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MIRA INFORM REPORT
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Report No. : |
484313 |
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Report Date : |
04.01.2018 |
IDENTIFICATION DETAILS
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Name : |
SUNFLAG IRON AND STEEL COMPANY LIMITED |
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Registered
Office : |
33, Mount Road Sadar, Nagaur – 440001, Maharashtra |
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Tel. No.: |
91-712-2520356 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
12.09.1984 |
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Com. Reg. No.: |
11-034003 |
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Capital
Investment / Paid-up Capital : |
INR 1802.200 Million |
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CIN No.: [Company Identification
No.] |
L27100MH1984PLC034003 |
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IEC No.: |
0388193778 |
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GSTIN : |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
AACCS3376C |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of manufacturing and sale of Special Steel Rolled Products. (Registered activity) |
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No. of Employees
: |
1321 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 20240000 |
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Status : |
Good |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company incorporated in the year 1984. It is a manufacturer and seller of special steel rolled products. For the financial year ended 2017, the company has reported a decline of 5.05% in its revenue as compared to the previous year’s revenue but has managed to maintain an average profitability margin of 4.32%. Rating takes into consideration, the sound financial position of the company marked by strong networth base with along comfortable debt balance sheet profile and favourable gap between its trade payables and receivables. Further, rating reflects long track record of the company in manufacturing of mild steel and alloy steel products, experienced management and established position in the alloy steel industry. The company has its share price trading at around INR 83.10 on BSE as on January 03, 2018 as against the Face Value (FV) of INR 10. Trade relations are fair. Business is active. Payments are slow but correct. In view of healthy financial base, the company can be considered good for normal business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Short term loans : A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
28.12.2017 |
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 04.01.2018
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 DECLINED
Management non-cooperative (Tel No.: 91-712-2532901/ Mobile No.:
91-9316259945)
LOCATIONS
|
Registered / Head Office : |
33, Mount Road Sadar, Nagaur – 440001, Maharashtra, India |
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Tel. No.: |
91-712-2520356 |
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Fax No.: |
91-712-2520360 |
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E-Mail : |
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Website : |
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Works : |
Warthi, Bhandara Road, Bhandara – 441905, Maharashtra, India |
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Located at: · Faridabad · Chennai · Pune · Mumbai · Nagpur |
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Located at: · Delhi · Bangalore |
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Located at: · Chennai · Delhi · Faridabad · Ludhiana · Bangalore · Kanpur · Malanpur · Jaipur · Bhiwadi · Mumbai |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Pranav Ravi Bhardwaj |
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Designation : |
Managing Director |
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Address : |
18, Jor Bagh, First Floor, Opposite Lodhi Road, New Delhi – 110003, India |
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Date of Birth/Age : |
20.04.1974 |
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Date of Appointment : |
03.02.2000 |
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PAN No.: |
AESPB2780E |
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DIN No.: |
00054805 |
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Name : |
Mr. Surendra Kumar Prem Narayan Gupta |
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Designation : |
Managing Director |
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Address : |
Pushpa Sadan, Plot No. 598, Chitnavis Nagar, Byramji Town, Nagpur – 440013, Maharashtra, India |
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Date of Birth/Age : |
16.08.1948 |
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Date of Appointment : |
21.05.2007 |
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PAN No.: |
ABPPG5613D |
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DIN No.: |
00054836 |
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Name : |
Mr. Ramchandra Vasant Dalvi |
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Designation : |
Whole-Time Director |
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Address : |
101, Chaitanya, 155 Shradhanandpeth Nagpur-440010, Maharashtra, India |
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Date of Appointment : |
14.08.2017 |
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DIN No.: |
00012065 |
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Name : |
Mr. Muralidhar Rambhatla |
