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|
MIRA INFORM REPORT
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Report No. : |
511064 |
|
Report Date : |
25.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
THYSSENKRUPP
ELECTRICAL STEEL INDIA PRIVATE LIMITED |
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|
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Registered
Office : |
Village Wadivarhe, Post Gonde, Taluka Igatpuri, Nashik - 422403,
Maharashtra |
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Tel. No.: |
91-2553-225182 |
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|
Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
19.07.2000 |
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Com. Reg. No.: |
11-127807 |
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Capital
Investment / Paid-up Capital : |
INR 3149.349 Million |
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CIN No.: [Company Identification
No.] |
U27100MH2000PTC127807 |
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|
|
IEC No.: [Import-Export Code No.] |
0300033893 |
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GSTN : [Goods & Service Tax Registration
No.] |
27AAACE7791B1ZO |
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TIN No.: |
27050000066 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACE7791B |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Steel viz. Low Carbon Cold Rolled Electrical and Mild Steel. (Registered Activity) |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A++ |
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Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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Maximum Credit Limit : |
USD 8087600 |
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Status : |
Good |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
ThyssenKrupp Electrical Steel India Private Limited is a step down subsidiary of “ThyssenKrupp Electrical Steel GmbH”, Germany. The Company was incorporated in the year 2000 and has its base in Nashik (Maharashtra). It is engaged in Manufacturing of Iron and Electrical Steel. For the financial year 2017, the company has reported dip in its revenue by 7.86% as compared to the previous year along with operational loss. The moderate financial risk profile of the company is marked by average net worth base due to negative reserve. The rating primarily reflects the strong parentage of the company, “ThyssenKrupp Electrical Steel”, Germany and demonstrated support extended by the parent both operationally as well as financially. The rating also draws strength from the leading market position of the company along with large client base with presence of reputed companies. Business is active. Payment seems to be slow but correct. In view of long standing record and the strong financials,
the company can be considered 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 (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 25.05.2018.
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
[Contact NO: 91-2553-225182/ 83/ 84/ 85/ 88]
LOCATIONS
|
Registered Office / Factory : |
Village Wadivarhe, Post Gonde, Taluka Igatpuri, Nashik - 422403,
Maharashtra, India |
|
Tel. No.: |
91-2553-225182-88 Exten: 306 |
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Fax No.: |
91-2553-225181 |
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E-Mail : |
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Website : |
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Sales Regional Offices: |
Located at :
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DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Venkatesan Kesava Iyer |
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Designation : |
Managing Director |
|
Address : |
Plot No. 41, SSA Ashwin Nagar CIDCO, Nashik - 422009, Maharashtra,
India |
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Date of Birth/Age : |
14.07.1962 |
|
Qualification : |
B.Sc., ACA |
|
Date of Appointment : |
23.06.2004 |
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PAN No.: |
ABZPV1074B |
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DIN No.: |
00056671 |
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|
|
|
Name : |
Mr. Joydeep Bidyut Bhattacharjee |
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Designation : |
Whole-time Director |
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Address : |
6 A, Oxford Blue Apartment, Near City Centre Mall, Lawate Nagar,
Nashik - 422002, Maharashtra, India |
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Date of Birth/Age : |
14.11.1968 |
|
Qualification : |
B.E. Metallurgical |
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Date of Appointment : |
01.01.2015 |
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PAN No.: |
ABTPB2350E |
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DIN No.: |
02813496 |
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|
|
|
Name : |
Mr. Chandra Shekhar Mathur |
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Designation : |
Director |
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Address : |
A-12, Nizamuddin East, Delhi-110013, India |
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Date of Birth/Age : |
10.02.1951 |
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Date of Appointment : |
09.09.2000 |
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DIN No.: |
00003232 |
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|
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Name : |
Mr. Luc Claude Marie Vendeville |
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Designation : |
Director |
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Address : |
32 Rue Edgar Quinet Bethune 62400, France |
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Date of Birth/Age : |
12.09.1958 |
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Date of Appointment : |
23.11.2010 |
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DIN No.: |
03378972 |
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Name : |
