|
|
|
MIRA INFORM REPORT
|
Report No. : |
492195 |
|
Report Date : |
17.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
JSW SEVERFIELD STRUCTURES LIMITED |
|
|
|
|
Registered
Office : |
401, Grande Palladium, 4th Floor, 175 CST Road, Kalina, Santacruz (East), Mumbai – 400098, Maharashtra |
|
Tel. No.: |
91-22-67317000 |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
19.03.2009 |
|
|
|
|
Com. Reg. No.: |
11-191045 |
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|
|
|
Capital Investment
/ Paid-up Capital : |
INR 2308.759 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U28112MH2009PLC191045 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
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TIN / CST No.: |
27555218003 |
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|
|
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GSTIN/UIN : |
27AACCJ1473D1ZU |
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|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCJ1473D |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
· The company is engaged in the business of design, fabrication and erection of structural steel works. · Manufacturing of Structural metal products.
[Registered activity and also confirmed by management] |
|
|
|
|
No. of Employees
: |
800 (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 |
|
Maximum Credit Limit : |
USD 1770000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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|
|
|
Litigation : |
Clear |
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Comments : |
JSW Severfield Structures Limited (JSSL) is a 50:50 Joint Venture (JV) company of JSW Steel Limited and Severfield Rowen Mauritius Limited. The company was incorporated in the year 2009 and is based in Mumbai, Maharashtra. It is an established company having moderate track record. As per Registrar of Companies the date of balance sheet (i.e., financial filed) is shown as 31-03-2017 but the documents related to the financial for the year 2017 are not available from any sources. As per available financials of 2016, revenue of the company has declined. The company has also reported loss from its operations which have resulted in partial erosion of the networth base. However, the company derive strength from the prominent promoters with a well-established position in steel and construction industries and experienced management team along with continuous financial support from the promoters. Payment terms are seems to be slow. In view of the aforesaid, the company can be considered for business dealings with some caution. NOTE: Site visit was conducted at the registered address of the company. Our executive has successfully traced the company at the premises and met Ms. Shweta (Receptionist). As per our executive, it is an eight storey building and company is located on the fourth floor of the building. Locality of the premises appears to be commercial and area seems to be down market. Name board of the company was sighted at the given premises. Landmark of the area is “L & T Financial Service” and 5 (approximately) employees were sighted during visit. |
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= BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
06.09.2016 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating= A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
06.09.2016 |
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 17.02.2018
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. Sudeepta Rajguru |
|
Designation : |
Deputy Manager |
|
Contact No.: |
|
|
Date : |
15.02.2018 |
LOCATIONS
|
Registered Office : |
401, Grande Palladium, 4th Floor, 175 CST Road, Kalina, Santacruz (East), Mumbai – 400098, Maharashtra, India |
|
Tel. No.: |
|
|
Fax No.: |
91-22-67317070 |
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E-Mail : |
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|
Website : |
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Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
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Corporate Office : |
302, Naman Centre, 3rd Floor, Plot No. C-31, G-
Block, Bandra Kurla Complex, Opposite Bank of Baroda, Bharat Nagar, Bandra
(East), Mumbai – 400051, Maharashtra, India |
|
|
|
|
Factory : |
Near 10 MT Gate, Beside Cement Plant II, P O Vidyanagar, Toranagallu, Sandur (Taluka), District: Bellary – 583275, Karnataka, India |
DIRECTORS
AS ON 2017
|
Name : |
Dr. Derek Randall |
||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
Flat No. 401, 4th Floor, Solitaire 34, Pali
Hill, Bandra (West), Mumbai – 400050, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
16.06.1961 |
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Date of Appointment : |
