MIRA INFORM REPORT
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Report No. : |
351230 |
|
Report Date : |
01.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHRI BAJRANG ALLOYS LIMITED |
|
|
|
|
Registered
Office : |
521/C, Urla Industrial Complex, Raipur – 493221, Chhattisgarh |
|
Tel. No.: |
91-771-2324281 / 4288000 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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|
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Date of
Incorporation : |
16.08.1990 |
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|
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Com. Reg. No.: |
53-005964 |
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Capital
Investment / Paid-up Capital : |
Rs.90.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27103CT1990PLC005964 |
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|
|
|
IEC No.: |
Not Divulged |
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|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in manufacturing of Structural Steels like Angle, Channel, Joist/Beam, Round etc. (Registered Activity) |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was established in 1990 and it is a manufacturer of structural
steel materials. The company offers product such as angle, beam, channel and
flat. The company supplies to the Indian Railways, power projects and the
telecom sector. Rating factors in deterioration in company’s business risk profile
with revenue decline to Rs.716.000 Million in 2014-15 from Rs.1.043 billion
in 2013-14. The revenue decline was because of reduced orders for
transmission line towers from the power sector. Its liquidity will remain
weak owing to its large working capital requirements and its tightly matched
cash accruals against its term debt obligations. The ratings reflect the susceptibility of company’s operating margin to
volatility in steel prices and its vulnerability to cyclicality in the steel
industry and to slowdown in offtake by the end-user industry. Moreover, rating also reflects in the company’s below-average
financial profile marked by modest networth and high gearing levels. Rating weakness is partially offset by the extensive experience of
company’s promoters in the steel industry and its established relationships
with suppliers and customers. Trade relations are reported as fair. Payments are reported to be slow
but correct. In view of aforesaid, the company can be considered for business
dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: “B+” |
|
Rating Explanation |
Risk-prone-credit-quality and carries very high credit risk. |
|
Date |
20.07.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: “A4” |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
20.07.2015 |
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
31-03-2015.
INFORMATION DENIED BY
|
Name : |
Mr. Jayesh Kapadi |
|
Designation : |
General Manager – Finance |
|
Contact No.: |
91-9826950700 |
|
Date : |
23.11.2015 |
LOCATIONS
|
Registered Office/ Factory : |
521/C, Urla Industrial Complex, Raipur – 493221, Chhattisgarh, India |
|
Tel. No.: |
91-771-2324281/ 2324282/ 4288000/ 2323628 / 4288088 |
|
Fax No.: |
91-771-2323629/ 4288001 |
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E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Anand Goel |
|
Designation : |
Managing Director |
|
Address : |
New Timber Market, Fafadih, Raipur - 492001, Chhattisgarh, India |
|
Date of Birth/Age : |
31.07.2000 |
|
DIN No.: |
00796135 |
|
|
|
|
Name : |
Mr. Suresh Goel |
|
Designation : |
Director |
|
Address : |
Gharonda, Ravi Nagar, Raipur - 492001, Chhattisgarh, India |
|
Date of Birth/Age : |
10.10.1994 |
|
DIN No.: |
00115834 |
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|
|
|
Name : |
Mr. Narendra Goel |
|
Designation : |
Director |
|
Address : |
F-6, Anupam Nagar, Raipur - 492001, Chhattisgarh, India |
|
Date of Birth/Age : |
16.08.1990 |
|
DIN No.: |
00115883 |
|
|
|
|
Name : |
Mr. Vikash Kumar Khedia |
|
Designation : |
Director |
|
Address : |
C-361, B/H Goyal Nursing Home, Samta Colony, Raipur - 492031, Chhattisgarh, India |
|
Date of Birth/Age : |
28.06.2006 |
|
DIN No.: |
01565046 |
|
|
|
|
Name : |
Mr. Dinesh Agrawal |
|
Designation : |
Director |
|
Address : |
Ashoka Park, Shankar Nagar, Raipur, 492001, Chhattisgarh, India |
