|
|
|
MIRA INFORM REPORT
|
Report No. : |
508311 |
|
Report Date : |
17.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
MAHENDRA SPONGE AND POWER LIMITED (w.e.f 20.03.2009) |
|
|
|
|
Formerly Known
As : |
MAHENDRA SPONGE AND POWER PRIVATE LIMITED |
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|
|
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Registered
Office : |
Maruti Business Park, A Block, 2nd Floor, Near Dhuppar Petrol Pump, G.E. Road, Raipur – 492001, Chhattisgarh |
|
Tel. No.: |
91-771-4065600 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
23.07.2002 |
|
|
|
|
Com. Reg. No.: |
10-015176 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 175.120 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27102CT2002PLC015176 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
6310000021 |
|
|
|
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GSTN : [Goods & Service Tax
Registration No.] |
22AADCM5765E1ZN |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCM5765E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
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Line of Business
: |
The
company engaged in generation of electricity and also manufacturing of Sponge
Iron, Pellets and M.S. Ingots, [Registered activity] |
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|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a part of Mahendra group and it was incorporated in the year 2002. It is engaged in generation of electricity, manufacturing of sponge iron, pellets and MS ingots. Management has failed to its latest financials with Government Registry. As per available financials of March 2016, the company has registered decline in its revenue as compared to its previous year’s revenue and has reported minimal profit margin of 0.60%. Rating takes into consideration the company’s established track record of business operations marked by sound net worth along with comfortable debt coverage indicators and decent liquidity position. Rating also takes into account the extensive experience of its promoters and group’s semi-integrated operations. However, rating strength is partially offset by working capital intensive nature of business, volatility in the prices of raw materials and cyclicality of the industry. Payments seems to be slow but correct. In view of aforesaid, the subject can be considered for business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating= BBB- (Issuer
Non-Cooperative) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
22.03.2018 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating= A3 (Issuer
Non-Cooperative) |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
22.03.2018 |
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
31-03-2017.
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 16.05.2018
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 DENIED
Management non-cooperative (Tel No.:91-771-4065600)
Mobile No.:91-9893445994 (Number is switch
off)
LOCATIONS
|
Registered Office : |
Maruti Business Park, A Block, 2nd Floor, Near Dhuppar Petrol Pump, G.E. Road, Raipur – 492001, Chhattisgarh, India |
|
Tel. No.: |
91-771-4065600 / 2236472 |
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Fax No.: |
91-771-4065666 |
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E-Mail : |
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Website : |
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|
|
Factory : |
Plot No. 76 and 77, Phase II, Siltara Industrial Area, Siltara, Raipur
– 492001, Chhattisgarh, India |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Mahendra Agrawal |
||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
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Address : |
300, Samta Colony, Raipur – 492001, Chhattisgarh, India |
||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
15.05.1976 |
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Date of Appointment : |
12.08.2014 |
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PAN No.: |
ACIPA4595J |
||||||||||||||||||||||||||||||||
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DIN No.: |
00091076 |
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Other Directorship:
|
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|
||||||||||||||||||||||||||||||||
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Name : |
Mr. Manoj Kumar Agrawal |
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Designation : |
Managing Director |
||||||||||||||||||||||||||||||||
|
Address : |
300, Samta Colony, Raipur – 492001, Chhattisgarh, India |
||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
14.04.1972 |
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Date of Appointment : |
12.08.2014 |
||||||||||||||||||||||||||||||||
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PAN No.: |
ACIPA4456E |
||||||||||||||||||||||||||||||||
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DIN No.: |
00177804 |
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Other Directorship:
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|
||||||||||||||||||||||||||||||||
|
Name : |
Mr. Munish Kumar Maajan |
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Designation : |
Whole time Director |
||||||||||||||||||||||||||||||||
|
Address : |
A-23, Green Orchid, Avani Vihar, Raipur – 492001, Chhattisgarh, India |
||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
14.12.1969 |
||||||||||||||||||||||||||||||||
|
Date of Appointment : |
15.05.2014 |
