MIRA INFORM REPORT
|
Report No. : |
346283 |
|
Report Date : |
30.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
STEEL AUTHORITY OF INDIA LIMITED ROURKELA STEEL PLANT (UNIT OF STEEL AUTHORITY OF INDIA LIMITED) |
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Registered
Office : |
Ispat Bhawan, Lodhi Road, New Delhi – 110003 |
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Tel. No.: |
91-11-24367481 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
24.01.1973 |
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Com. Reg. No.: |
55-006454 |
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Capital
Investment / Paid-up Capital : |
Rs.41305.300 Million |
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|
CIN No.: [Company Identification
No.] |
L27109DL1973GOI006454 |
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|
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IEC No.: |
Not Available |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS20873G / DELS27448B / DELS23314E / DELS23327D / DELS22351A /
DELS21126A / DELS06268D / DELS23804E / DELS22350G / DELS22349F / DELS21127B |
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PAN No.: [Permanent Account No.] |
AAACS7062F / AAALS7062F / AAAC57062F |
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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
: |
Manufacturer and Seller of iron and steel products to the construction, engineering, power, railway, automotive, and defense industries, also provides GP and GC sheets, galvanealed steel, bars and rebars, Z-bars, MS archs, cold rolled stainless steel, hot rolled carbon and stainless steel products, micro-alloyed carbon steel, and alloy steel squares and rounds. |
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No. of Employees
: |
45124 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (78) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 1243000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject was promoted in 1973 by the Government of India. Government of India owns majority of the shareholding of Steel Authority of India Limited (SAIL). The company is an integrated iron and steel maker, producing both carbon and special steel for industries like construction, engineering, power, railway, automotive, consumer durables, defense, etc. At present, SAIL owns and operates five integrated steel plants, viz, Bhilai Steel Plant (BSP), Durgapur Steel Plant (DSP), Rourkela Steel Plant (RSP), Bokaro Steel Plant (BSL) and IISCO Steel Plant (ISP). The company also has three special steel plants, i.e., Alloys Steel Plant, Salem Steel Plant and Visvesvaraya Iron and Steel Plant. SAIL is one of the largest steel makers in India with total hot metal, crude steel and saleable steel. It has having excellent track record. Financial position of the company seems to be strong. Overall fundamentals of the company seems to be sound and healthy. The rating derives comfort from its established position as India’s largest integrated steel producer in India with captive iron ore mines, geographical diversity of sales and comfortable liquidity position backed by healthy cash and bank balance. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payment
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long-term Bond Programme-I : AAA |
|
Rating Explanation |
Have highest degree of safety and carry lowest credit risk. |
|
Date |
12.08.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short-term CP/ICD Programme : A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
12.08.2015 |
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
CONTACT NO.: 91-11-24367481 / 91-11-24367867
LOCATIONS
|
Registered / Corporate Office : |
Ispat Bhawan, Lodhi
Road, New Delhi – 110003, India |
|
Tel. No.: |
91-11-24367481
(14 lines) |
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Fax No.: |
91-11-24367015 |
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E-Mail : |
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Website : |
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Factory: |
IISCO Steel Plant, Burnpur – 713325, West Bengal, India |
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Factory : |
Integrated Steel
Plants
Special Steel
Plants
|
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Sail Refractory
Unit : |
Bokaro Steel City, Bokaro – 827004, Jharkhand, India |
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CMO Regional and
Zonal Offices : |
New Delhi
Chandigarh ·
Eastern
Region Kolkata
Mumbai
Indore
Chennai
Guwahati |
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CMO Branch Sales
Offices: |
F-10, Sector-2, Rourkela – 769006, Orissa, India |
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Other CMO Branch
Sales Offices : |
Northern Region: ·
Agra ·
Allahabad ·
Faridabad ·
Ghaziabad ·
Kanpur ·
Lucknow · New Delhi North-West
Region: ·
Chandigarh · Jalandhar City ·
Jammu ·
Ludhiana · Mandi Gobindgarh Eastern Region: ·
Bhubaneshwar ·
Bokaro ·
Kolkata ·
Dimapur ·
Durgapur ·
Guwahati ·
Patna Western Region: ·
Ahmedabad ·
Baroda ·
Mumbai ·
Nagpur ·
Pune Central Region: ·
Bhilai ·
Gwalior ·
Indore ·
Jabalpur ·
Jaipur ·
Kota Southern Region: ·
Bangalore ·
Belgaum ·
Chennai ·
Coimbatore ·
Hyderabad ·
Kochi ·
Tiruchirapalli ·
Vijayawada · Visakhapatnam |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Rakesh Singh |
|
Designation : |
Chairman and Managing Director – Additional Charge, Secretary, Ministry of Steel, Government of India |
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FUNCTIONAL
DIRECTORS |
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|
Name |
Mr. Anil Kumar Chaudhary |
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Designation : |
Director (Finance and personal (Additional
Charge)) |
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Name : |
Mr. S. S. Mohanty |
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Designation : |
Director (Technical and Projects and Business Planning (Additional Charge)) |
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Name: |
Mr. Binod Kumar |
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Designation : |
Director (Commercial) |
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Name: |
Mr. Kalyan Maity |
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Designation : |
Director (Raw Materials and Logistics) |
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GOVERNMENT
DIRECTORS |
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Name : |
Ms. Bharathi S. Sihag |
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Designation : |
Additional Secretary and Financial Adviser Ministry of Steel, Government of India |
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Name : |
Mr. Sunil Barthwal |
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Designation : |
Joint Secretary, Ministry of Steel, Government of India |
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INDEPENDENT
DIRECTORS |
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|
Name : |
Dr. Atmanand |
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Designation : |
Independent Director |
