MIRA INFORM REPORT
|
Report
Date : |
30-07-2007 |
IDENTIFICATION DETAILS
|
Name : |
MMTC LIMITED |
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Registered
Office : |
Core 1, Scope Complex, 7 Institutional Area, |
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Country: |
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Financials
(as on) : |
31.03.2005 |
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Date
of Incorporation : |
20.09.1963 |
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Com.
Reg. No.: |
55-4033 |
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CIN
No.: [Company
Identification No.] |
L51909DL1963PLC004033 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
DELM09574F DELM09969B DELM10208C DELM13098B |
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PAN
No.: [Permanent
Account No.] |
AAACM1433E |
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Legal
Form : |
Public
Limited Liability company. The
company’s shares are listed on the Stock Exchanges due to partial
disinvestments by Government of India. |
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Line
of Business : |
Trading of Minerals, Marine, Textiles, Leather and Gem,
Metals, Fertilizers, Gold, Silver, Jewellery, Agro Products and general
trading in many products. |
RATING & COMMENTS
|
MIRA’s
Rating : |
Aa |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum
Credit Limit : |
USD
33000000 |
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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 International Trading House owned by the
Government of India. Available information indicates high financial
responsibility of the company. Their trade relations are reported as fair.
Financial position of the company is comfortable. Payments are usually
correct and as per commitments. The company can be considered good for any normal business
dealings. |
LOCATIONS
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Registered
Office : |
Core 1, Scope Complex, 7 Institutional Area, |
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Tel.
No.: |
91-11-24362200 |
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Fax
No.: |
91-11-24362077/24362224/24360724/24362072 |
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E-Mail
: |
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Website
: |
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Regional
Office : |
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Fax
No.: |
91-11-2331
8593 |
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E-Mail
: |
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Regional
Office : |
Mittal Tower, 2nd Floor, `A&B’ Wing,
Nariman Point, Mumbai – 400 021, |
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Fax
No.: |
91-22-2204 5034 |
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E-Mail
: |
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Regional
Office : |
Ruby House, 4th & 5th Floor, |
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Fax
No.: |
91-33-2242 1292 |
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E-Mail
: |
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Regional
Office : |
No. 7, Chennai House, Esplanade, Chennai – 600 011,
Tamilnadu |
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Fax
No.: |
91-44-2534 0559 |
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E-Mail
: |
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Regional
Office : |
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Fax
No.: |
91-80-2227
2043 |
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E-Mail
: |
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Regional
Office : |
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Fax
No.: |
91-834-513
283 |
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Regional
Office : |
Alok Bharati Complex, Shahid Nagar, Bhubaneshwar – 751 007 |
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Fax
No.: |
91-674-2510
847 |
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E-Mail
: |
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Regional
Office : |
Budha Bawanam, 7th Floor, Near Boats Club,
Municipal Complex, |
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Fax
No.: |
91-40-2846
943 |
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E-Mail
: |
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Regional
Office : |
2
Nagindas Chambers, Usmanpura, |
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Fax
No.: |
91-79-2754
3739 |
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E-Mail
: |
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Regional
Office : |
MMTC
Bhawan, Port Area, |
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Fax
No.: |
91-891-2561
761 |
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Regional
Office : |
Red Cross
Road, Main Road, P. B. No. 60, Satyanarayanpet, Bellary – 583 103 |
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Fax
No.: |
91-8392-2742
78 |
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Regional
Office : |
Nalda, P. O. Barbil District, Keonjhar, Barbil, Nalda |
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Fax
No.: |
91-6767-2305
80 |
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Regional
Office : |
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E-Mail
: |
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Overseas
Office : |
5Fc, YU Building 1-5-7-, Horidomecho, Nihonbashi, Chou-Ku,
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Fax
No.: |
0081-3-3808-2268 |
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E-Mail
: |