18.12.2013 |
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DIN No.: |
02433966 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Alan Kenneth David Dunsmore |
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|
Designation : |
Director |
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|
Address : |
7, Grosvenor Terrace, York Y0307ag Gb,
United Kingdom |
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|
Date of Birth/Age : |
02.09.1969 |
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Date of Appointment : |
18.02.2010 |
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DIN No.: |
03020101 |
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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, Thane – 400606, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
15.01.1962 |
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Date of Appointment : |
24.07.2012 |
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DIN No.: |
00045604 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Jugal Kishore Tandon |
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|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
B-201 Mon Repos 45, H K Bhabua Road Lands End, Bandra (West), Mumbai –
400050, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
24.07.2015 |
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DIN No.: |
01282681 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||
|
Name : |
Ms. Anuradha Ambar Bajpai |
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|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||
|
Address : |
206, Eureka Hiranandani Estate, Ghod Bunder Road, Thane – 400607,
Maharashtra, India |
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|
Date of Appointment : |
24.07.2015 |
||||||||||||||||||||||||||||||||||||||||
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DIN No.: |
07128141 |
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Other Directorship:
|
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|
||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Pawan Kumar Kedia |
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|
Designation : |
Director |
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|
Address : |
153, Hyacinth Tata Glendale, Pokhran Road
No 2, Thane (West), Thane – 400601, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
29.09.2017 |
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DIN No.: |
00020570 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Dharmasri Rompicharla |
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|
Designation : |
Additional Director |
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|
Address : |
306, B/4, Vidhyanagar (Post), Torangallu
Village, Sandur (TQ), Bellary – 583275, Karnataka, India |
||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
11.10.2017 |
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|
DIN No.: |
03275536 |
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KEY EXECUTIVES
|
Name : |
Mr. Sudeepta Rajguru |
|
Designation : |
Deputy Manager |
|
|
|
|
Name : |
Mr. Santanu Choudhary |
|
Designation : |
Chief Finance Officer |
|
Address : |
1/B/1202, NG Suncity, Phase Ii, Thakur
Village, Kandivali (East), Mumbai – 400101, Maharashtra, India |
|
Date of Appointment : |
12.01.2016 |
|
PAN No.: |
AEZPC4784N |
|
|
|
|
Name : |
Mr. Nagesh Deepakrao Rudrakanthwar |
|
Designation : |
Company Secretary |
|
Address : |
705, Prathamesh Appartment, Gundavali Bmc
Office, Azad Road, Andheri (East), Mumbai – 400069, Maharashtra,
India |
|
Date of Appointment : |
04.09.2017 |
|
PAN No.: |
AMWPR6898M |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Jayant Acharya |
|
10 |
|
Derek Randall |
|
10 |
|
Severfield Rowen Mauritius Limited, Mauritius |
|
115437910 |
|
JSW Steel Limited, India |
|
115437910 |
|
Alan Dunsmore |
|
10 |
|
Rajeev Pai |
|
10 |
|
John Dodds |
|
10 |
|
Kantilal Nandas Patel |
|
10 |
|
|
|
|
|
Total |
|
230875880 |
Equity Share Break up (Percentage of Total Equity)
AS ON 29.09.2017
|
Category |
Percentage |
|
Promoters [Individual/Hindu Undivided
Family (Indian)] |
0.00001299 |
|
Promoters [Individual/Hindu Undivided
Family (Foreign national {other than NRI})] |
0.00001299 |
|
Promoters [Bodies
corporate] |
49.99998701 |
|
Promoters [Others
(Foreign Body Corporate)] |
49.99998701 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
· The company is engaged in the business of design, fabrication and erection of structural steel works. · Manufacturing of Structural metal products.
[Registered activity and also confirmed by management] |
||||
|
|
|
||||
|
Products / Services
: |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
|
||||
|
Products : |
·
