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Shirpur Gold Refinery Ltd

SHIRPUR-G

NSE

₹4.950.00%30 Aug 2021

Reports

Mining and Minerals

Shirpur Gold Refinery Ltd

SHIRPUR-G

NSE

₹4.95

0.00%

30 Aug 2021

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Mining and Minerals

Indices

Business Overview: What the company does, in plain English.

Shirpur Gold Refinery was once India’s largest gold and silver refiner by installed capacity, built to turn raw gold dore and scrap into 99.99% pure bullion, bars, coins and jewellery under the ‘Zee Gold’ brand. A member of the Essel group, the company operated from a single plant in Shirpur, Maharashtra, and later extended its reach through a Dubai trading subsidiary - but its manufacturing engine has been idle since February 2022, starved of working capital and caught in lender recovery proceedings. The recurring approach was to combine accredited in-house refining with a branded product range and a global sourcing-and-distribution network, a model that has now unravelled into insolvency.

Business segments

A single refining-and-manufacturing engine, now suspended, that once fed a Dubai trading arm - both currently in insolvency proceedings.

1. Gold and silver refining: the plant that stopped

The Shirpur refinery could turn raw gold dore into 99.99% pure bullion, bars, coins and jewellery at what was claimed to be India’s largest installed capacity - but no furnace has run since early 2020.

India’s biggest refining capacity - the plant was built to refine gold and silver from the raw dore stage all the way to 99.99% purity, with a technical capability of reaching 999.9 parts per thousand fineness for both metals, which positioned its output to match the highest internationally accepted standards.
An accredited in-house lab - the company’s laboratory held NABL accreditation for ISO/IEC 17025:2005 in chemical analysis, covering fire assay, chemical assay and instrument assay for gold and silver, so every batch could be tested to a government-recognised benchmark without relying on outside facilities.
Branded products from bars to jewellery - refined metal was cast into gold bars of 100 grams and 1 kilogram, minted into gold and silver coins of various denominations, and fabricated into jewellery designs, all sold under the ‘Zee Gold’ name, which meant the company was not just a commodity processor but a branded manufacturer reaching domestic consumers.
Global raw-material ties, local sales - the company had tied up with global miners for a continuous supply of gold dore and was negotiating off-take agreements, while also buying SR bars and scrap from local markets; its customer base, however, was largely domestic, served through a distribution network built over years across India’s gold-consuming centres.
Hedged against price swings - because gold prices move with the London, New York and Tokyo exchanges and local rates are an algorithm of those spot prices plus the rupee, the company set up a dealing room with hedging policies to manage both commodity-price and foreign-exchange risk, protecting the margin between raw-material cost and finished-product sale.
Frozen since February 2022 - manufacturing stopped because of a paucity of funds, a notice from lenders taking constructive possession of the factory premises, and the freezing of bank credit lines; as of March 2023 the company had no permanent employees and no business activity, and the plant itself had been put on the block by a lender bank.

2. Dubai bullion trading: the subsidiary that carried the turnover

A wholly owned Dubai subsidiary sourced and sold physical gold and silver across the Middle East, Africa, Asia and the Americas - until it too ran out of working capital and filed for liquidation.

A global trading hub - Shirpur Gold DMCC (originally Zee Gold DMCC) was set up in Dubai to tap wholesale physical bullion trading opportunities, using the emirate’s central time zone to trade with markets from the Americas to the former CIS countries, and building a customer base with channel partners in the UAE and Hong Kong.
Full product range, not just raw metal - the subsidiary sold the company’s entire line of physical gold and silver products, including value-added investment bars and coins, which meant it acted as the international storefront for the Shirpur refinery’s output rather than a separate commodity desk.
Starved of working capital - commercial operations ceased because the subsidiary could not secure the working capital it needed, and on 29 May 2024 it formally closed its business activities; by that point it had contributed the entirety of the listed entity’s turnover in its last financial year, even as the consolidated balance-sheet net worth had turned negative.
Now in liquidation - on 5 September 2024 the subsidiary filed for bankruptcy and liquidation before the Dubai Bankruptcy Court, having obtained approval from Shirpur Gold Refinery as its 100% owner, because it could no longer pay its debts.

Group structure and partners

Shirpur Gold Refinery sits inside the Essel group with a now-defunct Dubai subsidiary, two inactive step-down mining ventures, and lender claims that have pushed the parent into India’s insolvency process.

