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MIRA INFORM REPORT
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Report No. : |
487701 |
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Report Date : |
23.01.2018 |
IDENTIFICATION DETAILS
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Name : |
VISA STEEL LIMITED |
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Formerly Known
As : |
VISA INDUSTRIES LIMITED |
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Registered
Office : |
11 Ekamra Kanan, Nayapalli, Bhubaneswar-751015, Odisha |
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Tel. No.: |
91-33-30119000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
10.09.1996 |
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Com. Reg. No.: |
15-004601 |
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Capital
Investment / Paid-up Capital : |
INR 1100.000 Million |
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CIN No.: [Company Identification
No.] |
L51109OR1996PLC004601 |
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IEC No.: |
2398000095 |
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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.] |
AAACV9836E |
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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 the manufacturing of Iron and Steel products including Pig Iron, Sponge Iron, Special Steel and High Carbon Ferro Chrome with captive power plant. (Registered activity) |
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No. of Employees
: |
1178 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Exist |
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Comments : |
Subject was incorporated in the year 1996. It is engaged in manufacturing of value added products including pig iron, sponge iron, special steel billets/blooms, bars and wire rods, rebars and Ferro alloys. As per the financial record of 2017, the company has achieved a decent growth in its revenue as compared to the previous year but has incurred operational losses during the year. The weak financial profile of the company is marked by eroded net worth base due to huge accumulated losses along with average debt level. Business is active. Payments are reported to be slow and delayed. In view of aforesaid, the company can be considered for business dealings on safe and secured trade terms and condition. NOTE 1: The Board of Directors and Lenders of VISA BAO Limited (VBL) and the subject company has approved Scheme of Amalgamation of VBL with the subject company. Pursuant to the notification of the Ministry of Corporate Affairs, all matters related to amalgamation, merger, de-merger shall be dealt by the jurisdictional National Company Law Tribunal (NCLT).Subject Company had filed an application before the National Company Law Tribunal, Kolkata Bench in March 2017 and the application was admitted by the Hon’ble NCLT in April 2017 and approved vide order dated 12 October 2017 passed by the Hon’ble NCLT. Subsequent to amalgamation, 5,789,500 equity shares of INR 10 each of the Company have been allotted to Baosteel Resources Co. Ltd, China (Baosteel). Baosteel now holds 5% of the equity shares in subject Company NOTE 2: As per the current press release State Bank of India (SBI) moved the Kolkata bench of the National Company Law Tribunal (NCLT), seeking to recover its dues from Visa Steel Ltd by invoking provisions of the Insolvency and Bankruptcy Code. The steelmaker is on the Reserve Bank of India’s second list of enterprises against whom it asked lenders to immediately start insolvency proceedings. Visa Steel owes its lenders around INR 45000 million, according to Poonam Keswani, a lawyer at India Law Llp, which is representing SBI. Insolvency proceedings have also been initiated at the Kolkata bench of NCLT against three corporate guarantors of Visa Steel. |
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 |
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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 |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
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Date |
Not Available |
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 BY
|
Name : |
Mr. Vinit |
|
Designation : |
Deputy Manager |
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Contact No.: |
91-33-30119000 |
LOCATIONS
|
Registered Office : |
11 Ekamra Kanan, Nayapalli, Bhubaneswar-751 015, Orissa, India |
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Tel. No.: |
91-674-2552479-84 |
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Fax No.: |
91-674-2554661-62 |
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E-Mail : |
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Website : |
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Corporate Office : |
Visa House, 8/10, 5th Floor, Alipore Road, Kolkata-700 027,
West Bengal, India |
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Tel. No.: |
91-33-30119000 |
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Fax No.: |
91-33-30119002 |
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Plant Office 1 : |
Kalinganagar Industrial Complex, At/ P.O. Jakhapura, District
Jajpur-755026, Orissa, India |
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Tel. No.: |
91-6726-242441/ 444 |
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Fax No.: |
91-6726-242442 |
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Plant Office 2 : |
Village Golagaon, Near Duburi, P.O. Pankapal, District Jajpur, Orissa,
India |
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Tel. No.: |
91-6726-245470 |
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Fax No.: |
91-6726-245561 |
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Plant Office 3 : |
8, Gajanandpuram, Kotra By-pass Road, Raigarh-496001, Chhatisgarh,
India |
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Tel. No.: |
91-7762-228280/ 228290/ 91 |
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Branch Office : |
Located at:
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DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Vishal Agarwal |
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Designation : |
Managing Director |
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Address : |
9th Floor, Visa House, 8/10 Alipore Road, Kolkata-700027, West Bengal, India |
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Date of Birth/Age : |
14.09.1974 |
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Date of Appointment : |
10.09.1996 |
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DIN No.: |
00121539 |
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Name : |
Mr. Vishambhar Saran |
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Designation : |
Whole-Time Director |
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Address : |
Visa House, 10th Floor, 8/10, Alipore Road, Kolkata-700027, West Bengal, India |
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Date of Appointment : |
10.09.1996 |
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DIN No.: |
00121501 |
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Name : |
Mr. Manoj Kumar |
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Designation : |
Whole-Time Director |
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Address : |
Flat No.511, 5th Floor, Arcon Retreat, Block-B, Plot No.392/1772, Patia, Bhubaneswar-751031, Orissa, India |
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Date of Birth/Age : |
02.12.1965 |
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Date of Appointment : |
15.09.2015 |
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DIN No.: |
06823891 |
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Name : |
Mr. Kishore Kumar Mehrotra |
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Designation : |
Director |
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Address : |
Flat Number-406, Mecon Apartment, Plot Number-C-58/10, Near Fortis Hospital Sector-62, Noida – 201301, Uttar Pradesh, India |
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Date of Birth/Age : |
24.07.1953 |
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Date of Appointment : |
