|
|
|
MIRA INFORM REPORT
|
Report No. : |
495507 |
|
Report Date : |
06.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
VASWANI INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Bahesar Road, Near Cycle Park, Village Sondra, Phase-II,
Industrial Area, Siltara, Raipur – 493221, Chhattisgarh |
|
Tel. No.: |
91-771-4226000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
22.07.2003 |
|
|
|
|
Com. Reg. No.: |
015964 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 300.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28939CT2003PLC015964 |
|
|
|
|
IEC No.: |
6306000135 |
|
|
|
|
GST No.: |
22AABCV9564E1ZB |
|
|
|
|
TIN No.: |
22421902697 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCV9564E |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of Sponge Iron, Steel Billets & Ingots
and Power Generation. [Registered
Activity] |
|
|
|
|
No. of Employees
: |
133 (Approximately) |
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 2486200 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Vaswani Industries Limited was incorporated in the year 2003. It is a manufacturer of Fabricated Metal products. For the financial year 2017, the revenue of the company has increased by 7.58% along with low profit margin of 0.69%. The satisfactory financial profile of the company is marked by sufficient networth base along with negligible debt level. The rating takes into consideration equity infused by its promoters. The company has its share prices trading at around INR 16.90 against the Face Value (FV) of 10 on BSE as on 1st March, 2018. Business is active. Payments 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 (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 |
CRISIL |
|
Rating |
Long Term (issuer not cooperating) = BB - |
|
Rating Explanation |
Moderate risk of default |
|
Date |
18.07.2017 |
|
|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term (issuer not cooperating) = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk |
|
Date |
18.07.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 06.03.2018.
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 Office/ Factory : |
Bahesar Road, Near Cycle Park, Village
Sondra, Phase-II, Industrial Area, Siltara, Raipur –
493221, Chhattisgarh, India |
|
Tel. No.: |
91-771-4226000/ 4226067/ 68/ 69 |
|
Fax No.: |
91-771-4226099/ 4226066 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Ashok Kumar Suri |
|
Designation : |
Director |
|
Address : |
57, M.L Nehru Nagar (Old) Bhilai – 490020, Chhattisgarh, India |
|
Date of Birth/Age : |
07.03.1953 |
|
Date of Appointment : |
01.04.2009 |
|
DIN No.: |
00291897 |
|
|
|
|
Name : |
Mr. Ravi Kumar Vaswani |
|
Designation : |
Managing Director |
|
Address : |
Ward No.44, White Building, Behind Primary School, Mohba Bazar, Raipur- 492001, Chhattisgarh, India |
|
Date of Birth/Age : |
07.10.1962 |
|
Date of Appointment : |
01.04.2006 |
|
DIN No.: |
00308616 |
|
|
|
|
Name : |
Mrs. Satyawati Parashar |
|
Designation : |
Director |
|
Address : |
House No.-31/519, Brahman Para, Jay Kali Chowk, Bhoipara, Raipur - 492001 Chhattisgarh, India |
|
Date of Birth/Age : |
31.12.1977 |
|
Date of Appointment : |
14.09.2015 |
|
DIN No.: |
00761009 |
|
|
|
|
Name : |
Mrs. Sudha Vaswani |
|
Designation : |
Additional Director |
|
Address : |
Ward No. 44, Mahoba Bazar Behind Kota High School, Raipur-492001, Chhattisgarh, India |
|
Date of Appointment : |
06.01.2018 |
|
DIN No.: |
02909309 |
|
|
|
|
Name : |
Mr. Yashwant Vaswani |
|
Designation : |
Whole-time Director |
|
Address : |
Kwality Foundry Industries,12/13, Shashtri Market, Near Ever Green Chowk, Raipur- 492001, Chhattisgarh, India |
|
Date of Appointment : |
16.04.2004 |
|
DIN No.: |
01627408 |
|
|
|
|
Name : |
Mr. Lekhu Thadaram Mulchandan |
|
Designation : |
Director |
|
Address : |
Space Education, 226-228, 3rd Floor, Sriram Charm Towers, Near Nit bulding, Sada R Nagpur – 440001, Maharashtra, India |
|
