|
|
|
MIRA INFORM REPORT
|
Report No. : |
495586 |
|
Report Date : |
03.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
SURYADEV ALLOYS AND POWER PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
497 and 498, 8th Floor, Isana Building, P.H. Road, Arumbakkam, Chennai
– 600106, Tamilnadu |
|
Tel. No.: |
91-44-42221000 (25 Lines) |
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|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2016 |
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|
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Date of
Incorporation : |
26.05.2006 |
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|
|
|
Com. Reg. No.: |
18-059997 |
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|
|
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Capital
Investment / Paid-up Capital : |
INR 468.229 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29141TN2006PTC059997 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0407001557 |
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|
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TIN No.: |
33921702760 |
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|
|
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PAN No.: [Permanent Account No.] |
AAKCS1246B |
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|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
33AAKCS1246B2ZS |
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|
|
|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of iron and steel products and coal based thermal power plants and equipments. (Registered Activity) |
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|
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No. of Employees
: |
Not Available |
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 |
|
Maximum Credit Limit : |
USD 25280000 |
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|
|
|
Status : |
Satisfactory |
|
|
|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2006. It is a manufacturer of iron and steel products and coal based thermal power plants and equipments. Management has not filed its financial record with government department for the year 2017 and same are not available from any other sources. As per the financial year 2016, the company has reported a decline in its revenue as compared to the previous year but has managed to maintain average profitability margin of 2.12%. The healthy financial position of the company is marked by above average networth base along with low debt balance sheet profile and sufficient liquidity position. Rating is constrained on account of working capital intensive nature of operations and inherent cyclicality in the steel industry. Business is active. Payment seems to be slow but correct. In view of the aforesaid, the company can be considered for business dealings at usual trade terms and condition. |
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 (30.09.2017) |
Current Rating (31.12.2017) |
|
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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 03.03.2018
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.
LOCATIONS
|
Registered / Marketing Office: |
497 and 498, 8th Floor, Isana Building, P.H. Road, Arumbakkam, Chennai
– 600106, Tamilnadu, India |
|
Tel. No.: |
91-44-42221000 (25 Lines) |
|
Fax No.: |
91-4442221026/ 42221029 |
|
E-Mail : |
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|
Website : |
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Factory : |
S. No. 298/2, New Gummidipoondi, Gummidipoondi Taluk,
Tiruvallur-601201, Tamilnadu, India |
|
Tel. No.: |
91-44-27921454/ 27922169 |
|
Fax No.: |
91-44-27921425 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Mukesh Agarwal |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
638/C T.H. Road 2nd
Floor Flat No.5 Tondiarpet, Chennai-600081, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
31.10.1970 |
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Qualification : |
Graduate |
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Date of Appointment : |
26.05.2006 |
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PAN No.: |
AAFPK6968E |
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DIN No.: |
01122858 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Govind Baburam Gagoria |
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|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Flat 306, No. 75, Vaidhyanathan Street, Tondiarpet, Chennai-600081,
Tamilnadu, India |
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Date of Birth/Age : |
12.02.1975 |
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Date of Appointment : |
10.08.2011 |
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PAN No.: |
AAIPG7792B |
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DIN No.: |
00326647 |
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Other Directorship:
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Name : |
Mr. Pankaj Agarwal |
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Designation : |
Director |
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|
Address : |
Flat No 4E, The Heritage Apartments, No 18- 21,4Th Cross Street,
Ormes Road, Kilpauk, Chennai-600010, Tamilnadu, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
02.08.1974 |
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Qualification : |
26.05.2006 |
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|
Date of Appointment : |
Graduate |
