MIRA INFORM REPORT
|
Report No. : |
328505 |
|
Report Date : |
24.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
CHANDAN STEEL LIMITED |
|
|
|
|
Registered
Office : |
504, Sukh Sagar,
N.S. Patkar Marg, Mumbai – 400 007,
Maharashtra |
|
Tel. No.: |
91-22-66290600 |
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|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
08.11.1989 |
|
|
|
|
Com. Reg. No.: |
11-054206 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.321.019 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999MH1989PLC054206 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC03758G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC4713B
|
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
Line of Business
: |
The company is engaged in the business of production of stainless steel billets and other long products. It produces industrial and engineering grade stainless steel flats, bars, coils, flanges, tubes etc. |
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|
|
|
No. of Employees
: |
1400 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company incorporated during the year
1989 engaged in the business as a manufacturer and exporter of stainless
steel products, pipe fittings and valves having a satisfactory track record. The rating reflects company sound financial risk profile marked by
healthy networth position and fair profitability of the company. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: BBB – (Suspended) |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
November 08, 2013 |
Reason for Suspended: The Company has not
furnished the information required.
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
|
Name : |
Mr. Vinod Sharma |
|
Designation : |
General Manager in Accounts and Finance |
|
Contact No.: |
91-9833041563 |
|
Date : |
22.06.2015 |
LOCATIONS
|
Registered/ Head/ Administrative Office : |
504, Sukh Sagar,
N.S. Patkar Marg, Mumbai – 400 007,
Maharashtra, India |
|
Tel. No.: |
91-22-66290600 |
|
Mobile No.: |
91-9833041563 (Mr. Vinod Sharma) |
|
Fax No.: |
91-22-66290633/ 34 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2500 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory : |
31, 32, 33B, 35 and 36, GIDC, Umbergaon, District Valsad – 396 171, Gujarat, India |
|
Tel. No.: |
91-260-2562066/ 4367/ 1166/ 3089999 |
|
Fax No.: |
91-260-2562287/ 0103/ 3089872 |
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E-Mail : |
|
|
Area : |
200 Acres |
|
Location : |
Owned |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Chunilal Ghamandiram Chandan |
|
Designation : |
Chairman and Whole Time Director |
|
Address : |
504, Chandralok-A, 97, Nepean Sea Road, Mumbai – 400 006, Maharashtra, India |
|
Date of Birth/Age : |
26.01.1938 |
|
Date of Appointment : |
01.01.2010 |
|
PAN No.: |
ADGPC1366E |
|
DIN No.: |
00260127 |
|
|
|
|
Name : |
Mr. Dilip Chunilal Chandan |
|
Designation : |
Managing Director |
|
Address : |
504, Chandralok-A, 97, Nepean Sea Road, Mumbai – 400 006, Maharashtra,
India |
|
Date of Birth/Age : |
01.01.1962 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.09.2007 |
|
PAN No.: |
AAGPC2155A |
|
DIN No.: |
00259884 |
|
|
|
|
Name : |
Mr. Vijay Kumar Chunilal Chandan |
|
Designation : |
Joint Managing Director |
|
Address : |
504, Chandralok-A, 97, Nepean Sea Road, Mumbai – 400 006, Maharashtra,
India |
|
Date of Birth/Age : |
05.06.1967 |
|
Qualification : |
HSC |
|
Date of Appointment : |
01.09.2007 |
|
PAN No.: |
AAGPC2153G |
|
DIN No.: |
00259988 |
|
|
|
|
Name : |
Mr. Prabhat Kumar Gopi Kaushik |
|
