MIRA INFORM REPORT
|
Report No. : |
307300 |
|
Report Date : |
09.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
KALYANI STEELS LIMITED |
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Registered
Office : |
Mundhwa, Pune – 411036, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
28.02.1973 |
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Com. Reg. No.: |
11-016350 |
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Capital
Investment / Paid-up Capital : |
Rs.218.644 Millions |
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CIN No.: [Company Identification
No.] |
L27104MH1973PLC016350 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEK05371C |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Forging and Engineering Quality Carbon and
Alloy Steels. |
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No. of Employees
: |
57 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 11000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having a fine track
record. Financial position of the company appears to be sound. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loans : A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
February, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Debt : A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
February, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non-Cooperative [91-20-66215000]
LOCATIONS
|
Registered/ Corporate Office : |
Corporate Building, 2nd Floor, Mundhwa, Pune -
411036, Maharashtra, India |
|
Tel. No.: |
91-20-26715000/ 66215000 |
|
Fax No.: |
91-20-26821124 |
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E-Mail : |
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Website : |
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Works : |
Hospet Road, Ginigera Taluka and District Koppal – 583228, Karnataka, India |
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Tel. No.: |
91-8539-86603/ 08 |
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E-Mail : |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. B.N. Kalyani |
|
Designation : |
Chairman |
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|
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Name : |
Mr. R.K. Goyl |
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Designation : |
Managing director |
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Name : |
Mr. Amit B. Kalyani |
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Designation : |
Director |
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Name : |
Mr. S. M. Kheny |
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Designation : |
Director |
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Name : |
Mr. S. S. Vaidya |
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Designation : |
Director |
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Name : |
Mr. B.B. Hattarki |
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Designation : |
Director |
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Name : |
Mr. M.U. Takale |
|
Designation : |
Director |
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Name : |
Mr. Arun P. Pawar |
|
Designation : |
Director |
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|
Name : |
Mr. C.G. Patankar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mrs. Deepti R. Puranik |
|
Designation : |
Company Secretary |
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|
|
|
Name : |
Mr. B. M. Maheshwari |
|
Designation : |
Chief Financial Officer |
SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
48355 |
0.11 |
|
|
26078001 |
59.74 |
|
|
26126356 |
59.85 |
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|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
26126356 |
59.85 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
451800 |
1.03 |
|
|
28604 |
0.07 |
|
|
14350 |
0.03 |
|
|
729650 |
1.67 |
|
|
1224404 |
2.80 |
|
|
|
|
|
|
4111260 |
9.42 |
|
|
|
|
|
|
9953513 |
22.80 |
|
|
1703023 |
3.90 |
|
|
534504 |
1.22 |
|
|
242118 |
0.55 |
|
|
291720 |
0.67 |
|
|
666 |
0.00 |
|
|
16302300 |
37.35 |
|
Total Public shareholding (B) |
17526704 |
40.15 |
|
Total (A)+(B) |
43653060 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
43653060 |
0.00 |
(1) Indian
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Forging and Engineering Quality Carbon and
Alloy Steels. |
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Products/ Services : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
57 (Approximately) |
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Bankers : |
·
Bank
of Baroda ·
Union
Bank of India ·
Canara
Bank ·
HDFC
Bank Limited ·
State
Bank of India ·
Axis
Bank Limited · The Hongkong and Shanghai Banking Corporation Limited |
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Facilities : |
NOTES: Long Term
Borrowings (a)
Debentures : The Company has issued
the following Secured Non-Convertible Redeemable Debentures : 550 - 12.50%
Secured Non-Convertible Redeemable Debentures (NCDs) (Seventeenth Series) of
Rs.1.000 Million each, aggregating Rs.550.000 Millions/- (Rupees Five Hundred
Fifty Million only) were issued on private placement basis, held by Life
Insurance Corporation of India. In terms of the Debenture Trust Hypothecation
Deed dated 8th April, 2009, NCDs were to be redeemed in three annual
installments commencing from the end of third year from the date of allotment
i.e. redeemable on 16th January, 2012 Rs.0.333 Million/- per debenture, on
16th January, 2013, Rs.0.333 Million/- per debenture and on 16th January,
2014, Rs.0.333 Million/- per debenture. All the installments were paid by the
Company on their respective due dates as aforesaid and satisfaction of charge
has been filed with Government of India, Ministry of Corporate Affairs,
Maharashtra, and Pune. (b)
Foreign Currency Term Loans : From Bank of
Baroda, London (i) External
Commercial Borrowing (ECB) Term Loan balance outstanding USD 13,721,000/-.