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Name : |
Mr. J.M. Mauskar |
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Designation : |
Independent Director |
KEY EXECUTIVES
|
Name: |
Mr. M.C. Jain |
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Designation : |
Company Secretary |
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CHIEF EXECUTIVE
OFFICERS (PERMANENT INVITEES) |
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Name : |
Mr. G.S. Prasad |
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Designation : |
Chief Executive Officer (Rourkela Steel Plant) |
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Name : |
Mrs. P.K. Singh |
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Designation : |
Chief Executive Officer (Durgapur Steel Plant) |
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Name: |
Mr. Anutosh Maitra |
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Designation : |
Chief Executive Officer (Bokaro Steel Plant) |
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Name: |
Mr. S. Chandrasekaran |
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Designation : |
Chief Executive Officer (Bhilai Steel Plant) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
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||
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(A) Shareholding of
Promoter and Promoter Group |
||
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|
|
|
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|
3097767449 |
75.00 |
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|
3097767449 |
75.00 |
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Total shareholding of
Promoter and Promoter Group (A) |
3097767449 |
75.00 |
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(B) Public Shareholding |
||
|
|
|
|
|
|
31963706 |
0.77 |
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|
142801274 |
3.46 |
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|
471434879 |
11.41 |
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|
231381927 |
5.60 |
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|
877581786 |
21.25 |
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|
|
|
|
|
17572078 |
0.43 |
|
|
|
|
|
|
95140639 |
2.30 |
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|
19539096 |
0.47 |
|
|
22776606 |
0.55 |
|
|
17689152 |
0.43 |
|
|
400 |
0.00 |
|
|
5087054 |
0.12 |
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|
155028419 |
3.75 |
|
Total Public shareholding
(B) |
1032610205 |
25.00 |
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Total (A)+(B) |
4130377654 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
147635 |
0.00 |
|
|
147635 |
0.00 |
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Total (A)+(B)+(C) |
4130525289 |
0.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and Seller of iron and steel products to the construction, engineering, power, railway, automotive, and defense industries, also provides GP and GC sheets, galvanealed steel, bars and rebars, Z-bars, MS archs, cold rolled stainless steel, hot rolled carbon and stainless steel products, micro-alloyed carbon steel, and alloy steel squares and rounds. |
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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 |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
45124 (Approximately) |
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Bankers : |
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Facilities : |
Long-term
Borrowings ( a ) Secured by charges ranking pari-passu inter-se, on all the present and future immovable property at Mouje-Wadej of City taluka, District Ahmedabad, Gujarat and Company's Plant and Machinery, including the land on which it stands, pertaining to IISCO Steel Plant (ISP). ( b ) Secured by charges ranking pari-passu inter-se, on all the present and future immovable property at Mouje-Wadej of City taluka, District Ahmedabad, Gujarat and Company's Plant and Machinery, including the land on which it stands, pertaining to Durgapur Steel Plant.( DSP ). ( c ) Redeemable in 12 equal yearly instalments of Rs. 140.000 Million each starting w.e.f 26th October 2014.Inastalment payable on 26th October 2014 has been shown in Other Current Liabilities. ( d ) Redeemable in 3 equal instalments of Rs.500 Million each on 15th September of 2014, 2019 and 2024. Installment payable on 15th September, 2014 has been shown in Other Current Liabilities. Redeemable in 5 equal yearly instalments starting w.e.f 25th May 2018. Short-term
borrowings (a) Secured by hypothecation of all Current Assets (b) The Company does not have any continuing default in
repayment of Loans and interest on the Balance Sheet date. |
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Auditors : |
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Name : |
O.P. Totla and Company Chartered Accountants |
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Name : |
B.N. Misra and Company Chartered Accountants |
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Name : |
Sharma Goel and Company LLP Chartered Accountants |
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Cost Auditors |
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Name : |
Sanjay Gupta and Associates Cost Accountants |
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Name : |
K.C. Kohli and Company Cost Accountants |
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Name : |
R.J. Goel and Company Cost Accountants |
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Secretarial Auditor |
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Name : |
Agarwal S. and Associates Company Secretaries |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Joint Venture: |
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CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,00,00,00,000 |
Equity Shares |
Rs.10/- each |
Rs.50000.000 Million |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,13,05,25,289 |
Equity Shares |
Rs.10/- each |
Rs.41305.300 Million |
Reconciliation of
equity shares at the end of the year
|
Particulars |
As at 31st March, 2015 |
|
|
- Equity shares
with voting rights |
Numbers |
Amount |
|
Shares outstanding at the beginning of the year |
4130071104 |
41300.711 |
|
Shares Converted into shares with Voting Rights during the year |
21050 |
0.210 |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
4130092154 |
41300.921 |
|
- Equity shares
without voting rights * |
|
|
|
Shares outstanding at the beginning of the year |
454185 |
4.541 |
|
Shares Issued during the year |
-- |
-- |
|
Shares Converted into shares with Voting Rights during the year |
21050 |
0.210 |
|
Shares outstanding at the end of the year |
433135 |
4.331 |
|
Name of Shareholder |
As at 31st March, 2015 |
|
|
|
No. of Shares held |
% of Holding |
|
President of India |
3097767449 |
75.00 |
|
LIC of India |
417717206 |
10.11 |
* (i) Represented by one Global Depository Receipt (GDR) issued @ US$ 29.55 each for an aggregate amount of US $ 125 million
(ii) All shares rank equally with regard to the repayment of capital in the event of liquidation of the company.
