MIRA INFORM REPORT
|
Report No. : |
354797 |
|
Report Date : |
14.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
BHUSHAN STEEL LIMITED (w.e.f. 2007) |
|
|
|
|
Formerly Known
As : |
BHUSHAN STEEL AND STRIPS LIMITED |
|
|
|
|
Registered
Office : |
Bhushan Centre, Ground Floor, Hyatt Regency Complex, Bhikaji Cama
Place, New Delhi - 110066 |
|
Tel. No.: |
91-11-26462373 (5 Lines) / 42297777 / 42295555 / 39194000/ 71194000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
07.01.1983 |
|
|
|
|
Com. Reg. No.: |
55-014942 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1755.147 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1983PLC014942 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELB07323B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB1247M |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Distributor of Cold Rolled Steel Strips/Sheets/Coils
and Galvanized Cold Rolled Steel Strips/Sheets/Coils. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is one of the well-established leading player in the steel
industry having moderate track. The management has seen a deterioration in the company’s credit
profile characterized by decline in its net profitability and further
aggravated by slower than expected ramping up of operations of Orissa phase
II expansion project. Moreover, the management has reported a loss from its operations
during the October – December quarter as a result of the working capital
intensive operations along with the large debt funded project expansion due
to which the management has seen an increase in its external borrowings
during the year, which has further weakened the liquidity position. The ratings also take into consideration, the company’s vice chairman
and managing director Mr. Neeraj Singhal, has been named and arrested in a
bribery case registered by central bureau of Investigation (CBI) in relation
with extension of credit facilities by syndicate bank to the company midst of
a crisis in which the company has planned to garner around a sufficient sum
through monetising its assets to stay afloat and manage its debt
commitments. However, Business is active. Payment terms are reported as slow and
delayed. In view of established track in the industry, the subject can be considered for business dealings on a safe and secured 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 = D |
|
Rating Explanation |
Lowest-credit-quality and very low prospects of recovery. |
|
Date |
16.10.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities = D |
|
Rating Explanation |
Instruments with this rating are in default of expected to be in default on maturity. |
|
Date |
16.10.2015 |
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
Management non-cooperative (91-11-42297777)
LOCATIONS
|
Registered/
Corporate Office 1 : |
Bhushan Centre, Ground Floor, Hyatt Regency Complex, Bhikaji Cama
Place, New Delhi - 110066,
India |
|
Tel. No.: |
91-11-26462373 (5 Lines) / 42297777 / 42295555 / 39194000/ 71194000 |
|
Fax No.: |
91-11-26478750 / 26415845/ 46518611 |
|
E-Mail : |
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|
Website : |
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|
|
|
Factory 1 and Marketing Office – Sahibabad : |
23, Site IV,
Sahibabad Industrial Area, Sahibabad, District |
|
Tel. No.: |
91-120-2770601-
04/ 3028000-09 |
|
Fax No.: |
91-120-2770509/
4100574 |
|
E-Mail : |
|
|
|
|
|
Corporate
Office 2 : |
F Block, 1st
Floor, International Trade Tower, Nehru Place, New Delhi – 110019, India |
|
|
|
|
Factory 2 : |
28/4, Site IV,
Sahibabad Industrial Area, Sahibabad, District |
|
|
|
|
Factory 3 : |
Village Nifran,
Savroli and Dehvali, Taluka – Khalapura, (Near Khopoli), District Raigad –
410 203, |
|
Tel. No.: |
91-2192-274146/
302000 |
|
Fax No.: |
91-2192-274294/
274354 |
|
E-Mail : |
|
|
|
|
|
Factory 4 : |
Narendra Pur, P O
Shibapur, Village Meramandali, District – Dhenkanal – 759 121, |
|
Tel. No. : |
91-6764-300000/
326443/ 325133/ 325857 |