Date of Birth/Age : |
01.10.1944 |
|
Date of Appointment : |
01.04.2009 |
|
DIN No.: |
02801146 |
|
|
|
|
Name : |
Mr. Sanjay Jadwani |
|
Designation : |
Director |
|
Address : |
House No C-11 and12, Infront of Navelti Electrical, Jawahar Nagar, Raipur- 492001, Chhattisgarh, India |
|
Date of Birth/Age : |
02.07.1969 |
|
Date of Appointment : |
06.12.2011 |
|
DIN No.: |
05139093 |
|
|
|
|
Name : |
Mr. Pawan Kumar Jha |
|
Designation : |
Additional Director |
|
Address : |
LIG-1080, Vir Savarkar Na Hirapur, Raipur – 492001, Chhattisgarh, India |
|
Date of Birth/Age : |
08.02.1961 |
|
Date of Appointment : |
31.03.2016 |
|
DIN No.: |
06812944 |
KEY EXECUTIVES
|
Name : |
Ms. Ragini Shukla |
|
Designation : |
Company Secretary |
|
Address: |
M.M. Street, Amlapara, Purulia-723101, West Bengal, India |
|
Date of Appointment : |
14.12.2017 |
|
PAN No.: |
IVEPS2226F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2017
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
17500000 |
58.33 |
|
(B) Public |
12500000 |
41.67 |
|
|
|
|
|
Total |
30000000 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category
of shareholder |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares (calculated as per SCRR, 1957)As a % of
(A+B+C2) |
|
|
A1) Indian |
0.00 |
|
|
|
Individuals/Hindu
undivided Family |
1,75,00,000 |
58.33 |
|
|
RAVI VASWANI |
84,92,160 |
28.31 |
|
|
SUDHA VASWANI |
41,13,825 |
13.71 |
|
|
YASHWANT RAVI VASWANI |
29,10,840 |
9.70 |
|
|
MANISHA VASWANI |
19,22,175 |
6.41 |
|
|
RAVI KUMAR VASWANI |
60,000 |
0.20 |
|
|
SATISH KUMAR VASWANI |
1,000 |
0.00 |
|
|
Sub Total A1 |
1,75,00,000 |
58.33 |
|
|
A2) Foreign |
0.00 |
|
|
|
A=A1+A2 |
1,75,00,000 |
58.33 |
|
Statement showing shareholding pattern of the Public
shareholder
|
Category
& Name of the Shareholders |
No.
of fully paid up equity shares held |
Shareholding
% calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
|
|||
|
|||
|
|||
|
B1) Institutions |
0 |
0.00 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share
capital upto INR 0.200 Million |
4274610 |
14.25 |
|
|
Individual share
capital in excess of INR 0.200 Million |
3187094 |
10.62 |
|
|
Any Other
(specify) |
5038296 |
16.79 |
|
|
Sub Total B3 |
12500000 |
41.67 |
|
|
B=B1+B2+B3 |
12500000 |
41.67 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Sponge Iron, Steel Billets & Ingots
and Power Generation. [Registered
Activity] |
|
|
|
|
Products/ Services : |
· Sponge Iron · Steel Billets & Ingots ·
Power Generation |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS (AS ON 31.03.2017)
|
Particulars |
Installed
Capacity |
Actual
Production |
|
Sponge Iron MT |
90000 |
78100.39 |
|
Steel Billets/Ingots MT |
66000 |
56151.699 |
|
Power MW |
11.5 |
-- |
|
Power in Units |
--- |
66332400 |
GENERAL INFORMATION
|
Suppliers : |
|
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|
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|
Customers : |
|
||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
133 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India Raipur-492001, Chhattisgarh, India · IDBI Bank Limited Raipur- 492001, Chhattisgarh, India · Bank of Baroda Raipur- 492001, Chhattisgarh, India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Batra Deepak and Associates Chartered Accountants |
|
Address : |
2nd Floor, Ashoka Plaza, Ashoka Ratan, Vidhan Sabha Marg, Shankar Nagar, Raipur-492007, Chhattisgarh, India |
|
Tel. No.: |
91-771-2281180 |
|
Mobile No.: |
91-9425502407 |
|
E-Mail : |
|
|
|
|
|
Cost Auditors |
|
|
Name : |
Sanat Joshi and Associates Cost Accountants |
|
Address : |
Prem Poorn, Pt. Din Dayal Upadhyay Nagar, Akash Gas Godown Road, P.O. Gudhiary, Raipur – 492011, Chhattisgarh, India |
|
|
|
|
Secretarial Auditors |
|
|
Name : |
Satish Batra and Associates Company Secretaries |
|
Address : |
2nd Floor, Ashoka Plaza, Ashoka Ratan, Vidhan Sabha Marg, Shankar Nagar, Raipur-492007, Chhattisgarh, India |
|
|
|
|