Finished Goods |
||||
|
Countries : |
·
Sri Lanka |
||||
|
|
|
||||
|
Imports : |
|
||||
|
Products : |
·
Raw Materials |
||||
|
Countries : |
·
Germany |
||||
|
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|
||||
|
Terms : |
|
||||
|
Selling : |
Cash and Credit (30 / 60 / 90 Days) |
||||
|
|
|
||||
|
Purchasing : |
Cash and Credit (30 / 60 / 90 Days) |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
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|
|
|
||||||||||||||||||||||||
|
Customers : |
End Users
|
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|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
800 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
·
ICICI Bank Limited, Bandra Kurla Complex, Bandra (East),
Mumbai, Maharashtra, India ·
IDBI Bank Limited, Fort Branch, Mumbai, Maharashtra,
India ·
Axis Bank Limited, Worli, Mumbai – 400025,
Maharashtra, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary company
(As on 2017) : |
·
JSW Structural Metal Decking Limited
[U28112MH2009PLC197954] |
|
|
|
|
Other related
parties (As on 2016) : |
· JSW Steel Limited [L27102MH1994PLC152925] ·
Severfield Mauritius Limited |
|
|
|
|
Enterprises which are owned, or have
significant influence of or are partners with Key management personnel and
their relatives (As on 2016) : |
· Severfield Reeve International Limited · At las Ward Structures Limited · Fisher Engineering Limited |
CAPITAL STRUCTURE
AFTER 29.09.2017
Authorised Capital : INR
3500.000 Million
Issued, Subscribed & Paid-up Capital : INR 3208.759 Million
AS ON 29.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
INR 10/- each |
INR 2500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
230875880 |
Equity Shares |
INR 10/- each |
INR 2308.759 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2308.759 |
2308.759 |
1968.759 |
|
(b) Reserves & Surplus |
(1688.878) |
(1574.927) |
(1585.443) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
1.454 |
0.290 |
|
Total Shareholders’
Funds (1) + (2) |
619.881 |
735.286 |
383.606 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
899.864 |
1249.864 |
1415.864 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
30.000 |
30.000 |
50.000 |
|
(d) Long-term
provisions |
7.345 |
6.365 |
4.467 |
|
Total Non-current
Liabilities (3) |
937.209 |
1286.229 |
1470.331 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
292.733 |
810.407 |
639.104 |
|
(b) Trade
payables |
1339.840 |
1246.920 |
1117.692 |
|
(c) Other
current liabilities |
1658.133 |
907.119 |
1019.247 |
|
(d) Short-term
provisions |
9.494 |
8.515 |
0.000 |
|
Total Current
Liabilities (4) |
3300.200 |
2972.961 |
2776.043 |
|
|
|
|
|
|
TOTAL |
4857.290 |
4994.476 |
4629.980 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2017.658 |
2131.819 |
2013.697 |
|
(ii)
Intangible Assets |
6.819 |
6.770 |
6.431 |
|
(iii)
Capital work-in-progress |
14.665 |
11.679 |
149.116 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
89.659 |
89.658 |
89.659 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
191.330 |
151.567 |
98.498 |
|
(e) Other
Non-current assets |
10.200 |
1.300 |
10.200 |
|
Total Non-Current
Assets |
2330.331 |
2392.793 |
2367.601 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
147.187 |
209.318 |
68.224 |
|
(c) Trade
receivables |
1052.042 |
816.519 |
1092.542 |
|
(d) Cash
and cash equivalents |
251.125 |
194.156 |
139.143 |
|
(e)
Short-term loans and advances |
97.104 |
106.535 |
153.869 |
|
(f) Other
current assets |
979.501 |
1275.155 |
808.601 |
|
Total
Current Assets |
2526.959 |
2601.683 |
2262.379 |
|
|
|
|
|
|
TOTAL |
4857.290 |
4994.476 |
4629.980 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
SALES |
|
|
|
|
|
|
Total
Revenue from operations |
3835.149 |
4159.127 |
2593.892 |
|
|
|
Other Income |
88.653 |
37.373 |
8.935 |
|
|
|
TOTAL |
3923.802 |
4196.500 |
2602.827 |
|
|
|
|
[Due to market
fluctuation] |
|
||
|
Less |
EXPENSES |
|
|
|
|
|
|
Cost of Materials
Consumed |
2884.783 |
2992.253 |
2311.734 |
|
|
|
Employee benefit expense |
475.981 |
447.452 |
459.965 |
|
|
|
Other expenses |
150.797 |
212.578 |
236.900 |
|
|
|
TOTAL |
3511.561 |
3652.283 |
3008.599 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
412.241 |
544.217 |
(405.772) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
384.685 |
392.157 |
332.548 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
27.556 |
152.060 |
(738.320) |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
141.507 |
137.461 |
120.188 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(113.951) |
14.599 |
(858.508) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(113.951) |
14.599 |
(858.508) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
6.690 |
0.910 |
NA |
|
|
TOTAL IMPORTS |
6.690 |
