MIRA
INFORM REPORT
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Report Date : |
20.10.2007 |
IDENTIFICATION DETAILS
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Now Known as : |
SARDA ENERGY AND MINERALS LIMITED |
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Formerly Known As : |
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Registered Office : |
73/A, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.06.1973 |
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Com. Reg. No.: |
11-16617 |
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CIN No.: [Company
Identification No.] |
L27100MH1973PLC016617 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
NGPR00172E |
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PAN No.: [Permanent
Account No.] |
AAACR6149L |
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Legal Form : |
A Public Limited Liability. The Company’s Shares are listed on the Stock
Exchanges. |
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Line of Business : |
Producing Sponge Iron, Mild Steel Ingots, Billets and
Rolled Products |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 8330000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track records. Trade
relations are fair. Financial position is good. Payments are usually correct
and as per commitments. The company is doing well. It can be considered good
for any normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
73/A, |
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Tel. No.: |
91-712-2727509/
2660071/ 5616707 |
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Fax No.: |
91-712-2728207/
2641171 |
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E-Mail : |
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Website : |
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Head Office/ Works : |
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Tel. No.: |
91-7721-403925-29/
264204-09 |
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Fax No.: |
91-7721-403924,
264214 |
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Branch : |
125-B, Mittal Court, B-Wing, Nariman Point,
Mumbai – 400 021, |
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Tel. No.: |
91-22-22880080-81 |
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Fax No.: |
91-22-22826680 |
DIRECTORS
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Name : |
Mr. Kamal Kishore Sarda |
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Designation : |
Chairman and Managing Director |
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Qualification : |
B.E
(Mechanical) |
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Profile : |
He has three decades
of industrial experience and has a brilliant track record. He has also
completed course on Strategic Management from IIM, Ahmedbad. He has traveled
extensively across the world to study new developments and trends in
industry. He was Chairman of Confederation of Indian Industry (CII),
Chhattisgarh Chapter for the year 2005-06. He is also the Chairman of Chattisgarh Electricity Company Ltd., a
closely held public limited company, which generates Power and manufactures
Ferro Manganese and Silico Manganese. |
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Name : |
Mr. G K Chhanghani |
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Designation : |
Executive Director |
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Qualification : |
B.E
(Mechanical) |
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Profile : |
He has nearly three
decades of experience in the steel and power sectors and is associated with
the compnay for more than two decades. He is incharge for day to day
operations of the company's production facilities. |
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Name : |
Mr. G D Mundra |
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Designation : |
Whole Time Director |
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Profile : |
Mr. G. D. Mundra is a
senior chartered accountant with two decades of experience in finance and
strategic management. He also has vast experience and exposure to capital /
money market |
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Name : |
Mr. Rakesh Mehra |
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Designation : |
Director |
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Qualification : |
FCWA |
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Profile : |
Ex-General
Manager of MPAVN. He is a financial consultant and serves as a professional
director on the board. |
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Name : |
Mr. A K Basu |
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Designation : |
Director |
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Profile : |
Mr. A. K. Basu is a B.M.E with rich experience in the field of finance. He is Ex Chief
General Manager of IDBI. |
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Name : |
Mr. P R Tripathi |
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Designation : |
Director |
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Qualification : |
Mining Engineer |
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Profile : |
Ex CMD of National
Mineral Development Corporation. He has rich senior management experience in
mining and steel industry. |
KEY EXECUTIVES
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Name : |
Mr. P K Jain |
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Designation : |
Company Secretary |
BUSINESS DETAILS
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Line of Business : |
Producing Sponge Iron, Mild Steel Ingots, Billets and
Rolled Products |
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Products : |
* Steel Ingot * Sponge Iron * Trading Goods |
GENERAL INFORMATION
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No. of Employees : |
About 600 |
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Bankers : |
*
Union Bank of * UTI Bank Limited * Bank
of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M M Jain and Company Chartered Accountants |
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Address : |
Shreemohini, Kingsway, |
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Group Company : |
* Chhatisgarh
Electricity Company Limited * Chhattisgarh
Investment Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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35000000 |
Equity Shares |
Rs. 10/- each |
Rs. 350.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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13080000 |
Equity Shares |
Rs. 10/- each |
Rs. 130.800 millions |
As on 31.03.2007
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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29570000 |
Equity Shares |
Rs. 10/- each |
Rs. 295.700 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
295.700 |
130.800 |
130.800 |
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2] Reserves & Surplus |
1785.900 |
568.300 |
477.900 |
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NETWORTH |
2081.600 |
699.100 |
608.700 |
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LOAN FUNDS |
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1] Secured Loans |
1925.100 |
864.300 |
565.500 |
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2] Unsecured Loans |
162.300 |
170.500 |
173.600 |
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TOTAL BORROWING |
2087.400 |
