|
|
|
MIRA INFORM REPORT
|
Report No. : |
516481 |
|
Report Date : |
25.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
VINAYAK STEELS LIMITED |
|
|
|
|
Registered
Office : |
5-4-83 to 85, TSK Chambers, 1st Floor, Room No. 4 &
4A, M.G Road, Secunderabad- 500003, Telangana |
|
Tel. No.: |
91-40-27537595 / 27537606 |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2017 |
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|
|
|
Date of
Incorporation : |
12.07.1985 |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109AP1985PLC005654 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 50.319 Million |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0988009676 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV8144M |
|
|
|
|
GSTN : [Goods & Service Tax Registration
No.] |
Not Divulged |
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|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturing of Steel Ingots, Sponge Iron and TMT Bars and also Trading and Dealing in Steel. [Registered Activity] |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject was incorporated in the year 1985. It is a Manufacturer of TMT
Bars. For the financial year 2017, the company has achieved revenue growth
of 3.71% as compared to the previous year but has reported a low profit
margin of 0.09%. The sound financial risk profile of the company is marked by
sufficient networth base along with comfortable debt balance sheet profile. Rating takes into account the subject’s long established track record
of business operations along with extensive experience of its promoters. Rating gets constrained on account of highly competitive and
fragmented steel industry and the company’s limited pricing power in a
volatile raw material scenario. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business
dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (31.12.2017) |
Current Rating (01.04.2018) |
|
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 |
ICRA |
|
Rating |
Long Term Loans = BB+ |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
24.04.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Loans = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
24.04.2017 |
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
31-03-2018.
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 25.06.2018
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 DECLINED BY
|
Name : |
Mr. Harish |
|
Designation : |
Finance Head |
|
Contact No.: |
91-9951902000 |
|
Date : |
23.06.2018 |
MANAGEMENT NON-COOPERATIVE [91-40-27537606]
LOCATIONS
|
Registered Office : |
5-4-83 to 85, TSK Chambers, 1st Floor, Room No. 4 &
4A, M.G Road, Secunderabad- 500003, Telangana, India |
|
Tel. No.: |
91-40-27537595 / 27537606 |
|
Mobile No.: |
91-9951902000 [Mr. Harish] |
|
Fax No.: |
91-40-27537595 |
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E-Mail : |
|
|
|
|
|
Factory : |
97/E, J.P Dargah Road, Kothur, Shadnagar, District Mahabubnagar,
Telangana, India |
DIRECTORS
AS ON 31.03.2018
|
Name : |
Mr. Vinod Kedia |
||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||
|
Address : |
1-8-209/210/7, Park Avenue Colony, P.G. Road, Secunderabad-500003, Telangana, India |
||||||||||||||||
|
Date of Birth/Age : |
29.08.1961 |
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|
Qualification : |
Graduate |
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Date of Appointment : |
30.09.2015 |
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PAN No.: |
AADPK6734E |
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DIN No.: |
00105909 |
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Other Directorship :
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|
||||||||||||||||
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Name : |
Mr. Vineet Kumar Kedia |
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Designation : |
Whole-Time Director |
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Address : |
1-8-209/210/7, Park Avenue Colony P G Road Secunderabad 500003, Telangana, India |
||||||||||||||||
|
Qualification : |
Graduate |
||||||||||||||||
|
Date of Appointment : |
30.09.2015 |
||||||||||||||||
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PAN No.: |
AQRPK4383M |
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DIN No.: |
00123185 |
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Other Directorship :
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|
||||||||||||||||
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Name : |
Mr. Sridhar Kumar Kshirsagar |
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|
Designation : |
Director |
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|
Address : |
32/A, Chandranagar Colony, Rasoolpura, Secunderabad-500003, Telangana, India |
||||||||||||||||
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Date of Birth/Age : |
18.06.1970 |
