MIRA INFORM REPORT
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Report Date : |
19.01.2007 |
IDENTIFICATION DETAILS
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Name : |
VSL
MINING COMPANY PRIVATE LIMITED |
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Registered Office : |
12,
I Cross, NTI Layout, NTI Layout, RMV II Stage, Bangalore – 94, Karnataka |
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Country : |
India |
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Date of Incorporation : |
19.05.2005 |
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Com. Reg. No.: |
08-36340 |
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CIN No.: [Company Identification No.] |
U13100KA2005PTC036340 |
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TAN No.: [Tax Deduction & Collection Account No.] |
BLRV04938D |
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Legal Form : |
Private
limited liability company |
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Line of Business : |
Manufacturers,
importers, exporters and dealers in all kinds mining, quarrying, ores,
minerals and metals etc. |
RATING & COMMENTS
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MIRA’s Rating : |
C |
RATING
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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 : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject
is in infancy stage. It has no track of performance or financial status.
Directors possess satisfactory means. Their trade relations are reported as
fair. No payment records are available. The
company can be considered for any business dealings on safe and secured trade
terms and condition. |
LOCATIONS
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Registered Office : |
12,
I Cross, NTI Layout, NTI Layout, RMV II Stage, Bangalore - 94 |
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Tel. No.: |
91-80-23411224/25 |
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Area : |
2500
sq. ft. |
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Location : |
Residential
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Factory : |
Lakshmipura
Village, Sandur Taluk, Ballary, Bangalore-583119, Karnataka, India |
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Tel. No.: |
91-80-261393/
260448 |
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Fax No.: |
91-8395-260448 |
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E-Mail : |
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Website : |
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Branch : |
House of Lad’s, Palace
Road, Bellary District, Sandur – 583119, Karnataka, India |
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Tel. No.: |
91-8395-260378/ 261229 |
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Fax No.: |
91-8395-260448 |
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E-Mail : |
DIRECTORS
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Name : |
Mr.
Anil H Lad |
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Designation : |
Director
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Address : |
House
of Land Palace Road, Sandur- 583119 |
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Tel No. : |
91-8395-261124 |
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Date of Appointment : |
19/05/2005 |
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Name : |
Ms.
Aarti A. Lad |
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Designation : |
Director |
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Address : |
Houe
of Lad, Palace Road, Sandur – 583119 |
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Tel No. : |
91-8395-261124 |
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Date of Appointment : |
19/05/2005 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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Percentage of Holding |
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Director and Relatives |
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100 % |
BUSINESS DETAILS
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Line of Business : |
Manufacturers,
importers, exporters and dealers in all kinds mining, quaring, ores, minerals
and metals etc. |
GENERAL INFORMATION
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No. of Employees : |
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Bankers : |
Not
divulged |
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Banking Relations : |
Unknown |
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Associates : |
VSL
Mining Projects Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity
Shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity
Shares |
Rs.10/- each |
Rs.0.100 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
Subject
is a new company and no financials are available further entire registry
records has gone for scanning purpose and may not be available for uncertain
period.
Website Details :
Industry Verticals
VSL group
has evolved to be a multi faceted group making contribution in the following
industry verticals:
Ø
Mining
Ø
Resorts
& Water sports
Ø
Transportation
Ø
Plantations
Ø
Health
Mining is the core of the activities which contributes to
about 90% of the revenue.
VSL group has got its character from such illustrious personalities as Mr. Heeroji
V. Lad who is the patriarch of the group and a social service activist who
served Sandur as a MLA. This legacy is continued by his son Mr. Anil H. Lad who
is managing partner and chief executive officer of V.S. Lad and Sons.
Some of the achievements of the group in the social services
are:
Drinking water and sanitation project in the areas of -
Yeshwanthanagar, Krishnanagar, Bhujanaganagar, Ranjithpura etc.
Finance assistance for women micro-enterprises for getting
sewing machines, bore wells for drinking water.
Political Saga Of The Group
VSL family sees political participation as a high leverage activity for social
service. With this view the family members are actively involved in the
political arena:
Mr. Heeroji
V. Lad was the MLA of Sandur
Mr. Anil H.
Lad is the current MLA of Kudligi a constituency adjoining Sandur
Mr.