|
Date of Birth/Age : |
02.05.2005 |
|
DIN No.: |
00115941 |
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|
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Name : |
Mr. Raj Kumar Yadava |
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Designation : |
Independent Director |
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|
Name : |
Ms. Prerna Singhal |
|
Designation : |
Director |
|
Address : |
House No. 279 Urban Estate, Phase-1 Ward No. 17, Ludhiana - 141001, Punjab, India |
|
Date of Birth/Age : |
24.03.2015 |
|
DIN No.: |
07104157 |
KEY EXECUTIVES
|
Name : |
Ms. Sheenam Pitroda |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
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|
Name : |
Mr. Suraj Prakash |
|
Designation : |
Secretary |
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Date of Birth/Age : |
Beside Hinoo United Middle School, Saket Nagar, Hinoo, Ranchi - 834002, Jharkhand, India |
|
Date of Appointment : |
10.09.2015 |
|
PAN No.: |
BVKPP4338Q |
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|
|
|
Name : |
Mr. Archit Goelc |
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Designation : |
Chief Financial Officer |
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Date of Birth/Age : |
F-6, Anupam Nagar, Raipur - 492001, Chhattisgarh, India |
|
Date of Appointment : |
08.09.2014 |
|
PAN No.: |
ALRPG3265B |
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|
|
|
Name : |
Mr. Jayesh Kapadi |
|
Designation : |
General Manager – Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A)
Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
1452069 |
16.13 |
|
|
3958900 |
43.99 |
|
|
3958900 |
43.99 |
|
|
5410969 |
60.12 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
5410969 |
60.12 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
|
|
|
|
1343858 |
14.93 |
|
|
|
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|
Individual shareholders
holding nominal share capital up to Rs. 0.100 Million |
1028257 |
11.43 |
|
Individual shareholders
holding nominal share capital in excess of Rs. 0.100 Million |
782282 |
8.69 |
|
|
434634 |
4.83 |
|
|
1421 |
0.02 |
|
|
1692 |
0.02 |
|
|
431521 |
4.79 |
|
|
3589031 |
39.88 |
|
Total
Public shareholding (B) |
3589031 |
39.88 |
|
Total
(A)+(B) |
9000000 |
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) |
9000000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing of Structural Steels like Angle, Channel, Joist/Beam, Round etc. (Registered Activity) |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
Long Term
Borrowings Note : There is no default, continuing or otherwise, as at the balance sheet date, in repayment of any of the above loans. Short Term Borrowings Note : There is no default, as at the balance sheet date, in repayment of any of above Loans |
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Auditors : |
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|
Name : |
R K Singhania and Associates Chartered Accountants |
|
Address : |
205, 1st Floor, Samta Colony, Raipur – 492
001, Chhattisgarh, India |
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Tel. No.: |
91-771-2255744-45/ 4036066 |
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Fax No.: |
91-771-2254188 |
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E-Mail : |
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Website: |
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Legal Advisor: |
V.K. Munshi and Associates |
|
Address : |
Raipur, Chhattisgarh , India |
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Memberships : |
-- |
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Collaborators : |
-- |
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Wholly owned
Subsidiary: |
Popular Mercantile Private Limited |
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Associates: |
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CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Million |
|
1000000 |
Preference Shares |
Rs. 10/- each |
Rs. 10.000 Million |
|
|
Total |
|
Rs. 210.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9000000 |
Equity Shares |
Rs.10/- each |
Rs.90.000
Million |
|
|
|
|
|
Reconciliation of
number of equity shares outstanding at the beginning and at the end of the
year.
