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|
MIRA INFORM REPORT
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Report No. : |
496000 |
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Report Date : |
08.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
SARTHAK METALS LIMITED (w.e.f. 23.08.2016) |
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Formerly Known
As : |
SARTHAK METALS PRIVATE LIMITED (w.e.f. 22.08.2016) SARTHAK METALS MARKETING PRIVATE LIMITED |
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Registered
Office : |
B.B.C Colony, G.E Road, Khursipar, Bhilai – 490011, Chhattisgarh |
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Tel. No.: |
91-788-3290584/ 2296499/ 2296495 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
28.07.1995 |
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Com. Reg. No.: |
33-009772 |
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Capital
Investment / Paid-up Capital : |
INR 136.898 Million |
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CIN No.: [Company Identification
No.] |
L51102CT1995PLC009772 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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CST/ TIN No.: |
22293300587 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AADCS2008J |
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GSTN : [Goods & Service Tax
Registration No.] |
22AADCS2008J1ZS |
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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 the manufacturing and selling cored wires, ferro alloys, aluminium wire, industrial gases and related items. (Registered Activity) |
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No. of Employees
: |
100 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
USD 930000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Sarthak Metals Limited was incorporated in the year 1995. It is
engaged in manufacturing of metallurgical cored wires, aluminium flipping
coil and industrial gases. For the financial year 2017, the revenue of the company has increased
by 19.10% along with average profit margin of 2.60%. 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 rating also takes into consideration the subject’s long track
record of business operations along with extensive experience of its
promoters. The company has its share price trading at around INR 58.05 against
the Face Value (FV) of INR 10 on BSE as on 6th March, 2018. However, these rating strengths are partially offset by unfavourable
gap between trade payables and trade receivables. Business is active. Payment seems to be usually 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 |
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Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long Term=BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
31.01.2018 |
|
Rating Agency Name |
CRISIL |
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Rating |
Short Term=A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
31.01.2018 |
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 08.03.2018
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.
INFORMATION DENIED BY
|
Name : |
Mr. Mayur Bhatt |
|
Designation : |
Whole-time Director |
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Contact No.: |
91-9329029474 |
|
Date : |
05.03.2018 |
(Tel. No.: 91-788-3290584/ 2296495 - Ringing)
LOCATIONS
|
Registered Office/ Head Office/ Corporate Office : |
B.B.C Colony, G.E Road, Khursipar, Bhilai – 490011, Chhattisgarh, India |
|
Tel. No.: |
91-788-3290584/ 2296499/ 2296495 |
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Mobile No.: |
91-9329029474 [Mr. Mayur Bhatt] |
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Fax No.: |
91-788-2225874/ 2296495 |
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E-Mail : |
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Website : |
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Factory : |
17/N, Heavy Industrial Area, Hathkhoj, Bhilai – 490026, Chhattisgarh, India |
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Branch Office : |
S K Tower, 2nd Floor, Nelson Square, Nagpur – 440013, Maharashtra, India |
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Tel. No.: |
91-712-2582404/ 05 |
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E-Mail : |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Anoop Kumar Bansal |
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Designation : |
Managing Director |
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Address : |
House No. 40, Sunder Nagar, Bhilai – 490020, Chhattisgarh, India |
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Date of Birth/Age : |
28.07.1967 |
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Date of Appointment : |
28.07.1995 |
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PAN No.: |
ADDPB1909K |