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PAN No.: |
AFLPA1767N |
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DIN No.: |
01357841 |
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Other Directorship:
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|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Balaji Radhakrishnan |
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Designation : |
Director |
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Address : |
Meenatchi
Street, Lakshmi Amman Nagar, Kodungaiyur-600118, Tamilnadu, India |
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Date of Birth/Age : |
25.07.1975 |
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Qualification : |
Graduate |
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|
Date of Appointment : |
27.08.2012 |
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PAN No.: |
ALSPB3946P |
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DIN No.: |
06365346 |
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Gautam Kumar Kundu |
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|
Designation : |
Director |
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|
Address : |
No.319-A, Second Floor, Seventh Cross, Bridavan Road, Salem - 636004,
Tamilnadu, India |
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Date of Birth/Age : |
07.05.1959 |
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Qualification : |
Master Degree |
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|
Date of Appointment : |
12.09.2012 |
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PAN No.: |
AAXPK4038M |
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DIN No.: |
06379876 |
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KEY EXECUTIVES
|
Name : |
Mr. Rajesh P |
|
Designation : |
Company Secretary |
|
Address : |
No.12/212, 1st Fllor, S.V.Nagar, Sennerkuppam,
Poonammallee, Chennai- 600056, Tamilnadu, India |
|
Date of Birth/Age : |
19.08.1983 |
|
Date of Appointment : |
03.10.2013 |
|
PAN No.: |
AJWPR2237B |
MAJOR SHAREHOLDERS
AS ON 31.03.2016
SHAREHOLDERS DETAILS FILE ATTACHED
AS ON 30.09.2016
|
Equity Share
Break up |
Percentage |
|
Category |
|
|
Promoters - Individual/Hindu Undivided Family – Indian |
2.33 |
|
Promoters - Bodies corporate |
71.57 |
|
Public/Other than promoters - Individual/Hindu Undivided Family – Indian |
2.13 |
|
Public/Other than promoters - Individual/Hindu Undivided Family – Non-resident Indian (NRI) |
0.30 |
|
Public/Other than promoters - Individual/Hindu Undivided Family – Foreign national (other than NRI) |
20.64 |
|
Public/Other than promoters - Bodies corporate |
3.03 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of iron and steel products and coal based thermal power plants and equipments. (Registered Activity) |
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Products / Services
: |
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||||||
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Brand Names : |
Not Available |
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||||||
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Agencies Held : |
Not Available |
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||||||
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Exports : |
Not Available |
||||||
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|
||||||
|
Imports : |
Not Available |
||||||
|
|
|
||||||
|
Terms : |
Not Available |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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|
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|
Bankers : |
·
State Bank of Patiala, MID-Corporate Branch
30, Whites Road, Chennai-600014, Tamilnadu, India |
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|
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Facilities : |
|
|
Auditors : |
|
|
Name : |
Singhi and Company Chartered Accountants |
|
Address : |
Unit-11-D, 11th
Floor, Ega Trade Centre, 809, Poonamalle High Road, Kilpauk, Chennai- 600010,
Tamilnadu, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AASFS9578D |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key Management
personnel and their relatives (As on 31.03.2016) : |
Suryadev Foundation, India |
|
|
|
|
Other related party
(As on 31.03.2016) : |
BMP Steel Private Limited, India |
CAPITAL STRUCTURE
AS ON 30.09.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80000000 |
Equity Shares |
INR 10/- each |
INR 800.000 Million |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
65439179 |
Equity Shares |
INR 10/- each |
INR 654.392 Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
46822929 |
Equity Shares |
INR 10/- each |
INR 468.229 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
468.229 |
422.639 |
399.453 |
|
(b) Reserves &
Surplus |
8380.131 |
6020.262 |
4965.178 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
500.053 |
|
Total Shareholders’ Funds
(1) + (2) |
8848.360 |
6442.901 |
5864.684 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
4127.161 |
5552.955 |
7222.922 |
|
(b) Deferred tax
liabilities (Net) |
768.700 |
554.800 |
205.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
13.679 |
11.553 |
9.500 |
|
Total Non-current
Liabilities (3) |
4909.540 |
6119.308 |
7437.422 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3610.919 |
5748.104 |
5287.923 |
|
(b) Trade payables |
367.838 |
1810.925 |
2189.387 |
|
(c) Other current
liabilities |
1011.100 |
924.167 |
1403.182 |
|
(d) Short-term provisions |
131.997 |
215.158 |
4.932 |
|
Total Current Liabilities
