|
|
|
MIRA INFORM REPORT
|
Report No. : |
485677 |
|
Report Date : |
13.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
L&T SPECIAL STEELS AND HEAVY FORGINGS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
L&T House, Ballard Estate, N M Marg, Mumbai – 400001, Maharashtra |
|
Tel. No.: |
91-22-67525656 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
01.07.2009 |
|
|
|
|
Com. Reg. No.: |
11-193699 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 5666.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109MH2009PTC193699 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
GST No.: |
27AABCL6291L1Z2 |
|
|
|
|
TIN No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCL6291L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of Heavy Forgings and its Value Added
Products. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Larsen and Toubro Limited” was
incorporated on 01st July 2009. The company is engaged in
manufacturing custom made steel and forgings. It caters to nuclear, refinery,
petrochemical, power, ship building and heavy engineering industries As per Registrar of Companies, the date of filling its financials is
shown as 31.03.2017 but documents related to FY 2017 are not available from
any other sources. As per financials of March 2016, the company has registered a decline
in its revenue as compared to its previous year’s revenue and incurred
losses. Rating takes into consideration the strong financial and managerial
support that company receives from its parent entity which is Asia’s largest
vertically integrated engineering and construction conglomerate. Rating also takes into account the strong business linkages with
leading promoters L&T and NPCIL and sound long-term demand prospects for
heavy forgings in India. However, rating strengths are partially offset by exposure to risks
related to scaling up of operations and intense competition in the forgings
business and weakening of its financial profile owing to continued operating
losses. Payments are reported to be usually correct. In view of strong holding entity support, the company can be
considered for business dealing 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 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating=A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
15.12.2017 |
|
|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating=A1 |
|
Rating Explanation |
Very Strong degree of safety and carry
lowest credit risk |
|
Date |
15.12.2017 |
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 13.01.2018.
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
(Contact No: 91-9099971182/ 261-2203398/ 22-67525656)
LOCATIONS
|
Registered Office : |
L&T House, Ballard Estate, N M Marg, Mumbai – 400001, Maharashtra,
India |
|
Tel. No.: |
91-22-67525656/ 67525617 |
|
Mobile No.: |
91-9099971182 [Office] |
|
Fax No.: |
91-22-67525893 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Gate No. 11, 12, Hazira Manufacturing Complex, Post: Bhata, District
Surat – 394510, Gujarat, India |
|
Tel. No.: |
91-261-2203200/ 2203398 |
|
Fax No.: |
91-261-2203300 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Jayant Damodar Patil |
|
Designation : |
Director |
|
Address : |
2702, Torino, Cliff Avenue, Hiranandani Gardens, Mumbai - 400076, Maharashtra, India |
|
Date of Birth/Age : |
16.12.1954 |
|
Date of Birth/Age : |
M Tech (Mechanical Engg) |
|
Qualification : |
01.12.2010 |
|
Date of Appointment : |
AACPP9935F |
|
DIN No.: |
01252184 |
|
|
|
|
Name : |
Mr. Nitin Ramchandra Choudhary |
|
Designation : |
Director |
|
Address : |
43, Satpura Anushakti Nagar, Mumbai-400094, Maharashtra, India |
|
Date of Appointment : |
09.03.2017 |
|
DIN No.: |
07732661 |
|
|
|
|
Name : |
Mr. Anilkumar Ramakrishnan Kattiparambil |
|
Designation : |
Director Appointed In Casual Vacancy |
|
Address : |
1-D, Udayagiri, Anushakti Nagar, Mumbai - 400094, Maharashtra, India |
|
Date of Birth/Age : |
10.08.1959 |
|
Qualification : |
Mechanical Engineer |
|
Date of Appointment : |
22.01.2013 |
|
DIN No.: |
06478637 |
|
|
|
|
Name : |
Mr. Yogeshchandra Someshwar Trivedi |
|
Designation : |
Director |
|
Address : |
604, Mahima Heights, Building 2, Near Chandni Chok, City Surat - 395007, Gujarat, India |
|
Date of Birth/Age : |
19.02.1952 |
|
Qualification : |
B.E. (Metallurgy) |
