|
|
|
MIRA INFORM REPORT
|
Report No. : |
506204 |
|
Report Date : |
04.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
VARRSANA ISPAT LIMITED |
|
|
|
|
Registered
Office : |
Everest House, 46-C, Chowringee Road, 15th Floor, Kolkata-700071,
West Bengal |
|
Tel. No.: |
91-33-30925061/ 30925062 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
01.03.2000 |
|
|
|
|
Com. Reg. No.: |
21-124804 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
INR 248.478 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U99999WB2000PLC124804 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0505045559 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
GST No.: [Goods & Service Tax
Registration No.] |
24AACCV1058N1Z6 19AACCV1058N1ZX |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCV1058N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of various type of Steel Products, Galvanising structure
and Construction of Various Rated Transmission Lines and Sub Station.
(Registered Activity and also Confirmed by Management) |
|
|
|
|
No. of Employees
: |
750 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Varrsana Ispat Limited was incorporated in the year 2000. It is a manufacturer of various type of steel product, galvanising structure and also engaged in construction of various rated transmission lines and sub-station. For the financial year ended 2017, the company has reported dip in its revenue as compared to the previous year along with operational loss. The overall financial profile of the company seems to be moderate marked by declining net worth base along with high debt balance sheet profile. Payments seems to be slow. In view of aforesaid, the company can be considered for business dealings with some caution. |
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
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 04.05.2017
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 PARTED BY
|
Name : |
Mr. Deepak Arora |
|
Designation : |
Assistant General Manager |
|
Contact No.: |
91-9879789803 |
|
Date : |
30.04.2018 |
LOCATIONS
|
Registered/ Corporate Office 1
: |
Everest House, 46-C, Chowringee Road, 15th Floor, Kolkata -
700071, West Bengal, India |
|
Tel. No.: |
91-33-30925061/ 30925062 |
|
Mobile No.: |
91-9879789803 (Mr. Deepak Arora) |
|
Fax No.: |
91-33-22882241 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
3000 Sq. Ft. |
|
Location : |
Rented |
|
Locality : |
Commercial |
|
|
|
|
Corporate Office 2 : |
58A/1, Sainik Farm, New Delhi - 110062, India |
|
Tel. No.: |
91-11-66768026 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Survey No. 116/1, NH 8A, Village Varrsana, Taluka Anjar, District:
Kutch - 370201, Gujarat, India |
Note: Factory address i.e. “P.O. Box 133, Village Varrsana, Taluka, Gandhidham (Kutch) 370201, Gujarat, India” has been closed down.
DIRECTORS
AS ON 31.03.2018
|
Name : |
Mr. Manoj Mishra |
|||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||
|
Address : |
A-166, Main Devli, Khanpur, New Delhi-110062, India |
|||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
05.08.1972 |
|||||||||||||||||||||||||||||||||
|
Qualification : |
B.Com |
|||||||||||||||||||||||||||||||||
|
Experience : |
21 Years |
|||||||||||||||||||||||||||||||||
|
Date of Appointment : |
26.07.2005 |
