|
|
|
MIRA INFORM REPORT
|
Report No. : |
490491 |
|
Report Date : |
08.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
PANCHMAHAL STEEL LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 117, GIDC Industrial Estate, Kalol, District Panchmahal –
389330, Gujarat |
|
Tel. No.: |
91-2676-304777 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
12.09.1972 |
|
|
|
|
Com. Reg. No.: |
04-002153 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 190.783 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27104GJ1972PLC002153 |
|
|
|
|
IEC No.: |
0888017235 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDP01051B |
|
|
|
|
GSTIN: |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCP2643Q |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The subject is primarily engaged in the Manufacture and Exporter of Stainless Steel Long Products in the form of Wire Rods, Bars and Wires, which find application in a wide range of applications in Engineering, Construction and Infrastructure, Automotive and Railways, Consumer Durables, Food Processing and Dairy Industry, Housing and Pharmaceuticals. (Registered Activity and also Confirmed by management) |
|
|
|
|
No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow and Delayed |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Panchmahal Steel Limited is a stainless steel products manufacturing company. The company was incorporated in 1972 and is based in Kalol, Gujarat. It is having moderate track records. For the financial year ended 2017, the company has witnessed a growth
in its revenue. However, reported low profit margin of at 0.09% (approx.) The rating also takes into consideration high working capital
intensity of PSL’s operations, susceptibility of its profitability to
volatile raw material prices and foreign exchange rate fluctuations, and its
presence in an intensely competitive and cyclical steel processing industry. Further, the company has also reported losses from its quarter ended
financials. Payments terms are reported as slow and delayed. The company can be considered for business dealings with some caution. Note : The company was found under RBI defaulter list and has defaulted with
Unit Trust of India Limited in the year 2002, but the updated data for the
same could not be made available. |
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 (30.06.2017) |
Current Rating (30.09.2017) |
|
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 Rating: BB+ |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
22.08.2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating: A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk |
|
Date |
22.08.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under:
|
Borrowers’ Name : |
Panchmahal Steel Limited |
|
Address : |
GIDC Industrial Estate, District Panchmahal, Kalol – 389330, Gujarat,
India |
|
Name of Individual : |
Ashok Malhotra |
|
Name of Credit Grantors / Bank & Branch: |
Mumbai |
|
Amount (INR In Millions) : |
INR 41.500 Million |
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 08.02.2018
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
|
Name : |
Mr. Pradip Harikrishan Gupta |
|
Designation : |
Chief finance officer |
|
Contact No.: |
91-2676-304777 |
|
Date : |
05.02.2018 |
LOCATIONS
|
Registered Office / Factory: |
Plot No. 117, GIDC Industrial Estate, Kalol, District Panchmahal –
389330, Gujarat, India |
|
Tel. No. : |
91-2676-304777 |
|
Fax No. : |
91-2676-304888 / 304889 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
"Landmark", 7th Floor, Race Course Circle, Vadodara -
390007, Gujarat, India |
|
Tel. No.: |
91-265-3051777 |
|
Fax No.: |
