MIRA INFORM REPORT

 

 

Report No. :

345428

Report Date :

15.10.2015

 

IDENTIFICATION DETAILS

 

Name :

MONNET ISPAT AND ENERGY LIMITED (w.e.f  12.01.2006)

 

 

Formerly Known As :

MONNET ISPAT LIMITED

 

 

Registered Office :

Monnet Marg, Mandir Hasaud, Raipur – 492101, Chhattisgarh

Tel no. :

91-771-2471334

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

01.02.1990

 

 

Com. Reg. No.:

53-009826

 

 

Capital Investment / Paid-up Capital :

Rs. 2408.429 Million

 

 

CIN No.:

[Company Identification No.]

L02710CT1990PLC009826

 

 

IEC No.:

0593043189

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BPLM04510C

 

 

PAN No.:

[Permanent Account No.]

AAACM0501D

 

 

Legal Form :

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

 

 

Line of Business :

Manufacturers of Sponge Iron, Steel and Ferro Alloys.

 

 

No. of Employees :

500 (Approximately)  

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (16)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow  and delayed

 

 

Litigation :

Exist

 

 

Comments :

Subject was incorporated in the year 1990 and it is a manufacturers of sponge iron, steel and Ferro alloys. Subject is an established company having moderate track record.

 

For the financial year ended 2015, company possesses moderate operational performance and reported loss from its operations.

 

Rating further constrained on account of company’s moderate financial risk profile and delay in debt servicing by the company.

 

Business is active. Payments are reported to be slow.

 

In view of aforesaid, the company can be considered for business dealings on safe and secured trade terms and conditions.  

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

 

Rating Agency Name

CARE

Rating

Long-term Bank Facilities = D

Rating Explanation

Lowest-credit –quality and very low prospects of recovery.

Date

09.07.2015

 

 

Rating Agency Name

CARE

Rating

Short-term Bank Facilities = D

Rating Explanation

Instruments with this rating are in default or expected to be in default on maturity.

Date

09.07.2015

 

 

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 PARTED BY

 

Name :

Mr. Umesh

Designation :

Finance Department

Contact No.:

91-11-29218546

Date:

14.10.2015

 

 

LOCATIONS

 

Registered Office / Factory 1:

Monnet Marg, Mandir Hasaud, Raipur – 492101, Chhattisgarh, India

Tel. No.:

91-771-2471334-339/ 91-11-29218546

Fax No.:

91-771-2471250/ 91-11-29218541

E-Mail :

monnet@monnetgroup.com

monnetraipur@monnetgroup.com

isc_miel@monnetgroup.com

Website :

http://www.monnetgroup.com

 

 

Corporate Office :

Monnet House, 11, Masjid Moth, Greater Kailash Part-ll, New Delhi-110048, Delhi, India

Tel. No.:

91-11-29218542-46

Fax No.:

91-11-29218541

E-mail :

monnet@monnetgroup.com

isc_miel@monnetgroup.com

 

 

Factory 2 :

Village - Naharpali, Tehsil - Kharsia, District Raigarh - 496661,  Chhattisgarh, India

Tel No. :

91–7762-275451/ 52

Fax No. :

91–7762-275455

E-Mail :

mielrgh@monnetgroup.com

 

 

Factory 3 :

Monnet Power Company Limited


Village – Malibrahmani, P. O. – Nisha – 759130 Via – Kosala, District. -Angul, Orissa, India

Tel No. :

91-6764-224001 / 224002

Fax No. :

91-6764-224003

E-Mail :

angul@monnetgroup.com

 

 

DIRECTORS

 

As on: 31.03.2015

 

Name :

Mr. Sandeep Kumar Jajodia

Designation :

Chairman and Managing Director

 

 

Name :

Mr. Chandra Prasad Baid

Designation :

Deputy Managing Director

 

 

Name :

Mr. Amit Dixit

Designation :

Non-Executive Independent Director

 

 

Name :

Bhavna Thakur

Designation :

Independent Non Executive

 

 

Name :

Suman Jyoti Khaitan

Designation :

Independent Non Executive

 

 

Name :

Suresh Kishinchand Khatanhar

Designation :

Nominee Director

 

 

Name :

J. P. Lath

Designation :

Other Non-Executive Director

 

 

KEY EXECUTIVES

 

Name :

Hardeep Singh

Designation :

Company Secretary

 

