MIRA INFORM REPORT
|
Report No. : |
337456 |
|
Report Date : |
19.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
SARDA ENERGY AND MINERALS LIMITED (w.e.f. 12.10.2007) |
|
|
|
|
Formerly Known
As : |
RAIPUR ALLOYS AND STEEL LIMITED |
|
|
|
|
Registered
Office : |
73-A, Central Avenue,
Shri Ram Niketan, Nagpur – 440 018, Maharashtra |
|
Tel. No.: |
91-712-2727509 |
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|
|
|
Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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|
|
Date of
Incorporation : |
23.06.1973 |
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|
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|
Com. Reg. No.: |
11-016617 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs.359.524 million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27100MH1973PLC016617 |
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|
|
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IEC No.: |
0393072002 |
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|
|
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TAN No.: [Tax Deduction & Collection
Account No.] |
NGPR00172E |
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|
|
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PAN No.: [Permanent Account No.] |
AAACR6149L |
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|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged into iron ore and coal
mining to the finished steel in the form of wire rod and wire and also
engaged in manufacturing and exporting of Ferro Alloys, they also
operates thermal, hydro, and solar power plants. |
|
|
|
|
No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an old
and established company incorporated during the year 1973 having a good track
record. Profits of the
company has continuously declined. However, networth position of the company
is healthy. General financial position of the company is decent. Trade relations
are reported as fair. Business is active. Payment terms are reported to be
regular and as per commitment. In view of long
track record and sound financial base, the company can be considered normal
for business 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 Bank Facilities: A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
06.10.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short-Term Bank Facilities: A1+ |
|
Rating Explanation |
Very strong degree of safety and carry low
credit risk. |
|
Date |
06.10.2014 |
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
31-03-2013.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Pradeep |
|
Designation : |
Finance Department |
|
Contact No.: |
91-771-2214200 |
|
Date : |
18.08.2015 |
LOCATIONS
|
Registered Office : |
73-A, Central Avenue, Shri Ram Niketan, Nagpur – 440
018, Maharashtra , India |
|
Tel. No.: |
91-712-2727509/
2660071/ 5616707/ 2722407 |
|
Fax No.: |
91-712-2728207/
2641171/ 2722107 |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
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Head Office/ Factory : |
Industrial Growth Center, Siltara, Raipur – 493 111,
Chhattisgarh, India |
|
Tel. No.: |
91-771-2216000 |
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Fax No.: |
91-771-216198/ 2216199 |
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|
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Corporate Office : |
125, B-Wing,
Mittal Court, Nariman Point, Mumbai – 400 021, Maharashtra, India |
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Tel. No.: |
91-22-22880080-81 |
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Fax No.: |
91-22-22826680 |
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Branch Office : |
Located at: ·
Nagpur ·
Ahmedabad ·
Barbil ·
Raigarh
·
Mumbai ·
Delhi ·
Visakhapatnam |
|
|
|
|
Overseas Office : |
Located at: ·
Hong
Kong ·
Singapore
|
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Kamal Kishore Sarda |
|
Designation : |
Managing Director |
|
Address : |
18/19,
Anupam Nagar, Raipur – 492 007, Chhattisgarh, India |
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Date of Birth/Age : |
61 Years |
|
Qualification : |
B.E (Mechanical) |
|
Date of Appointment : |