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PAN No.: |
AEQPM4590K |
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DIN No.: |
03550214 |
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|
||||||||||||||||||||||||||||||||
|
Name : |
Mr. Deepesh Agrawal |
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|
Designation : |
Director |
||||||||||||||||||||||||||||||||
|
Address : |
300, Samta Colony, Raipur – 492001, Chhattisgarh, India |
||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
09.12.1979 |
||||||||||||||||||||||||||||||||
|
Date of Appointment : |
23.07.2002 |
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PAN No.: |
AEFPA4151F |
||||||||||||||||||||||||||||||||
|
DIN No.: |
00177761 |
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Other Directorship:
|
|||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||
|
Name : |
Mr. Kamlesh Ghosh |
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|
Designation : |
Whole time Director |
||||||||||||||||||||||||||||||||
|
Address : |
P. No. 10/199, Opposite Agriculture College, Sai Nagar Krishak Nagar,
Raipur – 492001, Chhattisgarh, India |
||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
10.01.1970 |
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|
Date of Appointment : |
15.05.2014 |
||||||||||||||||||||||||||||||||
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PAN No.: |
AJQPG1370E |
||||||||||||||||||||||||||||||||
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DIN No.: |
06871055 |
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Other Directorship:
|
|||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Manish Prashant Bhattacharya |
|
Designation : |
Company Secretary |
|
Address : |
C3-205, Karsan Heritage, Daldal Seoni, Mowa, Raipur –
492001, Chhattisgarh,
India |
|
Date of Birth/Age : |
04.09.1986 |
|
Date of Appointment : |
01.04.2014 |
|
PAN No.: |
AXXPB8258K |
|
|
|
|
Name : |
Ms. Radhika Lakshmi Burlu |
|
Designation : |
Chief Financial Officer |
|
Address : |
Bengali Mohalla, Laxmi Nagar, Pachpedi Naka, Raipur – 492001, Chhattisgarh, India |
|
Date of Birth/Age : |
26.03.1987 |
|
Date of Appointment : |
15.05.2014 |
|
PAN No.: |
AVFPB3978G |
MAJOR SHAREHOLDERS
AS ON 30.09.2016
|
Names of Shareholders |
|
No. of Shares |
|
Ishwar Prasad Agrawal |
|
780000 |
|
Manoj Kumar Agrawal |
|
778000 |
|
Mahendra Kumar Agrawal |
|
1329000 |
|
Deepesh Agrawal |
|
1604000 |
|
Bimla Devi Agrawal |
|
732000 |
|
Hemlata Agrawal |
|
471000 |
|
Surbhi Agrawal |
|
48000 |
|
Shweta Agrawal |
|
313000 |
|
Ishwar Prasad Agrawal HUF |
|
878000 |
|
Manoj Kumar Agrawal HUF |
|
545000 |
|
Mahendra Agrawal HUF |
|
150000 |
|
Deepesh Agrawal HUF |
|
100000 |
|
Premlata Agrawal |
|
200000 |
|
Animesh Ispat Private Limited |
|
6890000 |
|
Super Ispat (Raipur) Private Limited |
|
320000 |
|
Mahendra Krishi Farms Private Limited |
|
134000 |
|
Limelight Vintrade Private Limited |
|
260000 |
|
Principle Suppliers Private Limited |
|
380000 |
|
Pinnacle Commotrade Private Limited |
|
80000 |
|
Lovely Commodities Private Limited |
|
720000 |
|
Animesh Agrawal |
|
600000 |
|
Sakshi Agrawal |
|
50000 |
|
Yashvi Agrawal |
|
50000 |
|
Idhika Agrawal |
|
50000 |
|
Kanishka Agrawal |
|
50000 |
|
|
|
|
|
Total |
|
17512000 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2016
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family – Indian) |
49.84 |
|
Promoters (Body corporate) |
50.16 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The
company engaged in generation of electricity and also manufacturing of Sponge
Iron, Pellets and M.S. Ingots, [Registered activity] |
||||||||||||
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Products / Services
: |
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||||||||||||
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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|
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Imports : |
Not Divulged |
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|
|
|
||||||||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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|
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No. of Employees : |
Information denied by the management |
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|
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|
Bankers : |
Yes Bank Limited, 9th Floor, Nehru Centre, Discovery Of India, Dr A B Road, Worli, Mumbai-400018, Maharashtra, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
Agrawal And Pansari Chartered Accountant |
|
Address : |
2nd Floor, Rishabh Complex, Raipur – 492001, Chhattisgarh,
India |
|
PAN No.: |
AAEFA4245R |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates and Joint
Ventures [As on 2016] : |
|
|
|
|
|
Other Related
Parties [As on 2016] : |
· Ishwar Prasad Agrawal (H.U.F) · Manoj Kumar Agrawal (H.U.F) |
CAPITAL STRUCTURE
AS ON 30.09.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
INR 10/- each |
INR 250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17512000 |
Equity Shares |
INR 10/- each |
INR 175.120 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
175.120 |
175.120 |
175.120 |
|
(b) Reserves and Surplus |
492.147 |
481.082 |
450.850 |
|
(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) |
667.267 |
656.202 |
625.970 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
127.709 |
79.714 |
119.454 |
|
(b) Deferred tax liabilities (Net) |
10.151 |
2.476 |
0.000 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
137.860 |
82.190 |