(iii) The Company does not have a holding company.
(iv) Details of the shareholders holding more than 5% of the shares in the company.
(v) 1,24,43,82,900 equity shares of Rs. 10 each (net of adjustment on reduction of capital) were allotted as fully paid up for consideration other than cash
(vi) The Company has neither issued bonus shares nor has bought back any shares during the last 5 years.
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 |
41305.300 |
41305.300 |
41305.300 |
|
(b) Reserves & Surplus |
393742.500 |
385358.200 |
368941.100 |
|
(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) |
435047.800 |
426663.500 |
410246.400 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
140255.600 |
136322.200 |
134855.500 |
|
(b) Deferred tax liabilities (Net) |
23951.900 |
20404.600 |
17285.300 |
|
(c) Other long term
liabilities |
12392.200 |
13813.000 |
12711.200 |
|
(d) long-term
provisions |
37053.400 |
39012.800 |
42041.600 |
|
Total Non-current
Liabilities (3) |
213653.100 |
209552.600 |
206893.600 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
141951.600 |
106344.800 |
80150.200 |
|
(b) Trade
payables |
36063.800 |
32053.400 |
33220.400 |
|
(c) Other
current liabilities |
140165.300 |
124785.100 |
86547.000 |
|
(d) Short-term
provisions |
26387.100 |
20219.500 |
25127.000 |
|
Total Current
Liabilities (4) |
344567.800 |
283402.800 |
225044.600 |
|
|
|
|
|
|
TOTAL |
993268.700 |
919618.900 |
842184.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
346584.000 |
252565.200 |
152346.300 |
|
(ii)
Intangible Assets |
15102.100 |
15141.300 |
15427.700 |
|
(iii) Capital
work-in-progress |
291958.200 |
336505.400 |
358908.500 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
9190.700 |
7202.000 |
7183.600 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
45072.500 |
38155.300 |
31651.700 |
|
(e) Other
Non-current assets |
538.300 |
1354.300 |
507.000 |
|
Total Non-Current
Assets |
708445.800 |
650923.500 |
566024.800 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
177363.700 |
152008.200 |
160082.100 |
|
(c) Trade
receivables |
31920.000 |
54822.800 |
44241.800 |
|
(d) Cash
and cash equivalents |
23052.400 |
28559.500 |
38503.500 |
|
(e)
Short-term loans and advances |
30563.300 |
11556.900 |
9906.900 |
|
(f) Other
current assets |
21923.500 |
21748.000 |
23425.500 |
|
Total
Current Assets |
284822.900 |
268695.400 |
276159.800 |
|
|
|
|
|
|
TOTAL |
993268.700 |
919618.900 |
842184.600 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
457107.800 |
466823.800 |
445982.600 |
|
|
|
Other Income |
10207.800 |
8986.100 |
9644.400 |
|
|
|
TOTAL (A) |
467315.600 |
475809.900 |
455627.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
185229.000 |
192711.600 |
211984.800 |
|
|
|
Purchase of Stock in Trade |
4.800 |
7.800 |
32.100 |
|
|
|
Power and Fuel |
0.000 |
0.000 |
0.000 |
|
|
|
Employee Benefits Expense |
97363.300 |
95785.100 |
86372.000 |
|
|
|
Other Expenses |
142053.200 |
131333.700 |
121608.100 |
|
|
|
Exceptional Items |
0.000 |
(10562.600) |
2293.200 |
|
|
|
Adjustments pertaining to Earlier Years |
882.300 |
(1500.800) |
(415.300) |
|
|
|
Changes in Inventories of Finished Goods, Work in Progress
and Stock in Trade |
(14081.200) |
8946.300 |
(20160.900) |
|
|
|
TOTAL (B) |
411451.400 |
416721.100 |
401714.000 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
55864.200 |
59088.800 |
53913.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
14542.300 |
9676.400 |
7476.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
41321.900 |
49412.400 |
46436.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
17732.800 |
17166.900 |
14029.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
23589.100 |
32245.500 |
32406.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2662.300 |
6080.700 |
10703.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