1034.800 |
739.100 |
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TOTAL |
4169.000 |
1733.900 |
1347.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1955.300 |
861.200 |
807.300 |
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Capital work-in-progress |
946.500 |
366.100 |
68.600 |
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INVESTMENT |
218.500 |
1.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
682.800
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335.900 |
283.300 |
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Sundry Debtors |
482.500
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196.300 |
300.000 |
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Cash & Bank Balances |
214.500
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10.300 |
12.200 |
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Loans & Advances |
364.200
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153.100 |
150.100 |
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Total
Current Assets |
1744.000
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695.600 |
745.600 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
691.600
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187.500 |
167.600 |
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Provisions |
8.700
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29.800 |
110.900 |
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Total
Current Liabilities |
700.300
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217.300 |
278.500 |
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Net Current Assets |
1043.700
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478.300 |
467.100 |
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MISCELLANEOUS EXPENSES |
5.000 |
27.300 |
4.800 |
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TOTAL |
4169.000 |
1733.900 |
1347.800 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
4117.600 |
2411.900 |
2422.700 |
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Other Income |
294.700 |
133.400 |
3.000 |
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Total Income |
4412.300 |
2545.300 |
2419.700 |
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Profit/(Loss) Before Tax |
507.700 |
145.000 |
295.100 |
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Provision for Taxation |
82.000 |
24.800 |
113.800 |
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Profit/(Loss) After Tax |
425.700 |
120.200 |
181.300 |
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Expenditures : |
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Manufacturing Expenses |
251.300 |
74.700 |
39.200 |
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Administrative Expenses |
180.300 |
50.700 |
85.200 |
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Raw Material Consumed |
2520.400 |
1699.700 |
1652.600 |
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Excise Duty |
475.600 |
255.400 |
149.700 |
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Salaries, Wages, Bonus, etc. |
72.000 |
40.500 |
31.800 |
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Interest |
134.900 |
59.200 |
26.900 |
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Power & Fuel |
24.800 |
136.300 |
82.400 |
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Depreciation & Amortization |
225.600 |
66.000 |
42.700 |
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Other Expenditure |
26.500 |
17.800 |
14.100 |
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Total Expenditure |
3911.400 |
2400.300 |
2124.600 |
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QUARTERLY RESULTS
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PARTICULARS |
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30.06.2007 |
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Type |
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1st
Quarter |
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Sales Turnover |
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1126.200 |
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Other Income |
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8.800 |
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Total Income |
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1135.000 |
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Total Expediture |
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873.300 |
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Operating Profit |
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261.700 |
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Interest |
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14.600 |
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Gross Profit |
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247.100 |
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Depreciation |
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54.500 |
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Tax |
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25.100 |
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Reported PAT |
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167.500 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
9.65
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4.72 |
7.49 |
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Net Profit Margin (PBT/Sales) |
(%) |
12.33
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6.01 |
12.18 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
10.43
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7.53 |
18.19 |
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Return on Investment (ROI) (PBT/Networth) |
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0.24
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0.20 |
0.48 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.34
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2.79 |
2.67 |
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Current Ratio (Current Asset/Current Liability) |
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2.49
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3.20 |
2.67 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Earlier known as Raipur Wires and Steel, Raipur Alloys and
Steel was promoted in December 1977 by the Tejpaul Group,
The company came out with an issue of fully convertible debentures in December
1992 to part-finance the sponge iron project and meet part of the long-term
working capital requirements. The products of the company, mild steel and
carbon steel billets, are used by re-rollers.
To make its sponge iron plant self-sufficient, it has identified areas in
Madhya Pradesh having good deposits of iron ore and has applied for leases in
these areas. This will reduce the cost of iron ore, resulting in a lower cost
of sponge iron. The company started commercial production in the second kiln in
its sponge iron plant, from September 1995.
During 1997-98, the Indian Bureau of Mines, Government of India has granted its
approval to the company for mining lease in 100 hectares in Dongarbor in
Rajnandgaon district of Madhya Pradesh. In 1998-99, the Company applied for
additional area of about 125 Hectares for iron ore mining and expects to get
Prospecting License in the near future. It has received mining lease for iron
ore in 2001-02. The company has planned for major expansion of both sponge iron
and Steel in the near future.
