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|
MIRA INFORM REPORT
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Report No. : |
487894 |
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Report Date : |
23.01.2018 |
IDENTIFICATION DETAILS
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Name : |
INDIA STEEL WORKS LIMITED (w.e.f. 22.10.2007) |
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Formerly Known
As : |
ISIBARS LIMITED (w.e.f. 09.05.1991) ISIBARS PRIVATE LIMITED |
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Registered
Office : |
India Steel Works Complex, Zenith Compound, Khopoli, Raigad – 410203,
Maharashtra |
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Tel. No.: |
91-2192-265812 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
15.04.1987 |
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Com. Reg. No.: |
11-043186 |
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Capital
Investment / Paid-up Capital : |
INR 1039.940 Million |
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CIN No.: [Company Identification
No.] |
L29100MH1987PLC043186 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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GSTIN : |
Not Divulged |
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PAN No.: [Permanent Account No.] |
AAACI1362A |
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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
: |
Manufacturing of Metal and Metal ores (Registered activity) |
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No. of Employees
: |
487 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
USD 7000000 INR 490000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1987. It is engaged in
manufacturing and trading of metal and metal products. For the financial year ended 2017, the company has achieved 77.85% growth
in its revenue as compared to previous year revenue but has reported low
profit margin of 0.77%. The sound financial profile of the company is marked by adequate
networth base along with strong debt coverage indicators due to low debt
balance sheet profile. The rating takes into consideration the subject’s long track record of
business operations along with extensive experience of its promoters. The company has its share price trading at around INR 3.92 against the
face value (FV) of INR 01 on BSE as on 22nd January, 2018. However, rating strength are partially offset by unfavourable gap
between trade payables and trade receivables. Business is active. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low
Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High
Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
BRICKWORKS |
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Rating |
Fund Based = BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
05.10.2017 |
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Rating Agency Name |
BRICKWORKS |
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Rating |
Non Fund Based = A3 |
|
Rating Explanation |
Moderate degree of safety and higher 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 23.01.2018
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.:
91-22-62304304 / 2192-265812
LOCATIONS
|
Registered Office/Factory 1 : |
Special Steel
Division India Steel Works Complex, Zenith Compound, Khopoli, Raigad – 410203,
Maharashtra, India |
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Tel. No.: |
91-2192-265812 |
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Fax No.: |
91-2192-264061 |
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E-Mail : |
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Website : |
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Head Office / Corporate
Office 1: |
Naman Midtown, 304, Tower A, 3rd Floor, Senapati Bapat
Marg, Near India Bulls Finance Center Mumbai-400013, Maharashtra, India |
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Tel. No.: |
91-22-62304304 |
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Fax No.: |
91-22-62304399 |
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E-Mail : |
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Corporate Office 2: |
1101, Tower 2, India Bulls Finance Centre, Senapati Bapat Marg, Elphinstone Road (West), Mumbai-400013, Maharashtra, India |
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Tel. No.: |
91-22-49102000 |
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Fax No.: |
91-22-49102099 |
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E-Mail : |
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Factory 2 : |
Bright Bars
Division C- 63, TTC Area, MIDC Turbhe, Navi Mumbai - 400 705, Maharashtra , India |
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Tel. No.: |
91-22-27686446 / 2768 6437 / 27670424 |
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Fax No.: |
91-22-27633888 |
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Factory 3 : |
Stainless Steel
Wire Plant Savroli, Taluka Khalapur, Khopoli, District. Raigad – 410202, Maharashtra, India |
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Tel. No.: |
91-2192-274053 |
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Fax No.: |
91-2192-274080 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Ashwinkumar Harbanslal Gupta |
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Designation : |
Wholetime Director |
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Address : |
Bungalow No.13, Basant Vihar Complex, C.G. Road, Chembur, Mumbai – 400074, Maharashtra, India |
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Date of Birth/Age : |
06.01.1950 |
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Date of Appointment : |
19.02.1990 |
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DIN No.: |
00010850 |
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Name : |
