MIRA INFORM REPORT
|
Report No. : |
354177 |
|
Report Date : |
15.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
STEEL AUTHORITY OF INDIA LIMITED |
|
|
|
|
Registered
Office : |
Ispat Bhawan, Lodhi Road, New Delhi – 110003 |
|
Tel. No.: |
91-11-24367481 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
24.01.1973 |
|
|
|
|
Com. Reg. No.: |
55-006454 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.41305.300 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27109DL1973GOI006454 |
|
|
|
|
IEC No.: |
0599009331 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS7062F |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Steel and Steel Products (Registered
Activity) |
|
|
|
|
No. of Employees
: |
40,003 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (78) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Maximum Credit Limit : |
USD 1242990000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Steel Authority of India Limited is a Government of India Company incorporated in the year 1973. It is one of the largest state-owned steel making company based in New Delhi, India and one of the top steel makers in world, having an excellent track record. Available financial indicates robust financial risk profile marked by strong net worth position along with comfortable liquidity position and good profit margin of the company.
The rating also takes into consideration rich experience
of its promoters, long established track record and strong operating
efficiency of the company. Further, the rating also takes into consideration company’s established position as one of the largest integrated steel producers in India with captive iron ore mines, geographical diversity along with strong marketing network. Moreover, the rating strength is partially offset by prevailing slowdown in steel industry and cyclicality associated with steel industry.
In view of the aforesaid, the company can be considered good for normal business dealings at usual trade terms and condition. |
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 Bond Programme – I = (AAA) |
|
Rating Explanation |
Highest degree of safety and carry lowest credit risk |
|
Date |
12.08.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short-Term CP = (A1+) |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
12.08.2015 |
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.
LOCATIONS
|
Registered/ Corporate Office : |
Ispat Bhawan, Lodhi
Road, New Delhi – 110003, India |
|
Tel. No.: |
91-11-24367481
(14 lines) |
|
Fax No.: |
91-11-24367015 |
|
E-Mail : |
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|
Website : |
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Factory : |
Integrated Steel
Plants
· Bhilai Steel Plant, Chhattisgarh – 490001, India · Durgapur Steel Plant – 713203, West Bengal, India · Rourkela Steel Plant – 769011, Orissa, India · Bokaro Steel Plant – 827001, Jharkhand, India · P. O. Hinoo, Ranchi – 834002, Bihar, India
Special Steel
Plants
· Alloy Steel Plants, Durgapur – 713208, West Bengal, India · Salem Steel Plant – 636013, Tamilnadu, India ·
Visvesvaraya Iron and Steel Plant, Bhadravati, |
|
|
|
|
Sail Refractory Unit
: |
Bokaro Steel City – Bokaro – 827004, Jharkhand, India |
|
|
|
|
CMO Regional and
Zonal Offices : |
Northern Region ·
New Delhi North-Western Region ·
Chandigarh Eastern Region · Kolkata Western Region ·
Mumbai Central Region · Indore Southern Region ·
Chennai North Eastern Zone · Guwahati |
|
|
|
|
CMO Branch Sales
Offices : |
F-10, Sector-2, Rourkela – 769006, Orissa, India |
|
|
|
|
Other CMO Branch
Sales Offices : |
Northern Region: ·
Agra ·
Allahabad ·
Faridabad ·
Ghaziabad ·
Kanpur ·
Lucknow · New Delhi North-West
Region: ·
Chandigarh · Jalandhar City ·
Jammu ·
Ludhiana · Mandi Gobindgarh Eastern Region: ·
Bhubaneshwar ·
Bokaro ·
Kolkata ·
Dimapur ·
Durgapur ·
Guwahati ·
Patna Western Region: ·
Ahmedabad ·
Baroda ·
Mumbai ·
Nagpur ·
Pune Central Region: ·
Bhilai ·
Gwalior ·
Indore ·
Jabalpur ·
Jaipur ·
Kota Southern Region: ·
Bangalore ·
Belgaum ·
Chennai ·
Coimbatore ·
Hyderabad ·
Kochi ·
Tiruchirapalli ·
Vijayawada · Visakhapatnam |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Rakesh Singh |
|
Designation : |
Chairman and Managing Director – Addl. Charge |
|
|
|
|
FUNCTIONAL
DIRECTORS |
|
|
Name : |
Mr. Anil Kumar Chaudhary |
|
Designation : |
Director - Finance |
|
|
|
|
Name : |
Mr. S.S. Mohanty |
|
Designation : |
Director - Technical |
|
|
|
|
Name : |
Mr. Kalyan Maity |
|
Designation : |
Director - Raw Materials and Logistics |
|
|
|
|
Name : |
Mr. Binod Kumar |
|
Designation : |
Director - Commercial |
|
|
|
|
GOVERNMENT
DIRECTORS |
|
|
Name : |
Ms. Bharathi S. Sihag |
|
Designation : |
Additional Secretary & Financial Adviser Ministry of Steel, Government of India |
|
|
|
|
Name : |
Mr. Sunil Barthwal |
|
Designation : |
Joint Secretary, Ministry of Steel, Government of India |
|
|
|
|
Name : |
Mr. J.M. Mauskar |
|
Designation : |
Independent Directors |
