1. Summary Information
|
|
|
Country |
India |
|
Company Name |
MMTC LIMITED |
Principal Name 1 |
Mr. Sanjeev Batra
|
|
Status |
Very Good |
Principal Name 2 |
Dr. Sutanu
Behuria |
|
|
|
Registration # |
55-4033 |
|
Street Address |
Core -1, Scope
Complex, 7 Institutional Area, Lodhi Road, New Delhi – 110 003 |
||
|
Established Date |
26.09.1963 |
SIC Code |
|
|
Telephone# |
91-11-24362200 |
Business Style 1 |
Exporter of
Minerals |
|
Fax # |
91-11-24362077/24362224/24360724/24362072 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Iron Ore |
|
|
# of employees |
-- |
Product Name 2 |
Gold |
|
Paid up capital |
Rs.1000,000,000 |
Product Name 3 |
Coal |
|
Shareholders |
Central Government / State Government(s) - 99.33% |
Banking |
Canara Bank |
|
Public Limited Corp. |
-- |
Business Period |
48 years |
|
IPO |
-- |
International Ins. |
-- |
|
Public |
-- |
Rating |
Aa (79) |
|
Related
Company |
|||
|
Relation
-
Subsidiary |
Country - Singapore |
Company
Name |
MMTC Transnational Pte. Limited |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
116,337,980,000 |
Current Liabilities |
52,465,680,000 |
|
Inventories |
6,479,730,000 |
Long-term Liabilities |
60,834,670,000 |
|
Fixed Assets |
1,108,510,000 |
Other Liabilities |
0 |
|
Deferred Assets |
335,490,000 |
Total Liabilities |
113,300,350,000 |
|
Invest& other Assets |
2,835,990,000 |
Retained Earnings |
12,797,350,000 |
|
|
0 |
Net Worth |
13,797,350,000 |
|
Total Assets |
127,097,700,000 |
Total Liab. & Equity |
127,097,700,000 |
|
Total Assets (Previous Year) |
118,394,040,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
688,544,880,000 |
Net Profit |
1,216,430,000 |
|
Sales(Previous yr) |
451,241,880,000 |
Net Profit(Prev.yr) |
2,162,380,000 |
MIRA
INFORM REPORT
|
Report Date : |
16.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
MMTC LIMITED |
|
|
|
|
Registered Office : |
Core -1, Scope
Complex, 7 Institutional Area, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
26.09.1963 |
|
|
|
|
Com. Reg. No.: |
55-4033 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.1000.000
Millions |
|
|
|
|
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 |
|
|
|
|
No. of Employees : |
Not Available |
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 55189400 |
|
|
|
|
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 31.03.2011
|
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) |
|
|
|
|
Name: |
Mr. Anil Razdan
(w.e.f. 13.07.2011) |
|
Designation: |
Director |
|
|
|
|
Name: |
Mr. S Krishnan
(w.e.f. 14.07.2011) |
|
Designation: |
Director |
|
|
|
|
Name: |
Mr. G S Vedi
(w.e.f. 14.07.2011) |
|
Designation: |
Director |
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 30.09.2011
|
Category of
Shareholder |
Total No. of
Shares |
% 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 |
|
|
|
|
|
|
|
|
5,167,055 |
0.52 |
|
|
22,945 |
- |
|
|
3,100 |
- |
|
|
5,193,100 |
0.52 |
|
|
|
|
|
|
230,866 |
0.02 |
|
|
|
|
|
|
1,228,418 |
0.12 |
|
|
35,616 |
- |
|
|
35,547 |
- |
|
|
69 |
- |
|
|
1,494,900 |
0.15 |
|
Total Public
shareholding (B) |
6,688,000 |
0.67 |
|
Total (A)+(B) |
1,000,000,000 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total
(A)+(B)+(C) |
1,000,000,000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Exporter of
Minerals |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS
AS ON 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Silver Medallion |
Nos. |
-- |
-- |
263,077 |
|
Sanchi |
Kgs. |
-- |
-- |
10,416 |
|
Gold Medallion |
Nos. |
-- |
-- |
149,130 |
|
Mica Paper |
MT. |
700 |
600 |
-- |
|
Mica Power |
MT. |
900 |
900 |
-- |
|
IMP phase - I |
MT. |
-- |
45 |
-- |
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 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000000 |
Equity Shares |
Rs.1/- each |
Rs.1000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000
Millions |
Note:
Of the above, 970,000,000 (P.Y.47,000,000 Equity shares of
Rs. 10 each) Equity shares of Rs. 1 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 |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1000.000 |
500.000 |
500.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
12797.350 |
12371.470 |
10733.830 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
13797.350 |
12871.470 |
11233.830 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
50019.920 |
46143.610 |
42081.620 |
|
|
2] Unsecured Loans |
10814.750 |
5504.350 |
970.390 |
|
|
TOTAL BORROWING |
60834.670 |
51647.960 |
43052.010 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
74632.020 |
64519.430 |
54285.840 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1108.510 |
1217.400 |
1296.770 |
|
|
Capital work-in-progress |
5.140 |
7.160 |
21.180 |
|
|
|
|
|
|
|
|
INVESTMENT |
2830.850 |
2729.090 |
2315.430 |
|
|
DEFERREX TAX ASSETS |
335.490 |
226.670 |
303.230 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6479.730
|
21348.340
|
5785.290
|
|
|
Sundry Debtors |
25397.350
|
15523.110
|
19073.170
|
|
|
Cash & Bank Balances |
67482.350
|
60807.610
|
58579.990
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
23458.280
|
16534.660
|
18723.210
|
|
Total
Current Assets |
122817.710
|
114213.720
|
102161.660
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
26509.750
|
29328.930
|
22690.190 |
|
|
Other Current Liabilities |
21955.890
|
20643.030
|
25660.040
|
|
|
Provisions |
4000.040
|
3902.650
|
3520.460
|
|
Total
Current Liabilities |
52465.680
|
53874.610
|
51870.690
|
|
|
Net Current Assets |
70352.030
|
60339.110
|
50290.970
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
58.260 |
|
|
|
|
|
|
|
|
TOTAL |
74632.020 |
64519.430 |
54285.840 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales Turnover |
688544.880 |
451241.880 |
368207.570 |
|
|
|
Other Trading Earnings |
2015.140 |
1397.170 |
1966.800 |
|
|
|
Other Income |
312.300 |
487.040 |
306.230 |
|
|
|
Provisions No Longer Required |
40.980 |
409.960 |
224.230 |
|
|
|
Interest Income |
4750.470 |
5741.910 |
7824.020 |
|
|
|
TOTAL (A) |
695663.770 |
459277.960 |
378528.850 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Salaries and Allowances |
1837.590 |
1683.590 |
1652.800 |
|
|
|
Administrative Expenses |
508.550 |
414.410 |
346.640 |
|
|
|
Exhibition, Fairs & Sales Promotion Exp |
45.130 |
46.340 |
38.760 |
|
|
|
Miscellaneous Expenditure Written Off |
0.000 |
58.260 |
18.200 |
|
|
|
Debts/Claims Etc. Written Off |
0.920 |
3.320 |
143.280 |
|
|
|
Provision for Bad & Doubtful Debts |
229.390 |
18.980 |
406.120 |
|
|
|
Cost of Sales |
682918.840 |
445768.340 |
365262.300 |
|
|
|
Manufacturing Expenses |
4341.460 |
3694.630 |
1703.460 |
|
|
|
Processing Charges |
0.020 |
|
|
|
|
|
Prior Period Items |
20.800 |
(0.100) |
(1.010) |
|
|
|
TOTAL (B) |
689902.700 |
451687.770 |
369570.550 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5761.070 |
7590.190 |
8958.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3718.590 |
4126.180 |
6658.690 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2042.480 |
3464.010 |
2299.610 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
124.660 |
133.300 |
125.830 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1917.820 |
3330.710 |
2173.780 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
701.390 |
1168.330 |
771.610 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1216.430 |
2162.380 |
1402.170 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6119.650 |
4702.010 |
3937.820 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
130.000 |
220.000 |
170.000 |
|
|
|
Dividend |
250.000 |
74.740 |
67.980 |
|
|
|
Tax on Dividend |
40.550 |
450.000 |
200.000 |
|
|
|
Interim Dividend |
0.000 |
0.000 |
200.000 |
|
|
BALANCE CARRIED
TO THE B/S |
6915.530 |
6119.650 |
4702.010 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB/CIF Value of Goods Exported |
|
32247.140 |
