MIRA INFORM REPORT
|
Report No. : |
325733 |
|
Report Date : |
08.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
TULSYAN NEC LIMITED |
|
|
|
|
Registered
Office : |
61, Sembudoss Street, 1st Floor, Chennai – 600 001,
Tamilnadu |
|
Tel. No.: |
91-44-25222673 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
11.04.1947 |
|
|
|
|
Com. Reg. No.: |
18-007437 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.220.546 million |
|
|
|
|
CIN No.: [Company
Identification No.] |
L28920TN1947PLC007437 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction
& Collection Account No.] |
BLRT04262G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABCT3720E |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the manufacturing TMT
bars, Coal Based Power Plant and Synthetics Woven Fabrics and Sacks. |
|
|
|
|
No. of Employees
: |
1711 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4145000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. Subject was incorporated in 1947. The company has operations in steel
manufacturing, HDPE/ PP Woven Sacks and Power and Information
Technology. Rating takes into consideration, heavy loss incurred by the company
during FY 2014 and huge external borrowing taken by the company which may act
as a threat to its liquidity position.
However, trade relations are reported as fair. Business is active.
Payment terms are reported to be slow but correct. In view of extensive experience of promoters and established
relationship with the customers, the company can be considered for business
dealing with some caution. |
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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Zamir |
|
Designation : |
Marketing Manager |
|
Contact No.: |
91-44-39181060 |
|
Date : |
04.06.2015 |
LOCATIONS
|
Registered Office : |
61, Sembudoss Street, 1st Floor, Chennai – 600 001, Tamilnadu, India |
|
Tel. No.: |
91-44-39181060/ 25222673/ 25223918/ 25221060/ 25222676 |
|
Fax No.: |
91-44-39181076 |
|
E-Mail : |
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|
Website : |
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|
|
Corporate Office : |
Apex Plaza, 1st Floor, Old No.3, New No.77, Nungambakkam
High Road, Chennai - 600 034,
Tamilnadu, India |
|
Tel. No.: |
91-44-39181060/ 39120756/ 39181097 |
|
Fax No.: |
91-44-39181097 |
|
Email : |
|
|
Website : |
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Administrative Office : |
37, Kaveriappa Layout, |
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|
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Power Plant: |
17, Sithurnatham Village, Gummidipoondi – 601 201,Tamilnadu, India |
|
|
|
|
Steel Division : |
·
39, ·
D-4, SIPCOT Industrial Complex, Gummudipoondi,
Chengalpet District - 601201, Tamilnadu, India |
|
Depot : |
55/2, Cuddalore Main Road, Ariyankuppam, Pondichery – 605 007, India |
|
|
|
|
Windmill : |
·
Kudimangalam, Udumalapet, ·
Pazhavoor, Tirunelveli District, Tamilnadu, India ·
Kavalakiurichi, Tirunelveli District, Tamilnadu,
India |
|
|
|
|
Synthetic Division : |
·
7-A, Doddaballapura Industrial Area, Kasba Hobli,
·
Plot No.E-4, Madkaim Industrial Area, Madkain
Village, Ponda Taluk, Goa, India ·
Survey No.237 to 245, Boincheruvupalli Village,
Peapully Mandal, Kurnool District – 518 220, Andhra Pradesh, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Lalit Kumar Tulsyan |
|
Designation : |
Executive Chairman |
|
Date of Birth/Age : |
18.02.1960 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
12.07.1994 |
|
Other Directorship : |
|
|
|
|
|
Name : |
Mr. Sanjay Tulsyan |
|
Designation : |
Managing Director |
|
Date of Appointment : |
01.10.1996 |
|
|
|
|
Name : |
Mr. P.T. Rangamani |
|
Designation : |
Director |
|
Date of Birth/Age : |
26.08.1934 |
|
Qualification : |
F.C.S., B.L. |
|
Date of Appointment : |
30.03.1994 |
|
|
|
|
Name : |
Mr. A.P. Venkateshwaran |
|
Designation : |
Whole Time Director |
|
Date of Appointment : |
09.01.2004 |
|
|
|
|
Name : |
Mr. Selvaganapathy Ramakrishnan |
|
Designation : |
Director |
|
Qualification : |
B.Com. |
|
Date of Birth/Age : |
15.07.1954 |
|
Date of Appointment : |
31.03.2005 |
|
Other Directorship : |
|
|
|
|
|
Name : |
Mr. Sanjay Agarwalla |
|
Designation : |
Whole –Time Director |
|
Date of Appointment : |
27.04.2006 |
|
|
|
|
Name : |
Mr. Venkatachalam Kirubanandan |
|
Designation : |
Director |
|
Date of Birth/ Age : |
30.04.1948 |
|
Qualification: |
B.E., M. Tech., M.B.A. |
|
Date of Appointment : |
27.04.2006 |
|
|
|
|
Name : |
Mr. C. Ramachandran |
|
Designation : |
Director |
|
Date of Birth/ Age : |
15.05.1938 |
|
Qualification: |
I.A.S |
|
Date of Appointment : |
12.12.2007 |
|
Other Directorship : |
|
KEY EXECUTIVES
|
Name : |
Mr. CS Giridhar |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Zamir |
|
Designation : |
Marketing Manager |
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 |
|
|
|
|
|
|
|
|
10614415 |
70.76 |
|
|
10614415 |
70.76 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
10614415 |
70.76 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
2000 |
0.01 |
|
|
2000 |
0.01 |
|
|
|
|
|
|
957446 |
6.38 |
|
|
|
|
|
|
1766143 |
11.77 |
|
|
1301971 |
8.68 |
|
|
358025 |
2.39 |
|
|
261260 |
1.74 |
|
|
95566 |
0.64 |
|
|
1199 |
0.01 |
|
|
4383585 |
29.22 |
|
Total
Public shareholding (B) |
4385585 |
29.24 |
|
Total
(A)+(B) |
15000000 |
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) |
15000000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacturing TMT bars, Coal Based Power
Plant and Synthetics Woven Fabrics and Sacks. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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|
|
|
Terms : |
|
|
Selling : |
L/C and Cheque |
|
|
|
|
Purchasing : |
L/C and Cheque |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
1711 (Approximately) |
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Bankers : |
· Canara Bank · Syndicate Bank · Andhra Bank · State Bank of India · IDBI Bank Limited · Indian Overseas Bank ·
Shamrao Vithal Co-operative Bank |
