MIRA INFORM REPORT
|
Report No. : |
329602 |
|
Report Date : |
27.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHREE NAKODA ISPAT LIMITED (w.e.f.
04.06.2001) |
|
|
|
|
Formerly known
as : |
SHREE NAKODA ISPAT PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
Near Railway Crossing, Mowa, Raipur – 492 007, Chhattisgarh |
|
Tel. No.: |
91-771-2282230 |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
20.04.2000 |
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|
|
|
Com. Reg. No.: |
10-014186 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.32.599 million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109CT2000PLC014186 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JBPS02640B |
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|
|
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PAN No.: [Permanent Account No.] |
AAHCS2143Q |
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|
|
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Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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Line of Business
: |
Subject’s operations predominantly relate to manufacturing
of Sponge Iron, M.S. Ingot/ Billets products and Generation of Power. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having moderate track. The company has seen a deterioration is its financial profile as
reflected by a sharp deterioration of the capital structure and weakening of
coverage indicators. Management has reported significant losses on account of long and
frequent shut downs of the production facilities during the year ended FY 14. The ratings also take into consideration the ongoing weakness of the
steel industry and high working capital intensity of operations which could
adversely impact its liquidity position. However, trade relations seems to be fair. Business is active. Payment
terms are reported as slow but correct. In view of long track record of the promoter, the subject can be considered
for business dealings 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 |
ICRA |
|
Rating |
Term loan = B+ |
|
Rating Explanation |
Risk prone credit quality and high risk of default. |
|
Date |
17.10.2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non fund based limits = A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
17.10.2014 |
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.
LOCATIONS
|
Registered Office/ Head Office/ Corporate Office : |
Near Railway Crossing, Mowa, Raipur – 492 007, Chhattisgarh, India |
|
Tel. No.: |
91-771-2282230/ 2282330 |
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Fax No.: |
91-771-2282130 |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
Locality : |
Commercial |
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|
|
|
Factory : |
Plot No.74, 75 and 109, Phase-II, Siltara Industrial Growth Centre,
Siltara, Raipur – 493 221, Chhattisgarh, India |
|
Tel. No.: |
91-77-2101081/ 2101076 |
|
Fax No.: |
91-771-2282130 |
DIRECTORS
AS ON 30.09.2014
|
Name : |
Mr. Virendra Goel |
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Designation : |
Managing Director |
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Address : |
B-35, Sector-4, Devendra Nagar, Raipur – 492 001, Chhattisgarh, India |
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Date of Birth/Age : |
02.10.1960 |
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Date of Appointment : |
15.03.2012 |
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PAN No.: |
AEHPG8427N |
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DIN No.: |
00043016 |
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Other Directorship :
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Name : |
Mr. Sanjay Goel |
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Designation : |
Whole-time Director |
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Address : |
B-35, Sector-4, Devendra Nagar, Raipur – 492 001, Chhattisgarh, India |
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Date of Birth/Age : |
25.01.1969 |
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Date of Appointment : |
01.10.2013 |
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PAN No.: |
AGRPG8327R |
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DIN No.: |
00043096 |
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Other Directorship :
|
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|
Name : |
Mr. Ramesh Chandra Goel |
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|
Designation : |
Whole-time Director |
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|
Address : |