MERGER:
As approved by the members in the General Meeting held on 15th February 2007, the
merger of Chhattisgarh Electricity Company Limited and Raipur Gases Private
Limited with the Company is completed which is effective from 1st April 2006.
As such the figures for the financial year 2006-07 includes the performance of
merging companies.
CHANGE IN NAME:
The name of the Company has also been changed from Raipur Alloys and Steel
Limited to Sarda Energy and Minerals Limited with a view to truly reflect the
vision and mission of the Company. The focus of the Company is on harnessing of
natural resources, particularly minerals and energy to produce value added
products. The Company is creating core competencies in this field.
The all-round operational and financial performance of the Company has shown a
definite improvement over the previous year.
EXPORTS:
The merged company enjoys status of Star Export house and is a leading exporter
of ferro alloys in the country. During the year under review the company
exported 18656 MTs of ferro alloys valued at Rs.594.700 millions as against
6466 MTs of Rs.172.500 millions. The Company's product has been well accepted
across the globe because of quality. Majority of the Company's exports are to
the developed countries. To take advantage of goodwill created, during the year
Company also started merchant export with a quantity of 4000 MTs.
PROJECTS:
As informed in the last Report, the Company has taken up installation of two
more induction furnaces of 15 Tonnes each and will be ready by 3rd quarter of
the current financial year as per schedule.
The Company has also taken up expansion projects of Rs.4500 millions which
included Sponge Iron Plant, Iron Ore Pelletisation Plant, Thermal Power Plant,
Coal Mining, Coal Washery and Infrastructure facilities. The financial closure
for the projects has already been achieved and work on the projects has already
been started The Sponge Iron Project is in advance stage of installation and is
expected to be commissioned by the end of current financial year. The Pellet
Plant is being put up in technical collaboration with SDM,
FINANCE:
The above expansion projects undertaken by the Company are proposed to be
financed at a debt equity ratio of 2:1. Axis Bank,
During the year under review, the Company repaid term loan of Rs.240.900
millions and Non Convertible Debentures of Rs.225.000 millions. The Company met
all its Loan repayment and interest payment commitments on time.
During the current financial year, the Company has issued 4473684 Equity Shares
of 85.10/- each at a premium of Rs.180/- per share on preferential basis to LB
India Holdings Mauritus II Limited (LB) and Infrastructure Development Finance
Company Limited (IDFC), thus raising Rs.850 millions to part finance the
expansion projects. The Company has also issued 263158 Equity Share Warrants,
which entitles the warrant holder to subscribe one equity share for each
warrant at the same price at which shares have been issued on preferential
basis.
INVESTMENTS:
The Company has identified Hydro Power as a potential area of growth. The
Company has made investments in companies whom Hydel Projects have been
allotted in
MINES:
During the year under review the Company produced 1,52,713 MTs of iron ore as
against 1,69,820 MTs produced during the previous year. The Company is taking
steps to increase the production of iron ore from captive iron ore mines. The
fines generated in the mines will be utilized after commissioning of Company's
Pelletisation Plant.
All approvals required to start operation in the coal mine of the Company have
been received. The Company plans to start development of the mine after rainy
season in the 3rd quarter of the current financial year. The Company expects to
start getting coal during the current year.
The Company has also received Prospecting Licence and Resonance Permits for
iron ore and manganese ore mines at different locations to meet future
requirements of the Company. The exploration work is going on.
The Company has acquired manganese ore and iron ore mines in
MANAGEMENT
DISCUSSION AND ANALYSIS:
INDUSTRY STRUCTURE AND DEVELOPMENT:
The Company operates into steel and ferro alloys industry backed by power
plant, mainly to meet the captive power requirement. In steel, the Company has
got captive iron ore mines, coal mines, sponge iron plant and steel ingot and
billet making facility. In ferro alloys, the Company produces manganese based
alloys i.e. silico manganese and ferro manganese.
Sponge Iron and Steel Industry:
The sponge iron (direct reduction) route of making steel is most
suitable and economical in Indian conditions because of availability of high
grade iron ore and non-coking coal in the country. Difficult and reduced
availability of Steel Melting scrap in the international and domestic markets
and limited reserves of coking coal for making steel through blast furnace
route has made the steel industry turn to sponge iron for metallic.
This is reflected in the growth recorded by the industry during the year
under review as tabulated hereunder.
The export of the sponge iron was 55,603 MTs as against 41,454 MTs in the
previous year which is quite negligible in overall production / consumption.
High growth achieved and projected by the steel industry promises good demand
growth for the sponge iron industry.
