MIRA
INFORM REPORT
|
Report Date : |
02.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT
NRE COKE LIMITED |
|
|
|
|
Registered
Office : |
22, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
29.01.1986 |
|
|
|
|
Com. Reg. No.: |
21-40098 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 5581.400 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51909WB1986PLC040098 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALM01769F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCG6225H |
|
|
|
|
Legal Form : |
A
public limited liability company. The company's shares are listed on the Stock
Exchange. |
|
|
|
|
Line of Business
: |
Subject
is engaged in the business of coal processing, manufactures low-ash
metallurgical coke (LAMC). LAMC mainly used in soda-ash plants, cast, iron and
brass foundries and the best furnaces of steel plants is largely imported
into |
|
|
|
|
No. of Employees
: |
Not
Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 61000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business id active. Payments are reported to
be usually correct 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 (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
22, |
|
Tel. No.: |
91-33-22891471-75 |
|
Fax No.: |
91-33-22891470 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
73, |
|
Tel. No.: |
91-79-26843438 /
26852068 |
|
Fax No.: |
91-79-26843437 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Village Dharampur, Khambhalia, Jamnagar, Gujarat - 370140, India |
|
|
|
|
Factory 2 / Steel Plants : |
Village Lunva, Bhachau, Kutch, Gujarat – 370140, India |
|
|
|
|
Factory 3 : |
Road No.16, 1st Cross, KIADB, Belur Industrial Area,
Dharwad, Karnataka – 580011, |
|
|
|
|
Branch Office : |
225 C, |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr.
Girdharilal Jagatramka |
|
Designation : |
Chairman |
|
Profile : |
He is the main promoter of subject. He has more than five
decades of business experience. Mr. Jagatramka started with the business of
trading coke with Bharat Coking Coal Limited (BCCL). Thereafter, he took up the
project of manufacture of Metallurgical Coke in subject. |
|
|
|
|
Name : |
Mr.
Arun Kumar Jagatramka |
|
Designation : |
Vice
Chairman and Managing Director |
|
Profile : |
He is the Vice Chairman and Managing Director
of subject. He is a qualified chartered accountant with all India 1st rank
and gold medal and has an industrial experience of 12 years in coal and coke
production besides prior experience of more than 20 years in consultancy and
merchant banking. Under his leadership, the production capacity of subject
has expanded five times in the last eight years to make it the largest
non-captive metallurgical coke manufacturer in India as well as the 1st
Indian company to own and operate coal mines in Australia. He is a Fellow
Member of the Institute of Chartered Accountants of India and is a member of
a number of boards, including Rey Resources Limited and Chairman of Gujarat
NRE Australia Pty Limited, Gujarat NRE FCGL Pty Limited. and Gujarat NRE
Resources NL. He has been appointed as
an honorary NSW “Sydney Ambassador” to India by the Govt. of New South Wales,
Australia. He is a member of the NSW-Asia Business Council under the
department of State and Regional Development. He is also associated with the
Confederation of Indian Industry (Western Region), an apex representative of
Indian Industry. |
|
|
|
|
Name : |
Mr.
Subodh Kumar Agarwal |
|
Designation : |
Director |
|
Profile : |
Subject, is a qualified Chartered Accountant. He has
a wide experience of more than 20 years in Merchant Banking, Finance and
Accounting, Corporate Consultancy, Income Tax matters. He is presently the
member of Central Council of the ICAI. |
|
|
|
|
Name : |
Mr.
Chinubhai R. Shah |
|
Designation : |
Director |
|
Date of Birth
: |
04.06.1937 |
|
Qualification : |
M.A., LL.M. (Gold Medalist), PCS, DLP, DTP |
|
Directorship in other companies : |
1. Adani Power Limited 2. Apollo Hospitals International Limited 3. Arman Lease and Finance Limited 4. Cadila Pharmaceuticals Limited 5. Cadila Pharmaceuticals (Ethiopia) PLC 6. Doshion Limited. 7. G.S.E.CLimited. 8. Gulmahor Greens-Golf and Country Club Limited. 9. H.K.Finchem Limited. 10. India Renal Foundation 1 1 . Meghamani Organics Limited 12. Nirma Limited. 1 3. The Tinplate Co. of India Limited |
|
Chairmanship/
membership of Committees in other companies : |
1 . Arman Lease and Finance Limited Audit Committee - Member Shareholders Grievance Committee - Chairman 2. Cadila Pharmaceuticals Limited Audit Committee - Chairman 3. H.K.Finchem Limited -Audit Committee - Member 4. Meghamani Organics Limited - Audit Committee - Member 5. The Tinplate Co. of India Limited - Audit Committee- Member, Shareholders Grievance Committee – Member |
|
Expertise in
specific functional areas : |
Management Expert with vast experience in Corporate Laws,
Direct Taxes, Business Management etc. |
|
Date of Appointment : |
18.12.2003 |
|
|
|
|
Name : |
Dr.
