MIRA INFORM REPORT
|
Report No. : |
332306 |
|
Report Date : |
16.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
BHUSHAN STEEL LIMITED (w.e.f. 2007) |
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|
|
|
Formerly Known
As : |
BHUSHAN STEEL AND STRIPS LIMITED |
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|
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Registered
Office : |
Bhushan Centre, Ground Floor, Hyatt Regency Complex, Bhikaji Cama
Place, New Delhi - 110066 |
|
Tel. No.: |
91-11-26462373 (5 Lines) / 42297777 / 42295555 / 39194000/ 71194000 |
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|
|
|
Country : |
India |
|
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Financials (as
on) : |
31.03.2015 |
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|
|
|
Date of
Incorporation : |
07.01.1983 |
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|
|
|
Com. Reg. No.: |
55-014942 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.1755.200 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1983PLC014942 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
DELB07323B |
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|
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PAN No.: [Permanent Account No.] |
AAACB1247M |
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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 and Distributor of Cold Rolled Steel Strips/Sheets/Coils
and Galvanized Cold Rolled Steel Strips/Sheets/Coils. |
|
|
|
|
No. of Employees
: |
10000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (18) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow and delayed |
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|
|
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Litigation : |
Exist |
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Comments : |
Subject is one of the well-established leading player in the steel
industry having moderate track. The management has seen a deterioration in the company’s credit profile
characterized by decline in its net profitability and further aggravated by
slower than expected ramping up of operations of Orissa phase II expansion
project. Moreover, the management has reported a loss from its operations during
the October – December quarter as a result of the working capital intensive
operations along with the large debt funded project expansion due to which
the management has seen an increase in its external borrowings during the
year, which has further weakened the liquidity position. The ratings also take into consideration, the company’s vice chairman
and managing director Mr. Neeraj Singhal, has been named and arrested in a
bribery case registered by central bureau of Investigation (CBI) in relation with
extension of credit facilities by syndicate bank to the company midst of a
crisis in which the company has planned to garner around a sufficient sum
through monetising its assets to stay afloat and manage its debt commitments. However, Business is active. Payment terms are reported as slow and
delayed. In view of established track in the industry, the subject can be considered for business dealings on a safe and secured trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Non-convertible debenture (NCD) programme-I
= D |
|
Rating Explanation |
Default or are expected to be in default
soon. |
|
Date |
22.12.2014 |
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
31-03-2013.
INFORMATION DENIED
Management non-cooperative (91-11-42297777)
LOCATIONS
|
Registered/
Corporate Office 1 : |
Bhushan Centre, Ground Floor, Hyatt Regency Complex, Bhikaji Cama
Place, New Delhi - 110066,
India |
|
Tel. No.: |
91-11-26462373 (5 Lines) / 42297777 / 42295555 / 39194000/ 71194000 |
|
Fax No.: |
91-11-26478750 / 26415845/ 46518611 |
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E-Mail : |
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Website : |
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Factory 1 and Marketing Office – Sahibabad : |
23, Site IV,
Sahibabad Industrial Area, Sahibabad, District |
|
Tel. No.: |
91-120-2770601-
04/ 3028000-09 |
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Fax No.: |
