|
|
|
MIRA INFORM REPORT
|
Report No. : |
504445 |
|
Report Date : |
20.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
MAHAMAYA STEEL INDUSTRIES LIMITED (w.e.f. 28.01.2009) |
|
|
|
|
Formally Known
as : |
RAJESH STRIPS LIMITED (w.e.f. 28.08.1990) RAJESH STRIPS PRIVATE LIMITED |
|
|
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|
Registered
Office : |
B-8 and 9, Sector C, Urla Industrial Area, Sarora, Raipur – 492001,
Chhattisgarh |
|
Tel. No.: |
91-771-4006666 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
23.05.1988 |
|
|
|
|
Com. Reg. No.: |
33-004607 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 455.704 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27107CT1988PLC004607 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
22AABCR0695Q1Z0 |
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|
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TIN / CST No.: |
22611902253 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCR0695Q |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
|
|
|
|
Line of Business
: |
Manufacturer of MS strips, MS channels, MS Girders and MS Flats
of various sizes.
[Registered Activity] |
|
|
|
|
No. of Employees
: |
402 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Mahamaya Steel Industries Limited was incorporated in the year 1988. It is a manufacturer of sponge iron, power, steel, structures etc. For the financial year 2017, the company has reported a decline of 17.89% in its revenue as compared to the previous year but has managed to maintain an average profit margin of 1.30%. The satisfactory financial risk profile of the company is marked by healthy net worth base along with low debt balance sheet profile. As per the unaudited quarterly financials of December 2017, the company achieved revenue of INR 842.531 million along with a profit of INR 3.109 million. Rating takes into account the subject’s long established track record of business operations along with extensive experience of its promoters. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BB+ |
|
Rating Explanation |
Moderate risk of default |
|
Date |
27.02.2018 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk |
|
Date |
27.02.2018 |
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
31-03-2018.
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 20.04.2018
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 DENIED BY
|
Name : |
Mr. Rishikesh Dixit |
|
Designation : |
Finance Department |
|
Contact No.: |
91-9981997351 |
|
Date : |
17.04.2018 |
LOCATIONS
|
Registered Office/ Factory : |
B-8 and 9, Sector C, Urla Industrial Area, Sarora, Raipur – 492001, Chhattisgarh,
India |
|
Tel. No.: |
91-771-4006666 (30 Lines) / 2326601/ 02/ 03/ 04 |
|
|
91-9981997351 (Mr. Rishikesh Dixit) |
|
Fax No.: |
91-771-4006611/ 2324401 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Mahamaya Tower, Beside HDFC Bank Limited, G.E. Road, Raipur, Chhattisgarh, India |
|
Tel No : |
91-771-4265677 |
|
Fax No : |
91-771-4030984 |
DIRECTORS
AS ON 31.03.2018
|
Name : |
Mrs. Rekha Agrawal |
|
Designation : |
Director |
|
Address : |
C/O-Rajesh Strips Limited, 535/C, Urla Industrial Area, Raipur – 492001, Chhattisgarh, India |
|
Date of Birth/Age : |
22.03.1973 |
|
Qualification : |
B. Sc. |
|
Date of Appointment : |
19.06.2014 |
|
DIN No.: |
00597156 |
|
|
|
|
Name : |
Mr. Rajesh Agrawal |
|
Designation : |
Director |
|
Address : |
A-11/5, Sector-3, Udaya Society, Tatibandh, Raipur – 492001, Chhattisgarh, India |
|
Date of Appointment : |
01.10.2015 |
|
DIN No.: |
00806417 |
|
|
|
|