|
|
|
|
Name : |
Dr. Atmanand |
|
Designation : |
Independent Directors |
KEY EXECUTIVES
|
CHIEF EXECUTIVE
OFFICERS (PERMANENT INVITEES) |
|
|
Bhilai Steel Plant : |
Mr. S. Chandrasekaran |
|
|
|
|
Rourkela Steel Plant : |
Mr. G. S. Prasad |
|
|
|
|
Bokaro Steel Plant : |
Mr. Anutosh Maitra |
|
|
|
|
Durgapur Steel Plant : |
Mr. P. K. Bajaj |
|
|
|
|
Name: |
Mr. M.C. Jain |
|
Designation : |
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3097767449 |
75.00 |
|
|
3097767449 |
75.00 |
|
|
|
|
|
Total Shareholding of Promoter and Promoter Group (A) |
3097767449 |
75.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
31963706 |
0.77 |
|
|
142801274 |
3.46 |
|
|
471434879 |
11.41 |
|
|
231381927 |
5.60 |
|
|
877581786 |
21.25 |
|
|
|
|
|
|
17572078 |
0.43 |
|
|
|
|
|
|
95140639 |
2.30 |
|
|
19539096 |
0.47 |
|
|
22776606 |
0.55 |
|
|
17689152 |
0.43 |
|
|
400 |
0.00 |
|
|
5087054 |
0.12 |
|
|
155028419 |
3.75 |
|
Total Public Shareholding (B) |
1032610205 |
25.00 |
|
Total (A)+(B) |
4130377654 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
147635 |
0.00 |
|
|
147635 |
0.00 |
|
Total (A)+(B)+(C) |
4130525289 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Steel and Steel Products.(Registered
Activity) |
|
|
|
|
Brand Names : |
-- |
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|
Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
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Selling : |
-- |
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|
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Purchasing : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
40,003 (Approximately) |
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Bankers : |
·
Axis Bank Limited ·
Bank of India ·
Bank of Tokyo-Mitsubishi UFJ Limited ·
Baraclays Bank PLC ·
Canara Bank ·
Corporation Bank ·
Deutsche Bank ·
HDFC Bank Limited ·
ICICI Bank Limited ·
IDBI Bank Limited ·
IndusInd Bank Limited ·
Jammu and Kashmir Bank Limited ·
Kotak Mahindra Bank Limited ·
Mizuho Bank Limited ·
Punjab and Sind Bank ·
Punjab National Bank ·
Royal Bank of Scotland ·
State Bank of Hyderabad ·
State Bank of India ·
Sumitomo Mitsui Banking Corporation ·
United Overseas Bank ·
Vijaya Bank ·
Yes Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
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Statutory Auditors : |
|
|
Name : |
O.P. Totla and Company Chartered Accountants |
|
|
|
|
Name : |
B. N. Misra and Company Chartered Accountants |
|
|
|
|
Name : |
Sharma Goel and Company LLP Chartered Accountants |
|
Cost Auditors : |
|
|
Name : |
Sanjay Gupta and Associates Cost Accountants |
|
|
|
|
Name : |
K.C. Kohli and Company Cost Accountants |
|
|
|
|
Name : |
R.J. Goel and Company Cost Accountants |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Joint Venture: |
·
SAIL Bansal Service Centre Limited ·
Mjunction Services Limited ·
UEC-SAIL Information Technology Limited ·
Romelt SAIL (India) Limited ·
Bhilai Jaypee Cement Limited ·
N.E Steel & Galvanising Private Limited ·
Bokaro Jaypee Cement Limited (Upto
26.11.2014) ·
S & T Mining Co. Private Limited ·
SAIL Kobe Iron India Private Limited ·
TMTSAL SAIL JV Limited ·
SAL SAIL JVC Limited ·
Prime Gold-SAIL JVC Limited ·
VSL SAIL JVC Limited ·
Abhinav SAIL JVC Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,00,00,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 50000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,13,05,25,289 |
Equity Shares |
Rs. 10/- each |
Rs.
41305.300 Million |
|
|
|
|
|
(i)
Reconciliation
of equity shares at the end of the year
|
Particulars |
31.03.2015 |
|
|
|
Numbers |
In Million |
|
Equity shares with
voting rights |
|
|
|
Shares outstanding at the beginning of the year |
4130071104 |
41300711040 |
|
Shares Converted into shares with Voting Rights during the year |
21050 |
210500 |
|
Shares outstanding at the end of the year |
4130092154 |
41300921540 |
|
|
|
|
|
Equity shares
without voting rights * |
|
|
|
Shares outstanding at the beginning of the year |
454185 |
4541850 |
|
Shares Converted into shares with Voting Rights during the year |
21050 |
210500 |
|
Shares outstanding at the end of the year |
433135 |
4331350 |
* Represented by one Global Depository Receipt (GDR) issued @ US$ 29.55 each for an aggregate amount of US $ 125 million
(ii) All shares rank equally with regard to the repayment of capital in the event of liquidation of the company.
(iii) The Company does not have a holding company.
(iv) Details of the shareholders holding more than 5% of the shares in the company
|
Name of
Shareholders |
31.03.2015 |
|
|
|
No. of Shares held |
% of Holding |
|
President of India |
3097767449 |
75.00 |
|
LIC of India |
417717206 |
10.11 |
(v) 1,24,43,82,900 equity shares of Rs. 10 each (net of adjustment on reduction of capital ) were allotted as fully paid up for consideration other than cash
(vi) The Company has neither issued bonus shares nor has bought back any shares during the last 5 years.