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DIN No.: |
01661844 |
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Name : |
Mr. Sanjay Shah |
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Designation : |
Whole-time director |
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Address : |
M-21, Nandanwan Colony, Nagpur – 440009, Maharashtra, India |
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Date of Birth/Age : |
06.02.1962 |
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Date of Appointment : |
02.01.2003 |
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PAN No.: |
AHAPS4933R |
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DIN No.: |
00350967 |
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|
Name : |
Mr. Mayur Bhatt |
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Designation : |
Whole-time Director |
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Address : |
15/2, Priyadarshini Parisar (E), Supela, Bhilai – 490023, Chhattisgarh, India |
|
Date of Appointment : |
21.08.2016 |
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DIN No.: |
07586457 |
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Name : |
Mr. Chetan Kumar |
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Designation : |
Director |
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Address : |
B-2/17, Safdurjung Enclave, Delhi – 110029, India |
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Date of Appointment : |
24.08.2016 |
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DIN No.: |
00327687 |
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Name : |
Mr. Rama Kohli |
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Designation : |
Director |
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Address : |
Contractors Colony, Supela, Bhilai – 490023, Chhattisgarh, India |
|
Date of Appointment : |
24.08.2016 |
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DIN No.: |
01835824 |
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Name : |
Mr. Kishore Kumar Bansal |
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Designation : |
Director |
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Address : |
H.No. 40, Sunder Nagar, Near Goal Market, Vaishali Nagar, Bhilai – 490023, Chhattisgarh, India |
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Date of Appointment : |
28.07.1995 |
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DIN No.: |
03067387 |
KEY EXECUTIVES
|
Name : |
Mr. Anirudh Singhal |
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Designation : |
Chief Financial Officer |
|
Address : |
14, Ashoka Apartments, A-2, Paschim Vihar, New Delhi – 110063, India |
|
Date of Appointment : |
04.08.2016 |
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PAN No.: |
BELPS2753A |
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|
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|
Name : |
Ms. Itika Singhal |
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Designation : |
Company Secretary and Compliance Officer |
|
Address : |
B-1873, Shastri Nagar, Delhi – 110052, India |
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Date of Appointment : |
15.04.2017 |
|
PAN No.: |
BQWPS3657Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2017
|
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) Promoter and Promoter
Group |
9479950 |
69.25 |
|
|
(B) Public |
4209800 |
30.75 |
|
|
Grand
Total |
13689750 |
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 |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
7349700 |
53.69 |
|
|
CHAMANLAL KHUSHALJI SHAH
HUF |
247500 |
1.81 |
|
|
DESHRAJ BANSAL HUF |
540000 |
3.94 |
|
|
MANOJ KUMAR BANSAL HUF |
213300 |
1.56 |
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|
ANOOP KUMAR BANSAL HUF |
144000 |
1.05 |
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KISHORE KUMAR BANSAL |
741000 |
5.41 |
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|
MANOJ KUMAR BANSAL |
3782700 |
27.63 |
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ANOOP KUMAR BANSAL |
1145250 |
8.37 |
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|
SANJAY CHAMANLAL SHAH |
535950 |
3.91 |
|
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Any Other (specify) |
2130250 |
15.56 |
|
|
SARTHAK ENERGY PRIVATE
LIMITED |
1250 |
0.01 |
|
|
METAL GRACE INJECTION
ALLOYS PRIVATE LIMITED |
900000 |
6.57 |
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|
KIRTI BANSAL |
231300 |
1.69 |
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SANJU BANSAL |
237000 |
1.73 |
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SIMMI BANSAL |
222500 |
1.63 |
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SHALINI SANJAY SHAH |
261000 |
1.91 |
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CHAMPABEN CHAMANLAL SHAH |
277200 |
2.02 |
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Sub Total A1 |
9479950 |
69.25 |
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|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
9479950 |
69.25 |
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 |
No. of Locked in
shares |
||
|
No. |
As a % of total
Shares held |
||||
|
B1) Institutions |
0 |
0.00 |
0.00 |
||
|
B2) Central Government/
State Government(s)/ President of India |
0 |
0.00 |
0.00 |
||
|
B3) Non-Institutions |
0 |
0.00 |
0.00 |
||
|
Individual share capital
upto INR 0.200 Million |
1049250 |
7.66 |
1250 |
0.12 |
|
|
Individual share capital in
excess of INR 0.200 Million |
2252550 |
16.45 |
572550 |
25.42 |
|
|
GOPAL AGRAWAL |
160000 |
1.17 |
0.00 |
||
|
HARSH SARAWGI |
144000 |
1.05 |
0.00 |
||
|
MAYUR BHATT |
454050 |
3.32 |
454050 |
100.00 |
|
|
SANJAY POPATLAL JAIN |
228000 |
1.67 |
0.00 |
||
|
SUNIL KUMAR PYARELAL
AGARWAL |
320000 |
2.34 |
0.00 |
||
|
Any Other (specify) |
908000 |
6.63 |
0.00 |
||
|
BHILAI TECHNO PRIVATE
LIMITED |
324000 |
2.37 |
0.00 |
||
|
GUINESS SECURITIES
LIMITED |
173000 |
1.26 |
0.00 |
||
|
IL & FS SECURITIES
SERVICES LIMITED |
241000 |
1.76 |
0.00 |
||
|
Clearing Members |
40000 |
0.29 |
0.00 |
||
|
NRI |
36000 |
0.26 |
0.00 |
||
|
Sub Total B3 |
4209800 |
30.75 |
573800 |
13.63 |
|
|
B=B1+B2+B3 |
4209800 |
30.75 |
573800 |
13.63 |
|
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the manufacturing and selling cored wires, ferro alloys, aluminium wire, industrial gases and related items. (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 Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
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Facilities : |
Notes: Long-term
Borrowings Term loan from State Bank of India was taken during the current financial year and carries effective interest @ 10.75% p.a. The loan is repayable in 35 monthly installments of from the date of loan with a moratorium period of four months. The loan is secured by hypothecation of plant and machinery of the Company. Further, the loan has been guaranteed by the personal guarantees of some of the directors of the Company. Vehicle loans from banks is secured by hypothecation of respective vehicles of the Company. Short-term
borrowings Cash credit and Buyers' Credit from State Bank of India is secured against leasehold land, factoy land and commercial office complex in the name of the Company. The cash credit is repayable on demand and carries effective interest @ 12.05% p.a. Further, the credit has been guaranteed by the personal guarantee of the directors of the Company. Financing facility from Axis Bank is secured against inventory of the Company. The loan is repayable on demand and arries effective interest @ 10.85% p.a. |
|
Auditors : |
|
|
Name : |
B. Vishwanath and Company Chartered Accountants |
|
Address : |
Block -7, 1st Floor, Himalaya Complex, G E Road, Supela,
Bhilai - 490023, Chhattisgarh, India |
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Income-tax
PAN of auditor or auditor's firm : |
AAKFB3554G |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Other related
entities : |
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CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
INR 10/- each |
INR 150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13689750 |
Equity Shares |
INR 10/- each |
INR 136.898
Million |
|
|
|
|
|
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of
the reporting period:
|
Particulars |
Opening Balance |
Fresh issue (IPO)/ Bonus |
ESOP |
Conversion |
Closing Balance |
|
Equity shares with voting
rights |
|
|
|
|
|
|
Year ended 31 March, 2017 |
|
|
|
|
|
|
- Number of shares |
12089750 |
1600,000 |
-- |
-- |
13689750 |
|
- Amount (INR In Million) |
120897500.00 |
16000000.00 |
-- |
-- |
136897500.00 |
Details of shares held by each shareholder
holding more than 5% shares:
Equity shares with voting rights
|
Class
of shares / Name of shareholder |
As at 31 March, 2017 |
|
|
Particulars |
Number
of shares held |
%
holding in that class of shares |
|
Directors |
|
|
|
Anoop
Kumar Bansal |
1145250 |
8.37 |
|
Kishore
Kumar Bansal |
741000 |
5.41 |
|
Relatives |
|
|
|
Manoj
Kumar Bansal |
3782700 |
27.63 |
|
Others |
|
|
|
Sarthak
Energy Private Limited (Earlier known as Comet Technologies
Private Limited) |
1250 |
Less than 5 % |
|
Metal-Grace
Injection Alloys Private Limited |
900000 |
6.57 |
The company has only one class of equity shareholders. Each shareholder is entitled to right of one vote per share.
The company declares and pays dividend in Indian Rupees. Dividend proposed by directors is subject to approval of shareholders at the ensuing Annual General Meeting.
In the event of liquidation, equity shareholders shall be eligible to receive remaining assets of the company after distribution of all preferential amounts in proportion of their shareholding.
Number of bonus shares allotted to existing shareholders for consideration other than cash in the last 5 years:
|
SL.