Name : |
Mr. Niraj Kansal |
|
Designation : |
Director |
|
Address : |
MIG-134 Tatibandh Raipur – 492001, Chhattisgarh, India |
|
Date of Appointment : |
27.09.2003 |
|
DIN No.: |
02513034 |
|
|
|
|
Name : |
Mr. Atul Garg |
|
Designation : |
Director |
|
Address : |
H.N. - 136, Pani Tanki, G. E. Road, Durg – 491001, Chhattisgarh, India |
|
Date of Appointment : |
30.01.2010 |
|
DIN No.: |
02822051 |
|
|
|
|
Name : |
Mr. Manish Kumar Agrawal |
|
Designation : |
Director |
|
Address : |
H-1, Farishta Complex, Raipur – 492001, Chhattisgarh, India |
|
Date of Appointment : |
30.01.2010 |
|
DIN No.: |
02822174 |
|
|
|
|
Name : |
Mr. Suresh Raman |
|
Designation : |
Director |
|
Address : |
A-116, Ward No.49, MPHB Colony, Kota, Raipur – 492010, Chhattisgarh, India |
|
Date of Birth/Age : |
20.04.1968 |
|
Date of Appointment : |
02.08.2016 |
|
Qualification : |
B. Com |
|
PAN No : |
ADBPR6477Q |
|
DIN No.: |
07562480 |
|
|
|
|
Name : |
Mr. Suresh Prasad Agrawal |
|
Designation : |
Additional Director |
|
Address : |
306, Ramkunj Sundar Nagar, Raipur – 492001, Chhattisgarh, India |
|
Date of Appointment : |
20.11.2017 |
|
DIN No.: |
01052928 |
KEY EXECUTIVES
|
Name : |
Mr. Suresh Raman |
|
Designation : |
Chief Financial Officer |
|
Address : |
A-116, Ward No.49, MPHB Colony, Kota, Raipur – 492010,
Chhattisgarh, India |
|
Date of Appointment : |
17.06.2017 |
|
PAN No.: |
ADBPR6477Q |
|
|
|
|
Name : |
Mrs. Jaswinder Kaur Mission |
|
Designation : |
Company Secretary |
|
Address : |
29/36, Vivekanand Colony, Near Shanti Nagar, Bhilai –
490023, Chhattisgarh, India |
|
Date of Appointment : |
04.01.2011 |
|
PAN No.: |
AMTPM5192Q |
|
|
|
|
Name : |
Mr. Rishikesh Dixit |
|
Designation : |
Finance Department |
SHAREHOLDING PATTERN
AS ON March 2018
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
9357721 |
68.96 |
|
(B) Public |
4212679 |
31.04 |
|
Grand Total |
13570400 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
A1) Indian |
|
0.00 |
|
Individuals/Hindu
undivided Family |
6772721 |
49.91 |
|
Ramanand Agrawal |
2540370 |
18.72 |
|
Rajesh Agrawal |
1754510 |
12.93 |
|
Rekha Agrawal |
895395 |
6.60 |
|
Ramanand Agrawal
HUF |
794700 |
5.86 |
|
Rajesh Agrawal
HUF |
698047 |
5.14 |
|
Anand Kumar
Agrawal HUF |
50000 |
0.37 |
|
Ravi Agrawal |
20000 |
0.15 |
|
Nitin Agrawal |
15000 |
0.11 |
|
Neha Agrawal |
4699 |
0.03 |
|
Any Other
(Specify) |
2585000 |
19.05 |
|
Abhshek Steel
Industries Limited |
1349000 |
9.94 |
|
Adept It Solutions
Private Limited |
636000 |
4.69 |
|
JSR Networks
Private Limited |
600000 |
4.42 |
|
Sub Total A1 |
9357721 |
68.96 |
|
A2) Foreign |
|
0.00 |
|
A=A1+A2 |
9357721 |
68.96 |
Statement showing shareholding pattern of the Public
shareholder
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
B1) Institutions |
0 |
0.00 |
|
Financial
Institutions/ Banks |
15988 |
0.12 |
|
Sub Total B1 |
15988 |
0.12 |
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
B3)
Non-Institutions |
0 |
0.00 |
|
Individual share
capital upto INR 0.200 million |
2123991 |
15.65 |
|
Individual share
capital in excess of INR 0.200 million |
867553 |
6.39 |
|
Manoj Roopchand
Jain |
200158 |
1.47 |
|
Any Other
(specify) |
1205147 |
8.88 |
|
HUF |
117473 |
0.87 |
|
Non-Resident
Indian (NRI) |
99391 |
0.73 |
|
Clearing Members |
214682 |
1.58 |
|
Bodies Corporate |
505301 |
3.72 |
|
Investor
Education & Protection Fund |
268300 |
1.98 |
|
Sub Total B3 |
4196691 |
30.93 |
|
B=B1+B2+B3 |
4212679 |
31.04 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of MS strips, MS channels, MS Girders and MS
Flats of various sizes.
[Registered Activity] |
||||||
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Products / Services
: |
|
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||||||
|
Brand Names : |
Not Divulged |
||||||
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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||||||
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Imports : |
Not Divulged |
||||||
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|
|
||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
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No. of Employees : |
402 (Approximately) |
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|
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|
Bankers : |
· UCO Bank, MID Corporate Branch, Raipur – 492001, Chhattisgarh, India · Andhra Bank, Fafadih Chowk, Raipur – 492001, Chhattisgarh, India |
|||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
R.K. Singhania and Associates Chartered Accountants |
|
Address : |
205, 1st Floor, Samta Colony, Raipur –
492001, India |
|
Tel No : |
91-771-2255744-45 |
|
Email : |
|
|
Website : |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associate Concerns
: |
· Abhishek Steel Industries Limited · Mahamaya Charitable Foundation |
|
|
|
|
Other Key
Executive: |
· Rajesh Agrawal HUF · Shri Ramanand Agrawal (HUF) |
|
|
|
|
Enterprise over
which Key management and their relatives exercise significant influence with
whom transactions have taken place during the year : |
· Shree Shyam Sponge and Power Limited · Antriksh Commerce Private Limited · Callidora Traders Private Limited · Mark Vision Multi Services Private Limited · Devi Iron and Power Private Limited · Escort Finvest Private Limited · Adept IT solutions Private Limited · JSR Networks Private Limited · Tirupati Steel Traders (Prop: Mahamaya Mines Private Limited) |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
INR 10/- each |
INR 150.000 Million |
|
3000000 |
Preference Shares |
INR 10/- each |
INR 30.000 Million |
|
42000000 |
8% Redeemable Non-Convertible Non-Cumulative Preference shares |
INR 10/- each |
INR 420.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 600.000
Million |
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13576000 |
Equity Shares |
INR 10/- each |
INR 135.760 Million |
|
32000000 |
8% Redeemable Non-Convertible Non-Cumulative Preference shares |
INR 10/- each |
INR 320.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 455.760
Million |
Subscribed & Paid-up
Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13570000 |
Equity Shares |
INR 10/- each |
INR 135.704 Million |
|
32000000 |
8% Redeemable Non-Convertible Non-Cumulative Preference shares |
INR 10/- each |
INR 320.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 455.704
Million |
Reconciliation
of the number of equity and preference share:
|
Reconciliation of the number of shares
outstanding at the beginning and at the end of the year: |
31.03.2017 |
31.03.2016 |
|
Equity Shares : |
|
|
|
(a) No of shares outstanding at the beginning
of the year |
13570400 |
13570400 |
|
No of shares outstanding at the end of the
year |
13570400 |
13570400 |
|
(b) 8% Redeemable Non-Cumulative
Non-Convertible Preference Shares : |
|
|
|
No of shares outstanding at the beginning
of the year |
32000000 |
32000000 |
|
No of shares outstanding at the end of the
year |
32000000 |
32000000 |
Number
of shares held by each shareholders holding more than 5% shares in the company:
|
Particulars |
Number of Shares at 31.03.2017 (Nos. In Lakhs) |
% of Holding as
at 31.03.2017 |
|
Equity Shares: |
|
|
|
Abhishek Steel Industries Limited |
13.49 |
9.94% |
|
Gulab Bai Agrawal |
- |
0.00% |
|
Rajesh Agrawal |
10.85 |
7.99% |
|
Ramanand Agrawal |
32.10 |
23.66% |
|
Rajesh Agrawal (HUF) |
6.98 |
5.14% |
|
Ramanand Agrawal (HUF) |
7.95 |
5.86% |
|
Rekha Agrawal |
8.95 |
6.60% |
|
Mahalaxmi Techno Cast Limited |
-- |
0.00% |
|
|
|
|
|
Preference Shares: |
|
|
|
Escort Finvest Private Limited |
231.75 |
72.42% |
|
Antriksh Commerce Private Limited |
88.25 |
27.58% |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
455.704 |
455.704 |
455.704 |
|
(b) Reserves & Surplus |
672.240 |
638.997 |
791.533 |
|
(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) |
1127.944 |
1094.701 |
1247.237 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
82.173 |
58.934 |
43.423 |
|
(b) Deferred tax liabilities (Net) |
92.549 |
94.562 |
61.821 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
3.295 |
4.028 |
4.585 |
|
Total Non-current
Liabilities (3) |
178.017 |
157.524 |
109.829 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
552.360 |
641.930 |
637.738 |
|
(b) Trade
payables |
15.895 |
69.156 |
40.394 |
|
(c) Other
current liabilities |
185.826 |
132.840 |
149.031 |
|
(d) Short-term
provisions |
8.852 |
8.377 |
7.975 |
|
Total Current
Liabilities (4) |
762.933 |
852.303 |
835.138 |
|
|
|
|
|
|
TOTAL |
2068.894 |
2104.528 |
2192.204 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
732.698 |
689.051 |
756.834 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
1.981 |
|
(iii)
Capital work-in-progress |
0.000 |
23.761 |
152.192 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
275.610 |
296.333 |
156.838 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
170.616 |
180.045 |
0.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1178.924 |
1189.190 |
1067.845 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
403.561 |
370.089 |
475.397 |
|
(c) Trade
receivables |
268.843 |
422.240 |
383.313 |
|
(d) Cash
and cash equivalents |
42.403 |
60.248 |
72.428 |
|
(e)
Short-term loans and advances |
