MIRA INFORM REPORT
|
Report No. : |
321350 |
|
Report Date : |
07.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
INDIAN STEEL CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
611, Tulsiani Chambers, Nariman Point, Mumbai – 400 021, Maharashtra |
|
Tel. No.: |
91-22-22851303 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
16.02.2004 |
|
|
|
|
Com. Reg. No.: |
11-144559 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.723.884 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MH2004PLC144559 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMI04849F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCI2060A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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|
Line of Business
: |
Subject is primarily engaged in the business of manufacturing
and trading of steel products i.e. CR coils / sheets, GP coils / sheets and
PPGL coils, and long steel products. |
|
|
|
|
No. of Employees
: |
Information declined by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is jointly promoted by Ruchi Group of Industries, India and
Mitsui and company, Japan in the year 2004. The company has witnessed a pressure on its liquidity profile driven
by weakening in its profitability during FY 14. The ratings also take into consideration the gradual improvement in
the financial profile due to the management opting for debt restructuring as
a measure to improve its liquidity position. Further the risks arising out of uncertainty in the economic environment
and highly competitive nature of the industry may have an effect on the
position of the company. However, trade relations are fair. Business is active. Payment terms
are reported as slow but correct. In view of technical and managerial support extended from Mitsui and
company limited, Japan, 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan “BB+” |
|
Rating Explanation |
Moderate risk of default regarding timely servicing of financial
obligations. |
|
Date |
July 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund Based Limits “A4+” |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
July 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
31-03-2014.
INFORMATION DECLINED
Management non cooperative (91-731-4017909)
LOCATIONS
|
Registered Office/ Branch Office 1 : |
611, Tulsiani Chambers, Nariman Point, Mumbai – 400 021, Maharashtra,
India |
|
Tel. No.: |
91-22-22851303 |
|
Fax No.: |
91-22-22823177 |
|
E-Mail : |
|
|
Website : |
|
|
|
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|
Head Office : |
503, Mahakosh House, 7/5, South Tukoganj,
Indore – 452 001, Madhya Pradesh, India |
|
Tel. No.: |
91-731-4017909/ 4017509 |
|
Fax No.: |
91-731-4017919 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Survey No.370, Near Bhimasal Railway Crossing, National Railway,
8-A, Bhimasar, Gandhidham, Anjar, District Kutch – 370 240, Gujarat, India
|
|
Tel. No.: |
91-2836-285371/ 72/ 73/ 74 |
|
Fax No.: |
91-2836-285375 |
|
|
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|
Branch Offices 2 : |
207, Iscon Avenue, Opposite Choice Restaurant, C.G. Road, Navrangpura, Ahmedabad – 380 009, Gujarat, India |
|
Tel. No.: |
91-79-30074314 |
|
Fax No.: |
91-79-30074314 |
|
|
|
|
Branch Offices 3 : |
No.595, Sri Lakshmi Adinarayan Swami Arcade, 1st Floor, JP Nagar 1st Phase, 5th Cross, Bangalore – 560 078, Karnataka, India |
|
Tel. No.: |
91-80-33278235 |
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Fax No.: |
91-80-33278231 |
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|
|
|
Branch Offices 4 : |
43, 2nd Floor, Daryaganj, New Delhi – 110 002, India |
|
Tel. No.: |
91-11-43651100/ 59 |
|
Fax No.: |
91-11-23241561 |
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|
|
|
Branch Offices 5 : |
No.40 and 41, East Madha Church Road, Royapuram, Chennai – 600 013, Tamilnadu, India |
|
Tel. No.: |
91-44-25952953 |
|
Fax No.: |
91-44-25976337 |
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|
|
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Branch Offices 6 : |
F.3, First Floor, Taksh Complex - 2,
Vasna Road, Vadodara – 390 017, Gujarat, India |
|
Tel. No.: |