91-120-2770509/
4100574 |
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E-Mail : |
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Corporate
Office 2 : |
F Block, 1st Floor,
International Trade Tower, Nehru Place, New Delhi – 110019, India |
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Factory 2 : |
28/4, Site IV,
Sahibabad Industrial Area, Sahibabad, District |
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Factory 3 : |
Village Nifran, Savroli
and Dehvali, Taluka – Khalapura, (Near Khopoli), District Raigad – 410 203, |
|
Tel. No.: |
91-2192-274146/
302000 |
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Fax No.: |
91-2192-274294/
274354 |
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E-Mail : |
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Factory 4 : |
Narendra Pur, P O
Shibapur, Village Meramandali, District – Dhenkanal – 759 121, |
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Tel. No. : |
91-6764-300000/
326443/ 325133/ 325857 |
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Fax No.: |
91-11-66173997 |
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E-mail : |
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Branches : |
Located at: ·
Agra ·
Ahmedabad ·
Aurangabad ·
Bengaluru ·
Bhubaneshwar ·
Chandigarh ·
Chennai ·
Coimbatore ·
Dehradun ·
Delhi ·
Faridabad ·
Gurgaon ·
Guwahati ·
Haldwani ·
Hyderabad ·
Hosur ·
Indore ·
Jaipur ·
Jammu ·
Kullu ·
Kolkata ·
Kanpur ·
Ludhiana ·
Mandigovindgarh ·
Mumbai ·
Pilkhuwa (Hapur) ·
Pune ·
Parwanoo ·
Rishikesh ·
Varanasi |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Brij Bhushan
Singal |
|
Designation : |
Chairman |
|
Address: |
W-29, Greater Kailash, Part-II, New Delhi-110046, |
|
Date of Birth/
Age: |
20.11.1936 |
|
Date of
Appointment: |
15.01.1987 |
|
|
|
|
Name : |
Mr. Neeraj Singal |
|
Designation : |
Vice Chairman and Managing Director |
|
Address: |
W-29, Greater Kailash, Part-II, New Delhi-110046, |
|
Date of Birth/
Age: |
23.04.1968 |
|
Qualification: |
Graduate |
|
Date of
Appointment: |
01.04.1992 |
|
|
|
|
Name : |
Mr. Nittin Johari |
|
Designation : |
Whole-time
Director [Finance] |
|
Qualification: |
M.Com, FCA |
|
Date of
Appointment: |
06.01.1995 |
|
|
|
|
Name : |
Mr. Rahul Sen Gupta |
|
Designation : |
Whole-time
Director [Technical] |
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|
Name : |
Mr. P.K. Aggarwal |
|
Designation : |
Whole time Director [Commercial] |
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|
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Name : |
Mr. Mohan Lal |
|
Designation : |
Director |
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Address: |
19-A, Udham Singh Nagar, |
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|
Name : |
Mr. B B Tondon |
|
Designation : |
Director |
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|
|
Name : |
Mr. V.K. Mehrotra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M. V. Surya
Narayana |
|
Designation : |
Director |
|
Address: |
12-2-417/A/11, Gudimalkapur,
Jaya Nagar, Hydedrabad - 500028, Andhra Pradesh, India |
|
Date of Birth/
Age: |
05.04.1946 |
|
Date of
Appointment: |
25.09.2010 |
|
|
|
|
Name : |
Mrs. Sunita
Sharma |
|
Designation : |
Nominee Director
of LIC |
KEY EXECUTIVES
|
Name : |
Mr. O. P. Davra |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Ms. Neha |
|
Designation : |
Reception |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
101852018 |
44.96 |
|
|
32010805 |
14.13 |
|
|
133862823 |
59.10 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
133862823 |
59.10 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1269 |
0.00 |
|
|
27300 |
0.01 |
|
|
9016484 |
3.98 |
|
|
3235202 |
1.43 |
|
|
12280255 |
5.42 |
|
|
|
|
|
|
63228388 |
27.93 |
|
|
|
|
|
|
9982207 |
4.73 |
|
|
4729930 |
2.09 |
|
|
1586252 |
0.73 |
|
|
250559 |
0.14 |
|
|
1171193 |
0.52 |
|
|
164500 |
0.07 |
|
|
79526777 |
35.48 |
|
Total Public shareholding (B) |
91807032 |
40.90 |
|
Total (A)+(B) |
225669855 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
225669855 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Distributor of Cold Rolled Steel Strips/Sheets/Coils
and Galvanized Cold Rolled Steel Strips/Sheets/Coils. |
