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MIRA INFORM REPORT
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Report No. : |
486732 |
|
Report Date : |
18.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
SHYAM CENTURY FERROUS LIMITED |
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Registered
Office : |
Village Lumshnong, PO: Khaliehriat, Byrnihat, District East Jaintia
Hills – 793210, Meghalaya |
|
Tel. No.: |
91-3655-278215 / 16 / 18 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
12.04.2011 |
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Com. Reg. No.: |
13-008578 |
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Capital
Investment / Paid-up Capital : |
INR 222.173 Million |
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|
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CIN No.: [Company Identification
No.] |
L27310ML2011PLC008578 |
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IEC No.: |
Not Divulged |
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GSTIN : |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
The company is engaged in manufacturing of ferro alloys
and generation of power.
[Registered Activity] |
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No. of Employees
: |
164 (Approximately) |
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 |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject was established in the year 2011 and is engaged in manufacturing of Ferro Alloys and generation of Power. The manufacturing unit is located at Meghalaya. The company is selling its product across India. As per the financial of 2017, the company has reported dip in its revenue by 19.84% but has maintained profit margin of 5.84%. Ratings draw comfort from experienced promoters with established group, availability of captive power plant and comfortable capital structure. Rating factors the ability of the company to improve the operating performance along with improvement in profitability margins, timely receipt of subsidies and effective management of working capital. However, rating strength is partially offset by exposure to volatility in raw materials and finished goods prices, exposure to Group Company, working capital intensive nature of operations and subdued outlook of the Ferro alloy industry. Trade relations are reported as fair. Payment terms are reported to be slow. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition. |
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 |
|
Rating |
Long Term Bank Facilities = A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
06.09.2017 |
|
Rating Agency Name |
CARE RATING |
|
Rating |
Short Term Bank Facilities = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
06.09.2017 |
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 18.01.2018.
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 DENIED
Management Non-Cooperative (Tel. No.:91-3655-278215
/ 16 / 18)
LOCATIONS
|
Registered Office : |
Village Lumshnong, PO: Khaliehriat, Byrnihat, District East Jaintia
Hills – 793210, Meghalaya, India |
|
Tel. No.: |
91-3655-278215 / 16 / 18 |
|
Fax No.: |
91-3655-278217 |
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E-Mail : |
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Website : |
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|
Office / Factory : |
Ferro Alloy and
Power Plant EPIP Rajabagan, Byrnihat-793101, Meghalaya, India |
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Corporate Office: |
Satyam Towers, 1st Floor, Unit No. 9B, 3 Alipore Road,
Kolkata – 700027, West Bengal, India |
|
Tel. No.: |
91-33-22484169/ 170 / 693 |
|
Fax No.: |
91-33-22484168 |
|
|
|
|
Guwahati Office : |
C/o Star Cement Limited, Mayur Garden, 2nd Floor, Opposite Rajiv
Bhawan, G S Road, Guwahati – 781005, Assam, India |
|
Tel. No.: |
91-361-2462215/ 16 / 17 |
|
Fax No.: |
91-361-2462217 |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Sajjan Bhajanka |
|
Designation : |
Director |
|
Address : |
15, Belvedere Road, Kolkata-700027, West Bengal, India |
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Date of Birth/Age : |
65 Years |
|
Qualification : |
Commerce Graduate |
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Experience in special functional Area : |
Management, Administration and Finance |
|
Date of Appointment : |
12.04.2011 |
|
DIN No.: |
00246043 |
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|
Name : |
Mr. Nagraj Tater |
|
Designation : |
Director |
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Address : |
12A, Mandevilla Gardens, Kolkata-700019, West Bengal, India |
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Date of Birth/Age : |
01.07.1952 |
|
Qualification : |
Commerce
Graduate |
|
Experience in special functional Area : |
He
is having over 39 years’ experience in Finance, Accounts and Taxation. |
|
Date of Appointment : |
09.06.