Repayable in 20 quarterly instalments commencing from 30th June, 2014,
carrying interest at 6 month USD LIBOR plus 400 bps p.a. payable quarterly. (ii) External
Commercial Borrowing (ECB) Term Loan balance outstanding USD 10,781,650/-
comprising of : a) Facility A of
USD 4,681,650/- repayable in six half yearly installments starting from 24th
month of initial drawdown i.e. repayable commencing from 22nd December, 2014
and; b) Facility B of
USD 6,100,000/- repayable in four half yearly installments starting from 27th
month of initial drawdown i.e. repayable commencing from 22nd March, 2015.
Both Facility A and Facility B carrying interest at 6 month USD LIBOR plus
315 bps p.a. payable six monthly. Above Foreign
Currency Term Loans are secured by mortgage of Company's immovable properties
consisting of land together with all buildings and structures thereon and all
plant and machinery, attached to the earth or permanently fastened to
anything attached to the earth, both present and future and hypothecation of
whole of the movable fixed assets /properties of the Company, including its
movable plant and machinery, machinery spares, tools and accessories and
other movable fixed assets, both present and future, ranking pari passu with
charges created and / or to be created in favour of the Trustees for
Debenture holders and Banks / Financial Institutions for their Term / Foreign
Currency Loans. The Foreign Currency Term Loans are also secured by Second
Pari-passu charge on the Current Assets of the Company consisting of stock of
raw materials, stocks in process, semi-finished and finished goods, bills
receivables and book debts. Short Term
Borrowings The Fund based
and Non-Fund based Limits, sanctioned to the Company by the bankers, for
meeting working capital requirements, are secured by First pari-passu charge
on the Current Assets of the Company consisting of stock of raw materials,
stocks in process, semi-finished and finished goods, bills receivables and
book debts. |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
P. G. Bhagwat Chartered Accountants |
|
Address : |
Suite No. 2, "Orchard", Dr. Pai Marg, Baner, Pune – 411045, Maharashtra, India |
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Membership : |
-- |
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|
|
|
Associates : |
· Kalyani Mukand Limited Lord Ganesha Minerals Private Limited |
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Joint Venture : |
Hospet Steels Limited |
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Companies under
Common Control : |
· Bharat Forge Limited Kalyani Carpenter Special Steels Limited Kalyani Investment Company Limited BF Investment Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
95,000,000 |
Equity Shares |
Rs. 5/- each |
Rs. 475.000 Millions |
|
3,010,000 |
Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 301.000 Millions |
|
2,400,000 |
Unclassified Shares |
Rs. 10/- each |
Rs. 24.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 800.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43,759,380 |
Equity Shares |
Rs. 5/- each |
Rs. 218.797
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43,653,060 |
Equity Shares |
Rs. 5/- each |
Rs. 218.265
Millions |
|
106,320 |
Add : Forfeited Equity Shares (amount paid up) |
|
Rs. 0.379
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 218.644 Millions |
Terms / Rights attached to Shares:
Equity Shares:
The Company has only one class of Equity Shares having at par value of Rs.5/- per share. Equity Shares are pari-passu in all respects and each shareholder is eligible for one vote per share held. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders at the ensuing Annual General Meeting.
In the event of liquidation of the Company, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.
