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MIRA INFORM REPORT
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Report No. : |
503271 |
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Report Date : |
12.04.2018 |
IDENTIFICATION DETAILS
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Name : |
SHYAM METALICS AND ENERGY LIMITED (w.e.f. 05.01.2010) |
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Formerly Known
As : |
SHYAM D R I POWER LIMITED |
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Registered
Office : |
"Trinity Tower", 83, Topsia Road, 7th Floor,
Kolkata – 700046, West Bengal |
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Tel. No.: |
91-33-40164001 |
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Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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Date of
Incorporation : |
11.12.2002 |
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Com. Reg. No.: |
21-095491 |
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Capital
Investment / Paid-up Capital : |
INR 432.612 Million |
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CIN No.: [Company Identification
No.] |
U40101WB2002PLC095491 |
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IEC No.: [Import-Export Code No.] |
0204020948 |
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TIN No: |
19532549046 |
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GSTN : [Goods & Service Tax
Registration No.] |
19AAHCS5842A1ZE |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
AAHCS5842A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject engaged in manufacturing of
Ferro Alloys products such as Ferro Manganese, Silico Manganese, Ferro Chrome,
Iron and Steel products such as Sponge Iron, MS Billets, TMT Bar etc. (Registered activity and also confirmed by
management) |
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No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2002. It is a manufacturer and
exporter of steel and stainless steel, TMT bars, ferro alloys, sponge iron, MS
billets and blooms, etc. For the financial year 2016, the company has reported massive decline
in its revenue as compared to the previous year. However, it has managed to
maintain an average profit margin of 3.39%. The sound financial risk profile of the company is marked by adequate
net worth base along with strong debt protection metrics due to negligible
debt balance sheet profile. The ratings, however, remain constrained by project implementation
risk, profitability susceptible to volatility in raw-material prices, foreign
exchange fluctuation risk, working capital intensive nature of business and
cyclical nature of steel industry. Payments are reported to be usually correct.. In view of aforesaid, the company can be considered for business dealings
at usual trade terms and conditions. Note: As peer Registrar of Companies, the date of balance sheet i.e.
financials filed is shown as 31st march, 2017 but documents
related to the financials for the year 2017 are not available from any
sources. |
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long Term Borrowing (A+) |
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Rating Explanation |
Adequate degree of safety and low credit risk. |
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Date |
05.03.2018 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Borrowing (A1+) |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
05.03.2018 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 12.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Vikas Jain |
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Designation : |
Finance Head |
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Contact No.: |
91-9007813851 |
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Date : |
11.04.2018 |
LOCATIONS
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Registered Corporate Office: |
"Trinity Tower", 83, Topsia Road, 7th Floor,
Kolkata – 700046, West Bengal, India |
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Tel. No.: |
91-33-40164001 |
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Mob. No. |
91-9007813851 (Mr. Vikas Jain) |
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Fax No.: |
91-33-40164025 |
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E-Mail : |
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Website : |
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Factory : |
Village-Pandloi, Post Office Lapanga, District Sambalpur -
768 212, Odisha, India |
DIRECTORS
As on 31.03.2017
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Name : |
Mr. Brij Bhushan Agrawal |
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Designation : |
Managing director |
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Address : |
3-B, |
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Date of Birth/Age : |
13.09.1972 |
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Date of Appointment : |
11.12.2002 |
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PAN No.: |
ACGPA0365A |
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Qualification: |
B.com |
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DIN No.: |
01125056 |
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Name : |
Mr. Bajrang Lal Agarwal |
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Designation : |
Director |
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Address : |
CA – 54, Sector – I, |
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Date of Birth/Age : |
20.01.1951 |
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Date of Appointment : |
14.08.2010 |
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PAN No.: |
ACWP3142K |
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DIN No.: |
00235978 |
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Name : |
Mr. Sanjay Agarwal |
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Designation : |
Director |
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Address : |
CA – 54, Sector – I, |
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Date of Birth/Age : |
27.03.1976 |
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Date of Appointment : |
11.12.2002 |
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PAN No.: |
AJHPA0837H |
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Qualification: |
B.com |
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DIN No.: |
00232938 |
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Name : |
Mr. Deepak Kumar Agarwal |
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Designation : |
Whole-time Director |
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Address : |
33A, Chandra Nath Chatterjee Street,, Flat-1a, North Block, Kolkata – 700025, West Bengal, India |
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Date of Birth/Age : |
06.01.1974 |
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Date of Appointment : |
14.07.2014 |
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PAN No.: |
ADBPA4042Q |
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DIN No.: |
00560010 |
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Name : |
Mr. Bhagwan Shaw |
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Designation : |
Director |
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Address : |
27, Durga Bari Road, Kolkata-700028, West Bengal, India |
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Date of Birth/Age : |
20.01.1973 |
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Date of Appointment : |
07.03.2013 |
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PAN No.: |
ASIPS4461P |
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Qualification: |
B.com |
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DIN No.: |
03419298 |
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Name : |
Mr. Kiran Vimal Agarwal |
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Designation : |
Director |
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Address : |
4, Manavar Homes, Near Ring Road, Shilaj Bopal, Dascro,I Ahmedabad-380058, Gujarat, India |
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Date of Birth/Age : |
18.04.1967 |
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Date of Appointment : |
30.09.2014 |
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DIN No.: |
00424400 |
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Name : |
Mr. Dev Kumar Tiwari |
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Designation : |
Director |
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Address : |
Saraswati Vihar, Ambika Nagar, P.O Ainthapali, Sambalpur – 768004,
Orissa, India |
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Date of Birth/Age : |
01.01.1971 |
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Date of Appointment : |
10.04.2009 |
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PAN No.: |
ADKPT0309E |
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Qualification: |
B.com |
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DIN No.: |
02432511 |
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Name : |
Mr. Deepak Kumar Agarwal |
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Designation : |
Wholetime Director |
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Address : |
33A, Chandra Nath Chatterjee Street, Flat-1A, North Block, Kolkata-700025, West Bengal, India |
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Date of Appointment : |
14.0702014 |
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DIN No: |
00560010 |
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Name : |
Mr. Venkata Krishna Nageswara Rao Majji |
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Designation : |
Director |
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Address : |
Shree Ram Nagar, Garividi Vizianagaram, Visakhapatnam-535101, Andhra Pradesh, India |
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Date of Appointment : |
13.12.2014 |
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DIN No: |
07035891 |
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Name : |
Mr. Debashis Bandyopadhyay |
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Designation : |
Additional Director |
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Address : |
Shivam Regency, Flat No. 1-B, 219/1-A, Lake Gardens, Block-B Kolkata-700045, West Bengal, India |
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Date of Appointment : |
31.03.2017 |
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DIN No: |
07781241 |
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Name : |
Mr. Ashok Kumar Jaiswal |
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Designation : |
Additional Director |
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Address : |
43, Hindustan Park, Flat 3B, 3rd Floor, Kolkata-700029, West Bengal, India |
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Date of Appointment : |
16.01.2018 |
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DIN No: |
00545574 |
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Name : |
Mr. Yudhvir Singh Jain |
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Designation : |
Additional Director |
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Address : |
P-13, MIG Flats, Prasad Nagar, New Delhi-110005, India |
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Date of Appointment : |
16.01.2018 |
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DIN No: |
06507365 |
KEY EXECUTIVES
|
Name : |
Mr. Vikas Jain |
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Designation : |
Finance Head |
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Name : |
Mrs. Seema Sharma |
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Designation : |
Company Secretary in Whole Time Practice |
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Name : |
Mr. Neha Poddar |
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Designation : |
Secretarial Auditor |
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Address: |
129, Bangur Avenue, Block "A", Opposite Reliance Fresh, Kolkata – 700055, West Bengal, India |
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PAN No: |
AHYPG9472F |
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Date of Appointment : |
20.07.2016 |
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Name : |
Mrs. Sushmita Roy |
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Designation : |
Company Secretary |
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Address : |
Flat 1-D, Vikas Appartment, Ashwininagar, Baguiati, Kolkata – 700159, West Bengal, India |
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Date of Appointment : |
01.12.2016 |
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PAN No.: |
AVYPR2689D |
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Name : |
Mr. Shree Kumar Dujari |
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Designation : |
Chief Finance Officer |
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Address : |
27, Block-4, FL-12-E, Christopher Road, Kolkata Municipal Corporation, Tangra, Kolkata-700046, West Bengal, India N |
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Date of Appointment : |
01.04.2015 |
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PAN No.: |
ADSPD5171E |
MAJOR SHAREHOLDERS
As on 31.03.2017
|
Names of Shareholders |
No. of Shares |
|
Bajrang Lal Agarwal |
500 |
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Sanjay Kumar Agarwal |
6316 |
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Mahabir Prasad Agarwal |
505 |
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Brij Bhushan Agarwal |
4683964 |
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Mittu Agarwal |
226750 |
|
Subham Buildwell Private Limited, India |
14519450 |
|
Dorite Tracon (Private) Limited, India |
3039333 |
|
Kalpataru Housfin and Trading Private Limited, India |
1359000 |
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Narantak Dealcomm Limited, India |
10812668 |
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Subham Capital Private Limited, India |
8398954 |
|
Toplight Mercantiles Private Limited, India |
139750 |
|
Sonata Retails Private Limited |
1012595 |
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Sonata Traders private Limited, India |
1028135 |
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Sonata Dealtrade private Limited, India |
1044100 |
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Total |
46272020 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2017
|
Category |
Percentage |
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Promoters (Individual/Hindu Undivided Family – Indian) |
11.49 |
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Promoters (Body corporate) |
88.51 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject engaged in manufacturing of
Ferro Alloys products such as Ferro Manganese, Silico Managanese, Ferro
Chrome, Iron and Steel products such as Sponge Iron, MS Billets, TMT Bar etc.
(Registered activity and also confirmed by
management) |
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Products / Services