2014 |
|
DIN No.: |
00266072 |
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|
|
|
Name : |
Mr. Aditya Vimalkumar Agarwal |
|
Designation : |
Director |
|
Address : |
4, Manvar Homes, Near Ring Road Shilaj Bopal, Dascroi, Ahmedabad-380058, Gujarat, India |
|
Date of Birth/Age : |
22.08.1989 |
|
Qualification : |
Commerce Graduate, MBA |
|
Expertise in
special functional Area : |
Commercial, Operational, Planning and Business Development |
|
Date of Appointment : |
01.04.2015 |
|
DIN No.: |
03330313 |
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|
|
Name : |
Mr. Mangilal Jain |
|
Designation : |
Director |
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Address : |
37 B, Garcha Road, Kolkata-700019, West Bengal, India |
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Date of Birth/Age : |
14.07.1931 |
|
Qualification : |
ACA |
|
Experience in special functional Area : |
He has an experience of
over 56 years and has worked in senior positions with various companies of repute.
He is an expert in the field of accounts and finance |
|
Date of Appointment : |
01.04.2015 |
|
DIN No.: |
00353075 |
|
|
|
|
Name : |
Mr. Santanu Ray |
|
Designation : |
Director |
|
Address : |
P-14, Block-B Bangur Avenue, Kolkata-700055, West Bengal, India |
|
Date of Birth/Age : |
30.06.1947 |
|
Qualification : |
FCA |
|
Experience in special functional Area : |
He is a Chartered Account
and had worked at senior positions as well as consultant with several reputed
Companies and has vast experience in the field of research and education. He
has served as Chief Mentor at various Business Schools. |
|
Date of Appointment : |
01.04.2015 |
|
DIN No.: |
00642736 |
|
|
|
|
Name : |
Mrs. Plistina Dkhar |
|
Designation : |
Director |
|
Address : |
2 Mawpon, Vill- Mawpon, Ps: Nongstoin District: West Khasi Hills, Nongstoin- 793119, Meghalaya, India |
|
Date of Birth/Age : |
01.01.1960 |
|
Qualification : |
Undergraduate |
|
Experience in special functional Area : |
She has an experience of
over 29 years and has been associated with the Company since 2013. She is
also Director of, Riangdo Veneers Private Limited., amongst others. |
|
Date of Appointment : |
01.03.2013 |
|
DIN No.: |
01375361 |
KEY EXECUTIVES
|
Name : |
Mr. M.V. K. Nageswara Rao |
|
Designation : |
Chief Executive Officer (CEO) |
|
Address : |
Shree Ram Nagar Garividi Vizianagaram, Visakhapatnam-535101, Andhra Pradesh, India |
|
Date of Appointment : |
01.05.2015 |
|
PAN No.: |
AGCPM4470G |
|
|
|
|
Name : |
Mr. Uday Bahadur Chetri |
|
Designation : |
Chief Financial Officer |
|
Address : |
Kotabari, Near L P School, Po and Ps- Garchuk W. No -13 , H. No. 115 Guwahati-781034, Assam, India |
|
Date of Appointment : |
30.05.2017 |
|
PAN No.: |
AECPC5507N |
|
|
|
|
Name : |
Ms. Neha Agarwal |
|
Designation : |
Company Secretary |
|
Address : |
100/B, Netaji Subhas Chandra Bose Road, 3rd Floor, Kolkata-700040, West Bengal, India |
|
Date of Appointment : |
30.05.2017 |
|
PAN No.: |
BAPPA8887F |
SHAREHOLDING PATTERN
AS ON DECEMBER, 2017
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter & Promoter Group |
137032656 |
61.68 |
|
|
(B) Public |
85140334 |
38.32 |
|
|
Grand Total |
222172990 |
100.00 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER
GROUP
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu undivided Family |
97703576 |
43.98 |
|
|
Prem Kumar Bhajanka |
27369386 |
12.32 |
|
|
Santosh Bhajanka |
15049500 |
6.77 |
|
|
Sanjay Agarwal |
14788245 |
6.66 |
|
|
Divya Agarwal |
14488750 |
6.52 |
|
|
Sajjan Bhajanka |
11895675 |
5.35 |
|
|
Yash Bhajanka |
3297170 |
1.48 |
|
|
Hari Prasad Agarwal |
2435760 |
1.10 |
|
|
Sumitra Devi Agarwal |
1676250 |
0.75 |
|
|
Hari Prasad Agarwal (HUF) |
1530990 |
0.69 |
|
|
Bhawna Agarwal |
1273690 |
0.57 |
|
|
Sonu Bhajanka |
1230010 |
0.55 |
|
|
Payal Agrawal |
1000000 |
0.45 |
|
|
Shraddha Agarwal |
800000 |
0.36 |
|
|
Rajesh Kumar Agarwal |
745225 |
0.34 |
|
|
Keshav Bhajanka |
122925 |
0.06 |
|
|
Any Other (specify) |
39329080 |
17.70 |
|
|
Sriram Vanijya Private Limited |
8502180 |
3.83 |
|
|
Brijdham Merchants Private Limited |
7743990 |
3.49 |
|
|
Sumangal International Private Limited |
7666800 |
3.45 |
|
|
Sumangal Business Private Limited |