|||||||||||||||||||||||||||||||||
|
PAN No.: |
AFZPM3075M |
|||||||||||||||||||||||||||||||||
|
DIN No.: |
00386578 |
|||||||||||||||||||||||||||||||||
|
Other Directorship:
|
||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Name : |
Mr. Mahesh Kumar Sureka |
|||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||
|
Address : |
R-23, Khirki Extension, III Road Floor, New Delhi-110017, India |
|||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
15.07.1965 |
|||||||||||||||||||||||||||||||||
|
Qualification : |
B.Com |
|||||||||||||||||||||||||||||||||
|
Experience : |
26 Years |
|||||||||||||||||||||||||||||||||
|
Date of Appointment : |
26.07.2005 |
|||||||||||||||||||||||||||||||||
|
PAN No.: |
ALQPS5045J |
|||||||||||||||||||||||||||||||||
|
DIN No.: |
00386727 |
|||||||||||||||||||||||||||||||||
|
Other Directorship:
|
||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Name : |
Mr. Akshay Jhunjhunwala |
|||||||||||||||||||||||||||||||||
|
Designation : |
Wholetime Director |
|||||||||||||||||||||||||||||||||
|
Address : |
10/4, Alipore Park Place, Kolkata-700027, West Bengal, India |
|||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
14.10.1983 |
|||||||||||||||||||||||||||||||||
|
Qualification : |
B.Com |
|||||||||||||||||||||||||||||||||
|
Experience : |
13 Years |
|||||||||||||||||||||||||||||||||
|
Date of Appointment : |
22.12.2012 |
|||||||||||||||||||||||||||||||||
|
PAN No.: |
AEFPJ0590P |
|||||||||||||||||||||||||||||||||
|
DIN No.: |
00578362 |
|||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Mukesh Sharma |
|
Designation : |
Chief Financial Officer (KMP) |
|
Address : |
House No. 90, Survey No. 171, Meghaper Borichi, Anjar, Kutch-370205, Gujarat, India |
|
Date of Appointment : |
15.06.2015 |
|
PAN No: |
BASPS6535B |
|
|
|
|
Name : |
Mr. Ravinder Singh Kataria |
|
Designation : |
Company Secretary |
|
Address : |
C-169/E Jeewan Park, Uttam Nagar, New Delhi - 110059, India |
|
Date of Appointment : |
05.03.2018 |
|
PAN No: |
BKZPK9920P |
|
|
|
|
Name : |
Anurag Gupta and Associates |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Deepak Arora |
|
Designation : |
Assistant General Manager |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Sandip Jhunjhunwala |
|
95040 |
|
Manoj Jhunjhunwala |
|
10 |
|
Akshay Jhunjhunwala |
|
17900 |
|
Eureka Net. Com Limited |
|
290000 |
|
Quick Connect Dot Com Limited |
|
515000 |
|
Bhajjan business Private Limited |
|
100 |
|
Design Vinimoy Private Limited |
|
100 |
|
REI Agro Limited |
|
12110242 |
|
Mahavir Tie Up Private Limited |
|
5126297 |
|
Penguin Agro Products Private Limited |
|
4268489 |
|
Rajkamal Marketing Private Limited |
|
413800 |
|
Safe AgroFirm Private Limited |
|
1103340 |
|
Smile Agrotech Private limited |
|
907486 |
|
Total |
|
24847804 |
AS ON 30.09.2017
|
Equity Share Breakup |
% of Holding |
|
Category |
|
|
Promoters (Individual/Hindu Undivided Family- Indian) |
0.07 |
|
Promoters (Bodies corporate) |
37.81 |
|
Public/Other than promoters (Individual/Hindu Undivided Family- Indian) |
0.38 |
|
Public/Other than promoters (Body Corporate) |
61.74 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of various type of Steel Products, Galvanising structure
and Construction of Various Rated Transmission Lines and Sub Station.
(Registered Activity and also Confirmed by Management) |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
||||||||||||
|
|
|
||||||||||||
|
Brand Names : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Agencies Held : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Exports : |
|
||||||||||||
|
Products : |
Finished Goods |
||||||||||||
|
Countries : |
· Tanzania · Middle East · Philippines |
||||||||||||
|
|
|
||||||||||||
|
Imports : |
|
||||||||||||
|
Products : |
Raw Material |
||||||||||||
|
Countries : |
·
Africa ·
Indonesia · Unites State of America |
||||||||||||
|
|
|
||||||||||||
|
Terms : |
|
||||||||||||
|
Selling : |
Cash, Advance Payment and Cheque |
||||||||||||
|
|
|
||||||||||||
|
Purchasing : |
Cash, Advance Payment and Cheque |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
Wholesalers, Retailers and Manufacturer |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
750 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Deepak Rathi and Associates Chartered Accountants |
|
Address : |
Office No. 11, Ground Floor, Plot No. 31, Sector 8, Near Hotel Fun N Food Gandhidham, Kutch -370201, Gujarat, India |
|
Mob. No.: |
91-9227700777 |
|
Income-tax
PAN of auditor or auditor's firm : |
ABSPR8658Q |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Company : |
|
|
|
|
|
Associates Companies : |
|
|
|
|
|
Other related party : |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
INR 10/- each |
INR 300.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24847804 |
Equity Shares |
INR 10/- each |
INR 248.478 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 |
248.478 |
248.478 |
248.478 |
|
(b) Reserves &
Surplus |
194.427 |
1072.679 |
2797.955 |
|
(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) |
442.905 |
1321.157 |
3046.433 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1295.454 |
1442.148 |
1232.663 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
16.523 |
13.154 |
8.691 |
|
Total Non-current
Liabilities (3) |
1311.977 |
1455.302 |
1241.354 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2569.689 |
2655.506 |
2486.924 |
|
(b) Trade payables |
825.206 |
1423.245 |
1814.304 |
|
(c) Other current
liabilities |
1741.585 |
1080.471 |
823.830 |
|
(d) Short-term provisions |
24.583 |
21.501 |
37.111 |
|
Total Current Liabilities
(4) |
5161.063 |
5180.723 |
5162.169 |
|
|
|
|
|
|
TOTAL |
6915.945 |
7957.182 |
9449.956 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4173.174 |
4359.199 |
4556.432 |
|
(ii) Intangible Assets |
1.987 |
1.653 |
1.530 |
|
(iii) Capital
work-in-progress |
12.249 |
3.803 |
5.902 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
38.916 |
38.916 |
38.915 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
52.908 |
34.061 |
27.266 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
4279.234 |
4437.632 |
4630.045 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1036.759 |
674.669 |
594.149 |
|
(c) Trade receivables |
1202.218 |
2027.383 |
2226.130 |
|
(d) Cash and cash equivalents |
171.113 |
299.356 |
319.060 |
|
(e) Short-term loans and
advances |
203.508 |
496.352 |
1647.185 |
|
(f) Other current assets |
23.113 |
21.790 |
33.387 |
|
Total Current Assets |
2636.711 |
3519.550 |
4819.911 |
|
|
|
|
|
|
TOTAL |
6915.945 |
7957.182 |
9449.956 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
6665.069 |
7033.285 |
9480.604 |
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
TOTAL |
6665.069 |
7033.285 |
9480.604 |
|
|
|
(Due to
demonitization) |
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
5870.623 |
5186.772 |
4105.770 |
|
|
Purchases of
Stock-in-Trade |
138.310 |
727.297 |
3481.999 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(28.418) |
153.744 |
1201.993 |
|
|
Employees benefits
expense |
259.935 |
246.550 |
232.469 |
|
|
Other expenses |
845.568 |
1655.358 |
1313.502 |
|
|
TOTAL |
7086.018 |
7969.721 |
10335.733 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
(420.949) |
(936.436) |
(855.129) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
242.327 |
574.106 |
570.289 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(663.276) |
(1510.542) |
(1425.418) |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
214.976 |
214.734 |
211.044 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(878.252) |
(1725.276) |
(1636.462) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
(38.735) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
(878.252) |
(1725.276) |
(1597.727) |
|
|
|
|
|
|
|
|
FOB
Value of Export |
709.982 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw /Trading material |
1352.515 |
1520.249 |
556.540 |
|
|
Capital Goods |
3.347 |
0.822 |
38.824 |
|
|
TOTAL IMPORTS |
1355.862 |
1521.071 |
595.364 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(35.35) |
(69.43) |
(64.30) |
|
Particulars |
|
|
31.03.2018 |
|
Sales Turnover (Approximately) |
|
|
7020.000 |
|
|
|
|
|
Expected Sales (2018-2019): INR 7500.000 Million (Due to business
growth)
The above information has been parted by Mr. Deepak Arora (Assistant
General Manager)
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
1012.835 |
861.269 |
587.094 |
|
|
|
|
|
|
Cash generated from operations |
134.208 |
(433.442) |
(1211.098) |
|
|
|
|
|
|