16.12.1978 |
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DIN No.: |
00008170 |
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|
|
|
Name : |
Mr. Pankaj Sarda |
|
Designation : |
Whole-Time
Director |
|
Address : |
18,
Anupam Nagar, Raipur – 492 007, Chhattisgarh, India |
|
Date of Appointment : |
31.10.2007 |
|
DIN No.: |
00008190 |
|
|
|
|
Name : |
Uma
Sarda |
|
Designation : |
Director |
|
Address : |
18/19,
Anupam Nagar, Raipur – 492 007, Chhattisgarh, India |
|
Date of Appointment : |
29.09.2014 |
|
DIN No.: |
00009783 |
|
|
|
|
Name : |
Mr. Jitender Balakrishnan |
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Designation : |
Director |
|
Address : |
208,
Tower-2, Casa Grande, Senapati Bapat Marg, Lower Parel, Mumbai – 400 013,
Maharashtra, India |
|
Date of Birth/Age : |
64 Years |
|
Qualification : |
B.E (Mech) National Institute of Technology (NIT) Madras University
and Post Graduate Diploma in Industrial Management, Bombay University |
|
Date of Appointment : |
30.07.2010 |
|
DIN No.: |
00028320 |
|
|
|
|
Name : |
Mr. Rakesh Mehra |
|
Designation : |
Director |
|
Address : |
E-7-720,
Shahpura, Bhopal – 462 016, Madhya Pradesh, India |
|
Qualification : |
FCWA |
|
Date of Appointment : |
18.07.1986 |
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DIN No.: |
00035812 |
|
|
|
|
Name : |
Mr. Ghanshyam
Das Mundra |
|
Designation : |
Whole-Time Director |
|
Address : |
E-204,
2nd Floor, Ashok Garden, T2, 180/188, T.J Road, Sewree, Mumbai –
400 015, Maharashtra, India |
|
Date of Appointment : |
30.12.2000 |
|
DIN No.: |
00035877 |
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|
|
|
Name : |
Mr. Prabhakar
Ram Tripathi |
|
Designation : |
Director |
|
Address : |
Plot
# 2, NCL North Avenue, Kompally, Secunderabad – 500 014, Telangana,
India |
|
Qualification : |
Mining Engineer |
|
Date of Appointment : |
30.10.2003 |
|
DIN No.: |
00376429 |
|
|
|
|
Name : |
Mr. Lakshminarayanan
Chittur Krishnan |
|
Designation : |
Director |
|
Address : |
6
E, The Heritage, Ormes Road, Kilpauk, Chennai – 600 010, Tamilnadu, India |
|
Date of Birth/Age : |
64 Years |
|
Qualification : |
Bachelor of Technology |
|
Date of Appointment : |
28.01.2009 |
|
DIN No.: |
01308030 |
|
|
|
|
Name : |
Mr. Asitkumar
Basu |
|
Designation : |
Director |
|
Address : |
Plot
No.61, Row House, Sector 8, Kopar Khairane, Navi Mumbai – 400 709,
Maharashtra, India |
|
Date of Appointment : |
31.01.2003 |
|
DIN No.: |
01382260 |
|
|
|
|
Name : |
Mr. Gajinder
Singh Sahni |
|
Designation : |
Director |
|
Address : |
B-8/4,
G/F Vasant Vihar, New Delhi – 110 057, India
|
|
Date of Appointment : |
04.03.2008 |
|
DIN No.: |
02066897 |
KEY EXECUTIVES
|
Name : |
Mr. Padam
Kumar Jain |
|
Designation : |
Chief Financial Officer |
|
Address : |
B-501,
Ashoka Ratna, Vidhansabha Road, Raipur – 492 007, Chhattisgarh, India |
|
Date of Appointment : |
14.08.2014 |
|
PAN No.: |
ACMPJ5876F |
|
|
|
|
Name : |
Mr. Manish
Sethi |
|
Designation : |
Secretary |
|
Address : |
22,
Patrakar Colony, Near Prannath Mission Hospital, Fafadih, Raipur – 492 001,
Chhattisgarh, India |
|
Date of Appointment : |
14.08.2014 |
|
PAN No.: |
ARJPS5070Q |
|
|
|
|
Name : |
Mr. Pradeep |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
8153428 |
22.66 |
|
|
16494651 |
45.85 |
|
|
1000000 |
2.78 |
|
|
1000000 |
2.78 |
|
|
25648079 |
71.29 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
25648079 |
71.29 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
1367589 |
3.80 |
|
|
954501 |
2.65 |
|
|
250 |
0.00 |
|
|
76750 |
0.21 |
|
|
2399090 |
6.67 |
|
|
|
|
|
|
3940729 |
10.95 |
|
|
|
|
|
|
2964929 |
8.24 |
|
|
947028 |
2.63 |
|
|
78464 |
0.22 |
|
|
45973 |
0.13 |
|
|
32491 |
0.09 |
|
|
7931150 |
22.04 |
|
Total
Public shareholding (B) |
10330240 |
28.71 |
|
Total
(A)+(B) |
35978319 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
35978319 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into iron ore and coal
mining to the finished steel in the form of wire rod and wire and also engaged
in manufacturing and exporting of Ferro Alloys, they also
operates thermal, hydro, and solar power plants. |
|
|
|
|
Products : |
·
Sponge Iron ·
Billets ·
TMT Bars ·
Ferro Alloys ·