The company is part of the Essel group and had one wholly owned material subsidiary, Shirpur Gold DMCC in Dubai, which closed in May 2024 and entered liquidation in September 2024.
Through the Dubai subsidiary it held two step-down entities: Precious Metals Mining and Refinery Limited in Papua New Guinea, which had a trial run but was struck off the register in November 2023, and Metallic Exploration and Mining in Mali, which never started operations.
Three lender banks and one financial institution had outstanding dues classified as non-performing assets, and the factory premises at Shirpur were under constructive possession by a lender that put the plant on the block.
A petition under the Insolvency and Bankruptcy Code was admitted by the NCLT Mumbai on 24 June 2024, after Prudent ARC Ltd. stepped in as the financial creditor claiming dues of roughly Rs.92 crore, with the date of default recorded as 31 December 2019.
Almost all of the company’s trade debtors were found to be connected to the company or its promoter family, and those connected entities had themselves initiated insolvency proceedings against the major debtors.

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Quick Ratios

Quarterly Results

Profit & Loss

Balance Sheet

Cash Flow

Ratios

Peer Comparison

Price

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Mkt Cap

Market Capitalization

₹14Cr

Close Price

₹4.95

Industry

Mining and Minerals

Price To Earnings

—

Price To Sales

0.05

Revenue

₹305Cr

Rev Gr TTM

Revenue Growth TTM

-92.05%

PAT Gr TTM

PAT Growth TTM

-214.87%

Consolidated

Standalone

Numbers

Percentage

Quarter	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Revenue RevenueCr	1,290	1,513	1,221	1,221	1,379	1,102	789	570	305	0	0	0
Growth YoY Revenue Growth YoY%	3.5	12.4	-4.3	-10.0	6.9	-27.2	-35.4	-53.3	-77.9	-100.0	-100.0	-100.0
Expenses ExpensesCr	1,296	1,508	1,219	1,219	1,378	1,097	779	571	368	2	1	1
Operating Profit Operating ProfitCr	-6	6	3	3	1	5	10	-1	-63	-2	-1	-1
OPM OPM%	-0.5	0.4	0.2	0.2	0.1	0.5	1.3	-0.1	-20.6
Other Income Other IncomeCr	2	1	1	1	2	1	2	2	-2	0	1	1
Interest Expense Interest ExpenseCr	11	11	12	12	13	13	16	10	16	12	6	1
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	-16	-6	-9	-9	-11	-7	-6	-9	-82	-15	-7	-3
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	-16	-6	-9	-9	-11	-7	-6	-9	-82	-15	-7	-3
Growth YoY PAT Growth YoY%	73.3	81.7	74.4	20.4	29.8	-28.9	40.1	1.1	-616.8	-97.3	-17.9	66.5
NPM NPM%	-1.3	-0.4	-0.8	-0.8	-0.8	-0.7	-0.7	-1.6	-26.8
EPS EPS₹	-5.6	-2.0	-3.2	121.5	-3.9	-2.6	-1.9	-3.2	-28.1	-5.1	-2.3	-1.1

Quarter	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024
Revenue RevenueCr	1,290	1,513	1,221	1,221	1,379	1,102	789	570	305	0	0	0
Growth YoY Revenue Growth YoY%	3.5	12.4	-4.3	-10.0	6.9	-27.2	-35.4	-53.3	-77.9	-100.0	-100.0	-100.0
Expenses ExpensesCr	1,296	1,508	1,219	1,219	1,378	1,097	779	571	368	2	1	1
Operating Profit Operating ProfitCr	-6	6	3	3	1	5	10	-1	-63	-2	-1	-1
OPM OPM%	-0.5	0.4	0.2	0.2	0.1	0.5	1.3	-0.1	-20.6
Other Income Other IncomeCr	2	1	1	1	2	1	2	2	-2	0	1	1
Interest Expense Interest ExpenseCr	11	11	12	12	13	13	16	10	16	12	6	1
Depreciation DepreciationCr	1	1	1	1	1	1	1	1	1	1	1	1
PBT PBTCr	-16	-6	-9	-9	-11	-7	-6	-9	-82	-15	-7	-3
Tax TaxCr	0	0	0	0	0	0	0	0	0	0	0	0
PAT PATCr	-16	-6	-9	-9	-11	-7	-6	-9	-82	-15	-7	-3
Growth YoY PAT Growth YoY%	73.3	81.7	74.4	20.4	29.8	-28.9	40.1	1.1	-616.8	-97.3	-17.9	66.5
NPM NPM%	-1.3	-0.4	-0.8	-0.8	-0.8	-0.7	-0.7	-1.6	-26.8
EPS EPS₹	-5.6	-2.0	-3.2	121.5	-3.9	-2.6	-1.9	-3.2	-28.1	-5.1	-2.3	-1.1

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Revenue RevenueCr	1,744	3,221	3,949	4,947	5,297	4,268	3,555	4,371	5,270	5,357	2,766	305
Growth Revenue Growth%		84.7	22.6	25.3	7.1	-19.4	-16.7	22.9	20.6	1.7	-48.4	-92.0
Expenses ExpensesCr	1,688	3,143	3,877	4,907	5,241	4,213	3,647	4,574	5,299	5,341	2,815	372
Operating Profit Operating ProfitCr	57	78	72	40	56	55	-91	-203	-30	17	-48	-67
OPM OPM%	3.3	2.4	1.8	0.8	1.1	1.3	-2.6	-4.7	-0.6	0.3	-1.7	-22.0
Other Income Other IncomeCr	0	1	4	9	0	6	11	10	6	5	3	0
Interest Expense Interest ExpenseCr	34	49	58	35	33	32	53	46	45	50	55	35
Depreciation DepreciationCr	16	9	7	8	7	7	7	6	5	4	4	4
PBT PBTCr	6	22	12	6	16	23	-141	-246	-96	-33	-104	-106
Tax TaxCr	1	6	7	3	2	1	0	0	0	0	0	0
PAT PATCr	6	15	5	3	14	21	-141	-246	-96	-33	-104	-106
Growth PAT Growth%		172.0	-67.0	-47.7	443.1	48.8	-759.2	-74.8	60.9	66.1	-219.5	-214.9
NPM NPM%	0.3	0.5	0.1	0.1	0.3	0.5	-4.0	-5.6	-1.8	-0.6	-3.8	-34.8
EPS EPS₹	1.9	5.3	1.7	0.9	4.9	7.3	-48.2	-84.3	-33.0	-11.2		-36.5

Financial Year	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	TTM
Revenue RevenueCr	1,744	3,221	3,949	4,947	5,297	4,268	3,555	4,371	5,270	5,357	2,766	305
Growth Revenue Growth%		84.7	22.6	25.3	7.1	-19.4	-16.7	22.9	20.6	1.7	-48.4	-92.0
Expenses ExpensesCr	1,688	3,143	3,877	4,907	5,241	4,213	3,647	4,574	5,299	5,341	2,815	372
Operating Profit Operating ProfitCr	57	78	72	40	56	55	-91	-203	-30	17	-48	-67
OPM OPM%	3.3	2.4	1.8	0.8	1.1	1.3	-2.6	-4.7	-0.6	0.3	-1.7	-22.0
Other Income Other IncomeCr	0	1	4	9	0	6	11	10	6	5	3	0
Interest Expense Interest ExpenseCr	34	49	58	35	33	32	53	46	45	50	55	35
Depreciation DepreciationCr	16	9	7	8	7	7	7	6	5	4	4	4
PBT PBTCr	6	22	12	6	16	23	-141	-246	-96	-33	-104	-106
Tax TaxCr	1	6	7	3	2	1	0	0	0	0	0	0
PAT PATCr	6	15	5	3	14	21	-141	-246	-96	-33	-104	-106
Growth PAT Growth%		172.0	-67.0	-47.7	443.1	48.8	-759.2	-74.8	60.9	66.1	-219.5	-214.9
NPM NPM%	0.3	0.5	0.1	0.1	0.3	0.5	-4.0	-5.6	-1.8	-0.6	-3.8	-34.8
EPS EPS₹	1.9	5.3	1.7	0.9	4.9	7.3	-48.2	-84.3	-33.0	-11.2		-36.5

