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MIRA INFORM REPORT
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Report No. : |
507676 |
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Report Date : |
05.05.2018 |
IDENTIFICATION DETAILS
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Name : |
ELECTROSTEEL STEELS LIMITED (w.e.f. 05.05.2010) |
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Formerly Known
As : |
ELECTROSTEEL INTEGRATED LIMITED |
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Registered
Office : |
801, Uma Shanti Apartments, Kanke Road, Ranchi – 834008,
Jharkhand |
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Tel. No.: |
91-651-2285636 |
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Country : |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
20.12.2006 |
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Com. Reg. No.: |
03-012663 |
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Capital
Investment / Paid-up Capital : |
INR 24092.350 Million |
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CIN No.: [Company Identification
No.] |
L27310JH2006PLC012663 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction and Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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 Selling of Pig Iron, Billets, TMT Bars, Wire Rods and Ductile Iron Pipes. [Registered activity] |
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No. of Employees
: |
2153 (Approximately) |
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MIRA’s Rating : |
D |
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Credit Rating |
Explanation |
Rating Comments |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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Status : |
Under Insolvency Process |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2006. It is a seller of TMT bars, billets, ductile iron pipes, pig iron and wire rods. For the financial year 2017, the company revenue of the company has decreased by 3.96% and has incurred its operational loss. The moderate financial risk profile of the company is reflected by negative networth base due to huge accumulated losses along with poor debt coverage indicators due to high debt balance sheet profile. The rating is constrained on account of delays in debt servicing by the company due to its weak liquidity and competition of integrated steel and subdued steel industry scenario. Furthermore, the company has been found under RBI defaulter’s list, the name of credit grantor is ICICI Bank Limited and the amount charged is INR 495.554 million as on 31-12-2017. The shares of the company are traded at the share price of INR 1.66 on stock exchange as against the face value of INR 10 as on 4th May, 2018. As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 8483.864 million but has incurred operational loss. The National Company Law Tribunal has ordered the commencement of a corporate insolvency resolution process against the Electrosteel Steels Limited on 21st July, 2017. Payments seems to be slow and delayed. In view of the aforesaid, we do not recommend any business dealings with the subject. Note: Vedanta Limited’s INR 53,200 million ($812.6 million) resolution plan for the acquisition of debt-ridden Electrosteel Steels Ltd has been approved by the National Company Law Tribunal (NCLT). This makes Electrosteel the first of the 12 large stressed assets identified by the Reserve Bank of India last year to be resolved under the Insolvency and Bankruptcy Code. |
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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long Term Bank Facilities D (Issuser Not
Cooperating) |
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Rating Explanation |
Lowest credit quality and very low prospects
of recovery. |
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Date |
19.02.2018 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under:
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Borrowers’ Name : |
ELECTROSTEEL STEELS LIMITED |
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Address : |
801, UMA SHANTI APARTMENTS, KANKE ROAD, RANCHI – 834008,
JHARKHAND, INDIA |
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Name of Individual : |
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Name of Credit Grantors / Bank & Branch: |
ICICI Bank Limited, Kolkata |
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Amount (Rs. In Millions) : |
INR 495.554 Million |
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’
list as of 31.03.2016.
|
Name : |
ELECTROSTEEL STEELS LIMITED |
DID NOT MAKE DISCLOSURE IN RHP REGARDING REJECTION OF PROPOSAL OF FOREST DIVERSION OF ITS IRON ORE MINE BY MINISTRY OF ENVIRONMENT AND FOREST VIOLATING REGULATION 2009 IN MATTER OF IPO OF ELECTROSTEEL CASTING LIMITED |
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Old Name |
ELECTROSTEEL INTEGRATED LIMITED |
||
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PAN NO |
AABCE6875H |
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date. The details of the listing are as under :
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Date of Listing / Announcement : |
21.07.2017 |
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Name of Company : |
Electrosteel Steels Limited |
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Name of Applicant : |
Dhaivat Anjaria |
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Name of Insolvency Professional : |
PricewaterhouseCoopers (PWC) |
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Address of Insolvency Professional : |
252, Veer Savarkar marg, Shivaji park,
Dadar, Mumbai - 400028 |
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Reason for Listing : |
Corporate Insolvency Resolution Process |
INFORMATION DECLINED
Management non-cooperative (Tel No.: 91-657-2285636/ 91-33-71034400)
LOCATIONS
|
Registered Office : |
801, Uma Shanti Apartments, Kanke Road, Ranchi – 834008, Jharkhand,
India |
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Tel. No.: |
91-651-2285636 |
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Fax No.: |
91-651-2285636 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Locality : |
Industrial |
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Head Office/ Corporate Office/ Marketing Office : |
G K Tower, 2nd and 3rd Floor, 19,
Camac Street, Kolkata – 700017, West Bengal, India |
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Tel. No.: |
91-33-71034400 |
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Fax No.: |
91-33-22902882 |
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Factory/ Project
Site : |
Village Siyaljori, P.O. Jogidih, P S Chandankyari, Bokaro
– 828303, Jharkhand, India |
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Branch Offices : |
Ø Office No.-2B, Puja Apartment, Wing-A, 2nd Floor, New Dak Bunglow Road, Patna – 800001, Bihar, India Ø Lohanchal Colony, Plot No.10, Near Sector 12-F, Bokaro Steel City, Jharkhand, India Ø Flat F-3, House No.11, House of JN Sarm, Udaychal Path, Christian Basti, Behind Christian Basti Petrol Pump, Guwahati – 781005, Assam, India Ø C-101, Palaspally, 1st Floor, Bhubaneswar – 751020, Orissa, India Ø 19 Camac Street, Kolkata, West Bengal, India Ø B-47, Shiv Mahal, Connaught Place, New Delhi – 110001, India Ø 312, 314, 3rd Floor, DLF Tower – B, Jasola, New Delhi – 110025, India |
DIRECTORS
AS ON 31.03.2018
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Name : |
Mr. Rajkumar Khanna |
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Designation : |
Non-Executive Independent Director |
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Address : |
Flat No. 229, Malwa Singh Block, Asian Games Village, New Delhi – 110049, India |
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Date of Appointment : |
05.05.2014 |
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DIN No.: |
05180042 |
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Name : |
Mr. Jinendra Kumar Jain |
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Designation : |
Non-Executive Independent Director |
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Address : |
60, Southern Avenue, 5th Floor, Kolkata – 700029, West Bengal, India |
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Date of Appointment : |
06.05.2013 |
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DIN No.: |
00737352 |
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Name : |
Mr. Lalit Kumar Singhi |
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Designation : |
Non-Executive Director |
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Address : |
27/8A, Water Loo Street, Kolkata – 700069, West Bengal, India |
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Date of Birth/Age : |
18.11.1959 |
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Date of Appointment : |
06.02.2012 |
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DIN No.: |
00893144 |
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Name : |
Mr. Naresh Pachisia |
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Designation : |
Non-Executive Independent Director |
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Address : |
Flat 9B, 29A, Ballygunge Park Road, Kolkata – 700019, West Bengal, India |
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Date of Appointment : |
20.05.2009 |
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DIN No.: |
00233768 |
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Name : |
Mr. Sunil Vasant Diwakar |
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Designation : |
Non-Executive Director |
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Address : |
C-002, Shreejiville, Opposite Nitin Company, Almeda Road, Panchpakhadi, Thane West – 400602, Maharashtra, India |
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Date of Birth/Age : |
22.05.1963 |
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Date of Appointment : |
31.08.2009 |
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DIN No.: |
00089266 |
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Name : |
Mr. Umang Kejriwal |
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Designation : |
Non-Executive Director |
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Address : |
Nav-Nikunj, 13, Gurusaday Road, Kolkata – 700019, West Bengal, India |
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Date of Appointment : |
20.12.2006 |
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DIN No.: |
00065173 |
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Name : |
Mr. Rama Shankar Singh |
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Designation : |
Whole Time Director |
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Address : |
Ashoka Building, Flat :1D, Ashoka Road,Alipore, Kolkata – 700027, West Bengal, India |
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Date of Appointment : |
06.02.2014 |
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DIN No.: |
02093276 |
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Name : |
Mr. Devaprasad Mozumder |
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Designation : |
Nominee Director |
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Address : |
A3-1205, Kumar Kruti, Wadgaon Sheri, Pune – 411014, Maharashtra, India |
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Date of Appointment : |
08.12.2016 |
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DIN No.: |
07666887 |
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Name : |
Ms. Jayantika Ganguly |
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Designation : |
Additional Director |
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Address : |
8-A-10, Mig, Green Wood, Park Extension, New Town, Rajarhat, North 24 Parganas, Kolkata – 700156, West Bengal, India |
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Date of Appointment : |
08.12.2016 |
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DIN No.: |
07667499 |
KEY EXECUTIVES
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Name : |
Mr. Ashutosh Agarwal |
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Designation : |
Chief Financial Officer |
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Address : |
33, Raja Santosh Road, Flat No. 4c, Front Block, Alipore, Kolkata – 700027, West Bengal, India |
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Date of Appointment : |
05.05.2014 |
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PAN No.: |
ADBPA9564H |
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Name : |
Mr. Pradeep Kumar Misra |
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Designation : |
Non-Executive Independent Chairman |
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Name : |
Mr. Binaya Kumar Dash |
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Designation : |
Company Secretary |
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Address : |
HIG-W-7, Niva Park, Phase-2, Brahmapur,
Kolkata – 700096, West Bengal, India |
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Date of Appointment : |
14.02.2017 |
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PAN No.: |
AGVPD5134B |
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Name : |
Mr. Sunil Harbans Lal Katial |
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Designation : |
Chief Executive Officer |
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Address : |
1091. Park Royal Apartment, Plot No 10A,
Sector-9, Dwarka, New Delhi – 110077, India |
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Date of Appointment : |
04.07.2016 |
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PAN No.: |
ACRPK2195B |
SHAREHOLDING PATTERN
AS ON 31.03.2018
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
1089800000 |
45.23 |
|
(B) Public |
1319435023 |
54.77 |
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Grand Total |
2409235023 |
100.00 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER
AND PROMOTER GROUP
|
Category of
Shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957 |
|
A1) Indian |
|
0.00 |
|
Any Other
(specify) |
1089800000 |
45.23 |
|
Electrosteel
Castings Limited |
1089800000 |
45.23 |
|
Sub Total A1 |
1089800000 |
45.23 |
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A=A1+A2 |
1089800000 |
45.23 |
STATEMENT SHOWING
SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category & Name
of the Shareholders |
Total no. shares
held |
Shareholding %
calculated as per SCRR, 1957 As a % of |
|
|
B1) Institutions |
0.00 |
||
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Venture Capital Funds |
15305000 |
0.64 |
|
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Foreign Portfolio Investors |
1000000 |
0.04 |
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Financial Institutions/ Banks |
1254122 |
0.05 |
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Any Other (specify) |
394883021 |
16.39 |
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|
Pgs Invest Corp |
75187431 |
