MIRA INFORM REPORT
|
Report No. : |
344826 |
|
Report Date : |
13.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
MIDEAST INTEGRATED STEELS LIMITED |
|
|
|
|
Registered
Office : |
H-1, Zamrudpur
Community Centre, Kailash Colony, New Delhi – 110048 |
|
Tel. No.: |
91-11-29241099 |
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|
|
|
Country : |
India |
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|
Financials (as
on) : |
31.03.2014 |
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|
Date of
Incorporation : |
07.09.1992 |
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|
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|
Com. Reg. No.: |
55-050216 |
|
|
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|
Capital
Investment / Paid-up Capital : |
Rs. 1378.750 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1992PLC050216 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACM0846P |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in manufacture of pig iron and iron ore mining. |
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|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 17620000 |
|
|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established
company incorporated in the year 1992 having satisfactory track. It is engaged in
the business as manufacture of pig iron and iron ore mining. Available
financial indicates company sound financial risk profile marked by healthy
networth position with negligible debt and decent profit margin of the
company. However, this
rating strength is partially offset by risk associated with mining sector and
susceptibility of pig iron operations to raw material price fluctuations. Trade relations
are reported as fair. Business is active. Payment terms are reported as
usually correct. In view of long
track record and acceptable financial base, the company can be considered
normal for business dealings at usual trade terms and conditions. Note : Subject has got delisted from BSE on 2nd July,2004. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities : BBB- |
|
Rating Explanation |
Moderate degree of safety and carry moderate credit risk. |
|
Date |
07.04.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities : A3 |
|
Rating Explanation |
Moderate degree of safety and carry higher credit risk. |
|
Date |
07.04.2015 |
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
31-03-2015.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE (TEL. NO.: 91-11-29241099)
LOCATIONS
|
Registered Office : |
H-1, Zamrudpur
Community Centre, Kailash Colony, New Delhi – 110048, India |
|
Tel. No.: |
91-11-29241099 |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
Website : |
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Head Office : |
D/12, Freedom Fighter Enclave, Gate No.4, IGNOV Road, Neb Sarai, New
Delhi – 110068, India |
|
Tel. No.: |
91-11-29532307/ 32906529/ 65631600 |
|
|
|
|
Corporate Office 1 : |
MESCO Heliport, Juhu Aerodrome, Mumbai – 400054, Maharashtra, India |
|
Tel. No.: |
91-22-26614572/ 26603173/ 26603175 |
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Fax No.: |
91-22-26610014 |
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|
|
|
Corporate Office 2 : |
401, Silver Pearl Building, Water Field Road, Bandra (West), Mumbai –
400050, Maharashtra, India |
|
Tel. No.: |
91-22-26413269/ 26413257 |
|
Fax No.: |
91-22-26610014 |
|
E-Mail : |
|
|
|
|
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Sales Office 1/ Corporate HR Department : |
Mesco Tower, 3915 Lewis Road, Kedar Gouri Square, Bhubaneswar – 751014,
Orissa, India |
|
Tel. No.: |
91-674-2433121/ 24, 2432755/ 59 |
|
Fax No.: |
91-674-2432256 |
|
E-Mail : |
|
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|
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Sales Office 2 : |
4, Fairlie Place, HMP House, 2nd Floor, Kolkata – 700001,
West Bengal, India |
|
Tel. No.: |
91-33-40649022/ 40729021 |
|
Fax No.: |
91-33-2231749 |
|
E-Mail : |
|
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Factory : |
Panchvati, P.O: Barbil Road, Barbil, Keonjhar - 758035, Orissa, India |
|
|
|
|
Mines, Ports and Steel Plant : |
8-9-A, Windsor Exclusive, Phase II, Chuna Bhatti, Kolar Road, Bhopal,
Madhya Pradesh, India |
|
|
|
|
Malangtoli Iron Ore Mines : |
At-Villages Sirkagutu, Kadakala, Lohakala, Via-Kalimati, PO-Dubuna,
Tehsil-Telkoi, District Keonjhar, Orissa, India |
|
|
|
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Steel Plant : |
Kalinga Nagar Industrial Complex, Khurunti P.O., Danagadi,
Jajpur – 755026, Orissa, India |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Nandanadan Mishra |
|
Designation : |
Director |
|
Address : |
Flat D053, Belvedere Park, DLF, Phase III, Gurgaon – 122002, Haryana,
India |
|
Date of Birth/Age : |
20.10.1942 |
|
Date of Appointment : |
27.03.2012 |
|
DIN No.: |
00031342 |
|
|
|
|
Name : |
Mr. Hanumantharao Ravipati |
|
Designation : |
Whole Time Director |
|
Address : |
6-46/1, Sri Hanuman Residency, Near Mazid Gollala Yendada,
Vishakhapatnam – 530045, Andhra Pradesh, India |
|
Date of Birth/Age : |
02.03.1946 |
|
Date of Appointment : |
06.07.2006 |
|
DIN No.: |
00044028 |
|
|
|
|
Name : |
Mr. Debi Prasad Bagchi |
|
Designation : |
Director |
|
Address : |
Y-165, Regency Park II, DLF City, Phase 4, Gurgaon – 122009, Haryana,
India |
|
Date of Birth/Age : |
21.10.1942 |
|
Date of Appointment : |
27.03.2012 |
|
DIN No.: |
00061648 |
|
|
|
|
Name : |
Mrs. Rita Singh |
|
Designation : |
Chairperson cum Managing Director |
|
Address : |
D-3A, Ansal Villa, New Delhi – 110030, India |
|
Date of Birth/Age : |
23.04.1950 |
|
Qualification : |
B. Sc |
|
Date of Appointment : |
07.09.1992 |
|
PAN No.: |
ABKPS4308J |
|
DIN No.: |
00082263 |
|
|
|
|
Name : |
Mr. Madhukar |
|
Designation : |
Director |
|
Address : |
E-115, Sector 52, Noida – 201301, Uttar Pradesh, India |
|
Date of Birth/Age : |
10.02.1944 |
|
Date of Appointment : |
13.04.2012 |
|
DIN No.: |
00558818 |
|
|
|
|
Name : |
Mr. Sanjiv Batra |
|
Designation : |
Director |
|
Address : |
S-288, Greater Kailash-I, New Delhi – 110048, India |
|
Date of Birth/Age : |
17.09.1950 |
|
Date of Appointment : |
27.03.2012 |
|
DIN No.: |
00602669 |
|
|
|
|
Name : |
Mrs. Natasha Sinha |
|
Designation : |
Whole-time Director |
|
Address : |
Flat No.2, Concord Building, Concord Co-Operative Housing Society
Limited, Bullock Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
25.09.1971 |
|
Qualification : |
B. A. (Economics) |
|
Date of Appointment : |
04.01.1994 |
|
PAN No.: |
AAUPS3146B |
|
DIN No.: |
00812380 |
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|
|
|
Name : |
Mr. Purna Chandra Sahu |
|
Designation : |
Whole-time Director |
|
Address : |
MIG 1/205, Satya Sai Enclave, Alginia Khandagiri, Bhubaneswar – 751
019, Orissa, India |
|
Date of Birth/Age : |
16.11.1947 |
|
Qualification : |
Metallurgy from
NIIT Rourkela and a post graduate from NIIT Du |
|
Date of Appointment : |
01.06.2012 |
|
PAN No.: |
AJWPS9061L |
|
DIN No.: |
01262687 |
|
|
|
|
Name : |
Mr. Dipak Chatterjee |
|
Designation : |
Director |
|
Address : |
A-001, Belvedere Tower, DLF, Phase-2, Gurgaon – 122 002, Haryana,
India |
|
Date of Birth/Age : |
24.06.1944 |
|
Date of Appointment : |
23.01.2013 |
|
DIN No.: |
03048625 |
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|
|
|
Name : |
Mr. Priyabrata Patnaik |
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Designation : |
Whole-time Director |
|
Date of Appointment : |
01.02.2014 |
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DIN No.: |
01709955 |
|
|
|
|
Name : |
Mr. G S Jawandha |
|
Designation : |
Additional Director |
|
Address : |
H.No.215, Sector-11, Chandigarh - 160011, India |
|
Date of Appointment : |
28.01.2015 |
|
DIN No.: |
00213573 |
KEY EXECUTIVES
|
Name : |
Sandhya Sethia |
|
Designation : |
Secretary |
|
Address : |
E-58, Kalkaji, New Delhi - 110019, India |
|
PAN No.: |
ECXPS5529H |
|
Date of Appointment : |
02.02.2015 |
|
|
|
|
Name : |
Natasha Sinha |
|
Designation : |
Chief Financial Officer |
|
Address : |
Flat No.2, Concord Building, Concord Co-Operative Housing Society Limited, Bullock Road, Bandra (West), Mumbai - 400050, Maharashtra, India |
|
Date Of Appointment : |
28.01.2015 |
|
PAN No.: |
AAUPS3146B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
NOTE: SHAREHOLDING
DETAILS FILE ATTACHED.
AS ON 30.09.2013
|
Equity Share
Breakup |
Percentage of
Holding |
|
Category |
|
|
Public financial companies |
0.23 |
|
Foreign holdings [Foreign institutional investors, Foreign Companies,
Foreign Financial Institutions, Non-resident Indian or Overseas corporate
bodies or others] |
1.45 |
|
Bodies corporate |
10.93 |
|
Directors or relatives of directors |
0.32 |
|
Other top fifty shareholders |
1.59 |
|
Others |
85.48 |
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacture of pig iron and iron ore mining. |
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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 |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
· Axis Bank Limited, Kolkata, West Bengal, India · ICICI Bank Limited |
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Facilities : |
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STATUTORY AUDITORS
: |
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|
Name : |
Todarwal and Todarwal Chartered Accountants |
|
Address : |
12, Maker Bhavan
No.3, 1st Floor, 21, New Marine Lines, Mumbai – 400020,
Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFT6047N |
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COST AUDITORS : |
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|
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|
Name : |
S. S. Sonthalia and Company Cost Accountants |
|
Address : |
Bhubaneswar, Orissa, India |
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|
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INTERNAL AUDITORS : |
|
|
Name : |
SRB and Associates Chartered Accountants |
|
Address : |
Bhubaneswar, Orissa, India |
|
|
|
|
Company in which KMP
/ Relatives of KMP can exercise significant influence: |
·
Mesco Steels Limited ·
Mesco Logistics Limited ·
Mesco Kalinga Steels Limited ·
Mesco OMC Mining Corporation Limited ·
Mideast India Limited ·
Mesco Pharmaceuticals Limited ·
Mesco Hotels Limited ·
Mesco Aerospace Limited ·
Mesco Laboratories Limited ·
Mesco Shoes Limited ·
21st Century Finance Limited ·
Mesco India Limited ·
Chhindwara Coal Washing Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
140000000 |
Equity Shares |
Rs.10/- each |
Rs. 1400.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
137875000 |
Equity Shares |
Rs.10/- each |
Rs. 1378.750 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 |
1378.750 |
1378.750 |
1378.750 |
|
(b) Reserves & Surplus |
4788.020 |
3746.780 |
2463.329 |
|
(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) |
6166.770 |
5125.530 |
3842.079 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
298.050 |
352.270 |
517.431 |
|
(b) Deferred tax liabilities (Net) |
669.260 |
42.320 |
0.000 |
|
(c) Other long term
liabilities |
5885.460 |
4580.920 |
4581.159 |
|
(d) long-term
provisions |
28.150 |
27.030 |
20.464 |
|
Total Non-current
Liabilities (3) |
6880.920 |
5002.540 |
5119.054 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
995.420 |
1796.090 |
2872.793 |
|
(c) Other
current liabilities |
1798.500 |
2402.440 |
1707.859 |
|
(d) Short-term
provisions |
495.180 |
397.480 |
211.537 |
|
Total Current
Liabilities (4) |
3289.100 |
4596.010 |
4792.189 |
|
|
|
|
|
|
TOTAL |
16336.790 |
14724.080 |
13753.322 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
9349.850 |
8559.500 |
8881.571 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
280.980 |
1070.140 |
766.097 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
20.070 |
19.120 |
19.117 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
113.366 |
|
(d) Long-term Loan and Advances |
3003.490 |
2307.380 |
1766.464 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
12654.390 |
11956.140 |
11546.615 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2111.610 |
1517.170 |
1070.011 |
|
(c) Trade
receivables |
51.110 |
60.340 |
77.685 |
|
(d) Cash
and cash equivalents |
793.970 |
767.620 |
713.846 |
|
(e)
Short-term loans and advances |
725.710 |
422.810 |
345.165 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
3682.400 |
2767.940 |
2206.707 |
|
|
|
|
|
|
TOTAL |
16336.790 |
14724.080 |
13753.322 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8623.990 |
7287.790 |
5467.553 |
|
|
|
Other Income |
71.650 |
264.390 |
(152.356) |
|
|
|
TOTAL (A) |
8695.640 |
7552.180 |
