bengal, India

 

 

Factory :

Integrated Steel Plants

 

  • Bhilai Steel Plant, Bhilai – 49000, Chhattisgarh, India
  • Durgapur Steel Plant, Bardhaman – 713203, West Bengal, India
  • Rourkela Steel Plant, Sundergarh – 769011, Orissa, India
  • Bokaro Steel Plant, Bokaro – 827001, Jharkhand, India
  • P. O. Hinoo, Ranchi – 834002, Jharkhand, India

 

Special Steel Plants

 

  • Alloy Steel Plants, Durgapur – 713208, West Bengal, India
  • Salem Steel Plant, Salem – 636013, Tamilnadu, India
  • Visvesvaraya Iron and Steel Plant, Bhadravati, Karnataka, India

 

 

Sail Refractory Unit :

Bokaro Steel City, Bokaro – 827004, Jharkhand, India

 

 

CMO Regional and Zonal Offices :
  • Northern Region

New Delhi 

 

  • North-Western Region

Chandigarh 

 

·          Eastern Region 

Kolkata

 

  • Western Region

Mumbai

 

  • Central Region

Indore

 

  • Southern Region

Chennai 

 

  • North Eastern Zone

Guwahati 

 

 

CMO Branch Sales Offices:

F-10, Sector-2, Rourkela – 769006, Orissa, India

 

 

Other CMO Branch Sales Offices :

Northern Region:

·         Agra 

·         Allahabad 

·         Faridabad 

·         Ghaziabad 

·         Kanpur 

·         Lucknow 

·         New Delhi

 

North-West Region:

·         Chandigarh 

·         Jalandhar City

·         Jammu 

·         Ludhiana 

·         Mandi Gobindgarh

 

Eastern Region:

·         Bhubaneshwar 

·         Bokaro 

·         Kolkata 

·         Dimapur 

·         Durgapur 

·         Guwahati 

·         Patna 

 

Western Region:

·         Ahmedabad 

·         Baroda 

·         Mumbai 

·         Nagpur 

·         Pune 

 

Central Region:

·         Bhilai 

·         Gwalior 

·         Indore 

·         Jabalpur 

·         Jaipur 

·         Kota 

 

Southern Region:

·         Bangalore 

·         Belgaum 

·         Chennai 

·         Coimbatore 

·         Hyderabad 

·         Kochi 

·         Tiruchirapalli 

·         Vijayawada 

·         Visakhapatnam 

 

 

DIRECTORS

 

As on 31.03.2014

 

Name :

Mr. C S Verma

Designation :

Chairman

 

 

FUNCTIONAL DIRECTORS

 

Name

Mr. Anil Kumar Chaudhary

Designation :

Director (Finance)

 

 

Name :

Mr. S. S. Mohanty

Designation :

Director (Technical and Commercial (Additional Charge))

 

 

Name :

Mr. H. S. Pati

Designation :

Director (Personnel)

 

 

Name:

Mr. T. S. Suresh

Designation :

Director (Projects and Business Planning )

Tel No.:

91-11-24362897

 

 

Name:

Mr. Kalyan Maity

Designation :

Director (Raw Materials and Logistics)

 

 

GOVERNMENT DIRECTORS

 

Name :

Mr. Vinod Kumar Thakral

Designation :

Additional Secretary and Financial Adviser Ministry of Steel, Government of India

 

 

Name :

Mr. Upendra Prasad Singh

Designation :

Joint Secretary Ministry of Steel, Government of India

 

 

INDEPENDENT DIRECTORS

 

Name :

Dr. Atmanand

Designation :

Independent Director

 

 

Name :

Mr. R. S. Sharma

Designation :

Independent Director

 

 

Name :

Mr. N. C. Jha

Designation :

Independent Director

 

 

Name :

Shri D. K. Mittal

Designation :

Independent Director

 

 

Name :

Mrs. Parminder Hira Mathur

Designation :

Independent Director

 

 

Name:

Dr. Isher Judge Ahluwalia

Designation :

Independent Director

 

 

Name:

Mr. Sujit Banerjee

Designation :

Independent Director

 

 

Name:

Mr. Arun Kumar Srivastava

Designation :

Independent Director

 

 

Name:

J.M. Mauskar

Designation :

Independent Director

 

 

KEY EXECUTIVES

 

CHIEF EXECUTIVE OFFICERS (PERMANENT INVITEES)

 

Bhilai Steel Plant :

Mr. S. Chandrasekaran

 

 

Rourkela Steel Plant :

Mr. G. S. Prasad

 

 

Bokaro Steel Plant :

Mr. Anutosh Maitra

 

 

Durgapur Steel Plant :

Mr. P. K. Bajaj

 

 

Name:

Mr. M.C. Jain

Designation :

Secretary

 

 

 

 

SHAREHOLDING PATTERN

 

AS ON 31.03.2015

 

Category of Shareholder

No. of Shares

% of Holdings

(A) Shareholding of Promoter and Promoter Group

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifCentral Government / State Government(s)

3097767449

75.00

http://www.bseindia.com/include/images/clear.gifSub Total

3097767449

75.00

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

3097767449

75.00

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

44328186

1.07

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

144482337

3.50

http://www.bseindia.com/include/images/clear.gifInsurance Companies

447800102

10.84

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

247695883

6.00

http://www.bseindia.com/include/images/clear.gifSub Total

884306508

21.41

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

15026307

0.36

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

91549717

2.22

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

18776552

0.45

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

22665621

0.55

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

17852873

0.43

http://www.bseindia.com/include/images/clear.gifTrust & Foundation

4812248

0.12

http://www.bseindia.com/include/images/clear.gifSocieties

500

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

148018197

3.58

Total Public shareholding (B)

1032324705

25.00

Total (A)+(B)

4130092154

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

433135

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

433135

0.00

Total (A)+(B)+(C)

4130525289

0.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Steel and Steel Products.