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Designation : |
Whole-Time Director |
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Address : |
105, K T Nagar, Near Friends Colony, Katol Road, Nagpur-440013, Maharashtra, India |
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Date of Appointment : |
14.08.2017 |
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DIN No.: |
00982212 |
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Name : |
Mr. Ravi Bhushan Satya Dev Bhardwaj |
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Designation : |
Director |
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Address : |
18, Jor Bagh, Opposite Lodhi Road, New Delhi – 110003, India |
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Date of Birth/Age : |
01.10.1998 |
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Date of Appointment : |
01.10.1998 |
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PAN No.: |
AAMPB1229N |
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DIN No.: |
00054700 |
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Name : |
Mr. Gajendran S |
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Designation : |
Director |
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Address : |
15, Ward No.141, Sriramnagar Colony, Chennai - 600113, Tamilnadu, India |
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Date of Appointment : |
16.06.2008 |
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DIN No.: |
00250136 |
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Name : |
Mr. Kumar Jitendra Singh |
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Designation : |
Director |
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Address : |
1 Katol Road Chhowni Nagpur – 440013, Maharashtra, India |
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Date of Birth/Age : |
16.08.1948 |
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Date of Appointment : |
05.08.2014 |
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DIN No.: |
00626836 |
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Name : |
CA Jayesh Madhavji Parmar |
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Designation : |
Director |
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Address : |
A 101, Riddhi Siddhi, Off M G Road, Off Dada Narvane School, Kandivali (West), Mumbai – 400067, Maharashtra, India |
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Date of Birth/Age : |
27.03.1965 |
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Date of Appointment : |
23.06.2009 |
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DIN No.: |
00802843 |
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Name : |
Mrs. Neelam Naresh Kothari |
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Designation : |
Director |
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Address : |
2601/2602, 26th Floor, Orbit Heights, J D Marg, Nana Chowk, Grant Road, [West], Mumbai – 400007, Maharashtra, India |
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Date of Appointment : |
29.09.2014 |
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DIN No.: |
06709241 |
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Name : |
Dr. Edayathimangalam Ramnath Chandra Shekar |
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Designation : |
Director |
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Address : |
ES Ramnath #87, 2nd Main, 1st Block, Koramangala Bangalore – 560034, Karnataka, India |
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Date of Birth/Age : |
20.04.1932 |
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Date of Appointment : |
05.09.1991 |
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DIN No.: |
00013670 |
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Name : |
Mr. Suhrit Ravi Bhushan Bhardwaj |
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Designation : |
Director |
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Address : |
P. O. Box No. 41627 - 00100 Nairobi Kenya Nairobi Kenya 000000, Kenya |
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Date of Appointment : |
27.03.2017 |
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DIN No.: |
02318190 |
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Name : |
Mr. Rooshad Russi Patel |
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Designation : |
Additional Director |
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Address : |
597/B Chitnavis Layout, Byramji Town, Katol Road, Nagpur-440013, Maharashtra, India |
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Date of Appointment : |
29.09.2017 |
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DIN No.: |
00473945 |
KEY EXECUTIVES
|
Name : |
Mr. Muralidhar Rambhatla |
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Designation : |
Chief Finance Officer |
|
Address : |
105, K T Nagar, Near Friends Colony, Katol Road, Nagpur – 440013, Maharashtra, India |
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Date of Appointment : |
01.04.2014 |
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PAN No.: |
AAMPR4451N |
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Name : |
Mr. Pranaba Kumar Panigrahi |
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Designation : |
Company Secretary |
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Address : |
Konark Enclave, Ground Floor, 17, K. T. Nagar, Katol Road, Nagpur – 440013, Maharashtra, India |
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Date of Appointment : |
05.08.2014 |
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PAN No.: |
AJCPP2041B |
MAJOR SHAREHOLDERS
As on
September 2017
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % |
|
|
(A) Promoter & Promoter Group |
88416476 |
49.06 |
|
|
(B) Public |
91802972 |
50.94 |
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Grand Total |
180219448 |
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
(calculated as per SCRR, 1957)As a % |
|
|
A1) Indian |
|||
|
Individuals/Hindu
undivided Family |
1612140 |
0.89 |
|
|
PRANAV BHARDWAJ |
1612140 |
0.89 |
|
|
Any
Other (specify) |
8333356 |
4.62 |
|
|
SUPRA COPRPORATION LIMITED |
8333356 |
4.62 |
|
|
Sub
Total A1 |
9945496 |
5.52 |
|
|
A2) Foreign |
0.00 |
||
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Individuals
(NonResident Individuals/ Foreign Individuals) |
13217398 |
7.33 |
|
|
SUHRIT RAVI BHUSHAN BHARDWAJ |
13217398 |
7.33 |
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|
Any
Other (specify) |
65253582 |
36.21 |
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|
SUNFLAG LIMITED, CHANNEL
ISLANDS, UK |
65253582 |
36.21 |
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Sub
Total A2 |
78470980 |
43.54 |
|
|
A=A1+A2 |
88416476 |
49.06 |
Statement showing shareholding pattern of the Public
shareholder
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR, 1957 As a
% |
|
|
B1)
Institutions |
|
|
|
|
Mutual
Funds/ |
88000 |
0.05 |
|
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Foreign
Portfolio Investors |
516663 |
0.29 |
|
|
Financial
Institutions/ Banks |
274325 |
0.15 |
|
|
Insurance
Companies |
1100 |
0.00 |
|
|
Sub
Total B1 |
880088 |
0.49 |
|
|
B2)
Central Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
Central
Government/ State Government(s)/ President of India |
600 |
0.00 |
|
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Sub
Total B2 |
600 |
0.00 |
|
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B3)
Non-Institutions |
0 |
0.00 |
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|
Individual
share capital upto INR 0.200 million |
28888997 |
16.03 |
|
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Individual
share capital in excess of INR 0.200 million |
35857183 |
19.90 |
|
|
Usha B Sanghavi |
7591956 |
4.21 |
|
|
Bhupendra G Sanghavi |
6834255 |
3.79 |
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|
Kanwaljit Singh Bakshi |
4150000 |
2.30 |
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Dhirendra B Sanghavi |
4000000 |
2.22 |
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NBFCs
registered with RBI |
1360 |
0.00 |
|
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Any
Other (specify) |
26174744 |
14.52 |
|
|
Daido Steel Company Limited,
Japan |
18021945 |
10.00 |
|
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Bodies Corporate |
6045109 |
3.35 |
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|
NRI |
910507 |
0.51 |
|
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Director or Director's
Relatives |
2000 |
0.00 |
|
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Clearing Members |
1184253 |
0.66 |
|
|
Trusts |
10930 |
0.01 |
|
|
Sub
Total B3 |
90922284 |
50.45 |
|
|
B=B1+B2+B3 |
91802972 |
50.94 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing and sale of Special Steel Rolled Products. (Registered activity) |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1321 (Approximately) |
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Bankers : |
· State Bank of India, Industrial Finance Branch, "The Arcade", 2nd Floor, World Trade Centre, Cuffe Parade, Mumbai-400005, Maharashtra, India · Bank of India, Nagpur Corporate Banking Branch, S V Patel Marg, Kingsway, Nagpur-440001, Maharashtra, India · Indian Bank, Deccan Gymkhana Branch 759/62, Prabhat Road, Pune-411004, Maharashtra, India · State Bank of Bikaner And Jaipur (Now merged with State Bank of India), Commercial Network Branch, 239, P. D. Mello Road, Near GPO, Fort, Mumbai-400001, Maharashtra, India ·
IDBI Bank Limited · Canara Bank |
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Facilities : |
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Statutory Auditors
: |
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Name : |
S.S. Kothari Mehta and Company Chartered Accountants |
|
Address : |
New Delhi, India |
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Joint Statutory
Auditors : |
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Name : |
Patel, Shah and Joshi Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Secretarial
Auditors : |
|
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Name : |
Mukesh Parakh and Associates Company Secretaries |
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Address : |
Nagpur, Maharashtra, India |
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Cost Auditors : |
|
|
Name : |
G. R. Paliwal and Company Cost Accountants |
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Address : |
Nagpur, Maharashtra, India |
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Memberships : |
Not Available |
|
|
|
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Collaborators : |
Not Available |
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|
Subsidiary
Companies |
· Sunflag Power Limited · Sunflag Special Steels Limited (1) · Khappa Coal Company Private Limited ·
Sunflag Foundation (Section 8 Company) (2) |
|
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Associate
Enterprise : |
· Haryana Television Limited |
|
|
|
|
Enterprise which have
significant influence (Promoter and Promoter Group) : |
· Sunflag Limited, Channel Islands, UK |
|
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Joint Venture
Companies : |
· Madanpur (North) Coal Company Private Limited · C T Mining Private Limited · Daido D.M.S. India Private Limited · Ramesh Sunwire Private Limited |
|
(1) Sunflag Special Steels Limited (U27102OR2003PLC007099) – a Wholly-owned Subsidiary of Sunflag Iron and Steel Company Limited holding 99.88% of Issued, Subscribed and Paid-up Share Capital, has passed a Special Resolution for Application for Striking-off the Name pursuant to the provisions of Section 248 (2) of the Companies Act, 2013 read with the Companies (Removal of Names of Companies from the Registrar of Companies) Rules, 2016 at the Extra-ordinary General Meeting held on 27th March 2017 and accordingly the said Company has filed e-Form No. STK-2 with the Office of the Registrar of Companies, Odisha at Cuttack and its approval is awaited. |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
205000000 |
Equity Shares |
INR 10/- each |
INR 2050.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
180219448 |
Equity Shares |
INR 10/- each |
INR 1802.200 Million |
|
|
|
|
|
Terms/ Voting Rights
attached to the Equity Shares
In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion of the number of the Equity shares held by the Shareholders
Reconciliation of the
number of share outstanding
|
Movement of Shares |
As at 31.03.2017 |
|
Opening number of
shares issued |
180219448 |
|
Shares issued during the year |
-- |
|
Shares bought back during the year |
-- |
|
Closing number of
shares issued |
180219448 |
Details of
shareholders holding more than 5% shares in the company
|
Name of shareholder |
As at 31.03.2017 |
|
|
|
Number of shares |
% Holding |
|
Sunflag Limited, Channel Islands, UK |
65253582 |
36.21% |
|
Daido Steel Co. Ltd. Japan |
18021945 |
10.00% |
|
Suhrit Ravi Bhushan Bhardwaj |
13217398 |
7.33% |
|
Usha B Sanghavi |
7726891 |
4.29% |
The company has neither issued any bonus share or share for
consideration other than cash neither bought back any shares during the period of
five years immediately preceding the reporting date
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1802.200 |
1802.200 |
1802.200 |
|
(b) Reserves & Surplus |
5280.100 |
4628.400 |
4033.100 |
|
(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) |
7082.300 |
6430.600 |
5835.300 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
434.700 |
575.400 |
1382.600 |
|
(b) Deferred tax liabilities
(Net) |
777.300 |
766.000 |
651.500 |
|
(c) Other long term
liabilities |
143.700 |
152.400 |
28.100 |
|
(d) long-term provisions |
169.000 |
156.900 |
138.900 |
|
Total
Non-current Liabilities (3) |
1524.700 |
1650.700 |
2201.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2212.600 |
1117.200 |
1977.700 |
|
(b) Trade payables |
1405.300 |
1559.900 |
1973.000 |
|
(c) Other current liabilities |
0.000 |
0.000 |
840.300 |
|
(d) Short-term provisions |
1089.300 |
1666.700 |
488.700 |
|
Total
Current Liabilities (4) |
4707.200 |
4343.800 |
5279.700 |
|
|
|
|
|
|
TOTAL |
13314.200 |
12425.100 |
13316.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5106.700 |
5415.000 |
5702.400 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
321.500 |
39.800 |
28.200 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
117.200 |
98.300 |
76.700 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
434.000 |
308.700 |
359.200 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
5979.400 |
5861.800 |
6166.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
4055.400 |
3148.900 |
3941.400 |
|
(c) Trade receivables |
2047.100 |
2204.700 |
1885.000 |
|
(d) Cash and cash equivalents |
752.700 |
635.200 |
532.600 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
764.000 |
|
(f) Other current assets |
479.600 |
574.500 |
26.600 |
|
Total
Current Assets |
7334.800 |
6563.300 |
7149.600 |
|
|
|
|
|
|
TOTAL |
13314.200 |
12425.100 |
13316.100 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
15096.600 |
15898.800 |
17565.900 |
|
|
Other Income |
77.500 |
92.400 |
60.000 |
|
|
TOTAL
|
15174.100 |
15991.200 |
17625.900 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
8970.500 |
8783.400 |
10324.700 |
|
|
Other Manufacturing Expenses |
3259.800 |
3200.000 |
4068.800 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(415.800) |
111.800 |
(71.700) |
|
|
Employees benefits expense |
942.600 |
982.700 |
820.600 |
|
|
Other expenses |
885.400 |
1040.500 |
730.700 |
|
|
Exceptional items |
0.000 |
0.000 |
254.500 |
|
|
Exceptional items |
0.000 |
0.000 |
(245.700) |
|
|
TOTAL |
13642.500 |
14118.400 |
15881.900 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1531.600 |
1872.800 |
1744.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
350.600 |
649.500 |
714.400 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1181.000 |
1223.300 |
1029.600 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
331.900 |
356.400 |
511.300 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
849.100 |
866.900 |
518.300 |
|
|
|
|
|
|
|
Less |
TAX |
197.400 |
298.800 |
274.200 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
651.700 |
568.100 |
244.100 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
344.500 |
518.700 |
796.700 |
|
|
TOTAL
EARNINGS |
344.500 |
518.700 |
796.700 |
|
|
|
|
|
|
|
|
CIF VALUE OF IMPORTS |
957.500 |
718.700 |
992.100 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
3.62 |
3.15 |
1.42 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
97.600 |
711.300 |
811.100 |
|
Cash generated from operations |
(186.200) |
(184.300) |
885.300 |
|
Net cash flow from / (used in) operating activities |
(162.800) |
2359.400 |
776.600 |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
|
|
1st Quarter |
2nd
Quarter |
|
Net Sales |
|
5282.000 |
5332.100 |
|
Total Expenditure |
|
4808.200 |
4782.200 |
|
PBIDT (Excl OI) |
|
473.800 |
549.900 |
|
Other Income |
|
26.500 |
17.600 |
|
Operating Profit |
|
500.300 |
567.500 |
|
Interest |
|
94.500 |