No. |
Date
of issue of Fully Paid up Bonus Shares |
Number
of Bonus Share issued |
|
1 |
Friday,
March 16, 2012 |
2048000 |
|
2 |
Friday,
March 15, 2013 |
4011500 |
|
3 |
Saturday,
March 22, 2014 |
4023250 |
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 |
136.898 |
120.898 |
120.898 |
|
(b) Reserves & Surplus |
189.854 |
118.352 |
83.373 |
|
(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) |
326.752 |
239.250 |
204.271 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
10.046 |
4.103 |
7.019 |
|
(b) Deferred tax
liabilities (Net) |
1.651 |
1.245 |
1.680 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
1.219 |
0.880 |
0.000 |
|
Total Non-current
Liabilities (3) |
12.916 |
6.228 |
8.699 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
262.397 |
227.562 |
232.517 |
|
(b) Trade payables |
3.452 |
1.452 |
15.817 |
|
(c) Other current
liabilities |
1.174 |
1.318 |
6.181 |
|
(d) Short-term provisions |
20.716 |
13.044 |
0.000 |
|
Total Current Liabilities
(4) |
287.739 |
243.376 |
254.515 |
|
|
|
|
|
|
TOTAL |
627.407 |
488.854 |
467.485 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
70.327 |
58.659 |
58.716 |
|
(ii) Intangible Assets |
3.203 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
19.368 |
7.126 |
2.863 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(v) Unit Acquisition for
future use |
0.000 |
14.985 |
14.985 |
|
(b) Non-current
Investments |
7.500 |
7.500 |
7.500 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
100.398 |
88.270 |
84.064 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
101.518 |
106.976 |
107.739 |
|
(c) Trade receivables |
297.734 |
249.585 |
247.059 |
|
(d) Cash and cash
equivalents |
89.005 |
15.118 |
13.559 |
|
(e) Short-term loans and
advances |
38.752 |
28.905 |
15.064 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
527.009 |
400.584 |
383.421 |
|
|
|
|
|
|
TOTAL |
627.407 |
488.854 |
467.485 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
1521.784 |
1277.698 |
1509.231 |
|
|
Other Income |
16.955 |
9.442 |
5.705 |
|
|
TOTAL |
1538.739 |
1287.140 |
1514.936 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1282.935 |
1103.574 |
1340.132 |
|
|
Purchases of
Stock-in-Trade |
1.084 |
0.666 |
0.812 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
3.935 |
(7.514) |
11.193 |
|
|
Employees benefits
expense |
41.896 |
38.344 |
34.458 |
|
|
Other expenses |
105.803 |
60.272 |
48.953 |
|
|
TOTAL |
1435.653 |
1195.342 |
1435.548 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
103.086 |
91.798 |
79.388 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
33.783 |
27.816 |
25.949 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
69.303 |
63.982 |
53.439 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
10.562 |
10.040 |
11.503 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
58.741 |
53.942 |
41.936 |
|
|
|
|
|
|
|
Less |
TAX |
19.239 |
18.239 |
13.588 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
39.502 |
35.703 |
28.348 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
3.26 |
2.95 |
2.34 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current
Maturities of Long term debt |
|
|
|
|
- Term loan from State Bank of India |
5.500 |
1.436 |
NA |
|
- Vehicle loans from banks |
2.608 |
1.591 |
NA |
|
Total |
8.108 |
3.027 |
NA |
|
Cash generated from operations |
60.962 |
67.052 |
77.513 |
|
Net cash flow from operating activity |
41.034 |
48.378 |
37.121 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
71.41 |
71.30 |
59.75 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
5.11 |
5.12 |
6.11 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
0.98 |
0.48 |
4.31 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.02 |
0.86 |
0.74 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.11 |
1.40 |
1.29 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.49 |
0.51 |
0.56 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.86 |
0.98 |
1.17 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.88 |
1.02 |
1.25 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.28 |
0.27 |
0.30 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.05 |
3.30 |
3.06 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
2.60 |
2.79 |
1.88 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
6.30 |
7.30 |
6.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
12.09 |
14.92 |
13.88 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.83 |
1.65 |
1.51 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.48 |
1.21 |
1.08 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.52 |
0.49 |
0.44 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
2.05 |
1.94 |
1.98 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.83 |
1.65 |
1.51 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 58.05/- |
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 |
120.898 |
120.898 |
136.898 |
|
Reserves & Surplus |
83.373 |
118.352 |
189.854 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
204.271 |
239.250 |
326.752 |
|
|
|
|
|
|
long-term borrowings |
7.019 |
4.103 |
10.046 |
|
Short term borrowings |
232.517 |
227.562 |
262.397 |
|
Total borrowings |
239.536 |
231.665 |
272.443 |
|
Debt/Equity ratio |
1.173 |
0.968 |
0.834 |
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 |
1509.231 |
1277.698 |
1521.784 |
|
|
|
(15.341) |
19.104 |
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 |
1509.231 |
1277.698 |
1521.784 |
|
Profit/(Loss) |
28.348 |
35.703 |
39.502 |
|
|
1.88% |
2.79% |
2.60% |
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 |
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 |
CORPORATE INFORMATION
The Company is a public company domiciled in India. Earlier, the Company was known as Sarthak Metals Marketing Private Limited. Its shares are listed on BES SME Stock Exchange. The company is engaged in the manufacturing and selling cored wires, ferro alloys, aluminium wire, industrial gases and related items.