20926.800 |
26164.800 |
21703.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods(Calculated on FOB basis) |
15677.100 |
14969.600 |
11579.500 |
|
|
|
Other Income |
0.000 |
10562.600 |
0.000 |
|
|
TOTAL EARNINGS |
15677.100 |
25532.200 |
11579.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
120589.100 |
134046.200 |
128862.600 |
|
|
|
Stores, Spares and Components |
4191.500 |
4863.200 |
5083.500 |
|
|
|
Capital Goods |
5843.900 |
17068.000 |
13692.200 |
|
|
TOTAL IMPORTS |
130624.500 |
155977.400 |
147638.300 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
5.07 |
6.33 |
5.25 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
16770.100 |
10147.000 |
963.800 |
|
Cash generated from Operations |
32638.100 |
66473.800 |
33912.100 |
|
Net Cash from Operating Activities |
27441.200 |
58830.900 |
24044.800 |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2015 |
|
Unaudited |
|
|
1st Quarter |
|
Net Sales |
|
|
95028.000 |
|
Total Expenditure |
|
|
95844.900 |
|
PBIDT (Excl OI) |
|
|
(816.900) |
|
Other Income |
|
|
1742.500 |
|
Operating Profit |
|
|
925.600 |
|
Interest |
|
|
4430.400 |
|
Exceptional Items |
|
|
NA |
|
PBDT |
|
|
(3504.800) |
|
Depreciation |
|
|
4260.600 |
|
Profit Before Tax |
|
|
(7765.400) |
|
Tax |
|
|
(4549.000) |
|
Provisions and contingencies |
|
|
NA |
|
Profit After Tax |
|
|
(3216.400) |
|
Extraordinary Items |
|
|
NA |
|
Prior Period Expenses |
|
|
NA |
|
Other Adjustments |
|
|
NA |
|
Net Profit |
|
|
(3216.400) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
4.58 |
5.60 |
4.87 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
12.22 |
12.66 |
12.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.41 |
5.60 |
6.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.08 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.69 |
0.59 |
0.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.83 |
0.95 |
1.23 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
Market Value |
Rs.55.55/- |
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 |
41305.300 |
41305.300 |
41305.300 |
|
Reserves & Surplus |
368941.100 |
385358.200 |
393742.500 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
410246.400 |
426663.500 |
435047.800 |
|
|
|
|
|
|
long-term borrowings |
134855.500 |
136322.200 |
140255.600 |
|
Short term borrowings |
80150.200 |
106344.800 |
141951.600 |
|
Current Maturities of
Long Term Debt |
963.800 |
10147.000 |
16770.100 |
|
Total borrowings |
215969.500 |
252814.000 |
298977.300 |
|
Debt/Equity ratio |
0.526 |
0.593 |
0.687 |
%20-%20346283%2030-Oct-2015_files/image022.gif)
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 |
445982.600 |
466823.800 |
457107.800 |
|
|
|
4.673 |
(2.081) |
%20-%20346283%2030-Oct-2015_files/image024.gif)
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 |
445982.600 |
466823.800 |
457107.800 |
|
Profit |
21703.500 |
26164.800 |
20926.800 |
|
|
4.87% |
5.60% |
4.58% |
%20-%20346283%2030-Oct-2015_files/image026.gif)
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 |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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 |
LITIGATION DETAILS
$~46 * IN THE HIGH COURT OF DELHI AT NEW DELHI
+ O.M.P. 488/2015
MOHAN STEELS LIMITED ..... Petitioner
Through: Mr. Sriharsha Peechara with Mr. Atish Kumar Vatts, Advs.
versus
STEEL AUTHORITY OF INDIA(SAIL) ..... Respondent
Through: None.
CORAM:
HON'BLE MR. JUSTICE NAJMI WAZIRI
O R D E R % 21.09.2015
I.A. 19857/2015 (for exemption)
Allowed, subject to all just exceptions.
The application stands disposed off.
O.M.P. 488/2015
At the outset, the learned counsel for the petitioner seeks and is granted liberty to file additional documents. Let the same be done in the next four weeks. Let arbitral be summoned and digitised before the next date.
Renotify on 15.02.2016.