|
Date of Appointment : |
09.05.2013 |
|
PAN No.: |
AAOPT9794J |
|
DIN No.: |
06531751 |
|
|
|
|
Name : |
Mr. Arun Kumar Mukherji |
|
Designation : |
Director |
|
Address : |
Ed Bunglow No.2, Jindal Garh, JSPL, Post Box No. 16, Kharsia Road, Raigarh - 496001, Chhattisgarh, India |
|
Date of Birth/Age : |
02.06.1947 |
|
Qualification : |
B.sc. Eng Hons, PGD ( Metallurgy ) |
|
Date of Appointment : |
31.03.2015 |
|
PAN No.: |
ABSPM0802B |
|
DIN No.: |
02107326 |
|
|
|
|
Name : |
Mr. Mathew Joseph Poovakulathu |
|
Designation : |
Director |
|
Address : |
#77, Eden Light, 1st 'B' Cross, Ag's Layout, Arehalli, Subramanyapura, Bangalore - 560061, Karnataka, India |
|
Date of Birth/Age : |
19.09.1954 |
|
Qualification : |
M.B.A.(Management), B.A.(Economics, Psychology, Sociology) |
|
Date of Appointment : |
31.03.2015 |
|
PAN No.: |
ACHPJ3326R |
|
DIN No.: |
06431096 |
|
|
|
|
Name : |
Mr. Bhagyam Ramani |
|
Designation : |
Director |
|
Address : |
501, Anand Co-Operative Housing Society, Juhu Versova Link Road, Andheri (West), Mumbai - 400058, Maharashtra, India |
|
Date of Birth/Age : |
09.01.1952 |
|
Qualification : |
Master degree on economics |
|
Date of Appointment : |
31.03.2015 |
|
PAN No.: |
AGEPR8495C |
|
DIN No.: |
00107097 |
|
|
|
|
Name : |
Mr. Shailendra Roy Narain |
|
Designation : |
Director |
|
Address : |
Flat No. 603/604, Kalpana, Opposite Ramakrishna, Mission Hospital, 11th Road, Khar –(West), Mumbai - 400052, Maharashtra, India |
|
Date of Birth/Age : |
18.09.1952 |
|
Qualification : |
B Tech, Graduate (Wharton advanced management
programm) |
|
Date of Appointment : |
19.10.2015 |
|
PAN No.: |
AFYPR0159L |
|
DIN No.: |
02144836 |
|
|
|
|
Name : |
Walajapet Parthasarathy Paththangi |
|
Designation : |
Director appointed in casual vacancy |
|
Address : |
702, Shanthinath Tower, Sudha Park, Garodia Nagar, Ghatkopar (East), Mumbai - 400077, Maharashtra, India |
|
Date of Birth/Age : |
06.12.1959 |
|
Qualification : |
B.COM, ACA, CPA (Colorado, US) |
|
Date of Appointment : |
19.10.2015 |
|
DIN No.: |
07281722 |
KEY EXECUTIVES
|
Name : |
Mr. Deepak Girdharilal Sankhla |
|
Designation : |
Company Secretary/ Chief Financial Officer |
|
Address : |
Flat 1, First Floor, B Building, ""Ratna Jyoti" Apartments, Magdalla Road, Surat - 394507, Gujarat, India |
|
Date of Birth/Age : |
24.10.1968 |
|
Qualification : |
CA, CS, CMA |
|
Date of Appointment : |
23.04.2010 |
|
PAN No : |
AVHPS0479D |
|
|
|
|
Name : |
Mr. Sanjay Sharma |
|
Designation : |
Manager |
|
Address : |
A-902, Avalon, A.S.Marg, Hiranandani Gardens, Powai, Mumbai-400076, Maharashtra, India |
|
Date of Appointment : |
01.04.2017 |
|
PAN No : |
ABSPS4183P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2017
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Larsen and Toubro Limited, India |
419284000 |
74.00 |
|
Nuclear Power Corporation of India Limited, India |
147316000 |
26.00 |
|
|
|
|
|
Total |
566600000 |
100.00 |
AS ON 10.08.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters
– (Government) (Government companies) |
26.00 |
|
Promoters
– Body Corporate |
74.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Heavy Forgings and its Value Added
Products. (Registered Activity) |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Brand Names : |
Not Available |
||||||||
|
|
|
||||||||
|
Agencies Held : |
Not Available |
||||||||
|
|
|
||||||||
|
Exports : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Imports : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Customers : |
· Andritz Hydro · Voith Hydro Power Generation · Areva Transnuclear Inc. · Nagarjuna · Reliance Industries Limited · Godrej |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
·
Bank of Baroda ·
Axis Bank Limited ·
Canara Bank |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Financial Institutions : |
· Axis Trustee Services Limited 2nd Floor, "E", Axis House, Bombay Dyeing Mills, Compound, Pandurang Budhkar Marg, Worli,, Mumbai - 400025, Maharashtra, India · Nuclear Power Corporation of India Limited 16th
Floor, Centre -1, Worldtrade Centre, Cuffe Parade, Colaba,, Mumbai - 400005,
Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
M. P. Chitale and Company Chartered Accountants |
|
Address : |
Hamam House, Ambalal Doshi Marg, Fort, Mumbai-400001, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFM2282Q |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company: |