91-265-3051705 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Milan Pravinchandra Shah |
|
Designation : |
Director |
|
Address : |
16, Jivanprakash Society, St. Xaviers' High School Road, Navrangpura, Ahmedabad-380014, Gujarat, India |
|
Date of Appointment : |
01.09.2006 |
|
DIN No.: |
00012088 |
|
|
|
|
Name : |
Mr. Ashok Ramlubhaya Malhotra |
|
Designation : |
Chairman Managing Director |
|
Address : |
Plot No. 74, Survey No. 32, Block#27-28, TP Scheme I, Behind Akashvan Complex, Gotri-Sevasi Road, Vadodara-391101, Gujarat, India |
|
Date of Birth/Age : |
27.08.1952 |
|
Qualification : |
B. Com |
|
Experience : |
43 Years |
|
Date of Appointment : |
14.11.2014 |
|
DIN No.: |
00120198 |
|
|
|
|
Name : |
Mr. Amal Dattkumar Dhru |
|
Designation : |
Director |
|
Address : |
3, Brahmin Mitra Mandal Society, Mangaldas Road, Ellisbridge, Ahmedabad-380006, Gujarat, India |
|
Date of Appointment : |
30.01.2004 |
|
DIN No.: |
00165145 |
|
|
|
|
Name : |
Mr. Nilesh Bansilal Mehta |
|
Designation : |
Director |
|
Address : |
203, Tulsi Villa, Poddar Road, Santacruz (West), Mumbai-400054, Maharashtra, India |
|
Date of Appointment : |
26.12.1997 |
|
DIN No.: |
00199071 |
|
|
|
|
Name : |
Ms. Suchita Bhavik Shah |
|
Designation : |
Director |
|
Address : |
10, Vaikunth Bunglows, Gotri Road, Vadodara-390021, Gujarat, India |
|
Date of Birth/Age : |
22.12.1952 (65 Years) |
|
Qualification : |
B.A. |
|
Experience : |
35 Years |
|
Date of Appointment : |
31.03.2015 |
|
DIN No.: |
00427169 |
|
|
|
|
Name : |
Mr. Pradeep Ramrichpal Sharma |
|
Designation : |
Whole-Time Director |
|
Address : |
Plot No. 5, Amrakunj Society, Ellora Park, Vadodara-390007, Gujarat, India |
|
Date of Birth/Age : |
01.10.1964 (53 Years) |
|
Qualification : |
B. Com, L.L. B |
|
Date of Appointment : |
26.10.2005 |
|
DIN No.: |
00705862 |
KEY EXECUTIVES
|
Name : |
Mr. Deepak Ramakant Nagar |
|
Designation : |
Secretary |
|
Address : |
A-8, Shivpuri Housing Society, Opposite Vrundavan Township, Vasna, Vadodara-390015, Gujarat, India |
|
Date of Appointment : |
08.12.2003 |
|
PAN No.: |
ABGPN3814J |
|
|
|
|
Name : |
Mr. Pradip Harikrishan Gupta |
|
Designation : |
Chief finance officer |
|
Address : |
05 Amar Town House, Chankayapuri Road, Sama, Vadodara-390008, Gujarat, India |
|
Date of Appointment : |
14.11.2014 |
|
PAN No.: |
ACEPG8773C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on DECEMBER 2017
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares |
|
|
Promoter and Promoter Group |
13855065 |
72.62 |
|
|
Public |
5223264 |
27.38 |
|
|
Grand Total |
19078329 |
100.00 |
STATEMENT SHOWING
SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
3339060 |
17.50 |
|
|
ASHOK RAMLUBHAYA MALHOTRA |
2459940 |
12.89 |
|
|
HANISH ASHOK MALHOTRA |
454900 |
2.38 |
|
|
VIKAS ASHOK MALHOTRA |
168220 |
0.88 |
|
|
ASHOK RAMLUBHAYA MALHOTRA HUF |
256000 |
1.34 |
|
|
Any Other (specify) |
10516005 |
55.12 |
|
|
HONEYVICK ENTERPRISES PRIVATE LIMITED |
10516005 |
55.12 |
|
|
Sub Total A1 |
13855065 |
72.62 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
13855065 |
72.62 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Financial Institutions/ Banks |
754835 |
3.96 |
|
|
GIIC LIMITED |
750329 |
3.93 |
|
|
Insurance Companies |
331000 |
1.73 |
|
|
LIFE INSURANCE CORPORATION OF INDIA |
331000 |
1.73 |
|
|
Sub Total B1 |
1085835 |
5.69 |
|
|
B2) Central Government/ State Government(s)/
President of India |
0 |
0.00 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital upto INR 0.0200 Million |
1846256 |
9.68 |
|
|
Individual share capital in excess of INR 0.0200 Million |
852923 |
4.47 |
|
|
Any Other (specify) |
1438250 |
7.54 |
|
|
Bodies Corporate |
1158951 |
6.07 |
|
|
MANOHAR MANAK ALLOYS PVT LIMITED |
471332 |
2.47 |
|
|
MOVIES N MORE (INDIA) PRIVATE LIMITED |
377714 |
1.98 |
|
|
NRI |
59875 |
0.31 |
|
|
HUF |
160424 |
0.84 |
|
|
INVESTOR EDUCATION AND PROTECTION FUND AUTHORITY
MINISTRY OF CORPORATE AFFAIRS |
59000 |
0.31 |
|
|
Sub Total B3 |
4137429 |
21.69 |
|
|
B=B1+B2+B3 |
5223264 |
27.38 |
BUSINESS DETAILS
|
Line of Business
: |
The subject is primarily engaged in the Manufacture and Exporter of Stainless Steel Long Products in the form of Wire Rods, Bars and Wires, which find application in a wide range of applications in Engineering, Construction and Infrastructure, Automotive and Railways, Consumer Durables, Food Processing and Dairy Industry, Housing and Pharmaceuticals. (Registered Activity and also Confirmed by management) |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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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 and L/C |
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Purchasing : |
Advance Payment and L/C |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
End Users
|
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No. of Employees
: |
600 (Approximately) |
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Bankers : |
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|
Facilities : |
Note: Short-term
borrowings The working capital advances from State Bank of India are secured by first
charge over the inventories, receivables and other chargeable current assets:
second charge over the immovable properties situated at plot No. 117 GIDC
Industrial Estate Kalol, District Panchmahal and is further guaranteed by
Chairman and Managing Director of the Company. |
|
Auditors 1: |
|
|
Name : |
J.R.S. Patel and Company Chartered Accountants |
|
Address : |
106, Anurag, Commercial Center, R. C. Dutt Road, Vadodara – 390007, Gujarat, India |
|
Tel. No.: |
91-265-2353297, 2333698, 3057672 |
|
Fax No.: |
91-265-2336738 |
|
E-Mail : |
|
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AABFJ9945F |
|
|
|
|
Auditors 2: |
|
|
Name : |
Atul Parikh and Company Chartered Accountants |
|
Address : |
10, Badshahnagar Society, Opposite Akota Village, Near Akota New Bridge, Akota, Vadodara – 390020, Gujarat, India |
|
Tel. No.: |
91-265-2312726 |
|
Fax No.: |
91-9601180441 |
|
Email: |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
INR 10/- each |
INR 400.000 Million |
|
|
|
|
|
Issued, Subscribed
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19089029 |
Equity Shares |
INR 10/- each |
INR 190.890
Million |
|
|
|
|
|
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
19078329 |
Equity Shares |
INR 10/- each |
INR 190.783
Million |
|
|
Add : Forfeited equity shares |
INR 10/- each |
INR 0.048
Million |
|
|
Total |
|
INR 190.831 Million |
- Reconciliation of issued, Subscribed
and paid-up Share Capital:
|
Share Capital |
31.03.2017 |
|
|
No. of Shares |
Nominal Value INR |
|
|
Equity Shares at the beginning of the year |
19078329 |
190783290 |
|
Add: Equity Shares allotted during the year |
- |
- |
|
Equity shares at the end of the year |
19078329 |
190783290 |
- Details shares held by each shareholder
in excess of 5% of paid-up share capital:
|
Name of Shareholder |
31.03.2017 |
|
|
No. of Shares
held |
% Holding in Shares |
|
|
Mr. Ashok Malhotra |
2109605 |
11.06% |
|
Honeyvick Enterprises Private Limited |
10516005 |
55.12% |
|
Amil Enterprises Private Limited |
- |
- |
|
ICICI Bank Limited |
- |
- |
- The company has only one class of shares
i.e. equity carrying a nominal value of INR 10/- per Share.
- Every holder of the equity share of the
company is entitled to one vote per share held.
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
190.831 |
190.831 |
190.831 |
|
(b) Reserves &
Surplus |
1023.822 |
1020.881 |
1146.775 |
|
(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) |
1214.653 |
1211.712 |
1337.606 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
85.500 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
5.708 |
4.703 |
5.448 |
|
Total Non-current
Liabilities (3) |
91.208 |
4.703 |
5.448 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
610.398 |
621.057 |
562.060 |
|
(b) Trade payables |
1075.976 |
718.359 |
999.897 |
|
(c) Other current
liabilities |
112.198 |
127.570 |
103.565 |
|
(d) Short-term provisions |
6.145 |
5.265 |
5.231 |
|
Total Current Liabilities
(4) |
1804.717 |
1472.251 |
1670.753 |
|
|
|
|
|
|
TOTAL |
3110.578 |
2688.666 |
3013.807 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1013.259 |
1084.381 |
1160.347 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
3.052 |
0.000 |
0.390 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.002 |
0.002 |
0.002 |
|
(c) Deferred tax assets
(net) |
110.503 |
109.804 |
48.893 |
|
(d) Long-term Loan and Advances |
91.305 |
88.601 |
88.601 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1218.121 |
1282.788 |
1298.233 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1327.310 |
1050.544 |
1223.619 |
|
(c) Trade receivables |
431.700 |
242.501 |
294.551 |
|
(d) Cash and cash
equivalents |
69.917 |
58.024 |
71.930 |
|
(e) Short-term loans and
advances |
57.160 |
48.971 |
115.018 |
|
(f) Other current assets |
6.370 |
5.838 |
10.456 |
|
Total Current Assets |
1892.457 |
1405.878 |
1715.574 |
|
|
|
|
|
|
TOTAL |
3110.578 |
2688.666 |
3013.807 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
3299.886 |
2901.683 |
3906.110 |
|
|
Other Income |
36.376 |
26.313 |
10.494 |
|
|
TOTAL |
3336.262 |
2927.996 |
3916.604 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2388.272 |
2141.649 |
2560.393 |
|
|
Manufacturing Expenses |
674.909 |
626.296 |
635.027 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(171.388) |
(100.285) |
319.207 |
|
|
Employees benefits
expense |
160.709 |
147.945 |
161.580 |
|
|
Exceptional and
extraordinary items |
0.000 |
0.000 |
(21.033) |
|
|
Other expenses |
68.319 |
104.626 |
124.402 |
|
|
TOTAL |
3120.821 |
2920.231 |
3779.576 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
215.441 |
7.765 |
137.028 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
135.115 |
113.142 |
106.556 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
80.326 |
(105.377) |
30.472 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
77.808 |
81.840 |
86.515 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
2.518 |
(187.217) |
(56.043) |
|
|
|
|
|
|
|
Less |
TAX |
(0.422) |
(61.323) |
(20.747) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
2.940 |
(125.894) |
(35.296) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
638.652 |
728.623 |
945.390 |
|
|
TOTAL EARNINGS |
638.652 |
728.623 |
945.390 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1331.118 |
1257.541 |
1865.182 |
|
|
Production Materials and
Stores and Spares |
14.128 |
24.253 |
38.418 |
|
|
Capital Equipment |
0.868 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
1346.114 |
1281.794 |
1903.600 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
0.154 |
(6.59) |
(1.85) |
Expected Sales (2017-2018): INR 3400.000 Million
The above information has been parted by Mr. Pradip Harikrishan
Gupta (Chief
Finance Officer)
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
48.640 |
28.749 |
118.604 |
|
Net cash flow from operating activity |
57.022 |
34.443 |
111.463 |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
|
|
1st Quarter |
2nd
Quarter |
|
Net Sales |
|
1109.800 |
944.830 |
|
Total Expenditure |
|
1086.360 |
938.320 |
|
PBIDT (Excl OI) |
|
23.440 |
6.510 |
|
Other Income |
|
6.140 |
10.890 |
|
Operating Profit |
|
29.580 |
17.400 |
|
Interest |
|
31.960 |
31.020 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
(2.380) |
(13.620) |
|
Depreciation |
|
19.580 |
19.570 |
|
Profit Before Tax |
|
(21.960) |
(33.190) |
|
Tax |
|
(7.150) |
(10.890) |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit After Tax |
|
(14.800) |
(22.300) |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
(14.800) |
(22.300) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
47.75 |
30.50 |
27.52 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
7.64 |
11.97 |
13.26 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
164.44 |
122.43 |
142.54 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.16 |
0.01 |
0.11 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.21 |
0.01 |
0.12 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.61 |
0.55 |
0.55 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.57 |
0.51 |
0.42 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.49 |
1.22 |
1.25 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.84 |
0.89 |
0.87 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
1.59 |
0.07 |
1.29 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
0.09 |
(4.34) |
(0.90) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
0.09 |
(4.68) |
(1.17) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
0.24 |
(10.39) |
(2.64) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.05 |
0.95 |
1.03 |
|
|
|
|
|
|
Quick Ratio ((Current Assets –
Inventories) / Current Liabilities) |
0.31 |
0.24 |
0.29 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.39 |
0.45 |
0.44 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
3.65 |
3.25 |
2.95 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.05 |
0.95 |
1.03 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10.00/- each |
|
Market Value |
INR 53.00/- each |
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 |
190.831 |
190.831 |
190.831 |
|
Reserves & Surplus |
1146.775 |
1020.881 |
1023.822 |
|
Net
worth |
1337.606 |
1211.712 |
1214.653 |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
85.500 |
|
Short Term borrowings |
562.060 |
621.057 |
610.398 |
|
Total
borrowings |
562.060 |
621.057 |
695.898 |
|
Debt/Equity
ratio |
0.420 |
0.513 |
0.573 |
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
|
3906.110 |
2901.683 |
3299.886 |
|
|
|
(25.714) |
13.723 |
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
|
3906.110 |
2901.683 |
3299.886 |
|
Profit/
(Loss) |
(35.296) |
(125.894) |
2.940 |
|
|
(0.90%) |
(4.34%) |
0.09% |
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 |
Yes |
|
26 |
Turnover of firm for last 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 |
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE,
DEVELOPMENT AND OUTLOOK
The company is primarily engaged in the manufacture of stainless steel long products in the form of wire rods, bars and wires, which find application in a wide range of applications in engineering, construction and infrastructure, automotive and railways, consumer durables, food processing and dairy industry, housing and pharmaceuticals. Stainless Steel increasingly making its presence felt in places they could not have imagined a decade ago. The Infract structure development in India is steadily increasing the demand of stainless steel usage.
PARFORMANCE
The sales and other income of the Company increased to INR 3336.262 million for the year. The Company reported a Profit after tax of INR 2.940 million as compared to the loss of INR 125.894 million in the previous year. Through, the business environment continues to be challenging, considering the circumstances the performance of the company was satisfactory during the year.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
borrowings |
|
|
|
Inter Corporate Deposits |
85.500 |
0.000 |
|
Short-term
borrowings |
|
|
|
Inter Corporate Deposits |
13.800 |
22.782 |
|
Total |
99.300 |
22.782 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
B04738100 |
10263399 |
Axis Trustee Services Limited |
27/01/2011 |
- |
- |
2400000.0 |
2nd Floor, Axis Tower, Bombay Dyeing Mills CompounPandurang Budhkar MargMUMBAIMH400030IN |
|
2 |
A92303809 |
10239584 |
Axis Trustee Services Limited |
25/08/2010 |
- |
- |
18400000.0 |
MAKER TOWERS 'F', 13TH FLOORCUFFE PARADE, COLABAMUMBAIMH400005IN |
|
3 |
A77930899 |
10198042 |
Axis Trustee Services Limited |
02/02/2010 |
- |
- |
942200000.0 |
MAKER TOWERS 'F', 13TH FLOORCUFFE PARADE, COLABAMUMBAIMH400005IN |
|
4 |
Z00006134 |
80002835 |
STATE BANK OF INDIA |
30/11/1995 |
28/03/2006 |
- |
150000000.0 |
BARODA MAIN BRANCH, MANDVI, VADODARAVADODARAGJ390017IN |
|
5 |
B66050816 |
80047312 |
STATE BANK OF INDIA |
27/12/1985 |
04/01/2013 |
- |
1520000000.0 |
MID CORPORATE GROUP INDUSTRIAL FINANCE BRANCHMARBLE ARCH, RACE COURSE CIRCLE,VADODARAGJ390007IN |
|
6 |
B96602966 |
80067260 |
Gujarat Industrial Investment Corporation Limited |
09/10/1995 |
18/10/1995 |
06/02/2014 |
100000000.0 |
Chunibhai chambersAshram RoadAhmedabadGJ380009IN |
|
7 |
B96319512 |
80067259 |
Life Insurance corporation of india |
20/04/1996 |
21/08/1996 |
20/01/2014 |
50000000.0 |
central office : "yagaksherma " post box no.19953,jeevan bima margmumbaiMH400021IN |
|
8 |
A45818440 |
80025028 |
STATE BANK OF SAURASHTRA |
28/12/1998 |
- |
31/07/2008 |
50000000.0 |
RAOPURA BRANCHRAOPURABARODAGJ390001IN |
|
9 |
A45817632 |
10042260 |
STATE BANK OF SAURASHTRA |
26/02/2007 |
- |
31/07/2008 |
29000000.0 |
RAOPURA BRANCHVADODARAGJ390001IN |
|
10 |
A45817988 |
10090548 |
State Bank of Saurashtra |
29/01/2008 |
- |
31/07/2008 |
163000000.0 |
Raopura BranchVadodaraGJ390001IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Estimated amount of contracts remaining to
be executed on capital account and not provided for (net of advances) |
18.218 |
- |
|
Letter of credits outstanding |
76.092 |
62.634 |
|
Claims against company not acknowledged as
debts |
13.620 |
13.620 |
|
Disputed excise, Custom and service tax
liabilities |
103.239 |
103.239 |
|
Guarantee given to M.G.V.C.L. by company’s
Banker |
42.580 |
42.579 |
|
Guarantee given to custom by company’s
Banker |
6.152 |
6.152 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND SIX MONTHS
SEPTEMBER 30, 2017
(INR In Million)
|
PARTICULARS |
3 Months |
9 Months |
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
1. Income from Operations |
|
|
|
|
Net Sales/income from
operations |
944.828 |
1109.799 |
2054.627 |
|
Other Operating Income |
10.894 |
6.137 |
17.031 |
|
Total income from operations (net) |
955.722 |
1115.936 |
2071.658 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of materials consumed |
456.708 |
739.241 |
1195.949 |
|
Purchases of stock-in trade |
19.835 |
43.578 |
63.413 |
|
Changes in inventories of finished goods. work-in-progress and stock
in trade |
294.455 |
(55.210) |
239.245 |
|
Employee benefits expense |
52.736 |
47.745 |
100.481 |
|
Depreciation and Amortization Expenses |
19.573 |
19.585 |
39.158 |
|
Other Expenses |
5.526 |
95.568 |
101.094 |
|
Finance Costs |
31.023 |
31.960 |
62.983 |
|
Power and Fuel |
109.055 |
124.222 |
233.277 |
|
Excise Duty |
0.000 |
91.204 |
91.204 |
|
Total expenses |
988.911 |
1137.893 |
2126.804 |
|
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items |
(33.189) |
(21.957) |
(55.146) |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss) from ordinary activities before tax |
(33.189) |
(21.957) |
(55.146) |
|
Tax expenses |
(10.889) |
(7.154) |
(18.043) |
|
Net Profit / (Loss) from ordinary activities after tax |
(22.300) |
(14.803) |
(37.103) |
|
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) for the period |
(22.300) |
(14.803) |
(37.103) |
|
Comprehensive Income |
0.000 |
0.000 |
0.000 |
|
Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss)
of associates |
(22.300) |
(14.803) |
(37.103) |
|
|
|
|
|
|
Paid up equity share capital (Face Value of INR 10/-each) |
190.831 |
190.831 |
190.831 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet of previous
accounting year |
-- |
--- |
--- |
|
Earnings per share (before extraordinary items) of INR 10/- each (not
annualized): |
-- |
--- |
-- |
|
(a) Basic |
(1.17) |
(0.77) |
(1.94) |
|
(b) Diluted |
(1.17) |
(0.77) |
(1.94) |
UNAUDITED
STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2017
(INR In Million)
|
SOURCES OF
FUNDS |
|
30.09.2017 |
|
|
[Unaudited] |
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
(1) Shareholders' Funds |
|
|
|
(a) Share Capital |
|
190.831 |
|
(b) Reserves &
Surplus |
|
986.719 |
|
(c) Money received
against share warrants |
|
0.000 |
|
|
|
|
|
(2) Share Application
Money Pending Allotment |
|
0.000 |
|
Total Shareholders’ Funds
|
|
1177.550 |
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
(a) long-term borrowings |
|
85.500 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
|
(d) long-term provisions |
|
5.708 |
|
Total Non-current
Liabilities (3) |
|
91.208 |
|
|
|
|
|
(4) Current Liabilities |
|
|
|
(a) Short term borrowings |
|
660.358 |
|
(b) Trade payables |
|
981.486 |
|
(c) Other current liabilities |
|
45.348 |
|
(d) Short-term provisions |
|
6.187 |
|
Total Current Liabilities
(4) |
|
1693.379 |
|
|
|
|
|
TOTAL |
|
2962.137 |
|
|
|
|
|
II. ASSETS |
|
|
|
(1) Non-current assets |
|
|
|
(a) Fixed Assets |
|
|
|
(i) Tangible assets |
|
984.018 |
|
(ii) Intangible Assets |
|
0.000 |
|
(iii) Capital work-in-progress |
|
16.469 |
|
(iv) Intangible assets
under development |
|
0.000 |
|
(b) Non-current
Investments |
|
0.002 |
|
(c) Deferred tax assets
(net) |
|
128.546 |
|
(d) Long-term Loan and
Advances |
|
101.827 |
|
(e) Other Non-current
assets |
|
0.000 |
|
Total Non-Current Assets |
|
1230.862 |
|
|
|
|
|
(2) Current assets |
|
|
|
(a) Current investments |
|
0.000 |
|
(b) Inventories |
|
1126.528 |
|
(c) Trade receivables |
|
464.866 |
|
(d) Cash and cash equivalents |
|
65.573 |
|
(e) Short-term loans and advances |
|
46.168 |
|
(f) Other current assets |
|
28.140 |
|
Total Current Assets |
|
1731.275 |
|
|
|
|
|
TOTAL |
|
2962.137 |
Note
- The above Unaudited Financial Results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 14th November, 2017.
- The Limited Review of these results has been carried out by the Statutory Auditors of the Company.
- Post the applicabllity of Goods & Service Tax (GST) w.e.f. July 01, 2017, Total Income from Operations are disclosed net of GST. Accordingly, Total Income from Operations for the quarter and half year ended September 30, 2017 are not comparable with the figures of previous quarters.
- The figures of previous year/ period have been recast and regrouped wherever necessary.
FIXED ASSETS
- Land
- Building
- Plant and
Machinery
- Furniture and
Fixture
- Office
Equipment
- EDP Equipment
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records 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 64.27 |
|
|
1 |
INR 89.72 |
|
Euro |
1 |
INR 79.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
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 |
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.