Consolidated

Standalone

Numbers

Percentage

Financial Year	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital Equity CapitalCr	29	29	29	29	29	29	29	29	29	29	29	29
Reserves ReservesCr	214	231	287	293	308	331	196	-52	-144	-166	-268	-319
Current Liabilities Current LiabilitiesCr	477	665	662	725	384	509	608	593	618	660	673	692
Non Current Liabilities Non Current LiabilitiesCr	76	98	53	51	86	115	47	47	47	47	47	47
Total Liabilities Total LiabilitiesCr	797	1,023	1,031	1,098	807	985	880	617	550	571	481	449
Current Assets Current AssetsCr	558	795	803	878	545	727	623	366	325	344	257	228
Non Current Assets Non Current AssetsCr	239	228	229	220	262	258	257	251	225	226	224	222
Total Assets Total AssetsCr	797	1,023	1,031	1,098	807	985	880	617	550	571	481	449

Financial Year	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Sep 2024
Equity Capital Equity CapitalCr	29	29	29	29	29	29	29	29	29	29	29	29
Reserves ReservesCr	214	231	287	293	308	331	196	-52	-144	-166	-268	-319
Current Liabilities Current LiabilitiesCr	477	665	662	725	384	509	608	593	618	660	673	692
Non Current Liabilities Non Current LiabilitiesCr	76	98	53	51	86	115	47	47	47	47	47	47
Total Liabilities Total LiabilitiesCr	797	1,023	1,031	1,098	807	985	880	617	550	571	481	449
Current Assets Current AssetsCr	558	795	803	878	545	727	623	366	325	344	257	228
Non Current Assets Non Current AssetsCr	239	228	229	220	262	258	257	251	225	226	224	222
Total Assets Total AssetsCr	797	1,023	1,031	1,098	807	985	880	617	550	571	481	449

Consolidated

Standalone

Financial Year	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Operating Cash Flow Operating Cash FlowCr	-7	76	-75	98	253	-117	42	70	38	26	-99
Investing Cash Flow Investing Cash FlowCr	1	0	-10	-1	-50	-1	0	-3	2	-4	-1
Financing Cash Flow Financing Cash FlowCr	17	-98	111	-101	-216	122	-63	-44	-41	-18	77
Net Cash Flow Net Cash FlowCr	11	-22	26	-3	-13	4	-22	23	0	3	-23
Free Cash Flow Free Cash FlowCr	-9	75	-80	98	253	-117	42	70	38	26
CFO To PAT CFO To PAT%	-128.3	497.7	-1,480.6	3,715.7	1,762.8	-548.7	-29.7	-28.4	-39.8	-78.5	94.9
CFO To EBITDA CFO To EBITDA%	-12.7	97.1	-103.0	247.8	450.3	-213.7	-45.6	-34.3	-129.5	154.7	205.0

Financial Year	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024
Operating Cash Flow Operating Cash FlowCr	-7	76	-75	98	253	-117	42	70	38	26	-99
Investing Cash Flow Investing Cash FlowCr	1	0	-10	-1	-50	-1	0	-3	2	-4	-1
Financing Cash Flow Financing Cash FlowCr	17	-98	111	-101	-216	122	-63	-44	-41	-18	77
Net Cash Flow Net Cash FlowCr	11	-22	26	-3	-13	4	-22	23	0	3	-23
Free Cash Flow Free Cash FlowCr	-9	75	-80	98	253	-117	42	70	38	26
CFO To PAT CFO To PAT%	-128.3	497.7	-1,480.6	3,715.7	1,762.8	-548.7	-29.7	-28.4	-39.8	-78.5	94.9
CFO To EBITDA CFO To EBITDA%	-12.7	97.1	-103.0	247.8	450.3	-213.7	-45.6	-34.3	-129.5	154.7	205.0