Larsen and Toubro Limited, India [L99999MH1946PLC004768] |
|
|
|
|
Enterprises which are owned, or have significant influence of or are partners
with Key management personnel and their relatives: |
Nuclear Power Corporation of India Limited, India
[U40104MH1987GOI149458] |
|
|
|
|
Fellow Subsidiary Companies : |
· L&T - MHPS Turbine Generators Private Limited, India [U31101MH2006PTC166541] · L&T- MHPS Boilers Private Limited, India [U29119MH2006PTC165102] · EWAC Alloys Limited, India [U74999MH1962PLC012315] · L&T Cutting Tools Limited, India [U28920MH1952PLC008893] · L&T Hydrocarbon Engineering Limited, India [U11200MH2009PLC191426] ·
L&T Infotech Limited |
CAPITAL STRUCTURE
AS ON 31.03.2016
Authorized Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
575000000 |
Equity Shares |
INR 10/- each |
INR 5750.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
566600000 |
Equity Shares |
INR 10/- each |
INR 5666.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in 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 |
5666.000 |
5666.000 |
5666.000 |
|
(b) Reserves and Surplus |
(10747.674) |
(7900.101) |
(5079.445) |
|
(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) |
(5081.674) |
(2234.101) |
586.555 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
9635.360 |
10656.545 |
10930.542 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
294.108 |
284.047 |
2.689 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.009 |
|
Total Non-current
Liabilities (3) |
9929.468 |
10940.592 |
10933.240 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
8445.481 |
5929.665 |
3035.724 |
|
(b) Trade
payables |
270.535 |
392.972 |
371.765 |
|
(c) Other
current liabilities |
2529.819 |
1723.504 |
1959.392 |
|
(d) Short-term
provisions |
24.572 |
31.929 |
21.152 |
|
Total Current
Liabilities (4) |
11270.407 |
8078.070 |
5388.033 |
|
|
|
|
|
|
TOTAL |
16118.201 |
16784.561 |
16907.828 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
13323.014 |
13671.828 |
14039.114 |
|
(ii)
Intangible Assets |
167.966 |
163.316 |
124.277 |
|
(iii) Tangible assets
capital work-in-progress |
104.184 |
116.919 |
174.198 |
|
(iv)
Intangible assets under development |
18.578 |
44.419 |
18.460 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
30.320 |
30.265 |
31.335 |
|
(e) Other Non-current
assets |
152.033 |
239.077 |
74.401 |
|
Total Non-Current
Assets |
13796.095 |
14265.824 |
14461.785 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
32.953 |
|
(b)
Inventories |
892.017 |
1036.956 |
1093.798 |
|
(c) Trade
receivables |
177.091 |
296.719 |
225.583 |
|
(d) Cash and
bank balances |
6.808 |
11.189 |
13.864 |
|
(e)
Short-term loans and advances |
1132.556 |
1069.043 |
989.754 |
|
(f) Other
current assets |
113.634 |
104.830 |
90.091 |
|
Total Current
Assets |
2322.106 |
2518.737 |
2446.043 |
|
|
|
|
|
|
TOTAL |
16118.201 |
16784.561 |
16907.828 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
946.329 |
1019.678 |
648.531 |
|
|
Other Income |
0.254 |
3.321 |
6.123 |
|
|
TOTAL
(A) |
946.583 |
1022.999 |
654.654 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
267.491 |
386.867 |
357.927 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
73.438 |
149.670 |
8.326 |
|
|
Employee benefit expense |
218.459 |
227.502 |
209.262 |
|
|
Other expenses |
1068.566 |
1044.815 |
1256.831 |
|
|
TOTAL
(B) |
1627.954 |
1808.854 |
1832.346 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION
(C) |
(681.371) |
(785.855) |
(1177.692) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES
(D) |
1647.464 |
1526.449 |
1244.993 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION (C-D) (E) |
(2328.835) |
(2312.304) |
(2422.685) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
513.912 |
486.115 |
922.142 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F)
(G) |
(2842.747) |
(2798.419) |
(3344.827) |
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H)
(I) |
(2842.747) |
(2798.419) |
(3344.827) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports (FOB
basis) |
7.587 |
35.258 |
8.444 |
|
|
TOTAL EARNINGS |
7.587 |
35.258 |
8.444 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
34.131 |
115.514 |
163.017 |
|
|
Components and Spare Parts |
28.125 |
47.694 |
33.404 |