Designation : |
Whole-time Director |
|
Address : |
108, Afghan Street, P.O Jammu Tawi, Jammu Kashmir – 180 001, India |
|
Date of Birth/Age : |
17.07.1951 |
|
Date of Appointment : |
15.07.2006 |
|
PAN No.: |
ACWPK6029M |
|
DIN No.: |
00292959 |
|
|
|
|
Name : |
Mr. Jagdish Padmakant Joshipura |
|
Designation : |
Director |
|
Address : |
103, Vasundhara Flats, Near Pritam Nagar, Ellisbridge, Ahmedabad – 380
006, Gujarat, India |
|
Date of Birth/Age : |
05.03.1951 |
|
Qualification : |
Ph. D |
|
Date of Appointment : |
16.03.1997 |
|
DIN No.: |
00260590 |
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|
|
|
Name : |
Mr. Pravin Chahanlal Jain |
|
Designation : |
Whole-time Director |
|
Address : |
301, 3rd Floor, Padmavati Darshan, A Wing, N.M. Joshi Marg,
Lower Parel, Mumbai - 400013, Maharashtra, India |
|
Date of Birth/Age : |
01.06.1964 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
15.07.2007 |
|
PAN No.: |
AACPJ9872F |
|
DIN No.: |
00345045 |
|
|
|
|
Name : |
Mr. Anil Kumar Dhar |
|
Designation : |
Director |
|
Address : |
2-C, Shree Vijaya Bhavan, Altamount Road, Mumbai – 400 026,
Maharashtra, India |
|
Date of Birth/Age : |
10.09.1952 |
|
Qualification : |
MBA |
|
Date of Appointment : |
11.07.2008 |
|
DIN No.: |
01524239 |
|
|
|
|
Name : |
Mr. Hiten Mukundbhai Parikh |
|
Designation : |
Director |
|
Address : |
2-C, Shree Vijaya Bhavan, Altamount Road, Mumbai – 400 026,
Maharashtra, India |
|
Date of Birth/Age : |
17.08.1963 |
|
Qualification : |
Chartered Accountant |
|
Date of Appointment : |
09.08.2010 |
|
DIN No.: |
01686215 |
KEY EXECUTIVES
|
Name : |
Mr. Jayant Vasant Gudekar |
|
Designation : |
Company Secretary |
|
Address : |
B-8, Plot No. 543, Susmruti Co-Operative Society, Sector-5, Kandivali
West, Mumbai- 400067, Maharashtra, India |
|
Date of Birth/Age : |
02.10.1979 |
|
Date of Appointment : |
01.08.2008 |
|
Pan No. : |
ALMPG9925H |
|
|
|
|
Name : |
Mr. Vinod Sharma |
|
Designation : |
General Manager in Accounts and Finance |
MAJOR SHAREHOLDERS
AS ON 30.09.2014
|
Names of Equity Shareholders |
|
No. of Shares |
|
Chunilal Ghamadiram Chandan |
|
2418992 |
|
Dilip Chunilal Chandan |
|
3073038 |
|
Vijay Chunilal Chandan |
|
3272918 |
|
Samuben Chunilal Chandan |
|
1044572 |
|
Urmila Dilip Chandan |
|
1364379 |
|
Usha Vijay Chandan |
|
1622859 |
|
Chaitny Dilip Chandan |
|
754783 |
|
Chirag Dilip Chandan |
|
881802 |
|
Dilip Chunilal Chandan – HUF |
|
992807 |
|
Vijay Chunilal Chandan – HUF |
|
1734491 |
|
Chunilal Ghamadiram Chandan –
HUF |
|
941306 |
|
|
|
|
|
Total |
|
18101947 |
|
Names of Preference Shareholders (6% Non-Cumulative Redeemable Preference Shares) |
|
No. of Shares |
|
Chunilal Ghamadiram Chandan |
|
1000000 |
|
Vijay Chunilal Chandan |
|
2000000 |
|
Dilip Chunilal Chandan |
|
630000 |
|
Usha Vijay Chandan |
|
300000 |
|
Urmila Dilip Chandan |
|
1070000 |
|
|
|
|
|
Total |
|
5000000 |
|
Names of Preference Shareholders (6% Non-Cumulative Redeemable Preference Shares) |
|
No. of Shares |
|
Chunilal Adhiraj Construction Private
Limited, India |
|
2000000 |
|
Arnoid Holding Limited, India |
|
6430000 |
|
Keemtee Financial Serviced Limited, India |
|
570000 |
|
|
|
|
|
Total |
|
9000000 |
AS ON 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of production of stainless steel billets and other long products. It produces industrial and engineering grade stainless steel flats, bars, coils, flanges, tubes etc. |
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Products : |
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Brand Names : |
--- |