 

Board Committees

 

Audit Committee

 

Suman Jyoti Khaitan, Chairman

Mr. Amit Dixit, Member

Mr. J.P. Lath, Member

Hardeep Singh, Secretary

 

 

Nominations and Remuneration Committee

Amulya Charan

 Vikram Deswal

J.P. Lath

 

 

Finance Committee

 

Mr. Sandeep Jajodia

Mr. C.P. Baid

Mr. J.P. Lath

 

 

Executive Committee

 

Mr. Sandeep Jajodia

Mr. C.P. Baid

Mr. J.P. Lath

 

 

Share Transfer Committee

 

Mr. J.R Lath

Mr. C.P. Baid

Mr. M.P Kharbanda

 

 

Stakeholders Relationship Committee:

J. P. Lath, Chairman

C. P. Baid, Member

 

 

Name :

Raj Kumar Ralhal

Designation :

Chief Financial Officer

 

 

Name :

Mr. Jitendra Pandey

Designation :

Senior Account Manager

 

 

Name :

Mr. Kamal Tanna

Designation :

Deputy General Manager

 

 

 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

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

 

 

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

254448

0.39

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

25682225

39.02

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

6046168

9.19

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

6046168

9.19

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

31982841

48.59

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

 

 

Total shareholding of Promoter and Promoter Group (A)

31982841

48.59

(B) Public Shareholding

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

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

35772

0.05

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

31860

0.05

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

14120537

21.45

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

14188169

21.55

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

 

 

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

8432546

12.81

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

8088995

12.29

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

2157056

3.28

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

976074

1.48

http://www.bseindia.com/include/images/clear.gifHindu Undivided Families

637086

0.97

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

336692

0.51

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

2296

0.00

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

19654671

29.86

Total Public shareholding (B)

33842840

51.41

Total (A)+(B)

65825681

100.00

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

0

0.00

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

0

0.00

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

0

0.00

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

0

0.00

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

65825681

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers of Sponge Iron, Steel and Ferro Alloys.

 

 

Products :

Item Code No. (ITC Code)

Product Description

72.07

Mild Steel

72.03

Sponge Iron

72.02

Sponge Iron

NA

Power

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS = NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

500 (Approximately) 

 

 

Bankers :
  • Punjab National Bank
  • State Bank of Bikaner and Jaipur
  • State Bank of India
  • State Bank of Patiala
  • IDBI Bank Limited

 

 

Facilities :

(Rs. In Million)

Secured Loan

As on 31.03.2015

As on 31.03.2014

LONG TERM BORROWINGS

 

 

Non-Convertible Redeemable Debenture of par

8155.000

9203.611

Foreign currency loans 

13876.380

16034.626

Rupee loans

27037.161

28534.331

Rupee loans from Non-Banking Finance Co.’s

920.716

0.000

Hire Purchase loans from Banks

4.134

0.000

SHORT TERM BORROWINGS

 

 

Working capital from banks

 

 

From Banks

12145.856

6476.871

 

 

 

Total

62139.247

60249.439

 

Notes:

 

LONG TERM BORROWINGS:

 

1 Term Loans, External Commercial Borrowings (ECB) and Non-Convertible Debentures (NCD) from financial institutions / Banks, are secured by first charge on all immovable and movable assets (present and future) of the company

(Subject to prior charges on movables in favour of working capital banks) ranking pari - passu with the charges created in favour of participating financial institutions. Some of the loans / facilities are also guaranteed by the Managing Director of the company.

2 The repayment terms and rate of interest of term loans are as under:

a) Rupee Term Loan for Steel, Other Projects& for Other Requirements: - The Company has an outstanding balance of Rs.31231.400 Million of Rupee term loan with interest band of 1.50% to 2.50% plus base rate. These loans are repayable in quarterly installments commencing from FY 2013-14 and ending in 2027.

b) Rupee Term Loan for Power Division: - The Company has an outstanding balance of Rs.330.500 Million of Rupee term loan with interest band of 11.75% to 12.95% repayable by FY 2015-2016.

c) Rupee Term Loan for Washery Project: - The Company has an outstanding balance of Rs.3888.400 Million of Rupee term loan with interest of 12.50% repayable by FY 2022-2023.

d) Other Term Loan of Rs.2037.700 Million is repayable from Sept 2013 to March 2018 with interest band of

