|
|
|
MIRA INFORM REPORT
|
Report No. : |
487593 |
|
Report Date : |
22.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA SANYO SPECIAL STEEL PRIVATE LIMITED (w.e.f. 18.09.2012) |
|
|
|
|
Formerly Known
As : |
NAVYUG SPECIAL STEEL PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
74, Ganesh Apartment, L.J. Road, Opposite Sitaladevi Temple, Mahim
(West), Mumbai – 400016, Maharashtra |
|
Tel. No.: |
91-22-24444287 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
08.11.2011 |
|
|
|
|
Com. Reg. No.: |
11-223696 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 108.537 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27310MH2011PTC223696 |
|
|
|
|
IEC No.: |
0312012098 |
|
|
|
|
GSTIN/UIN: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCN7895E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of tool alloy and special steel. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Maximum Credit Limit : |
USD 5000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘Mahindra and Mahindra Limited’. It is
engaged in manufacturing of tool alloy and special steel. For the FY 2016, the company has achieved good revenue base, however
it has reported continuous loss from its operations. The satisfactory financial profile of the company is marked by its
sound net worth base along with comfortable debt balance sheet profile. Rating takes into consideration the strong financial and managerial
support that the company receives from its holding entity backed by its well
experienced management team. Business is active. Payment terms are usually correct. In view of the aforesaid, the company can be considered for business
dealing at usual trade terms and conditions. Note: As per Registrar of Companies, the date of balance sheet i.e.
financials filed is shown as 31st March 2017 but documents related
to the financials for the year 2017 are not available from any sources. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
India Rating and Research |
|
Rating |
Long term issuer rating= BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
05.10.2017 |
|
Rating Agency Name |
India Rating and Research |
|
Rating |
Short based working capital limit= A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
05.10.2017 |
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 22.01.2018
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.
LOCATIONS
|
Registered Office : |
74, Ganesh Apartment, L.J. Road, Opposite Sitaladevi Temple, Mahim
(West), Mumbai – 400016, Maharashtra, India |
|
Tel. No.: |
91-22-24444287 |
|
Fax No.: |
91-22-24458196 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory/ Administrative Office
: |
MUSCO, Jagdish Nagar, Khopoli, Raigad
- 410216, Maharashtra, India |
|
Tel. No.: |
91-2192-260500/ 528/ 263318/ 263347 |
|
Fax No.: |
91-2192-263076/ 263073 8 263785 |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Uday Subrata Gupta |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
A1 Bunglow MUSCO Officers Housing Colony, Jagdish Nagar
Khopoli, Taluka Kh Alapur, Raigad - 410216, Maharashtra, India |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
13.11.1958 |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
04.08.2012 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
03514282 |
||||||||||||||||||||||||||||||||||||
|
Other
Directorship:
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Shriprakash Shukla |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
C-Wing, Flat - 2202, Chaitanya Towers, Appasaheb, Marathe Marg,
Prabhadevi, Opp. Sidhivinayak Temple, Mumbai - 400025, Maharashtra, India |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
05.08.2015 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00007418 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Daljit Lilaram Mirchandani |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
101, Sindhi Society Aundh, Pune – 411007, Maharashtra, India |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
26.10.1947 |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
22.07.2013 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00022951 |
||||||||||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Kozo Takahashi |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
3-4-10-302 Ichiba Funabashi-Shi, Chiba, 2730001, Japan |
||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
06.03.1959 |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
28.08.2014 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
06921700 |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Ms. Jayashree Vaidhyanthan |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
Apartment 2B, 76 PT Rajan Road, KK Nagar, Chennai - 600078, Tamilnadu,
India |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
22.07.2016 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
07140297 |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Mukul Verma |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Additional Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
