MIRA
INFORM REPORT
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Report Date : |
31.08.2007 |
IDENTIFICATION DETAILS
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Name : |
MAHA SHAKTI COKE – UNIT OF SAURASHTRA FUELS PRIVATE LIMITED |
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Registered Office : |
44-A, Mittal Tower,
Nariman Point, Mumbai-400021, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.12.1993 |
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Com. Reg. No.: |
075455 |
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CIN No.: [Company
Identification No.] |
U23200MH1993PTC075455 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS18257B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Coal, Char Coal, Coke including Hard Coke, Petroleum Coke and all Kinds of Industrial Fuels. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 3000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established Company. Company’s profitability is
under severe pressure. It has incurred losses during the year 2005-06.
Payments are reported as slow but correct. The Company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
44-A, Mittal Tower,
Nariman Point, Mumbai-400021, |
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Tel. No.: |
91-22-22822884 / 22023820 |
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Fax No.: |
91-22-22873136 |
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E-Mail : |
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Website : |
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Branches : |
Industry House, Bank More, Dhanbad-826001, Tel No :- 91-326-2303095 (3 lines) Fax No :- 91-326-2304313 E-mail :- bpldhn@dte.vsnl.net.in Porbunder Office: 4th Floor, Shree Chambers, Opposite M E M
School, Near Kamla Baug, Porbandar-360875, Tel No :- 91-286-24358617, 2243586 Factory :- 91-2801-230401 Fax No :- 91-286-240908 E-mail :- sfpl1933@bom3.vsnl.net.in , porbander@saurashtrafuels.com Mundra Office: Maha Shakti Coke 1st Floor, Poonam Arcade, Near Mundra Taluka Office, Baroi Road, Mundra- 370 421, Kutch, Gujarat, India Tel. No.: 91-2838-222535 Fax No.: 91-2838-224141 E-Mail: mundra@saurashtrafuels.com |
DIRECTORS
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Name : |
Mr. Dipak S. Agarwalla |
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Designation : |
Director |
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Address : |
22, Rambha, 66C, |
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Date of Birth/Age : |
03.02.1954 |
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Date of Appointment : |
06.12.1993 |
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Name : |
Mr. Surendra Kumar B. Shah |
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Designation : |
Director |
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Address : |
Koiribandh, Jharia
District Dhanbad, Bihar-828111, |
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Date of Birth/Age : |
10.07.1935 |
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Date of Appointment : |
01.07.1995 |
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Name : |
Mr. Satyedra S. Sarupria |
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Designation : |
Director |
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Address : |
504 B, Dheeraj Kiran, |
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Date of Birth/Age : |
17.12.1954 |
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Date of Appointment : |
12.02.1996 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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B. P. Agarwalla and Sons Limited |
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490000 |
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Oriental Sales Private Limited |
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327000 |
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Mr. Sandip S. Agarwalla |
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86800 |
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Shri S. K. Agarwalla |
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95200 |
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Shri S. K. Agarwalla (HUF) |
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183000 |
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Kreda Investment Private Limited |
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130000 |
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Mr. Nagendra Kumar B. Singh |
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500000 |
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Mr. Birendra Kumar B. Singh |
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533300 |
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Divyajyoti Holdings Private Limited |
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166600 |
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Molshree Trade Invest Private Limited |
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166600 |
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Mr. Dipak S. Agarwalla |
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173450 |
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Mr. Surendra Kumar B. Singh |
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608550 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Coal, Char Coal, Coke including hard Coke, Petroleum Coke and all Kinds of Industrial Fuels. |
GENERAL INFORMATION
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No. of Employees : |
100 |
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Bankers : |
Not Available |
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Facilities : |
- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Tarun Agarwal and Company Chartered Accountant |
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Address : |
307, Tulsiani Chambers, Nariman Point, Mumbai-400021, |
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Tel. No.: |
91-22-22853039 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7500000 |
Equity Shares |
Rs. 10.00 each |
Rs. 75.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4950100 |
Equity Shares |
Rs. 10.00 each |
Rs. 49.501 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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49.500 |
49.500 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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721.600 |
969.900 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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771.100 |
1019.400 |
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LOAN FUNDS |
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1] Secured Loans |
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3161.900 |
455.300 |
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2] Unsecured Loans |
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197.900 |
224.800 |
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TOTAL BORROWING |
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3359.800 |
680.100 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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4130.900 |
1699.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1623.700 |
1064.800 |
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Capital work-in-progress |
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415.500 |
374.200 |
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INVESTMENT |
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423.500 |
10.300 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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1763.400 |
1097.000 |
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Sundry Debtors |
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305.000 |
469.900 |
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Cash & Bank Balances |
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770.500 |
291.600 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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668.200 |
531.200 |
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Total
Current Assets |
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3507.100 |
2389.700 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1529.000 |
1837.500 |
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Provisions |
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309.900 |
302.000 |
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Total
Current Liabilities |
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1838.900 |
2139.500 |
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Net Current Assets |
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1668.200 |