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Facilities : |
Notes:
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
C.A. Patel and Patel Chartered Accountants |
|
Address : |
442 (Old No.602), Anna Salai, “A” Wing, 4th Floor, Flat
No.2, Parsan Manere, Chennai – 600 006, Tamilnadu, India |
|
Tel. No.: |
91-44-42144887/ 42144189 |
|
Mobile No.: |
91-9840084595 |
|
E-Mail : |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary : |
|
|
|
|
|
Associate : |
Tulsyan Smelters Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
16000000 |
Equity Shares |
Rs.10/- each |
Rs.160.000 million |
|
20000000 |
6% Non-Cumulative Redeemable Preference Shares |
Rs.10/-each |
Rs.200.000 million |
|
|
Total
|
|
Rs.360.000
million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
14457382 |
Equity Shares |
Rs.10/- each |
Rs.144.574
million |
|
246397 |
Equity Shares of Rs.6/- each paid up |
Rs.6/- each |
Rs.1.478
million |
|
296221 |
Equity Shares of Rs.3/- each paid up |
Rs.3/- each |
Rs.0.889
Million |
|
7360500 |
6% Non-Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.73.605
million |
|
|
Total |
|
Rs.220.546 million |
|
|
|
|
|
Shareholders Holding More than 5% of the Share Capital
|
Name of the Shareholders |
No of Share |
|
Lalit Kumar Tulsyan |
4151305 |
|
Sanjay Tulsyan |
4475481 |
|
Priya Tulsyan |
954982 |
|
Alka Tulsyan |
751130 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
220.546 |
146.943 |
108.700 |
|
(b) Reserves &
Surplus |
1230.258 |
1178.449 |
1061.854 |
|
(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) |
1450.804 |
1325.392 |
1170.554 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
2689.982 |
2897.821 |
2054.211 |
|
(b) Deferred tax
liabilities (Net) |
359.873 |
141.814 |
139.275 |
|
(c) Other long term
liabilities |
1196.492 |
1314.419 |
595.019 |
|
(d) Long-term provisions |
76.607 |
66.840 |
66.841 |
|
Total Non-current
Liabilities (3) |
4322.954 |
4420.894 |
2855.346 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2769.466 |
2290.443 |
1827.318 |
|
(b) Trade payables |
3432.427 |
2718.064 |
2429.172 |
|
(c) Other current
liabilities |
6.174 |
16.120 |
31.808 |
|
(d) Short-term provisions |
159.714 |
136.669 |
148.287 |
|
Total Current Liabilities
(4) |
6367.781 |
5161.296 |
4436.585 |
|
|
|
|
|
|
TOTAL |
12141.539 |
10907.582 |
8462.485 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3343.120 |
980.757 |
1030.278 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
2208.835 |
3939.548 |
2193.275 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
90.736 |
90.736 |
90.736 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
145.347 |
140.330 |
113.298 |
|
(e) Other Non-current
assets |
2.465 |
22.720 |
21.970 |
|
Total Non-Current Assets |
5790.503 |
5174.091 |
3449.557 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
4.335 |
4.683 |
2.158 |
|
(b) Inventories |
1401.093 |
1338.393 |
1016.222 |
|
(c) Trade receivables |
3335.472 |
2940.338 |
2750.075 |
|
(d) Cash and cash
equivalents |
211.579 |
193.867 |
206.033 |
|
(e) Short-term loans and
advances |
462.548 |
275.371 |
504.552 |
|
(f) Other current assets |
936.009 |
980.839 |
533.888 |
|
Total Current Assets |
6351.036 |
5733.491 |
5012.928 |
|
|
|
|
|
|
TOTAL |
12141.539 |
10907.582 |
8462.485 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
12848.697 |
11479.675 |
11301.314 |
|
|
|
Other Income |
54.607 |
53.664 |
57.533 |
|
|
|
TOTAL (A) |
12903.304 |
11533.339 |
11358.847 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
6846.840 |
7758.329 |
7570.555 |
|
|
|
Purchase of stock in Trade |
4369.739 |
2373.480 |
1828.748 |
|
|
|
Increase/Decrease in Stocks |
45.859 |
(330.360) |
278.163 |
|
|
|
Employee benefit expenses |
273.577 |
274.348 |
271.653 |
|
|
|
Other expenses |
725.593 |
780.850 |
666.541 |
|
|
|
Exceptional Item |
49.318 |
0.000 |
0.000 |
|
|
|
TOTAL
(B) |
12310.926 |
10856.647 |
10615.660 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
592.378 |
676.692 |
743.187 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
766.477 |
536.241 |
500.550 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(174.099) |
140.451 |
242.637 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
216.837 |
90.169 |
88.508 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(390.936) |
50.282 |
154.129 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
218.059 |
12.305 |
21.264 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(608.995) |
37.977 |
132.865 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
541.787 |
512.976 |
405.036 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
2.500 |
7.800 |
|
|
|
Proposed Dividend |
0.000 |
5.736 |
16.305 |
|
|
|
Corporate Tax on Dividend |
0.000 |
0.930 |
0.820 |
|
|
BALANCE CARRIED
TO THE B/S |
(67.208) |
541.787 |
512.976 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
362.088 |
394.256 |
506.842 |
|
|
TOTAL EARNINGS |
362.088 |
394.256 |
506.842 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
628.775 |
470.695 |
1378.576 |
|
|
TOTAL IMPORTS |
628.775 |
470.695 |
1378.576 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
Basic |
(41.44) |
2.58 |
12.22 |
|
|
|
Diluted |
(41.44) |
2.58 |
12.22 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Net cash from operating activities |
933.207 |
1188.111 |
329.193 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Unaudited |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net
Sales |
2488.920 |
3430.640 |
3023.630 |
|
Total
Expenditure |
2431.760 |
3381.130 |
2899.660 |
|
PBIDT
(Excl OI) |
57.160 |
49.510 |
123.970 |
|
Other
Income |
3.360 |
11.340 |
1.700 |
|
Operating
Profit |
60.520 |
60.850 |
125.670 |
|
Interest |
221.890 |
162.590 |
149.880 |
|
Exceptional
Items |
4.870 |
1.690 |
0.110 |
|
PBDT |
(156.500) |
(100.050) |
(24.100) |
|
Depreciation |
60.770 |
48.520 |
48.620 |
|
Profit
Before Tax |
(217.270) |
(148.570) |
(72.720) |
|
Tax |
NA |
0.000 |
NA |
|
Provisions
and contingencies |
NA |
NA |
NA |
|
Profit
After Tax |
(217.270) |
(148.570) |
(72.720) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(4.74) |
0.33 |
