MIRA INFORM REPORT
|
Report No. : |
337473 |
|
Report Date : |
19.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
BALASORE ALLOYS LIMITED |
|
|
|
|
Registered
Office : |
Balgopalpur, Districts Balasore - 756 020, Odisha |
|
Tel No.: |
91-6782-275781 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
31.05.1984 |
|
|
|
|
Com. Reg. No.: |
15-001354 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.369.638 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27101OR1984PLC001354 |
|
|
|
|
IEC No.: |
2388000751 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAAC13967P |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of bulk ferro alloys. |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Balasore Alloys Limited (BAL), incorporated in May 1984, it is well established company having satisfactory track record. During FY-15, the company has reported healthy operating income and profitability margins. Rating take consideration on company healthy financial risk profile backed by strong capital structure, net worth and above average debt coverage indicators. The ratings, further derives strength from the experienced promoter group, satisfactory capacity utilization levels, diversified customer base with established track record into its business. Trade .relations are reported .as fair. Business is active. Payment terms are usually correct. In view of decent operational and financial base, the company can be considered 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: BB+ |
|
Rating Explanation |
Inadequate credit quality and high credit risk. |
|
Date |
25.11.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
25.11.2014 |
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
|
Name : |
Mr. Narendra Kumar Panda |
|
Designation : |
Account Manager |
|
Contact No.: |
91-678-2275781 |
|
Date : |
18.08.2015 |
LOCATIONS
|
Registered Office : |
Balgopalpur, Districts Balasore - 756 020, Odisha, India |
|
Tel. No.: |
91-678-2275781-85 |
|
Fax No.: |
91-6782-275724 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Administrative
Office: |
Park Plaza, 71, Park Street, 1st Floor, Kolkata - 700 016, West Bengal, India |
|
Tel. No.: |
91-33-4029 7000 |
|
Fax No.: |
91-33-2229 5693 |
|
|
|
|
Mines Office: |
Kaliapani Chromite Mine At\PO: Kaliapani - 755 047, District. : Jajpur, Odisha,
India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Pramod Kumar Mittal |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Anil Sureka |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. R K Parakh |
|
Designation : |
Director-Finance |
|
|
|
|
Name : |
Mr. Mahesh Trivedi |
|
Designation : |
Non-Executive Directors |
|
|
|
|
Name : |
Mr .S Mohapatra |
|
Designation : |
Non-Executive Directors |
|
|
|
|
Name : |
Mr S K Pal |
|
Designation : |
Non-Executive Directors |
|
|
|
|
Name : |
Dr A K Bhattacharyya |
|
Designation : |
Non-Executive Directors |
|
|
|
|
Name : |
Prof S K Majumdar |
|
Designation : |
Non-Executive Directors |
|
|
|
|
Name : |
Mr. K P Khandelwal |
|
Designation : |
Non-Executive Directors |
|
|
|
|
Name : |
Ms. Vartika Mittal |
|
Designation : |
Non-Executive Directors |
KEY EXECUTIVES
|
Name : |
Mr. Trilochan Sharma |
|
Designation : |
VP and Company Secretary |
|
|
|
|
Name : |
Mr. Narendra Kumar Panda |
|
Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
538320 |
0.76 |
|
|
33604076 |
47.40 |
|
|
34142396 |
48.16 |
|
|
|
|
|
|
2393420 |
3.38 |
|
|
2393420 |
3.38 |
|
Total shareholding of Promoter and Promoter Group (A) |
36535816 |
51.54 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
13600 |
0.02 |
|
|
596073 |
0.84 |
|
|
1697013 |
2.39 |
|
|
2306686 |
3.25 |
|
|
|
|
|
|
6886621 |
9.71 |
|
|
|
|
|
|
17700545 |
24.97 |
|
|
6322942 |
8.92 |
|
|
1137801 |
1.61 |
|
|
810467 |
1.14 |
|
|
326350 |
0.46 |
|
|
984 |
0.00 |
|
|
32047909 |
45.21 |
|
Total Public shareholding (B) |
34354595 |
48.46 |
|
Total (A)+(B) |
70890411 |
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) |
70890411 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of bulk ferro alloys. |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
|
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit (30,60,90 Days) |