Mr. Rainer Verhoeven |
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Designation : |
Director |
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Address : |
40489, Duesseldoff, Bockumer, Strage 177, Strasse, Na, Germany |
|
Date of Appointment : |
22.07.2015 |
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DIN No.: |
07214522 |
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|
|
|
Name : |
Jens Overrath |
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Designation : |
Director |
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Address : |
Wunstorf, Ot Steinhude Uferstr 5 A Germany 31515 De |
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Date of Appointment : |
01.01.2017 |
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DIN No.: |
07692486 |
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Name : |
Markus Micken |
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Designation : |
Director |
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Address : |
Winsterstr 68, 45481 Mulheim NA DE |
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Date of Appointment : |
04.04.2017 |
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DIN No.: |
07759791 |
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Name : |
Mr. Avinash Vithal Gandhi |
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Designation : |
Director |
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Address : |
Blk No 703 Gautam Sindhu Co Op H, Thana-400099, Maharashtra, India |
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Date of Birth/Age : |
29.05.1961 |
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Qualification : |
Company Secretary |
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Date of Appointment : |
26.09.2017 |
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PAN No.: |
AFSPG2014B |
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DIN No.: |
07139496 |
KEY EXECUTIVES
|
Name : |
Mr. Avinash Vithal Gandhi |
|
Designation : |
Company Secretary |
|
Address : |
BLK No. 703, Gautam Sindhu Co-Operative Housing, Thana-400099, Maharashtra, India |
|
Date of Appointment : |
22.02.2017 |
|
PAN No.: |
AFSPG2014B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
ThyssenKrupp Electrical Steel GmbH, Germany |
314934880 |
100.00 |
|
Thyssenkrupp Electrical Steel UGO S.A.S., France |
20 |
0.00 |
|
|
|
|
|
Total |
314934900 |
100.00 |
AS ON: 26.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Body Corporate |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Steel viz. Low Carbon Cold Rolled Electrical and Mild Steel. (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 Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· Deutsche Bank A G Hazarimal Somani Marg, Fort, Mumbai-400001, Maharashtra, India · State Bank of India · ICICI Bank Limited · CITI Bank · The HSBC Limited · Axis Bank Limited · The Royal Bank Of Scotland N.V |
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Facilities : |
--- |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountants |
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Address : |
7Th Floor, Tower-A Wing 1, Business Day, Airport Road, Yerwada, Pune-411006, Maharashtra, India |
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PAN No.: |
AADFP9359C |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company : |
ThyssenKrupp Electrical Steel GmbH, Germany |
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Ultimate Holding Company : |
ThyssenKrupp Steel Europe AG, Germany |
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Fellow Subsidiary company : |
Thyssenkrupp Mannex Asia Pte Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
340000000 |
Equity Shares |
INR 10/- each |
INR 3400.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
314934900 |
Equity Shares |
INR 10/- each |
INR 3149.349
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
3149.349 |
3149.349 |
3149.349 |
|
(b) Reserves and Surplus |
(318.680) |
(67.372) |
(68.019) |
|
(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) |
2830.669 |
3081.977 |
3081.330 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
357.807 |
334.608 |
317.912 |
|
Total Non-current
Liabilities (3) |
357.807 |
334.608 |
317.912 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
254.922 |
0.000 |
0.000 |
|
(b) Trade
payables |
1617.727 |
807.887 |
634.309 |
|
(c) Other current
liabilities |
151.322 |
139.655 |
154.810 |
|
(d) Short-term
provisions |
128.353 |
127.416 |
128.968 |
|
Total Current
Liabilities (4) |
2152.324 |
1074.958 |
918.087 |
|
|
|
|
|
|
TOTAL |
5340.800 |
4491.543 |
4317.329 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1127.376 |
1200.064 |
1440.007 |
|
(ii)
Intangible Assets |
1.715 |
1.877 |
0.472 |
|
(iii) Tangible assets
capital work-in-progress |
2.421 |
76.430 |
19.921 |
|
(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 loans and advances |
169.492 |
114.809 |
113.199 |
|
(e) Other Non-current
assets |
2.081 |
0.395 |
1.470 |
|
Total Non-Current
Assets |
1303.085 |
1393.575 |
1575.069 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2369.941 |
1442.742 |
1323.772 |
|
(c) Trade
receivables |
794.290 |
594.533 |
671.498 |
|
(d) Cash and
bank balances |
7.306 |
32.708 |
196.177 |
|
(e)
Short-term loans and advances |
864.743 |
1026.551 |
549.113 |
|
(f) Other
current assets |
1.435 |
1.434 |
1.700 |
|
Total
Current Assets |
4037.715 |
3097.968 |
2742.260 |
|
|
|
|
|
|
TOTAL |
5340.800 |
4491.543 |
4317.329 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
4070.920 |
4418.470 |
4383.824 |
|
|
Other Income |
96.514 |
122.305 |
75.017 |
|
|
TOTAL |
4167.434 |
4540.775 |
4458.841 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2747.294 |
2904.171 |
3360.449 |
|
|
Purchases of Stock-in-Trade |
1058.752 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(769.314) |
85.265 |
(1.851) |
|
|
Employee benefit expense |
401.438 |
385.996 |
371.204 |
|
|
Other expenses |
738.839 |
780.203 |
891.630 |
|
|
TOTAL |
4177.009 |
4155.635 |
4621.432 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(9.575) |
385.140 |