91-265-2250500 |
|
Fax No.: |
91-265-22250500 |
|
|
|
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Branch Offices 7 : |
408, 4th Floor, Crystal Mall, Banipark, Jaipur – 302 015, Rajasthan, India |
DIRECTORS
AS ON 26.09.2014
|
Name : |
Mr. Kailashchandra Shahra |
|
Designation : |
Director |
|
Address : |
29, Old Palasia, A.B. Road, Indore – 452 018, Madhya Pradesh, India |
|
Date of Birth/Age : |
31.01.1938 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
01.02.2005 |
|
PAN No.: |
ABJPS9987Q |
|
DIN No.: |
00062698 |
|
|
|
|
Name : |
Mr. Umesh Shahra |
|
Designation : |
Managing Director |
|
Address : |
28, Old Palasia, A.B. Road, Indore – 452 018, Madhya Pradesh, India |
|
Date of Birth/Age : |
17.06.1963 |
|
Qualification : |
B. Pharma (Hons.) PGDBM (IIMA) |
|
Date of Appointment : |
29.08.2014 |
|
PAN No.: |
AMBPS5571M |
|
DIN No.: |
00061312 |
|
|
|
|
Name : |
Mr. Arjun Zalani |
|
Designation : |
Whole-time Director |
|
Address : |
27/B, Sector-A, Slice-6, Scheme No.78, Indore – 452 010, Madhya
Pradesh, India |
|
Date of Birth/Age : |
26.11.1971 |
|
Qualification : |
B. E (Electronics), MBA |
|
Date of Appointment : |
27.09.2012 |
|
PAN No.: |
AABPZ0825D |
|
DIN No.: |
00848477 |
|
|
|
|
Name : |
Mr. Shambunath Sadawarti |
|
Designation : |
Director |
|
Address : |
501, Gyan Sagar Apartment, Sanchar Nagar Extension, Indore – 452 016,
Madhya Pradesh, India |
|
Date of Birth/Age : |
18.03.1947 |
|
Qualification : |
B. E. (Mech), PGDIM |
|
Date of Appointment : |
16.02.2004 |
|
DIN No.: |
00031966 |
|
|
|
|
Name : |
Mr. Navin Khandelwal |
|
Designation : |
Director |
|
Address : |
5/1, Saket Nagar, Indore – 452 001, Madhya Pradesh, India |
|
Date of Birth/Age : |
22.04.1973 |
|
Qualification : |
CA |
|
Date of Appointment : |
01.07.2004 |
|
DIN No.: |
00134217 |
|
|
|
|
Name : |
Mr. Hiroyuki Furuhata |
|
Designation : |
Director |
|
Address : |
20-10, Hanegi 2, Chome Setagaya – KU, Tokyo NA |
|
Date of Birth/Age : |
16.12.1959 |
|
Date of Appointment : |
18.09.2013 |
|
DIN No.: |
06367333 |
|
|
|
|
Name : |
Ms. Deepali Chirag Sheth |
|
Designation : |
Director |
|
Address : |
9, Lalkrupa, 251, Hingwala Cross Lane, Ghatkopar (East), Mumbai – 400
077, Maharashtra, India |
|
Date of Birth/Age : |
28.02.1979 |
|
Date of Appointment : |
26.09.2014 |
|
DIN No.: |
06867643 |
KEY EXECUTIVES
|
Name : |
Mr. Joseph Toppo |
|
Designation : |
Secretary |
|
Address : |
503, Mahakosh House, 7/5, South Tukoganj, Indore – 452 001, Madhya Pradesh,
India |
|
Date of Birth/Age : |
17.03.1987 |
|
Date of Appointment : |
30.07.2014 |
|
PAN No.: |
AMQPT4992E |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 26.09.2014
|
Names of Shareholders |
No. of Shares |
|
Umesh Shahra |
80800 |
|
Neeta Shahra |
1250 |
|
Arjun Zalani |
6100 |
|
Manish Parikh |
1000 |
|
Shambhu Nath Sadawani |
1000 |
|
Saket Barodia |
1000 |
|
Vijay Kumar Mahajan and Seema Mahajan |
5000 |
|
Vijay Kumar Mahajan and Varun Mahajan |
3125 |
|
Rohini Forex Private Limited, India |
3721028 |
|
Ruchi Acroni Industries Limited, India |
663000 |
|
Ruchi Global Limited, India |
1240000 |
|
Ruchi Infrastructure Limited, India |
2995100 |
|
Ruchi Corporation Limited, India |
1135800 |
|
Ruchi Stock and Securities Private Limited, India |
3314873 |
|
Ruchi Real Estate Developers Private Limited, India |
3459112 |
|
Ruchi Growth Fund Private Limited, India |
3436915 |
|
Rohini Commodities Private Limited, India |
11412118 |
|
Mandhana Leafin Limited, India |
2757587 |
|
Lucas Meyer Industries Private Limited, India |
2761500 |
|
Iron Global Limited, India |
54100 |
|
Swastik Worldwide Private Limited, India |
20000 |
|
Snehdeep Impex Private Limited, India |
825233 |
|
SSP Finvest Private Limited, India |
979059 |
|
Trans Siberian Industries Limited, UAE |
4709807 |
|
Sino Asian Resources Industries Limited, Hong Kong |
5866397 |
|
Kyanite Economic and Development Limited, Singapore |
4410695 |
|
Global Connects Instrument Limited, UAE |
4228046 |
|
Mitsui and Company Limited, Japan |
7190691 |
|
Mitsui and Company India Private Limited, India |
2151608 |
|
Mitsui and Company (Asia Pacific) Pte. Limited, Singapore |
5057646 |
|
Total |
72489590 |