2.50% plus Base rate. The same carry residual charge on the fixed assets of the company.

e) Foreign Currency Term Loan $ 266.800 Million : the loan is repayable in installments from FY 14-15 to FY

19-20 and carries interest rate of LIBOR plus 4.25 to 4.6%.

f) Hire Purchase Loans are Secured by Charge on Respective Vehicles Finance. These are repayble in 36 To 60 Monthly installments and carry interest rate of 10.25 To 11.25 %

 

SHORT TERM BORROWINGS:

 

Working captal facilities from are secured by first charge on movable current assets and second charge on all immovable assets of the company. Some of the loans are guaranteed by Managing Director of the company

 

Financial Institute:

SBICAP Trustee Company Limited

 

 

Auditors :

 

Name :

O.P. Bagla and Company

Chartered Accountants

Address :

New Delhi, India

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Enterprise where KMP has significant:
  • A.P. Coal Washeries Private Limited
  • Tirumala Balaji Alloys Private Limited.

 

 

 

Subsidiary:
  • Monnet Global Limited
  • Monnet Overseas Limited
  • Monnet Daniel Coal Washeries Private Limited
  • Monnet Power Company Limited
  • Monnet Cement Limited
  • Monnet Enterprises PTE Limited
  • Chattel Constructions Private Limited
  • Chomal Exports private limited
  • Monnet Sports Foundation

 

 

Subsidiary of Subsidiaries:
  • Pt Monnet Global
  • Monnet Enterprises DMCC
  • Pt. Serwa Sembada Karya Bumi
  • Monnet Global Liberia Limited
  • Monnet Global Guinea S.A.
  • Monnet Global Mali S.A.
  • Monnet Global Colombia S.A.S.

 

 

Joint Ventures:

 
  • MP Monnet Mining Company Limited
  • Mandakini Coal Company Limited
  • Urtan North Mining Company Limited
  • Monnet Ecomaister Enviro Private Limited

 

 

Associates:
  • Orissa Sponge Iron and Steel Limited
  • Rameshwaram Steel & Power Private Limited. (w.e.f.1.4.2013)

 

 

Partnership Firm:
  • Khasjamda Mining Company

 

 

CAPITAL STRUCTURE

 

As on: 31.03.2015

 

Authorised Capital : Rs.2570.000 Million

 

Issued, Subscribed & Paid-up Capital : Rs. 2408.257 Million

 

 

As on: 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

82000000

Equity Shares

Rs. 10/- each

Rs. 820.000 Million

17500000

Preference share

Rs. 100/- each

Rs. 1750.000 Million

 

Total

 

Rs. 2570.000 Million

                                   

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

65825681

Equity Shares

Rs.10/- each

Rs.658.257 Million

Add.:

Shares Forfeited (Amount Originally Paid up)

 

Rs.0.172 Million

17500000

Preference share

Rs.100/- each

Rs.1750.000 Million

 

Total

 

Rs. 2408.429 Million

 

                       

a) Reconciliation of shares outstanding at the beginning and at the end of the reporting period is given below:         

 

Equity Shares

Number of Shares

Number of shares outstanding as at the beginning of the year

65,825,681

Shares issued during the year*

--

Number of shares outstanding as at the closing of the year

65,825,681

 

 

Preference Shares

 

Number of shares outstanding as at the beginning of the year

17,500,000

Shares allotted during the year

--

Number of shares outstanding as at the closing of the year

17,500,000

 

 

b)

(i) The holders of the equity shares are entitled to receive dividends as declared from time to time, and are entitled to voting rights proportionate to their share holding at the meetings of shareholders.

(ii) Non-Convertible Preference Shares: ‘The holders of preference shares are entitled to preferential dividends from the date of allotment. Such shares shall rank for capital and dividend and for repayment of capital in a winding up, in priority to the ordinary shares of the Company. The holders of such shares shall have the right to receive notice of general meetings of the Company but shall not confer on the holders thereof, the right to vote at any meetings of the Company, save to the extent and in the manner provided in the Companies Act.

 

c) Following shareholders held more than 5% shares in the company as at the end of the year:

 

Name of Shareholder

 

% holding

Udhyam Merchandise Private Limited

 

38.17 %

Vistabrook Limited

 

0.00%

Deutsche Securities Mauritius Limited

 

6.94 %

Deutsche Securities Mauritius Limited

 

7.62%

 

 

Name of Shareholder

 

Number of Shares

Udhyam Merchandise Private Limited

 

25123675

Vistabrook Limited

 

4567647

Deutsche Securities Mauritius Limited

 

5018300

Deutsche Securities Mauritius Limited

 

5018300

 

 

 

NON CONVERTIBLE PREFERENCE SHARES

 

 

Monnet Industries Limited

 

17500000

 

d) The company has issued the following shares for a consideration other than cash or bonus shares during the immediately preceding 5 years: 47, 22,539 equity shares of Rs.10 each were allotted as fully paid up for consideration other than cash pursuant to scheme of amalgamation of M/s. Mount Everest Trading and Investment Limited with the Company as per order dated 19.11.2010 passed by Honorable High Court of Chhattisgarh.

 

e) The Company has bought back 1894385 equity shares during the last five years.

f) Non-Convertible Preference shares were issued on 30th March, 2013 for the period of 9 years with periodical put and call options

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

2408.429

2408.429

2387.489

(b) Reserves & Surplus

17768.457

25988.036

25160.119

(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)

20176.886

28396.465

27547.608

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

49993.391

53772.569

40324.249

(b) Deferred tax liabilities (Net)

0.000

1928.894

1661.221

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

89.004

73.492

60.086

Total Non-current Liabilities (3)

50082.395

55774.955

42045.556

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

16455.471

9850.896

13991.782

(b) Trade payables

4197.997

2285.491

837.617

(c) Other current liabilities

19465.315

10354.440

9180.751

(d) Short-term provisions

7.300

210.824

112.573

Total Current Liabilities (4)

40126.083

22701.651

24122.723

 

 

 

 

TOTAL

110385.364

106873.071

93715.887

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

69692.972

43989.248

13875.021

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

1776.040

21580.784

36825.918

(iv) Intangible assets under development

117.507

94.711

0.000

(b) Non-current Investments

11436.242

10667.651

9314.971

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

4040.966

7377.741

8096.082

(e) Other Non-current assets

559.293

735.361

836.179

Total Non-Current Assets

87623.020

84445.496

68948.171

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.995

(b) Inventories

10337.100

10671.613

7790.413

(c) Trade receivables

2452.631

2150.401

2458.498

(d) Cash and cash equivalents

2420.321

883.505

7191.707

(e) Short-term loans and advances

7522.679

8573.198

7218.931

(f) Other current assets

29.313

148.858

107.172

Total Current Assets

22762.044

22427.575

24767.716

 

 

 

 

TOTAL

110385.064

106873.071

93715.887

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

Income

31856.182

22679.413

19574.335

 

Other Income

727.903

928.86

708.346

 

TOTAL (A)

32584.085

23608.273

20282.681

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

23647.732

17574.134

11736.905

 

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

(216.669)

(2787.562)

7.695

 

Employees benefits expense

1941.253

1435.258

1084.731

 

Other expenses

5226.570

2634.064

1988.229

 

Exceptional items

2529.066

0.000

0.000

 

TOTAL (B)

33127.952

18855.894

14817.560

 

 

 

 

 

Less

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

(543.867)

4752.379

5465.121

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

6528.739

2393.826

1192.091

 

 

 

 

 

 

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

(7072.606)

2358.553

4273.030

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

2814.429

1387.289

888.98

 

 

 

 

 

 

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

(9887.035)

971.264

3384.050

 

 

 

 

 

Less

TAX (H)

(1928.331)

304.937

880.857

 

 

 

 

 

 

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

(7958.704)

666.327

2503.193

 

 

 

 

 

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Dividend

 

 

95.600

 

Dividend on Preference Shares

 

 

0.600

 

Tax on Dividend

NA

 

16.400

 

Dividend paid

 

 NA

112.600

 

Transfer to General Reserve

 

 

251.000

 

Transfer to Debenture Redemption  Reserve

 

 

0.000

 

Total

 

 

14007.403

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

2171.280

1853.566

448.682

 

TOTAL EARNINGS

2171.280

1853.566

448.682

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

130.413

450.993

0.000

 

Components and Stores parts

499.992

1366.987

0.000

 

Capital Goods

 

 

1874.671

 

TOTAL IMPORTS

630.405

1817.980

1874.671

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

Basic

(122.98)

8.25

39.07

 

Diluted

(122.98)