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Date of Appointment : |
01.12.2008 |
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DIN No.: |
01193123 |
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|
||||||||||||||||
|
Name : |
Mr. Sandeep Kumar Jaju |
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Designation : |
Director |
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|
Address : |
H No 18-4-477, Shamshergunj, Aliyabad, Hyderabad-500053, Telangana, India |
||||||||||||||||
|
Date of Birth/Age : |
09.01.1979 |
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|
Qualification : |
Graduate |
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Date of Appointment : |
27.10.2008 |
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|
DIN No.: |
01741682 |
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KEY EXECUTIVES
|
Name : |
Mr. Harish |
|
Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2017
NOTE: SHAREHOLDING DETAILS FILE ATTACHED
AS ON 29.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Individual/ Hindu Undivided Family – Indian |
59.59 |
|
Promoters – Body Corporate |
34.57 |
|
Public/Other than promoters – Individual/ Hindu Undivided
Family – Indian |
5.84 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Steel Ingots, Sponge Iron and TMT Bars and also Trading and Dealing in Steel. [Registered Activity] |
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Products : |
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||||
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Brand Names : |
“VINAYAK THERMEX TMT” |
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Agencies Held : |
Not Available |
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||||
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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||||
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Selling : |
Not Divulged |
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|
||||
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Purchasing : |
Not Divulged |
PRODUCTION STATUS (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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|
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Bankers : |
· City Union Bank Limited Ameerpet Branch, Meridian Plaza, Geenland, Ameerpet, Hyderabad, Telangana, India · Axis Bank Limited · State Bank of India |
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Facilities : |
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Statutory Auditors : |
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|
Name : |
R.K. Bang and Company Chartered Accountants |
|
Address : |
1-2-524/211, Sagar View Building, Domalguda, Hyderabad – 500029, Telangana, India |
|
PAN No.: |
ABXPB9924A |
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|
|
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Cost Auditors : |
|
|
Name : |
Chaitanya and Company Cost Accountants |
|
Address : |
16-2-19, Valluri Vari Street, Mandapeta – 533308, East Godavari, Andhra Pradesh, India |
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|
|
|
Memberships : |
Not Available |
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|
|
|
Collaborators : |
Not Available |
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|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
510000 |
Equity Shares |
INR 100/- each |
INR 51.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
503193 |
Equity Shares |
INR 100/- each |
INR 50.319
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
50.319 |
50.319 |
50.319 |
|
(b) Reserves & Surplus |
274.141 |
272.900 |
272.071 |
|
(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) |
324.460 |
323.219 |
322.390 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
98.827 |
81.195 |
105.182 |
|
(b) Deferred tax liabilities (Net) |
11.071 |
11.204 |
11.226 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
109.898 |
92.399 |
116.408 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
358.496 |
331.200 |
385.865 |
|
(b)
Trade payables |
46.507 |
21.102 |
34.896 |
|
(c)
Other current liabilities |
56.379 |
58.010 |
50.678 |
|
(d)
Short-term provisions |
55.656 |
49.683 |
67.533 |
|
Total
Current Liabilities (4) |
517.038 |
459.995 |
538.972 |
|
|
|
|
|
|
TOTAL |
951.396 |
875.613 |
977.770 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
368.604 |
328.628 |
344.756 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
78.269 |
78.269 |
78.269 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
154.548 |
145.007 |
137.506 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
601.421 |
551.904 |
560.531 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
239.695 |
211.337 |
270.046 |
|
(c)
Trade receivables |
36.591 |
46.664 |
79.031 |
|
(d)
Cash and cash equivalents |
6.214 |
4.105 |
8.134 |
|
(e)
Short-term loans and advances |