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Products : |
· Cold Rolled · Galvanised · Bhushan Galume · Colour Coated Coil · Colour Coated Tiles · Drawn Tubes of OEM Grade · Hardened and Tempered Strip · High Tensile Steel Stripping · Wire Rods and Alloy Billets · Sponge Iron |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers |
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No. of Employees : |
10,000 (Approximately) |
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Bankers : |
· State Bank of India ·
Punjab National Bank ·
The Saraswat Co-Operative Bank Limited ·
Small Industries Development Bank of India ·
Axis Bank Limited ·
Punjab and Sind Bank ·
Export-Import Bank of India ·
Yes Bank Limited IDBI Bank Limited ·
Bank of Maharashtra |
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Facilities : |
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Financial Institution: |
SREI Equipment Finance Limited, 'Vishwakarma', 86C, Topsia
Road, Kolkata - 700046, West Bengal, India |
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Auditors : |
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|
Name : |
Mehra Goel and Company Chartered
Accountants |
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Joint Venture
(31.03.2014): |
Andal East Coal Company Private Limited |
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Associates
(31.03.2014): |
Angul Sukinda Railway Limited Bhusahan Energy Limited Bhushan Capital and Credit Services Private Limited (from 30.09.2013) Jawahar Credit and Holdings Private Limited (from 30.09.2013) |
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Subsidiary
companies (31.03.2014): |
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|
Enterprises over
which Key Management Personnel and their relatives are able to exercise
significant influence (31.03.2014): |
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CAPITAL STRUCTURE
As on 31.03.2015
Authorized Capital: Not Available
Issued, Subscribed & Paid-up Capital: Rs.1755.200 Million
After as on:
20.09.2014
Authorized Capital: Rs. 2750.000
Million
Issued, Subscribed & Paid-up Capital: Rs.1755.147 Million
As on 31.03.2014
Authorized Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000000 |
Equity Shares |
Rs.2/- each |
Rs.800.000 Million |
|
14500000 |
Preference Shares |
Rs.100/- each |
Rs.1450.000Million |
|
|
Total |
|
Rs.
2250.000 Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
230605220 |
Equity Shares |
Rs. 2/- each |
Rs.461.210 Million |
|
8235433 |
10% Redeemable Cumulative Preference Shares |
Rs. 100/- each |
Rs. 823.543 Million |
|
3,36,751 |
4% Non-convertible Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 33.675 Million |
|
4,00,000 |
25% Non-convertible Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs.40.000 Million |
|
1400000 |
2% Non-Convertible Cumulative Redeemable Preference Shares of `100/- each |
Rs. 100/- each |
Rs.1400.000 Million |
|
|
Total |
|
Rs. 1498.428 Million |
Subscribed and
Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
22,65,14,746 |
Equity Shares |
Rs. 2/- each |
Rs.453.029 Million |
|
|
Add: Shares forfeited |
|
Rs. 0.001 Million |
|
8235433 |
10% Redeemable Cumulative Preference Shares |
Rs. 100/- each |
Rs. 823.543 Million |
|
3,36,751 |
4% Non-convertible Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 33.675 Million |
|
4,00,000 |
25% Non-convertible Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs.40.000 Million |
|
1400000 |
2% Non-Convertible Cumulative Redeemable Preference Shares of `100/- each |
Rs. 100/- each |
Rs.1400.000 Million |
|
|
Total |
|
Rs. 1490.248 Million |
Detail of
Shareholders holding more than 5% shares:
|
Name of
Shareholders |
As at 31st March,2014 |
|
|
|
No. of Shares |
% Held |
|
(A) Equity Shareholders |
|
|
|
1. Brij Bhushan Singal |
45628672 |
20.14 |
|
2. Neeraj Singal |
73105933 |
32.27 |
|
3. Bhushan Infrastructure Private Limited |
32431540 |
14.32 |
|
(B) Preference Shareholders |
|
|
|
1. Bhushan Energy Limited |
- |
- |
|
2. Bhushan Finance Limited |
840000 |
8.10 |
|
3. Robust Transportation Limited |
531567 |
5.12 |
|
4. Shri Neeraj Singal |
2491133 |
24.02 |
|
5. Brij Bhushan Singal |
