MIRA INFORM REPORT
|
Report No. : |
357083 |
|
Report Date : |
29.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHYAM SEL AND POWER LIMITED (w.e.f.22.04.2008) |
|
|
|
|
Formerly Known
As : |
SHYAM SEL LIMITED SHYAMA CAST PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
5, C.R. Avenue, Princep Street, Kolkata – 700072, West Bengal |
|
Tel. No.: |
91-33-22117794/ 40111000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation
: |
05.09.1991 |
|
|
|
|
Com. Reg. No.: |
21-052962 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 387.468 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109WB1991PLC052962 |
|
|
|
|
IEC No.: |
0296010260 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALS07513C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECS9421J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Iron and Steel. (Confirmed by Management) |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Shyam Sel and Power Limited (erstwhile known as Shyama Cast
Private Limited), incorporated in 1991, is part of the Kolkata-based “Shyam
Group” promoted by Mr. Mahabir Prasad Agarwal. Over the years, the company
has integrated its operation with addition of ferro alloys, captive power
plant, pellets, sponge and billets/ ingots, rolled products. Rating reflects company’s integrated operations, strong operating
efficiencies and above-average financial risk profile because of a healthy
networth and capital structure due to regular infusion of funds has ensured a
continued robust capital structure despite the large debt-funded capex and
moderate debt protection metrics. Company’s standalone basis, had a PAT and net sales of Rs. 284.000
Million and Rs. 11.4 Billion, respectively, in 2014-15 as against a PAT of
Rs. 289.00 Million and Net sales of Rs. 11.5 Billion in 2013-14. Rating further takes consideration on company’s as group operate in
the same line of business under a common management team, and have financial
and operational linkages. This rating strength is partially offset by working capital-intensive
operations and susceptibility to cyclicality in the steel industry. However, trade relations are fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for business dealings at usual
trade terms and conditions. NOTE: Partial financial information has been taken from indirect source i.e.
CRISIL. Management of the company has failed to file its latest financial for the year FY2015. |
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 |
CRISIL |
|
Rating |
Long term Bank facilities = A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
December 17, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Long-term Non-Convertible Debenture-II = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
December 17, 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 DECLINED
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-33-40111000/ 40164000)
LOCATIONS
|
Registered Office/ Factory : |
5, C.R. Avenue, Princep Street, Kolkata – 700072, West Bengal, India |
|
Tel. No.: |
91-33-22117794/ 40111000 |
|
Mobile No.: |
91-9681059223 [Mr. Brij Bhushan Agarwal] |
|
Fax No.: |
91-33-40111031 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
"Viswakarma", 86C, Topsia Road, 1st Floor, Kolkata – 700046, West Bengal, India |
|
Tel. No.: |
91-33-40113000 |
|
Fax No.: |
91-33-22852212 |
|
E-Mail : |
DIRECTORS
AS ON 27.09.2014
|
Name : |
Mr. Brij Bhushan Agarwal |
|
Designation : |
Managing director |
|
Address : |
3 B, Ashoka Road, 2nd Floor, Kokata - 700027, West Bengal,
India. |
|
Date of Birth/Age : |
13.09.1972 |
|
Qualification : |
B. Com. |
|
Date of Appointment : |
26.07.1999 |
|
PAN No.: |
ACGPA0365A |
|
DIN No.: |
01125056 |
|
|
|
|
Name : |
Mr. Pawan Kumar Agarwal |
|
Designation : |
Whole-time director |
|
Address : |
CA-54, Sector I, Salt Lake City, Kolkata - 700064, West Bengal, India.
|
|
Date of Birth/Age : |
01.08.1947 |
|
Qualification : |
B. Com. |
|
Date of Appointment : |
25.08.2011 |
|
PAN No.: |
ACKPA5917G |
|
DIN No.: |
00235897 |
|
|
|
|
Name : |
Mr. Bajrang Lal Agarwal |
|
Designation : |
Whole-time director |
|
Address : |
CA-54, Sector I, Salt Lake City, Kolkata - 700064, West Bengal, India.
|
|
Date of Birth/Age : |
20.01.1951 |
|
Qualification : |
B. Com. |
|
Date of Appointment : |
19.11.2001 |
|
PAN No.: |
ACWPA3142K |
|
DIN No.: |
00235978 |
|
|
|
|
Name : |
Mr. Sanjay Kumar Agarwal |
|
Designation : |
Director |
|
Address : |
CA-54, Sector I, Salt Lake City, Kolkata - 700064, West Bengal, India.
|
|
Date of Birth/Age : |
27.03.1976 |
|
Date of Appointment : |
14.07.2014 |
|
PAN No.: |
ACVPA5953H |
|
DIN No.: |
00232938 |
|
|
|
|
Name : |
Kiran Vimal Agarwal |
|
Designation : |
Director |
|
Address : |
Vimal Sadan, Opposite Ketav Auto, Dr. VS Road, Ambawadi, Ahmedabad –
380015, Gujarat, India |
|
Date of Birth/Age : |
18.04.1967 |
|
Date of Appointment : |
27.09.2014 |
|
DIN No.: |
00424400 |
|
|
|
|
Name : |
Mr. Venkata Krishna Nageswara Rao Majji |
|
Designation : |
Additional director |
|
Address : |
Shree Ram Nagar, Garividi Vizianagaram, Visakhapatnam - 535101, Andhra Pradesh, India |
|
Date of Appointment : |
08.12.2014 |
|
DIN No.: |
07035891 |
KEY EXECUTIVES
|
Name : |
Mr. Somnath Chattopadhyay |
|
Designation : |
Secretary |
|
Address : |
554, Bosenagar, Madhyamgramma, Kolkata – 700129, West Bengal, India |
|
Date of Birth/Age : |
26.10.1971 |
|
Date of Appointment : |
02.01.2009 |
|
PAN No.: |
AESPC5201P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 27.09.2014
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON 27.09.2014
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Bodies
corporate |
85.42 |
|
Directors
or relatives of directors |
14.58 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Iron and Steel. (Confirmed by Management) |
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Products/ Services : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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|
Purchasing : |
Not Divulged |
PRODUCTION STATUS (AS ON 31.03.2014)
|
Particulars |
Unit |
Licensed/
Installed Capacity |
Actual
Production |
|
M.S. Ingot |
MT |
165600 |
99019.16 |
|
M.S. Tor/Structure |
MT |
143200 |
61870.87 |
|
Sponge Iron |
MT |
220000 |
219216.91 |
|
Ferro/ Silico Manganese |
MT |
68800 |
41413.72 |
|
Mould Iron Scrap ** |
MT |
5000 |
4,429.82 |
|
Iron Ore Pellet |
MT |
480000 |
344702.07 |
|
Captive Power Plant |
M.W. |
54 |
209,983.87 |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
90 (Approximately) |
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Bankers : |
· State Bank of India (Lead Bank) Commercial Branch,
Kolkata, 24, Park Street, Kolkata - 700016, West Bengal, India · DBS Bank Limited Acting as Security
Agent of DBS Bank Singapore, 4A, Nandlal Basu Sarani, Kolkata - 700071, West
Bengal, India · ICICI Bank Limited Landmarkrace
Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India · Axis Bank Limited Corporate Banking Branch (CBB), 1, Shakespeare Sarani, AC Market, 3rd
Floor, Kolkata - 700071, West Bengal , India
|
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
Tata Capital Financial Services Limited |
|
|
|
|
Auditors : |
|
|
Name : |
J. Jain and Company Chartered Accountants |
|
Address : |
23A, N S Road, 11th Floor, Room No. 44, Kolkata – 700001,
West Bengal, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFJ8069K |
|
|
|
|
Group Companies : |
· Shyam SEL and Alloys Limited · Shyam Century Ferrous Limited · Cement Manufacturing Company Limited · Shyam Century Infrastructure Limited · Meghalaya Power Limited · Kalinga Energy and Power Limited · Megha Technical and Engineers Private Limited · MJSJ Coal Limited |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key
management personnel and their relatives : |
Shyam Metalics and Energy Limited [U40101WB2002PLC095491] |
|
|
|
|
Subsidiary company
: |
· Shyam Ores (Jharkhand) Private Limited [U70200WB2008PTC126792] · Shyam Energy Limited [U40102WB2002PLC094303] · Shyam IT Park Devepolers Private Limited [U70109WB2011PTC168115] · Uttar Purva Hydropower Private Limited [U40101WB2011PTC167354] ·
Shyam Business Solutions Private Limited
[U74140WB2008PTC129092] |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40,100,000 |