Equity Share Break up (Percentage of Total Equity)
AS ON 26.09.2014
|
Category |
Percentage |
|
Foreign holdings [(Foreign institutional investor(s), Foreign
companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas
Corporate bodies or Others] |
46.37 |
|
Bodies corporate |
53.50 |
|
Directors or relatives of Directors |
0.12 |
|
Other top fifty shareholders |
0.01 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in the business of
manufacturing and trading of steel products i.e. CR coils / sheets, GP coils /
sheets and PPGL coils, and long steel products. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by management |
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|
Bankers : |
· IDBI Bank Limited, Corporate Branch, Upper Ground Floor, Captain C.S. Nayudu Arcade, 10/2, Old Palasia, Indore – 452 001, Madhya Pradesh, India · Jammu and Kashmir Bank Limited, Block "D", 1st Floor, North Side, Shiv Nagar Estates, Annie Besant Road, Worli, Mumbai – 400 018, Maharashtra, India · State Bank of Indore, Industrial Finance Branch, Khel Prashal, Indore – 452 003, Madhya Pradesh, India · Punjab National Bank, Mid Corporate Branch, GG Tower, MG Road, Indore – 452 007, Madhya Pradesh, India · IDBI Bank Limited, 1, Indian Red Cross Socity Building, Red Cross Road, New Delhi – 110 001, India · State Bank of India · State Bank of Saurashtra · State Bank of Travancore · State Bank of Hyderabad · State Bank of Patiala · State Bank of Bikaner and Jaipur · HDFC Bank Limited · Oriental Bank of Commerce · Bank of India |
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Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ashok Khasgiwala and Company Chartered Accountants |
|
Address : |
317, Chetak Centre, “Annexe”, R.N.T. Marg, Indore – 452 001, Madhya
Pradesh, India |
|
Tel. No.: |
91-731-2517341/ 4069301/ 2523134 |
|
E-Mail : |
|
|
PAN No.: |
AACFA7732P |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Company : |
Indian Steel SEZ Limited [U74900MH2007PLC173930] |
|
|
|
|
Enterprises which are owned, or have significant influence of or are partners
with Key management personnel and their relatives : |
·
Ruchi Strips and Alloys Limited
[L27100MH1987PLC142326] ·
Ruchi Acroni Industries Limited
[U74999MH1979PLC029075] |
CAPITAL STRUCTURE
AS ON 26.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs.800.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
72489590 |
Equity Shares |
Rs.10/- each |
Rs.724.896 Million |
|
|
|
|
|
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
80000000 |
Equity Shares |
Rs.10/- each |
Rs.800.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
72388434 |
Equity Shares |
Rs.10/- each |
Rs.723.884 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 |
723.884 |
721.480 |
712.017 |
|
(b) Reserves & Surplus |
4036.155 |
3984.190 |
3853.969 |
|
(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) |
4760.039 |
4705.670 |
4565.986 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
3689.435 |
3559.388 |
3734.692 |
|
(b) Deferred tax liabilities (Net) |
196.768 |
178.633 |
148.867 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
13.463 |
13.592 |
10.598 |
|
Total Non-current
Liabilities (3) |
3899.666 |
3751.613 |
3894.157 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
4128.199 |
5416.793 |
2639.248 |
|
(b) Trade
payables |
8487.818 |
9492.341 |
7020.618 |
|
(c) Other
current liabilities |
906.195 |
1500.844 |
1927.612 |
|
(d) Short-term provisions |
178.736 |
103.633 |
0.953 |
|
Total Current
Liabilities (4) |
13700.948 |
16513.611 |
11588.431 |
|
|
|
|
|
|
TOTAL |
22360.653 |
24970.894 |
20048.574 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
9614.623 |
9949.118 |
7719.044 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
137.932 |
116.699 |
1731.860 |
|
(iv) Intangible assets under development or
work-in-progress |
0.553 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.264 |
0.274 |
0.503 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
528.158 |
563.184 |
766.017 |
|
(e) Other
Non-current assets |
448.784 |
743.325 |
78.898 |
|
Total Non-Current
Assets |
10730.314 |
11372.600 |
10296.322 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
