1. Summary Information
|
|
|
Country |
|
|
Company Name |
MMTC LIMITED |
Principal Name 1 |
Mr. Sanjeev Batra
|
|
Status |
Very Good |
Principal Name 2 |
Mr. Anil Bajpal |
|
|
|
Registration # |
55-4033 |
|
Street Address |
Core -1, Scope
Complex, 7 Institutional Area, |
||
|
Established Date |
26.09.1963 |
SIC Code |
-- |
|
Telephone# |
91-11-24362200 |
Business Style 1 |
Exporter |
|
Fax # |
91-11-24362077 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
|
|
|
# of employees |
-- |
Product Name 2 |
Gold |
|
Paid up capital |
Rs. 500,000,000/- |
Product Name 3 |
Coal |
|
Shareholders |
Shareholding
of Promoter and Promoter Group 99.33%, Public Shareholding 0.67% |
Banking |
HDFC Bank |
|
Public Limited Corp. |
Yes |
Business Period |
47 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Aa (79) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary
|
|
MMTC Transnational Pte.
Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
92,865,380,000 |
Current Liabilities |
49,971,960,000 |
|
Inventories |
21,348,340,000 |
Long-term Liabilities |
51,647,960,000 |
|
Fixed Assets |
1,217,400,000 |
Other Liabilities |
3,902,650,000 |
|
Deferred Assets |
226,670,000 |
Total Liabilities |
105,522,570,000 |
|
Invest& other Assets |
2,736,250,000 |
Retained Earnings |
12,371,470,000 |
|
|
|
Net Worth |
12,871,470,000 |
|
Total Assets |
118,394,040,000 |
Total Liab. & Equity |
118,394,040,000 |
|
Total Assets (Previous Year) |
106,156,530,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
451,241,880,000 |
Net Profit |
2,162,380,000 |
|
Sales(Previous yr) |
368,207,570,000 |
Net Profit(Prev.yr) |
1,402,170,000 |
MIRA
INFORM REPORT
|
Report Date : |
05.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
MMTC LIMITED |
|
|
|
|
Registered Office : |
Core -1, Scope
Complex, 7 Institutional Area, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
26.09.1963 |
|
|
|
|
Com. Reg. No.: |
55-4033 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L51909DL1963GOI004033 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELM09574F DELM09969B DELM10208C DELM13098B |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACM1433E |
|
|
|
|
Legal Form : |
Public limited liability
company. The company's shares are
listed on the Stock Exchanges |
|
|
|
|
Line of Business : |
Exporter of
Minerals |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (79) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 51000000 |
|
|
|
|
Status : |
Very Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established and reputed International Trading House owned by the Government of
India. Financial position of the company is sound. Fundamentals are strong
and healthy. 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 |
LOCATIONS
|
Registered /
Corporate Office : |
Core 1, Scope
Complex, 7 Institutional Area, |
|
Tel. No.: |
91-11-24362200 |
|
Fax No.: |
91-11-24362077/24362224/24360724/24362072 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Chennai Regional Office: |
South Zone
Office, 6, Chennai House, Esplanade, Chennai-600 108, Tamil |
|
Tel. No.: |
91-44-22561480 |
|
Fax No.: |
91-44-25340317/25340844 |
|
E-Mail : |
|
|
|
|
|
Regional
Office 1 : |
Located At: North Zone:
South Zone :
East Zone:
West Zone:
|
|
|
|
|
Field Offices: |
v
Vinayaknagar, Cantonment, v
Taranagallu-RS, Tarangallu, Sandur TQ, v
Papinayakana Halli – Post Sandur, TQ, v
Karignuru – Post, Hospet-TQ, v
v
Type 1/16, HSCL Quarters, v Crushing and
Screening Plant, |
|
|
|
|
Overseas Subsidiary |
MMTC Transnational Pte Limited, 20 Cecil Street, #14-03/04, Singapore
Exchange, Singapore 049 705, |
|
Tel No: |
91-65-65385313 |
|
Fax No: |
91-65-65385316 |
|
E-Mail : |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. Sanjeev Batra
|
|
Designation : |
Chairman and
Managing Director |
|
|
|
|
Name : |
Dr. Sutanu
Behuria |
|
Designation : |
Government
Nominee Director |
|
|
|
|
Name : |
Mr. P.K.
