MIRA
INFORM REPORT
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Report Date : |
15.11.2006 |
IDENTIFICATION
DETAILS
|
Name : |
UTTAR
PRADESH STATE MINERAL DEVELOPMENT CORPORATION LIMITED |
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Registered Office : |
Pragati
Kendra Industrial Area, 2nd Floor, Kapoorthala Commercial Complex,
Aliganj, Lucknow – 226024, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.3.2004 |
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Date of Incorporation : |
23.03.1974 |
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Com. Reg. No.: |
20-3875 |
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CIN No.: [Company
Identification No.] |
U13203UP1974PLC003875 |
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Legal Form : |
A
Uttar Pradesh State Government undertaking. |
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Line of Business : |
Extraction
of Minerals. |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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Maximum Credit Limit : |
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Status : |
Under
Winding UP |
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Payment Behaviour : |
Delayed
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Litigation : |
Exist |
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Comments : |
The
company is almost non-operational since year 2000. It has huge accumulated
losses. It’s payments are delayed and some court cases are pending. Uttar
Pradesh Government divided to wind up the company and a lot of formalities
for the same are in process. The
company can be considered for any business dealings on safe and secured trade
terms and conditions. |
LOCATIONS
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Registered Office : |
Pragati
Kendra Industrial Area, 2nd Floor, Kapoorthala Commercial Complex,
Aliganj, Lucknow – 226024, Uttar Pradesh, India |
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Tel. No.: |
91-522-2330207 |
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Fax No.: |
91-522-2330207 |
DIRECTORS
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Name : |
Mr.
Neeraj Krishna |
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Designation : |
Director
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Address : |
234,
Jawahar Bhawan, Lucknow- 226001, Uttar Pradesh |
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Date of Birth/Age : |
07.11.1955 |
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Date of Appointment : |
19.10.2001 |
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Name : |
Mr. V.
P. Agarwal |
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Designation : |
Director
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Address : |
Room
No. 226, Yojna Bhawan, Lacknow – 226001, Uttar Pradesh |
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Date of Birth/Age : |
23.07.1950 |
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Date of Appointment : |
05.03.2002 |
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Name : |
Mr.
Rajendra Kumar Tiwari |
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Designation : |
Director
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Address : |
C –
59, Butler Palace, Lucknow – 226020, Uttar Pradesh |
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Date of Birth/Age : |
04.02.1963 |
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Date of Appointment : |
23.07.2004 |
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Name : |
Mr. Subhash
Chand Sharma |
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Designation : |
Director
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Address : |
A-502,
Civil Services, Tower Gomti Nagar, Lucknow – 226020, Uttar Pradesh |
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Date of Birth/Age : |
17.02.1966 |
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Date of Appointment : |
30.09.2004 |
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Name : |
Mrs.
Uma Singh |
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Designation : |
Director
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Address : |
MIG –
92, Officers Colony, Aliganj, Lucknow –226020, Uttar Pradesh |
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Date of Birth/Age : |
31.03.1954 |
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Date of Appointment : |
09.07.2003 |
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Name
: |
Mr.
Abhay Kumar Bajpai |
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Designation
: |
Director
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Address
: |
SA –
97, Shastri nagar, Gaziabad, Uttar Pradesh |
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Date
of Birth/Age : |
17.10.1956 |
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Date
of Appointment : |
30.09.2005 |
MAJOR SHAREHOLDERS
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Names
of Shareholders |
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No. of Shares |
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Governor
of Uttar Pradesh |
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5640475 |
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Mr.
Rajendra Kumar Tiwarias |
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1 |
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Mr. U
S Pandey |
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1 |
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Madhukar
Singh |
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1 |
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Mr. R
Srivastava |
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1 |
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Mr.