|
PARTICULARS |
AS AT 31.03.2015 |
|
No of shares outstanding as at the beginning of the year |
9000000 |
|
Add : Number of shares allotted during the year as fully paid-up |
-- |
|
Number of shares outstanding as at the end of the
year |
9000000 |
Rights, preferences and restrictions attaching to various classes of
shares
|
SL No. |
Class of shares |
Rights, preferences and restrictions (including restrictions on
distribution of dividends and repayment of capital) attached to the class of
shares. |
|
1 |
Equity Shares |
Holder of Equity Share has one Vote per share. |
|
2 |
Preference shares |
Not Issued |
Shares in the company held by each shareholder holding more than 5%
shares
|
SL No. |
Name of the shareholder |
As at 31.03.2015 |
|
|
|
No. of shares |
% Held |
|
|
1 |
Rajendra Goel * |
847500 |
9.42 |
|
2 |
Atlanta Securities Private Limited |
760500 |
8.45 |
|
3 |
Narendra Goel * |
632700 |
7.03 |
|
4 |
Hariram Goel * |
566100 |
6.29 |
|
5 |
Anand Goel * |
513400 |
5.70 |
|
6 |
Suresh Goel * |
482400 |
5.36 |
* Hold as in capacity of
Karta of HUF
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 |
90.000 |
90.000 |
90.000 |
|
(b) Reserves & Surplus |
194.053 |
173.995 |
161.850 |
|
(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) |
284.053 |
263.995 |
251.850 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
230.922 |
250.713 |
276.325 |
|
(b) Deferred tax liabilities
(Net) |
3.746 |
3.682 |
4.403 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
1.965 |
1.683 |
1.397 |
|
Total
Non-current Liabilities (3) |
236.633 |
256.078 |
282.125 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
317.147 |
351.841 |
290.007 |
|
(b) Trade payables |
8.939 |
4.475 |
4.519 |
|
(c) Other current liabilities |
36.723 |
31.479 |
54.465 |
|
(d) Short-term provisions |
6.266 |
7.845 |
8.179 |
|
Total
Current Liabilities (4) |
369.075 |
395.640 |
357.170 |
|
|
|
|
|
|
TOTAL |
889.761 |
915.713 |
891.145 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
40.864 |
43.645 |
49.047 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
42.647 |
18.520 |
18.520 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
225.656 |
189.635 |
217.641 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
309.167 |
251.800 |
285.208 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
168.635 |
254.924 |
213.206 |
|
(c) Trade receivables |
160.064 |
255.716 |
293.260 |
|
(d) Cash and cash equivalents |
0.861 |
0.655 |
30.846 |
|
(e) Short-term loans and
advances |
251.034 |
152.618 |
68.625 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
580.594 |
663.913 |
605.937 |
|
|
|
|
|
|
TOTAL |
889.761 |
915.713 |
891.145 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
712.048 |
1042.530 |
1560.165 |
|
|
Other Income |
18.958 |
0.219 |
1.606 |
|
|
TOTAL
(A) |
731.006 |
1042.749 |
1561.771 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
550.354 |
871.671 |
1283.302 |
|
|
Purchases of Stock-in-Trade |
41.000 |
19.534 |
36.778 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
17.210 |
(1.916) |
7.518 |
|
|
Employees benefits expense |
10.918 |
9.637 |
8.603 |
|
|
Other Manufacturing Expenses |
38.680 |
63.685 |
83.593 |
|
|
Other Administrative Expenses |
8.476 |
11.813 |
65.204 |
|
|
TOTAL
(B) |
666.638 |
974.424 |
1484.998 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
64.368 |
68.325 |
76.773 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
34.001 |
41.891 |
36.835 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
30.367 |
26.434 |
39.938 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
6.499 |
8.486 |
8.955 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
23.868 |
17.948 |
30.983 |
|
|
|
|
|
|
|
Less |
TAX (H) |
4.840 |
5.803 |
9.630 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
19.028 |
12.145 |
21.353 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
99.435 |
88.290 |
84.257 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
1.000 |
1.000 |
10.000 |
|
|
Balance
Carried to the B/S (J+K+L-M) |
117.463 |
99.435 |
88.290 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
19.620 |
8.553 |
0.000 |
|
|
TOTAL EARNINGS |
19.620 |
8.553 |
0.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
2.11 |
1.35 |
1.56 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
19.468 |
15.139 |