9.232 |
9.142 |
39.898 |
|
(b)
Inventories |
7073.207 |
6030.682 |
4411.167 |
|
(c) Trade
receivables |
3188.647 |
4034.546 |
3271.274 |
|
(d) Cash
and cash equivalents |
411.049 |
1382.732 |
996.388 |
|
(e)
Short-term loans and advances |
903.485 |
2101.056 |
1033.467 |
|
(f) Other
current assets |
44.719 |
40.136 |
0.058 |
|
Total
Current Assets |
11630.339 |
13598.294 |
9752.252 |
|
|
|
|
|
|
TOTAL |
22360.653 |
24970.894 |
20048.574 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
30270.975 |
30206.478 |
23936.376 |
|
|
|
Other Income |
169.921 |
201.644 |
94.139 |
|
|
|
TOTAL |
30440.896 |
30408.122 |
24030.515 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
18314.277 |
16916.533 |
10685.367 |
|
|
|
Purchases of stock-in-trade |
6357.696 |
8758.362 |
11276.821 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(588.638) |
(635.255) |
(1079.596) |
|
|
|
Employee benefit expense |
396.801 |
405.633 |
227.255 |
|
|
|
Other expenses |
3628.163 |
2922.661 |
1827.642 |
|
|
|
TOTAL |
28108.299 |
28367.934 |
22937.489 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
2332.597 |
2040.188 |
1486.040 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1746.329 |
1480.576 |
779.276 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
586.268 |
559.612 |
313.750 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
543.936 |
492.589 |
278.278 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
42.332 |
67.023 |
35.472 |
|
|
|
|
|
|
|
|
|
|
TAX |
26.935 |
30.232 |
3.574 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
15.397 |
36.791 |
31.898 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
3858.830 |
1899.753 |
1100.341 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
8639.501 |
|
|
|
Stores and Spares |
NA |
NA |
43.326 |
|
|
|
Capital Goods |
NA |
NA |
404.345 |
|
|
TOTAL IMPORTS |
NA |
NA |
9087.172 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
0.21 |
0.51 |
0.50 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.05 |
0.12 |
0.13 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
7.71 |
6.75 |
6.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.19 |
0.27 |
0.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.01 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.64 |
1.91 |
1.40 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.85 |
0.82 |
0.84 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
712.017 |
721.480 |
723.884 |
|
Reserves & Surplus |
3853.969 |
3984.190 |
4036.155 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
4565.986 |
4705.670 |
4760.039 |
|
|
|
|
|
|
Long Term borrowings |
3734.692 |
3559.388 |
3689.435 |
|
Short Term borrowings |
2639.248 |
5416.793 |
4128.199 |
|
Total borrowings |
6373.940 |
8976.181 |
7817.634 |
|
Debt/Equity ratio |
1.396 |
1.908 |
1.642 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
23,936.376 |
30,206.478 |
30,270.975 |
|
|
|
26.195 |
0.214 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
23,936.376 |
30,206.478 |
30,270.975 |
|
Profit |
31.898 |
36.791 |
15.397 |
|
|
0.13% |
0.12% |
0.05% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particular |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current
maturities of long-term debt |
415.608 |
917.746 |
1301.408 |
|
Total |
415.608 |
917.746 |
1301.408 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
PERFORMANCE AND
PROGRESS
During the year,
the Company has achieved a net turnover of Rs.30440.900 Million, as compared to
last financial year. There has been substantial increase in Sales of
manufactured goods. The Exports by the Company has also been increased by 103%
as compared to last financial year thereby aggregating to Rs.3858.830 Million.
During the year
the Company has successfully launched the wider width 4 feet Colour Coated
sheets for the first time in India with a special feature of three layer and
four layer coating. The wider width Colour Coated material is the product of
the future and is in good demand, both in construction and home appliance
segment in domestic and international market. Thus with addition of this
innovative product in the Company’s portfolio, they are sure to reap the good
benefits.