83.500 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
405.800 |
484.000 |
|
Depreciation |
|
81.400 |
86.000 |
|
Profit Before Tax |
|
324.400 |
398.000 |
|
Tax |
|
69.500 |
140.500 |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit After Tax |
|
254.900 |
257.500 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
254.900 |
257.500 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
49.49 |
50.61 |
39.17 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
7.37 |
7.21 |
9.32 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
57.18 |
64.82 |
69.75 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.38 |
0.59 |
0.44 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.28 |
0.34 |
0.30 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.39 |
0.45 |
0.56 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.39 |
0.37 |
0.71 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.66 |
0.68 |
0.90 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.77 |
0.85 |
0.98 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
4.37 |
2.88 |
2.44 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
4.32 |
3.57 |
1.39 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
4.89 |
4.57 |
1.83 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
9.20 |
8.83 |
4.18 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.56 |
1.51 |
1.35 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.70 |
0.79 |
0.61 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.53 |
0.52 |
0.44 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
1.52 |
1.33 |
2.31 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.56 |
1.51 |
1.35 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 83.10/- |
FINANCIAL ANALYSIS
[all figures are
in 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 |
1802.200 |
1802.200 |
1802.200 |
|
Reserves & Surplus |
4033.100 |
4628.400 |
5280.100 |
|
Net
worth |
5835.300 |
6430.600 |
7082.300 |
|
|
|
|
|
|
long-term borrowings |
1382.600 |
575.400 |
434.700 |
|
Short term borrowings |
1977.700 |
1117.200 |
2212.600 |
|
Current maturities of
long-term debts |
811.100 |
711.300 |
97.600 |
|
Total
borrowings |
4171.400 |
2403.900 |
2744.900 |
|
Debt/Equity
ratio |
0.715 |
0.374 |
0.388 |
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 |
17565.900 |
15898.800 |
15096.600 |
|
|
|
(9.491) |
(5.046) |
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 |
17565.900 |
15898.800 |
15096.600 |
|
Profit |
244.100 |
568.100 |
651.700 |
|
|
1.39% |
3.57% |
4.32% |
BALANCE
SHEET (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1802.200 |
1802.200 |
|
(b) Reserves & Surplus |
|
5287.300 |
4628.400 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
|
|
|
(3) Non-controlling
interest |
|
14.600 |
14.500 |
|
Total
Shareholders’ Funds |
|
7104.100 |
6445.100 |
|
|
|
|
|
|
(4) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
477.500 |
618.300 |
|
(b) Deferred tax liabilities
(Net) |
|
777.300 |
766.000 |
|
(c) Other long term
liabilities |
|
143.700 |
152.400 |
|
(d) long-term provisions |
|
169.000 |
156.900 |
|
Total
Non-current Liabilities |
|
1567.500 |
1693.600 |
|
|
|
|
|
|
(5) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
2212.600 |
1117.200 |
|
(b) Trade payables |
|
1405.300 |
1559.900 |
|
(c) Other current liabilities |
|
1089.300 |
1666.800 |
|
(d) Short-term provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
4707.200 |
4343.900 |
|
|
|
|
|
|
TOTAL |
|
13378.800 |
12482.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
5125.200 |
5433.800 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
|
545.100 |
262.400 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
91.400 |
72.400 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
264.500 |
140.500 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
6026.200 |
5909.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
4055.400 |
3148.900 |
|
(b) Inventories |
|
0.000 |
0.000 |
|
(c) Trade receivables |
|
2050.600 |
2204.700 |
|
(d) Cash and cash equivalents |
|
767.300 |
645.500 |
|
(e) Short-term loans and
advances |
|
0.000 |
0.000 |
|
(f) Other current assets |
|
479.300 |
574.400 |
|
Total
Current Assets |
|
7352.600 |
6573.500 |
|
|
|
|
|
|
TOTAL |
|
13378.800 |
12482.600 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
15096.600 |
15898.800 |
|
|
Other Income |
|
78.100 |
97.700 |
|
|
TOTAL
|
|
15174.700 |
15996.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
8970.500 |
8783.400 |
|
|
Purchases of Stock-in-Trade |
|
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
-415.800 |
111.800 |
|
|
Employees benefits expense |
|
942.600 |
987.100 |
|
|
Other expenses |
|
881.800 |
1038.900 |
|
|
Other Manufacturing Expenses |
|
3259.800 |
3200.000 |
|
|
Share in profit / (loss) in
Joint Venture and Associates |
|
3.500 |
6.500 |
|
|
TOTAL |
|
13642.400 |
14127.700 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
1532.300 |
1868.800 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
350.600 |
654.900 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
1181.700 |
1213.900 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
332.000 |
356.600 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
849.700 |
857.300 |
|
|
|
|
|
|
|
Less |
TAX |
|
197.500 |
299.600 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
652.200 |
557.700 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
3.64 |
3.13 |
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 |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
The Company was incorporated in 1984 and is engaged in the business of manufacturing and sale of Special Steel Rolled products. The Company is listed on The National Stock Exchange of India Limited (NSE) and BSE Limited (BSE).
