MIRA INFORM REPORT

 

 

Report No. :

349616

Report Date :

13.11.2015

 

IDENTIFICATION DETAILS

 

Name :

ADHUNIK METALIKS LIMITED

 

 

Registered Office :

Chadri Hariharpur, P.O.- Kuarmunda, Sundargarh-770039, Orissa

Tel. No.:

91-661-3051300

 

 

Country :

India

 

 

Financials (as on) :

30.06.2015

 

 

Date of Incorporation :

20.11.2001

 

 

Com. Reg. No.:

15-017271

 

 

Capital Investment / Paid-up Capital :

Rs. 1234.995 Million

 

 

CIN No.:

[Company Identification No.]

L28110OR2001PLC017271

 

 

IEC No.:

0203024877

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AABCN5676P

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer and Seller of Steel and both Alloy and Non Alloy.

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (31)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is the flagship company of the Adhunik Group.It is an established company having moderate track.

 

The rating takes into consideration moderate financial risk profile of the company marked by deteriorating capital structure due to increased external borrowings over the years Further, the company has incurred losses from its operations in FY15.

 

However, trade relations are fair. Business is active. Payment terms are reported to be slow but correct.

 

In view of aforesaid, the company 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

 

NOT AVAILABLE

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2015.

 

 

INFORMATION DECLINED

 

MANAGEMENT NON-COOPERATIVE

 

(Contact No: 91-33-30517100)

 

 

LOCATIONS

 

Registered Office/ Factory :

Chadri Hariharpur, P.O.- Kuarmunda, Sundargarh-770039, Orissa, India

Tel. No.:

91-661-3051300

Fax No.:

91-661-3051303

E-Mail :

bvarughese@adhunikgroup.co.in

Website :

www.adhunikgroup.com

 

 

Corporate Office :

Lansdowne Towers, 2/1A Sarat Bose Road, Kolkata – 700020, West Bengal, India

Tel. No.:

91-33-30517100 (30 lines)

Fax No.:

91-33-22890285 / 30517225

E-Mail :

info@adhunikgroup.com

 

 

Marketing Offices :

Located at:

 

·         Ranchi

·         Jamshedpur

·         Rourkela

·         Bhubaneswar

·         Govindgarh

·         Ludhiana

·         Faridabad

·         Nagpur

·         Pune

·         Makli

·         Delhi

·         Chennai

 

 

DIRECTORS

 

AS ON 30.06.2014

 

Name :

Mr. Ghanshyam Das Agarwal

Designation :

Non-executive Chairman

Address :

BA-209, Salt Lake City, Kolkata-700064, West Bengal, India

Date of Birth/Age :

16.10.1957

Qualification :

B.Com

Date of Appointment :

20.11/2001

DIN No.:

00507800

 

 

Name :

Mr. Jugal Kishore Agarwal

Designation :

Non-executive Chairman

Address :

BA-209, Salt Lake City, Kolkata-700064, West Bengal, India

Date of Birth/Age :

05.10.1951

Qualification :

B.Com, LLB

Date of Appointment :

02.06.2003

DIN No.:

00227460

 

 

Name :

Mr. Nirmal Kumar Agarwal

Designation :

Non-executive Chairman

Address :

BA-209, Salt Lake City, Kolkata-700064, West Bengal, India

Date of Birth/Age :

10.01.1962

Qualification :

B.Sc

Date of Appointment :

06.05.2002

DIN No.:

00605669

 

 

Name :

Mr. Mohan Lal Agarwal

Designation :

Non-executive Chairman

Address :

BA-209, Saltlake City, Kolkata-700064, West Bengal, India

Date of Birth/Age :

10.05.1965

Qualification :

B.Com

Date of Appointment :

15.09.2003

DIN No.:

01047906

 

 

Name :

Mr. Mahesh Kumar Agarwal

Designation :

Non-executive Chairman

Address :

BA-209, Saltlake City, Kolkata, 700064, West Bengal, india

Date of Birth/Age :

07.03.1966

Qualification :

B.Com

Date of Appointment :

28.12.2006

DIN No.:

00507690

 

 

Name :

Mr. Nihar Ranjan Hota

Designation :

Independent Director

Address :

Qter No.6A, Forest Park, Abhilasha, Bhubaneswar-751009, Orissa, India

Date of Appointment :

19.12.2005

DIN No.:

01173440

 

 

Name :

Dr. Ramgopal Agarwala

Designation :

Independent Director

Address :

B 2/39, Second Floor, Safdarjung Enclave, New Delhi-110029, Delhi, India

Date of Birth/Age :

14.12.1937

Qualification :

Ph D.Economics

Date of Appointment :

28.01.2008

DIN No.:

02054856

 

 

Name :

Mr. Nandanandan Mishra

Designation :

Independent Director

Address :

Flat D-053, Belvedere Park, DLF Phase III, Gurgaon-122002, Haryana, India

Date of Birth/Age :

20.10.1942

Qualification :

M. A. Economics

Date of Appointment :

27.10.2008

DIN No.:

00031342

 

 

Name :

Mr. Raghaw Sharan Pandey

Designation :

Independent Director

Address :

C-I/13, Bapa Nagar, New Delhi-110003, Delhi, India

Date of Birth/Age :

15.01.1950

Qualification :

B.Sc. Hons/ IAS

Date of Appointment :

10.08.2011

DIN No.:

02306586

 

 

Name :

Mr. Gopal Dikshit

Designation :

Independent Director

Address :

50 Ishwar Nagar, Mathura Road, New Delhi-110065, Delhi, India

Date of Birth/Age :

15.11.1940

Qualification :

Indian Administrative Service

Date of Appointment :

13.11.2013

DIN No.:

00090579

 

 

Name :

Mr. Amrendra Prasad Verma

Designation :

Independent Director

Address :

14c, Madhuban, Gen J. C. Bhosle Marg, Mumbai-400021, Maharashtra, India

Date of Birth/Age :

29.12.1952

Qualification :

Masters degree in Liberal Arts

Date of Appointment :

11/02/2014

DIN No.:

00236108

 

 

Name :

Mr. Manoj Kumar Agarwal

Designation :

Managing Director

Address :

BA-209, Salt Lake City, Kolkata-700064, West Bengal, India

Date of Birth/Age :

06.08.1969

Qualification :

BE (Engg.)

Date of Appointment :

20.11.2001

DIN No.:

00227871

 

 

KEY EXECUTIVES

 

Name :

Mr. Pawan Kumar Rathi

Designation :

Head of Finance and Accounts

 

 

Name :

Mr. Sanjay Dey

Designation :

Company Secretary

Address :

Tower 5/ Flat No. 1202, The Close South, Nirvana Country, Sector-50, Gurgoan- 122018, Haryana, India

Date of Appointment :

12.02.2015

PAN No.:

AKIPD5853G

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2015

 

Category of Shareholders

No. of Shares

 

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

11103634

8.99

http://www.bseindia.com/include/images/clear.gifBodies Corporate

68809537

55.72

http://www.bseindia.com/include/images/clear.gifSub Total

79913171

64.71

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

79913171

64.71

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

4642366

3.76

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

5949413

4.82

http://www.bseindia.com/include/images/clear.gifSub Total

10591779

8.58

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

13331945

10.80

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

8610326

6.97

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

5523068

4.47

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

5529247

4.48

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

345251

0.28

http://www.bseindia.com/include/images/clear.gifClearing Members

29816

0.02

http://www.bseindia.com/include/images/clear.gifOverseas Corporate Bodies

1000

0.00

http://www.bseindia.com/include/images/clear.gifOthers

5153180

4.17

http://www.bseindia.com/include/images/clear.gifSub Total

32994586

26.72

Total Public shareholding (B)

43586365

35.29

Total (A)+(B)

123499536

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1)

0

0.00

http://www.bseindia.com/include/images/clear.gif(2)

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

123499536

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Seller of Steel and both Alloy and Non Alloy.

 

 

Products :

ITC Code No.