6831240 |
3.07 |
|
|
Sriram Merchants Private Limited |
6739870 |
3.03 |
|
|
Auroville Investments Private Limited |
1845000 |
0.83 |
|
|
Sub Total A1 |
137032656 |
61.68 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
137032656 |
61.68 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR,
1957 As a % of (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200 million |
13314884 |
5.99 |
|
|
Individual share capital in excess of INR 0.200 million |
1862427 |
0.84 |
|
|
NBFCs registered with RBI |
5000 |
0.00 |
|
|
Any Other (specify) |
69958023 |
31.49 |
|
|
Shyam Metalics and Energy Limited |
31275752 |
14.08 |
|
|
Patton International Limited |
10488000 |
4.72 |
|
|
Shyam Sel And Power Limited |
9943630 |
4.48 |
|
|
Subham Capital Private Limited |
8336721 |
3.75 |
|
|
Super Diamond Nirman Private Limited |
2432000 |
1.09 |
|
|
Clearing Members |
936128 |
0.42 |
|
|
NRI |
312013 |
0.14 |
|
|
Unclaimed or Suspense or Escrow Account |
108580 |
0.05 |
|
|
Trusts |
7500 |
0.00 |
|
|
Sub Total B3 |
85140334 |
38.32 |
|
|
B=B1+B2+B3 |
85140334 |
38.32 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in manufacturing of ferro alloys
and generation of power.
[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 : |
164 (Approximately) |
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Bankers : |
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Facilities : |
Note : LONG TERM BORROWINGS Rupee Term Loan from financial institution is secured by equitable mortgage of leasehold rights of land and first charge on fixed assets of the Company’s Ferro Alloy Plant at Byrnihat, Meghalaya and second charge on current assets of the said unit. The Loan is to be repaid in further 2 quarterly instalments. SHORT TERM BORROWINGS Working Capital facility from bank is secured by first charge on the current assets and second charge on the fixed assets of the Company’s Ferro Alloy Plant at Byrnihat, Meghalaya. The said facility has also been guaranteed by a Director of the Company. |
|
Financial Institution : |
The North Eastern Development Finance Corporation Limited, Nedfi House, G.S. Road, Dispur, Guwahati-781006, Assam, India |
|
|
|
|
Auditors : |
|
|
Name : |
Kailash B. Goel and Company Chartered Accountants |
|
Address : |
70, Ganesh Chandra Avenue, 1st Floor, Kolkata-700013, West
Bengal, India |
|
Tele/Fax. No.: |
91-33-22151938 |
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E-Mail : |
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|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
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|
|
Associate Company : |
Meghalaya Power Limited (MPL) CIN No.: U40108ML2002PLC006921 |
|
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|
Enterprise owned/ influenced by KMP : |
Star Cement Limited (Formerly Cement Manufacturing Company Limited) (SCL) |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
222700000 |
Equity Shares |
INR 1/- each |
INR 222.700 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
222172990 |
Equity Shares |
INR 1/- each |
INR 222.173
Million |
|
|
|
|
|
a)
Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period
31.03.
|
Particulars |
31.03.2017 |
|
|
(No. of Shares) |
(INR In Million) |
|
|
At
the beginning of the year |
222172990 |
222.173 |
|
Cancelled
during the year |
-- |
-- |
|
Issued
during the year |
-- |
-- |
|
Outstanding at the end of the year |
222172990 |
222.173 |
b) Terms/Rights attached
to the Equity Shares and Notes
The Company has only one class of equity shares having par value of INR 1/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
c) Terms of issue of
shares other than cash
Pursuant to the Scheme of Arrangement (“the scheme”) between Star Ferro and Cement Limited (SFCL), the Company and their respective shareholders as approved by the Hon’ble High Court of Meghalaya at Shillong vide its order dated 31st March, 2015 with effect from 1st April, 2014 being the appointed date, the Company had issued and alloted 222172990 Equity Shares to the shareholders of SFCL in ratio of 1 (one) Equity share of INR 1/- each of the Company as fully paid-up for every 1 (one) Equity Share of INR 1/- each held by them in SFCL.