B-35, Sector-4, Devendra Nagar, Raipur – 492 001, Chhattisgarh, India |
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Date of Birth/Age : |
12.05.1952 |
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Date of Appointment : |
01.10.2013 |
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PAN No.: |
AEIPG4921L |
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DIN No.: |
00309349 |
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Other Directorship :
|
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|
Name : |
Mr. Anant Dave |
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Designation : |
Whole-time Director |
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Address : |
Near B.T.I., Shankar
Nagar, Raipur – 492 007, Chhattisgarh, India |
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Date of Birth/Age : |
24.08.1968 |
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Date of Appointment : |
01.04.2009 |
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DIN No.: |
02481182 |
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Other Directorship :
|
|||||||||||||||||||||||||||||||||||||
|
Name : |
Saroj Kumar Jha |
|
Designation : |
Whole-time Director |
|
Address : |
C-7, Maruti Homes, Mohba Bazarhirapur Road, Kotaraipur,
Raipur – 492 009, Chhattisgarh, India |
|
Date of Birth/Age : |
01.12.1977 |
|
Date of Appointment : |
01.03.2011 |
|
DIN No.: |
03426446 |
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|
|
|
Name : |
Mr. Ajay Kumar Dubey |
|
Designation : |
Whole-time Director |
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Address : |
C/o Shrikant Sharma, Near Agarwal Dairy, Shanker Nagar, Raipur – 492
001, Chhattisgarh, India |
|
Date of Birth/Age : |
15.07.1981 |
|
Date of Appointment : |
28.11.2013 |
|
DIN No.: |
06748530 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Names of Shareholders |
No. of Shares |
|
Shri Sanjay Goel |
161900 |
|
Saroj Goel |
64300 |
|
Shyamlal Goel and sons HUF |
177750 |
|
Ramesh Chandra Goel |
159500 |
|
Virendra Goel |
162800 |
|
Nirmala Goel |
154500 |
|
Ashok Kumar Goel |
153400 |
|
Surendra Goel |
162200 |
|
Ramesh Chandra Goel HUF |
156750 |
|
Ashok Kumar Goel HUF |
160000 |
|
Rekha Goel |
160000 |
|
Virendra Goel HUF |
158500 |
|
Anita Goel |
154000 |
|
Online information Technologies Limited, Guwahati |
55000 |
|
Vikram Goel |
159125 |
|
Sangeeta Goel |
160000 |
|
Oshin Investment and Finance Private Limited, India |
11000 |
|
Sidh Housing Development Company Limited, India |
15200 |
|
Albatross Sharae Registry Private Limited, India |
68000 |
|
Gyaneshwar Trdaing and Finance Company Private Limited, India |
14000 |
|
ONE2E solutions India Private Limited, India |
59200 |
|
Goel Zanith Agro Private Limited, India |
25600 |
|
Shree Nakoda Industries Limited, India |
87000 |
|
Woodland Securities Private Limited, India |
4200 |
|
Bhadrawati Ispat and Energy Limited, India |
36800 |
|
Bhadrawati Steel and Urja Limited, India |
21400 |
|
Mogra Dealcom Private Limited, India |
39000 |
|
Nirmal Vintrade Private Limited, India |
2800 |
|
Hira Infratech Limited, India |
100000 |
|
Parrot Dealers Private Limited, India |
19400 |
|
Bhumika Tracom Private Limited, India |
33600 |
|
Shankar Lal Gupta |
12000 |
|
Dhanmuddra Suppliers Private Limited, India |
28000 |
|
Manish Goel |
161000 |
|
Manshi Goel |
162000 |
|
Total |
3259925 |
AS ON 30.09.2014
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
19.03 |
|
Directors
or relatives of directors |
|
80.60 |
|
Other
top fifty shareholders |
|
0.37 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject’s operations predominantly relate to
manufacturing of Sponge Iron, M.S. Ingot/ Billets products and Generation of
Power. |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
5000 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
Umesh Chandra and Company Chartered Accountants |
|
Address : |
Deshbandhu Complex, Rai Pur, Chhattisgarh, India |
|
Income-tax PAN of auditor or auditor's firm
: |
ADCPG6321P |
|
|
|
|
Memberships : |
Not Available |
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|
|
|
Collaborators : |
Not Available |
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|
|
|
Associates : |
|
CAPITAL STRUCTURE
AS ON 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3259925 |
Equity Shares |
Rs.10/- each |
Rs.32.599
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 |
32.599 |
29.557 |
29.557 |
|
(b) Reserves & Surplus |
479.079 |
503.015 |
759.024 |
|
(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) |
511.678 |
532.572 |
788.581 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1921.526 |
