MIRA INFORM REPORT
|
Report No. : |
344732 |
|
Report Date : |
14.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
VASWANI INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
MIG-4, Indrawati Colony, Raipur – 492001, Chhattisgarh |
|
Tel. No.: |
91-771-4226000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
22.07.2003 |
|
|
|
|
Com. Reg. No.: |
33-015964 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.286.547 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28939CT2003PLC015964 |
|
|
|
|
IEC No.: |
6306000135 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JBPV00442B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCV9564E |
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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
: |
Subject is engaged in integrated business of manufacturing
and import of sponge, Iron, Steel billets and Ingots and power generation. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2003 engaged in manufacturing of coal-based
sponge iron. Its products include sponge iron, steel ingot and billet,
rolling mill, TMT bars, forgings and castings. It also operates a power
plant. For the financial year ended 2015, company has reported 11.82% growth
in its revenue profile but failed to maintain profitability margins and
reported low margins at 0.45% during the year under a review. Rating further constrained on account of company’s moderate financial profile
marked by marginal market share of the company in steel industry and
susceptibility of its margins to volatility in raw material price. Trade relations are reported as fair. Payments are reported to be slow
but correct. In view of aforesaid, the company can be considered for business
dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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 PARTED BY
|
Name : |
Mr. P.K Jhaji |
|
Designation : |
Account Manager |
|
Contact No.: |
91-771-4226000 |
|
Date : |
09.10.2015 |
LOCATIONS
|
Registered Office : |
MIG-4, Indrawati Colony, Raipur – 492001, Chhattisgarh, India |
|
Tel. No.: |
91-771-4226000 |
|
Fax No.: |
91-771-4226099 |
|
E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
Locality: |
Commercial |
|
|
|
|
Factory : |
Bahesar Road, Near Cycle Park, Village Sondra, Raipur, Chhattisgarh, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Ravi Vaswani |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
07.10.1962 |
|
Qualification : |
Commerce Graduate |
|
Date of Appointment : |
14.09.2015 |
|
DIN No.: |
00308616 |
|
|
|
|
Name : |
Mr. Pramod Vaswani |
|
Designation : |
Whole Time Director |
|
Date of Birth/Age : |
01.03.1969 |
|
Qualification : |
Commerce Graduate |
|
Date of Appointment : |
14.09.2015 |
|
DIN No.: |
01627359 |
|
|
|
|
Name : |
Mr. Yashwant Vaswani |
|
Designation : |
Whole Time Director |
|
Date of Birth/Age : |
14.11.1985 |
|
Qualification : |
Under Commerce Graduate |
|
Date of Appointment : |
14.09.2015 |
|
DIN No.: |
01627408 |
|
|
|
|
Name : |
Mr. Sanjay Jadwani |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
02.07.1969 |
|
Qualification : |
Commerce Graduate |
|
Date of Appointment : |
14.09.2015 |
|
DIN No.: |
05139093 |
|
|
|
|
Name : |
Mrs. Satyawati Parashar |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
31.12.1977 |
|
Qualification : |
MA (Hindi) |
|
Date of Appointment : |
14.09.2015 |
|
DIN No.: |
00761009 |
|
|
|
|
Name : |
Mr. Lekhu Thadharam Mulchandani |
|
Designation : |
Non- Executive and Independent Director |
|
|
|
|
Name : |
Mr. Ashok Suri |
|
Designation : |
Non- Executive and Independent Director |
KEY EXECUTIVES
|
Name : |
Ms. Ritu Hardeep Lamba |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Audit Risk
Management and Vigil Committee |
|
|
Name : |
Mr. Lekhu Thadharam Mulchandani |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Pramod Vaswani |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. Ashok Suri |
|
Designation : |
Independent Director |
|
|
|
|
Nomination and
Remuneration Committee |
|
|
Name : |
Mr. Lekhu Thadharam Mulchandani |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Yashwant Vaswani |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. Ashok Suri |
|
Designation : |
Independent Director |
|
|
|
|
Stakeholders
Relationship Committee |
|
|
Name : |
Mr. Lekhu Thadharam Mulchandani |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Pramod Vaswani |
|
Designation : |
Whole-time Director |
|
|
|
|
Name : |
Mr. Sanjay Jadwani |
|
Designation : |
Independent Director |
SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding
as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
16154700 |
56.38 |
|
|
16154700 |
56.38 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
16154700 |
56.38 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
5970 |
0.02 |
|
|
5970 |
0.02 |
|
|
|
|
|
|
3606781 |
12.59 |
|
|
|
|
|
|
2684980 |
9.37 |
|
|
6080810 |
21.22 |
|
|
121459 |
0.42 |
|
|
57030 |
0.20 |
|
|
63929 |
0.22 |
|
|
500 |
0.00 |
|
|
12494030 |
43.60 |
|
Total Public shareholding (B) |
12500000 |
43.62 |
|
Total (A)+(B) |
28654700 |
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) |
28654700 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in integrated business of manufacturing
od sponge, Iron, Steel billets and Ingots and power generation. |
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|
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|
Products : |
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|
|
|
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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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|
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Imports : |
|
|
Products : |
Coal |
|
Countries : |
Singapore |
|
|
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|
Terms : |
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Selling : |
Cheque and Credit |
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|
|
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Purchasing : |
Cheque and Credit |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
· State Bank of India (SBI) · IDBI Bank Limited (IDBI)
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Facilities : |
(Rs.
