MIRA
INFORM REPORT
|
Report Date : |
16.01.2007 |
IDENTIFICATION
DETAILS
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Correct Name : |
MSPL
LIMITED |
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Registered Office : |
Baldota
Bhavan, 117, Maharshi Karve Road, Mumbai – 400020, Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
18.10.1961 |
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Com. Reg. No.: |
11-12160 |
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CIN No.: [Company
Identification No.] |
U13100MH1961PLC012160 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM10132D |
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PAN No.: [Permanent
Account No.] |
AABCM1040N |
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Legal Form : |
A
Closely Held Public Limited Liability Company |
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Line of Business : |
The
subject is an Iron-Ore Mining, Processing and Exporting company |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD8000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established and reputed company having fine track. Trade relations
are fair. Financial position is good. Payments are correct and as per
commitments. The
company can be considered good for any normal business dealings. It can
be regarded as a promising business partner in a medium to long -run. |
LOCATIONS
|
Registered Office : |
Baldota
Bhavan, 117, Maharshi Karve Road, Mumbai – 400020, Maharashtra, India |
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Tel.
No.: |
91-22-22030989 |
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Fax
No.: |
91-22-24133766 |
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E-Mail
: |
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Website: |
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Corporate Office : |
Baldota
Enclave, Abheraj Baldota Road,, Hospet – 58203, Karnataka, India |
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Tel.
No.: |
91-8394-232002
/ 232003 / 232004 / 244158 |
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Fax
No.: |
91-8394-232333 |
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E-Mail
: |
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Website: |
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Mines Export Oriented Unit : |
Vyasanakere
Village, Hospet, Karnataka, India |
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Factory : |
Hosahalli
Village, Munirabad – 583233, Margoa, Goa |
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Windmill: |
Vankusawade,
Satara, Maharashtra Guddaraganahalli,
Harapanahalli, Jogimatti, Chitradurga, Karnataka |
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Bangalore
Office : |
Baldota
Villa, No 368, 12th Cross, R M V Hig House, Dollars Colony, New
Bel Road, Devasandra, Bangalore – 560094, Karnataka, India |
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Tel.
No.: |
91-80-23511988
/ 23511989 |
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Fax
No.: |
91-80-23511988
/ 23511989 |
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E-Mail
: |
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Website: |
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Chennai
Office : |
Door
No 10, Plot No 56, Sriram Nagar, 1st Cross Street, Opposite L I C
Colony, Thiruvanmiyur, Chenni – 600041, Tamil Nadu, India |
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Tel.
No.: |
91-44-24911875 |
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E-Mail
: |
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Website: |
DIRECTORS
|
Name : |
Mr
Narendrakumar A Baldota |
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Designation : |
Managing
Director |
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Date of Birth/Age : |
64
years |
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Qualification : |
B Com |
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Date of Appointment : |
01.04.2000 |
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Name : |
Mr
Rahul Kumar N Baldota |
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Designation : |
Executive
Director |
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Date of Birth/Age : |
37
years |
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Qualification : |
B E, M
B A (U S A) |
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Date of Appointment : |
01.04.2000 |
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Name : |
Mr
Shrenik Kumar N Baldota |
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Designation : |
Executive
Director |
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Date of Birth/Age : |
33
years |
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Qualification : |
B Com |
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Date of Appointment : |
01.04.2000 |
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Name : |
Mrs
Vasanti Abheraj Baldota |
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Designation : |
Director |
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Date of Birth/Age : |
61
years |
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Qualification : |
B com,
FCA |
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Date of Appointment : |
01.08.2000 |
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Date of Ceasing: |
01.10.2004 |
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Name : |
Mr R H
Sawarkar |
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Designation : |
Technical
Director |
KEY EXECUTIVES
|
Name
: |
Mr A T
Shyamsundar |
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Designation
: |
Company
Secretary |
BUSINESS DETAILS
|
Line of Business : |
The
subject is an Iron-Ore Mining, Processing and Exporting company |
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Products : |
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PRODUCTION
STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Iron Ore (Lumps SHG, Fines, Concentrate
and Aggregate) |
Matrix Tonnes |
N.A. |
N.A. |
1978568 (1481279) |
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Industrial Gases (Oxygen, Liquid Oxygen,
Medical Oxygen, Nitrogen, Liquid Nitrogen, Argon and Compressed Air) |
CUM |
N.A. |
5400000 (1800000) |
2385485 (1837268) |
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Wind Power Generation |
KW |
N.A. |
387875000 (40500000) |
66958462 (7885003) |
GENERAL
INFORMATION
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Bankers : |
State
Bank of India HDFC
Bank |
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Banking Relations : |
Good |
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Auditors : |
1] S B
Chhajed and Company Chartered Accountants 2]
Deloitte Haskins and Sells Chartered Accountants |
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Subsidiaries : |
Vijaya
Oxygen Company Limited |
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Partnership in other Company : |
P
Venganna Setty and Brother (Company
is a major partner in this partnership firm) |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
30,00,000 |
Equity
Shares |
Rs 100/- each |
Rs 300.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
9,60,000 |
Equity
Shares |
Rs 100/- each |
Rs 96.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
Balance Sheet of 2005 is not tally
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
96.000 |
96.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
|
1931.345 |
893.197 |
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4] (Accumulated Losses) |
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---- |
---- |
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NETWORTH |
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2027.345 |
989.197 |
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LOAN FUNDS |
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1] Secured Loans |
|
1618.304 |
450.974 |
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2] Unsecured Loans |
|
167.800 |
0.000 |
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TOTAL BORROWING |
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1786.104 |
450.974 |
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DEFERRED TAX LIABILITIES |
|
530.917 |
118.760 |
