MIRA
INFORM REPORT
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Report Date : |
24.10.2008 |
IDENTIFICATION DETAILS
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Name : |
NORTHERN COALFIELDS LIMITED |
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Registered Office : |
P.O. – Singrauli Colliery, Singrauli, District Sidhi – 486889, Madhya
Pradesh |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.11.1985 |
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Com. Reg. No.: |
003160 |
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CIN No.: [Company
Identification No.] |
U10102MP1985GOI003160 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JBPN00430D |
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PAN No.: [Permanent
Account No.] |
AABCN4884H |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
The company is engaged in production of Coal. |
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 300000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a Government of India company and a subsidiary of Coal
India Limited. Available information Indicates high financial responsibility of
the company. Financial position is good. Payments are correct and as per
commitments. The company can be regarded as a promising business partner in a
medium to long-run. |
LOCATIONS
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Registered Office : |
P.O. – Singrauli Colliery, Singrauli, District Sidhi – 486889, Madhya
Pradesh, India |
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Tel. No.: |
91-7805-266670/ 266621/ 56201/ 66613/ 56204/
66612/ 56205/ 66615/ 56202/ 66607 / 56203/ 5546/ 72697 91-7822-6655/
6475/ 6635/ 6694/ 6621 |
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Fax No.: |
91-7805-6640/
6420/ 66459 / 67048 / 66652 / 67051 |
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E-Mail : |
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Website : |
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Gust House : |
Contact Person : Mr. V. N. Mishra - Chief Caretaker Tel. No. 91-542-46891 / 348624
Contact Person : Mr. B. K. Shukla, Chief Caretaker Tel. No. 91-7822-6616
Contact Person : Mr. A. K. Dutta, General Manager Tel. No. 91-33-2421432 / 2425848 |
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Resident
Representatives At Delhi: |
Coal India Limited, Flat No. 402-404, 4th
Floor, Ansal Bhavan, 16, Kasturba Gandhi Marg, New Delhi - 110 001 Tel. No. 91-11-3319109 / 372971 (Office) /
5784460 (Res.)
Coal India Limited, Flat No. 402-404, 4th
Floor, Ansal Bhavan, 16, Kasturba Gandhi Marg, New Delhi - 110 001 Tel. No. 91-11-3311163 / 3731435
(Office) / 6468724 (Res.) |
DIRECTORS
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Name : |
Mr. S. V. Chaoji |
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Designation : |
Chairman |
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Name : |
Mr. V. K. Singh |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. A. K. Das |
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Designation : |
Director (Finance) |
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Name : |
Mr. B. N Mishra |
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Designation : |
Director (Technical) |
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Name : |
Mr. N N Jha |
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Designation : |
Director (Personnel) |
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Name : |
Mr. Jwala Prasad |
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Designation : |
Director (Technical) |
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Name : |
Mr. Rajiv Sharma |
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Designation : |
Director |
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Name : |
Mr. B N Ojha |
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Designation : |
Director |
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Name : |
Mr. Manoj Kumar |
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Designation : |
Director |
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Name : |
Mr. D K Verma |
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Designation : |
Director |
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Name : |
Mr. A K Jhingron |
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Designation : |
Director |
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Name : |
Mr. S K Srivastava |
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Designation : |
Director |
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Name : |
Mr. P K Saxena |
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Designation : |
Director (Technical/Operations) |
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Name : |
Mr. S, N Choudhary |
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Designation : |
Director (Finance) |
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Name : |
Mr. N. Das |
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Designation : |
Director (Technical/P and P) |
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Name : |
Mr. S. L Sahu |
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Designation : |
Director (Personnel) |
BUSINESS DETAILS
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Line of Business : |
The company is engaged in production of Coal. |
GENERAL INFORMATION
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Bankers : |
Sidhi Branch, Madhya Pradesh, India. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ramesh C Agrawal and
Company Chartered Accountants |
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Parent Company/ Subsidiaries : |
Coal India Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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1400000000 |
Equity Shares |
Rs.10/- each |
Rs.14000.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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177672800 |
Equity Shares |
Rs.10/- each |
Rs.1776.728
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1776.700 |
1776.700 |
1776.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
53826.800 |
45475.900 |
38399.800 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
55603.500 |
47252.600 |
40176.500 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
8877.000 |
9779.800 |
10678.300 |
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TOTAL BORROWING |
8877.000 |
9779.800 |
10678.300 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
64480.500 |
57032.400 |
50854.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
18973.000 |
19492.000 |
21709.400 |
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Capital work-in-progress |
1793.600 |
1086.000 |
889.700 |
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INVESTMENT |
1088.300 |
1145.600 |
1145.600 |
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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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Inventories |
2257.200
|
2245.600 |
2222.600 |
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Sundry Debtors |
505.200
|
1089.100 |
949.000 |
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Cash & Bank Balances |
30957.400
|
24287.400 |
8634.500 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
30876.500
|
26283.200 |
28131.500 |
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Total
Current Assets |
64596.300
|
53905.300 |
39937.600 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
21970.700
|
18596.500 |
12827.500 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
21970.700
|
18596.500 |
12827.500 |
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Net Current Assets |
42625.600
|
35308.800 |
27110.100 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
64480.500 |
57032.400 |
50854.800 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
46308.400 |
45468.600 |
43573.800 |
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Other Income |
5817.100 |
3672.900 |
2139.000 |
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Total Income |
52125.500 |
49141.500 |
45712.800 |
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Profit/(Loss) Before Tax |
21776.100 |
21162.600 |
19760.400 |
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Provision for Taxation |
8111.300 |
8152.800 |
7400.700 |
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Profit/(Loss) After Tax |
13664.800 |
13009.800 |
12359.700 |
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Expenditures : |
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Power & Fuel |
1928.100 |
1930.800 |
1894.800 |
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Manufacturing Expenses |
12486.900 |
10574.700 |
8629.200 |
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Employees Cost |
4870.900 |
4233.800 |
4752.400 |
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Miscellaneous Expenses |
7188.500 |
7319.700 |
6594.100 |
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Interest |
495.600 |
470.300 |
408.600 |
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Depreciation & Amortization |
3234.100 |
3388.400 |
3553.300 |
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Increase/(Decrease) in Finished Goods |
145.300 |
61.200 |
120.000 |
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Total Expenditure |
30349.400 |
27978.900 |
25952.400 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt-Equity Ratio |
|
0.18
|
0.23 |
0.30
|
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Long Term Debt-Equity Shares |
|
0.18
|
0.23 |
0.30
|
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Current Ratio |
|
2.92
|
2.99 |
2.69
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TURNOVER RATIOS |
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Fixed Assets |
|
0.79
|
0.79 |
0.77
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Inventory |
|
20.57
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20.35 |
18.24
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Debtors |
|
58.09
|
44.62 |
36.57
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Interests Cover Ratio |
|
44.94
|
46.00 |
49.36
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Operating Profit Margin (%) |
|
55.08
|
55.03 |
54.44
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Profit Before Interests and Tax Margin (%) |
|
48.09
|
47.58 |
46.29
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Cash Profit Margin (%) |
|
36.49
|
36.06 |
36.52
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Adjusted Net Profit Margin (%) |
|
29.51
|
28.61 |
28.36
|
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Return On Capital Employed (%) |
|
36.66
|
40.10 |
42.28
|
|
Return On Net Worth (%) |
|
26.57
|
29.76 |
3.76
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LOCAL AGENCY FURTHER INFORMATION
Website Details:
History:
Subject was formed in April 1986
as a subsidiary company of Coal India Limited. Its headquarter is located at
Singrauli, Distt. Sidhi (M.P.). Singrauli is connected by road with Varanasi (220
Km.) – a holy city on the banks of river Ganga, and Rewa (206 Km.) – the state
of white tigers and Sidhi (100 Km.) – district headquarter town of Madhya
Pradesh. The nearest railway station is Singrauli located on the Katni-Chopan
branch line running parallel to the northern boundary of the Coalfield. The
nearest railway station for reaching directly to Delhi and Kolkata is Renukoot
that is located on the Garhwa-Chopan rail-line. Nearest (private) airstrip is
at Muirpur (60 Km.).
The area of Singrauli Coalfields is about 2202 Sq.Km. The coalfield can be
divided into two basins, viz. Moher sub-basin (312 Sq.Km.) and Singrauli Main
basin (1890 Sq.Km.). Major part of the Moher sub-basin lies in the Sidhi
district of Madhya Pradesh and a small part lies in the Sonebhadra district of
Uttar Pradesh. Singrauli main basin lies in the western part of the coalfield
and is largely unexplored. The present coal mining activities and future blocks
are concentrated in Moher sub-basin.