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Advance Payment, Cheque, L/C, Credit and RTGS (30 Days) |
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Purchasing : |
Advance Payment, Cheque, L/C, Credit and RTGS (30 Days) |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers: (From Indirect Sources) |
End Users
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No. of Employees : |
3000 (Approximately) |
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Bankers : |
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Facilities : |
Note: Long-term Borrowings Term Loan from banks carry interest rates in the range of 3.75% to 12% and are secured by way of equitable mortage of the immovable assets and first charge on the Company's fixed assets, both present and future, ranking pari - passu and second charge on the entire current assets of the company. Further, the term loans are guaranteed by four directors of the company and also corporate guarantee of certain companies. Short Term
Borrowings Cash credit borrowings (including buyers credit ) and working capital short term loan from banks are secured by a first charge on the entire current asset and second charge on the fixed assets of the company ranking pari-passu. Further the same is also granted by four directors of the Company and corporate guarantee of certain groups companies. |
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Auditors : |
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Name : |
S.K. Patodi and Company Chartered Accountants |
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Address : |
8/1-B, Chowringhee Lane, 4th Floor, Kolkata-700016, West Bengal, India |
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Income-tax
PAN of auditor or auditor's firm : |
ACCFS1217P |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Group Companies: |
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Associates: (As on 26.09.2017) |
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Joint Venture: (As on 26.09.2017) |
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Subsidiary: (As on 26.09.2017) |
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Indirect Subsidiary |
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Enterprise over
which key management personnel and/or their relatives have significant
influence |
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CAPITAL STRUCTURE
After on:
30.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
760000000 |
Equity Shares |
INR 10/- each |
INR 7600.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
|
|
46722020 |
Equity Shares |
INR 10/- each |
INR 467.220 Million |
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As on: 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
760000000 |
Equity Shares |
INR 10/- each |
INR 7600.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
43261228 |
Equity Shares |
INR 10/- each |
INR 432.612 Million |
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FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
432.612 |
434.895 |
378.462 |
|
(b) Reserves and Surplus |
7592.667 |
6819.680 |
6113.105 |
|
(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) |
8025.279 |
7254.575 |
6491.567 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1119.865 |
1650.575 |
2244.703 |
|
(b) Deferred tax liabilities (Net) |
124.827 |
207.284 |
252.901 |
|
(c) Other long-term
liabilities |
288.000 |
319.893 |
545.266 |
|
(d) long-term
provisions |
13.774 |
10.746 |
8.740 |
|
Total Non-current
Liabilities (3) |
1546.466 |
2188.498 |
3051.610 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
1618.185 |
1131.198 |
1838.740 |
|
(b) Trade
payables |
372.740 |
602.192 |
442.032 |
|
(c) Other
current liabilities |
801.528 |
874.213 |
1228.631 |
|
(d) Short-term
provisions |
38.491 |
32.490 |
57.308 |
|
Total Current
Liabilities (4) |
2830.944 |
2640.093 |
3566.711 |
|
|
|
|
|
|
TOTAL |
12402.689 |
12083.166 |
13109.888 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
4245.961 |
5102.811 |
5038.149 |
|
(ii)
Intangible Assets |
19.844 |
0.096 |
0.144 |
|
(iii) Tangible assets
capital work-in-progress |
1466.896 |
824.525 |
1624.217 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1710.372 |
1373.127 |
1382.602 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
992.915 |
532.821 |
397.044 |
|
(e) Other
Non-current assets |
12.888 |
0.318 |
0.000 |
|
Total Non-Current
Assets |
8448.876 |
7833.698 |
8442.156 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1117.965 |
1663.730 |
2025.218 |
|
(c) Trade
receivables |
755.600 |
497.118 |
595.715 |
|
(d) Cash and
bank balances |
360.454 |
757.858 |
773.598 |
|
(e)
Short-term loans and advances |
1701.951 |
1273.011 |
1209.631 |
|
(f) Other
current assets |
17.843 |
57.751 |
63.570 |
|
Total
Current Assets |
3953.813 |
4249.468 |
4667.732 |
|
|
|
|
|
|
TOTAL |
12402.689 |
12083.166 |
13109.888 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
8629.995 |
11681.335 |
9908.517 |
|
|
Other Income |
767.633 |
760.662 |
99.637 |
|
|
TOTAL |
9397.628 |
12441.997 |
10008.154 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
6206.906 |
7962.188 |
6300.747 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
346.639 |
175.775 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
285.407 |
99.454 |
97.302 |
|
|
Employee benefit expense |
303.840 |
303.239 |
230.276 |
|
|
CSR expenditure |
4.979 |
7.821 |
0.000 |
|
|
Other expenses |
1227.984 |
1555.031 |
1402.810 |
|
|
TOTAL |
8029.116 |
10274.372 |
8206.910 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1368.512 |
2167.625 |
1801.244 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
211.699 |
338.407 |
522.102 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1156.813 |
1829.218 |
1279.142 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
947.095 |
1166.468 |
821.630 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
209.718 |
662.750 |
457.512 |
|
|
|
|
|
|
|
Less |
TAX |
(82.459) |
(45.617) |
26.631 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
292.177 |
708.367 |
430.881 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
6.75 |
16.29 |
11.39 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
615.113 |
680.841 |
1015.781 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
1133.447 |
2754.724 |
1333.845 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
1084.379 |
2590.669 |
1253.233 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days [Sundry Debtors / Income * 365] |
|
31.96 |
15.53 |
21.94 |
|
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
|
11.42 |
23.50 |
16.63 |
|
|
|
|
|
|
|
Average Payment Days [Sundry Creditors /
Purchases * 365] |
|
21.92 |
26.45 |
24.91 |
|
|
|
|
|
|
|
Inventory Turnover [Operating Income /
Inventories] |
|
1.22 |
1.30 |
0.89 |
|
|
|
|
|
|
|
Asset Turnover [Operating Income / Net Fixed
Assets] |
|
0.24 |
0.37 |
0.27 |
LEVERAGE RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio [(Borrowing + Current Liabilities) / Total Assets] |
|
0.37 |
0.41 |
0.52 |
|
|
|
|
|
|
|
Debt Equity Ratio (Borrowings / NetWorth) |
|
0.42 |
0.48 |
0.79 |
|
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / NetWorth) |
|
0.35 |
0.36 |
0.55 |
|
|
|
|
|
|
|
Fixed Assets to NetWorth (Net Fixed Assets /
NetWorth) |
|
0.71 |
0.82 |
1.03 |
|
|
|
|
|
|
|
Interest Coverage Ratio [PBIT / Financial
Charges] |
|
6.46 |
6.41 |
3.45 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin [(PAT / Sales) * 100] |
(%) |
3.39 |
6.06 |
4.35 |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets)
* 100] |
(%) |
2.36 |
5.86 |
3.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) [(PAT / NetWorth)
* 100] |
(%) |
3.64 |
9.76 |
6.64 |
SOLVENCY RATIO
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio [Current Assets / Current Liabilities] |
|
1.40 |
1.61 |
1.31 |
|
|
|
|
|
|
|
Quick Ratio [(Current Assets - Inventories) /
Current Liabilities] |
|
1.00 |
0.98 |
0.74 |
|
|
|
|
|
|
|
G-Score Ratio Financial [NetWorth / Total
Assets] |
|
0.65 |
0.60 |
0.50 |
|
|
|
|
|
|
|
G-Score Ratio Debt [Debts / Equity Capital] |
|
7.75 |
7.96 |
13.47 |
|
|
|
|
|
|
|
G-Score Ratio Liquidity [Total Current
Assets / Total Current Liabilities] |
|
1.40 |
1.61 |
1.31 |
Total Liability =
Short-term Debt + Long-term Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[All figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
378.462 |
434.895 |
432.612 |
|
Reserves & Surplus |
6113.105 |
6819.680 |
7592.667 |
|
Net
worth |
6491.567 |
7254.575 |
8025.279 |
|
|
|
|
|
|
Long-term borrowings |
2244.703 |
1650.575 |
1119.865 |
|
Short term borrowings |
1838.740 |
1131.198 |
1618.185 |
|
Current maturities of
long-term debts |
1015.781 |
680.841 |
615.113 |
|
Total
borrowings |
5099.224 |
3462.614 |
3353.163 |
|
Debt/Equity
ratio |
0.786 |
0.477 |
0.418 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
9908.517 |
11681.335 |
8629.995 |
|
|
|
17.892 |
(26.122) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
9908.517 |
11681.335 |
8629.995 |
|
Profit/ (Loss) |
430.881 |
708.367 |
292.177 |
|
|
4.35
% |
6.06
% |
3.39
% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
|
III.
EQUITY
AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
432.612 |
434.789 |
|
(b) Reserves and Surplus |
10836.477 |
9864.435 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
|
(d) Minority interest |
3933.522 |
3355.734 |
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
11269.089 |
10299.224 |
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
(a) long-term borrowings |
3319.598 |
4521.218 |
|
(b) Deferred tax liabilities (Net) |
248.087 |
395.840 |
|
(c) Other long-term
liabilities |
933.332 |
1017.250 |
|
(d) long-term
provisions |
31.252 |
24.120 |
|
Total Non-current
Liabilities (3) |
4532.269 |
5958.428 |
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
(a) Short-term
borrowings |
2991.837 |
4143.941 |
|
(b) Trade
payables |
1389.798 |
1258.462 |
|
(c) Other
current liabilities |
2380.468 |
2028.337 |
|
(d) Short-term
provisions |
53.836 |
50.572 |
|
Total Current
Liabilities (4) |
6815.939 |
7481.312 |
|
|
|
|
|
TOTAL |
26550.819 |
27094.698 |
|
|
|
|
|
IV.
ASSETS |
|
|
|
(1) Non-current
assets |
|
|
|
(a) Fixed
Assets |
|
|
|
(i)
Tangible assets |
11908.824 |
12097.374 |
|
(ii)
Intangible Assets |
58.891 |
35.791 |
|
(iii) Tangible assets
capital work-in-progress |
3088.170 |
2799.779 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
|
(b) Non-current Investments |
860.968 |
551.286 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
1150.130 |
805.168 |
|
(e) Other
Non-current assets |
12.888 |
0.317 |
|
Total Non-Current
Assets |
17079.871 |
16289.715 |
|
|
|
|
|
(2)
Current assets |
|
|
|
(a)
Current investments |
479.748 |
285.767 |
|
(b)
Inventories |
3372.309 |
3897.818 |
|
(c) Trade
receivables |
1494.378 |
1427.278 |
|
(d) Cash and
bank balances |
717.324 |
1975.108 |
|
(e)
Short-term loans and advances |
2894.462 |
2655.620 |
|
(f) Other
current assets |
512.727 |
563.392 |
|
Total
Current Assets |
9470.948 |
10804.983 |
|
|
|
|
|
TOTAL |
26550.819 |
27094.698 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
Total
Revenue from operations |
17447.393 |
22400.628 |
|
|
Other Income |
997.292 |
866.383 |
|
|
TOTAL |
18444.685 |
23267.011 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
Cost of Materials
Consumed |
10971.069 |
13829.588 |
|
|
Purchases of
Stock-in-Trade |
147.683 |
659.030 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
273.162 |
388.540 |
|
|
Employee benefit expense |
489.235 |
547.233 |
|
|
CSR expenditure |
9.461 |
13.352 |
|
|
Other expenses |
3805.331 |
4125.384 |
|
|
TOTAL |
15695.941 |
19563.127 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
2748.744 |
3703.884 |
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
479.798 |
725.764 |
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2268.946 |
2978.120 |
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1898.266 |
2088.168 |
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
370.680 |
889.952 |
|
|
|
|
|
|
Less |
TAX |
(80.461) |
(118.195) |
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
451.141 |
1008.147 |
|
|
|
|
|
|
Add:
|
SHARE OF PROFIT
(LOSS) OF ASSOCIATES |
0.000 |
0.224 |
|
|
|
|
|
|
|
TOTAL PROFIT (LOSS)
FOR PERIOD |
451.141 |
1008.371 |
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
10.37 |
23.18 |
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 |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
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 |
No |
|
26 |
Turnover of firm for last two/ three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
MACRO-ECONOMIC
The Financial Year 2015-16 was a year of uncertainty with many surprises for the global markets. During the year, the global economy continued its modest pace of growth witnessing a GDP growth of around 3%. While the United States of America (USA) witnessed a mixed year, the Eurozone witnessed its highest growth (1.7%) since 2010. Growth in USA fell to 1.4% due to weak exports, lower domestic demand and decline in the non-residential investments. Growth in Japan fell significantly due to sharp drop in private consumption. Brazil, Middle-East and sub-Saharan Africa too fell short of expectations due to sharp fall in oil prices, decline in other commodity prices (especially metals) and geo-political/domestic conflicts. Fall in oil prices and geo-political disturbances have also affected Russia, which is already under recession. Global industrial production, particularly of capital goods, remained subdued in 2016 due to continuous depressed investment activity world-wide, primarily in energy and mining, coupled with the decline in China's manufacturing activity.
India was amongst the few bright spots and is one of the fastest growing major economies with a GDP growth rate of 7.6% in the Financial Year 2015-16 (a five year high). The growth is supported by various factors such as infrastructure development, industrial sector performance and moderate interest rates.
ECONOMIC OUTLOOK
According to the International Monetary Fund (IMF), the global economy is expected to grow at approximately 3.2% in 2016. USA is showing signs of strong fundamentals (low unemployment, consumer spending etc.), which continue to support recovery. Asia contributed on an average two-thirds to the global economic growth in the past few years and is expected to continue driving this growth in 2016. Japan is expected to remain steady while China is expected to witness a marginal slowdown in growth. Prospects of higher growth in Financial Year 2016-17 are primarily dependent upon the economic performance of developing and emerging economies, especially India, as they continue to be the engine of global growth. Sustainable development, as envisaged by the IMF, may require global economies to adopt measures to improve labour markets, decrease debt and income inequality while addressing key issues like demographic shifts and climate change.
India is expected to continue its growth momentum in Financial Year 2016-17 on the back of robust manufacturing sector growth. Further, various measures such as 'Make in India', 'Smart Cities', 'Digital India' that the Government has been taking in the last couple of years are beginning to show results and the gradual implementation of structural reforms will continue to broaden and contribute towards higher growth.
STEEL INDUSTRY
OVERVIEW
During the year, global steel demand stood at 1.5 billion tonnes, a decline of approximately 2.5% compared to the previous year. This drop has cast a shadow on the global growth. The steel demand in China was lower by 5.4% as compared to Financial Year 2014-15. Current forecasts suggest that the demand would fall by 4% in Financial Year 2016-17 and by 3% in Financial Year 2017-18. Also, the demand was significantly lower in other countries such as - Brazil by 16.7%, USA by 10.6%, Russia by 8.4% and Japan by 7%. For Financial Year 2015-16, the global crude steel production stood at 1,622.8 million tonnes, a decline of 2.8% compared to the previous year. The Indian steel industry is the third largest producer of crude steel, only behind China and Japan. In India, the growth in production was driven by capacity expansion from approximately 80 million tonnes in Financial Year 2010-11 to 110 million tonnes in Financial Year 2014-15, a CAGR growth of 8%. During Financial Year 2015-16, the total steel demand stood at 80 million tonnes growing at 4.5% over the previous year. During the year, India continued to witness significant level of imports to the tune of 10 million tonnes as against 13 million tonnes last year, while initiatives like the safeguard duty and minimum import price have provided some relief to predatory pricing being followed by the exporting countries.
The continuous rebalancing of the Chinese economy has depressed the manufacturing sector, particularly related to metal products. Exports from other developing and developed countries have declined due to muted demand in China. Likewise, steel demand in some emerging economies remained bleak owing to worsening of external environment on account of weak exports, low commodity prices, currency devaluation, capital outflows and other geo-political issues. Ongoing recession in a number of large emerging economies and difficult macroeconomic environments (including that of China), weaker terms of trade with tighter external financial conditions will continue to be causes of concern.
In the backdrop of the above environment, India's prospects seem bright with the Government of India taking several policy measures to support manufacturing, infrastructure and foreign investment. As per WSA, steel demand in the emerging and developing economies (excluding China) is expected to grow by 1.8% and 4.8% respectively in 2016.
OPERATIONAL REVIEW
The Company is engaged in the business of manufacturing value added products including Ferro Chrome, Ferro Manganese, Silico Manganese, Pig Iron, Angle, Channel, Beam, TMT Bars, H.T. Billet, Special Steel Billet, M.S. Billets, Sponge Iron and Iron Pellet. In addition, the company generates power mainly for captive use and also exports surplus power to GRIDCO. During the year the revenue of the company has declined by 26.12% i.e from INR 11681.335 million during the FY'2014-15 to INR 8629.995 million in the FY'2015-16 due to fall in Global Steel Prices leading to predatory imports from China. The operating margins reduced to INR 1368.511 million in the FY'2015-16 from INR 2167.625 million in the previous year. The PBT decreased to INR 209.718 million for the FY'2015-16 from INR 662.750 million in the previous year. PAT decreased from INR 708.367 million during the previous financial year to INR 292.177 during the FY'2015-16. The Net Worth of company increased from INR 7254.575 million as on 31st March, 2015 to INR 8056.138 million as on 31st March, 2016 not due to increase in net profit but due to Share Capital Suspense Account.
The production of Iron Pellet was 542,344 MT compared to 615,835 MT. in the previous year. The production of Sponge Iron was 172,289 MT. compared to 194,528 MT. in the previous year. The production of Billet was 77,284.65 MT. compared to 90,031.88 MT. in the previous year. The production of TMT Bars was 50,761.44 compared to 50,220.71 MT. in the previous year. The production of Pipe was 13,005.39 MT. compared to 7,997.72 MT. in the previous year. The production of Ferro Manganese was 3264.43 MT. compared to 6,127.40 MT. in the previous year. The production of Silico Manganese was 13583.39 MT. compared to 28,665.92 MT. in the previous year. The production of Ferro Chrome was 28969.93 MT. compared to 13,988.33 MT. in the previous year.
The captive power generated during the year was 346264379 units. The Company has 6 wind power plants in Maharashtra and during the year 6.80 million units were generated against 7.05 million units during the previous year.
