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MIRA INFORM REPORT
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Report No. : |
517080 |
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Report Date : |
28.06.2018 |
IDENTIFICATION DETAILS
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Name : |
S A L STEEL LIMITED |
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Registered
Office : |
5/1, Shreeji House, 5th Floor, Behind M.J. Library, Ashram Road,
Ahmedabad-380 006, Gujarat |
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Tel. No.: |
91-2764-661100 |
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Country : |
India |
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Financials (as
on) : |
31.03.2018 |
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Date of
Incorporation : |
06.11.2003 |
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CIN No.: [Company Identification
No.] |
L29199GJ2003PLC043148 |
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Capital
Investment / Paid-up Capital : |
INR 849.667 Million |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
Not Divulged |
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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
: |
Subject is engaged in manufacture of sponge iron, ferro alloys and also engaged in power generation (Registered Activity) |
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No. of Employees
: (As on 2017) |
330 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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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 : |
Clear |
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Comments : |
Subject was incorporated in the year 2003 having moderate track record. It is a manufacturer of sponge iron, ferro alloys and power generation. For the financial year 2018, the company has achieved marginal growth in its revenue compared to its previous year along with improved profitability margin during the year. However, the financial position of the company is weak and has registered huge accumulated losses which has exceeded the entire net worth of the company. Further, the company is listed on NSE and BSE. Price quoted at BSE is held at INR 7.22 against the face value of INR 10. The company was also found under RBI defaulter list and has defaulted with State bank of India. Payments are reported to be slow and delayed. In view of aforesaid the company can be considered for business dealings on fully safe and secured 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.
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 has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under :
Suit-filed accounts of INR 10.000
million and above as on 30-Oct-2017
Search details
Borrower Containing - SAL STEELS
|
Bank |
Branch |
Quarter |
Borrower Name |
Registered Address |
Director Name--DIN No. Detail |
Outstanding Amount (INR In million) |
||
|
STATE
BANK OF INDIA |
SAMB
AHMEDABAD |
31-03-14 |
SHAH
ALLOYS CORPORATE HOUSE, SOLA- KALOL ROAD, SANTEJ,
KALOL, GANDHINAGAR |
RAJENDRA
V. SHAH--0,
SHRIKANT N.JHAVERI--0, JETHALAL M. SHAH--0,
PIYASH R. CHANDARANA--0, ANILKUMAR S. PANDYA--0, SUJAL
KUMAR A. SHAH--0, TEJPAL S. SHAH--0, HARSHAD M.
SHAH--0, KAILASH C. THATOI--0, BHASKAR
GHOSH--0, BABULAL M. SINGHAL--0, AMBALAL C. PATEL--0 |
886.045 |
|||
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STATE
BANK OF INDIA |
SAMB
AHMEDABAD |
30-06-14 |
SHAH
ALLOYS CORPORATE HOUSE, SOLA- KALOL ROAD, SANTEJ,
KALOL, GANDHINAGAR |
AMBALAL
C. PATEL--0,
PIYASH R. CHANDARANA--0, SHRIKANT N.JHAVERI--0, BABULAL
M. SINGHAL--0, ANILKUMAR S. PANDYA--0, SUJAL
KUMAR A. SHAH--0, BHASKAR GHOSH--0, JETHALAL M. SHAH--0, TEJPAL S.
SHAH--0, RAJENDRA V. SHAH--0, KAILASH C.
THATOI--0, HARSHAD M. SHAH--0 |
886.045 |
|||
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STATE
BANK OF INDIA |
SAMB
AHMEDABAD |
30-09-14 |
SHAH
ALLOYS CORPORATE HOUSE, SOLA- KALOL ROAD, SANTEJ,
KALOL, GANDHINAGAR |
AMBALAL
C. PATEL--0,
PIYASH R. CHANDARANA--0, SHRIKANT N.JHAVERI--0, BABULAL
M. SINGHAL--0, ANILKUMAR S. PANDYA--0, SUJAL
KUMAR A. SHAH--0, BHASKAR GHOSH--0, JETHALAL M. SHAH--0, TEJPAL S.