The Company, in
its endeavor to be innovative and provide good value products to market, is
adding a special pretreatment line to enhance the coated product’s life many
folds. Soon the Company is likely to launch another new series of product in
the profiling sector.
MARKET DEVELOPMENT AND PROGRESS IN AUTO AND WHITE
GOODS SEGMENT
With the primary
focus to produce quality steel & coated steel products Indian Steel Corporation
today, is a name to reckon with, in a variety of segments such as: Automotive,
Home Appliances, General Engineering and Construction.
Being a firm
believer in commissioning of top-notch technology, ISC is now fully equipped to
supply Cold Rolled Steel Coils/sheets, Galvanized and Colour Coated Steel
Coils/sheets to auto and home appliance majors.
The Company is
supplying its Cold Rolled Steel products to Auto Majors like Tata Motors, Bajaj
Auto, Ashok Leyland, AMW, Force Motors, General Motors, Eicher Motors Limited,
White Goods majors like Videocon, Godrej Boyce, Haier Appliances etc.;
Galvanized Steel products to Auto Majors like Ashok Leyland, White Goods majors
like LG, Videocon, Samsung, Godrej Boyce, etc. and Company’s Color Coated Products
to its White Goods majors like Videocon, Voltas, Haier Appliances etc.
MARKET DEVELOPMENT AND PROGRESS IN CONSTRUCTION
SEGMENT
Ensuring quality
and easy availability of our products, they enjoy a receptive market for our
products and to achieve this, they have established an extremely robust dealer
network, comprising of 450 dealers, 2000 plus sub dealers and 33 stock points
covering 22 states of the Country.
The Company has
launched UltraShine XL, India’s first ever 4 feet wide colour coated profile
sheet, which has been appreciated in the market. It saves number of sheets and
labour cost has best in class tensile strength upto 650 MPa plus and withstands
high wind velocity upto 180 km/hr.
In addition to
brand promotional activities, event, for launching Company’s product
“Ultrashine XL” in Ahmedabad, Jaipur, Gurgaon, Company has also participated in
various exhibitions like Roof India in Mumbai and Bangalore for increasing
product awareness during the year to build a corporate image in Indian as well
as in international markets.
EXPANDING STEEL RETAIL
Expanding
Company’s retail chain, ISC has established 7 more ISC Steel Zones in the
states of Rajasthan and Maharashtra adding to 153 ISC Steel Zones across India,
offering its customers a substantial advantage in terms of availability and
authenticity of products.
PROSPECTS
· India has become
the second best in terms of growth in steel producing and a net exporter of
steel during 2013-14. Steel production in India during the year has recorded a growth
rate of 4.2 % over the corresponding period of previous year.
· The total market
value of the Indian steel sector stood at US $ 57.8 billion in 2011 and is
expected to touch the figure of US $ 95.3 billion by 2016. The liberalization
of the industrial policy and other government initiatives has given a definite
impetus for entry, participation and growth of the private sectors in the steel
industry.
· India’s real
consumption of total finished steel grew by 0.6% year-on-year in April – March
2013-2014 to 73.93 Million Tonnes (MT). The infrastructure sector is the
India’s largest steel consumer, thereby attracting investments from several
global players. The government plans to increase infrastructure spending from
the current 5% GDP (gross domestic product) to 10% by 2017 and the country is
committed to investing US $ 1 trillion in infrastructure during 1 th five year
plan.
· The future of
the Indian steel industry is bright. The government of India has allowed 100%
FDI through automatic route in the Indian steel sector. The government has
significantly reduced the duty payable on finished steel products and has
streamlined the associated approval process. The total steel exports by India
during 2013-14 stood at 5.59 MT as against imports of 5.44 MT.
The near term
outlook on the profitability of Indian steel players however has improved,
given the soft price trends of key raw materials. The Company is preparing
itself to avail all such opportunities and expand its capacity to meet the
growing demands of domestic as well as international markets. Given the
experience of strong senior management team having substantial exposure in
steel industry, value added to implement our strategies, the prospects for
sustainable long term growth in our business and consequently shareholders
value are tremendous.