CORPORATE INFORMATION
The Company, subject the company, having its registered office at “Trinity Tower, 83, Topsia Road, 7th Floor, Kolkata-70046, West Bengal, India” was incorporated in 2002. It has factory located at Village-Pandloi, Post Office Lapanga, District Sambalpur - 768 212, Odisha, India” It is engaged in manufacturing of Ferro Alloys products such as Ferro Manganese, Silico Managanese, Ferro Chrome, Iron and Steel products such as Sponge Iron, MS Billets, TMT Bar etc. and also having its own private Railway Siding along with Captive Power Plant at the same premises.
AMALGAMATIONS
a) Pursuant to to the Scheme of Amalgamation as approved by the shareholders of the company and the Hon'ble High Court of Calcutta by an Order dated 03.10.2016, all the assets and liabilities of 1) Amazing Vinimay Private Limited (AVPL) and 2) Inforev Software Private Limited (ISPL) have been transferred to and vested in the Company from 1st April, 2015 at their respective book values. b) The amalgamating companies AVPL and ISPL were engaged in the investment business.
NOTE: Registered office of the company has been shifted from “29, Ganesh Chandra Avenue, 1st Floor, Kolkata – 700013, West Bengal, India, India” to the present address w.e.f. 23.02.2010.
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G48202485 |
100109048 |
State Bank of India |
20/06/2017 |
- |
- |
2500000000.0 |
Commercial Branch, Kolkata24, Park StreetKolkataWB700016IN |
|
2 |
G16264319 |
100055630 |
THE SOUTH INDIAN BANK LIMITED |
23/09/2016 |
- |
- |
200000000.0 |
CORPORATE BRANCHOSWAL CHAMBERS, 2 CHURCH LANE,KOLKATAWB700001IN |
|
3 |
G18346676 |
100056902 |
UNION BANK OF INDIA |
23/09/2016 |
- |
- |
750000000.0 |
Industrial finance Branch1/1, Camac Street, 1st FloorKolkataWB700016IN |
|
4 |
G12204087 |
100050628 |
State Bank of India |
12/09/2016 |
- |
- |
800000000.0 |
Commercial Branch, Kolkata24, Park StreetKolkataWB700016IN |
|
5 |
C76703347 |
10615075 |
Axis Bank Limited |
29/12/2015 |
- |
- |
1653000.0 |
501, Center Point, Narula ComplexKharavel Nagar, Unit-3BhubaneswarOR751001IN |
|
6 |
C04538237 |
10494689 |
State Bank of India |
28/02/2014 |
- |
- |
1952600000.0 |
Commercial Branch, Kolkata24, Park StreetKolkataWB700016IN |
|
7 |
B93206126 |
10469342 |
UNION BANK OF INDIA |
20/12/2013 |
- |
- |
750000000.0 |
Industrial Finance Branch1/1, Camac Street, 1st FloorKolkataWB700016IN |
|
8 |
B84620996 |
10448154 |
UNION BANK OF INDIA |
21/08/2013 |
- |
- |
320000000.0 |
Industrial Finance Branch1/1, Camac Street, 1st FloorKolkataWB700016IN |
|
9 |
B82307935 |
10443455 |
HDFC BANK LIMITED |
16/08/2013 |
- |
- |
1350000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
10 |
G48203269 |
10393788 |
State Bank of India |
05/12/2012 |
20/06/2017 |
- |
5520000000.0 |
Commercial Branch, Kolkata24, Park StreetKolkataWB700016IN |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2016 (INR
in Million) |
31.03.2015 (INR
in Million) |
|
Claims against company not acknowledged as debt |
173.034 |
147.911 |
|
Guarantees |
160.922 |
185.201 |
|
Other money for which company is contingently liable |
226.085 |
813.385 |
FIXED ASSETS
- Land
- Building
- Furniture and
Fixture
- Computer
- Plant and
Machinery
- Office
Equipment
- Vehicle
- Computer
Accessories
- Computer
Software
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
|
INR |
|
US Dollar |
1 |
INR 64.13 |
|
|
1 |
INR 92.52 |
|
Euro |
1 |
INR 50.59 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKY |
|
|
|
|
Analysis Done by
: |
PYK |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.