1459.055 |
973.177 |
|
(b) Deferred tax
liabilities (Net) |
(3.130) |
11.326 |
24.129 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
1918.396 |
1470.381 |
997.306 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term borrowings |
903.531 |
805.807 |
770.247 |
|
(b) Trade payables |
845.465 |
646.904 |
308.301 |
|
(c) Other current
liabilities |
37.580 |
133.852 |
57.993 |
|
(d) Short-term provisions |
22.429 |
5.704 |
9.033 |
|
Total Current Liabilities
(4) |
1809.005 |
1592.267 |
1145.574 |
|
|
|
|
|
|
TOTAL |
4239.079 |
3595.220 |
2931.461 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible assets |
2674.785 |
2104.061 |
1371.477 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.032 |
208.346 |
286.320 |
|
(iv) Intangible assets
under development |
5.064 |
76.214 |
179.751 |
|
(b) Non-current
Investments |
36.130 |
33.996 |
33.996 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
29.724 |
16.618 |
10.592 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2745.735 |
2439.235 |
1882.136 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
514.572 |
465.711 |
665.553 |
|
(c) Trade receivables |
574.000 |
235.350 |
91.014 |
|
(d) Cash and cash
equivalents |
44.491 |
23.507 |
10.187 |
|
(e) Short-term loans and
advances |
360.281 |
431.417 |
282.571 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
1493.344 |
1155.985 |
1049.325 |
|
|
|
|
|
|
TOTAL |
4239.079 |
3595.220 |
2931.461 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
4583.148 |
3424.588 |
2137.207 |
|
|
|
Other Income |
29.385 |
5.273 |
1.472 |
|
|
|
TOTAL |
4612.533 |
3429.861 |
2138.679 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
2311.707 |
1805.099 |
1102.109 |
|
|
|
Purchases of stock-in-trade |
1846.535 |
1521.029 |
749.183 |
|
|
|
Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(20.186) |
(56.622) |
(12.144) |
|
|
|
Employees benefits expense |
53.876 |
43.736 |
16.871 |
|
|
|
Other expenses |
142.196 |
98.528 |
79.151 |
|
|
|
TOTAL |
4334.128 |
3411.770 |
1935.170 |
|
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
278.405 |
18.091 |
203.509 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
298.562 |
180.372 |
111.891 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(20.157) |
(162.281) |
91.618 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
167.294 |
106.530 |
65.271 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(187.451) |
(268.811) |
26.347 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(14.456) |
(12.802) |
7.022 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(172.995) |
(256.009) |
19.325 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(53.07) |
(86.61) |
6.54 |
|
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 flows from (used in) operations |
488.871 |
(293.675) |
112.486 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(3.77) |
(7.48) |
0.90 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
6.07 |
0.53 |
9.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.47) |
(8.20) |
1.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.37) |
(0.50) |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
5.52 |
4.25 |
2.21 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.83 |
0.73 |
0.92 |
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 |
29.557 |
29.557 |
32.599 |
|
Reserves & Surplus |
759.024 |
503.015 |
479.079 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
788.581 |
532.572 |
511.678 |
|
|
|
|
|
|
Long-term borrowings |
973.177 |
1459.055 |
1921.526 |
|
Short term borrowings |
770.247 |
805.807 |
903.531 |
|
Total borrowings |
1743.424 |
2264.862 |
2825.057 |
|
Debt/Equity ratio |
2.211 |
4.253 |
5.521 |
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 |
2137.207 |
3424.588 |
4583.148 |
|
|
|
60.237 |
33.831 |
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 |
2137.207 |
3424.588 |
4583.148 |
|
Profit |
19.325 |
(256.009) |
(172.995) |
|
|
0.90% |
(7.48%) |
(3.77%) |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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) |
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 |
OPERATIONS
During the year, the Revenue from operation of the Company has increased to Rs.4583.100 million as compared to Rs.3424.600 million in the previous year. As a result of increase in revenue from operations, the net loss of the Company has decreased to Rs.173.000 million as compared to net loss of Rs.256.000 million in the previous year. The management is making all efforts for making business of the Company profitable.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2014 (Rs.
in Million) |
31.03.2013 (Rs.