Basudeb Sen |
|
Designation : |
Director |
|
Date of Birth : |
16.06.1948 |
|
Qualification : |
M.A (Economics),
Ph. D (Indian Statistical Institute) |
|
Directorship in other companies : |
1. ITC Limited 2. South Asian Petrochem Limited 3. Srei Venture Capital Limited 4. Synergy Insurance Broking Services Private Limited 5. Sumedha Fiscal Services Limited 6. Mahanagar Gas Limited 7. Ispat Industries Limited |
|
Chairmanship/ membership of Committees in
other companies : |
1 . ITC Limited - Compensation Committee — Chairman, Investor Services Committee - Chairman 2. Mahanagar Gas Limited Remuneration Committee- Chairman Audit Committee Chairman 3. Srei Venture Capital Limited Remuneration Committee - Member 4. South Asian Petrochem Limited Audit Committee - Member, Shareholders Grievance Committee - Member Remuneration Committee- Member |
|
Expertise in
specific functional areas : |
Professional Experience in commercial banking. development banking and investment management etc. |
|
Date of Appointment : |
18.12.2003 |
|
|
|
|
Name : |
Dr.
Mahendra Kumar Loyalka |
|
Designation : |
Director |
|
Profile : |
He, is a renowned medical practitioner
having experience of more than three decades. His professional qualification include
MBBS (from Calcutta, India) and FCGP (India). He was the past District
Governor of Lions Club International. He is also a renowned social activist. |
|
|
|
|
Name : |
Mr.
Murari Sananguly |
|
Designation : |
Director |
|
Profile : |
He, is a B.E (Mechanical) passed in 1st
class in 1965. He has vast experience of working in Durgapur Steel Plant
(from 1965 to 1973), ACC Vicekers Babcock Limited, Durgapur (from 1973 to
1978) and Kudremukh Iron Ore Company Limited (from 1978). Mr Murari was
promoted from Asst. General Manager (Production) to Director (Production and
Projects) in 1995 and further to Director–in-charge in 1997. Further, in 1997
he took over as Chairman and Managing Director of Kudremukh Iron Ore Company
Limited. Presently he is also a director of Coal India Limited. He has also
undergone training in Management. Orientation, Planning, Maintenance
Management, Mineral resources exploration, Management Programmes in India,
USA, Canada and Australia. |
|
|
|
|
Name : |
Mrs. Mona Jagatramka |
|
Designation : |
Director |
|
Profile : |
She, is the Director of M/s Gujarat NRE
Australia Pty. Limited and Gujarat NRE FCGL Pty Limited. She has more than 10
years of experience in management and administration affairs. She is Graduate
in Home Science. She is actively associated in the Management of the
businesses and looks after the Human Resources and support managerial
services of Gujarat NRE Group. |
KEY EXECUTIVES
|
Name : |
Mr. P. R. Kannan |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Manoj K Shah |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of
Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
(1)
Indian |
|
|
|
Individuals / Hindu Undivided
Family |
4925555 |
9.38 |
|
Bodies Corporate |
19175913 |
36.53 |
|
Sub
Total |
24101468 |
45.92 |
|
(2)
Foreign |
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
24101468 |
45.92 |
|
(B)
Public Shareholding |
|
|
|
(1)
Institutions |
|
|
|
Mutual Funds / UTI |
90819 |
0.17 |
|
Financial Institutions / Banks |
59646 |
0.11 |
|
Foreign Institutional
Investors |
6966469 |
13.27 |
|
Any
Others (Specify) |
369247 |
0.70 |
|
Foreign Bodies Corporate |
369247 |
0.70 |
|
Sub
Total |
7486181 |
14.26 |
|
(2)
Non-Institutions |
|
|
|
Bodies Corporate |
7047454 |
13.43 |
|
Individuals |
|
|
|
Individual shareholders holding
nominal share capital up to Rs. 1 lakh |
9267839 |
17.66 |
|
Individual shareholders
holding nominal share capital in excess of Rs. 1 lakh |
3906007 |
7.44 |
|
Any
Others (Specify) |
679061 |
1.29 |
|
NRIs/OCBs |
369538 |
0.70 |
|
Trusts |
330 |
- |
|
Clearing Members |
309193 |
0.59 |
|
Sub
Total |
20900361 |
39.82 |
|
Total
Public shareholding (B) |
28386542 |
54.08 |
|
Total
(A)+(B) |
52488010 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
- |
- |
|
(1) Promoter and Promoter
Group |
- |
- |
|
(2) Public |
- |
- |
|
Sub
Total |
- |
- |
|
Total
(A)+(B)+(C) |
52488010 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in the business of coal processing, manufactures low-ash
metallurgical coke (LAMC). LAMC mainly used in soda-ash plants, cast, iron
and brass foundries and the best furnaces of steel plants is largely imported
into |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Metallurgical Coke |
M.T. |
NA |
1434000# |
666003* |
|
Rolled and Alloy Steel Products |
M.T. |
NA |
311000 |
97579 |
|
Electricity Power (windmill) |
KWH / LACS |
NA |
7665 |
1212** |
# installed
capacity includes capacity of Bharat NRE Coke Limited Plant at Dharward, Karnataka;
NRE Metcoke Limited Plant at Bhachau, Gujarat and Bajrang Bali Coke Industries
Ltd Plant at Bhachau, Gujarat, operated by the company as "operator".