45788.400 |
|
|
|
Despatch/Demurrage |
|
41.970 |
87.150 |
|
|
|
Misc. Receipts |
|
10.750 |
0.060 |
|
|
|
Dividend |
NA |
141.990 |
72.450 |
|
|
|
Other Trade Earnings(Counter Trade) |
|
31.440 |
0.000 |
|
|
TOTAL EARNINGS |
NA |
32473.290 |
45948.060 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
CIF/FOB Value of
Imports |
NA |
405703.640 |
306271.950 |
|
|
TOTAL IMPORTS |
NA |
405703.640 |
306271.950 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.22 |
43.25 |
28.04 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
|
Type |
1st
Quarter |
|
Net Sales |
204242.700 |
|
Total Expenditure |
204271.900 |
|
PBIDT (Excl OI) |
(29.200) |
|
Other Income |
146.100 |
|
Operating Profit |
116.900 |
|
Interest |
0.000 |
|
PBDT |
116.900 |
|
Depreciation |
30.600 |
|
Profit Before Tax |
86.300 |
|
Tax |
21.600 |
|
Profit After Tax |
64.700 |
|
Net Profit |
64.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.17
|
0.47
|
0.37
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.27
|
0.74
|
0.59
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.54
|
2.88
|
2.10
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.26
|
0.19
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.21
|
8.20
|
8.45
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.34
|
2.12
|
1.97
|
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
DESCRIPTION
Subject is an India-based international trading company. The Company had
set up Neelachal Ispat Nigam Limited (NINL), an iron and steel plant of 1.1
million tons capacity, 0.8 million ton coke oven and by-product unit with
captive power plant, jointly with Government of Orissa. The project has firm
Iron ore supply linkages and also captive Iron ore mining rights for reserves
estimated about 150 million tons. MMTC’s Precious Metals Division is in to a
range of activities covering imports, exports and domestic retail trade. It
helps in promoting exports from India by holding exclusive foreign exhibitions
of gold and studded jewellery at chosen overseas locations. The Company also
operates an in-house assaying and hallmarking unit at New Delhi, Jaipur, Ahmedabad
and Kolkatta for testing purity of gold and gold articles duly accredited with
Bureau of Indian Standards. It imports both finished fertilizers, fertilizer
intermediaries and fertilizer raw materials. For the fiscal year ended 31 March
2010, MMTC Limited revenues increased 21% to RS456.14B. Net income increased
23% to RS2.5B. Revenues reflect increased from precious, mineral and ores segment, and a rise in hydrocarbon
divisions. Net income also reflects by a decrease in interest expenses, a fall
in debtors written off, a fall in traveling expenses and an increase in gross
profit margin and operating profit.
RESULTS OF
OPERATIONS
The Company
recorded its highest ever topline consecutively for the seventh year. The
company achieved record level business turnover of Rs. 688,545 million during
2010-11 registering a growth of over 53% over the previous year. This best ever
business turnover since MMTC's inception in 1963 includes Exports of Rs. 36,934
million, highest ever Imports of Rs. 633,008 million and domestic trade of Rs.
18,603 million. The other trade related earnings contributed Rs. 2,015 million.
The trading profit earned by the Company stood at Rs. 3,300 million as against
Rs 3,176 million during last year. The net profit earned by the company during
2010-11 amounted to Rs. 1,216 million
AWARDS AND RANKINGS
Following Awards
and Rankings were conferred on the Company during 2010-11:
• CAPEXIL’s award
for Highest Export in Minerals and Ores Sector for the year 2009-10(19th timein
a row).
• “Top Exporters
for the year 2008-09,Gold Trophy(Merchant Exporter)” by EEPC(NorthernRegion).
• Dun and
Bradstreet (DandB) and Rolta Corporate Award 2010 in Trading Sector.
• Ranked 4th by
Business Today in their publication “BT 500 - 2010 Public Sector Companies” .