|
|
Capital Goods |
1.665 |
1.038 |
3.596 |
|
|
TOTAL IMPORTS |
63.921 |
164.246 |
200.017 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(INR) |
(5.02) |
(4.94) |
(6.04) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
1434.425 |
1003.125 |
774.575 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
(549.436) |
(840.363) |
(1021.907) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
(549.436) |
(840.363) |
(1021.907) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
68.30 |
106.21 |
126.96 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.34 |
3.44 |
2.87 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
369.15 |
370.76 |
379.11 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
(0.76) |
(0.76) |
(1.08) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(0.05) |
(0.06) |
(0.08) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
1.39 |
1.18 |
1.01 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
(3.84) |
(7.87) |
25.13 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
(2.22) |
(3.62) |
9.19 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
(2.68) |
(6.26) |
24.48 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(0.41) |
(0.51) |
(0.95) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(300.40) |
(274.44) |
(515.75) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(17.64) |
(16.67) |
(19.78) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
55.94 |
125.26 |
(570.25) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.21 |
0.31 |
0.45 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.13 |
0.18 |
0.25 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
(0.32) |
(0.13) |
0.03 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
3.44 |
3.10 |
2.60 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.21 |
0.31 |
0.45 |
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 |
5666.000 |
5666.000 |
5666.000 |
|
Reserves & Surplus |
(5079.445) |
(7900.101) |
(10747.674) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
586.555 |
(2234.101) |
(5081.674) |
|
|
|
|
|
|
Long-term borrowings |
10930.542 |
10656.545 |
9635.360 |
|
Short term borrowings |
3035.724 |
5929.665 |
8445.481 |
|
Current Maturities of
Long-Term Debts |
774.575 |
1003.125 |
1434.425 |
|
Total
borrowings |
14740.841 |
17589.335 |
19515.266 |
|
Debt/Equity
ratio |
25.131 |
(7.873) |
(3.840) |
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 |
648.531 |
1019.678 |
946.329 |
|
|
|
57.229 |
-7.193 |
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 |
648.531 |
1019.678 |
946.329 |
|
Profit/ (Loss) |
(3344.827) |
(2798.419) |
(2842.747) |
|
|
(515.75
%) |
(274.44
%) |
(300.40
%) |
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 |
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 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 |
INDEX OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
B37563590 |
10272218 |
Axis Trustee Services Limited |
31/01/2011 |
28/03/2012 |
- |
10000000000.0 |
Axis House, 2nd Flr, Bombay Dyeing Mills
Compound,Pandurang Budhkar Marg, Worli,MumbaiMH400025IN |
|
2 |
B03222775 |
10260226 |
NUCLEAR POWER CORPORATION OF INDIA LIMITED |
23/12/2010 |
- |
- |
3500000000.0 |
16TH FLOOR, CENTRE -1, WORLDTRADE CENTRECUFFE
PARADE, COLABA,MUMBAIMH400005IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2016 (INR
In Million) |
31.03.2015 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
7797.150 |
5152.000 |
|
|
|
|
|
Total |
7797.150 |
5152.000 |
STATE OF COMPANY AFFAIRS
The gross sales and other income for the financial year were INR 946.583 Million as against INR 1022.999 Million for the previous financial year registering a decrease of 7.4%. The Loss after tax from continuing operations of INR 2842.747 Million for the financial year as against Loss after tax of INR 2798.419 Million the previous financial year.
The Equity of the Company was eroded more than 100% as on 31st March 2015 and during the year; the Company has been registered as a Sick Undertaking with Board for Industrial & Financial Reconstruction.
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
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 63.53 |
|
UK Pound |
1 |
INR 86.05 |
|
Euro |
1 |
INR 76.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
IND |
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.