SHAH--0, RAJENDRA V. SHAH--0, KAILASH C.
THATOI--0, HARSHAD M. SHAH--0 |
886.045 |
|||
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STATE
BANK OF INDIA |
SAMB
AHMEDABAD |
31-12-14 |
SHAH
ALLOYS CORPORATE HOUSE, SOLA- KALOL ROAD, SANTEJ,
KALOL, GANDHINAGAR |
AMBALAL
C. PATEL--0,
PIYASH R. CHANDARANA--0, SHRIKANT N.JHAVERI--0, BABULAL
M. SINGHAL--0, ANILKUMAR S. PANDYA--0, SUJAL
KUMAR A. SHAH--0, BHASKAR GHOSH--0, JETHALAL M. SHAH--0, TEJPAL S.
SHAH--0, RAJENDRA V. SHAH--0, KAILASH C.
THATOI--0, HARSHAD M. SHAH--0 |
886.045 |
|||
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STATE BANK
OF INDIA |
SAMB
AHMEDABAD |
31-03-15 |
SHAH
ALLOYS CORPORATE HOUSE SOLA KALOL ROAD SANTEJ KALOL GANDHINAGAR. |
SUJAL
KUMAR A. SHAH--NA, BABULAL M. SINGHAL--NA, ANILKUMAR S. PANDYA--NA, RAJENDRA V. SHAH--NA, PIYASH R. CHANDARANA--NA,
AMBALAL C. PATEL--NA, TEJPAL S.
SHAH--NA, HARSHAD M.
SHAH--NA, JETHALAL M.
SHAH--NA, SHRIKANT N.JHAVERI—NA |
886.045 |
|||
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STATE
BANK OF INDIA |
SAMB
AHMEDABAD |
30-06-15 |
SHAH
ALLOYS CORPORATE HOUSE SOLA KALOL ROAD SANTEJ KALOL GANDHINAGAR. |
SUJAL
KUMAR A. SHAH--NA, BABULAL M. SINGHAL--NA, ANILKUMAR S. PANDYA--NA, RAJENDRA V. SHAH--NA, PIYASH R. CHANDARANA--NA,
AMBALAL C. PATEL--NA, TEJPAL S.
SHAH--NA, HARSHAD M.
SHAH--NA, JETHALAL M.
SHAH--NA, SHRIKANT N.JHAVERI--NA |
886.045 |
|||
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STATE
BANK OF INDIA |
SAMB
AHMEDABAD |
30-09-15 |
SHAH
ALLOYS CORPORATE HOUSE SOLA KALOL ROAD SANTEJ KALOL GANDHINAGAR. |
SUJAL
KUMAR A. SHAH--NA, BABULAL M. SINGHAL--NA, ANILKUMAR S. PANDYA--NA, RAJENDRA V. SHAH--NA, PIYASH R. CHANDARANA--NA,
AMBALAL C. PATEL--NA, TEJPAL S.
SHAH--NA, HARSHAD M.
SHAH--NA, JETHALAL M.
SHAH--NA, SHRIKANT N.JHAVERI--NA |
886.045 |
|||
|
STATE
BANK OF INDIA |
SAMB
AHMEDABAD |
31-12-15 |
SHAH
ALLOYS CORPORATE HOUSE SOLA KALOL ROAD SANTEJ KALOL GANDHINAGAR. |
SUJAL
KUMAR A. SHAH--NA, BABULAL M. SINGHAL--NA, ANILKUMAR S. PANDYA--NA, RAJENDRA V. SHAH--NA, PIYASH R. CHANDARANA--NA,
AMBALAL C. PATEL--NA, TEJPAL S.
SHAH--NA, HARSHAD M.
