|
|
|
MIRA
INFORM REPORT
|
Report No. : |
496039 |
|
Report Date : |
09.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
JAIDEEP ISPAT AND ALLOYS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 808-D, Pithampur Industrial Area, Sector-III, Pithampur-454774, Madhya Pradesh |
|
Tel. No.: |
91-7292-256064 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
09.12.2004 |
|
|
|
|
Com. Reg. No.: |
10-017151 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 246.348 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U02710MP2004PTC017151 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
TIN No: |
23900905499 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCJ4896R |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The Subject is primarily engaged in the business of manufacture of Iron and Steel products. (Registered activity) |
|
|
|
|
No. of Employees
: |
Information declined by the management |
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 3900000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Jaideep Ispat and Alloys Private Limited was incorporated in the year
2004. It is a manufacturer of M.S. ingots and billets and TMT bars. For the financial year 2017, the company has achieved revenue growth
of 25.02% as compared to the previous year along with an average profit
margin of 2.77%. The overall financial risk profile of the company seems to be healthy
marked by adequate net worth base along with negligible debt balance sheet
profile. Rating, however, gets constrained due to the cyclicality inherent in
the steel business and the intensely competitive nature of the industry. Payments 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 |
|
Moderate Risk |
B2 |
|
Moderately High
Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Bank Facilities=BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
28.09.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Bank Facilities=A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
28.09.2017 |
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 09.03.2018
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. Jai Bhai |
|
Contact No.: |
91-8349091660 |
|
Date : |
08.03.2018 |
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No. 808-D, Pithampur Industrial Area, Sector-III, Pithampur-454774, Madhya Pradesh, India |
|
Tel. No.: |
91-7292-256064-5 |
|
Fax No.: |
91-7292-256065 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
Plot No. 808 E, Sector 3,
Pithampur, Dist. Dhar, Madhya Pradesh, India |
|
Tel. No.: |
91-731-3045114 / 3045115 |
|
|
|
|
Factory 3 : |
Plot No. 669-670, Sector 3, Pithampur, Dist. Dhar, Madhya Pradesh,
India |
|
Tel. No.: |
91-7292-256208 |
|
|
|
|
Admin. Office : |
103, Laxmi Tower, 576, M.G. Road, Indore, Madhya Pradesh, India |
|
Tel. No.: |
91-731-2549781/ 3045115 |
|
Fax No.: |
91-731-3045114 |
|
E-Mail : |
DIRECTORS
As on 31.03.2017
|
Name : |
Ms. Nidhi Singhania |
|||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Wholetime Director |
|||||||||||||||||||||||||||||||||||||||||
|
Address : |
504, President Regency 3/5, Manoramaganj, Indore-452001,
Madhya Pradesh, India |
|||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
06.08.1972 |
|||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
B.Com |
|||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
19.06.2006 |
|||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
ANRPS2457D |
|||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00390852 |
|||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Pawan Singhania |
|||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Wholetime Director |
|||||||||||||||||||||||||||||||||||||||||
|
Address : |
Flat No. 504, President Regency 3/5, Manoramaganj,
Indore-452001, Madhya Pradesh, India |
|||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
24.03.1968 |
|||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
B.Com |
|||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
19.06.2006 |
|||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AEXPS7729D |
|||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
00390905 |
|||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Avinash Todi |
|||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Wholetime Director |
|||||||||||||||||||||||||||||||||||||||||
|
Address : |
501, Darshan Residency, 104-105, Anand Bazar Baikunth Dham
Colony Indore- 452001, Madhya Pradesh, India |
|||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
29.05.1987 |
|||||||||||||||||||||||||||||||||||||||||
|
Qualification : |
B.E |
|||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
04.09.2008 |
|||||||||||||||||||||||||||||||||||||||||
|
PAN No.: |
AFXPT3491G |
|||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
01970390 |
|||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Sandeep Kumar Jain |
|||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Wholetime Director |
|||||||||||||||||||||||||||||||||||||||||
|
Address : |
204, Nikita Apartment 3, R.K.Puram Colony, A.B.Road,
Indore 452001, Madhya Pradesh, India |
|||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
21.06.2012 |
|||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
05192693 |
|||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||
|
Name : |
Hriday Narayan Singh |
|||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Wholetime Director |
|||||||||||||||||||||||||||||||||||||||||
|
Address : |
Vill. Sejwaya Ghatabilod, Dist. Dhar-454773, Madhya
Pradesh, India |
|||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.11.2013 |
|||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
06531360 |
|||||||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Abhishek Mahajan |
|
Designation : |
Company Secretary |
|
Address : |
Opposite 158, L.I.G. Jawahar Nagar, A.B. Road, Dewas
455001, Madhya Pradesh, India |
|
Date of Birth/Age : |
18.02.1985 |
|
Date of Appointment : |
02.03.2015 |
|
PAN No.: |
AMSPM8673K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Nidhi Singhania |
|
1375114 |
|
Pawan Singhania |
|
916990 |
|
Avinash Todi |
|
1465896 |
|
Vimal Todi |
|
1245900 |
|
Sadhana Todi |
|
400000 |
|
NICG Comines Private Limited, India |
|
900000 |
|
Shubham Fininvest (India) Private Limited, India |
|
3942275 |
|
RiddhiIspat Private Limited, India |
|
4371500 |
|
Avilspat Private Limited, India |
|
4113000 |
|
Wonder Land Estate Developers Private Limited, India |
|
200000 |
|
Kamyabi Dealer Private Limited, India |
|
4002500 |
|
Gunjan Iron and Steel (India) Private Limited, India |
|
1690500 |
|
Rashika Todi |
|
11100 |
|
Total |
|
24634775 |
LIST OF ALLOTTEES
AS ON: 15.07.2017
|
Names of Allottees |
|
No. of Shares |
|
Nidhi Singhania |
|
3220282 |
|
Pawan Singhania |
|
2822320 |
|
Avinash Todi |
|
2929400 |
|
Vimal Todi |
|
7989795 |
|
Sadhana Todi |
|
1647990 |
|
Anirudh Rathi |
|
5200 |
|
Sandeep Jain |
|
1300 |
|
|
|
|
|
Total |
|
18616287 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2017
|
Category |
Percentage |
|
Promoter – (Individual/ Hindu Undivided
Family – Indian) |
21.94 |
|
Public – (Individual/ Hindu
Undivided Family – Indian |
0.04 |
|
Public - Bodies corporate |
78.02 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Subject is primarily engaged in the business of manufacture of Iron and Steel products. (Registered activity) |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
||||||
|
Brand Names : |
‘Moira Thermax Sariya’ |
||||||
|
|
|
||||||
|
Agencies Held : |
Not Divulged |
||||||
|
|
|
||||||
|
Exports : |
Not Divulged |
||||||
|
|
|
||||||
|
Imports : |
Not Divulged |
||||||
|
|
|
||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Financial Institution : |
India Infoline Finance Limited IIFL House, Sun Infotech Park, Road No. 16V,, Plot
No.B-23, Thane Industrial Area, Wagle Estate, Thane - 400604, Maharashtra,
India |
|
Auditors : |
|
|
Name : |
C.P. Rawka and Company Chartered Accountants |
|
Address : |
403, Silver Arcade, 56 Palasia, Indore-452001,
Madhya Pradesh, India |
|
PAN No.: |
ABTPR3380C |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associate: |
U27100MH2011PTC212275
U70109MP2014PTC033122 |
|
|
|
|
Subsidiary company: |
U27320MH2017PTC292873
U70101MP2011PTC025634
U70101MP2014PTC032971 |
|
|
|
|
Amalgamation: |
U27106MP1985PLC002907
U27104MP2001PLC040640
U27100MP2009PTC021884
U27100MP2007PTC019779
U27106MP2007PTC019786
U27100MP2012PTC028653
U67110MP1997PTC011668
U51909MP2008PTC041005
U51101MP2010PTC040958
U51101MP2010PTC040959 |
CAPITAL STRUCTURE
After 29.09.2017
Authorised Capital : INR 389.675
Million
Issued, Subscribed & Paid-up Capital : INR 260.540 Million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
INR 10/- each |
INR 250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24634775 |
Equity Shares |
INR 10/- each |
INR 246.348 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
246.348 |
246.348 |
246.348 |
|
(b) Reserves & Surplus |
1124.054 |
659.660 |
546.690 |
|
(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) |
1370.402 |
906.008 |
793.038 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
195.499 |
273.300 |
421.079 |
|
(b) Deferred tax liabilities
(Net) |
101.325 |
87.234 |
72.515 |
|
(c) Other long term
liabilities |
376.481 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
673.305 |
360.534 |
493.594 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
214.160 |
326.578 |
313.597 |
|
(b) Trade payables |
195.844 |
485.798 |
355.756 |
|
(c) Other current liabilities |
276.774 |
306.660 |
273.304 |
|
(d) Short-term provisions |
125.571 |
45.726 |
30.479 |
|
Total
Current Liabilities (4) |
812.349 |
1164.762 |
973.136 |
|
|
|
|
|
|
TOTAL |
2856.056 |
2431.304 |
2259.768 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1201.716 |
804.071 |
809.143 |
|
(ii) Intangible Assets |
19.863 |
20.371 |
7.736 |
|
(iii) Capital work-in-progress |
149.162 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
97.251 |
75.762 |
76.262 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
213.171 |
63.980 |
57.680 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1681.163 |
964.184 |
950.821 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
356.163 |
647.702 |
384.600 |
|
(c) Trade receivables |
250.142 |
209.599 |
415.968 |
|
(d) Cash and cash equivalents |
91.400 |
113.060 |
121.100 |
|
(e) Short-term loans and
advances |
474.271 |
492.874 |
382.423 |
|
(f) Other current assets |
2.917 |
3.885 |
4.856 |
|
Total
Current Assets |
1174.893 |
1467.120 |
1308.947 |
|
|
|
|
|
|
TOTAL |
2856.056 |
2431.304 |
2259.768 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
6876.265 |
5499.953 |
4079.513 |
|
|
Other Income |
12.934 |
14.240 |
160.652 |
|
|
TOTAL
|
6889.199 |
5514.193 |
4240.165 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
4644.231 |
3947.674 |
2876.748 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
116.204 |
(8.386) |
(95.700) |
|
|
Employees benefits expense |
72.968 |
48.756 |
32.035 |
|
|
CSR Expenditure |
3.202 |
1.576 |
2.159 |
|
|
Other expenses |
1620.781 |
1212.690 |
1097.480 |
|
|
TOTAL |
6457.386 |
5202.310 |
3912.722 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
431.813 |
311.883 |
327.443 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
83.417 |
94.358 |
115.098 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
348.396 |
217.525 |
212.345 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
64.989 |
44.609 |
39.192 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
283.407 |
172.916 |
173.153 |
|
|
|
|
|
|
|
Less |
TAX |
92.913 |
59.945 |
59.338 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
190.494 |
112.971 |
113.815 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
430.197 |
317.226 |
204.104 |
|
|
|
|
|
|
|
Less |
Excess depreciaiton reverse
back as per Schedule II, Companies Act 2013 |
0.000 |
0.000 |
0.693 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
620.691 |
430.197 |
317.226 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
7.73 |
4.59 |
5.00 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
62.075 |
56.900 |
66.997 |
|
Net cash flows from (used in) operations |
472.552 |
314.972 |
183.183 |
|
Net cash flows from (used in) operating activities |
459.638 |
245.732 |
113.962 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
13.28 |
13.91 |
37.22 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
27.49 |
26.24 |
9.81 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
15.39 |
44.92 |
45.14 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.21 |
0.48 |
0.85 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.32 |
0.38 |
0.40 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.37 |
0.61 |
0.65 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.34 |
0.72 |
1.01 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.59 |
1.29 |
1.23 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.00 |
0.91 |
1.03 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
5.18 |
3.31 |
2.84 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
2.77 |
2.05 |
2.79 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
6.67 |
4.65 |
5.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
13.90 |
12.47 |
14.35 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.45 |
1.26 |
1.35 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.01 |
0.70 |
0.95 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.48 |
0.37 |
0.35 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
1.91 |
2.67 |
3.25 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.45 |
1.26 |
1.35 |
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 |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
246.348 |
246.348 |
246.348 |
|
Reserves & Surplus |
546.690 |
659.660 |