• Ranked 8th by
Dun and Bradstreet in their publications “India’s Top 500 Companies 2010” and
“India’s Top PSUs 2011”
• Ranked 11th by Business Standard in their publication “BS1000”
released in March 2011.
FUTURE PROJECTS/
JOINT VENTURES
Aiming at diversification
and with a view to add value to its existing trading operations, the Company
has participated in various joint ventures under public- private partnership
route. These value multiplier initiatives to enhance the company’s future
sustainability are briefed hereunder:
(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 has
commenced operations in September 2010.
(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 in Haryana have already been completed and the
medallion manufacturing unit commenced trial production in February 2011. The
said medallion manufacturing unit has since commenced commercial production in
April 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 India for medallions,
jewellery and its homegrown brand of 'SANCHI' silverware. Towards this end a
special purpose vehicle (SPV) under the name and style of "MMTC-Gitanjali
Private Limited" has been incorporated and 17 retail outlets have already
been opened in various cities/ towns in India.
(v) The company
has set up a permanent berth with loading facilities for iron ore at Ennore
Port jointly with SICAL and LandT Infrastructure Ltd. under the name and style
of M/s. SICAL Iron Ore Terminals Limited. The berth is operationally ready
since October 2010 but due to ban on exports of iron ore by Karnataka State
Govt. the terminal has not been formally commissioned as yet. Once exports
resume, the terminal will provide an important outlet for such exports.
(vi) The company
is also developing a deep draught iron ore loading berth at Paradeep Port (Orissa)
jointly with Noble Group Ltd. and Gammon Infrastructure Projects Ltd. under the
name and style of M/s. Blue Water Iron Ore Terminal Private Ltd. The project is
in the initial phase and is expected to commence construction by end of the
current calendar year after forest clearance has been received from the
authorities concerned.
(vii) Towards
investing in mining exploration the Company has set up a joint venture company
with M/s. TATA Steel Ltd. under the name and style of TM Mining Ltd. for exploration
and development of mines for minerals, ferrous and non-ferrous ores, precious
metals, diamonds and coal etc., both in India and abroad.
(viii) To
facilitate promotion of two-way trade, the SPV promoted by the Company in
association with ILandFS has been allotted land to set up free trade and
warehousing zones at Haldia and Kandla on lines similar to Special Economic
Zones. To facilitate the same, process to induct strategic partner in the
projects has been initiated.
(ix) The company
has been allotted a coal mine in the Jharkhand State having estimated reserves
of about 700 million MT. Prospecting license for the same has since been issued
by the concerned authorities and the pre-feasibility study completed. Actions
for further exploration of the coal block for preparing geological report
/mining plans has since been initiated.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT 2009-10
Overview of global
developments in 2010
According to World
Trade Organization economists, Global trade flows rebounded strongly in 2010
following their collapse in 2009. The rise in the volume of goods exports in
2010 was the largest on record, enabling world trade to return to its
pre-crisis level but not its long term trend. Economic conditions continued to
improve in both developed and developing economies, but the recovery of both
trade and output proceeded more slowly in developed countries. World trade
recorded its largest ever annual increase in 2010 as merchandise exports surged
14.5 per cent, buoyed by a 3.6 per cent recovery in global output as measured
by gross domestic product (GDP). Both trade and output grew faster in
developing economies than in developed ones. World merchandise exports in
volume terms rose 14.5 per cent in 2010, while world imports grew 13.5 per
cent. As a result of rising
commodity prices
and a depreciating US currency, growth in the dollar value of world trade in
2010 was greater than the increase in volume terms. As regards prospects for
2011, the WTO Economists have opined that World trade flows are continuing
their recovery, building on the large gains of 2010, with slower but still
slightly above
average growth in
2011. However, recent events in the Middle East and Japan have raised the level
of global economic uncertainty and tilted the balance of risk towards the
downside. WTO economists‟ baseline
projections for world merchandise trade in 2011 see exports growing by 6.5%,
with shipments from developed countries increasing by around 4.5% and those
from developing economies and the CIS advancing 9.5%
Overview of
developments in India during 2010-11
In the Budget
speech before the Parliament the Finance Minster has stated that India‟s growth in 2010-11 has been swift and
broad-based. The economy is back to its pre-crisis growth trajectory. While
agriculture has shown a rebound, industry is regaining its earlier momentum.
