MIRA
INFORM REPORT
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Report Date : |
24.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
PATNAIK MINERALS PRIVATE LIMITED |
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Registered Office : |
P O Bonaikela, Keonjhar, Joda 758038, Orissa |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.11.1989 |
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Com. Reg. No.: |
002368 |
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CIN No.: [Company
Identification No.] |
U13209OR1989PTC002368 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BBNP00051C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Mining of Iron Ores |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 7960000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine
track. Fundamentals are strong and
healthy. General financial position
is good. Payments are reported as correct
and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
P O Bonaikela, Keonjhar, Joda 758038, Orissa, India |
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Tel No. : |
91-6767-272101 |
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Fax No. : |
91-6767-273907 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Jitendra Nath Patnaik |
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Designation : |
Director |
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Address : |
Plot No. 134, Surya Nagar, Bhubaneswar 751003, Orissa, India |
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Date of Birth/Age : |
02.11.1955 |
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Date of Appointment : |
02.11.1989 |
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Name : |
Mr. Rabindra Nath Patnaik |
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Designation : |
Director |
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Address : |
Bonaikela, Keonjhar, Joda 758038, Orissa, India |
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Date of Birth/Age : |
12.09.1930 |
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Date of Appointment : |
02.11.1989 |
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Name : |
Mr. Akhilendra Nath Patnaik |
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Designation : |
Director |
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Address : |
H-12, Civil Township Rourkela, Sundargarh, Orissa 769004, India |
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Date of Birth/Age : |
02.02.1938 |
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Date of Appointment : |
02.11.1989 |
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Name : |
Saroj Kumar Patnaik |
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Designation : |
Director |
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Address : |
Bonaikela, Keonjhar, Joda 758038, Orissa, India |
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Date of Birth/Age : |
13.08.1957 |
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Date of Appointment : |
30.11.1991 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Rabindra Nath Patnaik |
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114240 |
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Akhilendra Nath Patnaik |
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393120 |
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Akhilendra Nath Patnaik |
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393120 |
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Saroj Kumar Patnaik |
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981372 |
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Sheela Patnaik |
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84000 |
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Ajay Kumar Patnaik |
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252 |
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Total |
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1966104 |
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Equity Share
Break-up |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Mining of Iron Ores |
GENERAL
INFORMATION
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Bankers : |
Ø
ABN Amro
Bank N. V. Hansalaya Building,
15, Barakhamba Road, New Delhi 110001, India Ø
State Bank
of India Commercial
Branch, Joda, Keonjihar |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
H Nail and Company Chartered Accountants |
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Address : |
Telenga Bazar, Cuttack 753009, Orissa, India |
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Associates/Subsidiaries : |
Orion Ispat Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1966104 |
Equity Shares |
Rs. 100/-
each |
Rs. 196.610
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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196.610 |
196.610 |
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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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1795.633 |
1018.979 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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1992.243 |
1215.589 |
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LOAN FUNDS |
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1] Secured Loans |
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1052.954 |
21.076 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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1052.954 |
21.076 |
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DEFERRED TAX LIABILITIES |
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269.314 |
2.452 |
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TOTAL |
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3314.511 |
1239.117 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1605.819 |
73.198 |
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Capital work-in-progress |
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5.649 |
19.116 |
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INVESTMENT |
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670.710 |
362.915 |
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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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150.833 |
112.897 |
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Sundry Debtors |
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151.819 |
153.162 |
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Cash & Bank Balances |
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775.563 |
906.929 |
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Other Current Assets |
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25.790 |
1.344 |
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Loans & Advances |
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616.530 |
356.998 |
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Total
Current Assets |
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1720.535 |
1531.330 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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309.874 |
323.823 |
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Provisions |
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378.328 |
423.619 |
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Total
Current Liabilities |
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688.202 |
747.442 |
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Net Current Assets |
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1032.333 |
783.888 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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3314.511 |
1239.117 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.87 |
0.63 |
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Current Ratio (Current Asset/Current Liability) |
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2.50 |
2.05 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
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This Form is for |
Modification of Charge |
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Charge
identification number of the charge to be modified |
10046521 |
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Corporate
identity number of the company |
U13209OR1989PTC002368 |
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Name of the
company |
PATNAIK MINERALS
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Keonjhar, Joda 758038, Orissa, India |
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Type of charge |
Book Debts Others |
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Particular of
charge holder |
ABN Amro Bank N.
V. Hansalaya
Building, 15, Barakhamba Road, New Delhi 110001, India |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental
Composite Hypothecation Deed dated 10.07.2007 |
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Date of
instrument Creating the charge |
10.07.2007 |
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Amount secured by
the charge |
Rs. 619.900
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
[a] Rate of
Interest Interest such other
rate as may be prescribed by the bank from time to time. [b] Terms of
repayment Term Loan :
Drawing Period April 30th 2007 Company to avail
of the facility in Multiple Trenches Tenor 5 Years Repayable in 19
Equal Quarterly Installments Commencing from June 30, 2007 with the last date
of repayment as 31.03.2012. Interest to be
serviced monthly. OBSI Maximum 1 Year [c] Margin The Company shall
maintain such margin as may be specified by the bank from time to time. [d] Extent and
operation of the charge 100% [e] Others The above loan is
to secure total credit facility of Rs. 619.900 Millions [including Term Loan
of Rs. 512.800 Millions and OBSI of Rs. 107.100 Millions] |
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Short particulars
of the property charged |
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Date of latest
modification prior to the present modification |
NA |
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Particulars of
the present modification |
The above loan is
to secure total credit facility of Rs. 619.900 Millions [enhanced from Rs. 512.800
Millions to Rs. 619.900 Millions by way of OBSI facility of USD 2380000/-
equivalent to INR Rs. 107.100 Millions Other terms and
conditions remain the same |
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Name of the company |
PATNAIK MINERALS
PRIVATE LIMITED |
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Presented By |
Sri Rabindra Nath
Patnaik Managing Director
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1) Date and description of instrument creating the change |
12.02.2002. As per Agreement of Loan for overall
limit. Agreement for hypothecation of
goods and assets. Letter regarding
the grant of individual limits within the overall limit. Memorandum of Deposit for creation of
further charge for Term Loan/Overall Limit, where the initial charge is
created by way of mortgage by deposit
of Title Deeds. |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 19.500
Millions Cash Credit Rs. 10.000 Millions Term Loan Rs. 7.000 Millions Non Fund
based Rs. 2.500 Millions
----------------------------- Rs. 19.500 Millions
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3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
1. hypothecation of stocks of minerals and
book debts 2. Extension of
EM of 11.50 Ac of Land 3. 1st charge over all current
assets 4. 1st charge over fixed assets
i.e. Kobelco 6-45 Ex-Cone Crusher |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Repayable on
demand as such rate of interest as may be fixed by the Bank from time to time
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5) Name and Address and description of the person entitled to the
charge. |
State Bank of
India Commercial
Branch, Joda, Keonjihar |
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6) Date and brief description
of instrument modifying the charge |
06.06.2003 Letter
from Bank |
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7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
In addition to
the previous charge, extension of 1st charge over all fixed assets
including Kobelco 6-45 Ex-Cone Crusher. |
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 39.56 |
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UK Pound |
1 |
Rs. 77.45 |
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Euro |
1 |
Rs. 57.89 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
8 |
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OPERATING SCALE |
1~10 |
8 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
8 |
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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 |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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72 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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