Eco-Bricks ·
Pellets ·
Wire Rods ·
HB Wires |
|
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|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
·
Ferro Alloys |
|
Countries : |
·
European Countries ·
Middle East ·
Japan |
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|
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|
Imports : |
Not Available |
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|
|
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Terms : |
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Selling : |
Cash, Advance Payment and Cheque |
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Purchasing : |
Cash, Advance Payment and Cheque
|
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Retailers and End Users
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No. of Employees : |
2000 (Approximately) |
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Bankers : |
·
RBL Bank Limited, Shahupuri, Kolhapur, Kolhapur – 416 001,
Maharashtra, India ·
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel
(West), Mumbai – 400 013, Maharashtra, India ·
Union Bank of India, Industrial Finance Branch, 2139, Union Bank
Bhavan, Vidhan Bhavan Marg, Mumbai - 400021, Maharashtra, India ·
Bank
of Baroda ·
UCO
Bank ·
Axis
Bank Limited ·
State
Bank of India |
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Facilities : |
NOTES: LONG TERM BORROWINGS Terms of
repayment a)
The Non-Convertible Debentures are redeemable in
three equal annual installments commencing from July 2015. The Company has an
option to redeem these debentures earlier; however, no redemption will take
before the end of 3rd year from the date of allotment. b)
External Commercial Borrowings availed in foreign
currencies are payable in 5 Annual Installments (First three Installments are
1/6th of the loan amount and remaining 2 installments are 1/4th of the loan
Amount). Four installments have already been paid. c)
Rupee term loan from a financial institution is
payable in 12 equal quarterly installments commencing from September 2013.
Three installments have already been paid. d)
Rupee term loan of Rs.450.000 million from Bank is
payable in 11 quarterly installments starting from September 2013 quarter.
During the financial year 2013-14, 3 installments comprising 10% of the loan
amount repaid, in the year 2014-15, 4 installments involving 20% and in the
year 2015-16, 4 installments involving 70% of the loan amount will be repaid e)
Rupee term loan of Rs.500.000 million from bank
is payable in 10 equal half yearly installments starting from August 2014. f)
Hire purchase loan of Rs.2.205 million from bank
is payable in 34 equal installments of Rs.0.194 million starting from June
2012. g)
Deferred sales tax loan is interest free and
payable at the end of fifth year from the end of the financial year of
accrual. Security The
non-convertible debentures are secured by a registered mortgage of an
immovable property of the company situated at Ahmedabad. Term loans from
bank, financial institution, external commercial borrowing and debentures are
secured by first pari-passu charge by way of hypothecation of entire movable
assets of the company situated at Industrial Growth Centre, Siltara, Raipur
subject to prior charge on current assets in favour of working capital
bankers and by way of joint equitable mortgage of immovable properties of the
company situated at Industrial Growth Centre, Siltara. Besides this,
the term loan from bank and non-convertible debentures are also secured by
unconditional and irrevocable personal guarantees of Mr. K. K. Sarda and Mr.
Manish Sarda. Hire purchase
loan from bank is secured by hypothecation of related vehicles. SHORT TERM BORROWINGS Terms of
repayment Short term loan
of Rs.450.000 million is payable in March 2015. Security Working capital
loans from banks are secured by first pari-passu charge on stocks and book debts
and second paripassu charge on all present and future movable plant and
machinery and second charge by way of joint equitable mortgage of immovable
properties located at Industrial Growth Centre, Siltara, Raipur. These
facilities are also secured by irrevocable personal guarantees of Mr. K.K.