d) Details of Shareholders holding more than 5%
shares in the company
|
Particulars |
No. of Shares |
Percentage |
|
Equity Shares of INR 1/- each fully paid-up |
|
|
|
Prem Kumar Bhajanka |
27369386 |
12.32% |
|
Santosh Bhajanka |
15049500 |
6.77% |
|
Sanjay Agarwal |
14788245 |
6.66% |
|
Divya Agarwal |
14488750 |
6.52% |
|
Sajjan Bhajanka |
11895675 |
5.35% |
|
Subham Agarwal |
11902567 |
5.36% |
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 |
222.173 |
222.173 |
0.500 |
|
(b) Reserves & Surplus |
725.900 |
672.755 |
662.015 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
221.673 |
|
Total
Shareholders’ Funds (1) + (2) |
948.073 |
894.928 |
884.188 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
7.550 |
55.398 |
|
(b) Deferred tax liabilities (Net) |
7.667 |
6.997 |
7.314 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
5.570 |
4.719 |
3.700 |
|
Total Non-current
Liabilities (3) |
13.237 |
19.266 |
66.412 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
173.842 |
179.855 |
242.047 |
|
(b) Trade
payables |
64.410 |
45.370 |
48.807 |
|
(c) Other current
liabilities |
126.152 |
99.954 |
79.126 |
|
(d) Short-term
provisions |
3.991 |
8.742 |
4.902 |
|
Total Current
Liabilities (4) |
368.395 |
333.921 |
374.882 |
|
|
|
|
|
|
TOTAL |
1329.705 |
1248.115 |
1325.482 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
203.196 |
222.500 |
251.343 |
|
(ii)
Intangible Assets |
0.000 |
0.253 |
0.051 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
337.350 |
337.350 |
337.350 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
180.183 |
145.758 |
112.385 |
|
(e) Other
Non-current assets |
0.026 |
0.029 |
0.449 |
|
Total Non-Current
Assets |
720.755 |
705.890 |
701.578 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
311.658 |
235.781 |
358.440 |
|
(c) Trade
receivables |
146.570 |
139.612 |
122.685 |
|
(d) Cash
and cash equivalents |
23.591 |
49.196 |
32.446 |
|
(e)
Short-term loans and advances |
127.131 |
117.636 |
110.333 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
608.950 |
542.225 |
623.904 |
|
|
|
|
|
|
TOTAL |
1329.705 |
1248.115 |
1325.482 |
PROFIT
& LOSS ACCOUNT [STANDALONE]
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
910.730 |
1136.066 |
1159.061 |
|
|
Other Income |
0.140 |
0.275 |
0.039 |
|
|
TOTAL |
910.870 |
1136.341 |
1159.100 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
241.432 |
294.590 |
353.522 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
4.428 |
81.757 |
(77.997) |
|
|
Employees benefits
expense |
58.224 |
55.123 |
54.983 |
|
|
Exceptional
Items |
0.000 |
0.000 |
2.823 |
|
|
Other expenses |
495.487 |
629.803 |
657.779 |
|
|
TOTAL |
799.571 |
1061.273 |
991.110 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
111.299 |
75.068 |
167.990 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
9.979 |
29.777 |
33.462 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
101.320 |
45.291 |
134.528 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
21.469 |
29.414 |
46.398 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
79.851 |
15.877 |
88.130 |
|
|
|
|
|
|
|
Less |
TAX |
26.706 |
5.137 |
34.909 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
53.145 |
10.740 |
53.221 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
0.24 |
0.05 |
106.44 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
7.550 |
15.712 |
16.416 |
|
Cash Generated from Operations |
(17.332) |
158.447 |
44.943 |
|
Net Cash generated from Operating Activities |
7.868 |
157.347 |
25.458 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
30.06.2017 1st
Quarter |
30.09.2017 2nd
Quarter |
|
|
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
Net Sales |
|
264.130 |
274.690 |
|
Total Expenditure |
|
225.400 |
252.370 |
|
PBIDT (Excluding Other Income) |
|
38.730 |
22.320 |
|
Other Income |
|
0.760 |
0.790 |
|
Operating Profit |
|
39.490 |
23.110 |
|
Interest |
|
6.350 |
3.000 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
33.150 |
20.110 |
|
Depreciation |
|
5.750 |
6.040 |
|
Profit Before Tax |
|
27.400 |
14.070 |
|
Tax |
|
9.060 |
4.660 |
|
Provisions and contingencies |
|
NA |
NA |
|
Profit After Tax |
|
18.340 |
9.410 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
18.340 |
9.410 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors
/ Income * 365) |
58.74 |
44.86 |
38.63 |
|
|
|
|
|
|