NAJMI WAZIRI, J
SEPTEMBER 21, 2015/acm
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Term Loans |
|
|
|
KFW, Germany |
3551.900 |
4582.200 |
|
Bank of Tokyo Mitsubishi |
4166.700 |
7989.300 |
|
Bank of Tokyo Mitsubishi |
8333.300 |
11984.000 |
|
Sumitomo Mitsubishi Banking Corp |
10184.000 |
15276.000 |
|
Natexis Banque |
179.600 |
242.200 |
|
State Bank of India |
0.000 |
3668.400 |
|
Mizuho Corporate Bank Limited |
8278.500 |
8278.500 |
|
Steel Development fund |
2041.600 |
2041.600 |
|
Short-term borrowings |
|
|
|
Other Loans and Advances |
|
|
|
Other Loans |
8000.000 |
0.000 |
|
Foreign Currency Loans |
68376.100 |
72995.900 |
|
Total |
113111.700 |
127058.100 |
|
Note : Long-term
Borrowings The soft basis of the loan was drawn in 3 tranches stated as 1(a), 1(b) and 1(c) at an interest rate of 8.75% p.a. The Interest on 1(a) is 0.75% p.a. and balance 8% is towards meeting Exchange fluctuation (4%) and Pollution control schemes (4%). In case of 1 (b) the Interest is 3.66% p.a. and balance 5.09% p.a. is towards periphery development. The Interest on 1(c) is 0.75% p.a. and the balance 8 % p.a. is towards meeting periphery development. The principal and interest is repayable half yearly. The loan is Guaranteed by Government of India. The loan is repayable in 3 equal yearly instalments on 11th March starting from 2015 at an interest rate of 6 month London Inter Bank Offered Rate (LIBOR) +1%. Interest is paid half yearly. The loan is repayable in 3 equal yearly instalments on 11th August starting from 2015 at an interest rate of 6 month LIBOR +1%. . Interest is paid half yearly. The loan is repayable in 3 equal yearly instalments on 16th November starting from 2015 at an interest rate of 6 month LIBOR +1.06%. Interest is paid half yearly. The loan is repayable by 2030. The principal and interest is paid half yearly, guaranteed by Government of India. The loan is at an interest rate of 6 month EURIBOR +1.24%. Interest is paid half yearly. Principal Repayable 3 yrs from the date of Bill of lading. The loan is repayable in 3 equal yearly instalments on 21st December starting from 2016 at an interest rate of 6 month LIBOR +1.75%. Interest is paid half yearly. Terms of Repayment is to be decided by SDF management Committee. |
||
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
(i) Claims against the Company pending appellate/judicial decisions : |
|
|
|
a) Excise Duty |
16679.300 |
13509.700 |
|
b) Sales Tax on inter-state stock transfers from plants to stockyards*. |
7393.300 |
7434.900 |
|
c) Other sales tax matters |
2301.400 |
1707.900 |
|
d) Income Tax |
11855.700 |
10288.500 |
|
e) Other duties, cess and levies |
29192.600 |
52747.600 |
|
f) Civil matters ** |
27767.900 |
19180.400 |
|
g) Entry Tax |
16476.500 |
14438.500 |
|
h) Miscellaneous ** |
25556.600 |
5610.900 |
|
* No liability is expected to arise, as sales tax has been paid on eventual sales. ** includes claims of Rs.474.300 Million (Rs.458.800 Million), against which there are counter-claims of Rs.280.600 Million (Rs.268.500 Million). |
||
|
|
|
|
|
(ii) Other claims against the Company not acknowledged as debt: |
|
|
|
a) Sales Tax |
166.000 |
193.300 |
|
b) Duties, cess and levies |
2618.900 |
2571.400 |
|
c) Civil Matters |
552.300 |
503.100 |
|
d) Miscellaneous $ |
95221.400 |
71162.200 |
|
$ includes claims of Rs.1009.400 Million (Rs.1009.400 Million), against which there are counter-claims of Rs.1039.500 Million (Rs.1039.500 Million). |
||
|
(iii) Disputed income tax/service tax/other demand on joint venture company for which Company may be contingently liable under the joint venture agreement |
315.900 |
303.900 |
|
(iv) Bills drawn on customers and discounted with banks |
4201.500 |
479.400 |
|
(v) Price escalation claims by contractors/suppliers and claims by certain employees, extent whereof is not ascertainable |
2462.500 |
312.800 |
FINANCIAL REVIEW
The Company achieved a turnover of Rs.506270.000 Million during 2014-15, which is lower by 2% over previous year, mainly on account of lower sales volume. The steel prices which were at a high in the beginning of Financial Year 2014-15, started falling gradually every month from September’2014 onwards. Towards the end of the Financial Year 2014-15, the steel prices reached at the lowest for the Financial Year. The Profit After Tax of the Company for the Financial Year was Rs.20930.000 Million as compared to Rs.26160.000 Million in the previous Financial Year, which included the one time receipt of Rs.10560.000 Million from M/s. Vale Australia Pty Limited.
The net profit of the Company for the year 2014-15 has been negatively impacted on account of stagnant saleable steel production and lower sales volume of saleable steel, higher salaries and wages, higher stores and spares expenditure, higher repairs and maintenance expenditure, increase in royalty on iron ore, increase in purchased power rate, higher usage of imported coal in the blend due to lower availability of indigenous coal, higher interest charges, higher depreciation due to capitalization of new facilities and reduction in interest earning on term deposits. The Management has taken various cost reduction measures like reduction in usage of external BF Coke, lower coke rate and energy consumption, higher CDI usage, etc. to offset the impact of adverse factors.
The Company continued its thrust on optimum utilisation of funds by better fund management. This included replacement of high cost short term loans with low cost debts, timely repayment of loans including interest, strategic parking of surplus funds with scheduled banks, actions for future fund raising etc. to meet the growth objectives. Further, the Company hedged the foreign currency risk on Buyer’s Credit and repayment of Externa Commercial Borrowings depending on market conditions. The Company had liquid assets of Rs. 20000.000 Million as on 31st March, 2015 invested in short term deposits with scheduled banks against borrowings of Rs. 298980.000 Million as on 31st March 2015. The debt equity ratio of the company increased to 0.69:1 as on 31st March 2015 from 0.59:1 as on 31st March 2014 mainly on account of increase in borrowings during the year. The net worth of company improved from Rs. 426660.000 Million as on 31st March 2014 to Rs. 435050.000 Million as on 31st March 2015 and this helped in generation of internal resources for funding expansion plans of SAIL. During the Financial Year 2014-15, the capital expenditure incurred was Rs. 68400.000 Million.
