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|
MIRA INFORM REPORT
|
Report No. : |
492030 |
|
Report Date : |
13.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
JSW STEEL COATED PRODUCTS LIMITED
(w.e.f.31.10.2012) |
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Formerly Known
As : |
MAHARASHTRA SPONGE IRON LIMITED |
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Registered
Office : |
JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051,
Maharashtra |
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Tel. No.: |
91-22-42861000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2016 |
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|
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Date of
Incorporation : |
02.09.1985 |
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|
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Com. Reg. No.: |
11-037346 |
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Capital
Investment / Paid-up Capital : |
INR 500.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100MH1985PLC037346 |
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IEC No.: |
0313016321 |
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GSTIN No.: |
27AACCM3988L1ZU |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AACCM3988L |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
The Company is primarily engaged in the manufacture and
Supply of value added steel products which mainly consists of Galvanized and
Galvalume Coils / Sheets and Colour Coated Coils/ Sheets. [Registered Activity] |
|
|
|
|
No. of Employees
: |
Not Available |
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 |
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Maximum Credit Limit : |
USD |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a wholly owned subsidiary of JSW Steel Limited. JSW Steel Limited is the flagship company of JSW Group, which is part of the O.P Jindal Group. The JSW group has presence across various sectors such as steel, energy, minerals, ports and infrastructure, cement, etc. JSW Steel Coated Products Limited (JSCPL) facilities are located in Maharashtra-Kalameshwar (District Nagpur), Tarapur and Vasind (District Thane). It’s having satisfactory track record. For the financial year 2016, the revenue of the company has decreased by 21.02% but has managed to maintain low profit margin of 0.70%. The sound financial profile of the company marked by healthy networth base along with low debt balance sheet profile. Rating takes into account of strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. However, rating strength is partially offset by low profit margins and intense competition in the steel industry. Trade relations are fair. Business is active. Payment seems to be slow but correct. In view of aforesaid, the company can be considered normal for business dealings at usual trade terms and conditions. Note: As per 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. |
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 |
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 13.02.2018.
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.
LOCATIONS
|
Registered Office : |
JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051,
Maharashtra, India |
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Tel. No.: |
91-22-42861000 |
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Fax No.: |
91-22-42863000 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Industrial |
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Factory 1 : |
Village Vasind, Taluka Shahpur, District Thane, Maharashtra, India |
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Factory 2: |
A-10/1, MIDC, Kalmeshwar, Nagpur – 441501, Maharashtra, India |
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Factories : |
Also Located at:
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Branch Office: |
Grande Palladium, 6th Floor, 175 CST Road, Kalina,
Santacruz (East), Mumbai 400098, Maharashtra, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Dileep Kashinath Bhatt |
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Designation : |
Whole time Director |
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Address : |
2001 20th Floor, Jayshree Corporate Housing Society, Navy Nagar
Liberty Garden Malad (West), Mumbai - 400064, Maharashtra, India |
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Date of Birth/Age : |
10.07.1958 |
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Qualification: |
B.Com, P.G Diploma |
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Date of Appointment : |
01.11.2013 |
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PAN No.: |
ABAPB4032G |
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DIN No.: |
00046096 |
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Other Directorship:
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Name : |
Mr. Jugal Kishore Tandon |
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Designation : |
Director |
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Address : |
B-201 Mon Repos 45, H K Bhabua Road Lands End, Bandra (West), Mumbai - 400050, Maharashtra, India |
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Date of Appointment : |
15.09.2015 |
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DIN No.: |
01282681 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||
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Name : |
Ms. Anuradha Ambar Bajpai |
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Designation : |
Director |
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Address : |
206, Eureka Hiranandani Estate, Ghod Bunder Road, Thane - 400607, Maharashtra, India |
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Date of Birth/Age : |
15.06.1967 |
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Qualification: |
B.com, ACA |
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Date of Appointment : |
15.09.2015 |
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DIN No.: |
07128141 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Jayant Acharya |
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Designation : |
Director |
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Address : |
F-303, Great Eastern Gardens, L.B.S. Marg, Kanjur Marg (West), Mumbai
– 400078, Maharashtra, India |
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Date of Birth/Age : |
25.01.1963 |
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Qualification: |
B E (Chemical), MBA (Marketing),MSC (Physics) |
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Date of Appointment : |
01.06.2013 |
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PAN No.: |
AAHPA3062H |
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DIN No.: |
00106543 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Rajeev Madhusudan Pai |
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Designation : |
Director |
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Address : |
Flat No. 104 10th Floor, Shravan – A, Tarangan Society, Pokhran
Road No.1, Near Cadbury Complex, Thane (West) - 400606, Maharashtra, India |
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Date of Birth/Age : |
15.01.1962 |
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Qualification: |
B. Com, CA, CS (Inter) |
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Date of Appointment : |
08.09.2014 |
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PAN No.: |
ACBPP6303L |
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DIN No.: |
00045604 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Hemant Prabhakar Shete |
|
Designation : |
Chief Finance Officer |
|
Address : |
Flat No.403, Devpriya, 1st Pokhran Road, Thane-400606, Maharashtra, India |
|
Date of Appointment : |
06.05.2014 |
|
PAN No.: |
ACLPS0095G |
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|
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Name : |
Ms. Deepti Amar Walawalkar |
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Designation : |
Secretary |
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Address : |
2/B-24, Amar Subway Corporate Housing Society, Milan Subway, Santacruz (West), Mumbai - 400054, Maharashtra, India |
|
Date of Appointment : |
26.03.2015 |
|
PAN No.: |
ATRPG7608N |
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|
|
|
Name : |
Mr. Manoj |
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Designation : |
Manager |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
JSW Steel Limited, India |
|
50049930 |
|
Hemant Shete (Nominee of JSW Steel Limited) |
|
10 |
|
Prabhat Patel (Nominee of JSW Steel Limited) |
|
10 |
|
Jagminder Jindal (Nominee of JSW Steel Limited) |
|
20 |
|
Dileep K Bhatt (Nominee of JSW Steel Limited) |
|
10 |
|
Sanjay Goel (Nominee of JSW Steel Limited) |
|
10 |
|
Amarjeet Dahiya (Nominee of JSW Steel Limited) |
|
10 |
|
Total |
|
50050000 |
AS ON 27.06.2017
|
Equity Share
Break up |
Percentage |
|
Category |
|
|
Promoters – [Individual/Hindu Undivided Family – Indian] |
0.00013986 |
|
Promoters – [Bodies corporate] |
99.99986014 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is primarily engaged in the manufacture and
Supply of value added steel products which mainly consists of Galvanized and Galvalume
Coils / Sheets and Colour Coated Coils/ Sheets. [Registered Activity] |
||||
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||||
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Products / Services
: |
|
||||
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||||
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Brand Names : |
Not Available |
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||||
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Agencies Held : |
Not Available |
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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 – (As On 31.03.2016):
[Quantity in Tonnes]
|
Class of Goods |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
Cold
Rolled Coils/Sheets |
1755000 |
1379796 |
|
Galvanised/Galvalume
Coils/Sheets |
1761000 |
1483387 |
|
Colour
Coating Coils/Sheets |
693000 |
433608 |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
|
||||||||||||||||||||||
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Facilities : |
|
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Auditors : |
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|
Name : |
S R B C and Company LLP Chartered Accountants |
|
Address : |
14th Floor, The Ruby 29 Senapati Bapat Marg, Dadar (West),
Mumbai – 400028, Maharashtra, India |
|
PAN No.: |
ACHFS9117R |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