1124.054 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
793.038 |
906.008 |
1370.402 |
|
|
|
|
|
|
Long Term borrowings |
421.079 |
273.300 |
195.499 |
|
Short Term borrowings |
313.597 |
326.578 |
214.160 |
|
Current Maturities of Long term debt |
66.997 |
56.900 |
62.075 |
|
Total
borrowings |
801.673 |
656.778 |
471.734 |
|
Debt/Equity
ratio |
1.011 |
0.725 |
0.344 |
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
|
4079.513 |
5499.953 |
6876.265 |
|
|
|
34.819 |
25.024 |
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
|
4079.513 |
5499.953 |
6876.265 |
|
Profit |
113.815 |
112.971 |
190.494 |
|
|
2.79% |
2.05% |
2.77% |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
246.348 |
246.348 |
|
(b) Reserves & Surplus |
|
1147.116 |
893.411 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
(3) Share Application money
pending allotment |
|
0.192 |
10.834 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1393.656 |
1150.593 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
298.224 |
368.580 |
|
(b) Deferred tax liabilities
(Net) |
|
101.325 |
99.705 |
|
(c) Other long term
liabilities |
|
376.481 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
776.030 |
468.285 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
214.160 |
424.207 |
|
(b) Trade payables |
|
195.844 |
509.653 |
|
(c) Other current liabilities |
|
277.026 |
254.296 |
|
(d) Short-term provisions |
|
126.409 |
60.438 |
|
Total
Current Liabilities (4) |
|
813.439 |
1248.594 |
|
|
|
|
|
|
TOTAL |
|
2983.125 |
2867.472 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1345.189 |
943.284 |
|
(ii) Intangible Assets |
|
32.107 |
20.371 |
|
(iii) Capital work-in-progress |
|
149.162 |
0.000 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
67.512 |
72.446 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
213.171 |
74.153 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
1807.141 |
1110.254 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
356.163 |
743.906 |
|
(c) Trade receivables |
|
250.142 |
361.261 |
|
(d) Cash and cash equivalents |
|
92.485 |
113.979 |
|
(e) Short-term loans and
advances |
|
474.271 |
534.186 |
|
(f) Other current assets |
|
2.923 |
3.886 |
|
Total
Current Assets |
|
1175.984 |
1757.218 |
|
|
|
|
|
|
TOTAL |
|
2983.125 |
2867.472 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
6876.265 |
5851.126 |
|
|
Other Income |
|
12.934 |
14.827 |
|
|
TOTAL
|
|
6889.199 |
5865.953 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
4644.231 |
4134.202 |
|
|
Purchases of Stock-in-Trade |
|
0.000 |
26.906 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
116.204 |
32.973 |
|
|
Employees benefits expense |
|
72.968 |
63.917 |
|
|
CSR Expenditure |
|
3.202 |
1.576 |
|
|
Other expenses |
|
1620.782 |
1255.632 |
|
|
TOTAL |
|
6457.387 |
5515.206 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
431.812 |
350.747 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
83.417 |
109.538 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
348.395 |
241.209 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
64.989 |
54.879 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
283.406 |
186.330 |
|
|
|
|
|
|
|
Less |
TAX |
|
92.913 |
64.653 |
|
|
|
|
|
|
|
|
TOTAL
PROFIT (LOSS) FOR PERIOD FROM CONTINUING OPERATIONS |
|
190.493 |
121.677 |
|
|
|
|
|
|
|
|
Profit
(loss) of minority interest |
|
0.000 |
(0.379) |
|
|
|
|
|
|
|
|
Share
of profit (loss) of associates |
|
5.411 |
(9.579) |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
195.904 |
111.719 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
7.94 |
4.53 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
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 |
Note: The Registered
address of the company has been shifted from Office No. 322, Starlit Tower,
Indore, Madhya Pradesh, India to the present address w.e.f 20.07.2006.
CORPORATE
INFORMATION:
Subject was incorporated in the year 2004, under the Indian Companies Act, 1956. The Company is primarily engaged in the business of manufacture of Iron and Steel products.
ECONOMIC SCENARIO,
INDUSTRY OUTLOOK AND OPPORTUNITIES:
India's economic growth is gradually improving since 2014. The favourable policy as well as executive reforms by the Government to support strong and sustainable growth, prudent fiscal regime and calibrated monetary easing that reigned in inflation have helped to strengthen macroeconomic stability. This, in turn, has helped boost economic activities in India. Driven by these positive developments, the country has emerged as the world's fastest growing major economy.
According to estimates by the Central Statistics Office (CSO), India's GDP growth has moderated in FY2016-17 to 7.1% from 7.9% recorded in the previous financial year. This happened largely owing to the demonetisation initiative that led to temporary de-circulation of money. The situation has largely normalised, following the Government's re-monetisation process.
During the year, India's steel sector was impacted by intense competitive pressure with a surge in domestic steel production and elevated level of steel imports at predatory pricing. In FY2016-17, India's crude steel production grew by 8.5% to 97.4 million tonnes. India imposed 'Minimum Import Price' (MIP) in Feb 2016 on various iron and steel products, after seeing that the provisional safeguard duty of hot rolled sheet failed to have a desirable impact on unbridled and unfair flow of steel imports into the country. This was an emergency provision, which provided some relief to the industry.
The long-term potential of the Indian steel industry remains bright. The opportunities for the industry have been identified and efforts are being taken by both public and private entities to achieve sustainable growth.
Despite demonetisatio the Company have achieved all the targets for the financial year 2016-17.
GOODS AND SERVICES
TAX (GST)
The introduction of Goods and Services Tax (GST) is a very significant step in the field of indirect tax reforms in India. By amalgamating a large number of Central and State taxes into a single tax, it would mitigate cascading or double taxation in a major way and pave the way for a common national market. The transition to GST scenario is a major change process and the the Company has established a dedicated team to evalute the impact analysis for a smooth roll out and carry out changes to the business process and IT systems as per the GST framework. The Company has smoothly rolled out GST effective from 01.07.2017.
THE STATE OF THE
COMPANY’S AFFAIRS:
The Company reported a significant growth in production volumes, sales volume, EBITDA and Profit after tax during the FY 2016-2017. During the financial year 2016-17 the net turnover of the Company is INR 6710.000 Million as compared to previous year of INR 5335.200 Million a rise of 25.89% in Turnover. The Company recorded a Profit before tax of INR 283.400 Million during the financial year 2016-17 as compared to INR 172.900 Million in Financial year 2015-16 and a Profit after tax of INR 190.400 Million for the financial year 2016-17 as compared to INR 112.900 Million in financial year 2015-16 a rise of 68.64 % The basic and diluted earnings per share were at INR 77.300 Million for Financial Year 2016-17 (Financial Year 2015-16: INR 4.59).
During the year the Company came up with a new backward integration project named ‘Rathi Iron and Steel Industries’ SMS to match the melting capacity with rolling capacity. A 30 MT Furnace with an annual capacity of 1.3 lacs MT was installed which will result in cost savings in terms of reheating charges, burning loss and handling charges for hot rolling billets into TMT bars which were being rolled by reheating process. Project is under construction stage as on 31.03.2017.
Amalgamation of Group
Companies
Moira Steels Limited, Rathi Iron and Steel Industries Limited, Bharti Ingot Private Limited and Ridhhi Ispat Private Limited, Avi Ispat Private Limited, Gunjan Iron And Steel (India) Private Limited, Shubham Fininvest (India) Private Limited, Kamyabi Dealer Private Limited, Broadway Traders Private Limited and Bhoootnath Ispat Traders Private Limited (collectively the Transferor Companies) and Jaideep Ispat and Alloys Private Limited ( the transferee Company) filed petition of Scheme of Amalgamation under Section 391 to 394 of the Companies Act,1956 before the Hon’ble High Court of Madhya Pradesh for sanctioning the Scheme with effect from 1st April, 2016 (the Appointed date). By virtue of notification dated 15th December 2016 by the Ministry of Corporate Affairs, notifying Section 230 to 240 of the Companies Act, 2013 dealing with Amalgamation of Companies, the powers to sanction the Scheme of Amalgamation were vested to National Company Law Tribunal (NCLT). The petition of the transferor and Transferee Company was transferred from Madhya Pradesh High Court to NCLT, Ahmedabad Bench which sanctioned the Scheme of Amalgamation vide its Order dated 15th June, 2017. The certified copy of the Order was filed with the Registrar of Companies on 1st July, 2017, being the effective date of the Scheme of Amalgamation.