In Million)
SHORT TERM
BORROWINGS: Nature of Security
:- SBI Working Capital Loan amounting to Rs.254.090 million (March 31'2012: Rs. 50.840 million) is secured by Hypothecation charge on Company’s entire stocks i.e. raw material, stocks in progress, finished goods and receivables at Company’s premises located at Sondra, Tehsil-Siltara and Bahesar, Raipur including stocks-in-transit, book debts, including those Terms of Repayment Repayable on Demand. Interest Rate SBAR i.e. 11.75% per annum subject to changes as prescribed by SBI/ RBI from time to time. |
|
Independent
Auditors |
|
|
Name : |
Sunil Johri and Associates Chartered Accountants |
|
Address : |
Nathani Building, Shastri Chowk, G.E. Road, Raipur – 492001, Chhattisgarh, India |
|
|
|
|
Cost Auditors |
|
|
Name : |
Sanat Joshi and Associates Chartered Accountants |
|
Address : |
"Prem Poorn", Pt. Din Dayal Upadhyay Nagar, Akash Gas Godown Road, P.O. Gudhiary, Raipur – 492011, Chhattisgarh, India |
|
|
|
|
Secretarial
Auditors |
|
|
Name : |
Satish Batra and Associates Chartered Accountants |
|
Address : |
Company Secretaries, C-501, Ashoka Ratan, PO Shankar Nagar, Raipur (C. G.) 492007, Chhattisgarh, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Group Companies/
Associates : |
· Kwality Foundry Industries · C. G. Ispat Private Limited · Cosmos Castings (India) Limited · Vaswani Ispat Limited · Vaswani Cement Limited · Vaswani Energy Limited · Shubh Infrastructure Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29750000 |
Equity Shares |
Rs.10/- each |
Rs.297.500 Million |
|
250000 |
Preference Shares |
Rs.10/- each |
Rs.2.500 Million |
|
|
Total |
|
Rs.300.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28654700 |
Equity Shares |
Rs.10/- each |
Rs.28.547
Million |
|
|
|
|
|
The Company has only one class of equity shares having a par value of Rs.10 Each. Each shareholder is eligible for 1 vote per share. Out of Issued, Subscribed and Paid up Capital 2500000 shares is issued as bonus share in the year 2011-12.