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Overseas
Office : |
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Fax
No.: |
00971-4-817799) |
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E-Mail
: |
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Overseas
office: |
Also
offices at Amman (Jordan), New York (U.S.A.), Singapore, Berlin (Germany) and
Moscow (Russia) |
DIRECTORS
|
Name : |
Mr. S. D. Kapoor |
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Designation
: |
Chairman & Managing Director [w.e.f. 13-08-1998] |
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Name : |
Dr. D. B. L. Madhukar |
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Designation
: |
Executive Director |
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Name : |
Mr. S. M. Dewan |
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Designation
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Director |
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Name : |
Mr. P. R. Tripathi |
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Designation
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Director |
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Name : |
Mr. M. P. Gupta |
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Designation
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Director (Marketing) |
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Name : |
Mr. Sanjay Batra |
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Designation
: |
Executive Director |
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Name : |
Mr. A. N. Tiwari |
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Designation
: |
Director |
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Name : |
Mr. Vijay Bansal |
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Designation
: |
Director |
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Name : |
Dr. Arvind Pandalai |
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Designation
: |
Director |
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Name : |
Mr. L. Mansingh |
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Designation
: |
Director |
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Name: |
Mr. N. K. Nirmal |
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Designation: |
Director C. G. M (F & A) |
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Name: |
Mr. S. K. Kar |
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Designation: |
Director (Finance) |
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Name: |
Mrs. Asha Swarup |
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Designation: |
Executive Officio Part Time Director (w.e.f. 10.08.2004) |
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Name: |
Mr. Dr. Christy L Fernandez |
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Designation: |
Executive Officio Part Time Director (w.e.f. 05.11.2004) |
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Name: |
Mr. Sanjiv Batra |
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Designation: |
Director (Marketing) up to 18.08.2005 |
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Name: |
Mr. Adarsh Goyal |
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Designation: |
Director (Marketing) |
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Name: |
Mr. G P Sharma |
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Designation: |
Director (Personnel) |
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Name: |
Mr. S K Arora |
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Designation: |
Executive Officio Part Time Director |
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Name: |
Mr. Gopal K Pillai |
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Designation: |
Executive Officio Part Time Director |
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Name: |
Mr. K K Jha |
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Designation: |
Chief Vigilance Officer (w.e.f. 08.12.2004) |
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Name: |
Mr. A K Verma |
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Designation: |
Senior Executives Director (up to 30.06.2005) |
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Name: |
Mr. Y N Bhargava |
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Designation: |
Senior Executives Director |
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Name: |
Mr. P K Maheshwary |
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Designation: |
Senior Executives Director |
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Name: |
Mr. N K Mathur |
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Designation: |
Senior Executives Director (up to 25.07.2005) |
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Name: |
Mr. J P Srivastava |
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Designation: |
Senior Executives Director |
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Name: |
Mr. N K Chauhan |
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Designation: |
Senior Executives Director |
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Name: |
Mr. Lekh Chand |
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Designation: |
Senior Executives Director |
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Name: |
Mr. C H Rao |
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Designation: |
Senior Executives Director |
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Name: |
Mr. Sunir Khurana |
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Designation: |