 

 

Products :

Product Descriptions

ITC Code No.

Hot Rolled Plates

720837.00/720838.00/720839.00

Semi-Finished Products

720719.05 / 720719.00

Railway Rails

730210.01

Hot Rolled Coils

720837 90/ 720838 90/ 720839 90

Plates

7208.5110/ 7208.5210

Rails

730210 10/ 730210 90

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged 

 

 

Imports :

Not Divulged 

 

 

Terms :

 

Selling :

Not Divulged 

 

 

Purchasing :

Not Divulged 

 

 

GENERAL INFORMATION

 

Suppliers :

Not Divulged 

 

 

Customers :

Not Divulged 

 

 

No. of Employees :

Information denied by management

 

 

Bankers :

·         Allahabad Bank

·         Andhra Bank

·         Australia and New Zealand Banking Group Limited

·         Axis Bank Limited

·         Bank of America

·         Bank of Baroda

·         Bank of India

·         Bank of Maharashtra

·         Bank of Tokyo-Mitsubishi UFJ Limited

·         Baraclays Bank PLC

·         BNP Paribas

·         Canara Bank

·         Central Bank of India

·         Citi Bank

·         Corporation Bank

·         Credit Agricole Corporate and Investment Bank

·         Dena Bank

·         Deutsche Bank

·         Development Bank of Singapore

·         Federal Bank Limited

·         HDFC Bank Limited

·         ICICI Bank Limited

·         IDBI Bank

·         Indian Bank

·         Indian Overseas Bank

·         IndusInd Bank Limited

·         ING Vysya Bank Limited

·         Jammu and Kashmir Bank Limited

·         JP Chase Morgan

·         Kotak Mahindra Bank Limited

·         Mizuho Corporate Bank

·         Oriental Bank of Commerce

·         Punjab and Sind Bank

·         Punjab National Bank

·         Royal Bank of Scotland

·         Standard Chartered Bank

·         State Bank of Bikaner and Jaipur

·         State Bank of Hyderabad

·         State Bank of India

·         State Bank of Mysore

·         State Bank of Patiala

·         State Bank of Travancore

·         Sumitomo Mitsui Banking Corporation

·         Syndicate Bank

·         UCO Bank

·         Union Bank of India

·         United Bank of India

·         Vijaya Bank

·         Yes Bank Limited

 

 

Facilities :

SECURED LOANS

31.03.2014

Rs. In Millions

31.03.2013

Rs. In Millions

LONG TERM BORROWINGS

 

 

Taxable redeemable non – convertible bonds

82260.000

80150.000

SHORT TERM BORROWINGS

 

 

Loans repayable on demand

33348.900

7311.600

Total

115608.900

87461.600

 

Notes:

 

 

 

  1. Secured by charges ranking pari-passu inter-se, on all the present and future immovable property at Mouje-Wadej of City taluka, District Ahmedabad, Gujarat and Company's Plant & Machinery, including the land on which it stands, pertaining to IISCO Steel Plant (ISP).

 

  1. Secured by charges ranking pari-passu inter-se, on all the present and future immovable property at Mouje-Wadej of City taluka, District Ahmedabad, Gujarat and Company's Plant & Machinery, including the land on which it stands, pertaining to Durgapur Steel Plant.( DSP).

 

  1. Redeemable in 12 equal yearly instalments of Rs.140.000 Millions each starting w.e.f. 26th October 2014. Installment payable on 26th October 2014 has been shown in Other Current Liabilities

 

  1. Redeemable in 3 equal instalments of Rs.500.000 Millions each on 15th September of 2014, 2019 and 2024. Installment payable on 15th September, 2014 has been shown in Other Current Liabilities

 

  1. The soft basis of the loan was drawn in 3 tranches stated as 1(a), 1(b) and 1( c) at an interest rate of 8.75% p.a. The Interest on 1(a) is 0.75% p.a and balance 8% is towards meeting Exchange fluctuation (4%) and Pollution control schemes (4%). In case of 1 (b) the Interest is 3.66% p.a and balance 5.09% p.a is towards periphery development. The Interest on 1(c) is 0.75% p.a and the balance 8 % p.a is towards meeting periphery development. The principal and interest is repayable half yearly. The loan is Guaranteed by Government of India.

 

  1. The loan is repayable in 3 equal Instalments on 11th March starting from 2015 at an interest rate of 6 month London Inter-Bank Offered Rate (LIBOR) +1%. Interest is paid half yearly.

