MIRA
INFORM REPORT
|
Report Date : |
16.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
GLENCORE INDIA PRIVATE LIMITED |
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Registered Office : |
806, Meghdoot, 94 Nehru Place, New Delhi – 110019 |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
02.02.1995 |
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Com. Reg. No.: |
55-64981 |
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CIN No.: [Company
Identification No.] |
U00000DL1995PTC064981 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELG06374E |
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PAN No.: [Permanent
Account No.] |
AAACG3787B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of steam coal, metcoke, cooking coal etc. |
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 380000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a 100 % subsidiary of Glencore, UK, Indian operations are passing
through difficult times. It has continue to incur losses. It has huge
accumulated losses. Trade relations are fair. Payments are reported as slow
but correct. The company can be considered for business dealings at usual trade
terms and conditions, with slight caution, initially. |
LOCATIONS
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Registered Office : |
806, Meghdoot, 94 Nehru Place, New Delhi – 110019, India |
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Tel. No.: |
91-11-26418996 |
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Fax No.: |
91-11-26437922 |
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E-Mail : |
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Factory : |
90 Jorbagh, New Delhi – 110003, India
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Tel. No.: |
91-11-24603550 |
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Fax No.: |
91-11-24646990 / 1506 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Mach Thomas |
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Designation : |
Director |
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Address : |
Am Luzerbach 2, 6043, Adligenswil, Adlignswil – 6043, Switzerland |
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Date of Birth/Age : |
28.02.1955 |
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Date of Appointment : |
06.04.2007 |
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Name : |
Mr. Satish Sawhney |
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Designation : |
Executive Director |
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Name : |
Mr. Hans Peter Feller |
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Designation : |
Director |
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Address : |
Pfruend Hof Strase, 27-CH – 8910, Affditern, G. A. Switzerland |
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Date of Birth/Age : |
15.03.1948 |
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Date of Appointment : |
18.12.1997 |
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Date of Ceasing : |
01.09.2004 |
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Name : |
Mr. Markus Schmidle |
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Designation : |
Director |
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Address : |
Sternenmattstrasse 4, 6318 Walchwil, Switzerland |
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Date of Birth/Age : |
03.10.1955 |
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Date of Appointment : |
30.06.2001 |
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Date of Ceasing : |
01.09.2004 |
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Name : |
Mr. Prakash Lal Kapur |
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Designation : |
Chairman |
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Address : |
C – 1/5, SDA, New Delhi – 110016 |
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Date of Birth/Age : |
18.03.1949 |
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Date of Appointment : |
02.02.1995 |
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Name : |
Mr. Gumeet Singh Uberai |
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Designation : |
Alternate Director |
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Address : |
DD – 14, First Floor, Opposite Post Office, Kakaji, New Delhi –
110019 |
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Date of Birth/Age : |
27.03.1951 |
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Date of Appointment : |
31.08.2004 |
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Name : |
Mr. Ramachandra Raja Rao |
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Designation : |
Director |
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Address : |
Rigistrasse 35, 6331 Huenenberg, Switzerland |
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Date of Birth/Age : |
10.05.1938 |
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Date of Appointment : |
15.04.2002 |
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Name : |
Mr. Jayaram Rajan |
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Designation : |
Director |
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Address : |
Flat No. 402, Plot No. 220, Sai Siddhi Building, Road No. II, Chembur,
Mumbai – 400071 |
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Date of Birth/Age : |
16.07.1962 |
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Date of Appointment : |
30.06.2005 |
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Name : |
Mr. Andreas Hubmann |
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Designation : |
Director |
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Address : |
Frueebergstrasse 48, Baar- 6340, Switzerland |
KEY EXECUTIVES
|
Name : |
Mr. Jayaram Rajan |
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Designation : |
Manager Accounts and Company Secretary |
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Name : |
Mr. Lalit Kumar |
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Designation : |
Manager |
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Name : |
Mr. Murli Narayan |
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Designation : |
Export Executive |
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Name : |
Mr. V B Ravindran |
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Designation : |
Assistant Manager |
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Name : |
Mr. Sunny K George |
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Designation : |
Assistant Manager |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Equity
Shares |
No. of
Preference Shares |
|
Prakash Lal Kapur |
100 |
-- |
|
Gurmeet Singh Uberai |
100 |
-- |
|
Newgen AG |
2453381 |
1008175 |
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Stafford AG |
2553519 |
1049325 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign
Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate
bodies or others] |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of steam coal, metcoke, cooking coal etc. |
GENERAL
INFORMATION
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Bankers : |
Standard Chartered Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai –
400018, Maharashtra, India |
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Associates/Subsidiaries : |
Glencore International |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 60.000 Millions |
|
4,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 40.000 Millions |
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Total |
|
Rs. 100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5962814 |
Equity Shares |
Rs. 10/- each |
Rs. 59.628
Millions |
|
2057500 |
Preference Shares |
Rs. 10/- each |
Rs. 20.575
Millions |
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Total |
|
Rs. 80.203 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2006 |
31.12.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
80.203 |
70.646 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
191.143 |
0.000 |
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4] (Accumulated Losses) |
|
[176.872] |
[147.541] |
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NETWORTH |
|
94.474 |
[76.895] |
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LOAN FUNDS |
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1] Secured Loans |
|
0.000 |
0.000 |
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2] Unsecured Loans |
|
73.792 |
524.596 |
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TOTAL BORROWING |
|
73.792 |
524.596 |
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
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TOTAL |
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168.266 |
447.701 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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10.439 |
21.655 |
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Capital work-in-progress |
|
3.068 |
0.000 |
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INVESTMENT |
|
0.233 |
0.233 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
6.752 |
400.518 |
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Sundry Debtors |
|
15.813 |
353.254 |
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Cash & Bank Balances |
|
104.521 |
72.856 |
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Other Current Assets |
|
0.975 |
0.457 |
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Loans & Advances |
|
85.944 |
74.784 |
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Total
Current Assets |
|
214.005 |
901.869 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
|
51.871 |
473.043 |
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Provisions |
|
7.608 |
3.013 |
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Total
Current Liabilities |
|
59.479 |
476.056 |
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Net Current Assets |
|
154.526 |
425.813 |
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MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
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TOTAL |
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168.266 |
447.701 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.12.2006 |
31.12.2005 |
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Sales Turnover |
|
925.133 |
4338.019 |
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Total Income |
|
925.133 |
4338.019 |
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Profit/(Loss) Before Tax |
|
[19.263] |
[131.314] |
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Provision for Taxation |
|
10.079 |
2.185 |
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Profit/(Loss) After Tax |
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[29.342] |
[133.499] |
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Earnings in Foreign Currency : |
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Total Earnings |
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10.170 |
-- |
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Imports : |
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Total Imports |
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332.119 |
-- |
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Expenditures : |
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Depreciation & Amortization |
|
7.846 |
9.607 |
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Other Expenditure |
|
936.550 |
4459.726 |
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Total Expenditure |
|
944.396 |
4469.333 |
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KEY RATIOS
|
PARTICULARS |
|
|
31.12.2006 |
31.12.2005 |
|
PAT / Total Income |
(%) |
|
[3.17] |
[3.08] |
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Net Profit Margin (PBT/Sales) |
(%) |
|
[2.08] |
[3.03] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
[8.58] |
[14.22] |
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Return on Investment (ROI) (PBT/Networth) |
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|
[0.20] |
[1.71] |
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Debt Equity Ratio (Total Liability/Networth) |
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|
1.41 |
[13.01] |
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Current Ratio (Current Asset/Current Liability) |
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|
3.60 |
1.89 |
LOCAL AGENCY
FURTHER INFORMATION
Nil
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.39.27 |
|
UK Pound |
1 |
Rs.77.33 |
|
Euro |
1 |
Rs.57.51 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--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 |
|
28 |
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 |
|