|
Fax No.: |
91-11-66173997 |
|
E-mail : |
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Branches : |
Located at: ·
Agra ·
Ahmedabad ·
Aurangabad ·
Bengaluru ·
Bhubaneshwar ·
Chandigarh ·
Chennai ·
Coimbatore ·
Dehradun ·
Delhi ·
Faridabad ·
Gurgaon ·
Guwahati ·
Haldwani ·
Hyderabad ·
Hosur ·
Indore ·
Jaipur ·
Jammu ·
Kullu ·
Kolkata ·
Kanpur ·
Ludhiana ·
Mandigovindgarh ·
Mumbai ·
Pilkhuwa (Hapur) ·
Pune ·
Parwanoo ·
Rishikesh ·
Varanasi |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Brij Bhushan
Singal |
|
Designation : |
Chairman |
|
Address: |
W-29, Greater Kailash, Part-II, New Delhi-110046, |
|
Date of Birth/
Age: |
20.11.1936 |
|
Date of
Appointment: |
15.01.1987 |
|
|
|
|
Name : |
Mr. Neeraj Singal |
|
Designation : |
Vice Chairman and Managing Director |
|
Address: |
W-29, Greater Kailash, Part-II, New Delhi-110046, |
|
Date of Birth/
Age: |
23.04.1968 |
|
Qualification: |
Graduate |
|
Date of
Appointment: |
01.04.1992 |
|
|
|
|
Name : |
Mr. Nittin Johari |
|
Designation : |
Whole-time
Director [Finance] |
|
Qualification: |
M.Com, FCA |
|
Date of
Appointment: |
06.01.1995 |
|
|
|
|
Name : |
Mr. Rahul Sen Gupta |
|
Designation : |
Whole-time
Director [Technical] |
|
|
|
|
Name : |
Mr. P.K. Aggarwal |
|
Designation : |
Whole time Director [Commercial] |
|
|
|
|
Name : |
Mr. B B Tondon |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M. V. Surya
Narayana |
|
Designation : |
Director |
|
Address: |
12-2-417/A/11, Gudimalkapur,
Jaya Nagar, Hydedrabad - 500028, Andhra Pradesh, India |
|
Date of Birth/
Age: |
05.04.1946 |
|
Date of
Appointment: |
25.09.2010 |
|
|
|
|
Name : |
Mr. Ashwani Kumar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rakesh Singhal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pradeep Patni |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sahil Goyal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pankaj Sharma |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kapil Vaish |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Sunita
Sharma |
|
Designation : |
Nominee Director of
LIC |
|
|
|
|
Name : |
Mr. A. K. Deb |
|
Designation : |
Nominee Director of SBI |
|
|
|
|
Name : |
Dr. Rajesh Yaduvanshi |
|
Designation : |
Nominee Director of PNB |
KEY EXECUTIVES
|
Name : |
Mr. O.P. Davra |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of Shareholder |
No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
101852018 |
44.96 |
|
|
31901188 |
14.08 |
|
|
133753206 |
59.05 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
133753206 |
59.05 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
5380 |
0.00 |
|
|
44634 |
0.02 |
|
|
9130971 |
4.03 |
|
|
1665662 |
0.74 |
|
|
10846647 |
4.79 |
|
|
|
|
|
|
63464114 |
28.02 |
|
|
|
|
|
|
13851455 |
6.12 |
|
|
3565099 |
1.57 |
|
|
1034225 |
0.46 |
|
|
390320 |
0.17 |
|
|
643905 |
0.28 |
|
|
81914893 |
36.16 |
|
Total Public
shareholding (B) |
92761540 |
40.95 |
|
Total (A)+(B) |
226514746 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
226514746 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distributor of Cold Rolled Steel Strips/Sheets/Coils
and Galvanized Cold Rolled Steel Strips/Sheets/Coils. |
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Products : |
· Cold Rolled · Galvanised · Bhushan Galume · Colour Coated Coil · Colour Coated Tiles · Drawn Tubes of OEM Grade · Hardened and Tempered Strip · High Tensile Steel Stripping · Wire Rods and Alloy Billets ·
Sponge Iron |
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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 |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged
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Customers : |
Not Divulged
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
Mehra Goel and Company Chartered
Accountants |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates/Subsidiaries : |
-- |
CAPITAL STRUCTURE
AS ON 19.09.2015
Authorised Capital: Rs. 2850.000 Million