 

  1. The loan is repayable in 3 equal Instalment on 11th August starting from 2015 at an interest rate of 6 month LIBOR +1%. Interest is paid half yearly.

 

  1.  The loan is repayable in 3 equal Instalment on 16th November starting from 2015 at an interest rate of 6 month LIBOR +1.06%. Interest is paid half yearly.

 

  1. The loan is repayable by 2030. The principal and interest is paid half yearly, guaranteed by Government of India.

 

  1. The loan is at an interest rate of 6 month EURIBOR +1.24%. Interest is paid half yearly. Principal Repayable 3 yrs from the date of Bill of lading.

 

  1. Redeemable in 5 equal yearly Instalment starting w.e.f. 25th May, 2018.

 

  1. The loan is repayable in 3 equal Instalment on 21st December starting from 2016 at an interest rate of 6 month LIBOR +1.75%. Interest is paid half yearly.

 

  1. Terms of Repayment is to be decided by SDF management Committee.

 

  1. Interest free loan from Government of Maharashtra repayable on 26th October, 2014.

 

SHORT TERM BORROWINGS

 

  1. Secured by hypothecation of all Current Asset

 

  1. The Company does not have any continuing default in repayment of Loans and interest on the Balance Sheet date.

 

 

Banking Relations :

--

 

 

Auditors :

 

Name 1 :

S.K. Mittal and Company

Chartered Accountants

 

 

Name 2 :

O.P. Totla and Company

Chartered Accountants

 

 

Name 3 :

B.N. Misra and Company

Chartered Accountants

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Joint Venture :

·         SAIL Bansal Service Centre Limited

·         Mjunction Services Limited

·         UEC-SAIL Information Technology Limited

·         Romelt SAIL (India) Limited

·         N.E Steel and Galvanising Private Limited

·         Bhilai Jaypee Cement Limited

·         Bokaro Jaypee Cement Limited

·         S and T Mining Company Private Limited

·         SAIL Kobe Iron India Private Limited

·         TMTSAL SAIL JV Limited

·         SAL SAIL JVC Limited

·         Prime gold – SAIL JVC limited

·         VSL SAIL JVC limited

·         Abhinav SAIL JVC limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

5000000000

Equity Shares

Rs.10/- each

Rs.50000.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

4130525289

Equity Shares

Rs.10/- each

Rs. 41305.300 Millions

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

 

ABRIDGED BALANCE SHEET

 

 

SOURCES OF FUNDS

 

31.03.2014

31.03.2013

31.03.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

41305.300

41305.300

41305.300

(b) Reserves & Surplus

385358.200

368941.100

356807.900

(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)

426663.500

410246.400

398113.200

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

136322.200

134855.500

115866.600

(b) Deferred tax liabilities (Net)

20404.600

17285.300

16444.800

(c) Other long term liabilities

13813.000

12711.200

13460.000

(d) long-term provisions

39012.800

42041.600

35251.900

Total Non-current Liabilities (3)

209552.600

206893.600

181023.300

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

106344.800

80150.200

45105.500

(b) Trade payables

32053.400

33220.400

32197.500

(c) Other current liabilities

124785.100

86547.000

83960.300

(d) Short-term provisions

20219.500

25127.000

22970.400

Total Current Liabilities (4)

283402.800

225044.600

184233.700

 

 

 

 

TOTAL

919618.900

842184.600

763370.200

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

252565.200

152346.300

157483.400

(ii) Intangible Assets

15141.300

15427.700

14099.300

(iii) Capital work-in-progress

336505.400

358908.500

280491.400

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

7202.000

7183.600

6850.400

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

37943.200

31651.700

26144.300

(e) Other Non-current assets

1354.300

507.000

779.100

Total Non-Current Assets

650711.400

566024.800

485847.900

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

152008.200

160082.100

137423.700

(c) Trade receivables

54819.800

44241.800

47487.700

(d) Cash and cash equivalents

28559.500

38503.500

64157.000

(e) Short-term loans and advances

11605.100

9906.900

7846.100

(f) Other current assets

21914.900

23425.500

20607.800

Total Current Assets

268907.500

276159.800

277522.300

 

 

 

 

TOTAL

919618.900

842184.600

763370.200

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

 

31.03.2013

31.03.2012

 

SALES

 

 

 

 

 

Income

466984.100

445982.600

463351.200

 

 

Other Income

8338.000

9644.400

16294.500

 

 

TOTAL                                     (A)

475322.100

455627.000

479645.700

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

192711.600

211984.800

230208.200

 

 

Purchase of Stock in Trade

7.800

32.100

48.800

 

 

Power and Fuel

49421.500

0.000

0.000

 

 

Employee Benefits Expense

95785.100

86372.000

79320.500

 

 

Other Expenses

78952.200

121608.100

107071.700

 

 

Exceptional Items

(9591.200)

2293.200

2620.200

 

 

Adjustments pertaining to Earlier Years

0.000

(415.300)

105.400

 

 

Changes in Inventories of Finished Goods, Work in Progress and Stock in Trade

8946.300

(20160.900)

(13685.100)

 

 

TOTAL                                     (B)