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|
|
|
Holding Company: [As On 31.03.2016] |
JSW Steel Limited, India [CIN NO.: L27102MH1994PLC152925] |
|
|
|
|
Subsidiary Company: [As On 31.03.2016] |
Amba River Coke Limited, India [CIN NO.: U23100MH1997PLC110901] |
|
|
|
|
Enterprises which
are Owned, or have significant Influence of or are partners
With key management Personnel and their relatives: [As On 31.03.2016] |
[CIN NO.: L27105HR1979PLC009913]
[CIN NO.: U02710MH2003PTC187132]
[CIN NO.: U28112MH2009PLC197954]
[CIN NO.: U40100MH2005PLC154613]
[CIN NO.: U74999MH2014PTC253122]
[CIN NO.: U27101DL2000PTC106235]
[CIN NO.: U28112DL1995PTC204971]
[CIN NO.: U93030MH2012PTC236083]
[CIN NO.: U27109DL2004PLC128146]
[CIN NO.: U45200MH2005PTC152218]
[CIN NO.: U28112MH2009PLC191045] |
CAPITAL STRUCTURE
AS ON 27.06.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55000000 |
Equity Shares |
INR 10/- each |
INR 550.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50050000 |
Equity Shares |
INR 10/- each |
INR 500.500 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
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 |
500.500 |
500.500 |
500.500 |
|
(b) Reserves &
Surplus |
13110.900 |
12625.100 |
13963.400 |
|
(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) |
13611.400 |
13125.600 |
14463.900 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
7404.600 |
8294.000 |
8,683.600 |
|
(b) Deferred tax
liabilities (Net) |
1764.700 |
1693.300 |
1711.300 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
23.100 |
23.600 |
171.400 |
|
Total Non-current
Liabilities (3) |
9192.400 |
10010.900 |
10566.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2717.700 |
5333.400 |
2550.200 |
|
(b) Trade payables |
5522.300 |
6903.800 |
8996.400 |
|
(c) Other current
liabilities |
3136.800 |
2877.200 |
3431.100 |
|
(d) Short-term provisions |
529.200 |
450.000 |
308.800 |
|
Total Current Liabilities
(4) |
11906.000 |
15564.400 |
15286.500 |
|
|
|
|
|
|
TOTAL |
34709.800 |
38700.900 |
40316.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
18992.000 |
19417.700 |
19964.700 |
|
(ii) Intangible Assets |
60.300 |
40.400 |
54.600 |
|
(iii) Capital work-in-progress |
429.100 |
746.300 |
1152.400 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
494.900 |
461.000 |
43.900 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
519.100 |
757.300 |
727.700 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.800 |
|
Total Non-Current Assets |
20495.400 |
21422.700 |
21944.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
7161.600 |
9639.100 |
9878.100 |
|
(c) Trade receivables |
1268.700 |
1469.900 |
1669.100 |
|
(d) Cash and cash
equivalents |
65.000 |
135.700 |
543.700 |
|
(e) Short-term loans and
advances |
5586.000 |
5978.200 |
5000.500 |
|
(f) Other current assets |
133.100 |
55.300 |
1281.200 |
|
Total Current Assets |
14214.400 |
17278.200 |
18372.600 |
|
|
|
|
|
|
TOTAL |
34709.800 |
38700.900 |
40316.700 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
71207.700 |
90165.100 |
88,404.200 |
|
|
Other Income |
343.000 |
256.800 |
468.100 |
|
|
TOTAL |
71550.700 |
90421.900 |
88,872.300 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
54457.500 |
71676.100 |
72,211.600 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
86.500 |
158.500 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
1809.900 |
1191.700 |
(464.400) |
|
|
Employees benefits
expense |
2259.000 |
2180.400 |
1830.500 |
|
|
Other expenses |
9235.000 |
11720.500 |
11362.900 |
|
|
Exceptional Item |
0.000 |
0.000 |
177.500 |
|
|
TOTAL |
67761.400 |
86855.200 |
85276.600 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
3789.300 |
3566.700 |
3595.700 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
1405.300 |
1789.900 |
1050.800 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
2384.000 |
1776.800 |
2544.900 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
1462.700 |
1999.400 |
1646.200 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
921.300 |
(222.600) |
898.700 |
|
|
|
|
|
|
|
Less |
TAX |
420.200 |
31.200 |
387.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
501.100 |
(253.800) |
511.400 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
24639.300 |
45416.300 |
37155.000 |
|
|
TOTAL EARNINGS |
24639.300 |
45416.300 |
37155.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
6919.200 |
7683.800 |
16.379 |
|
|
Components and Stores
parts |
77.500 |
119.800 |
1.238 |
|
|
Capital Goods |
119.000 |
497.900 |
4.117 |
|
|
TOTAL IMPORTS |
7115.700 |
8301.500 |
21.734 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
10.01 |
(5.07) |
31.54 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
888.200 |
448.700 |
17.400 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from (used in) operations |
5273.200 |
758.800 |
(8032.900) |
|
Net cash flow from operating activities |
5065.500 |
570.400 |
(8074.100) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days [Sundry Debtors / Income *
365] |
6.50 |
5.95 |
6.89 |
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
56.13 |
61.34 |
52.97 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
37.01 |
35.11 |
45.37 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.53 |
0.37 |
0.36 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.19 |
0.18 |
0.17 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.58 |
0.63 |