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 |
41305.300 |
41305.300 |
41305.300 |
|
(b) Reserves & Surplus |
393742.500 |
385358.200 |
368941.100 |
|
(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) |
435047.800 |
426663.500 |
410246.400 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
140255.600 |
136322.200 |
134855.500 |
|
(b) Deferred tax liabilities (Net) |
23951.900 |
20404.600 |
17285.300 |
|
(c)
Other long term liabilities |
12392.200 |
13813.000 |
12711.200 |
|
(d)
long-term provisions |
37053.400 |
39012.800 |
42041.600 |
|
Total
Non-current Liabilities (3) |
213653.100 |
209552.600 |
206893.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
141951.600 |
106344.800 |
80150.200 |
|
(b)
Trade payables |
36063.800 |
32053.400 |
33220.400 |
|
(c)
Other current liabilities |
140165.300 |
124785.100 |
86547.000 |
|
(d)
Short-term provisions |
26387.100 |
20219.500 |
25127.000 |
|
Total
Current Liabilities (4) |
344567.800 |
283402.800 |
225044.600 |
|
|
|
|
|
|
TOTAL |
993268.700 |
919618.900 |
842184.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
346584.000 |
252565.200 |
152346.300 |
|
(ii)
Intangible Assets |
15102.100 |
15141.300 |
15427.700 |
|
(iii)
Capital work-in-progress |
291958.200 |
336505.400 |
358908.500 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
9190.700 |
7202.000 |
7183.600 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
45072.500 |
38155.300 |
31769.600 |
|
(e)
Other Non-current assets |
538.300 |
1354.300 |
5684.600 |
|
Total
Non-Current Assets |
708445.800 |
650923.500 |
571320.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
177363.700 |
152008.200 |
160082.100 |
|
(c)
Trade receivables |
31920.000 |
54822.800 |
44241.800 |
|
(d)
Cash and cash equivalents |
23052.400 |
28559.500 |
38503.500 |
|
(e)
Short-term loans and advances |
30563.300 |
11556.900 |
9887.300 |
|
(f)
Other current assets |
21923.500 |
21748.000 |
18149.600 |
|
Total
Current Assets |
284822.900 |
268695.400 |
270864.300 |
|
|
|
|
|
|
TOTAL |
993268.700 |
919618.900 |
842184.600 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
457107.800 |
466823.800 |
444405.800 |
|
|
|
Other Income |
10207.800 |
8986.100 |
11191.200 |
|
|
|
TOTAL (A) |
467315.600 |
475809.900 |
455597.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
185229.000 |
192711.600 |
211984.800 |
|
|
|
Purchases of Stock-in-Trade |
4.800 |
7.800 |
32.100 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(14081.200) |
8946.300 |
(20160.900) |
|
|
|
Employees benefits expense |
97363.300 |
95785.100 |
86370.900 |
|
|
|
Adjustments pertaining to earlier year |
882.300 |
(1500.800) |
(415.300) |
|
|
|
Exceptional Items |
0.000 |
(10562.600) |
2293.200 |
|
|
|
Other expenses |
142053.200 |
131333.700 |
121579.200 |
|
|
|
TOTAL (B) |
411451.400 |
416721.100 |
401684.000 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
55864.200 |
59088.800 |
53913.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
14542.300 |
9676.400 |
7476.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
41321.900 |
49412.400 |
46436.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17732.800 |
17166.900 |
14029.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
23589.100 |
32245.500 |
32406.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2662.300 |
6080.700 |
10703.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
20926.800 |
26164.800 |
21703.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods(Calculated on FOB basis) |
15677.100 |
14969.600 |
11579.500 |
|
|
|
Other Income |
0.000 |
10562.600 |
0.000 |
|
|
TOTAL EARNINGS |
15677.100 |
25532.200 |
11579.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
120589.100 |
134046.200 |
128862.600 |
|
|
|
Capital Goods |
5843.9 |
17068.000 |
13692.200 |
|
|
|
Components & Spare parts |
4191.500 |
4863.200 |
4545.200 |
|
|
TOTAL IMPORTS |
130624.500 |
155977.400 |
147100.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.07 |
6.33 |
5.25 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
16770.100 |
10147.000 |
963.800 |
|
|
|
|
|
|
Cash Generated from Operations |
32638.100 |
66473.800 |
33912.100 |
|
|
|
|
|
|
Net Cash from Operating Activities |
27441.200 |
58830.900 |
24044.800 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2015 |
30.09.2015 |
|
Type |
1st
Quarter |
2nd
Quarter |
|
Net Sales |
95028.000 |
92569.100 |
|
Total Expenditure |
95844.900 |
103053.800 |
|
PBIDT (Excl OI) |
(816.900) |
(10484.700) |
|
Other Income |
1742.500 |
1306.400 |
|
Operating Profit |
925.600 |
(9178.300) |
|
Interest |
4430.400 |
4674.200 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
(3504.800) |
(13852.500) |
|
Depreciation |
4260.600 |
4357.700 |
|
Profit Before Tax |
(7765.400) |
(18210.200) |
|
Tax |
(4549.000) |
(7650.600) |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
(3216.400) |
(10559.600) |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
(3216.400) |
(10559.600) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
4.58 |
5.60 |
4.88 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
12.22 |
12.66 |
12.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.41 |
5.60 |
6.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.08 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.69 |
0.59 |
0.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.83 |
0.95 |
1.20 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
|
|
|
Market Value |
Rs.44.75/- |
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 |
41305.300 |
41305.300 |
41305.300 |
|
Reserves & Surplus |
368941.100 |
385358.200 |
393742.500 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
410246.400 |
426663.500 |
435047.800 |
|
|
|
|
|
|
Long-term borrowings |
134855.500 |
136322.200 |
140255.600 |
|
Short term borrowings |
80150.200 |
106344.800 |
141951.600 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