14.038 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activity |
63.368 |
40.826 |
(164.848) |
QUARTERLY RESULTS
|
Particulars |
30.06.2015 |
30.09.2015 |
|
Unaudited |
1st Quarter |
2nd Quarter |
|
Net Sales |
91.410 |
118.230 |
|
Total Expenditure |
95.500 |
121.460 |
|
PBIDT (Excl OI) |
(4.090) |
(3.230) |
|
Other Income |
1.570 |
3.520 |
|
Operating Profit |
(2.520) |
0.290 |
|
Interest |
4.980 |
3.720 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
(7.500) |
(3.430) |
|
Depreciation |
0.970 |
1.100 |
|
Profit Before Tax |
(8.470) |
4.530 |
|
Tax |
NA |
NA |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
(8.470) |
(4.530) |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
(8.470) |
(4.530) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.67 |
1.16 |
1.37 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
9.04 |
6.55 |
4.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.82 |
2.00 |
3.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.07 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.00 |
2.34 |
2.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.57 |
1.68 |
1.70 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.24.50/- |
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 |
90.000 |
90.000 |
90.000 |
|
Reserves & Surplus |
161.850 |
173.995 |
194.053 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
251.850 |
263.995 |
284.053 |
|
|
|
|
|
|
long-term borrowings |
276.325 |
250.713 |
230.922 |
|
Short term borrowings |
290.007 |
351.841 |
317.147 |
|
Current Maturities of
Long-Term Debts |
14.038 |
15.139 |
19.468 |
|
Total
borrowings |
580.370 |
617.693 |
567.537 |
|
Debt/Equity
ratio |
2.304 |
2.340 |
1.998 |
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 |
1560.165 |
1042.530 |
712.048 |
|
|
|
(33.178) |
(31.700) |
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 |
1560.165 |
1042.530 |
712.048 |
|
Profit |
21.353 |
12.145 |
19.028 |
|
|
1.37% |
1.16% |
2.67% |
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 |
No |
|
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) |
No |
|
16 |
No. of employees |
No |
|
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 |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
COMPANY OVERVIEW
The Subject is a Public Limited Company incorporated under the provision of the Companies Act 1956, having its Regd. Office in Raipur. The Company has listed its share in Bombay Stock of Exchange (BSE) of India. The Company is mainly engaged in manufacturing of Structural Steels like Angle, Channel, Joist/Beam, Round etc.
REVIEW OF OPERATIONS
On a Standalone basis the Revenue for the current financial year stood at Rs.826.083 Million as compared to Rs.1199.784 Million in the previous year and Profit after Tax stood at Rs.19.028 Million during the current financial year as compared to Rs.12.145 Million in the previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC AND INDUSTRY
OVERVIEW
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Domestic Scenario
Steel is crucial for the development of any modern economy and is considered to be one of the backbones of human civilization. The level of per capita consumption of steel is treated as an important index of the level of socio-economic development in a country.
Steel is crucial for the development of any modern economy and is considered to be one of the backbones of human civilization. The level of per capita consumption of steel is treated as an important index of the level of socio-economic development in a country.
The Indian Steel sector was the first core sector to be completely freed from the licensing regime and pricing and distribution controls. Price regulation of iron & steel was abolished on 16.1.1992. Since then steel prices are determined by the interplay of market forces. Domestic steel prices are influenced by trends in raw material prices, demand – supply conditions in the market, international price trends among others. This was done primarily because of the inherent strengths and capabilities demonstrated by the Indian Iron and Steel Industry. The economic reforms and the consequent liberalization of the iron and steel sector which started in the early 1990s resulted in substantial growth in the steel industry and green field steel plants were set up in the private sector.