SHAH--NA, JETHALAL M.
SHAH--NA, SHRIKANT N.JHAVERI--NA |
||||
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 27.06.2018
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 DENIED BY
|
Name : |
Mr. Sanjay |
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Designation : |
Accounts Department |
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Contact No.: |
91-79-26578030 |
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Date : |
26.06.2018 |
LOCATIONS
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Registered Office : |
5/1 Shreeji House, 5th Floor, B/h M.J. Library, Ashram Road, Ahmedabad-380006, Gujarat, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Administrative Office : |
Corporate House, Sola-Kalol Road, Village Santej, District Gandhinagar-382 721, Gujarat, India |
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Tel. No.: |
91-2764-661100 |
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Fax No.: |
91-2764-661110 |
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Factory : |
Survey No. 245, Village Bharapar, Taluka Gandhidham, District Kutch-370203, Gujarat, India |
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Tel. No.: |
91-2836-282194 |
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Fax No.: |
91-2836-282196/ 282198 |
DIRECTORS
As on 31.03.2018
|
Name : |
Mr. Sujalkumar Ashokkumar Shah |
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Designation : |
Whole Time Director |
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Address : |
504, Vatsaraj, Opposite Shraddha School, Satellite Ahmedabad -380015,
Gujarat, India |
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Date of Appointment : |
26.04.2006 |
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DIN No.: |
01431407 |
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Name : |
Mr. Babulal Madanlal Singhal |
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Designation : |
Whole Time Director |
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Address : |
15/178, Gokul Apartment Sola Road, Ahmedabad- 380063, Gujarat, India |
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Date of Appointment : |
16.05.2006 |
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PAN No.: |
AMJPS3589F |
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DIN No.: |
01484213 |
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Name : |
Mr. Anilkumar Satishchandra Pandya |
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Designation : |
Whole Time Director |
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Address : |
18-A, Saurabh Socy, Behind Vaibhav Hall, N H-8, Isanpur Ahmedabad
*382443, Gujarat, India |
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Date of Appointment : |
25.10.2008 |
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DIN No.: |
02453919 |
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Name : |
Mr. Rajendrakumar Shah |
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Designation : |
Director |
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Address : |
Navkar Bunglows, Manichandra Housing Society, Near Surdhara Circle,
Thaltej, Ahmedabad- 380059, Gujarat, India |
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Date of Appointment : |
06.11.2003 |
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DIN No.: |
00020904 |
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Name : |
Mr. Ambalal Chhitabhai Patel |
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Designation : |
Director |
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Address : |
14/ Bshreyasnath Society, Vasan Near Dhranidhar Derasar, Ahmedabad
380007, Gujarat, India |
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Date of Appointment : |
05.08.2004 |
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DIN No.: |
00037870 |
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Name : |
Mr. Tejpal Somchand Shah |
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Designation : |
Director |
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Address : |
Flat No. 201, 2nd Floor, Bhateva Krupa, 186 T P S Road, No. 3,
Borivali (West) Mumbai -400092, Maharashtra, India |
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Date of Appointment : |
18.06.2006 |
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DIN No.: |
01195357 |
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Name : |
Mr. Harshad Mafatlal Shah |
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Designation : |
Director |
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Address : |
301, Bhateva Krupa 56th Road, Tps III, Borivali (West), Mumbai 400092,
Maharashtra, India |
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Date of Appointment : |
05.08.2004 |