 

Product Descriptions

72071920

Billet

72023000

Ferro Silico Manganese

72142090

Non Alloy Steel Round Bar

72283029

Other Alloy Steel

72011000

Pig Iron

26011290

Iron Ore Sinter

72031000

Sponge Iron

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

Not Divulged

 

 

Bankers :

Bank Name:

State Bank of India

Branch:

Corporate Accounts Group Branch, As Lenders' Agent, Reliance House, 2nd Floor, 34, J L Nehru Road,, Kolkata - 700071, West Bengal, India

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         Allahabad Bank

·         Bank of Baroda

·         Bank of Maharashtra

·         Corporation Bank

·         HDFC Bank

·         ICICI Bank

·         IFCI Limited

·         Indian Overseas Bank

·         Punjab National Bank

·         Punjab and Sind Bank

·         State Bank of Bikaner and Jaipur

·         State Bank of India

·         State Bank of Mysore

·         State Bank of Patiala

·         State Bank of Travancore

·         Syndicate Bank

·         SREI Infrastructure Finance Limited

·         UCO Bank

·         Union Bank of India

 

 

Facilities :

SECURED LOANS

30.06.2014

(Rs. In Million)

30.06.2013

(Rs. In Million)

LONG-TERM BORROWINGS

 

 

Term Loans from

 

 

Banks

6931.526

5851.078

Financial Institutions

790.200

0.000

Deferred Payment Liabilities

 

 

Vehicle/Equipment/Housing Loans

34.362

49.763

 

 

 

SHORT TERM BORROWINGS

 

 

Cash credits from banks

6548.694

6114.115

Export Packing credit loan (in foreign currency)

216.793

134.324

 

 

 

Total

14521.575

12149.280

 

Banking Relations :

--

 

 

Statutory Auditors :

(As on 30.06.2014)

 

Name :

Das and Prasad

Chartered Accountants

 

 

Cost Auditors :

(As on 30.06.2014)

 

Name :

Saroj K Babu and Company

Cost Accountants

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Subsidiary Company :

(As on 30.06.2014)

Orissa Manganese and Minerals Limited

 

 

Associate Company :

(As on 30.06.2014)

Adhunik Power and Natural Resources Limited

 

 

Partnership Firm (Joint Venture) :

(As on 30.06.2014)

United Minerals

 

 

Enterprises over which Key Management Personnel / Share Holders / Relatives have  significant influence :

(As on 30.06.2014)

·         Adhunik Alloys and Power Limited

·         Adhunik Infotech Limited

·         Adhunik Industries Limited

·         Adhunik Corporation Limited

·         Adhunik Meghalaya Steels Private Limited

·         Adhunik Steels Limited

·         Amuel Engineering Private Limited

·         Futuristic Steels Limited

·         Mahananda Suppliers Limited

·         Neepaz B.C. Dagara Steels Private Limited

·         Neepaz B.C. Dagara Steels Private Limited

·         Swarnarekha Steel Industries Limited

·         Zion Steel Limited

 

 

CAPITAL STRUCTURE

 

AS ON 30.06.2015

 

Authorised Capital : Not Available

 

Issued, Subscribed & Paid-up Capital : Rs. 1234.995 Million

 

 

AS ON 30.06.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

145,180,000

Equity Shares

Rs. 10/- each

Rs. 1451.800 Million

2,000

Preference Shares

Rs. 100/- each

Rs. 0.200 Million

 

Total

 

Rs. 1452.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

123,499,536

Equity Shares

Rs. 10/- each

Rs. 1234.995 Million

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

30.06.2015

30.06.2014

30.06.2013

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

1234.995

1234.995

1234.995

(b) Reserves & Surplus

6498.842

10821.446

10997.981

(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)

7733.837

12056.441

12232.976

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

15825.760

7756.088

5900.841

(b) Deferred tax liabilities (Net)

0.000

740.692

858.320

(c) Other long term liabilities

3142.620

4177.826

2272.563

(d) long-term provisions

57.012

55.977

47.301

Total Non-current Liabilities (3)

19025.392

12730.583

9079.025

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

3669.148

6765.487

6248.439

(b) Trade payables

2795.883

6673.672

6111.111

(c) Other current liabilities

564.121

1983.051

4937.463

(d) Short-term provisions

22.047

7.529

10.802

Total Current Liabilities (4)

7051.199

15429.739

17307.815

 

 

 

 

TOTAL

33810.428

40216.763

38619.816

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

21628.046

15320.483

13737.876

(ii) Intangible Assets

0.000

3963.669

4140.830

(iii) Capital work-in-progress

0.000

2379.558

2976.562

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

732.535

732.531

732.552

(c) Deferred tax assets (net)