Chaudhary |
|
Designation : |
Government
Nominee Director |
|
|
|
|
Name : |
Mr. Anil Bajpal |
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mrs. Aruna Makhan
|
|
Designation : |
Independent
Director |
|
|
|
|
Name : |
Mr. H.L. Zilshi |
|
Designation : |
Independent
Director |
|
|
|
|
Name: |
Mr. S. K. Kar |
|
Designation: |
Director
(Finance) |
|
|
|
|
Name: |
Mr. H.S. Mann |
|
Designation: |
Director
(Marketing) |
|
|
|
|
Name: |
Mr. Amarendra
Mahpatra |
|
Designation: |
Director
(Personnel) |
|
|
|
|
Name: |
Mr. Sunir Khurana
|
|
Designation: |
Director
(Marketing) |
|
|
|
|
Name: |
Mr. Ved Prakash |
|
Designation: |
Director
(Marketing) |
|
|
|
|
Name: |
Mr. R. Gopalan |
|
Designation: |
Government
Nominee Director |
|
|
|
|
Name: |
Mr. Adarsh R. Goyal
|
|
Designation: |
Director
(Marketing) |
KEY EXECUTIVES
|
Name : |
Mr. R K Chaturvedi |
|
Designation : |
Chief Vigilance Officer |
|
|
|
|
Name : |
Mr. Y N Bhargava |
|
Designation : |
Senior Executives |
|
|
|
|
Name : |
Mr. Lekh Chand |
|
Designation : |
Senior Executives |
|
|
|
|
Name : |
Mr. Rajeev Jaideva |
|
Designation : |
Senior Executives |
|
|
|
|
Name : |
Mr. Ashish Majumdar |
|
Designation : |
Senior Executives |
|
|
|
|
Name : |
Ms. Preeti Kaur |
|
Designation : |
Senior Executives |
|
|
|
|
Name : |
Mr. Ashok Sharma |
|
Designation : |
Senior Executives |
|
|
|
|
Name : |
Mr. William Saldanha |
|
Designation : |
Senior Executives |
|
|
|
|
Name : |
Mr. Anand Trivedi |
|
Designation : |
Senior Executives |
|
|
|
|
Name : |
Mr. Rajiv Chopra |
|
Designation : |
Senior Executives |
|
|
|
|
Name : |
Mr. Vijay Pal |
|
Designation : |
Senior Executives |
|
|
|
|
Name : |
Mr. M G Gupta |
|
Designation : |
Senior Executives |
|
|
|
|
Name : |
Mr. P K Das |
|
Designation : |
Senior Executives |
|
|
|
|
Name : |
Ms. Ashwani Sondhi |
|
Designation : |
Senior Executives |
|
|
|
|
Name : |
Mr. J Kishan |
|
Designation : |
Senior Executives |
|
|
|
|
Name : |
Mr. Umesh Sharma (w.e.f. 14.10.09) |
|
Designation : |
Senior Executives |
|
|
|
|
Name : |
Mr. M. Thyagarajan (w.e.f. 07.01.10) |
|
Designation : |
Senior Executives |
|
|
|
|
Name : |
Mr. Manohar Balwani |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
Total
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
120 |
- |
|
|
993,311,880 |
99.33 |
|
|
993,312,000 |
99.33 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
993,312,000 |
99.33 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5,202,861 |
0.52 |
|
|
23,805 |
- |
|
|
1,200 |
- |
|
|
5,227,866 |
0.52 |
|
|
|
|
|
|
303,010 |
0.03 |
|
|
|
|
|
|
1,127,048 |
0.11 |
|
|
30,076 |
- |
|
|
30,009 |
- |
|
|
67 |
- |
|
|
1,460,134 |
0.15 |
|
Total Public shareholding (B) |
6,688,000 |
0.67 |
|
Total (A)+(B) |
1,000,000,000 |
100.00 |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Exporter of
Minerals |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
N K Bhargava and Company Chartered Accountant |
|
Address : |
|
|
|
|
|
Joint Venture: |
|
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000
Millions |
Note:
Of the above, 47,000,000 (P.Y.47,000,000) Equity shares of Rs.
10 each allotted as fully paid-up Bonus Shares by way of capitalisation of
Reserves.