Issued, Subscribed & Paid-up Capital: Rs. 2319.847
Million
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000000 |
Equity Shares |
Rs. 2/- each |
Rs. 800.000 Million |
|
19500000 |
Preference Shares |
Rs. 100/- each |
Rs. 1950.000 Million |
|
|
Total |
|
Rs. 2750.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
230605220 |
Equity Shares |
Rs. 2/- each |
Rs. 461.210 Million |
|
8368833 |
10% Redeemable Cumulative Preference Shares |
Rs. 100/- each |
Rs. 836.883
Million |
|
3485000 |
2% Non-Convertible Cumulative
Redeemable Preference Shares |
Rs. 100/-
each |
Rs. 348.500
Million |
|
1167340 |
1% Non-Convertible Cumulative Redeemable Preference
Shares |
Rs. 100/-
each |
Rs. 116.734
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 1763.327 Million |
Subscribed and
Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
22,65,14,746 |
Equity Shares |
Rs. 2/- each |
Rs.453.029 Million |
|
|
Add: Shares forfeited |
|
Rs. 0.001 Million |
|
8368833 |
10% Redeemable Cumulative Preference Shares |
Rs. 100/- each |
Rs. 836.883 Million |
|
3485000 |
2% Non-Convertible Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs.348.500 Million |
|
1167340 |
1% Non-Convertible Cumulative Redeemable Preference Shares |
Rs. 100/- each |
116.734 Million |
|
|
Total |
|
Rs. 1755.147 Million |
Detail of
Shareholders holding more than 5% shares:
|
Name of
Shareholders |
As at 31st March,2015 |
|
|
|
No. of Shares |
% Held |
|
(A) Equity Shareholders |
|
|
|
1. Shri Brij Bhushan Singal |
41103391 |
18.15% |
|
2. Shri Neeraj Singal |
51480927 |
22.73% |
|
3. Bhushan Infrastructure Private Limited |
32010805 |
14.13% |
|
(B) Preference Shareholders |
|
|
|
1. Shri Brij Bhushan Singal |
1363433 |
10.47% |
|
2. Shri Neeraj Singal |
3137873 |
24.10% |
|
3. BBN Transportation Private Limited |
663500 |
5.10% |
|
4. Bhushan Finance Private Limited |
548810 |
4.21% |
|
5. Robust Transportation Private Limited |
457067 |
3.51% |
|
Particulars |
As at 31st March,2015 |
|
|
No. of Shares |
Amount (Rs. In
Million |
|
|
Reconciliation of
number of shares outstanding is set out |
|
|
|
below: |
|
|
|
(A) Equity Shares |
|
|
|
At the beginning of the year |
226514746 |
453.029 |
|
Add : Shares Issued |
-- |
-- |
|
Less: Shares forfeited |
-- |
-- |
|
At the end of the year |
226514746 |
453.029 |
|
(B) Preference
Shares (Non-Convertible Cumulative Redeemable Preference Shares) |
|
|
|
10% Preference
Shares |
|
|
|
At the beginning of the year |
8235433 |
823.543 |
|
Add : Shares Issued |
133400 |
13.340 |
|
Less: Shares Redeemed |
-- |
-- |
|
At the end of the year |
8368833 |
836.883 |
|
4% Preference
Shares |
|
|
|
At the beginning of the year |
336751 |
33.675 |
|
Add : Shares Issued |
-- |
-- |
|
Less: Shares Redeemed |
336751 |
33.675 |
|
At the end of the year |
-- |
-- |
|
25% Preference
Shares |
|
|
|
At the beginning of the year |
400000 |
40.000 |
|
Add : Shares Issued |
-- |
-- |
|
Less: Shares Redeemed |
-- |
-- |
|
At the end of the year |
400000 |
40.000 |
|
2% Preference
Shares |
|
|
|
At the beginning of the year |
- |
- |
|
Add : Shares Issued |
1400000 |
140.000 |
|
Less: Shares Redeemed |
-- |
-- |
|
At the end of the year |
1400000 |
140.000 |
|
1% Preference
Shares |
|
|
|
At the beginning of the year |
-- |
-- |
|
Add : Shares Issued |
1167340 |
116.734 |
|
Less: Shares Redeemed |
-- |
-- |
|
At the end of the year |
1167340 |
116.734 |
The holders of Equity Shares has one vote for each equity share held by them. The registered holders of Equity Shares are entitled to dividend declared from time to time. The Preference Shareholders are entitled to pro-rata dividend in preference over Equity Shareholders. The dividend is cumulative at the rate specified against each category.
The premium on redemption of preference shares to the extent of premium received on issue will be adjusted against the security premium account and any premium paid over the above said amount shall be paid out of current appropriation / General Reserve.
