MIRA INFORM REPORT

 

 

Report No. :

507980

Report Date :

08.05.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

SUNFLAG IRON AND STEEL COMPANY LIMITED         

 

 

Registered Office :

33, Mount Road Sadar, Nagaur – 440001, Maharashtra

Tel. No.:

91-712-2520356

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

12.09.1984

 

 

Com. Reg. No.:

11-034003

 

 

Capital Investment / Paid-up Capital :

INR 1802.200 Million

 

 

CIN No.:

[Company Identification No.]

L27100MH1984PLC034003

 

 

IEC No.:

[Import-Export Code No.]

0388193778

 

 

TIN No.:

27430388633

 

 

GSTN :

[Goods & Service Tax Registration No.]

27AACCS3376C1ZH

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Divulged

 

 

PAN No.:

[Permanent Account No.]

AACCS3376C

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Subject is engaged in the business of manufacturing and sale of Special Steel Rolled Products. (Registered activity)

 

 

No. of Employees :

1321 (Approximately)

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Good

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Exists

 

 

Comments :

Subject is an established company incorporated in the year 1984. It is a manufacturer and seller of special steel rolled products.

 

As per the quarterly results of December 2017, the company has achieved revenue of INR 5064.4 million along with average net profit margin.

 

For the financial year ended 2017, the company has reported a decline of  5.05% in its revenue as compared to the previous year’s revenue but has managed to maintain an average profitability margin of 4.32%.

 

Rating takes into consideration, the sound financial position of the company marked by strong networth base with along comfortable debt balance sheet profile and favourable gap between its trade payables and receivables.

 

Further, rating reflects long track record of the company in manufacturing of mild steel and alloy steel products, experienced management and established position in the alloy steel industry.

 

The company has its share price trading at around INR 85.85 on BSE as on May 7, 2018 as against the Face Value (FV) of INR 10.

 

Business is active. Payments are slow but correct.

 

In view of healthy financial base, the company can be considered good for normal business dealings at usual trade terms and conditions. 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CARE

Rating

Long term loans : A

Rating Explanation

Adequate degree of safety and low credit risk

Date

05.03.2018

 

Rating Agency Name

CARE

Rating

Short term loans : A1

Rating Explanation

Very strong degree of safety and carry lowest credit risk

Date

05.03.2018

 

 

 

RBI DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

 

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

 

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2018.

 

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 08.05.2018

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

INFORMATION DECLINED

 

Management non-cooperative (Tel No.: 91-712-2532901/ Mobile No.: 91-9316259945)

 

LOCATIONS

 

Registered / Head Office :

33, Mount Road Sadar, Nagaur – 440001, Maharashtra, India

Tel. No.:

91-712-2520356

Fax No.:

91-712-2520360

E-Mail :

investor@sunflagsteel.com

Website :

www.sunflagsteel.com

 

 

Works :

Warthi, Bhandara Road, Bhandara – 441905, Maharashtra, India

 

 

Regional Offices :

 

Located at:

 

·         Faridabad

·         Chennai

·         Pune

·         Mumbai

·         Nagpur

 

 

Branch Offices :

 

Located at:

 

·         Delhi

·         Bangalore

 

 

Warehouses :

 

Located at:

 

·         Chennai

·         Delhi

·         Faridabad

·         Ludhiana

·         Bangalore

·         Kanpur

·         Malanpur

·         Jaipur

·         Bhiwadi

·         Mumbai

 

 

DIRECTORS

 

As on 31.03.2017

 

Name :

Mr. Pranav Ravi Bhardwaj

Designation :

Managing Director

Address :

18, Jor Bagh, First Floor, Opposite Lodhi Road, New Delhi – 110003, India

Date of Birth/Age :

20.04.1974

Date of Appointment :

03.02.2000

PAN No.:

AESPB2780E

DIN No.:

00054805

 

 

Name :

Mr. Surendra Kumar Prem Narayan Gupta

Designation :

Managing Director

Address :

Pushpa Sadan, Plot No. 598, Chitnavis Nagar, Byramji Town, Nagpur – 440013, Maharashtra, India

Date of Birth/Age :

16.08.1948

Date of Appointment :

21.05.2007

PAN No.:

ABPPG5613D

DIN No.:

00054836

 

 

Name :

Mr. Ramchandra Vasant Dalvi

Designation :

Whole-Time Director

Address :

101, Chaitanya, 155 Shradhanandpeth Nagpur-440010, Maharashtra, India

Date of Appointment :

14.08.2017

DIN No.:

00012065

 

 

Name :

Mr. Muralidhar Rambhatla

Designation :

Whole-Time Director

Address :

105, K T Nagar, Near Friends Colony, Katol Road, Nagpur-440013, Maharashtra, India

Date of Appointment :

14.08.2017

DIN No.:

00982212

 

 

Name :

Mr. Ravi Bhushan Satya Dev Bhardwaj

Designation :

Director

Address :

18, Jor Bagh, Opposite Lodhi Road, New Delhi – 110003, India

Date of Birth/Age :