119.454 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
700.883 |
410.114 |
491.564 |
|
(b) Trade
payables |
190.496 |
377.996 |
54.528 |
|
(c) Other
current liabilities |
44.401 |
58.847 |
34.251 |
|
(d) Short-term
provisions |
7.402 |
4.434 |
4.374 |
|
Total Current
Liabilities (4) |
943.182 |
851.391 |
584.717 |
|
|
|
|
|
|
TOTAL |
1748.309 |
1589.783 |
1330.141 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
654.472 |
552.746 |
587.618 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Tangible assets
capital work-in-progress |
6.219 |
40.956 |
3.932 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
23.805 |
23.805 |
23.074 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
4.008 |
|
(d)
Long-term loans and advances |
19.661 |
14.415 |
9.185 |
|
(e) Other
Non-current assets |
21.928 |
8.173 |
0.000 |
|
Total Non-Current
Assets |
726.085 |
640.095 |
627.817 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
4.000 |
2.000 |
0.000 |
|
(b)
Inventories |
442.171 |
502.900 |
444.931 |
|
(c) Trade
receivables |
281.125 |
84.436 |
22.985 |
|
(d) Cash
and bank balances |
69.774 |
186.615 |
40.809 |
|
(e)
Short-term loans and advances |
225.154 |
173.737 |
193.599 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1022.224 |
949.688 |
702.324 |
|
|
|
|
|
|
TOTAL |
1748.309 |
1589.783 |
1330.141 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
1845.505 |
2493.247 |
2071.159 |
|
|
Other Income |
7.903 |
11.680 |
4.958 |
|
|
TOTAL |
1853.408 |
2504.927 |
2076.117 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1377.408 |
2005.085 |
1531.030 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
2.626 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
14.601 |
(16.292) |
21.430 |
|
|
Employee benefit expense |
100.255 |
107.912 |
83.782 |
|
|
Other expenses |
185.960 |
191.981 |
184.731 |
|
|
TOTAL |
1678.224 |
2288.686 |
1823.599 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
175.184 |
216.241 |
252.518 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
88.051 |
99.688 |
98.619 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
87.133 |
116.553 |
153.899 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
63.594 |
68.923 |
88.994 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
23.539 |
47.630 |
64.905 |
|
|
|
|
|
|
|
Less |
TAX |
12.474 |
16.014 |
12.757 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
11.065 |
31.616 |
52.148 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
0.63 |
1.81 |
2.98 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(230.498) |
451.406 |
201.688 |
|
Net cash flows from (used in) operating activities |
(235.298) |
441.876 |
188.873 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
55.60 |
12.36 |
4.05 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
6.56 |
29.53 |
90.11 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
50.48 |
68.81 |
12.98 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.40 |
0.43 |
0.57 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.27 |
0.36 |
0.43 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.61 |
0.59 |
0.53 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.24 |
0.75 |
0.98 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.41 |
1.30 |
0.93 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.99 |
0.90 |
0.95 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.99 |
2.17 |
2.56 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
0.60 |
1.27 |
2.52 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
0.63 |
1.99 |
3.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
1.66 |
4.82 |
8.33 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.08 |
1.12 |
1.20 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.61 |
0.52 |
0.44 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.38 |
0.41 |
0.47 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
4.73 |
2.80 |
3.49 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.08 |
1.12 |
1.20 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
175.120 |
175.120 |
175.120 |
|
Reserves & Surplus |
450.850 |
481.082 |
492.147 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
625.970 |
656.202 |
667.267 |
|
|
|
|
|
|
Long-term borrowings |
119.454 |
79.714 |
127.709 |
|
Short term borrowings |
491.564 |
410.114 |
700.883 |
|
Total
borrowings |
611.018 |
489.828 |
828.592 |
|
Debt/Equity
ratio |
0.976 |
0.746 |
1.242 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
2071.159 |
2493.247 |
1845.505 |
|
|
|
20.379 |
(25.980) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
2071.159 |
2493.247 |
1845.505 |
|
Profit/ (Loss) |
52.148 |
31.616 |
11.065 |
|
|
2.52
% |
1.27
% |
0.60
% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: Registered office
of the company has been shifted from Plot No. 76 and 77, Phase II, Siltara
Industrial Area, Siltara, Raipur – 492001, Chhattisgarh, India to the present
address.
GENERAL INFORMATION
(As on 2016)
The Company engaged in the business of generation of electricity, manufacturing of Sponge Iron, Pellets and M.S. Ingots.
FINANCIAL PERFORMANCE
The total income of the Company from its business operations in the current year was INR 1853.407 Million as compared to INR 2504.926 Million of the Previous Year which is a marginal decrease of 26.00% in terms of income. The Profit before Interest, Depreciation and Tax for the current year was INR 175.184 Million as compared to INR 216.241 Million of the previous financial year. The profit after tax for the current year was INR 11.066 Million as compared to INR 31.616 Million in the previous year.