44.363 |
47.329 |
52.193 |
|
(f)
Other current assets |
23.112 |
14.274 |
7.836 |
|
Total
Current Assets |
349.975 |
323.709 |
417.239 |
|
|
|
|
|
|
TOTAL |
951.396 |
875.613 |
977.770 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
1396.455 |
1346.516 |
1510.815 |
|
|
|
Other Income |
4.669 |
4.849 |
4.351 |
|
|
|
TOTAL |
1401.124 |
1351.365 |
1515.166 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
839.328 |
739.845 |
991.185 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(19.545) |
68.296 |
(46.952) |
|
|
|
Employees benefits expense |
42.166 |
35.381 |
27.593 |
|
|
|
Other expenses |
446.188 |
410.005 |
440.173 |
|
|
|
TOTAL |
1308.137 |
1253.527 |
1411.999 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
92.987 |
97.838 |
103.167 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
44.522 |
48.809 |
53.217 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
48.465 |
49.029 |
49.950 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
46.626 |
47.828 |
47.250 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1.839 |
1.201 |
2.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.598 |
0.372 |
0.863 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1.241 |
0.829 |
1.837 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (INR) |
2.46 |
1.65 |
3.65 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
46.936 |
52.134 |
44.665 |
|
|
|
|
|
|
Net Cash flow from (used in) Operations |
88.641 |
155.312 |
59.798 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
43.387 |
106.110 |
113.529 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
9.56 |
12.65 |
19.09 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
38.16 |
28.86 |
19.12 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
20.22 |
10.41 |
12.85 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.39 |
0.46 |
0.38 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.25 |
0.30 |
0.30 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.70 |
0.68 |
0.70 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.55 |
1.44 |
1.66 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.59 |
1.42 |
1.67 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.14 |
1.02 |
1.07 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.09 |
2.00 |
1.94 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
0.09 |
0.06 |
0.12 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
0.13 |
0.09 |
0.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
0.38 |
0.26 |
0.57 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.68 |
0.70 |
0.77 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.21 |
0.24 |
0.27 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.34 |
0.37 |
0.33 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
10.02 |
9.23 |
10.65 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.68 |
0.70 |
0.77 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particulars |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
50.319 |
50.319 |
50.319 |
|
Reserves & Surplus |
272.071 |
272.900 |
274.141 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
322.390 |
323.219 |
324.460 |
|
|
|
|
|
|
Long-term borrowings |
105.182 |
81.195 |
98.827 |
|
Short term borrowings |
385.865 |
331.200 |
358.496 |
|
Current Maturities of Long
term debt |
44.665 |
52.134 |
46.936 |
|
Total
borrowings |
535.712 |
464.529 |
504.259 |
|
Debt/Equity
ratio |
1.662 |
1.437 |
1.554 |
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 |
1510.815 |
1346.516 |
1396.455 |
|
|
|
-10.875 |
3.709 |
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 |
1510.815 |
1346.516 |
1396.455 |
|
Profit |
1.837 |
0.829 |
1.241 |
|
|
0.12% |
0.06% |
0.09% |
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 |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G21619606 |
100059748 |
CITY UNION BANK LIMITED |
26/09/2016 |
- |
- |
50000000.0 |
SHOP NO. 4&5, MERIDIAN PLAZA,BESIDE LAL BUNGLOW, GREEN LAND, AMEERPETHYDERABADTG500016IN |
|
2 |
G61480398 |
100024012 |
CITY UNION BANK LIMITED |
19/02/2016 |
11/10/2017 |
- |
446963309.0 |
SHOP NO. 4&5, MERIDIAN PLAZA,BESIDE LAL BUNGLOW, GREEN LAND, AMEERPETHYDERABADTG500016IN |
|
3 |
C17414442 |
10516040 |
RELIANCE CAPITAL LTD |
31/07/2014 |
- |
- |
5670000.0 |
"H" BLOCK 1ST FLOORDHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNENAVI MUMBAIMH400710IN |
|
4 |
Y10211560 |
90118755 |
STATE BANK OF INDIA |
18/12/1997 |
- |
- |
138120.0 |
YELLAREDDY GUDAHYDERABADAPIN |
|
5 |
Y10209850 |
90117045 |
THE A.P. MAHESH COOPRATIVE URBAN BANK LTD. |
30/11/1995 |
31/03/1997 |
- |
1500000.0 |
M.G. ROADSECUNDRABADAPIN |
|
6 |
Y10209455 |
90116650 |
STATE BANK OF INDIA |
08/10/1988 |
- |
- |
5900000.0 |
YELLAREDDY GUDAHYDERABADAPIN |
|
7 |
Y10211023 |
90118218 |
STATE BANK OF INDIA |
27/07/1988 |
29/06/1989 |
- |
19300000.0 |
YELLAREDDY GUDAHYDERABADAPIN |
|
8 |
Y10209443 |
90116638 |
STATE BANK OF INDIA |
27/07/1988 |
25/05/1990 |
- |
3100000.0 |
INDUSTRIAL FINANCE BRANCHSOMAJIGUDAHYDERABADAPIN |
|
9 |
Y10211005 |
90118200 |
STATE BANK OF INDIA |
11/03/1988 |
- |
- |
12000000.0 |
YELLAREDDIGUDA BRANCHHYDERABADAPIN |
|
10 |
Y10210998 |
90118193 |
STATE BANK OF INDIA |
18/12/1987 |
- |
- |
4200000.0 |
YELLAREDDY GUDAHYDERABADAPIN |
|
11 |
Y10210977 |
90118172 |
STATE BANK OF INDIA |
09/01/1987 |
- |
- |
3100000.0 |
YELLAREDIGUDA BRANCHHYDERABADAPIN |
|
12 |
Y10209362 |
90116557 |
STATE BANK OF INDIA |
23/09/1986 |
- |
- |
4900000.0 |
YELLAREDIGUDA BRANCHHYDERABADAPIN |
|
13 |
G87550711 |
10538626 |
AXIS BANK LIMITED |
29/11/2014 |
- |
18/05/2018 |
550000.0 |
RETAIL ASSET CENTRE, 5-2-183/184,3RD FLOORR.P ROADSECUNDERABADTG500003IN |
|
14 |
G87211801 |
10384239 |
AXIS BANK LIMITED |
06/09/2012 |
- |
14/05/2018 |
1399200.0 |
5-2-183/184, ASC CENTRE, III FLOORR P ROADHYDERABABDAP500003IN |
|
15 |
G82523671 |
90117924 |
KOTAK MAHINDRA BANK LTD. |
27/03/2004 |
- |
21/03/2018 |
1475000.0 |
HYDERABADHYDERABADAPIN |
|
16 |
G78678372 |
10134632 |
HDFC BANK LIMITED |
04/12/2008 |
- |
08/02/2018 |
1600000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WMUMBAIMH400013IN |
|
17 |
C82398843 |
90118783 |
STATE BANK OF INDIA |
28/02/1998 |
28/06/1999 |
25/02/2016 |
17500000.0 |
MAHABUBGUNJ BRANCHHYDERABADAPIN |
|
18 |
C82357617 |
90118899 |
STATE BANK OF INDIA |
28/06/1999 |
22/01/2015 |
25/02/2016 |
483000000.0 |
FIRST FLOOR, LAND MARK CENTER, SIDDIAMBER BAZARHYDERABADHYDERABADTG500012IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
109.262 |
106.177 |
|
|
|
|
|
Total |
109.262 |
106.177 |
REVIEW OF OPERATIONS:
a) OVERVIEW: Vinayak Steel Limited is an integrated steel producer awarded with ISO 9001-2000 certification. Vinayak Steels operations comprise pellet making, iron making, steel making, and downstream facilities including rolling mill.
Pallet & Sponge Iron Plant : They have erected our Pallet Plant after doing lot of in-house R & D and designed it as per our requirement, i.e., the Plant can be either Stand-alone Unit or it can also be integrated with existing Sponge Plant, resulting in production of Sponge Iron directly from Iron Ore Fine/ Mill Scale.
Steel Melting Plant: They have Two CCM plant, which gives uninterrupted supply of Billets to the Rolling Mill Division.
Rolling Mill Plant : It is equipped with the state of art German Technology for manufacturing high quality TMT Bars that are marketed under the Brand name “VINAYAK THERMEX TMT”.
HIGHLIGHTS: Vinayak Steel uses information technology extensively for its operations, thereby, ensuring consistent quality of its products.
The steel plant located at Kothur has modern infrastructure including 132 KVA Dedicated Uninterrupted Power Line. It is equipped with modern pollution control equipment to maintain a friendly environment.
Vinayak Steel implements rigorous testing and inspection processes to make sure customers get a product that conforms to the highest standards of accuracy, consistency and quality.
Sustainability has been given due importance in design and operations and the company has received many accolades and recognitions from reputed institutions like Pollution Control board etc.
MARKET SCENARIO:
The global steel industry is currently reeling under the impact of rising steel exports from China (due to large surplus capacities and a slowing domestic demand), weak demand conditions (largely due to falling fixed asset investments across countries caused by fiscal adjustments) and volatile Currency movements.
In India due to global slowdown, core industries such as steel faced significant challenges. Therefore, the challenge was three fold – scarcity of key raw materials, moderate domestic demand and proliferation of unrestrained “dumping” of steel.
Vinayak Steels was also affected in this year, due to the drastic fall in the price of finished product. Further, due to inflationary and liquidity pressure on the economy, it has impacted the overall performance of the Company, in general.
MANAGEMENT DISCUSSION
AND ANALYSIS
The core business of the Company is manufacturing and marketing Iron and Steel products.
OUTLOOK:
Even in the tough times of economic slowdown, the industry succeeded to sustain its positive growth momentum on the strong fundamentals. Long term prospects of the Indian Steel Industry are very bright. Domestic Steel consumption is expected to grow steadily in the years to come driven by urbanization and industrialization.
FIXED ASSETS:
· Land
· Buildings
· Factory building
· Plant and equipment
· Other plant and equipment
· Furniture and fixtures
· Vehicles
· Motor vehicles
·
Office equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.77 |
|
UK Pound |
1 |
INR 89.96 |
|
Euro |
1 |
INR 78.86 |
INFORMATION DETAILS
|
Information Gathered
by : |
PNM |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
NO |
|
--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.