|
|
|
|
Purchasing : |
Cash and Credit (30,60,90 Days) |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
POSCO
|
|||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
|
Customers : |
Vardhman Industries Limited
|
|||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
500 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Chaturvedi and Shah Chartered Accountants |
|
Address : |
714-715, Tulsiani Chambers, 212 , Nariman Point, Mumbai - 400 021, Maharashtra, India |
|
Tel. No.: |
91-22-3021-8500 |
|
|
|
|
Internal
Auditors: |
|
|
Name : |
Das and Prasad Chartered Accountants |
|
Address : |
Diamond Chambers, 4, Chowringhee Lane, 8th Floor, Room No. 8F, Block - 3rd, Kolkata - 700 016, West Bengal, India |
|
Tel. No.: |
91-33-2252-1911 (3 Lines) |
|
|
|
|
Cost Auditors: |
|
|
Name : |
Shome and Banerjee Cost Accountants |
|
Address : |
5A, Nurulla Doctor Lane, 2nd Floor, Kolkata 700 017, West Bengal, India |
|
Tel. No.: |
91-33-2287-9722/ 6456-6720 / 6722 |
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiary Company (AS ON 31.03.2014): |
|
|
|
|
|
Associate Company (AS ON
31.03.2014): |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital : Not
Available
Issued, Subscribed, Paid-up Capital : Rs. 369.638
Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000,000 |
Equity Shares |
Rs.5/- each |
Rs. 1000.000 Million |
|
|
|
|
|
Issued, Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
67,334,263 |
Equity Shares |
Rs.5/- each |
Rs. 336.671
Million |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
64,290,411 |
Equity Shares |
Rs.5/- each |
Rs. 321.452
Million |
|
|
Add: Shares forfeited |
|
Rs. 15.186
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 336.638 Million |
Note:
Reconciliation of the
Shares outstanding at the beginning and at the end of the reporting year
|
Equity shares |
As at 31st March,
2014 |
|
|
|
No. In Million |
Rs. In Million |
|
At the beginning of the year |
64.290 |
321.452 |
|
Issued during the year |
-- |
-- |
|
Outstanding at the
end of the year |
64.290 |
321.452 |
Terms/ rights
attached to equity shares
(I) The company has only one class of equity shares having par value of Rs 5 per share. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
(Ii) The amount of per share dividend recognized as distributions to equity shareholders is Rs 0.60 per share (31 March 2013: Rs 0.50 per share).
(Iii) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.
Details of
shareholders holding more than 5% equity shares in the Company
|
Equity shares |
As at 31st March,
2014 |
|
|
|
Numbers |
% holding |
|
Goldline Tracom Private Limited |
12402346 |
19.29 |
|
Ushaditya Trading Private Limited (Formerly Ushaditya Investments Private Limited) |
7392500 |
11.50 |
|
Navoday Exim Private Limited (Formerly Ispat Holdings Private Limited) |
4888800 |
7.60 |
|
Hypnos Fund Limited. |
3495369 |
5.44 |
As per of the Company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.
Details of equity
shares pledged by the promoter or persons forming part of the promoter group
('Promoter Group') of the Company in compliance to Corporate Debt Restructuring
Scheme:
|
Particulars |
As at 31st March,
2014 |
|
Total number of equity shares held by the Promoter Group |
29935186 |
|
Total number of equity shares pledged by the Promoter Group |
14604790 |
|
Percentage of total shares pledged to total shareholding of the Promoter Group |
48.79% |
|
Percentage of total shares pledged to total outstanding shares of the Company |
22.72% |
Money received against share warrant represents 66,00,000 warrants allotted on a preferential basis to the promoter group on 19.10.2012 entitiling them to apply for obtain allotment of one equity share of Rs. 5/- each fully paid up at a price of Rs. 16/- per share at a premium of Rs. 11/- per share against each such warrant at any time after the date of allotment but on or before the expiry of 18 months from the date of allotment. The company had received Rs. 2,64,00,000 being 25 % of the consideration against these warrants. Company has alloted 66,00,000 equity shares on 16.04.2014 pursuant to these warrant on receipt of balance consideration of Rs. 7,92,00,000.