12.11.2015 |
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DIN No.: |
02894045 |
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Name : |
Mr. Pratip Chaudhuri |
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Designation : |
Director |
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Address : |
H - 1591, Pocket H C. R. Park, New Delhi-110019, India |
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Date of Appointment : |
01.10.2014 |
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DIN No.: |
00915201 |
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Name : |
Mr. Manas Kumar Nag |
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Designation : |
Nominee Director |
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Address : |
10/2 Keyatala Lane, Ground Floor, Kolkata-700029, West Bengal, India |
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Date of Appointment : |
14.08.2015 |
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DIN No.: |
02058292 |
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Name : |
Rupanjana De |
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Designation : |
Additional Director |
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Address : |
Flat C and E, B/6 Bapujinagar, P. O. Regent Estate, Kolkata -700092 , West Bengal, India |
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Date of Appointment : |
26.08.2017 |
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DIN No.: |
01560140 |
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Name : |
Sheo Raj Rai |
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Designation : |
Additional Director |
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Address : |
Number-7, Plot Number-Gh-4, Krishan Vihar C. G H Society Sector-21 C, Part-1, Amarnagar, Faridabad -121003, Haryana, India |
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Date of Appointment : |
08.08.2017 |
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DIN No.: |
07902184 |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Kumar Digga |
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Designation : |
Chief Finance Officer |
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Address : |
2 Darpanarayan Tagore Street Kolkata – 700006, West
Bengal, India |
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Date of Appointment : |
23.05.2014 |
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PAN No.: |
ACNPD0513A |
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Name : |
Mr. Sudhir Kumar Banthiya |
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Designation : |
Company Secretary |
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Address : |
Vasudha Apartment, Narayantala (West), VIP Road, Block-C, Flat-3E, Kolkata 700059, West Bengal, India |
|
Date of Appointment : |
13.09.2016 |
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PAN No.: |
AHXPB1559P |
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|
Name : |
Mr. Vinit |
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Designation : |
Deputy Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on December, 2017
|
Category of
shareholder |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares |
|
|
(A) Promoter & Promoter Group |
68175000 |
58.88 |
|
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(B) Public |
47614500 |
41.12 |
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Grand
Total |
115789500 |
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 |
|
|
A1) Indian |
|||
|
Any Other (specify) |
68175000 |
58.88 |
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VISA International Limited |
23787833 |
20.54 |
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VISA Infrastructure Limited |
44387167 |
38.33 |
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Sub Total A1 |
68175000 |
58.88 |
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|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
68175000 |
58.88 |
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 % |
|
|
B1) Institutions |
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||
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Foreign Portfolio Investors |
25414745 |
21.95 |
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LTS Investment Fund Limited |
10497122 |
9.07 |
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Cresta Fund Limited |
9912036 |
8.56 |
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APMS Investment Fund Limited |
4998087 |
4.32 |
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Insurance Companies |
500111 |
0.43 |
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Sub Total B1 |
25914856 |
22.38 |
|
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B2) Central Government/ State
Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200
million |
6907867 |
5.97 |
|
|
Individual share capital in excess of INR
0.200 million |
7643736 |
6.60 |
|
|
Narain Prasad Dalmai |
2814000 |
2.43 |
|
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NBFCs registered with RBI |
200 |
0.00 |
|
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Any Other (specify) |
7147841 |
6.17 |
|
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NRI |
215210 |
0.19 |
|
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Clearing Members |
82877 |
0.07 |
|
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NRI – Non- Repat |
112684 |
0.10 |
|
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Bodies Corporate |
947570 |
0.82 |
|
|
Baosteel Resources Co. Ltd. |
5789500 |
5.00 |
|
|
Sub Total B3 |
21699644 |
18.74 |
|
|
B=B1+B2+B3 |
47614500 |
41.12 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the manufacturing of Iron and Steel products including Pig Iron, Sponge Iron, Special Steel and High Carbon Ferro Chrome with captive power plant. (Registered activity) |
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Product/Service: |
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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
: |
1178 (Approximately) |
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Bankers and
Financial Institutions : |
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Facilities : |
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Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
Plot No. Y 14, Block EP, Sector V, Salt Lake Electronic Complex,
Bidhan Nagar, Kolkata-700091, West Bengal, India |
|
Tel. No.: |
91-33-23579260/23577600 |
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Fax No.: |
91-33-23577496 |
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|
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Internal Auditors: |
L. B. Jha and Company |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
|
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Holding company : |
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Subsidiaries : |
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Joint Venture
Company : |
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Enterprise having
significant influence : |
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Fellow Subsidiary : |
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Member of
a Group of which Enterprise having significant influence is also a member: |
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CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
160000000 |
Equity Shares |
INR 10/- each |
INR 1600.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
110000000 |
Equity Shares |
INR 10/- each |
INR 1100.000 Million |
|
|
|
|
|
(a) Movements in Equity Share
Capital:
|
Particulars |
31.03.2017 |
|
|
|
No. of Shares
held |
INR in Million |
|
Balance as at the beginning of the year |
110000000 |
1100.00 |
|
Add / (Less): Shares issued / bought back during the year |
- |
- |
|
|
|
|
|
Balance as at the end of the year |
110000000 |
1100.00 |
(b) Terms and rights
attached to equity shares
The Company has only one class of equity shares referred to as equity shares having a par value of Rs.10 per share. Each Shareholder is entitled to one vote per share held. The Company declares and pays dividend in Rupees. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding..
