MIRA
INFORM REPORT
|
Report Date : |
18.02.2011 |
IDENTIFICATION DETAILS
|
Name : |
MISHRA DHATU NIGAM LIMITED |
|
|
|
|
Registered Office : |
Super Alloy Plant, P.O. Kanchanbagh, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
20.11.1973 |
|
|
|
|
Com. Reg. No.: |
01-1660 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U14292AP1973GOI001660 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
HYDM00022B |
|
|
|
|
Legal Form : |
A closely held public limited liability company. |
|
|
|
|
Line of Business : |
Manufacturer of Titanium and Titanium Base Alloys, Molybdenum
and Articles and Other Alloy Steel in Semi finished Forms. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (59) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 12000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a government of It is a well established and reputed company having fine track records.
Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Supartha Sen |
|
Designation : |
Deputy General Manager- Finance |
|
Contact No.: |
91-9849077692 |
|
Date : |
16.02.2011 |
LOCATIONS
|
Registered Office : |
Super Alloy Plant, P.O. Kanchanbagh, |
|
Tel. No.: |
91-40-2434 0001 |
|
Mobile No.: |
91-9849077692 (Mr. Supartha Sen) |
|
Fax No.: |
91-40-2444 0214 / 2434 0214 / 2434 0764 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
10000 sq. ft. (Approximately) |
|
Location : |
Owned |
|
|
|
|
Regional
Office : |
Regional Office [North], 26, Sector A, Pocket C, Vasant
Kunj, Contact Person : Mr. Prashant Salwan – Office In-Charge |
|
Tel. No.: |
91-11-26892959 / 26890253 |
|
Fax No.: |
91-11-26890253 |
|
E-Mail : |
|
|
|
|
|
Commercial
Offices : |
“Priyadarshini”, RCF New Office Complex, 1st Floor, Suman Nagar, Sion-Chembur Road, Mumbai – 400 022 Telefax : 91-22-24070639 Contact Person : Mr. A. A. Umdekar, Manager 1/131, Telefax : 91-33-24728414 Tel No. 91-22-24300370 (Res.) Contact Person : Mr. P. K. Ghosh – Manager Old 947/New 140, Telefax : 91-44-26481101 Contact Person : Mr. R. Thanikachalam – Deputy Manager Mr. Vijay Kumar – Manager |
|
|
|
|
Factory : |
superalloys
plant
PO : Kanchanbagh, Tel. No. 91-40-2444 0041 / 2444 0293 Fax No. 91-40-2444 0214 Telex : 91-40-4256552 / 6494 E Mail : mdnexpt@hd1.vsnl.net.in |
|
|
|
|
Resident
Representative At |
B-10, 7259, Vasant Kunj, Contact Person : Mr. V. K. Bhatnagar |
|
Tel. No.: |
91-22-28682759 / 26121325 (Res.) |
|
Fax No.: |
91-22-26121352 |
DIRECTORS
As on 25.08.2010
|
Name : |
Mr. Myneni Narayana Rao |
|
Designation : |
Chairman and Managing Director |
|
Address : |
House No. 1-95/1/72, F-3, Residency Inn, Guttala Begumpet, |
|
Date of Birth/Age : |
01.09.1955 |
|
Date of Appointment : |
27.07.2006 |
|
|
|
|
Name : |
Mr. Gyanesh Kumar |
|
Designation : |
Director |
|
Address : |
Qtr. No.8-2, Sector-13, A Block, R. K. Puram, New Delhi-110 066, |
|
Date of Birth/Age : |
27.01.1964 |
|
Date of Appointment : |
28.01.2010 |
|
|
|
|
Name : |
Mr. Malakondaiah Guntupalli |
|
Designation : |
Director |
|
Address : |
H. No.8-9-140, Dhatunagar, Hyderabad-500 058, Andhra Pradesh, Idnia |
|
Date of Birth/Age : |
01.01.1951 |
|
Date of Appointment : |
14.07.2010 |
|
|
|
|
Name : |
Mr. Ramkumar Mishra |
|
Designation : |
Director |
|
Address : |
C-111, Ravindra Nagar Colony, Habsiguda, Hyderabad-500007, |
|
Date of Birth/Age : |
02.08.1948 |
|
Date of Appointment : |
01.11.2007 |
|
|
|
|
Name : |
Mr. Bhagavatula Kinnera Murthy |
|
Designation : |
Director |
|
Address : |
202, TVK Residency, 9, Journalist Colony, Banjara Hills, Hyderabad-500
003, |
|
Date of Birth/Age : |
09.06.1952 |
|
Date of Appointment : |
01.11.2007 |
|
|
|
|
Name : |
Mr. Vemulapati Sri Krishna Murthy |
|
Designation : |
Whole Time Director |
|
Address : |
17-1-383, IP- 145 /146, IP Township, Saidabad, |
|
Date of Birth/Age : |
16.08.1954 |
|
Date of Appointment : |
18.07.2008 |
|
|
|
|
Name : |
Mr. Vijay Shankar Verma |
|
Designation : |
Whole time Director |
|
Address : |
17-1-383, SF4, Vinay Nagar Colony, Hyderabad-500 059, |
|
Date of Birth/Age : |
08.08.1951 |
|
Date of Appointment : |
01.04.2009 |
KEY EXECUTIVES
|
Name : |
Mr. P. V. Subba Rao |
|
Designation : |
Director |
|
Address : |
Company Secretary |
|
Date of Birth/Age : |
27.05.1953 |
|
Date of Appointment : |
23.09.1996 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 25.08.2010
|
Names of Shareholders |
|
No. of Shares |
|
President of |
|
1463399 |
|
Myneni Narayana Rao |
|
1 |
|
Total |
|
1463400 |
Equity Share Breakup (Percentage of Total Equity)
As on 25.08.2010
|
Names of Shareholders |
|
Percentage of
Holding |
|
Government [Central and State] |
|
100.00 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Titanium and Titanium Base Alloys,
Molybdenum and Articles and Other Alloy Steel in Semi finished Forms. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
· Molybdenum · Weld Consumables · Magnesium Alloys ·
Titanium Tubes
|
||||||||||||
|
|
|
||||||||||||
|
Imports : |
|
||||||||||||
|
Products : |
Low Carbon Ferro Chrome |
||||||||||||
|
Countries : |
|
||||||||||||
|
|
|
||||||||||||
|
Terms : |
|
||||||||||||
|
Selling : |
Cash and Credit (30 to 60 to 90 days) |
||||||||||||
|
|
|
||||||||||||
|
Purchasing : |
Cash and Credit (30 to 60 to 90 days) |
GENERAL INFORMATION
|
Customers : |
·
End Users ·
OEMs’ |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
No. of Employees : |
2000 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
·
Central Bank of ·
Andhra Bank, BDL Campus, Kanchanbagh, ·
Andhra Bank, Ballygunje, ·
Andhra Bank, Kolkata, West ·
HDFC Bank, Lakdi-ka-pul Branch, ·
State Bank of ·
State Bank of ·
State Bank of ·
Standard Chartered Grindlays Bank Limited, ·
Punjab National Bank, Malakpet Branch, ·
State Bank of ·
State Bank of ·
Indian Bank, Harbour Branch, Chennai,
Tamilnadu |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Satyam and Veerabhadra Chartered Accountants |
|
Address : |
Flat No. 107, |
|
Tel. No.: |
91-40-23222564/23224813 |
|
E-Mail : |
CAPITAL STRUCTURE
As on 25.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.1000/- each |
Rs.2000.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1463400 |
Equity Shares |
Rs. 1000/- each |
Rs.1463.400
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1463.400 |
1463.400 |
1373.400 |
|
|
2] Share Application Money |
370.00 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1275.918 |
934.150 |
619.654 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3109.318 |
2397.550 |
1993.054 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.745 |
0.746 |
0.000 |
|
|
2] Unsecured Loans |
442.000 |
90.000 |
0.000 |
|
|
TOTAL BORROWING |
443.745 |
90.746 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
4.718 |
9.597 |
9.031 |
|
|
|
|
|
|
|
|
TOTAL |
3557.781 |
2497.893 |
2002.085 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
367.682 |
277.932 |
266.790 |
|
|
Capital work-in-progress |
155.008 |
352.168 |
38.533 |
|
|
|
|
|
|
|
|
INVESTMENT |
21.011 |
21.011 |
21.011 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3204.603
|
2984.249 |
1884.356 |
|
|
Sundry Debtors |
1075.371
|
825.975 |
748.685 |
|
|
Cash & Bank Balances |
2403.300
|
1204.227 |
2095.974 |
|
|
Other Current Assets |
143.402
|
12.979 |
59.867 |
|
|
Loans & Advances |
948.565
|
682.843 |
419.860 |
|
Total
Current Assets |
7775.241
|
5710.273 |
5208.742 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
184.650
|
162.836 |
66.466 |
|
|
Other Current Liabilities |
3537.208
|
2933.118 |
2923.878 |
|
|
Provisions |
1039.303
|
767.537 |
542.647 |
|
Total
Current Liabilities |
4761.161
|
3863.491 |
3532.991 |
|
|
Net Current Assets |
3014.080
|
1846.782 |
1675.751 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3557.781 |
2497.893 |
2002.085 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3634.566 |
3013.591 |
2476.061 |
|
|
|
Other Income |
186.313 |
154.937 |
150.401 |
|
|
|
TOTAL (A) |
3820.879 |
3168.528 |
2626.462 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of Materials and Consumables |
1467.298 |
1583.185 |
1293.667 |
|
|
|
Power and Fuel |
237.814 |
241.573 |
196.950 |
|
|
|
Employment Remuneration and Benefits |
924.603 |
740.228 |
643.352 |
|
|
|
Repairs and Maintenance |
75.205 |
66.007 |
60.995 |
|
|
|
Other Expenses |
142.503 |
144.554 |
86.857 |
|
|
|
Provisions |
1.363 |
1.000 |
0.606 |
|
|
|
Off- Loading of Jobs and Semis |
268.229 |
278.776 |
134.800 |
|
|
|
Profits before Prior Period adjustments |
(0.614) |
0.899 |
(0.524) |
|
|
|
Accretion/ Decretion to work in Process and Finished Goods |
(20.264) |
(549.160) |
(413.916) |
|
|
|
TOTAL (B) |
3096.137 |
2507.062 |
2002.787 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
724.742 |
661.466 |
623.675 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
15.595 |
1.809 |
3.384 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
709.147 |
659.657 |
620.291 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
32.469 |
30.692 |
74.823 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
676.678 |
628.965 |
545.468 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
230.512 |
218.401 |
190.051 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
446.166 |
410.564 |
355.417 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
10.000 |
10.000 |
10.000 |
|
|
|
Proposed Final Dividend |
79.233 |
72.113 |
61.100 |
|
|
|
Tax on Dividend |
15.165 |
13.955 |
12.081 |
|
|
|
General Reserve |
341.768 |
314.496 |
272.233 |
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
304.88 |
280.55 |
- |
|
Expected Sales (2010-2011) : Rs.4000.000 millions
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.68
|
12.96 |
13.53 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.62
|
20.87 |
22.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.31
|
10.50 |
9.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.26 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.67
|
1.65 |
1.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.63
|
1.48 |
1.47 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2010 (Rs. in millions) |
31.03.2009 (Rs. in millions) |
31.03.2008 (Rs. in millions) |
|
Sundry Creditors |
|
|
|
|
SSI Units |
1.786 |
6.939 |
2.429 |
|
Others |
234.553 |
121.306 |
64.037 |
Trade Reference:
·
Nuclear Power Corporation Limited
·
Goldman Titanium Company,
·
·
Bharat Electronics Limited
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U14292AP1973GOI001660 |
|
Name of the
company |
MISHRA DHATU
NIGAM LIMITED |
|
Address of the
registered office or of the principal place of business in |
P.O. Kanchanbagh, |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90117414 |
|
Type of charge |
Book Debts Movable Property |
|
Particular of
charge holder |
Andhra Bank, BDL Campus, Kanchanbagh, |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
Pari Passu Agreement between State Bank of |
|
Date of
instrument Creating the charge |
11.06.2010 |
|
Amount secured by
the charge |
Rs.160.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Not Applicable Terms of
Repayment Not Applicable Margin Not Applicable Extent and
Operation of the charge First Charge has
been created on goods and movable assets both present and future of the
Company on pari passu basis in favour of Andhra Bank and State Bank of |
|
Short particulars
of the property charged |
First charge on
the Current Assets of the Company both present and future situated at
Company's factory premises at Kanchanbagh, |
|
Particulars of
the present modification |
The charge was
created on the moveable assets of the company on 04-12-1998 in favour of Andhra Bank and now the said security
on the moveable assets is extended to
State Bank of |
Fixed Assets:
·
Lands and Development
·
Roads and Bridges
·
Drainage, Sewarage and
Water Systems
·
Electrical Installation
·
Building and Internal
Services
·
Plant and Machinery
·
Vehicle
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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] 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.45.38 |
|
|
1 |
Rs.73.08 |
|
Euro |
1 |
Rs.61.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
59 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.