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DEFERRED GOVERNMENT GRANTS |
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1.474 |
0.000 |
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TOTAL |
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4345.840 |
1558.931 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3932.892 |
1019.772 |
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Capital work-in-progress |
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168.874 |
16.454 |
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INVESTMENT |
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809.250 |
156.436 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
348.408 |
226.531 |
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Sundry Debtors |
|
381.962 |
304.178 |
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Cash & Bank Balances |
|
277.102 |
385.285 |
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Other Current Assets |
|
21.254 |
18.518 |
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Loans & Advances |
|
296.777 |
203.600 |
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Total Current Assets |
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1325.503 |
1138.112 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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1603.637 |
469.071 |
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Provisions |
|
198.067 |
303.945 |
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Total Current Liabilities |
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1801.704 |
773.016 |
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Net Current Assets |
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(476.201) |
365.096 |
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MISCELLANEOUS EXPENSES |
|
1.025 |
1.172 |
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TOTAL |
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4435.840 |
1558.930 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
6349.733 |
3232.673 |
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Profit/(Loss)
Before Tax |
|
2129.826 |
1047.398 |
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Provision
for Taxation |
|
721.625 |
299.418 |
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Profit/(Loss)
After Tax |
|
1408.201 |
747.980 |
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Export
Value |
|
5512.502 |
2928.949 |
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Import
Value |
|
113.580 |
14.400 |
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Total
Expenditure |
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3827.306 |
2077.022 |
KEY
RATIOS
|
PARTICULARS |
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|
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
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22.17 |
23.13 |
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Net
Profit Margin(PBT/Sales) |
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23.54 |
32.400 |
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Return
on Total Assets(PBT/Total Assets} |
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40.50 |
48.50 |
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Return
on Investment (ROI)(PBT/Networth) |
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|
1.05 |
1.05 |
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Debt
Equity Ratio(Total Liability/Networth) |
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1.76 |
1.23 |
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Current
Ratio(Current Asset/Current Liability) |
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|
0.73 |
1.47 |
QUARTERLY
/ SUMMARISED RESULTS
|
PARTICULARS |
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|
30.09.2005 1st Half |
|
Sales Turnover |
|
|
3111.400 |
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Other Income |
|
|
278.500 |
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Total Income |
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|
3389.900 |
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Total Expenditure |
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|
1771.600 |
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Operating Profit |
|
|
1618.300 |
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Interest |
|
|
75.700 |
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Gross Profit |
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|
1542.600 |
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Depreciation |
|
|
331.600 |
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Tax |
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|
51.500 |
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Reported PAT |
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|
1020.000 |
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LOCAL AGENCY
FURTHER INFORMATION
During
the financial year under review, your company has grew at 96% and 88% in terms
of total revenue and net profit respectively. The company’s earning per shares
of the company was Rs 36.67 based on number of paid up equity shares of the
company after considering the bonus issue and share split. The EPS would be
much higher based on the number of paid up equity shares as on 31st
March 2005. During the year under review, company has focused on expansion of
its production capacity and exploring new customers. During the year the
company further consolidated its financial strength through excellent financial
performance.
Assets
- Freehold Land
- Buildings
- Leasehold Land
- Mining Lease Rights
- Plant, Machinery and Equipments
- Furniture, Fixtures and
Office Equipment
- Vehicles and Barges
- Air Craft
Subject
is an Iron ore mining, processing and exporting company over four decedes old.
According to the Mineral industries, they are the first private company to
receive a licence for export of high grade Iron ore.
An Overview
|
MSPL was originally
founded by the late Mr. Abheraj H. Baldota in 1961. Prior to its
incorporation, Mr. Abheraj Baldota was a trader in non-ferrous metals. He was
the President of the Bombay Metal Exchange in the year 1960. Its business and
operations are currently headed by the son of late Mr. Abheraj H. Baldota,
Mr. Narendrakumar A. Baldota and his sons, Mr. Rahulkumar N. Baldota and Mr.
Shrenikkumar N. Baldota, all of whom are on its Board. |
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It has a strong & experienced management, with people who have a
vast experience in the mining and natural resource industry. Its management
team combines extensive operations, management and technical skills with
strong marketing and sales capability. |
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Its quantity-wise
sales during the year ended on March 31, 2005 amounted to 2.23 million metric
tons of iron ore products comprising 1.18 million metric tons of high grade
fines, 0.32 million metric tons of medium grade fines, 0.45 million metric
tons of calibrated lump ore and 0.28 million metric tons of concentrates. |
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It is also actively
expanding its mining business by seeking to acquire additional mining assets
and by reorganising its Group in an effort to capture the value of the Group’s
Iron Ore business in its Company. |
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It also own and
operate wind farms with a current installed capacity of 85.6 MW. its wind
farms are situated in Harpanahalli, with a capacity of 46.25 MW, Chitradurga,
with a capacity of 38.35 MW, in the State of Karnataka, and Satara, with a
capacity of 1 MW, in the State of Maharashtra. We are also in process of
investing in additional 16 turbines of 1.25 MW capacity each at Dhule in
Maharashtra and 9 turbines of 600KW capacity each in Harihar in Karnataka. |
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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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.72 |
|
UK
Pound |
1 |
Rs.86.87 |
|
Euro |
1 |
Rs.57.27 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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--MARGINS |
-5~5 |
--- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|