Internal
Auditors |
|
|
Name : |
A Siddique and Associates Chartered Accountants |
|
Address : |
1st Floor, Behind Lal Ganga Shopping Mall, Near Modern
X-Ray, Raipur 492007, Chhattisgarh, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Group Companies/ Associates : |
· Vaswani Cement Limited · Vaswani Energy Limited · Shubh Infrastructure Limited · Kwality Foundry Industries · C.G. Ispat Private Limited · Cosmos Castings (India) Limited ·
Vaswani Ispat Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34750000 |
Equity Shares |
INR 10/- each |
INR 347.500 Million |
|
250000 |
Non-Cumulative Preference Shares |
INR 10/- each |
INR 2.500 Million |
|
|
Total |
|
INR 350.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
INR 10/- each |
INR 300.000 Million |
|
|
|
|
|
The Company has only one class of equity shares having a par value of INR 10 Each. Each shareholder is eligible for 1 vote per share. Out of Issued, Subscribed and Paid Up Capital 2500000 shares is issued as bonus share in the year 2011-12.
Details of Shares
held by shareholders holding more than 5% of the in aggregate shares the
company
|
|
As on 31.03.2017 |
|
|
Name of
Shareholders |
Number
of Shares |
% holding |
|
Pramod Vaswani |
3969860 |
13.23 |
|
Ravi Vaswani |
3942300 |
13.14 |
|
Yashwant Ravi Vaswani |
2190840 |
7.30 |
|
Juhi Vaswani |
2108300 |
7.03 |
|
Manisha Vaswani |
1922175 |
6.41 |
|
Sudha Vaswani |
1855225 |
6.18 |
The Reconciliation of
the no. of shares outstanding is said below:-
|
Name of
Particulars |
Number
of Shares 31.03.2017
|
|
Equity Shares at the beginning of the year |
28654700 |
|
Add:- Shares Issued during the year as Public Issue |
-- |
|
Add:- shares issued to promoter during the year |
1345300 |
|
Add:- Shares Issued as Bonus Shares |
-- |
|
Equity Shares at the end of the year |
30000000 |
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 |
300.000 |
286.547 |
286.547 |
|
(b) Reserves & Surplus |
570.172 |
552.473 |
540.929 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
13.453 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
870.172 |
852.473 |
827.476 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
33.831 |
34.052 |
76.206 |
|
(b) Deferred tax liabilities (Net) |
28.458 |
29.620 |
27.541 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
3.378 |
3.938 |
0.790 |
|
Total
Non-current Liabilities (3) |
65.667 |
67.610 |
104.537 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
386.232 |
383.343 |
364.236 |
|
(b)
Trade payables |
264.754 |
245.358 |
253.474 |
|
(c)
Other current liabilities |
12.596 |
72.291 |
58.456 |
|
(d)
Short-term provisions |
5.843 |
6.598 |
6.006 |
|
Total
Current Liabilities (4) |
669.425 |
707.590 |
682.172 |
|
|
|
|
|
|
TOTAL |
1605.264 |
1627.673 |
1614.185 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
620.336 |
672.441 |
658.554 |
|
(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 |
70.687 |
74.046 |
74.046 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
59.642 |
65.428 |
55.224 |
|
(e)
Other Non-current assets |
60.473 |
22.993 |
28.281 |
|
Total
Non-Current Assets |
811.138 |
834.908 |
816.105 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
324.634 |
369.698 |
273.320 |
|
(c)
Trade receivables |
262.969 |
219.419 |
286.854 |
|
(d)
Cash and cash equivalents |
39.262 |
51.887 |
43.810 |
|
(e)
Short-term loans and advances |
162.923 |
147.230 |
191.210 |
|
(f)
Other current assets |
4.338 |
4.531 |
2.886 |
|
Total
Current Assets |
794.126 |
792.765 |
798.080 |
|
|
|
|
|
|
TOTAL |
1605.264 |
1627.673 |
1614.185 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
2555.106 |
2375.089 |
2548.133 |
|
|
|
Other Income |
3.968 |
5.958 |
5.356 |
|
|
|
TOTAL |
2559.074 |
2381.047 |
2553.489 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1609.076 |
1508.766 |
1669.029 |
|
|
|
Cost of Traded Goods |
354.417 |
265.802 |
265.144 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
27.380 |
15.097 |