Net cash flows from (used in) operations |
117.054 |
(444.245) |
(1220.365) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
65.84 |
105.21 |
85.71 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.54 |
3.47 |
4.26 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
50.13 |
87.84 |
87.27 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
(0.41) |
(1.39) |
(1.44) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(0.10) |
(0.21) |
(0.19) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.93 |
0.94 |
0.74 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
8.73 |
3.75 |
1.41 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
11.65 |
3.92 |
1.69 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
9.45 |
3.30 |
1.50 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(1.74) |
(1.63) |
(1.50) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(13.18) |
(24.53) |
(16.85) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(12.70) |
(21.68) |
(16.91) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(198.29) |
(130.59) |
(52.45) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.51 |
0.68 |
0.93 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.31 |
0.55 |
0.82 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.06 |
0.17 |
0.32 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
15.56 |
19.96 |
17.33 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.51 |
0.68 |
0.93 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
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 |
248.478 |
248.478 |
248.478 |
|
Reserves & Surplus |
2797.955 |
1072.679 |
194.427 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3046.433 |
1321.157 |
442.905 |
|
|
|
|
|
|
long-term borrowings |
1232.663 |
1442.148 |
1295.454 |
|
Short term borrowings |
2486.924 |
2655.506 |
2569.689 |
|
Current Maturities of Long
term debt |
587.094 |
861.269 |
1012.835 |
|
Total
borrowings |
4306.681 |
4958.923 |
4877.978 |
|
Debt/Equity
ratio |
1.414 |
3.753 |
11.014 |
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 |
9480.604 |
7033.285 |
6665.069 |
|
|
|
(25.814) |
(5.235) |
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 |
9480.604 |
7033.285 |
6665.069 |
|
Profit/ (Loss) |
(1597.727) |
(1725.276) |
(878.252) |
|
|
(16.85%) |
(24.53%) |
(13.18%) |
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 |
Yes |
|
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
Yes |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
Yes |
|
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% |
Yes |
|
28 |
Estimation for coming financial year |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
GENERAL INFORMATION
Founded
in 2005, Varrsana Ispat Limited. (VIL) has diversified into a multi product
group involved in manufacture of various steel products including galvanized
steel structures. With a huge manufacturing base and extensive distribution
network, VIL is capable of technically supporting and providing expertise to
its valued customers. Having diversified manufacturing activities VIL always
stood firm in its commitment to provide real value-for-money to its customer.
VIL is one of the integrated facility for making steel and transforming into
transmission line tower in western India (Gujarat). VIL is a fully integrated
steel plant in Kutch Gujarat. The plant is spread over strategic geographical
location in India being close to the ports gives us an additional advantage.
Their product portfolio includes direct reduced lumps commonly known as Sponge
Iron Lumps, Mild and high tensil Billets, P.G approved angles and structural
steel for tower industry, Reinforcement steel and galvanized transmission line
tower. EPC services for Power Transmission has changed the face of the company
from being a mere secondary steel manufacturer to one that provides full fledge
infrastructure services including designing, survey, supply as well as
execution of power transmission lines.
FUTURE OUTLOOK AND
OPPRTUNITIES
The company believes that there will be sharp rise in demand for steel particularly Structural steel and transmission towers along with EPC business due to rise in the power, transmission and distribution and other infrastructural sectors and also company qualifying for bigger EPC projects. The company is also focusing to capture export segment to have an additional market, from time to time. The Company also indulges in trading of several industrial commodities to tap profit from opportunities as and when come. Further with the implementation of Minimum Import Price by government the import from China will be curtailed and in turn will help in the growth of Indian Steel market.
Further the company believe that the future years should be better as compared to earlier years as the steps taken in earlier years had started yielding results and also the steps taken in on-going years i.e. installation of Screen and drum assembly for charcoal separation in sponge Iron Plant, Billet Cutting shearing machine, Fly Ash Brick Machine , Screener and Conveyor belt for screening oversize coal in power plant, Air booster, Addition of new product i.e. channel, etc. though all are small investments but this will help the company to increase revenue and reduces cost.
As the steep decline in prices has stopped and most mines as well as manufacturing companies are running at marginal costs, the major portion of the losses in the industry have been absorbed. Stable/ increase in prices would start positively impacting the industry going forward. Moreover, our thrust towards increasing the EPC side of the business would keep the company in good standing. The China effect had always been there on Steel and which is still hunting the steel industry though with the implementation of Minimum Import price on Steel the demand for Steel in India should stabilize.
The government itself is concerned with the overall state of the industry and since it is a huge generator of employment, significant steps have already been in the pipeline to ensure the industry's survival. Thrust to infrastructure with an aim to provide basic facility of 24x7 power, housing for all by 2022, electrification of the remaining 20,000 villages by 2020, connecting each of the 178,000 unconnected habitations and the pledge to provide medical services in each village and city is expected to turn the investment cycle upwards.
INDEX
OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
AMOUNT |
ADDRESS |
|
1 |
B93655660 |
10470596 |
SBERBANK |
13/12/2013 |
- |
250000000.0 |
UGF, GOPAL DAS BHAWAN 28, BARAKHAMBA ROAD, CONNAUGHT PLACE, NEW DELHI-110001IN |
|
2 |
B75512871 |
10426788 |
CORPORATION BANK |
02/05/2013 |
- |
610000000.0 |
CORPORATE BANKING BRANCH17, BRABOURNE ROAD, KOLAKTA-700001IN |
|
3 |
B71035752 |
10412551 |
UNITED BANK OF INDIA |
22/03/2013 |
- |
150000000.0 |
OLD COURT HOUSE STREET BRANCH, 11, HAMANT BASU SARANI, KOLKATA-700001IN |
|
4 |
B93541498 |
10359645 |
CENTRAL BANK OF INDIA |
01/06/2012 |
16/12/2013 |
6050000000.0 |
CORPORATE FINANCE BRANCH 33, NETAJI SUBHAS ROAD, KOLKATA-700001IN |
|
5 |
C64013402 |
10283037 |
CENTRAL BANK OF INDIA |
09/04/2011 |
19/06/2015 |
1053700000.0 |
CORPORATE FINANCE BRANCH 33, NETAJI SUBHAS ROAD, KOLKATA-700001IN |
|
6 |
C64008444 |
10199498 |
CENTRAL BANK OF INDIA |
06/01/2010 |
19/06/2015 |
386800000.0 |
CORPORATE FINANCE BRANCH 33, NETAJI SUBHAS ROAD, KOLKATA-700001IN |
|
7 |
A75754978 |
10192149 |
UCO BANK |
27/11/2009 |
- |
500000000.0 |
FLAGSHIP CORPORATE BRANCH3, N.S. ROAD, KOLKATA-700001IN |
|
8 |
C09789702 |
10187404 |
UCO BANK |
21/11/2009 |
13/06/2014 |
5793000000.0 |
FLAGSHIP CORPORATE BRANCH2, INDIA EXCHANGE PLACE, KOLKATA-700001IN |
|
9 |
A39951553 |
10109553 |
UNITED BANK OF INDIA |
30/04/2008 |
- |
500000000.0 |
OLD COURT HOUSE STREET BRANCH11, HEMANTA BASU SARANI,KOLKATAWB700001IN |
|
10 |
A37584703 |
10104741 |
CORPORATION BANK |
30/04/2008 |
- |
500000000.0 |
BRABOURNE ROAD BRANCH17, BRABOURNE ROAD, KOLKATA-700001IN |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Bank Guarantee |
461.705 |
495.457 |
|
Other money for which company is contingently liable |
165.891 |
165.632 |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Other loans and advances |
151.500 |
151.500 |
|
Total |
151.500 |
151.500 |
FIXED ASSETS
TANGIBLE ASSET
- Freehold Land
- Factory building
- Other building
- RCC Road
- Plant and equipment
- Office equipment
- Furniture and fixtures
- Telephone and Telex
- Motor Car
- Moulds and Dyes
INTANGIBLE ASSET
- 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 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 66.60 |
|
UK Pound |
1 |
INR 90.60 |
|
Euro |
1 |
INR 79.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
RUB |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
TRUP |
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 |
YES |
|
--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.
·