|
|
|
MIRA INFORM REPORT
|
Report No. : |
488529 |
|
Report Date : |
27.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
JINDAL STAINLESS STEELWAY LIMITED |
|
|
|
|
Registered
Office : |
Jindal Centre-12, Bhikaji Cama Place, New Delhi – 110066 |
|
Tel. No.: |
91-11-26188345 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
06.08.2004 |
|
|
|
|
Com. Reg. No.: |
55-128146 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 171.669 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109DL2004PLC128146 |
|
|
|
|
IEC No.: |
0504052667 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
GSTIN : |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCJ4346C |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company. |
|
|
|
|
Line of Business
: |
Subject is engaged in the Manufacture process of cutting and slitting of Stainless Steel Coils and Sheets. [Registered Activity] |
|
|
|
|
No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 2004 and it is a part of “Jindal Stainless Steel Limited, having moderate track record. It is engaged in manufacturing process of slitting/cutting/polishing products in coil form of steel and steel sheet. Management has not filed its financials of March 2017 with Government Registry. However, as per indirect source we could find that the company has registered total operating income of INR 69,500 million for FY-2017 and has improved profitability margin of 1.13% during FY-2017. The rating are constrained on account of company’s moderate scale of operations, relatively low value addition in products leading to low profitability margins. The rating also factor in the moderation in revenue and profitability largely due to lower sales realizations and cyclicality inherent in the stainless steel industry. The rating is also constrained on account of the ongoing delays in servicing the debt obligations by the “Jindal” group. The delays were largely attributable to stretched liquidity position of the group following the delays in its debt refinancing plans and materialization of its divestment/asset monetization plans with weak cash flows from the operations. Offsetting the above rating weakness, the company derives comfort from the experience of the promoters and management of the company, its established market position as one of the largest manufacturer in the stainless steel industry and diversified end user industries. Payments are reported to be slow and delayed. In view of aforesaid, the company can be considered for business dealings with great caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low
Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High
Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
15.09.2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating = A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
15.09.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial
Reconstruction) LISTING STATUS
Subject’s name is
not listed as a Sick Unit in the publicly available BIFR (Board for Industrial
& Financial Reconstruction) list as of 27.01.2018
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.: 91-124-4127700
LOCATIONS
|
Registered Office : |
Jindal Centre-12, Bhikaji Cama Place, New Delhi – 110066, India |
|
Tel. No.: |
91-11-26188345 |
|
Fax No.: |
91-11-26170691 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Sales /
Representative Offices : |
Plot No 64-65, 2nd Floor, Udyog Vihar, Phase-IV, Gurugram – 122016,
Haryana, India |
|
|
|
|
Factory: |
Village and P.O. - Pathredi, Bilaspur - Tauru Road, Gurugram – 122413, Haryana, India |
|
Fax No.: |
91-124-4127777 |
|
E-Mail : |
|
|
|
|
|
Sales /
Representative Offices/ Palnts : |
Also Located At:
|
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Nirmal Chandra Mathur |
||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||
|
Address : |
C-2/9, Vasant Vihar, New Delhi - 110057, India |
||||||||||||||||||||||||||||
|
Date of Birth/Age : |
11.09.1944 |
||||||||||||||||||||||||||||
|
Qualification : |
B. Tech |
||||||||||||||||||||||||||||
|
Date of Appointment : |
30.09.2015 |
||||||||||||||||||||||||||||
|
DIN No.: |
00004527 |
||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Name : |
Mr. Deepika Jindal |
||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||
|
Address : |
Jindal House, Model Town, Hisar - 125005, Haryana, India |
||||||||||||||||||||||||||||
|
Date of Appointment : |
27.03.2015 |
||||||||||||||||||||||||||||
|
DIN No.: |
00015188 |
||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Name : |
Mr. Vijay Kumar Sharma |
||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||
|
Address : |
House No.1057, Sector No.28, Faridabad - 121002, Haryana, India |
||||||||||||||||||||||||||||
|
Date of Birth/Age : |
22.01.1963 |
||||||||||||||||||||||||||||
|
Qualification : |
MBA |
||||||||||||||||||||||||||||
|
Date of Appointment : |
30.09.2015 |
||||||||||||||||||||||||||||
|
DIN No.: |
01468701 |
||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Name : |
Mr. Kanwaljit Singh Thind |
||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||
|
Address : |
House No 6A, Model Town, Patiala - 147001, Punjab, India |
||||||||||||||||||||||||||||
|
Date of Appointment : |
30.09.2015 |
||||||||||||||||||||||||||||
|
DIN No.: |
06969654 |
||||||||||||||||||||||||||||
|
Other Directorship:
|
|||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||
|
Name : |
Mr. Ashish Aggarwal |
||||||||||||||||||||||||||||
|
Designation : |
Wholetime Director |
||||||||||||||||||||||||||||
|
Address : |
02 Annapurna Towers, Kaushambi, Ghaziabad – 201012, Uttar Pradesh, India |
||||||||||||||||||||||||||||
|
Date of Birth/Age : |
18.08.1971 |
||||||||||||||||||||||||||||
|
Date of Appointment : |
30.09.2016 |
||||||||||||||||||||||||||||
|
DIN No.: |
07578513 |
||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Kumar Pandey |
|
Designation : |
Secretary |
|
Address : |
MH-866, Near Bharna Kuan, Shahabad Mohammadpur, New Delhi - 110061, India |
|
Date of Birth/Age : |
17.07.1979 |
|
Date of Appointment : |
21.05.2014 |
|
PAN No.: |
ARUPP2371A |
|
|
|
|
Name : |
Mr. Sanjeev Sharma |
|
Designation : |
Chief Finance Officer |
|
Address : |
Flat No. 24, Delhi Govt. Officer Flats, Greater Kailash, Part-I, New Delhi - 110048, India |
|
Date of Birth/Age : |
06.09.1969 |
|
Date of Appointment : |
24.07.2014 |
|
PAN No.: |
ACUPS1389Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Shanti Swaroop Saxena |
|
200 |
|
Rajiv Rajvanshi |
|
100 |
|
Sunil Mittal |
|
100 |
|
Ved Vashisth |
|
100 |
|
Rajeshkumar Pravinkant Modi |
|
100 |
|
Jindal Stainless Limited # |
|
14061067 |
|
Huron Buy Limited |
|
3105257 |
|
Total |
|
17166924 |
# The above shares has been transmitted from
M/s. Jindal Stainless Limited to Jindal Stainless (Hisar) Limited, by virtue of
approval of scheme of arrangement approved by Hon’ble High Court of Punjab and
Haryana. Under the said scheme Jindal Stainless (Hisar) Limited has been
demerged from Jindal Stainless Limited effective from 1st November,
2015 post filling of the high Court order with the office of Registrar of
Companies, NCT of Delhi and Haryana.
Equity Share Break up (Percentage of Total Equity)
As on 26.09.2017
|
Category |
Percentage |
|
Promoter - Bodies
corporate |
81.91 |
|
Public - Bodies corporate |
18.09 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the Manufacture process of cutting and slitting of Stainless Steel Coils and Sheets. [Registered Activity] |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
||||||
|
Brand Names : |
Not Divulged |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Divulged |
||||||
|
|
|
||||||
|
Exports : |
Not Divulged |
||||||
|
|
|
||||||
|
Imports : |
Not Divulged |
||||||
|
|
|
||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Financial Institutions : |
Centrum Financial Services Limited, 2nd Floor, Bombay
Mutual Building, Dr. D.N Road, Fort, Mumbai – 400001, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
N. C. Aggarwal and Company Chartered Accountants |
|
Address : |
102, Harsha House, Karampura Commercial Complex, New Delhi – 110015,
India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AAAFN9149H |
|
|
|
|
Secretarial Audit
Report |
|
|
Name : |
KC and Company |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
L27205HR2013PLC049963 |
|
|
|
|
Fellow Subsidiary
Companies : |
U74899HR2004PLC035975
U74920HR2003PLC035976
U45400DL2007PLC164938
U63030DL2008PLC180599
U70102DL2007PLC170019
|
|
|
|
|
Associate : |
U27310HR2007PLC036578 |
|
|
|
|
Enterprises Where
in Company/Holding Company Having Substantial Interest : |
U74140HR2013PTC049340 |
CAPITAL STRUCTURE
After 26.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
INR 10/- each |
INR 300.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17166924 |
Equity Shares |
INR 10/- each |
INR 171.669
Million |
|
|
|
|
|
As on 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
INR 10/- each |
INR 300.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17166924 |
Equity Shares |
INR 10/- each |
INR 171.669
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET - STANDALONE
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
171.669 |
171.669 |
171.669 |
|
(b) Reserves & Surplus |
622.397 |
594.717 |
527.154 |
|
(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) |
794.066 |
766.386 |
698.823 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
94.576 |
247.087 |
|
(b) Deferred tax liabilities (Net) |
58.687 |
64.933 |
27.485 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
15.654 |
14.226 |
10.714 |
|
Total Non-current Liabilities
(3) |
74.341 |
173.735 |
285.286 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
545.753 |
829.340 |
868.714 |
|
(b) Trade
payables |
2220.133 |
2389.646 |
1726.945 |
|
(c) Other
current liabilities |
273.054 |
277.172 |
284.962 |
|
(d) Short-term
provisions |
0.286 |
0.233 |
0.205 |
|
Total Current
Liabilities (4) |
3039.226 |
3496.391 |
2880.826 |
|
|
|
|
|
|
TOTAL |
3907.633 |
4436.512 |
3864.935 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
734.586 |
818.096 |
908.094 |
|
(ii)
Intangible Assets |
9.958 |
12.164 |
15.210 |
|
(iii)
Capital work-in-progress |
59.603 |
0.000 |
0.215 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
97.132 |
97.132 |
97.132 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
8.337 |
272.407 |
290.741 |
|
(e) Other Non-current
assets |
10.664 |
0.664 |
25.275 |
|
Total Non-Current
Assets |
920.280 |
1200.463 |
1336.667 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
864.406 |
1321.554 |
886.050 |
|
(c) Trade
receivables |
1457.362 |
1325.314 |
1119.918 |
|
(d) Cash
and cash equivalents |
60.009 |
150.572 |
161.293 |
|
(e)
Short-term loans and advances |
603.028 |
435.948 |
357.973 |
|
(f) Other
current assets |
2.548 |
2.661 |
3.034 |
|
Total Current
Assets |
2987.353 |
3236.049 |
2528.268 |
|
|
|
|
|
|
TOTAL |
3907.633 |
4436.512 |
3864.935 |
PROFIT
& LOSS ACCOUNT - STANDALONE
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
13078.711 |
13191.464 |
10388.901 |
|
|
Other Income |
46.489 |
94.842 |
76.708 |
|
|
TOTAL |
13125.200 |
13286.306 |
10465.609 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
11283.068 |
11182.550 |
7328.453 |
|
|
Purchases of Stock-in-Trade |
971.444 |
1267.372 |
2293.267 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
17.252 |
(45.582) |
51.075 |
|
|
Employees benefits expense |
143.883 |
124.965 |
114.281 |
|
|
Other expenses |
375.548 |
304.003 |
247.547 |
|
|
CSR Expenditure |
1.377 |
0.000 |
0.000 |
|
|
TOTAL |
12792.572 |
12833.308 |
10034.623 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
332.628 |
452.998 |
430.986 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
203.086 |
245.127 |
284.738 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
129.542 |
207.871 |
146.248 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
92.318 |
99.413 |
87.598 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
37.224 |
108.458 |
58.650 |
|
|
|
|
|
|
|
Less |
TAX |
9.544 |
39.197 |
22.298 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
27.680 |
69.261 |
36.352 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Components and Stores parts |
3.747 |
2.951 |
4.981 |
|
|
Capital goods |
25.549 |
1.037 |
0.000 |
|
|
TOTAL IMPORTS |
29.296 |
3.988 |
4.981 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.61 |
4.03 |
2.12 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
108.284 |
150.858 |
184.467 |
|
Net cash flows from (used in) operations |
564.803 |
414.781 |
644.890 |
|
Net cash flows from (used in) operating activities |
548.271 |
398.911 |
641.000 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
40.67 |
36.67 |
39.35 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
8.97 |
9.95 |
9.28 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
66.13 |
70.06 |
65.51 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.38 |
0.34 |
0.49 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.41 |
0.55 |
0.47 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.81 |
0.84 |
0.86 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.82 |
1.40 |
1.86 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
3.83 |
4.56 |
4.12 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.01 |
1.08 |
1.32 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
1.64 |
1.85 |
1.51 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
0.21 |
0.53 |
0.35 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
0.71 |
1.56 |
0.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
3.49 |
9.04 |
5.20 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.98 |
0.93 |
0.88 |
|
|
|
|
|
|
Quick Ratio ((Current Assets –
Inventories) / Current Liabilities) |
0.70 |
0.55 |
0.57 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.20 |
0.17 |
0.18 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
3.81 |
6.26 |
7.57 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.98 |
0.93 |
0.88 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
171.669 |
171.669 |
171.669 |
|
Reserves & Surplus |
527.154 |
594.717 |
622.397 |
|
Net
worth |
698.823 |
766.386 |
794.066 |
|
|
|
|
|
|
Long Term borrowings |
247.087 |
94.576 |
0.000 |
|
Short Term borrowings |
868.714 |
829.340 |
545.753 |
|
Current Maturities of Long term debt |
184.467 |
150.858 |
108.284 |
|
Total
borrowings |
1300.268 |
1074.774 |
654.037 |
|
Debt/Equity
ratio |
1.861 |
1.402 |
0.824 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
10388.901 |
13191.464 |
13078.711 |
|
|
|
26.977 |
-0.855 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
10388.901 |
13191.464 |
13078.711 |
|
Profit |
36.352 |
69.261 |
27.680 |
|
|
0.35% |
0.53% |
0.21% |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
171.669 |
171.669 |
|
(b) Reserves &
Surplus |
|
570.822 |
554.720 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(d) Minority Interest |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
742.491 |
726.389 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
94.576 |
|
(b) Deferred tax
liabilities (Net) |
|
58.687 |
64.932 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
15.654 |
14.226 |
|
Total Non-current
Liabilities (3) |
|
74.341 |
173.734 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
545.753 |
829.340 |
|
(b) Trade payables |
|
2220.133 |
2389.647 |
|
(c) Other current
liabilities |
|
273.054 |
277.172 |
|
(d) Short-term provisions |
|
0.286 |
0.233 |
|
Total Current Liabilities
(4) |
|
3039.226 |
3496.392 |
|
|
|
|
|
|
TOTAL |
|
3856.058 |
4396.515 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
734.586 |
818.096 |
|
(ii) Intangible Assets |
|
9.958 |
12.164 |
|
(iii) Capital
work-in-progress |
|
59.603 |
0.000 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
45.557 |
57.135 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
8.337 |
272.407 |
|
(e) Other Non-current
assets |
|
10.664 |
0.664 |
|
Total Non-Current Assets |
|
868.705 |
1160.466 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
864.406 |
1321.554 |
|
(c) Trade receivables |
|
1457.362 |
1325.314 |
|
(d) Cash and cash
equivalents |
|
60.009 |
150.572 |
|
(e) Short-term loans and
advances |
|
603.028 |
435.948 |
|
(f) Other current assets |
|
2.548 |
2.661 |
|
Total Current Assets |
|
2987.353 |
3236.049 |
|
|
|
|
|
|
TOTAL |
|
3856.058 |
4396.515 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
Income |
|
13078.711 |
13191.464 |
|
|
Other Income |
|
46.489 |
94.842 |
|
|
TOTAL |
|
13125.200 |
13286.306 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
11283.068 |
11182.550 |
|
|
Purchases of Stock-in-Trade |
|
971.444 |
1267.372 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
|
17.252 |
(45.581) |
|
|
Employees benefits expense |
|
143.883 |
124.964 |
|
|
Other expenses |
|
376.925 |
304.003 |
|
|
TOTAL |
|
12792.572 |
12833.308 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
332.628 |
452.998 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
203.086 |
245.127 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
|
129.542 |
207.871 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
92.318 |
99.413 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
37.224 |
108.458 |
|
|
|
|
|
|
|
Less |
TAX (H) |
|
9.544 |
39.197 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
|
27.680 |
69.261 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
0.94 |
4.03 |
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 |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
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 |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the Annual
Report |
No |
OPERATIONAL REVIEW
During the year, the Gross Sales and other Operational income of the Company has marginally gone down by 1% at INR 14537.900 Million as compared to INR 14614.200 Million during the previous financial year 2014-15, due to decline in Stainless Steel Prices. Earning before interest, depreciation, tax and exceptional item (EBIDTA) stood at INR 332.600 Million during the previous year.
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G54486378 |
100124903 |
CENTRUM FINANCIAL SERVICES LIMITED |
28/09/2017 |
- |
- |
250000000.0 |
2nd Floor, Bombay Mutual Building,Dr. D.N Road, Fort, MumbaiMumbaiMa400001IN |
|
2 |
G05044755 |
100030856 |
State Bank of Patiala |
22/03/2016 |
- |
- |
100000000.0 |
91, 1st Floor, IDC,M.G. Road,GurgaonHR122001IN |
|
3 |
B42960617 |
10334094 |
STATE BANK OF INDIA (LEAD BANK) |
11/01/2012 |
14/06/2012 |
- |
1800000000.0 |
CAG BRANCH12th Floor, Jawahar Vyapar Bhawan, 1, Tolstoy MargNEW DELHIDL110001IN |
|
4 |
G54236443 |
10231904 |
STATE BANK OF INDIA |
22/07/2010 |
06/07/2012 |
06/09/2017 |
77500000.0 |
CAG BRANCH, 12th FLOOR,JAWAHAR VYAPAR BHAWAN, 1 TOLSTOY MARGNEW DELHIDL110001IN |
|
5 |
G32822413 |
10349500 |
STATE BANK OF PATIALA |
27/03/2012 |
- |
12/01/2017 |
1091000.0 |
SME BRANCH,NEW RAILWAY ROADGURGAONHR122001IN |
|
6 |
G32820706 |
10126550 |
STATE BANK OF PATIALA |
29/09/2008 |
06/07/2012 |
12/01/2017 |
224600000.0 |
SME BRANCHNEW RAILWAY ROADGURGAONHR122001IN |
|
7 |
G32819385 |
10298286 |
STATE BANK OF PATIALA |
25/06/2011 |
06/07/2012 |
12/01/2017 |
220000000.0 |
SME BRANCHNEW RAILWAY ROADGURGAONHR122001IN |
|
8 |
G31535826 |
10321281 |
YES BANK LIMITED |
15/11/2011 |
- |
30/11/2016 |
242000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
|
9 |
B87255253 |
80011223 |
STATE BANK OF INDIA |
14/11/2005 |
06/07/2012 |
25/09/2013 |
200000000.0 |
CAG BRANCH, 12th FLOOR,JAWAHAR VYAPAR BHAWAN, 1 TOLSTOY MARGNEW DELHIDL110001IN |
|
10 |
B44669950 |
10243275 |
AXIS BANK LTD. |
01/10/2010 |
05/01/2011 |
21/07/2012 |
650000000.0 |
4/10, OPG HOUSEASAF ALI ROADNEW DELHIDL110002IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
|
Liability for Duty Saved for Import under EPCG Scheme |
70.447 |
70.447 |
|
Bill discounted by bank |
117.590 |
170.920 |
|
Income Tax demand against which company has preferred appeal |
2.830 |
3.853 |
|
Bank Guarantees outstanding |
81.017 |
68.509 |
FIXED ASSETS
- Land
- Buildings
- Factory building
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 63.64 |
|
|
1 |
INR 89.32 |
|
Euro |
1 |
INR 78.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
NSR |
|
|
|
|
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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.