416233.300

401714.000

405689.700

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

59088.800

53913.000

73956.000

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

9676.400

7476.600

6777.000

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

49412.400

46436.400

67179.000

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

17166.900

14029.800

15670.300

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)                (G)           

32245.500

32406.600

51508.700

 

 

 

 

 

Less

TAX                                                                  (H)

6080.700

10703.100

16081.500

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX (G-H)                  (I)

26164.800

21703.500

35427.200

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export of goods(Calculated on FOB basis)

25532.200

11579.500

12300.100

 

TOTAL EARNINGS

25532.200

11579.500

12300.100

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

134046.200

128862.600

160738.000

 

 

Stores, Spares and Components

4863.200

5083.500

4251.300

 

 

Capital Goods

17068.000

13692.200

12269.600

 

TOTAL IMPORTS

155977.400

147638.300

177258.900

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

6.33

5.25

8.58

 

 

QUARTERLY RESULTS

 

Particulars

 

30.06.2014

(Unaudited)

30.09.2014

(Unaudited)

31.12.2014

(Unaudited)

 

1st Quarter

2nd Quarter

3rd Quarter

 

113412.000

116786.700

111073.200

Total Expenditure

102113.800

103422.600

98992.100

PBIDT (Excl OI)

11298.200

13364.100

12081.100

Other Income

1957.800

1619.700

3452.100

Operating Profit

13256.000

14983.800

15533.200

Interest

3049.500

3557.800

3665.700

Exceptional Items

0.000

0.000

0.000

PBDT

10206.500

11426.000

11867.400

Depreciation

4079.500

3916.600

4666.600

Profit Before Tax

6127.000

7509..400

7200.800

Tax

828.200

1014.500

1409.900

Provisions and contingencies

0.000

0000

0.000

Profit After Tax

5298.800

6494.900

5790.900

Extraordinary Items

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

Net Profit

5298.800

6494.900

5790.900

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

5.60

4.87

7.65

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

12.65

12.09

15.96

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

5.60

6.81

10.82

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.08

0.08

0.13

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.57

0.52

0.40

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.95

1.23

1.51

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

Rs. In Millions

Rs. In Millions

Rs. In Millions

Share Capital

41305.300

41305.300

41305.300

Reserves & Surplus

356807.900

368941.100

385358.200

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

398113.200

410246.400

426663.500

 

 

 

 

long-term borrowings

115866.600

134855.500

136322.200

Short term borrowings

45105.500

80150.200

106344.800

Total borrowings

160972.100

215005.700

242667.000

Debt/Equity ratio

0.404

0.524

0.569

 

 

 

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

463,351.200

445,982.600

466,984.100

 

 

(3.748)

4.709

 

 

 

 

 

 

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

463,351.200

445,982.600

466,984.100

Profit

35,427.200

21,703.500

26,164.800

 

7.65%

4.87%

5.60%

 

 

 

 

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

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

 

 

UNSECURED LOAN:

 

Particulars

31.03.2014

Rs. In Millions

31.03.2014

Rs. In Millions

LONG TERM BORROWINGS

 

 

Term loans

52020.600

52663.200

Steel development fund

2041.600

2041.600

Others

0.000

0.700

SHORT TERM BORROWINGS

 

 

OTHER LOANS AND ADVANCES

 

 

Other loans

0.000

4000.000

Foreign currency loans

72995.900

68838.600

Total

127058.100

127544.100

 

 

FINANCIAL REVIEW

 

The Company achieved a turnover of Rs. 518660.000 Millions during The financial year 2013-14 (FY 14), which is higher by 5% over the turnover during the Financial Year. The Company registered an increase of 20.6% in its Profit after Tax (PAT), to Rs. 26160.000 Millions in FY 14 up from Rs. 21700.000 Millions in Financial Year 2012-13 (FY 13). The net worth of company improved substantially from Rs. 410250.000 Millions as on 31 March, 2013 to Rs. 426660.000 Millions as on 31 March, 2014 and this helped in generation of internal resources for funding expansion plans of Company. Higher production and sales along with lower cost of imported coal helped improve the bottom line, offsetting more than Rs. 10000.000 Millions of additional wage provision made during the year on account of revision of wages/perks of non-executives pending w.e.f. 1.1.2012. Profit for the year includes receipt of Rs. 10560.000 Millions from M/s Vale, Australia on account of a favourable arbitration/court award in case of a commercial dispute with SAIL. The comparative performance of major financial parameters during the Financial Years 2013-14 and 2012-13 is given in Management Discussion and Analysis Report.