01.10.1998

Date of Appointment :

01.10.1998

PAN No.:

AAMPB1229N

DIN No.:

00054700

 

 

Name :

Mr. Gajendran S

Designation :

Director

Address :

15, Ward No.141, Sriramnagar Colony, Chennai - 600113, Tamilnadu, India

Date of Appointment :

16.06.2008

DIN No.:

00250136

 

 

Name :

Mr. Kumar Jitendra Singh

Designation :

Director

Address :

1 Katol Road Chhowni Nagpur – 440013, Maharashtra, India

Date of Birth/Age :

16.08.1948

Date of Appointment :

05.08.2014

DIN No.:

00626836

 

 

Name :

CA Jayesh Madhavji Parmar

Designation :

Director

Address :

A 101, Riddhi Siddhi, Off M G Road, Off Dada Narvane School, Kandivali (West), Mumbai – 400067, Maharashtra, India

Date of Birth/Age :

27.03.1965

Date of Appointment :

23.06.2009

DIN No.:

00802843

 

 

Name :

Mrs. Neelam Naresh Kothari

Designation :

Director

Address :

2601/2602, 26th Floor, Orbit Heights, J D Marg, Nana Chowk, Grant Road, [West], Mumbai – 400007, Maharashtra, India

Date of Appointment :

29.09.2014

DIN No.:

06709241

 

 

Name :

Dr. Edayathimangalam Ramnath Chandra Shekar

Designation :

Director

Address :

ES Ramnath #87, 2nd Main, 1st Block, Koramangala Bangalore – 560034, Karnataka, India

Date of Birth/Age :

20.04.1932

Date of Appointment :

05.09.1991

DIN No.:

00013670

 

 

Name :

Mr. Suhrit Ravi Bhushan Bhardwaj

Designation :

Director

Address :

P. O. Box No. 41627 - 00100 Nairobi Kenya Nairobi Kenya 000000, Kenya

Date of Appointment :

27.03.2017

DIN No.:

02318190

 

 

Name :

Mr. Rooshad Russi Patel

Designation :

Additional Director

Address :

597/B Chitnavis Layout, Byramji Town, Katol Road, Nagpur-440013, Maharashtra, India

Date of Appointment :

29.09.2017

DIN No.:

00473945

 

 

KEY EXECUTIVES

 

Name :

Mr. Muralidhar Rambhatla

Designation :

Chief Finance Officer

Address :

105, K T Nagar, Near Friends Colony, Katol Road, Nagpur – 440013, Maharashtra, India

Date of Appointment :

01.04.2014

PAN No.:

AAMPR4451N

 

 

Name :

Mr. Pranaba Kumar Panigrahi

Designation :

Company Secretary

Address :

Konark Enclave, Ground Floor, 17, K. T. Nagar, Katol Road, Nagpur – 440013, Maharashtra, India

Date of Appointment :

05.08.2014

PAN No.:

AJCPP2041B

 

 

MAJOR SHAREHOLDERS

 

As on March 2018

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a %

(A) Promoter & Promoter Group

88416476

49.06

(B) Public

91802972

50.94

Grand Total

180219448

100.00

                                                                                                                   

 

Statement showing shareholding pattern of the Promoter and Promoter Group

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a %

A1) Indian

Individuals/Hindu undivided Family

1612140

0.89

MR. PRANAV RAVI BHARDWAJ

1612140

0.89

Any Other (specify)

8333356

4.62

SUPRA CORPORATION LIMITED

8333356

4.62

Sub Total A1

9945496

5.52

A2) Foreign

0.00

Individuals (NonResident Individuals/ Foreign Individuals)

13217398

7.33

MR. SUHRIT RAVI BHUSHAN BHARDWAJ

13217398

7.33

Any Other (specify)

65253582

36.21

SUNFLAG LIMITED, CHANNEL ISLANDS, UK

65253582

36.21

Sub Total A2

78470980

43.54

A=A1+A2

88416476

49.06

 

Statement showing shareholding pattern of the Public shareholder

 

Category & Name of the Shareholders

No. of fully paid up equity shares held

Shareholding % calculated as per SCRR, 1957 As a %

B1) Institutions

 

 

Mutual Funds/

35200

0.02

Foreign Portfolio Investors

362068

0.20

Financial Institutions/ Banks

604673

0.34

Insurance Companies

400

0.00

Sub Total B1

1002341

0.56

B2) Central Government/ State Government(s)/ President of India

0

0.00

Central Government/ State Government(s)/ President of India

600

0.00

Sub Total B2

600

0.00

B3) Non-Institutions

0

0.00

Individual share capital upto INR 0.200 million

26234338

14.56

Individual share capital in excess of INR 0.200 million

33382588

18.52

MR DHIRENDRA BHUPENDRA SANGHAVI

6210000

3.45

MRS USHA BHUPENDRA SANGHAVI

5353747

2.97

MR BHUPENDRA GOKALDAS SANGHAVI

4637179

2.57

MR. KANWALJIT SINGH BAKSHI

4150000

2.30

NBFCs registered with RBI

11360

0.01

Any Other (specify)

31171745

17.30

IEPF

3091699

1.72

Daido Steel Co. Limited., Japan

18021945

10.00

Bodies Corporate

8098470

4.49

Non-Resident Indian (NRI)

1361462

0.76

Director or Director's Relatives

2000

0.00

Clearing Members

586069

0.33

Trusts

10100

0.01

Sub Total B3

90800031

50.38

B=B1+B2+B3

91802972

50.94

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of manufacturing and sale of Special Steel Rolled Products. (Registered activity)

 

 

Products / Services :

NIC Code No.

Products/Services Description

2410

Steel and Steel Products

(Rolled Products)

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged 

 

 

Imports :

Not Divulged 

 

 

Terms :

Not Divulged 

 

PRODUCTION STATUS – (NOT AVAILABLE)

 

 

GENERAL INFORMATION

 

Suppliers :

 

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

1321 (Approximately)

 

 

Bankers :

·         State Bank of India, Industrial Finance Branch, "The Arcade", 2nd Floor, World Trade Centre, Cuffe Parade, Mumbai-400005, Maharashtra, India

·         Bank of India, Nagpur Corporate Banking Branch, S V Patel Marg, Kingsway, Nagpur-440001, Maharashtra, India

·         Indian Bank, Deccan Gymkhana Branch 759/62, Prabhat Road, Pune-411004, Maharashtra, India

·         State Bank of Bikaner And Jaipur (Now merged with State Bank of India), Commercial Network Branch, 239, P. D. Mello Road, Near GPO, Fort, Mumbai-400001, Maharashtra, India

·         IDBI Bank Limited

·         Canara Bank

 

 

Facilities :

Secured Loan

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Long-term Borrowings

 

 

Term loans - from banks

0.000

100.700

Short-term borrowings

 

 

Loans repayable on demand

 

 

Borrowings for working capital from banks

2212.600

1117.200

Total

2212.600

1217.900

Long-term Borrowings

Term Loans from Banks are Secured by a first mortgage of the Company’s Immovable properties situated at Village Warthi Eklari and Sirsi, District Bhandara, both present and future ranking pari passu interest and a first charge by way of hypothecation of all the company’s movables subject to prior charges created in favour of Company’s bankers on Inventories, book debts and other movables for securing the borrowings for working capital requirement.

 

Term loan of INR 200.000 Million (outstanding INR 54.200 Million) borrowed from State Bank of India is further secured by Personal Guarantee of Shri. Ravi Bhushan Bhardwaj, Chairman of the Company

 

The Company has not defaulted in repayment of principle and interest during the year.

 

@ The Unsecured loans comprising term loans given by Promoters are interest

 

Short-term borrowings

 

i. Working capital borrowings are secured by way of hypothecation of Inventories and book debts and further secured by way of second charge ranking pari passu over the fixed assets situated at Village Warthi, Eklari & Sirsi District Bhandara both present and future, subject to prior charges created by the Company in favour of banks for securing term loan. Working capital borrowings are secured by the personal guarantee of Shri Ravi Bhushan Bhardwaj, Chairman of the Company.

 

ii. The Company has not defaulted in either repayment of principal or interest during the year

 

Statutory Auditors :

 

Name :

S.S. Kothari Mehta and Company

Chartered Accountants

Address :

New Delhi, India

 

 

Joint Statutory Auditors :

 

Name :

Patel, Shah and Joshi

Chartered Accountants

Address :

Mumbai, Maharashtra, India

 

 

Secretarial Auditors :

 

Name :

Mukesh Parakh and Associates

Company Secretaries

Address :

Nagpur, Maharashtra, India

 

 

Cost Auditors :

 

Name :

G. R. Paliwal and Company

Cost Accountants

Address :

Nagpur, Maharashtra, India

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiary Companies

·         Sunflag Power Limited

·         Sunflag Special Steels Limited (1)

·         Khappa Coal Company Private Limited

·         Sunflag Foundation (Section 8 Company) (2)

 

 

Associate Enterprise :

·         Haryana Television Limited

 

 

Enterprise which have significant influence (Promoter and Promoter Group) :

·         Sunflag Limited, Channel Islands, UK

 

 

Joint Venture Companies :

·         Madanpur (North) Coal Company Private Limited

·         C T Mining Private Limited

·         Daido D.M.S. India Private Limited

·         Ramesh Sunwire Private Limited

(1) Sunflag Special Steels Limited (U27102OR2003PLC007099) – a Wholly-owned Subsidiary of Sunflag Iron and Steel Company Limited holding 99.88% of Issued, Subscribed and Paid-up Share Capital, has passed a Special Resolution for Application for Striking-off the Name pursuant to the provisions of Section 248

 

(2) of the Companies Act, 2013 read with the Companies (Removal of Names of Companies from the Registrar of Companies) Rules, 2016 at the Extra-ordinary General Meeting held on 27th March 2017 and accordingly the said Company has filed e-Form No. STK-2 with the Office of the Registrar of Companies, Odisha at Cuttack and its approval is awaited.