* includes
Conversion for others Nil (Previous Year 8025 MT)
** includes 842.36
Lacs KWH units (Previous Year 999.04 Lacs KWH) used captively for own
consumptions.
Note: Weighted Average capacity utilization based
on weighted average installed capacity
Metallurgical Coke
- 51.59% (Previous Year 68.41 %)
Rolled and Alloy
Steel Products - 31.38 % (Previous Year 26.06 %)
Electricity Power - Windmill - 15.81 % (Previous Year 19.35 %)
GENERAL INFORMATION
|
Bankers : |
·
State Bank of India ·
Bank of Baroda ·
ING Vysya Bank Limited ·
Standard Chartered Bank ·
Axis Bank Limited ·
ICICI Bank Limited ·
Tamil Nadu Mercantile Bank Limited |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M/s. N. C. Banerjee and Company Chartered Accountant |
|
Address : |
2, Ganesh
Chandra Avenue, Room No. 9, 1st Floor, Kolkata - 700 013, West Bengal, India |
|
|
|
|
Solicitors and Advocates : |
M/s. L. P. Tiwari and Company |
|
Address : |
Emerald House, 4th
Floor, 1B, Old Post Office Street, Kolkata - 700 001, West Bengal, India |
|
|
|
|
Wholly Owned : |
·
Gujarat NRE Limited ·
Hunter Valley Coal (Private) Limited ·
Manor Dealcom (Private) Limited |
|
|
|
|
Sub-Subsidiary Companies : |
·
Gujarat NRE Coal (NSW) Pty Limited. ·
Gujarat NRE FCGL Pty Limited. ·
Wonga Coal Pty Limited. ·
Gujarat NRE Coking Coal Limited. ·
Gujarat NRE Resources NL. ·
South Bulli Holdings Pty Limited. ·
Gujarat NRE Properties Pty Limited. ·
Gujarat NRE India Pty Limited. |
|
|
|
|
Associates : |
·
Bharat NRE Coke Limited. ·
Critical Mass Multilink Limited ·
NRE Met Coke Limited. ·
Bajrangbali Coke Industries Limited |
|
|
|
|
Enterprises in which key management personnel have significant
Influence : |
·
Gujarat NRE Mineral Resources Limited. ·
Gujarat NRE Energy Resources Limited. ·
Russel Vale Traders Private Limited. ·
Bulli Coke Limited. |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1600000000 |
Equity Shares |
Rs.10/- each |
Rs. 16000.000 Millions |
|
100000000 |
“A” Equity Shares |
Rs.10/- each |
Rs. 1000.000 Millions |
|
300000000 |
“B” Equity Shares |
Rs.10/- each |
Rs. 3000.000 Millions |
|
|
Total |
|
Rs. 20000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
507398354 |
Equity Shares |
Rs.10/- each |
Rs. 5074.000
Millions |
|
50739834 |
“B” Equity Shares |
Rs.10/- each |
Rs. 507.400
Millions |
|
|
Total |
|
Rs. 5581.400 Millions |
Notes
Of the above Shares:
i) 33,17,29,291
Equity Shares were issued as fully paid Bonus Shares by way of capitalization
of Free Reserves (Previous Year 33,17,29,291)
ii) 5,07,39,834
"B" Equity Shares were issued as fully paid Bonus Shares by way of
capitalization of Free Reserves (Previous Year Nil)
iii) 2,77,64,205
Equity Shares were issued for consideration other than Cash (Previous Year
2,77,64,205)
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 |
5581.400 |
4981.900 |
4719.200 |
|
|
2] Deposits Against Share Warrants |
1041.500 |
140.500 |
390.000 |
|
|
3] Reserves & Surplus |
8829.800 |
8519.500 |
6719.700 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
15452.700 |
13641.900 |
11828.900 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
13052.700 |
12372.300 |
12131.400 |
|
|
2] Unsecured Loans |
1800.300 |
1293.000 |
0.000 |
|
|
TOTAL BORROWING |
14853.000 |
13665.300 |
12131.400 |
|
|
DEFERRED TAX LIABILITIES |
1640.500 |
1459.500 |
1324.400 |
|
|
FOREIGN CURRENCY CONVERTIBLE BONDS |
777.100 |
790.000 |
1153.900 |
|
|
|
|
|
|
|
|
TOTAL |
32723.300 |
29556.700 |
26438.600 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9433.600 |
8499.600 |
8267.900 |
|
|
Capital work-in-progress |
1392.900 |
1431.500 |
1179.800 |
|
|
|
|
|
|
|
|
INVESTMENT |
7482.900 |
7334.800 |
8068.300 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
10529.300
|
8319.400 |
9586.500 |
|
|
Sundry Debtors |
1582.100
|
4417.300 |
2631.900 |
|
|
Cash & Bank Balances |
841.500
|
1433.200 |
1172.300 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
8076.400
|
5441.300 |
3770.400 |
|
Total
Current Assets |
21029.300
|
19611.200 |
17161.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4337.400
|
5241.100 |
6453.000 |
|
|
Other Current Liabilities |
487.400
|
345.200 |
330.400 |
|
|
Provisions |
1853.700
|
1815.300 |
1499.100 |