Mr. Sudhir Harbanslal Gupta |
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Designation : |
Managing Director |
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Address : |
541/C,Adenwalla Road, King Circle, Matunga (East), Mumbai – 400019, Maharashtra, India |
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Date of Birth/Age : |
06.07.1961 |
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Date of Appointment : |
01.09.2013 |
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DIN No.: |
00010853 |
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Name : |
Mr. Bimal Ramanlal Desai |
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Designation : |
Director |
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Address : |
B/902, Jay Prabhat Chs,Sahakar Nagar, J.P. Road, Azad Nagar, Andheri (West), Mumbai – 400053, Maharashtra, India |
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Date of Birth/Age : |
19.11.1964 |
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Date of Appointment : |
12.12.2006 |
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DIN No.: |
00872271 |
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Name : |
Mr. Tilak Raj Bajalia |
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Designation : |
Director |
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Address : |
1602, B Wing, Gundecha Altura, LBS Marg, Kanjurmarg (West), Mumbai 400078, Maharashtra, India |
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Date of Appointment : |
13.02.2015 |
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DIN No.: |
02291892 |
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Name : |
Mr. Varun Sudhir Gupta |
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Designation : |
Wholetime Director |
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Address : |
Ashok, 541/C Adenwala Road King Circle, Matunga (West), Mumbai – 400019 Maharashtra, India |
|
Date of Birth/Age : |
17.06.1985 |
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Date of Appointment : |
17.12.2009 |
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DIN No.: |
02938137 |
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Name : |
Mr. Anant Badjatya |
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Designation : |
Nominee Director |
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Address : |
Ali Majid Zeki Hameed, 21, 684-AL Barsha South Fifth, Post Box 8386 Dubai NA AE |
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Date of Appointment : |
25.05.2016 |
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DIN No.: |
07035836 |
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Name : |
Kavita Raju Joshi |
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Designation : |
Director |
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Address : |
C/403, Panchdam Society, Shivaji Road Opposite Zarimari Garden, Anand Nagar, Dahisar (East), Mumbai – 400068, Maharashtra, India |
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Date of Appointment : |
30.05.2015 |
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DIN No.: |
07138704 |
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Name : |
Riddhi Dipakkumar Shah |
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Designation : |
Director |
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Address : |
C-702, Gorai Shree Darshan CHS, Plot No.21 Gorai-1, Near Sister Nivedita School, Borivali (West), Mumbai 400092, Maharashtra, India |
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Date of Appointment : |
25.05.2016 |
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DIN No.: |
07527966 |
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Name : |
Mr. Deepak Kumar Gaur |
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Designation : |
Additional Director |
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Address : |
H No 697/22, Bharat Puri Colony, Near Hindu Charitable Hospital, Kath Mandi Sonipat – 131001, Haryana, India |
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Date of Appointment : |
09.11.2016 |
|
DIN No.: |
07636636 |
KEY EXECUTIVES
|
Name : |
Mr. Varun Sudhir Gupta |
|
Designation : |
Chief Executive Officer (KMP) |
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Address : |
Ashok, 541/C Adenwala Road King Circle, Matunga (West), Mumbai – 400019, Maharashtra, India |
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Date of Appointment : |
25.05.2016 |
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PAN No.: |
AIFPG5665C |
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Name : |
Mrs. Dipti Atish Vartak |
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Designation : |
Company Secretary |
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Address : |
G-304 Shree Pant Nagari, Ramedi, Vasai (West), Vasai – 401201, Maharashtra, India |
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Date of Appointment : |
12.08.2016 |
|
PAN No.: |
AJGPV0967L |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on December 2017
|
Category of
shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares |
|
|
(A) Promoter & Promoter Group |
198582277 |
49.88 |
|
|
(B) Public |
199498648 |
50.12 |
|
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Grand Total |
398080925 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of
shareholder |
No. of fully
paid up equity shares held |
Shareholding as
a % of total no. of shares |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
11259377 |
2.83 |
|
|
Ashwin Gupta |
5515825 |
1.39 |
|
|
Sudhir Gupta |
5382725 |
1.35 |
|
|
Varun Gupta |
204800 |
0.05 |
|
|
Priya Gupta |
86060 |
0.02 |
|
|
Anita Gupta |
47000 |
0.01 |
|
|
Siddharth Gupta |
9700 |
0.00 |
|
|
Malika Siddharth Gupta |
5000 |
0.00 |
|
|
Priyanka Varun Gupta |
5000 |
0.00 |
|
|
Vipin Agarwal |
3267 |
0.00 |
|
|
Any
Other (specify) |
187322900 |