Senior Executives Director |
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Name: |
Mr. Ashish Majumdar |
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Designation: |
Senior Executives Director |
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Name: |
Mr. Rajeev Jaideva |
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Designation: |
Senior Executives Director |
KEY EXECUTIVES
|
Name : |
Mr. Manohar Balwaj |
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Designation
: |
Company Secretary |
BUSINESS DETAILS
|
Line
of Business : |
Trading of Minerals, Marine, Textiles, Leather and Gem,
Metals, Fertilizers, Gold, Silver, Jewellery, Agro Products and general
trading in many products. |
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Products: |
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Exports
to : |
Mauritius,
South Africa, Tunisia, Bangladesh, China, Hongkong, Indonesia, Japan, Korea,
Malaysia, Nepal, Pakistan, Philippines, Singapore, Sri Lanka, Taiwan,
Thailand, Vietnam, Croatia, CIS, Czech Republic, Hungary, Poland, Romania,
Austria, Belgium, France, Germany, Italy, Netherlands, Norway, Portugal,
Spain, Switzerland, U.K., Chile, Canada, U.S.A., Abu Dhabi, Bahrain, Dubai,
Iraq, Israel, Jordan, Kuwait, Oman, Qatar, Saudi Arabia, Turkey, U.A.E. and
New Zealand. |
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Imports
from : |
Algeria, Kenya, Libya, South Africa, Zaire, Zambia,
Bangladesh, China, Indonesia, Korea, Malaysia, Pakistan, Singapore, Thailand,
Bulgaria, CIS, Macedonia, Romania, Belgium, Finland, France, Germany,
Luxembourg, Netherlands, Norway, Spain, Switzerland, U.K., Argentina, Brazil,
Chile, Canada, U.S.A., Bahrain, Dubai, Iran, Israel, Jordan, Kuwait, Qatar,
Saudi Arabia, Syria, U.A.E. and Australia. |
PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Silver Medallion |
Nos. |
NA |
NA |
62269.00 |
|
Sanchi |
Kgs. |
NA |
NA |
4626.36 |
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Gold Medallion |
Nos. |
NA |
NA |
43371.00 |
GENERAL INFORMATION
|
No. of
Employees : |
2399 |
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Bankers
: |
+
State Bank of +
Canara Bank +
Indian Bank +
Indian Overseas Bank +
Oriental Bank of Commerce +
State Bank of +
Dena Bank +
Syndicate Bank +
Vysya Bank Limited +
IndusInd Bank +
Bank of +
Central Bank of +
Deutsche Bank +
H.D.F.C. Bank +
Punjab National Bank +
Bank of +
Bank of +
State Bank of Bikaner & Jaipur +
Vijaya Bank +
IDBI Bank +
Bank of |
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Facilities : |
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Banking Relations : |
Good |
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Auditors
: |
+
S N Dhawan & Company Chartered Accountants |
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Associates/Subsidiaries
: |
+
MMTC Transnational Pte Limited Fax No. 0065-538 5316 E-Mail mtplsing@signet.com.sg +
MMTC Transnational ( Kransopresnenskaya Nab. 12, Room No. 424, |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
100,000,000 |
Equity Shares |
Rs.10/- each |
Rs.1,000.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
50,000,000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 millions |
FINANCIAL DATA
[all
figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
500.000 |
500.000 |
500.000 |
|
|
2]
Reserves & Surplus |
7832.700 |
7034.900 |
6218.800 |
|
NETWORTH
|
8332.700 |
7534.900 |
6718.800 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
5070.600 |
3025.100 |
4012.800 |
|
|
2]
Unsecured Loans |
0.200 |
49.900 |
0.200 |
|
TOTAL
BORROWING
|
5070.800 |
3075.000 |
4013.000 |
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|
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TOTAL
|
13403.500 |
10609.900 |
10731.800 |
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APPLICATION OF FUNDS
|
|
|
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|
|
|
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FIXED ASSETS [Net Block]
|
282.900 |
288.700 |
306.700 |
|
Capital work-in-progress
|
37.400 |
29.200 |
31.500 |
|
|
|
|
|
|
|
INVESTMENT
|
2209.600 |
2209.600 |
1984.500 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
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|
Inventories
|
2491.400
|
1108.900
|
1625.500
|
|
|
Sundry Debtors
|
7381.400
|
6844.100
|
4559.900
|
|
|
Cash & Bank Balances
|
14051.700
|
46932.400
|
28187.900
|
|
|
Loans & Advances
|
10249.900
|
6635.200
|
6053.600
|
Total Current Assets
|
34174.400 |
61520.600 |
40426.900 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
21803.100
|
52537.700
|
31782.100
|
|
|
Provisions
|
1542.600
|
982.400
|
404.600
|
Total Current Liabilities
|
23345.700 |
53520.100 |
32186.700 |
|
Net
Current Assets
|
10828.700 |
8000.500 |
8240.200 |
|
|
|
|
|
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|
MISCELLANEOUS EXPENSES
|
44.900 |
81.900 |
168.900 |
|
|
|
|
|
|
|
TOTAL
|
13403.500 |
10609.900 |
10731.800 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
163933.900 |
151380.700 |
91417.800 |
|
|
Other Income |
1655.500 |
3597.900 |
1261.900 |
|
|
Total
Income |
165589.400 |
18736.600 |
92679.700 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
1678.900 |
1763.200 |
801.000 |
|
|
Provision for Taxation |
596.000 |
691.500 |
294.700 |
|
|
Profit/(Loss) After Tax |
1082.900 |
1071.700 |
506.300 |
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Expenditures : |
|
|
|
|
|
|
Cost of Goods Sold |
|
|
|
|
|
Manufacturing Expenses |
3524.500 |
1807.600 |
2155.700 |
|
|
Administrative Expenses |
1721.700 |
1739.100 |
1183.100 |
|
|
Raw Material Consumed |
158693.600 |