Details of
shareholders holding more than 5% Shares in the Company:
Equity Shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Equity Shares of
Rs.5/- each fully paid |
3,261,822 |
7.47 |
|
Ajinkya Investment and Trading Company |
5,691,198 |
13.04 |
|
Sundaram Trading and Investment Private Limited |
17,052,421 |
39.06 |
|
BF Investment Limited |
3,261,822 |
7.47 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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 |
218.644 |
218.644 |
218.644 |
|
(b) Reserves & Surplus |
3759.988 |
3327.335 |
3165.264 |
|
(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) |
3978.632 |
3545.979 |
3383.908 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1266.804 |
1251.573 |
831.073 |
|
(b) Deferred tax liabilities (Net) |
436.153 |
382.751 |
321.525 |
|
(c) Other long term liabilities |
918.696 |
795.016 |
526.448 |
|
(d) long-term provisions |
2.383 |
5.794 |
2.038 |
|
Total Non-current Liabilities (3) |
2624.036 |
2435.134 |
1681.084 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
584.078 |
266.224 |
1095.596 |
|
(b) Trade payables |
2445.821 |
1513.390 |
1136.914 |
|
(c) Other current
liabilities |
550.903 |
516.779 |
619.866 |
|
(d) Short-term provisions |
161.648 |
82.800 |
58.183 |
|
Total Current Liabilities (4) |
3742.450 |
2379.193 |
2910.559 |
|
|
|
|
|
|
TOTAL |
10345.118 |
8360.306 |
7975.551 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3390.490 |
3371.435 |
1906.354 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
81.848 |
129.099 |
595.822 |
|
(iv)
Intangible assets under development |
18.825 |
14.243 |
0.000 |
|
(b) Non-current Investments |
311.560 |
487.300 |
687.300 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
921.039 |
575.901 |
714.132 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
4723.762 |
4577.978 |
3903.608 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1709.306 |
1282.633 |
1177.049 |
|
(c) Trade receivables |
3316.250 |
1794.718 |
1984.355 |
|
(d) Cash and cash
equivalents |
167.962 |
89.578 |
190.075 |
|
(e) Short-term loans and
advances |
363.924 |
522.067 |
638.216 |
|
(f) Other current assets |
63.914 |
93.332 |
82.248 |
|
Total Current Assets |
5621.356 |
3782.328 |
4071.943 |
|
|
|
|
|
|
TOTAL |
10345.118 |
8360.306 |
7975.551 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
11159.881 |
8090.681 |
9768.465 |
|
|
|
|
Other Income |
117.922 |
71.545 |
218.030 |
|
|
|
|
TOTAL (A) |
11277.803 |
8162.226 |
9986.495 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
5884.141 |
4312.678 |
5474.676 |
|
|
|
|
Purchase of Stock-in-trade |
83.921 |
104.828 |
592.061 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(382.001) |
148.472 |
(6.510) |
|
|
|
|
Employee Benefits Expenses |
580.001 |
378.168 |
335.678 |
|
|
|
|
Other Expenses |
3707.564 |
2380.286 |
2946.708 |
|
|
|
|
TOTAL (B) |
9873.626 |
7324.432 |
9342.613 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1404.177 |
837.794 |
643.882 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
170.023 |
224.844 |
213.672 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
1234.154 |
612.950 |
430.210 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
339.563 |
235.628 |
260.568 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
894.591 |
377.322 |
169.642 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
308.723 |
138.644 |
(50.722) |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
585.868 |
238.678 |
220.364 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2922.069 |
2638.299 |
2521.370 |
||
|
|
|
|
|
|
||
|
Add |
TRANSFERRED FROM
DEBENTURE REDEMPTION RESERVE |
46.000 |
145.700 |
0.000 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Transferred to Debenture
Redemption Reserve |
0.000 |
0.000 |
35.700 |
|
|
|
|
Transferred to General Reserve |
60.000 |
24.000 |
17.000 |
|
|
|
|
Proposed Equity Dividend |
130.959 |
65.480 |
43.653 |
|
|
|
|
Tax on Proposed Equity Dividend |
22.256 |
11.128 |
7.082 |
|
|
|
BALANCE CARRIED
TO THE B/S |
3340.722 |
2922.069 |
2638.299 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY OF FOB |
242.560 |
267.555 |
492.651 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
|
|
|
|
|
|
|
- Coke / Coke Fines |
2183.597 |
804.818 |
765.117 |
|
|
|
|
- Coal |
122.935 |
0.000 |
449.293 |
|
|
|
|
- Ferro Alloys |
247.710 |
154.874 |
125.906 |
|
|
|
|
Goods Traded in : |
|
|
|
|
|
|
|
- Coal Fines |
76.671 |
0.000 |
276.785 |
|
|
|
|
Capital Goods |
17.212 |
269.870 |
0.000 |
|
|
|
TOTAL IMPORTS |
2648.125 |
1229.562 |
1617.101 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
13.42 |
5.47 |
5.05 |
||
QUARTERLY RESULTS
(Rs.
