MIRA
INFORM REPORT
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Report Date : |
03.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
AUSTRAL COKE AND PROJECTS LIMITED |
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Formerly Known As : |
NRE STOCKNET LIMITED |
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Registered Office : |
Diamond Chamber, 4th Chowringhee Lane, Block No.2, 7th
Floor, Unit No.7- I, Kolkata – 700016, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.04.1994 |
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Com. Reg. No.: |
063008 |
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CIN No.: [Company
Identification No.] |
U67120WB1994PLC063008 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALA08598C |
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PAN No.: [Permanent
Account No.] |
AABCN1393B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacture
and Sale of Low Ash Metallurgical Coke and Refractory |
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 : |
USD 4000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company. Trade relations
are fair. Business is active. No complaints have been heard from market
sources. The company can be considered good for normal business dealings. |
LOCATIONS
|
Registered Office : |
Diamond Chamber, 4th Chowringhee Lane, Block No.2, 7th
Floor, Unit No.7- I, Kolkata – 700016, West Bengal, India |
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Tel. No.: |
91-33-64138452/ 22521799 |
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Fax No.: |
91-33-22521799 |
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Website : |
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Corporate Office : |
Gremach House, 1and 2 Floor, Killedar Building # 1, Opposite MTNL,
Near 24 Karat Cinema, S V Road, Jogeshwari (West), Mumbai – 400102,
Maharashtra, India |
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Tel. No.: |
91-22-67240000 |
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Fax No.: |
91-22-67420100 |
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Factory Division : |
Gujarat 91- 2837-297201 Goa Survey No.27, Ville Padve, District Sindhudurg,
Maharashtra, India 91- 2837-297201 |
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Branch Office : |
R. No. 99-A 3rd, Block No.10, Old Post Office Street, Kolkata, West
Bengal, India |
DIRECTORS
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Name : |
Mr. Ratan Lal Tamakhuwala |
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Designation : |
Chairman |
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Name : |
Mr. Rishi Raj Agarwal |
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Designation : |
Managing Director |
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Name : |
Mr. Rajendra
Kumar Khaitan |
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Designation : |
Director |
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Name : |
Mr. S. K. Chowdhary |
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Designation : |
Director |
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Name : |
Mr. B. Samal |
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Designation : |
Director |
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Name : |
Mr. M K Sinha |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Harmesh Mandvia |
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Designation : |
Key Executive |
BUSINESS DETAILS
|
Line of Business : |
Manufacture
and Sale of Low Ash Metallurgical Coke and Refractory |
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Products : |
|
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
- |
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Auditors : |
Not Available |
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Group Companies : |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
16603494 |
Equity Shares |
Rs.10/- each |
Rs.166.035 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
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 |
166.000 |
69.700 |
43.400 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
681.800 |
331.800 |
59.200 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
847.800 |
401.500 |
102.600 |
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LOAN FUNDS |
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1] Secured Loans |
529.800 |
398.600 |
113.500 |
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2] Unsecured Loans |
38.300 |
169.000 |
39.500 |
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TOTAL BORROWING |
568.100 |
567.600 |
153.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1415.900 |
969.100 |
255.600 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
795.600 |
731.800 |
195.600 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
13.600 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
170.600
|
73.200 |
10.700 |
|
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Sundry Debtors |
508.100
|
341.200 |
135.000 |
|
|
Cash & Bank Balances |
325.400
|
31.000 |
47.300 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
256.900
|
120.900 |
61.800 |
|
Total
Current Assets |
1261.000
|
566.300 |
254.800 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
635.300
|
242.200 |
150.800 |
|
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Provisions |
23.400
|
4.700 |
2.300 |
|
Total
Current Liabilities |
658.700
|
246.900 |
153.100 |
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Net Current Assets |
602.300
|
319.400 |
101.700 |
|
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MISCELLANEOUS EXPENSES |
4.400 |
4.900 |
2.100 |
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TOTAL |
1415.900 |
969.100 |
255.600 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
1763.800 |
1218.500 |
424.900 |
|
|
Other Income |
39.000 |
2.700 |
0.100 |
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Total Income |
1802.800 |
1221.200 |
425.000 |
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Profit/(Loss) Before Tax |
137.300 |
32.700 |
20.200 |
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Provision for Taxation |
45.800 |
12.500 |
7.400 |
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Profit/(Loss) After Tax |
91.500 |
20.200 |
12.800 |
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Expenditures : |
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|
