MIRA INFORM REPORT
|
Report No. : |
323524 |
|
Report Date : |
20.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
VARDHMAN SPECIAL STEELS LIMITED |
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Registered
Office : |
Vardhman Premises, Chandigarh Road, Ludhiana - 141010, Punjab |
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Tel. No.: |
91-161-2228943 / 48 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
14.05.2010 |
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Com. Reg. No.: |
16-033930 |
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Capital
Investment / Paid-up Capital : |
Rs.185.600 Million |
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CIN No.: [Company Identification
No.] |
L27100PB2010PLC033930 |
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TIN No.: |
Not Available |
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IEC No.: |
3010020180 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JLDV01914D |
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PAN No.: [Permanent Account No.] |
AADCV4812B |
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Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturing, exporting and importing of billet, steel bars and rods and right bars of various categories of special and alloys steels. |
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No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 4850000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of VARDHMAN GROUP. It is a well-established company
having fine track record. The company has incurred a loss during financial year 2015. However, net
worth of the company is satisfactory. General financial position of the
company is good. The rating also takes into consideration strong managerial and
financial support receives to the subject from VARDHMAN GROUP. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. 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.
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 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = AA- |
|
Rating Explanation |
High degree of safety and carry very low credit risk. |
|
Date |
26.02.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
26.02.2015 |
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Hansraj |
|
Designation : |
Accounts and Finance Department |
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Contact No.: |
91-161-2670707 |
|
Date : |
20.05.2015 |
LOCATIONS
|
Registered Office : |
Vardhman Premises, Chandigarh Road, Ludhiana - 141010, Punjab, India |
|
Tel. No.: |
91-161-2228943/ 48 |
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Fax No.: |
91-161-2601048/ 2222616/ 2601040 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Commercial |
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Head Office / Factory : |
C-58, Focal Point, Ludhiana - 141010, Punjab, India |
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Tel. No.: |
91-161-2670707/ 09/ 5014243/ 44 |
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Fax No.: |
91-161-2670503 |
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Branch Office 1 : |
422 and 423, 4th Floor, B Wing, Jai Ganesh Vision, Akurdi, Pune – 411033, Maharashtra, India |
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Tel. No.: |
91-20-27457345/ 64003585 |
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E-Mail : |
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Branch Office 2 : |
Gate No. 153, Pune-Nashik Highway, Kuruli, Chimbli Phata, Chakan, Pune – 411033, Maharashtra, India |
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Branch Office 3 : |
D-8, Industrial Estate, Opposite Tansi Building, Guindy, Chennai – 600032, Tamilnadu, India |
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Tel. No.: |
91-44-42028631 |
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Fax No.: |
91-44-42028633 |
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E-Mail : |
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Branch Office 4 : |
Village - Fauzi Matkota, Tehsil - Kichha, Distt. - Udham Singh Nagar, Rudrapur – 263153, Uttarakhand, India |
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Branch Office 5 : |
New No. 1/55E, Old No. 1/73 Kamarjar, Salai, Nazaratpet, Poonamallee, Chennai – 600032, Tamilnadu, India |
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Branch Office 6 : |
SPL - 1, Phase - I, Industrial Area, Bhiwadi, Distt.- Alwar – 301019, Rajasthan, India |
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Branch Office 7 : |
Plot Nos. 400-401, Block - C, Pioneer Industrial Park, Pathredi, Gurgaon – 123413, Haryana, India |
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Branch Office 8 : |
Survey No. 10/1, Bommasandra Village, Attibale Hubli, Anekal Taluka, Bangalore - 560099, Karnataka, India |
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Branch Office 9
: |
Plot. No. B-10, Industrial Area-III, Meerut Road, Ghaziabad – 201003, Uttar Pradesh, India |
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Branch Office 10
: |
5th Floor, Sagar Plaza,
Building 19, Laxmi Nagar, Distt Center Vikas Marg, |
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Tel. No.: |
91-11-22052841/ 22052842/ 22052847 |
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Fax No.: |
91-11-22052845 |
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E-Mail : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Sachit Jain |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
478 Years |
|
Qualification: |
B. Tech, M. B. A. |
|
Experience: |
24 Years |
|
Date of Appointment : |
15.03.2011 |
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|
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|
Name : |
Mr. Rajinder Kumar Jain |
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Designation : |
Director |
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Date of Birth/Age : |
07.02.1939 |
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Qualification : |
Chartered Mechanical Engineer, London |
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|
|
|
Name : |
Mr. Sanjeev Pahwa |
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Designation : |
Director |
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Date of Birth/Age : |
26.12.1966 |
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Date of Appointment : |
15.03.2011 |
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|
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|
Name : |
Mrs. Suchita Jain |
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Designation : |
Director |
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|
Name : |
Mr. Jayant Davar |
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Designation : |
Director |
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|
Name : |
Mr. B. K. Choudhary |
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Designation : |
Director |
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|
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|
Name : |
Mr. Rajeev Gupta |
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Designation : |
Director |
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Date of Birth/Age : |
19.03.1958 |
|
Date of Appointment : |
15.03.2011 |
|
|
|
|
Name : |
Mr. Mukund Choudhary |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Naresh Bansal |
|
Designation : |
General Manager |
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|
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|
Name : |
Ms. Tanu Berry |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
264007 |
1.42 |
|
|
13468392 |
72.58 |
|
|
179010 |
0.96 |
|
|
179010 |
0.96 |
|
|
13911409 |
74.97 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
13911409 |
74.97 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
97455 |
0.53 |
|
|
12224 |
0.07 |
|
|
94101 |
0.51 |
|
|
15724 |
0.08 |
|
|
219504 |
1.18 |
|
|
|
|
|
|
636153 |
3.43 |
|
|
|
|
|
|
1535382 |
8.27 |
|
|
2075329 |
11.18 |
|
|
177599 |
0.96 |
|
|
174129 |
0.94 |
|
|
3470 |
0.02 |
|
|
4424463 |
23.84 |
|
Total Public shareholding (B) |
4643967 |
25.03 |
|
Total (A)+(B) |
18555376 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
18555376 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, exporting and importing of billet, steel bars and rods and right bars of various categories of special and alloys steels. |
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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 : |
Finished Goods |
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Countries : |
· Thailand · Turkey |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
L/C and Cheque |
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Purchasing : |
L/C and Cheque |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
· State Bank of India, Focal Point, Ludhiana, Punjab, India · HDFC Bank Limited · Axis Bank Limited · Yes Bank Limited |
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Facilities : |
Notes: Long Term Borrowings *The
above mentioned ECB is secured by mortgage created or to be created on all
the immovable assets of the Company, both present and future and
hypothecation of all the movable assets including movable machinery,
machinery parts, tools and accessories and other movables both present and
future (except book debts), subject tocharges created
or to be created in favour of the Bankers for securing the working capital
limits. Short Term Borrowings *Working Capital Borrowings from Consortium
Banks are secured by hypothecation of entire present and future tangible
current assets of the Company as well as a second charge on the entire
present and future fixed assets of the Company. |
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Auditors : |
|
|
Name : |
S.S. Kothari Mehta and Company Chartered Accountants |
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Address : |
Panchkula, Haryana, India |
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Memberships : |
-- |
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Collaborators : |
-- |
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Enterprises
over which Key Management Personnel (KMP) is able to exercise significant influence
(As on 31.03.2014) |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.185.600 Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
18555376 |
Equity Shares |
Rs.10/- each |
Rs.185.554
Million |
The Aggregate number of shares allotted as fully paid up pursuant to contract(s) without payment being received in cash in the last five years immediately preceding the balance sheet date is NIL.
Equity Shares calls unpaid by Directors and Officers of the Company is NIL.
Shares held by holding Company or its ultimate holding Company or subsidiaries or associates of the holding Company or the ultimate holding Company in aggregate.
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Vardhman Textiles Limited |
5825000 |
31.39 |
|
Vardhman Holdings Limited |
3080517 |
16.60 |
|
Adinath Investment and Trading Company |
2522655 |
13.60 |
|
Devakar Investment and Trading Company (Private) Limited |
1108175 |
5.97 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
185.600 |
185.554 |
185.554 |
|
(b) Reserves & Surplus |
1,511.700 |
1,671.990 |
1,766.154 |
|
(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) |
1,697.300 |
1,857.544 |
1,951.708 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1,044.000 |
998.267 |
926.463 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
37.597 |
|
(c) Other long term
liabilities |
1.900 |
1.187 |
1.639 |
|
(d) long-term
provisions |
5.400 |
5.095 |
4.759 |
|
Total Non-current
Liabilities (3) |
1,051.300 |
1,004.549 |
970.458 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2,391.200 |
1,949.549 |
2,144.021 |
|
(b) Trade
payables |
515.700 |
420.249 |
329.926 |
|
(c) Other
current liabilities |
484.400 |
396.274 |
415.719 |
|
(d) Short-term
provisions |
6.200 |
12.154 |
17.416 |
|