The steel industry
being highly raw material intensive, the near term benefits from lower raw
material costs to more than neutralize the adverse impact of a low volume
growth, even if a part of the benefits of lower costs are passed on to
customers to protect sales volumes. Over a longer term, volume growth however
would be critical, given that substantial fresh capacities are likely to be
commissioned in the next two years. Unless demand conditions improve significantly,
overall capacity utilization levels and profitability of steel players would
remain impacted. The management is taking appropriate steps to combat the
negative impact of these factors.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
SHORT TERM
BORROWINGS |
|
|
|
Working Capital
Loans from Banks |
2132.155 |
4925.348 |
|
Intercorporate borrowings |
0.900 |
0.000 |
|
Total |
2133.055 |
4925.348 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10123996 |
21/09/2013 * |
6,630,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, A.B.
ROAD, INDORE, MADHYA PRADESH - 452001, INDIA |
B87125860 |
|
2 |
10147848 |
29/07/2008 |
400,000,000.00 |
PUNJAB NATIONAL BANK |
MID CORPORATE BRANCH,
SIYAGANJ, INDORE, MADHYA PRADESH - 452001, INDIA |
A45770948 |
|
3 |
10114839 |
14/07/2008 |
400,000,000.00 |
PUNJAB NATIONAL BANK |
MID CORPORATE BRANCH,
SIYAGANJ, INDORE, MADHYA PRADESH - 452001, INDIA |
A42329813 |
|
4 |
80038787 |
19/12/2005 |
700,000,000.00 |
CORPORATION BANK |
63 M.G. ROAD , REGAL SQUARE,,
INDORE, MADHYA PRADESH - 452001, INDIA |
- |
|
5 |
80039724 |
12/11/2005 |
500,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH,
, SIYAGANJ, INDORE, MADHYA PRADESH - 452001, INDIA |
- |
|
6 |
80039723 |
14/10/2004 |
500,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, A.B.
ROAD, INDORE, MADHYA PRADESH - 452001, INDIA |
- |
|
7 |
90148883 |
22/06/2013 * |
18,298,600,000.00 |
IDBI BANK LIMITED |
SPECIALIZED CORPORATE
BRANCH, UG - 1 C.S. NAYUDU |
B79941332 |
|
8 |
90145418 |
22/10/2013 * |
24,928,600,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B90312638 |
* Date of charge modification
FIXED ASSETS:
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
· Office equipment
WEBSITE DETAILS:
PRESS RELEASES/ ARTICLES:
INDIAN STEEL
CORPORATION SCRAPS STEEL SEZ PLANS IN KUTCH
September 17, 2013
AHMEDABAD: Japanese conglomerate Mitsui and Co and its Indian partner Ruchi Group's Indian Steel Corporation Limited (ISC) have scrapped their steel SEZ project in Kutch.
Instead of an SEZ, the company is now planning to set up a steel plant to cater to the domestic market, but even this plan is uncertain due to gloomy ecnomic scenario. Mitsui and Ruchi Group have a 20:80 joint venture company called ISC.
Mitsui is a $50-billion company while its Indian partner Ruchi Group's turnover stands at Rs.300000.000 Million. "Three years ago, they had applied to the state government to allocate us 1,800-2,000 hectares in Kutch," said Umesh Shahra, managing director, Indian Steel Corporation. In 2010, the joint venture company ISC had planned to set up a steel SEZ project at Tagdi village in Kutch district.
After scraping the SEZ project, the company planned only to set up a steel plant at Kutch. "They have also kept the steel plant project on hold," said Shahra, adding, that the major reason is the economic slowdown which has resulted in the fall of domestic steel consumption to 4%, which used to be 10-12% during 2010.
Global slowdown had lead many companies like Welspun, Essar Steel, Pradip Overseas, Gallops's multi-product SEZ and Strength Real Estate to drop their SEZ projects on account of fall in demand. Recently, in January, Reliance Industries' 40% SEZ in Jamnagar was de-notified in order to cater to the domestic market.
For the time being, the company is planning to focus on developing new products. ISC on Monday launched Ultrashine XL, which the company claims to be an innovative colour-coated profile sheet of 4 ft width, having application in residential, commercial and industrial roofing.
ISC's current turnover is Rs.34000.000 Million and it expects to ride on its innovative product range to achieve Rs.50000.000 Million turnover by the end of next two years. Currently, the size of Indian steel industry is 80 million tonne, out of which 60% is of flat steel. The company is also looking for more greenfield and brownfield projects, said the managing director of the company.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report : No
press reports / filings exists on the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.64 |
|
|
1 |
Rs.96.81 |
|
Euro |
1 |
Rs.71.51 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
-- PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
43 |
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.