In Millions)
|
PARTICULARS |
|
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
Type |
|
1st
Quarter |
2nd Quarter |
|
Net Sales |
|
3125.600 |
3152.800 |
|
Total Expenditure |
|
2736.200 |
2739.300 |
|
PBIDT (Excluding Other Income) |
|
389.400 |
413.500 |
|
Other Income |
|
03.700 |
03.500 |
|
Operating Profit |
|
393.100 |
417.000 |
|
Interest |
|
46.000 |
43.500 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
347.100 |
373.500 |
|
Depreciation |
|
95.300 |
45.100 |
|
Profit Before Tax |
|
251.900 |
328.500 |
|
Tax |
|
99.000 |
100.700 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
152.900 |
227.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
5.25 |
2.95 |
2.26 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
12.58 |
10.36 |
6.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.01 |
4.88 |
2.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.11 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.47 |
0.43 |
0.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50 |
1.59 |
1.40 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
218.644 |
218.644 |
218.644 |
|
Reserves & Surplus |
3165.264 |
3327.335 |
3759.988 |
|
Net
worth |
3383.908 |
3545.979 |
3978.632 |
|
|
|
|
|
|
long-term borrowings |
831.073 |
1251.573 |
1266.804 |
|
Short term borrowings |
1095.596 |
266.224 |
584.078 |
|
Total
borrowings |
1926.669 |
1517.797 |
1850.882 |
|
Debt/Equity
ratio |
0.569 |
0.428 |
0.465 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
9768.465 |
8090.681 |
11159.881 |
|
|
|
(17.176) |
37.935 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
9768.465 |
8090.681 |
11159.881 |
|
Profit |
220.364 |
238.678 |
585.868 |
|
|
2.26% |
2.95% |
5.25% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2013 Rs.
In Millions |
|
Short Term
Borrowings |
|
|
|
Foreign Currency Term Loans from Banks, under a buyer’s line of credit for Import of Goods |
577.374 |
171.696 |
|
Sales Bill Discounting |
6.660 |
94.484 |
|
Deposits |
0.044 |
0.044 |
|
|
|
|
|
Total |
584.078 |
266.224 |
GLOBAL
ECONOMY
As per IMF, World GDP growth marginally
slowed to 3% in 2013 as compared to 3.2% in 2012. The growth forecast for near
future is optimistic with World GDP expected to grow at 3.6% in 2014 and
accelerate further to 3.9% in 2015.
ADVANCED
ECONOMIES
The uptrend in the global economy is
primarily due to recovery from advanced economies. A major impulse to the
global growth has come from United States where annual growth in 2014 &
2015 is expected to be substantially higher than that in 2013.
Similarly, the Euro area has also turned
positive with signs of growth in Germany, France, United Kingdom and Italy.
Japan is also expected to get a boost from some underlying growth drivers,
notably private investment and exports. But Japan's overall economic activity
is projected to slow down moderately in response to the government's stance to
tighten the fiscal policy in 2014-15.