963.800 |
10147.000 |
16770.100 |
|
Total
borrowings |
215969.500 |
252814.000 |
298977.300 |
|
Debt/Equity
ratio |
0.526 |
0.593 |
0.687 |
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 |
444405.800 |
466823.800 |
457107.800 |
|
|
|
5.044 |
-2.081 |
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 |
444405.800 |
466823.800 |
457107.800 |
|
Profit |
21703.500 |
26164.800 |
20926.800 |
|
|
4.88% |
5.60% |
4.58% |
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 |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10606500 |
21/11/2015 |
2,650,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, 17, R. KAMNI MARG, |
C72215700 |
|
2 |
10600957 |
13/10/2015 |
10,000,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BUILDING, GROUND FLOOR, 17, R. KAMNI MARG, |
C68486273 |
|
3 |
10600959 |
13/10/2015 |
5,000,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BUILDING, GROUND FLOOR, 17, R. KAMNI MARG, |
C68483783 |
|
4 |
10582940 |
13/07/2015 |
4,200,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BUILDING, GROUND FLOOR, 17, R. KAMNI MARG, |
C59692236 |
|
5 |
10582942 |
13/07/2015 |
6,700,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BUILDING, GROUND FLOOR, 17, R. KAMNI MARG, |
C59693192 |
|
6 |
10550057 |
07/04/2015
* |
6,450,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BUILDING, GROUND FLOOR, 17, R. KAMNI MARG, |
C51274850 |
|
7 |
10550716 |
07/04/2015
* |
5,000,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BUILDING, GROUND FLOOR, 17, R KAMNI MARG, |
C51276004 |
|
8 |
10541362 |
07/04/2015
* |
10,000,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BUILDING, GROUND FLOOR, 17, R. KAMNI MARG, |
C51273779 |
|
9 |
10445797 |
21/03/2014
* |
8,000,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
C03816287 |
|
10 |
10407999 |
18/04/2013
* |
5,000,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BUILDING, GROUND FLOOR, 17, R. KAMANI MARG,, |
B74443508 |
|
11 |
10395101 |
18/04/2013
* |
3,000,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
B74443938 |
|
12 |
10373662 |
18/04/2013
* |
3,600,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BUILDING, GROUND FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI -
400001, MAHARASHTRA, INDIA |
B74444290 |
|
13 |
10322416 |
16/05/2012
* |
4,000,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
B40010092 |
|
14 |
10322417 |
16/05/2012
* |
4,550,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI - 400001,
MAHARASHTRA, INDIA |
B40013989 |
|
15 |
10229692 |
12/08/2010
* |
5,450,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI - 400001,
MAHARASHTRA, INDIA |
A93701563 |
|
16 |
10230323 |
12/08/2010
* |
6,600,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI - 400001,
MAHARASHTRA, INDIA |
A93700938 |
|
17 |
10209543 |
28/04/2010
* |
2,420,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI - 400001,
MAHARASHTRA, INDIA |
A85166627 |
|
18 |
10211081 |
28/04/2010
* |
4,500,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI - 400001,
MAHARASHTRA, INDIA |
A85166759 |
|
19 |
10207558 |
23/02/2010 |
6,000,000,000.00 |
AXIS
BANK LIMITED |
4/10,
OPG HOUSE, ASAF ALI ROAD, NEW DELHI - 110002, INDIA |
A80960453 |
|
20 |
10199378 |
16/01/2010 |
1,680,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI - 400001,
MAHARASHTRA, INDIA |
A77846889 |
|
21 |
10199380 |
16/01/2010 |
1,500,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI - 400001,
MAHARASHTRA, INDIA |
A77848109 |
|
22 |
10199381 |
16/01/2010 |
3,350,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI - 400001,
MAHARASHTRA, INDIA |
A77847499 |
|
23 |
10187049 |
10/11/2009 |
1,500,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI - 400001,
MAHARASHTRA, INDIA |
A73811770 |
|
24 |
10187050 |
10/11/2009 |
7,000,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI - 400001,
MAHARASHTRA, INDIA |
A73812182 |
|
25 |
10187051 |
10/11/2009 |
3,000,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE, MUMBAI - 400001,
MAHARASHTRA, INDIA |
A73812729 |
|
26 |
10181866 |
06/10/2009 |
6,500,000,000.00 |
UNITED
BANK OF INDIA |
12/4,
ASAF ALI ROAD, NEW DELHI - 110002, INDIA |
A71934996 |
|
27 |
10178438 |
19/09/2009 |
8,250,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI - 400001,
MAHARASHTRA, INDIA |
A70730296 |
|
28 |
10172177 |
01/05/2012
* |
5,250,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN
BLDG., GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI - 400001,
MAHARASHTRA, INDIA |
B39399712 |
|
29 |
10172179 |
01/05/2012
* |
9,500,000,000.00 |
IDBI
TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG,, BALLARD ESTATE,, MUMBAI - 400001,
MAHARASHTRA, INDIA |
B39435912 |
|
30 |
10117687 |
27/03/2007 |
160,000,000.00 |
CENTRAL
BANK OF INDIA |
MOMINPUR
BRANCH, KOLKATA - 700023, WEST BENGAL, INDIA |
A24332082 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Term Loans |
34694.000 |
52020.600 |
|
Steel Development fund |
2041.600 |
2041.600 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Other Loans and Advances |
|
|
|
Other Loans |
8000.000 |
0.000 |
|
Foreign Currency Loans |
68376.100 |
72995.900 |
|
|
|
|
|
Total |
113111.700 |
127058.100 |
FINANCIAL REVIEW
The Company achieved a turnover of Rs. 506270.000 million during 2014-15, which is lower by 2% over previous year, mainly on account of lower sales volume. The steel prices which were at a high in the beginning of Financial Year 2014-15, started falling gradually every month from September’2014 onwards. Towards the end of the Financial Year 2014-15, the steel prices reached at the lowest for the Financial Year. The Profit After Tax of the Company for the Financial Year was Rs. 2093.000 million as compared to Rs. 26160.000 million in the previous Financial Year, which included the one time receipt of Rs.10560.000 million from Vale Australia Pty Limited.