Santhosh Lad is the current MLA of Sandur
VSL
has diversified into many businesses. VSL brings the leadership and management
to each of these companies to run them efficiently and effectively.
Mining related companies:
Ø VSL Transport company
Ø VSL Trading company
Ø VSL Enterprises
Apart
from mining V.S. Lad group has presence in following businesses:
Ø Agriculture related
ventures
Ø Ashok Diary Farm
Ø Anil Tamarind Farm
Ø Anil Grape Farm
Ø Nature Cure Center
This
is an exclusive facility based on Ayurveda concepts and follows panchakarma
therapy. This facility is handled by experts in this field from Kerala.
Wonder Valley Resort
Wonder valley resort is situated in Sandur,
Bellary district in Karnataka, India. This service oriented resort has 7 deluxe
family air-conditioned suites and 14 double bedded air-conditioned cottages
with TV and Fridge. It also had 10 double bedded Swiss tents and 4 Swiss
dormitory tents which can accommodate 15 people each.
Kollur Mukambika Water-sport and
Amusement park
This
facility offers variety of water sports and amusement facilities like 50 seater
cruise boat, 16 seater cruise boat, shikar boat, kayaks, water scooters, family
speed boats, rowing boats, peddle boats, horse riding, camel ride, Columbus
ride, giant wheel, frog train, Go karting, rain dance etc.
VSL offers
consistent grades of iron ore products which meet the quality demands of
international and national customers.
|
Product type |
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Iron ore fines |
Iron ore fines (High
Grade) |
Calibrated Ore |
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Chemical
properties |
Fe |
63.50% |
64/65% |
63.5% |
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SiO2 |
3.00% |
2.50% |
3.00% |
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Al2O3 |
3.00% |
2.50% |
3.00% |
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S |
0.02% |
0.02% |
0.02% |
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P |
0.07% |
0.06% |
0.07% |
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Moisture |
6.00% |
6.00% |
6.00% |
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Physical properties |
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Below 100mm - 95% |
Below 10mm- 95% |
Size 10mm-40mm |
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Below 150micron– 40% |
Below 150 micron – 40% |
Below 10mm - 15% |
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Above 10mm – 5% |
Above 10mm – 5% |
Above 40mm- 7% |
Production:
The
following table gives a glimpse of production activity at VSL
Grade wise
Production Details:
|
Year |
Fines |
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Lumps |
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Grand Total |
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-65 |
+65 |
TOTAL |
-65 |
+65 |
TOTAL |
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1998-99 |
189997 |
229217 |
419214 |
57957 |
189288 |
247245 |
666459 |
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1999-00 |
184424 |
337778 |
522202 |
55540 |
238475 |
294015 |
816217 |
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2000-01 |
318916 |
539343 |
858259 |
50169 |
366172 |
416341 |
1274600 |
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2001-02 |
810013 |
714412 |
1524425 |
37555 |
292382 |
329938 |
1854362 |
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2002-03 |
701454 |
772090 |
1473544 |
29480 |
334509 |
363989 |
1837533 |
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2003-04 |
804852 |
756834 |
15651686 |
68305 |
319229 |
387534 |
1949220 |
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2004-05 |
(Projected) |
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Exports |
1.2
Millions Tonnes |
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Domestic
Supplies |
1.00
Million Tonnes |
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The
following are some of the customers of VSL:
Domestic:
Ø
Jindal
Vijayanagar Steel Limited, Bellary (JVSL)
Ø
Kirloskar
Ferro Industries, Hospet (KFIL)
Ø
Lanco
Industries, Andhra Pradesh
Ø
Sathwahana
Steel Plant, Andhra Pradesh
Ø
Sesa
Industries Limited, Goa
Ø
Usha
Ispat Redi, Maharashtra
Ø
Essar
Steel
Ø
Kalyani
Ø
Fomento
Goa
Ø
HOM
Chennai
Ø
SVM
Goa
Export:
Ø
Chinese
steel mills through MMTC and own export house
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.44.25 |
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UK
Pound |
1 |
Rs.87.30 |
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Euro |
1 |
Rs.57.36 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
-- |
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OPERATING SCALE |
1~10 |
-- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
-- |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
-- |
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--LEVERAGE |
1~10 |
-- |
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--RESERVES |
1~10 |
-- |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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5 |
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
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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 |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |