MIRA INFORM REPORT
|
Report No. : |
332317 |
|
Report Date : |
16.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
LLOYDS METALS AND ENERGY LIMITED |
|
|
|
|
Registered
Office : |
Plot No. A 1-2, MIDC Area, Chugus, Chandrapur -
442505, Maharashtra |
|
Tel. No.: |
91-7172-398500 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
05.04.1977 |
|
|
|
|
Com. Reg. No.: |
11-019594 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 224.305 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L40300MH1977PLC019594 |
|
|
|
|
IEC No.: |
0393017125 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL0830E |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing
and Marketing of Iron and Steel and Generation and Distribution of Power. |
|
|
|
|
No. of Employees
: |
389 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
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|
|
Comments : |
Subject is a part of “Lloyds Group”. It is an established company having moderate track record. Company has current market value of Rs. 5.99/- which was initially
issued at Face value of Rs. 2/-. The company has incurred a loss from its operations during 2015. However, trade relations are fair. Business is active. Payment terms
are reported to be slow but correct. The company can be considered for business dealings with some caution. Note: Subject has
been found under RBI Defaulter’s list the name of Credit Grantors is State
Bank Of India and the amount charged is Rs. 437.800 Million dated 30-09-2007. |
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
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under :
|
Borrowers’ Name : |
LLOYDS METALS AND ENERGY LIMITED |
|
Address : |
Plot No. 9 and 10, MIDC Phase II, Dombivali
Industrial Estate District Thane, Maharashtra, India |
|
Name of Individual : |
1) B.L. Agarwal 2) D.K. Kamble 3) D.N. Rath 4) E.S. Jairaman 5) Mukesh R. Gupta 6) Rajesh R. Gupta 7) Shantanu Mohapatra |
|
Name of Credit Grantors / Bank & Branch: |
State Bank of India, SAMB |
|
Amount (Rs. In Million) : |
Rs. 437.800 Million |
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 DECLINED BY
|
Name : |
Mr. Ghogare |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-30418111 |
|
Date : |
15.07.2015 |
LOCATIONS
|
Registered Office/ Factory : |
Plot No. A 1-2, MIDC Area, Chugus, Chandrapur -
442505, Maharashtra, India |
|
Tel. No.: |
91-7172-398500/ 285103 |
|
Mobile No.: |
91-22-30418111 (Mr. Ghogare) |
|
Fax No.: |
91-7172-285003 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office
: |
Trade World, 'C' Wing, 16th
Floor, Kamala City, Lower Parel, Mumbai
- 400013, Maharashtra, India |
|
Tel. No.: |
91-22-30418111/ 06 |
|
Fax No.: |
91-22-30418260/ 59 |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Mukesh R. Gupta |
|
Designation : |
Chairman |
|
DIN No.: |
00028347 |
|
|
|
|
Name : |
Mr.
Babulal Agarwal |
|
Designation : |
Managing Director |
|
DIN No.: |
00029389 |
|
|
|
|
Name : |
Mr.
Rajesh R. Gupta |
|
Designation : |
Non-executive Director |
|
DIN No.: |
00028379 |
|
|
|
|
Name : |
Mr.
Shantanu Mohapatra |
|
Designation : |
Independent Directors |
|
DIN No.: |
00176836 |
|
|
|
|
Name : |
Mr.
B.B. Chadha |
|
Designation : |
Independent Directors |
|
DIN No.: |
00298713 |
|
|
|
|
Name : |
Mr.
Jagannath Dange |
|
Designation : |
Independent Directors |
|
DIN No.: |
01569430 |
|
|
|
|
Name : |
Dr.
B.R. Singh |
|
Designation : |
Independent Directors |
|
DIN No.: |
02843001 |
|
|
|
|
Name : |
Mr.
Devidas Kambale |
|
Designation : |
Independent Directors |
|
DIN No.: |
00020656 |
|
|
|
|
Name : |
Mrs.
Bhagyam Ramani |
|
Designation : |
Independent Directors |
|
DIN No.: |
00107097 |
KEY EXECUTIVES
|
Name : |
Mr. Ghogare |
|
Designation : |
Finance Manager |
|
|
|
|
Name : |
Mr. Riyaz Shaikh |
|
Designation : |
Chief
Financial Officer |
|
|
|
|
Name : |
Mr. Nitesh Tanwar |
|
Designation : |
Company
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
4360860 |
3.92 |
|
|
54724464 |
49.17 |
|
|
59085324 |
53.09 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
59085324 |
53.09 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3500 |
0.00 |
|
|
5500 |
0.00 |
|
|
9000 |
0.01 |
|
|
|
|
|
|
23536770 |
21.15 |
|
|
|
|
|
|
8567663 |
7.70 |
|
|
12129231 |
10.90 |
|
|
7963302 |
7.16 |
|
|
500 |
0.00 |
|
|
7271 |
0.01 |
|
|
1479281 |
1.33 |
|
|
5600000 |
5.03 |
|
|
876250 |
0.79 |
|
|
52196966 |
46.90 |
|
Total Public shareholding (B) |
52205966 |
46.91 |
|
Total (A)+(B) |
111291290 |
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) |
111291290 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and Marketing of Iron and Steel and Generation and Distribution of Power. |
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Products : |
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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 : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
389 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Statutory Auditors |
|
|
Name : |
Todarwal and Todarwal Chartered Accountants |
|
Address : |
12, Maker Bhavan No. 03,
First Floor, 21, New Marine Lines, Mumbai - 400020, Maharashtra, India |
|
|
|
|
Cost Auditors |
|
|
Name : |
Manisha and Associates Cost Accountants |
|
Address : |
238, Shri Ram Shyam
Towers, 2nd Floor, Near N.I.T. Sadar,
Nagpur – 440001, Maharashtra, India |
|
|
|
|
Secretarial Auditor |
|
|
Name : |
K.C. Nevatia and Associates Chartered Accountants |
|
Address : |
J-2, Jolly Highrise
Apartments, 10th
Floor, 241-A, Pali Mala
Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
375000000 |
Equity Shares |
Rs. 2/- each |
Rs. 750.000 Million |
|
25000000 |
Preference Shares |
Rs. 10/- each |
Rs. 250.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 1000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
111291290 |
Equity Shares |
Rs. 2/- each |
Rs. 222.583 Million |
|
397875 |
Forfeited Equity Shares |
Rs. 10/-
each |
Rs. 1.722 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 224.305 Million |
- Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period
|
Equity Shares |
Number
of Shares |
|
At the
beginning of the year |
111291290 |
|
Issued during
the year |
-- |
|
Outstanding at the end of the year |
111291290 |
- Terms/rights attached to equity shares
The company has only one class of shares having a par value at Rs. 2/-
per share. Each holder of equity shares is entitled to one vote per share.
- Details of equity shares held by
shareholders holding more than 5% shares:
|
Name of
Shareholders |
Number
of Shares |
% holding |
|
ASP Technologies
Limited |
18200170 |
16.35% |
|
Shree Global
Tradefin Limited |
21945190 |
19.72% |
|
Trump Investments
Limited |
14579104 |
13.10% |
|
Halan Properties
Private Limited |
8761500 |
7.87% |
|
Uttam Exports
Private Limited |
7390000 |
6.64% |
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 |
224.305 |
224.305 |
224.305 |
|
(b) Reserves & Surplus |
388.188 |
599.728 |
1024.185 |
|
(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) |
612.493 |
824.033 |
1248.490 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
102.335 |
156.633 |
205.854 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
1492.341 |
1589.956 |
31.892 |
|
(d)
long-term provisions |
41.352 |
35.512 |
0.000 |
|
Total
Non-current Liabilities (3) |
1636.028 |
1782.101 |
237.746 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
75.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
1403.380 |
1227.470 |
2237.311 |
|
(c)
Other current liabilities |
568.378 |
594.762 |
848.918 |
|
(d)
Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Current Liabilities (4) |
2046.758 |
1822.232 |
3086.229 |
|
|
|
|
|
|
TOTAL |
4295.279 |
4428.366 |
4572.465 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2710.222 |
2753.698 |
2949.119 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
54.031 |
46.936 |
39.408 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.816 |
0.315 |
1.125 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and
Advances |
389.580 |
383.745 |
400.604 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
3154.649 |
3184.694 |
3390.256 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
307.120 |
489.683 |
311.457 |
|
(c)
Trade receivables |
224.261 |
210.731 |
365.426 |
|
(d)
Cash and cash equivalents |
101.624 |
98.574 |
78.553 |
|
(e)
Short-term loans and advances |
507.625 |
444.684 |
426.773 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1140.630 |
1243.672 |
1182.209 |
|
|
|
|
|
|
TOTAL |
4295.279 |
4428.366 |
4572.465 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
6389.158 |
5677.461 |
7592.022 |
|
|
|
Other Income |
224.246 |
166.766 |
162.629 |
|
|
|
TOTAL (A) |
6613.404 |
5844.227 |
7754.651 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3180.776 |
3544.880 |
3630.833 |
|
|
|
Purchases of Stock-in-Trade |
2870.997 |
1967.490 |
3211.286 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
91.359 |
(67.733) |
4.973 |
|
|
|
Employees benefits expense |
157.680 |
151.742 |
151.493 |
|
|
|
Manufacturing and Other expenses |
352.094 |
333.444 |
386.733 |
|
|
|
TOTAL (B) |
6652.906 |
5929.823 |
7385.318 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(39.502) |
(85.596) |
369.333 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
61.963 |
71.586 |
84.993 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(101.465) |
(157.182) |
284.340 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
106.719 |
267.275 |
265.185 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(208.184) |
(424.457) |
19.155 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(208.184) |
(424.457) |
19.155 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(1.87) |
(3.81) |
0.17 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term Borrowings |
53.622 |
57.469 |
56.414 |
|
|
|
|
|
|
Cash Generated from Operations |
188.420 |
211.015 |
161.986 |
|
|
|
|
|
|
Net Cash Flow from used in Operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(3.26) |
(7.48) |
0.25 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(0.62) |
(1.51) |
4.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.91) |
(9.69) |
0.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.34) |
(0.52) |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.38 |
0.26 |
0.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.56 |
0.68 |
0.38 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities
of Long-term debts
STOCK
PRICES
|
Face Value |
Rs. 2/- |
|
|
|
|
Market Value |
Rs. 5.99/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
224.305 |
224.305 |
224.305 |
|
Reserves & Surplus |
1024.185 |
599.728 |
388.188 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1248.490 |
824.033 |
612.493 |
|
|
|
|
|
|
Long-term borrowings |
205.854 |
156.633 |
102.335 |
|
Short term borrowings |
0.000 |
0.000 |
75.000 |
|
CURRENT MATURITIES OF LONG-TERM BORROWINGS |
56.414 |
57.469 |
53.622 |
|
Total
borrowings |
262.268 |
214.102 |
230.957 |
|
Debt/Equity
ratio |
0.210 |
0.260 |
0.377 |
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 |
7592.022 |
5677.461 |
6389.158 |
|
|
|
(25.218) |
12.535 |
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 |
7592.022 |
5677.461 |
6389.158 |
|
Profit |
19.155 |
(424.457) |
(208.184) |
|
|
0.25% |
(7.48)% |
(3.26)% |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
STRL/102/2009 |
Failing Date:- |
29/10/2009 |
Reg. No.: |
STR/48/2010 |
Reg. No.: |
30/08/2010 |
|
Petitioner:- |
THE ADDITIONAL COMMISSIONER OF SALES TAX |
Respondent:- |
M/s. LIoyds Metal and Engineers Limited. |
||||
|
Petn.Adv:- |
GOVY. PLEADER (0) |
Resp. Adv.: |
MARAVOOR WAMORKAR AND CO. (0) |
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
DIVISION |
Category:- |
SALES TAX REFERENCES. |
||||
|
Status:- |
Pre-Admission |
Stage:- |
SALES TAX REFERENCES FOR REJECTION U/R 986 OF THE H.C. (O.S.) RULES 1980 |
||||
|
Last Date:- |
01/12/2009 |
||||||
|
Last Coram:- |
REGISTRAR (OS) / PROTHONOTARY AND SR. MASTER. |
||||||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION
|
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10391570 |
16/06/2014 * |
350,000,000.00 |
PUNJAB AND MAHARASHTRA CO-OPERATIVE BANK LIMITED |
CENTRAL OFFICE NO. 4
AND 5, 3RD FLOOR, DREAMS MALL,, |
C16445355 |
|
2 |
90156895 |
27/05/2011 * |
210,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI-- 400005, MAHA |
B14765093 |
|
3 |
90156434 |
27/05/2011 * |
500,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI-- 400005, MAHA |
B14769814 |
|
4 |
80054610 |
27/05/2011 * |
95,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI-- 400005, MAHA |
B14768741 |
|
5 |
90156167 |
27/05/2011 * |
75,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER WTC
COMPLEX, CUFFE PARADE, MUMBAI-- 400005, MAH |
B14765689 |
|
6 |
90156112 |
27/05/2011 * |
100,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI-- 400005, MAHA |
B14766117 |
|
7 |
80054721 |
27/05/2011 * |
50,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI-- 400005, MAHA |
B14767909 |
|
8 |
90155804 |
27/05/2011 * |
20,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI-- 400005, MAHA |
B14767362 |
|
9 |
90155791 |
27/05/2011 * |
35,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI-- 400005, MAHA |
B14766463 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Other
Loans and Advances Sales
Tax Deferral |
97.651 |
97.651 |
|
Total |
97.651 |
97.651 |
OPERATIONS
AND OVERALL PERFORMANCE
Global steel demand grows slower
than the global GDP, as a result of the weakness in the emerging world. Global
Steel demand grew at a moderate pace of 2% in spite of subdued economy
worldwide on the back of improvement of output in the European market, United
States and Japan which has partly set off the downturn in China, a world’s
largest steel maker, which moved from an investment to service-driven economy.
Steel imports by India
surged by a whopping 71% to touch a record high of 9.31 million tonne in
2014-15, putting
pressure on the already
squeezed margins of domestic firms. Steelmakers in India, which remained a net
importer of steel for the year, have been on the wrong foot for quite some time
now, mainly due to dearer raw materials while their counterparts in China,
Japan and Russia took advantage of lower iron ore prices and in some cases,
sops offered by the Government. India had imported 7.38 MT of steel in 2009-10,
6.66 MT in 2010-11, 6.86 MT in 2011-12, 7.93 MT in 2012-13 and 5.45 MT in
2013-14.
Exports, however, have been
at slower pace than imports, especially in more recent years. Shipments of
steel stood at 3.25 MT in 2009-10 and 5.98 MT in 2013-14, only to plunge 8% to
5.5 MT last fiscal. Due to rising imports from countries like China, Japan and
Russia, domestic steel industry is struggling to retain margins. Cost structure
in these countries has significantly come down because of fall in the prices of
iron ore and depreciation of their currencies against dollar. So in dollar
terms, their cost of production has come down.
The problem of the domestic
steel industry got compounded with the subdued demand. Though the last fiscal
was better compared to the previous one, it still remains below potential. Real
consumption of the alloy grew by 3.1% to stand at 76.35 MT in the last fiscal
compared to 59.34 MT in 2009-10, 66.42 MT in 2010-11, 71.02 MT in 2011-12,
73.48 MT in 2012-13, 74.09 MT in 2013-14.
However, pinning hopes of a
better demand days ahead, they continue to raise their output. Production for
sale saw a steady rise to 88.12 MT in 2014-15 from 60.62 MT in 2009-10, 68.62
MT in 2010-11, 75.69 MT in 2011-12, 81.68 MT in 2012-13 and 87.67 MT in
2013-14.
India remained to be the
world’s largest producer of Direct Reduced Iron (DRI) or sponge iron with a
host of coal based units, located in the mineral – rich states of the country.
Steel Prices, Globally and
Domestically witnessed a sustained downside mainly due to overcapacity, cheaper
imports, economic conditions and shift towards other substitutes which
significantly impacted the steel prices. Steel makers margins have consistently
contracted since FY’11 due to overcapacity and demand–supply gap. Margins of
steel producers would continue to be under pressure, given the high cost of
production on the back of higher input costs and their limited ability to pass
on hikes in costs. The credit profile of steel makers to remain weak next
fiscal due to their large debt for working capital and capex coupled with
modest EBITDA (earnings before interest, taxes, depreciation, and amortization)
margins. Global steel prices will continue to trend downward which will inturn,
exert tremendous pressure on global contract prices of raw materials such as
iron ore and coal. The recovery in the world steel pricing momentum would be
driven by a reviving economy, stabilization in the Euro-zone and a rebound in
the construction industry in developed countries.
A robust and thriving Power
sector is central to India’s sustained economic growth. India’s power sector
has evolved substantially over the last few decades and is now witnessing
unprecedented interest and investments across the value chain. With the global
economic growth and industrialization, power consumption is escalating rapidly,
creating demand for more power and compelling industry players to manage their
power portfolio efficiently. In 2014-15 as a whole, total power generation in
India grew by 8.5% and it is expected to grow by 8.4% in 2015-16. The power
transmission sector in India has not been able to keep pace with the rising
power demand and generation capacity in the country. The Indian Power Sector
faced a challenging year under review as it juggled with increasing power
demand, the poor paying capability of power distribution Companies, inadequate
domestic coal/gas availability, an inefficient power tariff mechanism and
rising financing costs.
The Total Income of the
Company was Rs. 6613.400 Million during the year as against Rs. 5844.200 Million in the previous year, showed increase of 13.16%. The
Company has reported Net Loss of Rs.
208.200 Million during the year under review as against loss of Rs. 424.500 Million in the previous year.
SPONGE IRON DIVISION
The production of Sponge
Iron Division during the year was 143384 MT against 165631 MT in
the previous year showing decrease of 13.43%. The total income of the
division was Rs. 5995.800 Million (including trading) as against Rs. 5288.700 Million during the previous year, showing increase of 13.37% as
a result of increase in trading of Steel and realization of higher price of
sponge iron.
POWER DIVISION
During the financial year
2010-11, in order to utilize the waste heat and convert into productive energy,
the Company has commissioned it’s 30 MW co-generation Waste Heat Recovery Based
(WHRB) Power Plant, at Ghugus, Maharashtra. The production of the division was 17.10
MWH during the year as compared to 17.05 MWH for the previous year.
The total income of the division was Rs.
393.400 Million during the
year under review as against Rs. 388.800
Million during the previous
year showing an increase of 1.17%.
By virtue of issuance of Commercial Circular No. 154 & 156 dated
23rd January, 2012 by Maharashtra State Electricity Distribution Company Limited
and other laws and circulars of authority, the scope of
distribution/supply/utilization of electricity through Open Access has been
expanded. Due to this, the prospectus of the industry is expected to improve in
the nearest future. The Company is exploring all the possibilities, strictly
adhering to and complying with the parameters and conditions laid down in the
said circulars and other laws to utilize the power generated by its
power generation unit.
In respect of Iron ore
mining activities, the Company has received all statutory permissions and
necessary sanctions from the concerned authorities to commence mining
operations. However, due to insurrection by Naxals near Surjagarh Iron Ore Mine
in which one of the official of the Company was killed, the Mining Operations
of the Company at Surjagarh Iron Ore Mine at Surjagarh Village, Gadchiroli
District, Maharashtra has been temporarily discontinued w.e.f. July, 2013 and
the same facts has been informed to the concerned Govt. Authority. The Company is
taking adequate steps to commence mining operations.
MANAGEMENT
DISCUSSION AND ANALYSIS
Industry structure and
development
The Steel Industry faced
sluggish consumption growth mainly on account of execution delay of planned infrastructure
and construction projects due to economic slowdown and environment clearances.
Better GDP growth in FY’16 on the back of a revival in industry growth would
lead to better steel demand growth next fiscal. The domestic steel industry
expects no major hike in prices next fiscal due to overcapacity which will
continue to limit prices amid the demand increase. Imports are a major threat.
Recognizing that electricity is one of the key drivers for rapid economic
growth and poverty alleviation, the industry has set itself the target of
providing access to all households over the next few years. Over the past few
years, there had been a splendid growth in the power generation and capacity
and with proper enactment of several policies the trend is likely to continue
in the coming years as well.
Outlook
The longer term outlook for
Global Steel Industry would continue to depend on few key issues such as
overcapacity, raw materials pricing volatility and potential for economic
growth. India’s Steel Demand is expected to go up by 3-5 per cent in the next
financial year on higher economic growth although margin pressure would
continue due to high production costs and limited scope to pass them on to
customers. India has the world’s fifth-largest electricity generation capacity
and demand is expected to surge in the coming years owing to growth in the
economy. The long-term average demand growth rate is expected to remain in the
higher single digit growth levels given the lower per capita power consumption in
India as compared to the global average.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Letter
of Credit/Guarantees issued by Banks |
55.670 |
52.475 |
|
Disputed
claims of Excise/ Service Tax and CST Authorities |
2.072 |
2.818 |
|
Claims
against the Company not acknowledged as Debts |
14.550 |
11.890 |
|
Total |
72.292 |
67.183 |
FIXED ASSETS:
Tangible Assets
·
Free Hold Land
·
Leasehold Land
·
Factory Building
·
Staff Residential Building
·
Plant and Machinery
·
Computers
·
Electrical Installation
·
Air Conditioners
·
Office Equipments
·
Furniture and Fixtures
·
Motor Vehicles
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. 63.38 |
|
|
1 |
Rs. 99.13 |
|
Euro |
1 |
Rs. 69.69 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
IND |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
YES |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.