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 |
369.638 |
336.638 |
336.638 |
|
(b) Reserves & Surplus |
8619.577 |
8833.700 |
8905.338 |
|
(c) Money received against
share warrants |
0.000 |
26.400 |
26.400 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
8989.215 |
9196.738 |
9268.376 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
382.820 |
1980.646 |
2085.317 |
|
(b) Deferred tax liabilities
(Net) |
104.006 |
163.970 |
139.527 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
108.498 |
100.051 |
92.017 |
|
Total
Non-current Liabilities (3) |
595.324 |
2244.667 |
2316.861 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
586.428 |
677.286 |
681.598 |
|
(b) Trade payables |
2211.359 |
1778.250 |
1551.188 |
|
(c) Other current liabilities |
754.646 |
969.119 |
913.059 |
|
(d) Short-term provisions |
454.151 |
266.301 |
204.413 |
|
Total
Current Liabilities (4) |
4006.584 |
3690.956 |
3350.258 |
|
|
|
|
|
|
TOTAL |
13591.123 |
15132.361 |
14935.495 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
10071.134 |
9330.050 |
9722.216 |
|
(ii) Intangible Assets |
|
154.293 |
154.888 |
|
(iii) Capital work-in-progress |
|
779.303 |
519.614 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
340.248 |
376.748 |
383.128 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
569.797 |
2263.259 |
2182.646 |
|
(e) Other Non-current assets |
0.000 |
15.500 |
29.600 |
|
Total
Non-Current Assets |
10981.179 |
12919.153 |
12992.092 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1264.809 |
980.892 |
995.137 |
|
(c) Trade receivables |
150.974 |
127.185 |
71.945 |
|
(d) Cash and cash equivalents |
77.605 |
57.469 |
78.557 |
|
(e) Short-term loans and
advances |
1048.962 |
1002.204 |
735.335 |
|
(f) Other current assets |
67.594 |
45.458 |
62.429 |
|
Total
Current Assets |
2609.944 |
2213.208 |
1943.403 |
|
|
|
|
|
|
TOTAL |
13591.123 |
15132.361 |
14935.495 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
8568.008 |
7826.075 |
6861.291 |
|
|
Other Income |
134.239 |
86.796 |
166.420 |
|
|
TOTAL
(A) |
8702.247 |
7912.871 |
7027.711 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2732.331 |
2321.658 |
2561.475 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
2.254 |
47.424 |
(109.353) |
|
|
Power and Fuel |
2327.499 |
2181.465 |
2011.623 |
|
|
Employees benefits expense |
619.993 |
503.494 |
373.547 |
|
|
Other expenses |
1715.160 |
1543.058 |
1065.169 |
|
|
Exchange fluctuation loss / gain |
(114.390) |
-- |
-- |
|
|
Exceptional Item |
436.731 |
-- |
-- |
|
|
TOTAL
(B) |
7719.578 |
6597.099 |
5902.461 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
982.669 |
1315.772 |
1125.250 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
341.595 |
411.907 |
443.086 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
641.074 |
903.865 |
682.164 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
210.638 |
188.454 |
174.905 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
430.436 |
715.411 |
507.259 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
138.026 |
255.382 |
219.414 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I) (J) |
292.410 |
460.029 |
287.845 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
1847.222 |
1596.737 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend |
NA |
38.574 |
32.145 |
|
|
Tax on Proposed Dividend |
NA |
6.556 |
5.215 |
|
|
Transfer to General Reserve |
NA |
11.501 |
0.000 |
|
|
Balance
Carried to the B/S |
NA |
2250.620 |
1847.222 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
4882.740 |
4103.706 |
|
|
TOTAL
EARNINGS |
NA |
4882.740 |
4103.706 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
380.174 |
203.827 |
|
|
TOTAL
IMPORTS |
NA |
380.174 |
203.827 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
Basic |
4.14 |
7.16 |
4.48 |
|
|
Diluted |
4.14 |
6.61 |
4.30 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from /(used in) operations |
NA |
1179.748 |
1277.639 |
|
Net cash flow from operating activities |
NA |
992.265 |
1145.384 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
|
30.06.2015 1st
Quarter |
|
Audited
/ UnAudited |
|
|
|
|
|
|
|
|
|
Net Sales |
|
|
2117.660 |
|
Total Expenditure |
|
|
1855.050 |
|
PBIDT (Excl OI) |
|
|
262.610 |