 

 

CAPITAL STRUCTURE

 

As on 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

205000000

Equity Shares

INR 10/- each

INR 2050.000 Million

 

 

 

 

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

180219448

Equity Shares

INR 10/- each

INR 1802.200 Million

 

 

 

 

 

Terms/ Voting Rights attached to the Equity Shares

 

In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion of the number of the Equity shares held by the Shareholders

 

Reconciliation of the number of share outstanding

 

Movement of Shares

As at

31.03.2017

Opening number of shares issued

180219448

Shares issued during the year

--

Shares bought back during the year

--

Closing number of shares issued

180219448

 

Details of shareholders holding more than 5% shares in the company

 

Name of shareholder

As at

31.03.2017

 

Number of shares

% Holding

Sunflag Limited, Channel Islands, UK

65253582

36.21%

Daido Steel Co. Ltd. Japan

18021945

10.00%

Suhrit Ravi Bhushan Bhardwaj

13217398

7.33%

Usha B Sanghavi

7726891

4.29%

 

The company has neither issued any bonus share or share for consideration other than cash neither bought back any shares during the period of five years immediately preceding the reporting date

 

 

FINANCIAL DATA

[all figures are INR Million]

 

ABRIDGED BALANCE SHEET (STANDALONE)

 

SOURCES OF FUNDS

31.03.2017

31.03.2016

31.03.2015

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

1802.200

1802.200

1802.200

(b) Reserves & Surplus

5280.100

4628.400

4033.100

(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)

7082.300

6430.600

5835.300

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

434.700

575.400

1382.600

(b) Deferred tax liabilities (Net)

777.300

766.000

651.500

(c) Other long term liabilities

143.700

152.400

28.100

(d) long-term provisions

169.000

156.900

138.900

Total Non-current Liabilities (3)

1524.700

1650.700

2201.100

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

2212.600

1117.200

1977.700

(b) Trade payables

1405.300

1559.900

1973.000

(c) Other current liabilities

0.000

0.000

840.300

(d) Short-term provisions

1089.300

1666.700

488.700

Total Current Liabilities (4)

4707.200

4343.800

5279.700

 

 

 

 

TOTAL

13314.200

12425.100

13316.100

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

5106.700

5415.000

5702.400

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

321.500

39.800

28.200

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

117.200

98.300

76.700

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

434.000

308.700

359.200

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

5979.400

5861.800

6166.500

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

4055.400

3148.900

3941.400

(c) Trade receivables

2047.100

2204.700

1885.000

(d) Cash and cash equivalents

752.700

635.200

532.600

(e) Short-term loans and advances

0.000

0.000

764.000

(f) Other current assets

479.600

574.500

26.600

Total Current Assets

7334.800

6563.300

7149.600

 

 

 

 

TOTAL

13314.200

12425.100

13316.100

 

 

PROFIT & LOSS ACCOUNT (STANDALONE)

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

15096.600

15898.800

17565.900

 

Other Income

77.500

92.400

60.000

 

TOTAL

15174.100

15991.200

17625.900

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

8970.500

8783.400

10324.700

 

Other Manufacturing Expenses

3259.800

3200.000

4068.800

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(415.800)

111.800

(71.700)

 

Employees benefits expense

942.600

982.700

820.600

 

Other expenses

885.400

1040.500

730.700

 

Exceptional items

0.000

0.000

254.500

 

Exceptional items

0.000

0.000

(245.700)

 

TOTAL

13642.500

14118.400

15881.900

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

1531.600

1872.800

1744.000

 

 

 

 

 

Less

FINANCIAL EXPENSES

350.600

649.500

714.400

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

1181.000

1223.300

1029.600

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

331.900

356.400

511.300

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

849.100

866.900

518.300

 

 

 

 

 

Less

TAX

197.400

298.800

274.200

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

651.700

568.100

244.100

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

344.500

518.700

796.700

 

TOTAL EARNINGS

344.500

518.700

796.700

 

 

 

 

 

 

CIF VALUE OF IMPORTS

957.500

718.700

992.100

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

3.62

3.15

1.42

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

97.600

711.300

811.100

Cash generated from operations

(186.200)

(184.300)

885.300

Net cash flow from / (used in) operating activities

(162.800)

2359.400

776.600

 

 

QUARTERLY RESULTS

 

Particulars

 

30.06.2017

 (Unaudited)

30.09.2017

(Unaudited)

31.12.2017

(Unaudited)

 

1st  Quarter

2nd Quarter

3rd Quarter

Net Sales

5282.000

5332.100

5064.400

Total Expenditure

4808.200

4782.200

4308.800

PBIDT (Excl OI)