145304.000 |
87214.700 |
|
|
Salaries, Wages, Bonus, etc. |
700.100 |
694.900 |
685.500 |
|
|
Interest |
827.400 |
2861.400 |
254.800 |
|
|
Insurance Expenses |
0.00 |
0.000 |
0.000 |
|
|
Power & Fuel |
14.700 |
12.900 |
12.900 |
|
|
Depreciation & Amortization |
41.900 |
42.500 |
43.000 |
|
|
Other Expenditure |
413.400 |
638.500 |
983.600 |
|
Total
Expenditure |
165937.300 |
153100.900 |
92533.300 |
|
SUMMARISED RESULTS
|
PARTICULARS |
31.03.2007 (Full Year) |
|
Sales Turnover |
232054.600 |
|
Other Income |
200.000 |
|
Total Income |
232254.600 |
|
Total Expenditure |
230869.800 |
|
Operating Profit |
1384.800 |
|
Interest |
(445.200) |
|
Gross Profit |
1830.000 |
|
Depreciation |
90.000 |
|
Tax |
481.000 |
|
Reported PAT |
1259.000 |
|
Dividend (%) |
00.000 |
KEY
RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity Ratio |
0.51 |
0.50 |
0.45 |
|
Long Term Debt Equity Ratio |
0.000 |
0.00 |
0.00 |
|
Current Ratio |
1.13 |
1.10 |
1.17 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
226.04 |
213.72 |
128.79 |
|
Inventory |
91.07 |
110.72 |
63.29 |
|
Debtors |
23.05 |
26.55 |
26.15 |
|
Interest Cover Ratio |
3.03 |
1.62 |
4.14 |
|
Operating Profit Margin (%) |
1.55 |
3.08 |
1.20 |
|
Profit Before Interest and Tax Margin
(%) |
1.53 |
3.05 |
1.15 |
|
Cash Profit Margin (%) |
0.69 |
0.74 |
0.60 |
|
Adjusted Net Profit Margin (%) |
0.66 |
0.71 |
0.55 |
|
Return on Capital Employed (%) |
20.98 |
43.85 |
11.39 |
|
Return on Net Worth (%) |
13.65 |
15.04 |
7.75 |
STOCK PRICES
|
Face Value |
Rs. 10/- |
|
High |
Rs. 2896.00 |
|
Low |
Rs. 2800.00 |
LOCAL AGENCY FURTHER INFORMATION
History:
The company
was incorporated on 26th September, 1962 at
In 1994,
the company set up a wholly owned subsidiary in
The company
also introduced a new range of branded silverware 'SANCHI' and achieved a
modest turnover of Rs. 5.800 millions during the year. A new Buillion Delivery
Centre was opened at
The company
promoted two major joint venture projects in Orissa i.e. Neelachal Ispat Nigam
Limited (NINL) - Blast furnace is getting ready for producing Pig Iron by
December, 2001 and Konark Met Coke Limited (KMCL) - project is being set up a
backward integration of the Steel Plant to produce Metallurgical Coke and its by-products
as also 55 MW Power is in advance stage of completion and is scheduled for
commission by December, 2001.
The company
has implemented Ramco e. Application an ERP package and is catering to all
major business commodity line as well as support services and help in
standardising the business processes across the board in the company.
The company
wholly owned subsidiary viz. MMTC Transnational Pte Limited,
During the
year 2001-02 the Neelachal Ispat Nigam Limited a JV Project between the company
and the government of Orissa was implemented successfully and a state-of-
the-art of fully automated plant has started its commercial production. The
total manufacturing capacity is 1.1 millions tonnes per year of Hotal Metal.
The company has started exporting Pig Iron produced by NINL through
Business:
The company
is a Government of India owned Industrial Trading House. It is engaged in
trading of Minerals, marine, textiles, leather and gem, Metals, Fertilizers,
Gold, Silver, Jewellery, Agro Products and general trading in many products.
Corporate governance
The principles of good corporate governance are
enriched in each of the activity of the company. It wishes to reaffirm its
faith in development, adoption and continued dedication towards best Corporate
Governance practices by adopting highest standards of transparency,
accountability professionalism, social responsiveness and ethical business
practices as self discipline code for achieving Corporate excellence which in
turn leads to increased value to the shareholders.
A separate report on corporate governance along with Statutory Auditor's
certificate regarding compliance of the stipulations relating to corporate
governance specified in clause 49 of the listing agreement(s) signed with stock
exchanges is annexed to and forms part of this report.
FIXED ASSETS
The company
fixed asset of important value includes Freehold Land, Leasehold Land,
Building, Water Supply & Drainage, Electrical Installations, Audio/Fire/Airconditioning,
Roads & Culverts, Residential Flats, Sewerage, Plant & Machinery,
Furniture & Fixtures, Computer/Data
Processors, Fans, Typewriters & Other Machines and Vehicles.
Bio data
The state-owned MMTC (formerly The Minerals and
Metals Trading Corporation of India), a leading international trading company
of India, trades in diverse fields like minerals, engineering, agro, marine,
textiles, leather and gem & jewellery. In its efforts to secure committed
supplies for its diverse range of activities, MMTC, besides setting up joint
ventures with Kings International Aqua Marine Exports and Suvarna Aqua Farms,
has also participated in the equity of Visakha Aqua Farms for acqua culture and
Indo-French Biotech Enterprises for agro products.
In 1994, MMTC set up a wholly-owned subsidiary in
MMTC also introduced a new range of branded silverware `SANCHI' and
achieved a modest turnover of Rs.58 lakhs during the year. A new Bullion
Delivery Centre was opened at
MMTC promoted two major joint venture projects in Orissa i.e. Neelachal
Ispat Nigam Ltd (NINL) - Blast furnace is getting ready for producing Pig Iron
by December 2001 and Konark Met Coke Ltd (KMCL) - project is being set up as a
backward integration of the Steel Plant to produce Metallurgical Coke and its
by-products as also 55 MW Power is in advance stage of completion and is
scheduled for commission by December 2001.
The company has implemented Ramco e.Application an ERP package and is
catering to all major business commodity lines as well as support services and
help in standardizing the business processes across the board in MMTC.The
company wholly owned subsidiary viz MMTC Transnational Pte Ltd(Singapore)
incorporated in 1994 is performing well.
During 2001-02 the Neelachal Ispat Nigam Ltd a JV Project between MMTC
and the Government of Orissa was implemented successfully and a
state-of-the-art of fully automated plant has started its commerical
production. The total manufacturing capacity is 1.1. million tonnes per year of
Hot Metal. The company has started exporting Pig Iron produced by NINL through
AWARDS &
LAURELS
During the year 2003-04, the Company won following awards:
(a) CAPEXILs top export award for the 13th time in a row for the highest
export of Minerals & Ores.
(b) Federation of Indian Export Organization (FIEO) awarded "Niryat
Shree" Gold trophy for the year 2002-03 to MMTC in the Agricultural &
plantation products - Non SSI category.
(c) The company was also awarded "Gold Trophy" for the year
2002-03 in the Engineering and Metaliurgical Products - Non SSI category by
Federation of Indian Export Organization (FIEO).
(d) Engineering Export Promotion Council (EEPC) Selected MMTC for All
India award for highest Exporters for its outstanding export performance during
2002-03 under "Prime Metal Ferrous & Non ferrous" - Non SSI
sector.
(e) Based on the performance during 2002-03, MMTC has been awarded
overall globalization rank of 9 amongst the top 100 Indian Companies in the
first ever analysis of global competitive Indian Companies conducted by
"Business World" published in its issue dated 7th June 2004.
Performance of the Company
Your company continued surging ahead on the tremendous strengths
of its strategic initiatives/directions, innovative business models, human
resources, strong infrastructure & financial strength and notched up
excellent performance during 2005-06, which came on the heels of an equally
brilliant performance during the previous year 2004-05.
Your company, currently holding the no. 1 rank amongst trading companies
in
Awards & Rankings
Following awards and rankings were conferred on
your company during 2005-06:
Top ranking in 'Trading Sector' by Business Standard in their ranking of
1000 Indian Corporate giants based on MMTC's performance during Fiscal 2005.
MMTC was also conferred 10th rank amongst the top 1000 Corporates based on
overall performance during fiscal 2005.
Top ranking in 'Trading Sector' and 10th rank on net sales revenue during
2004-05 by Financial Express in their ranking of Top 500 Indian companies. In
the same publication, MMTC was also conferred composite rank of 51st rank
amongst the top 500 Corporates based on net sales, net profit and total assets
etc., during fiscal 2005.
CAPEXIL's top export award for the 14th time in a row for continued &
sustained exports of Minerals & Ores from
MMTC Transnational Pte Ltd., Singapore, the wholly onwed subsidiary was
ranked 9th (last year 18th) under the category of General Whole Sale Trade by
DP Information Group, Earnest & Young and International Enterprise (IE),
Singapore, (under Ministry of Trade, Government of Singapore) in their survey
on 'Singapore 1000 Companies' for 2006.
Ministry of Commerce & Industry, Govt. of India conferred 2nd prize
to MMTC for excellent work done for implementation of Official Language Policy.
Department of Official Language, Govt of India bestowed first prize to
MMTC's Goa Regional Office for outstanding work done for implementation of
Official Language Policy.
MMTC Regional Office, Kolkatta was bestowed with the Trophy by Town
Official Language Committee for effective implementation of Official Language
Policy.
Subsidiary Company
The
wholly owned subsidiary of your Company - MMTC Transnational Pte. Ltd.,
Singapore (MTPL) was incorporated in October 1994 under the laws of
MTPL continues to enjoy 'Global Trader' (GT) status awarded to it by
Singapore Trade Development Board in FY 2000.
Pursuant to the provisions of Section 212 of the Companies Act, 1956, the
audited financial statements of MTPL together with Director & Auditors
report are attached herewith.
MMTC'S PROMOTED PROJECT-Neelachal Ispat Nigam Ltd. (NINL):
As a strategy to diversify and add value to trading operations, Your
company has set up Neelachal Ispat Nigam Limited (NINL) - an iron & steel
plant of 1.1 million tonnes capacity, 0.8 million tonne coke ovens and by
product unit with captive power plant jointly with Govt. of Orissa with total
capital expenditure of nearly Rs. 2000 crores. During 2005-06 NINL advanced
& consolidated its position further as a leading saleable Pig Iron
manufacturing plant in
Website Details Attached:
Company Overview:
As the largest trading
company of
Corporate
Objectives:
- To be a leading
International Trading House in
- To retain the position
of single largest trader in the country for product lines like minerals,
metals and precious metals.