|
Other Income |
|
|
2.550 |
|
Operating Profit |
|
|
265.160 |
|
Interest |
|
|
74.130 |
|
Exceptional Items |
|
|
NA |
|
PBDT |
|
|
191.030 |
|
Depreciation |
|
|
58.350 |
|
Profit Before Tax |
|
|
132.680 |
|
Tax |
|
|
37.480 |
|
Provisions and contingencies |
|
|
NA |
|
Profit After Tax |
|
|
95.200 |
|
Extraordinary Items |
|
|
NA |
|
Prior Period Expenses |
|
|
NA |
|
Other Adjustments |
|
|
NA |
|
Net Profit |
|
|
95.200 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
3.41 |
5.88 |
4.20 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
11.47 |
16.81 |
16.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.25 |
5.12 |
3.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.08 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.11 |
0.29 |
0.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.65 |
0.60 |
0.58 |
STOCK
PRICES
|
Face Value |
Rs.5.00/- |
|
Market Value |
Rs.18.00/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
336.638 |
336.638 |
369.638 |
|
Reserves & Surplus |
8905.338 |
8833.700 |
8619.577 |
|
Money received against share
warrants |
0.000 |
26.400 |
26.400 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
9241.976 |
9196.738 |
9015.615 |
|
|
|
|
|
|
long-term borrowings |
2085.317 |
1980.646 |
382.820 |
|
Short term borrowings |
681.598 |
677.286 |
586.428 |
|
Total
borrowings |
2766.915 |
2657.932 |
969.248 |
|
Debt/Equity
ratio |
0.299 |
0.289 |
0.108 |
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) |
|
Sales |
6861.291 |
7826.075 |
8568.008 |
|
|
|
14.061 |
9.480 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
6861.291 |
7826.075 |
8568.008 |
|
Profit |
287.845 |
460.029 |
292.410 |
|
|
4.20% |
5.88% |
3.41% |
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 |
Yes |
|
19 |
Major customers |
Yes |
|
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 |
No |
|
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 |
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Advance towards Promoter Contribution |
NA |
1940.500 |
|
Short-term
borrowings |
NA |
|
|
Loans from Body Corporates |
NA |
185.681 |
|
Total |
NA |
2126.181 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10572653 |
22/04/2015 |
2,111,000.00 |
HINDUJA LEYLAND FINANCE LIMITED |
1 SARDAR PATEL ROAD, GUINDY, CHENNAI, TAMIL NADU |
C55301428 |
|
2 |
10563015 |
24/03/2015 |
1,015,900.00 |
HINDUJA LEYLAND FINANCE LIMITED |
1 SARDAR PATEL ROAD, GUINDY, CHENNAI, TAMIL NADU |
C50740224 |
|
3 |
10556019 |
17/03/2015 |
468,572,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER - E, CUFFE PARADE, COLABA, MUMBAI |
C46919890 |
|
4 |
10563009 |
25/02/2015 |
1,676,000.00 |
HINDUJA LEYLAND FINANCE LIMITED |
1 SARDAR PATEL ROAD, GUINDY, CHENNAI, TAMIL NADU |
C50738335 |
|
5 |
10563018 |
31/01/2015 |
4,089,185.00 |
HINDUJA LEYLAND FINANCE LIMITED |
1 SARDAR PATEL ROAD, GUINDY, CHENNAI, TAMIL NADU |
C50741099 |
|
6 |
10563016 |
30/01/2015 |
11,827,462.00 |
HINDUJA LEYLAND FINANCE LIMITED |
1 SARDAR PATEL ROAD, GUINDY, CHENNAI, TAMIL NADU |
C50740604 |
|
7 |
90079588 |
16/11/1998 |
15,000,000.00 |
STATE BANK OF INDIA |
BALASORE INDUSTRIAL ESTATE, BALASORE, ANDHRA PRADE |
- |
|
8 |
90079388 |
27/06/2002 * |
218,300,000.00 |
STATE BANK OF HYDERABAD |
LANSWANE BRANCH, 53; SARAT BOSE ROAD, KOLKATA, WE |
- |
|
9 |
90078310 |
25/11/1997 * |
872,300,000.00 |
STATE BANK OF INDIA |
BALASORE INDSUTRIAL FINANCE BRANCH, BALASORE, ANDH |
- |
|
10 |
90079243 |
30/06/1995 |
672,300,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL ESTATE BRANCH, BALASORE, ORISSA, INDIA |
- |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in Million)
|
PARTICULARS |
31.03.2014 |
|
|
|
|
Sales tax matters under appeal {Amount paid under appeal Rs 2.131 Million (Rs. 10.671 Million)}* |
3.686 |
|
Entry tax matters {Amount paid under appeal Rs 1.871 Million (Rs. 2.398 Million)}* |
11.757 |
|
Excise / Service tax matters {Amount paid under appeal Rs 1.083 Million (Rs. 0.230 Million)}* |
120.079 |
|
Un-expired Bank Guarantees and Letters of Credit |
63.689 |
|
Bills discounted with Banks |
544.753 |
|