54.644 |
|
|
|
Employees benefits expense |
33.725 |
39.922 |
33.497 |
|
|
|
Other expenses |
368.079 |
384.870 |
350.049 |
|
|
|
TOTAL |
2392.677 |
2214.457 |
2372.363 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
166.397 |
166.590 |
181.126 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
92.414 |
89.172 |
105.377 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
73.983 |
77.418 |
75.749 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
57.447 |
63.794 |
64.839 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
16.536 |
13.624 |
10.910 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(1.162) |
2.079 |
(0.596) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
17.698 |
11.545 |
11.506 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
CIF Value of Import |
111.005 |
171.455 |
127.547 |
|
|
TOTAL IMPORTS |
111.005 |
171.455 |
127.547 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
0.59 |
0.40 |
0.41 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
2.278 |
35.000 |
32.400 |
|
|
|
|
|
|
Cash generated from operations |
79.106 |
184.826 |
244.391 |
|
|
|
|
|
|
Net Cash from Operating Activity |
79.106 |
184.826 |
244.391 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
37.57 |
33.72 |
41.09 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
9.72 |
10.82 |
8.88 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
49.22 |
50.47 |
47.83 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.51 |
0.45 |
0.66 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.27 |
0.25 |
0.28 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.44 |
0.48 |
0.49 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.49 |
0.53 |
0.57 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.77 |
0.83 |
0.82 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.71 |
0.79 |
0.80 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.80 |
1.87 |
1.72 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
0.69 |
0.49 |
0.45 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
1.10 |
0.71 |
0.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
2.03 |
1.35 |
1.39 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.19 |
1.12 |
1.17 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.70 |
0.60 |
0.77 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.54 |
0.52 |
0.51 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
1.41 |
1.58 |
1.65 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.19 |
1.12 |
1.17 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
|
|
|
Market Value |
INR 16.90/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
286.547 |
286.547 |
300.000 |
|
Reserves & Surplus |
540.929 |
552.473 |
570.172 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
13.453 |
0.000 |
|
Net
worth |
827.476 |
852.473 |
870.172 |
|
|
|
|
|
|
long-term borrowings |
76.206 |
34.052 |
33.831 |
|
Short term borrowings |
364.236 |
383.343 |
386.232 |
|
Current Maturities of Long
term debt |
32.400 |
35.000 |
2.278 |
|
Total
borrowings |
472.842 |
452.395 |
422.341 |
|
Debt/Equity
ratio |
0.571 |
0.531 |
0.485 |
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 |
2548.133 |
2375.089 |
2555.106 |
|
|
|
(6.791) |
7.579 |
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 |
2548.133 |
2375.089 |
2555.106 |
|
Profit |
11.506 |
11.545 |
17.698 |
|
|
0.45% |
0.49% |
0.69% |
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 |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
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
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G75971895 |
100152225 |
BMW INDIA FINANCIAL SERVICES PRIVATE LIMITED |
30/06/2017 |
- |
- |
3500000.0 |
TOWER C, 14TH FLOOR, BUILDING NO. 10DLF CYBER CITY, PHASE-IIGURGAONHa122002IN |
|
2 |
C62328315 |
10587381 |
INDUSIND BANK LTD. |
07/08/2015 |
- |
- |
2000000.0 |
2401 GEN THIMMAYYA ROADCONTONMENTPUNEMH411001IN |
|
3 |
B39308739 |
10324584 |
STATE BANK OF INDIA |
29/11/2011 |
10/05/2012 |
- |
1040000000.0 |
COMMERCIAL BRANCH2ND FLOOR, PUJARI CHAMBERS, PACHPEDINAKARAIPURCT492001IN |
|
4 |
A99296709 |
10250942 |
IDBI Bank Limited |
15/10/2010 |
- |
- |
120000000.0 |
Specialised Corporate Branch, First Floor, SimranTower, Opp. LIC Main Building, Pandri,RaipurCT492004IN |
|
5 |
A99485500 |
10251150 |
IDBI Bank Limited |
15/10/2010 |
- |
- |
140000000.0 |
Specialised Corporate Branch, First Floor, SimranTower, Opp. LIC Main Building, Pandri,RaipurCT492004IN |
|
6 |
B23989312 |
10218927 |
State Bank of India |
26/03/2010 |
03/10/2011 |
- |
582000000.0 |
Commercial Branch2nd Floor , Pujari Chambers , Pachpedi NakaRaipurCT492001IN |
|
7 |
G29747904 |
10516523 |
INDUSIND BANK LTD. |
20/08/2014 |
- |
10/12/2016 |
900000.0 |
2401 GEN THIMMAYYA ROADCONTONMENTPUNEMH411001IN |
|
8 |
G29751021 |
10516507 |
INDUSIND BANK LTD. |
05/07/2014 |
- |
10/12/2016 |
1500000.0 |
2401 GEN THIMMAYYA ROADCONTONMENTPUNEMH411001IN |
|
9 |
C58461930 |
10097262 |
ICICI BANK LIMITED |
21/07/2007 |
- |
13/07/2015 |
600000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
10 |
C14614713 |
10357197 |
INDUSIND BANK LTD. |
14/04/2012 |
- |
27/07/2014 |
2500000.0 |
2401 GEN THIMMAYYA ROADCONTONMENTPUNEMH411001IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Unsecured Loan From
Directors |
|
|
|
Pramod Vaswani |
1.148 |
1.148 |
|
Ravi Vaswani |
15.465 |
15.465 |
|
Yashwant Vaswani |
11.888 |
11.888 |
|
|
|
|
|
Total |
28.501 |
28.501 |
PERFORMANCE REVIEW
During the year, the Company has achieved profit of INR 17.697 Million after meeting all expenses and taxes, as compared to INR 11.553 Million during the previous year. There is a significant growth of 53% over the previous year. The company has gained profit due to increase in sales volume and minimized the cost of the raw materials, stores and consumables, fuel and power cost. It is significant to note that the directors have fulfilled their assurance given in the last year’s report of improving the situation and bring more profit in the current year.
FUTURE PROSPECTS
Barring any unforeseen circumstances, the company hopes not only to maintain its current level of operations and to further improve thereon.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Consumption of steel is an indicator of economic development. While steel continues to have a stronghold in traditional sectors such as construction, housing and ground transportation, special steels are increasingly used in engineering industries such as power generation, petrochemicals and fertilizers. The company is engaged in integrated business of manufacture of sponge iron, steel billets & ingots and power generation at Sondra village in Raipur (Chhattisgarh).
OUTLOOK
The outlook of the company is broadly described in Vision and Mission statements of the Company. Options of shifting focus to steel making, separate power plant at pit head of coal block etc. are being examined to optimize the revenue in future.
OVERVIEW OF THE
COMPANY AND ITS PROJECT
Vaswani Industries Ltd. was incorporated under the Companies Act, 1956 on July 22, 2003 with the Registrar of Companies, Madhya Pradesh and Chhattisgarh and obtained Certificate of Business Commencement on February 10, 2004. The company was established with the object of manufacturing of Sponge Iron, Steel Billets and captive Power Generation. They are presently engaged in integrated business of manufacturing Sponge Iron, Steel Billets & Ingots and power generation. The company belongs to Vaswani Group of companies which has interest in iron & steel of over past two decades. The developments of the Company are as under:
(i) Their company has manufacturing facilities in an industrial area at Sondra village, 14 km from Raipur railway station. Their company installed first kiln of 1x100 TPD sponge iron in the year 2004-05 and over the period of time enhanced the total capacity of sponge iron to 3 x 100 TPD.