47.06 |
|
|
India Steel International (P)
Limited |
45634150 |
11.46 |
|
|
Khamgaon Land Development
& Trading Co (P) Ltd |
43650000 |
10.97 |
|
|
Yeotmal Land Development &
Trading Co (P) Ltd |
43650000 |
10.97 |
|
|
Isiworld Steels Pvt Ltd |
17837500 |
4.48 |
|
|
Isisales (India) Pvt Ltd |
17400400 |
4.37 |
|
|
Isimetals (India) Pvt Ltd |
17400350 |
4.37 |
|
|
Isicom Traders Pvt Ltd |
1312750 |
0.33 |
|
|
Isistar Exports Pvt Ltd |
437500 |
0.11 |
|
|
Isinox Limited |
250 |
0.00 |
|
|
Sub
Total A1 |
198582277 |
49.88 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
198582277 |
49.88 |
Statement showing shareholding
pattern of the Public shareholder
|
Category &
Name of the Shareholders |
No. of fully
paid up equity shares held |
Shareholding %
calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
B1)
Institutions |
0 |
0.00 |
|
|
Mutual
Funds/ |
3600 |
0.00 |
|
|
Foreign
Portfolio Investors |
14334300 |
3.60 |
|
|
Eriska Investment Fund Ltd |
8400000 |
2.11 |
|
|
Lotus Global Investments Ltd |
5934300 |
1.49 |
|
|
Financial
Institutions/ Banks |
7812475 |
1.96 |
|
|
Kotak Mahindra Bank Ltd |
5000000 |
1.26 |
|
|
Any
Other (specify) |
12249200 |
3.08 |
|
|
Apms Investment Fund Ltd |
12234300 |
3.07 |
|
|
Sub
Total B1 |
34399575 |
8.64 |
|
|
B2)
Central Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual
share capital upto INR 0.200 Million |
26301898 |
6.61 |
|
|
Individual
share capital in excess of INR 0.200 Million |
9366806 |
2.35 |
|
|
Parveen Kumar Gupta |
7585874 |
1.91 |
|
|
Any
Other (specify) |
129430369 |
32.51 |
|
|
Sub
Total B3 |
165099073 |
41.47 |
|
|
B=B1+B2+B3 |
199498648 |
50.12 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Metal and Metal ores (Registered activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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 : |
487 (Approximately) |
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Bankers : |
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Facilities : |
NOTE: Long-term
Borrowings Terms of Repayment
and Security for Secured Loan. 1) Loans from Kotak Mahindra Prime Limited. @9.75% interest are secured against hypothecation of motor vehicles. These loans are repayable in 48 equated monthly months installment of INR 0.220 Million 2) Loans from Toyota Financial Services Limited @10.25% interest are secured against hypothecation of motor vehicles. These loans are repayable in 48 equated monthly months installment of INR 0.054 Million Terms of Repayment and Security for Secured Loan. 1) Loans from Kotak Mahindra Bank Limited.are secured/to be secured by first mortgage and charges on all immoveable and moveable properties both present and future and personal guarantees of some of the promoter directors of the company and are repayable in 48 equal monthly instalments. 2) Loans from Toyota Financial Services Limited are secured against hypothecation of respective motor vehicles. This loan is repayable in 48 months respectively. Short-term
borrowings Kotak Mahindra Bank Limited and DNS Bank Limited. has sanctioned Cash Credit/WCDL facilities against the security by way of first pari passu charge on the fixed assets of the company, hypothecation of stock and book debts of the company and personal guarantees of some of the promoter directors of the Company. |
|
Statutory Auditors : |
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|
Name : |
Thanawala and company Chartered Accountants |
|
Address : |
505, Abhay Steel House, 5th Floor, 22, Baroda Street, Iron Market, Mumbai- 400009, Maharashtra, India |
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Tel. No.: |
91-22-23486679/23484336/66318590/66318591 |
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Fax No.: |
91-22-23481151 |
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|
|
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Cost Auditor: |
|
|
Name : |
Vishesh Patani Cost Accountant |
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Address : |
A 601, Madhur Pushpalata CHSL, Gokhale Road, Dahanukar wadi, Kandivali West, Mumbai - 400 067, Maharashtra, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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|
|
Enterprises under
significant influence of key management |
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|
|
Enterprises over
which Key Mangerial Personnel are able to exercise significant influence : |
|
CAPITAL STRUCTURE
After 09.08.2017
Authorised Capital: INR 1070.000
Million
Issued, Subscribed & Paid-up Capital : INR 418.081 Million
As on 31.03.2017
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
420000000 |
Equity Shares |
INR 1/- each |
INR 420.000 Million |
|
64500000 |
Preference shares |
INR 10/- each |
INR 645.000 Million |
|
|
Total |
|
INR 1065.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
398080925 |
Equity Shares |
INR 1/- each |
INR 398.081 Million |
|
2000000 |
14% Cumulative Redeemable Preference Shares |
INR 10/- each |
INR 20.000
Million |
|
53671310 |
0.01% Cumulative Redeemable Preference shares |
INR 10/- each |
INR 536.713
Million |
|
8514574 |
0.01% Cumulative Redeemable Preference shares |
INR 10/- each |
INR 85.146
Million |
|
|
Total |
|
INR 1039.940 Million |
Equity Shares
Of the above, 8,70,00,000 fully paid-up equity shares of INR 1/- each represent the shares which were alloted on a preferential basis to the promoters of the Company in the last 5 years.
Of the above, 7,70,00,000 fully paid-up equity shares of INR 1/- each represent the shares which were alloted on a preferential basis to the Strategic Investors of the Company in the last 5 years.
Of the above, 28,10,925 fully paid-up equity shares of INR 1/- each represent the shares which were alloted pursuant to cash payment of INR 1 Lac and balance against settlement of dues in the last 5 years.
Preference Shares
1) 14% Cumulative Reedemable Shares are reedemable in the year 2018.