OPERATIONS
During the year, the steel industry has continued to suffer from the sluggish economy and due to no support or relief from the government in terms of taxation, the sponge manufacturers continued to suffer from poor market conditions. However, despite the challenges, the company continued its business activities and retained its business position in lines with its plans and projections. The sale of Sponge iron was not satisfactory in comparison to the previous financial year. An adequate decrease in sale of Ingots was also observed. The sale of pellet to outside parties was also a concern in comparison to the previous financial year.
The management has proposed an expansion in the business operations of the Company. The expansion being in initial stage, the management is of the view that with the change in economic scenario, the company will be able to perform well with the integration of its business operations.
MANAGEMENT DISCUSSION AND ANALYSIS
During the year under review, the steel industry continued to suffer due to the unstable market conditions, however the business environment has shown signs of improvement which is a boost to the steel industry players. The fluctuations in the market price of the steel products have forced the business houses to cut down their profit margins and to sell at a lower price to compete with the local and global market players. Despite the continued turbulence around the world, the steel Industry continued to maintain its pace as the countries and business are becoming Increasingly Interdependent through trade, Investment and financial systems across the world. The global pace in terms of growth has slowed down and despite the slow pace; the steel players have continued to maintain their business operations. The Indian Steel market has continued to suffer due to competition from international steel suppliers and slow infrastructure development which has forced many steel players to cut their margins and also to suffer losses at some point of time.
However, timely correction in the prices of Iron ore and steps taken by the Central Government to promote the domestic steel players has helped the domestic steel industry to continue with its growth plan.
UNSECURED LOANS:
|
Particulars |
31.03.2016 INR In Million |
31.03.2015 INR In Million |
|
LONG TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
11.136 |
36.954 |
|
|
|
|
|
Total |
11.136 |
36.954 |
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G59917906 |
100132247 |
YES BANK LIMITED |
26/09/2017 |
- |
- |
150000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR A B ROAD, WORLI MUMBAI 400018 MAHARASHTRA INDIA |
|
2 |
G61138319 |
100132711 |
HDFC BANK LIMITED |
06/09/2017 |
- |
- |
300000000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARGLOWER PAREL (WEST) MUMBAI MAHARASHTRA INDIA |
|
3 |
G21001771 |
100059324 |
HDFC BANK LIMITED |
04/08/2016 |
- |
- |
2013000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL W MUMBAI-400013 MAHARASHTRA INDIA |
|
4 |
G09455932 |
100044405 |
HDFC BANK LIMITED |
30/07/2016 |
- |
- |
4800000.0 |
HDFC BANK HOUSESENAPATI BAPAT MARGLOWER PAREL W MUMBAI-400013 MAHARASHTRA INDIA |
|
5 |
C53132171 |
10568406 |
STATE BANK OF INDIA |
16/04/2015 |
- |
- |
240000000.0 |
COMMERCIAL BRANCH, PUJARI CHAMBERS, PACHPEDI NAKA RAIPUR 492001 CHHATTISGARH INDIA |
|
6 |
C12811378 |
10511194 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
30/06/2014 |
- |
- |
2943000.0 |
ONE FORBES,DR. V. B. GANDHI MARG, FORT MUMBAI-400001 MAHARASHTRA INDIA |
|
7 |
C13523402 |
10511022 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
30/06/2014 |
- |
- |
2943000.0 |
ONE FORBES,DR. V. B. GANDHI MARG, FORT MUMBAI-400001 MAHARASHTRA INDIA |
|
8 |
B70502224 |
10385014 |
STATE BANK OF INDIA |
12/09/2012 |
19/02/2013 |
- |
198000000.0 |
COMMERCIAL BRANCH, 2ND FLOOR,PUJARI CHAMBER,PACHPEDI NAKA RAIPUR-492001 MAHARASHTRA INDIA |
|
9 |
B38376133 |
10352155 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
07/03/2012 |
- |
- |
3300000.0 |
ONE FORBES,DR. V. B. GANDHI MARG, FORT MUMBAI-400001 MAHARASHTRA INDIA |
|
10 |
B04867081 |
10263262 |
STATE BANK OF INDIA |
30/12/2010 |
- |
- |
30000000.0 |
COMMERCIAL BRANCH,2ND FLOOR,PUJARI COMPLEX,PACHPEDI NAKA,RAIPUR-492001 CHHATTISGARH INDIA |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Computer
·
Vehicles
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 67.52 |
|
|
1 |
INR 91.48 |
|
Euro |
1 |
INR 80.52 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.