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Report Date : |
02.10.2007 |
IDENTIFICATION DETAILS
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Name : |
MYSORE MINERALS LIMITED |
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Registered Office : |
No. 39, United Mansion, M |
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Country : |
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Date of Incorporation : |
13.05.1966 |
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Com. Reg. No.: |
1620 |
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CIN No.: [Company
Identification No.] |
U85110KA1996PTC001620 |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Minerals, Raw Materials, Granites and Rough Granite Blocks, Mining and
Marketing of Various Products like Minerals like Dolmoite, Iron Ore,
Chromite, Limestone, Clay, Celdspr, Soap Stone, Manganese Quartz, Granites
like Black Granite, Pink Granite, Yellow Granite, Green, Grey, Multi Colours.
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RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
-- |
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Status : |
Satisfactory |
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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 satisfactory
track. Directors are reported as experience and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
No. 39, United Mansion, M |
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Tel. No.: |
91-80-25580390 / 73 / 74 / 75 / 91-80-25582450 / 91-80-25596257 /
91-80-25583172 |
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Mobile No.: |
91-9448572450 |
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Fax No.: |
91-80-25583172 |
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E-Mail : |
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Website : |
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Area : |
20000 sq. fts. |
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Location : |
Owned (Govt. of Karnataka) |
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Mines : |
Different Locations All Over Karnataka (40 Mining Lasers, 26 Granite Lasers) |
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Factory : |
Bageshpura |
DIRECTORS
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Name : |
Mr. Mahendra Jain |
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Designation : |
Managing Director and Chairman |
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Other Directorship: |
Ø
Secretary Industries Department Ø
Commissioner Mines and Geology Department Ø
Managing Director
- Hatti Gold Mines Limited Ø
Secretary Finance Department |
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Name : |
Mr. Jija Maoway Hari Singh |
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Designation : |
Managing Director |
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Name : |
Mr. L Shanthakumari |
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Designation : |
Managing Director |
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Name : |
Mrs. Meera C Sakeena |
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Designation : |
Director |
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Name : |
Mr. Arvind Jadhav |
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Designation : |
Director |
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Name : |
Mr. Shamim Banu |
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Designation : |
Director |
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Name : |
Mr. K N Shrivastava |
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Designation : |
Director |
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Name : |
Mrs. Tara Ajai Singh |
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Designation : |
Director |
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Name : |
Mr. P Ravikumar |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Prof. B T Luxman |
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Designation : |
General Manager (Production and Marketing) |
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Name : |
Mr. B B Nanjegowda |
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Designation : |
Chairman |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Minerals, Raw Materials, Granites and Rough Granite Blocks, Mining and
Marketing of Various Products like Minerals like Dolmoite, Iron Ore,
Chromite, Limestone, Clay, Celdspr, Soap Stone, Manganese Quartz, Granites
like Black Granite, Pink Granite, Yellow Granite, Green, Grey, Multi Colours.