Details of Shares
held by shareholders holding more than 5% of the in aggregate shares the
company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Pramod Vaswani |
3969860 |
13.85 |
|
Ravi Vaswani |
3942300 |
13.76 |
|
Yashwant Ravi Vaswani |
2190840 |
7.65 |
|
Manisha Vaswani |
1922175 |
6.71 |
|
Sudha Vaswani |
1855225 |
6.47 |
The Reconciliation of
the no. of shares outstanding is said below:-
|
Name of
Shareholder |
Number
of Shares 31.03.2015
|
|
Equity Shares at the beginning of the year |
27290200 |
|
Add:- Shares Issued during the year as Public Issue |
-- |
|
Add:- shares issued to promoter during the year |
1364500 |
|
Add:- Shares Issued as Bonus Shares |
-- |
|
Equity Shares at the end of the year |
28654700 |
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 |
286.547 |
286.547 |
272.902 |
|
(b) Reserves & Surplus |
540.929 |
545.978 |
545.684 |
|
(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) |
827.476 |
832.525 |
818.586 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
76.206 |
119.386 |
130.853 |
|
(b) Deferred tax liabilities
(Net) |
27.541 |
28.137 |
19.301 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
2.718 |
|
(d) long-term provisions |
0.790 |
0.688 |
0.633 |
|
Total
Non-current Liabilities (3) |
104.537 |
148.211 |
153.505 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
364.236 |
431.823 |
423.607 |
|
(b) Trade payables |
253.474 |
269.020 |
216.759 |
|
(c) Other current liabilities |
58.456 |
56.685 |
47.845 |
|
(d) Short-term provisions |
6.006 |
5.071 |
2.502 |
|
Total
Current Liabilities (4) |
682.172 |
762.599 |
690.713 |
|
|
|
|
|
|
TOTAL |
1614.185 |
1743.335 |
1662.804 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
658.554 |
717.632 |
714.132 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
53.351 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
74.046 |
74.046 |
81.088 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
55.224 |
85.931 |
60.228 |
|
(e) Other Non-current assets |
28.281 |
39.652 |
13.461 |
|
Total
Non-Current Assets |
816.105 |
917.261 |
922.260 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
273.320 |
312.577 |
286.810 |
|
(c) Trade receivables |
286.854 |
300.036 |
247.994 |
|
(d) Cash and cash equivalents |
43.810 |
37.990 |
66.317 |
|
(e) Short-term loans and
advances |
191.210 |
171.726 |
138.052 |
|
(f) Other current assets |
2.886 |
3.745 |
1.371 |
|
Total
Current Assets |
798.080 |
826.074 |
740.544 |
|
|
|
|
|
|
TOTAL |
1614.185 |
1743.335 |
1662.804 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
2548.133 |
2263.798 |
2144.035 |
|
|
Other Income |
5.356 |
19.667 |
20.293 |
|
|
TOTAL
(A) |
2553.489 |
2283.465 |
2164.328 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1669.029 |
1532.202 |
1678.254 |
|
|
Purchases of Stock-in-Trade |
265.144 |
262.044 |
269.463 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
54.644 |
(29.304) |
(7.797) |
|
|
Employees benefits expense |
33.496 |
34.151 |
32.427 |
|
|
Other expenses |
350.049 |
313.043 |
221.921 |
|
|
TOTAL
(B) |
2372.362 |
2112.136 |
2194.268 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
181.127 |
171.329 |
(29.940) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
105.377 |
107.320 |
94.378 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
75.750 |
64.009 |
(124.318) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
64.840 |
54.878 |
52.477 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
10.910 |
9.131 |
(176.795) |
|
|
|
|
|
|
|
Less |
TAX (H) |
(0.596) |
8.837 |
(63.050) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
11.506 |
0.294 |
(113.745) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
|
|
|
|
|
|
|
|
|
|
|
CIF VALUE OF IMPORT |
NA |
1.454 |
67.879 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.41 |
0.001 |
(4.37) |
Expected Sales (2015-2016): Rs.2540.000 Million
The above information has been parted by Mr. P.K. Jhaji (Account
Manager)
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
32.400 |
42.800 |
41.334 |
|
Cash generated from operations |
|
|
|
|
Net Cash from Operating Activity |
|
|
|
QUARTERLY RESULTS
|
Particulars |
|
|
30.06.2015 (Unaudited) |
|
|
|
|
1st Quarter |
|
Net Sales |
|
|
976.070 |
|
Total Expenditure |
|
|
746.660 |
|
PBIDT (Excl OI) |
|
|
229.410 |
|
Other Income |
|
|
23.380 |
|
Operating Profit |
|
|
252.790 |
|
Interest |
|
|
79.420 |
|
Exceptional Items |
|
|
NA |
|
PBDT |
|
|
173.370 |
|
Depreciation |
|
|
116.030 |
|
Profit Before Tax |
|
|
57.340 |
|
Tax |
|
|
21.670 |
|
Provisions and
contingencies |
|
|
NA |
|
Profit After Tax |
|
|
35.670 |
|
Extraordinary Items |
|
|
NA |
|
Prior Period Expenses |
|
|
NA |
|
Other Adjustments |
|
|
NA |
|
Net Profit |
|
|
35.670 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.45 |