Services sector continues its near double digit run. Fiscal consolidation has
been impressive. The Gross Domestic Product (GDP) of India is estimated to have
grown at 8.6 per cent in 2010-11 in real terms and is expected to grow at 9 per
cent with an outside band of +/- 0.25 per cent in 2011-12 The Economic Survey
2010-11 presented to Parliament in February 2011 states that in tandem with
world trade volumes, India's exports fell rapidly following the deepening of
the global financial crisis midway through 2008-09; they rose in the second
half of 2009-10, which continued through 2010-11 until June 2010. Thereafter
growth decelerated till October 2010 and picked up subsequently to reach 36.4
per cent in December 2010, which is the highest growth in the last two years.
Nevertheless cumulative export growth in April-December 2010-11 was at 29.5 per
cent with cumulative exports reaching US $ 164.7 billion during this period.
India's merchandise imports also affected by the global recession fell to US$
288.4 billion with a negative growth of –5.0 per cent in 2009-10. This was due
to the fall in growth of petroleum, oil and lubricants (POL) imports by 7.0 per
cent and non- POL imports by 4.2 per cent.
Minerals
Despite ban on
iron ore exports from Karnataka since July 2010, regulation of export from
Eastern Sector, frequent increase in railway freight from time to time,
increase in export duty on iron ore, pressure on supply of ores and sheer
constraints of infrastructure MMTC maintained its leadership position in
mineral exports through aggressive marketing efforts especially in China.
During the year 2010-11 China, Japan and South Korea were the key markets where
MMTC exported its mineral products. Minerals group of the company contributed a
turnover of Rs. 30188 million during the year, which includes exports valued at
Rs. 28042 million, Imports amounting to Rs. 40 million and domestic trade of
Rs. 2106 million. In quantitative terms, the exports made by the group include
3.248 million tonnes of Iron Ore valued at Rs 19390 million, 0.480 million MT
of chrome concentrate valued at Rs 7334 million, .0.047 million MT of Chrome
Ore valued at Rs. 742 million and 0.152 million MT of Manganese ore valued at
Rs. 575 million. The domestic trade concluded by the group includes 6.32 lakh
tonnes of Iron Ore valued at Rs 1993 million, 0.097 million tonnes of limestone
valued at Rs 43 million, 0.101 million tonnes of Dolomite valued at Rs 69
million and 2039 tons of Ferro chrome valued at Rs. 1.2 million. The group also
imported 220 tons of Ferro Chrome valued at Rs. 31 million and Manganese ore
worth Rs.9.05 million.
During the year
2010-11, the company had to face various difficulties in sourcing material for
meeting the commitments. Ban on iron ore exports from Karnataka State since
July 2010 coupled with increasing domestic demand as also severe restrictions
enforced on mining/movement of iron ore in Eastern Sector have resulted in
tremendous pressure on availability of iron ore which has affected the company‟s exports. Also, frequent increases in
railway freight and export duty on fines have led to steep increase in cost of
convergence of cargo thereby adversely affecting the viability of exports.
Despite this and the stiff competition at national and international levels the
company continued to maintain its position as a prominent exporter of iron ore
to the Japanese, Korean and Chinese markets during the year under review. The
export of Iron and steel making raw material from India has increased
significantly in the recent past and the opportunities exist to expand it
further in future. The demand is being driven by China, which has emerged as
the largest buyer of Iron ore in the world. MMTC is likely to secure long-term
purchase commitments for three years beginning FY 2011-12 from Japan and South
Korea. However the availability of Iron ore for exports during 2011-12 may be
adversely affected due to continuing dilemma on ban on iron ore exports from
Karnataka, logistic constraints, severe restrictions enforced
on mining/movement
of iron ore in Eastern Sector and increase in demand from domestic steel
industry. Besides increase in railway freight in 2010-11 coupled with higher
export duty shall also adversely affect competitiveness in international
markets. Consequent upon mechanism for iron ore exports from Karnataka being
put in place the company plans to export iron ore from permanent iron ore terminal
being commissioned at Ennore by the joint venture co-promoted by MMTC.
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. Despite high
fluctuations and continuously rising prices of bullion as well as appreciating
Indian rupee against US dollar, Precious Metals Group of the Company contributed
a turnover of Rs. 506853 million during 2010-11. This performance was realized
through diversified activities, which include imports of gold at Rs. 470235
million, Silver worth Rs. 30663 million and rough diamonds worth Rs. 1037
million as also domestic sale of gold medallion at Rs. 3463 million, silver
worth Rs. 0.06 million, Jewellery worth Rs 887 million, „SANCHI‟ silverware at Rs. 568 million. The precious
metals group of the company is continuously working on improving service to
customers and now has 29.27% share of India‟s gold trade during 2010-11. The Precious Metals group is focusing on
improving sales of value-added products, viz. Jewellery, medallions and
silverware. The company has established a Joint Venture with M/s. Gitanjali
(India‟s leading retail
Jewellery company) and a Company by the name of MMTC Gitanjali Private Limited
has already been incorporated and 17 jewellery retail outlets opened in various
cities across India. It is proposed to open more outlets to increase the retail
marketing network. A Joint Venture company for gold/silver refining and
medallions manufacture has also been incorporated by the name of M/s. MMTC-Pamp
India Private Limited. The medallion-manufacturing unit has since commenced
commercial
production in
April 2011. The tie-up will give the company opportunity to market a certain
percentage of the products of the Joint Venture company. The company has also
operationalised Assaying and Hallmarking centers at Delhi, Ahmedabad, Kolkata,
and Jaipur. While the demand of bullion is expected to remain stable in 2011-12
due to volatile gold and silver prices, exchange rate and the continuing
economic crisis in Euro zone, the retail boom in jewellery is likely to offer
emerging opportunities for the company to progress further.
Metals and
Industrial Raw Material
The Metals group
of the company contributed Rs. 20601 million to MMTC‟s turnover during 2010-11. The domestic
market of copper, zinc, aluminum and lead is dominated by indigenous producers.
The contribution of the group comprised of export of 0.413 million tonnes of
Pig iron worth Rs. 8136 millions, produced by NINL – a MMTC promoted Iron and
steel plant, Import of Ferrous, Non-Ferrous Metals and Industrial Raw Materials
worth Rs. 8267 millions and domestic sales of Rs. 4198 millions including sale
of pig iron and slag produced at NINL worth Rs. 2757 millions. International
Markets for NFM continue to be influenced by developments in USA, Euro Zone and
China. Despite US – the biggest consumer of NFM showing signs of recovery the
market is still skeptical about the outcome of Middle-East crisis, the Euro
Zone sovereign debt crisis and the likely reconstruction of Japan after the
recent earthquake and tsunami. Despite these, aiming to further improve its
performance during 2011-12, 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. 16235 millions during 2010-11,
which includes exports of cotton worth Rs. 20 millions, imports of 27190 MT of
Dun/Yellow peas worth Rs.399 millions, 88138 MT Pulses worth Rs. 3702 million,
208694 MT of edible oils worth Rs.10597 millions and 8520 MT Sugar worth Rs.
223 millions, besides domestic trading of Pulses and Sugar worth Rs. 285
millions. The group also traded agro products at commodity exchanges and
achieved a turnover of Rs. 1009 millions. The agro trade primarily depends on
Govt policies and vagaries of monsoon. At times when the surplus agro products
are available in the country, the export opportunities emerge while in the
period of shortages the agro products need to be imported. The Agro Group of
the company has devised plans and strategies to meet the challenges emanating
due to fluctuation in quantity/ products available for import/exports and
broadening commodity portfolio to ensure sustainability of growth of the group
in future.
Fertilizers and
Chemicals
The Fertilizer and
Chemicals group contributed a turnover of Rs.19394 million. The group's
performance during 2010-11 included third country trade of 30000 MT Urea worth
Rs. 533 million, Export of 7464 MT Di-Ammonium Phosphate (DAP) worth Rs.204
million, Import of 0.962 million Metric Tonnes of Urea valued at Rs. 14534
million, Import of 0.236 million Metric Tonnes of Muriate of Potash at Rs. 3937
million, and Imports of 19648 MT Sulphur worth Rs. 142 million, besides
domestic trading of 8752 tonnes of Ammonium Sulphate produced at NIL – the MMTC
promoted Iron and Steel plant - valued at Rs. 44 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 achieve this performance.