EMERGING
MARKETS & DEVELOPING ECONOMIES
Emerging Markets & Developing Economies
continue to contribute more than two-thirds of global growth. The GDP growth in
these countries is expected to increase marginally from 4.7% in 2013 to 4.9%
and 5.3% in 2014 and 2015 respectively.
In particular, China is expected to keep its
momentum whereas India is expected to strengthen its GDP growth.
Indian Economy
As per the Planning Commission, Government of
India's provisional estimates, India's GDP has grown at 4.9% in
FY
2013-14 as compared to 4.5% in FY 2012-13.
However, it is worthwhile to note that this
increase in headline GDP growth masks the underlying weakness in the economy as
the growth is primarily driven by stronger agriculture due to a good monsoon in
2013.
In FY 2013-14, Agriculture Sector has grown
at 4.6% whereas, in contrast, Industry Sector has slowed down to 0.7%.
Also, slowdown in Industrial growth and slow
recovery in advanced economies caused Services Sector's growth rate to drop
below 7% in FY 2013-14.
WORLD
STEEL INDUSTRY
In
2013, World Crude Steel production reached 1,607 Million MTs, with a growth of
3.5% over that in 2012.
All numbers are in Mil Tonnes except
percentages. China, the leading producer of steel, contributed 48% of the
global output at 779 Million MTs, showing a 7.5% annual growth. The European
Union (EU) recorded a decrease of 1.8% over 2012, producing 166 Million MTs of
crude steel in 2013.
Production in Japan increased 3.2% y-o-y to
111 Million MTs.
United States produced 87 Million MTs of
crude steel, which is 1.9% lower than its production level a year earlier.
In 2013, India's crude steel production increased
by 5.1% y-o-y to 81 Million MTs.
With Chinese Government's focus expected to
shift from infrastructure spending to stimulating domestic consumption, Chinese
demand for steel is unlikely to grow at the historical high rates, we have seen
in the past.
Consequently, the World Steel Association
predicted a slower growth rate of around 3% in 2014 for the global crude steel
production.
GLOBAL
CRUDE STEEL CAPACITY UTILISATION
Globally, the crude steel capacity utilisation
has seen an overall downward trend from February, 2013 till December, 2013 due
to capacity additions against modest growth in demand.
INDIAN
STEEL INDUSTRY
The domestic steel industry has gone through
a downturn due to weak demand from downstream industries and higher cost of
production due to weak rupee and higher domestic raw material prices.
As per World Steel Association, crude steel
production growth in India has slowed down from 6.9% in CY 2012 to 5.1% in CY
2013.
STEEL
DEMAND GROWTH IN INDIA IS EXPECTED TO BE 3.3% IN CY 2014 AND 4.5% IN CY 2015.
On the supply side, there are many players
who are having serious expansion plans adding to the overall capacity.
Also, with a stable Government at the center,
industry is optimistic about a revival in the overall economy and hence, in
steel industry in the coming years.
RAW
MATERIAL PRICES TREND
IRON
ORE
Due to ban on illegal mining in July/August,
2011 by Hon'ble Supreme Court, in the State of Karnataka, there is an acute
shortage of iron ore in the state. Since then, iron ore prices have increased
substantially.
The Hon'ble Supreme Court has vide its
Judgment and Order dated 18th April, 2013 passed in Writ Petition No.562/2009,
permitted re-opening of 45 Category 'A' mines and 72 Category 'B' mines. The
Hon'ble Supreme Court also issued directions for cancellation of leases of 49
Category 'C' mines.
However, reopening of Category 'A' and 'B'
mines is subject to statutory approvals that include clearance from Indian
Bureau of Mines, Forest Department, Environment Ministry, State Pollution
Control Board and Hon'ble Supreme Court appointed Central Empowered Committee
(CEC).
In FY 2013-14, calibrated iron ore prices in
Karnataka did not see major movement though the prices were much higher as compared
to those before the mining ban. In contrast to calibrated iron ore, iron ore
fines prices have seen an uptrend due to increased demand for the same.