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 |
1755.147 |
1490.248 |
1454.811 |
|
(b) Reserves & Surplus |
77050.531 |
90041.038 |
89026.194 |
|
(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) |
78805.678 |
91531.286 |
90481.005 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
309277.222 |
255661.017 |
216642.128 |
|
(b) Deferred tax liabilities (Net) |
13740.719 |
13751.925 |
13427.818 |
|
(c) Other long term
liabilities |
6353.001 |
21616.310 |
21794.561 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
329370.942 |
291029.252 |
251864.507 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short
term borrowings |
76015.445 |
62730.742 |
52328.639 |
|
(b) Trade
payables |
27391.463 |
23508.729 |
16170.235 |
|
(c) Other
current liabilities |
17206.887 |
41379.861 |
21011.854 |
|
(d) Short-term
provisions |
284.810 |
427.572 |
759.843 |
|
Total Current
Liabilities (4) |
120898.605 |
128046.904 |
90270.571 |
|
|
|
|
|
|
TOTAL |
529075.225 |
510607.442 |
432616.083 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
365631.763 |
218713.565 |
181415.523 |
|
(ii)
Intangible Assets |
3.903 |
9.040 |
11.584 |
|
(iii)
Capital work-in-progress |
25118.410 |
163182.620 |
125953.132 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
6154.679 |
6232.415 |
4024.554 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
15262.376 |
17939.360 |
24959.380 |
|
(e) Other
Non-current assets |
245.923 |
0.000 |
214.014 |
|
Total Non-Current
Assets |
412417.054 |
406077.000 |
336578.187 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
247.500 |
|
(b)
Inventories |
73212.331 |
64802.492 |
55596.755 |
|
(c) Trade receivables |
23982.855 |
24644.492 |
23430.872 |
|
(d) Cash
and cash equivalents |
868.421 |
829.596 |
1536.256 |
|
(e)
Short-term loans and advances |
12352.172 |
14244.258 |
15226.513 |
|
(f) Other
current assets |
6242.392 |
9.604 |
0.000 |
|
Total Current
Assets |
116658.171 |
104530.442 |
96037.896 |
|
|
|
|
|
|
TOTAL |
529075.225 |
510607.442 |
432616.083 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
106457.707 |
96758.331 |
107442.697 |
|
|
Other Income |
135.071 |
291.120 |
173.359 |
|
|
TOTAL |
106592.778 |
97049.451 |
107616.056 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
56846.791 |
51893.933 |
57986.415 |
|
|
Purchases of Stock-in-Trade |
483.181 |
390.520 |
811.855 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
2176.650 |
(213.802) |
(1058.367) |
|
|
Employees benefits expense |
2575.289 |
1885.271 |
1734.541 |
|
|
Other expenses |
22636.111 |
15867.586 |
14818.588 |
|
|
Exceptional Items |
100.000 |
0.000 |
0.000 |
|
|
TOTAL |
84818.022 |
69823.508 |
74293.032 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
21774.756 |
27225.943 |
33323.024 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
24940.257 |
16632.959 |
12874.431 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(3165.501) |
10592.984 |
20448.593 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
9383.985 |
9639.641 |
8308.619 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(12549.486) |
953.343 |
12139.974 |
|
|
|
|
|
|
|
Less |
TAX |
(11.206) |
333.747 |
3051.071 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(12538.280) |
619.596 |
9088.903 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
111.274 |
217.632 |
89.309 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
113.257 |
113.258 |
|
|
Proposed Dividend on
Preference Shares |
|
77.799 |
1.148 |
|
|
Provision for Dividend Tax |
|
32.470 |
19.443 |
|
|
Interim Dividend on Preference
Shares |
|
22.469 |
89.547 |
|
|
Dividend Tax on Interim
Dividend |
|
3.819 |
14.527 |
|
|
Transferred to Capital
Redemption Reserve |
|
69.334 |
0.000 |
|
|
Transferred to Debenture Redemption Reserve |
|
320.000 |
2696.250 |
|
|
Transfer to General Reserve |
|
70.000 |
6000.000 |
|
|
Premium paid on Redemption of Preference Shares |
|
16.806 |
26.407 |
|
|
BALANCE CARRIED
TO THE B/S |
(12427.026) |
111.274 |
217.632 |
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
FOB Value of Export |
15364.120 |
19009.564 |
18128.945 |
|
|
Interest Received |
0.000 |
0.000 |
1.862 |
|
|
TOTAL EARNINGS |
15364.120 |
19009.564 |
18130.807 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
34925.710 |
18757.762 |
16794.751 |
|
|
Stores & Spares |
932.182 |
6258.346 |
1219.888 |
|
|
Capital Goods |
1717.119 |
1355.351 |
12426.676 |
|
|
TOTAL IMPORTS |
37575.011 |
26371.459 |
30441.315 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
55.84 |
2.23 |
41.61 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
33849.697 |
16263.148 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operation |
21732.280 |
23113.610 |
(2126.929) |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2015 1st
Quarter |
30.09.2015 2nd
Quarter |
|
|
Unaudited |
Unaudited |
|
Net Sales |
29826.100 |
31738.200 |
|
Total Expenditure |