(c) Shares held by the
Holding / Ultimate Holding Company and / or their Subsidiaries and Associates in
aggregate:
|
Particulars |
31.03.2017 |
|
VISA Infrastructure Limited (VIFL) |
Not Applicable |
|
VIFL has ceased to be the Holding Company of the Company with effect from 22 April, 2015 |
|
(d) Details of Shareholders
holding more than 5 % of the aggregate shares in the Company:
|
Name of
Shareholders |
31.03.2017 |
|
|
No. of Shares
held |
|
VISA Infrastructure Limited (Numbers) |
44387167 |
|
VISA Infrastructure Limited (%) |
40.35 |
|
CRESTA Fund Limited (Numbers) |
9912036 |
|
CRESTA Fund Limited (%) |
9.01 |
|
LTS Investment Fund Limited (Numbers) |
10497122 |
|
LTS Investment Fund Limited (%) |
9.54 |
|
VISA International Limited (Numbers) |
23787833 |
|
VISA International Limited (%) |
21.63 |
e) Share reserved for
issue under option
For details of share reserved for issue under the Employee Stock Option
Plan (ESOP) of the Company
|
Equity
Share Suspense |
31.03.2017 |
|
5789500
Equity Shares of INR 10/- each. |
57.900 |
FINANCIAL DATA
[all figures are
in 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 |
1100.000 |
1100.000 |
1100.000 |
|
(b) Equity Share Suspense |
57.900 |
0.000 |
|
|
(c) Reserves & Surplus |
(7637.210) |
(10483.080) |
124.310 |
|
(d) Money received against
share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
(6479.310) |
(9383.080) |
1224.310 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
19965.180 |
22458.180 |
23254.300 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
311.910 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
458.920 |
787.200 |
|
(d) long-term provisions |
18.250 |
15.650 |
14.910 |
|
Total
Non-current Liabilities (3) |
19983.430 |
23244.660 |
24056.410 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
8428.900 |
7987.830 |
4397.230 |
|
(b) Trade payables |
2524.510 |
2510.730 |
3222.500 |
|
(c) Other current liabilities |
14369.280 |
9610.690 |
5706.360 |
|
(d) Short-term provisions |
25.210 |
17.190 |
13.280 |
|
Total
Current Liabilities (4) |
25347.900 |
20126.440 |
13339.370 |
|
|
|
|
|
|
TOTAL |
38852.020 |
33988.020 |
38620.090 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
30456.040 |
26475.010 |
27467.920 |
|
(ii) Intangible Assets |
1.840 |
2.860 |
5.290 |
|
(iii) Capital work-in-progress |
3042.930 |
2954.180 |
2964.540 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
208.650 |
214.560 |
4511.390 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
203.540 |
355.600 |
851.870 |
|
(e) Other Non-current assets |
137.510 |
166.290 |
1.140 |
|
Total
Non-Current Assets |
34050.510 |
30168.500 |
35802.150 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1859.880 |
1169.190 |
1124.870 |
|
(c) Trade receivables |
1412.960 |
1688.920 |
561.170 |
|
(d) Cash and cash equivalents |
122.560 |
24.200 |
50.600 |
|
(e) Short-term loans and
advances |
52.810 |
0.200 |
993.710 |
|
(f) Other current assets |
1353.300 |
937.010 |
87.590 |
|
Total
Current Assets |
4801.510 |
3819.520 |
2817.940 |
|
|
|
|
|
|
TOTAL |
38852.020 |
33988.020 |
38620.090 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
13971.810 |
10111.900 |
4455.510 |
|
|
Other Income |
280.380 |
310.200 |
214.380 |
|
|
TOTAL |
14252.190 |
10422.100 |
4669.890 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
9417.960 |
7195.210 |
2544.680 |
|
|
Purchases of
Stock-in-Trade |
619.400 |
223.370 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(445.190) |
(152.390) |
117.170 |
|
|
Employees benefits
expense |
640.420 |
578.530 |
185.810 |
|
|
Other expenses |
3576.010 |
2485.380 |
1476.760 |
|
|
TOTAL |
13808.600 |
10330.100 |
4324.420 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
443.590 |
92.000 |
345.470 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
365.880 |
4573.890 |
859.080 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
77.710 |
(4481.890) |
(513.610 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1504.260 |
1271.790 |
354.750 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(1426.550) |
(5753.680) |
(868.360) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
274.700 |
1546.040 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(1426.550) |
(6028.380) |
(2414.400) |
|
|
|
|
|
|
|
|
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
(12238.390) |
(6211.290) |
(2927.850) |
|
|
|
|
|
|
|
|
Impact of operating
results of VBL for financial year 2015-16 upon Amalgamation |
(326.710) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Remeasurements of the net
defined benefit Plans |
2.330 |
(1.280) |
0.000 |
|
|
Total |
2.330 |
(1.280) |
0.000 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
(13993.980) |
(12238.390) |
(5342.250) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
279.280 |
512.730 |
2491.980 |
|
|
TOTAL EARNINGS |
279.280 |
512.730 |
2491.980 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
1565.850 |
1757.570 |
|
|
Traded Goods |
NA |
73.100 |
140.240 |
|
|
Capital Goods |
NA |
1.430 |
3.600 |
|
|
TOTAL IMPORTS |
NA |
1640.380 |
1901.410 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(INR) |
(12.97) |
(54.80) |
(21.95) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
8970.740 |
4653.240 |
2159.150 |
|
Cash generated from operations |
(26.570) |
(3992.270) |
(2098.550) |
|
Net cash flow from operating activity |
(26.620) |
(3897.760) |
(2098.200) |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
|
|
1st Quarter |
2nd
Quarter |
|
Net Sales |
|
4298.320 |
3734.050 |
|
Total Expenditure |
|
4496.020 |
3752.670 |
|
PBIDT (Excl OI) |
|
(197.700) |
(18.620) |
|
Other Income |
|
86.820 |
59.660 |
|
Operating Profit |
|
(110.880) |
41.040 |
|
Interest |
|
59.630 |
56.420 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
(170.510) |
(15.380) |
|
Depreciation |
|
320.010 |
368.340 |
|
Profit Before Tax |
|
(490.520 |
(383.710 |
|
Tax |
|
NA |
NA |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit After Tax |
|
(490.520) |