 

The Company continued its thrust on optimum utilization of funds by better fund management. This included replacement of high cost short- term loans with low cost debts, timely repayment of loans including interest, strategic parking of surplus funds with scheduled banks, actions for future fund raising etc. to meet their growth objectives. Further, the Company hedged the foreign currency risk on Buyer’s Credit and repayment of External Commercial Borrowings depending on market conditions. The Company had liquid assets of Rs. 25000.000 Millions as on 31st March, 2014 invested in short-term deposits with scheduled banks against borrowings of Rs. 252810.000 Millions as on 31st March, 2014. The debt equity ratio of the Company increased to 0.59:1 as on 31st March, 2014 as against 0.53:1 as on 31st March, 2013, mainly on account of increase in borrowings during the year to meet the capital expenditure requirements of the Company. Capital expenditure of Rs. 98900.000 Millions was made during the year, which was higher than the previous Financial Year. The Company paid Interim Dividend @ 20.20% of the paid-up equity share capital during the year, which is marginally higher than the total dividend of 20% paid in FY '13. The Board has decided to treat this Interim Dividend as the total dividend for the year 2013-14. A sum of Rs. 2640.000 Millions was transferred to the general reserves during the year (previous year Rs. 1630.000 Millions).

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

 

INDUSTRY STRUCTURE & DEVELOPMENTS

 

World Economic Environment

 

In 2013. Underperformance in the world economy was observed across almost all regions and major economic groups. Most developed economies continued struggling against the lingering effects of the financial crisis, grappling in particular with the challenges of taking appropriate fiscal and monetary policy actions. A number of emerging economies, which had already experienced a notable slowdown in the past two years, encountered new headwinds during 2013 on both international and domestic fronts. In its latest World Economic Outlook update, IMF projects a 3.4% growth for 2014. Global growth is expected to rebound from the second quarter of 2014. With somewhat stronger growth expected in some advanced economies next year, the global growth projection for 2015 is at 4%. Downside risks remain a concern. Increased geopolitical risks could lead to sharply higher oil prices. Global growth could be weaker for longer, given the lack of robust momentum in advanced economies.

 

 

 

WORLD STEEL SCENARIO

 

World crude steel production reached 1606 million tonnes for the year 2013, up by 3% compared to 2012. The growth came mainly from Asia while crude steel production in all other regions (other than Africa) decreased in 2013 compared to 2012. China’s crude steel production in 2013 reached 779 million tonnes, an increase of 6.6% over 2012. The EU recorded a negative growth of 1.8% compared to 2012, producing 165.6 million tonnes (MT) of crude steel in 2013. It was feared that there would be a lower steel demand in 2013 due to continued Eurozone crisis and anticipated hard landing of China. However, there has been a stronger than expected performance in the developed world in the second half of the year. The world finished steel consumption in 2013 grew by 3.6% to 1.48 billion tonnes. While steel consumption in this period grew at 6.1% in China, the growth was much weaker in India at 1.8%. In India, steel demand is expected to grow by 3.3% to 76.2 MT in 2014, due to an improved outlook for the construction and manufacturing sectors, even though it will be constrained by high inflation and structural problems

 

INDIAN ECONOMIC ENVIRONMENT

 

Financial Year 2013-14 constituted another sub 5% GDP growth year, with the overall GDP growth for fiscal 2013-14 estimated at 4.7%, which is only marginally higher than 4.5% of 2012-13. Industrial growth remains the weakest link in reviving economic growth, staying put at 0.4% over previous year. Mining & Quarrying and Manufacturing posted negative growth of (-) 1.4% & (-) 0.7% respectively. For eight ‘core’ industries—coal, fertilizer, electricity, crude oil, natural gas, refinery products, steel, and cement—the average growth rate declined from 6.5 per cent during 2012-13 to 2.7 percent during 2013-14. However, there has been a marginal recovery in construction sector which grew at 1.6% aggregated for the sector. The growth registered in electricity was 6.1% while capital goods and consumer durables showed decline of 3.6% and 12.2% respectively. However, IMF in its latest outlook (July, 2014) has stated that growth in India appears to have bottomed out, and activity is projected to pick up gradually after the post-election recovery in business sentiment, offsetting the effect of an unfavourable monsoon on agricultural growth.

 

INDIAN STEEL SCENARIO

 

Amongst the large steel consuming nations, the steel consumption growth in India has been 2nd only to China. With the steel consumption growth rate in China projected to moderate to around 3% in future, India is going to emerge as fastest growing major steel consuming nation. During 2013-14, domestic crude steel production was 81.5 million tonnes, a growth of 4% over 2012-13. Total finished steel at 85 million tonnes, registered a growth of 4.1% during 2013-14. Export of finished steel at 5.6 million tonnes exceeded the imports of 5.4 million tonnes, after a gap of 5 years. Higher exports were driven by volatility of the rupee, and mismatched demand-supply situation in 2013-14 vis-à-vis previous year.

 

OUTLOOK

 

During Financial Year 2014-15, the renewed focus on infrastructure viz. development of smart cities, ports, Pradhan Mantri Gram Sadak Yojna, power plants, plan for doubling pipeline grid, metro for tier 2 cities, industrial corridor, incentives for housing, and revival of SEZ etc. will go a long way to consolidate growth, giving a fillip to the steel sector which has faced stagnant demand of late. Further, in the General Budget for 2014-15, a host of measures inter alia, opening up of more sectors for FDI, plans to accelerate manufacturing growth and facilitating investments, would give a push to the economy. The GDP growth for fiscal 2014-15 has been projected in the range 5.4% to 5.7%, with the subsequent achievement of 7%-8% in the next 3-4 years. The pick-up in GDP growth, and especially in the steel using sectors such as construction, infrastructure and manufacturing are expected to revive growth for steel consumption.