2) 0.01% Cumulative Reedemable Shares are reedemable 25% in the year 2017, 25% in the year 2018, and 50% in the year 2019
3) 0.01% Cumulative Reedemable Shares ( Option Series) are reedemable 25% in the year 2017, 25% in the year 2018, and 50% in the year 2019
4) Dividend on above Preference Shares for current year not provided INR 28,62,186/- and till date amounted to INR 5,81,70,897/-
(i) Reconciliation of
the number of shares and amount outstanding at the beginning and at the end of
the reporting period:
|
Equity shares with
voting rights |
31 March 2017 |
|
Number of shares |
398080925 |
|
INR in Million |
398.081 |
(ii) Details of shares
held by each shareholder holding more than 5% shares:
|
Class of shares /
Name of shareholder |
As at 31st March, 2017 |
|
|
|
Number of shares held |
% holding in that class of shares |
|
Equity shares with
voting rights |
|
|
|
Indiasteel International Private Limited |
45634150 |
11.46% |
|
TB Investments Limited |
27000000 |
6.78% |
|
Class of shares /
Name of shareholder |
As at 31st March, 2017 |
|
|
|
Number of shares held |
% holding in that class of shares |
|
UD Industrial Holding Pte Limited |
92000000 |
23.11% |
|
Khamgaon Land Development and Trading co. Private Limited |
43650000 |
10.97% |
|
Yeotmal Land Development and Trading co. Private Limited |
43650000 |
10.97% |
(i) Reconciliation of
the number of shares and amount outstanding at the beginning and at the end of
the reporting period:
|
Preference shares
without voting rights |
31 March 2017 |
|
Number of shares |
64185884 |
|
INR in Million |
641.859 |
(ii) Details of shares
held by each shareholder holding more than 5% shares:
|
Class of shares /
Name of shareholder |
As at 31st March, 2017 |
|
|
|
Number of shares held |
% holding in that class of shares |
|
Preference shares without voting rights |
|
|
|
IDBI Limited |
37547800 |
58.50% |
|
Punjab & Sind Bank |
12138000 |
18.91% |
|
Oriental Bank of Commerce |
5698413 |
8.88% |
|
Total |
55384213 |
86.29% |
(iii) Aggregate
number and class of shares allotted as fully paid up pursuant to contract(s) without
payment being received in cash, bonus shares and shares bought back for the
period of 5 years immediately preceding the Balance Sheet date:
|
Preference shares
without voting rights |
31 March 2017 (Aggregate number of shares) |
|
Fully paid up pursuant to contract(s) without payment being received in cash |
2348931 |
|
INR in Million |
2348931 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1039.940 |
1039.940 |
1039.940 |
|
(b) Reserves & Surplus |
1410.216 |
1330.243 |
1289.921 |
|
(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) |
2450.156 |
2370.183 |
2329.861 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
346.442 |
355.690 |
375.972 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
372.624 |
325.789 |
218.125 |
|
(d) long-term provisions |
28.682 |
25.228 |
27.321 |
|
Total
Non-current Liabilities (3) |
747.748 |
706.707 |
621.418 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
304.516 |
300.024 |
368.496 |
|
(b) Trade payables |
1967.480 |
1986.490 |
1245.675 |
|
(c) Other current liabilities |
73.078 |
39.531 |
150.823 |
|
(d) Short-term provisions |
116.665 |
136.119 |
134.135 |
|
Total
Current Liabilities (4) |
2461.739 |
2462.164 |
1899.129 |
|
|
|
|
|
|
TOTAL |
5659.643 |
5539.054 |
4850.408 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2280.512 |
2314.859 |
2477.506 |
|
(ii) Intangible Assets |
0.000 |
5.657 |
4.164 |
|
(iii) Capital work-in-progress |
191.824 |
176.337 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
21.477 |
21.477 |
21.477 |
|
(c) Deferred tax assets (net) |
36.109 |
17.803 |
0.000 |
|
(d) Long-term Loan and Advances |
188.055 |
191.935 |
184.975 |
|
(e) Other Non-current assets |
422.055 |
281.516 |
66.465 |
|
Total
Non-Current Assets |
3140.032 |
3009.584 |
2754.587 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1664.150 |
1356.407 |
1087.588 |
|
(c) Trade receivables |
411.434 |
659.223 |
400.498 |
|
(d) Cash and cash equivalents |
25.769 |
29.997 |
18.567 |
|
(e) Short-term loans and
advances |
157.519 |
184.715 |
304.298 |
|
(f) Other current assets |
260.739 |
299.128 |
284.870 |
|
Total
Current Assets |
2519.611 |
2529.470 |
2095.821 |
|
|
|
|
|
|
TOTAL |
5659.643 |
5539.054 |
4850.408 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
10384.550 |
5838.874 |
5129.663 |
|
|
Other Income |
99.003 |
104.709 |
52.147 |
|
|
TOTAL
|
10483.553 |
5943.583 |
5181.810 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
4434.090 |
3163.102 |
3805.291 |
|
|
Purchases of Stock-in-Trade |
5073.014 |
1770.186 |
323.566 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(589.541) |
(335.995) |
(333.578) |
|
|
Employees benefits expense |
207.677 |
213.615 |
178.733 |
|
|
Other expenses |
1017.817 |
832.307 |
923.639 |
|
|
TOTAL |