The net profit of the Company for the year 2014-15 has been negatively impacted on account of stagnant saleable steel production and lower sales volume of saleable steel, higher salaries & wages, higher stores & spares expenditure, higher repairs & maintenance expenditure, increase in royalty on iron ore, increase in purchased power rate, higher usage of imported coal in the blend due to lower availability of indigenous coal, higher interest charges, higher depreciation due to capitalization of new facilities and reduction in interest earning on term deposits. The Management has taken various cost reduction measures like reduction in usage of external BF Coke, lower coke rate & energy consumption, higher CDI usage, etc. to offset the impact of adverse factors.
The Company continued its thrust on optimum utilisation of funds by better fund management. This included replacement of high cost short term loans with low cost debts, timely repayment of loans including interest, strategic parking of surplus funds with scheduled banks, actions for future fund raising etc. to meet the growth objectives. Further, the Company hedged the foreign currency risk on Buyer’s Credit and repayment of External Commercial Borrowings depending on market conditions. The Company had liquid assets of ` 20000.000 million as on 31st March, 2015 invested in short term deposits with scheduled banks against borrowings of Rs. 29898.000 million as on 31st March 2015. The debt equity ratio of the company increased to 0.69:1 as on 31st March 2015 from 0.59:1 as on 31st March 2014 mainly on account of increase in borrowings during the year. The net worth of company improved from Rs. 426660.000 million as on 31st March 2014 to Rs. 4350.5000 million as on 31st March 2015 and this helped in generation of internal resources for funding expansion plans of SAIL. During the Financial Year 2014-15, the capital expenditure incurred was Rs. 68400.000 million.
The Company paid interim dividend @ 17.5% of the paid-up equity share capital during the year. The Board of Directors has further recommended a final dividend @ 2.5% subject to approval of shareholders, thus making the total dividend @ 20% of the paid up equity share capital for the Financial Year 2014-15.
OPERATIONS REVIEW
PRODUCTION REVIEW
Financial Year 2014-15 witnessed several landmark achievements in the ongoing Modernisation and Expansion Plan of the Company. The Company achieved its highest ever Hot Metal production of 15.4 Million Tonne (MT) surpassing its previous best of 15.2 MT achieved in 2007-08. This was a result of series of ongoing projects getting either commissioned or stabilized during the year towards achievement of their envisaged capacity. Each and every Integrated Steel Plant of SAIL has achieved a breakthrough in operationalizing new units as stated below:
· Bhilai Steel Plant has stabilised performance of the new Sinter Machine in SP-3 and new Coke Oven Battery-11 and has started trials in the new Rail Welding Plant which is a part of Universal Rail Mill.
· At Durgapur Steel Plant, the new Bloom cum Round Caster has started trial production from Feb 2015 and is expected to stabilize soon.
· At Rourkela Steel Plant, new Converter-C was commissioned and has been stabilized with maximum of 21 heats. Similarly, the new Caster has also been ramped up achieving a production level of 28 casts in a single day on 19/09/2014.
· At Bokaro Steel Plant, new CRM-III has begun trials and will ramp up production after commissioning of auxiliaries.
· At IISCO Steel Plant, Burnpur, new BF-5, new SMS (currently operating with 2 Converters and 2 Casters) and new Bar Mill have been commissioned and operation of Wire Rod Mill has been stabilised.
The Company achieved an all time best performance in case of Continuously-Cast (CC) Steel and Sinter production, with a production of 10.3 MT & 20.7 MT and a growth of 6% &11% over last year respectively. The Company also registered an improvement in its Crude Steel production volume, registering a growth of 2% over last year.