24363.000 |
26118.000 |
|
PBIDT (Excl OI) |
5463.100 |
5620.200 |
|
Other Income |
17.700 |
41.800 |
|
Operating Profit |
5480.800 |
5662.000 |
|
Interest |
10277.600 |
11352.000 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
(4796.800) |
(5690.000) |
|
Depreciation |
2592.800 |
2734.700 |
|
Profit Before Tax |
(7389.600) |
(8424.700) |
|
Tax |
NA |
(1096.800) |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
(7389.600) |
(7327.900) |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
(7389.600) |
(7327.900) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(11.78) |
0.64 |
8.46 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
20.45 |
28.14 |
31.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.52) |
0.28 |
4.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.16) |
0.01 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.89 |
3.48 |
2.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96 |
0.82 |
1.06 |
STOCK
PRICES
|
Face Value |
Rs. 2.00/- |
|
Market Value |
Rs. 47.85/- |
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 |
1454.811 |
1490.248 |
1755.147 |
|
Reserves & Surplus |
89026.194 |
90041.038 |
77050.531 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
90481.005 |
91531.286 |
78805.678 |
|
|
|
|
|
|
long-term borrowings |
216642.128 |
255661.017 |
309277.222 |
|
Short term borrowings |
52328.639 |
62730.742 |
76015.445 |
|
Total
borrowings |
268970.767 |
318391.759 |
385292.667 |
|
Debt/Equity
ratio |
2.973 |
3.479 |
4.889 |
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 |
107442.697 |
96758.331 |
106457.707 |
|
|
|
(9.944) |
10.024 |
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 |
107442.697 |
96758.331 |
106457.707 |
|
Profit |
9088.903 |
619.596 |
(12538.280) |
|
|
8.46% |
0.64% |
(11.78%) |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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) |
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 |
LITIGATION DETAILS
|
IN THE HIGH COURT
OF DELHI AT NEW DELHI ITA 593/2015 PR. CIT ..... Appellant Through: Mr. N.P. Sahni, Senior Standing counsel with Mr. Nitin Gulati, Advocate. versus BHUSHAN STEEL LTD ..... Respondent Through: Ms. Kavita Jha, Advocate with Ms. Roopali Gupta, Advocate. And ITA 594/2015 PR.CIT-( C) ..... Appellant Through: Mr. N.P. Sahni, Senior Standing counsel with Mr. Nitin Gulati, Advocate. versus BHUSHAN STEEL LTD ..... Respondent Through: Ms. Kavita Jha, Advocate with Ms. Roopali Gupta, Advocate. CORAM: HON'BLE DR. JUSTICE
S.MURALIDHAR HON'BLE MR. JUSTICE
VIBHU BAKHRU % ORDER 29.09.2015 1. These two appeals by the Revenue under Section 260-A of the Income Tax Act, 1961 („Act‟) are directed against the order dated 31st October 2014 passed by the Income Tax Appellate Tribunal („ITAT‟) in ITA No. 816/Del/2013 and ITA No. 607/Del/2013 for the Assessment Year („AY‟) 2008-09. 2. Six questions are sought to be urged by the Revenue. 3. Question No. 3 concerns the synchronization charges in the sum of Rs.1,72,82,8801 which the Assessing Officer („AO‟) had ordered to be added for the purposes of Section 80IA of the Act. This point has in fact been decided in favour of the Revenue and therefore Mr. N.P. Sahni, learned Senior Standing counsel for the Revenue states that the Revenue does not press Question No.3. 4. Question No. 4 concerns the deletion made by the ITAT of the addition of Rs.8,40,000 on the ground that this was a sum paid by the Assessee to one Mr. R.N.Mahindru out of undisclosed sources. While the AO has extensively relied upon the statement of Mr. Mahindru made under Section 132 (2) of the Act, the CIT (A) noted in the order dated 27th November 2012 that the said statement was retracted by Mr. Mahindru no sooner a copy thereof was handed over to him. Further there was no evidence to show that any such perquisite was actually paid by the Assessee to Mr. Mahindru. In the circumstances, the CIT (A) was of the view that the statement of Mr. Mahendru which was later retracted by him does not form a sufficient basis to infer that such payment was made to him by the Assessee out of undisclosed sources. The said order of the CIT (A) has been affirmed by the ITAT. 5. Having examined the order of the CIT (A) as well as the ITAT, the Court is of the view that the view taken by the CIT (A) and concurred with by the ITAT is a plausible one. The Court is not persuaded to frame a question on this issue. 6. Question No.5 relates to the deletion made by the ITAT of the addition of Rs.1,15,00,000 made by the AO while calculating the book profits under Section 115JB of the Act. The question was whether the Fringe Benefit Tax („FBT‟) should form part of the book profits in terms of the Explanation 1 to Section 115JB of the Act. Circular No. 8 of 2005 issued by the Department on 29th August 2005 clarifies that FBT will not form part of book profits for the purposes of Section 115JB. No substantial question of law arises as far as this issue is concerned. 