10143.057 |
5643.215 |
4897.651 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
340.496 |
300.368 |
284.159 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
94.798 |
98.573 |
110.295 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
245.698 |
201.795 |
173.864 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
183.629 |
179.199 |
153.088 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
62.069 |
22.596 |
20.776 |
|
|
|
|
|
|
|
Less |
TAX |
(17.981) |
(17.803) |
(0.430) |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
80.050 |
40.399 |
21.206 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1912.147) |
(1952.469) |
(1973.675) |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Tax on Dividend |
0.077 |
0.077 |
0.000 |
|
|
Total
|
0.077 |
0.077 |
0.000 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
(1832.174) |
(1912.147) |
(1952.469) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
973.456 |
310.661 |
13.380 |
|
|
TOTAL
EARNINGS |
973.456 |
310.661 |
13.380 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials &
Consumables |
1724.128 |
883.087 |
214.898 |
|
|
Capital Goods |
0.389 |
0.137 |
1.259 |
|
|
Traded Goods |
1853.092 |
749.168 |
0.000 |
|
|
TOTAL
IMPORTS |
3577.609 |
1632.392 |
216.157 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
0.20 |
0.10 |
0.05 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flow from operating activity |
345.380 |
450.694 |
248.367 |
QUARTERLY RESULTS
|
Particulars |
30.06.2017 |
30.09.2017 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
|
|
1ST Quarter |
2nd Quarter |
|
Net Sales |
2615.820 |
2831.450 |
|
Total Expenditure |
2523.460 |
2725.100 |
|
PBIDT (Excl OI) |
92.360 |
106.350 |
|
Other Income |
NA |
NA |
|
Operating Profit |
92.360 |
106.350 |
|
Interest |
62.550 |
75.470 |
|
Exceptional Items |
NA |
NA |
|
PBDT |
29.810 |
30.880 |
|
Depreciation |
20.810 |
21.020 |
|
Profit Before Tax |
9.000 |
9.860 |
|
Tax |
NA |
NA |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
9.000 |
9.860 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
9.000 |
9.860 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
14.46 |
41.21 |
28.50 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
25.24 |
8.86 |
12.81 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
75.54 |
146.97 |
110.12 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.20 |
0.22 |
0.26 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.14 |
0.12 |
0.11 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.50 |
0.51 |
0.47 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.27 |
0.28 |
0.32 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities
/ Net Worth) |
1.00 |
1.04 |
0.82 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.01 |
1.05 |
1.07 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
3.59 |
3.05 |
2.58 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
0.77 |
0.69 |
0.41 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
1.41 |
0.73 |
0.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
3.27 |
1.70 |
0.91 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.02 |
1.03 |
1.10 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.35 |
0.48 |
0.53 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.43 |
0.43 |
0.48 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.63 |
0.63 |
0.72 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.02 |
1.03 |
1.10 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 1.00/- |
|
Market Value |
INR 3.92/- |
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 |
1039.940 |
1039.940 |
1039.940 |
|
Reserves & Surplus |
1289.921 |
1330.243 |
1410.216 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2329.861 |
2370.183 |
2450.156 |
|
|
|
|
|
|
Long Term borrowings |
375.972 |
355.690 |
346.442 |
|
Short Term borrowings |
368.496 |
300.024 |
304.516 |
|
Total
borrowings |
744.468 |
655.714 |
650.958 |
|
Debt/Equity
ratio |
0.320 |
0.277 |
0.266 |
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
|
5129.663 |
5838.874 |
10384.550 |
|
|
|
13.826 |
77.852 |
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
|
5129.663 |
5838.874 |
10384.550 |
|
Profit |
21.206 |
40.399 |
80.050 |
|
|
0.41% |
0.69% |
0.77% |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
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 |
OPERATIONS
During the year, the gross revenue from operations increased to INR 10384.550 Million as against INR 5838.874 Million in the previous year which indicates the rise by 77.85% mainly due to focus on production activities and trading business. The operating profit (EBITDA) improved to INR 340.496 Million as against INR 300.782 Million in the previous year by 13.20%. The net profit after tax for the year was INR 80.050 Million as against profit of INR 40.399 Million in the previous year, indicating an increase of 98.14%.