473.800

549.900

755.600

Other Income

26.500

17.600

19.100

Operating Profit

500.300

567.500

774.700

Interest

94.500

83.500

86.300

Exceptional Items

NA

NA

NA

PBDT

405.800

484.000

688.400

Depreciation

81.400

86.000

92.400

Profit Before Tax

324.400

398.000

596.000

Tax

69.500

140.500

186.900

Provisions and contingencies

NA

NA

NA

Profit After Tax

254.900

257.500

409.100

Extraordinary Items

NA

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

254.900

257.500

409.100

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

49.49

50.61

39.17

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

7.37

7.21

9.32

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

57.18

64.82

69.75

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.38

0.59

0.44

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.28

0.34

0.30

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.39

0.45

0.56

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.39

0.37

0.71

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.66

0.68

0.90

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.77

0.85

0.98

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

4.37

2.88

2.44

 

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

4.32

3.57

1.39

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

4.89

4.57

1.83

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

9.20

8.83

4.18

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.56

1.51

1.35

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.70

0.79

0.61

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.53

0.52

0.44

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

1.52

1.33

2.31

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.56

1.51

1.35

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

STOCK PRICES

 

Face Value

INR 10.00/-

Market Value

INR 85.85/-

 

 

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

1802.200

1802.200

1802.200

Reserves & Surplus

4033.100

4628.400

5280.100

Net worth

5835.300

6430.600

7082.300

 

 

 

 

long-term borrowings

1382.600

575.400

434.700

Short term borrowings

1977.700

1117.200

2212.600

Current maturities of long-term debts

811.100

711.300

97.600

Total borrowings

4171.400

2403.900

2744.900

Debt/Equity ratio

0.715

0.374

0.388

 

 

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

17565.900

15898.800

15096.600

 

 

(9.491)

(5.046)

 

 

 

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

17565.900

15898.800

15096.600

Profit

244.100

568.100

651.700

 

1.39%

3.57%

4.32%

 

 

BALANCE SHEET (CONSOLIDATED)

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

1802.200

1802.200

(b) Reserves & Surplus

 

5287.300

4628.400

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

 

 

(3) Non-controlling interest

 

14.600

14.500

Total Shareholders’ Funds

 

7104.100

6445.100

 

 

 

 

(4) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

477.500

618.300

(b) Deferred tax liabilities (Net)

 

777.300

766.000

(c) Other long term liabilities

 

143.700

152.400

(d) long-term provisions

 

169.000

156.900

Total Non-current Liabilities

 

1567.500

1693.600

 

 

 

 

(5) Current Liabilities

 

 

 

(a) Short term borrowings

 

2212.600

1117.200

(b) Trade payables

 

1405.300

1559.900

(c) Other current liabilities

 

1089.300

1666.800

(d) Short-term provisions

 

0.000

0.000

Total Current Liabilities

 

4707.200

4343.900

 

 

 

 

TOTAL

 

13378.800

12482.600

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

5125.200

5433.800

(ii) Intangible Assets

 

0.000

0.000

(iii) Capital work-in-progress

 

545.100

262.400

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

91.400

72.400

(c) Deferred tax assets (net)

 

0.000

0.000

(d)  Long-term Loan and Advances

 

264.500

140.500

(e) Other Non-current assets

 

0.000

0.000

Total Non-Current Assets

 

6026.200

5909.100

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

4055.400

3148.900

(b) Inventories

 

0.000

0.000

(c) Trade receivables

 

2050.600

2204.700

(d) Cash and cash equivalents

 

767.300

645.500

(e) Short-term loans and advances

 

0.000

0.000

(f) Other current assets

 

479.300

574.400

Total Current Assets

 

7352.600

6573.500

 

 

 

 

TOTAL

 

13378.800

12482.600

 

 

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

 

 

PARTICULARS

 

31.03.2017

31.03.2016

 

SALES

 

 

 

 

Income

 

15096.600

15898.800

 

Other Income

 

78.100

97.700

 

TOTAL

 

15174.700

15996.500

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

8970.500

8783.400

 

Purchases of Stock-in-Trade

 

0.000

0.000

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

-415.800

111.800

 

Employees benefits expense

 

942.600

987.100

 

Other expenses

 

881.800

1038.900

 

Other Manufacturing Expenses

 

3259.800

3200.000

 

Share in profit / (loss) in Joint Venture and Associates

 

3.500

6.500

 

TOTAL

 

13642.400

14127.700

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

1532.300

1868.800

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

350.600

654.900

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

1181.700

1213.900

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

 

332.000

356.600

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

849.700

857.300

 

 

 

 

 

Less

TAX

 

197.500

299.600

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

 

652.200

557.700

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

3.64

3.13

 

LEGAL CASES

 

CASE STATUS



Case Details

 

Case Type

Complaint ULP

 

Filing No.

/     Filing date: 00-00-0000

 

Registration No.