0.910 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(0.49) |
0.07 |
(5.63) |
|
|
Particulars |
|
|
31.03.2017 |
|
Sales Turnover (Approximately) |
|
|
4000.000 |
Expected Sales (2017-2018): INR 4000.000 Million
The above information has been parted by Mr. Sudeepta Rajguru (Deputy
Manager)
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
350.000 |
200.000 |
0.000 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
1096.819 |
0.880 |
(294.600) |
|
Net cash flows from (used in) operating activities |
1070.550 |
(64.365) |
(316.319) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
100.13 |
71.66 |
153.74 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
3.65 |
5.09 |
2.37 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
169.52 |
152.10 |
176.47 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
2.80 |
2.60 |
(5.95) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.20 |
0.25 |
(0.19) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.94 |
0.89 |
0.91 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
2.49 |
3.07 |
5.36 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
5.32 |
4.04 |
7.24 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
3.29 |
2.92 |
5.65 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.07 |
1.39 |
(1.22) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
(2.97) |
0.35 |
(33.10) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(2.35) |
0.29 |
(18.54) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(18.38) |
1.99 |
(223.80) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.77 |
0.88 |
0.81 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.72 |
0.80 |
0.79 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.13 |
0.15 |
0.08 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.67 |
0.98 |
1.04 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.77 |
0.88 |
0.81 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
1968.759 |
2308.759 |
2308.759 |
|
Reserves & Surplus |
(1585.443) |
(1574.927) |
(1688.878) |
|
Share Application money
pending allotment |
0.290 |
1.454 |
0.000 |
|
Net
worth |
383.606 |
735.286 |
619.881 |
|
|
|
|
|
|
Long-term borrowings |
1415.864 |
1249.864 |
899.864 |
|
Short term borrowings |
639.104 |
810.407 |
292.733 |
|
Current maturities of
long-term debts |
0.000 |
200.000 |
350.000 |
|
Total
borrowings |
2054.968 |
2260.271 |
1542.597 |
|
Debt/Equity
ratio |
5.357 |
3.074 |
2.489 |
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 |
2593.892 |
4159.127 |
3835.149 |
|
|
|
60.343 |
(7.790) |
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 |
2593.892 |
4159.127 |
3835.149 |
|
Profit/ (Loss) |
(858.508) |
14.599 |
(113.951) |
|
|
(33.10
%) |
0.35
% |
(2.97
%) |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
2308.759 |
2308.759 |
|
(b) Reserves and Surplus |
|
(1734.958) |
(1637.755) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
(d) Minority interest |
|
21.208 |
12.933 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
1.454 |
|
Total
Shareholders’ Funds (1) + (2) |
|
573.801 |
672.458 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
899.864 |
1249.864 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
8.114 |
6.904 |
|
Total Non-current
Liabilities (3) |
|
907.978 |
1256.768 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
320.068 |
835.790 |
|
(b) Trade
payables |
|
1373.903 |
1294.911 |
|
(c) Other
current liabilities |
|
1690.420 |
930.606 |
|
(d) Short-term
provisions |
|
9.537 |
8.545 |
|
Total Current
Liabilities (4) |
|
3393.928 |
3069.852 |
|
|
|
|
|
|
TOTAL |
|
4896.915 |
5012.011 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
2077.075 |
2193.729 |
|
(ii)
Intangible Assets |
|
7.029 |
6.770 |
|
(iii) Tangible assets
capital work-in-progress |
|
14.665 |
11.679 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.005 |
0.005 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d)
Long-term
loans and advances |
|
192.811 |
152.818 |
|
(e) Other
Non-current assets |
|
10.200 |
1.300 |
|
Total Non-Current
Assets |
|
2301.785 |
2366.301 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
174.453 |
228.401 |
|
(c) Trade receivables |
|
1073.714 |
820.251 |
|
(d) Cash and bank
balances |
|
262.489 |
213.121 |
|
(e)
Short-term loans and advances |
|
104.973 |
108.782 |
|
(f) Other
current assets |
|
979.501 |
1275.155 |
|
Total
Current Assets |
|
2595.130 |
2645.710 |
|
|
|
|
|
|
TOTAL |
|
4896.915 |
5012.011 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
|
3920.181 |
4243.678 |
|
|
Other Income |
|
89.919 |
39.293 |
|
|
TOTAL |
|
4010.100 |
4282.971 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
2882.178 |
3020.418 |
|
|
Purchases of
Stock-in-Trade |
|
17.401 |
11.317 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