8.10

37.83

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

13398.023

4861.699

4273.122

Cash generated from operations

16953.906

1114.599

3886.085

Net cash flows from operating activities

16609.550

592.740

2979.003

 

                                   


                       

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT/Sales)

(%)

(24.98)

2.94

12.79

 

 

 

 

 

Operating Profit Margin

(PBDIT / Sales)

(%)

(1.71)

20.95

27.92

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(10.19)

1.30

7.11

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.49)

0.03

0.12

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

3.96

2.41

2.13

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.57

0.99

1.03

 

 

STOCK PRICES

 

Face Value

Rs.10.00/-

Market Value

Rs.30.45/-

 

 

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

2387.489

2408.429

2408.429

Reserves & Surplus

25160.119

25988.036

17768.457

Net worth

27547.608

28396.465

20176.886

 

 

 

 

long-term borrowings

40324.249

53772.569

49993.391

Short term borrowings

13991.782

9850.896

16455.471

Current maturities of long-term debts

4273.122

4861.699

13398.023

Total borrowings

58589.153

68485.164

79846.885

Debt/Equity ratio

2.127

2.412

3.957

 

 

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

19574.335

22679.413

31856.182

 

 

15.863

40.463

 

 

 

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

19574.335

22679.413

31856.182

Profit/ (Loss)

2503.193

666.327

(7958.704)

 

12.79%

2.94%

(24.98%)

 

 

 

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)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

 

 

 

 

LISTING DETAILS

 

Case No.

MA/0000076/2013

Case Status:

Pending

 

 

Petitioner Name:

M/s Mittal Investment

Resplendent Name

M/s Monnet Ispat And Energy Limited

Petitioner Advocate-

C. Anup Rajput RAJARAM TIWARI

Respondent Advocate

 

 

 

 

 

 

 

FINANCIAL AND OPERATIONAL PERFORMANCE:

 

During the year the Company’s gross Rs.31856.200 Million respectively. The operating EBITDA was Rs.1985.200 Million. The Company had incurred a loss of Rs.7958.700 Million after considering exceptional items of Rs.2529.100 Million as compared to profit of Rs.666.300 Million during the previous year. Further, there has been no change in the nature of business during the period

 

 

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)

 

 

6148.000

b) Other operating income

 

 

92.000

Total income from Operations(net)

 

 

6240.000

2.Expenditure

 

 

 

a) Cost of material consumed

 

 

5114.800

b) Purchases of stock in trade

 

 

0.000

c) Changes in inventories of finished goods, work-in-progress and stock-in-trade

 

 

86.400

d) Employees benefit expenses

 

 

417.700

e) Depreciation and amortization expenses

 

 

954.500

f) Other expenditure

 

 

1231.200

Total expenses

 

 

7804.600

3. Profit from operations before other income and financial costs

 

 

(1564.600)

4. Other income

 

 

136.200

5. Profit from ordinary activities before finance costs

 

 

(1428.400)

6. Finance costs

 

 

2325.100

7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items

 

 

(3753.500)

8. Exceptional item

 

 

0.000

9. Profit from ordinary activities before tax Expense:

 

 

(3753.500)

10.Tax expenses

 

 

0.000

11.Net Profit / (Loss) from ordinary activities after tax (9-10)

 

 

(3753.500)

12.Extraordinary Items (net of tax expense)

 

 

0.000

13.Net Profit / (Loss) for the period (11 -12)

 

 

(3753.500)

Cash Profit

 

 

(2799.000)

14.Paid-up equity share capital (Nominal value Rs.10/- per share)

 

 

658.300

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

 

 

(57.54)

(b) Diluted

 

 

(57.54)

 

 

Particulars

 

 

Quarter Ended

( Unaudited)

 

 

 

30.06.2015

A. Particulars of shareholding

 

 

 

1. Public Shareholding

 

 

 

- Number of shares

 

 

33842840

- Percentage of shareholding

 

 

51.41

2. Promoters and Promoters group Shareholding-

 

 

 

a) Pledged /Encumbered

 

 

 

Number of shares

 

 

Nil

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

 

 

 

Percentage of shares (as a % of total share capital of the company)

 

 

 

 

 

 

 

b) Non  Encumbered

 

 

 

Number of shares

 

 

31982841

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)

 

 

48.59

 

 

 

 

B. Investor Complaints

 

 

 

Pending at the beginning of the quarter

 

 

4

Receiving during the quarter

 

 

18

Disposed of during the quarter

 

 

17

Remaining unreserved at the end of the quarter

 

 

5

Note:

 

  1. There Unaudited Financial Results were reviewed by the audit Committee and Approved at the meeting of the Board of Directors of the Company held on 14th August 2015.
  2. The company does not have exceptional or extraordinary items to report for the above periods.
  3. The figures for the previous periods are re-classifies/ re-arranged/ re-groups, wherever necessary, the correspond with the current periods classification/ disclosure.