in Million) |
|
LONG-TERM
BORROWINGS |
|
|
|
Loans and Advances from Related Parties |
448.646 |
307.354 |
|
Total |
448.646 |
307.354 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10513688 |
11/08/2014 |
30,000,000.00 |
BANK OF BARODA |
MID CORPORATE
BRANCH, 2ND FLOOR, LIC INVESTMENT BUILDING, PANDRI, RAIPUR, CHHATTISGARH
- 492004, INDIA |
C15558752 |
|
2 |
10515494 |
24/07/2014 |
312,000,000.00 |
BANK OF BARODA |
MID CORPORATE
BRANCH, 2ND FLOOR, LIC INVESTMENT BUILDING, PANDRI, RAIPUR, CHHATTISGARH -
492004, INDIA |
C16710121 |
|
3 |
10489926 |
11/04/2014 |
40,000,000.00 |
BANK OF BARODA |
BANK OF BARODA,
LIC INVESTMENT BUILDING, PANDRI, RAIPUR, CHHATTISGARH - 492001, INDIA |
C02961860 |
|
4 |
10483788 |
24/02/2014 |
25,000,000.00 |
INDIAN OVERSEAS
BANK |
310, STATION
ROAD, RAIPUR, CHHATTISGARH - 492001, INDIA |
C00029827 |
|
5 |
10435025 |
22/06/2013 |
430,000,000.00 |
BANK OF BARODA |
MID CORPORATE
BRANCH, 2ND FLOOR, LIC INVESTMENT BUILDING, PANDRI, RAIPUR, CHHATTISGARH -
492004, INDIA |
B78836426 |
|
6 |
10388577 |
03/11/2012 |
40,000,000.00 |
BANK OF BARODA |
MID CORPORATE BRANCH,
2ND FLOOR, LIC INVESTMENT BUILDING, PANDRI, RAIPUR, CHHATTISGARH -
492001, INDIA |
B62811484 |
|
7 |
10357064 |
05/05/2012 |
40,000,000.00 |
BANK OF BARODA |
MID CORPORATE
BRANCH, 1ST FLOOR, K.K. ROAD, MAHAVIR GAUSHALA COMPLEX, RAIPUR, CHHATTISGARH
- 492001, INDIA |
B40115149 |
|
8 |
10031508 |
29/05/2015 * |
3,258,900,000.00 |
BANK OF BARODA |
MID CORPORATE
BRANCH, 2ND FLOOR, LIC INVESTMENT |
C54530340 |
* Date of charge modification
FIXED ASSETS
·
Land and Building
·
Plant and Equipment
·
Furniture and Fixtures
·
Motor Vehicles
·
Office Equipments
·
Computer
WEBSITE DETAILS:
NEWS
Shree
Nakoda Ispat ventures into TMT bars production
January 9, 2013
Beating the recessionary trends in the steel market, Chhattisgarh based Shree Nakoda Ispat Limited (SNIL) has ventured into the production of TMT bars eyeing reach across the country.
The company having an investment of Rs.3000.000 million in the mineral-rich Chhattisgarh state has been a leading producer of sponge iron. Under the business expansion plan, the company has been looking forward to venture into other sectors that include power, steel and mining.
“The SNIL today launched the TMT (thermo mechanically treated) bars to become the first unit in Chhattisgarh to produce the same directly from a single facility,” Managing Director of SNIL Virendra Goel said. The TMT bars would be produced in the same plant where the company had been manufacturing sponge iron and billet.
Goel explained that the practice would be environment friendly as the billet produced in the plant would not be taken to other facility to produce TMT. Initially, the plant would be manufacturing 10,000 tonnes of TMT bars and would be one among a few units to produce it by billets instead of ingots.
“In fact, manufacturing TMT bars using billets would be comparatively expensive, but we have decided to go for it as we do not want to compromise with the quality,” Goel said. The TMT bars manufactured through billets are comparatively stronger than the one manufactured by using ingots, he added.
The company’s decision to venture into a new segment comes at a time when steel makers in Chhattisgarh are passing through worst phase of crises. The units are striving for iron ore while the market for the Chhattisgarh steel is also sinking fast following units coming up in southern states.
“No doubts it is a challenge,” Goel said, adding that they were hopeful to beat the crises and see a better prospect ahead. The company eyes market across the country to sell its new product.
The SNIL has been allotted coal and iron ore mines. Goel said they expected that the required clearances would be obtained at the earliest so as to start production in the mines soon.
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 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.63.60 |
|
UK Pound |
1 |
Rs.100.09 |
|
Euro |
1 |
Rs.71.23 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
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 |
3 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.