Equity Shares |
Rs. 10/- each |
Rs. 401.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38,746,794 |
Equity Shares |
Rs. 10/- each |
Rs. 387.468 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF
FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
387.468 |
364.243 |
332.756 |
|
(b) Reserves & Surplus |
6276.877 |
5630.790 |
4989.356 |
|
(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) |
6664.345 |
5995.033 |
5322.112 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
3469.672 |
3352.272 |
2008.053 |
|
(b) Deferred tax liabilities (Net) |
264.573 |
227.315 |
191.579 |
|
(c)
Other long term liabilities |
295.829 |
451.034 |
834.828 |
|
(d)
long-term provisions |
9.996 |
8.141 |
7.664 |
|
Total
Non-current Liabilities (3) |
4040.070 |
4038.762 |
3042.124 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1983.499 |
1245.925 |
1807.923 |
|
(b)
Trade payables |
1690.231 |
1678.674 |
1458.432 |
|
(c)
Other current liabilities |
1682.508 |
2082.426 |
1490.227 |
|
(d)
Short-term provisions |
5.859 |
0.000 |
0.000 |
|
Total
Current Liabilities (4) |
5362.097 |
5007.025 |
4756.582 |
|
|
|
|
|
|
TOTAL |
16066.512 |
15040.820 |
13120.818 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
5876.236 |
4648.418 |
2824.460 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
2269.444 |
2686.608 |
2797.576 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
226.016 |
294.181 |
443.656 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
230.658 |
170.157 |
308.036 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
8602.354 |
7799.364 |
6373.728 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3176.310 |
3510.846 |
2662.985 |
|
(c)
Trade receivables |
1247.945 |
1394.407 |
1986.218 |
|
(d)
Cash and cash equivalents |
1345.193 |
504.410 |
207.692 |
|
(e)
Short-term loans and advances |
1259.475 |
1432.235 |
1655.891 |
|
(f)
Other current assets |
435.235 |
399.558 |
234.304 |
|
Total
Current Assets |
7464.158 |
7241.456 |
6747.090 |
|
|
|
|
|
|
TOTAL |
16066.512 |
15040.820 |
13120.818 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
11825.098 |
7887.367 |
7723.095 |
|
|
|
Other Income |
113.860 |
60.703 |
152.329 |
|
|
|
TOTAL (A) |
11938.958 |
7948.070 |
7875.424 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
7553.335 |
5430.461 |
5457.199 |
|
|
|
Purchases of Stock-in-Trade |
76.513 |
0.000 |
266.423 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(284.351) |
68.846 |
34.629 |
|
|
|
Employees benefits expense |
174.532 |
107.080 |
95.182 |
|
|
|
Other expenses |
2874.864 |
1518.307 |
1246.730 |
|
|
|
TOTAL (B) |
10394.893 |
7124.694 |
7100.163 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1544.065 |
823.376 |
775.261 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
451.410 |
188.820 |
177.584 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1092.655 |
634.556 |
597.677 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
734.798 |
391.964 |
338.911 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
357.857 |
242.592 |
258.766 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
60.146 |
48.585 |
(9.795) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
297.711 |
194.007 |
268.561 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2093.600 |
1051.200 |
631.000 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.13 |
5.75 |
9.73 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
908.621 |
981.460 |
610.006 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash flow from (used in) Operations |
1581.751 |
1516.388 |
(434.168) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
2.52 |
2.46 |
3.48 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
13.06 |
10.44 |
10.04 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.64 |
2.01 |
2.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.04 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.95 |
0.93 |
0.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.39 |
1.45 |
1.42 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