Account Receivables Turnover (Income /
Sunday Debtors) |
6.21 |
8.14 |
9.45 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
97.38 |
56.21 |
50.39 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.36 |
0.32 |
0.47 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.55 |
0.34 |
0.67 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.28 |
0.29 |
0.34 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.19 |
0.23 |
0.35 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.39 |
0.37 |
0.42 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.21 |
0.25 |
0.28 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
11.15 |
2.52 |
5.02 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
% |
5.84 |
0.95 |
4.59 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
4.00 |
0.86 |
4.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
5.61 |
1.20 |
6.02 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.65 |
1.62 |
1.66 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.81 |
0.92 |
0.71 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.71 |
0.72 |
0.67 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.82 |
0.91 |
627.72 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.65 |
1.62 |
1.66 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 1.00/- |
|
Market Value |
INR 13.75/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
0.500 |
222.173 |
222.173 |
|
Reserves & Surplus |
662.015 |
672.755 |
725.900 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
221.673 |
0.000 |
0.000 |
|
Net worth |
662.515 |
894.928 |
948.073 |
|
|
|
|
|
|
long-term borrowings |
55.398 |
7.550 |
0.000 |
|
Short term borrowings |
242.047 |
179.855 |
173.842 |
|
Current Maturities of
Long term debt |
16.416 |
15.712 |
7.550 |
|
Total borrowings |
313.861 |
203.117 |
181.392 |
|
Debt/Equity ratio |
0.474 |
0.227 |
0.191 |
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 |
1159.061 |
1136.066 |
910.730 |
|
|
|
(1.984) |
(19.835) |
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 |
1159.061 |
1136.066 |
910.730 |
|
Profit |
53.221 |
10.740 |
53.145 |
|
|
4.59% |
0.95% |
5.84% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
222.173 |
222.173 |
|
(b) Reserves &
Surplus |
|
978.054 |
866.173 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
1200.227 |
1088.346 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
7.550 |
|
(b) Deferred tax
liabilities (Net) |
|
7.667 |
6.997 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
5.570 |
4.719 |
|
Total Non-current
Liabilities (3) |
|
13.237 |
19.266 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
173.842 |
179.855 |
|
(b) Trade payables |
|
64.410 |
53.290 |
|
(c) Other current
liabilities |
|
126.152 |
92.035 |
|
(d) Short-term provisions |
|
3.991 |
8.741 |
|
Total Current Liabilities
(4) |
|
368.395 |
333.921 |
|
|
|
|
|
|
TOTAL |
|
1581.859 |
1441.533 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
203.043 |
222.500 |
|
(ii) Intangible Assets |
|
0.153 |
0.253 |
|
(iii) Capital
work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
589.504 |
530.768 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
180.183 |
145.758 |
|
(e) Other Non-current
assets |
|
0.026 |
0.029 |
|
Total Non-Current Assets |
|
972.909 |
899.308 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
311.658 |
235.781 |
|
(c) Trade receivables |
|
146.570 |
139.612 |
|
(d) Cash and cash
equivalents |
|
23.591 |
49.195 |
|
(e) Short-term loans and
advances |
|
127.131 |
117.637 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
608.950 |
542.225 |
|
|
|
|
|
|
TOTAL |
|
1581.859 |
1441.533 |
PROFIT
& LOSS ACCOUNT [CONSOLIDATED]
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
910.730 |
1136.066 |
|
|
Other Income |
|
0.140 |
0.275 |
|
|
TOTAL |
|
910.870 |
1136.341 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
241.432 |
294.590 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
4.428 |
81.757 |
|
|
Employees benefits
expense |
|
58.224 |
55.123 |
|
|
Other expenses |
|
495.487 |
629.803 |
|
|
TOTAL |
|
799.571 |
1061.273 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
111.299 |
75.068 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
9.979 |
29.777 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
101.320 |
45.291 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
|
21.469 |
29.414 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
