MIRA INFORM REPORT
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Report
Date : |
22.01.2007 |
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
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India |
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Financials
(as on) : |
-- |
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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 of mining, quarrying, ores, minerals and metals etc. |
RATING & COMMENTS
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MIRA’s
Rating : |
C |
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
: |
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
|
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
|
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 of mining, quarrying, ores, minerals and metals etc. |
GENERAL INFORMATION
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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 :
|
No. of
Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
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.44.30 |
|
UK Pound |
1 |
Rs.87.61 |
|
Euro |
1 |
Rs.57.61 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
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 |
|
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 |
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 |