0.01 |
(5.31) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
7.11 |
7.57 |
(1.40) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.71 |
0.55 |
(11.57) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.01 |
(0.22) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.57 |
0.71 |
0.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17 |
1.08 |
1.07 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.2.35/- |
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 |
272.902 |
286.547 |
286.547 |
|
Reserves & Surplus |
545.684 |
545.978 |
540.929 |
|
Net
worth |
818.586 |
832.525 |
827.476 |
|
|
|
|
|
|
long-term borrowings |
130.853 |
119.386 |
76.206 |
|
Short term borrowings |
423.607 |
431.823 |
364.236 |
|
Current maturities of
long-term debts |
41.334 |
42.800 |
32.400 |
|
Total
borrowings |
595.794 |
594.009 |
472.842 |
|
Debt/Equity
ratio |
0.728 |
0.714 |
0.571 |
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 |
2144.035 |
2263.798 |
2548.133 |
|
|
|
5.586 |
12.560 |
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 |
2144.035 |
2263.798 |
2548.133 |
|
Profit/ (Loss) |
(113.745) |
0.294 |
11.506 |
|
|
(5.31%) |
0.01% |
0.45% |
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 |
Yes |
|
19 |
Major customers |
Yes |
|
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 four years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
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 |
PERFORMANCE REVIEW
During the year, their Company has achieved sales revenue of Rs. 119.763 million as thereby registering a marginal increase of 5.29% over the previous year. However, the company has gained profit in the recent year due to increase in sales volume and minimized the cost of the raw material, stores and consumables, fuel and power cost. It is significant to note that the directors have fulfilled their assurance given in the last year’s report of improving the situation and bring the profit in the current year.
FUTURE PROSPECTS
Barring any unforeseen circumstances, the company hopes not only to maintain its current level of operations but to make a significant improvement thereon.
MANAGEMENT
DISCUSSION AND ANALYSIS
Company has been practicing good Corporate Governance over the time. In addition to basic governance issue the board lays strong emphasis on transparency, accountability and integrity for building investor confidence, improving investor’s protection and maximizing long-term shareholder value.
Pursuant to Clause 49 of the Listing Agreements with the Stock Exchanges, the followings form part of this Annual Report:
(i) Managing Director's declaration regarding compliance of Code of Conduct by Board Members and Senior Management personnel;
(ii) Management Discussion and Analysis;
(iii) Report on the Corporate Governance;
(iv) Auditors' Certificate regarding compliance of conditions of Corporate Governance
OUTLOOK
The outlook of the company is broadly described in Vision and Mission statements of the Company. Options of shifting focus to steel making, separate power plant at pit head of coal block etc. are being examined to optimize the revenue in future.
OVERVIEW OF THE
COMPANY AND ITS PROJECT
Subject was incorporated under the Companies Act, 1956 on July 22, 2003 with the Registrar of Companies, Madhya Pradesh and Chhattisgarh and obtained Certificate of Business Commencement on February 10, 2004. The company was established with the object of manufacturing of Sponge Iron, Steel Billets and captive Power Generation. We are presently engaged in integrated business of manufacturing Sponge Iron, Steel Billets and Ingots and power generation.
Their company belongs to Vaswani Group of companies which has interest in iron and steel since past two decades. The developments of the Company are as under:
(i) Their company has manufacturing facilities in an industrial area at Sondra village, 14 km from Raipur railway station. Their company installed first kiln of 1x100 TPD sponge iron in the year 2004-05 and over the period of time enhanced the total capacity of sponge iron to 3 x 100 TPD.
(ii) Has installed three Induction Furnaces with a capacity of 36000 MT for manufacturing of Steel Billets and Ingots utilizing in-house production of Sponge Iron.
(iii) Commenced power generation of 7.5 MW in the year 2007-08 (5 MW from Waste Heat Recovery Boiler (WHRB) and 2.5 MW from Coal) for captive consumption. Their power generation capacity was enhanced to 11.5 MW (9 MW from WHRB and 2.50 MW from Coal) during the year 2010-2011. In the year 2009, their company started selling surplus power generated to private power companies namely M/s Lanco Electric Utility Limited and others as well as State Electricity Board namely Chhattisgarh State Electricity Board.