97, Akash Kunj Apartments, Plot-14, Sec-9, Rohini, Delhi
-110085, India |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
31.10.2017 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
02428217 |
||||||||||||||||||||||||||||||||||||
|
Other
Directorship:
|
|||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Katsu Yanagimoto |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
514-5 Abo-kuo, Himeji-Shi Hyogo 6700944 Japan |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
20.05.2016 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
07501215 |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Name : |
Shingo Tada |
||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||
|
Address : |
2-20-8-203 Hiratsuka Shinagawa-ku Tokyo 142005 Japan |
||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
23.05.2017 |
||||||||||||||||||||||||||||||||||||
|
DIN No.: |
07766801 |
||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Pradeep Salian |
|
Designation : |
Company Secretary |
|
Address : |
N/6/7, Ganpati Nivas, Bangur Nagar, Goregaon (West), Mumbai - 400090, Maharashtra, India |
|
Date of Appointment : |
03.08.2012 |
|
PAN No.: |
AHAPS0593F |
|
|
|
|
Name : |
Mr. Sudhir Yagnik |
|
Designation : |
Chief Finance Officer |
|
Address : |
Block - 8, Flat - C, 49 B, Gobindapur Road, Kolkata - 700045, West Bengal, India |
|
Date of Appointment : |
21.05.2014 |
|
PAN No.: |
AAKPY3916D |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Mahindra and Mahindra Limited, India |
|
6111661 |
|
Mahindra and Mahindra Limited Jointly with Mr. Shriprakash Shukla |
|
1 |
|
Mahindra and Mahindra Limited Jointly with Uday Gupta |
|
1 |
|
Mahindra and Mahindra Limited Jointly with Zhooben Bhiwandiwala |
|
1 |
|
Mahindra and Mahindra Limited Jointly with S. Durgashankar |
|
1 |
|
Sanyo Special Steel Company Limited, Japan |
|
3475260 |
|
Mitsui and Company Limited, Japan |
|
2396731 |
|
Total |
|
11983656 |
Equity Share Break up (Percentage of Total Equity)
AS ON 21.07.2017
|
Category |
Percentage |
|
Promoters-Body corporate- |
51.00 |
|
Promoters -Others |
49.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of tool alloy and special steel. (Registered Activity) |
||||||||||
|
|
|
||||||||||
|
Products / Services
: |
|
||||||||||
|
|
|
||||||||||
|
Brand Names : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Agencies Held : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Exports : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Imports : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Terms : |
Not Available |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Not Available |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
(INR
In Million)
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
Indiabulls Finance Centre, Tower 3, 27th-32nd Floor, Senapati Bapat Marg, Elphinstone Road, Mumbai-400013, Maharashtra, India |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company (AS
ON 31.03.2016): |
|
|
|
|
|
Investing Parties
(AS ON 31.03.2016): |
|
|
|
|
|
Fellow subsidiaries
(AS ON 31.03.2016): |
December, 2014) [U29130MH2004PTC168150]
[U31102CT1983PTC002117]
[U34100MH2007PLC171151] |
CAPITAL STRUCTURE
AS ON 21.07.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
INR 10/- each |
INR 150.000 Million |
|
|
|
|
|
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11983656 |
Equity Shares |
INR 10/- each |
INR 119.837 Million |
|
|
|
|
|
AS ON 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
INR 10/- each |
INR 150.000 Million |
|
|
|
|
|
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10853656 |
Equity Shares |
INR 10/- each |
INR 108.537 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
108.537 |
100.000 |
100.000 |
|
(b) Reserves and Surplus |
1636.661 |
1816.061 |
2460.497 |
|
(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) |
1745.198 |
1916.061 |
2560.497 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
738.000 |
820.000 |
543.750 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
132.188 |
44.297 |
50.000 |
|
(d) long-term
provisions |
44.793 |
52.888 |
45.346 |
|
Total Non-current
Liabilities (3) |
914.981 |
917.185 |
639.096 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
1232.172 |
1271.892 |
712.422 |
|
(b) Trade
payables |
1721.593 |
2036.435 |
1506.246 |
|
(c) Other
current liabilities |
210.705 |
101.253 |
294.868 |
|
(d) Short-term
provisions |
14.386 |
12.810 |
37.041 |
|
Total Current
Liabilities (4) |
3178.856 |
3422.390 |
2550.577 |
|
|
|
|
|
|
TOTAL |
5839.035 |
6255.636 |
5750.170 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1637.225 |
1707.134 |
1830.308 |
|
(ii)
Intangible Assets |
4.820 |
0.157 |
0.277 |
|
(iii) Tangible assets
capital work-in-progress |
596.990 |
339.223 |
20.304 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
140.000 |
140.000 |
140.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
22.329 |
65.462 |
24.525 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2401.364 |
2251.976 |
2015.414 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1522.871 |