7. Question No.6 concerns deletion of addition of Rs.89,00,000 made by the AO for computation of the income for the purposes of Minimum Alternate Tax („MAT‟) under Section 115 JB of the Act. This pertained to the expenditure incurred for earning exempt income under Section 14A read with Rule 8D. The ITAT has rightly held that this being in the nature of disallowance, and with Explanation 115JB not specifically mentioning Section 14A of the Act, the addition of Rs.89,00,000 was not justified. The view taken by the ITAT cannot be faulted with. It is consistent with the decision in Apollo Tyres Ltd. v. Commissioner of income Tax (2002) 255 ITR 273 (SC) which held that “the Assessing Officer does not have the jurisdiction to go behind the net profit shown in the profit and loss account except to the extent provided in the Explanation to Section 115J.” The Court declines to frame a question on the above issue. 8. Consequently, the appeal is admitted limited to the following two questions of law framed for consideration: (i) Whether on the facts and circumstances, the ITAT was correct in law in deleting the addition of Rs.86,19,96,884 being the sales tax exemption claimed as capital subsidy by the assesse. (ii) Whether on the facts and circumstances of case, the ITAT was correct in law in deleting the addition of Rs.9,95,426 on account of disallowance of depreciation on the assets (buildings) not registered in the name of the assessee company. 9. List along with ITA No.315 of 2003 in due course. S.MURALIDHAR, J SEPTEMBER 29, 2015/mg VIBHU BAKHRU, J |
UNSECURED LOAN
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Foreign Currency Loans - From Foreign Banks |
26.325 |
32.200 |
|
Foreign Currency Loans - From Others |
270.463 |
330.821 |
|
|
|
|
|
SHORT TERM
BORROWING |
|
|
|
Rupee term loan |
1364.500 |
1382.000 |
|
Foreign currency loans |
4875.776 |
0.000 |
|
|
|
|
|
Total |
6537.064 |
1745.021 |
|
|
|
|
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10598733 |
30/09/2015 |
270,000,000.00 |
IDBI Bank Limited |
INDIAN RED CROSS
SOCIETY BUILDING, 1, RED CROSS R Delhi - 110001, INDIA |
C68209394 |
|
2 |
10599129 |
29/09/2015 |
2,500,000,000.00 |
Bank of India |
New Delhi Large
Corporate Branch, 10th Floor, Cha INDIA |
C68445501 |
|
3 |
10587273 |
21/08/2015 |
1,150,000,000.00 |
STATE BANK OF MYSORE |
F-6, UPPER GROUND
FLOOR, EAST OF KAILASH, LALA LA Delhi - 110065, INDIA |
C62272109 |
|
4 |
10590145 |
21/08/2015 |
1,000,000,000.00 |
IFCI LIMITED |
IFCI TOWER, 61 NEHRU PLACE, Delhi - 110019, INDIA |
C63761068 |
|
5 |
10590954 |
21/08/2015 |
9,600,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, Maharashtra - 400005, INDIA |
C64212814 |
|
6 |
10586774 |
22/07/2015 |
1,000,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
C62079710 |
|
7 |
10580025 |
30/06/2015 |
4,780,000,000.00 |
IDBI Bank Limited |
INDIAN RED CROSS
SOCIETY BUILDING, 1 RED CROSS MA Delhi - 110001, INDIA |
C58971425 |
|
8 |
10579633 |
29/06/2015 |
2,950,300,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, 2ND FLOOR, CHANDRALOK BUILDING, 36, JANPATH, Delhi - 110001, INDIA |
C58738188 |
|
9 |
10579640 |
29/06/2015 |
630,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, 2ND FLOOR, CHANDRALOK BUILDING, 36, JANPATH, Delhi - 110001, INDIA |
C58742115 |
|
10 |
10576840 |
26/06/2015 |
1,109,600,000.00 |
STATE BANK OF MYSORE |
CORORATE ACCOUNTS BRANCH, F -6, UPPER GROUND FLOOR, EAST OF KAILASH, LALA LAJPAT RAIMARG, Delhi - 110065, INDIA |
C57412041 |
* Date of charge modification
MANAGEMENT DISCUSSION
AND ANALYSIS
The management of Bhushan Steel Limited presents its analysis report covering performance and outlook of the Company. The report has been prepared in compliance with the Corporate Governance requirement prescribed in the Listing Agreement. The management accepts responsibility for the integrity and objectivity of the financial statements.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The steel industry is divided into primary and secondary sectors. The primary sector products are billets, pallets, rounds and Hot Rolled Coils/Plates (HRC/HRP).These form raw material for the secondary sector ,which produces value added items such as Angles, Channels,wire Rods,Cold Rolled Coils/sheets (CRC/CRS) AND Galvanised Coils/Sheets. CR Sheet is a thinner sheet used for consumer durables like refrigerators, washing machines, automobiles, bicycles, etc. CR sheets are used by the automobile and domestic appliances industry whereas CR strips are used in manufacturing of bicycles, drums, barrels, fabrication, furniture etc. CR Coils are mainly used for manufacturing GP/GC sheets. Bhushan Steel Limited which so far falls under secondary sector, also entered in primary sector with setting up plant at Orissa.
FLAT PRODUCTS
Derived from slabs, this category includes plates and Hot Rolled Coils/ Sheets. While plates are used for applications such as shipbuilding etc. HR steel is the most widely used variety of steel, and other downstream flat products such as Cold Rolled (CR) Steel and Galvanised Steel are made from it.
LONG PRODUCTS
These products derive their name from their shape. They are
made by using billets and blooms and include rods, bars, pipes, ropes and
wires, which are used largely by the housing/construction sector.
GLOBAL STEEL INDUSTRY
World steel forecasts that global apparent steel use will increase
by 0.5% to 1,544 Mt in 2015 following growth of 0.6% in 2014. In 2016, it is
forecast that world steel demand will grow by 1.4% and will reach 1,565 Mt.
OUTLOOK
The outlook also reflects the influences of major structural adjustments in most economies, particularly owing to limited investment growth post 2008. As these changes take effect, the steel industry will experience a slower pace of growth, it will focus on operational efficiencies and on the value that steel products generate for customer and society.
While steel industry continue to face some downside risks coming from some parts of Europe – geopolitical instability, international capital flow volatility and the economic slowdown in China – the impact of these risks has come down. Steel industry has also started to see some encouraging developments due to increasingly positive new from developed economies, especially signs of firming recovery momentum in the Eurozone. In the developing and emerging world, we see increased optimism about India and growth in steel use in some MENA and ASEAN countries. While these developments will not be enough to counterbalance the deceleration of China, we expect to see gradually improving growth prospects beyond 2016.
An interesting factor which has become increasingly apparent is that in some developing economies steel markets are beginning to exhibit the characteristics of mature markets.
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS
ENDED 30TH JUNE, 2015.
(Rs. in Million)
|
Sr.
No. |
Particulars
|
Quarter
Ended |
Half
Year Ended |
|
|
30.09.2015 Unaudited
|
30.06.2015 Unaudited
|
30.09.2015 Unaudited
|
||
|
|
PART I |
|
|
|
|
1 |
Income
from operations |
|
|
|
|
|
Domestic Sales |
30533.700 |
28577.500 |
59111.200 |
|
|
Export Sales |
3392.100 |
3053.200 |
6445.300 |
|
|
Total
Gross Sales of Finished Goods |
33925.800 |
316307 |
65556.500 |
|
|
Less: Excise Duty |
3464.500 |
3173.500 |
6638.000 |
|
|
(a) Net Sales of Finished
Goods/income from operations |
30461.300 |
28457.7020 |
58918.500 |
|
|
Other operating
income Domestic |
1299.700 |
1352.100 |
2651.800 |
|
|
Other operating
income export |
51.500 |
98.600 |
150.100 |
|
|
Total Other
operating income |
1351.200 |
1450.700 |
2801.900 |
|
|
Less : Excise Duty |
74.300 |
81.800 |
156.100 |
|
|
(b) Net Other
Operating Income |
1276.900 |
1368.900 |
2645.800 |
|
|
Net
Sales/Income from Operations |
31738.200 |
29826.100 |
61564.300 |
|
2 |
Expenses |
|
|
|
|
|
(a) Consumption of
Raw Materials |
16124.100 |
17258.300 |
33382.400 |
|
|
(b) Purchases of
stock-in-trade |
25.900 |
-- |
25.900 |
|
|
(c) Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
1840.100 |
(967.400) |
2119.500 |
|
|
(d) Employee
benefits expense |
1121.700 |
997.800 |
2119.500 |
|
|
(e) Depreciation
and amortisation expense |
2734.700 |
2592.800 |
5327.500 |
|
|
(f) Power and Fuel |
2992.100 |
3348.700 |
6340.800 |
|
|
(d) Other expenses |
4014.100 |
3725.600 |
7739.700 |
|
|
Total
expenses |
28852.700 |
26955.800 |
55808.500 |
|
3 |
Profit / (Loss)
from operations before other income, finance costs and exceptional items (1 -
2) |
2885.500 |
2870.300 |
5755.800 |
|
4 |
Other income |
41.800 |
17.700 |
59.500 |
|
5 |
Profit / (Loss)
from ordinary activities before finance costs and exceptional items (3 + 4) |
2927.300 |
2888.000 |
5815.300 |
|
6 |
Finance costs |
11352.000 |
10277.600 |
21629.600 |
|
7 |
Profit / (Loss) from
ordinary activities after finance costs but before exceptional items (5 - 6) |
(8424.700) |
(7389.600) |
(15814.300) |
|
8 |
Exceptional items |
-- |
-- |
-- |
|
9 |
Profit / (Loss)