|
Total
Current Liabilities |
6678.500
|
7401.600 |
8282.500 |
|
|
Net Current Assets |
14350.800
|
12209.600 |
8878.600 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
63.100 |
81.200 |
44.000 |
|
|
|
|
|
|
|
|
TOTAL |
32723.300 |
29556.700 |
26438.600 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15947.100 |
14018.600 |
15226.000 |
|
|
|
Other Income |
846.400 |
746.000 |
139.200 |
|
|
|
TOTAL (A) |
16793.500 |
14764.600 |
15365.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
13486.400 |
9166.000 |
16885.500 |
|
|
|
Manufacturing Expenses |
822.200 |
579.300 |
413.600 |
|
|
|
Payment to and Provision for Employees |
443.000 |
378.900 |
347.600 |
|
|
|
Administrative Expenses |
981.200 |
929.600 |
1436.900 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
1147.200 |
|
|
|
Increase (Decrease) in stocks |
(2198.900) |
1241.000 |
(7288.500) |
|
|
|
TOTAL (B) |
13533.900 |
12294.800 |
12942.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3259.600 |
2469.800 |
2422.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1510.800 |
1261.400 |
647.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1748.800 |
1208.400 |
1775.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
504.400 |
464.700 |
393.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1244.400 |
743.700 |
1381.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
217.900 |
225.000 |
309.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1026.500 |
518.700 |
1072.400 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
59.500 |
803.900 |
908.800 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
50.000 |
0.000 |
|
|
|
Dividend |
0.000 |
5.000 |
0.200 |
|
|
|
Proposed Dividend |
577.300 |
552.900 |
471.900 |
|
|
|
Tax on Dividend |
93.700 |
92.700 |
80.200 |
|
|
|
Transfer to Debentures Redemption Reserve |
187.500 |
562.500 |
625.000 |
|
|
BALANCE CARRIED
TO THE B/S |
227.500 |
59.500 |
803.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3215.800 |
0.000 |
5393.900 |
|
|
|
Other Earnings |
0.000 |
2.600 |
7.900 |
|
|
TOTAL EARNINGS |
3215.800 |
2.600 |
5401.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1044.680 |
7603.700 |
11737.600 |
|
|
|
Capital Goods |
19.100 |
3.300 |
1.800 |
|
|
|
Others |
0.000 |
0.000 |
64.200 |
|
|
TOTAL IMPORTS |
1063.780 |
7607.000 |
11803.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.85 |
0.98 |
2.27 |
|
QUARTERLY RESULTS
(Rs.
In Millions)
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
|
Net Sales |
4361.500 |
2700.400 |
|
Total Expenditure |
3253.000 |
2276.100 |
|
PBIDT (Excl OI) |
1108.500 |
424.300 |
|
Other Income |
16.500 |
277.400 |
|
Operating Profit |
1125.00 |
701.700 |
|
Interest |
404.200 |
436.000 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
720.800 |
265.700 |
|
Depreciation |
136.300 |
142.900 |
|
Profit Before Tax |
584.500 |
122.800 |
|
Tax |
197.900 |
42.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
386.600 |
80.400 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
386.600 |
80.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.11
|
3.51 |
6.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.80
|
5.31 |
9.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.08
|
2.65 |
5.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.05 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.50
|
1.65 |
1.84 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.15
|
2.65 |
2.07 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF OPERATIONS
The steel industry
witnessed recovery during the financial year 2010-11. Consequently, coking coal
and met coke being major raw material for steel industry and market, also
witnessed consolidation with rise in prices. The Company reported higher income
from operations amounting to Rs. 3259.600 millions during the financial year
ended 31st March, 2011 as compared to Rs 2469.800 millions during the previous
year as a consequence of better realizations and a continuous focus on cost
management during the year under review. Consequently, the net profit after tax
earned during the financial year ended 31st March, 2011 was higher at Rs.
1026.500 millions as compared to Rs. 518.700 millions during the previous year.