 

 

 

 

 

UNAUDITED FINANCIAL RESULTS FOR THE    QUARTER ENDED 30TH SEPTEMBER 2014

 

(Rs. In Millions)

Particulars

Quarter Ended

( Unaudited)

Quarter Ended

( Unaudited)

Half Year Ended

( Unaudited)

 

30.09.2014

30.06.2014

30.09.2014

 

 

 

 

1. Income from operations

 

 

 

a) Net sales/ Income from operation (net of excise duty)

115655.900

111956.800

227612.700

b) Other operating income

1130.800

1455.200

2570.800

Total income from Operations(net)

116786.700

113412.000

230183.500

2.Expenditure

 

 

 

a) Cost of material consumed

43691.400

44266.800

87958.200

b) Purchases of stock in trade

0.000

0.000

0.000

c) Changes in inventories of finished goods, work-in-progress and stock-in-trade

(596.400)

(439.000)

(1035.400)

d) Employees benefit expenses

23645.400

24584.600

48230.000

e) Depreciation and amortization expenses

3916.600

4079.500

7996.100

f) Other expenditure

21930.800

20478.100

42408.900

g) Power and Fuel

14751.400

13223.200

27974.600

Total expenses

107339.200

106193.200

213532.400

3. Profit from operations before other income and financial costs

9447.500

7218.800

16651.100

4. Other income

1619.700

1957.800

3592.700

5. Profit from ordinary activities before finance costs

11067.200

9176.600

20243.800

6. Finance costs

3557.800

3049.600

6607.400

7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items

7509.400

6127.000

13636.400

8. Exceptional item

0.000

0.000

0.000

9. Profit from ordinary activities before tax Expense:

7509.400

6127.000

13636.400

10.Tax expenses

1014.500

828.200

1842.700

11.Net Profit / (Loss) from ordinary activities after tax (9-10)

6494.900

5298.800

11793.700

12.Extraordinary Items (net of tax expense)

0.000

0.000

0.000

13.Net Profit / (Loss) for the period (11 -12)

6494.900

5298.800

11793.700

14.Paid-up equity share capital (Nominal value Rs.10/- per share)

41304.300

41305.300

41305.300

15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year

 

 

 

16.i) Earnings per share (before extraordinary items) of Rs.10/- each) (not annualised):

 

 

 

Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year(not to be annualised)

1.57

1.28

2.86

 Basic and diluted EPS after Extraordinary items for the period, for the year to date and for the previous year(not to be annualised)

1.57

1.28

2.86

Debt Service Coverage Ratio (Number of times)

 

 

1.90

Interest Service Coverage Ratio (Number of times)

 

 

2.10

 

 

Particulars

Quarter Ended

( Unaudited)

Quarter Ended

( Unaudited)

Half Year Ended

( Unaudited)

 

30.09.2014

30.06.2014

30.09.2014

A. Particulars of shareholding

 

 

 

1. Public Shareholding

825777391

825777391

825777391

- Number of shares

19.99

19.99

19.99

- Percentage of shareholding

 

 

 

2. Promoters and Promoters group Shareholding-

 

 

 

a) Pledged /Encumbered

 

 

 

Number of shares

-

-

-

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

-

-

-

Percentage of shares (as a % of total share capital of the company)

-

-

-

 

 

 

 

b) Non  Encumbered

 

 

 

Number of shares

3304293713

3304293713

3304293713

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

100.00

100.00

100.00

Percentage of shares (as a % of total share capital of the company)

80.00

80.00

80.00

 

 

 

 

B. Investor Complaints

 

 

 

Pending at the beginning of the quarter

 

0

 

Receiving during the quarter

 

9

 

Disposed of during the quarter

 

9

 

Remaining unreserved at the end of the quarter

 

0

 

 

 

NOTES TO FINANCIAL RESULTS:

 

  1. The above results have been reviewed by the Audit Committee and taken on record by the Board of Directors in their Meeting held on 13th November, 2014.

 

  1. The above results have been reviewed by the Statutory Auditors, as required under Clause 41 of the Listing Agreement

 

  1. Net Sales include sales to Government Agencies recognised on provisional contract prices during the Half Year ended 30th September 2014: Rs.17354.200 Millions (corresponding Half Year of previous year: Rs.1846.94 Millions) and cumulatively upto 30th September, 2014: Rs.86000.800 Millions (upto the corresponding Half Year of previous year : Rs.200906.400 Millions).

 

  1. Pending decision by the Hon’ble Supreme Court of India on levy of entry tax in the States of Chattisgarh, Odisha, and Uttar Pradesh, the entry tax demands, under dispute, of Rs.10781.000 Millions, Rs.2985.100 Millions and Rs.924.000 Millions respectively, have been treated as contingent liabilities.

 

  1. Pending decision by the Hon’ble Supreme Court of India in the determination of the electricity tariff, claims of Rs.2917.600 Millions upto 31st March, 2014 made by Damodar Valley Corporation in respect of electricity supplied to one of the Plants of the Company, have been treated as contingent liabilities.