- To promote development
of trade-related infrastructure.
- To provide support to
the medium and small scale sectors.
- To render high quality
of service to all categories of customers with professionalism and
efficiency.
- To streamline system
within the company for settlement of commercial disputes.
- To upgrade employees
skills for achieving higher productivity.
Corporate Citizenship
Our
Responsibilities Extend Beyond Trading
Contributing
to the welfare of communities in which it operates is a natural element of
MMTC's activities. MMTC continues its unstinted efforts to promote clean
environment and scientific development of mines as also support the government
relief measures in natural calamities.
The
Company and its employees have lived up to the responsibilities as Corporate
Citizens and have been playing their role in the times of crisis in the
country. As a responsible corporate citizen, MMTC contributed Rs. 25 lacs along
with Rs. 8.25 lacs (One day salary of each employee) to the Prime Minister
National Relief Fund for the victim of Tsunami wave of 26th December 2004 which
severely affected the people of Tamil Nadu, Andhra Pradesh and other close by coastal
areas.
Corporate Profile:
Established in 1963, MMTC, one of the two highest foreign exchange earner for
It is the largest international trading company of
MMTC is the largest non-oil importer in
MMTC's diverse trade activities encompass Third Country
Trade, Joint Ventures, Link Deals - all modern day tools of international
trading.
Its vast international trade network,
which includes a wholly owned international subsidiary in
MMTC is major global player in the minerals trade and is the single largest
exporter of minerals from
MMTC has won the top export award
from Chemicals and Allied Products Export Promotion Council (CAPEXIL) as the
largest exporter of minerals from
ONE OF THE WORLD'S LARGEST BUYER OF FERTILIZERS
As a leading player in fertilizers and fertilizer raw material, MMTC has become
a major fertilizer marketing company in
THE SINGLE LARGEST BULLION TRADER IN THE INDIAN SUBCONTINENT
MMTC is the largest importer of gold and silver in the Indian sub continent,
handling about 100 MT of gold and 500 MT of silver annually. MMTC has opened a
retail jewellery showroom at Maker Bhawan in Mumbai. MMTC supplies branded
hallmarked gold and studded jewellery. MMTC has also opened a DUTY FREE
jewellery store in the Departure Lounge at
Besides organizing major jewellery exhibitions abroad,
exclusively, MMTC is keen to set up manufacturing & joint ventures for
modern jewellery in association with leading names in the international
jewellery trade as well as marketing.
MMTC supplies gold on loan basis to
the bullion traders and jewellers in
MMTC's retailing network extends from a jewellery showroom at Maker Bhawan, 4
duty free shops at Mumbai (2), Chennai (1), Thiruvananthapuram (1),
International airports and sales counter at its Jhandewalan office in
THE BIGGEST IMPORTER OF NON FERROUS METALS & INDUSTRIAL
RAW MATERIAL TO
MMTC is
Major institutional customers of MMTC in
MMTC is a proud winner of gold trophy
for exports of Engineering and Metallurgial product in non-SSI Sector and also
awarded the All India Trophy for highest export in the category of crime matel
by EEPC.
GROWING INTEREST IN AGRO PRODUCTS WORLDWIDE
MMTC is amongst the leading Indian exporters and importers of agro products.
The company's bulk exports include commodities such as rice, wheat, wheat flour,
soyameal, pulses, sugar, processed foods and plantation products like tea,
coffee, jute etc.
MMTC also undertakes extensive
operations in oilseed extraction, from the procurement of seeds to the
production of de-oiled cakes for export, as well as the production of edible
oil for domestic consumption. It also imports edible oils. MMTC has one the
gold trophy from FIEO for highest exports in agritulcture & plantation
product in non-SSI Sector.
GENERAL TRADING
MMTC also handles items like textiles, Mulberry raw silk, building materials,
marine products, chemicals, drugs and pharmaceuticals, processed foods, hydro
carbons, coal and coke.
Information on above can be supplied
on request. MMTC also exports engineering products.
AN INTEGRATED GLOBAL TRADER WITH BULK HANDLING CAPABILITIES
Its comprehensive infrastructure for bulk cargo handling, with well developed
arrangements for rail and road transportation, warehousing, port and shipping,
operations, gives MMTC complete control over trade logistics, both for exports
and imports.
The company's countrywide domestic
network is spread over 75 regional, sub-regional, port and field offices,
warehouses and procurement centres.
BROADBASED ACTIVITIES BEYOND TRADING
MMTC's progress in the recent past has taken it from monopoly status to a
competitive open market player making a strong thrust towards broad basing its
sphere of activities, while consolidating its core areas of business.