(ii) Has installed three Induction Furnaces with a capacity of 36000 MT for manufacturing of Steel Billets & Ingots utilizing in-house production of Sponge Iron.
(iii) The company started selling power in 2009. Power generation capacity enhanced to 11.5 MW (9 MW from WHRB and 2.50 MW from Coal) during the year 2010-2011.
Since inception the company has responded to changing
economic conditions and new market opportunities through periodic
restructuring. They firmly believe in benchmark product quality, customer
centric approach, people focus, ethical business practices and good corporate
citizenship. Company draw its strength from an age old tradition of reliable
customer service and quality products.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017
(INR IN MILLION)
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
INCOME FROM OPERATIONS |
|
|
|
|
Revenue from operations |
492.520 |
465.703 |
1533.011 |
|
Other Income |
1.452 |
0.807 |
3.667 |
|
Total
Income |
493.973 |
466.510 |
1536.678 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
355.803 |
316.908 |
1071.212 |
|
Cost of Traded Goods |
6.832 |
5.977 |
68.923 |
|
Changes in inventories of finished goods and
work-in-progress |
(5.750) |
5.735 |
(10.695) |
|
Employee benefits expense |
8.694 |
8.379 |
25.220 |
|
Finance Costs |
22.831 |
20.586 |
64.528 |
|
Depreciation and Amortization expenses |
13.417 |
13.413 |
40.348 |
|
Other expenses |
87.058 |
93.167 |
262.675 |
|
Total
Expenses |
488.886 |
464.165 |
1522.212 |
|
Profit/(Loss) before Exceptional Items and tax |
5.086 |
2.345 |
14.466 |
|
Exceptional Items |
--- |
--- |
--- |
|
Profit / (Loss) after Exceptional Items but before
tax |
5.086 |
2.345 |
14.466 |
|
Tax Expense |
|
|
|
|
Current
tax |
--- |
--- |
--- |
|
Deferred
tax |
(3.440) |
(0.572) |
(4.633) |
|
Profit/ loss for the period |
8.526 |
2.917 |
19.099 |
|
Other comprehensive income |
|
|
|
|
Items that will not be reclassified to profit or loss |
(0.000) |
--- |
(0.000) |
|
Income tax relating of items that will not be reclassified to profit or loss |
--- |
--- |
--- |
|
Items that will be reclassified to profit or loss |
0.299 |
0.299 |
1.422 |
|
Income tax relating of items that will be reclassified to profit or loss |
(0.61) |
(0.61) |
(.290) |
|
Total comprehensive income for the
period |
8.764 |
3.155 |
20.231 |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
300.000 |
300.000 |
300.000 |
|
Earnings per Equity Share (Par value INR 10 each) |
|
|
|
|
Basic |
0.29 |
0.11 |
0.67 |
|
Diluted |
0.29 |
0.11 |
0.67 |
|
Particulars |
9
Months ended (31.12.2017) |
|
INVESTOR COMPLAINTS |
|
|
Pending at the beginning of
the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed off during the
quarter |
Nil |
|
Remaining unresolved at the
end of the quarter |
Nil |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(INR In Million)
|
Particulars |
Quarter
ended |
Nine months ended |
|
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
1.
Segment Revenue |
|
|
|
|
a)
Iron and steel (Including Other
income) |
444.513 |
420.205 |
1383.577 |
|
b)
Power (Including Other income) |
49.460 |
46.304 |
153.101 |
|
c)
Real Estate |
--- |
--- |
--- |
|
d)
Fabrics |
--- |
--- |
--- |
|
Total |
493.973 |
466.509 |
1536.678 |
|
Less: Inter – segment revenue |
49.125 |
46.064 |
152.189 |
|
Total income
from operations (net sales) |
444.847 |
420.445 |
1384.490 |
|
2.