Since inception, subject, under the guidance of experienced promoters, has responded to changing economic conditions and new market opportunities through vertical integration and periodic restructuring. Company’s management firmly believes in benchmark product quality, customer centric approach, people focus, ethical business practices and good corporate citizenship. Company draw its strength from an age old tradition of reliable customer service and quality products.
FINANCIAL PERFORMANCE
OF THE COMPANY
Sales
The total sales of current year 2014 - 2015 is Rs. 2548.133 Million as compared to Rs. 2263.798 Million in previous year 2013-14, company has registered a increment of 12.56%.
Consumed Material Cost
The material cost during the current year 2014 - 2015 is Rs 1669.029 Million as compared to Rs. 1532.202 Million 2013-14. The raw material consumption has increased by 8.93%.
Manufacturing
Expenses
Manufacturing expenses during the current year 2014 - 2015 is Rs. 312.044 Million whereas during the previous year 2013-14 is Rs. 240.123 Million. These expenses have increased by 29.95% as compared to last year.
Employees
Remuneration and Benefits
Employees Remuneration and benefits during the current year 2014 - 2015 is Rs. 31.153 Million as compared to Rs. 34.150 Million in previous year 2013-14. These expenses have increased by 8.76% as compared to last year.
Administrative and
Other Expenses
Administrative and Other Expenses during the current year 2014 - 2015 is Rs. 38.006 Million as compared to Rs. 72.920 Million in previous year 2013-14. These expenses have decreased by 47.88% as compared to 2013-14.
Depreciation
Depreciation during the current year 2014 - 2015 was Rs.64.839 Million as compared to Rs. 54.877 million the previous year 2013-14. During the current year it increased by 18.15%.
Profit after tax
The current year has Profit after tax Rs. 11.506 Million as compared to previous year 2013-14 Rs. 0.293 Million. During the current year there is immense growth in profit.
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Pramod Vaswani |
1.148 |
1.148 |
|
Kushal Vaswani |
0.000 |
4.000 |
|
Ravi Vaswani |
15.465 |
15.665 |
|
Sudha Vaswani |
0.000 |
1.309 |
|
Yashwant Vaswani |
11.888 |
11.880 |
|
Indusind Bank (Wheel Loader) |
1.662 |
0.000 |
|
Total |
30.163 |
34.002 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2015
(Rs. In Million)
|
Particulars
|
|
|
Quarter Ended ( Unaudited) |
|
|
|
|
30.06.2015 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
|
|
594.318 |
|
Total
income from Operations(net) |
|
|
594.318 |
|
2.Expenditure |
|
|
|
|
a)
a) (Increase)/ Decrease in Finished
goods |
|
|
18.024 |
|
b)
c) Consumption of Raw Materials |
|
|
391.036 |
|
c)
Cost of Traded Goods Sold |
|
|
30.652 |
|
d)
d) Employees benefit expenses |
|
|
8.990 |
|
e)
e) Depreciation and amortization
expenses |
|
|
16.058 |
|
f)
f) Other expenditure |
|
|
102.736 |
|
Total expenses |
|
|
567.496 |
|
3. Profit from operations before other income and
financial costs |
|
|
26.821 |
|
4. Other income |
|
|
0.745 |
|
5. Profit from ordinary activities before finance costs |
|
|
27.566 |
|
6. Finance costs |
|
|
22.531 |
|
7. Net profit/(loss) from ordinary
activities after finance costs but before exceptional items |
|
|
5.035 |
|
8. Exceptional item |
|
|
-- |
|
9. Profit from ordinary
activities before tax Expense: |
|
|
5.035 |
|
10.Tax expenses |
|
|
2.021 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
|
|
3.014 |
|
12.Extraordinary Items (net
of tax expense) |
|
|
-- |
|
13.Net Profit / (Loss) for
the period (11 -12) |
|
|
3.014 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
|
|
286.547 |
|
15. Reserve excluding Revaluation Reserves as per balance sheet of
previous accounting year |
|
|
-- |
|
16.i) Earnings per share (before
extraordinary items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