1710.519 |
1207.992 |
|
(c) Trade
receivables |
1520.289 |
1719.570 |
1628.440 |
|
(d) Cash and
bank balances |
251.081 |
396.104 |
755.398 |
|
(e)
Short-term loans and advances |
140.630 |
162.857 |
120.154 |
|
(f) Other
current assets |
2.800 |
14.610 |
22.772 |
|
Total
Current Assets |
3437.671 |
4003.660 |
3734.756 |
|
|
|
|
|
|
TOTAL |
5839.035 |
6255.636 |
5750.170 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
7579.496 |
9212.187 |
7622.352 |
|
|
Other Income |
30.586 |
64.857 |
72.295 |
|
|
TOTAL |
7610.082 |
9277.044 |
7694.647 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
4169.681 |
5907.480 |
4648.010 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
92.823 |
(360.799) |
(22.096) |
|
|
Employee benefit expense |
590.401 |
575.757 |
556.113 |
|
|
Other expenses |
2829.714 |
3341.199 |
2804.028 |
|
|
TOTAL |
7682.619 |
9463.637 |
7986.055 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(72.537) |
(186.593) |
(291.408) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
222.605 |
228.532 |
180.778 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND
AMORTISATION |
(295.142) |
(415.125) |
(472.186) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
225.720 |
217.621 |
211.198 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(520.862) |
(632.746) |
(683.384) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(520.862) |
(632.746) |
(683.384) |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD |
(1708.147) |
(1063.711) |
NA |
|
|
Adjustment to retained earnings (excluding tax of INR 3.793 Million) on account of change in useful lives of fixed assets as per Schedule II of the Companies Act, 2013 |
0.000 |
(11.690) |
NA |
|
|
Balance
Carried to the B/S |
(2229.009) |
(1708.147) |
NA |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
254.368 |
435.908 |
392.328 |
|
|
Earnings on other income |
0.171 |
3.263 |
1.749 |
|
|
TOTAL
EARNINGS |
254.539 |
439.171 |
394.077 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
920.045 |
1553.892 |
1284.713 |
|
|
Components and Stores parts |
89.801 |
121.640 |
99.074 |
|
|
Capital Goods |
176.207 |
97.201 |
1.810 |
|
|
TOTAL
IMPORTS |
1186.053 |
1772.733 |
1385.597 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (INR) |
(48.48) |
(63.27) |
(68.34) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
82.000 |
0.000 |
255.216 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flows from (used in) operations |
120.685 |
(348.181) |
(265.792) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
126.532 |
(355.148) |
(273.105) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
73.21 |
68.13 |
77.98 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
4.99 |
5.36 |
4.68 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
150.70 |
125.82 |
118.28 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
(0.05) |
(0.11) |
(0.24) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(0.03) |
(0.09) |
(0.16) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.68 |
0.68 |
0.58 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.18 |
1.09 |
0.59 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.82 |
1.79 |
1.00 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.28 |
1.07 |
0.72 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(0.33) |
(0.82) |
(1.61) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(6.87) |
(6.87) |
(8.97) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(8.92) |
(10.11) |
(11.88) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(29.85) |
(33.02) |
(26.69) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.08 |
1.17 |
1.46 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.60 |
0.67 |
0.99 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.30 |
0.31 |
0.45 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
18.91 |
20.92 |
15.11 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.08 |
1.17 |
1.46 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
100.000 |
100.000 |
108.537 |
|
Reserves & Surplus |
2460.497 |
1816.061 |
1636.661 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2560.497 |
1916.061 |
1745.198 |
|
|
|
|
|
|
Long-term borrowings |
543.750 |
820.000 |
738.000 |
|
Short term borrowings |
712.422 |
1271.892 |
1232.172 |
|
Current maturities of
long-term debts |
255.216 |
0.000 |
82.000 |
|
Total
borrowings |
1511.388 |
2091.892 |
2052.172 |
|
Debt/Equity
ratio |
0.590 |
1.092 |
1.176 |
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 |
7622.352 |
9212.187 |
7579.496 |
|
|
|
20.858 |
(17.723) |
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 |
7622.352 |
9212.187 |
7579.496 |
|
Profit/ (Loss) |
(683.384) |
(632.746) |
(520.862) |
|
|
(8.97
%) |
(6.87
%) |
(6.87
%) |
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
No |
|
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 |
NOTE: The
registered office of the company has been shifted from 101-104, Banaji House,
First Floor, Flora Fountain, Fort, Mumbai – 400001, Maharashtra, India to the
present address w.e.f. 11.11.2011.