MANAGEMENT DISCUSSION
AND ANALYSIS
Economic Scenario:
Global
In 2016, the world crude steel production reached 1628 million tonnes (mt) and showed a growth of 0.8% over 2015. China remained world’s largest crude steel producer in 2016 (808 mt) followed by Japan (105 mt), India (96 mt) and the USA (79 mt). World Steel Association has projected Indian steel demand to grow by 5.4% in 2016 and by 5.7% in 2017 while globally, steel demand has been projected to grow by 0.2% in 2016 and by 0.5% in 2017. Chinese steel use is projected to decline in both these years - by 1% in 2016 and by 2% in 2017.
Economic Scenario:
India
The Indian steel industry was the third largest producer of crude steel in 2015 against its 8th position in 2003. Also the country is third largest consumer of finished steel in the world preceded by China and the USA. The total steel demand stood at 80 million tonnes growing at 4.5% over the previous year. During the year, India continued to witness significant level of imports to the tune of 10 million tonnes as against 13 million tonnes last year, while initiatives like the safeguard duty and minimum import price have provided some relief to predatory pricing being followed by the exporting countries
The Stainless Steel
Industry
Steel is crucial to the development of any modern economy and is considered to be the backbone of human civilization. The level of per capita consumption of steel is treated as an important index of the level of socio-economic development and living standards of the people in any country. It is a product of a large and technologically complex industry having strong forward and backward linkages in terms of material flows and income generation. All major industrial economies are characterized by the existence of a strong steel industry and the growth of many of these economies has been largely shaped by the strength of their steel industries in their initial stages of development.
India’s economic growth is contingent upon the growth of the Indian steel industry. Consumption of steel is taken to be an indicator of economic development. While steel continues to have a stronghold in traditional sectors such as construction, housing and ground transportation, special steels are increasingly being used in engineering industries such as power generation, petrochemicals and fertilizers. India occupies a central position on the global steel map, with the establishment of new state-of-the-art steel mills, acquisition of global scale capacities by players, continuous modernization and up gradation of older plants, improving energy efficiency and backward integration into global raw material sources.
India is currently the world’s fourth largest producer of crude steel (knocking to be the third largest by the year end) and is expected to become the second largest producer by 2020
During the year, global steel demand stood at 1.5 billion tonnes, a decline of approximately 2.5% compared to the previous year. The demand of steel in China was also reduced as compared to previous Financial Year. Considering the current scenario in Steel Industry it seems the demand may fall in Financial Year 2016-17. Also, the demand was significantly lower in other countries such as – Brazil, USA, Russia etc.
Steel demand in Europe grew by 2.3% to 150 metric tonnes (2014: 4.7%), mainly due to growth in the automotive sector. In 2015, the EU became a net importer of steel, for the first time since 2008. The increase was mainly fulfilled by imported steel from China.
Megatrends driving demand:
• Economic and population growth
• Mobility and Urbanization
• Climate Change and Limited Resources
Key Customer
Industries:
• Consumer Goods and Catering Industry
• Automotive and Transport Industry
• Mechanical and Plant Engineering
• Power Generation
• Chemical Industry
• Medical Equipment
• Architecture and Building Industry
• Heavy Industries
• Aviation Industry
• Food and Packaging
• Structural and Civil engineering
• Hydraulic elements
• Bright Bar Industry
• Fasteners Industry
• Forging Industry
• Capital Goods Industry
FINANCIAL PERFORMANCE
During the year the company achieved a Revenue of INR 10483.500 Million along with Net Profit of INR 80.000 Million. Company’s Net Worth has increased from INR 2370.200 Million in FY 2015-16 to INR 2450.100 Million in FY 2016-17 Operating Profit (EBITDA) improved from INR 300.700 Million in FY 2015-16 to INR 340.500 Million in FY 2016-17 representing growth of 13.20%. EBITDA has improved significantly on account of effective capacity utilization. The organization has applied to various financial institutions and Banks for enhancing working capital facilities to support operations and in order to maximum capacity utilization.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
From others: |
|