BUSINESS PLANS
Coking Coal and
Metcoke are commodities which are in high demand globally. They at Gujarat NRE
believe in investing in their capacities and to take advantage of any upside in
the market due to increased demand and supply mismatch. The Metcoke producing
capacity of the company in India is presently at 1.43 MTPA which is planned for
increase to 4 MTPA in another 4-5 years at an investment of around Rs. 8000.000
millions. Similarly, there are plans to ramp up production of coking coal in
Australia mines to 6 MTPA by 2015 from existing production levels of around
1.55 MTPA, at an additional investment of around AUD 400 million.
The company is in
the process of commissioning its first waste heat power plant of 15 MW out of
the total 60 MW waste heat power generation facilities being built near its
coke plants. This only reiterates the company's commitment to the environment,
having already invested in 87.5 MW power generating capacity through wind
mills.
FINANCIAL OBLIGATIONS
The Company has
been regular in the payment of interest and/or repayment of loans to financial
institutions and/or banks or in meeting its other financial obligations during
the year.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
ECONOMY
As per latest reports, emerging markets are forging ahead in the current
world order, in contrast to advanced economies. China's output is projected to
average just short of 10% in 2011-12, thanks to its strong domestic demand. The
International Monetary Fund (IMF) has projected that the Indian economy would
expand by 8.2 percent in 2011, unchanged from its growth forecast made in April
while Brazil, Indonesia and South Africa will also continue strong. Other
emerging economies, such as Mexico, Turkey and Poland, are also contributing
with higher rates of growth.
The Central
Statistical Organization (CSO) has pointed out that India's GDP at factor cost
at constant prices registered an increase of 8.5 percent in the year 2010-11.
This revised estimate of 8.5 percent growth for GDP in 2010-11 is only a shade
below the advance estimates that had pegged GDP growth for 2010-11 at 8.6
percent. This slight dip in overall GDP growth can be attributed to weaker
performance in sectors such as 'mining and quarrying', 'manufacturing', 'trade,
hotels, transport and communication' and 'financing, insurance, real estate and
business services' than anticipated earlier.
While the Indian
economy has geared up to race ahead during 2011- 12, it is going to be
challenged by the hurdles of large scale corruption, inflationary pressures,
volatility in global markets due to increase in crude oil prices etc. These
have been cause of concern during the last one year, underscoring the need for
further fiscal and monetary interventions by the RBI. In 2010, the Indian
economy rebounded robustly from the global financial crisis - largely because
of strong domestic demand and such feats need to be re-performed to keep the
growth on track.
WORLD COKING COAL AND METALLURGICAL COKE INDUSTRY
Coking Coal market
has remained relatively stable for a large part of last year with the only
exception to the period post January 2011. The quarterly contracted price of hard
coking coal remained at around $225 per tonne mark for almost the entire of
2010. This price was substantially higher from the price prevalent in 2009 and
was primarily due to the increased demand of coking coal due to restarting of
many steel mills in Europe and increased steel production in China and the rest
of Asia. Severe short supply of coking coal has been the major concern of steel
industry worldwide. The supply scarcity became critical early this year due to
the floods in Queensland in Australia. Queensland constitutes about 80% of
coking coal exports from Australia, the major supplier of coking coal to the
world. The floods have resulted in a steep rise in prices of coking coal to as
high as $330 per tonne earlier this year, and despite the floods having receded
and most mines back in normal production, the prices for the July September
quarter have also settled much higher at around $310 -$315 per tonne. This only
shows that global demand is on the rise, while supply has not been able to match
the same. This supply demand imbalance is expected to continue for a while
thereby implying that the world is expected to face severe shortage of prime
hard coking coal in the near future.
Metallurgical Coke
being a derivative of Coking Coal naturally follows the same trend as that of
coking coal. The world is presently in the eye of a shortfall of met coke. With
global steel production set to rise further, primarily being led by increased
production in China and India, the demand for met coke is bound to be much
higher. This severe demand supply disequilibrium has already been reflected in
the spiraling prices, with price rising to around $540 per tonne in early 2011.
DOMESTIC COKING COAL AND MET COKE INDUSTRY
India has acute
shortage of premium quality hard coking coal and even the available
metallurgical coal is of inferior quality which can be used mostly as a blender
with imported superior quality coking coal. Consequently the bulk of India's
requirement of hard coking coal is met through imports, with Australia
accounting for over 80%
of India's import
requirement. India imported around 35 MT of coking coal in 2010, which is
expected to rise to around 45 MT this year and further increase to reach around
150 MT by the end of this decade in 2020.
India has been one
of the major importers of met coke in the world. The scarcity of coking coal
has many a time resulted in steel makers buying met coke directly from the
market to keep their blast furnaces burning. Hence the shortage of coking coal
translates into supply constraints in met coke in India as well. It is a fact
without any doubt
that coking coal
and metcoke are going to be critical and most sought after commodities
particularly for India, in the years to come.
INDIAN STEEL INDUSTRY
The Indian steel
sector has experienced a roller coaster ride of late wherein it has witnessed a
significant spurt in demand due to expanding oil and gas sector, large
infrastructure spending coupled with growth in housing, consumer durables and
auto sectors. India became the fourth largest producer of crude steel in the
world in 2010
as against the
eighth position in 2003 and is expected to become the second largest producer
of crude steel in the world by 2015. As per World Steel Association (WSA),
India was the fourth largest producer of crude steel during January - September
2010 producing 50.1 million tonnes (MT) crude steel during the period.
Currently, with the government's increased emphasis on infrastructure, it is
believed that the sector is poised for significant growth over medium to long
term. As a matter of fact, India's per capita steel consumption continues to be
low at 46 kg as against the global average of 198 kg. Thus, this further
strengthens the belief that the potential ahead for
India to raise its steel consumption is very high.
During the year
2010, steel consumption in India grew by 9.6% and in 2011, it is expected to
grow by around 13%. Growing steel consumption indicates healthy economic
growth. The major steel consuming segments such as auto, consumer durables,
capital goods, power and construction have reported incremental growth during
2010-11 and the projected investment in infrastructure during the 11th plan
period is expected to be substantial. Based on these parameters and the large
potential for consumption in the rural sector, it is expected that the demand
for steel in India will continue to grow during the next decade.
The steel industry
is responding by installation of additional capacities. India is expected to
add around 30 MT in next two years and is expected to become a net exporter of
steel by 2013.
They, at Gujarat
NRE are poised to meet this incremental demand and production by Indian steel
industry and accordingly, they are in the process of setting up additional
capacities for producing met coke while simultaneously increasing production at
their coking coal mines in Australia to ensure uninterrupted supply to our
metcoke plants in India as well as coking coal supply to the world in general
COMPANY'S PERFORMANCE
The income from
operations of the Company was higher at Rs. 3259.600 millions in the year as
compared to Rs.2469.800 millions during the previous year and consequently, the
net profit during the year was also reported higher at Rs. 1026.500 millions as
compared to Rs. 518.700 millions during the previous year. Accordingly, the
Basic and Diluted earnings per share of the Company were reported higher at
Rs.1.85 and Rs.1.82 respectively, for the year as compared to Rs.0.98 and
Rs.0.93 during the previous year.
SEGMENT WISE PERFORMANCE AND OUTLOOK
COAL AND COKE
Coking coal and
Coke Segment has been at the core of the operations of the Company contributing
around 80% of the total turnover during the year. Net Sales/Income from this
segment for the year amounted to Rs. 12968.100 millions as compared to
Rs.11115.500 millions in the previous year.
STEEL
Steel Segment
contributes around 20% to the total turnover. It achieved a turnover of Rs.
3000.600 millions during the year as compared to Rs.2920.800 millions during
previous year.
The Company is
generating power through its Wind Turbines and is in the process of setting up
co-generation power plant to produce electricity from waste heat. This helps
the Company to reduce its power costs and ensures regular supply of clean power
to its production facilities.
OUTLOOK
Metallurgical coke
is an important part of the iron and steel-making process because it provides
the carbon and heat required to chemically reduce iron ore in blast furnaces to
molten pig iron. The world coke consumption was 357 million tonnes in 2001,
which has grown to around 600 million tonnes in 2010. In North America and
Europe coke production has declined and the shortage is projected to exceed
more than 12 million tonnes annually over the next 20 years. In UK and France
each, a shortage of two million TPA has been estimated. Other European
countries are also shutting capacity and the subsequent coke-manufacturing
capacities are being relocated in Asian countries.
China used to
export up to 15 million tonnes annually till 2008 that got reduced drastically
to a meagre over ˝ million tonne in 2009 and just over 3 million tonnes in
2010. Hence the world faces an acute shortage of met coke. With shortage of
coking coal in the market, steel makers have also opted to buy met coke
directly from merchant coke producers to keep their blast furnaces burning. The
world is today staring at an acute shortage of met coke when the world coke
trade would reach to the level of 30 MTPA (approximately by 2012). The void
created by the absence of supply of Chinese coke is hard to fill and it is
everybody's guess how the shortage of 12 MTPA of Chinese coke would be met by
then. Prices are sure to rise further in future as an eminent outcome of
shortage.
FIXED ASSETS
·
Land and Buildings
·
Plant and Machineries
·
Office Equipment
·
Furniture and Fixture
·
Material Handling
·
Equipments / Vehicles
·
Weighing Machine
·
Electrical Installations
·
Wind Turbine Generator
UNAUDITED
FINANCIAL RESULTS (REVIEW) FOR THE QUARTER ENDED 30TH JUNE, 2011
(Rs.