To create synergy between its
manufacturing, trading and technology partners and to bring optimum efficiency
and expertise to its operations worldwide, MMTC has promoted along with
government of Orissa, a million tonnes capacity Iron & Steel plant and a
0.8 million tonne capacity Coke Oven battery with by product recovery plant and
a captive power plant of 55 MW capacity.
SUPPORT SERVICES
MMTC lays emphasis on human resources development and related activities.
Several training programmes are conducted to upgrade managerial skills in the
latest developments in trade management, export marketing, general management.
COMPUTERIZATION
MMTC has a Systems & ERP Division comprising a highly professional team to
cope with the highly competitive environment. MMTC's operational offices are
all equipped with modern computing tools. ERP has been implemented. A user
friendly intranet based Knowledge Management Solution has been made available
to officials.
SOCIAL AND WELFARE ACTIVITIES
MMTC's social and welfare activities promote welfare of the employees through
various schemes like sports activities, liberal loan facilities like house
building advance, conveyance loan, house hold loan, marriage advance, etc. MMTC
also provides subsidized canteen facilities, medical treatment, residential
accommodation in some of the major cities for its employees. MMTC also takes
care of employees' families through merit scholarship, tuition fee
reimbursement, etc.
MMTC is committed towards
environmental upkeepment through aforestation in the mining areas, development
of tribal areas and infrastructure development through rail links, port
facilities, etc.
NETWORK OF OFFICES
Its vast international trade network, includes.
One wholly owned international
subsidiary in Singapore- MMTC Transnational Pte. Ltd. (MTPL)
13 Regional offices
East Zone :
Kolkata, Bhubaneshwar
West Zone :
Mumbai,
North Zone :
South Zone :
Press Release:
2005-04-28
Exemplary performance by MMTC during
2004-05
MMTC Limited,
Exports at Rs.30630.000 millions, during FY05
were highest ever in the history of MMTC, registering a growth of 62% over the
previous year, higher than the national export growth of about 24% during
2004-05. The company recorded its best ever Import revenues of Rs.11,0090.000
millions with a growth of 65% over FY04 which also surpassed the national
import growth of about 34% during 2004-05. MMTC also recorded its ever-best
Domestic business exceeding Rs.1070 0.000Millions, which is up by 102 % over
2003-04.
MMTC’s strategic initiatives to enhance
operating efficiencies, controlling operating costs and prudent fund management
enabled the company to achieve its highest ever net profit after tax at Rs.1020.000
millions-- double the net profit earned by MMTC during preceding year.
MMTC - a company with net worth of over
Rs.7300.000 millions and zero long-term debts has secured earning of Rs 20.55
per share of face value Rs.10.00 each during 2004-05.
While announcing the results of 2004-05 in the
board meeting held on 26.4.2005, Shri S.D.Kapoor, CMD, MMTC attributed the
phenomenal growth to MMTC’s aggressive marketing strategies focused on
expanding the market and product profile besides consolidating core areas of
competencies. Shri Kapoor further
reiterated MMTC’s dedication to aggressively pursue its efforts for achieving
consistent growth in future to provide, sustainable returns to stake holders.
MMTC has set a target of achieving a turnover level of over Rs.30,0000.000
millions by the year 2009-10.
2005-03-18
MMTC’s Singapore Subsidiary Excels
MMTC
Transnational Pte. Ltd. (MTPL), the wholly owned subsidiary of MMTC Ltd has
been ranked 18th amongst the top 51 Singapore companies under the business
classification of General Wholesale Trade category by DP Information Group
Singapore in their recent publication “Singapore 1000 Companies”. In the same publication MTPL has also been
ranked 389th amongst the top 1000 Companies of Singapore based on
the sales/turnover for the year 2003-04. The survey was supported by
MMTC,
During the
year 2003-04 MTPL had generated business revenues of S$ 323 millions as against
MTPL
continues to enjoy “Approved International Trader” (AIT) now “Global Trader”
(GT) status awarded to it by Singapore Trade Development Board in FY 2000.
2005-03-18
MMTC signs MOU for 2005-06
Shri S.
D. Kapoor, CMD MMTC, signed MOU for 2005-06 with Secretary, Department of
Commerce, Government of India on 16.3.2005.
MMTC,
By enforcing higher financial controls, cost reduction measures and
improving margins by product/market diversification & value addition, the
net profit targeted by MMTC in MOU for 2005-06 is 122% higher than the previous
year MOU.
The MOU also highlights new activities to be undertaken by MMTC
under its strategic initiatives which include inter-alia setting up free trade
warehouses, promoting Agro Trade in the WTO compatible regime, futures trading
in bullion besides enhancing trade with thrust group of countries identified by
Government and trade under ‘lines of credit’ offered by Government of India.