The Company paid interim dividend @ 17.5% of the paid-up equity share capital during the year. The Board of Directors has further recommended a final dividend @ 2.5% subject to approval of shareholders, thus making the total dividend @ 20% of the paid up equity share capital for the Financial Year 2014-15.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
World Economic
Environment
The Global economy is estimated to have grown at 3.4% in 2014 (IMF, WEO update April, 2015) - a growth similar to that in 2013. The projected growth rate for World economy for 2015 is 3.5%, based on a growth of 2.4% in the advanced economies and 4.3% in the emerging and developing economies.
The improvement in anticipated growth is on account of the optimistic outlook for advanced economies. The decline in crude oil prices which is likely to lead to a higher purchasing power in advanced economies is likely to boost Global growth for next two years or so by its positive impact on the oil importers. The growth in emerging markets and developing economies is projected to be lower, primarily reflecting weaker prospects for some large emerging market economies and oil exporting countries.
Amongst the advanced economies, US is expected to exceed 3% growth in 2015, while the other economies – specifically Japan – are expected to pick up, sustained by a weaker Yen and lower oil prices. The projected growth for Euro Zone and Japan for 2015 is 1.5% and 1.0% respectively.
The overall growth for emerging and developing economies for 2015 is projected to be slightly lower by 0.3% than that in 2014, and rise only in 2016 to 4.7%. The growth prospects for emerging and developing economies have been impacted by lower anticipated growth in China, especially as its investment growth declined in Q-4 of 2014. For Russia the outlook continues to look weak under the impact of low oil prices and continued geopolitical tensions. For the oil and commodity exporters in the developing countries, the recovery in growth would be delayed as the impact of lower commodity prices is likely to dent their medium term growth. IMF has forecast a growth of 6.8% for China for 2015 which will further drop to 6.3% in 2016.
World Steel Scenario
World crude steel production reached 1,665 million tonnes for the year 2014, marginally up by 1% compared to 2013. The growth was moderate in Asia and North America, while it was flat in Europe, largely on account of a negative growth of 2.8% in CIS countries. Annual production for Asia was 1,161 million tonnes of crude steel in 2014 (including 29 million tonnes from Middle East), an increase of 1.5% compared to 2013. In 2014, Asia continues to dominate the world steel with a 70% share in the total crude steel production output. China’s crude steel production remained flat with 1% growth. With 823 million tonnes steel production, China’s share of World crude steel production was almost 50% in 2014. South Korea’s crude steel production was 71 million tonne, a big jump of 7.5% compared to 2013. The European Union recorded a minor recovery of 1.7% compared to 2013, producing 169 million tonnes of crude steel in 2014.
Post Global financial crisis, Gross Domestic Product (GDP) growth for a majority of the World economies has shifted to a lower growth trajectory as compared to pre-crisis levels. At the same time, the steel industry’s perennial concern, overcapacity, has intensified due to economic slowdown in China, the largest steel consumer and accounting for almost half of Global steel consumption. Led by sluggish steel demand in China, the total Global steel consumption is expected to slow down with only 0.5% growth in 2015.
Indian Economic
Environment
The Indian Economy has been on the recovery path with GDP growth estimated at 7.3% for fiscal 2014-15, CPI inflation is at a low level of around 5% and fiscal deficit is around 4% of the GDP. Macro-economic stability has been restored and conditions have been created for durable higher economic growth in the coming years. The year has witnessed key policy reforms, aimed at aiding growth revival and overcoming the structural constraints in the economy. The advance estimates by Central Statistical Organisation, GoI, indicate that industrial growth has reversed the trend. Provisionally estimated growth of 6.1 per cent in 2014-15 indicates an emphatic improvement from 2.4 per cent and 4.5 per cent growth during 2012-13 and 2013-14 respectively. An impetus on investment in infrastructure will also act in the same direction.
For the Index of Industrial Production (IIP), 2014-15, the growth in the ‘Mining’, ‘Manufacturing’ and ‘Electricity’ sectors has been estimated to be at 1.4%, 2.3% and 8.4% respectively, which is higher than that observed in the same period last year. In terms of use-based classification, basic goods and capital goods witnessed marked improvement in growth during 2014-15. While the growth in intermediate goods remained sluggish, the consumer goods contracted in April-March 2014-15, particularly due to contraction in consumer durables sector.
IMF, in its latest outlook (April, 2015) has indicated that India’s growth trajectory will benefit from the Government’s commitment to reforms. Favourable situation on account of the reduced international prices of oil, benign inflationary outlook which could provide room to RBI for easing the monetary policy and the industry gradually gaining momentum point towards improved prospects for growth in 2015-16.