The Company’s various initiatives to reduce environmental footprint and enhance operational efficiency have led to a significant improvement in environmental parameters as well as in Techno-economic efficiency. This has enabled the Company to produce steel in a greener and more environmental friendly manner than ever before. SAIL Plants recorded the best ever Sp. Energy Consumption of 6.52 Gcal/Tonne of Crude Steel (tcs), an improvement of 1% over 2013-14. This was achieved, as a result of higher volume of crude steel being produced through energy efficient CC route (up by 6% over 2013-14). In addition, SAIL achieved the lowest ever Particulate Matter (PM) Emission Load (0.83 kg/tcs), Specific Water Consumption (3.66 m3/tcs) and Specific Effluent discharge (2.16 m3/Tonne of Saleable Steel (tss)). SAIL Plants have also reduced their CO Emission levels to 2.65 2 T/tcs which is their lowest ever emission, showing significant improvement over earlier years.
The
Company is proud to be a part of India’s ‘Make in India’ initiative, wherein
the Country's first indigenously built warship named INS Kamorta, an
anti-submarine warfare corvette, was built with special grade high-tensile
(DMR249A) steel produced by Bhilai Steel Plant. The ship was handed over to the
Indian Navy by Garden Reach Shipbuilders & Engineers Limited in the month
of July’14.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
& DEVELOPMENTS
WORLD ECONOMIC
ENVIRONMENT
The Global economy is estimated to have grown at 3.4% in 2014 (IMF, WEO update April, 2015) - a growth similar to that in 2013. The projected growth rate for World economy for 2015 is 3.5%, based on a growth of 2.4% in the advanced economies and 4.3% in the emerging and developing economies.
The improvement in anticipated growth is on account of the optimistic outlook for advanced economies. The decline in crude oil prices which is likely to lead to a higher purchasing power in advanced economies is likely to boost Global growth for next two years or so by its positive impact on the oil importers. The growth in emerging markets and developing economies is projected to be lower, primarily reflecting weaker prospects for some large emerging market economies and oilexporting countries.
Amongst the advanced economies, US is expected to exceed 3% growth in 2015, while the other economies – specifically Japan – are expected to pick up, sustained by a weaker Yen and lower oil prices. The projected growth for Euro Zone and Japan for 2015 is 1.5% and 1.0% respectively.
The overall growth for emerging and developing economies for 2015 is projected to be slightly lower by 0.3% than that in 2014, and rise only in 2016 to 4.7%. The growth prospects for emerging and developing economies have been impacted by lower anticipated growth in China, especially as its investment growth declined in Q-4 of 2014. For Russia the outlook continues to look weak under the impact of low oil prices and continued geopolitical tensions. For the oil and commodity exporters in the developing countries, the recovery in growth would be delayed as the impact of lower commodity prices is likely to dent their medium term growth. IMF has forecast a growth of 6.8% for China for 2015 which will further drop to 6.3% in 2016.
INDIAN STEEL
SCENARIO
India continues to hold its position as the 3rd largest steel making nation in the World in the current calendar year. During the year 2014-15, domestic crude steel production was 88.1 million tonnes, registering a growth of around 7.9% over the previous year. Further, finished steel production registered a growth of 3.3% during 2014-15. Due to adverse Global conditions, there has been a large inflow of imports, which surged by more than 70% in 2014 15, while overall domestic consumption registered a growth of 3.1% only. In case of carbon steel, the consumption growth remained almost flat at 0.5%. This has also manifested in a series of price cuts for the domestic steel industry during the year, leading to a squeeze on margins earned by steel producers. With the Government’s focus on manufacturing and industry coupled with spending on infrastructure (roads, rail and ports etc.), the demand for steel is projected to increase in the coming years.
OUTLOOK
For the Financial Year 2015-16, the thrust is on infrastructure sector, which will both spur domestic demand and ease supply side constraints. Setting up of 5 Ultra Mega Power Projects and announcement of similar projects for roads, rail and ports would also provide a thrust to the economy. Similarly, National Investment and Infrastructure Fund will help in easing the funds flow for the infrastructure sector. Further, in the Union Budget for 2015-16, ‘Make in India’ has got a boost by a slew of measures aimed at improving the ease of doing business in the Country. Small and medium industry – a major employment generator for the economy – has been liberated to participate in the Nation’s development in accordance with its potential. Measures such as Mudra Bank, technological facilitation agencies, etc. are likely to foster the entrepreneurial spirit and see emergence of numerous start-ups.