STATE OF THE COMPANY’S AFFAIRS (AS ON 31.03.2016)
India is the
world’s third-largest producer of crude steel and is expected to become the
second-largest producer by next few years. The growth in the Indian steel
sector has been driven by domestic availability of raw materials such as iron
ore and cost-effective labour. Consequently, the steel sector has been a major
contributor to India’s manufacturing output. Amidst subdued demand and the
spectre of China flooding global markets with cheaper products, analysts
predict a tough 2016 for the industry worldwide but expect India to remain more
profitable than its Asian peers helped by higher domestic economic growth and
rising demand.
During the year,
due to lower demand for the steel products, and slow economic growth, the sales
volume of the Company was lower than the Budgeted figures for FY 2016. Due to
decrease in demand there was intense competitive pressure on pricing in the
special steel market and low realisation coupled with the increase in input
cost and devaluation in Dollar. The Sale of Rings products was also lower due to
reduction in overseas demand. The devaluation of Euro has resulted in reduction
in the contribution on sales of Rings products.
The major
challenges which the Company had to face during the year were:
Lower off-take
from customer due to fall in demand for Steel.
Lower realisation
due to worldwide drop in commodity prices. Pricing pressure due to intense
competition.
Increase in Power
tariff during the year, which was offset through price renegotiation with
private Power produces.
The Company is
striving to improve its quality to reduce the rejection of products,
improvement in process efficiency and productivity, reduction in power
consumption and at the same time continue to initiate steps towards deployment
of optimum resources available, reduction of cost of production and improvement
of overall performance. The efforts are also being made to develop new grades
and regaining lost Customers.
The Company is
focussing on the growth in sales in Auto and premium bearing sectors, Rings
Business in FY 2017. With the technical support from our joint venture
partners, management continues to undertake initiatives for increasing margin
by way of rationalisation of product mix and processes and further improvements
in operating efficiencies and yield
UNSECURED LOANS:
(INR
In Million)
|
Particulars |
As
on 31.03.2016 |
As
on 31.03.2015 |
|
SHORT TERM
BORROWING |
|
|
|
Intercorporate deposits |
200.000 |
0.000 |
|
Total |
200.000 |
0.000 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G55268411 |
100125975 |
AXIS BANK LIMITED |
08/09/2017 |
- |
- |
320000000.0 |
CORPORATE BANKING BRANCH, 12- MITTAL TOWERFIRST FLOOR, A-WING, NARIMAN POINTMUMBAIMH400021IN |
|
2 |
G54649108 |
100125037 |
ICICI BANK LIMITED |
23/08/2017 |
- |
- |
500000000.0 |
ICICI TOWER, NBCC PALACE,BISM PITAMAH MARG, PRAGATI VIHAR,NEW DELHIDL110003IN |
|
3 |
G54341953 |
10424103 |
STATE BANK OF INDIA |
26/04/2013 |
13/09/2017 |
- |
3700000000.0 |
COMMERCIAL BRANCH, N.G.N. VAIDYA MARG,FORTMUMBAIMH400001IN |
|
4 |
C49593635 |
10370111 |
STATE BANK OF INDIA |
16/08/2012 |
18/03/2015 |
- |
3700000000.0 |
COMMERCIAL BANKN.G.N.VIADYA MARG, FORT.MUMBAIMH400023IN |
|
5 |
G53504288 |
10507668 |
ICICI BANK LIMITED |
12/06/2014 |
- |
13/09/2017 |
820000000.0 |
ICICI TOWER,NBCC PALACE,BISM PITAMAH MARG, PRAGATI VIHAR,NEW DELHIDL110003IN |
|
6 |
C19813153 |
10400399 |
DENA BANK |
09/01/2013 |
- |
05/09/2014 |
179800000.0 |
INDUSTRIAL FINANCE BRANCH,HORIMAN CIRCLE, FORT,MUMBAIMH400023IN |
|
7 |
C19612571 |
10368208 |
BANK OF INDIA |
04/07/2012 |
- |
04/09/2014 |
700000000.0 |
ANDHERI LARGE CORPORATE BRANCHM.D.I. BUILDING, S.V.ROAD, ANDHERI (WEST),MUMBAIMH400058IN |
FIXED ASSETS:
Tangible assets
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Computer equipments
- Office equipment
- Vehicles
Intangible assets
- 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,
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 63.72 |
|
|
1 |
INR 88.64 |
|
Euro |
1 |
INR 78.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
KVT |
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.