(383.710) |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
(490.520) |
(383.710) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
36.91 |
60.96 |
45.97 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
9.89 |
5.99 |
7.94 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
91.80 |
123.53 |
462.22 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.24 |
0.08 |
0.31 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.01 |
0.00 |
0.01 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
1.40 |
1.39 |
1.00 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
(5.77) |
(3.74) |
24.35 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
(3.91) |
(2.14) |
10.90 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
(5.17) |
(3.14) |
24.86 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
1.21 |
0.02 |
0.40 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(10.21) |
(59.62) |
(54.19) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets)
* 100) |
% |
(3.67) |
(17.74) |
(6.25) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
22.02 |
64.25 |
(197.20) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.19 |
0.19 |
0.21 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.12 |
0.13 |
0.13 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
(0.17) |
(0.28) |
0.03 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
33.97 |
31.91 |
27.10 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.19 |
0.19 |
0.21 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 20.10/- |
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 |
1100.000 |
1100.000 |
1100.000 |
|
Reserves & Surplus |
124.310 |
(10483.080) |
(7637.210) |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1224.310 |
(9383.080) |
(6537.210) |
|
|
|
|
|
|
long-term borrowings |
23254.300 |
22458.180 |
19965.180 |
|
Short term borrowings |
4397.230 |
7987.830 |
8428.900 |
|
Current Maturities of Long
term debt |
2159.150 |
4653.240 |
8970.740 |
|
Total borrowings |
29810.680 |
35099.250 |
37364.820 |
|
Debt/Equity ratio |
24.349 |
(3.741) |
(5.716) |
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
|
4455.510 |
10111.900 |
13971.810 |
|
|
|
126.953 |
38.172 |
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
|
4455.510 |
10111.900 |
13971.810 |
|
Profit/
(Loss) |
(2414.400) |
(6028.380) |
(1426.550) |
|
|
(54.19)% |
(59.62)% |
(10.21)% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a)
Share Capital |
|
1100.000 |
1100.000 |
|
(b) Equity Share Suspense |
|
57.900 |
0.000 |
|
(c) Reserves & Surplus |
|
(10796.510) |
(9756.640) |
|
(d)
Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
0.000 |
0.000 |
|
(3) Non-controlling
interest |
|
580.620 |
778.990 |
|
Total Shareholders’ Funds
(1) + (2) |
|
(9057.990) |
(7877.650) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
19749.450 |
23557.050 |
|
(b) Deferred tax
liabilities (Net) |
|
1.080 |
1.080 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
18.320 |
15.690 |
|
Total Non-current
Liabilities (3) |
|
19768.850 |
23573.820 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
10125.190 |
9571.860 |
|
(b) Trade payables |
|
2475.900 |
2195.610 |
|
(c) Other current
liabilities |
|
14450.850 |
10444.170 |
|
(d) Short-term provisions |
|
26.960 |
18.750 |
|
Total Current Liabilities
(4) |
|
27078.900 |
22230.390 |
|
|
|
|
|
|
TOTAL |
|
37789.760 |
37926.560 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
27933.360 |
28946.060 |
|
(ii) Intangible Assets |
|
1.860 |
2.890 |
|
(iii) Capital
work-in-progress |
|
3059.160 |
3498.190 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
10.290 |
10.180 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
225.120 |
376.290 |
|
(e) Other Non-current
assets |
|
194.350 |
247.990 |
|
Total Non-Current Assets |
|
31424.140 |
33081.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
3096.620 |
1899.220 |
|
(c) Trade receivables |
|
1413.820 |
1698.490 |
|
(d) Cash and cash
equivalents |
|
154.820 |
36.160 |
|
(e) Short-term loans and
advances |
|
52.810 |
0.200 |
|
(f) Other current assets |
|
1647.550 |
1210.890 |
|
Total Current Assets |
|
6365.620 |
4844.960 |
|
|
|
|
|
|
TOTAL |
|
37789.760 |
37926.560 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
15590.180 |
13031.610 |
|
|
Other Income |
|
176.400 |
177.070 |
|
|
TOTAL |
|
15766.580 |
13208.680 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
10383.030 |
9967.530 |
|
|
Purchases of
Stock-in-Trade |
|
619.400 |
223.370 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(431.440) |
(181.440) |
|
|
Employees benefits
expense |
|
732.600 |
669.700 |
|
|
Other expenses |
|
3705.370 |
2544.190 |
|
|
Share of net profit of
joint venture accounted using equity method and tax |
|
(0.110) |
(0.080) |
|
|
TOTAL |
|
15008.850 |
13223.270 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
757.730 |
(14.590) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
465.800 |
4848.380 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
291.930 |
(4862.970) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
1469.370 |
1456.090 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
(1177.440) |
(6319.060) |
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
274.700 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
(1177.440) |
(6593.760) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
(10.7) |
(59.94) |
LEGAL CASES
|
ORISSA HIGH
COURT CASE STATUS
INFORMATION SYSTEM |
|
Case Status: Pending Status Of : COPET – Original Petitioner (Companies Act,) 24 Of 2016 Litigants : VISA BAO LIMITED. Vs. VISA STEEL LIMITED Pet’s Adv. :
M/S PARTHA MUKHERJI Res’s Adv. : Bench : HON’BLE MR. JUSTICE B.K. NAYAK. -- -- Last Date of Hearing : Thursday, March 02, 2017 Next/Final Date of Hearing : Thursday, March 16, 2017 Case Updated On : Wednesday, March 15, 2017 Category : OTHERS |
|
ORISSA HIGH
COURT CASE STATUS
INFORMATION SYSTEM |
|
Case Status : Pending Status Of : COPET – Original Petitioner (Companies Act,) 75 Of 2016 Litigants : TRIVENI ENGINEERING AND INDUSTRIES LIMITED. Vs. VISA STEEL LIMITED Pet’s Adv. :