The issue of ‘ease of doing business’ has been addressed by the Finance Minister by introduction of measures such as Procurement Law, Public Contract Dispute Resolution Bill, Regulatory Reform Law, etc. Similarly a low and stable Corporate Tax regime without multiple exemptions will reduce litigations and improve business sentiments. Bold measures by the Government such as improved targeting of subsidy, broadening of the tax base and expected buoyancy in tax revenue are all aimed at achieving the fiscal consolidation which had been an area of concern in recent past.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2014
(Rs. In Millions)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Net sales |
|
|
|
|
i)Gross sales |
102443.800 |
105523.800 |
207967.600 |
|
ii) Loss: Excurse duty |
11313.700 |
11688.400 |
23002.100 |
|
Sub Total |
91130.100 |
93835.400 |
184966.500 |
|
|
1439.000 |
1192.600 |
2631.600 |
|
Total
income from Operations(net) |
92569.100 |
95028.000 |
197697.100 |
|
2.Expenditure |
|
|
|
|
a) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(3242.600) |
(11440.100) |
(14682.700) |
|
b) Cost of material consumed |
43888.900 |
48146.600 |
92035.500 |
|
c) Purchases of stock in trade |
0.000 |
0.000 |
0.000 |
|
d) Employees benefit expenses |
24166.000 |
24166.800 |
48332.800 |
|
e) Power and Fuel |
13948.000 |
13465.900 |
27413.800 |
|
f) Depreciation and amortization expenses |
4357.700 |
4260.600 |
8618.300 |
|
g) Other expenditure |
24293.500 |
21505.700 |
45799.200 |
|
Total expenses |
107411.500 |
100106.600 |
207617.00 |
|
3. Profit from operations before other income and
financial costs and exceptional items (1-2) |
(14842.400) |
(5077.500) |
(19919.900) |
|
4. Other income |
|
|
|
|
i)Interest Earned |
818.800 |
947.800 |
1766.600 |
|
ii) Other Income |
487.600 |
794.700 |
1282.300 |
|
Sub Total |
1306.400 |
1742.500 |
3048.900 |
|
5. Profit from ordinary activities before finance costs
and exceptional items (3+4) |
(13536.00) |
(3336.000) |
(16971.000) |
|
6. Finance costs |
4674.200 |
4430.400 |
9104.600 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items (8-6) |
(18210.200) |
(7765.400) |
(2597.66) |
|
8. Profit/(Loss) from ordinary activities before tax |
(18210.200) |
(7765.400) |
(25976.600) |
|
9. Tax expenses |
|
|
|
|
Current tax |
0.000 |
0.000 |
0.000 |
|
Deferred tax liability/ (Assets) |
(7850.600) |
(4549.000) |
(12199.800) |
|
MAT Credit |
0.000 |
0.000 |
0.000 |
|
Earlier years |
0.000 |
0.000 |
0.000 |
|
Sub Total |
(7850.600) |
(4549.000) |
(12199.600) |
|
10. Net Profit / (Loss) from ordinary activities after tax (8-9) |
(10559.600) |
(3216.400) |
(13776.000) |
|
11.
Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
12. Net Profit / (Loss) for the period (10 -11) |
(10559.600) |
(3216.400) |
(13776.000) |
|
13. Paid-up equity share capital (Face value Rs. 10 per share) |
4130.53 |
4130.53 |
4130.53 |
|
14. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
15. Basic and diluted EPS before and
after Extraordinary items (not
annualised) |
(2.56) |
(0.78) |
(3.34) |
|
16. Debt Service Coverage Ratio (Number of
times) |
|
|
(1.59) |
|
17. Interest Service Coverage Ratio (Number of times) |
|
|
(1.34) |
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
1032610205 |
1032610205 |
1032610205 |
|
- Percentage of shareholding |
24.99 |
24.99 |
24.99 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
3097767449 |
3097767449 |
3097767449 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
75.00 |
75.00 |
75.00 |
|
Particulars
|
Quarter Ended 30.09.2015 |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
0 |
|
Receiving during the quarter |
8 |
|
Disposed of during the quarter |
8 |
|
Remaining unreserved at the end of the quarter |
0 |
SEGMENT
REVENUE, RESULTS AND CAPITAL EMPLOYED
In
Million
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
Segment revenue (Net sales/ income from operations) |
|
|
|
|
Bhillai Steel Plant |
35060.100 |
32269.500 |
67329.600 |
|
Durgapur Steel Plant |
13116.000 |
14110.200 |
27226.200 |
|
Rourkela Steel Plant |
17791.500 |
15982.900 |
33774.400 |
|
Bokaro Steel Plant |
1591.850 |
25368.200 |
41286.700 |
|
IISCO Steel Plant |
7434.000 |
5121.500 |
12556.500 |
|
Alloy Steel Plant |
1696.700 |
1278.600 |
2875.300 |
|
Salem Steel Plant |
4257.300 |
3873.900 |
8131.200 |
|
Visvesvaraya iron and Steel Plant |
629.700 |
564.900 |
1194.800 |
|
Other |
10901.000 |
9944.000 |
20845.000 |
|
Total segment revenue |
106804.800 |
108513.700 |
215318.500 |
|
Less: Inter-segment revenue |
14235.700 |
13485.700 |
27721.400 |
|
Net sales/income from operations |
92589.100 |
95028.000 |
187597.1400 |
|
|
|
|
|
|
Segment results 9Profit/(Loss) before interest,
Exceptional items and tax |
|
|
|
|
Bhillai steel Plant |
1602.200 |
3258.000 |
4860.200 |
|
Durgapur Steel Plant |
(1083.200) |
42.900 |
(1040.300) |
|
Rourkela Steel Plant |
(5406.100) |
(1985.800) |
(7391.900) |
|
Bokaro Steel Plant |
(5418.300) |
(2447.200) |
(7866.500) |
|
IISCO Steel Plant |
(3398.400) |
(2790.000) |
(6188.400) |
|
Alloy Steel Plant |
246.600) |
(211.800) |
(458.200) |
|
Salem Steel Plant |
(636.200) |
(639.700) |
(1274.900) |
|
Visvesvaraya Iron and Steel Plant |
303.400) |
(289.900) |
(593.300) |
|
Other |
1353.000 |