79.851 |
15.877 |
|
|
|
|
|
|
|
Less |
TAX |
|
26.706 |
5.137 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
53.145 |
10.740 |
|
|
|
|
|
|
|
Add |
Share of profit / (loss) of
associate |
|
58.736 |
52.838 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) FOR THE YEAR |
|
111.881 |
63.578 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
0.50 |
0.29 |
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 |
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) |
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 is a public company domiciled in India and incorporated on 12.04.2011 under the provisions of the Companies Act, 1956. Its shares are listed on National Stock Exchange and Bombay Stock Exchange in India. The Company is engaged in manufacturing of Ferro Alloys and generation of Power. The manufacturing unit is located at Byrnihat, Meghalaya. The Company is selling its product across India.
MANAGEMENT DISCUSSION
AND ANALYSIS
FERRO ALLOY BUSINESS -
INDUSTRY AT A GLANCE
Ferro-alloys are critical additives in the production of Iron and Steel. Ferro alloys are used in the production of steel as de-oxidant and alloying agents and act as an intermediate industry to the Iron and Steel Industry and therefore, fortune of Ferro Alloys Industry is directly linked with the growth of Iron and Steel Industry. The product mix of Ferro Alloys contains bulk Ferro Alloys viz., Ferro Manganese, Silicon Manganese, Ferro Silicon, Ferro Chrome, Charge Chrome, etc. and noble Ferro Alloys viz., Ferromolybdenum, Ferrovanadium, Ferrotungsten, Ferro-silicon magnesium, Ferro-boron and Ferro-titanium. India emerged as a preferred supplier of Ferro Alloys on account of abundant availability of key resources, trained and cost-effective manpower and locational advantages.
India is having huge scope for growth in the sector due to comparatively low per capita steel consumption and the expected rise in consumption due to increased infrastructure construction and the thriving automobile and railways sectors. National Mineral Development Corporation is expected to increase the iron ore production considerably indicating new opportunities in the sector. The Government has announced National Steel Policy 2017 which aims to increase steel production capacity by three times over the next few years. The Government has also approved a proposal to give preference to locally made steel in public sector projects. The Government focuses on housing, roads, ports and railways which will enable India to be the second largest steelmaker in the World. The export of steel has also increased during the year which enabled growth in steel production in financial year 2016-17. The Government has been very mindful towards growth of domestic steel industry.
On the domestic consumption side, with intensifying infrastructure development and growing demand for automotive, steel consumption of the country is expected to reach 104 MT by 2017. Country’s steel production is expected to increase up to 300 MTPA by Financial year 2025. The growing steel sector and opening up of steel for FDI will help in increasing domestic demand of Ferro-alloys.
The domestic Ferro alloys industry is revitalizing to face challenges from Malaysia and Indonesia. In India too, additional capacities got added during the year. With under-utilized capacities at present on account of sluggish demand, price and net realization of Ferro alloys are likely to remain subdued in the near term. On the cost side, power cost still remains a concern for industry.
In the backdrop of above, the Company continued to focus on its fundamental strength of its ability to continuously focus on productivity and quality. There was strong emphasis on internal efficiencies together with an improvement in the sales mix which enabled the Company to withstand inflationary pressures on costs and profitability.
During the year, the company has sold 12,657 MT of Ferro Silicon as against 16,105 MT. While the Company constantly strives to increase stakeholder’s value, emphasis continues to be on delivering value to customers and strengthening processes while driving sustainable practices, resulting into expanding customer base.
POWER BUSINESS
During the year, the Company generated 1044 lacs unit as compared to 552 lacs unit which was captively consumed by the Company.