PERFORMANCE REVIEW
Iron and Steel sector has seen positive results in the past financial year after many years of poor performance. This is mainly due to two reasons, first being higher budget allocation by Central Government of on infrastructure expenditure and measures to stop cheap steel imports from China. Overall it has been a good year for the company. Their revenues have increased by 19.55% and EBIDTA by 11.93%. Earnings per share have also increased by 10.5% despite new shares being issued by the company. The growth has been steady despite many other players entering the market. They have been able to show good performance due to their client's trust in their product and their readiness to pay a premium for the same.
MANAGEMENT DISCUSSION
AND ANALYSIS
Overall
Indian Economy Outlook
The Indian Economy has been
growing at the projected growth rates despite global downturns in Russia and China.
Mainstay of India's growth has been domestic consumption. Most of the analysts
believe that the Indian economy shall grow by 7.5% in FY 2017 fiscal. India
steel export saw a growth of 150% in FY 2017 due to various government
policies. Government's policies have also led to higher infrastructure
expenditure giving a dynamic push to India's steel sector. India has the one of
the lowest per capita steel consumption in the world. Due to government's push
by rapid growth in industrial sector, railways, roads and highways and other
sectors the per capita consumption of Steel is projected to increase in the
coming fiscals.
Steel
Sector Outlook
India is currently the third largest producer of Seel in the world. India's crude steel production grew by 7.4 per cent yearon-year to 95.6 Million Tonnes (MT) in 2016. Total production of crude steel during February 2017 grew by 8.5 per cent year-on-year to 8.08 Million Tonnes. India's steel exports grew 150.0 per cent year-on-year to 0.75 Million Tonnes in February 2017, while steel imports declined 46 per cent year-on-year to 0.49 MT. Total consumption of finished steel grew by 3.4 per cent year-on-year to 76.22 MT during April 2016-February 2017.
Steel industry and its
associated mining and metallurgy sectors have seen a number of major
investments and developments in the recent past. According to the data released
by Department of Industrial Policy and Promotion (DIPP), the Indian
metallurgical industries attracted Foreign Direct Investments (FDI) to the tune
of US$ 10.15 billion, respectively, in the period April 2000– December 2016.
OUTLOOK
Recovering fundamentals of
steel companies and strong domestic demand of steel shall be a major
contributor to the company's growth in the coming fiscals. The two factors, which
shall keep their company competitive, is quality and cost control. There seems
to be no reason for not growing if they live by these two covenants.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Loans and advances from Related Parties repayable on demand |
0.000 |
1.823 |
|
|
|
|
|
Total |
0.000 |
1.823 |
INDEX
OF CHARGES
|
Charges Registered |
|||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G41628132 |
90206277 |
State Bank of India |
19/02/2005 |
12/01/2017 |
272500000.0 |
ME Sales Hub, SME Branch Premises Bhilai CHHATTISGATH 490001 INDIA |
|
2 |
Y10307900 |
90206001 |
State Bank of India |
23/10/2003 |
29/04/2006 |
18000000.0 |
Commercial Branch,Sector-1 Bhilai CHHATTISGARHT 490001 INDIA |
|
3 |
Y10307885 |
90205986 |
STATE BANK OF INDIA |
26/09/2003 |
19/02/2005 |
18000000.0 |
COMMERCIAL BRANCH SECTOR – 1 BHILAI CHHATTISGARH INDIA |
|
4 |
Y10311256 |
90209357 |
STATE BANK OF INDIA |
26/09/2003 |
- |
18000000.0 |
COMMERCIAL BRANCH SECTOR – 1 BHILAI CHHATTISGARH INDIA |
FINANCIAL RESULTS FOR
THE PERIOD 01.04.2017 TO 30.09.2017
(INR In Million)
|
Particulars |
Quarter Ended |
|
|
30.09.2017 (Audited) |
|
Income from
Operations |
|
|
Net Sales/Income from Operations |
745.940 |
|
Other Income |
8.470 |
|
Total Income from
Operations (Net) |
754.410 |
|
Expenses |
|
|