The global steel production during the year 2006 rose by 9% from 1.137 billion
MTs to 1.238 billion MTs with
The international price of iron ore was increased by 71% for the year 2005-06
and 19% in the year 2006-07. This year again annual contracts have been signed
with an increase of 9%. The growth in the iron ore production has not been able
to keep pace with growth in production of steel, resulting into pressure on
supply of iron ore. As per indications the prices will again be increased by 10
to 20% in the next year. The prices of sponge iron grade iron ore saw sharper
increase with increase in demand and control over supplies. Demand for sponge
iron and steel is likely to pick up in the coming years in line with the
revised domestic steel production and consumption of 80 million tonnes by 2011
and 120 million tonnes by 2020 projected by JPC / Ministry of Steel.
Consolidation is taking place in the steel industry across the globe. The
merger of Arcellor with Mittal and takeover of Corus by Tata Steel has accelerated
the process of consolidation.
The industry is also facing a severe shortage of good quality coal. Coal blocks
have been allotted to the sponge iron plants but it will take time to get all
the approvals in place and to develop the blocks. Coal imported from
Steel being a bulk product requires strong logistic support. The port and
inland transport infrastructure has not been able to cope up with the increased
demand and has proved to be a major bottleneck in growth of the industry.
Railway racks are not available for movement of the iron ore.
Industries are going for their own wagons but the supply time of wagons
is also quite long.
Ferro Alloys Industry:
The Ferro Alloys industry in the country is divided into two major segments,
manganese based ferro alloys and chrome alloys. Your Company is a leading
player in manganese based alloys The manufacturing facilities of the ferro
alloys plants in the country are located in concentrated pockets where power is
conveniently available at affordable prices. Most of the manganese ore reserves
are controlled by the Public Sector Undertakings i:e.
Anti dumping duty of 36% imposed by European union on Chinese ferro silicon has
landed support to the prices of manganese alloys.
OPPORTUNITIES & THREATS:
The high growth rate of GDP and increased emphasis on development of
infrastructure has given impetus to the steel industry and the Company is well
placed to take advantage of the situation.
The Company has consolidated and integrated its operations over the years.
Post merger the Company has emerged stronger and vibrant. Company has
secured reasonable control over raw material requirement for near future.
The Company has also developed good infrastructure to support emerging
opportunities. Sound investors have shown keen interest in the Company and have
made substantial investments in the Company.
Any adverse change in consumption of steel in China and resulting export /
dumping there from may put pressure on prices, however, China's dependence on
imported iron ore will work as deterrent. Delay in implementation of
infrastructure projects and substantial capacity addition in the country may
result into demand supply mismatch, which may affect realisations, but the
control over raw material resources and sound infrastructure give competitive
advantage to the company.
OUTLOOK:
During current year, prices of finished goods have firmed up and demand in
export market is also buoyant. The margins have improved. The sponge iron
expansion project and coal mining will also start in near future, which will
add to the top-line & bottom-line. The Company will move up in the value
chain and the sale of sponge iron will gradually be replaced by the value added
products. Barring unforeseen circumstances, the outlook of the segments in which
the Company is operating is positive.
As Per Web:
Profile :
Raipur Alloys and
Steel Limited, is an integrated steel plant involved in Iron Ore Mining and
producing Sponge Iron, Mild Steel Ingots,
Billets and Rolled products located in
It was setup in
1975 with a 18,000 MT Per Annum Ingot making capacity, and today, it operates
with a 2,10,000 TPA sponge iron and 40,000 TPA steel ingots and 1,00,000 TPA of
Billets manufacturing capacity. The Company has its own iron ore mines, and
power, the other key input, is supplied by an associate company, Chhattisgarh Electricity Company Limited
(CECL).
RASL is the
flagship of the Rs 400 Crore RASL Group.
CECL, the second major company in the group, is one of the leading manufacturer
and exporter of ferro-manganese and silico-manganese besides power generation
in
Group Profile :
The Group, besides
RASL, consists of two other major companies - Chhattisgarh Electricity Company
Ltd. (CECL) and Chattisgarh Investments Ltd. The combined turnover of the Group
is around 4000 millions.
Chhattisgarh Electricity Company Limited
Subject is one of
the largest manufacturer of ferro-manganese and silico-manganese besides power
generation in
Chhattisgarh Investments Limited
Chhattisgarh
Investments Limited is the holding company of the Group. It was incorporated
about two decades ago as a closely held public limited company.
The Company has
interests in socio-forestry and horticulture, with over 800 acres agricultural
estate at Kharora, about 40 Kms. from
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.39.69 |
|
|
1 |
Rs.80.90 |
|
Euro |
1 |
Rs.56.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
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 |
|