3.612 |
(1.527) |
|
|
Employee benefit expense |
|
487.533 |
455.841 |
|
|
Other expenses |
|
168.823 |
224.434 |
|
|
TOTAL |
|
3559.547 |
3710.483 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
450.553 |
572.488 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
394.052 |
405.698 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
56.501 |
166.790 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
145.430 |
147.366 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
(88.929) |
19.424 |
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL PROFIT (LOSS)
FOR PERIOD BEFORE MINORITY INTEREST |
|
(88.929) |
19.424 |
|
|
|
|
|
|
|
Add / Less |
PROFIT
(LOSS) OF MINORITY INTEREST |
|
(8.275) |
(1.287) |
|
|
|
|
|
|
|
|
TOTAL
PROFIT (LOSS) FOR PERIOD |
|
(97.203) |
18.137 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
(0.42) |
0.08 |
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 |
Yes |
|
5 |
Buyer visit details |
Yes |
|
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
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 four years |
Yes |
|
27 |
Reasons for variation <> 20% |
Yes |
|
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 |
|
OBSERVATION POINTS |
|
Name of Company : |
JSW SEVERFIELD STRUCTURES LIMITED |
|
|
|
|
Address : |
401, Grande Palladium, 4th Floor, 175 CST Road, Kalina, Santacruz (East), Mumbai – 400098, Maharashtra, India |
|
|
|
|
Person to whom we met: |
Ms. Shweta Designation
: Receptionist |
|
|
|
|
Name Board : |
Sighted |
|
|
|
|
Location: |
Easy |
|
|
|
|
Landmark (If Any): |
L & T Financial Service |
|
|
|
|
Total Floors of the building: |
8 Floor |
|
|
|
|
Subject situated on: |
4th Floor |
|
|
|
|
Locality: |
Commercial |
|
|
|
|
Area : |
Down market |
|
|
|
|
No. of employees seen at premises: |
5 |
|
|
|
|
Visibility of Items : |
·
Telephone ·
Computers ·
Air Conditioners ·
Office Equipment |
|
|
|
|
Furniture Items
sighted : |
Yes |
|
|
|
|
Proof of visit: |
Photograph |
NOTE: The Registered Office of the company has been shifted from “302, Naman Centre, 3rd Floor, Plot No. C-31, G- Block, Bandra Kurla Complex, Opposite Bank of Baroda, Bharat Nagar, Bandra East, Mumbai – 400051, Maharashtra, India” to the present address.
STANDALONE
RESULTS [AS ON 31.03.2016]
The total production of the Company for the FY 2015-16 stood at 36,015 tonnes (previous year 48,224 tonnes).
The total revenue for the year was INR 3923.801 million, and showed a decline of 6.50% respectively. The operating EBITDA was INR 412.240 million, and showed a decline of 24.25%. The net loss after tax was INR (11.3951 million)/-.
PROSPECTS
Although India is still primarily a concrete construction market, it is now more attracted towards steel and prospects are expected to increase given the governments plans for infrastructure growth and more access for foreign direct investment. Severfield and JSW Steel Limited remain positive that JSSL will continue to improve its performance and that it will grow through continued market penetration and overall market growth.
JSW Severfields Operational performance continues to improve in the Bellary Plant and on all of Project sites. Quality is best in class.
The Companys cost base is also very competitive. Better quality and cost awareness best efforts are being put and the Company is actively improving. The performance of the business is being improved.
Our order book stands at INR 3060.000 million (32,396 tonnes), as on March 31, 2016.
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G63351365 |
10558041 |
RBL BANK LIMITED |
26/03/2015 |
10/11/2017 |
- |
700000000.0 |
SHAHUPURI,KOLHAPUR,KOLHAPURMA416001IN |
|
2 |
B88009311 |
10294981 |
IDBI BANK LIMITED |
02/07/2011 |
03/10/2013 |
- |
1030000000.0 |
IDBI TOWERWTC COMPLEXCUFFE PARADEMUMBAIMH400005IN |
|
3 |
B73629081 |
10295547 |
ICICI BANK LIMITED |
29/06/2011 |
23/04/2013 |
- |
500000000.0 |
ICICI BANK TOWERSREGIONAL OFFICE, SHOBHA PEARL 1, COMMISSIARIAT RDBENGALURUKA560001IN |
|
4 |
C31088099 |
10182489 |
AXIS BANK LIMITED |
23/10/2009 |
01/10/2014 |
- |
2000000000.0 |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAWGARDEN ELLISBRIDGE, AHMEDABADAHMEDABADGJ380006IN |
|
5 |
G72838881 |
10457868 |
ICICI BANK LIMITED |
07/11/2013 |
21/03/2014 |
11/12/2017 |
1500000000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
6 |
B92749332 |
10257631 |
AXIS BANK LIMITED |
12/11/2010 |
11/02/2011 |
31/12/2013 |
2460000000.0 |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGEAHMEDABADGJ380006IN |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
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 64.16 |
|
|
1 |
INR 89.17 |
|
Euro |
1 |
INR 79.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHW |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.