332.756 |
364.243 |
387.468 |
|
Reserves & Surplus |
4989.356 |
5630.790 |
6276.877 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
5322.112 |
5995.033 |
6664.345 |
|
|
|
|
|
|
Long-term borrowings |
2008.053 |
3352.272 |
3469.672 |
|
Short term borrowings |
1807.923 |
1245.925 |
1983.499 |
|
CURRENT MATURITIES OF LONG-TERM DEBTS |
610.006 |
981.460 |
908.621 |
|
Total
borrowings |
4425.982 |
5579.657 |
6361.792 |
|
Debt/Equity ratio |
0.832 |
0.931 |
0.955 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
7723.095 |
7887.367 |
11825.098 |
|
|
|
2.127 |
49.925 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
7723.095 |
7887.367 |
11825.098 |
|
Profit |
268.561 |
194.007 |
297.711 |
|
|
3.48% |
2.46% |
2.52% |
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 |
Yes |
|
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 |
No |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10570174 |
27/04/2015 |
200,000,000.00 |
HDFC BANK LIMITED |
3A, GURUSADAY ROAD,
KOLKATA, WEST BENGAL - 700019, INDIA |
C54029376 |
|
2 |
10427295 |
20/05/2013 |
4,865,700,000.00 |
STATE BANK OF
INDIA (LEAD BANK) |
COMMERCIAL BRANCH,
KOLKATA, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
B75675033 |
|
3 |
10427301 |
20/05/2013 |
4,865,700,000.00 |
STATE BANK OF
INDIA (LEAD BANK) |
COMMERCIAL BRANCH,
KOLKATA, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
B75675801 |
|
4 |
10417970 |
28/02/2013 |
250,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH
(CBB), 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR,, KOLKATA, WEST
BENGAL |
B72658537 |
|
5 |
10388636 |
06/11/2012 |
855,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH
(CBB), 1, SHAKESPEARE SARANI, AC MARKET, 3RD FLOOR,, KOLKATA, WEST
BENGAL |
B62828934 |
|
6 |
10388728 |
17/10/2012 |
1,600,000,000.00 |
STATE BANK OF
INDIA (LEAD BANK) |
COMMERCIAL BRANCH,
KOLKATA, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
B62862628 |
|
7 |
10361021 |
11/06/2012 |
1,120,000,000.00 |
DBS BANK LTD. |
ACTING AS SECURITY
AGENT OF DBS BANK SINGAPORE, 4A, NANDLAL BASU SARANI, KOLKATA, WEST BENGAL -
700071, INDIA |
B41789124 |
|
8 |
10310478 |
10/10/2011 |
200,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B22669451 |
|
9 |
10310815 |
10/10/2011 |
900,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B22804355 |
|
10 |
10320250 |
07/10/2011 |
8,039,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
PARK STREET
BRANCH,, 107/1, PARK STREET (1ST FLOOR), KOLKATA, WEST BENGAL - 700016, INDIA |
B26362947 |
|
11 |
10143871 |
28/01/2009 |
322,200,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL BRANCH
, KOLKATA, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
A55997571 |
|
12 |
10105926 |
12/06/2009 * |
1,891,500,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL BRANCH,
KOLKATA, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
A66522202 |
|
13 |
10105927 |
20/05/2013 * |
9,663,700,000.00 |
STATE BANK OF
INDIA (LEAD BANK) |
COMMERCIAL BRANCH,
KOLKATA, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
B75676783 |
|
14 |
10098402 |
26/12/2007 |
390,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL BRANCH,
24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
A36117281 |
|
15 |
10080387 |
28/03/2013 * |
2,077,200,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL BRANCH,
KOLKATA, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
B75252486 |
|
16 |
80012654 |
03/04/2012 * |
1,125,700,000.00 |
CORPORATE BANKING
BRANCH |
CORPORATE BANKING BRANCH,
17, BRABOURNE ROAD, MOO |
B39868542 |
|
17 |
90247792 |
01/10/2011 * |
2,470,000,000.00 |
ORIENTAL BANK OF
COMMERCE |
PARK STREET BRANCH,,
107/1, PARK STREET (1ST FLOOR), KOLKATA, WEST BENGAL - 700016, INDIA |
B25854035 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
0.000 |
88.700 |
|
|
|
|
|
Total |
0.000 |
88.700 |
CHANGE OF ADDRESS:
The Registered Office of the company has been shifted from 5, C.R. Avenue,
Princep Street, Kolkata - 700013, West Bengal, India to the present address
w.e.f.06.11.2009.