Total Current
Liabilities (4) |
3,397.500 |
2,778.226 |
2,907.082 |
|
|
|
|
|
|
TOTAL |
6,146.100 |
5,640.319 |
5,829.248 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2,507.800 |
2,103.793 |
412.398 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
295.481 |
1,313.461 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
140.800 |
167.527 |
285.166 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
98.700 |
74.309 |
199.622 |
|
(e) Other
Non-current assets |
0.000 |
12.383 |
11.384 |
|
Total Non-Current
Assets |
2,747.300 |
2,653.493 |
2,222.031 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
150.000 |
930.000 |
|
(b)
Inventories |
1,328.900 |
1,193.122 |
1,137.031 |
|
(c) Trade
receivables |
1,789.800 |
1,215.252 |
1,022.602 |
|
(d) Cash
and cash equivalents |
86.500 |
138.984 |
302.749 |
|
(e) Short-term
loans and advances |
193.500 |
288.729 |
182.723 |
|
(f) Other
current assets |
0.100 |
0.739 |
32.112 |
|
Total
Current Assets |
3,398.800 |
2,986.826 |
3,607.217 |
|
|
|
|
|
|
TOTAL |
6,146.100 |
5,640.319 |
5,829.248 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6,616.000 |
3,705.958 |
4,452.387 |
|
|
|
Cost of Material Transferred to Trial Run (Rolling Mill) |
0.000 |
1,933.652 |
0.000 |
|
|
|
Other operating Income |
15.700 |
0.000 |
0.000 |
|
|
|
Other Income |
58.300 |
157.618 |
55.966 |
|
|
|
TOTAL (A) |
6,690.000 |
5,797.228 |
4,508.353 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4,088.500 |
3,063.294 |
2,804.458 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(15.700) |
701.876 |
(254.818) |
|
|
|
Employees benefits expense |
283.600 |
212.634 |
213.159 |
|
|
|
Other expenses |
1,063.600 |
1,728.948 |
1,464.434 |
|
|
|
Excise Duty on change in Stocks |
0.000 |
46.113 |
48.707 |
|
|
|
Power and Fuel |
1,037.300 |
0.000 |
0.000 |
|
|
|
Exceptional items |
43.100 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
6,500.400 |
5,752.865 |
4,275.940 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
189.600 |
44.363 |
232.413 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
202.100 |
118.972 |
108.671 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(12.500) |
(74.609) |
123.742 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
138.700 |
57.045 |
39.828 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(151.200) |
(131.654) |
83.914 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.100 |
(37.490) |
35.459 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(151.300) |
(94.164) |
48.455 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
282.928 |
377.092 |
328.637 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
131.628 |
282.928 |
377.092 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
272.913 |
247.643 |
|
|
TOTAL EARNINGS |
NA |
272.913 |
247.643 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
760.735 |
895.812 |
|
|
|
Stores & Spares |
NA |
50.985 |
64.026 |
|
|
|
Capital Goods |
NA |
304.397 |
646.726 |
|
|
TOTAL IMPORTS |
NA |
1116.117 |
1606.564 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(8.15) |
2.61 |
2.61 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
Cash generated from operations |
NA |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(2.29) |
(2.54) |
1.09 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
2.87 |
1.20 |
5.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.52) |
(2.54) |
1.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.09) |
(0.07) |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.02 |
1.59 |
1.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00 |
1.08 |
1.24 |
STOCK PRICES
|
Face Value |
Rs.10.00 |
|
Market Value |
Rs.663.05 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
185.554 |
185.554 |
185.600 |
|
Reserves & Surplus |
1766.154 |
1671.990 |
1511.700 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1951.708 |
1857.544 |
1697.300 |
|
|
|
|
|
|
long-term borrowings |
926.463 |
998.267 |
1044.000 |
|
Short term borrowings |
2144.021 |
1949.549 |
2391.200 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
3070.484 |
2947.816 |
3435.200 |
|
Debt/Equity
ratio |
1.573 |
1.587 |
2.024 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
4,452.387 |
3,705.958 |
6,616.000 |
|
|
|
(16.765) |
78.523 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs. In
Million |
|
Sales
|
4,452.387 |
3,705.958 |
6,616.000 |
|
Profit |
48.455 |
(94.164) |
(151.300) |
|
|
1.09% |
(2.54%) |
(2.29%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---------- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter ID Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
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 |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
SHORT TERM
BORROWINGS |
|
|
|
From Related Parties |
|
|
|
- Vardhman Textiles Limited |
NA |
134.650 |
|
Total |
NA |
134.650 |
CORPORATE INFORMATION
(AS ON 31.03.2014)
Subject is a Public Limited Company incorporated under the provisions of the companies Act ,1956 on 14th May, 2010. The Company is engaged in the Manufacturing of Billets, Steel bars & rods and Bright bars of various categories of special and alloys steels.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10529907 |
24/03/2015 * |
72,000,000.00 |
STATE BANK OF INDIA |
IFB, GOLDEN TOWER, DHOLEWAL CHOWK, LUDHIANA, PUNJAB - 141003, INDIA |
C50734185 |
|
2 |
10322193 |
31/12/2013 * |
875,483,000.00 |
AXIS BANK LIMITED |
PLOT
NO. 105, LOWER GROUND FLOOR,, THE BOULEVARD, |
B96597406 |
|
3 |
10308867 |
31/12/2013 * |
660,000,000.00 |
AXIS BANK LIMITED |
BRANCH OFFICE, MALL ROAD, LUDHIANA, PUNJAB - 141001, INDIA |
B97049183 |
|
4 |
10295541 |
24/03/2015 * |
2,500,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH,, GOLDEN TOWER, DHOLEWAL CHOWK, LUDHIANA, PUNJAB - 141003, INDIA |
C50735208 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.69 |
|
UK Pound |
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.71.90 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
58 |
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.