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Products : |
Ores, Iron Ø
Haematite / Ø
Limonite / Brown Haematite Ores, Alloying
Element Ø
Chromium ores and minerals Ø
Cobalt ores and minerals Ø
Manganese ores and minerals Ø
Nickel ores and minerals Ores, heavy
metal Ø
Ores, heay metal, sintered Plutonic rocks Ø
Granite Dunite Premium
Recovered Royalty
Recovered |
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Exports : |
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Products : |
Ø
Metals Ores Ø
Iron Ores Ø
Manatite Ø
Chromite Ø
Mangenase Ø
Lime Stones
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Countries : |
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GENERAL INFORMATION
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Customers : |
Ø
Steel Mills Ø
Steel Plants Ø
Granite Processing Unit |
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No. of Employees : |
2500 |
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Bankers : |
Ø
Canara Bank, M G Road Branch Ø
State Bank of Ø
State Bank of |
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Facilities : |
Nil |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Radhika and Company Chartered Accountants |
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Address : |
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Memberships : |
Ø
FIMI Ø
FEIO Ø
CAPEXIL Ø
ISVL Ø
Kalyani Steel |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7000000 |
Equity shares |
Rs. 10/- each |
Rs. 70.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity shares |
Rs. 10/-
each |
Rs. 30.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
Around 1800.000 |
Around 2100.000 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2002 |
31.03.2001 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
30.000 |
30.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
3.286 |
3.511 |
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4] (Accumulated Losses) |
|
(284.994) |
(292.531) |
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NETWORTH |
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(251.708) |
(259.020) |
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LOAN FUNDS |
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1] Secured Loans |
|
122.034 |
130.612 |
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2] Unsecured Loans |
|
169.378 |
141.678 |
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TOTAL BORROWING |
|
291.412 |
272.290 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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39.704 |
13.270 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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35.906 |
47.209 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
3.060 |
3.069 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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Sundry Debtors |
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Cash & Bank Balances |
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320.513 |
264.204 |
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Other Current Assets |
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Loans & Advances |
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Total
Current Assets |
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320.513 |
264.204 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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389.413 |
377.186 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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389.413 |
377.186 |
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Net Current Assets |
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(68.900) |
(112.982) |
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MISCELLANEOUS EXPENSES |
|
69.638 |
75.974 |
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TOTAL |
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39.704 |
13.270 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2002 |
31.03.2001 |
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Total Income |
|
349.103 |
203.604 |
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Profit/(Loss) Before Tax |
|
12.335 |
(168.483) |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
12.335 |
(168.483) |
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Expenditures : |
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Salaries, Wages, Bonus, etc. |
|
120.690 |
157.805 |
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Rent and Royalty |
|
2.129 |
9.236 |
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Interest |
|
63.018 |
60.482 |
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Total Expenditure |
|
336.768 |
372.087 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2002 |
31.03.2001 |
|
PAT / Total Income |
(%) |
|
3.53 |
(82.75) |
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Net Profit Margin (PBT/Sales) |
(%) |
|
3.53 |
(82.75) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.47 |
(54.10) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.04) |
0.65 |
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Debt Equity Ratio (Total Liability/Networth) |
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(2.70) |
(2.50) |
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Current Ratio (Current Asset/Current Liability) |
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|
0.82 |
0.70 |
LOCAL AGENCY FURTHER INFORMATION
As Per Web
Details:
Subject (MML) has been a dynamic player in the Mining field and has been
responsible for the efficient harnessing of this resources.
MML has been involved in the Mining Business since 1966 and today is a
recognized name in the industry with high competent and scientific methods to
its credit. Capitalizing on this natural resource of Karnataka and acting as an
agent of the Government has made MML a vital link in the Local as well as
Global trade relations.
Karnataka has been blessed with vast deposits of granite. Heritage sites
like Hampi and Shravanabelagola are living testimonies of the awe-inspiring
effect of this stone. Granite is widely available in the state and lends its
beauty to structures not just within the country but outside as well.
Right to
Information Act
INFORMATION UNDER
Sec 4[1] [b] OF RIGHT TO INFORMATION ACT 2005
CHAPTER II
Particulars of the organization, its functions and duties
Background, Aims and achievements of the organization
Subject, a fully owned Company of Government of Karnataka was
established in the year 1966 by taking over the assets of the erstwhile Board
of Mineral Development. The Company is registered under the Companies Act 1956.
Initially, the Company had confined its activities to exploration,
production and marketing of the various minerals available in the State. The
prominent minerals which were the main resource of the Company were Chromite,
Manganese and
Keeping in view the demand in the international market for the different
colours of granite blocks available in the State, the Company had entered into
the area of production and marketing of granite blocks of different colours
available in Kanakapura, Hassan, Chamarajnagar and Ilkal Sectors.