COKING
COAL & COKE
Global coking coal prices have come down due
to over supply of coking coal in the global market. Also, in 2013, China
removed the 40% export duty on coke. This has increased competition in the
global market and has brought down coke prices.
Given this macro-economic scenario, the
coking coal and coke prices are expected to remain under pressure in near
future.
INDUSTRY
PROFITABILITY OUTLOOK
FY 2013-14 has seen weak price trends,
weakening of currency and a slower demand growth. This has put pressure on
operating profitability of the steel sector.
While some players in flat product industry
announced price hikes in recent past, it is to be seen whether a weak steel
market can absorb the price hike. Also, a more favorable raw material pricing
scenario will help to improve industry profitability.
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR
ENDED 30TH SEPTEMBER 2014
(Rs. In Millions)
|
Particulars |
3 Months Ended |
3 Months Ended |
Half Year Ended |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
UNAUDITED |
||
|
1. Income
from operations |
|
|
|
|
Income from Operations |
3927.233 |
3855.584 |
7782.817 |
|
Less: Excise Duty |
779.863 |
735.849 |
1515.712 |
|
Net Sales/Income from Operations |
3147.370 |
3119.735 |
6267.105 |
|
Other Operating Income |
5.445 |
5.887 |
11.332 |
|
Total Income from
operations (net) |
3152.815 |
3125.622 |
6278.437 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of raw material consumed |
1476.021 |
1328.837 |
2804.858 |
|
(b) Changes in inventories of finished goods,
work in progress and stock in trade |
57.942 |
336.449 |
394.392 |
|
(c) Conversion Cost |
376.996 |
320.054 |
697.049 |
|
(d) Employee benefit expenses |
163.120 |
175.793 |
338.913 |
|
(e) Depreciation and amortization expenses |
45.046 |
95.245 |
140.290 |
|
(f) Other Expenses |
665.257 |
575.047 |
1240.303 |
|
Total Expenses |
2784.382 |
2831.425 |
5615.805 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
368.433 |
294.197 |
662.632 |
|
Other Income |
3.531 |
3.658 |
7.189 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
371.964 |
297.855 |
669.821 |
|
Finance costs |
43.498 |
45.973 |
89.470 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
328.466 |
251.882 |
580.351 |
|
Exceptional
item |
-- |
-- |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
328.466 |
251.882 |
580.351 |
|
Tax Expenses |
100.712 |
98.999 |
199.711 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
227.754 |
152.883 |
380.640 |
|
Prior Period
Adjustments |
-- |
-- |
-- |
|
Net Profit for the period |
227.754 |
152.883 |
380.640 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs.5) |
218.265 |
218.265 |
218.265 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
-- |
-- |
|
Earnings per
share Basic and
Diluted (not annualised) |
5.22 |
3.50 |
8.72 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
17526704 |
17526704 |
17526704 |
|
Percentage of Shareholding |
40.15 |
40.15 |
40.15 |
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
-- |
-- |
-- |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
-- |
-- |
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
26126356 |
26126356 |
26126356 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
59.85% |
59.85% |
59.85% |
|
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.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
Receiving during the quarter |
1 |
|
|
|
Disposed of during the quarter |
1 |
|
|
|
Remaining unreserved at the end of the quarter |
Nil |
|
|
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2014
Rs. In Millions
|
SOURCES
OF FUNDS |
30.09.2014 (Unaudited) |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
218.644 |
|
(b) Reserves & Surplus |
4088.293 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4306.937 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
1169.870 |
|
(b) Deferred tax liabilities
(Net) |
422.917 |
|
(c) Other long term
liabilities |
918.696 |
|
(d) long-term provisions |
2.137 |
|
Total
Non-current Liabilities (3) |
2513.620 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
312.623 |
|
(b) Trade payables |
2142.151 |
|
(c) Other current liabilities |
703.754 |
|
(d) Short-term provisions |
43.004 |
|
Total
Current Liabilities (4) |
3201.532 |
|
|
|
|
TOTAL |
10022.089 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
3615.189 |
|
(b) Non-current Investments |
311.560 |
|
(c) Long-term Loan and
Advances |
919.858 |
|
Total
Non-Current Assets |
4846.607 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
1741.223 |
|
(c) Trade receivables |
2957.363 |
|
(d) Cash and cash equivalents |
72.324 |
|
(e) Short-term loans and
advances |
308.746 |
|
(f) Other current assets |
95.826 |
|
Total
Current Assets |
5175.482 |
|
|
|
|
TOTAL |
10022.089 |
NOTES:
1.