1333.606

0.000

0.000

(d)  Long-term Loan and Advances

1674.958

2916.700

1651.014

(e) Other Non-current assets

52.196

366.619

406.744

Total Non-Current Assets

25421.341

25679.560

23645.578

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

6070.584

7661.265

7142.717

(c) Trade receivables

832.219

3130.380

4930.278

(d) Cash and cash equivalents

45.608

124.428

69.525

(e) Short-term loans and advances

1347.577

2701.825

1788.634

(f) Other current assets

93.099

919.305

1043.084

Total Current Assets

8389.087

14537.203

14974.238

 

 

 

 

TOTAL

33810.428

40216.763

38619.816

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

30.06.2015

30.06.2014

30.06.2013

 

SALES

 

 

 

 

 

Revenue from Operations

5981.094

16914.634

16537.799

 

 

Other Income

121.573

670.058

673.320

 

 

TOTAL                                     (A)

6102.667

17584.692

17211.119

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

4349.101

8302.469

7282.089

 

 

Purchases of Stock-in-Trade

1166.744

2969.958

1113.035

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

1015.658

210.709

1656.099

 

 

Employees benefits expense

411.001

564.688

516.312

 

 

Consumption of Stores and Spares

337.873

0.000

0.000

 

 

Other expenses

1503.452

2534.954

3477.458

 

 

TOTAL                                     (B)

8783.829

14582.778

14044.993

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)     (C)

(2681.162)

3001.914

3166.126

 

 

 

 

 

Less

FINANCIAL EXPENSES                                    (D)

2494.607

2118.240

2276.182

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                               (E)

(5175.769)

883.674

889.944

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

974.331

987.084

960.253

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX (E-F)                 (G)

(6150.100)

(103.410)

(70.309)

 

 

 

 

 

Less

TAX                                                                  (H)

(2064.074)

(106.496)

(98.511)

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX (G-H)                   (I)

(4086.026)

3.086

28.202

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

NA

1527.274

1894.305

 

TOTAL EARNINGS

NA

1527.274

1894.305

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

198.343

205.213

 

 

Components and Spare Parts

 

25.831

65.541

 

 

Capital Goods

 

10.169

7.265

 

TOTAL IMPORTS

NA

234.343

278.019

 

 

 

 

 

 

Earnings/ (Loss) Per Share (Rs.)

(33.09)

0.02

0.23

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

PARTICULARS

 

30.06.2015

30.06.2014

30.06.2013

Current Maturities of Long-term borrowings

NA

1111.565

1432.656

 

 

 

 

Cash Generated from operations

NA

2947.881

5575.850

 

 

 

 

Net Cash Generated From Operating Activities

NA

2934.974

5567.717

 

 

KEY RATIOS

 

PARTICULARS

 

 

30.06.2015

30.06.2014

30.06.2013

Net Profit Margin

(PAT / Sales)

(%)

(68.32)

0.02

0.17

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

(44.83)

17.75

19.14

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(19.37)

(0.28)

(0.20)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.80)

(0.01)

(0.01)

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

2.52

1.30

1.11

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.19

0.94

0.87

 

 

STOCK PRICES

 

Face Value

Rs.10.00/-

 

 

Market Value

Rs. 14.55/-  (BSE)

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particulars

30.06.2013

30.06.2014

30.06.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

1234.995

1234.995

1234.995

Reserves & Surplus

10997.981

10821.446

6498.842

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

12232.976

12056.441

7733.837

 

 

 

 

Long-term borrowings

5900.841

7756.088

15825.760

Short term borrowings

6248.439

6765.487

3669.148

Total borrowings

13581.936

15633.140

19494.908

Debt/Equity ratio

1.110

1.297

2.521

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

30.06.2013

30.06.2014

30.06.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

16537.799

16914.634

5981.094

 

 

2.279

-64.640

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

30.06.2013

30.06.2014

30.06.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

16537.799

16914.634

5981.094

Profit

28.202

3.086

-4086.026

 

0.17%

0.02%

-68.32%

 

 

 

 

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

No

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

LITIGATION DETAILS:

 

        Orissa High Court

Case Status Information System

 

Case Status :

Pending

Status Of :

COPET - Orginal Petition (Companies Act.)  31  Of  2015

Litigants :

IFGL REFRACTORIES LTD.  Vs.  ADHUNIK METALIKS LTD.

Pet's Adv :

M/S.SUMIT LAL

Res's Adv :

Bench :

--

--

--

Last Date of Hearing :

Friday, September 11, 2015

Next / Final Date of Hearing :

Tuesday, October 13, 2015

Case Updated On :

Friday, October 09, 2015

Category :

MATTERS RELATING TO WINDING UP

 

Order(s)

No Orders

 

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10579531

14/07/2015 *

50,310,700,000.00

SBICAP TRUSTEE COMPANY LIMITED

202, MAKER TOWER "E", CUFFEE PARADE, MUMBAI- 400005, MAHARASHTRA, INDIA

C59615948

2

10551280

30/01/2015

1,200,000,000.00

SBICAP TRUSTEE COMPANY LIMITED

202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI- 400005, MAHARASHTRA, INDIA

C44669570

3

10582617

03/01/2015

23,000,000.00

SREI EQUIPMENT FINANCE LIMITED

'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA- 700046, WEST BENGAL, INDIA

C60021060

4

10487108

20/08/2014 *

21,287,900,000.00

STATE BANK OF INDIA

CORPORATE ACCOUNTS GROUP BRANCH, AS LENDERS' AGENT
, 2ND FLOOR, RELIANCE HOUSE, 34, J L NEHRU ROAD,,
KOLKATA- 700071, WEST BENGAL, INDIA

C20947867

5

10487075

20/08/2014 *

15,220,000,000.00

STATE BANK OF INDIA

CORPORATE ACCOUNTS GROUP BRANCH, AS LEAD BANK, 2N
D FLOOR, RELIANCE HOUSE, 34, J L NEHRU ROAD,, KOLKATA- 700071, WEST BENGAL, INDIA

C20789574

6

10465606

13/12/2013

1,000,000,000.00

UCO BANK

FLAGSHIP CORPORATE BRANCH, 3, NETAJI SUBHAS ROAD,
KOLKATA- 700001, WEST BENGAL, INDIA

B91721183

7

10469299

09/12/2013

1,100,000,000.00

IFCI LIMITED

IFCI TOWER 61 NEHRU PLACE, NEW DELHI- 1100
19, DELHI, INDIA

B93187144

8

10441060

13/07/2013

100,000,000.00

ICICI BANK LIMITED

LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA- 390015, GUJARAT, INDIA

B81131260

9

10435927

22/05/2013

1,250,000,000.00

STATE BANK OF INDIA

CORPORATE ACCOUNTS GROUP BRANCH, RELIANCE HOUSE,
2ND FLOOR, 34, JAWAHAR LAL NEHRU ROAD,, KOLKATA- 700071, WEST BENGAL, INDIA

B79227617

10

10435929

22/05/2013

1,500,000,000.00

STATE BANK OF INDIA

CORPORATE ACCOUNTS GROUP BRANCH, RELIANCE HOUSE,
2ND FLOOR, 34, JAWAHAR LAL NEHRU ROAD,, KOLKATA- 700071, WEST BENGAL, INDIA

B79227955

 

* Date of charge modification

 

 

CORPORATE INFORMATION: (As on 30.06.2014)

 

Subject is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its equity shares are listed on stock exchanges in India. The Company is primarily engaged in the manufacture and sale of steel, both alloy and non alloy.

 

CHANGE OF ADDRESS:

 

The Registered Office of the company has been shifted from 14, N S Road, 2nd Floor, Kolkata-700001, West Bengal, India to the present address w.e.f 10.06.2013

 

 

CONTINGENT LIABILITIES:

 

Particulars

30.06.2014

(Rs. In Million)

30.06.2013

(Rs. In Million)

Claims and Government demands against the Company not acknowledged as debt:

 

 

Excise/Service tax demand under dispute/ appeal

306.496

302.852

Sales Tax matters (under dispute/appeal)

116.119

42.124

Others

32.202

0.000

Bills discounted and Bank Guarantees outstanding

1257.703

1057.307

 

 

 

Total

1712.520

1402.283


FIXED ASSETS:

 

Tangible Assets

 

·         Land

·         Buildings

·         Plant and Machinery

·         Furniture and Fixtures

·         Vehicles

·         Office Equipment

·         Computer

 

 

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. 66.35

UK Pound

1

 Rs. 100.28

Euro

1

Rs.  71.30

 

 

INFORMATION DETAILS

 

Information Gathered by :

PPT

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

IND

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--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

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

31

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.