The registered office of the Company is situated at 33, Mount Road, Sadar, Nagpur - 440001, Maharashtra, India.
FINANCE
The Company has ended the financial year with a profit after
tax of INR 651.700 Million. After taking into account the brought forward
profit of INR 4224.300 Million, the Company has carried forward an amount of
INR 4876.000 Million to the Balance Sheet.
MANAGEMENT DISCUSSION
AND ANALYSIS
GLOBAL ECONOMIC
SCENARIO AND OUTLOOK
With buoyant financial markets and a long-awaited cyclical recovery in manufacturing and trade under way, world growth is projected to rise from 3.1 percent in 2016 to 3.5 percent in 2017 and 3.6 percent in 2018, slightly above the October 2016 World Economic Outlook (WEO) forecast. The world economy gained speed in the fourth quarter of 2016 and the momentum is expected to persist.
A renewed multilateral effort is also needed to tackle common challenges in an integrated global economy.
INDIAN ECONOMIC
SCENARIO AND OUTLOOK
The Government of India has forecasted that the Indian
economy will grow by 7.1 per cent in FY 2016-17. As per the Economic Survey
2016-17, the Indian economy should grow between 6.75 and 7.5 per cent in FY
2017-18.
Government of India has introduced Goods & Service Tax (GST) effective 1st July 2017 biggest ever tax reform in the country, possesses a hope in the industry for better growth in the years to come.
INDIAN STEEL INDUSTRY
India’s crude steel output grew 10.7 per cent year-on-year to 25.76 million tonnes (MT) during January-March 2017. India’s crude steel output during April 2017 grew by 5.4 per cent year-on-year to 8.107 MT.
AUTOMOBILE AND AUTO
COMPONENT INDUSTRY
The automobile industry in India is expected to be the world’s third largest by 2020, with the country currently being the world’s second largest twowheeler manufacturer. Two-wheeler production is projected to rise from 18.500 million in FY15 to 34.000 million by FY20. Passenger vehicle market in India is expected to cross the three million unit milestone during FY 2016-17, and further increase to 10 million units in FY 2019-20.
The government aims to develop India as a global manufacturing as well as a research and development (R&D) hub. It has set up National Automotive Testing and R&D Infrastructure Project (NATRiP) centres as well as a National Automotive Board to act as facilitator between the government and the industry.
COSTS - STEEL
BUSINESS
During the year, the Company continued to focus on costs, improvements through Total Productive Maintenance (TPM) and various cost reduction policies, wherever applicable.
STEEL SECTOR –
THREATS AND CHALLENGES
Shift towards relatively lower steel demand growth in most
of the heavy-weight economies. The franchisee route or the smaller producers perhaps
are the biggest threat to the industry. They are able to use the name of big
players and use the re-cycle material.