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Agencies Held : |
--- |
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Exports : |
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Products : |
Stainless Steel Products, Pipe Fittings and Valves |
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Countries : |
European Countries |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Cash, Cheque and Credit (60 days / 90 days) |
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Purchasing : |
Cash, Cheque and Credit (60 days / 90 days) |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1400 (Approximately) |
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Bankers : |
·
Small Industries Development Bank of India,
Samruddhi Venture Park, Upper Ground Floor, MIDC Road, MIDC Industrial Area,
Marol, Andheri (East), Mumbai – 400 093, Maharashtra, India ·
Dena Bank, 12-16, 3rd Bhoiwada, Gulalwadi, Mumbai
- 400002, Maharashtra, India ·
State Bank of India, Girgaum Branch, Mumbai – 400
004, Maharashtra, India ·
Oriental Bank of Commerce, Overseas Branch,
Dalamal Towers, 211 Nariman Point, Nariman Point, Mumbai, Mumbai - 400021,
Maharashtra, India ·
United Bank of India ·
Bank of Baroda ·
Standard Charted Bank ·
Kotak Mahindra Bank
|
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Facilities : |
|
|
Financial Institutions : |
·
Aditya Birla Finance Limited, Indian Rayon
Compound, Veraval – 362 266, Gujarat, India · Gujarat State Financial Corporation, Jal Darshan Building, Ashram Road, Ahmedabad – 380 009, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Shah and Taparia Chartered Accountants |
|
Address : |
12, Navjeevan Wadi, Dhobi Talao, Mumbai – 400 002, Maharashtra, India |
|
Tel. No.: |
91-22-66319266 / 67/ 68 |
|
Fax No.: |
91-22-66319266 / 67/ 68 |
|
E-Mail : |
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|
PAN No.: |
AAOFS0663D |
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Subsidiary Company
: |
|
|
|
|
|
Fellow Subsidiary : |
KDG Steel Sp.z.o.o. |
|
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Other Related
Parties : |
|
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20,000,000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Million |
|
50,00,000 |
6% Redeemable Non-Cumulative,
Non-Convertible Preference Shares |
Rs.10/- each |
Rs.50.000 Million |
|
1,00,00,000 |
9% Redeemable
Non-Cumulative, Non-Convertible Preference Share |
Rs.10/- each |
Rs.100.000 Million |
|
|
Total |
|
Rs.350.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1,81,01,947 |
Equity Shares |
Rs.10/- each |
Rs.181.019
Million |
|
50,00,000 |
6% Redeemable
Non-Cumulative, Non-Convertible Preference Shares |
Rs.10/- each |
Rs.50.000
Million |
|
90,00,000 |
9% Redeemable
Non-Cumulative, Non-Convertible Preference Share |
Rs.10/- each |
Rs.90.000
Million |
|
|
Total |
|
Rs. 321.019 Million |
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 |
321.019 |
314.147 |
303.587 |
|
(b) Reserves & Surplus |
1229.126 |
1034.312 |
829.766 |
|
(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) |
1550.145 |
1348.459 |
1133.353 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
277.276 |
335.070 |
328.435 |
|
(b) Deferred tax liabilities (Net) |
225.129 |
207.112 |
189.566 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
7.796 |
4.686 |
4.140 |
|
Total Non-current
Liabilities (3) |
510.201 |
546.868 |
522.141 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2281.322 |
2219.255 |
1763.870 |
|
(b) Trade
payables |
1180.562 |
1053.731 |
1099.931 |
|
(c) Other
current liabilities |
192.117 |
249.128 |
179.371 |
|
(d) Short-term
provisions |
115.143 |
139.590 |
162.700 |
|
Total Current
Liabilities (4) |
3769.144 |
3661.704 |
3205.872 |
|
|
|
|
|
|
TOTAL |
5829.490 |
5557.031 |
4861.366 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1626.902 |
1541.672 |
1332.404 |
|
(ii) Intangible
Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
46.182 |
122.290 |
153.305 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
30.908 |
30.908 |
25.418 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
159.797 |
158.396 |
164.442 |
|
(e) Other
Non-current assets |
1.310 |
0.695 |
0.875 |
|
Total Non-Current
Assets |
1865.099 |
1853.961 |
1676.444 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1583.671 |
1816.578 |
1643.414 |
|
(c) Trade
receivables |
1552.881 |
1142.383 |
942.116 |
|
(d) Cash
and cash equivalents |
268.469 |
242.048 |
223.148 |
|
(e)
Short-term loans and advances |
78.380 |
71.511 |
52.531 |
|
(f) Other
current assets |
480.990 |
430.550 |
323.713 |
|
Total
Current Assets |
3964.391 |
3703.070 |
3184.922 |
|
|
|
|
|
|
TOTAL |
5829.490 |
5557.031 |
4861.366 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
6360.328 |
5324.239 |
5273.851 |
|
|
Other Income |
62.598 |
0.135 |
0.096 |
|
|
TOTAL (A) |
6422.926 |
5324.374 |
5273.947 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
4674.537 |
4157.908 |
4239.408 |
|
|
Prior period items |
0.323 |
0.032 |
2.266 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
124.483 |
(271.185) |
(373.445) |
|
|
Employees benefits
expense |
127.148 |
105.314 |
76.830 |
|
|
Other expenses |
863.208 |
785.216 |
742.199 |
|
|
TOTAL (B) |
5789.699 |
4777.285 |
4687.258 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
633.227 |
547.089 |
586.689 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
310.668 |
249.966 |
254.801 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
322.559 |
297.123 |
331.888 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
98.830 |
85.355 |
82.051 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
223.729 |
211.768 |
249.837 |
|
|
|
|
|
|
|
Less |
TAX (H) |
51.391 |
70.580 |
83.343 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
172.338 |
141.188 |
166.494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
5665.880 |
4749.846 |
4897.757 |
|
|
TOTAL EARNINGS |
5665.880 |
4749.846 |
4897.757 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
3177.384 |
2769.257 |
2423.893 |
|
|
Components and Stores
parts |
0.000 |
0.000 |
0.000 |
|
|
Capital Goods |
24.130 |
50.953 |
34.424 |
|
|
TOTAL IMPORTS |
3201.514 |
2820.210 |
2458.317 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
9.05 |
7.83 |
9.82 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
141.722 |
180.290 |
129.843 |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.71 |
2.65 |
3.16 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
9.96 |
10.28 |
11.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.89 |
3.92 |
5.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.16 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.74 |
2.03 |
1.96 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.05 |
1.01 |
0.99 |
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 |
303.587 |
314.147 |
321.019 |
|
Reserves & Surplus |
829.766 |
1034.312 |
1229.126 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1133.353 |
1348.459 |
1550.145 |
|
|
|
|
|
|
long-term borrowings |
328.435 |
335.070 |
277.276 |
|
Short term borrowings |
1763.870 |
2219.255 |
2281.322 |
|
Current Maturities of
Long Term Debt |
129.843 |
180.290 |
141.722 |
|
Total borrowings |
2222.148 |