Note: * In respect of above cases based on favorable decisions in similar cases/legal opinions taken by the Company/discussions with the solicitors etc., the management is of the opinion that it is possible, but not probable, that the action will succeed and accordingly no provision for any liability has been made in the financial statements. |
|
UNAUDITED STANDLONE
FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2015
|
PARTICULARS |
Quarter ended |
|
|
30.06.2015 |
|
|
(Unaudited) |
|
Income from Operations |
|
|
Net Sales/Income from Operations |
2104.372 |
|
Other Operating Income |
12.286 |
|
Total Income from
operations (net) |
2117.658 |
|
|
|
|
Expenses |
|
|
(a) Cost of materials consumed |
705.940 |
|
(b) Changes in inventories of finished
goods, work in progress and stock in trade |
(84.142) |
|
(c) Power |
640.317 |
|
(d) Employee benefit expenses |
149.464 |
|
(e) Depreciation and amortization expenses |
58.351 |
|
(f) Other Expenses |
443.472 |
|
Total Expenses |
1913.402 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
204.256 |
|
Other Income |
2.550 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
206.806 |
|
Finance costs |
74.126 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
132.680 |
|
Exceptional
item |
0.000 |
|
Profit/ Loss from Ordinary Activities
before tax |
132.680 |
|
Tax Expenses |
37.483 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
95.197 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 5/- each ) |
354.452 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
|
|
Earnings per share (of Rs. 5/- each) (not annualised) * |
|
|
Basic |
1.34 |
|
Diluted |
1.34 |
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
1. Public shareholding |
|
|
Number of
Shares |
34354595 |
|
Percentage of Shareholding |
48.46% |
|
2. Promoters
and promoter group shareholding |
|
|
a)
Pledged/Encumbered |
|
|
- Number of Shares |
14604790 |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
39.97% |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
20.60% |
|
|
|
|
Non - encumbered |
|
|
- Number of
Shares |
21931026 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter
group) |
60.03% |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
30.94% |
|
|
PARTICULARS |
Quarter
30.06.2014 |
|
B |
Investor complaints
(Nos.) |
|
|
|
Pending at the beginning of the quarter |
NIL |
|
|
Received during the quarter |
34 |
|
|
Disposed of during the quarter |
34 |
|
|
Remaining unresolved at the end of the quarter |
NIL |
NOTE:
The figures for the corresponding previous period have been restated regrouped wherever necessary, to make them comparable.
The Auditors' in their audit report on the Company's financial statements for the year ended 31st March, 2015 and in their review report for the quarter ended 30th June, 201 5 have drawn attention to matter as stated below.
North Eastern Electricity Supply Company of Orissa Limited (NESCO) has raised total claim for Rs. 1608.796 Million as at 30th June, 2015 (Rs. 1669.905 Million as at 31st March, 2015) (including delayed payment surcharge) net of Rs. 340.000 Million already paid by the company in earlier years .The matter of revocation of settlement is pending with Honourable High Court of Orissa. pending outcome of the court decision and based on management discussion with legal counsel, no provision has been made towards above demand.
Based on the synergies, risks and return associated with business operations and in terms of Accounting Standard-17, the Company is mainly engaged in the Manufacturing of Ferro Chrome. All aclivities of the company revolves around this main business. As such, there are no separate reportable segments as per the Accounting Standard 17 (Segment Reporting).
The above financial results duly reviewed by the Audit Committee and were approved in the Board Meeting held on 14th August, 2015. The Statutory auditors of the Company have carried out a Limited Review of the aforesaid results.
FIXED ASSETS
Tangible Assets
- Land
- Mining Lease
- Buildings
- Plant and equipment
- Office Equipment
- Computer and Periperhals
- Furniture and fixtures
- Vehicles
Intangible Assets
- Computer Software
- Mines 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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.22 |
|
UK Pound |
1 |
Rs.102.23 |
|
Euro |
1 |
Rs.72.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.