In Millions)
|
Sr. No. |
Particular |
Unaudited |
|
|
|
Quarter
ended 30.06.2011 |
|
1. |
Gross
Sales / Income |
|
|
|
a. Net Sales / Income from Operations (Net of Excise and Discounts) |
4361.500 |
|
|
Total
Income |
4361.500 |
|
|
|
|
|
2. |
Expenditure |
|
|
|
a) (Increase) / Decrease in Stock in Trade and Work In
Process |
(104.700) |
|
|
b) Consumption of Raw Materials (Net) |
-- |
|
|
c) Purchase of Traded Goods |
2777.100 |
|
|
d) Employee Cost |
48.700 |
|
|
e) Depreciation |
136.300 |
|
|
f) Other Expenditure |
531.900 |
|
|
g)
Total Expenditure (a to f) |
3389.300 |
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
972.200 |
|
|
|
|
|
4. |
Other Income |
16.500 |
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
988.700 |
|
|
|
|
|
6. |
Interest |
404.200 |
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
584.500 |
|
|
|
|
|
8. |
Exceptional Items |
-- |
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
584.500 |
|
|
|
|
|
10. |
Tax Expense |
197.900 |
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
386.600 |
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
386.600 |
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
5772.900 |
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
a) Basic EPS before extraordinary items |
0.67 |
|
|
b) Diluted EPS after extraordinary items |
0.67 |
|
|
|
|
|
17. |
Public
Shareholding |
|
|
(a) |
-Number of Shares |
283791446 |
|
|
- Percentage of Shareholding |
54.08 |
|
|
|
|
|
(b) |
-Number of Shares |
28379144 |
|
|
- Percentage of Shareholding |
54.08 |
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
(A) |
Equity
Shares |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- Number of Shares |
201327410 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
83.53 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
38.36 |
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
- Number of Shares |
39687291 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
16.47 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
7.56 |
|
(B) |
Equity
Shares |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- Number of Shares |
17197741 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
71.36 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
32.77 |
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
- Number of Shares |
6903727 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
28.64 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
13.15 |
SEGMENT
WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30TH
JUNE, 2011
(Rs. in millions)
|
Sl. No. |
|
Particulars |
Quarter Ended |
|
|
30.06.2011 |
||
|
|
(Un-audited) |
||
|
1 |
|
Segment Revenue (Net of Excise and Other Taxes) |
|
|
|
|
|
|
|
|
|
Coal and Coke |
3582.300 |
|
|
|
Steel |
786.500 |
|
|
|
Mining |
|
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
(7.300) |
|
|
|
|
|
|
|
|
Net Sales / Income
from Operation |
4361.500 |
|
|
|
|
|
|
2 |
|
Segment Results Profit Before Tax and Interest |
|
|
|
|
|
|
|
|
|
Coal and Coke |
946.900 |
|
|
|
Steel |
84.000 |
|
|
|
Mining |
|
|
|
|
|
|
|
|
|
Total |
1030.900 |
|
|
|
|
|
|
|
|
Less :Interest Expenses |
404.200 |
|
|
|
Add : Other Unallocable Income Net of Unallocable Expenditure |
(42.200) |
|
|
|
|
|
|
|
|
Total Profit Before
Tax |
584.500 |
|
|
|
|
|
|
3 |
|
Capital Employed (Segment Assets - Segment Liabilities) |
|
|
|
|
|
|
|
|
|
Coal and Coke (including
captive windmills of Rs.72.900 Millions) |
18947.000 |
|
|
|
|
|
|
|
|
Steel (including
captive windmills of Rs. 3873.700 Millions) |
5035.400 |
|
|
|
|
|
|
|
|
Mining |
|
|
|
|
|
|
|
|
|
Unallocated / Others |
9406.300 |
|
|
|
Total |
33388.700 |
Notes:
1. The above results have been reviewed by the Audit Committee at its meeting
held on 15th July, 2011 and approved by the Board of Directors at its meeting
held on even date. The above quarterly results have also been reviewed by the
Statutory Auditors.
2.
The Board has
recommended a Final Dividend (@ 10%) of
Rs. 1 per equity share of Rs. 10 each and Rs. 1 per “B” equity share of
Rs. 10 each for the year 2010-11 subject to the approval of shareholders.
3. In terms of amended clause 41 of the Listing agreement, details of
Investors complaints for the quarter ended 30th June.2011 are as under :-
at the beginning of the quarter Nil
received during the quarter 15
disposed off during the quarter 15
pending at the end of the quarter Nil
4.
In respect of Zem Coupon
Foreign Currency Convertible Bonds (FCCB) of USD 60 million issued in April
2006, 426 bonds (out of total 600 bonds) valued at Rs. 1902.500 Millions were
converted into 31898284 equity shares till 31st March 2011.
Subsequently, remaining 174 bonds have been
convered and consequently 17407793 equity shares and 1740778 “B” Equity shares
have been allotted on 8th April 2011. With these conversions, all
the FCCB’s have been fully converted.
5.
Pursuant to the
Employees Stock Option Scheme 2005 and 2007, the company has allotted 25,600
and 127300 Equity Shares and 2560 and 12730 “B” Equity Shares, respectively,
during the quarter.
6.
Previous period / year
figures have been regrouped / rearranged wherever considered necessary.