M/S MAMATA TRIPATHY Res’s Adv. : Bench : HON’BLE MR. JUSTICE B.K. NAYAK. -- -- Last Date of Hearing : Thursday, May 04, 2017 Next/Final Date of Hearing : Thursday, May 18, 2017 Case Updated On : Wednesday, May 17, 2017 Category :
MATTERS RELATING TO WINGING UP |
|
ORISSA HIGH
COURT CASE STATUS INFORMATION
SYSTEM |
|
Case Status : Pending Status Of : RVWPET – Review Petition, 176 OF 2016 Litigants : TENOVA HYPERTHERM PRIVATE LIMITED. Vs. VISA STEEL LIMITED Pet’s Adv. :
M/S S.K. SANGANERIA Res’s Adv. : Bench : HON’BLE MR. JUSTICE B.K. NAYAK. -- -- Last Date of Hearing : -- Next/Final Date of Hearing : Thursday, August 18, 2016 Case Updated On : Wednesday, August 17, 2016 Category :
ARBITRATION MATTER |
|
ORISSA HIGH
COURT CASE STATUS
INFORMATION SYSTEM |
|
Case Status : Pending Status Of : RVWPET – Review Petition, 175 OF 2016 Litigants : TENOVA HYPERTHERM PRIVATE LIMITED. Vs. VISA STEEL LIMITED Pet’s Adv. :
M/S S.K. SANGANERIA Res’s Adv. : Bench : HON’BLE MR. JUSTICE B.K. NAYAK. -- -- Last Date of Hearing : -- Next/Final Date of Hearing : Thursday, August 18, 2016 Case Updated On : Wednesday, August 17, 2016 Category :
ARBITRATION MATTER |
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the Annual
Report |
No |
CORPORATE INFORMATION
The Company is engaged in the manufacturing of Iron and Steel products including Pig Iron, Sponge Iron, Special Steel and High Carbon Ferro Chrome with captive power plant incorporated on 10 September, 1996, VSL has its registered office at Bhubaneswar and Corporate Office in Kolkata with manufacturing facilities at Kalinganagar and Golagaon both in Odisha and branch offices across India. VSL is a Public Limited Company with its shares listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE). Pursuant to the scheme of Amalgamation (“the Scheme”), VISA Bao Limited (“VBL”), an erstwhile subsidiary company, amalgamated with the Company
OPERATIONS
The standalone and consolidated Revenue of the Company stood at INR 14950.48 million and INR 16696.96 million respectively for the FY 2016-17. The standalone and consolidated profit before interest, depreciation, tax and exceptional item is INR 443.59 million and INR 757.73 million respectively during the FY 2016-17. The growth in Revenues is mainly due to higher production and sales volume from its units. The Blast Furnace produced 162,815 Metric Tonne (MT) Hot Metal as compared to 121,521 MT in the previous year. The DRI Plant produced 251,290 MT Sponge Iron as compared to 224,934 MT in the previous year. The Steel production was 53,206 MT.
The Ferro Alloys Plant produced 99,596 MT compared to 85,836 MT in the previous year. VISA Sun Coke Limited (VSCL) had a production of Coke of 251,418 MT during the year, compared to 294,258 MT in the previous year. During the year, the Company’s operational performance improved due to improvement in the availability of raw material and imposition of anti-dumping duties. The Company has been facing challenges arising out of high prices and sharp fluctuation in prices of its vital raw materials and dependence on OMC for Iron Ore and Chrome Ore at auction prices. The Company is gradually ramping up its Special Steel production due to working capital constraints and as it requires time for customer approvals to penetrate the market
FUTURE OUTLOOK
India has increased its Steel capacity to 126 MT in FY 2016- 17 with production of approx. 98 MT. India is poised to become second largest Steel producer in the world with expected production of 105 MT in FY 2017-18 and 110 MT in FY 2018-19. The National Steel Policy approved by the Government of India on 3 May 2017, aspires to achieve 300 MT of Steel making capacity by 2030 and seek to increase consumption of Steel in major segments of infrastructure, automobiles, housing etc. It seeks to enhance Domestic Steel consumption and ensure high quality Steel production and create a technologically advanced and globally competitive Steel Industry. The Company is committed to its vision to emerge as an efficient producer of Special Steel Long products, Ferro Chrome and Coke. The Company is focused on increasing capacity utilization of all Units, reducing cost and improving operational efficiency, raising funds for Going forward, the Company expects to adjust to the new rules of the game which shall improve future performance of the Company.
MANAGEMENT DISCUSSION
AND ANALYSIS
OVERVIEW
During the FY 2016-17, the financial and operational performance of your Company has improved in comparison to the previous year with the improvement in availability of raw material and imposition of anti-dumping duties. During FY 2016-17, the Company has registered standalone Revenue of INR14,950.48 million and EBITDA of INR 443.59 million.
INDUSTRY STRUCTURE AND
DEVELOPMENTS
INDUSTRY OVERVIEW
The Steel industry globally continues to suffer from huge overcapacity in China, although some measures have been taken to close Induction Furnaces in China. However, Steel production in China remains at above 800 million TPA run rate which seems to be at its peak and needs to reduce significantly going forward. There is also concern about slowdown in demand after the Chinese elections.
India has increased its Steel capacity to 126 million tonnes in FY 2016-17 with production of approx. 98 million tonne. India is poised to become the second largest Steel producer in the World with expected production of 105 million tonne in 2017-18 and 110 million tonne in 2018-19. The National Steel Policy of the Government of India announced in May 2017 aspires to achieve 300 million tonne of Steel making capacity by 2030 and seeks to increase consumption of Steel in major segments of infrastructure, automobiles, housing etc. It seeks to enhance domestic Steel consumption and ensure high quality Steel production and create a technologically advanced and globally competitive Steel industry.
India’s Ferro Chrome industry, with 1 million TPA production, contributes 9% of the 11 million tonnes global Ferro Chrome output. India exports ~50% of its annual Ferro Chrome output. Similarly, India’s 3 million TPA Chrome Ore production forms 9% of global Chrome Ore production. There is going to be a period of huge uncertainty in supply of Chrome Ore after 31 March 2020 when leases of all non-captive mines will expire. Demand for Coke from Blast Furnaces was weak due to financial stress in the Steel Sector and cheap imports of Coke from China, inspite of the imposition of anti-dumping duty on Chinese Coke. The Australian Coking Coal prices have witnessed sharp increase and a lot of volatility thus making Coke manufacturing based on the domestic Coke prices unviable at times.
COMPANY OVERVIEW
The Company has established economically viable manufacturing assets for production of Special Steel, Ferro Alloys and Metallurgical Coke at Kalinganagar in Odisha.
BUSINESS REVIEW
The Company is engaged in the business of manufacturing of value added products including Pig Iron, Sponge Iron, Special Steel Bars & Wire Rods and Ferro Alloys. During the year under review, the Company’s operational performances have improved due to improvement in availability of raw material and imposition of anti-dumping duties. The Company plans to increase the production from Steel Melt Shop and Rolling Mill by putting thrust on Steel marketing. The Company has strengthened its marketing team with presence in Ludhiana, Chennai, Bangalore and Rajkot and opened a stockyard in Faridabad for efficient distribution of Special Steel products and penetrating the North India market. The Government has also taken steps to provide remedial measures to protect the Indian Steel Sector from external threat of dumping and uniform trade.
Products
(a) Ferro Alloys
The production of Ferro Chrome increased to 99,596 MT in FY 2016-17 from 85,836 MT in FY 2015-16. The main raw material for Ferro Chrome is Chrome Ore & Chrome Concentrates which is being sourced mainly from OMC & Misrilal Mines. Ferro Chrome produced by your Company is sold to various Special and Stainless Steel Plants in India and globally.
(b) Special Steel
Production of Blast Furnace increased to 162,815 MT in 2016-17 from 121,521 MT in 2015-16. The production of Sponge Iron increased to 251,290 MT in 2016-17 from 224,934 MT in 2015-16. The main raw material for Hot metal / Pig Iron is Iron Ore procured mainly from OMC and Metallurgical Coke procured mainly from VISA SunCoke Limited and for DRI/ Sponge Iron Plant is Iron Ore procured mainly from OMC and Thermal Coal procured through imports from South Africa. The Steel Melt Shop & Rolling Mill resumed operations in Q2 FY 2016-17 and the production of Steel was 53,206 MT in FY 2016-17 and is being gradually ramped up.
UNSECURED LOAN
|
Particular |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans from Related Parties |
581.400 |
581.400 |
|
Lease payable to Subsidiary Companies |
215.750 |
229.650 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Sales Bill Discounting |
773.95 |
363.24 |
|
|
|
|
|
Total |
1571.100 |
1174.290 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G47390471 |
100106902 |
State Bank of India |
19/04/2017 |
- |
- |
300000000.0 |
MONITORING INSTITUTION, 2ND FLOORSRIBRIDDHI BHAVAN34, JAWAHARLAL NEHRU ROAD KOLKATA-700071, WEST BENGAL, INDIA |
|
2 |
C62617550 |
10588214 |
Union Bank of India |
31/07/2015 |
- |
- |
150000000.0 |
INDUSTRIAL FINANCE BRANCH1/1, CAMAC STREET, KOLKATA-700016, WEST BENGAL, INDIA |
|
3 |
C64263379 |
10591072 |
Vijaya Bank |
27/07/2015 |
- |
- |
95000000.0 |
125/1, PARK STREET KOLKATA-700017, WEST BENGAL, INDIA |
|
4 |
C65619207 |
10594413 |
Syndicate Bank |
29/06/2015 |
- |
- |
150000000.0 |
8 B ALIPORE ROAD KOLKATA-700027, WEST BENGAL, INDIA |
|
5 |
C53506812 |
10569142 |
UCO Bank |
31/03/2015 |
- |
- |
69800000.0 |
FLAGSHIP CORPORATE BRANCH 2, INDIA EXCHANGE PLACE,KOLKATA- 700001 KOLKATA-700001, WEST BENGAL, INDIA |
|
6 |
G43769736 |
10577068 |
State Bank of India |
30/03/2015 |
19/04/2017 |
- |
33968500000.0 |
M.I, CORPORATE ACCOUNTS GROUP BRANCHSRIBRIDDHI BRANCH, 34. J.L.NEHRU ROAD KOLKATA-700071, WEST BENGAL, INDIA |
|
7 |
C51221083 |
10564349 |
State Bank of Hyderabad |
28/03/2015 |
- |
- |
47300000.0 |
CORPORATE FINANCE BRANCH,C-11, MITTAL TOWER, 210, 1ST FLOOR, NARIMAN POINT,MUMBAI-400021, WEST BENGAL, INDIA |
|
8 |
C40418071 |
10543029 |
Oriental Bank of Commerce |
31/12/2014 |
- |
- |
218400000.0 |
LARGE CORPORATE BRANCH, 6TH FLOOR, OM TOWER,32, JAWAHARLAL NEHRU ROAD, KOLKATA-700071, WEST BENGAL, INDIA |
|
9 |
C34037481 |
10531928 |
STATE BANK OF HYDERABAD |
25/10/2014 |
- |
- |
45600000.0 |
NARIMAN POINT BRANCH,11-C, MITTAL TOWER, 210 NARIMAN POINT,MUMBAI-400021, MAHARASHTRA,INDIA |
|
10 |
C18092932 |
10516634 |
PUNJAB NATIONAL BANK |
30/07/2014 |
- |
- |
242200000.0 |
111A, PNB HOUSESTATION SQUARE, BHUBANESWAR 751001, INDIA |
FINANCIAL
RESULTS FOR THE QUARTER AND SIX YEAR ENDED 30.09.2017
(INR In Million)
|
PARTICULARS |
Standalone |
|
|
|
Quarter Ended |
Half Year Ended |
||
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
Income From Operations |
|
|
|
|
a. Revenue from operations |
3734.050 |
4298.320 |
8032.370 |
|
b. Other Income |
59.660 |
81.269 |
140.929 |
|
Total Income from Operations (Net) |
3793.710 |
4379.589 |
8173.299 |
|
Expenditure |
|
|
|
|
Cost of material Consumed |
2539.970 |
2858.350 |
5398.320 |
|
Purchase of stock in trade |
0.000 |
19.290 |
19.290 |
|
Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
127.450 |
26.440 |
153.890 |
|
Excise Duty expenses |
0.000 |
287.510 |
287.510 |
|
Employees Benefit Expenses |
187.285 |
187.107 |
374.392 |
|
Finance Cost |
56.419 |
51.306 |
107.725 |
|
Depreciation and Amortization Expenses |
368.338 |
378.508 |
746.846 |
|
Other expenses |
897.962 |
1063.549 |
1961.511 |
|
Total Expenses |
4177.424 |
4872.060 |
9049.484 |
|
Profit/Loss before exceptional item and tax |
(383.714) |
(492.471) |
(876.185) |
|
Exceptional |
- |
- |
- |
|
Profit / (Loss) before tax |
(383.714) |
(492.471) |
(876.185) |
|
Tax Expense |
- |
- |
- |
|
Net Profit After Tax |
(383.714) |
(492.471) |
(876.185) |
|
Other
comprehensive income |
(0.58) |
(0.58) |
(1.160) |
|
Total
comprehensive income |
(384.294) |
(493.051) |
(877.345) |
|
|
|
|
|
|
Paid- up Equity Share Capital (share – INR
2) |
1100.000 |
1100.000 |
1100.000 |
|
Earnings Per Share (of INR 10 each) (not annualized) |
|
|
|
|
Basic |
(3.49) |
(4.48) |
(7.97) |
|
Diluted |
(3.49) |
(4.48) |
(7.97) |
STATEMENT
OF ASSETS AND LIABILITIES
|
Particular |
30.09.2017 |
|
Assets |
|
|
Non-current assets |
|
|
Property, Plant & Equipment |
29750.139 |
|
Capital work in Progress |
3153.302 |
|
Intangible Assets |
1.980 |
|
Financial Assets |
|
|
Investment |
208.645 |
|
Trade Receivable |
0.000 |
|
Loans |
216.352 |
|
Other financial Assets |
6.180 |
|
Deferred Tax Assets (Net) |
0.000 |
|
Other current assets |
135.970 |
|
Sub Total |
33472.568 |
|
Current Assets |
|
|
Inventories |
1610.950 |
|
Financial Assets |
|
|
Trade Receivable |
1575.681 |
|
Cash and Cash Equivalent |
49.525 |
|
Bank balance |
36.440 |
|
Loan |
8.200 |
|
Other financial assets |
7.601 |
|
Current tax assets |
117.030 |
|
Other current assets |
1528.364 |
|
Sub Total |
4933.791 |
|
Total Assets |
38406.359 |
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
|
EQUITY |
|
|
Equity Share Capital |
1100.000 |
|
Equity Share Suspense |
57.895 |
|
Other Equity |
(8514.622) |
|
Total Equity |
(7356.727) |
|
|
|
|
LIABILITIES |
|
|
|
|
|
Non-current Liabilities |
|
|
Financial Liabilities |
|
|
Borrowings |
16782.412 |
|
Other financial liabilities |
0.000 |
|
Provisions |
18.266 |
|
Deferred Tax Liabilities (net) |
0.000 |
|
Sub Total |
16800.678 |
|
Current Liabilities |
|
|
Financial Liabilities |
|
|
Borrowings |
8302.170 |
|
Trade Payables |
2888.920 |
|
Other Financial Liabilities |
16607.371 |
|
Other Current Liabilities |
1129.516 |
|
Provisions |
34.431 |
|
Sub Total |
28962.408 |
|
|
|
|
Total Equity and Liabilities |
38406.359 |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|||
|
(a) Claims
against the Company not acknowledged as debt : |
|
|
|||
|
(i) Sales/ Customers and related matters |
191.900 |
191.900 |
|||
|
(ii) Purchases / Vendors and related matters |
4785.600 |
4785.600 |
|||
|
(iii) Other matters |
442.100 |
442.100 |
|||
|
(b) Other money
for which the Company is contingently liable |
|
|
|||
|
(i) Disputed Income Tax matter under Appeal |
99.490 |
34.660 |
|||
|
(ii) Disputed Sales Tax matter under Appeal |
172.550 |
171.340 |
|||
|
(iii) Disputed Entry Tax matters under Appeal |
14.920 |
0.630 |
|||
|
(iv) Disputed Customs Duty matter on Imported Goods under Appeal |
34.860 |
34.860 |
|||
|
(v) Disputed Excise duty matters under Appeal |
10.960 |
10.960 |
|||
|
(vi) Disputed Service Tax matters under Appeal |
17.100 |
0.000 |
|||
|
|
|
|
|||
|
(c) Guarantees |
|
|
|||
|
(i) Bank Guarantee |
25.000 |
25.000 |
|||
|
(ii) Corporate Guarantee issued on behalf of a subsidiary company |
0.000 |
720.000 |
|||
|
(dIn respect of the contingent liabilities mentioned in Note 39(a) and
39(b) above, pending resolution of the respective proceedings, it is not
practicable for the Company to estimate the timings of cash outflows, if any.
In respect of matters mentioned in Note 39(c) above, the cash outflows, if
any, could generally occur during the validity period of the respective
guarantees. The Company does not expect any reimbursements in respect of the
above contingent liabilities. Commitments:
b
Other Commitments (i) The Company
has imported capital goods under the Export Promotion Capital Goods Scheme of
the Government of India, at a concessional rate of customs duty on an
undertaking to fulfill quantified export obligation within the specified
periods, failing which, the Company has to make payment to the Government of
India equivalent to the duty benefit enjoyed along with interest. Related
export obligation to be met is INR 380.43 Million (31 March 2016 : INR 218.47
Million, 1 April 2015 :INR 167.21 Million). The Company is confident that the
above export obligation will be met during the specified period. In addition
the Company needs to maintain the average annual export turnover of INR
2879.04 Million to meet the above export obligation. |
|||||
FIXED ASSETS
- Land- Freehold
- Land- Leasehold
- Factory Buildings
- Buildings
- Road
- Plant and Machinery
- Computers
- Office Equipment
- Furniture and Fixtures
- Furniture
WEBSITE:
PRESS RELEASE/NEWS
Date: 09.01.2018
SBI MOVES NCLT TO
START INSOLVENCY PROCEEDINGS AGAINST VISA STEEL
Steelmaker Visa Steel
is on the Reserve Bank of India’s second list of enterprises against whom it
asked lenders to immediately start insolvency proceedings
Kolkata: State Bank of India (SBI) on Friday moved the Kolkata bench of the National Company Law Tribunal (NCLT), seeking to recover its dues from Visa Steel Limited by invoking provisions of the Insolvency and Bankruptcy Code.
The steelmaker is on the Reserve Bank of India’s second list of enterprises against whom it asked lenders to immediately start insolvency proceedings.
Visa Steel owes its lenders around INR 45000.000 million, according to Poonam Keswani, a lawyer at India Law Llp, which is representing SBI.
Insolvency proceedings have also been initiated at the Kolkata bench of NCLT against three corporate guarantors of Visa Steel, she added.
Date:15.12.2017
BANKS SET TO CRACK
DOWN ON DEFAULTERS IN RBI’S SECOND LIST
A MAJORITY OF
COMPANIES ON RBI’S SECOND LIST OF LOAN DEFAULTERS, INCLUDING MONNET POWER AND
VISA STEEL, WILL BE REFERRED TO NCLT FOR BANKRUPTCY PROCEEDINGS
Banks are set to refer a majority of the 28 loan defaulters cited in the Reserve Bank of India’s (RBI’s) second list to bankruptcy courts starting Thursday, as the central bank prods lenders to speedily resolve bad loans clogging their balance sheets.
After its first list of 12 large defaulters was sent to banks in June, RBI sent a second list of 28 troubled companies in late August, accounting for INR 2 trillion of bad loans, asking lenders to find resolution plans for them by 13 December or start insolvency proceedings by December end.
The assets of some of the 40 top defaulters are likely to be sold over the next few months as RBI and the government pushes lenders to speed up the resolution of INR 10 trillion of soured loans. This, along with the government’s INR 2.1 trillion capital injection in state-run banks, is expected to give lenders the required resources to restart lending and boost economic growth.
Of the 28 names in the second list, at least five have already been taken to the National Company Law Tribunal (NCLT). That leaves banks with 23, some of which will now head for the bankruptcy court.
“A majority of cases will be referred to NCLT. We are awaiting rating of a few accounts which is expected in the next 2-3 days. Then we will decide on whether to refer the company for insolvency proceedings,” said a senior banker with a large state-owned bank.
RBI has mandated that for a resolution outside NCLT, the portion of debt designated as sustainable must be rated by at least two external rating agencies as investment grade.
To be sure, banks have not finalized the list of accounts from the second list that will be taken to NCLT because lenders are expecting a resolution for Videocon Industries Limited and Jaiprakash Associates Ltd, companies with large exposures, three senior bankers said, requesting anonymity.
Accounts where banks have decided to move NCLT, the adjudicating authority for proceedings under the Insolvency and Bankruptcy Code, include Essar Projects, Monnet Power Co., Visa Steel Ltd, Jai Balaji Industries Ltd, Uttam Galva Steels Ltd, Uttam Galva Metallics and Coastal Projects Ltd, among others.
“Aggregate sector level provisioning for the second list accounts is around 42-43% as compared to the 50% by March 2018 mandated by RBI for accounts under NCLT,” said Karthik Srinivasan, group head of financial sector ratings at Icra Ltd. “So, the insolvency reference may not significantly increase the provisioning burden on banks.”
In the case of Videocon Industries, consortium leader State Bank of India (SBI) is awaiting a rating before finalizing a resolution plan. The company’s standalone debt stood at around INR 195060.000 million at the end of March.
“It is a policy of the bank not to comment on individual accounts and its treatment,” an SBI spokesperson said in an email reply.
Email and calls to Venugopal Dhoot, chairman and managing director of Videocon, remained unanswered.
For Jaiprakash Associates, lead banker ICICI Bank has been in talks with promoters to sell assets and repay debt. The plan involves deep restructuring of the account. Standalone debt of the company stood at INR 255870.000 Million at the end of March.
An ICICI Bank spokesperson declined to comment. Calls and messages to Jaypee Group chairman Manoj Gaur were not answered.
Separately, bankers are yet to decide on the one-time settlement proposal of Anrak Aluminium, and resolution plan for BILT Graphic Paper Products, which entails sale of loans to asset reconstruction companies.
A recent Business Standard report suggested that the banks have approached RBI for extension of the 13 December deadline. RBI is unlikely to accept their request, a central bank official said, requesting anonymity.
Others such as Orchid Pharma Limited, Ruchi Soya Industries Limited, Castex Technologies Limited, IVRCL Limited and SEL Manufacturing Co. Limited have been referred for insolvency proceedings. Restructuring plan has been approved for Soma Enterprise Limited and Jayaswal Neco Industries Limited. In the case of Jayaswal Neco, banks are awaiting rating on the sustainable portion of debt.
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 63.76 |
|
|
1 |
INR 87.91 |
|
Euro |
1 |
INR 78.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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.