During the year 1982 – 1983, the Company had taken up diversification
programmes to expand its activities. Under this programme, the Company had
established a Stoneware Pipe producing unit in Bageshpura,
Subject is headed by the Managing Director. The other Officers are,
Chief Administrative and Vigilance Officer, Chief General Manager, Chief Administrative
Manager [W], Deputy Controller of Finance, Company Secretary and staff
assisting the Managing Director.
Subject has 45 mining leases and 27 quarry leases in different parts of
Karnataka and has provided gainful employment to 1318 employees.
The financial status of the Company is given below:
|
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PARTICULARS |
RUPEES [in Millions] |
|
a |
Authorised share capital |
70.000 |
|
b |
Paid up share capital |
30.000 |
|
c |
Total turnover of the Company since inception 1966 – 67 |
5303.961 |
|
d |
Total foreign exchange earned from 1966 - 67 |
2028.330 |
|
e |
Total revenue remitted to Government in the form of royalty, Taxes
etc., from 1966 - 67 |
627.945 |
|
f |
Dividend paid to Government 2003 - 04 |
20.114 |
The turnover made and the profit earned by the Company during the last
three financial years is given hereunder.
[Rupees in Millions]
|
Financial Year |
Turn over |
Profit |
|
2001 – 02 |
315.321 |
14.648 |
|
2002 – 03 |
333.759 |
23.181 |
|
2003 - 04 |
585.628 |
18.575 |
|
2004 – 05 |
1083.767 |
413.618 |
Organization
The company has employed 1318 staff and workers and is one of the
leading mining industry of the State. In addition to mining and quarrying,
Subject is owning a mineral based Stone Ware Pipe Factory at bageshpura and
also a 100% Export Oriented Unit, Granite Cutting and Polishing Unit as
Hassan(non -working at the present).
The following are the major minerals produced by Subject.
Ø
Chromite
Ø
Ø
Limestone
Ø
Dolomite
Ø
Magnesite
Ø
China Clay
Ø
Aluminous Clay
Ø
Quartz
Ø
Feldspar
Ø
Bauxite
Ø
Dunite
Ø
Manganese (closed on account of F.C. Act, 1980)
Similarly, the following are the major coloured granites produced by
MML.
Ø
Ruby Red(llkal)
Ø
Fish Belly(Mudgal)
Ø
Multicolour(Kanakapura)
Ø
Juprana(Kanakapura)
Ø
Hassan Granite(Chamarajanagar and Kanakapura)
Ø
Chocolate Brown(Badanahatti)
Ø
Pink Panther(Koppal)
In the present growing financial status of the company, its inbuilt
technical know how, implementation of Corporate strategy and good governace
with its strength of possessing fairly good Mining Leases and opportunity of
demand in the market for various minerals products, the company can go a long
way in achieving self sufficiency and sustainance.
Company Profile
Subject, a Government of Karnataka undertaking was incorporated under
the Companies Act in 1966 and taken over the assets of the board of Mineral
Development with a main aim to exploit the available mineral resources in
various regions of their state to cater to the needs of local indurstry and to
create employment opportunity of the mineral regions also is the objective of
achieving the Social and Economic obligation of the State in the Mining Sector.
Subject is engaged in scientific and eco-friendly exploration,
exploitation and marketing of various minerals in the State of
At present Subject has 45 Mining Leases covering an area of 5440.06
hectares and 27 quarry leases covering an area of 781.38 hectares for various
minerals and granites as mentioned above.
In the present growing financial status of the company, its inbuilt
technical know how, implementation of Corporate strategy and good governance
with its strength of possessing fairly good Mining Leases and opportunity of
demand in the market for various minerals products, the company can go a long
way in achieving self sufficiency and sustainance.
The corporate strategy to operate the mines and quarries, profitablity
has been formulated and implemented.
With the dynamic modification of business strategy, based on the
changing scenario the company poised to achieve a turnover of Rs.800.000
millions during 2004-2005.
Training programmes are being conducted to motivates as well as multi-skill
the personnel.
The company is one of the largest producer of chormite, Mangesite,
Limestone, dolomite,
With the above production and market strategy of the company could able
to make profit for the years 2001-03 and 2003-04.