Further, the performance of M/s. Meghalaya Power Limited, an Associate Company, was very optimistic. The power generation has increased to 2,016 lacs units as compared to 1831 lacs units recorded in the previous year. During the Financial year 2016-17, the Company has posted PBT of INR 148.103 million and PAT of INR 120.372 million as against INR 147.207 million and INR 108.284 million respectively recorded in the previous financial year.
PERFORMANCE AND OPERATIONS
REVIEW
During the year, on a full year basis, although on the demand side there has been concern, on the realization side, the Company was able to achieve marginal improvement. The Ferro Alloy and Power segment posted total revenue of INR 910.870 million and Profit before Tax of INR 79.851 million as against INR 1136.342 million and INR 15.877 million respectively during the previous financial year. The Company produced 12605 MT of Ferro Silicon during the year as against 15104 MT in the Financial Year 2015-16. Net realization per ton has improved marginally during the year as compared to previous financial year. With internal efficiencies, the Company has been able to sustain the pressures of slow-down in demand and other challenges being faced by Ferro alloys industry.
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Satisfaction |
Amount |
Address |
|
1 |
C63879001 |
10590338 |
ORIENTAL BANK OF COMMERCE |
15/06/2015 |
- |
530000000.0 |
Large Corporate Branch, 6th Floor, Om Towers, 32, J. L. Nehru Road, Kolkata-700071, West Bengal, India |
|
2 |
G63914758 |
10589213 |
NORTH EASTERN DEVELOPMENT FINANCE CORPORATION LIMITED |
11/08/2015 |
07/11/2017 |
110000000.0 |
Nedfi House, G.S. Road, Dispur, Guwahati-781006, Assam, India |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Contingent
Liabilities not provided for in respect of :– |
|
|
|
Bills discounted with banks |
122.848 |
119.239 |
|
Solvent surety given to Excise Department against differential excise duty refund |
83.871 |
60.634 |
|
Cross Subsidy charges payable to Meghalaya State Electricity Board |
0.000 |
70.008 |
|
Capital Commitment |
19.300 |
0.000 |
Note: Based on legal
opinion / decisions in similar cases, the Management believes that the Company
has a fair chance of favourable decisions
in cases mentioned here-in-above and hence no provision is considered
necessary.
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER/HALF YEAR ENDED 30th
SEPTEMBER, 2017
(INR In Million)
|
Particulars |
Quarter ended |
Half year ended |
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
274.688 |
264.134 |
538.822 |
|
Other Operating Income |
0.790 |
0.759 |
1.549 |
|
Total
Income from Operations |
275.478 |
264.893 |
540.371 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
72.260 |
73.961 |
146.221 |
|
Changes in inventories of finished goods and
work-in-progress |
18.422 |
(21.719) |
(3.296) |
|
Employee benefits expense |
15.716 |
15.725 |
31.441 |
|
Finance Costs |
2.996 |
6.345 |
9.340 |
|
Excise duty |
0.000 |
6.284 |
6.284 |
|
Depreciation and Amortization expenses |
6.035 |
5.753 |
11.789 |
|
Power and fuel expenses |
114.765 |
111.408 |
226.173 |
|
Other Expenditure |
31.210 |
39.736 |
70.946 |
|
Total
Expenses |
261.404 |
237.494 |
498.898 |
|
Profit
/ (Loss) before Tax |
14.074 |
27.399 |
42.224 |
|
Tax Expense |
4.663 |
9.058 |
13.720 |
|
Profit
/ (Loss) after Tax |
9.411 |
18.341 |
27.753 |
|
Other comprehensive income including share of associate |
(0.343) |
(0.071) |
(0.414) |
|
Total
comprehensive income for the period |
9.068 |
18.270 |
27.339 |
|
Paid-up Equity Share Capital (Face value INR 1/- per
share) |
222.173 |
222.173 |
222.173 |
|
Basic
and Diluted EPS (in INR) |
0.04 |
0.08 |
0.12 |
SEGMENT WISE
REVENUE, RESULTS, ASSETS AND LIABILITIES
(INR in million)
|
Sr. No. |
Particular |
Quarter ended |
Half year ended |
|
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1. |
Segment Revenue |
|
|
|
|
|
Ferro Alloy |
273.695 |
262.856 |
536.551 |
|
|
Power |
|
|
|
|
|
- External sales revenue |
0.993 |
1.278 |
2.271 |
|
|
- Inter segment revenue |
83.950 |
96.432 |
180.382 |
|
|
Revenue from operations |
358.638 |
360.566 |
719.204 |
|
|
Less: Inter segment revenue |
83.950 |
96.432 |
180.382 |
|
|
Total |
274.688 |
264.134 |
538.822 |
|
|
|
|
|
|
|
2. |
Segment Result |
|
|
|
|
|
Ferro Alloy |
19.427 |
36.770 |
56.197 |
|
|
Power |
1.213 |
1.485 |
2.698 |
|
|
Total |
20.640 |
38.255 |
58.895 |
|
|
Less : i.