The consumption of
fertilizers is growing in India at a rapid pace leading to increased shortfall
between the demand vis-ŕ-vis indigenous production resulting in increased
volume of imports. Moreover, India is largely dependent on imported raw
materials such as sulphur, rock phosphate and phos acid for indigenous
phosphatic industry. Besides this, the country‟s total requirements of MOP are fully imported. Such a scenario provides
lot of potential for future growth in import of fertilizer and fertilizer raw
materials, especially in view of enhanced focus of Government on Agricultural
sector with a view to ensure food security for growing population. These shall
facilitate the group to further increase the business volumes by capitalizing
the emerging opportunities. However the volume of fertilizer imports and its
prices are dependent on various factors including monsoon, Government
Policy, domestic
production and international demand-supply balance etc.
Coal and
Hydrocarbons
The Coal and
Hydrocarbons group contributed a turnover of Rs. 95099 million to the highest
ever turnover recorded by the company. The turnover contributed by the group
included import of 11.744 million tonnes of steam coal valued at Rs.80405
million and 0.742 million tonnes of Coking Coal valued at Rs. 8824 million
besides domestic trading of 0.306 million MT LAM Coke worth Rs.5345 million and
25502 MT Crude Tar amounting to Rs. 525 million. With domestic production
unable to meet the rapidly growing demand of non coking coal for power sector,
steel, fertilizer and other heavy industries, the existence of big supply gap
induces 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
opportunities for this segment of the company. The coal and hydrocarbon group
of the company shall be taping 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 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. 175 million to the turnover of the Company, which included
import of PVC worth Rs.3.45 million, domestic trade of Engineering goods worth
Rs.11.71 million, security equipment worth Rs. 8.67 million and PVC valued at
Rs. 2.32 million besides sale of power amounting to Rs. 81 million, generated
at the 15 MW wind power farms commissioned in March 2007 in Karnataka and sale
of DEPB worth Rs. 67.57 million During the year 2011-12, 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
PRESS RELEASE
INDIA'S
MMTC INVITES BIDS FOR PALM OIL IMPORTS
Asia Pulse
Businesswire
28 October 2011
NEW DELHI, Oct
28Asia Pulse - State-owned Indian trading firm MMTC (BSE:513377) has invited
bids for the import of about 22,000 tonnes of RBD palmolein for sale in the
domestic market.
The last day for
submission of bids is November 2 and a decision on awarding the contract will
be taken on the same day, the company said on its website.
MMTC is seeking
6,000-12,000 tonnes of palm oil at Kakinada port by November 15 and another
8,000-10,000 tonnes at Krishnapatnam and/or Kakinada ports by November 30.
The palmolein to
be imported should be from Indonesia and/or Malaysia, it added.
RBD palmolein is a
refined, bleached and deodorised form of palm oil, which is extracted after
crushing palm fruit. It is used as edible cooking oil.
MMTC, PEC and STC
import edible oils on behalf of the government for distribution through ration
shops to meet domestic demand.
INDIA'S MMTC PAYS
US$5.08MLN DIVIDEND TO GOVT
Asia Pulse
Businesswire
28 October 2011
NEW DELHI, Oct
28Asia Pulse - State-run Indian metal and minerals trading major MMTC
(BSE:513377) has paid a dividend of Rs 248.300 millions (US$5.08 million) for
2010-11 financial year to the government.
MMTC in its 48th
annual general meeting had declared a dividend payout of 25 per cent for
2010-11, an official release said.
The dividend
cheque was presented to Commerce and Industry Minister Anand Sharma, it said.
MMTC earned a net
profit after tax of Rs 1220 millions in FY11.
The firm concluded
2010-11 with a business turnover of Rs 688550 millions which includes exports
of Rs 36940 millions, imports of Rs 633010 millions and domestic trade of Rs
18600 millions, it said.
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.50.56 |
|
|
1 |
Rs.80.30 |
|
Euro |
1 |
Rs.68.79 |
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.