Indian Steel Scenario
India continues to hold its position as the 3rd largest steel making nation in the World in the current calendar year. During the year 2014-15, domestic crude steel production was 88.1 million tonnes, registering a growth of around 7.9% over the previous year. Further, finished steel production registered a growth of 3.3% during 2014-15. Due to adverse Global conditions, there has been a large inflow of imports, which surged by more than 70% in 2014 15, while overall domestic consumption registered a growth of 3.1% only. In case of carbon steel, the consumption growth remained almost flat at 0.5%. This has also manifested in a series of price cuts for the domestic steel industry during the year, leading to a squeeze on margins earned by steel producers. With the Government’s focus on manufacturing and industry coupled with spending on infrastructure (roads, rail and ports etc.), the demand for steel is projected to increase in the coming years.
OUTLOOK
For the Financial Year 2015-16, the thrust is on infrastructure sector, which will both spur domestic demand and ease supply side constraints. Setting up of 5 Ultra Mega Power Projects and announcement of similar projects for roads, rail and ports would also provide a thrust to the economy. Similarly, National Investment and Infrastructure Fund will help in easing the funds flow for the infrastructure sector. Further, in the Union Budget for 2015-16, ‘Make in India’ has got a boost by a slew of measures aimed at improving the ease of doing business in the Country. Small and medium industry – a major employment generator for the economy – has been liberated to participate in the Nation’s development in accordance with its potential. Measures such as Mudra Bank, technological facilitation agencies, etc. are likely to foster the entrepreneurial spirit and see emergence of numerous start-ups.
The issue of ‘ease of doing business’ has been addressed by the Finance Minister by introduction of measures such as Procurement Law, Public Contract Dispute Resolution Bill, Regulatory Reform Law, etc. Similarly a low and stable Corporate Tax regime without multiple exemptions will reduce litigations and improve business sentiments. Bold measures by the Government such as improved targeting of subsidy, broadening of the tax base and expected buoyancy in tax revenue are all aimed at achieving the fiscal consolidation which had been an area of concern in recent past.
INDEX OF CHARGE:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10582940 |
13/07/2015 |
4,200,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMNI MARG, |
C59692236 |
|
2 |
10582942 |
13/07/2015 |
6,700,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMNI MARG, |
C59693192 |
|
3 |
10550057 |
07/04/2015 * |
6,450,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMNI MARG, |
C51274850 |
|
4 |
10550716 |
07/04/2015 * |
5,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMNI MARG, |
C51276004 |
|
5 |
10541362 |
07/04/2015 * |
10,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMNI MARG, |
C51273779 |
|
6 |
10445797 |
21/03/2014 * |
8,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMNI MARG, |
C03816287 |
|
7 |
10407999 |
18/04/2013 * |
5,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMNI MARG, |
B74443508 |
|
8 |
10395101 |
18/04/2013 * |
3,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMNI MARG, |
B74443938 |
|
9 |
10373662 |
18/04/2013 * |
3,600,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMNI MARG, |
B74444290 |
|
10 |
10322416 |
16/05/2012 * |
4,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING, GROUND FLOOR, 17, R. KAMNI MARG, |
B40010092 |
* Date of charge modification
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2015
(RS. IN MILLION)
|
Particulars
|
|
|
Quarter Ended ( Unaudited) |
|
|
|
|
30.06.2015 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
Gross sales |
|
|
105523.800 |
|
Less : Excise Duty |
|
|
11688.400 |
|
a) Net sales/ Income from operation (net of excise duty) |
|
|
93835.400 |
|
b) Other operating income |
|
|
1192.600 |
|
Total
income from Operations(net) |
|
|
95028.000 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
|
|
48146.600 |
|
b) Purchases of stock in trade |
|
|
4.800 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
|
|
(11440.100) |
|
d) Employees benefit expenses |
|
|
24166.800 |
|
e) Depreciation and amortization expenses |
|
|
4260.600 |
|
f) Other expenditure |
|
|
21500.900 |
|
g) Power and Fuel |
|
|
13465.900 |
|
Total expenses |
|
|
100105.500 |
|
3. Profit from operations before other income and
financial costs |
|
|
(5077.500) |
|
4. Other income |
|
|
1742.500 |
|
5. Profit from ordinary activities before finance costs |
|
|
(3335.000) |
|
6. Finance costs |
|
|
4430.400 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
|
|
(7765.400) |
|
8. Exceptional item |
|
|
-- |
|
9. Profit from ordinary activities before tax
Expense: |
|
|
(7765.400) |
|
10.Tax expenses |
|
|
(4549.000) |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
|
|
(3216.400) |
|
12.Extraordinary Items (net of tax expense) |
|
|
-- |
|
13.Net Profit / (Loss) for
the period (11 -12) |
|
|
(3216.400) |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
|
|
41305.300 |
|
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): |
|
|
|
|
Basic and diluted EPS before Extraordinary items for the period, for
the year to date and for the previous year(not to be annualised) |
|
|
(0.78) |
|
Basic and diluted EPS after Extraordinary
items for the period, for the year to date and for the previous year(not to
be annualised) |
|
|
(0.78) |
|
Particulars
|
|
|
Quarter Ended ( Unaudited) |
|
|
|
|
30.06.2015 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
1032324705 |
|
- Number of shares |
|
|
24.99 |
|
- Percentage of shareholding |
|
|
|
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
|
|
- |
|
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 |
|
|
3097767449 |
|
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) |
|
|
75.00 |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
|
2 |
|
Receiving during the quarter |
|
|
2 |
|
Disposed of during the quarter |
|
|
4 |
|
Remaining unreserved at the end of the quarter |
|
|
0 |
NOTES TO FINANCIAL RESULTS:
1. The above results have been reviewed by the Audit Committee and taken on record by the Board of Directors in their Meeting held on 14th August, 2015.