As per the report of the Working Group on Steel for the 12th Five Year Plan, there exist many factors which carry
the potential of raising the per capita steel consumption in the country. These include among others, an estimated infrastructure investment of nearly a trillion dollars, a projected growth of manufacturing from current 8% to 11-12%, increase in urban population to 600 million by 2030 from the current level of 400 million, emergence of the rural market for steel currently consuming around 10 kg per annum buoyed by projects like Bharat Nirman, Pradhan Mantri Gram Sadak Yojana, Rajiv Gandhi Awaas Yojana among others. In 2014-15, production for sale of total finished steel (alloy + non alloy) was 91.46 mt, a growth of 4.3% over 2013-14.
Global Aspect
In 2014, the world crude steel production reached 1665 million tonnes (mt) and showed a growth of 1% over 2013. China remained the world's largest crude steel producer in 2014 (823 mt) followed by Japan (110.7 mt), the USA (88.2 mt) and India (86.5 mt) at the 4th position. World Steel Association has projected Indian steel demand to grow by 6.2% in 2015 and by 7.3% in 2016 as compared to global steel use growth of 0.5% and 1.4% respectively. Chinese steel use is projected to decline in both these years by 0.5%. World crude steel production for the 65 countries reporting to the World Steel Association (worldsteel) was 135 million tonnes (mt) in April 2015, a 1.7% decrease compared to April 2014.
The crude steel capacity utilization ratio for the 65 countries in April 2015 was 72.5%. It is 3.2 percentage points lower than April 2014. Compared to March 2015, it is 0.9 percentage points higher. In short, the global steel demand recovery continues but growth is stabilising at a lower rate with continued volatility and uncertainty leading to a challenging environment for steel companies.
SEGMENT – WISE OR
PRODUCT-WISE PERFORMANCE
There Company is currently producing only one type of product i.e. Structural steel hence there are no different
segments for separate data to reproduce.
Financial Performance
for Structural Steel
On a Standalone basis the revenue for the current financial year stood at Rs.826.063 Million as compared to Rs. 1199.784 Million in the previous year and Profit after Tax stood at Rs.19.028 Million during the current financial year as compared to Rs. 12.145 Million in the previous year.
OUTLOOK
India with economic growth around nine percent year-on-year continues to be a large market domestically and remains relatively less affected by the global financial crisis. As a result, we are seeing predictable capacity expansions in the sector. Unlike the past, sector today isn’t reliant on the developed export markets, as new avenues in the Latin Americas and Africa have opened up internationally, coupled with the buoyant domestic demand.
With this scenario, the all- important issue of raw material security, gains significance. And with capacity building, there are inescapable questions of environmental and forest clearances, availability of land in Greenfield expansions, access to best-in-class technology and most importantly, availability of right manpower and skill sets.”
Access to infrastructure is an issue in India. As most new steel plants are likely to be situated in resource-rich states such as Odisha, Chhattisgarh, Jharkhand and Karnataka, these areas have become steel hubs needing access to infrastructure. Indian railways meet more than 70% of the steel industry’s transportation needs. The Government will, therefore, need to plan for future rail network capacity and mobilize funds accordingly.
Cash flow for Indian steelmakers remains negative due to aggressive capital expenditure. This can have an impact on serviceability of debt in the short term. AII investment are at all-time highs and give an indication that the investment cycle in manufacturing will pick up gradually with interest rate cuts expected to start by the end of this fiscal year.
The Indian iron and steel industry is expected to register exponential growth in future, riding on a projected growth wave of infrastructure, automobile and real estate sectors and notwithstanding challenges of unavailability of land, raw materials, power, and unaffordable capital. If the industry has to achieve this ambitious target, one of the critical imperatives is to bridge the yawning gap between demand and supply of skilled workforce in the iron and steel sector.
The speed and degree of changes in the global economy and the increasingly complex interplay of factors influencing more globally integrated steel business make horizon watching essential. To succeed, steelmakers must determine how to optimize and create a new product mix and decide whether they are prepared to take the plunge to invest in new geographic markets.