from ordinary activities before tax (7 + 8) |
(8424.700) |
(7389.600) |
(15814.300) |
|
10 |
Tax expense |
(1096.800) |
-- |
(1096.800) |
|
11 |
Net Profit / (Loss)
from ordinary activities after tax (9 - 10) |
(7327.900) |
(7389.600) |
(1514.300) |
|
12 |
Extraordinary items
(net of tax expense) |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss)
for the period (11 + 12) |
(7327.900) |
(7389.600) |
(1514.300) |
|
14 |
Paid-up equity
share capital (Face Value Rs. 10/- per share) |
453.000 |
453.000 |
453.000 |
|
15 |
Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16 i |
Earnings
per share (before extraordinary items) (of Rs.2/- each)
(not annualised): |
|
|
|
|
|
Basic and Diluted |
(32.56) |
(32.75) |
(65.31) |
|
16 ii |
Earnings
per share (after extraordinary items) (of Rs.2/- each)
(not annualised): |
|
|
|
|
|
Basic and Diluted |
(32.56) |
(32.75) |
(65.31) |
|
|
PART
II |
|
|
|
|
A |
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
- Number of shares |
82761540 |
92761540 |
92761540 |
|
|
- Percentage of
shareholding |
40.95% |
40.95% |
40.95% |
|
2 |
Promoters and
Promoter Group Shareholding a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
92552287 |
90846558 |
92552287 |
|
|
- Percentage of
shares (as a % of the total
shareholding of promoter and promoter group) |
69.20% |
67.92% |
69.20% |
|
|
- Percentage of
shares (as a % of the total share
capital of the company) |
40.86% |
40.11% |
40.86% |
|
|
b) Non - encumbered |
|
|
|
|
|
- Number of shares |
41200919 |
42906648 |
92552287 |
|
|
- Percentage of
shares (as a % of the total
shareholding of the Promoter and Promoter group) |
30.80% |
32.08% |
30.80% |
|
|
- Percentage of shares
(as a % of the total share capital of
the company) |
18.19% |
18.94% |
18.19% |
|
|
Particulars |
Quarter Ended 30th September 2015 |
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
NIL |
|
|
Received during the quarter |
1 |
|
|
Disposed of during the quarter |
1 |
|
|
Remaining unresolved at the end of the quarter |
NIL |
STANDALONE STATEMENT
OF ASSETS AND LIABILITIES
|
Particulars |
As at 30.09.2015 |
|
|
|
Particulars |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholder’s Funds |
|
|
|
a) Share Capital |
2299.800 |
|
|
b) Reserves & Surplus |
59913.200 |
|
|
c) Money received against share warrants |
-- |
|
|
Sub Total- Shareholders funds |
62213.000 |
|
2 |
Share application money pending allotment |
|
|
3 |
Minority Interest |
|
|
4 |
Non-current liabilities |
|
|
|
(a) Long term borrowings |
327317.000 |
|
|
(b) Deferred Tax Liabilities (Net) |
12643.900 |
|
|
(c) Other Long Term Liabilities |
6075.200 |
|
|
(d) Long term provisions |
-- |
|
|
Sub Total- Non Current Liabilities |
346036.100 |
|
5 |
Current liabilities |
|
|
|
(a) Short term borrowings |
811111.300 |
|
|
(b) Trade Payables |
26832.700 |
|
|
(c) Other current liabilities |
19605.600 |
|
|
(d) Short term provisions |
329.000 |
|
|
Sub Total- Current Liabilities |
127878.600 |
|
|
TOTAL-EQUITY AND LIABILITIES |
536127.700 |
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
397361.200 |
|
|
(b) Goodwill on consolidation |
-- |
|
|
(c) Non-current investment |
6154.700 |
|
|
(d) Deferred Tax Assets (Net) |
-- |
|
|
(e) Long term loans and advances |
15342.800 |
|
|
(f) Other non-current assets |
204.000 |
|
|
Sub-Total- Non current assets |
419062.700 |
|
2 |
Current assets |
|
|
|
a) Current Investments |
-- |
|
|
b) Inventories |
73168.500 |
|
|
c) Trade Receivables |
25790.700 |
|
|
d) Cash and cash equivalents |
763.000 |
|
|
(e) Short term loans and advances |
17010.600 |
|
|
(f) Other current assets |
332.200 |
|
|
Sub-Total- current assets |
117065.000 |
|
|
TOTAL ASSETS |
536127.700 |
Fixed Assets
v
Tangible
Assets
· Freehold Land
· Leasehold Land / Building
· Plant and Machinery
· Railway Siding
· Furniture and Fixtures
· Vehicles
· Office Equipment
v
Intangible
Assets
· Computer Software
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 records 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. 66.79 |
|
UK Pound |
1 |
Rs. 101.37 |
|
Euro |
1 |
Rs. 73.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
18 |
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.