1.18 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
4.61 |
5.89 |
6.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.97) |
0.73 |
2.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.27) |
0.04 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.76 |
3.91 |
3.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00 |
1.11 |
1.13 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
Market Value |
Rs.14.45/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
108.700 |
146.943 |
220.546 |
|
Reserves & Surplus |
1061.854 |
1178.449 |
1230.258 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1170.554 |
1325.392 |
1450.804 |
|
|
|
|
|
|
long-term borrowings |
2054.211 |
2897.821 |
2689.982 |
|
Short term borrowings |
1827.318 |
2290.443 |
2769.466 |
|
Total borrowings |
3881.529 |
5188.264 |
5459.448 |
|
Debt/Equity ratio |
3.316 |
3.915 |
3.763 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from Operations |
11301.314 |
11479.675 |
12848.697 |
|
|
|
1.578 |
11.926 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from Operations |
11301.314 |
11479.675 |
12848.697 |
|
Profit |
132.865 |
37.977 |
(608.995) |
|
|
1.18% |
0.33% |
(4.74%) |
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
FINANCIAL PERFORMANCE
WITH RESPECT TO OPERATIONAL PERFORMANCE:
During the year, a prolonged demand slump and growing interest cost has
affected us badly. The sales and other receipts grew 11.87% YOY to Rs.12903.304
Million. EBITDA dropped by 12.46% YOY to Rs.592.375 Million.
OPERATIONS AND
OUTLOOK
During the year, a
prolonged demand slump and growing interest cost has affected the performance
of the Company. The sales and other receipts grew 11.87% YOY to Rs.12903.304
million. EBITDA dropped by 12.46% YOY to Rs.592.375 million.
As in the past during the
current year also there were drastic power cuts consequently affecting our
costs and also the production. The other additional Power Plant of 35 MW
capacity is under implementation and expected to commence its commercial
operation shortly.
Some of the
factors attributable to the decline in the profit margins and their impact on
the performance of The Company are given hereunder;
Late
implementation of Power Plant:
Despite achieving
Commercial Operation during December 2012, synchronization of the Power Plant
with Grid was achieved by end of July 2013. This delay was attributable to the
right of way issue prevailed while laying the transmission towers from Power
Plant to TNEB Substation. The Company had installed 48 towers instead of 30
towers as per norms of TNEB on account of right of way issue – a critical
factor that had caused delay in implementing the project. Further, the
uncertainty and high cost associated in Grid Connectivity had also delayed the
whole process of Commercial production by one year. This total delay of one
year resulted into loss of Revenue.
Operational
inefficiency in Wire Rod:
The Company has
shifted the entire operation of TMT Rod from its Ambattur unit to Gummidipoondi
unit and been installing new technology for Wire Rod, a value added product of
TMT Bars. This production of wire rods results in saving handling cost and
reduces the end cutting wastages.
However, the
equipments imported by the Company had not been performing at its optimum
level. The Company had entered into contract with Morgardshammar AB of Sweden
for setting up of Wire Rod Machine and with Sund Birsta, Sweden for setting up
the handling equipment. Both the Companies are renowned names among the Steel
Manufacturing and in the past supplied the equipment to other steel competitors
in Indian Market. The output at desired level could not be achieved on account
of fault in handling equipments. This has further resulted in production loss
and revenue loss. The vendors have acknowledged the fault and started working
to resolve the defects and deficiencies in the equipments.
Increase in the
Interest Cost due to delay in the Project:
The base rate of
The Company’s bankers has remained at higher level. The much anticipated decrease
in the interest rate has not been materialized leading to high interest cost.
Further, the delay in the setting up of the Company’s Power Plant and delay in
stabilization of Wire Rod division, both have contributed for the revenue loss.
The payments of standing finance costs to the Bankers by way of interest on
Term Loan / working capital during the periods of delay in the implementation
of the power plant / operation of wire rod unit further resulted into revenue
loss.
Foreign Exchange
fluctuation:
The Company had
imported Scrap and Coal approximately 234861.619 MT. Despite entering into
forward booking contract, the foreign exchange fluctuations prevailed during FY
2013-14 impacted the Company’s revenue to a greater extent and resulted into
loss in revenue.
The price of steel
scrap has remained stable whereas the price of TMT bars has been dropped. This
has led to the shrunk in the gap between the price of the raw material and the
finished product thereby causing significant decline in the profit margins. The
off-take of steel has been very bad as the steel companies which were
anticipated to grow close to 7% per year have grown only close to 1% thereby
creating excess capacity in the country causing the steel prices to become
lower.
The growth in the
steel market is expected to be muted in the short term on account of poor
growth in core consumer sectors such as infrastructure and construction.
Domestic steel prices are also influenced by trends in raw material prices,
demand – supply conditions in the market, international price trends among
others. The steel industry is characterized by high capital intensity, high
dependence on bulk raw materials, cyclical growth trends, perpetual
overcapacity and relatively low profitability.
The Indian economy
was expected to grow at 10% and the steel consumption was expected to increase
by 12% annually. However, the country’s growth has come down to 4.5% and the
steel consumption has increased by meagre 2% only. This has caused the problem
of over capacity.