2. The above results have been reviewed by the Statutory Auditors, as required under Clause 41 of the Listing Agreement.
3. The figures for the Quarter ended 31st March, 2015, are the balancing figures between the Audited figures in respect of full Financial Year ended 31st March, 2015 and the published year to date figures upto the 3rd Quarter ended 31st December, 2014.
4. Net Sales include sales to Government Agencies recognised on provisional contract prices during the Quarter ended 30th June 2015: Rs. 7519.500 Million (corresponding quarter of previous year: Rs. 8679.500 Million) and cumulatively upto 30th June, 2015: Rs. 104505.200 Million (upto the corresponding quarter of previous year: Rs. 77330.100 Million).
5. In accordance with Companies (Accounting Standards) Amendment Rules, 2009, relating to Accounting Standard – 11, notified on 31st March 2009 and amended from time to time, the foreign exchange fluctuation loss on long-term foreign currency loans of Rs. 668.700 Million (net debit) for the current quarter [Corresponding quarter of previous year - Rs. 11.06 million (net debit)], has been adjusted in the carrying cost of the Fixed Assets/ Capital Work-in-progress.
6. Based on technical opinion, the Company has revised the
useful lives of Plant & Machinery used in manufacture of steel, applicable
from 1st April, 2015. Consequently, loss for the quarter is lower by Rs.
838.900 Million.
7. Pending decision by the Hon’ble Supreme Court of India on levy of Entry Tax
in the States of Chhattisgarh, Odisha, and Uttar Pradesh, the Entry Tax
demands, under dispute, of Rs. 10880.600 Million, Rs. 3339.500 Million and Rs.
948.900 Million upto 30th June, 2015 (upto 31st March, 2015- Rs. 10843.200
Million, Rs. 3339.500 Million and Rs. 948.900 Million) respectively, have been
treated as contingent liabilities.
8. Pending decision by the various judicial authorities in the determination of the electricity tariff, claims of Rs. 4113.100 Million upto 30th June, 2015 (upto 31st March, 2015- Rs. 3935.900 Million) made by Damodar Valley Corporation in respect of electricity supplied to one of the Plants of the Company, have been treated as contingent liabilities
9. The Auditors, in their Audit Report on the Accounts of the Company for the Year ended 31st March, 2015, have brought out that the Company has not provided for:
a. Entry Tax amounting to Rs. 948.900 Million in the State of Uttar Pradesh, Rs. 10843.200 Million in the State of Chhattisgarh and Rs. 3339.500 Million in the State of Odisha;
b. Claims of Rs. 3935.900 Million by DVC for supply of electricity.
Further, at Salem Steel Plant of the Company, inventory includes estimated quantity of 9089 Tonnes of skull extractable from slag valued at Rs. 518.000 Million. The Auditors have qualified the valuation of skull as there is no separate distinguishable physical existence of skull.
In respect of items stated at (a) and (b) above, the Company’s views are that these cases are sub-judice and pending for adjudication before the various judicial authorities. The disputed demands, contested on valid and bonafide grounds, have been disclosed as contingent liabilities as it is not probable that present obligations exist as on 30th June, 2015. Therefore, there is no adverse impact on loss for the quarter. These cases are sub-judice since 31st March, 2012 and there is no change in the status of these cases till date.
In respect of 9089 tonnes of Skull extractable from Slag, the Company extracted 1124 MTs of Skull from Slag during the FY 2014-15. In the Current Quarter also, 945 MTs of Skull from Slag has been extracted. Therefore, physical existence of Skull has been established.
10. The figures of previous periods have been re-grouped, wherever necessary, so as to conform to the current Quarter’s classification.
FIXED ASSETS:
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Machinery
· Steel Plant
· Furniture and Fittings
· Vehicles
· Office Equipments
· Miscellaneous Articles
· Roads, Bridges and Culverts
· Water Supply and Sewerage
· EDP Equipments
· Railway Lines and Sidings
· Computer Software
WEBSITE DETAILS
NEWS / PRESS RELEASE
GOVT MAY HIKE IMPORT
DUTY ON COOL-ROLLED STEEL PRODUCTS
Oct 13, 2015,
The levy if approved by the Cabinet will be imposed on all imports coming in from countries like US, China, Korea, Thailand, Africa and European Union (EU) countries.
The government's doing all it can to safeguard the steel
sector for quite some time now and while the import duty on hot-rolled products
have already been hiked some time back, CNBC-TV18 has learnt that the Director
General of anti-dumping has now recommended an import duty hike on cool-rolled
stainless steel products, for the next 5 years.
The levy if approved by the Cabinet will be imposed on all imports coming in from countries like US, China, Korea, Thailand, Africa and European Union (EU) countries.
The move is definitely going to benefit companies like Jindal Stainless and SAIL.
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.65.15 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.71.25 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
78 |
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.