Sarda and Mr. Manish Sarda. |
|
|
|
|
Auditors : |
|
|
Name : |
M.M. Jain and Associates Chartered Accountants |
|
Address : |
Shreemohini,
Kingsway, Nagpur, Maharashtra, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
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|
Subsidiaries (As on 31.03.2014) : |
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Controlled Entities (As on 31.03.2014) : |
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Associate Companies (As on 31.03.2014) : |
|
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|
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|
Related enterprises where significant influence exists (As on
31.03.2014) : |
|
|
|
|
|
Joint Ventures (As on 31.03.2014) : |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.359.524 million
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35850000 |
Equity Shares |
Rs.10/- each |
Rs.358.500 million |
|
|
|
|
|
Reconciliation
of the shares outstanding at the beginning and at the end of the reporting
period:
|
Equity
shares |
As at 31st
March, 2014 |
|
|
No. of Shares |
Amount (Rs. in million) |
|
|
Shares
outstanding at the beginning of the year |
35850000 |
358.500 |
|
Shares
Issued during the year |
-- |
-- |
|
Shares
bought back during the year |
-- |
-- |
|
Shares outstanding at the
end of the year |
35850000 |
358.500 |
Terms/rights attached to equity shares
The company has only one class of shares -
equity shares - having a par value of Rs.10/- per share. Each holder of equity
shares is entitled to one vote per share.
The Board of Directors of the Company,
subject to the approval of the members in the ensuing general meeting, has
proposed a dividend of Rs.3/- per share for the financial year ended 31st
March, 2014.
In the event of liquidation of the company,
the holders of equity shares will be entitled to receive remaining assets of
the company, after distribution of all preferential amounts. The distribution
will be in proportion to the number of equity shares held by the shareholders.
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholders |
Number
of Shares |
% of holding |
|
Equity shares of
Rs.10/- each fully paid |
|
|
|
Chhatisgarh Investments Limited |
12265657 |
34.21% |
|
Sarda Agriculture and Properties Private
Limited |
2635150 |
7.35% |
|
Orange Mauritius Investments Limited |
390680 |
6.04% |
|
Infrastructure Development Finance Company
Limited |
1842105 |
5.14% |
|
Asia Minerals
Limited |
1804891 |
5.03% |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
359.524 |
358.500 |
358.500 |
|
(b) Reserves & Surplus |
9953.505 |
9490.795 |
8844.053 |
|
(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) |
10313.029 |
9849.295 |
9202.553 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
2143.942 |
2567.311 |
3528.387 |
|
(b) Deferred tax liabilities (Net) |
701.380 |
669.841 |
433.103 |
|
(c) Other long term liabilities |
36.219 |
34.087 |
23.128 |
|
(d) Long-term provisions |
324.848 |
276.932 |
114.728 |
|
Total Non-current Liabilities (3) |
3206.389 |
3548.171 |
4099.346 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1763.345 |
2097.591 |
1674.042 |
|
(b) Trade payables |
530.138 |
1039.893 |
1038.802 |
|
(c) Other current liabilities |
1901.398 |
1860.870 |
1569.143 |
|
(d) Short-term provisions |
84.559 |
47.994 |
36.333 |
|
Total Current Liabilities (4) |
4279.440 |
5046.348 |
4318.320 |
|
|
|
|
|
|
TOTAL |
17798.858 |
18443.814 |
17620.219 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
6860.909 |
7104.675 |
|
(ii) Intangible Assets |
|
416.880 |
437.468 |
|
(iii) Capital work-in-progress |
|
650.304 |
618.458 |
|
(iv) Intangible assets under development |
|
3.635 |
28.360 |
|
(b) Non-current Investments |
4508.463 |
4120.679 |
4021.950 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
643.612 |
608.285 |
651.284 |
|
(e) Other Non-current assets |
0.608 |
2.805 |
6.839 |
|
Total Non-Current Assets |
12436.794 |
12663.497 |
12869.034 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.610 |
3.061 |
3.122 |
|
(b) Inventories |
3350.274 |
2755.115 |
2199.890 |
|
(c) Trade receivables |
537.258 |
497.943 |
625.042 |
|
(d) Cash and cash equivalents |
16.537 |
457.175 |
72.405 |
|
(e) Short-term loans and advances |
1449.367 |
2053.280 |
1732.183 |
|
(f) Other current assets |
8.018 |
13.743 |
118.543 |
|
Total Current Assets |
5362.064 |
5780.317 |
4751.185 |
|
|
|
|
|
|
TOTAL |
17798.858 |
18443.814 |
17620.219 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (Net) |
13791.944 |
12705.137 |
13839.453 |
|
|
|
Other Income |
392.710 |
346.518 |
151.219 |
|
|
|
TOTAL |
14184.654 |
13051.655 |
13990.672 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
6534.418 |
6167.663 |
7458.025 |
|
|
|
Purchases of stock-in-trade |