920433 |
8.87 |
|
Particulars |
As at 31st March,2014 |
|
|
No. of Shares |
Amount (Rs. In
Million |
|
|
Reconciliation of
number of shares outstanding is set out |
|
|
|
below: |
|
|
|
(A) Equity Shares |
|
|
|
At the beginning of the year |
226515530 |
424.717 |
|
Add : Shares Issued |
- |
14.157 |
|
Less: Shares forfeited |
784 |
-- |
|
At the end of the year |
226514746 |
438.874 |
|
(B) Preference Shares
(Non-Convertible Cumulative Redeemable Preference Shares) |
|
|
|
10% Preference
Shares |
|
|
|
At the beginning of the year |
9405367 |
779.527 |
|
Add : Shares Issued |
723400 |
161.010 |
|
Less: Shares Redeemed |
1893334 |
-- |
|
At the end of the year |
8235433 |
940.537 |
|
4% Preference
Shares |
|
|
|
At the beginning of the year |
354000 |
39.900 |
|
Add : Shares Issued |
-- |
-- |
|
Less: Shares Redeemed |
17249 |
4.500 |
|
At the end of the year |
336751 |
35.400 |
|
25% Preference
Shares |
|
|
|
At the beginning of the year |
400000 |
40.000 |
|
Add : Shares Issued |
-- |
-- |
|
Less: Shares Redeemed |
-- |
-- |
|
At the end of the year |
400000 |
40.000 |
|
2% Preference Shares |
|
|
|
At the beginning of the year |
- |
- |
|
Add : Shares Issued |
1400000 |
140.000 |
|
Less: Shares Redeemed |
-- |
-- |
|
At the end of the year |
1400000 |
140.000 |
The holders of Equity Shares has one vote for each equity share held by them. The registered holders of Equity Shares are entitled to dividend declared from time to time. The Preference Shareholders are entitled to pro-rata dividend in preference over Equity Shareholders. The dividend is cumulative at the rate specified against each category.
The premium on redemption of preference shares to the extent of premium received on issue will be adjusted against the security premium account and any premium paid over the above said amount shall be paid out of current appropriation / General Reserve.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1755.200 |
1490.248 |
1454.811 |
|
(b) Reserves & Surplus |
77050.500 |
90041.038 |
89026.194 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
78805.700 |
91531.286 |
90481.005 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
309277.200 |
255661.017 |
216642.128 |
|
(b) Deferred tax liabilities
(Net) |
13740.700 |
13751.925 |
13427.818 |
|
(c) Other long term
liabilities |
6353.000 |
21616.310 |
21794.561 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
329370.900 |
291029.252 |
251864.507 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
76015.400 |
62730.742 |
52328.639 |
|
(b) Trade payables |
27391.500 |
23508.729 |
16170.235 |
|
(c) Other current liabilities |
17206.900 |
41379.861 |
21011.854 |
|
(d) Short-term provisions |
284.800 |
427.572 |
759.843 |
|
Total
Current Liabilities (4) |
120898.600 |
128046.904 |
90270.571 |
|
|
|
|
|
|
TOTAL |
529075.200 |
510607.442 |
432616.083 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
390754.100 |
218713.565 |
181415.523 |
|
(ii) Intangible Assets |
0.000 |
9.040 |
11.584 |
|
(iii) Capital work-in-progress |
0.000 |
163182.620 |
125953.132 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
6154.700 |
6232.415 |
4024.554 |
|
(c) Deferred tax assets (net) |
0.000 |
17939.360 |
0.000 |
|
(d) Long-term Loan and Advances |
15262.400 |
0.000 |
24959.380 |
|
(e) Other Non-current assets |
245.900 |
0.000 |
214.014 |
|
Total
Non-Current Assets |
412417.100 |
406077.000 |
336578.187 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
247.500 |
|
(b) Inventories |
73212.300 |
64802.492 |
55596.755 |
|
(c) Trade receivables |
23982.900 |
24644.492 |
23430.872 |
|
(d) Cash and cash equivalents |
868.400 |
829.596 |
1536.256 |
|
(e) Short-term loans and
advances |
12352.100 |
14244.258 |
15226.513 |
|
(f) Other current assets |
6242.400 |
9.604 |
0.000 |
|
Total
Current Assets |
116658.100 |
104530.442 |
96037.896 |
|
|
|
|
|
|
TOTAL |
529075.200 |
510607.442 |
432616.083 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
106457.700 |
96758.331 |
107442.697 |
|
|
Other Income |
135.100 |
291.120 |
173.359 |
|
|
TOTAL
(A) |
106592.800 |
97049.451 |
107616.056 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
56846.800 |
51893.933 |
57986.415 |
|
|
Purchases of Stock-in-Trade |
483.200 |
390.520 |
811.855 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
2176.600 |
(213.802) |
(1058.367) |
|
|
Employees benefits expense |
2575.300 |
1885.271 |
1734.541 |
|
|
Other expenses |
10209.900 |
15867.586 |
14818.588 |
|
|
Power and Fuel |
12426.200 |
0.000 |
0.000 |
|
|
Exceptional Item |
100.000 |
0.000 |
0.000 |
|
|
TOTAL
(B) |
84818.000 |
69823.508 |
74293.032 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
21774.800 |
27225.943 |
33323.024 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
24940.300 |
16632.959 |
12874.431 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(3165.500) |
10592.984 |
20448.593 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
9384.000 |
9639.641 |
8308.619 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(12549.500) |
953.343 |
12139.974 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
(11.200) |
333.747 |
3051.071 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
(12538.300) |
619.596 |
9088.903 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
111.274 |
217.632 |
89.309 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend on Equity
Shares |
|
113.257 |
113.258 |
|
|
Proposed Dividend on
Preference Shares |
|
77.799 |
1.148 |
|
|
Provision for Dividend Tax |
|
32.470 |
19.443 |
|
|
Interim Dividend on Preference
Shares |
|
22.469 |
89.547 |
|
|
Dividend Tax on Interim
Dividend |
|
3.819 |
14.527 |
|
|
Transferred to Capital
Redemption Reserve |
|
69.334 |
0.000 |
|
|
Transferred to Debenture Redemption Reserve |
|
320.000 |
2696.250 |
|
|
Transfer to General Reserve |
|
70.000 |
6000.000 |
|
|
Premium paid on Redemption of Preference Shares |
|
16.806 |
26.407 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
(12427.026) |
111.274 |
217.632 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
FOB Value of Export |
|
19009.564 |
18128.945 |
|
|
Interest Received |
|
0.000 |
1.862 |
|
|
TOTAL
EARNINGS |
|
19009.564 |
18130.807 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
|
18757.762 |
16794.751 |
|
|
Stores & Spares |
|
6258.346 |
1219.888 |
|
|
Capital Goods |
|
1355.351 |
12426.676 |
|
|
TOTAL
IMPORTS |
|
26371.459 |
30441.315 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(55.84) |
2.23 |
41.61 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
33849.697 |
16263.148 |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(11.78) |
0.64 |
8.46 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
20.45 |
28.14 |
31.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.40) |
0.29 |
4.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.16) |
0.01 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.89 |
3.48 |
2.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96 |
0.82 |
1.06 |
STOCK
PRICES
|
Face Value |
Rs.2.00/- |
|
Market Value |
Rs.63.45/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
1454.811 |
1490.248 |
1755.200 |
|
Reserves & Surplus |
89026.194 |
90041.038 |
77050.500 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
90481.005 |
91531.286 |
78805.700 |
|
|
|
|
|
|
long-term borrowings |
216642.128 |
255661.017 |
309277.200 |
|
Short term borrowings |
52328.639 |
62730.742 |
76015.400 |
|
Total
borrowings |
268970.767 |
318391.759 |
385292.600 |
|
Debt/Equity
ratio |
2.973 |
3.479 |
4.889 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
107442.697 |
96758.331 |
106457.700 |
|
|
|
(9.944) |
10.024 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
107442.697 |
96758.331 |
106457.700 |
|
Profit |
9088.903 |
619.596 |
(12538.300) |
|
|
8.46% |
0.64% |
(11.78%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
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 |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
Yes |
|
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 |
LITIGATION
DETAILS
|
$~26 * IN THE HIGH COURT OF DELHI AT NEW DELHI + CO.PET. 134/2015 NIPPON STEEL AND SUMITOMO METAL CORPORATION ..... Petitioner Through Mr. Rajiv Nayar, Sr. Advocate with Ms. Misha Rohtagi and Mr. Saurabh Seth, Advocates. versus BHUSHAN STEEL LIMITED ..... Respondent Through Mr. Amit Sibal, Sr. Advocate with Mr. V. P. Tripathi, Mr. Keshav Krishna, Ms. Ranjana and Mr. S.
Mehrotra, Advocates. CORAM: HON'BLE MR. JUSTICE SUDERSHAN KUMAR MISRA % O R D E R 23.03.2015 Co.Appln. No.676/2015 Exemption, as prayed for, is allowed, subject to all just exceptions. This application is disposed off. Co.Pet. No.134/2015 This petition, which has been moved by Nippon Steel and Sumitomo Metal Corporation, seeks winding up of Bhushan Steel Ltd. on the ground that the said company has failed to pay an admitted amount of Rs.8.5 crores approximately, that is due and payable to it under Clause 7.1 of the Technical Assistance Agreement entered into between the parties on 07.11.2009. The petitioner, inter alia, relies on a communication of 24.12.2013 received from the respondent company acknowledging its liability to pay all the technical dues of the petitioner from June 2013 onwards, and further stating that its officers, “...would work out time schedule for release of the above payments and the modus operandi for release of payment in consultation with NSSCM officers..…”. It is further contended that the respondent company appears to be undergoing serious financial difficulties, which has also been commented upon in the news media. Reference has also been made to the statement of accounts published by the company as on 31.03.2014 and 30.06.2014. It is also stated that a notice of winding up was duly served on the registered office of the company, which has remained unanswered. Issue notice. Mr. V.P. Tripathi, Advocate, enters appearance and accepts notice. Let a complete copy of the petition along with all annexures be supplied to counsel for the respondent during the course of the day. Let reply be filed within four weeks from today, with an advance copy to counsel for the petitioner, who may file his rejoinder thereto, if any, within four weeks thereafter. Mr. Sibal, senior counsel appearing on behalf of the respondent, states, on instructions, that without prejudice to the stand of the respondent on merits, including, inter alia, to the maintainability of the petition, his client is willing try and settle the matter. Mr. Nayar, senior counsel appearing for the petitioner / applicant, also states, on instructions that his client is not opposed to any efforts in that behalf. Consequently, let duly authorized representatives of both parties appear before the Delhi High Court Mediation and Conciliation Centre on 20.04.2015 at 4:00 PM; where a sufficiently senior and experienced mediator shall be entrusted with the matter. List before this Court on 17.07.2015. Report of the Mediator be filed before the next date of hearing. Co.Appln. Nos.674/2015 & 675/2015 Issue notice. Mr. V. P. Tripathi,
Advocate, enters appearance and accepts notice. He prays for some time to
file a reply. Let the same be filed within four weeks from today, with an
advance copy to counsel for the petitioner / applicant, who may file his
rejoinder thereto, if any, within four weeks thereafter. List on 17.07.2015. |
NOTE: Registered office of the company has been shifted from F Block, 1st Floor, International Trade Tower, Nehru Place, New Delhi – 110019, India, to the present
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG TERM BORROWINGS |
|
|
|
Term Loan |
|
|
|
Foreign Currency Loans |
|
|
|
From Indian Banks |
|
0.000 |
|
From Foreign Banks |
|
32.200 |
|
From Others |
|
330.821 |
|
Less: current maturity of Long Term Borrowing |
|
(33849.697) |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
From Bank |
NA
|
|
|
Rupee Loan |
|
|
|
Term Loan / Commercial Paper |
|
1382.000 |
|
Foreign Currency
Loans |
|
|
|
From Indian Banks |
|
0.000 |
|
|
|
|
|
Total |
|
(32104.676) |
INDEX
OF CHARGES
|
S.No. |
Charge Id |
Date Of Charge
Creation/Modification |
Charge Amount
Secured |
Charge Holder |
Address |
Service Request
Number (Srn) |
|
1 |
10530520 |
31/12/2014 * |
1,000,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
SARASWAT BANK
BHAVAN, PLOT NO. 953, APPASAHEB MA |
C40643025 |
|
2 |
10508498 |
10/07/2014 |
200,000,000.00 |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA |
OKHALA B.O., GF, BLOCK-E, NSIC ADMIN. BUILDING, NSIC-NTSC COMPLEX, G. NO-3, OIA, PHASE -3, NEW DELHI - 110020, INDIA |
C10910552 |
|
3 |
10509602 |
25/06/2014 |
95,000,000.00 |
SREI EQUIPMENT FINANCE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA - 700046, WEST BENGAL, INDIA |
C11740552 |
|
4 |
10504216 |
11/06/2014 |
1,400,000,000.00 |
AXIS BANK LIMITED |
STATESMAN HOUSE, 2ND FLOOR, 148, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
C07340888 |
|
5 |
10507843 |
28/05/2014 |
1,000,000,000.00 |
PUNJAB & SIND BANK |
2400, HARDHYAN SINGH ROAD, KAROL BAGH, NEW DELHI - 110005, INDIA |
C10395119 |
|
6 |
10496017 |
22/04/2014 |
1,640,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
C04848552 |
|
7 |
10489093 |
31/03/2014 |
1,200,000,000.00 |
YES BANK LIMITED |
YES BANK LIMITED, CHANAKYAPURI, NEW DELHI - 110021, INDIA |
C02673267 |
|
8 |
10486433 |
27/03/2014 |
2,000,000,000.00 |
IDBI BANK LIMITED |
INDIAN RED CROSS
SOCIETY BUILDING, 1, RED CROSS ROAD, POST BAG NO. 231, NEW DELHI -
110001, |
C01011865 |
|
9 |
10485721 |
21/03/2014 |
3,210,000,000.00 |
BANK OF MAHARASHTRA |
CONNAUGHT PLACE BRANCH, B 29, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA |
C00779686 |
|
10 |
10483976 |
19/02/2015 * |
5,000,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
C46547410 |
* Date of charge modification
Fixed Assets
v
Tangible
Assets
· Freehold Land
· Leasehold Land / Building
· Plant and Machinery
· Railway Siding
· Furniture and Fixtures
· Vehicles
· Office Equipment
v
Intangible
Assets
· Computer Software
PRESS RELEASES
SYNDICATE BANK
BRIBERY SCANDAL: CBI ARRESTS BHUSHAN STEEL VICE CHAIRMAN
NEW DELHI: CBI on Thursday arrested Neeraj Singal,
vice chairman and managing director of Bhushan Steel Ltd (BSL), in connection with Rs
5.000 Million bribery scandal involving CMD of Syndicate Bank S K Jain.
Singal, who was allegedly evading arrest, has been nabbed from here, the agency
sources said.
He has allegedly gone missing from his residence after the agency had carried
out searches and did not appear on Saturday before the officials of the agency
for examination.
Singal has applied for anticipatory bail application but it was rejected by
special CBI court of Swarana Kanta Sharma.
Sharma dismissed the anticipatory bail plea of Singal, observing that the
offence alleged in the case was serious in nature as it involves huge amount of
public money.
On August 2, CBI had arrested six accused, including the
chairman-cum-managing director of Syndicate Bank S K Jain, for
allegedly taking bribe of Rs 5.000 Million for
increasing credit limit of some companies in violation of banking
rules.
CBI has filed two cases against Jain — accusing him of receiving a bribe of Rs
5.000 Million through conduits and abusing his official position to enhance the
credit limits of some companies in violation of laid down procedures.
"The intercepted conversation also needs to be put to the accused.
An employee of applicant Neeraj Singal, who had taken the
alleged bribe amount to Bhopal, is also not yet traced. The co-accused
Purushotam Totlani is also absconding.
"The offence in question is serious in nature, requires custodial
interrogation especially when bribe amount of Rs 5.000 Million has been
recovered from the possession of co-accused in consonance with the alleged
intercepted conversation," the judge had said.
The court also said "accused Neeraj Singal is the vice chairman
and MD of M/s Bhushan Steel and is thus one of the key accused and one of the
key beneficiaries ..." the judge said.
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.89 |
|
|
1 |
Rs.98.90 |
|
Euro |
1 |
Rs.72.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
18 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major sections
of this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.