Cost of Materials Consumed |
630.403 |
|
Purchases of Stock-in-Trade |
9.653 |
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(5.969) |
|
Employees benefits expense |
14.682 |
|
Depreciation and amortization expense |
7.866 |
|
Other expenses |
52.487 |
|
Total expenses |
709.121 |
|
|
|
|
Profit from
operations before exceptional and extraordinary items |
45.289 |
|
Exceptional Items |
-- |
|
Profit from
operations before extraordinary items |
45.289 |
|
Extraordinary Items |
-- |
|
Profit /(Loss) from
ordinary activities before tax |
45.289 |
|
Tax Expense |
|
|
-Current Tax |
14.973 |
|
-Deferred Tax |
-- |
|
Profit /(Loss) from
continuing operations |
30.316 |
|
Earnings per share |
|
|
-Basic & Diluted EPS (IN INR) |
2.21 |
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
(INR In Million)
|
Particulars |
Quarter Ended 30.09.2017 (Audited) |
|
1.Segment Revenue (Net sale/ income
from each segment should be disclosed under the head) |
|
|
|
|
|
Segment-Cord Wire Division |
742.329 |
|
|
|
|
Segment-Gas Division |
12.081 |
|
|
|
|
Net
Sales/ Income from operations |
754.410 |
|
|
|
|
2.Segment
Results (Profit)(+)/Loss(-) before tax and interest |
|
|
|
|
|
Segment-Cord Wire Division |
62.911 |
|
|
|
|
Segment-Gas Division |
1.063 |
|
|
|
|
Total |
63.974 |
|
|
|
|
Less: Interest |
15.991 |
|
|
|
|
Cord Wire Division |
15.986 |
|
|
|
|
Gas Division |
0.005 |
|
|
|
|
Less: Other Un-allocable Expenditure net off |
2.694 |
|
|
|
|
Un-allocable income |
0.000 |
|
|
|
|
Total Profit Before
tax |
45.289 |
|
|
|
|
3.Capital Employed (Segment
assets-Segment Liabilities) |
|
|
|
|
|
Segment-Cord Wire Division |
364.938 |
|
|
|
|
Segment-Gas Division |
18.026 |
|
|
|
|
Total |
382.964 |
BALANCE SHEET AS
AT 30TH SEPTEMBER, 2017
|
SOURCES OF FUNDS |
Quarter Ended 30.09.2017 (Audited) |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
136.898 |
|
(b) Reserves &
Surplus |
211.931 |
|
(c) Money received
against share warrants |
0.000 |
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
348.829 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
18.768 |
|
(b) Deferred tax
liabilities (Net) |
1.651 |
|
(c) Other long term liabilities |
0.000 |
|
(d) long-term provisions |
1.357 |
|
Total Non-current
Liabilities (3) |
21.776 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
242.342 |
|
(b) Trade payables |
30.172 |
|
(c) Other current
liabilities |
14.252 |
|
(d) Short-term provisions |
7.130 |
|
Total Current Liabilities
(4) |
293.896 |
|
|
|
|
TOTAL |
664.501 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
91.398 |
|
(ii) Intangible Assets |
2.574 |
|
(iii) Capital
work-in-progress |
0.000 |
|
(iv) Intangible assets
under development |
0.000 |
|
(b) Non-current
Investments |
7.500 |
|
(c) Deferred tax assets
(net) |
0.000 |
|
(d) Long-term Loan and Advances |
3.653 |
|
(e) Other Non-current
assets |
1.225 |
|
Total Non-Current Assets |
106.350 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
110.255 |
|
(c) Trade receivables |
303.832 |
|
(d) Cash and cash
equivalents |
51.790 |
|
(e) Short-term loans and advances |
92.274 |
|
(f) Other current assets |
0.000 |
|
Total Current Assets |
558.151 |
|
|
|
|
TOTAL |
664.501 |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
a. Demand Raised By Income Tax Deptt. |
0.000 |
0.294 |
|
b. Demand Raised By Commercial Tax Deptt. |
0.000 |
0.787 |
|
Less : Amount Paid For Appeals Preferred |
0.000 |
0.221 |
|
Net liability |
0.000 |
0.566 |
|
c. Bank Guarantee/LC Outstanding |
9.124 |
5.916 |
|
Less : Margin Provided (STDR) |
14.260 |
13.378 |
|
Net liability |
0.000 |
0.000 |
FIXED ASSETS
- Land
- Buildings
- Plant, Machinery and Equipment
- Furniture and Fixtures
- Vehicles
- Office equipment
- Computer - ERP
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 64.96 |
|
|
1 |
INR 90.33 |
|
Euro |
1 |
INR 80.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHL |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
SUD |
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.