Consolidated

Standalone

Financial Year	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	154	189	220	292	362	66	17	21				14
Price To Earnings Price To Earnings	27.3	12.4	43.7	110.2	25.3	3.1
Price To Sales Price To Sales	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0				0.1
Price To Book Price To Book	0.6	0.7	0.7	0.9	1.1	0.2	0.1	-0.9				-0.1
EV To EBITDA EV To EBITDA	3.3	2.5	11.0	20.4	12.6	10.3	-5.7	-2.5
Profitability Ratios Profitability Ratios
GPM GPM%	4.5	3.1	2.5	1.2	1.3	1.5	0.6	0.3	0.5	0.5
OPM OPM%	3.3	2.4	1.8	0.8	1.1	1.3	-2.6	-4.7	-0.6	0.3	-1.7	-22.0
NPM NPM%	0.3	0.5	0.1	0.1	0.3	0.5	-4.0	-5.6	-1.8	-0.6	-3.8	-34.8
ROCE ROCE%	11.0	16.0	7.2	4.4	6.7	5.8	-11.7	-40.9	-12.9	4.2	-11.3	-18.0
ROE ROE%	2.3	5.9	1.6	0.8	4.3	5.9	-62.4	1,088.1	83.8	23.9	43.6	36.7
ROA ROA%	0.7	1.5	0.5	0.2	1.8	2.2	-16.0	-39.8	-17.5	-5.7	-21.6	-23.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

Financial Year	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	Mar 2024	Current
Valuation Ratios Valuation Ratios
Market Cap Market CapitalizationCr	154	189	220	292	362	66	17	21				14
Price To Earnings Price To Earnings	27.3	12.4	43.7	110.2	25.3	3.1
Price To Sales Price To Sales	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0				0.1
Price To Book Price To Book	0.6	0.7	0.7	0.9	1.1	0.2	0.1	-0.9				-0.1
EV To EBITDA EV To EBITDA	3.3	2.5	11.0	20.4	12.6	10.3	-5.7	-2.5
Profitability Ratios Profitability Ratios
GPM GPM%	4.5	3.1	2.5	1.2	1.3	1.5	0.6	0.3	0.5	0.5
OPM OPM%	3.3	2.4	1.8	0.8	1.1	1.3	-2.6	-4.7	-0.6	0.3	-1.7	-22.0
NPM NPM%	0.3	0.5	0.1	0.1	0.3	0.5	-4.0	-5.6	-1.8	-0.6	-3.8	-34.8
ROCE ROCE%	11.0	16.0	7.2	4.4	6.7	5.8	-11.7	-40.9	-12.9	4.2	-11.3	-18.0
ROE ROE%	2.3	5.9	1.6	0.8	4.3	5.9	-62.4	1,088.1	83.8	23.9	43.6	36.7
ROA ROA%	0.7	1.5	0.5	0.2	1.8	2.2	-16.0	-39.8	-17.5	-5.7	-21.6	-23.6
Operational Ratios Operational Ratios
Solvency Ratios Solvency Ratios
Liquidity Ratios Liquidity Ratios

	VISHNUINFR	NCML	ASIIL	RAWEDGE	SHIRPUR-G	KACHCHH	RMMIL
Market CapitalizationMkt CapCr	365	295	217	15	14	13	8
Close PriceClose₹	140.95	118.50	24.05	14.99	4.95	24.50	0.40
IndustryIndustry	Mining and Minerals	Mining and Minerals	Mining and Minerals	Mining and Minerals	Mining and Minerals	Mining and Minerals	Mining and Minerals
Price To EarningsPE	8.29	28.08	8.59	37.48
Price To SalesPS	1.00	1.47	1.36	0.39	0.05
RevenueRevenueCr	364	200	159	39	305	0	0
Revenue Growth TTMRev Gr TTM%		-0.6%	6.4%	-9.6%	-92.0%
PAT Growth TTMPAT Gr TTM%		-24.9%	-2.0%	133.9%	-214.9%	-176.3%

	VISHNUINFR	NCML	ASIIL	RAWEDGE	SHIRPUR-G	KACHCHH	RMMIL
Market CapitalizationMkt CapCr	365	295	217	15	14	13	8
Close PriceClose₹	140.95	118.50	24.05	14.99	4.95	24.50	0.40
IndustryIndustry	Mining and Minerals	Mining and Minerals	Mining and Minerals	Mining and Minerals	Mining and Minerals	Mining and Minerals	Mining and Minerals
Price To EarningsPE	8.29	28.08	8.59	37.48
Price To SalesPS	1.00	1.47	1.36	0.39	0.05
RevenueRevenueCr	364	200	159	39	305	0	0
Revenue Growth TTMRev Gr TTM%		-0.6%	6.4%	-9.6%	-92.0%
PAT Growth TTMPAT Gr TTM%		-24.9%	-2.0%	133.9%	-214.9%	-176.3%

FY2023

FY2022

FY2021

FY2020

FY2024

Dec 24