Since 2008, the
global economies, including India, have experienced a significant turbulence
and uncertainty. Despite some stability coming back from actions taken in
response to the emerging challenges worldwide, the global economic recovery
remains fragile. This has affected the growth path of the Indian steel industry
in more than one ways. The world witnessed volatility in commodity prices, more
particularly in the case of those related to the steel industry such as iron
ore, coking coal, nickel, manganese ores, and non-coking coal. This left a
profound impact on the steel industry globally since 2008 and running into
2014. Also, during this period, global steel production and consumption growth
have slowed down and the world is faced with an excess capacity in crude steel
making to the tune of over 550 million tones. While the Indian steel demand and
production have grown steadily till 2011-12, the same also has lost pace in the
past two years.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Company's products are TMT Bars, Sponge Iron, Billets and Ingots in
the steel division and in synthetic division it is PP Woven Sacks, FIBC and
Woven Fabric. TMT Bars are used in the Construction Sector and the plastic
products cater to the packaging needs of various industries such as Cement,
Fertilizers, Food grains, Sugar, etc.
The raw materials for Steel Making are M.S. Scrap, Sponge Iron and for
TMT Bars is Billets. PP Granules is used for manufacture of plastic packaging
products. This raw material is available in abundance within the country and
can also be freely imported. Being in the commodity market the company is
continuously making efforts for reducing the cost of production to sustain its
margins.
SEGMENT-WISE/ PRODUCT-WISE:
The production of
steel rods was 138839 MT compared to 183443 MT in the previous year. The sale
of rods during the year was 144012 MT compared to 177223 MT in the previous
year.
The production of
synthetic products was 9057 MT compared to 10034 MT in the previous year. The
sale of synthetic products during the year was 7215 MT compared to 9365 MT in
the previous year
FUTURE OUTLOOK
With the commencement of commercial operations of their 1 X 35 MW Thermal
Power Plant they see an opportunity to tackle power cuts to some extent. Though
present day economic situation of the country poses threats, on revival will
bring in lots of opportunities for growth. With various infrastructure
facilities lined up both in private and public sectors including nuclear power
and water, across the country, the management envisages huge demand for its
products especially steel. The company has emerged stronger in the last few
years and is well set to capitalize on growth prospects as they arise. The main
Raw Material for their Steel making is Scrap / Sponge Iron and Power. MS Scrap
is being imported from various countries all across the globe; sponge iron is
being supplied by their subsidiary company Chitrakoot Steels and Power Private
Limited.
The other major cost is power for which the company is aiming to reduce
with the help of new power plant and the second phase of 35 MW Power Plant
which expected commence production at the end of the current financial year.
This would help them reduce their cost and economy to a greater extent.
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10565899 |
26/03/2015 |
9,501,900,000.00 |
CANARA BANK (LENDERS'
AGENT AND MONITORING INSTITUTION) |
PRIME CORPORATE BRANCH,
SHANKARNARAHAA BUILDING, NO.25, M G ROAD, BANGALORE, KARNATAKA - 560001,
INDIA |
C51881779 |
|
2 |
10489119 |
23/05/2014 * |
670,000,000.00 |
CANARA BANK (LEADER TL) |
PRIME CORPORATE BRANCH,
SHANKAR NARAYANA BUILDING, |
C09492265 |
|
3 |
10468511 |
25/03/2015 * |
150,000,000.00 |
THE TAMILNADU INDUSTRIAL
INVESTMENT CORPORATION LIMITED |
692 ANNA SALAI, NANDANAM,
CHENNAI, TAMILNADU - 600035, INDIA |
C47708896 |
|
4 |
10452004 |
17/09/2013 |
4,240,382.00 |
ELECTRONICA FINANCE
LIMITED |
128/A, PLOT
NO.3,KAILASHCHANDRA APARTMENTS, PAUD ROAD, KOTHRUD, PUNE, MAHARASHTRA -
411038, INDIA |
B86191624 |
|
5 |
10442976 |
25/07/2013 |
4,240,382.00 |
ELECTRONICA FINANCE
LIMITED |
128/A, PLOT
NO.3,KAILASHCHANDRA APARTMENTS, PAUD ROAD, KOTHRUD, PUNE, MAHARASHTRA -
411038, INDIA |
B82086711 |
|
6 |
10442625 |
24/07/2013 |
100,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH,
SHANKARNARAYANA BUILDING, |
B81956740 |
|
7 |
10417151 |
02/03/2013 |
30,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH, SHANKARARANARAYANA
BUILDING, NO. 25 M G ROAD, BANGALORE, KARNATAKA - 560001 |
B72404650 |
|
8 |
10388660 |
20/11/2012 |
6,481,358.00 |
ELECTRONICA FINANCE
LIMITED |
128/A, PLOT