|
|
Inter Corporate Deposits |
340.046 |
332.971 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Loans repayable on demand From banks: DNSB |
205.622 |
194.005 |
|
|
|
|
|
Total |
545.668 |
526.976 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G03081965 |
10501459 |
DOMBIVLI NAGAGRI SAHAKARI BANK LIMITED |
13/05/2014 |
23/03/2016 |
- |
220000000.0 |
5/8, Sambhava Chember, First Floor, P.M. Road,Kala Ghoda, FortMumbaiMH400001IN |
|
2 |
C14029094 |
10511552 |
DOMBIVLI NAGARI SAHAKARI BANK LTD |
10/05/2014 |
- |
- |
200000000.0 |
5/8, SAMBHAVA CHAMBERS, SIR P.M. ROAD,FORTMumbaiMH400001IN |
|
3 |
G57044240 |
10377586 |
KOTAK MAHINDRA BANK LIMITED |
03/09/2012 |
19/06/2017 |
- |
160000000.0 |
27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMa400051IN |
|
4 |
G56901713 |
80065429 |
GENERAL INSURANCE CORPORATION LTD |
07/09/1998 |
01/10/2012 |
22/09/2017 |
30000000.0 |
SURAKSHA, 170, J.TATA ROAD, CHURCHGATEmumbaiMH400020IN |
|
5 |
G01842012 |
80061920 |
THE INDUSTRIAL CREDIT & INVESTMENT CORPORATION OF INDIA LTD. |
03/02/1997 |
10/09/1997 |
13/04/2016 |
34850000.0 |
163, BACKBAY RECLAMATIONMUMBAIMH400020IN |
|
6 |
C68795376 |
80026955 |
ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED |
18/12/1995 |
17/02/2007 |
05/10/2015 |
96000000.0 |
The Ruby, 10th Floor29, Senapati Bapat Marg,Dadar(West)MUMBAIMH400028IN |
|
7 |
C68709575 |
80027594 |
ASSET RECONSTRUCTION COMPANY (INDIA) LIMITED |
15/05/1996 |
28/03/2007 |
05/10/2015 |
395800000.0 |
The Ruby, 10th Floor29, Senapati Bapat Marg,Dadar(West)MUMBAIMH400028IN |
|
8 |
C63525240 |
80049079 |
INTERNATIONAL ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED |
20/03/1995 |
31/01/2008 |
07/09/2015 |
122500000.0 |
104Ashoka Estate,DELHIDL110001IN |
|
9 |
C63528152 |
80049081 |
INTERNATIONAL ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED |
01/03/1993 |
31/01/2008 |
07/09/2015 |
122500000.0 |
104Ashoka Estate,DELHIDL110001IN |
|
10 |
C63529051 |
80049078 |
INTERNATIONAL ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED |
25/03/1995 |
31/01/2008 |
07/09/2015 |
122500000.0 |
104Ashoka Estate,DELHIDL110001IN |
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH
SEPTEMBER 2017
|
|
|
Particulars |
quarter ended |
quarter ended |
6 months ended |
|
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
1 |
|
Income from
Operations |
|
|
|
|
|
|
Sales/Income from Operations (Gross) |
2779.398 |
2563.813 |
5343.210 |
|
|
|
b) Other Operating Income |
52.049 |
52.011 |
104.061 |
|
|
Total Income from
Operations (Net) |
2831.447 |
2615.824 |
5447.271 |
|
|
|
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
1181.300 |
1304.085 |
2485.385 |
|
|
b) |
Purchase of Stock-in-trade |
1316.691 |
968.695 |
2285.386 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(55.464) |
(206.316) |
(261.780) |
|
|
d) |
Employee benefit expenses |
58.983 |
54.245 |
113.228 |
|
|
e) |
Finance Costs |
75.466 |
62.551 |
138.017 |
|
|
f) |
Depreciation and amortization expense |
21.020 |
20.809 |
41.829 |
|
|
g) |
Excise Duty on Sales |
-- |
181.329 |
181.329 |
|
|
h) |
Other expenses |
223.589 |
221.426 |
445.015 |
|
|
Total Expenses |
2821.585 |
2606.825 |
5428.410 |
|
|
|
|
|
|
|
|
|
|
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items |
9.862 |
8.999 |
18.861 |
|
|
|
Exceptional Items |
-- |
-- |
-- |
|
|
|
Profit /(Loss) from
ordinary activities before tax |
9.862 |
8.999 |
18.861 |
|
|
|
Tax Expense |
-- |
-- |
-- |
|
|
|
Net Profit /(Loss)
from ordinary activities after tax |
9.862 |
8.999 |
18.861 |
|
|
|
|
|
|
|
|
|
|
Paid up equity share capital (Eq. shares of INR 10/- each) |
3980.81 |
3980.81 |
3980.81 |
|
|
|
Reserve excluding revaluation reserves |
|
|
|
|
|
|
|
Earnings per share (before/after extraordinary items) of INR 1/- each |
|
|
|
|
|
|
Basic & Diluted |
0.02 |
0.02 |
0.05 |
STATEMENT OF ASSETS
ANS LIABILITIES AS ON 30TH SEPTEMBER 2017
|
SOURCES
OF FUNDS |
30.09.2017 |
|
|
(Unaudited) |
|
|
|
Non-Current Assets |
|
|
(a) Property, Plant and
Equipment |
2296.100 |
|
(b) Capital Work in progress |
296.200 |
|
(c) Intangible Assets |
0.000 |
|
(d) Intangible Assets under development
|
|
|
(i) Financial Assets |
|
|
(i)
Investment |
21.500 |
|
(ii)
Loans |
197.200 |
|
(iii)
Other Non-Current Assets |
522.500 |
|
Total
Non- Current Assets |
3333.500 |
|
|
|
|
Current
Assets |
|
|
(a) Inventories |
1752.300 |
|
(b) Financial Assets |
|
|
(i)
Investment |
0.000 |
|
(ii)
Trade Receivables |
592.800 |
|
(iii)
Cash and cash equivalents |
9.200 |
|
(iv)
Loans |
122.700 |
|
(v)
Other current Assets |
253.700 |
|
Total
Current Assets |
2730.700 |
|
|
|
|
TOTAL
ASSETS |
6064.200 |
|
|
|
|
(B)
EQUITY AND LIABILITIES |
|
|
|
|
|
1
EQUITY |
|
|
(a)
Equity Share Capital |
398.100 |
|
(b)
Other Equity |
1493.900 |
|
Equity
to overseas of the company |
1892.000 |
|
|
|
|
2.