UNSECURED LOAN
|
PARTICULAR |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
From promoters (interest free) @ |
137.500 |
137.500 |
|
Other loans and
advances # |
|
|
|
Interest free Sales Tax Loan |
297.200 |
337.200 |
|
Total |
434.700 |
474.700 |
|
@ The Unsecured loans comprising term loans given by Promoters are interest free. There is no stipulation as to the repayment hence there is no default has occured in repayment during the period. # The Unsecured loans comprising Interest free Sales Tax Loan valued on NPV basis. Actual liability is INR 457.400 Million. The repayment of the sales tax loan is made as per the schedule and no default has occured in repayment during the period. |
||
INDEX
OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G53475463 |
100092283 |
State Bank of India |
30/03/2017 |
24/08/2017 |
- |
750000000.0 |
INDUSTRIAL FINANCE BRANCH, "THE ARCADE", 2ND FLOOR WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI MAHARASHTRA 400005 INDIA |
|
2 |
G46847554 |
10559298 |
IDBI Bank Limited |
16/03/2015 |
02/06/2017 |
- |
500000000.0 |
IDBI TOWER, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI MAHARASHTRA 442907 INDIA |
|
3 |
G53228516 |
90239709 |
State Bank of India |
13/03/1992 |
24/08/2017 |
- |
7551700000.0 |
INDUSTRIAL FINANCE BRANCH, "THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE MUMBAI MAHARASHTRA 400005 INDIA |
|
4 |
Y10347167 |
90239530 |
IFCI Limited |
09/08/1990 |
22/07/2004 |
- |
43600000.0 |
BANK OF BARODA BUILDING, PARLIAMENTARY STREET, NEW DELHI 110001 INDIA |
|
5 |
Y10347141 |
90239504 |
INDUSTRIAL FINANCE CORP. OF INDIA |
09/05/1990 |
22/07/2004 |
- |
81100000.0 |
BANK OF BARODA BUILDINGPARLIAMENT STREET NEW DELHI 110001 INDIA |
|
6 |
G56713514 |
10432530 |
State Bank of Bikaner & Jaipur |
14/06/2013 |
28/09/2013 |
06/10/2017 |
200000000.0 |
COMMERCIAL NETWORK BRANCH, 239, P. D. MELLO ROAD, NEAR GPO, FORT, MUMBAI MAHARASHTRA 400001 INDIA |
|
7 |
G53747762 |
10222470 |
Bank of India |
06/05/2010 |
20/08/2010 |
14/09/2017 |
900000000.0 |
NAGPUR CORPORATE BANKING BRANCH S V PATEL MARG, KINGSWAY, NAGPUR MAHARASHTRA 440001 INDIA |
|
8 |
G52526381 |
10225887 |
Indian Bank |
18/06/2010 |
20/08/2010 |
30/08/2017 |
1500000000.0 |
DECCAN GYMKHANA BRANCH759/62, PRABHAT ROAD, PUNE MAHARASHTRA 411004 INDIA |
|
9 |
G43954718 |
10413511 |
State Bank of India |
12/03/2013 |
28/09/2013 |
05/05/2017 |
200000000.0 |
THE ARCADE, 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI MAHARASHTRA 400005 INDIA |
|
10 |
G43954593 |
10112073 |
State Bank of India |
01/07/2008 |
12/09/2008 |
05/05/2017 |
600000000.0 |
INDUSTRIAL FINANCE BRANCH, 'THE ARCADE' 2ND FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, COLABA, MUMBAI MAHARASHTRA 400005 INDIA |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Unexpired letter of credit |
320.100 |
327.700 |
|
Guarantees issued by Company’s bankers on behalf of the
Company |
732.400 |
769.200 |
|
Bonds/ undertakings given by the Company under duty exemption
scheme to the custom authorities |
61.600 |
154.600 |
|
Bills discounted |
441.700 |
468.100 |
|
Excise duty & custom duty against which company has
preferred an appeal |
6.500 |
6.500 |
|
Income Tax Liability - Disputed but paid |
61.300 |
90.200 |
|
Corporate Guarantee issued to Banks on behalf of Subsidiaries |
0.000 |
40.000 |
|
Total |
1623.600 |
1856.300 |
STATEMENT
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED
30.09.2017
(INR In Million)
|
PARTICULARS |
Standalone |
||
|
Quarter Ended |
Half Year Ended |
||
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
Income From
Operations |
|
|
|
|
a. Revenue from operations |
5332.100 |
5282.000 |
10614.100 |
|
b. Other Income |
17.600 |
26.500 |
44.100 |
|
Total Income from
Operations (Net) |
5349.700 |
5308.500 |
10658.200 |
|
Expenditure |
|
|
|
|
Cost of material Consumed |
2672.800 |
2672.800 |
5542.400 |
|
Purchase of Stock-in trade |
14.600 |
0.000 |
14.600 |
|
Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
366.200 |
189.200 |
555.400 |
|
Excise Duty expenses |
0.000 |
547.500 |
547.500 |
|
Employees Benefit Expenses |
249.900 |
248.500 |
498.400 |
|
Finance Cost |
83.500 |
94.500 |
178.000 |
|
Depreciation and Amortization Expenses |
86.000 |
81.400 |
167.400 |
|
Other expenses |
1281.900 |
1150.200 |
2432.100 |
|
Total Expenses |
4754.900 |
4984.100 |
9935.800 |
|
Profit / (Loss)
from ordinary activities after finance costs but before exceptional
items |
398.000 |
324.400 |
722.400 |
|
Exceptional
items |
-- |
-- |
-- |
|
Profit / (Loss) from
ordinary activities before tax |
398.000 |
324.400 |
722.400 |
|