163.542 |
37.666 |
173.916 |
|
(f) Other
current assets |
11.621 |
25.095 |
19.305 |
|
Total
Current Assets |
889.970 |
915.338 |
1124.359 |
|
|
|
|
|
|
TOTAL |
2068.894 |
2104.528 |
2192.204 |
PROFIT
& LOSS ACCOUNT [STANDALONE]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
2539.339 |
3092.631 |
2914.542 |
|
|
Other Income |
9.372 |
11.119 |
11.656 |
|
|
TOTAL |
2548.711 |
3103.750 |
2926.198 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1840.330 |
2379.091 |
2248.001 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(11.858) |
36.796 |
6.975 |
|
|
Employees benefits
expense |
59.547 |
57.319 |
55.019 |
|
|
Exceptional Items |
(18.131) |
(15.423) |
(2.605) |
|
|
Other expenses |
478.380 |
604.720 |
444.018 |
|
|
TOTAL |
2348.268 |
3062.503 |
2751.408 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
200.443 |
41.247 |
174.790 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
96.017 |
94.473 |
75.265 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
104.426 |
(53.226) |
99.525 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
65.385 |
66.569 |
67.032 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX
|
39.041 |
(119.795) |
32.493 |
|
|
|
|
|
|
|
Less |
TAX |
5.799 |
32.740 |
11.279 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
33.242 |
(152.535) |
21.214 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
80.269 |
232.805 |
211.591 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
113.511 |
80.269 |
232.805 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Components and
Spare Parts [Value includes expenses incurred up to the port] |
0.322 |
3.812 |
4.529 |
|
|
TOTAL IMPORTS |
0.322 |
3.812 |
4.529 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
2.45 |
(11.24) |
1.56 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
23.232 |
13.580 |
15.590 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operations |
59.672 |
251.884 |
109.254 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd Quarter |
|
Net sales |
553.650 |
545.550 |
842.530 |
|
Total Expenditure |
511.150 |
505.150 |
794.930 |
|
PBIDT (Excluding Other Income) |
42.500 |
40.400 |
47.600 |
|
Other income |
1.420 |
0.330 |
0.320 |
|
Operating Profit |
43.920 |
40.730 |
47.920 |
|
Interest |
26.080 |
25.310 |
25.750 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
17.840 |
15.420 |
22.170 |
|
Depreciation |
16.350 |
13.330 |
19.060 |
|
Profit Before Tax |
1.490 |
2.090 |
3.110 |
|
Tax |
(0.080) |
0.080 |
NA |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit after tax |
1.580 |
2.010 |
3.110 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
1.580 |
2.010 |
3.110 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
38.64 |
49.83 |
48.00 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
9.45 |
7.32 |
7.60 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
3.15 |
10.61 |
6.56 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.50 |
0.11 |
0.37 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.27 |
0.06 |
0.19 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.42 |
0.44 |
0.41 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.58 |
0.65 |
0.56 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.68 |
0.78 |
0.67 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.65 |
0.65 |
0.73 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.09 |
0.44 |
2.32 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
1.31 |
(4.93) |
0.73 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.61 |
(7.25) |
0.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
2.95 |
(13.93) |
1.70 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.17 |
1.07 |
1.35 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.64 |
0.64 |
0.78 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.55 |
0.52 |
0.57 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
1.44 |
1.57 |
1.53 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.17 |
1.07 |
1.35 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 67.60/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
455.704 |
455.704 |
455.704 |
|
Reserves & Surplus |
791.533 |
638.997 |
672.240 |
|
Net
worth |
1247.237 |
1094.701 |
1127.944 |
|
|
|
|
|
|
Long-Term Borrowings |
43.423 |
58.934 |
82.173 |
|
Short Term Borrowings |
637.738 |
641.930 |
552.360 |
|
Current Maturities of Long term debt |
15.590 |
13.580 |
23.232 |
|
Total
borrowings |
696.751 |
714.444 |
657.765 |
|
Debt/Equity
ratio |
0.559 |
0.653 |
0.583 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
2914.542 |
3092.631 |
2539.339 |
|
|
|
6.110 |
(17.891) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
2914.542 |
3092.631 |
2539.339 |
|
Profit/(Loss) |
21.214 |
(152.535) |
33.242 |
|
|
0.73% |
(4.93%) |
1.31% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
(1)Shareholders' Funds |
|
|
|
(a) Share Capital |
455.704 |
455.704 |
|
(b) Reserves &
Surplus |
716.784 |
677.178 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
1172.488 |
1132.882 |
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
(a) long-term borrowings |
82.172 |
58.934 |
|
(b) Deferred tax
liabilities (Net) |
92.549 |
94.562 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
|
(d) long-term provisions |
3.295 |
4.028 |
|
Total Non-current
Liabilities (3) |
178.016 |
157.524 |
|
|
|
|
|
(4) Current Liabilities |
|
|
|
(a) Short term borrowings |
552.360 |
641.930 |
|
(b) Trade payables |
15.895 |
69.156 |
|
(c) Other current
liabilities |
185.826 |
132.841 |
|
(d) Short-term provisions |
8.852 |
8.376 |
|
Total Current Liabilities
(4) |
762.933 |
852.303 |
|
|
|
|
|
TOTAL |
2113.437 |
2142.709 |
|
|
|
|
|
II.
ASSETS |
|
|
|
(1) Non-current assets |
|
|
|
(a) Fixed Assets |
|
|
|
(i) Tangible assets |
732.698 |
689.051 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
23.761 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
|
(b) Non-current
Investments |
320.154 |
334.514 |
|
(c) Deferred tax assets
(net) |
170.615 |
180.045 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
|
Total Non-Current Assets |
1223.467 |
1227.371 |
|
|
|
|
|
(2) Current assets |
|
|
|
(a) Current investments |
0.000 |
0.000 |
|
(b) Inventories |
403.561 |
370.089 |
|
(c) Trade receivables |
268.843 |
422.240 |
|
(d) Cash and cash
equivalents |
42.403 |
60.248 |
|
(e) Short-term loans and
advances |
163.542 |
37.666 |
|
(f) Other current assets |
11.621 |
25.095 |
|
Total Current Assets |
889.970 |
915.338 |
|
|
|
|
|
TOTAL |
2113.437 |
2142.709 |
PROFIT
& LOSS ACCOUNT [CONSOLIDATED]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
Income |
2539.339 |
3092.631 |
|
|
Other Income |
9.372 |
11.119 |
|
|
TOTAL |
2548.711 |
3103.750 |
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
Cost of Materials
Consumed |
1840.330 |
2379.091 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(11.858) |
36.797 |
|
|
Employees benefits
expense |
59.547 |
57.320 |
|
|
Exceptional Items |
(18.131) |
(15.424) |
|
|
Other expenses |
478.380 |
604.720 |
|
|
TOTAL |
2348.268 |
3062.504 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
200.443 |
41.246 |
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
96.017 |
94.473 |
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
104.426 |
(53.227) |
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
65.385 |
66.569 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
39.041 |
(119.796) |
|
|
|
|
|
|
Less |
TAX |
5.799 |
32.740 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
33.242 |
(152.536) |
|
|
|
|
|
|
|
SHARE OF (LOSSES) /
PROFIT FROM ASSOCIATES (NET) |
(16.031) |
-- |
|
|
|
|
|
|
|
CONSOLIDATED
PROFIT/(LOSS) FOR THE YEAR |
17.211 |
(152.536) |
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
|
|
|
Basic
|
1.27 |
0.00 |
|
|
Diluted |
1.27 |
0.00 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
COMPANY OVERVIEW:
The company a major
industry in the group is a 15 years young company, manufacturing steel
structures in the shape of Angles, Beams, Joist, Channels, Rounds, Flats,
Railway sleepers etc. It has high capacity structural rolling mills with
full-fledged supportive SMS. The company has many prestigious customers ranging
from BHEL, BHPV, MAHAGENCO, CSPDCL, TNEB, GETCO, MSPDCL, MPPDCL, ONGC,
RAILWAYS, RELIANCE, JINDAL etc. It is also conversion agent of SAIL, JINDAL.
The company is one of the few in the country who manufactures 600 MM joist and
250 MM angles. The company has kept pace with modern time, by continuously
modernizing its plant and equipment so that its product confires to
specification as required by different customers. The product are inspected by
world renowned inspection agencies like – BIS, TUV, DNV, BUREAU VARITAS, SGS,
LLOYDS, ABS, RDSO etc. The company is a public limited company incorporated and
domiciled in India and has its registered office at Raipur, Chhattisgarh. The
company is listed its shares on Bombay Stock Exchange Limited (BSE).
FINANCIAL PERFORMANCE
AND OPERATIONS:
During the Financial Year ended 31 March, 2017, the Company's Profit Before Tax stood at INR 39.041 Million against loss of INR 119.796 Million in the previous year and Company's Profit After Tax stood at INR 33.242 Million against loss of INR 152.536 Million in the previous year, thereby representing a very good growth during the year.
The Company made its debut on the National Stock Exchange
with effect from 1 July, 2016, listing on one of the premier stock exchanges is
a significant milestone for the Company. The listing of the company, on NSE,
was expected to enhance the visibility of the company's equity shares and also
provide liquidity for its existing and prospective investors.
MANAGEMENT
DISCUSSION & ANALYSIS REPORT
Subject manufactures MS
strips, MS channels, MS Girdersand MS Flats of various sizes. It is one of the
few companies in the country to manufacture 600 MM joist and 250 MM angles. The
Company has kept pace with modern time, by continuously modernizing its plant
and equipment so that its product confines to specification as required by
different customers. The Company's future performance is closely linked to
dynamic changes in the economy and global steel scenario. Here's a look at the
business environment and changing steel dynamics.
Global Economy:
As
per IMF, World GDP growth decelerated to 3.1% in 2016 as compared to 3.4% in
2015. The growth forecast for near future is optimistic with World GDP expected
to grow at 3.5% in 2017 and improve further to 3.6% in 2018.
Real
GDP Growth (%)
|
Year |
2015 |
2016 |
2017 (p) |
2018 (p) |
|
World |
3.4 |
3.1 |
3.5 |
3.6 |
|
Advanced
Economies |
2.1 |
1.7 |
2.0 |
2.0 |
|
Emerging
Markets |
4.2 |
4.1 |
4.5 |
4.8 |
All
numbers are in percentages
Advanced
Economies:
Global economic growth
slowed down with Advanced Economies' growth decreasing to 1.7% in 2016. The
Advanced Economies are expected to maintain around 2% growth rate till 2017 and
2018. This can be attributed to soft demand, unfavourable demographic trends
and low productivity growth.
It is important to note that the growth forecast
(for Advanced Economies) is uncertain in light of potential changes in the
policy stance of the United States under the new administration.
For other economies such as Germany, Japan, Spain
and United Kingdom, economic growth is expected to be better in coming years
than in 2016 primarily because of stronger than expected economic performance
in second half of 2016.
Emerging
Markets:
Given the situation
of Advanced Economies, majority of the global growth is expected to be driven
by Emerging Markets. Economic performance across emerging markets and
developing economies has remained mixed.
Whereas China managed more
than 6.5% growth due to continued policy support, activity has slightly slowed
in India, because of the impact of demonetisation in the later part of the
year. Further, Brazil is still mired in a deep recession and is expected to
return to positive growth in 2017. Activity remained weak in fuel and non-fuel
commodity exporters more generally, while geopolitical factors held back growth
in parts of the Middle East and Turkey.
Indian Economy: As per Ministry of
Statistics and Programme Implementation (MoSPI), Government of India's
Advance Estimates (AE),
Indian Gross Value Added (GVA) grew by 6.7% in FY 2016-17 as compared to FY
2015-16.
Due to Government's
continued efforts, India has maintained the "Ease of Doing Business
Rank" at 130th place in 2017 as compared to 131st in 2016 as per the World
Bank. Further Indian Government has set an aggressive target to achieve 90th
rank in Ease of Doing Business in 2018.
Going forward, India's
economy is expected to witness 7.3% growth in FY 2017-18. Here, Industry and
Services Sectors are expected to grow at 7.0% and 8.5% respectively. The
Agriculture Sector is expected to see decrease in growth to 3.5%.
Due to insufficient
irrigation, Indian Agriculture Sector is still largely dependent on monsoon. In
2017, as per Indian Meteorological Department (IMD), the monsoon seasonal
rainfall is likely to be 96% of the Long Period Average (LPA) i.e. near normal
rainfall. In 2016, monsoon rainfall was 97% of the Long Period Average (LPA).
World Steel Industry:
In 2016, World Crude Steel
production increased marginally by 0.8% to 1,628 Million MTs from 1615 Million
MTs in 2015.
In 2016, all the major
steel producing countries (except India and China) saw a decrease in crude
steel production. China, the leading producer of steel, contributed 49.6% of
the global output at 808.4 Million MTs in 2016, showing 1.2% growth over
previous year.
The European Union (EU)
recorded a decrease of 2.3% over 2015, producing 162.3 Million MTs of crude
steel.
Japan's crude steel
production decreased by 0.3% in 2016 to 104.8 Million MTs.
United States' crude steel
production was marginally lower by 0.3% at 78.6 Million MTs in 2016 as compared
to that in 2015.
India saw an
increase in crude steel production to 95.6 Million MTs in 2016 with 7.4% growth
over that in 2015.
Indian
Steel Industry:
As per World Steel Association, crude steel
production in India increased by 7.4% in 2016 as compared to 2015.
It is interesting to note that in 2016 India
clocked the highest growth in crude steel production amongst major steel
producing countries.
India has overall positive economic prospects due
to the Central Government's reform momentum and policies to increase
infrastructure and manufacturing output. Low oil prices are also benefitting
India as majority of India's crude oil is imported.
Even as Indian economy adjusts to the effects of
Demonetisation, the World Steel Association (WSA) in its short-range outlook
projected that steel demand growth (for finished steel) in India will be 6.1%
and 7.1% in 2017 and 2018 respectively - which is the highest amongst major
steel consuming nations.
Industry Profitability Outlook:
FY 2016-17 has been
a challenging year for Indian Steel industry with continued low profitability
due to sluggish demand, steel imports and highly leveraged balance sheets.
Going forward, the
industry profitability is expected to witness more challenges and risks as
follows:
- Increasing Iron Ore prices: NMDC's iron ore floor price for Iron Ore
Lumps and Fines have increased by around 34% and 36% between March, 2016
to April, 2017. Such steep increase in Iron ore prices has affected
negatively steel industry.
- Increasing Coke prices: Prices of Metallurgical Coke and Coking
Coal have increased by around 90% and 70% respectively between March, 2016
to April, 2017.
Further, in November, 2016, the Department of
Commerce has imposed an anti-dumping duty on Low Ash Metallurgical Coke at 25.2
USD/T and 16.29 USD/T for imports from China and Australia respectively.
Such anti-dumping duty coupled with rising global
Coke & Coking Coal prices has severely affected Indian steel Industry.
- Chinese overcapacity: As China shifts towards a consumption led economy, Chinese steel
industry will be forced to export more and more steel to maintain its
capacity utilisation. Further, there are doubts whether we will see
Chinese steel capacity decreasing in near future.
UNSECURED LOANS:
|
PARTICULARS |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
LONG TERM
BORROWINGS |
|
|
|
From Banks and Others Note: There is no default, as at the balance sheet date, in repayment of any of above Loans. |
33.458 |
56.864 |
|
|
|
|
|
SHORT-TERM
BORROWINGS |
|
|
|
From related parties |
0.000 |
10.000 |
|
Others Note: There is no default, as at the balance sheet date, in repayment of any of above Loans. |
50.316 |
13.888 |
|
|
|
|
|
Total |
83.774 |
80.752 |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER 2017
(INR In Million)
|
Particulars |
Quarter ended |
Nine Months ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
||
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
842.531 |
545.546 |
1941.727 |
|
Other Operating Income |
0.324 |
0.334 |
2.077 |
|
Total
Income from Operations |
842.855 |
545.880 |
1943.804 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
565.110 |
407.227 |
1399.216 |
|
Purchase of Stock in Trade |
0.544 |
7.675 |
8.219 |
|
Changes in inventories of finished goods and
work-in-progress |
8.654 |
14.380 |
(16.303) |
|
Excise Duty |
119.216 |
0.000 |
178.165 |
|
Employee benefits expense |
21.734 |
22.081 |
54.082 |
|
Finance Costs |
25.750 |
25.309 |
77.137 |
|
Depreciation and Amortization expenses |
19.059 |
13.327 |
48.735 |
|
Other Expenditure |
79.769 |
53.787 |
187.855 |
|
Total
Expenses |
839.836 |
543.786 |
1937.106 |
|
Profit / (Loss) before Tax |
3.109 |
2.094 |
6.698 |
|
Tax Expense |
0.000 |
0.081 |
0.000 |
|
Profit
/ (Loss) after Tax |
3.109 |
2.013 |
6.698 |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
135.704 |
135.704 |
135.704 |
|
Earnings
per Share (EPS) - INR |
0.23 |
0.15 |
0.49 |
NOTES:
1. The above results have been reviewed by the Audit Committee and taken on record by the Board of Directors in its meeting held on 12.02.2018.
2. The Statutory Auditors of the Company have carried out a Limited Review of the Result for the Quarter and Nine Months ended on 31st December,2017.The Management has exercised necessary due diligence to ensure that such financial results provide a true & fair view of the affairs of the Company.
3. The company is eligible for Electricity Duty Subsidy under the Industrial Policy of the State of Chhattisgarh. The application filed by the Company to the CGM, DIC is under process and presently pending before Commissioner of Industries for his approval. The order is expected to be issued soon. There is a reasonable certainty regarding ultimate collection of the same. The Company has recognized the subsidy as assets in the books of accounts in accordance with the provisions of Ind AS. During the current reporting period the Company has recognized an amount of INR 1.916 million as receivable during the said quarter. Total receivable amount is Rs.984.07 lacs as at 31st December, 2017.
4. The Company has adopted Indian Accounting Standard ("IND-AS") From 1st April, 2017 and accordingly these financial results have been prepared in accordance with the IND-AS prescribed under Section 133 of the companies Act 2013. Consequently, the results for the quarter and Nine Months ended on 31st December, 2016 have been restated to comply with IND-AS. Reconciliation of Net Profit reported.
4.1. Actuarial gains on re-measurement of Defined Benefit Plans have been classified under “Other Comprehensive Income” as per the requirements of Ind AS 19 “Employee Benefits”. However, there is no impact on “Total Comprehensive Income”.
4.2. The transaction costs paid for the term loans borrowed have been amortised over the period of the loan, as the loans are required to be carried at amortised cost as per Ind AS 109 Financial Instruments. Accordingly there is a net decrease in the Finance Cost.
4.3. The company has issued 8% Non-Cumulative Redeemable Preference Shares. Such shares being compound financial instruments have been bifurcated into debt of INR 183.000 million and equity of INR 237.000 million as per Ind AS 32 Financial Instruments: Presentation. Out of the debt component of INR 183.000 million, INR 95.800 million has been adjusted against the Preference Shares A/c and INR 87.200 million has been adjusted against Securities Premium A/c. The equity component of INR 237.000 million has been classified under the head "Other Equity”. The interest on debt component has been calculated in accordance with Ind AS 109 - Financial Instruments. Accordingly due to increase of INR 12.969 million in the Finance Cost, Company's nine months profit of INR 19.667 million get reduced to INR 6.698 million.
5. Deferred tax has been provided in full year audited accounts.
6. The company has only one Business Segment as per Ind AS 108 Operating Segments.
7. The previous period figures have been regrouped/ reclassified where ever necessary to make them comparable with the current years’ figures.
INDEX OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G68961127 |
100138031 |
AXIS BANK LIMITED |
07/11/2017 |
- |
- |
935000.0 |
2ND FLOOR, CHAWLA CHAMBERS,NEAR BUS STAND,
RAIPUR CT492007IN |
|
2 |
G45882016 |
100102961 |
HDFC BANK LIMITED |
31/05/2017 |
- |
- |
2000000.0 |
HOUSESNAPATI BAPAT MARG LOWER PARAL WEST
MUMBAI MH400013IN |
|
3 |
G01221001 |
10095835 |
UCO BANK |
18/03/2008 |
19/03/2016 |
- |
725000000.0 |
CRYSTAL TOWER (OPPOSITE MINOCHAL PETROL
PUMP), G.E. ROAD, TELIBHANDHA, RAIPUR CT492001IN |
|
4 |
G69078335 |
100016797 |
AXIS BANK LIMITED |
09/03/2016 |
- |
04/12/2017 |
1900000.0 |
2ND FLOOR, CHAWLA CHAMBERS, NEAR BUS STAND,
RAIPUR CT492007IN |
|
5 |
G45800422 |
100045849 |
ANDHRA BANK |
04/08/2016 |
- |
30/05/2017 |
20000000.0 |
FAFADIH CHOWK RAIPUR CT492001IN |
|
6 |
G45801156 |
10597549 |
AXIS BANK LIMITED |
15/09/2015 |
- |
22/05/2017 |
1960000.0 |
2ND FLOOR, CHAWLA CHAMBERSNEAR NEW BUS
STAND RAIPUR CT492007IN |
|
7 |
C50741594 |
10470364 |
UCO BANK |
24/12/2013 |
- |
26/03/2015 |
100000000.0 |
MID CORPORATE BRANCH, RAIPUR TELIBANDHA
RAIPUR CT492001IN |
|
8 |
C48028799 |
10483100 |
ANDHRA BANK |
19/02/2014 |
- |
26/03/2015 |
100000000.0 |
FAFADIHFAFADIH CHOWK RAIPUR CT492001IN |
|
9 |
C06694715 |
10064254 |
ANDHRA BANK |
06/07/2007 |
09/11/2013 |
05/06/2014 |
20000000.0 |
FAFADIHFAFADIH CHOWK RAIPUR CT492001IN |
|
10 |
B28889483 |
10142039 |
UCO BANK |
13/01/2009 |
- |
29/12/2011 |
302500000.0 |
MID CORPORATE BRANCH, RAIPUR
RAIPURCT492001IN |
|
11 |
A18095638 |
90205606 |
M. P. STATE INDUSTRIAL DEVELOPMENT
CORPOTATION LIMITED |
17/07/2000 |
- |
07/07/2007 |
10000000.0 |
AVN TOWER; PLOT NO. 192ZONE-1; M. P. NAGAR
BHOPAL MPIN |
|
12 |
A17143249 |
90201513 |
M. P. AUDYOGIK VIKAS NIGAM LIMITED |
28/02/1989 |
13/02/1991 |
14/06/2007 |
7000000.0 |
BHOPAL BHOPALMPIN |
|
13 |
A17143819 |
90202844 |
M. P. AUDYOGIK VIKAS NIGAM LIMITED |
29/03/1993 |
- |
14/06/2007 |
500000.0 |
PANCHANAN; 2ND FLOOR;MALVIYA
NAGARBHOPALMP462003IN |
|
14 |
A17143579 |
90201514 |
M. P. AUDYOGIK VIKAS NIGAM LIMITED |
10/03/1989 |
10/03/1989 |
14/06/2007 |
7000000.0 |
BHOPAL MPIN |
|
15 |
A17682956 |
90207691 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
22/09/1995 |
22/09/1995 |
12/06/2007 |
20000000.0 |
6; MALVIYA NAGAROPP. RAJ BHAWAN BHOPAL
MP462003IN |
|
16 |
A17639287 |
90203289 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
31/01/1997 |
09/12/1997 |
12/06/2007 |
80000000.0 |
IDBI TOWER; COLOBAMUMBAIMH400005IN |
|
17 |
A17682758 |
90203119 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
22/09/1995 |
- |
12/06/2007 |
20000000.0 |
OPP. RAJ. BHAWAN6; MALVIYA NAGAR BHOPAL
MP462003IN |
|
18 |
A17284019 |
90203387 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
04/11/1997 |
23/12/1997 |
12/06/2007 |
25000000.0 |
OPP. RAJ. BHAWAN6; MALVIYA NAGAR BHOPAL
MPIN |
|
19 |
A17283029 |
90203569 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
24/03/1999 |
- |
12/06/2007 |
25000000.0 |
IDBI TOWER COLABA MUMBAI MH400005IN |
|
20 |
A11284924 |
90201727 |
STATE BANK OF INDIA |
28/03/1998 |
- |
13/02/2007 |
211500000.0 |
INDUSTRIAL FINANCE BRANCH RAIPUR MPIN |
|
21 |
A10290286 |
90205901 |
ABHISHEK STEEL INDUSTRIES LIMITED |
19/03/2003 |
- |
01/02/2007 |
50000000.0 |
TATIBANDH RAIPUR MPIN |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
Income Tax Demand |
327.298 |
94.567 |
|
Sales Tax Demands under appeal |
0.498 |
0.498 |
|
Excise Duty liabilities under appeal and adjudication |
31.096 |
17.697 |
|
Outstanding Bank Guarantees |
33.156 |
17.825 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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 65.68 |
|
|
1 |
INR 93.98 |
|
Euro |
1 |
INR 81.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
NKT |
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--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.