3.12 |
|
|
Sciil Steel Cast Iron Investments (Cyprus) Limited |
197558730 |
8.20 |
|
|
Gpc Mauritius Ii Llc |
87441860 |
3.63 |
|
|
Tara India Holdings A Limited |
34695000 |
1.44 |
|
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Sub Total B1 |
412442143 |
17.12 |
|
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B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
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B3) Non-Institutions |
0.00 |
||
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Individual share capital upto INR 0.200 Million |
179422569 |
7.45 |
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Individual share capital in excess of INR 0.200 MIllion |
379502112 |
15.75 |
|
|
NBFCs registered with RBI |
473501 |
0.02 |
|
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Any Other (specify) |
347594698 |
14.43 |
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Trusts |
127951 |
0.01 |
|
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Non-Resident Indian (NRI) |
21862540 |
0.91 |
|
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Clearing Members |
3993929 |
0.17 |
|
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Bodies Corporate |
321610278 |
13.35 |
|
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IFCI LTD |
90000000 |
3.74 |
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|
SANGHAI COMMERCIAL AND CREDITS PVT LTD |
47500000 |
1.97 |
|
|
Sub Total B3 |
906992880 |
37.65 |
|
|
B=B1+B2+B3 |
1319435023 |
54.77 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in Selling of Pig Iron, Billets, TMT Bars, Wire Rods and Ductile Iron Pipes. [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 Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Manufacturer
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No. of Employees : |
2153 (Approximately) |
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Bankers / Lenders : |
· Allahabad Bank · Indian Overseas Bank · Andhra Bank · Jammu & Kashmir Bank Limited · Bank of Baroda · LIC of India · Bank of India · Oriental Bank of Commerce · Bank of Maharashtra · Punjab National Bank · Canara Bank · Punjab & Sind Bank · Central Bank of India · SREI Infrastructure Finance Limited · Corporation Bank · State Bank of India · Dena Bank · Syndicate Bank · HUDCO · UCO Bank · ICICI Bank Limited · Union Bank of India · IL&FS Financial Services Limited · United Bank of India · Indian Bank · Vijaya Bank |
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Facilities : |
(INR
In Million)
Note : A) Working Capital facility from Banks & Buyers'
Credit is secured. The working capital facility carries interest rate of 11.00%
p.a. and the Buyers' Credit carries interest rate at LIBOR plus spread being
0.24% to 0.75%. |
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Auditors : |
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|
Name : |
B. Chhawchharia and Company Chartered Accountants |
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Address : |
8A and 8B Satyam Towers, 3, Alipore Road, Kolkata – 700027, West
Bengal, India |
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Tel. No.: |
91-33-24791951 |
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Fax No.: |
91-33-24791952 |
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E-Mail : |
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Membership No.: |
008482 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Promoter/ Associate Company : |
· Electrosteel Castings Limited |
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Enterprises where
Key Management Personnel (KMP) have significant influence or control : |
· Rama Mining Consultants Private Limited · North Dhadhu Mining Company Private Limited · Asian Informatics Private Limited · Jhilmil Traders Private Limited · Bose Estates Private Limited · Sree Khemisati Constructions Private Limited · Hooghly Alloy and Steels Company Private Limited · Wilcox Merchants Private Limited · Tulsi Highrise Private Limited · Ampleforth Trading And Resources Private Limited · Hooghly Extrusions Limited |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000000 |
Equity Shares |
INR 10/- each |
INR 50000.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2409235023 |
Equity Shares |
INR 10/- each |
INR 24092.350 Million |
|
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a) Share Capital Reconciliation
|
Equity Shares |
Number of Shares |
Amount in Million |
|
Opening balance |
2409235023 |
24092.350 |
|
Issued during the period |
-- |
-- |
|
Closing Balance |
2409235023 |
24092.350 |
b) Particulars of Equity Shareholders holding
more than 5% Shares at Balance Sheet date
|
Name of
Shareholder |
Number of Shares |
% of holding |
|
Electrosteel Castings Limited |
1089800000 |
45.23% |
|
Stemcor Cast Iron Investments Limited |
400909646 |
16.64% |
Rights, Preferences
and Restrictions attached to shares
c) The Company has only one class of Shares referred to as Equity Shares having face value of INR 10. Each holder of Equity Shares is entitled to one vote per Share. In the event of liquidation, the Equity Shareholders are eligible to receive in proportion to their shareholding the remaining assets of the Company, after distribution of the preferential amount.
d) During the Financial year ended 31st March 2015, pursuant to the Corporate Debt Restructuring (CDR) Scheme, the Company had made preferential allotment of 22.25 crores Equity Shares of INR 10 each fully paid to Electrosteel Castings Limited under SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 and Companies Act, 2013. The proceeds of the issue have been utilised for the capital expenditure at the Plant, which is in line with CDR Scheme.
e) 2507571148 (Two Hundred Fifty crore seventy five lac seventy one thousand and one hundred and forty eight) number of Equity Shares (“These Shares”) of INR 10/- each are reserved for issue and allotment on preferential basis to the lenders as per the Strategic Debt Restructuring (SDR) terms under loans contract with the lenders by conversion of loan for a sum of INR 25075.700 million. These Shares will rank pari-passu with the existing Equity Shares with the right of pro-rata dividend from the date of allotment and that these Shares will be listed on the stock exchanges where the existing Equity Shares are listed.
FINANCIAL DATA
[all figures are
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 |
24092.350 |
24092.350 |
24092.350 |
|
(b) Reserves & Surplus |
(29770.811) |
(15138.502) |
(13163.957) |
|
(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 |
(5678.461) |
8953.848 |
10928.393 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
68087.894 |
81591.481 |
88972.410 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
3.540 |
3.541 |
6.947 |
|
(d) long-term provisions |
83.390 |
59.620 |
43.376 |
|
Total
Non-current Liabilities |
68174.824 |
81654.642 |
89022.733 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
6962.927 |
6437.870 |
5801.978 |
|
(b) Trade payables |
4093.751 |
3657.164 |
2470.660 |
|
(c) Other current liabilities |
56585.998 |
33597.919 |
25368.993 |
|
(d) Short-term provisions |
26.221 |
20.981 |
17.276 |
|
Total
Current Liabilities |
67668.897 |
43713.934 |
33658.907 |
|
|
|
|
|
|
TOTAL |
130165.260 |
134322.424 |
133610.033 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
99100.752 |
103720.767 |
46479.020 |
|
(ii) Intangible Assets |
17.787 |
24.243 |
13.025 |
|
(iii) Capital work-in-progress |
17990.704 |
17505.414 |
68190.370 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
1635.660 |
|
(e) Other Non-current assets |
910.385 |
1094.124 |
0.000 |
|
Total
Non-Current Assets |
118019.628 |
122344.548 |
116318.075 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
400.777 |
|
(b) Inventories |
7917.619 |
7357.625 |
8190.232 |
|
(c) Trade receivables |
1272.047 |
2507.483 |
1143.549 |
|
(d) Cash and cash equivalents |
1341.873 |
529.389 |
2598.098 |
|
(e) Short-term loans and advances |
0.000 |
0.000 |
1177.710 |
|
(f) Other current assets |
1614.093 |
1583.379 |
3781.592 |
|
Total
Current Assets |
12145.632 |
11977.876 |
17291.958 |
|
|
|
|
|
|
TOTAL |
130165.260 |
134322.424 |
133610.033 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
27742.958 |
28887.589 |
18312.407 |
|
|
Other Income |
935.312 |
157.144 |
156.049 |
|
|
TOTAL
|
28678.270 |
29044.733 |
18468.456 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
15342.533 |
18422.266 |
14805.738 |
|
|
Purchases of Stock-in-Trade |
0.000 |
49.477 |
586.180 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
1170.947 |
(718.595) |
(2071.824) |
|
|
Employees benefits expense |
1311.763 |
840.397 |
447.322 |
|
|
Other expenses |
7070.797 |
6693.560 |
4415.531 |
|
|
Excise duty on sale of goods |
2330.494 |
2910.642 |
0.000 |
|
|
Exceptional items |
0.000 |
(2765.192) |
0.000 |
|
|
TOTAL |
27226.534 |
25432.555 |
18182.947 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1451.736 |
3612.178 |
285.509 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
11298.305 |
5266.327 |
4517.313 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(9846.569) |
(1654.149) |
(4231.804) |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
4788.230 |
2025.793 |
2008.509 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(14634.799) |
(3679.942) |
(6240.313) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.110 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(14634.799) |
(3679.942) |
(6240.423) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
NA |
1366.446 |
|
|
TOTAL
EARNINGS |
NA |
NA |
1366.446 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
NA |
4724.577 |
|
|
Components and Stores parts |
NA |
NA |
726.156 |
|
|
Capital Goods |
NA |
NA |
2026.484 |
|
|
TOTAL
IMPORTS |
NA |
NA |
7477.217 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
(6.07) |
(1.53) |
(2.68) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
26721.105 |
14657.365 |
7336.271 |
|
Cash generated from / (used in) operations |
2453.143 |
7214.341 |
(3830.219) |
|
Net Cash flow from / (used in) operating activities |
2446.612 |
7212.930 |
(3835.924) |
QUARTERLY
RESULTS
|
Particulars |
(Unaudited) 1 st Quarter
Ended 30.06.2017 |
(Unaudited) 2nd
Quarter Ended 30.09.2017 |
(Unaudited) 3nd
Quarter Ended 31.12.2017 |
|
|
|
|
|
|
Net Sales |
7731.710 |
7622.460 |
8483.860 |
|
Total Expenditure |
7343.980 |
6812.140 |
7795.510 |
|
PBIDT (Excl OI) |
387.730 |
810.320 |
688.350 |
|
Other Income |
417.710 |
60.720 |
87.000 |
|
Operating Profit |
805.440 |
871.040 |
775.350 |
|
Interest |
2806.040 |
2827.120 |
2850.170 |
|
Exceptional Items |
775.000 |
200.000 |
NA |
|
PBDT |
(1225.600) |
(1756.080) |
(2074.820) |
|
Depreciation |
1196.350 |
1210.490 |
1201.610 |
|
Profit Before Tax |
(2421.950) |
(2966.570) |
(3276.430) |
|
Tax |
NA |
NA |
NA |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
(2421.950) |
(2966.570) |
(3276.430) |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
(2421.950) |
(2966.570) |
(3276.430) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Operating Income * 365 Days) |
16.74 |
31.68 |
22.79 |
|
|
|
|
|
|
Account Receivables Turnover (Operating Income / Sundry Debtors) |
21.81 |
11.52 |
16.01 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
97.39 |
72.27 |
58.59 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.18 |
0.49 |
0.03 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.01 |
0.00 |
0.00 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
1.25 |
1.04 |
0.97 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
(17.92) |
11.47 |
9.34 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
(11.92) |
4.88 |
3.08 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
(20.62) |
0.00 |
10.49 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.13 |
0.69 |
0.06 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
(52.75) |
(12.74) |
(34.08) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(11.24) |
(2.74) |
(4.67) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
257.72 |
(41.10) |
(57.10) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.18 |
0.27 |
0.51 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.06 |
0.11 |
0.27 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
(0.04) |
0.07 |
0.08 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
4.22 |
4.26 |
4.24 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.18 |
0.27 |
0.51 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 1.66/- |
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 |
24092.350 |
24092.350 |
24092.350 |
|
Reserves & Surplus |
(13163.957) |
(15138.502) |
(29770.811) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
10928.393 |
8953.848 |
(5678.461 |
|
|
|
|
|
|
long-term borrowings |
88972.410 |
81591.481 |
68087.894 |
|
Short term borrowings |
5801.978 |
6437.870 |
6962.927 |
|
Current Maturities of Long
term debt |
7336.271 |
14657.365 |
26721.105 |
|
Total
borrowings |
102110.659 |
102686.716 |
101771.926 |
|
Debt/Equity
ratio |
9.344 |
11.468 |
(17.922) |
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 |
18312.407 |
28887.589 |
27742.958 |
|
|
|
57.749 |
(3.962) |
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
|
18312.407 |
28887.589 |
27742.958 |
|
Profit/(Loss) |
(6240.423) |
(3679.942) |
(14634.799) |
|
|
(34.08%) |
(12.74%) |
(52.75%) |
LEGAL CASES
City Civil Court, Calcutta
Case Details
Case Type: MS - MONEY SUIT
Filing Number: 12017/2015Filing Date: 23-12-2015
Registration Number: 752/2015Registration Date: 23-12-2015
CNR Number: WB0101-008663-2015
Case Status
First Hearing
Date: 23rd December 2015
Next Hearing Date: 06th April 2017
Stage of Case: Steps
Court Number and Judge: 7-LD JUDGE 7th BENCH
Petitioner and
Advocate
1) ZKL Bearings
India Pvt. Ltd.
Address - Block B, Gillanders House, 3rd Floor, 8,
Netaji Subhash Road, Kol-1, P.S.- Hare Street.
Advocate- Sailesh Mishra
Respondent and Advocate
1) ELECTROSTEEL STEELS LTD.
Address - VILL- SIYALJORI, P.O. JOGIDH, OP BAGERIA,
P.S. CHANDANKYARI, BOKARO-828203, Jharkhand.
Acts
|
Under Act(s) |
Under Section(s) |
|||||
|
Specific Relief
Act |
6 |
|||||
|
History of Case
Hearing |
|
|||||
|
Registration
Number |
Judge |
Business On Date |
Hearing Date |
Purpose of
hearing |
|
|
|
752/2015 |
LD JUDGE 7th
BENCH |
23-12-2015 |
23-11-2016 |
Steps |
|
|
|
752/2015 |
LD JUDGE 7th
BENCH |
23-11-2016 |
06-04-2017 |
Steps |
|
|
City
Civil Court, Mumbai
Case Details
Case
Type: NOTICE OF MOTION
Filing Number: 111589/2016Filing Date: 14-10-2016
Registration Number: 103967/2016Registration Date: 14-10-2016
CNR Number: MHCC01-010871-2016
Case Status
First Hearing
Date: 07th November 2016
Next Hearing Date: 23rd November 2016
Stage of Case: NOTICE OF MOTION
Court Number and Judge: 24-JUDGE 24 ADDL. SESSIONS JUDGE
Petitioner and
Advocate
1) Ms Tegh Cables
Pvt Ltd
Address - Mumbai
Respondent and Advocate
1) Ms Electrosteel Steels Ltd
Address - Mumbai
Advocate - Khaitan And Co
Acts
|
Under Act(s) |
Under Section(s) |
|
C.P.C.-
Non-Interlocutory Order |
9 |
|
History of Case
Hearing |
|
|
Registration
Number |
Judge |
Business On Date |
Hearing Date |
Purpose of
hearing |
|
103967/2016 |
JUDGE 24 ADDL.
SESSIONS JUDGE |
07-11-2016 |
23-11-2016 |
NOTICE OF MOTION |
Civil
Court Senior Division ,Pune
Case Details
Case
Type: Spl.C.S. - Spl.Civ.Suit
Filing Number: 2324/2017Filing Date: 18-03-2017
Registration Number: 386/2017Registration Date: 27-03-2017
CNR Number: MHPU02-001627-2017
Case Status
First Hearing
Date: 06th April 2017
Next Hearing Date: 13th July 2017
Stage of Case: Awaiting Summons
Court Number and Judge: 118-12TH JOINT C.J.S.D AND ADDL C.J.M PUNE
Petitioner and
Advocate
1) Nikhil Equipments Pvt Ltd Through Satish m Damle
Address - Tushar Residency Plot No 99 Sr No 95 Bhusari
Colony Paud Raod Kothrud
Advocate- D V Saralkar
Respondent and
Advocate
1) Electrosteel
Steels Ltd
Address - Plot No 10 Lohanchal Beside Sector 12 Bokaro
Steel City Jharhkhand 827 013
Acts
|
Under Act(s) |
Under Section(s) |
|
Civil Procedure
codes |
o7r2 |
|
History of Case
Hearing |
|
|
Registration
Number |
Judge |
Business On Date |
Hearing Date |
Purpose of
hearing |
|
386/2017 |
12TH JOINT
C.J.S.D AND ADDL C.J.M PUNE |
12-04-2017 |
First Order |
|
|
386/2017 |
12TH JOINT
C.J.S.D AND ADDL C.J.M PUNE |
13-07-2017 |
Awaiting Summons |
CASE
STATUS
|
Case Details |
|
|
Case Type |
SUMMARY CIVIL
SUIT |
|
Filing No. |
104431/2014
Filing date: 19-04-2014 |
|
Registration No. |
100681/2014
Registration date: 02-05-2014 |
|
Case code |
205901044312014 |
|
CASE STATUS |
|
|
First Hearing
Date |
00-00-0000 |
|
Next Hearing
Date |
05-11-2014 |
|
Purpose of
Hearing |
DIRECTIONS |
|
Court No &
Judge |
24 - JUDGE 24
ADDL. SESSIONS JUDGE |
|
Petitioner(s)
& Advocate(s) |
|
|
Petitioner - M/S
TEGH CABLES PVT LTD |
|
|
Respondent(s)
& Advocate(s) |
|
|
Respondent - M/S
ELECTROSTEEL STEELS LTD |
|
|
ACTS |
|
|
Under Act(s) |
C.P.C.-
Non-Interlocutory Order |
|
Under Section(s) |
9 |
|
Subject |
SUMMARY |
|
LOWER COURT
INFORMATION |
|
|
Court No &
Name |
--- |
|
Case No &
Year |
--- |
|
Case Decision
Date |
--- |
|
History Of Case
Hearing |
||||
|
Regn. No. |
Judge |
Bussiness on
Date |
Hearing Date |
Purpose of
Hearing |
|
100681/2014 |
JUDGE 24 ADDL.
SESSIONS JUDGE |
30-06-2014 |
DIRECTIONS |
|
|
100681/2014 |
JUDGE 24 ADDL.
SESSIONS JUDGE |
30-06-2014 |
05-11-2014 |
DIRECTIONS |
|
Writ Information |
|||
|
Regn. No. |
Appellate Case
No. |
Appellate
Authority |
Date of Receipt |
|
Case Transfer
Details Between The Courts |
|||
|
Regn. No. |
Transfer Date |
From Court
No |
To Court
No |
ITEM NO.6+11 COURT
NO.1 SECTION XVIA
S U P R E M E C O
U R T O F I N D I A
RECORD OF
PROCEEDINGS
Arbitration Case
(Civil) No(s).18/2016
CHINA FIRST
METALLURGICAL GROUP CO. LTD Petitioner(s)
VERSUS
ELECTROSTEEL
STEELS LTD. Respondent(s)
(With appln.(s)
for bringing on record additional documents)
With Arbitration
Case (Civil) No(s).13/2017
(With office
report)
Date : 18/04/2017
These cases were called on for hearing today.
CORAM :
HON'BLE THE CHIEF
JUSTICE
HON'BLE DR.
JUSTICE D.Y. CHANDRACHUD
HON'BLE MR.
JUSTICE SANJAY KISHAN KAUL
For Petitioner(s)
Mr.Kapil Sibal, Sr.Adv.
In Arbt.Case (C)
Mr.Manu Nair, Adv.
No.18/16 & for
Mr.Sidharth Dutta, Adv.
RR in Arbt.Case(C)
Mr.Isan Gaur, Adv.
13/17 Mr. S. S. Shroff, Adv.
For Respondent(s) Mr.K.V.Viswanathan,
Sr.Adv.
In Arbt.Case (C)
Mr.Gaurav Juneja, Adv.
No.18/16 & for
Mr.Aayush Jain, Adv.
Petr.in Arbt.Case
Mr.Ravi Raghunath, Adv.
(C) No.13/17 For
M/s. Khaitan & Co., Adv.
Upon hearing the
counsel the Court made the following
O R D E R
Arbitration Case
(Civil) No(s).13/2017
Issue notice.
Mr.Manu Nair,
learned counsel, accepts notice on behalf
of the respondent,
and seeks a short adjournment, so as to enable
him to file
counter affidavit.
Prayer is allowed.
Counter affidavit be filed within four
weeks.
List after six
weeks.
(SATISH KUMAR
YADAV) (RENUKA SADANA)
AR-CUM-PS
ASSISTANT REGISTRAR
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION:
The company promoted by Electrosteel Castings Limited is a
public limited company, incorporated and domiciled in India having its
registered office at, 801, Uma Shanti Apartments, Kanke Road, Ranchi - 834008.
ESL has an envisaged capacity of 2.51 Million Ton Per Annum (MTPA) Greenfield
Integrated Steel Plant in Bokaro District Jharkhand. ESL makes products like
Pig Iron, Billets, TMT Bars, Wire Rods and Ductile Iron (DI) Pipes. It consists
of a Sinter Plant, Pellet Plant, Coke Oven, Blast Furnace, Basic Oxygen
Furnace, Billet Caster, Wire Rod Mill, Ductile Iron Pipe Plant, Bar Mill and
Power Plant. It also manufactures DI Pipe used for Water supply and Pressure
sewerage application. The Company's shares are listed and publically traded on
the National Stock Exchange of India and Bombay Stock Exchange.
ECONOMIC OVERVIEW
This year has been marked by several historic economic
policy developments. On the domestic side, a constitutional amendment paved the
way for the long-awaited and transformational goods and services tax (GST)
while demonetisation of the large currency notes signaled a regime shift to
punitively raise the costs of illicit activities. On the international front,
United Kingdom's decision to leave the European Union and the outcome of
presidential elections in United States of America, both the events are expected
to have long-term effects on the global economy. India has emerged as one of
the fastest growing major economy in the world as per the Central Statistics
Organisation (CSO) and International Monetary Fund (IMF). As per the Economic
Survey 2016-17, the Indian economy should grow between 6.75% and 7.5% in
Financial Year 2017-18. The Indian Government's decisive policy manoeuvres
towards ensuring fiscal consolidation and pegging back inflation will help it
maintain economic stability in the years ahead. India's eight core
infrastructure industries coal, crude oil, natural gas, refinery products,
fertilizers, steel, cement and electricity registered cumulative growth of 4.9%
during the April-November period compared to 2.5% a year ago.
GLOBAL STEEL INDUSTRY
Steel market conditions at a holistic level at the end of 2016 was mixed but overall optimistic, looking upto a rebound in Chinese market conditions to resurrect. The system, despite being weighed down by issues on stability of global economic/manufacturing growth and the streamlining of still-lingering excess capacity situation.
During the period growth in the global steel demand was sluggish, mainly attributable to weaker than expected performance in the emerging and developing economies. The slowdown in the emerging economies has revealed in deceleration in steel usage. Growth in China which had been the main driver for both demand and supply in the past, has moderated significantly reflecting the structural transformation of the economy. China has been exporting steel despite several barricading measures taken by the affected countries.
With demand remaining lukewarm for major part of the year and impact of excess capacity remaining unabated, steel prices remained on uneven grounds generally only to witness some bouncing back globally towards the end of the year.
An equally-strong rally was noted in global cooking coal prices specially in latter part of 2016, where rising demand in face of a stringent supply side impacted price markedly.
World crude steel production was stagnant in 2016. However, Asia is the only major steel producing region showing moderate increase in steel production and India's steel production has shown the highest growth. World's steel demand grew 0.2% in 2016 and is set to grow 0.5% in 2017.
INDIAN STEEL INDUSTRY
During the year, India's steel production has shown the highest growth. Indian steel demand is set to grow at 5.7% in 2017 vis-à-vis 5.4% growth in 2016, highest among the large economies. India is set to beat Japan to second position in 2018. The steel vision by Government of India envisage creation of crude steel capacity of 300 MTPA by 2030-31 and per capita steel consumption of 160 kg against current 61 kg in India. In India mild steel consumption increase during 16-17 is expected at 76.78 MT - a likely growth of 4.5%. Consumption of TMT is estimated to be 27.4 MT (projected growth of 4%).
Though China continued to rule the world crude steel production and consumption scenario in 2016, the year saw the sustenance of India as the most stable market and a major global investment destination and the country maintained its global ranks of being the 3rd largest crude steel producer and 3rd largest consumer of finished steel during the year.
PERFORMANCE OF THE
COMPANY
The Company is selling Pig Iron, Billets, TMT Bars, Wire Rods and Ductile Iron Pipes in the open market. It’s flagship product - Ductile Iron Pipe has established its presence in the market and is contributing significantly to Company’s growth. Continuous efforts for reduction of production cost and improvement in operational efficiency has resulted in the Company being able to report positive Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) for the year.
Owing to the shutdown of the Oxygen Plant as a result of an
accident and to sustain the production level, your Company had to resort to
procurement of oxygen from Open Market which resulted in increase in cost and
increase in operating and maintenance cost which adversely affected performance
of the Company to some extent. Wide fluctuation in raw material prices,
especially imported coking coal, also had a negative impact. Effective steps
towards implementing better guidelines for operational procedure and precautionary
measures thereto have been put in place. Continuous efforts were initiated to
improve performance of the Company in both, quantitative and qualitative terms.
INDEX OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G46675963 |
10493325 |
VISTRA ITCL (INDIA) LIMITED |
17/04/2014 |
26/04/2017 |
- |
195400000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EAST MUMBAI-827013IN |
|
2 |
G49525967 |
10487072 |
VISTRA ITCL (INDIA) LIMITED |
24/03/2014 |
26/04/2017 |
- |
2986800000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EAST MUMBAI-827013IN |
|
3 |
G44633055 |
10484687 |
VISTRA ITCL (INDIA) LIMITED |
24/01/2014 |
26/04/2017 |
- |
102593800000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EAST MUMBAI-827013IN |
|
4 |
B28352359 |
10324558 |
SREI INFRASTRUCTURE FINANCE LIMITED |
26/12/2011 |
- |
- |
5000000000.0 |
VISHWAKARMA,86C,TOPSIA ROAD (SOUTH), KOLKATA-700046, INDIA |
|
5 |
B71995393 |
10261324 |
STATE BANK OF INDIA |
11/01/2011 |
30/03/2013 |
- |
8650000000.0 |
RELIANCE HOUSE34 J L NEHRU ROAD, KOLKATA-700071IN |
|
6 |
G76984145 |
10547664 |
L&T FINCORP LIMITED |
22/01/2015 |
31/03/2015 |
02/02/2018 |
400000000.0 |
L & T HOUSE, BALLARD ESTATE, MUMBAI-400001, MAHARSHTRA, INDIA |
|
7 |
C39917752 |
10066956 |
IL & FS TRUST COMPANY LIMITED |
29/08/2007 |
26/03/2013 |
12/01/2015 |
85120000000.0 |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EAST, MUMBAIMH400051IN |
|
8 |
B95832622 |
10440089 |
The Bank of Baroda |
28/06/2013 |
- |
07/02/2014 |
72500000.0 |
3 WALCHAND HIRACHAND MARG, BELLARD PIER, MUMBAI-400001IN |
|
9 |
B95589255 |
10372111 |
STATE BANK OF TRAVANCORE |
30/07/2012 |
- |
29/01/2014 |
560000000.0 |
CORPORATE FINANCE BRANCH 112-115 TULSIANI CHAMBERS, 212 NARIMAN POINT MUMBAI-400021IN |
|
10 |
B95234266 |
10378639 |
STATE BANK OF HYDERABAD |
19/09/2012 |
- |
18/01/2014 |
800000000.0 |
CORPORATE FINANCE BRANCH 112-115 TULSIANI CHAMBERS, 212 NARIMAN POINT MUMBAI-400021IN |
STATEMENT OF
UNAUDITED FINANCIAL RESULT FOR THE QUARTER AND NINE MONTH ENDED 31ST
DECEMBER 2017
|
Particulars |
Quarter Ended |
Nine Month Ended |
|
|
Income from Operations |
31.12.2017 Unaudited |
30.09.2017 Unaudited |
31.12.2017 Unaudited |
|
(a) Net sates/income from operations (Net of excise duty) |
8483.864 |
7622.460 |
23838.033 |
|
(b) Other Operating Income |
87.004 |
60.715 |
565.427 |
|
Total
income from operations (net) |
8570.868 |
7683.175 |
24403.460 |
|
Expenses |
|
|
|
|
Cost of materials
consumed |
4734.433 |
4769.083 |
14765.610 |
|
Changes in inventories of finished goods. work-in-progress
and stock in trade |
1324.294 |
28.706 |
527.105 |
|
Excise duty on sale of goods |
0.000 |
0.000 |
662.974 |
|
Employee benefits expense |
373.039 |
365.343 |
1107.944 |
|
Finance Costs |
2850.179 |
2827.124 |
8483.339 |
|
Depreciation and Amortization Expenses |
1201.607 |
1210.493 |
3608.452 |
|
Other Expenses |
1363.748 |
1648.999 |
4887.989 |
|
Total
expenses |
11847.300 |
10849.748 |
34043.413 |
|
Profit/ (Loss) from ordinary activities after finance cost
but before exceptional items |
(3276.432) |
(3166.573) |
(9639.953) |
|
Exceptional items |
0.000 |
(200.000) |
(975.000) |
|
Net Profit / (Loss) for the period |
(3276.432) |
(2966.573) |
(8664.953) |
|
Other Comprehensive Income |
|
|
|
|
Items that will not be
reclassified to profit or loss |
0.579 |
0.579 |
1.738 |
|
Income tax relating to item that
will not be reclassified to profit or loss |
-- |
-- |
-- |
|
Other Comprehensive Income |
0.579 |
0.579 |
1.738 |
|
Total Other Comprehensive Income for the period |
(3275.853) |
(2965.994) |
(8663.215) |
|
Paid up equity share capital (Face Value of INR 10/-each) |
24092.350 |
24092.350 |
24092.350 |
|
Earnings per share (before extraordinary items) of INR
10/- each (not annualized): |
|
|
|
|
(a) Basic |
(1.36) |
(1.23) |
(3.60) |
|
(b) Diluted |
(1.36) |
(1.23) |
(3.60) |
NOTES :
1. The Company's Integrated Steel & DI Pipe Plant is in the State of Jharkhand, India. A part of plant facility is still under construction and erection and cost of equipment, pre-operative and other expenditure related thereto has therefore been carried forward under capital work in progress.
2. The Company has incurred significant amount of losses leading to erosion of
networth and current liabilities have exceeded the current assets of the
Company. Interest and other terms and condition of repayment etc. as per the
sanctioned CDR package could not be complied with and lenders in terms of RBI
Circular dated 8th July 2015 and 24th September 2015, invoked “Strategic Debt
Restructuring” (SDR) in respect of the Company. Pending implementation of SDR,
State Bank of India in it’s capacity as financial creditor has filed a petition
on 27th June 2017 under “Insolvency and Bankruptcy Code, 2016” (IBC) with
Hon’ble National Company Law Tribunal, Kolkata Bench (NCLT). On 21st July 2017,
the NCLT vide it’s order of even date admitted the said petition and Corporate
Insolvency Resolution Process (CIRP) has been initiated in terms of IBC and
related rules and regulation issued thereunder. Mr. Dhaivat Anjaria (having
Registration No: IBBI/IPA-001/IPP00088/2017-18/10184) was appointed as Interim
Resolution Professional (IRP) and thereafter has been confirmed to be
Resolution Professional (RP) by Committee of Creditors (COC) constituted under
IBC. Further, the NCLT, on the basis of the resolution passed by the COC and on
the application made by the RP, has granted further extension of period of CIRP
by 90 days w.e.f. 17th January, 2018. Expression of Interest (“EOI”) from
prospective investors have been received during the quarter and the same are in
the process of verification and evaluation.
CIRP is currently in progress and as a part of the said process, resolution
plan is to be prepared, approved by COC and implemented on approval thereof by
NCLT. Pending this and measures to be adopted as a part of the resolution
process, the financial statements has been continued to be prepared on a going
concern basis.
3. Interest on borrowings have been provided for considering the rates and
terms and conditions stipulated originally as per CDR Package or otherwise
stipulated/advised in this respect. Adjustments, if any required in this
respect pursuant to the resolution plan will be given effect to on completion
of CIRP and approval thereof by NCLT.
4. Pending finalisation of Resolution Plan and certaintity as to the
realisation of unused tax losses, adjustments for deferred taxation have not
been given effect to during the period.
5. This being interim financial statement certain disclosures/ adjustments etc.
pending compilation and ongoing measures as stated above, in respect of the
following could not be ascertained and given effect to during the period:
a) Independent Confirmation of debit and credit balances including Trade
Payables and reconciliation of these balances including Statutory liabilities
and admitted claims with respect to financial and operational creditors;
b) Non-recognition of additional interest (over and above as per 3 above),
management fees and other charges in respect of Non-CDR lender SREI pending
finalisation of amount payable in this respect;
c) Impairment testing in respect of tangible and intangible assets; and
d) Contingent Liability/ Provision if any with respect to matters related to
Entry Tax and custom duty including interest etc., due to non-fulfilment of
export obligations
Necessary adjustments/disclosures, if any, with respect to above will be given
effect to on determination of amount thereof.
6. In respect of Auditor’s qualification on the results of the previous quarter regarding certain disclosures/ adjustments etc. the following steps have been taken and consequential effect has been given in the results for the period:
a) Physical Verification of Inventory and reconciliation resulting in decrease
in Inventory by Rs. 1,509.41 lakhs (Net);
b) Confirmation and Reconciliation of Bank balance including fixed deposits
with Banks and Independent Confirmation in respect of Trade Receivables being
circulated by the management, pending reconciliation on receipt thereof in due
course of time; and
c) Remuneration of Mr. Rama Shankar Singh, as a whole time director not being
approved by the shareholder with effect from February 06, 2017 reversed during
the period.
7. Exceptional items relate to the interim payment received from the insurers
against 'Loss of profit' claim made by the company due to the accident at the
oxygen plant in May, 2016. The balance amount will be recognised on acceptance
thereof by the insurance authorities.
8. Considering the nature of the Company’s business operations and future
prospects and possible capacity utilisation etc. on completion of entire plant
facilities, no separate reportable segments (business and/ or geographical) in
terms of IND AS 108 ‘Operating Segments’ has been considered necessary.
9. Goods and Service Tax ("GST") has been implemented with effect
from 1st July 2017 and therefore Revenue from Operations for the quarter ended
30th September 2017 and 31st December 2017 are net of GST. Revenue from
operations and expenses for the quarter and nine months ended 31st December
2016 and year ended 31st March 2017 being inclusive of excise duty are not
comparable with corresponding figures of quarter and nine months ended 31st
December 2017.
10. The above financial results which have been prepared in accordance with
Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 read with SEBI circular dated July 5, 2016 have been subjected to Limited
Review by the Statutory Auditors. Since the powers of the board of directors
has been suspended after commencement of CIRP, the above financial results have
been certified by Mr. Sunil Katial, Chief Executive Officer and Mr. Ashutosh
Agarwal, Chief Financial Officer and thereafter provided to the Resolution
Professional. The Board of Directors of the Company was in charge of the
business and conduct of the Company until 21st July 2017 i.e. the date when the
CIRP process has commenced and IRP/Resolution Professional had been appointed
and taken charge of operations of the company. The above results has been
reviewed by the RP. The Resolution Professional has not conducted an
independent verification of such statement. The Resolution Professional has
therefore relied upon the certifications, representations and statements made
by Mr. Sunil Katial, Chief Executive Officer, Mr. Ashutosh Agarwal, Chief
Financial Officer in relation to the financial accounts and.
11. Previous periods' figures have been reclassified wherever appropriate to
conform to current periods' presentation.
CONTINGENT
LIABILITIES:
(INR
in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Contingent
Liabilities not provided for in respect of: |
|
|
|
Central Excise & Service Tax |
0.004 |
0.004 |
|
Customs Duty (under EPCG) |
0127 |
0.074 |
|
Customs Duty (others |
0.006 |
0.006 |
|
Sales Tax |
0.016 |
0.013 |
|
Entry Tax |
0.002 |
-- |
|
|
|
|
|
Guarantees given by banks on behalf of the Company |
0.003 |
0.003 |
|
Right of Recompense of Lenders as per CDR Guidelines |
0.085 |
0.061 |
|
Other pending claims & disputes |
0.001 |
0.001 |
|
Claims filed against the company by the vendors 1 |
0.019 |
0.019 |
|
There are several Civil and criminal proceedings pending against the Company, the financial liability thereof, if any, is unascertainable |
-- |
-- |
|
Note : The Company’s pending litigations comprises of claims
against the company and proceedings pending with Statutory/ Government
Authorities. The Company has reviewed all its pending litigations and
proceedings and has made adequate provisions, and disclosed contingent
liabilities, where applicable, in its financial statements. The Company does
not expect the outcome of these proceedings to have a material impact on its
financial positions. Future cashflow, if any in respect of (a), (d), (e) and
(f) is dependent upon the outcome of judgements/ decisions. |
||
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
·
Railway Sidings
·
Computer Software
PRESS RELEASE:
VEDANTA GETS NCLT NOD FOR TAKEOVER
OF DEBT-RIDDEN ELECTROSTEEL STEELS
Mining billionaire Anil Agarwal-led Vedanta Ltd said on Tuesday that its Rs 5,320 crore ($812.6 million) resolution plan for the acquisition of debt-ridden Electrosteel Steels Ltd has been approved by the National Company Law Tribunal (NCLT).
This makes Electrosteel the first of the 12 large stressed assets identified by the Reserve Bank of India last year to be resolved under the Insolvency and Bankruptcy Code.
Vedanta had announced last month that it had won the bid to acquire bankrupt Electrosteel, trumping competition from Tata Steel Ltd, Renaissance Group and Edelweiss Asset Reconstruction Co Ltd.
In a stock exchange filing on Tuesday, Vedanta said the Kolkata bench of the NCLT had approved the terms of its resolution plan for Electrosteel.
A wholly-owned subsidiary of Vedanta will subscribe to the share capital of Electrosteel for INR 18050.000 million ($275.7 million) and provide additional funds of about INR 35150.000 MIllion ($536.9 million) by way of debt, the filing said.
Vedanta will hold about 90% of the paid-up share capital of Electrosteel while the remaining 10% will be held by Electrosteel’s existing shareholders and the financial creditors, who will receive shares in exchange for the debt owed to them.
In all, Electrosteel’s creditors will receive dues to the tune of INR 53200.000 Million ($812.6 million), Vedanta said.
Competition Commission of India (CCI) and Securities and Exchange Board of India (SEBI) will now need to approve the transaction.
Electrosteel owns and operates a greenfield integrated steel manufacturing plant near Bokaro in Jharkhand with a capacity of 1.5 million tonnes per annum (MTPA). It was incorporated in Ranchi, Jharkhand, as a public company in December 2006 and has been listed on the Indian stock exchanges since 2010.
Electrosteel’s total secured outstanding debt was INR 123766.100 Million as on 31 March 2017, according to its annual report.
The company owes lenders more than INR 130000.000 MIllion ($2 billion), according to a Bloomberg Quint report.
Electrosteel Steels’ resolution professional was slapped with a penalty last week for neglecting the claims made by operational creditors.
Vedanta said the transaction will complement the group’s existing iron ore business through vertical integration of steel manufacturing. It will pay for the acquisition using existing cash resources.
Vedanta Ltd’s parent Vedanta Resources Plc is listed on the London Stock Exchange and produces aluminium, copper, zinc, lead, silver, iron ore, oil and gas and energy. It has operations in India, Zambia, Namibia, South Africa, Ireland and Australia.
On Monday, Vedanta announced the appointment of Srinivasan Venkatakrishnan of Johannesburg-based AngloGold Ashanti Ltd as chief executive officer effective August 31 this year. He will succeed interim CEO Kuldip Kaura.
NCLAT ORDERS MAINTENANCE OF
STATUS QUO IN ELECTROSTEEL STEELS INSOLVENCY PROCESS
KOLKATA, MAY 1
The National Company Law Appellate Tribunal (NCLAT) on Tuesday ordered status quo in the insolvency process of Electrosteel Steels India Pvt Ltd. The NCLAT has also directed the steering committee, if any appointed, not to spend any amount except as required for the day-to-day operations of Electrosteel.
A bench headed by S.J. Mukhopadhyay was hearing an appeal moved by Renaissance Steel India against the April order of the National Company Law Appellate Tribunal, Kolkata bench. The Kolkata bench of the NCLT had approved of Vedanta’s Rs 5,320-crore resolution plan (for Electrosteel).
Renaissance Steel, it may be recalled, had opposed the resolution plan, stating that Vedanta was not eligible to bid for Electrosteel since one of Vedanta’s affiliates — a unit of its UK-based parent Vedanta Resources Plc — had been found guilty of criminal misconduct punishable with two or more years in jail. The matter will be heard again on May 17.
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 66.77 |
|
|
1 |
INR 90.58 |
|
Euro |
1 |
INR 79.96 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
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 |
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 |
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.