0.59 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.81 |
1.07 |
0.78 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.87 |
1.19 |
1.06 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.43 |
1.54 |
1.46 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
2.70 |
1.99 |
3.42 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
PAT to Sales ((PAT / Sales) * 100) |
% |
0.70 |
(0.28) |
0.58 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
1.44 |
(0.66) |
1.27 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
3.68 |
(1.93) |
3.54 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.19 |
1.11 |
1.20 |
|
|
|
|
|
|
Quick Ratio ((Current Assets –
Inventories) / Current Liabilities) |
0.59 |
0.49 |
0.56 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.39 |
0.34 |
0.36 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
22.00 |
28.12 |
22.48 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.19 |
1.11 |
1.20 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
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 |
500.500 |
500.500 |
500.500 |
|
Reserves & Surplus |
13963.400 |
12625.100 |
13110.900 |
|
Net
worth |
14463.900 |
13125.600 |
13611.400 |
|
|
|
|
|
|
Long Term borrowings |
8683.600 |
8294.000 |
7404.600 |
|
Short Term borrowings |
2550.200 |
5333.400 |
2717.700 |
|
Current Maturities of Long term debt |
17.400 |
448.700 |
888.200 |
|
Total
borrowings |
11251.200 |
14076.100 |
11010.500 |
|
Debt/Equity
ratio |
0.778 |
1.072 |
0.809 |
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
|
88404.200 |
90165.100 |
71207.700 |
|
|
|
1.992 |
(21.025) |
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
|
88404.200 |
90165.100 |
71207.700 |
|
Profit/
(Loss) |
511.400 |
(253.800) |
501.100 |
|
|
0.58% |
(0.28%) |
0.70% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
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) |
No |
|
16 |
No. of employees |
No |
|
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 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 |
Litigations that the firm/promoter
involved in |
No |
|
32 |
Market information |
-- |
|
33 |
Payments terms |
No |
|
34 |
Negative Reporting by Auditors in the
Annual Report |
No |
Note: The registered address of the company has been shifted from Jindal Mansion 5A, G D Deshmukh marg, Mumbai – 400026, Maharashtra, India to the present registered address w.e.f. 18.07.2013.
CORPORATE INFORMATION
[As On 31.03.2016]
The Company is a public company domiciled in India. The CIN of the Company is U27100MH1985PLC037346. It is a wholly owned subsidiary of JSW Steel Limited. It has three manufacturing facilities in the State of Maharashtra at Vasind, Tarapur and Kalmeshwar. The Company is primarily engaged in the manufacture of value added steel products which mainly consists of Galvanized and Galvalume Coils / Sheets and Colour Coated Coils/ Sheets. The Company caters to both domestic and international markets.
1) PROJECTS AND
EXPANSION PLANS
PROJECTS COMPLETED:
TARAPUR
a. Conversion of all Galvanising & Colour Coating Lines from LPG to RLNG completed in September 15.
b. Roll Grinding Machine commissioned in November 15.
c. CSD-1 Galvanizing furnace modification completed in Jan 16. This has resulted in improvement in combustion control system leading to fuel saving by 0.1368 mmbtu/mt. VASIND
a. Cut to Length Line commissioned for Appliance grade material b. One Galvanizing Line (CGL-2) converted into Galvalume Line in September 15.
EXPANSION PLANS:
TARAPUR
a. New Tin Plate Mill planned with a capacity of 0.2 MTPA.
b. New GP Slitter Line for PPGI, PPGL, GI & GL for wider width material (1350mm). Expected commissioning by August 16.
KALMESHWAR
a. Galvalume up gradation which will enable us to achieve 20000 t/pm of production. This will give much required substrate for both colour coating lines.
UNSECURED LOANS:
|
Particulars |
31.03.2016 INR In Million |
31.03.2015 INR In Million |
|
LONG-TERM
BORROWINGS |
|
|
|
Deferred payment liabilities |
39.800 |
65.800 |
|
Other loans and advances |
139.800 |
153.200 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Rupee term loans from banks |
2700.000 |
5000.000 |
|
Foreign currency term loans from banks |
0.000 |
333.400 |
|
Total |
2879.600 |
5552.400 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
AMOUNT |
ADDRESS |
|
1 |
C40396475 |
10483634 |
SBICAP TRUSTEE COMPANY LIMITED |
12/02/2014 |
31/12/2014 |
9800000000.0 |
202, MAKER TOWER 'E', CUFFE PARADE, MUMBAI – 400005, MAHARASHTRA, INDIA |
|
2 |
C74708348 |
10483623 |
SBICAP TRUSTEE COMPANY LIMITED |
12/02/2014 |
23/12/2017 |
9500000000.0 |
202, MAKER TOWER 'E', CUFFE PARADE, MUMBAI – 400005, MAHARASHTRA, INDIA |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
|
Claims against company not acknowledged as debt |
14.100 |
14.200 |
|
Other money for which company is contingently liable |
1805.200 |
1649.200 |
FIXED ASSETS:
Tangible Assets
- Land
- Office
Building
- Plant and
Equipment’s
- Furniture and
Fixture
- Motor
Vehicles
- Computers
Equipment’s
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 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 64.28 |
|
|
1 |
INR 78.93 |
|
Euro |
1 |
INR 89.02 |
INFORMATION DETAILS
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
GEET |
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 |
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.