Non-current Liabilities |
|
|
(a) Financial Liabilities |
|
|
(i)
Borrowing |
827.400 |
|
(ii)
Other Financial Liabilities |
515.200 |
|
|
|
|
(b) Provisions |
17.600 |
|
|
|
|
Total
Non-current Liabilities |
1360.300 |
|
|
|
|
2.Current
Liabilities |
|
|
|
|
|
(a) Financial Liabilities |
|
|
(i) Borrowing |
312.700 |
|
(ii) Trade payables |
2356.200 |
|
(iii) Other Financial Liabilities |
37.900 |
|
(d) Provisions |
105.200 |
|
Total
Current Liabilities |
2812.000 |
|
|
|
|
TOTAL
EQUITY AND LIABILITIES |
6064.200 |
NOTE:
1. The results for the quarter and half year ended September 30, 2017 were reviewed and recommended by the Audit Committee and approved by the Board of Directors in its meeting held on 14th December, 2017 the above results for the quarter and half year ended September 30, 2017 have been reviewed by Statutory Auditors of the Company in terms of Regulation 33 of the SEBI (Listing and Other Disclosure Requirements) Regulations, 2015. The IND AS compliant financial results pertaining to quarter and half year ended September 30, 2016 has not been subjected to the Limited review. However, the Company's management has exercised necessary due diligence to ensure that the financial results provide a true and fair view of its affairs.
2. These financial results together with the results of previous period have
been prepared in accordance with the recognition and measurement principles
laid down in IND AS 34 Interim Financial Reporting prescribed under Section 133
of the Companies Act, 2013 read with relevant rules and other accounting
principles generally accepted in India.
3. Company's business activity falls within a single Primary segment viz:
Manufacturing and Trading Stainless Steel and Allied Products. Hence the
disclosure requirement of IND AS 108 - Operating Segment is not applicable.
4. The statement does not include IND AS compliant results for the previous
year ended March 31, 2017, as it is not mandatory as per SEBI's circular dated
July 5, 2016.
5. There is a possibility that quarterly and half yearly financial results may
require adjustments before constituting the final Ind AS financial statements
as at the end of year on 31st march 2018, due to changes in financial reporting
requirements arising from new or revised standards or interpretation issued by
MCA / appropriate authority or changes in the use of one or more optional
exemptions from retrospective application of certain Ind AS as permitted under
Ind AS 101.
6. The format for unaudited quarterly results as prescribed in SEBI's circular
CIR/CFD/CMD/15/2015 dated November 30,2015 has been modified to comply with
requirements of SEBI's circular dated July 5, 2016, IND AS and schedule III to
the Companies Act, 2013 applicable to companies which are required to comply
with IND AS.
7. The figures for the last quarter for the current and previous year arc the
balancing figures between the audited figures in respect of the full financial
year up to March, 2017 and the unaudited published year-to-date figures up to
September 30, 2017 being the date of the end of the second quarter of the
financial year, which were subject to limited review.
8. Figures for the previous accounting period have been regrouped wherever necessary.
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against the company/disputed liabilities not acknowledged as debts |
169.782 |
16.816 |
|
Excise/Customs/Service Tax Matters decided in the companies favour in earlier years, in respect of which show cause notices have been received and contested |
103.831 |
101.664 |
|
Sales Tax matters in respect of which show cause notices have been received and contested |
1.124 |
13.630 |
|
Property Tax disputed Disputed |
18.481 |
23.000 |
|
Preference Share Dividend |
58.170 |
55.308 |
FIXED ASSETS
Tangible Asset
- Land
- Factory buildings
- Office/residential buildings
- Plant and machinery
- Data processing equipment
- Motor vehicles
- Office equipment and appliances
- Furniture and fixtures
Intangible Asset
- Overseas Project
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 63.88 |
|
|
1 |
INR 88.59 |
|
Euro |
1 |
INR 78.12 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVT |
|
|
|
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
SUJ |
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.