The above results were reviewed by the
Audit Committee, approved by the Board of Directors of the Company at its
meeting held on 20th October, 2014 and have been subjected to a "Limited
Review" by the auditors.
2.
After finalization of results for first
quarter ended 30th June, 2014, there was an amended to schedule II of companies
Act 2013 permitting Companies to review the useful life of assets, based on the
same. This has resulted in lower provision of depreciation for half year ending
on 30th sept 2014 & the impact of this change has been effected in the
Second quarter.
3.
Previous year’s figures have been
regrouped and reclassified wherever necessary of make them comparable with
current period.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10534932 |
15/11/2014 |
805,086,536.00 |
The Hongkong and Shanghai Banking Corporation Limited |
Amar
Avinash Corporate Plaza, 5th Floor,, Survey |
C35968494 |
|
2 |
10426953 |
13/05/2013 |
580,000,000.00 |
Bank of Baroda |
Corporate Financial Services Branch, Pune, Mantri Court, 39, Ambedkar Road,, Pune, Maharashtra - 411001, India |
B75559815 |
|
3 |
80007336 |
30/07/2012 * |
3,750,000,000.00 |
Bank of Baroda (Lead Bank) |
Corporate Financial Services Branch, Pune, Mantri Court, 39, Ambedkar Road,, Pune, Maharashtra - 411001, India |
B56393572 |
*Date of modification Charges
FIXED ASSETS:
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Machinery
· Office Equipment
· Furniture and Fixtures
·
Vehicles
PRESS RELEASE:
GERDAU ACQUIRES KALYANI'S STAKE IN TADIPATRI STEEL PLANT
Brazilian company Gerdau, a leading producer of long steel in the American subcontinent, on Monday announced majority ownership of its first plant in Asia at Tadipatri in Anantapur district of Andhra Pradesh and change of the unit's name from Kalyani Gerdau to Gerdau.
In 2007, Gerdau entered into a joint venture with Karnataka-based Kalyani Steels Limited to acquire SJK Steel Plant Limited with an equal partnership of 45%
holding to form a joint venture. The remaining 10 % stake had been held by the
previous owner and financial institutions. Gerdau acquired Kalyani's
share and thus now holds a majority stake in the steel unit.
According to Gerdau director Visweswaran, the Brazilian company now holds about
99.5% stake in the Tadipatri unit. Speaking to Business Standard he said
"With the expansion of the equity base, the shareholding of the FIs and
the previous owner of the unit declined to 0.5%".
Other than having an installed capacity of 300,000 tonnes of special steels,
mainly focused on the automotive market, the plant has recently started
operations of its blast furnace, melt shop, sinter plant, power plant and
rolling mill.
“This is a new and very important chapter in Gerdau’s history. As we begin
our 112th year of business, the start of the production of special steel in
India represents our expansion to an important country, with an impressive
cultural richness, good economic prospective and very dedicated people,"
Gerdau’s CEO, André B. Gerdau Johannpeter, stated in a press release.
Arvind Mathur, the company's Executive Director in India seemed much positive
about the ventuer and expressed that this move would pave way for Gerdau to
come to India and cater to the domestic market to the benefit of its customers
and improve over all standards in quality of steels manufactured in the
country.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.61.74 |
|
UK Pound |
1 |
Rs.94.65 |
|
Euro |
1 |
Rs.70.79 |
INFORMATION DETAILS
|
Information Gathered
by : |
DPA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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.