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Raw Materials |
1053.300 |
701.300 |
9.300 |
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Manufacturing Expenses |
172.200 |
72.800 |
0.000 |
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Employees Cost |
8.500 |
5.300 |
1.200 |
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Administrative Expenses |
384.400 |
409.800 |
389.100 |
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Miscellaneous Expenses |
0.500 |
0.700 |
0.000 |
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Interest |
54.700 |
15.300 |
3.100 |
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Depreciation & Amortization |
92.200 |
43.200 |
9.300 |
|
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Stock Adjustment |
(100.300) |
(59.900) |
(7.200) |
|
Total Expenditure |
1665.500 |
1188.500 |
404.800 |
|
SUMMARISED RESULTS
|
PARTICULARS |
|
|
31.03.2008 |
|
Type |
|
|
Full Year |
|
Sales Turnover |
|
|
1763.800 |
|
Other Income |
|
|
39.000 |
|
Total Income |
|
|
1802.800 |
|
Total Expenditure |
|
|
1518.600 |
|
Operating Profit |
|
|
284.200 |
|
Interest |
|
|
54.700 |
|
Gross Profit |
|
|
229.500 |
|
Depreciation |
|
|
92.200 |
|
Tax |
|
|
16.100 |
|
Reported PAT |
|
|
91.500 |
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2008 |
30.09.2008 |
|
Type |
|
1st Quarter |
2nd Quarter |
|
Sales Turnover |
|
833.800 |
1330.700 |
|
Other Income |
|
2.600 |
0.900 |
|
Total Income |
|
836.400 |
1331.600 |
|
Total Expenditure |
|
455.700 |
950.400 |
|
Operating Profit |
|
380.700 |
381.200 |
|
Interest |
|
49.900 |
34.800 |
|
Gross Profit |
|
330.800 |
346.400 |
|
Depreciation |
|
73.500 |
80.200 |
|
Tax |
|
87.700 |
90.800 |
|
Reported PAT |
|
169.600 |
175.400 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
The company was originally incorporated as NRE Stocknet Limited on April 22, 1994. The company name was changed to Net Interactive Limited with effect from June 16, 1998 and further company was changed as subject with effect from September 14, 2005.
The company main activity is to manufacture the LAM coke and refractory,
trading of textile and to provide rental of construction /earthmoving
machineries to medium / large construction companies which are engaged in the
business of constructing/building of roads, airports, power projects,
institutional & industrial complexes, multiplexes and residential buildings
and other related infrastructural activities more importantly catering to
Public Sector undertakings, private sector, CPWD and various national &
international government aided projects.
Subject has fulfill the requirements of the foundries, blast furnaces, zinc
smelters, cement and the Ferro alloy industry and offers advantages like
consistency in quality, sizing and uniform temperature thereby reducing cold
spots and metal wastage. The metallurgical coke division continues to be
optimistic about the future with increasing demand for pig iron in the steel
and automobile sectors and growth in Ferro alloys, cast iron castings and
cement industries.
WEBSITE DETAILS:
PROFILE:
Subject
incorporated in 1994, is engaged in the manufacture and sale of low ash
metallurgical coke and refractory in India.
LAM
Coke produced by company is used as a reducing agent in blast furnaces for
reducing iron ore into hot metal in steel, foundries, zinc smelters, cement and
Ferro alloy industries.
It also
deals in trading of textiles and rentals of construction and earthmoving
machineries to medium/large construction companies.
Currently
it has capacity to produce 375,000 MT coke per annum which is planned to
increase up to 525,000 MT per annum by FY’09.
Current
capacity utilization of LAM Coke plant is 65% of 175,000 MTPA which is expected
to increase up to 75% of 525,000 MTPA by FY'09.
RECENT
DEVELOPMENTS:
2008:
Company
through its subsidiary Astra Mining Limitada, Mozambique, acquired six prospective
licenses admeasuring 100,000 hectares in Mozambique. This acquisition will
provide raw material security to Austral.
2007:
Gremach
Infrastructure bought 75% stake in 11 coal mines in Mozambique to provide
feedstock security for Gremach group firm Austral.
PROMOTERS PROFILE:
MR. RATAN LAL TAMAKHUWALA
Mr. Ratan Lal Tamakhuwala (63 years) is the executive
chairman and promoter of the company. He is graduate and having experience in
the technical side of the business. He is fully well versed in Coke oven
technology and has given consultancy to various Coke ovens all over India. He
has a rich experience in visiting various Coke oven and coal mines all over the
world especially in countries like China and Australia. In 1972, he joined M/S.
Sanjay Udyog and took charge of their associate concern, M/s. Nirsa Coke Ovens
- Dhanbad. He equipped himself with the intricate details of the technical
& manufacturing aspects of coke during his career stint. He was one of the
promoters of Gujarat NRE Coke Limited. However due to family dispute he has
disassociated from the company with effect from 1997. Mr. R. L. Tamakhuwala is
an active social worker, Director of Lions Club, in the managing committee of
several social institutes. He is also a member of the committee of CII for
community development.
MR. RISHI RAJ AGARWAL
Mr. Rishi Raj Agarwal (37 years) is a commerce graduate. He
was in coal & coke trading since early age especially with Coal India
Limited. He has very good knowledge in the project right from conception stage
to final stage with extra ordinary marketing skill. He has over 14 years of
experience in the marketing of renting heavy equipment. He is also Managing
Director of Gremach Infrastructure Equipments & Projects Limited, which his
leadership has grown to become important rental companies of construction
equipment in the country. He is a coveted member of CII and FICCI. Further, he
is active member of BAI, Indian Merchant Chamber and Indian Road Congress. He
has been involved in Gandhidham Kutch Project from the very beginning right
from land acquisition to turn key project execution it was under his leadership
both Refractory and Coke oven plant got financial closure and the project got
implemented on record time so as to avail various subsidies. He has been
instrumental in acquisition of controlling stake in Mozambique mines, which is
going to give important raw material i.e. coking coal for captive consumption
as well as international trading. Also under his leadership, Gremach has forayed
into acquisition of brand new Oilrigs from China.