Interest |
2.996 |
6.345 |
9.340 |
|
|
ii. Other Un-allocable expenditure net off un-allocable income |
(3.570) |
(4.511) |
(6.082) |
|
|
Total Profit/(Loss)
before tax |
14.074 |
27.399 |
41.473 |
|
|
|
|
|
|
|
3. |
Segment Assets |
|
|
|
|
|
Ferro Alloy |
860.635 |
902.331 |
860.635 |
|
|
Power |
216.116 |
288.455 |
216.116 |
|
|
Unallocated |
342.614 |
341.677 |
342.614 |
|
|
Total Segment
Assets |
1419.365 |
1532.463 |
1419.365 |
|
|
|
|
|
|
|
|
Segment Liabilities |
|
|
|
|
|
Ferro Alloy |
285.119 |
362.409 |
285.119 |
|
|
Power |
16.434 |
14.938 |
16.454 |
|
|
Unallocated |
146.763 |
193.155 |
146.763 |
|
|
Total Segment
Liabilities |
448.316 |
570.502 |
448.336 |
|
|
|
|
|
|
|
|
Capital employed (Segment
Assets - Segment Liabilities) |
|
|
|
|
|
Ferro Alloy |
575.516 |
539.922 |
575.516 |
|
|
Power |
199.662 |
273.516 |
199.662 |
|
|
Unallocated |
195.851 |
145.523 |
195.851 |
|
|
|
971.029 |
958.961 |
971.029 |
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES
(INR In Million)
|
SOURCES OF FUNDS |
|
|
30.09.2017 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
222.173 |
|
(b) Reserves & Surplus |
|
|
748.856 |
|
(c) Pending Call Money |
|
|
0.000 |
|
Sub-total Shareholders’ |
|
|
971.029 |
|
|
|
|
|
|
(2) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
13.222 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c) Other long term liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
5.860 |
|
Sub-total of
Non-Current liabilities |
|
|
19.082 |
|
|
|
|
|
|
(3)
Current liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
100.000 |
|
(b) Trade
payables |
|
|
99.233 |
|
(c) Other
current liabilities |
|
|
228.774 |
|
(d) Short-term
provisions |
|
|
1.247 |
|
Sub-total of Current liabilities |
|
|
429.254 |
|
|
|
|
|
|
TOTAL |
|
|
1419.365 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
|
|
211.732 |
|
(ii)
Intangible assets |
|
|
0.103 |
|
(b)
Non-Current investments |
|
|
0.000 |
|
(c) Deferred
tax assets (net) |
|
|
0.000 |
|
(d) Long
term loans and advances |
|
|
0.000 |
|
(e) Other
non-current assets |
|
|
550.584 |
|
Sub-total of
Non-Current Assets |
|
|
762.419 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
258.847 |
|
(c) Trade
receivables |
|
|
258.596 |
|
(d) Cash
and cash equivalents |
|
|
54.487 |
|
(e)
Short-term loans and advances |
|
|
0.000 |
|
(f) Other
current assets |
|
|
85.016 |
|
Sub-total of
Current Assets |
|
|
656.946 |
|
|
|
|
|
|
TOTAL |
|
|
1419.365 |
FIXED ASSETS:
Tangible Asset:
- Land and
Development
- Factory
Building
- Plant and
Machinery
- Electrical
Installation
- Furniture and
Fixture
- Office
Equipment
- Computer
- Vehicles
Intangible Asset:
· Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service, Interpol,
etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 63.98 |
|
UK Pound |
1 |
INR 88.13 |
|
Euro |
1 |
INR 78.35 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
BHG |
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.