 

 

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

 

(Rs. In Millions)  

 

Particulars

 

 

Quarter Ended

( Unaudited)

 

 

 

30.06.2015

1. Segment Revenue

 

 

 

a Power

 

 

834.500

b. Steel

 

 

6175.800

c. Unallocated

 

 

0.000

Total

 

 

7010.300

Less : Inter Segment Revenue

 

 

770.300

Net Sales

 

 

6240.000

 

 

 

 

2. Segment Result

(Profit before Interest and Tax)

 

 

 

a Power

 

 

(12.600)

b. Steel

 

 

(1390.500)

c. Unallocated

 

 

0.000

Total

 

 

(1403.100)

 

 

 

 

Less : (i) Finance Charges

 

 

2325.100

(ii) Un-allocable expenditure net off.

 

 

0.000

(iii) un-allocable income

 

 

(25.300)

Profit before Tax

 

 

(3753.500)

3. Capital Employed

 

 

 

a Power

 

 

4466.000

b. Steel

 

 

11957.400

c. Unallocated

 

 

0.000

Total

 

 

16423.400

 

 

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on 31.03.2015

As on 31.03.2014

Short term borrowings

 

 

Foreign currency loans from banks

1416.769

1802.709

Rupee loans from banks

814.551

1571.317

From Companies

2078.295

0.000

Total

4309.615

3374.026

 
 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10588249

18/08/2015

330,000,000.00

AXIS BANK LIMITED

2ND FLOOR, RED FORT CAPITAL, PARSVNATH TOWERS, GOLE MARKET, BHAI VEER SINGH MARG,NEW DELHI, DELHI - 110001, INDIA

C62727565

2

10579683

22/06/2015

16,826,600,000.00

SBICAP TRUSTEE COMPANY LIMITED

202, MAKER TOWER (E), CUFFE PARADE, MUMBAI, MUMB 
AI, MAHARASHTRA - 400020, INDIA

C58770439

3

10580553

22/06/2015

15,868,600,000.00

SBICAP TRUSTEE COMPANY LIMITED

202, MAKER TOWER (E), CUFFE PARADE, MUMBAI, MUMBAI, MAHARASHTRA - 400020, INDIA

C59199513

4

10562943

31/03/2015

170,000,000.00

AXIS BANK LIMITED

CORPORATE BANKING BRANCH, RED FORT CAPITAL, PARSVNATH TOWERS, 2ND FLOOR, GOLE MARKET, , DELHI - 110001, INDIA

C50708585

5

10564435

31/03/2015

480,000,000.00

UNION BANK OF INDIA

M-11, 1ST FLOOR, MIDDLE CIRCLE, CONNAUGHT CIRCUS, NEW DELHI - 110001, INDIA

C51280485

6

10564375

08/07/2015 *

8,000,000,000.00

202, MAKER TOWER (E), CUFFE PARADE, MUMBAI, MUMBAI, MAHARASHTRA - 400020, INDIA

C58281635

7

10557391

26/03/2015

320,000,000.00

INDIAN BANK

A-2, RING ROAD, SOUTH EXTENSION BRANCH, PART 1, N 
EW DELHI- 110049, INDIA

C47911243

 

 

* Date of charge modification

 

 

FIXED ASSETS:

 

Tangible assets:

 

  • Land and Site Development
  • Lease hold land
  • Railway Siding
  • Building
  • Plant and Machinery
  • Office Equipment
  • Furniture and Fixtures
  • Vehicle

 

Intangible assets:
 
·         Software

 

 

 

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.64.82

UK Pound

1

Rs.100.41

Euro

1

Rs.74.50

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

GTA

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

2

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

--

--BUSINESS SCALE

1~10

2

--PROFITABILITY 

1~10

--

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

2

--RESERVES

1~10

2

--CREDIT LINES

1~10

2

--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

 

16

 

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.