250.200 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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4130.900 |
1699.500 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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2769.100 |
4067.100 |
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Other Income |
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128.800 |
82.900 |
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Stock Adjustments |
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419.200 |
374.800 |
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Total Income |
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3317.100 |
4524.800 |
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Profit/(Loss) Before Tax |
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(142.500) |
791.300 |
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Provision for Taxation |
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105.800 |
301.400 |
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Profit/(Loss) After Tax |
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(248.300) |
489.900 |
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Expenditures : |
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Raw Materials |
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2782.900 |
3309.600 |
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Excise Duty |
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0.000 |
0.000 |
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Power and Fuel Cost |
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22.700 |
24.000 |
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Other Manufacturing Expenses |
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92.700 |
87.600 |
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Employee Cost |
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33.700 |
41.600 |
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Selling and Administration Expenses |
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88.200 |
96.900 |
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Miscellaneous Expenses |
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44.900 |
6.100 |
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Interest and Financial Charges |
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164.000 |
51.800 |
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Depreciation |
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230.500 |
115.900 |
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Total Expenditure |
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3459.600 |
3733.500 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Debt-Equity Ratio |
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2.26 |
0.67 |
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Long Term Debt-Equity Ratio |
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2.16 |
0.52 |
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Current Ratio |
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1.42 |
1.05 |
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TURNOVER RATIOS |
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Fixed Assets |
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1.64 |
3.15 |
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Inventory |
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1.94 |
3.71 |
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Debtors |
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7.15 |
8.66 |
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Interest Cover Ratio |
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0.02 |
16.28 |
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Operating Profit Margin |
(%) |
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8.46 |
23.58 |
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Profit Before Interest And Tax Margin |
(%) |
|
0.14 |
20.73 |
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Cash Profit Margin |
(%) |
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(0.82) |
14.90 |
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Adjusted Net Profit Margin |
(%) |
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(9.14) |
12.05 |
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Return On Capital Employed |
(%) |
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0.13 |
49.61 |
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Return On Net Worth |
(%) |
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(28.27) |
48.06 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Assets
Factory
Building
Office Equipments
Vehicles
Furniture And Fixtures
Data Processing Machines
Plant And Machinery
Website details attached:
About the
Saurashtra Group
Subject is the largest merchant manufacturer of Low Ash Metallurgical Coke
(LAMC) in the country. Subject has been co – promoted by the Agarwalla and B.D.
Sinha Group in the year 1995 with focus activity of producing quality Low Ash
Metallurgical Coke with the latest technology based on imported coal from
Subejct first put up a battery of 12 ovens in the year 1995 and later kept on
expanding and presently has the largest capacity merchant coke plant in the
country.
The company at present is having two Met Coke Plants, one at Porbunder having
current installed capacity of 140, 000 MTPA and the other at Mundra having
current installed capacity of 400,000 MTPA.
The Mundra plant is undergoing extensive expansion and is expected to produce
900,000 MTPA by next year.
Therefore making the total capacity of the company more than 1 million tonnes
per annum.
The Kumbraj technology adapted by the company is one of the best suited and
most advanced non-recovery type coke oven plants in
The company expects its turnover to cross 400 crores for the financial year
ended march 2005 and its net profit is expected to be around 80 crores.
The company is now diversifying its activities into other fields such as power,
iron, steel and shipping.
About the
Promoters
The
company is promoted by three people. Mr. Dipak Agarwalla and Mr. S.K Sinha hold
50:50 ownership of the company. Mr. Singh is the technical director of the
company.
• Mr. Dipak Agarwalla
• Mr. S.K Sinha
• Mr. Kunda Singh
Products
Subject is the largest manufacturer of Low Ash Metallurgical coke (LAMC)
in the country.
The company produces outstanding quality coke. The company is known in the
market as producing the highest quality of coke.
Due to superior technology, Australian coking coal and outstanding blending,
the company produces the best quality coke.
Due to state of the art coke ovens and screening plant, The Company
produces a wide range of sizes of LAMC.
The company practices different types of blending which enhances the quality of
the coke.
The company has two factories that is very well located in
The company has two factories:
The company’s first factory The Maha Shakti Coke Plant is located in Mundra has
an installed capacity of 400,000 tonnes. After completion of expansion, the
factory will have a capacity to produce 900,000 tonnes per annum.
The company’s second factory is located in Porbunder has an installed capacity
of 140,000 tonnes per annum. Therefore by the end of this year the company will
be having a total capacity of more than 1 million tonnes per annum.
Due to its huge capacity, the buyer can be assured about regular supply of
coke.
The following are the sizes of coke produced by the company:
|
Sr. No |
Size |
Sr. No |
Size |
Sr. No |
Size |
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1 |
Dust (0-3mn) |
13 |
20-60mn |
25 |
30-45mn |
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2 |
Dust (0-5mn) |
14 |
20-70mn |
26 |
30-60mn |
|
3 |
MSC – Coke |
15 |
20-80mn |
27 |
30-70mn |
|
4 |
T- Dust |
16 |
22-35mn |
28 |
35-80mn |
|
5 |
3-6mn |
17 |
22-38mn |
29 |
38-75mn |
|
6 |
4-8mn |
18 |
22-45mn |
30 |
40-60mn |
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7 |
4-10mn |
19 |
22-70mn |
31 |
40-90mn |
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8 |
6-12mn |
20 |
25-40mn |
32 |
60-85mn |
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9 |
8-25mn |
21 |
25-50mn |
33 |
65-80mn |
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10 |
12-20mn |
22 |
25-60mn |
34 |
70-100mn |
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11 |
20-38mn |
23 |
25-65mn |
35 |
70-85mn |
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12 |
20-45mn |
24 |
25-80mn |
36 |
75-90mn |
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. 40.96 |
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|
1 |
Rs. 82.55 |
|
Euro |
1 |
Rs. 55.96 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
35 |
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 |
|