|
|
0.11 |
|
(b) Diluted |
|
|
0.11 |
|
Particulars
|
|
|
Quarter Ended ( Unaudited) |
|
|
|
|
30.06.2015 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
|
|
12500000 |
|
- Percentage of shareholding |
|
|
43.62% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
|
|
0.000 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
|
|
0.000 |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
0.000 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
|
|
16154700 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
|
|
100.00% |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
56.38% |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
|
Nil |
|
Receiving during the quarter |
|
|
Nil |
|
Disposed of during the quarter |
|
|
Nil |
|
Remaining unreserved at the end of the quarter |
|
|
Nil |
UNAUDITED SEGMENT WIE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Million)
|
Particulars
|
|
|
Quarter Ended ( Unaudited) |
|
|
|
|
30.06.2015 |
|
1. Segment Revenue |
|
|
|
|
a)
Iron and steel (Including Other
income) |
|
|
544.834 |
|
b)
Power (Including Other income) |
|
|
50.229 |
|
Total |
|
|
595.063 |
|
Less : Inter Segment Revenue |
|
|
50.023 |
|
Net Sales |
|
|
545.040 |
|
|
|
|
|
|
2. Segment Result (Profit before Interest and Tax) |
|
|
|
|
c)
Iron and steel (Including Other
income) |
|
|
58.316 |
|
d)
Power (Including Other income) |
|
|
(30.750) |
|
Total |
|
|
27.566 |
|
|
|
|
|
|
Less: Interest and Finance Charges |
|
|
22.531 |
|
Profit before Tax |
|
|
5.035 |
|
3.Net Capital Employed (Segment Assets-Segment
liabilities) |
|
|
|
|
Iron and steel |
|
|
927.106 |
|
Power |
|
|
309.287 |
|
Real Estate |
|
|
93.397 |
|
Unallocated |
|
|
(239.343) |
|
Total |
|
|
861.711 |
|
Notes: 1. The above results have
been reviewed by the audit committee and approved by the Board of Directors
at its meeting held on August 14, 2015. |
|||
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10587381 |
07/08/2015 |
2,000,000.00 |
INDUSIND BANK LIMITED |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE-
411001, MAHARASHTRA, INDIA |
C62328315 |
|
2 |
10516523 |
20/08/2014 |
900,000.00 |
INDUSIND BANK LIMITED |
2401 GEN THIMMAYYA ROAD, CONTONMENT, PUNE-
411001, MAHARASHTRA, INDIA |
C17943911 |
|
3 |
10516507 |
05/07/2014 |
1,500,000.00 |
INDUSIND BANK LIMITED. |
2401 GEN THIMMAYYA ROAD, CONTONMENT,
PUNE-411001, MAHARASHTRA, INDIA |
C17935867 |
|
4 |
10324584 |
10/05/2012 * |
1,040,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 2ND FLOOR, PUJARI
CHAMBERS, PA CHPEDINAKA, RAIPUR- 492001, CHHATTISGARH, INDIA |
B39308739 |
|
5 |
10250942 |
15/10/2010 |
120,000,000.00 |
IDBI BANK LIMITED |
SPECIALISED CORPORATE BRANCH, FIRST FLOOR,
SIMRAN, TOWER, OPPOSITE LIC MAIN BUILDING, PANDRI, RAIPUR- 492004,
CHHATTISGARH, INDIA |
A99296709 |
|
6 |
10251150 |
15/10/2010 |
140,000,000.00 |
IDBI BANK LIMITED |
SPECIALISED CORPORATE BRANCH, FIRST FLOOR,
SIMRAN, TOWER, OPPOSITE LIC MAIN BUILDING, PANDRI, RAIPUR- 492004,
CHHATTISGARH, INDIA |
A99485500 |
|
7 |
10218927 |
03/10/2011 * |
582,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 2ND FLOOR, PUJARI CHAMBERZ,
PACHPEDI NAKA, RAIPUR- 492001, CHHATTISGARH, INDIA |
B23989312 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Claims against the
Company not acknowledged as debt: |
|
|
|
Sales Tax |
7.553 |
7.553 |
|
Excise Duty |
29.455 |
23.610 |
|
Customs Duty |
8.602 |
0.000 |
|
|
|
|
|
Guarantees:- |
|
|
|
Letter of Credit |
257.293 |
230.649 |
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.62.02 |
|
UK Pound |
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.73.92s |
INFORMATION DETAILS
|
Information
Gathered by : |
KAM |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
GTA |
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 |
3 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.