CORPORATE:
SHRI HANUMAN INVESTMENT PRIVATE LIMITED
Shri Hanuman Investment Private Limited (SHIPL) was incorporated originally as a
private limited company on November 8, 1996, with the Registrar of Companies,
Kolkata, West Bengal, certificate of incorporation no 21- 81997. The main
objects of SHIPL was to carry on business of trading in the share &
securities and to subscribe, business of merchant banking in all its aspects,
business of equipments leasing, hiring, hire purchase etc. The other object for
which the company is established are to set up, incorporate, manage, provide
and/or participate in providing venture capital, technology fund, or any other
fund for seed capital, risk capital foundation, to carry of the business of
manufacturing and sale of patient, medicines and preparation etc.
ANARCON RESOURCES PRIVATE LIMITED
Anarcon Resources Private
Limited (ARPL) was incorporated originally as a private limited company
on 13th March 1997, with the Registrar of Companies, Kolkata, West Bengal. The
main objects of ARPL was to carry on business of equipments leasing, hiring,
hire purchase etc.
GROUP COMPANIES PROFILE:
GREMACH
INFRASTRUCTURE EQUIPMENTS & PROJECTS LIMITED:
- Date of
Incorporation June 12, 1991.
- Nature of
Activities Deals in equipment rental & investment business.
- Registered
Office Diamond Chambers 4, Chowringhee Block no.2,7th Floor Unit7-1
Kolkata-700016.
Tel No: 033-22521799.
- Address of
Roc Registrar of Companies West Bengal, Nizam Palace, 2nd NSO Building,
2nd Floor, 2, 3, 4/4, Acharya Jagdish Chandra Bose Road, Kolkata – 700
020.
ARMSTRONG
INFRASTRUCTURE & PROJECTS LIMITED
- Date of
Incorporation August 12, 1994.
- Nature of
Activities Presently manufacturing of saw pipe and deals into Equipment
rental, Textile Trading.
- Registered
Office Diamond Chambers, 4, Chowringhee Block no.2, 7th Floor Unit7-1
Kolkata-700016.
- Address of
Roc Registrar of Companies West Bengal, Nizam Palace, 2nd NSO Building,
2nd Floor, 2,3, 4/4, Acharya Jagdish Chandra Bose Road, Kolkata – 700 020.
AUSTRAL
INFRASTRUCTURE PRIVATE LIMITED
- Date of Incorporation October 23, 2006
- Nature of Activities to undertake infrastructure projects including
power, shopping mall, hospital, special economic zone, hotel and
entertainment projects.
- Registered Office Diamond Chambers 4, Chowringhee Block no.2,7th
Floor Unit7-1 Kolkata-700016.
- Address of Roc Registrar of Companies West Bengal, Nizam Palace,
2nd NSO Building, 2nd Floor, 2, 3, 4/4, Acharya Jagdish Chandra Bose Road,
Kolkata – 700 020.
GREMACH
INFRASTRUCTURE PRIVATE LIMITED
- Date of Incorporation August 20, 2007
- Nature of Activities Deals into Equipment rental, Textiles Trading and
Proposes to undertake Manufacturing of saw pipe business.
- Registered Office Diamond Chambers,4, Chowringhee Block no.2,7th
Floor Unit7-1 Kolkata-700016
- Address of Roc Registrar of Companies West Bengal, Nizam Palace,
2nd NSO Building, 2nd Floor, 2, 3, 4/4, Acharya Jagdish Chandra Bose Road,
Kolkata – 700 020.
WALLFORD
INDIAINFRASTRUCTURE REALITY (P) LIMITED
- Date of Incorporation company was incorporated on 4th December 2006
- Nature of Activities Venture Capital activities
- Registered Office Diamond Chambers 4, Chowringhee Block no.2,7th
Floor Unit 7-1 Kolkata-700016.
ASTRA
ENERGY LIMITED, SARL (GUINEA)
Astra Energy Limited, SARL was incorporated in Republic of
Guinea on May 21, 2008. the object for which the company is established are to
- Research, exploitation, exploration of resources and minerals
- Commercialization & exportation of mineral resources
- Exploration, exploitation, import & distribution of product
petroleum, pharmaceutical, equipments divers, Commerce general, import
export, agriculture.
- The registered office of the company is situated at Almamya, C/de
kaloum, Conakry, Republic of Guinea, BP. Since, the company was
incorporated on May 21, 2008; no financial statement has been prepared.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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.50.52 |
|
UK Pound |
1 |
Rs.75.08 |
|
Euro |
1 |
Rs.63.72 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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 |
|