506.504 |
903.402 |
373.287 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(699.656) |
(344.223) |
160.736 |
|
|
|
Employees benefits expense |
594.653 |
531.982 |
496.330 |
|
|
|
Other expenses |
3896.196 |
3163.042 |
|
|
|
|
Exceptional Items |
1263.366 |
24.821 |
|
|
|
|
TOTAL |
12095.481 |
10446.687 |
11118.523 |
|
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2089.173 |
2604.968 |
2872.149 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
588.613 |
630.086 |
631.392 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1500.560 |
1974.882 |
2240.757 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
675.946 |
632.169 |
640.792 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
824.614 |
1342.713 |
1599.965 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
266.258 |
588.888 |
354.663 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
558.356 |
753.825 |
1245.302 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
5876.998 |
5443.223 |
4535.419 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Equity Dividend |
NA |
107.550 |
107.550 |
|
|
|
Tax on equity dividend |
NA |
0.000 |
17.448 |
|
|
|
Transfer to Debenture Redemption Reserve |
NA |
62.500 |
62.500 |
|
|
|
Transfer to General Reserve |
NA |
150.000 |
150.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
5876.998 |
5443.223 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
NA |
1966.794 |
1494.627 |
|
|
|
Interest received |
NA |
1.066 |
0.778 |
|
|
|
Dividend |
NA |
168.733 |
0.000 |
|
|
TOTAL EARNINGS |
NA |
2136.593 |
1495.405 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
1345.612 |
1940.788 |
|
|
|
Components, Stores & Spares |
NA |
61.681 |
68.376 |
|
|
|
Capital Goods |
NA |
19.430 |
22.329 |
|
|
TOTAL IMPORTS |
NA |
1426.723 |
2031.493 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
Basic |
15.47 |
21.03 |
34.74 |
|
|
|
Diluted |
15.44 |
21.03 |
34.74 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current maturities of long-term debt |
NA |
1661.312 |
1407.104 |
|
Cash generated
from operations |
NA |
1695.464 |
3145.588 |
|
Net cash from operating activities |
NA |
1387.139 |
2762.203 |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2015 |
|
Unaudited |
|
|
1st
Quarter |
|
Net Sales |
|
|
3096.410 |
|
Total Expenditure |
|
|
2621.900 |
|
PBIDT (Excl OI) |
|
|
474.510 |
|
Other Income |
|
|
165.020 |
|
Operating Profit |
|
|
639.530 |
|
Interest |
|
|
147.370 |
|
Exceptional Items |
|
|
NA |
|
PBDT |
|
|
492.160 |
|
Depreciation |
|
|
140.490 |
|
Profit Before Tax |
|
|
351.670 |
|
Tax |
|
|
109.640 |
|
Provisions and
contingencies |
|
|
NA |
|
Profit After Tax |
|
|
242.030 |
|
Extraordinary
Items |
|
|
NA |
|
Prior Period
Expenses |
|
|
NA |
|
Other Adjustments |
|
|
NA |
|
Net Profit |
|
|
242.030 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
4.05 |
5.93 |
9.00 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
15.15 |
20.50 |
20.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.20 |
9.82 |
12.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.14 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.38 |
0.47 |
0.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25 |
1.15 |
1.10 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
Market Value |
Rs.112/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
Rs. In Million |
Rs. In Million |
Rs. In Million |
|
Share Capital |
358.500 |
358.500 |
359.524 |
|
Reserves & Surplus |
8844.053 |
9490.795 |
9953.505 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
9202.553 |
9849.295 |
10313.029 |
|
|
|
|
|
|
Long-term borrowings |
3528.387 |
2567.311 |
2143.942 |
|
Short term borrowings |
1674.042 |
2097.591 |
1763.345 |
|
Total borrowings |
5202.429 |
4664.902 |
3907.287 |
|
Debt/Equity ratio |
0.565 |
0.474 |
0.379 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
Rs. In Million |
Rs. In Million |
Rs. In Million |
|
Revenue from operations (Net) |
13839.453 |
12705.137 |
13791.944 |
|
|
|
(8.196) |
8.554 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
Rs. In Million |
Rs. In Million |
Rs. In Million |
|
Revenue from operations (Net) |
13839.453 |
12705.137 |
13791.944 |
|
Profit |
1245.302 |
753.825 |
558.356 |
|
|
9.00% |
5.93% |
4.05% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity-Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NATURE OF OPERATION (AS ON 31.03.2014):
The Company has integrated steel
manufacturing facility starting from iron ore and coal mining to the finished
steel in the form of wire rod and wire. The Company is also a leading manufacturer
and exporter of Ferro Alloys enjoying Star Export House Status. The
manufacturing facilities are backed by captive thermal power plant. The Company
has also promoted hydro power projects through SPVs.