MMTC PAYS 25% FINAL DIVIDEND FOR
FY 2004-05
Shri S D Kapoor, CMD, MMTC presented a cheque of Rs.
12.420.000 millions to the Hon’ble Minister of Commerce & Industry towards
Final Dividend for the year 2004-05.
Based on MMTC’s best ever business results for the year 2004-05, MMTC,
the largest international trading company of India has declared an dividend of
45% in its 42nd Annual General meeting held on 22nd
September 2005 which includes interim dividend of 20% already paid to the
shareholders in December 2004. With this payment, MMTC has, since its
inception, paid a total dividend of Rs. 328.860.000 millions to the Govt of
India besides issue of bonus shares worth Rs. 47.000.000 millions against
Govt’s investment of Rs. 30.000 millions in MMTC.
2. During the year 2004-05 MMTC achieved
business volume of Rs.151380.000 millions – the highest ever achieved by MMTC
since its inception in 1963, registering growth of 66% over the corresponding
level for the year 2003-04. The record turnover of MMTC includes ever-best
exports of Rs. 30310.000 millions registering a growth of 60% over the previous
year as against the country’s export growth rate of nearly 21%. MMTC’s best
import performance at Rs. 110330.000 millions during 2004-05 grew by 65% over
the previous year’s level which also was higher than country’s import growth of
34%. MMTC’s domestic trade at Rs.10600.000 millions during 2004-05 was double
the corresponding performance of the last fiscal.
3. The
net profits after tax earned by the company during 2004-05 recorded highest
ever level of Rs.1070.000 millions – up by 112% over the previous year. High net profits have been achieved through
better operating profits, effective cost controls and better fund management
put in by the company. MMTC took several strategic initiatives in logistics,
service quality and other aspects of functioning with a view to facilitate
creation of trade related infrastructural projects and lowering of operational
costs.
4. MMTC has drawn up ambitious plans to
expand its role as a trade organizer and facilitator by venturing into newer
areas such as Power Trading, Carbon Trading, development of a nationwide cold
chain, development of resources abroad for commodities which are imported perennially
to meet the national demand/supply gap besides entering into long term
strategic alliances for energy inputs such as coal, LNG, etc. Projects such as
beneficiation of low grade Minerals for value addition & exports,
partnership in processed food production & exports, expansion of
distribution network in rural areas, building up domestic and export outlets
for handcrafted Jewellery and other related articles made by local craftsmen
and artisans by enlarging existing franchisee network and expansion of assaying
and hall marking activities are priority areas for the short and medium term
plans for the company.
MMTC, the
largest international trading company of
During the year 2004-05 MMTC
achieved business volume of Rs.151380.000 millions – the highest ever achieved
by MMTC since its inception in 1963, registering growth of 66% over the
corresponding level for the year 2003-04.
The highest ever turnover of MMTC
includes ever best exports of Rs. 30310.000 millions registering a growth of
60% over the previous year as against the country’s export growth rate of
nearly 21%. MMTC’s ever best imports at Rs. 110330.000 millions during 2004-05
grew by 65% over the previous year level which was significantly higher than
Indian import growth of 34%. MMTC’s domestic trade at Rs.10600.000 millions
during 2004-05 was double the corresponding performance of the last fiscal. The
net profits after tax earned by the company during 2004-05 also reached highest
ever level of Rs.107 millions – up by 112% over the previous year. High net profits have been achieved through
better operating profits, effective cost controls and better fund management
put in by the company. MMTC took several strategic initiatives in logistics,
service quality and other aspects of functioning with a view to facilitate
creation of trade related infrastructural projects and lowering of operational
costs.
MMTC has drawn up ambitious plans to
expand its role as a trade organizer and facilitator by venturing into newer
areas such as Power Trading, Carbon Trading, development of a nationwide cold
chain, development of resources abroad for commodities which are imported
perennially to meet the national demand/supply gap besides entering into long
term strategic alliances for energy inputs such as coal, LNG, etc. Projects
such as beneficiation of low grade Minerals for value addition & exports,
partnership in processed food production & exports, expansion of
distribution network in rural areas, building up domestic and export outlets
for handcrafted Jewellery and other related articles made by local craftsmen
and artisans by enlarging existing franchisee network and expansion of assaying
and hall marking activities are priority areas for the short and medium term
plans for the company.
CMT REPORT [Corruption, Money laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts,
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.4054 |
|
|
1 |
Rs.82.02 |
|
Euro |
1 |
Rs.55.31 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP
CAPITAL |
1~10 |
8 |
|
OPERATING
SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT
LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT
POINTS |
|
|
|
--BANK
CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER
ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT
POINTS |
|
|
|
--SOLE
DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT
ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |