MIRA INFORM REPORT
|
Report No. : |
334798 |
|
Report Date : |
30.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUNFLAG IRON AND STEEL COMPANY LIMITED |
|
|
|
|
Registered
Office : |
33, Mount Road, Sadar, Nagpur – 440001, Maharashtra |
|
Tel. No.: |
91-712-2524661 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
12.09.1984 |
|
|
|
|
Com. Reg. No.: |
11-034003 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1802.200 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27100MH1984PLC034003 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NGPS02039C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCS3376C |
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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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|
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|
Line of Business
: |
Manufacturing and Sale of Special Steel Rolled Products. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 16000000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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|
Comments : |
Incorporated on 12th September, 1984, Sunflag Iron and
Steel Company Limited (SISCO). Subject is an established company having satisfactory
track. Financial position of the company seems to be decent. The rating also takes into account the long track record of the
company in manufacturing of mild steel and alloy steel products, experienced
management and established position in the alloy steel industry. The rating further take consideration on company stable operations and
moderate financial risk profile. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered good for business dealings at usual
trade terms and conditions. |
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|
|
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB+ |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
24.10.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A2 |
|
Rating Explanation |
Have strong degree of safety and carry low credit risk |
|
Date |
24.10.2014 |
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 BY
|
Name : |
Mr. Shailesh |
|
Designation : |
Manager |
|
Contact No.: |
91-712-2524661 |
LOCATIONS
|
Registered / Head / Regional Office : |
33, Mount Road, Sadar, Nagpur – 440001, Maharashtra, India |
|
Tel. No.: |
91-712-2524661/ 2520356/ 57/ 58/ 2532901 |
|
Fax No.: |
91-712-2520360 |
|
E-Mail : |
|
|
Website : |
|
|
|
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|
Factory : |
Bhandara Road, District Bhandara – 441905, Maharashtra, India |
|
Tel. No.: |
91-7197-285551 to 285555 |
|
Fax No.: |
91-7184-285570 / 285740 |
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Warehouses : |
Located at :
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Branch Offices : |
Located at :
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|
|
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Regional Office 1 : |
C/O Themco Private Limited, 8-B. T. Road, Belgharia, Kolkata – 700056,
West Bengal, India |
|
Tel No. : |
91-33-25442429/ 25442430 |
|
Fax No. : |
91-33-25442431 |
|
|
|
|
Regional Office 2 : |
Plot No. 12, Sector – 6, Mathura
Road, Faridabad- 121006, Haryana, India |
|
Tel. No.: |
91-129-4290801-08/ 4290887/ 4290888 |
|
Fax No.: |
91-129-4061646 |
|
|
|
|
Regional
Office 3 : |
705, 7th Floor, Challa Mall, 11 / 11A, Sir
Thiagaraya Road, T. Nagar, Chennai - 600017, Tamilnadu, India |
|
Tel. No.: |
91-44-24341065/ 24342262/
24342263/ 24323724 |
|
Fax No.: |
91-44-24347649 |
|
|
|
|
Regional Office
4 : |
Office No. 65-69, Fifth Floor, 'Sai Kripa Bhavan', Pune -
Mumbai Highway, Opposite KSB Pumps, S No 5743, Kharalwadi, Pimpri
District Pune – 411018, Maharashtra, India |
|
Tel. No.: |
91-20-32940427/ 27425607/
27424685 |
|
Fax No.: |
91-20-27423013 |
|
|
|
|
Regional Office
5 : |
307, Hamilton-B, Hiranandani Business Park, Ghodbunder
Road, Thane (West) - 400607,
Maharashtra, India |
|
Tel. No.: |
91-22-25862294/ 95/ 96/
25861928 |
|
Fax No.: |
91-22-25861931 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. P. B. Bhardwaj |
|
Designation : |
Non-executive Chairman |
|
|
|
|
Name : |
Mr. Ravi Bhushan Bhardwaj |
|
Designation : |
Vice Chairman and Managing Director |
|
Date of Birth/ Age : |
70 Years |
|
Experiences : |
48 Years |
|
|
|
|
Name : |
Mr. Pranav Bhardwaj |
|
Designation : |
Joint Managing Director |
|
Date of Birth/ Age : |
39 Years |
|
Qualification : |
B. Sc. |
|
Experiences : |
18 Years |
|
|
|
|
Name : |
Dr. E. R. C. Shekar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S Gajendran |
|
Designation : |
Director |
|
|
|
|
Name : |
CA Jayesh Madhavji Parmar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B.W. Ramteke |
|
Designation : |
Director (Up to 24th
October 2013)) Nominee - IDBI Bank Limited |
|
|
|
|
Name : |
Mr. Surendra Kumar Gupta |
|
Designation : |
Director and CEO |
|
Date of Birth/ Age : |
65 Years |
|
Qualification : |
B. E. (Mechanical) and Holding Diploma in Business Management |
|
Experiences : |
35 Years |
|
|
|
|
Name : |
Mr. Sonam Bodh |
|
Designation : |
Director (Effective 24th
October 2013) |
KEY EXECUTIVES
|
Name : |
CA R. Muralidhar |
|
Designation : |
Chief Financial Officer - Executive Director (Finance) |
|
|
|
|
Name : |
Mr. Mukesh D. Parakh |
|
Designation : |
Company Secretary (Up to 5th
August 2014) |
|
|
|
|
Name : |
Mr. Pranab Panigrahi |
|
Designation : |
Company Secretary (Effective 5thAugust 2014) |
|
|
|
|
Name : |
Mr. Shailesh |
|
Designation : |
Manager |
SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
1612140 |
0.89 |
|
|
8333356 |
4.62 |
|
|
9945496 |
5.52 |
|
|
|
|
|
|
13217398 |
7.33 |
|
|
65253582 |
36.21 |
|
|
78470980 |
43.54 |
|
Total shareholding
of Promoter and Promoter Group (A) |
88416476 |
49.06 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
88000 |
0.05 |
|
|
112538 |
0.06 |
|
|
1100 |
0.00 |
|
|
50000 |
0.03 |
|
|
251638 |
0.14 |
|
|
|
|
|
|
7792069 |
4.32 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs.0.100 Million |
25205978 |
13.99 |
|
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million |
39833453 |
22.10 |
|
|
18719834 |
10.39 |
|
|
589610 |
0.33 |
|
|
1105 |
0.00 |
|
|
96274 |
0.05 |
|
|
18021945 |
10.00 |
|
|
10900 |
0.01 |
|
|
91551334 |
50.80 |
|
Total Public
shareholding (B) |
91802972 |
50.94 |
|
Total (A)+(B) |
180219448 |
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) |
180219448 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Sale of Special Steel Rolled Products. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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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 = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Statutory Auditors : |
|
|
Name : |
Patel, Shah and Joshi Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
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Cost Auditors : |
|
|
Name : |
G. R. Paliwal and Company Cost Accountants |
|
Address : |
Nagpur, Maharashtra, India |
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Associate Enterprise (As on 31.03.2014) : |
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Joint Venture Companies (As on 31.03.2014) : |
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Subsidiary Companies (As on 31.03.2014) : |
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Enterprise which have significant influence (As on 31.03.2014) : |
Sunflag Limited,
Channel Island, UK |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000 |
10% Cumulative Preference Shares |
Rs.100/- each |
Rs.400.000 Million |
|
165000000 |
Equity Shares |
Rs.10/- each |
Rs.1650.000 Million |
|
|
Total |
|
Rs. 2050.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
162197503 |
Equity Shares |
Rs.10/- each |
Rs.1622.000 Million |
Terms / Voting Rights
attached to the Equity Shares
The paid up capital of the Company consists of only equity shares of Rs.10/- each. Every equity shareholder is entitled to one vote per share.
In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion of the number of the Equity shares held by the Shareholders.
Details of
Shareholders holding more than 5% shares in the Company
|
Name of Shareholder |
As at 31.03.2014 |
|
|
Number of Shares held |
% of Holding |
|
|
Sunflag Limited, Channel Islands, UK |
65253582 |
40.23% |
|
Mr. Suhrit Ravi Chardwaj |
13217398 |
8.15% |
|
M/s. Supra Corporation Limited |
8333356 |
5.14% |
As on 31.03.2015
Authorised Capital: Not Available
Issued, Subscribed & Paid-up Capital: Rs. 1802.200
Million
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 |
1802.200 |
1622.000 |
1622.000 |
|
(b) Reserves & Surplus |
4033.100 |
3410.500 |
3193.700 |
|
(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) |
5835.300 |
5032.500 |
4815.700 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1382.600 |
2234.200 |
2772.500 |
|
(b) Deferred tax liabilities
(Net) |
651.500 |
486.000 |
558.000 |
|
(c) Other long term
liabilities |
28.100 |
92.200 |
130.600 |
|
(d) long-term provisions |
138.900 |
138.900 |
138.900 |
|
Total
Non-current Liabilities (3) |
2201.100 |
2951.300 |
3600.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1977.700 |
1690.400 |
1450.200 |
|
(b) Trade payables |
1973.000 |
2077.000 |
2406.800 |
|
(c) Other current liabilities |
840.300 |
847.400 |
826.800 |
|
(d) Short-term provisions |
488.700 |
438.200 |
476.200 |
|
Total
Current Liabilities (4) |
5279.700 |
5053.000 |
5160.000 |
|
|
|
|
|
|
TOTAL |
13316.100 |
13036.800 |
13575.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5730.600 |
5839.000 |
6178.000 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
118.900 |
327.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
76.700 |
76.700 |
76.700 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
359.200 |
279.900 |
295.300 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
6166.500 |
6314.500 |
6877.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3941.400 |
3306.600 |
3269.300 |
|
(c) Trade receivables |
1885.000 |
2077.300 |
1556.200 |
|
(d) Cash and cash equivalents |
532.600 |
506.600 |
534.000 |
|
(e) Short-term loans and
advances |
764.000 |
812.600 |
1325.500 |
|
(f) Other current assets |
26.600 |
19.200 |
13.700 |
|
Total
Current Assets |
7149.600 |
6722.300 |
6698.700 |
|
|
|
|
|
|
TOTAL |
13316.100 |
13036.800 |
13575.700 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
17565.900 |
15854.200 |
15693.100 |
|
|
Other Income |
60.000 |
54.800 |
78.200 |
|
|
TOTAL
|
17625.900 |
15909.000 |
15771.300 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
10324.700 |
9324.800 |
9438.600 |
|
|
Other Manufacturing Expenses |
0.000 |
3661.400 |
3468.100 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(71.700) |
(30.300) |
168.300 |
|
|
Employees benefits expense |
820.600 |
750.600 |
758.600 |
|
|
Exceptional Items |
8.800 |
0.000 |
0.000 |
|
|
Other expenses |
4799.500 |
677.600 |
674.900 |
|
|
TOTAL
|
15881.900 |
14384.100 |
14508.500 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1744.000 |
1524.900 |
1262.800 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
714.400 |
729.900 |
823.300 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1029.600 |
795.000 |
439.500 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
511.300 |
611.800 |
564.500 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
518.300 |
183.200 |
(125.000) |
|
|
|
|
|
|
|
Less |
TAX |
274.200 |
(33.600) |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
244.100 |
216.800 |
(125.000) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3382.900 |
3166.100 |
3291.100 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
3627.000 |
3382.900 |
3166.100 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
802.600 |
1085.400 |
|
|
TOTAL
EARNINGS |
NA |
802.600 |
1085.400 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
427.500 |
790.400 |
|
|
Components and Stores parts |
NA |
21.600 |
33.600 |
|
|
Capital Goods |
NA |
0.000 |
13.200 |
|
|
TOTAL
IMPORTS |
NA |
449.100 |
837.200 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
1.42 |
1.34 |
(0.77) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
803.400 |
790.200 |
|
Cash generated from operations |
NA |
1105.600 |
2391.300 |
|
Net cash flow from / (used in) operating activities |
NA |
1067.200 |
2391.300 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.39 |
1.37 |
(0.80) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
9.93 |
9.62 |
8.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.91 |
1.43 |
(0.95) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.04 |
(0.03) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.58 |
0.78 |
0.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35 |
1.33 |
1.30 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- each |
|
Market Value |
Rs.18.05/- each |
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 |
1622.000 |
1622.000 |
1802.200 |
|
Reserves & Surplus |
3193.700 |
3410.500 |
4033.100 |
|
Net worth |
4815.700 |
5032.500 |
5835.300 |
|
|
|
|
|
|
long-term borrowings |
2772.500 |
2234.200 |
1382.600 |
|
Short term borrowings |
1450.200 |
1690.400 |
1977.700 |
|
Total borrowings |
4222.700 |
3924.600 |
3360.300 |
|
Debt/Equity ratio |
0.877 |
0.780 |
0.576 |
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 |
15693.100 |
15854.200 |
17565.900 |
|
|
|
1.027 |
10.797 |
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 |
15693.100 |
15854.200 |
17565.900 |
|
Profit |
(125.000) |
216.800 |
244.100 |
|
|
(0.80%) |
1.37% |
1.39% |
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 |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---------------------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
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 |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
---------------------- |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
From Promoters |
NA |
137.500 |
|
Other loan and
advances |
|
|
|
Interest free sales Tax Loan |
NA |
571.000 |
|
Total |
NA |
708.500 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10559298 |
16/03/2015 |
500,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WORLD TRADE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
C49179989 |
|
2 |
10432530 |
28/09/2013 * |
200,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
COMMERCIAL NETWORK BRANCH,
239, P. D. MELLO ROAD, NEAR GPO, FORT, MUMBAI - 400001, MAHARASHTRA, |
B86608924 |
|
3 |
10413511 |
28/09/2013 * |
200,000,000.00 |
STATE BANK OF INDIA |
THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B86567369 |
|
4 |
10225887 |
20/08/2010 * |
1,500,000,000.00 |
INDIAN BANK |
DECCAN GYMKHANA BRANCH, 759/62, PRABHAT ROAD, PUNE - 411004, MAHARASHTRA, INDIA |
A94006160 |
|
5 |
10222470 |
20/08/2010 * |
900,000,000.00 |
BANK OF INDIA |
NAGPUR CORPORATE
BANKING BRANCH, S V PATEL MARG, |
A93477800 |
|
6 |
10209393 |
20/08/2010 * |
1,000,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, 9TH FLOOR, WTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
A93440774 |
|
7 |
10112073 |
12/09/2008 * |
600,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 'THE ARCADE' 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA,, MUMBAI - 400005, MAHARASHTRA, INDIA |
A45338423 |
|
8 |
90239709 |
28/09/2013 * |
6,993,300,000.00 |
STATE BANK OF INDIA |
THE ARCADE, 2ND
FLOOR, WORLD TRADE CENTRE, CUFFE |
B87636999 |
|
9 |
90239530 |
22/07/2004 * |
43,600,000.00 |
IFCI LIMITED |
BANK OF BARODA BULDING,, PARLIAMENTARY STREET, NEW DELHI - 110001, INDIA |
- |
|
10 |
90239504 |
22/07/2004 * |
81,100,000.00 |
INDUSTRIAL FINANCE CORPORATION OF INDIA |
BANK OF BARODA BUILDING, PARLIAMENT STREET, NEW DELHI - 110001, INDIA |
- |
* Date of charge modification
CORPORATE
INFORMATION (As on 31.03.2014)
Subject was
incorporated in 1984 and engaged in the business of manufacturing and sale of
Special Steel Rolled products.
OPERATIONS (As on
31.03.2014)
During the
financial year under review:
a) The total
production for Direct Reduction Plant (I + II) was 114,026 MT as against
118,030 MT of the previous financial year.
b) The total
production of 296,702 MT in Steel Melt Shop as against 269,152 MT of the
previous financial year.
c) The total
production of Rolled products was 296,564 MT as against 273,019 MT of the
previous financial year.
d) The total
production of Mini Hot Metal / Pig Iron was 219,980 MT as against 193,200 MT of
the previous financial year.
e) The total
production of Sinter Plant was 339,301 MT as against 340,389 MT of the previous
financial year.
The power plant
generated Rs. 157.313 Million kWh as compared to Rs. 160.103 Million kWh of the
previous financial year.
The total coal production at Belgaon Coal Block is 148,000 as against
248,350 MT of the previous financial year.
FIXED ASSETS
- Freehold Land
- Leasehold Land
- Buildings
- Plant and Machinery
- Furniture and Fixture
- Heavy Vehicles
- Light Vehicles
- Development of Mines
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 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.99.71 |
|
Euro |
1 |
Rs.70.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KYP |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.