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Long-term
Borrowings |
|
|
|
Loans And Advances
From Others |
1.339 |
1.679 |
|
From Financial Institutions & Banks |
228.191 |
246.476 |
|
|
|
|
|
Total |
228.530 |
248.155 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10570154 |
02/02/2015 |
1,099,990.00 |
Axis Bank
Limited |
2nd
Floor Chawla Chambers, J.B. Marg, Pandri, Raipur, Chhattisgarh – 492001,
INDIA |
C54013727 |
|
2 |
10532463 |
25/11/2014 |
4,765,400,000.00 |
BANK OF BARODA |
MID CORPORATE
BRANCH, 2ND FLOOR LIC BUILDING PAND |
C34388983 |
|
3 |
10039900 |
18/10/2008 * |
1,243,000,000.00 |
BANK OF BARODA |
WHOLESALE
BANKING BRANCH, MAIN BRANCH, K. K. ROAD, RAIPUR, Chhattisgarh – 492001, INDIA |
A52168622 |
|
4 |
10042964 |
15/12/2007 * |
429,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, SECTOR 1,, BHILAI, Chhattisgarh – 490001, INDIA |
A37869419 |
|
5 |
10010048 |
12/07/2011 * |
340,000,000.00 |
STATE BANK F
INDIA |
COMMERCIAL BRANCH,,
SECTOR 1, Bhilai, Chhattisgarh – 490001, INDIA |
B17662685 |
|
6 |
90204285 |
24/09/2007 * |
10,000,000.00 |
BANK OF BARODA |
Raipur Main
Branch, Mahavir Goushala Complex, K. K. Road, RAIPUR, Chhattisgarh –
492001, INDIA |
A30978316 |
|
7 |
90202004 |
27/11/2010 * |
400,000,000.00 |
BANK OF BARODA |
WHOLESALE
BANKING BRANCH, FIRST FLOOR,, MAHAVIR G |
B03097656 |
|
8 |
90203655 |
12/02/2013 * |
350,000,000.00 |
BANK OF BARODA |
WHOLESALE
BANKING BRANCH, FIRST FLOOR,, MAHAVIR G |
B72377880 |
STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE
QUARTER / SIX MONTHS ENDED AS ON 30.09.2015
(Rs. In Million)
|
Sr. No. |
Particulars |
Quarter Ended |
Six Months Ended |
|
|
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
Income from
operations |
|
|
|
|
|
(a) Net sales/income from operations (net of excise duty) |
118.230 |
91.408 |
209.638 |
|
|
(b) Other operating income |
0.000 |
0.000 |
0.000 |
|
|
Total income from
operations (net) |
118.230 |
91.408 |
209.638 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
108.972 |
64.583 |
173.555 |
|
|
(b) Purchases of stock-in-trade |
34.483 |
0.000 |
34.483 |
|
|
€ Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(34.767) |
20.471 |
(14.296) |
|
|
(d) Manufacturing and Employee benefit |
10.794 |
8.838 |
19.632 |
|
|
€ Depreciation and amortization expense |
1.099 |
0.969 |
2.068 |
|
|
(f) Other expenses |
1.975 |
1.609 |
3.584 |
|
|
Total expenses |
122.556 |
96.470 |
219.026 |
|
3 |
Profit from
operations before other income, finance costs and exceptional items (1-2) |
(4.326) |
(5.062) |
(9.388) |
|
4 |
Other income |
3.515 |
1.569 |
5.084 |
|
5 |
Profit from
ordinary activities before finance costs and exceptional items (3+4) |
(0.811) |
(3.493) |
(4.304) |
|
6 |
Finance costs (net) |
3.715 |
4.976 |
8.691 |
|
7 |
Profit from
ordinary activities after finance costs but before exceptional items (5-6) |
(4.526) |
(8.469) |
(12.995) |
|
8 |
Exceptional items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit from
ordinary activities before tax (7-8) |
(4.526) |
(8.469) |
(12.995) |
|
10 |
Tax expense |
0.000 |
0.000 |
0.000 |
|
11 |
Net Profit from
ordinary activities after tax (9-10) |
(4.526) |
(8.469) |
(12.995) |
|
12 |
Extraordinary items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit for the
period/year (11-12) |
(4.526) |
(8.469) |
(12.995) |
|
14 |
Paid-up equity share capital (Face value of the share Rs. 10 each) |
90.000 |
90.000 |
90.000 |
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year |
--- |
-- |
-- |
|
16 |
Earnings Per Share (EPS) (Rs.) (before and after extraordinary items) |
(0.50) |
(0.94) |
(1.44) |
|
|
|
(0.50) |
(0.94) |
(1.44) |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
Number of shares |
3589031 |
3589031 |
3589031 |
|
|
Percentage of shareholding |
39.88 |
39.88 |
39.88 |
|
2 |
Promoters and
Promoter Group Shareholding |
|
|
|
|
|
a) Pledged /
encumbered |
|
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
|
Percentage of shares (as a % of the total shareholding of Promoter and Promoter Group) |
Nil |
Nil |
Nil |
|
|
Percentage of shares (as a % of the total share capital of the Company) |
Nil |
Nil |
Nil |
|
|
b) Non-encumbered |
|
|
|
|
|
Number of shares |
5410969 |
5410969 |
5410969 |
|
|
Percentage of shares (as a % of the total shareholding of Promoter and Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
Percentage of shares (as a % of the total share capital of the Company) |
60.12 |
60.12 |
60.12 |
|
B |
INVESTOR COMPLAINTS |
|
Quarter Ended 30.09.2015 |
|
|
Pending at the beginning of the quarter |
|
0 |
|
|
Received during the quarter |
|
1 |
|
|
Disposed of during the quarter |
|
1 |
|
|
Remaining unresolved at the end of the quarter |
|
0 |
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Million)
|
SOURCES
OF FUNDS |
30.09.2015 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
90.000 |
|
(b) Reserves & Surplus |
181.0528 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
271.058 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
235.187 |
|
(b) Deferred tax liabilities
(Net) |
3.746 |
|
(c) Other long term
liabilities |
0.000 |
|
(d) long-term provisions |
2.745 |
|
Total
Non-current Liabilities (3) |
241.678 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
300.966 |
|
(b) Trade payables |
9.360 |
|
(c) Other current liabilities |
34.726 |
|
(d) Short-term provisions |
1.370 |
|
Total
Current Liabilities (4) |
346.422 |
|
|
|
|
TOTAL |
859.158 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
39.236 |
|
(ii) Intangible Assets |
32.345 |
|
(iii) Capital work-in-progress |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
|
(b) Non-current Investments |
246.001 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
246.001 |
|
(e) Other Non-current assets |
0.000 |
|
Total
Non-Current Assets |
317.582 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
177.272 |
|
(c) Trade receivables |
158.749 |
|
(d) Cash and cash equivalents |
0.666 |
|
(e) Short-term loans and
advances |
204.889 |
|
(f) Other current assets |
0.000 |
|
Total
Current Assets |
580.594 |
|
|
|
|
TOTAL |
859.158 |
NOTES
1.The above results were reviewed by the Audit Committee and taken on record by the Board of Directors at their meeting held on 09.11.2015 and have been subjected to a limited review by the Statutory Auditors.
2. Provision for Current tax is made on estimated basis. Deferred tax has been provided in full year audited accounts.
3. The Company's operations fall under single segment.
4. Previous quarter and financial year’s figures were regrouped / rearranged wherever necessary.
FIXED ASSETS
· Leasehold Land
· Freehold Land
· Factory Building
· Other Building
· Plant and Equipments
· Rolls
· Furniture and Fixtures
· Vehicles
·
Computer
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.55 |
|
|
1 |
Rs.100.67 |
|
Euro |
1 |
Rs.70.87 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
. |
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
34 |
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.