Neeraj Krisna |
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1 |
BUSINESS DETAILS
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Line of Business : |
Extraction
of Minerals. |
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GENERAL
INFORMATION
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Bankers : |
Not
Available |
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Facilities : |
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Banking Relations : |
-- |
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Auditors : |
Vivek
Mittal and Associates Chartered
Accountants MD-37,
Sector – 15, LDA Colony, Kanpur Road, Lucknow |
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Tel. No.: |
91-522-3097305 |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
6000000 |
Equity
Shares |
Rs. 100/- each |
Rs. 600.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5640482 |
Equity
Shares |
Rs. 100/- each |
Rs. 564.048 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
|
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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564.048 |
564.048 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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[677.284] |
[469.296] |
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NETWORTH |
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[113.236] |
94.752 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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368.284 |
349.937 |
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TOTAL BORROWING |
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368.284 |
349.937 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
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255.048 |
444.689 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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14.825 |
23.387 |
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INVESTMENT |
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8.277 |
300.822 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.761 |
2.761 |
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Sundry Debtors |
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0.978 |
0.861 |
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Cash & Bank Balances |
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47.094 |
67.449 |
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Other Current Assets |
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212.754 |
105.611 |
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Loans & Advances |
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2.379 |
45.493 |
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Total Current Assets |
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265.966 |
222.175 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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34.020 |
101.695 |
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Provisions |
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Total Current Liabilities |
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34.020 |
101.695 |
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Net Current Assets |
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231.946 |
120.480 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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255.048 |
744.689 |
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PROFIT
& LOSS ACCOUNT
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PARTICULARS |
|
31.03.2004 |
31.03.2003 |
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Sales Turnover [including other income] |
|
152.933 |
7.739 |
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Profit/(Loss)
Before Tax |
|
[206.110] |
[15.598] |
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Provision
for Taxation |
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-- |
-- |
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Profit/(Loss)
After Tax |
|
[206.110] |
[15.598] |
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Total
Expenditure |
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359.043 |
23.336 |
KEY
RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
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[134.77] |
[201.55] |
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Net
Profit Margin (PBT/Sales) |
(%) |
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[134.77] |
[201.55] |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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[73.40] |
[6.35] |
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Return
on Investment (ROI) (PBT/Networth) |
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[1.82] |
[0.16] |
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Debt
Equity Ratio (Total
Liability/Networth) |
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[3.55] |
4.77 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
7.82 |
2.18 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
v
Land
- Free Hold
v
Building
v
Plant
and Machinery
v
Furniture
and Fixture
v
Office
and Other Equipments
Profitability
According
to the audited accounts the Corporation has suffered a loss of Rs. 206.110
Millions during this year.
Production,
Sales and Turnover
Since
all the activities of the Corporation were closed down w.e.f. January, 2000
there was no production or sale of mineral except few quality of minor mineral.
However, the comparative statement of production sales and turnover of the
Corporation for the years 2002-03 and 2003.04 are as under for the perusal
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Particular
|
2003-04 |
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Production Purchase
|
0.002 |
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Sales |
0.002 |
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Turnover
|
1.535 |
Present
Status
Consequent
to adverse financial situation the Corporation has been closed down w.e.f.
11.11.2000 by the order of the Government of Uttar Pradesh and the services of
all its employees have been terminated
as most of the employees have opted Voluntary Retirement and the remaining
employees were retrenched. Subsequently as per the decision of Government of
Uttar Pradesh vide their G. O. 11.04.2001 the remaining activities of the
corporation had been transferred to the Uttar Pradesh State Industrial
Development Corporation w.e.f. 01.04.2001. Later on the Government of Uttar
Pradesh has again issued a G. O. No. 802/77-5-2003 dated 17.02.2003 reverting
back the activities of UPSMDC to the Corporation with the direction that only
winding u process will be done by the corporation.
Accordingly
the formalities required for winding up are being undertaken by the corporation
in which the main formalities are updation of pending accounts, disposal of
assets, disinvestments by Corporation from its joint / assisted sector
companies disposal of various legal cases pending in various Courts. All out
efforts are being made to complete the above jobs at the earliest.
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 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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.01 |
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UK
Pound |
1 |
Rs.84.91 |
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Euro |
1 |
Rs.57.84 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon maturity |
Limited with full security |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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