In accordance with the Scheme, the amalgamation has been accounted for in the books of the Transferee Company by adoption of ‘Purchase Method’ of accounting in accordance with the Accounting Standard -14 ‘Accounting for Amalgamation’ issued by the Institute of Chartered Accountants of India (ICAI). Accordingly all the assets and liabilities of all 10 Transferor Companies have been recorded at their respective fair market values as at the Appointed Date in the books of Jaideep Ispat and Alloys Private Limited. after cancellation of inter Company balances, investments, loans, advances, creditors, debtors, as the case may be.
The difference between the excess of the Net Assets of the Transferor Companies acquired over the Shares issued to the shareholders of the Transferor Companies and the cancellation of inter group investments aggregates to INR 273.900 Million which is credited to Capital Reserve Account (Net).
The Accounting effect of the shares cancelled and issued are recorded in the Books of Account on 1st April, 2016 and are shown as Shares Pending Cancellation INR18,11,97,750/- and Shares Pending Allotment INR 557.679 Million. Accordingly the Company has increased the Authorised Share Capital to INR 389.675 Million and cancelled and allotted Equity Shares and Preference Shares to the shareholders of the transferor companies on 15th July, 2017 and has filed the necessary forms (Forms INC 28 , Form PAS 3) after the closure of the Financial Year but before the approval of the Financial Statements for the Financial Year 2016-17.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Intercorporate borrowings |
80.444 |
100.056 |
|
Deferred payment liabilities |
0.000 |
85.000 |
|
Loans and advances from directors |
4.101 |
4.945 |
|
Total |
84.545 |
190.001 |
INDEX OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G04220422 |
100028579 |
State Bank of India |
04/03/2016 |
- |
- |
48000000.0 |
Abhay PrashalRace Course RoadIndoreMP452001IN |
|
2 |
G61280897 |
10391535 |
State Bank of India |
17/11/2012 |
19/09/2017 |
- |
2084700000.0 |
SME Khel Prashal BranchRace course RoadIndoreMP452002IN |
|
3 |
G59413419 |
10274104 |
Punjab National Bank |
28/01/2011 |
22/11/2014 |
26/10/2017 |
10000000.0 |
BO: Indira ComplexIndoreIndoreMP452001IN |
|
4 |
G58285149 |
10391531 |
State Bank of India |
17/11/2012 |
04/03/2016 |
23/10/2017 |
1138000000.0 |
Abhay Prashal,Race Course RoadIndoreMP452001IN |
|
5 |
G58282633 |
10017634 |
State Bank of India |
02/09/2006 |
26/05/2012 |
23/10/2017 |
455000000.0 |
1, P.Y. ROADRajwadaIndoreMP452001IN |
|
6 |
G35467752 |
90210030 |
STATE BANK OF INDIA |
21/07/2005 |
16/05/2013 |
25/01/2017 |
540200000.0 |
P.Y. ROAD, RAJWADAINDOREMP452001IN |
|
7 |
G34515338 |
10197187 |
ORIENTAL BANK OF COMMERCE |
31/12/2009 |
29/03/2012 |
23/01/2017 |
268573013.0 |
A.B. ROAD BRANCHINDOREMP452001IN |
|
8 |
G34514521 |
10593095 |
Oriental Bank of Commerce |
16/12/2014 |
- |
23/01/2017 |
30000000.0 |
Chetak Center12/2, R. N.T Marg, Chetak Centre, IndoreIndoreMP452001IN |
|
9 |
G08670226 |
10351117 |
BAJAJ FINANCE LIMITED |
18/04/2012 |
- |
19/07/2016 |
1000000.0 |
AKURDI PUNE-PUNEMH411035IN |
|
10 |
C81315681 |
10351188 |
India Infoline Finance Limited |
30/03/2012 |
- |
29/02/2016 |
23000000.0 |
IIFL House, Sun Infotech Park, Road No. 16V,Plot No.B-23, Thane Industrial Area, Wagle EstateThaneMH400604IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Guarantees |
0.000 |
150.000 |
|
Other money for which company is contingently liable |
362.498 |
0.000 |
FIXED ASSETS
- Land
- Buildings
- Office building
- Factory building
- Plant and equipment
- Factory equipments
- Furniture and fixtures
- Vehicles
- Motor vehicles
- Office equipment
- Computer equipments
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 64.92 |
|
|
1 |
INR 90.22 |
|
Euro |
1 |
INR 80.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
SUJ |
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.