1728.300 |
3081.300 |
|
Total |
(13538.000) |
(3335.000) |
(16871.000) |
|
Less: Interest Expenses |
4674.200 |
4430.400 |
9104.600 |
|
Profit/ (Loss) before tax |
(18210.200) |
(7765.400) |
(25975.600) |
|
Capital employee |
|
|
|
|
|
|
|
|
|
(Segment assets less segment liabilities excluding inter
unit balance) |
|
|
|
|
Bhillai Steel Plant |
178484.800 |
174439.600 |
178484.800 |
|
Durgapur Steel Plant |
37482.500 |
35316.500 |
37482.500 |
|
Rourkela Steel Plant |
156024.300 |
164848.800 |
156024.300 |
|
Bokaro Steel Plant |
113556.400 |
108286.900 |
113556.400 |
|
IISCO Steel Plant |
177942.700 |
175795.600 |
177942.700 |
|
Alloy Steel Plant |
3479.100 |
4124.500 |
3479.100 |
|
Salem Steel Plant |
25564.100 |
26421.100 |
25584.100 |
|
Visvesvaraya Iron and Steel Plant |
4964.300 |
4778.100 |
4964.300 |
|
Other |
(99159.500) |
(81244.900) |
(99159.500) |
|
Total capital employed in the company |
698338.700 |
602763.100 |
598338.700 |
|
NOTE:
|
|||
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Claims against the
Company pending appellate/judicial decisions : |
|
|
|
Excise Duty |
16679.300 |
13509.700 |
|
Sales Tax on inter-state stock transfers from plants to stockyards*. |
7393.300 |
7434.900 |
|
Other sales tax matters |
2301.400 |
1707.900 |
|
Income Tax |
11855.700 |
10288.500 |
|
Other duties, cess and levies |
29192.600 |
52747.600 |
|
Civil matters ** |
27767.900 |
19180.400 |
|
Entry Tax |
16476.500 |
14438.500 |
|
Miscellaneous ** |
25556.600 |
5610.900 |
|
* No liability is expected to arise, as sales tax has been paid on eventual sales. ** includes claims of Rs. 474.300 million (Rs. 458.800 million), against which there are counter-claims of Rs. 280.600 million (Rs. 268.500 million). |
|
|
|
Other claims
against the Company not acknowledged as debt: |
|
|
|
Sales Tax |
166.000 |
193.300 |
|
Duties, cess and levies |
2618.900 |
2571.400 |
|
Civil Matters |
552.300 |
503.100 |
|
Miscellaneous $ |
95221.400 |
71162.200 |
|
$ includes claims of Rs. 1009.400 million (Rs. 1009.400 million), against which there are counter-claims of Rs. 1039.500 million (Rs. 1039.500 million). |
|
|
|
Disputed income tax/service tax/other demand on joint venture company for which Company may be contingently liable under the joint venture agreement |
315.900 |
303.900 |
|
Bills drawn on customers and discounted with banks |
4201.500 |
479.400 |
|
Price escalation claims by contractors/suppliers and claims by certain employees, extent whereof is not ascertainable |
2462.500 |
312.800 |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant & Machinery
·
Furniture & Fittings
·
Vehicles
·
Office Equipment’s
· Miscellaneous Articles
· Roads, Bridges and Culverts
· Water Supply and Sewerage
· EDP Equipment’s
· Railway Lines and Sidings
PRESS RELEASES
SAIL SHARE SALE FLOOR
PRICE FIXED AT RS 83, MAY FETCH RS 17000.000 Million
New Delhi: Government's five per cent stake in steel giant SAIL will be sold at a floor price of Rs 83 per share on Friday, which can raise Rs 15000.000-17000.000 million for the exchequer in the first disinvestment under the new regime.
"Government expects to garner Rs 15000.000 crore to Rs 17000.000 million from SAIL disinvestment. Floor price will be Rs 83 and retail investors will get a discount of 5 per cent," an official said after a meeting on SAIL disinvestment in the Finance Ministry.
The SAIL offering would be the first PSU share sale under the new government, which targets to raise Rs 434250.000 million through share sales in various state-owned firms during the ongoing fiscal. Retail investors would get a discount of 5 per cent to the bid price in the SAIL offering.
The floor price of Rs 83/share indicates a 2.75 per cent discount to the closing price of SAIL scrip that ended 0.35 percent down at Rs 85.35 on the BSE. The sale of 5 per cent stake, or about 20.65 crore shares, of SAIL at the current market price would fetch the exchequer about Rs 17000.000 million.
As much as 10 per cent of the offered shares has been reserved for retail investors, who can buy shares worth up to Rs 2 lakh in the share sale. A minimum of 25 per cent of the issue size would be reserved for mutual funds and insurance companies.
The Cabinet had in July 2012 approved a 10.82 percent stake
sale in SAIL. Accordingly, the first tranche of
disinvestment of 5.82 per cent was completed in March 2013.
The government has lined up a host of PSUs to pare its holdings. The disinvestment plan includes 5 per cent stake sale in ONGC, 10 per cent in Coal India and 11.36 percent in NHPC.
HSBC Securities, Deutsche Equities, J P Morgan India are among the six merchant bankers advising the SAIL stake sale.
While the new government assumed power in late May, there have been no PSU
share sale so far in the current fiscal. During the previous 2013-14 fiscal,
government has raised Rs 15000.000 million from sale of SAIL shares while the
entire disinvestment proceeds stood at over Rs 160000.000 million.
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.66.99 |
|
|
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.73.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
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 |
|
78 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.