5315.197 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4550.430 |
3639.910 |
1879.916 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(504.880) |
(143.580) |
81.063 |
|
|
|
Employee benefit expense |
414.690 |
334.450 |
226.309 |
|
|
|
Other expenses |
1892.240 |
1684.630 |
1659.254 |
|
|
|
TOTAL (B) |
6352.480 |
5515.410 |
3846.542 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
2343.160 |
2036.770 |
1468.655 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
18.710 |
19.000 |
61.593 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2324.450 |
2017.770 |
1407.062 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
474.540 |
457.650 |
351.972 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
1849.910 |
1560.120 |
1055.090 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
687.690 |
155.690 |
152.410 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
1162.220 |
1404.430 |
902.680 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1426.470 |
143.020 |
-679.540 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Final Dividend |
103.410 |
103.410 |
68.938 |
|
|
|
Corporate Dividend Tax (including cess and surcharge) |
17.570 |
17.570 |
11.183 |
|
|
BALANCE CARRIED TO
THE B/S |
2467.710 |
1426.470 |
143.019 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
397.270 |
5.950 |
393.580 |
|
|
TOTAL EARNINGS |
39.270 |
5.950 |
393.580 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2136.370 |
1696.420 |
0.000 |
|
|
|
Spare Parts |
1.720.000 |
0.000 |
0.000 |
|
|
|
Capital Goods |
0.000 |
6.030 |
3.030 |
|
|
TOTAL IMPORTS |
2138.090 |
1702.450 |
3.030 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
8.43 |
10.19 |
6.55 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
56.323 |
68.524 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
NA |
625.234 |
1173.689 |
|
Net cash flows from (used in) operating activities |
NA |
679.288 |
1201.719 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
13.48 |
19.27 |
16.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
27.17 |
27.95 |
26.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.54 |
11.44 |
8.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.30 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.05 |
0.07 |
0.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12 |
0.60 |
0.46 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
1378.750 |
1378.750 |
1378.750 |
|
Reserves & Surplus |
2463.329 |
3746.780 |
4788.020 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
3842.079 |
5125.530 |
6166.770 |
|
|
|
|
|
|
long-term borrowings |
517.431 |
352.270 |
298.050 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
517.431 |
352.270 |
298.050 |
|
Debt/Equity ratio |
0.135 |
0.069 |
0.048 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
5467.553 |
7287.790 |
8623.990 |
|
|
|
33.292 |
18.335 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
5467.553 |
7287.790 |
8623.990 |
|
Profit |
902.680 |
1404.430 |
1162.220 |
|
|
16.51% |
19.27% |
13.48% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
80022426 |
09/01/2007 * |
270,000,000.00 |
STANDARD CHARTERED BANK |
NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
- |
|
2 |
80022860 |
09/01/2007 * |
270,000,000.00 |
STANDARD CHARTERED BANK |
NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
- |
|
3 |
80066479 |
05/03/1999 |
74,004,000.00 |
SEIMENS LIMITED |
130, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA |
- |
|
4 |
80066585 |
15/02/1997 |
200,000,000.00 |
THE INDUSTRIAL PROMOTION AND INVESTMENT CORPORATIO |
IPICOL HOUSE, JANPATH, BHUBANESWAR - 751007, ORISSA, INDIA |
- |
|
5 |
80039657 |
06/09/1996 |
600,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE, MUMBA- 400005I, MAHARASHTRA, INDIA |
- |
|
6 |
80039660 |
02/03/1994 |
1,000,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
From Promoters |
295.460 |
295.460 |
|
From Others |
0.000 |
56.810 |
|
Total |
295.460 |
352.270 |
PERFORMANCE
The Company recorded an impressive performance for the year ended March 31, 2014. It scaled new heights in terms of sales and profits. Net sales stood at Rs. 8695.640 million were 15.14% higher than Rs. 7552.170 million for the previous year. Profit before tax was Rs. 1849.920 million as against Rs. 1560.120 million in the previous year, registering a growth of 18.58% in the profit before tax.
EXPANSION
The Company (MISL) has clearly set its vision to position itself as a leading player in the brick and mortar sectors, which promote nation building, and a diversified mining company. Early this year, the group's vision was created by its employees and promoters which states as follows:
“Mesco group commits to the brick and mortar sectors of economy which promote nation building. Their core competence is in steel and minerals which they will consolidate and diversify into sectors where they have past experience and synergies. In all these sectors they will strive to be the most efficient producer by creating value for the stakeholders.”
At the core of the strategic goals to meet the vision is MISL’s consolidation in India as a major integrated steel player of at least 4.5 million tonnes per annum capacity by 2020. MISL is exploring both organic and inorganic options for this achievement. Among these are their plan for brownfield expansion at their Jajpur unit to take the finished steel capacity to 3.5 million tonnes in 2 phases and inorganic growth through M&A in companies which provide a strategic fit. MISL is in discussions with the financers and promoters of such assets to which they can add significant value on account of their experience and operational synergies. To increase the competitiveness, they plan to commence operation of a 0.5 mtpa cement plant using BF slag at their Jajpur unit in the next 2 years. This year they commissioned the railway siding of 6mtpa material handling and they plan to expand it to 9 mtpa for which they have received the necessary permissions. They will install a wagon tippler in their raw material handling yard at a cost of Rs. 50 crores to improve the efficiency and throughput. They are also completely refurbishing one of their blast furnaces at the cost of Rs.30 crores which will include refractories, top charging equipment, bag filters etc.
In order to retain the competitive edge, they have made ownership of strategic raw materials as their priority. MISL is pursuing the process of acquiring environment and forest clearances for its allotted coking coal block in Chindwara, Madhya Pradesh. MISL is also actively looking for an acquisition of a coking coal mine in the Bowen Basin of Australia.
MANAGEMENT DISCUSSION
AND ANALYSIS
BUSINESS REVIEW
In the financial year 2013-2014, the Company has a profit before depreciation, Interest and tax of Rs. 2271.510 million as against 1772.380 million in the last fiscal. This is an increase of 28% from last year. Profit before tax is at Rs.1849.920 million up by 18%. The profit after tax is lower this fiscal due to tax adjustments of the previous years and a higher deferred tax provision.
This is a very strong performance in the backdrop that the last year was a difficult year for the iron ore mining and pig iron industry. Iron ore prices on an average fell by 31% in FY 13-14 while pig iron prices fell by 6%. This performance was, therefore, possible by a strong response by the Company to the adverse market conditions as the Company recorded all round higher production and sales. Pig iron and iron ore production went up by 31% and 25% respectively while sales went up by 52% and 61% respectively. As a result the revenues went up by 18% overall.
This year Mesco group set out its vision which has at its core MISL’s consolidation in India as a major integrated steel player of at least 4.5 million tonnes per annum capacity by 2020. MISL is exploring both organic and inorganic options for this achievement. Among these are their plan for brownfield expansion at their Jajpur unit to take the finished steel capacity to 3.5 million tonnes in 2 phases and inorganic growth through M&A in companies which provide a strategic fit.
They plan to commence operation of a 0.5 mtpa cement plant using BF slag at their Jajpur unit in the next 2 years. They have also received permissions to increase the capacity of their railway siding to 9 mtpa from 7 mtpa. They will install a wagon tippler in their raw material handling yard at a cost of Rs. 500.000 Million and they are also completely refurbishing one of their blast furnaces at the cost of 30 crores.
In coking coal, the Company is actively pursuing opportunities to acquire coking coal assets in Australia.
INDUSTRIAL STRUCTURE
& DEVELOPMENT
2013-14 had been a very difficult year for the Indian economy and the industry. India, Asia's thirdlargest economy continued to be weighed down by high inflation, a weak currency and a fall in foreign investment. The GDP growth late last year was a dismal 4.7% down from 5% since last year. The manufacturing sector contracted by 1.4%. Iron ore prices fell by 31% and the Pig Iron prices by 6%.
India maintained its position as the 4th largest producer of crude steel in the world with a production of 82 million tonnes in 2013-14. However, the demand didn’t rise as expected and this sluggishness in demand resulted in lowering of prices. Globally also, the drivers for consumption were weak leading to lowering in demand for steel making raw materials and metallics.
India’s Sponge iron production was about 24 MnT in FY14, up by 25% from the previous financial year. Sponge iron industry is noticing a structural change because of rising availability of merchant Pellets, falling lump prices and anticipated increase in crude Steel production.
OUTLOOK
With the green shoots of recovery visible in the global economy and the prospect of a stable government at the centre, Indian economy is poised to grow much faster in 2015. Development, reforms and infrastructure are perceived to be ready to take the centre stage.
According to IMF data, tide is certainly rising. Global activity and world trade picked up in the second half of 2013. Financial conditions in advanced economies have eased with little change since the announcement by the U.S. Federal Reserve on December 18 that it will begin tapering its quantitative easing measures this month. This includes further declines in risk premiums on government debt of crisis-hit euro area economies.
Turning to projections, growth in the United States is expected to be at 3% in 2015 up from 2.8% estimated in 2014.
The Euro area is turning the corner from recession to recovery. IMF projects that growth will strengthen to 1 percent in 2014 and 1.4 percent in 2015.The pickup will g nerally be more modest in economies under stress, despite some upward revisions including Spain. Elsewhere in Europe, activity in the United Kingdom has been buoyed by easier credit conditions and increased confidence.
In Japan, growth is now expected to slow more gradually compared with last year. Temporary fiscal stimulus should partly offset the drag from the consumption tax increase in early 2014. Overall, growth in emerging market and developing economies is expected to increase to 5.1 percent in 2014 and to 5.4 percent in 2015. Growth in China rebounded strongly in the second half of 2013, largely due to acceleration in investment. However, this surge may be only temporary, in part because of policy measures aimed at slowing credit growth and raising the
cost of capital. Growth is thus expected to moderate slightly to around 7½ percent in 2014–15. In sum, global growth is projected to increase from 3 percent in 2013 to 3.7 percent in 2014 and 3.9 percent in 2015.
(World economic commentary sourced from IMF)
With Indian economy expected to return stronger growth, steel demand is expected to be higher to around 5% in the year 2014-15 and potentially around 10% in 2015-16.
Even at current per capita consumption level of 55 kg, the country is net importer of steel, so there is scope for expansion of steel industry in the country, given the medium term robust prospects for economic growth in the country.
In this background as mentioned before, the Company has embarked on a robust growth and expansion plan. The current expansion plan is to take the finished steel capacity to 3.5 million tonnes in 2 phases.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
Claims against the
company not acknowledged as debt |
|
|
|
Central excise, customs and service tax |
768.860 |
246.060 |
|
Sales tax |
326.600 |
349.200 |
FIXED ASSETS
· Land (Leasehold)
· Land and Site Development
· Building
· Plant and Machinery
· Furniture and Fixtures
· Office Equipment
· Computer
· Vehicles
· V Sat
· Railway Siding
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 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.64.73 |
|
|
1 |
Rs.99.29 |
|
Euro |
1 |
Rs.73.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--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 |
|
44 |
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.