 

  1. In accordance with Companies (Accounting Standards) Amendment Rules, 2009, relating to Accounting Standard – 11, notified on 31st March 2009 and amended from time to time, the foreign exchange fluctuation loss on long-term foreign currency loans of Rs.496.700 Millions (net debit) and Rs.754.200 Millions (net debit) for the current Quarter and Half Year respectively [corresponding Quarter and Half Year of previous year- Rs.2079.700 Millions (net debit) and Rs.4793.900 Millions (net debit)], has been adjusted in the carrying cost of the Fixed Assets/Capital Work-in-progress.

 

  1. The Company has revised the accounting policy for depreciation of tangible assets in alignment with Schedule II to the Companies Act, 2013 which has become applicable from 1st April, 2014. Consequently, profit for the half year is higher by Rs.1917.300 Millions. Further, an amount of Rs.223.96 Millions has been recognised in the opening balance of the retained earnings where the remaining useful life of such tangible assets is Nil as at 1st April, 2014 in line with the provisions of Schedule - II to the Companies Act, 2013.

 

  1. The Auditors in their Limited Review Report for the quarter ended 30th June, 2014 have brought out that the Company has not provided for :

 In respect of items stated at (a) and (b) above, the Company’s views are that these cases are sub judice and pending for adjudication before the Hon’ble Supreme Court. The disputed demands, contested on valid and bonafide grounds, have been disclosed as contingent liabilities as it is not probable that present obligations exist as on 30th September, 2014. Therefore, there is no adverse impact on profit. These cases were sub judice as on 31st March, 2012, 2013 & 2014, also and there is no change in the status of these cases till date

 

  1. Formulae used for computation of coverage ratios: Debt Service Coverage Ratio = Earnings before interest, exceptional items and tax/principal repayment and interest payment of long terms loans; and Interest Service Coverage Ratio = Earnings before interest, exceptional items and tax/interest including transferred to Capital Work in Progress.10. The figures of previous periods have been re-grouped, wherever necessary, so as to conform to the current Quarter/Half Year’s classification.

 

 

INDEX OF CHARGE:

 

Sr. No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10445797

21/03/2014 *

8,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG,, 
BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA

C03816287

2

10407999

18/04/2013 *

5,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG,, 
BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA

B74443508

3

10395101

18/04/2013 *

3,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA

B74443938

4

10373662

18/04/2013 *

3,600,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BUILDING, GROUND FLOOR, 17, R. KAMANI MARG,, 
BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA

B74444290

5

10322416

16/05/2012 *

4,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA

B40010092

6

10322417

16/05/2012 *

4,550,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA

B40013989

7

10229692

12/08/2010 *

5,450,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA

A93701563

8

10230323

12/08/2010 *

6,600,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA

A93700938

9

10209543

28/04/2010 *

2,420,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA

A85166627

10

10211081

28/04/2010 *

4,500,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA

A85166759

11

10207558

23/02/2010

6,000,000,000.00

AXIS BANK LIMITED

4/10, OPG HOUSE, ASAF ALI ROAD, NEW DELHI, DELHI 
- 110002, INDIA

A80960453

12

10199378

16/01/2010

1,680,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA

A77846889

13

10199380

16/01/2010

1,500,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA

A77848109

14

10199381

16/01/2010

3,350,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA

A77847499

15

10187049

10/11/2009

1,500,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA

A73811770

16

10187050

10/11/2009

7,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA

A73812182

17

10187051

10/11/2009

3,000,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA

A73812729

18

10181866

06/10/2009

6,500,000,000.00

UNITED BANK OF INDIA

12/4, ASAF ALI ROAD, NEW DELHI, DELHI - 110002, INDIA

A71934996

19

10178438

19/09/2009

8,250,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA

A70730296

20

10172177

01/05/2012 *

5,250,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA

B39399712

21

10172179

01/05/2012 *

9,500,000,000.00

IDBI TRUSTEESHIP SERVICES LIMITED

ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI, MAHARASHTRA - 400001, INDIA

B39435912

22

10117687

27/03/2007

160,000,000.00

CENTRAL BANK OF INDIA

MOMINPUR BRANCH, KOLKATA, WEST BENGAL - 700023, INDIA

A24332082

23

80048211

04/07/2013 *

135,000,000,000.00

STATE BANK OF INDIA

CORPORATE ACCOUNTS GROUP BRANCH,, JAWAHAR VYAPAR 
BHAWAN, 11 & 12 FLOOR, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA

B82452848

24

90043261

06/07/2004 *

65,000,000.00

BANK OF MAHARASHTRA

LEGAL DEPARTMENT, LOKMANGAL; 1501; SHIVAJINAGAR, PUNE, MAHARASHTRA - 411005, INDIA

-

25

90062090

06/11/2000

350,000,000.00

STATE BANK OF BIKANER & JAIPUR

NEW DELHI HOUSE, BARAKHMBA ROAD, NEW DELHI, DELHI, INDIA

-

26

90061463

30/05/2001 *

622,000,000.00

STATE BANK OF INDIA

DELHI, NEW DELHI, DELHI, INDIA

-

27

90061442

21/03/2001 *

6,220,000,000.00

STATE BANK OF INDIA

DELHI, NEW DELHI, DELHI, INDIA

-

28

90061118

10/12/2001 *

2,000,000,000.00

BANK OF MAHARASHTRA

LOKMANGAL , 1501, SHIVAJI NAGAR, PUNE, MAHARASHTRA - 411005, INDIA

-

29

80032318

20/12/1993

110,000,000.00

STATE BANK OF INDIA

BOKARO STEEL CITY BRANCH, BOKARO, JHARKHAND - 827004, INDIA

-

30

90263457

19/12/1998 *

245,000,000.00

STATE BANK OF INDIA

BOKARO STEET CITY BRANCH, BOKARO, JHARKHAND - 827004, INDIA

-

 