(162.591) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
8.408 |
0.506 |
12.573 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(17.983) |
384.634 |
(175.164) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
233.325 |
379.466 |
348.783 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(251.308) |
5.168 |
(523.947) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
4.521 |
(115.528) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(251.308) |
0.647 |
(408.419) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
9.390 |
45.040 |
30.664 |
|
|
TOTAL EARNINGS |
9.390 |
45.040 |
30.664 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
2426.828 |
2677.462 |
2803.288 |
|
|
Components and spare parts |
38.217 |
38.132 |
126.901 |
|
|
Capital Goods |
0.000 |
0.000 |
23.517 |
|
|
TOTAL IMPORTS |
2465.045 |
2715.594 |
2953.705 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(0.80) |
0.002 |
(1.297) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
(699.661) |
445.345 |
57.927 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
(706.208) |
439.236 |
59.663 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
71.22 |
49.11 |
55.91 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.13 |
7.43 |
6.53 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
155.14 |
101.54 |
68.90 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.00 |
0.27 |
(0.12) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(0.01) |
0.30 |
(0.11) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.40 |
0.24 |
0.21 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.09 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.76 |
0.35 |
0.30 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.40 |
0.41 |
0.47 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(1.14) |
761.15 |
(12.93) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(6.17) |
0.01 |
(9.32) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(4.71) |
0.01 |
(9.46) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(8.88) |
0.02 |
(13.25) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.88 |
2.88 |
2.99 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.77 |
1.54 |
1.55 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.53 |
0.69 |
0.71 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.08 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.88 |
2.88 |
2.99 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are in
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
3149.349 |
3149.349 |
3149.349 |
|
Reserves & Surplus |
(68.019) |
(67.372) |
(318.680) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3081.330 |
3081.977 |
2830.669 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
254.922 |
|
Current maturities of
long-term debts |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
254.922 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.090 |
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 |
4383.824 |
4418.470 |
4070.920 |
|
|
|
0.790 |
(7.866) |
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 |
4383.824 |
4418.470 |
4070.920 |
|
Profit/ (Loss) |
(408.419) |
0.647 |
(251.308) |
|
|
(9.32
%) |
0.01
% |
(6.17
%) |
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 |
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 |
No |
|
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 |
INDEX OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Satisfaction |
Amount |
Address |
|
1 |
Y10243370 |
90143600 |
DEUTSCHE BANK A G |
09/10/2001 |
01/11/2004 |
1900000000.0 |
HAZARIMAL SOMANI MARG FORT MUMBAI MAHARASHTRA 400001 INDIA |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Loans repayable on demand from banks |
254.922 |
0.000 |
|
|
|
|
|
Total |
254.922 |
0.000 |
BACKGROUND
Thyssenkrupp Electrical Steel India Private Limited (the “Company”) is a wholly owned subsidiary of thyssenkrupp Electrical Steel GmbH. The Company manufactures steel viz. low carbon cold rolled electrical and mild steel. The Company has manufacturing plant located in Nashik, India and sells primarily in Indian market.
DESCRIPTION OF STATE OF COMPANIES AFFAIR
The company made net turnover of INR 4071.000 Million as compared to INR 4418.000 Million in the last year and earned Loss before Tax of INR 251.310 Million as compared to Profit before Tax of INR 5.170 Million last year. Loss for the year can be attributed to lower volume on account of stiff completion (especially in Non Grain Orientation segment) and higher pre material cost of imports from China. The apparent consumption of Alloy and Non-alloy Steel grew by 2.6%. The imports declined by 38 % y-o-y while exports grew by 102%. Export growth in Non Alloy steel was 118% and a marginal growth of 9% in Alloy steel category. India was a net exporter of alloy and non-alloy steel during the period with non-alloy steel accounting for net export of 2.2 Million Tons whereas Alloy steel accounting for net imports of 1.2 Million tons. Growth in IIP, manufacturing and capital goods sector for the period continues to be sluggish indicating no recovery in the industrial activities or the capital goods getting imported. The growth in the consumer durable sector continues to be on declining trend. The growth in cement & steel production was (-) 1.3% & 9.3% respectively. This sluggish growth in cement sector indicates that construction & infrastructure activities are yet to pick up. The Finished steel production of Non-alloy steel products during the period grew by 10.8% whereas “Others” category registered a decline of 3.0%. Thus the secondary sector /others have taken a beating over the period owing to safeguard duty, Anti-Dumping duty, MIP and demonetization.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Other money for which company is contingently liable |
1759.905 |
1375.835 |
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
PRESS RELEASES
THYSSENKRUPP ANNOUNCES THAT THEY WILL BE PRODUCING COLD-ROLLED GRAIN
ORIENTED ELECTRICAL STEEL IN INDIA
Apr
19, 2018
KOLKATA: German
steel major Thyssenkrupp on Thursday announced that they will be producing
cold-rolled grain oriented (CRGO) electrical steel for the first time in India.
The company is the only manufacturer of CRGO in the country presently. With
this development, the company’s Nashik plant output capacity will increase to
35,000 tonne per year.
Globally, only a
few companies have the capability to produce CRGO and the technology is not
easily available for assimilation. Thyssenkrupp will use its global technology
and the know-how to produce CRGO locally making them the only manufacturer to
offer the complete range of Grain Oriented Steel (GO) in the country. This
increase in capacity will help in meeting the continuously growing demand of
CRGO in the Indian market.
Speaking on the
occasion, Dr. Jens Overrath, Chairman of the Executive Board, thyssenkrupp
Electrical Steel, said, “India is a very important market for us and we are the
only manufacturers of CRGO steel in the country. The expansion will enable us
to enhance the innovative approach that we take towards all our products,
thereby providing cutting edge technology to all our offerings”.
“We are pleased to
expand our current capacity at our production plant in Nashik. The demand for
this product is expected to rise exponentially in the coming years with
additional thrust on the power sector in the country. Currently, no other
company manufactures CRGO grade steel in India due to its technologically
specialised nature. We believe this additional capacity will aid in the
achievements of the targets set for the power and transmission sector in the
country”, said Kesava Iyer Venkatesan, Managing Director, thyssenkrupp
Electrical Steel India.
On this occasion,
Dr. Aruna Sharma, Secretary Steel, Ministry of Steel Government of India said,
“The new product line set-up will help in meeting the continuously increasing
demand of cold rolled grain oriented in the Indian market. We also look forward
for the plant to develop back end supply within India. The capacity developed
of 35,000 tonne per year today is welcome but need is to expand to the full
requirement in India, that is 4 lakh tonne.”
Peter Kern from
the German Consulate General in Mumbai commenting on the development said,
“Germany and India are natural partners in shaping the 21st century. Trade,
investment and economic development are the backbone of this relationship, with
India’s dynamic economic and social development providing opportunities for us
to deepen our cooperation to our mutual benefit. thyssenkrupp Electrical Steel
GmbH’s cutting-edge manufacturing line in Nashik is living proof of a
technologically innovative partnership and the mutually beneficial nature of
Indo-German relations.”
THYSSENKRUPP -TATA STEEL’S JV TO BE FINALISED BY 2018-END
Apr 20, 2018
Nashik
: German steel giant Thyssenkrupp expects its proposed joint venture with Tata
Steel Europe to be finalised by the end of this calendar year, a senior company
official said. Both the companies in September last year had announced plans to
combine their European operations and form an equal joint venture, creating
Europe’s second largest steel maker, after ArcelorMittal.
“The
JV is an ongoing process. The talks with UK labour union are on and we expect
closure by end of current calendar year,” Jens Overrath, chairman of the
executive board, Thyssenkrupp Electrical Steel told reporters. He was speaking
on the sidelines of an event to inaugurate the expanded cold rolled grain
oriented (CRGO) electrical steel unit at Nashik in Maharashtra. The company
plans to produce 35,000 million tonnes (mt) per annum of CRGO electrical steel
used in transformers for power sector from the expanded factory, against the
current capacity of 10,000 mt, reports PTI.
“India
is a very important market for us and we are the only manufacturers of CRGO
steel in the country. The expansion will enable us to enhance the innovative
approach that we take towards all our products, thereby providing cutting edge
technology to all our offerings,” he said. The country’s demand for this
specialised steel is estimated at 400,000 mt, which is being met by imports at
present.
Overrath said the new product line set-up will help in meeting the
continuously increasing demand of cold rolled grain oriented in the Indian
market. The company also hopes to shift its exports to Asia from European
plants to the Nashik unit. “We are also hopeful of commencing exports to
Thailand, Indonesia and Sri Lanka from the Nashik facility,” he added.
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 68.39 |
|
UK Pound |
1 |
INR 91.44 |
|
Euro |
1 |
INR 80.14 |
INFORMATION DETAILS
|
Information Gathered
by : |
SAV |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
IND |
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.