Tax Expense |
(140.500) |
(69.500) |
(210.000) |
|
Profit / (Loss)
from ordinary activities After Tax |
257.500 |
254.900 |
512.400 |
|
Extra-ordinary items (net of tax expenses) |
-- |
-- |
-- |
|
Net Profit/ (Loss)
for the period |
257.500 |
254.900 |
512.400 |
|
|
|
|
|
|
Paid- up
Equity Share Capital (share – INR 10) |
1802.200 |
1802.200 |
1802.200 |
|
|
|
|
|
|
Reserves excluding
revaluation reserve as per balance sheet of previous accounting year |
|
|
|
|
Earnings Per Share (of INR 10 each) (not annualized) |
|
|
|
|
Basic |
1.43 |
1.41 |
2.84 |
|
Diluted |
1.43 |
1.41 |
2.84 |
STATEMENT OF
ASSETS AND LIABILITIES AS AT 30.09.2017
|
SOURCES
OF FUNDS |
|
|
30.09.2017 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
1802.200 |
|
(b) Reserves & Surplus |
|
|
5792.500 |
|
(c) Money received against
share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
7594.700 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
741.700 |
|
(b) Deferred tax liabilities
(Net) |
|
|
822.300 |
|
(c) Other long term
liabilities |
|
|
171.300 |
|
(d) long-term provisions |
|
|
169.000 |
|
Total
Non-current Liabilities (3) |
|
|
1904.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
1225.500 |
|
(b) Trade payables |
|
|
2371.900 |
|
(c) Other current liabilities |
|
|
1052.900 |
|
(d) Short-term provisions |
|
|
0.000 |
|
Total
Current Liabilities (4) |
|
|
4650.300 |
|
|
|
|
|
|
TOTAL |
|
|
14149.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
5306.600 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital work-in-progress |
|
|
545.900 |
|
(iv) Intangible assets under
development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
117.200 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
285.600 |
|
(e) Other Non-current assets |
|
|
0.000 |
|
Total
Non-Current Assets |
|
|
6255.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
3437.600 |
|
(b) Inventories |
|
|
0.000 |
|
(c) Trade receivables |
|
|
3060.200 |
|
(d) Cash and cash equivalents |
|
|
874.000 |
|
(e) Short-term loans and
advances |
|
|
0.000 |
|
(f) Other current assets |
|
|
522.200 |
|
Total
Current Assets |
|
|
7894.000 |
|
|
|
|
|
|
TOTAL |
|
|
14149.300 |
Notes:
1. After review by the Audit Committee, the above financial results were approved by the Board of Directors of the Company at their meeting held on 11th November, 2017.
2. The above financials have been prepared in accordance with Ind-AS 34 Interim
Financial Reporting prescribed under Section 133 of the Companies Act, 2013,
read with the Companies (Indian Accounting Standard) Rules, 2015 (Ind-AS) and
other recognised accounting practices and policies to the extent applicable.
Beginning April 1, 2016, the Company has for the first time adopted Ind-AS with
a transition date of April 1, 2015
3. The Company has only one operating segment i.e. 'Iron & Steel Business'
and operations are mainly within India. Hence, it is the only reportable
segment under IND AS 108 'Operating Segments'.
4. Post implementation of Goods & Service Tax (GST) applicable with effect
from 01.07.2017, Revenue from operations are required to be disclosed net of
GST in accordance with the requirement of Ind-AS 18 and Schedule III of Companies
Act, 2013. Consequently, Revenue from operations for the quarter and half year
ended 30th Sep-17 are not comparable with the previous quarters/ period
financial results, which are reported inclusive of Excise Duty. The following
additional information is being provided to facilitate such understanding.
|
Particulars |
3 months ended |
Half year ended |
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
Net sales / Income from operations |
5332.100 |
5282.00 |
10614.100 |
|
Excise duty |
-- |
(547.500) |
(547.500) |
|
Net sales after excluding excise duty |
5332.100 |
4734.500 |
10066.600 |
5. The Company has opted for standalone financial results for the quarter ended 30th Sep 2017, in view of exemption vide SEBI circular dated 5th July 2016.
6. The figures of previous periods have been re-grouped /re-arranged wherever
necessary.
FIXED ASSETS
· Freehold Land
· Leasehold Land
· Buildings
· Factory Buildings
· Office Building
· Township
· Welfare Buildings
· Boundary Wall and Fencing
· Approach Roads
· Railway Siding
· Plant and Equipment
· Furniture and Fixtures
· Office equipment
· Vehicles
· Development of Mines
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 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 63.48 |
|
UK Pound |
1 |
INR 86.41 |
|
Euro |
1 |
INR 76.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
PUJ |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.
·