(4) |
5121.854 |
8698.354 |
8885.424 |
|
|
|
|
|
|
TOTAL |
18879.754 |
21260.563 |
22187.530 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
8237.501 |
8774.365 |
8991.954 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
1643.863 |
1403.224 |
1182.742 |
|
(iv) Intangible assets
under development |
0.000 |
2.010 |
2.011 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
6.500 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2160.292 |
1960.057 |
1792.250 |
|
(e) Other Non-current
assets |
0.205 |
6.486 |
5.976 |
|
Total Non-Current Assets |
12041.861 |
12146.142 |
11981.433 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
3.687 |
3.628 |
0.518 |
|
(b) Inventories |
2344.299 |
2059.382 |
3631.856 |
|
(c) Trade receivables |
2072.091 |
2581.406 |
1908.821 |
|
(d) Cash and cash
equivalents |
668.266 |
1371.899 |
2220.891 |
|
(e) Short-term loans and advances |
1341.479 |
2709.572 |
2391.645 |
|
(f) Other current assets |
408.071 |
388.534 |
52.366 |
|
Total Current Assets |
6837.893 |
9114.421 |
10206.097 |
|
|
|
|
|
|
TOTAL |
18879.754 |
21260.563 |
22187.530 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
12659.788 |
16029.347 |
13503.996 |
|
|
Other Income |
0.060 |
288.244 |
5.351 |
|
|
TOTAL |
12659.848 |
16317.591 |
13509.347 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
7524.426 |
7315.147 |
7740.965 |
|
|
Purchases of
Stock-in-Trade |
1568.054 |
3637.597 |
2018.047 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(116.427) |
1617.708 |
(258.163) |
|
|
Employees benefits
expense |
193.849 |
181.124 |
136.371 |
|
|
CSR expenditure |
5.525 |
4.953 |
0.000 |
|
|
Other expenses |
1235.139 |
1125.022 |
1576.043 |
|
|
TOTAL |
10410.566 |
13881.551 |
11213.263 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
2249.282 |
2436.040 |
2296.084 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
1048.682 |
973.490 |
1421.645 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
1200.600 |
1462.550 |
874.439 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
582.300 |
289.200 |
760.975 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
618.300 |
1173.350 |
113.464 |
|
|
|
|
|
|
|
Less |
TAX |
349.960 |
595.947 |
146.342 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
268.340 |
577.403 |
(32.878) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
0.000 |
0.000 |
16.654 |
|
|
TOTAL EARNINGS |
0.000 |
0.000 |
16.654 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
3865.371 |
1669.120 |
1862.809 |
|
|
Components and Spare
parts |
1.775 |
0.753 |
1.169 |
|
|
TOTAL IMPORTS |
3867.146 |
1669.873 |
1863.978 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
5.73 |
13.66 |
(0.82) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
666.144 |
608.756 |
608.756 |
|
Net cash flows from (used in) operations |
2222.493 |
1961.484 |
3634.833 |
|
Net cash flows from (used in) operating activities |
1967.342 |
1760.860 |
3413.144 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365) |
59.74 |
58.78 |
51.59 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sunday Debtors) |
6.11 |
6.21 |
7.07 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
14.77 |
60.35 |
81.89 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.96 |
1.18 |
0.63 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.23 |
0.24 |
0.23 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets) |
0.53 |
0.70 |
0.75 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.95 |
1.85 |
2.24 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.58 |
1.35 |
1.52 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.12 |
1.58 |
1.74 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.14 |
2.50 |
1.62 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
2.12 |
3.60 |
(0.24) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.42 |
2.72 |
(0.15) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
3.03 |
8.96 |
(0.56) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.34 |
1.05 |
1.15 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current Liabilities) |
0.88 |
0.81 |
0.74 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.47 |
0.30 |
0.26 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
17.95 |
28.18 |
32.84 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.34 |
1.05 |
1.15 |
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 |
399.453 |
422.639 |
468.229 |
|
Reserves & Surplus |
4965.178 |
6020.262 |
8380.131 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
500.053 |
0.000 |
0.000 |
|
Net worth |
5864.684 |
6442.901 |
8848.360 |
|
|
|
|
|
|
Long-term borrowings |
7222.922 |
5552.955 |
4127.161 |
|
Short term borrowings |
5287.923 |
5748.104 |
3610.919 |
|
Current Maturities of
Long term debt |
608.756 |
608.756 |
666.144 |
|
Total borrowings |
13119.601 |
11909.815 |
8404.224 |
|
Debt/Equity ratio |
2.237 |
1.849 |
0.950 |
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 |
13503.996 |
16029.347 |
12659.788 |
|
|
|
18.701 |
(21.021) |
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 |
13503.996 |
16029.347 |
12659.788 |
|
Profit/ (Loss) |
(32.878) |
577.403 |
268.340 |
|
|
(0.24%) |
3.60% |
2.12% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
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 |
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 |
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 |
NOTE: Registered office of the company has been
shifted from No: 2 and 4, 4th floor , "Golden Enclave"
184,Poonamallee High Road, Kilpauk, Chennai-600010,Tamilnadu, India to the present address w.e.f. 14.06.2013.
BUSINESS REVIEW (As
on 31.03.2016)
The company is committed to achieving excellence and successful operations despite facing many hurdles and challenges during the financial year 2015-16. The major hurdle being the delay in Financial Tie up of Term Loan towards the expansion project.
The Financial tie up has been achieved and the expansion project would be implemented as committed within the timeframe.
Both the power plants are being operated at more than 90% of its installed capacity. The performance of the power plant is satisfactory and have exceeded the expectations. Further, in the steel division, the capacity utilization levels achieved is as envisaged by the Board.
ECONOMIC OUTLOOK (As
on 31.03.2016)
According to the International Monetary Fund (IMF), the global economy is expected to grow at approximately 3.2% in 2016. USA is showing signs of strong fundamentals (low unemployment, consumer spending etc.), which continue to support recovery. Asia contributed on an average two-thirds to the global economic growth in the past few years and is expected to continue driving this growth in 2016. Japan is expected to remain steady while China is expected to witness a marginal slowdown in growth. Risks to global growth in the form of deflation, slowdown in China, lower commodity prices and interest rate hike in USA continue to weigh heavily on the growth momentum and outlook. GDP growth in Europe is expected to remain low as the strength of supportive factors (accommodative monetary policy, low energy prices and Euro depreciation) diminishes, amidst uncertainty relating to Britain’s referendum, migrant crisis and geo-political tensions. Europe continues to face multiple headwinds due to high debt levels, a fragile banking sector and increasing political impasse.
Prospects of higher growth in Financial Year 2016-17 are primarily dependent upon the economic performance of developing and emerging economies, especially India, as they continue to be the engine of global growth. Sustainable development, as envisaged by the IMF, may require global economies to adopt measures to improve labour markets, decrease debt and income inequality while addressing key issues like demographic shifts and climate change. India is expected to continue its growth momentum in Financial Year 2016-17 on the back of robust manufacturing sector growth. Further, various measures such as ‘Make in India’, ‘Smart Cities’, ‘Digital India’ that the Government has been taking in the last couple of years are beginning to show results and the gradual implementation of structural reforms will continue to broaden and contribute towards higher growth.
STEEL INDUSTRY
OUTLOOK (As on 31.03.2016)
During the year, global steel demand stood at 1.5 billion tonnes, a decline of approximately 2.5% compared to the previous year. This drop has cast a shadow on the global growth. The steel demand in China was lower by 5.4% as compared to Financial Year 2014-15. Current forecasts suggest that the demand would fall by 4% in Financial Year 2016-17 and by 3% in Financial Year 2017-18. Also, the demand was significantly lower in other countries such as - Brazil by 16.7%, USA by 10.6%, Russia by 8.4% and Japan by 7%. For Financial Year 2015-16, the global crude steel production stood at 1622.800 million tonnes, a decline of 2.8% compared to the previous year.
The Indian steel industry is the third largest producer of crude steel, only behind China and Japan. In India, the growth in production was driven by capacity expansion from approximately 80 million tonnes in Financial Year 2010-11 to 110 million tonnes in Financial Year 2014-15, a CAGR growth of 8%. During Financial Year 2015-16, the total steel demand stood at 80 million tonnes growing at 4.5% over the previous year.
During the year, India continued to witness significant level of imports to the tune of 10 million tonnes as against 13.000 million tonnes last year, while initiatives like the safeguard duty and minimum import price have provided some relief to predatory pricing being followed by the exporting countries.
Steel demand in Europe grew by 2.3% to 150 metric tonnes (2014: 4.7%), mainly due to growth in the automotive sector. In 2015, the EU became a net importer of steel, for the first time since 2008. The increase was mainly fulfilled by imported steel from China.
UNSECURED LOANS:
|
PARTICULAR |
31.03.2016 INR In Million |
31.03.2015 INR In Million |
|
Long-term
Borrowings |
|
|
|
Loans and advances from related parties |
0.000 |
1812.588 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Loans and advances from directors |
2.969 |
47.570 |
|
Total |
2.969 |
1860.158 |
INDEX OF CHARGE:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
C68646264 |
10599547 |
Indian Overseas Bank |
19/09/2015 |
- |
- |
20316800000.0 |
ROYAPURAM BRANCH153/62, 155/63, M.S Koil Street,ChennaiTN600013IN |
|
2 |
C82319088 |
10583589 |
Indian Overseas Bank |
30/06/2015 |
24/02/2016 |
- |
9580000000.0 |
ROYAPURAM BRANCH153/62, 155/63, M.S Koil Street,ChennaiTN600013IN |
|
3 |
C36675296 |
10536075 |
Indian Overseas Bank |
18/11/2014 |
- |
- |
4226000000.0 |
153/62 & 155/63, Mannarswamy Koil StreetRoyapuramChennaiTN600013IN |
|
4 |
B79507927 |
10060574 |
INDIAN OVERSEAS BANK |
12/07/2007 |
21/06/2013 |
- |
10241800000.0 |
ROYAPURAM BRANCH153/62, 155/63, M.S Koil Street,ChennaiTN600013IN |
|
5 |
C76872365 |
10559608 |
STATE BANK OF PATIALA |
30/01/2015 |
- |
12/01/2016 |
470000000.0 |
MID-CORPORATE BRANCH30, WHITES ROAD,CHENNAITN600014IN |
|
6 |
C60338571 |
10103130 |
UNION BANK OF INDIA |
17/05/2008 |
13/07/2010 |
10/07/2015 |
300300000.0 |
OVERSEAS BRANCHOLD.NO.96, NEW,NO.74, G.N.CHETTY ROAD, T.NAGAR.CHENNAITN600017IN |
|
7 |
B94649498 |
10400011 |
STATE BANK OF PATIALA |
28/12/2012 |
- |
22/01/2014 |
400000000.0 |
Mid Corporate branch30, Whites RoadchennaiTN600014IN |
|
8 |
B94182300 |
10413312 |
Bank of Baroda |
12/03/2013 |
- |
06/01/2014 |
1163900000.0 |
28, Rajaji SalaiChennaiTN600001IN |
|
9 |
B94649894 |
10413759 |
Bank of Baroda |
12/03/2013 |
- |
06/01/2014 |
1163900000.0 |
28, Rajaji SalaiChennaiTN600001IN |
|
10 |
B91086231 |
10414434 |
PUNJAB NATIONAL BANK |
06/03/2013 |
- |
04/12/2013 |
280000000.0 |
No 781-785, III FloorRayala TowerChennaiTN600002IN |
FIXED ASSETS:
Tangible Asset:
- Land
- Building
- Plant and equipment
- Office equipment
- Furniture and Fixture
- Computer
- Vehicles
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 65.23 |
|
|
1 |
INR 79.50 |
|
Euro |
1 |
INR 89.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
JYTK |
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.