NO.3,KAILASHCHANDRA APARTMENTS, PAUD ROAD, KOTHRUD, PUNE, MAHARASHTRA -
411038, INDIA |
B62836903 |
|
9 |
10366792 |
11/06/2012 |
600,000,000.00 |
INDIAN OVERSEAS BANK |
CATHEDRAL BRANCH, 762,
ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
B44179943 |
|
10 |
10357908 |
16/12/2013 * |
1,963,500,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH,
SHANKARNARAYAA BUILDING, |
B93639656 |
|
11 |
10340936 |
19/01/2012 |
30,000,000.00 |
ANDHRA BANK |
N R ROAD BRANCH,
BANGALORE, KARNATAKA - 560002, INDIA |
B34439521 |
|
12 |
10332928 |
20/12/2011 |
200,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH,
SHANKARNARAYAA BUILDING, |
B30976955 |
|
13 |
10321981 |
03/12/2011 |
2,240,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH, SHANKARNARAYAA
BUILDING, |
B27339266 |
|
14 |
10309605 |
09/09/2011 |
1,000,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH,
SHANKARNARAYANA BUILDING, |
B22308548 |
|
15 |
10265111 |
30/12/2010 |
1,960,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
B05719778 |
|
16 |
10243745 |
02/07/2013 * |
4,486,000,000.00 |
CANARA BANK (LEADER) |
PRIME CORPORATE BRANCH,
SHANKARANARAYNA BUILDING, |
B80236151 |
|
17 |
10246637 |
05/12/2011 * |
40,000,000.00 |
TATA CAPITAL LIMITED |
ONE FORBES, DR V B GANDHI
MARG,FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B29760998 |
|
18 |
10209313 |
09/03/2010 |
695,200,000.00 |
STATE BANK OF INDIA |
MID CORPORATE LOAN
ADMINISTRATION UNIT, RESIDENCY |
A82249244 |
|
19 |
10212266 |
22/02/2010 |
185,000,000.00 |
IDBI BANK LIMITED |
BANGALORE MAIN BRANCH,
IDBI HOUSE,58,MISSION ROAD, BANGALORE, KARNATAKA - 560027, INDIA |
A83176123 |
|
20 |
10212053 |
30/01/2010 |
618,000,000.00 |
ANDHRA BANK |
N R ROAD BRANCH,
BANGLAORE, KARNATAKA - 560002, INDIA |
A81349862 |
|
21 |
10189865 |
06/11/2009 |
50,000,000.00 |
CANARA BANK |
PRIME CORPORATE
BRANCH,SHANKARANARAYANA BUILDING, 25, M G ROAD, BANGALORE, KARNATAKA -
560001, INDIA |
A75164426 |
|
22 |
10186731 |
06/10/2009 |
70,000,000.00 |
ANDHRA BANK |
N R ROAD BRANCH,
BANGALORE, KARNATAKA - 560002, INDIA |
A73801417 |
|
23 |
10161025 |
16/05/2009 |
120,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH,
SHANKAR NARAYANA BLDG., NO.25, M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
A63596720 |
|
24 |
10146952 |
28/11/2011 * |
250,000,000.00 |
IDBI BANK LIMITED |
BANGALORE MAIN BRANCH, IDBI
HOUSE, 58, MISSION ROAD, BANGALORE, KARNATAKA - 560027, INDIA |
B27322155 |
|
25 |
10135473 |
23/12/2011 * |
535,000,000.00 |
IDBI BANK LIMITED |
102, SHAKTHI COMFORT
TOWERS, K H ROAD, BANGALORE, KARNATAKA - 560027, INDIA |
B30163042 |
|
26 |
10116048 |
15/03/2008 |
314,800,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE
BRANCH, VENKATADRI COMPLEX RIC |
A40766115 |
|
27 |
10069680 |
19/07/2007 |
12,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH,
NO.83, RICHMOND ROAD, |
A21937933 |
|
28 |
10050946 |
23/04/2007 |
310,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH,
RAJAJINAGAR INDUSTRIAL ESTATE, RAJAJINAGAR, BANGALORE, KARNATAKA - 560044,
INDIA |
A15088321 |
|
29 |
10041246 |
23/07/2007 * |
470,000,000.00 |
SYNDICATE BANK |
MANIPAL CENTRE, DICKENSON
ROAD, BANGALORE, KARNATAKA - 560042, INDIA |
A21783980 |
|
30 |
10035915 |
17/11/2006 |
100,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH,
RICHMOND ROAD, BANGALORE, KARNATAKA - 560025, INDIA |
A08055014 |
|
31 |
10013522 |
17/07/2006 |
30,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE
BRANCH, RESIDENCY ROAD, BANGALORE, KARNATAKA - 560025, INDIA |
A03015948 |
|
32 |
80037982 |
29/03/2006 |
103,000,000.00 |
ANDHRA BANK |
N R ROAD, BANGALORE,
BANGALORE, KARNATAKA - 560002, INDIA |
- |
|
33 |
90288701 |
02/01/2006 |
312,000,000.00 |
SYNDICATE BANK |
INDUSTRIAL FINANCE BRANCH,
MANIPAL CENTRE 204-207; NORTH BLOCK DICKENSON ROAD, BANGALORE,
KARNATAKA |
- |
|
34 |
90288390 |
20/09/2005 |
100,000,000.00 |
CANARA BANK |
I. F. BRANCH, RICHMOND
ROAD, BANGALORE, KARNATAKA |
- |
|
35 |
90288093 |
26/07/2005 * |
100,000,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF INDIA LIMITED |
IDBI HOUSE; 58 MISSION
ROAD, BANGALORE, KARNATAKA |
- |
|
36 |
90297988 |
08/02/2005 |
30,000,000.00 |
SYNDICATE BANK |
INDUSTRIAL FINANCE BRANCH,
RICHMOND ROAD, BANGALORE, 560025, INDIA |
- |
|
37 |
90297224 |
20/11/2004 |
54,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE
BRANCH, RICHMOND ROAD, BANGALORE, KARNATAKA - 560025, INDIA |
- |
|
38 |
90297981 |
10/11/2004 |
23,400,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, RAJAJI
NAGAR, BANGALORE, KARNATAKA - 560025, INDIA |
- |
|
39 |
90297972 |
09/08/2004 |
17,500,000.00 |
SYNDICATE BANK |
INDUSTRIAL FINANCE
BRANCH, MANIPAL CENTER 204-207 NOTH BLOCK; DICKENSON ROAD, BANGALORE, KARNATAKA |
- |
|
40 |
90297969 |
26/07/2004 |
20,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE
BRANCH, RICHMOND ROAD, BANGALO |
- |
|
41 |
90297186 |
22/12/2008 * |
429,800,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH,
SHANKARNARAYANA BLDG., NO.25, M G ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
A55836928 |
|
42 |
90297957 |
05/08/2004 * |
115,000,000.00 |
SUNDARAM FINANNCE LTD |
INDUSTRIAL FINANCE BRANCH,
RICHMOND ROAD, BANGALORE, KARNATAKA - 560004, INDIA |
- |
|
43 |
90297956 |
19/02/2004 |
30,500,000.00 |
SYNDICATE BANK |
INDUSTRIAL FINANCE
BRANCH, MANIPAL CENTER 204-207; NORTH BLOCK DICKSON ROAD, BANGALORE,
KARNATAKA, INDIA |
- |
|
44 |
90297954 |
11/02/2004 |
231,000,000.00 |
SYNDICATE BANK |
INDUSTRIAL FINANCE
BRANCH, MANIPAL CENTER 204-207 NORTH BLCOK, BANGALORE, KARNATAKA - 560025,
INDIA |
- |
|
45 |
90297951 |
10/01/2004 |
15,000,000.00 |
SYNDICATE BANK |
INDUSTRIAL FINANCE BRANCH,
II ND FLOOR DICKENSON |
- |
|
46 |
90297941 |
30/10/2003 |
72,000,000.00 |
SYNDICATE BANK |
INDUSTRIAL FINANCE
BRANCH, MANIPAL CENTER; 83; RICHMOD ROAD, BANGALORE, KARNATAKA - 560025,
INDIA |
- |
|
47 |
90297172 |
11/09/2003 |
20,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE
BRANCH, 56;RICHMOND CIRCLE, BANGALORE, KARNATAKA - 560025, INDIA |
- |
|
48 |
90297933 |
09/07/2003 |
10,000,000.00 |
SYNDICATE BANK |
INDUSTRIAL FINANCE BRANCH,
MANIPAL CENTER 204-207 NOTH BLOCK; DICKENSON ROAD, BANGALORE, KARNATAKA |
- |
|
49 |
90297922 |
17/03/2003 |
27,500,000.00 |
SYNDICATE BANK |
INDUSTRIAL FINANCE
BRANCH, II ND FLOOR NORTH WING ; DICKENSON ROAD, BANGALORE, KARNATAKA -
560042, |
- |
|
50 |
90297916 |
01/01/2003 |
10,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE
BRANCH, 83;RICHMOND ROAD, BAN |
- |
|
51 |
90297907 |
30/03/2002 |
10,000,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, 83;RICHMOD ROAD, BANGALORE, KARNATAKA - 560025, INDIA |
- |
|
52 |
90296519 |
13/07/2004 * |
42,000,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF INDIA LTD |
IDBI HOUSE, CIUFFE PARAE,
MUMBAI, MAHARASHTRA - 400025, INDIA |
- |
|
53 |
90297880 |
02/02/2001 * |
60,000,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF INDIA |
IDBI TOWER ;CUFFE PARADE,
MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
54 |
90296508 |
28/07/2000 |
66,500,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF INDIA |
IDBI TOWER, CUFFE PARADE,
BOMBAY, MAHARASHTRA - 400005, INDIA |
- |
|
55 |
90297873 |
01/12/2000 * |
66,500,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF INDIA |
IDBI TOWER ;CUFFE PARADE,
MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
56 |
90297823 |
18/08/1999 |
7,500,000.00 |
SUNDRAM FINANCE LIMITED |
21 PATULLOS ROAD,
DESABANDHU PLAZA; 47 WHITES ROAD, CHENNAI, TAMILNADU - 600014, INDIA |
- |
|
57 |
90297054 |
11/03/1999 |
354,750,000.00 |
CANARA BANK |
NO.83; VENKATHADRI COMPLEX,
RICHMOND ROAD, BANGALORE, KARNATAKA - 560025, INDIA |
- |
|
58 |
90295582 |
28/01/1999 |
219,500,000.00 |
CANARA BAN K |
SOWCARPET BRANCH,
CHENNAI, TAMILNADU - 600003, INDIA |
- |
|
59 |
90296443 |
16/03/2000 * |
45,000,000.00 |
INDUSTRIOAL DEVELOPMENT
BANK OF INDIA |
IDBI TOWER, CUFEE PARADE,
BOMBAY, MAHARASHTRA - 400005, INDIA |
- |
|
60 |
90297771 |
04/03/1999 * |
45,000,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF INDIA |
IDBI TOWER, CUFFE PARADE,
MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
61 |
90297037 |
10/09/1998 |
199,500,000.00 |
CANARA BANK |
INDDUSTRIAL FINANCE
BRANCH, NO. 83 RICHMOND CIRCLE, BANGALORE, KARNATAKA - 560025, INDIA |
- |
|
62 |
90296442 |
10/09/1998 |
344,750,000.00 |
CANARA BANK |
INDDUSTRIAL FINANCE BRANCH,
MANIPAL CENTER; DICKSEN ROAD, BANGALORE, KARNATAKA - 560042, INDIA |
- |
|
63 |
90297035 |
17/08/1998 |
10,000,000.00 |
CANARA BANK |
119& 120 NAINIAPPAN
STREET, SOWCARPET, CHENNAI, TAMILNADU - 600003, INDIA |
- |
|
64 |
90287514 |
29/12/2006 * |
523,500,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE
BRANCH, RICHMOND ROAD,, BANGALORE, KARNATAKA - 560025, INDIA |
- |
|
65 |
90297031 |
02/07/2013 * |
4,490,000,000.00 |
CANARA BANK(LEADER) |
PRIME CORPORATE BRANCH,
SHANKARANARAYNA BUILDING, |
B80237092 |
|
66 |
90297764 |
26/02/2004 * |
160,200,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE
BRANCH, RICHMOND ROAD, BANGALORE, KARNATAKA - 560004, INDIA |
- |
|
67 |
90298151 |
31/12/2002 * |
160,200,000.00 |
SYNDICATE BANK |
INDUSTRIAL FINANCE
BRANCH, MANIPAL CENTER; 83; RICHMOD ROAD, BANGALORE, KARNATAKA - 560025,
INDIA |
- |
|
68 |
90297761 |
05/06/1998 |
7,500,000.00 |
SUNDARAM FINANNCE LIMITED
|
DESABANDHU PLAZA, 47;WHITES
ROAD, CHENNAI, TAMILNADU - 600014, INDIA |
- |
|
69 |
90296400 |
16/03/2000 * |
36,000,000.00 |
INDUSTRIOAL DEVELOPMENT
BANK OF INDIA |
IDBI TOWER, CUFEE PARADE,
BOMBAY, MAHARASHTRA - 400005, INDIA |
- |
|
70 |
90297733 |
04/03/1999 * |
36,000,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF INDIA |
IDBI TOWER, CUFFE PARADE,
MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
71 |
90297709 |
05/12/1996 |
103,000,000.00 |
CANARA BANK |
119&120 NAINIAPPA
NAICKEN ST, SOWCARPET, MADRAS, |
- |
|
72 |
90296366 |
29/11/1996 |
30,000,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF INDIA |
IDBI TOEWER, CUFFE
PARADE, BOMBAY, MAHARASHTRA - |
- |
|
73 |
90296362 |
21/09/1996 |
7,500,000.00 |
CANARA BANK |
119&120 NAINIAPPET
ST, SOWCARPET, MADRAS, TAMILNADU - 600003, INDIA |
- |
|
74 |
90297687 |
20/02/1997 * |
45,000,000.00 |
CANARA BANK |
119 &120 NAINIAPPA
STREERT, SOWCARPET, CHENNAI, TAMILNADU - 600003, INDIA |
- |
|
75 |
90296317 |
17/10/1995 |
20,500,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF IN INDIA |
IDBI TOWER, CUFFE PARADE,
BOMBAT, MAHARASHTRA - 4 |
- |
|
76 |
90297664 |
03/01/1996 * |
20,000,000.00 |
UNITED COMMERCIAL BANK |
119&120 NAINIAPA STREET,
SOWCARPET, MADRAS, TAMILNADU - 600003, INDIA |
- |
|
77 |
90296943 |
23/02/1995 |
4,000,000.00 |
CANARA BANK |
307 MINT ROAD, MADRAS,
TAMILNADU - 600003, INDIA |
- |
|
78 |
90296284 |
15/02/1995 |
27,000,000.00 |
INDUSTRIAL DEVELOPMENT
BANK PF INDIA |
IDBI TOWER, CUFFE PARADE,
BOMBAY, MAHARASHTRA - 4 |
- |
|
79 |
90298142 |
19/08/1996 * |
27,000,000.00 |
INDUSTRIAL CDEVELOPMENT
BANK OF INDIA |
IDBI TOWER, CUFFE PARADE,
BOMAY, MAHARASHTRA - 40 |
- |
|
80 |
90296934 |
10/07/1995 * |
85,500,000.00 |
CANARA BANK |
119 AND 120; NAINIAPPA
NAICKEN, SOWCARPET, MADRAS, TAMILNADU - 600079, INDIA |
- |
|
81 |
90297642 |
03/01/1996 * |
85,500,000.00 |
UNITED COMMERCIAL BANK |
119&120 NAINIAPPAN STREET,
SOWCARPET, MADRAS, TAMILNADU - 600003, INDIA |
- |
|
82 |
90297630 |
22/09/1994 * |
13,000,000.00 |
CANARA BANK |
307 MINT ROAD, MADRAS,
TAMILNADU - 600003, INDIA |
- |
|
83 |
90297595 |
05/02/1994 * |
4,000,000.00 |
CANARA BANK |
307;MINI STREET, MADRAS,
TAMILNADU - 600003, INDIA |
- |
|
84 |
90297510 |
26/04/1994 * |
4,000,000.00 |
CANARA BANK |
307 ;MINT ROAD, MADRAS,
TAMILNADU - 600003, INDIA |
- |
|
85 |
90297394 |
03/01/1996 * |
1,500,000.00 |
UNITED COMMERCIAL BANK |
119&120 NAINIAPA
STREET, SOWCARPET, MADRAS, TAMIL |
- |
|
86 |
90297375 |
05/02/1994 * |
1,500,000.00 |
CANARA BANK |
307;MINI STREET, MADRAS,
TAMILNADU - 600003, INDI |
- |
|
87 |
90295494 |
01/06/1987 * |
5,000,000.00 |
CANARA BANK |
MINI STREET, MADRAS,
TAMILNADU - 600003, INDIA |
- |
|
88 |
90295862 |
10/07/1995 * |
5,000,000.00 |
CANARA BANK |
119 AND 120; NAINIAPPA
NAICKEN, SOWCARPET, MADRAS, TAMILNADU - 600079, INDIA |
- |
|
89 |
90297374 |
03/01/1996 * |
5,000,000.00 |
UNITED COMMERCIAL BANK |
119&120 NAINIAPPAN
STREET, SOWCARPET, MADRAS, TAMILNADU - 600003, INDIA |
- |
|
90 |
90298110 |
21/09/1996 * |
5,000,000.00 |
CANARA BANK |
119&120 NAINIAPPET
ST, SOWCARPET, MADRAS, TAMILNADU - 600003, INDIA |
- |
|
91 |
90295861 |
25/09/1984 * |
1,000,000.00 |
CANARA BANK |
307 MINT ROAD, MADRAS,
TAMILNADU - 600003, INDIA |
- |
|
92 |
90297373 |
10/07/1995 * |
1,000,000.00 |
CANARA BANK |
119 & 120;NAIAPPA
NAICKEN, SOWCARPET, MADRAS, TAMILNADU - 600079, INDIA |
- |
|
93 |
90297370 |
15/10/1985 * |
1,500,000.00 |
CANARA BANK |
307 MINT ROAD, MADRAS,
TAMILNADU - 600003, INDIA |
- |
|
94 |
90295823 |
15/03/1983 |
5,000,000.00 |
CANARA BANK |
307;MINI STREET, MADRAS,
TAMILNADU - 600003, INDIA |
- |
|
95 |
90297346 |
22/12/1982 |
35,000,000.00 |
CANARA BANK |
307 MINT ROAD, MADRAS,
TAMILNADU - 600003, INDIA |
- |
|
96 |
90295807 |
27/09/1982 |
2,200,000.00 |
CANARA BAN K |
307 ;MINT STREET, MADRAS,
TAMILNADU - 600003, INDIA |
- |
|
97 |
90295770 |
02/07/1981 |
600,000.00 |
UNITED COMMERCIAL BANK |
169;THAMBU CHETTY STREET,
MADRAS, TAMILNADU - 600 001, INDIA |
- |
|
98 |
90296658 |
17/12/1977 |
100,000.00 |
ABIRAMI FINANCIAL
SERVICES |
157 HABIBULLAH ROAD, T
NAGAR, MADRAS, TAMILNADU |
- |
* Date of charge modification
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER,
2014
(Rs. in Million)
|
SI. No. |
Particulars |
Three months ended |
Nine months ended |
|
|
|
31.12.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net Sates/Income from operations (Net of excise duty) |
3023.630 |
3430.641 |
8943.190 |
|
|
(b) Other Operating Income |
0.000 |
0.000 |
0.000 |
|
|
Total income from operations (net) |
3023.630 |
3430.641 |
8943.190 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
1506.412 |
1631.656 |
4640.805 |
|
|
(b) Purchases of stock-in trade |
1087.776 |
1185.842 |
3036.374 |
|
|
(c) Changes in inventories of finished goods. work-in-progress and stock in trade |
(31.351) |
221.087 |
16.731 |
|
|
(d) Employee benefits expense |
72.901 |
67.419 |
203.503 |
|
|
(e) Power and Fuel |
76.987 |
60.962 |
207.704 |
|
|
(f) Other Expenses |
186.929 |
214.168 |
607.430 |
|
|
(g) Depreciation and Amortization Expenses |
48.621 |
48.521 |
146.064 |
|
|
Total expenses |
2948.275 |
3429.655 |
8858.611 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2) |
75.354 |
0.986 |
84.578 |
|
4 |
Other Income |
1.695 |
11.340 |
16.395 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4) |
77.050 |
12.327 |
100.974 |
|
6 |
Finance Costs |
149.876 |
162.586 |
534.350 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6) |
(72.827) |
(150.259) |
(433.376) |
|
8 |
Exceptional items |
(0.111) |
(1.694) |
(6.671) |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
(72.716) |
(148.565) |
(426.705) |
|
10 |
Tax expenses |
0.000 |
0.000 |
0.000 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
(72.716) |
(148.565) |
(426.705) |
|
12 |
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit / (Loss) for the period (11-12) |
(72.716) |
(148.565) |
(426.705) |
|
14 |
Paid up equity share capital (Face Value of Rs.10/-each) |
146.941 |
146.941 |
146.941 |
|
15 |
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year |
-- |
-- |
-- |
|
16 |
Earnings per share (before extraordinary items) of Rs.10/- each (not annualized): |
|
|
|
|
|
(a) Basic |
(4.95) |
(10.11) |
(29.04) |
|
|
(b) Diluted |
(4.95) |
(10.11) |
(29.04) |
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
A. Public Shareholding |
|
|
|
|
|
- Number of shares |
4194335 |
4138085 |
4194335 |
|
|
- Percentage of shareholding |
27.96 |
27.59 |
27.96 |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
0 |
0 |
0 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
0.00 |
0.00 |
0.00 |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
0.00 |
0.00 |
0.00 |
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
10805665 |
10861915 |
10805665 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
72.04 |
72.41 |
72.04 |
|
B |
INVESTOR COMPLAINTS |
3 months ended 31.12.2014 |
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
1 |
|
|
Disposed-off during the quarter |
1 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Notes:
1. The Statutory Auditors of
the Company have carried out a limited review of the unaudited financial
results for the quarter ended 31st December, 2014. These financial
results were reviewed by the Audit Committee and approved by the Board of
Directors at their meeting held on 14th February, 2015.
2. Provision for tax liability for the current
quarter was estimated as Rs. Nil on the basis of AS22 "Accounting for
Taxes on Income".
3. During this quarter, Wind Farms of the
Company have generated 234884 units of Electricity which have been set off
against the consumption of Steel Units in Tamilnadu.
4. Previous Quarter Figures have been
regrouped/recasted wherever necessary to conform to current Quarter.
SEGMENT WISE
REVENUE RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING
AGREEMENT
(Rs. in Million)
|
Particulars |
Three months ended |
|
Nine months ended |
|
|
31.12.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
||
|
1 |
Segment Revenue |
|
|
|
|
|
Steel Division |
2098.757 |
2686.226 |
6613.764 |
|
|
Synthetic Division |
657.111 |
528.014 |
1576.918 |
|
|
Power |
297.408 |
262.978 |
872.729 |
|
|
Total |
3053.276 |
3477.218 |
9063.411 |
|
|
Less: Inter-Segment revenue |
27.951 |
35.237 |
103.826 |
|
|
Net Sales / Income
from Operations |
3025.325 |
3441.981 |
8959.585 |
|
|
|
|
|
|
|
2 |
Segment Results Profit
/ (Loss) (before tax, finance cost and exceptional items) from Segment |
|
|
|
|
|
Steel Division |
(49.488) |
(108.248) |
(136.982) |
|
|
Synthetic Division |
12.289 |
68.014 |
(15.085) |
|
|
Power |
114.359 |
54.255 |
259.712 |
|
|
Less: |
|
|
|
|
|
Finance costs |
149.876 |
162.586 |
534.350 |
|
|
Total Profit(Loss)
before Tax |
(72.716) |
(148.565) |
(426.705) |
|
|
|
|
|
|
|
3 |
Segment Capital
employed |
|
|
|
|
|
Steel Division |
3962.829 |
4024.629 |
3962.829 |
|
|
Synthetic Division |
429.446 |
422.183 |
429.446 |
|
|
Power |
3222.104 |
3049.648 |
3222.104 |
|
|
Total |
7614.379 |
7496.460 |
7614.379 |
FIXED ASSETS
· Land
·
· Factory Buildings
· Office Premises
· Plant and Machinery
· Works Equipments
· Lab Equipments
· Office and Other Equipments
· Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.90 |
|
UK Pound |
1 |
Rs.97.98 |
|
Euro |
1 |
Rs.71.82 |
INFORMATION DETAILS
|
Information Gathered
by : |
KMN |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
31 |
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.