The exploration carried out by GSI/NCDC/CMPDI has proved abundant resource of
power grade coal in the area. This in conjunction with easy water resource from
Govind Ballabh Pant Sagar makes this region an ideal location for high capacity
pithead power plants. The coal supplies from NCL has made it possible to
produce about 10515 MW of electricity from pithead power plants of National
Thermal Power Corporation (NTPC), Uttar Pradesh Rajya Vidyut Utpadan Nigam Ltd
(UPRVUNL) and Renupower division of M/s. Hindalco Industries. The region is now
called the "power capital of India". The ultimate capacity of power
generation of these power plants is 13295 MW and company is fully prepared to
meet the increased demand of coal for the purpose. In addition, NCL is also
supplying coal to power plants of Rajasthan Rajya Vidyut Utpadan Nigam Limited,
Delhi Vidyut Board (DVB) and Hariyana State Electricity Board.
Company produces coal through mechanised opencast mines but its commitments
towards environmental protection is total. It is one of very few companies
engaged in mining activities, which has got ISO –14001 Certification for its
environmental systems.
Company through its community development programmes, has significantly
contributed towards improvement and development of the area. It is helping
local tribal, non-tribal and project-affected persons in overall improvement of
quality of their life through self-employments schemes, imparting education and
providing health care.
Mining history in this region is very old. The first systematic mining, however, was started by NCDC in Jhingurda during early sixties. The master plan of the coalfield (Moher Basin) was prepared by P&D Division of NCDC in consultation with Soviet Experts. This envisaged construction of large mechanised opencast mines. The mining activities are going on as per the master plan provisions. Company, during successive years has not only achieved targets of production but also exceeded them.
During 2006-07 coal production was 52.16 million tonnes. In
2007-08, the revised target for coal production is fixed at 58.00 million
tonnes. NCL has excellent record of capacity utilisation, which is around
86.24% in 2006-07. The productivity in terms OMS (Output per Man-shift) of NCL
during 2006-07 was 10.97 tonnes, which has been the highest in CIL and during
successive years it is increasing. It is planned to remove 186.00 Million CuM
of overburden during 2007-08, out of which 142 Million CuM will be removed
departmentally and rest (44 Million CuM) will be outsourced under Emergency
Coal Production Plan.
Industrial Relations:
The industrial relations
at company have been very congenial throughout the past successive years.
Employees' representatives take active participation in operational matters,
health & hygiene, welfare matters etc. through forums such as joint
consultative committee, safety committee, welfare board, community development
committee, sports control board, employee benevolent fund committee and core
group. The participative style of management facilitates amicable settlement of
disputes & grievances.
Organisational Objectives
- To ensure planned production of coal
efficiently, matching with increasing demand of coal, which is the prime
source of energy for the nation.
- To generate safety awareness amongst
employees as also to create safe working culture.
- To ensure clean, green and pollution
free environment at working places and also at surrounding areas.
- To ensure optimum capacity utilisation of
men, machinery and available resources.
- To ensure cost control by developing
cost consciousness.
- To ensure strict quality control for
better consumer satisfaction.
- To ensure perfect manpower planning and
also harness the best out of available human resource.
- To ensure improved quality of life of
work force through welfare measures
- To be concerned for the community
especially for the tribal and backward sections of the society residing in
and around mining projects.
- To ensure rehabilitation of project
affected people (PAP) as per the guidelines provided by Coal India Limited
and approved by the Ministry of Coal and also taking PAPs into confidence
to elicit their co-operation in achieving Corporate Objectives.
- To develop good work culture through disciplined,
contended and motivated workforce for achieving Organizational Objectives.
Corporate
Management Team
Shri V.K. Singh
Chairman cum Managing Director
Phone 7805 - 266621, 256201(office)
Fax 7805 - 266459 (office)
Email- cmd.ncl@nclhq.nic.in
Shri N. Das
Director (Technical/P&P)
Phone 7805 - 266607, 256203 (office)
Fax 7805 - 267051
Email- dtpp.ncl@nclhq.nic.in
Shri S.N. Choudhary
Director Finance
Phone 7805 - 266613, 256204(office)
Fax 7805 - 267048
Email- df.ncl@nclhq.nic.in
Shri P.K. Saxena
Director (Technical/Operations)
Phone 7805 - 266615, 256202 (office)
Fax 7805 - 266652
Email- dto.ncl@nclhq.nic.in
Sushri.S.L.Sahu
Director (Personnel)
Phone 7805 - 266612,256304 (office)
Fax 7805 - 267410
Email- dp.ncl@nclhq.nic.in
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.49.79 |
|
UK Pound |
1 |
Rs.81.27 |
|
Euro |
1 |
Rs.63.91 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|