They work with a strongly founded infrastructure that is designed to
optimize time and effort. Retaining quality standards is a priority to ensure
that they satisfy their clients from all over the world.
Their Business spans over:
Ø
17 quarries
Ø
45 mines
Ø
Scientific Methodology
Ø
38 years of experience
Ø
Eco-Friendly exploration And
Ø
Mining technologies
BOARD OF DIRECTORS OF SUBJECT
Telephone Numbers & Extensions
|
Sl No. |
EMPLOYEE NAME |
DESIGNATION |
E-MAIL ID |
TELEPHONE NO. |
|
1 |
Sri. Mahendra Jain IAS |
Chairman And Managing Director |
cmd@mysoreminerals.com |
25583275 |
|
2 |
Sri. Gangaram Baderiya,IAS, |
Director |
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3 |
Sri Ashok V.Devid,IAS, |
Director |
diravd@mysoreminerals.com |
25323840 |
|
4 |
Dr.S.Subramanya,IAS, |
Director |
dirss@mysoreminerals.com |
22353138 |
|
5 |
Sri Yogendra Tripathi,IAS, |
Director |
diryt@mysoreminerals.com |
22269632 |
|
7 |
Sri K.R.Thathaiah, |
Director |
dirkrt@mysoreminerals.com |
0813-1241833 |
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8 |
Sri Kanthappa Alva, |
Director |
dirka@mysoreminerals.com |
0825-5239675 |
|
9 |
Sri Abdul Azeez, |
Director |
diraa@mysoreminerals.com |
0821-497675 |
|
10 |
Sri B.B.Patil |
Director |
dirbbp@mysoreminerals.com |
0831-362509 |
|
11 |
Sri Kishore Kumar, |
Director |
dirkk@mysoreminerals.com |
958152-224660 |
EMPLOYEES
Telephone Extension Numbers
|
Sl No. |
EMPLOYEE NAME |
DESIGNATION |
E-MAIL ID |
EXT NO. |
|
1 |
Sri. Mahendra Jain,IAS |
Chairman And Managing Director |
cmd@mysoreminerals.com |
10 |
|
2 |
Sri Praveen Chandra, IFS |
Executive Director |
ed@mysoreminerals.com |
12 |
|
3 |
Sri S.Krishna,KAS |
Chief Admin. & Vigilance Officer |
cavo@mysoreminerals.com |
60,21 |
|
4 |
Sri V.Venugopal |
General Manager[p] |
gm@mysoreminerals.com |
48 |
|
5 |
Sri NanadaKumar |
Dy.General Manager [finance] |
|
|
|
6 |
Sri Chandrashekar |
Asst. General Manager[Eg] |
agmeg@mysoreminerals.com |
32 |
|
7 |
Sri Sanjeevagowda |
Asst. General Manager[Env] |
agmenv@mysoreminerals.com |
25 |
|
8 |
Sri M.G. Basavarajappa |
Law Officer |
lo@mysoreminerals.com |
71 |
|
9 |
Sri K.S.Srinivasan |
Manager [Eq] |
|
|
|
10 |
Sri K.V.Venkatiah |
Manager [Production] |
|
|
|
11 |
Sri V. Govindaraj |
Asst. Executive Engineer |
agmm@mysoreminerals.com |
66 |
|
12 |
Sri K.S.Umesh |
Asst.Executive Engineer |
umeshks@mysoreminerals.com |
|
|
13 |
C.S.Muralidhar |
Dy.Manager(F) |
amcsm@mysoreminerals.com |
52 |
|
14 |
Sri Ravi Kumar |
Dy.Manager |
|
63 |
|
15 |
Sri D.Chandraiah |
Dy.Manager |
amdc@mysoreminerals.com |
74 |
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 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.39.73 |
|
|
1 |
Rs.81.37 |
|
Euro |
1 |
Rs.56.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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. |
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 |
|