5000037/2014     Registration date: 01-08-2014

 

Case code

 

 

CASE STATUS

 

First Hearing Date

14-08-2014

 

Next Hearing Date

22-09-2014

 

Purpose of Hearing

Evidence

 

Court No & Judge

1 - MEMBER

 

 

Petitioner(s) & Advocate(s)

 

Petitioner - Sunflag Iron and Steel Mazdoor Sabha
Address - Sunflag Iron and Steel Mazdoor Sabha Mohadi Dist Bhandara
Advocate - R.N. Sen

 

Respondent(s) & Advocate(s)

 

Respondent - Sunflag Iron and Steel Company Ltd.
Address - Sunflag Iron and Steel Company Ltd. Bhandara
Advocate - H.N.Varma

 

 

ACTS

 

Under Act(s)

Maha.Recognition Trade Union & Prevention Of Unfair Labour Practice Act,1971

Under Section(s)

28 30 2

Subject

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

5000037/2014

MEMBER

14-08-2014

Notice

5000037/2014

MEMBER

14-08-2014

19-08-2014

Notice

5000037/2014

MEMBER

19-08-2014

21-08-2014

Notice

5000037/2014

MEMBER

21-08-2014

26-08-2014

Notice

5000037/2014

MEMBER

26-08-2014

28-08-2014

Notice

5000037/2014

MEMBER

28-08-2014

05-09-2014

Hearing

5000037/2014

MEMBER

05-09-2014

09-09-2014

Hearing

5000037/2014

MEMBER

09-09-2014

22-09-2014

Evidence



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 
& Judge

To Court No 
& Judge



CASE STATUS

 

Case Details

 

Case Type

Complaint ULP

 

Filing No.

/     Filing date: 00-00-0000

 

Registration No.

5000096/2012     Registration date: 15-12-2012

 

Case code

 

 

 

CASE STATUS

 

First Hearing Date

25-10-2013

 

Next Hearing Date

22-09-2014

 

Purpose of Hearing

Issues

 

Court No & Judge

1 - MEMBER

 

 

 

Petitioner(s) & Advocate(s)

 

Petitioner - Sunflag Iron and Steel Mazdoor Sabha
Address - Bhandara Road, Dist. Bhandara
Advocate - K.I.Ramteke

 

Respondent(s) & Advocate(s)

 

Respondent - Sunflag Iron and Steel Company Ltd.
Address - Bhandara Road, Bhandara
Advocate - H.N.Varma

 

 

ACTS

 

Under Act(s)

Maha.Recognition Trade Union & Prevention Of Unfair Labour Practice Act,1971

Under Section(s)

28

Subject

 

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

5000096/2012

MEMBER

25-10-2013

Issues

5000096/2012

MEMBER

25-10-2013

23-11-2013

Lok-Nyayalaya

5000096/2012

MEMBER

23-11-2013

29-11-2013

Issues

5000096/2012

MEMBER

29-11-2013

17-01-2014

Issues

5000096/2012

MEMBER

17-01-2014

07-02-2014

Issues

5000096/2012

MEMBER

07-02-2014

15-03-2014

Issues

5000096/2012

MEMBER

15-03-2014

11-04-2014

Issues

5000096/2012

MEMBER

11-04-2014

21-06-2014

Issues

5000096/2012

MEMBER

21-06-2014

02-08-2014

Issues

5000096/2012

MEMBER

02-08-2014

06-09-2014

Issues

5000096/2012

MEMBER

06-09-2014

09-09-2014

Issues

5000096/2012

MEMBER

09-09-2014

22-09-2014

Issues



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 
& Judge

To Court No 
& Judge

 

 

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

Yes

12]

Voter Id Card No. of Proprietor / Partners

No

13]

Type of business

Yes

14]

Line of Business

Yes

15]

Export/import details (if applicable)

No

16]

No. of employees

Yes

17]

Details of sister concerns

Yes

18]

Major suppliers

No

19]

Major customers

No

20]

Banking Details

Yes

21]

Banking facility details

Yes

22]

Conduct of the banking account

--

23]

Financials, if provided

Yes

24]

Capital in the business

Yes

25]

Last accounts filed at ROC, if applicable

Yes

26]

Turnover of firm for last three years

Yes

27]

Reasons for variation <> 20%

--

28]

Estimation for coming financial year

No

29]

Profitability for last three years

Yes

30]

Major shareholders, if available

Yes

31]

External Agency Rating, if available

Yes

32]

Litigations that the firm/promoter involved in

Yes

33]

Market information

--

34]

Payments terms

No

35]

Negative Reporting by Auditors in the Annual Report

No

 

CORPORATE INFORMATION

 

The Company was incorporated in 1984 and is engaged in the business of manufacturing and sale of Special Steel Rolled products. The Company is listed on The National Stock Exchange of India Limited (NSE) and BSE Limited (BSE).

 

The registered office of the Company is situated at 33, Mount Road, Sadar, Nagpur - 440001, Maharashtra, India.

 

FINANCE

 

The Company has ended the financial year with a profit after tax of INR 651.700 Million. After taking into account the brought forward profit of INR 4224.300 Million, the Company has carried forward an amount of INR 4876.000 Million to the Balance Sheet.

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

GLOBAL ECONOMIC SCENARIO AND OUTLOOK

 

With buoyant financial markets and a long-awaited cyclical recovery in manufacturing and trade under way, world growth is projected to rise from 3.1 percent in 2016 to 3.5 percent in 2017 and 3.6 percent in 2018, slightly above the October 2016 World Economic Outlook (WEO) forecast. The world economy gained speed in the fourth quarter of 2016 and the momentum is expected to persist.