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 |
500.000 |
500.000 |
500.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
12371.470 |
10733.830 |
9799.640 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
12871.470 |
11233.830 |
10299.640 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
46143.610 |
42081.620 |
31983.530 |
|
|
2] Unsecured Loans |
5504.350 |
970.390 |
0.000 |
|
|
TOTAL BORROWING |
51647.960 |
43052.010 |
31983.530 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
64519.430 |
54285.840 |
42283.170 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1217.400 |
1296.770 |
1398.420 |
|
|
Capital work-in-progress |
7.160 |
21.180 |
13.870 |
|
|
|
|
|
|
|
|
INVESTMENT |
2729.090 |
2315.430 |
2549.710 |
|
|
DEFERREX TAX ASSETS |
226.670 |
303.230 |
256.700 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
21348.340
|
5785.290
|
5532.080
|
|
|
Sundry Debtors |
15523.110
|
19073.170
|
14452.360
|
|
|
Cash & Bank Balances |
60807.610
|
58579.990
|
59520.360
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
16534.660
|
18723.210
|
6727.580
|
|
Total
Current Assets |
114213.720
|
102161.660
|
86232.380 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
29328.930
|
22690.190 |
|
|
|
Other Current Liabilities |
20643.030
|
25660.040
|
45304.130
|
|
|
Provisions |
3902.650
|
3520.460
|
2886.290
|
|
Total
Current Liabilities |
53874.610
|
51870.690
|
48190.420 |
|
|
Net Current Assets |
60339.110
|
50290.970
|
38041.960 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
58.260 |
22.510 |
|
|
|
|
|
|
|
|
TOTAL |
64519.430 |
54285.840 |
42283.170 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales Turnover |
451241.880 |
368207.570 |
264234.590 |
|
|
|
Other Trading Earnings |
1397.170 |
1966.800 |
795.720 |
|
|
|
Other Income |
487.040 |
306.230 |
226.240 |
|
|
|
Provisions No Longer Required |
409.960 |
224.230 |
292.360 |
|
|
|
Interest Income |
5741.910 |
7824.020 |
2106.070 |
|
|
|
TOTAL (A) |
459277.960 |
378528.850 |
267654.980 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Salaries and Allowances |
1683.590 |
1652.800 |
|
|
|
|
Administrative Expenses |
414.410 |
346.640 |
|
|
|
|
Exhibition, Fairs & Sales Promotion Exp |
46.340 |
38.760 |
|
|
|
|
Miscellaneous Expenditure Written Off |
58.260 |
18.200 |
262931.820 |
|
|
|
Debts/Claims Etc. Written Off |
3.320 |
143.280 |
|
|
|
|
Provision for Bad & Doubtful Debts |
18.980 |
406.120 |
|
|
|
|
Cost of Sales |
445768.340 |
365262.300 |
|
|
|
|
Manufacturing Expenses |
3694.630 |
1703.460 |
|
|
|
|
Prior Period Items |
(0.100) |
(1.010) |
|
|
|
|
TOTAL (B) |
451687.770 |
369570.550 |
262931.820 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7590.190 |
8958.300 |
4723.160 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4126.180 |
6658.690 |
1350.320 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3464.010 |
2299.610 |
3372.840 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
133.300 |
125.830 |
126.840 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3330.710 |
2173.780 |
3246.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1168.330 |
771.610 |
1241.160 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2162.380 |
1402.170 |
2004.840 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4702.010 |
3937.820 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
220.000 |
170.000 |
NA |
|
|
|
Dividend |
74.740 |
67.980 |
NA |
|
|
|
Tax on Dividend |
450.000 |
200.000 |
NA |
|
|
|
Interim Dividend |
0.000 |
200.000 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
6119.650 |
4702.010 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB/CIF Value of Goods Exported |
32247.140 |
45788.400 |
39050.800 |
|
|
|
Despatch/Demurrage |
41.970 |
87.150 |
15.110 |
|
|
|
Misc. Receipts |
10.750 |
0.060 |
0.000 |
|
|
|
Dividend |
141.990 |
72.450 |
0.000 |
|
|
|
Other Trade Earnings(Counter Trade) |
31.440 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
32473.290 |
45948.060 |
39065.910 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
CIF/FOB Value of
Imports |
405703.640 |
306271.950 |
209470.740 |
|
|
TOTAL IMPORTS |
405703.640 |
306271.950 |
209470.740 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
43.25 |
28.04 |
40.10 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
120455.300 |
168508.200 |
187366.700 |
|
Total Expenditure |
120126.400 |
168306.600 |
187216.300 |
|
PBIDT (Excl OI) |
328.900 |
201.600 |
150.400 |
|
Other Income |
140.100 |
294.000 |
171.300 |
|
Operating Profit |
469.000 |
495.600 |
321.700 |
|
Interest |
(356.700) |
0.000 |
0.000 |
|
PBDT |
825.700 |
495.600 |
321.700 |
|
Depreciation |
31.500 |
34.100 |
34.000 |
|
Profit Before Tax |
794.200 |
461.500 |
287.700 |
|
Tax |
241.900 |
54.200 |
273.100 |
|
Profit After Tax |
552.300 |
407.300 |
14.600 |
|
Net Profit |
552.300 |
407.300 |
14.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.47
|
0.37
|
0.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.74
|
0.59
|
1.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.88
|
2.10
|
3.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.19
|
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.20
|
8.45
|
7.78 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.12
|
1.97
|
1.79 |
LOCAL AGENCY FURTHER INFORMATION
Results of Operations
The Company exhibited outstanding performance in recording its highest
ever topline for the sixth consecutive year. The company achieved record level
business turnover of Rs. 451,242 million during 2009-10 registering a growth of
more than 22% over the previous year. This best ever business turnover since
MMTC’s inception in 1963 includes exports of Rs. 32,228 million, highest ever
imports of Rs. 399,690 million and domestic trade of Rs. 19,324 million. The
other trade related earnings contributed Rs. 1397 million. The net profit of
Rs. 2162 million earned by the Company registered a growth of 54% over previous
year and is the highest ever net profit after tax earned by the Company in its
history. This noteworthy performance is despite intense competition faced by
the Company in all its trade activities — both from local as well as
international players which put considerable pressure on margins. This was
responded to through growth in core operations by competitive offering of
products bundled with efficient services, as also by successfully tapping new
areas of business by innovative value addition, aggressive marketing efforts
and better utilization of available resources.
Awards and Rankings
Following Awards
and Rankings were conferred on the company during 2009-10:
1. MOU Excellence Award for the year 2007-08
2. All India Export excellence award (Silver Trophy) for the Year
2008-09 in Merchant Enterprise category by EEPC;
3. CAPEXIL highest award for Highest Export in Minerals and Ores sector
for the year 2008-09 (18th time in a row);
4. Ranked 5th by CAPITAL MARKET in their 2009 Compendium of TOP 500
Companies in
5. Top Indian Company in the Trading Sector by Dun and Bradstreet in their rankings “
6. Amity Excellence Award in the category “Wealth Creator of the Year”
for 2009-10.
7. Ranked 14 amongst
8. Ranked 10th in the list of
Subsidiary Company
The wholly owned subsidiary of the Company - MMTC Transnational Pte.
Limited Singapore (MTPL) was incorporated in October 1994 under the laws of
MMTC’s Promoted
Project-Neelachal Ispat Nigam Limited (NINL)
The Company had set up Neelachal Ispat Nigam Limited (NINL) – an iron
and steel plant of 1.1 million tonnes per annum capacity, 0.8 million tonne
coke ovens and by-product unit with captive power plant, jointly with Govt. of
Orissa. The project has firm Iron ore supply linkages and also has captive iron
ore mining rights for reserves estimated at about 150 million tons. The
construction of phase-II of the Project with an estimated cost of Rs.18550
million is under progress.. During the year 2009-10, NINL achieved a sales turnover
of Rs.15800 million and generated net profit of Rs. 379 million.
Future Projects/
Joint Ventures
Aiming at diversification and with a view to add value to its existing
trading operations, the Company has
undertaken various strategic initiatives following public- private partnership
route. Brief details of these value multiplier strategic initiatives to enhance
the Company’s future sustainability are given below:
(i) The Company has promoted a Commodity Exchange under the name and
style of “Indian Commodity Exchange Limited” which has since commenced
operations in November 2009.
(ii) The Company is participating in the equity of a Currency Futures
Exchange under the name and style of “United Stock Exchange of India Limited”
which is also likely to commence operations soon.
(iii) The Company has joined hands with an international producer as a
joint venture partner for setting up a gold/silver medallion manufacturing
unit, which would also include a gold refinery as an integral part, under the
name and style of “MMTC-Pamp India Private Limited”. The civil construction
activities for medallion manufacturing unit located in Haryana are already 95%
complete and the medallion manufacturing unit is likely to
Commence trial production in the last quarter of 2010 and commercial
production in first quarter of 2011.
(iv) For effective marketing of the finished products from above unit,
as well as jewellery from other sources, the
Company is setting up, in partnership with a leading Indian company, a
chain of retail stores at various cities in
(v) The Company is setting up permanent berth with loading facilities
for iron ore at
(vi) The Company is also developing a deep draught iron ore berth at
(vii) Towards investing in mining exploration the Company has executed a
joint venture agreement with M/s. TATA Steel Limited For exploration and development of mines for
minerals, ferrous and non-ferrous ores, precious metals, diamonds and coal
etc., both in
(viii) To facilitate promotion of two-way trade, the Company is setting
up free trade and warehousing zones at Haldia and Kandla on lines similar to
Special Economic Zones.
(ix) The Company has been allotted a coal mine in the
Management
Discussion and Analysis Report 2009-10
Overview of Global
Developments in 2009
According to World Trade Organization economists, global economic crisis
sparked a 12.2% contraction in the volume of global trade in 2009 - the largest
decline since World War II with basically a sharp reduction in global demand
being the primary cause. In value (nominal) terms while the world merchandise
exports fell by 23% in 2009, the world commercial services’ exports declined by
13%. During 2009 trade slump was of synchronized nature with exports and
imports of all countries falling at the same time, leaving no region untouched.
WTO economists have forecast that without any further upheavals in the
global economy, world merchandise trade should resume its normal upward
trajectory through the end of 2010. The WTO Secretariat estimates that during
2010, world exports in volume terms will grow by 9.5%, and while developed
economies’ exports will expand 7.5%, the rest of the world (developing
economies plus the CIS) will advance 11%. This projection assumes a resumption
of global GDP growth in line with consensus estimates (2.9% at market exchange
rates), as well as stability in oil prices and exchange rates.
Overview of
Developments in
As per the Economic Survey 2009-10 presented to Parliament in February
2010, the fiscal year 2009-10 began as
difficult one. The continued recession in the developed world, for the
better part of 2009-10, meant a sluggish export recovery and a slowdown in
financial flows into the economy. Yet, over the span of the year, the economy posted
a remarkable recovery, not only in terms of overall growth figures but, more
importantly, in terms of certain fundamentals. The Economic Survey 2009-10
states that the economy posted a remarkable recovery and is expected to grow at
7.2 per cent in 2009-10 against 6.7 per cent in 2008-09 with the industrial and
the service sectors growing at 8.2 and 8.7 per cent respectively. The Survey
hopes that the Indian GDP can be expected to grow around 8.5+/- 0.25 per cent,
with a full recovery, breaching the 9 per cent mark in 2011-12.
MMTC- 2009-10 in
Retrospect
Financial Review
The Company exhibited inspiring
performance by achieving record level top line consecutively for the sixth year
running by registering its highest ever business turnover of Rs. 451,242
million during fiscal 2009-10. This best ever business turnover in subject
history since 1963 includes exports of Rs. 32,228 million, highest ever imports
of Rs. 399,690 million and domestic trade of Rs. 19,324 million. The other
trade related earnings contributed Rs. 1397 million. The Company earned trading
profit of Rs. 3176 million. The profit before tax and profit after tax earned
by the Company amounted to Rs. 3331 million and Rs. 2162 million respectively.
Earning per share for the financial year 2009-10 has been Rs.43.25. The
Company’s improved management of financial resources yielded net interest
earnings of Rs. 1616 million. The corporate tax liability of the Company during
2009-10 works out to Rs. 1085 million. MMTC continues to be a zero long-term
debt Company.
Sources and
Utilization of Funds
The sources of funds of the Company as on 31 March 2010 comprises of
shareholders fund amounting to Rs 12871.47 million including equity share
capital of Rs 500 million secured and unsecured loan funds of Rs. 46143.61
million and Rs.5504.35 million. These Funds have been deployed interalia
towards fixed assets amounting to Rs. 1224.56 million, Investments of Rs.
2729.09 million and net current assets of Rs 60339.11 million as on 31 March
2010.
BUSINESS GROUPWISE
REVIEW FOR 2009-10
Minerals
Despite the global recession during the early part of 2009-10, reduction
in international benchmark prices, pressure on availability of ores for exports
and constraints of infrastructure and logistics, the Company maintained its
leadership position in mineral exports through aggressive marketing efforts,
enhanced customer focus and tapping of emerging opportunities, especially in
Minerals group of the Company contributed a turnover of Rs. 28143
million during the year, which includes exports valued at Rs. 26532 million,
Imports amounting to Rs. 2 million and domestic trade of Rs. 1610 million. In
quantitative terms, the exports made by the group include 59.66 lakh tonnes of
iron ore valued at Rs 19244 million, 4.92 lakh MT of chrome concentrate valued
at Rs 5244 million, 0.93 lakh MT of chrome ore valued at Rs. 1025 million and
2.92 lakh MT of manganese ore valued at Rs. 1019 million. The domestic trade
concluded by the group includes 5.89 lakh tonnes of iron ore valued at Rs 1515
million, 0.88 lakh tonnes of limestone valued at Rs 41 million, 1.02 lakh
tonnes of dolomite valued at Rs 53 million and 2152 tons of ferro chrome valued
at Rs. 1 million. The group also imported 102 tons of manganese ore valued at
Rs. 2 million.
The export of Iron and steel making raw material from
Increasingly, like with other products, the iron ore trade also will
shift to commodity exchanges and iron ore is already being traded at
Precious Metals,
Gems and Jewellery
The company enjoys the position
of market leader in the Indian bullion trade, having flexibility to operate
from various centers spread all over the country offering novel product
services, besides maintaining enduring relationship. The Precious Metals, Gems
and Jewellery group of the Company
contributed a turnover of Rs. 321303 million during 2009- 10. This performance
was realized through diversified activities, which include imports of gold at
Rs. 298113 million, silver worth Rs. 17312 million and rough diamonds worth Rs.
604 million as also domestic sale of gold bar/medallion at Rs. 3429 million,
gold worth Rs. 707 million, silver worth Rs. 27 million, jewellery worth Rs 597
million, silver medallion at Rs. 151 million, ‘SANCHI’ silverware at Rs. 189
million, semi precious stones worth Rs.15 million and sales at domestic
jewellery exhibition at Rs. 159 million.
The Precious Metals Group of the
Company is continuously working on improving service to customers and
now has 25% share of
Metals and
Industrial Raw Materials
Despite International slowdown and downward trend in industrial and infrastructure sector in early part of
2009-10, leading to decreased demand for base metals and Industrial raw
materials, the Metals group of the Company contributed Rs. 20790 million to
subject turnover during 2009-10. The contribution of the group comprised of
export of pig iron produced by NINL - a MMTC promoted Iron and steel plant
worth Rs. 4891 millions, import of ferrous, nonferrous metals and industrial
raw materials worth Rs. 6635 million and domestic trade of Rs. 9264 millions
including sale of pig iron and slag produced at NINL worth Rs.6352 million.
To further improve its performance during 2009-10, the group shall be
improving upon its strategies/ business model for further diversification of
its activities, tapping new markets/products while maintaining its focus on its
core products/ markets, entering into strategic alliance with producers of non
ferrous metals besides improving customer relationship management, unrelenting
focus on Institutional clientele and deeper market access.
Agro Products
The Agro Products group of the Company achieved a turnover of Rs. 15883
millions during 2009-10, which includes imports of 2.75 lakh MT dun/yellow peas
worth Rs.3967 million, 34192 MT pulses worth Rs. 1190 million, 186319 MT of
edible oils worth Rs.7743 million and 69993 MT sugar worth Rs. 1723 million,
besides domestic trading of LDPE/ cotton/ pulses/ sugar worth Rs. 426 million.
The group also traded agro products at commodity exchanges and achieved a
turnover of Rs. 834 million.
The Agro Group of the Company shall continue to pursue its plans and
strategies to meet the shortages of food grains and pulses in the country by
imports, export of surplus availability of agro products besides meeting the
challenges stemming from wide variations in quantity/ product range available
for imports/exports and broadening commodity profile to ensure sustainability
of business growth in this segment in future.
Fertilizers and
Chemicals
The Fertilizer and Chemicals group contributed a turnover of Rs.25029
million. The group’s performance during 2009-10 included third country trade of
22500 MT urea worth Rs. 390 million, Export of NPK/MOP/DAP worth Rs.415
million, Import of 10.36 lakh metric tonnes of urea valued at Rs. 14084
million, import With domestic production unable to meet the growing demand of
non coking coal for power sector, steel, fertilizer and other heavy industries,
the existence of big supply gap compels the country to depend upon sizable
imports. Further the increase in demands of steam coal likely to increase
considerably in future with many new coal fired generation plants being
underway shall be opening up newer vistas for this segment of the Company. The coal and hydrocarbon group of the Company has fine-tuned its strategies to tap
these emerging opportunities to import and serve the increased demand of coal
and coke to power, steel, fertilizer,
chemical, cement and sponge Iron units
in future.
Mica
As reported in earlier years, the changed market requirement and
technological developments in mica processing technologies of 3.77 lakh metric
tonnes of muriate of potash at Rs. 9302 million, import of 36000 MT DAP worth
Rs. 574 million, imports of 40657 MT sulphur worth Rs. 220 million and soda ash
worth Rs.4 million, besides domestic trading of ammonium sulphate produced at
NINL – the MMTC promoted Iron and Steel
plant - valued at Rs. 40 million.
The group judiciously leveraged and synergised MMTC’s expertise in bulk
handling with domain knowledge, hands-on experience, expertise in logistics
management and skills to predict emerging trends in the global market of
fertilizers to realize this noteworthy performance.
The consumption of fertilizers is growing in
Coal and
Hydrocarbons
The Coal and Hydrocarbons group
contributed a turnover of Rs. 39956 million to the highest ever turnover
recorded by the Company. The turnover
contributed by the group included import of 59.01 lakh tonnes of steam coal
valued at Rs.32574 million, 6.40 lakh tonnes of coking coal valued at Rs. 5465
million and 12527 tones of LAM coke worth Rs. 164 million besides domestic
trading in LAM Coke worth Rs.1285 million, crude tar amounting to Rs. 431
million and steam coal worth Rs. 37 million.
Globally led to activities at Mica Division coming to a halt since
2002-03. The decision on the review petition filed with the appropriate
authorities under the Industrial Disputes Act for closure of Mica Division is
yet to be pronounced by the Govt.
Others
The other products contributed Rs. 138 million to the turnover of the
Company, which included domestic trade of security equipment and engineering
and capital goods worth Rs.45 million
besides sale of power amounting to Rs. 93 million, generated at the 15 MW wind
power farms commissioned in March 2007 in Karnataka. During the year 2010-11,
the Company shall continue availing opportunities emerging in new
markets/products for generating additional business revenues for the Company.
FIXED ASSETS:
·
o
Land
free-hold
o
Land
Lease-hold
o
Building
o
Warehouse
o
Water
Supply and Drainage
o
Electrical
Installations
o
Audio/Fire/Air
Conditioning
o
Roads
and Culverts
·
STAFF
QUARTERS
- Land-Free-hold
- Land-Lease-hold
- Building/Residential Flats
- Roads and Culverts
- Water Supply, Sewerage and
Drainage
- Electrical Installations
- Plant and Machinery
- Furniture and Fixtures
- Computer/Data Processors
- Air Conditioners, Fans,
- Typewriters and Other Machines
- Vehicles
- Railway Wagon Rake (
- Railway
UNAUDITED FINANCIAL RESULTS
(PROVISIONAL) FOR THE QUARTER ENDED 31ST DECEMBER, 2010
Rs. in Millions
|
Particular |
For the months ended |
Year to date for current year |
|
|
31.12.2010 |
31.12.2010 |
|
|
Unaudited |
Unaudited |
|
|
|
|
|
Net Sales
/ Income from operations |
185392.400 |
473512.400 |
|
Other
Operating Income |
1974.300 |
2817.800 |
|
Total
Income |
187366.700 |
476330.200 |
|
Expenditure |
|
|
|
(Increase)
/ Decrease in stock in trade and work in progress |
4627.300 |
9008.400 |
|
Purchase
of traded goods |
181872.100 |
464947.000 |
|
Employees
cost |
483.700 |
1265.700 |
|
Depreciation |
34.000 |
99.600 |
|
Other
expenditure |
233.200 |
428.200 |
|
Total |
187250.300 |
475748.900 |
|
Profit
from operations before other income, interest and exceptional Items |
116.400 |
581.300 |
|
Other
income |
40.200 |
222.900 |
|
Profit
before interest and exceptional Items |
156.600 |
804.200 |
|
Interest |
(131.100) |
(739.200) |
|
Profit after Interest but
before Exceptional Items |
287.700 |
1543.400 |
|
Exceptional
Items |
0.000 |
0.000 |
|
Profit (+)/Loss(-) from
Ordinary Activities before tax |
287.700 |
1543.400 |
|
Tax
expense |
|
|
|
Current
tax |
167.600 |
569.200 |
|
Income
tax related to earlier years |
105.500 |
0.000 |
|
Net Profit (+)/Loss(-) from
Ordinary Activities after tax |
14.600 |
974.200 |
|
Extraordinary items |
0.000 |
0.000 |
|
Net
Profit (+) / Loss (-) for the year period |
14.600 |
974.200 |
|
Paid up
equity share capital (Face value of Re. 1/- per share) |
1000.000 |
1000.000 |
|
Reserves
excluding revaluation reserves as per balance sheet of previous accounting
year |
-- |
-- |
|
Earning
per share (EPS) |
|
|
|
(a) Basic and diluted EPS
before Extraordinary items for the period, for the year
to date and for the previous year (not to be
annualised) |
0.01 |
0.97 |
|
(a) Basic and diluted EPS
before Extraordinary items for the period, for the year
to date and for the previous year (not to be
annualised) |
0.01 |
0.97 |
|
Public
shareholding |
|
|
|
Number of shares |
6688000 |
6688000 |
|
Percentage of shareholding |
0.67 |
0.67 |
|
|
|
|
|
Promoters
and Promoters group Shareholding- |
|
|
|
a)
Pledged /Encumbered |
|
|
|
Number
of shares |
-- |
-- |
|
Percentage
of shares (as a % of total shareholding of the promoter and promoter group) |
-- |
-- |
|
Percentage
of shares (as a % of total share capital of the company) |
-- |
-- |
|
|
|
|
|
b)
Non Encumbered |
|
|
|
Number
of shares |
993312000 |
993312000 |
|
Percentage
of shares (as a % of total shareholding of the promoter and promoter group) |
100.00 |
100.00 |
|
Percentage
of shares (as a % of total share capital of the company) |
99.33 |
99.33 |
SEGMENT REVENUE
Rs. in Millions
|
Particular |
For the months ended |
Year to date for current year |
|
|
31.12.2010 |
31.12.2010 |
|
|
Unaudited |
Unaudited |
|
|
|
|
|
Precious Metals |
141755.900 |
342095.100 |
|
Metals |
5128.400 |
14158.700 |
|
Minerals and Ores |
6073.100 |
20463.600 |
|
Hydrocarbon |
17019.200 |
69918.500 |
|
Agro Products |
2124.200 |
8810.600 |
|
Fertilizers |
13269.600 |
17979.100 |
|
Others |
22.000 |
86.800 |
|
Total |
185392.400 |
473512.400 |
|
Less: Inter
Segment Revenue |
-- |
-- |
|
Net Sales |
185392.400 |
473512.400 |
|
|
|
|
|
Segment Results |
|
|
|
Profit / loss
before tax and interest from each segment |
|
|
|
Precious Metals |
185.600 |
365.700 |
|
Metals |
91.900 |
315.100 |
|
Minerals and Ores |
377.900 |
860.100 |
|
Hydrocarbon |
184.600 |
644.500 |
|
Agro Products |
(15.700) |
61.700 |
|
Fertilizers |
26.300 |
61.300 |
|
Others |
16.800 |
66.400 |
|
Total |
867.300 |
2374.800 |
|
Less: Interest |
(131.100) |
(739.200) |
|
Others Un-allocable Expenditure net
off Un-allocable income |
710.700 |
1670.600 |
|
Total profit
before tax |
287.700 |
1543.400 |
|
|
|
|
|
Capital Employed |
|
|
|
Precious Metals |
1633.600 |
1633.500 |
|
Metals |
544.500 |
544.500 |
|
Minerals and Ores |
5989.400 |
5989.400 |
|
Hydrocarbon |
1089.000 |
109.000 |
|
Agro Products |
544.500 |
544.500 |
|
Fertilizers |
544.500 |
544.500 |
|
Others |
544.500 |
544.500 |
AS PER WEBSITE DETAILS:
CORPORATE PROFILE:
Established in 1963, Subject, one of the two highest foreign exchange
earner for
Subject is major global player in the minerals trade and is the single
largest exporter of minerals from
ONE OF THE WORLD'S
LARGEST BUYERS OF FERTILIZERS
Subject is the largest importer of gold and silver in the Indian sub
continent, handling about 146 MT of gold and 1250 MT of silver during
2008-09. SUBJECT supplies gold on loan and outright basis basis to the
exporter, bullion dealers and jewellery manufacturers on all
THE BIGGEST
IMPORTER OF NON FERROUS METALS and
INDUSTRIAL RAW MATERIAL TO
SUBJECT is
GROWING INTEREST IN
AGRO PRODUCTS WORLDWIDE
Subject is amongst the leading Indian exporters and importers of agro
products. The company's bulk exports include commodities such as rice, wheat,
wheat flour, soyameal, pulses, sugar, processed foods and plantation products
like tea, coffee, jute etc. SUBJECT also
undertakes extensive operations in oilseed extraction, from the procurement of
seeds to the production of de-oiled cakes for export, as well as the production
of edible oil for domestic consumption. It also imports edible oils. Subject
has won the gold trophy from FIEO for highest exports in agriculture and plantation product in non-SSI Sector.
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 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.44.99 |
|
|
1 |
Rs.73.23 |
|
Euro |
1 |
Rs.62.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
79 |
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.