Segment Results |
|
|
|
|
Iron and steel |
18.540 |
29.193 |
53.476 |
|
Power |
9.378 |
(6.262) |
25.518 |
|
Real Estate |
--- |
--- |
--- |
|
Fabrics |
--- |
--- |
90.468 |
|
Total |
27.918 |
22.931 |
78.994 |
|
Finance Costs |
(22.831) |
(20.586) |
(64.528) |
|
Other
un-allocable expenses (Net of other Un-allocable Income) |
--- |
--- |
--- |
|
Total Profit
Before Tax |
5.086 |
2.344 |
14.466 |
|
Tax Expenses |
(3.440) |
(0.572) |
(4.633) |
|
Total
Profit After Tax |
8.526 |
2.917 |
19.099 |
|
3.
Segment Assets |
|
|
|
|
Iron and steel |
1105.928 |
1074.732 |
1105.928 |
|
Power |
316.120 |
319.878 |
316.120 |
|
Real Estate |
54.815 |
54.815 |
54.815 |
|
Fabrics |
115.421 |
118.421 |
115.421 |
|
Unallocated |
47.800 |
39.408 |
47.800 |
|
Total Assets |
1640.083 |
1607.254 |
1640.083 |
|
4.
Segment Liabilities |
|
|
|
|
Iron and steel |
735.625 |
694.425 |
735.625 |
|
Power |
7.202 |
5.649 |
7.202 |
|
Real Estate |
--- |
--- |
--- |
|
Fabrics |
--- |
--- |
--- |
|
Unallocated |
30.727 |
45.648 |
30.727 |
|
Total Liabilities |
773.554 |
745.722 |
773.554 |
|
5.
Equity/
Capital Employed |
866.529 |
861.532 |
866.529 |
|
Total (4+5) |
1640.083 |
1607.254 |
1640.083 |
Notes:
1. The above unaudited financial results have been reviewed by the audit committee and approved by the Board of Directors at their meeting held on 14th February, 2018.
2. Result for the quarter and nine months ended 31st December, 2017 are in
compliance with Indian Accounting Standards (Ind-AS) notified by the Ministry
of Corporate Affairs. Consequently, result for the quarter and nine months
ended 31st December 2016, have been restated to comply with Ind-AS to make them
comparable.
3. The statutory auditors of the Company have conducted a limited review of the
above unaudited financial results for the quarter and nine months ended
December 31, 2017. An unqualified report has been issued by them thereon.
4. Previous period figures have been regrouped / reclassified to be in
conformity with current period’s classification / disclosure, wherever
necessary.
5. Reconciliation between financial results as previously reported under
previous GAAP and Ind-AS for the Quarter and half year ended 31.12.2016:
|
Particulars |
Quarter
ended |
Nine months ended |
|
|
31.12.2016 (Unaudited) |
31.12.2016 (Unaudited) |
|
Net Profit as Per
Previous Indian GAAP |
1.102 |
8.169 |
|
Impact for financial
assets classified and measured at fair value through Profit & Loss |
(0.006) |
(0.006) |
|
Net Profit after tax
(Before OCI) as Per Ind-AS |
1.096 |
8.163 |
|
Other Comprehensive
Income (Net of Tax) |
(48.807) |
(48.807) |
|
Total Comprehensive Income under Ind AS |
(47.711) |
(40.644) |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claims against the
Company not acknowledged as debt: - |
|
|
|
Sales Tax |
15.990 |
15.990 |
|
Excise Duty |
13.964 |
19.194 |
|
Customs Duty |
8.603 |
8.603 |
|
Guarantees:- |
|
|
|
Letter of Credit |
252.332 |
295.127 |
|
Law Suit: South
Eastern Coalfields Ltd has lodged case against the company of which outcome of
law suit is unquantifiable, hence no provision accounted in books. |
||
FIXED ASSETS:
Tangible Assets
· Freehold Land
· Plant and Machinery
· Tools and Equipment
· Vehicle
· Lab Equipment
· Electrical Installation
· Building
·
Office Equipment
·
Computer & Software
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
|
INR |
|
US Dollar |
1 |
INR 65.05 |
|
UK Pound |
1 |
INR 89.70 |
|
Euro |
1 |
INR 80.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
IND |
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 |
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.