UNSECURED LOAN
|
Particulars |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred sales
tax loan |
NA |
46.478 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans
repayable on demand From banks |
|
|
|
Short
term loans |
NA |
450.000 |
|
Other
loans and advances |
|
|
|
Advances
from customers |
NA |
47.270 |
|
Loans
from related parties |
NA |
91.288 |
|
Total |
NA |
635.036 |
INDEX
OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10582672 |
11/07/2015 |
578,000,000.00 |
RBL BANK LIMITED |
SHAHUPURI, KOLHAPUR,
KOLHAPUR, MAHARASHTRA - 416001, INDIA |
C60135886 |
|
2 |
10562205 |
28/03/2015 |
350,000,000.00 |
RBL BANK LIMITED |
SHAHUPURI, KOLHAPUR,
KOLHAPUR, MAHARASHTRA - 416001, INDIA |
C50393685 |
|
3 |
10526028 |
04/10/2014 |
9,200,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
C29769437 |
|
4 |
10526027 |
26/09/2014 |
13,900,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
C29768967 |
|
5 |
10525327 |
19/09/2014 |
3,850,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, 2139, UNION BANK BHAVAN, VIDHAN BHAVAN MARG, MUMBAI, MAHARASHTRA -
400021, INDIA |
C29068079 |
|
6 |
10521233 |
04/09/2014 |
8,825,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
C21767330 |
|
7 |
10515517 |
28/07/2014 |
21,260,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
C16854168 |
|
8 |
10510915 |
17/07/2014 |
9,572,901.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
C13165089 |
|
9 |
10515488 |
16/07/2014 |
9,900,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
C16813529 |
|
10 |
10504365 |
04/06/2014 |
4,950,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
C07437411 |
|
11 |
10495897 |
12/05/2014 |
10,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
C04820296 |
|
12 |
10493919 |
03/05/2014 |
12,900,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
C04405403 |
|
13 |
10413661 |
16/05/2014 * |
500,000,000.00 |
THE RATNAKAR BANK LIMITED |
SHAHUPURI, KOLHAPUR,
KOLHAPUR, MAHARASHTRA - 416001, INDIA |
C06134001 |
|
14 |
10292943 |
13/03/2013 * |
1,250,000,000.00 |
IDFC LIMITED |
KRM TOWER, 8TH FLOOR,
NO.1, HARRINGTON ROAD, CHETPET, CHENNAI, TAMILNADU - 600031, INDIA |
B72618309 |
|
15 |
10248797 |
30/12/2010 * |
1,250,000,000.00 |
AXIS TRUSTEE SERVICES
LIMITED |
2ND FLOOR, AXIS BANK
BUILDING, BOMBAY DYEING MILLIS COMPOUND, P. B. MARG, MUMBAI, MAHARASHTRA -
400025, INDIA |
B04036919 |
|
16 |
10118855 |
31/01/2014 * |
4,998,000,000.00 |
UNION BANK OF INDIA |
MAIN BRANCH, AJIT TOWER,
RAMSAGARPARA, RAIPUR, CHHATTISGARH - 492009, INDIA |
B96903067 |
|
17 |
90238763 |
03/04/1975 |
2,000,000.00 |
MADHYA PRADESH AUDYOGIK
VIKAS NIGAM |
36; BHADBHADA ROAD, NEW
MARKET, BHOPAL, MADHYA PRADESH, INDIA |
- |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Guarantees given by Company’s bankers |
NA |
196.895 |
|
Share of guarantees given by the jointly controlled
entity |
NA |
90.000 |
|
Guarantees given to DGFT on behalf of wholly
owned subsidiary for meeting export obligation |
NA |
9.888 |
|
Guarantees given to Assistant Commissioner of
Customs on behalf of wholly owned subsidiary |
NA |
31.821 |
|
Penal Interest for non-creation of securities for
rupee term loan from IDFC |