2734.615 |
2700.320 |
|
Debt/Equity ratio |
1.961 |
2.028 |
1.742 |
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) |
|
Sales |
5273.851 |
5324.239 |
6360.328 |
|
|
|
0.955 |
19.460 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
5273.851 |
5324.239 |
6360.328 |
|
Profit |
166.494 |
141.188 |
172.338 |
|
|
3.16% |
2.65% |
2.71% |
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 |
Yes |
|
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 |
Yes |
|
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 |
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Intercorporate borrowings |
70.072 |
0.000 |
|
Loans and advances from directors |
0.000 |
37.894 |
|
Short-term
borrowings |
|
|
|
Intercorporate deposits |
0.000 |
8.100 |
|
Total |
70.072 |
45.994 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10555553 |
04/03/2015 |
65,000,000.00 |
BANK OF INDIA |
DARABSHAW HOUSE,, NARROTTAM MORARJI MARG, BALLARD |
C46944914 |
|
2 |
10537115 |
16/12/2014 |
50,000,000.00 |
ORIENTAL BANK OF COMMERCE |
LARGE CORPORATE BRANCH, MAKER TOWER-F, 14TH FLOOR, |
C37245925 |
|
3 |
10524918 |
26/08/2014 |
158,500,000.00 |
BANK OF BARODA |
MUMBAI MAIN OFFICE, POST BOX 347,, 10/12 MUMBAI S |
C28633394 |
|
4 |
10379723 |
26/08/2014 * |
176,000,000.00 |
UNITED BANK OF INDIA |
CORPORATE FINANCE BRANCH, 2ND FLOOR,, 25, SIR P.M |
C20547949 |
|
5 |
10361925 |
13/06/2012 |
150,000,000.00 |
DENA BANK |
12-16, 3RD BHOIWADA,, GULALWADI,, MUMBAI, MAHARAS |
B42156067 |
|
6 |
10324980 |
12/11/2014 * |
3,500,000,000.00 |
UNITED BANK OF INDIA |
CORPORATE FINANCE BRANCH,, 25, SIR P.M. ROAD, 2ND |
C38085478 |
|
7 |
10299997 |
28/07/2011 |
90,000,000.00 |
UNITED BANK OF INDIA |
CORPORATE FINANCE BRANCH, 25, SIR P.M. ROAD, 2ND |
B17995952 |
|
8 |
10286520 |
19/04/2011 |
25,000,000.00 |
BANK OF BARODA |
10/12, MUMBAI SAMACHAR MARG,, FORT,, MUMBAI, MAHA |
B12703252 |
|
9 |
10286521 |
19/04/2011 |
60,000,000.00 |
BANK OF BARODA |
10/12, MUMBAI SAMACHAR MARG,, FORT,, MUMBAI, MAHA |
B12703484 |
|
10 |
10225562 |
28/05/2010 |
20,000,000.00 |
BANK OF BARODA |
POST BOX NO.347, 10/12, MUMBAI SAMACHAR MARG, FOR |
A87944146 |
* Date of charge modification
REVIEW OF OPERATIONS
The Company’s Revenue from Operations for the year was Rs. 6331.900 Million compared to Rs. 5244.000 Million in the previous year, registering a rise of 20.74%.
Other Income was Rs. 90.900 Million in 2013-14 compared to Rs. 49.000 Million in 2012-13.
Profit before Depreciation, Interest and Tax (PBDIT) increased to Rs. 683.600 Million from Rs. 629.400 Million in 2012-13. The percentage of Profit before Tax (PBT) to Total Revenue declined to 3.53% in 2013-14 from 4.03% in 2012-13.
Profit after Tax increased from Rs. 141.200 Million in 2012-13 to Rs. 172.300 Million in 2013-14. The percentage of Profit after Tax to Total Revenue increased marginally from 2.69% in 2012-13 to 2.72% in 2013-14.
SEAMLESS TUBES
DIVISION
Sales for the current year 2013-14 are Rs 588.000 Million ex-works price. This year’s sales figure has improved by 40% compared to Rs. 420.000 Million in the previous year 2012-13. With the Global market showing positive indications of recovery, CSL capitalized well the opportunities. The domestic market as well as Global markets sustained us with some good orders from prominent end users market. Three noteworthy developments made this year are as follows:
Chandan Steel Limited Was awarded a contract by DOW Chemical/ Fluor Engineering for a project worth Euro 1.58 Million. With its successful execution, CSL proved it capabilities in handling big and critical projects.