 

FIXED ASSETS:

 

·         Freehold Land

·         Leasehold Land

·         Buildings

·         Plant and Machinery

·         Steel Plant

·         Furniture and Fittings

·         Vehicles

·         Office Equipments

·         Miscellaneous Articles

·         Roads, Bridges and Culverts

·         Water Supply and Sewerage

·         EDP Equipments

·         Railway Lines and Sidings

·         Computer Software

·         Mining Rights

 

 

 

 

 

 

NEWS:

 

 

SAIL ACHIEVES 58% GROWTH IN Q2 EBIDTA

 

New Delhi

 

Thu, 11/13/2014 - 21:26

 

New Delhi : SAIL registered an EBIDTA of Rs.14980.000 Millions for the July-Sept’14 quarter which is 58% higher than the corresponding period last year (CPLY). The profit before tax (PBT) of Rs.7510.000 Millions in Q2 FY’15 is higher by 124% over CPLY, excluding the exceptional item of Rs.10560.000 Millions from M/s Vale in August, 2013 on account of arbitration award in favour of SAIL.

 

The unaudited financial results of SAIL for the quarter July-Sept’14 was taken on record by its Board of Directors today. During the quarter, SAIL achieved a turnover of Rs.129340.000 Millions, which is 1% higher than CPLY. The networth of the company increased to Rs.436220.000 Millions as on 30.9.14, an increase of Rs.9560.000 Millions from 31.3.2014.

 

Improvement in performance in EBIDTA was helped by factors such as enhanced production of value added steel, better techno-economic parameters along with improvement in net sales realization and reduction in the input cost.

 

With respect to the modernization and expansion programme, SAIL has already operationalized projects/facilities worth Rs.275000.000 Millions till now. Commencement of integrated operations of 2.5 MTPA new steel plant at Burnpur is slated from November 2014, with the lighting-up of 4060 m3 state-of-the-art blast furnace here. This would be the second such large volume Blast furnace in SAIL, after the first one operationalized in Rourkela Steel Plant in August, 2013.

 

On this occasion, Chairman, SAIL Mr. C.S. Verma commented, “SAIL is focused on commissioning balance modernization facilities at the earliest and ramping up production from the operationalized units. It is heartening that capacity addition of SAIL is fructifying at a time when the country is witnessing improved economic sentiments and renewed thrust on infrastructure building, which will lead to increased demand of steel.”

 

 

INDIA’S LARGEST BLAST FURNACE BLOWN-IN AT IISCO STEEL PLANT

 

Dec 4, 2014, 02.31PM IST TNNhttp://images.photogallery.indiatimes.com/images/spacer.gif[ Jaideep Deogharia ]

 

RANCHI: India's largest blast furnace, 'Kalyani', was successfully blown-in at SAIL's IISCO Steel Plant (ISP), Burnpur recently. 


The blowing-in ceremony was attended by SAIL chairman CS Verma, CMD Mecon A K Tyagi and officials of SAIL, Mecon, POSCO and NCC. 


The state-of-the-art furnace, with a useful volume of 4160 cubic meters, has now become India's largest operating blast furnace, taking over from a blast furnace installed at SAIL's Rourkela Steel Plant in 2013 with a useful volume of 4060 cubic meters. 


The furnace is equipped with advanced features like high top pressure operation, top pressure recovery turbine, twin material bin bell-less top, stove waste heat recovery, pulverized coal injection and cast house fume extraction. 

This apart, part of the molten metal would be fed to the basic oxygen furnace (BFO) for conversion to steel at 150 tonnes per hour while the other half would proceed for pig casting at the rate of 1400 tonnes per day. The slag would also be sold to different consumers. 


The environment-friendly furnace will ensure minimum emission and waste recovery. The furnace's closed-loop cooling system will ensure zero water discharge. 

 

"With this furnace, IISCO Steel Plant will regain its past glory," said C S Verma. 


"We would like to congratulate SAIL and its chairman for their leadership as well as those who contributed to the successful blowing-in of the country's biggest blast furnace," said Tyagi. 


Mecon rendered consultancy, engineering and project monitoring services for this project.

 

 

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 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. 62.35

UK Pound

1

Rs. 93.10

Euro

1

Rs. 67.13

 

 

INFORMATION DETAILS

 

Information Gathered by :

HTL

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

JYO

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

9

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

9

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

9

--PROFITABILITY

1~10

9

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

8

--RESERVES

1~10

9

--CREDIT LINES

1~10

9

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

YES

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

 

78

 

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

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.