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DIN No.: |
01309096 |
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Name : |
Mr. Jethalal Maneklal Shah |
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Designation : |
Director |
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Address : |
1, Shital Nagar Opposite Dodsal Society, Akota Padra Road Vadodara-
390020, Gujarat, India |
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Date of Appointment : |
05.08.2004 |
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DIN No.: |
01412666 |
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Name : |
Mr. Shrikant Narottamdas Jhaveri |
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Designation : |
Director |
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Address : |
No 76 Jhaveri Park, Bhaikaka Nagar Ahmedabad 380054, Gujarat, India |
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Date of Appointment : |
11.05.2011 |
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DIN No.: |
02833725 |
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Name : |
Shefali Manojbhai Patel |
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Designation : |
Director |
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Address : |
4-A, Mangal Tirth-B Tower, Near Dharnidhar Derasar, Shreyas Crossing
Road, Paldi, Ahmedabad -380007, Gujarat, India |
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Date of Appointment : |
13.07.2015 |
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DIN No.: |
07235872 |
KEY EXECUTIVES
|
Name : |
Mr. Babulal Madanlal Singhal |
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Designation : |
Chief Finance Officer |
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Address : |
15/178, Gokul Apartment, Sola Road, Ahmedabad- 380063, Gujarat, India |
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Date of Appointment : |
28.05.2014 |
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PAN No.: |
AMJPS3589F |
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Name : |
Mr. Niraj Vinodkumar Jain |
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Designation : |
Company Secretary |
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Address : |
29/229, Gujarat Housing Board, Near Nutan Mills, Saraspur, Ahmedabad-
380018, Gujarat, India |
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Date of Appointment : |
09.07.2015 |
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PAN No.: |
AQKPJ1513D |
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Name : |
Mr. Jayant Jagatkumar Garai |
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Designation : |
Chief Executive Officer |
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Address : |
16/404, Ashoka Ratna, Vidhansabha Road, Khamardih, Shankar Nagar,
Raipur -492004, Chhattisgarh, India |
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Date of Appointment : |
05.08.2017 |
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PAN No.: |
ADBPG5768R |
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Name : |
Mr. Sanjay |
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Designation : |
Accounts Department |
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Audit Committee: |
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Nomination and
Remuneration Committee: |
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Stakeholders’
Relationship Committee: |
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MAJOR SHAREHOLDERS
As on March, 2018
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Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of |
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(A) Promoter & Promoter Group |
42959889 |
50.56 |
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(B) Public |
42006811 |
49.44 |
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Grand Total |
84966700 |
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 |
|||
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Any Other (specify) |
42959889 |
50.56 |
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SHAH ALLOYS LIMITED |
30256989 |
35.61 |
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SAL CARE PRIVATE LIMITED |
12702900 |
14.95 |
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Sub Total A1 |
42959889 |
50.56 |
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A2) Foreign |
0.00 |
||
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A=A1+A2 |
42959889 |
50.56 |
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 % |
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B1) Institutions |
0.00 |
||
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Financial Institutions/ Banks |
5000 |
0.01 |
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Sub Total B1 |
5000 |
0.01 |
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B2) Central Government/ State Government(s)/
President of India |
0.00 |
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B3) Non-Institutions |
0.00 |
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Individual share capital upto INR 0.200
million |
21426432 |
25.22 |
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Individual share capital in excess of INR
0.200 million |
8103454 |
9.54 |
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NBFCs registered with RBI |
300 |
0.00 |
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Any Other (specify) |
12471625 |
14.68 |
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Non-Resident Indian (NRI) |
410017 |
0.48 |
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Clearing Members |
209212 |
0.25 |
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Bodies Corporate |
11852396 |
13.95 |
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|
JM FINANCIAL SERVICES LIMITED |
1075736 |
1.27 |
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GUJARAT NRE MINERAL RESOURCES LIMITED |
1445633 |
1.70 |
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GUJARAT NRE COKE LTD. |
2737682 |
3.22 |
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SATELLITE MERCANTILES PVT LTD |
3566638 |
4.20 |
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Sub Total B3 |
42001811 |
49.43 |
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B=B1+B2+B3 |
42006811 |
49.44 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in manufacture of sponge iron, ferro alloys and also engaged in power generation (Registered Activity) |
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Products / Services
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : (As on 2017) |
330 (Approximately) |
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Bankers : |
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Facilities : |
Notes: Long-term
Borrowings Secured Borrowings: (a) Nature of security and terms of repayment for secured borrowings: Term loan: 1) Term Loans are Secured by first charge on all the Immovable and second charge on Movable assets present and future ranking parri passu with charges created/to be created in favour of other institution/banks subject to prior charge on current assets in favour of the company’s bankers for working capital borrowings. Term loan of INR 500.000 million is secured by pledge of 10756989 shares of SAL Steel Limited hold by Shah Alloys Limited (restricted to new captive power project only). 2) Term loans are further secured by personal guarantees of (i) Shri Rajendrabhai V. Shah (ii) Smt. R.R. Shah ( iii) Shri Jayesh V. Shah (iv) and Corporate Guarantee of M/s Shah Alloys Limited.(Amounting to INR 2075.000 million) Term Loan is carrying rate of Interest(at present) from 14% to 16% p.a. repayable over a period of 6 years. 3) As on 31.03.2017, term Loan Borrowings from banks have been transferred / assigned to Invent Assets Securitization and Reconstruction Pvt Ltd (ARC) together with all their rights, title and interest in the financial documents and any underline security interest / pledged and / or guarantees in respect of such loans. However the company has not yet entered any agreement with ARC and hence no charge is transferred to ARC. Period and amount of default as on the balance sheet date: The company has made a default in repayment of Principal amount of Term Loan and Interest of INR 890.000 million and INR 464.943 million respectively as at the balance sheet date. The bank wise position of default is as under: (INR in Million)
Unsecured Borrowings: (a) Deferred sales tax liability : Deferred sales tax liability is interest free and payable in six equal annual installments of ` 22.63 lacs each payable from 1st May, 2016 (b) Period and Amount of default as on Balance Sheet Date The company has also defaulted in payment of first installment of deferred sales tax liability which was due in May 2016 for INR 20263 million. The said default continues as at the balance sheet date for 304 days Short-term
borrowings Nature of security provided for short term borrowings: Cash Credit facilities: Cash Credit facilities are Secured by hypothecation of entire current assets of the company on parri passu basis with the consortium member banks & second charge on fixed assets of the company on parri passu basis with consortium member banks. The Loans are further secured by personal guarantee of i) Shri Rajendrabhai V. Shah ii) Smt. R.R. Shah iii) Shri Jayesh .V. Shah and iv) Corporate guarantee of Shah Alloys Limited(Amounting to INR 2075.000 million As at 31.03.2017, working capital facilities from banks have been transferred / assigned to Invent Assets Securitization and Reconstruction Pvt Ltd (ARC) together with all their rights, title and interest in the financial documents and any underline security interest / pledged and / or guarantees in respect of such loans. However, the company has not yet entered any agreement with ARC and hence no charge is transferred to ARC. Period and Amount of default as on the Balance sheet date: The company has defaulted in repayment of working capital facilities and interest there on for INR 692.973 million and INR 257.283 million respectively as at the balance sheet date. The Bankwise details of defaults is as under: (INR in Million)
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Auditors : |
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Name : |
Talati and Talati Chartered Accountants |
|
Address : |
Ambika Chambers, Near Old High Court, Navarangpura, Ahmedabad-380009, Gujarat, India |
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Tel. No.: |
91-79-27544571-72 |
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Fax No.: |
91-79-27542233/ 3008/ 4575 |
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Secretarial
Auditors: |
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Name : |
Kamlesh M. Shah and Company Company Secretaries |
|
Address : |
801-A, 8th Floor, Mahalaya Complex, Opposite Hotel President, Behind Fairdeal House, Swastik Cross Roads, Off C.G. Road, Navrangpura, Ahmedabad-380 009, Gujarat, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Concern where
significant interest exists.: (As on 2017) |
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CAPITAL STRUCTURE
As on 31.03.2018
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : INR 849.667
Million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
140000000 |
Equity Shares |
INR 10/- each |
INR 1400.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
84966700 |
Equity Shares |
INR 10/- each |
INR 849.667 Million |
|
|
|
|
|
a) Reconciliation of
number of shares:
|
Particulars |
As at 31.03.2017 |
|
|
Equity Shares |
Number of
Shares |
Amount |
|
Shares outstanding at the beginning of the year |
84966700 |
849.667 |
|
Changes during the year |
0.000 |
0.000 |
|
Shares Outstanding
at the end of the year |
84966700 |
849.667 |
b)
Terms/rights, preferences and restrictions attached to securities:
Equity shares:
The company has one class of equity share having a par value of INR 10 each. Each shareholder is eligible for one vote per share held. 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 case 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) Details of Shareholders
holding more than 5% in the Company
|
Name of the Shareholders |
As at 31.03.2017 |
|
|
|
Number of Shares |
% of holding |
|
Shah Alloys Limited |
30256989 |
35.61% |
|
SAL Care Private Limited |
12702900 |
14.95% |
|
|
|
|
|
TOTAL |
42959889 |
50.56% |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
849.667 |
849.667 |
849.667 |
|
(b) Reserves & Surplus |
(811.750) |
(1131.712) |
(1200.637) |
|
(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) |
37.917 |
(282.045) |
(350.970) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1745.150 |
9.052 |
42.492 |
|
(b) Deferred tax liabilities (Net) |
157.321 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
11.194 |
4.405 |
4.405 |
|
(d) long-term
provisions |
8.486 |
8.448 |
7.743 |
|
Total Non-current
Liabilities (3) |
1922.151 |
21.905 |
54.640 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
0.000 |
798.248 |
711.657 |
|
(b) Trade
payables |
286.479 |
314.757 |
230.733 |
|
(c) Other
current liabilities |
565.635 |
2035.746 |
1848.358 |
|
(d) Short-term
provisions |
7.755 |
7.354 |
8.163 |
|
Total Current
Liabilities (4) |
859.869 |
3156.105 |
2798.911 |
|
|
|
|
|
|
TOTAL |
2819.937 |
2895.965 |
2502.581 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1277.003 |
1327.424 |
1397.461 |
|
(ii) Intangible
Assets |
0.577 |
0.577 |
0.577 |
|
(iii)
Capital work-in-progress |
247.025 |
247.025 |
247.025 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1.263 |
84.185 |
93.887 |
|
(e) Other
Non-current assets |
95.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1620.868 |
1659.211 |
1738.950 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
760.333 |
602.033 |
292.014 |
|
(c) Trade
receivables |
373.765 |
538.053 |
403.842 |
|
(d) Cash
and cash equivalents |
24.186 |
12.367 |
11.123 |
|
(e) Short-term
loans and advances |
0.000 |
84.301 |
56.652 |
|
(f) Other
current assets |
40.785 |
0.000 |
0.000 |
|
Total
Current Assets |
1199.069 |
1236.754 |
763.631 |
|
|
|
|
|
|
TOTAL |
2819.937 |
2895.965 |
2502.581 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
4990.243 |
3606.116 |
3376.129 |
|
|
Other Income |
27.138 |
23.697 |
5.807 |
|
|
TOTAL |
5017.381 |
3629.813 |
3381.936 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3389.567 |
2402.998 |
2258.699 |
|
|
Purchases of
Stock-in-Trade |
121.023 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(229.026) |
(27.448) |
(21.877) |
|
|
Employees benefits
expense |
139.929 |
127.132 |
110.186 |
|
|
Other expenses |
803.157 |
974.477 |
796.902 |
|
|
Extra Ordinary Items |
0.000 |
0.000 |
317.024 |
|
|
Consumption of stores and
spares |
175.246 |
0.000 |
0.000 |
|
|
Power cost and cost of power generation |
526.639 |
0.000 |
0.000 |
|
|
Exceptional item |
(637.826) |
0.000 |
0.000 |
|
|
TOTAL |
4288.709 |
3477.159 |
3460.934 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION
|
728.672 |
152.654 |
(78.998) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
11.570 |
7.306 |
124.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
717.102 |
145.348 |
(202.998) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
77.500 |
76.423 |
84.686 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
639.602 |
68.925 |
(287.684) |
|
|
|
|
|
|
|
Less |
TAX |
215.695 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
423.907 |
68.925 |
(287.684) |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
(1500.044) |
(1568.969) |
(1281.285) |
|
|
|
|
|
|
|
Transitional adjustment
on Depreciation |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
|
(1500.044) |
(1568.969) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
NA |
185.990 |
1.944 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
Basic and Diluted - Before Extra-Ordinary Items |
4.99 |
0.81 |
0.35 |
|
|
Basic and Diluted - After Extra Ordinary Items |
4.99 |
0.81 |
(3.39) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Maturities of Long term debt |
NA |
33.472 |
108.881 |
|
Cash generated from operations |
NA |
(81.461) |
(298.265) |
|
Net cash flows from (used in) operating activity |
NA |
(81.461) |
183.759 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
27.34 |
54.46 |
43.66 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
13.35 |
6.70 |
8.36 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
29.79 |
47.81 |
37.29 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.96 |
0.25 |
(0.27) |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.48 |
0.10 |
(0.05) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.92 |
1.10 |
1.18 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
46.03 |
(2.98) |
(2.46) |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
22.68 |
(11.19) |
(7.97) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
40.21 |
(5.58) |
(4.69) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
62.98 |
20.89 |
(0.64) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
8.49 |
1.91 |
(8.52 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
15.03 |
2.38 |
(11.50) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
1117.99 |
(24.44) |
81.97 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.39 |
0.39 |
0.27 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.51 |
0.20 |
0.17 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.01 |
(0.10) |
(0.14) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
2.05 |
0.99 |
1.02 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.39 |
0.39 |
0.27 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 7.22/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
849.667 |
849.667 |
849.667 |
|
Reserves & Surplus |
(1200.637) |
(1131.712) |
(811.750) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
(350.970) |
(282.045) |
37.917 |
|
|
|
|
|
|
long-term borrowings |
42.492 |
9.052 |
1745.150 |
|
Short term borrowings |
711.657 |
798.248 |
0.000 |
|
Total
borrowings |
754.149 |
807.300 |
1745.150 |
|
Debt/Equity
ratio |
(2.149) |
(2.862) |
46.026 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
3376.129 |
3606.116 |
4990.243 |
|
|
|
6.812 |
38.383 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
3376.129 |
3606.116 |
4990.243 |
|
Profit(Loss) |
(287.684) |
68.925 |
423.907 |
|
|
(8.52)% |
1.91% |
8.49% |
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 |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
No |
|
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 |
|
32] |
External Agency Rating, if available |
No |
|
33] |
Litigations that the firm/promoter
involved in |
-- |
|
34] |
Market information |
-- |
|
35] |
Payments terms |
No |
|
36] |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
(As on 2017)
The company is engaged in manufacturing Sponge Iron, Ferro Alloys and power and the same are sold in the domestic market. Because of the Captive power generation, company has advantage of low power cost per unit of manufacturing. Company is generating 40 MW Power from waste Heat recovery Boiler & Fluidized Bed Combustion boiler with economic price. Power generated is used for captive consumption and surplus power is sold resulting profit.
UNSECURED LOAN
|
PARTICULAR |
31.03.2018 (INR
in Million) |
31.03.2017 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Deferred payment liabilities: Deferred sales tax liability |
|
9.052 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Loans and advances from related parties: - Inter corporate deposit |
|
103.885 |
|
Deposits: - Inter corporate deposit |
|
1.390 |
|
Total |
NA |
114.327 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
B31125222 |
10333322 |
HDFC BANK LIMITED |
20/01/2012 |
- |
- |
3300000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WEST MUMBAI-400013, MAHARASHTRA, INDIA |
|
2 |
B22595144 |
10310289 |
SREI Equipment Finance Private Limited |
15/09/2011 |
- |
- |
4500000.0 |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA -700046, WEST BENGAL, INDIA |
|
3 |
A61391769 |
10154901 |
UNION BANK OF INDIA |
31/03/2009 |
- |
- |
1235000.0 |
INDUTRIAL FINANCE BRANCHC U SHAH CHAMBER, ASHRAM ROAD, AHMEDABAD-380009, GUJARAT, INDIA |
|
4 |
C71993133 |
90105539 |
INVENT ASSETS SECURITISATION AND RECONSTRUCTION PRIVATE LIMITED |
11/05/2005 |
30/10/2015 |
- |
987500000.0 |
107, JOLLY MAKER CHAMBERS NO.2225, NARIMAN POINT MUMBAI-400021, MAHARASHTRA, INDIA |
|
5 |
C71989982 |
90104311 |
INVENT ASSETS SECURITISATION AND RECONSTRUCTION PRIVATE LIMITED |
17/11/2004 |
30/10/2015 |
- |
987500000.0 |
107, JOLLY MAKER CHAMBERS NO.2225, NARIMAN POINT MUMBAI-400021, MAHARASHTRA, INDIA |
|
6 |
C71992242 |
90105423 |
INVENT ASSETS SECURITISATION AND RECONSTRUCTION PRIVATE LIMITED |
23/09/2004 |
30/10/2015 |
- |
2050000000.0 |
107, JOLLY MAKER CHAMBERS NO.2225, NARIMAN POINT MUMBAI-400021, MAHARASHTRA, INDIA |
|
7 |
B35205905 |
10136040 |
HDFC BANK LIMITED |
17/12/2008 |
- |
21/03/2012 |
860000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WEST MUMBAI-400013, MAHARASHTRA, INDIA |
|
8 |
B35206556 |
10136063 |
HDFC BANK LIMITED |
17/12/2008 |
- |
21/03/2012 |
860000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WEST MUMBAI-400013, MAHARASHTRA, INDIA |
|
9 |
B35205152 |
10136515 |
HDFC BANK LIMITED |
17/12/2008 |
- |
21/03/2012 |
860000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL WEST MUMBAI-400013, MAHARASHTRA, INDIA |
|
10 |
B35002732 |
10227760 |
THE ROYAL BANK OF SCOTLAND N.V |
21/06/2010 |
- |
24/02/2012 |
11076000.0 |
HANSALAYA BUILDING15, BARAKHAMBA ROADNEW DELHI-110001, INDIA |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
|
Claims against the company not acknowledged as debts: With Government Authorities |
|
255.790 |
|
Banks / Financial institutions |
|
727.337 |
|
Others |
|
531.740 |
|
Guarantees: Corporate guarantees given to banks for Shah Alloys Limited |
|
0.000 |
|
Bank guarantee given |
|
2.127 |
|
Commitment: Estimated amount of contracts, remaining to be executed on capital account and not provided for Rs.492.78 lac net of advance (Previous Year: INR 52.278 million). Commercial Tax Department has challenged by way of Tax Appeal before Supreme Court, the order of Gujarat High Court wherein Judgment of Joint Commissioner of Commercial Tax (Legal) was quashed and decided that non cooking coal used in the manufacturing process for Sponge Iron as raw material and eligible for ITC under Section 11 (3)(b). The result of the appeal will decide whether company has to claim amount of ITC or refund ITC already taken. However, amount of contingent liability cannot be ascertained. |
||
FIXED ASSETS
· Leasehold Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipment’s
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 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
|
INR |
|
US Dollar |
1 |
INR 68.08 |
|
|
1 |
INR 89.59 |
|
Euro |
1 |
INR 78.83 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHA |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.