NA |
Nil |
|
Bills discounted with the Company’s bankers under
Letters of Credit |
NA |
585.150 |
|
Corporate Guarantee given to Axis Bank Limited for
disbursement of term loan to Sarda Metals and Alloys Limited, wholly owned
subsidiary of the Company (SMAL) |
NA |
641.200 |
|
Claims against the Company not acknowledged as
debt and disputed in appeals |
NA |
21.963 |
|
Excise duty and service tax demand |
NA |
37.927 |
|
VAT, CST and entry tax |
NA |
11.175 |
|
Income tax |
NA |
228.193 |
|
Energy development cess |
NA |
336.380 |
DETAILED FINANCIAL
RESULTS:
|
Type |
Unaudited |
|
Date
Begin |
01.04.2015 |
|
Date
End |
30.06.2015 |
|
Description
|
Amount (Rs. in million) |
|
Net Sales / Income from Operations |
3096.410 |
|
Other Operating Income |
10.740 |
|
Net Sales / Income from operations ( Net of
Excise Duty) |
3085.670 |
|
Expenditure |
(2762.390) |
|
Other Expenses |
(729.630) |
|
Employee Benefit Expenses |
(142.450) |
|
Changes in inventories of finished goods,
wip and Stock-in-trade |
(178.770) |
|
Depreciation and Amortisation expense |
(140.490) |
|
Purchases of Stock in Trade |
(21.800) |
|
Cost of Materials Consumed |
(1549.250) |
|
Profit from Operations before Other Income,
Interest and Exceptional Items |
334.020 |
|
Other Income |
165.020 |
|
Profit before Interest and Exceptional
Items |
499.040 |
|
Interest |
(147.370) |
|
Profit after Interest but before
Exceptional Items |
351.670 |
|
Exceptional Items |
0.000 |
|
Profit (+)/ Loss (-) from Ordinary
Activities before Tax |
351.670 |
|
Tax |
(109.640) |
|
Net Profit (+)/ Loss (-) from Ordinary
Activities after Tax |
242.030 |
|
Extraordinary Items |
0.000 |
|
Net Profit |
242.030 |
|
Equity Capital |
359.780 |
|
Face Value (in Rs.) |
10.00 |
|
Reserves |
0.00 |
|
EPS before Extraordinary items (in Rs.) |
|
|
Basic EPS before Extraordinary items |
6.73 |
|
Diluted EPS before Extraordinary items |
6.72 |
|
EPS after Extraordinary items (in Rs) |
|
|
Basic EPS after Extraordinary items |
6.73 |
|
Diluted EPS after Extraordinary items |
6.72 |
|
Number of Public Shareholding |
10330240.00 |
|
Percentage of Public Shareholding |
28.71 |
|
Promoters and Promoter Group Shareholding |
|
|
Pledged / Encumbered |
|
|
Number of Shares |
0.00 |
|
Percentage of Shares (as a % of the total
shareholding of promoter and promoter group) |
0.00 |
|
Percentage of Shares (as a% of the total
share capital of the company) |
0.00 |
|
Non-encumbered |
|
|
Number of Shares |
25648079.00 |
|
Percentage of Shares (as a% of the total
shareholding of promoter & prom group) |
100.00 |
|
Percentage of Shares (as a % of the total
share capital of the company) |
71.29 |
FIXED ASSETS:
Tangible Assets
·
Freehold Land
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Furniture, Fixture and
Equipment
·
Computer
·
Vehicles
Intangible Assets
·
Software
·
Mining Rights and
Development
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.65.22 |
|
UK Pound |
1 |
Rs.102.23 |
|
Euro |
1 |
Rs.72.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
MNJ |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
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.