 

A renewed multilateral effort is also needed to tackle common challenges in an integrated global economy.

 

INDIAN ECONOMIC SCENARIO AND OUTLOOK

 

The Government of India has forecasted that the Indian economy will grow by 7.1 per cent in FY 2016-17. As per the Economic Survey 2016-17, the Indian economy should grow between 6.75 and 7.5 per cent in FY 2017-18.

 

Government of India has introduced Goods & Service Tax (GST) effective 1st July 2017 biggest ever tax reform in the country, possesses a hope in the industry for better growth in the years to come.

 

INDIAN STEEL INDUSTRY

 

India’s crude steel output grew 10.7 per cent year-on-year to 25.76 million tonnes (MT) during January-March 2017. India’s crude steel output during April 2017 grew by 5.4 per cent year-on-year to 8.107 MT.

 

AUTOMOBILE AND AUTO COMPONENT INDUSTRY

 

The automobile industry in India is expected to be the world’s third largest by 2020, with the country currently being the world’s second largest twowheeler manufacturer. Two-wheeler production is projected to rise from 18.500 million in FY15 to 34.000 million by FY20. Passenger vehicle market in India is expected to cross the three million unit milestone during FY 2016-17, and further increase to 10 million units in FY 2019-20.

 

The government aims to develop India as a global manufacturing as well as a research and development (R&D) hub. It has set up National Automotive Testing and R&D Infrastructure Project (NATRiP) centres as well as a National Automotive Board to act as facilitator between the government and the industry.

 

COSTS - STEEL BUSINESS

 

During the year, the Company continued to focus on costs, improvements through Total Productive Maintenance (TPM) and various cost reduction policies, wherever applicable.

 

STEEL SECTOR – THREATS AND CHALLENGES

 

Shift towards relatively lower steel demand growth in most of the heavy-weight economies. The franchisee route or the smaller producers perhaps are the biggest threat to the industry. They are able to use the name of big players and use the re-cycle material.

 

UNSECURED LOAN

 

PARTICULAR

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Long-term Borrowings

 

 

From promoters (interest free) @

137.500

137.500

Other loans and advances #

 

 

Interest free Sales Tax Loan

297.200

337.200

Total

434.700

474.700

@ The Unsecured loans comprising term loans given by Promoters are interest free. There is no stipulation as to the repayment hence there is no default has occured in repayment during the period.

 

# The Unsecured loans comprising Interest free Sales Tax Loan valued on NPV basis. Actual liability is INR 457.400 Million. The repayment of the sales tax loan is made as per the schedule and no default has occured in repayment during the period.

 

 

INDEX OF CHARGES

 

S

No

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Date of Satisfaction

Amount

Address

1

G53475463

100092283

State Bank of India

30/03/2017

24/08/2017

-

750000000.0

Industrial Finance Branch, "The Arcade", 2nd FloorWorld Trade Centre, Cuffe Parade,MumbaiMH400005IN

2

G53228516

90239709

State Bank of India

13/03/1992

24/08/2017

-

7551700000.0

Industrial Finance Branch, "The Arcade, 2nd Floor,World Trade Centre, Cuffe ParadeMumbaiMH400005IN

3

Y10347167

90239530

IFCI Ltd

09/08/1990

22/07/2004

-

43600000.0

Bank of Baroda Bulding,Parliamentary Street,NEW DELHIDL110001IN

4

Y10347141

90239504

INDUSTRIAL FINANCE CORP. OF INDIA

09/05/1990

22/07/2004

-

81100000.0

BANK OF BARODA BUILDINGPARLIAMENT STREETNEW DELHIDL110001IN

5

G84711936

10559298

IDBI Bank Limited

16/03/2015

02/06/2017

31/03/2018

500000000.0

IDBI Tower, World Trade Centre,Cuffe Parade,MumbaiMH442907IN

6

G56713514

10432530

State Bank of Bikaner & Jaipur

14/06/2013

28/09/2013

06/10/2017

200000000.0

Commercial Network Branch,239, P. D. Mello Road, Near GPO, Fort,MumbaiMH400001IN

7

G53747762

10222470

Bank of India

06/05/2010

20/08/2010

14/09/2017

900000000.0

Nagpur Corporate Banking BranchS V Patel Marg, Kingsway,NagpurMH440001IN

8

G52526381

10225887

Indian Bank

18/06/2010

20/08/2010

30/08/2017

1500000000.0

Deccan Gymkhana Branch759/62, Prabhat Road,PuneMH411004IN

9

G43954718

10413511

State Bank of India

12/03/2013

28/09/2013

05/05/2017

200000000.0

The Arcade, 2nd Floor,World Trade Centre, Cuffe Parade,MumbaiMH400005IN

10

G43954593

10112073

State Bank of India

01/07/2008

12/09/2008

05/05/2017

600000000.0

Industrial Finance Branch, 'The Arcade' 2nd Floor,World Trade Centre, Cuffe Parade, Colaba,MumbaiMH400005IN

 

 

CONTINGENT LIABILITIES:

 

PARTICULARS

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Unexpired letter of credit

320.100

327.700

Guarantees issued by Company’s bankers on behalf of the Company

732.400

769.200

Bonds/ undertakings given by the Company under duty exemption scheme to the custom authorities

61.600

154.600

Bills discounted

441.700

468.100

Excise duty & custom duty against which company has preferred an appeal

6.500

6.500

Income Tax Liability - Disputed but paid

61.300

90.200

Corporate Guarantee issued to Banks on behalf of Subsidiaries

0.000

40.000

Total

1623.600

1856.300

 

 

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017

 

                                                                                                                      (INR In Million)

 

 

PARTICULARS

Standalone

Quarter Ended

 

Nine Months Ended

31.12.2017

30.09.2017

31.12.2017

Unaudited

Unaudited

Unaudited

Income From Operations

 

 

 

a. Revenue from operations

5064.400

5332.100

15678.500

b. Other Income

19.100

17.600

63.200

Total Income from Operations (Net)

5083.500

5349.700

15741.700

Expenditure

 

 

 

Cost of material Consumed

3083.400

2672.800

8625.800

Purchase of Stock-in trade

0.000

14.600

14.600

Changes in inventory of finished Goods, work- in-progress and Stock-in-trade

-243.400

366.200

312.000

Excise Duty expenses

0.000

0.000

547.500

Employees Benefit Expenses

244.900

249.900

743.300

Finance Cost

86.300

83.500

264.300

Depreciation and Amortization Expenses

92.400

86.000

259.800

Other expenses

1223.900

1281.900

3656.000

Total Expenses

4487.500

4754.900

14423.300

Profit / (Loss) from ordinary activities after finance costs but before exceptional items 

596.000

398.000

1318.400

Exceptional items 

--

--

--

Profit / (Loss) from ordinary activities before tax

596.000

398.000

1318.400

Tax Expense

(186.900)

(140.500)

(396.900)

Profit / (Loss) from ordinary activities After Tax

409.100

257.500

921.500

Extra-ordinary items (net of tax expenses)

--

--

--

Net Profit/ (Loss) for the period

409.100

257.500

921.500

 

 

 

 

Paid- up Equity Share Capital (share – INR 10)

1802.200

1802.200

1802.200

 

 

 

 

Reserves excluding revaluation reserve as per balance sheet of previous accounting year

 

 

 

Earnings Per Share (of INR 10 each) (not annualized)

 

 

 

Basic

2.27

1.43

5.11

Diluted

2.27

1.43

5.11

 

 

Notes:

1. After review by the Audit Committee, the above financial results were approved by the Board of Directors of the Company at their meeting held on 12th February, 2018.


2. The above financials have been prepared in accordance with Ind-AS 34 Interim Financial Reporting prescribed under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standard) Rules, 2015 (Ind-AS) and other recognised accounting practices and policies to the extent applicable. Beginning Aprii 1, 2016, the Company has for the first time adopted Ind-AS with a transition date of April 1, 2015.


3. The Company has only one operating segment i.e. ’Iron & Steel Business’ and operations are mainly within India. Hence, it is the only reportable segment under IND AS 108 'Operating Segments'.


4. Post implementation of Goods & Service Tax (GST) applicable with effect from 01/07/2017, Revenue from operations are required to be disclosed net of GST in accordance with the requirement of Ind-AS 18 and Schedule III of Companies Act, 2013. Consequently, Revenue from operations for the quarter and 9 months ended 31st Dec-17 are not comparable with the previous quarters/ period financial results, which are reported inclusive of Excise Duty. 

 

Particulars

3 months ended

Nine Months ended

31.12.2017

30.09.2017

31.12.2017

Unaudited

Unaudited

Unaudited

Net sales / Income from operations 

5064.400

5332.100

15678.500

Excise duty

--

--

547.500

Net sales after excluding excise duty

5064.400

5332.100

15131.000

 


5. The company has opted to disclose standalone financial results for the quarter ended 31st Dec, 2017 in view of exemption available vide SEBI circular no. CIR/CFD/FAC/62/2016 dated 5th July, 2016.


6. The figures of previous periods have been re-grouped /re-arranged wherever necessary.

 

 

FIXED ASSETS

 

·         Freehold Land

·         Leasehold Land

·         Buildings

·         Factory Buildings

·         Office Building

·         Township

·         Welfare Buildings

·         Boundary Wall and Fencing

·         Approach Roads

·         Railway Siding

·         Plant and Equipment

·         Furniture and Fixtures

·         Office equipment

·         Vehicles

·         Development of Mines

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

INR

US Dollar

1

INR 66.77

UK Pound

1

INR 90.58

Euro

1

INR 79.97

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

Analysis Done by :

NIY

 

 

Report Prepared by :

JYTK

 

 

SCORE FACTORS

 

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)