Another development was, exploring South Korea, one of the major countries manufacturing Boiler Vessels, Pressure Equipments, and Heat Exchangers. They have successfully marked a beginning by bagging a Major Refinery project through M/s Donghwa Entec, South Korea worth USD 1.85 Million, which is under execution.
Thirdly, CSL has received orders from two biggest German stockholders/ distributors, which no other Indian manufacturer has managed to get a break through in the said market. Goodwill earned from such customers will stamp a strong foothold in a niche product market giving a higher value addition to the products.
The European market with its continuance of anti-dumping duty measures on import from China sustained its interest in patronizing CSL by placing repeated orders. The stockiest/distributor market with major players like Van leeuwen, Amari Group, Arcus favored CSL with regular orders. The Mother Hollow is a big market for intermediate product which yields higher tonnage with lesser production time. Other such intermediate products are SS Piping and Hollow Bars. These three intermediate products have the potential to lead to better utilization of Hot Piercing facility at CSL.
The overall execution of orders with higher volumes gave much boost to their production capacity as well as a very significant past track record.
Similarly, Korean Market is expected to release new projects of which CSL expects significant business in the next year.
Internally, CSL has streamlined its manufacturing and testing procedures and practices, thereby leading to further improvement in quality which will greatly help in executing orders in a much productive and time bound schedule.
Momentum for the next year shall also continue in the same trend and CSL expects another increase by 35% in the sales for the fiscal year 2014 -15.
FORGING DIVISION
Since the acquisition of Zapp Flanschefabrik in 2011, the forging division has come a long way in becoming one of the largest producers of stainless steel flanges in India. There has been a substantial increase in the capacity in terms of volume and value in the year.
This division will achieve the total shipment of 4300 MT ( 3721 MT till 15th March ) with an expected top line of Rs. 1350.000 Million (Rs. 1160.000 Million till 15ht March) during the fiscal year 2013-14 against the shipment of 2749.00 MT of stainless steel flanges valuing Rs. 992.500 Million in the previous year 2012-13. This is an increase of 50% in sales value and volume.
With continued demand and increasing market share, with the help of their final installations and new Machining centers, we hope to achieve 7500 MT in the fiscal year 2014-15.
Company has also achieved several approvals in the oil and gas and marine sectors enabling Company to reach end users in the Middle East and far east markets and increase its margins as well. These approvals and accreditations will help company to increase the value of its product unlike other companies in this sector which will give an edge in competing against them.
The orders in hand are about 1020 Tons valued at Rs. 313.000 Million (Approximately) Plant & Machineries - 80% of the machineries are received and installed. The largest capacity hammer will be installed by May 2014 which will reach their desired targets. They will also go in for several more high tech CNC machines and other utility equipments which will help compliment their increasing forging capacity.
INDUSTRIAL MACHINERY
DIVISION
Company’s Vacuum Slit and Stenters are well received in the market.
In the current year they have also developed a new product for cutting and sealing of fabric selvedge. This kind of machine is being imported in the country so far. They expect to sell about 6 machines a year with an average price or Rs 1.200 Million each.
They have pending orders of Rs 23.000 Million which will be executed in the 1st quarter of 2014-2015 itself. They hope to maintain the momentum and end up next year with turnover of Rs 100.000 Million.
CORPORATE INFORMATION
Chandan Steel Limited is a company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is engaged in the business of production of stainless steel billets and other long products. It produces industrial and engineering grade stainless steel flats, bars, coils, flanges, tubes etc.
NOTE
The registered office of the company has been shifted from 170/172, Kika Street, R No. 12, Gulalwadi Branch, Gulalwadi, Mumbai - 400004, Maharashtra, India to the present address w.e.f. 11.07.2007.
FIXED ASSETS
- Land
- Buildings
- Plant and
Equipment
- Furniture and
Fixtures
- Vehicles
- Computer
Equipments
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 judgment 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 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.63.64 |
|
|
1 |
Rs.100.41 |
|
Euro |
1 |
Rs.71.63 |
INFORMATION DETAILS
|
Information
Gathered by : |
MNJ |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.