STEEL INDUSTRY
OVERVIEW
There is a huge growth potential in Steel consumption in India given
that per capita steel consumption is very low compared to China and the global
average. In 2013, it was forecasted that world steel demand will grow further
by 4.5% to around 1,486 Mt. and the growth rate would accelerate to 9.4 per
cent on the back of urbanisation and surging infrastructure investment. But with
the turbulent economic period and all-out measure to clampdown inflation
coupled with emerging European economic crisis and constant devaluation of
money the projections were part accomplished. It was projected that Steel
consumption in India will slowly resume its growth trends in 2013-14. On the
positive note, the signs of stability are now emerging and they expect the
recovery to resume in this ongoing fiscal, leading to a higher growth forecast
for years to come. With the changed geo-political scenario the management is
buoyant on the development of the Indian steel industry and the positive
results are being felt already.
Indian Steel Industry is, in a manner, insulated from the events
effecting world steel industry as it is not dependent on export market.
Domestic demand base will sustain the prosperity of Indian Steel Industry and
the positive trend is regaining momentum. With the proposed expenditure in the
12th 5 Year Plan, turnaround is not far. According to the Report by the
Ministry of steel, India has emerged as the fifth largest producer of steel in
the world and is likely to become the second largest producer of crude steel by
2016.
OPERATIONAL REVIEW
PRODUCTION AND
SALES REVIEW
Indian economy, as expected kept growing at a steady pace during
2013-14. As expected the domestic crude production kept growing more than the
growth in the overall steel consumption. Over-expecting the demand, growth
capacity expansion were undertaken and the same probably lead to excess
domestic capacity. Coupled with the high cost, cheap import and volatile input
cost and constant fluctuating currency cost the future the hindrance are too
many.
In this turbulent time the Company achieved net sales of Rs. 11569.500
Millions in comparison to Rs. 7539.900 Millions during previous financial
period. Production to sales ratio of basic products has undergone significant
demand pattern change. The basic raw-material in form of Sponge Iron has seen
demand rise along with ferro manganese materials. Whereas rolled product demand
were seen southbound trend. The company has changed production patterns as per
the demand of time and was able to sustain the profit run. With commencement of
the Pelletisation Plant at the Jamuria unit w.e.f.10.05.2013, the reverse
integration method get a head start. Dependency of raw material, i.e. Iron Ore,
has reduced to an extent giving immense advantage to your company. With the
full-fledged implementation of the Jamuria expansion, it is not far that the
company would cement its position in not only this region, but in overall
India.
OUTLOOK
The Company is ready to take advantage of the growth in the iron and
steel sector and upon completion and commissioning of its projects; it shall
make a significant presence in the industry. The Company has an optimistic
outlook ahead.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
i) Disputed Liabilities in Appeal |
|
|
|
A) Sales Tax |
39.290 |
39.290 |
|
B) Excise Duty and Service Tax |
98.468 |
76.256 |
|
C) E.S.I. |
1.386 |
1.386 |
|
ii) Bank Guarantee |
125.043 |
198.498 |
|
iii) Letter of Credits |
490.761 |
371.585 |
|
iv) Claim of WBSEB |
1.135 |
1.135 |
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Factory equipments
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
· Computer equipments
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. 66.14 |
|
|
1 |
Rs. 98.69 |
|
Euro |
1 |
Rs. 72.55 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
This score serves as
a reference to assess SC’s credit risk and to set the amount of credit to be extended.
It is calculated from a composite of weighted scores obtained from each of the
major sections of this report. The assessed factors and their relative weights
(as indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.