-
Debt Equity Ratio : Long
Term Debt / Equity
-
Debt Services Coverage
Ratio : Earring before interest and Tax (Interest + Principal Repayment)
-
Interest Service
Coverage Ratio : Earring before interest and Tax /Interest Expenses.
7.
Previous year figures have
been regrouped / rearranged wherever considered necessary.
WEB SITE DETAILS
PROFILE
Subject is a producer of coking coal and metcoke. It owns
and operates through its subsidiaries, two coking coal mines in Australia
having a resource of 560 million tones of coking coal. The Company operates in
two segments: coal and coke, and steel. During the fiscal year ended March 31,
2010 (fiscal 2010), the Company has produced 704,904 metric tons of low-ash
metallurgical coke and 105,895 tons of rolled and alloy steel products. Its
domestic operation includes Low-ash Metallurgical Coke (LAMC) Plants, Coal
Washery, Steel Plant and Power Projects. As on March, 31, 2010, the Company has
two Indian subsidiaries, which included Manor Dealcom Private Limited and Huntervalley
Coal Private Limited. and its Australian subsidiaries, which included Subject,
Gujarat NRE Coking Coal Limited, Gujarat NRE Coal (NSW) Pty Limited, Gujarat
NRE Resources NL, Gujarat NRE FCGL Pty Limited, Gujarat NRE Properties Pty
Limited, and Southbulli Holdings Pty Limited. For the fiscal year ended 31
March 2010, subject revenues increased 5% to RS16.51B. Net income decreased 77%
to RS204M. Revenue reflects an increase in income from steel business segment.
Net income was offset by an increase in selling and distribution expense, a
rise in interest expense, an increase in depreciation expense and higher other
expense. Subject is a manufacturer of low-ash metallurgical coke in India.
MANAGEMENT
ARUN KUMAR
JAGATRAMKA - EXECUTIVE CHAIRMAN OF THE BOARD, MANAGING DIRECTOR
Mr. Arun Kumar Jagatramka serves as Executive Chairman of the Board,
Managing Director of Gujarat NRE Coke Limited since June 27, 2009. He is a
qualified chartered accountant with all India 1st rank and gold medal and an
industrial experience of 10 years in coal and coke production besides prior
experience of more than 15 years in consultancy and merchant banking. Under his
leadership, the production capacity of Gujarat NRE Coke Limited has expanded
five times in the last eight years to make it the non-captive metallurgical
coke manufacturer in India as well as the 1st Indian company to own and operate
coal mines in Australia. Mr. Jagatramka is a Fellow Member of the Institute of
Chartered Accountants of India and is a member of a number of boards, including
Rey Resources Limited, Zelos Resources NL and
Chairman of Gujarat NRE Australia PTY and Gujarat NRE FCGL PTY.
SUBODH KUMAR
AGRAWAL - INDEPENDENT NON-EXECUTIVE
DIRECTOR
Mr. Subodh Kumar Agrawal serves as Independent Non-Executive Director of
Gujarat NRE Coke Limited. He is a qualified
Chartered Accountant and LLB. He has wide experience of more than 20 years in
Merchant Banking, Finance and Accounting, Corporate Consultancy, Income Tax
matter. The Institute of Chartered Accountants of India (ICAI) has appointed
him as an Information System Auditor. He is also a regional council member of
the ICAI
MONA JAGATRAMKA -
NON-EXECUTIVE DIRECTOR
Mrs. Mona Jagatramka serves as Non-Executive Director of Gujarat NRE
Coke Limited. She is serving as a member of
the Board of Gujarat NRE Mineral Resources Limited. She is also a Director of
Gujarat NRE Australia Pty. Limited.
MAHENDRA KUMAR
LOYALKA - NON-EXECUTIVE DIRECTOR
Dr. Mahendra Kumar Loyalka serves as Non-Executive Director of Gujarat NRE
Coke Limited. He is a medical practitioner having experience of more than three
decades. His professional qualifications include MBBS (from Calcutta, India)
and FCGP (India). He was the past District Governor of Lions Club
International. He is also a social activist.
BASUDEB SEN -
INDEPENDENT NON-EXECUTIVE DIRECTOR
Dr. Basudev Sen serves as Independent Non-Executive Director of Gujarat
NRE Coke Limited. He is a professional and has
32 years of experience in Commercial Banking, Coal Mining, Development Banking
and Investment Management. He has served as Chairman and Managing director,
IIBI, Executive Director, UTI Mutual fund, General Manager, IDBI and as
Corporate Planning Manager, Coal India Limited.
He has also acted as member of various inter-institutional, SEBI and RBI
committees and groups. Dr. Sen has served as non-executive/independent director
in many companies viz. ITC Limited, L and T Limited, UTI Securities etc.
CHINUBHAI RAMANLAL
SHAH - INDEPENDENT NON-EXECUTIVE DIRECTOR
Shri. Chinubhai Ramanlal Shah serves as Independent Non-Executive
Director of Gujarat NRE Coke Limited. He is one of the top professionals from
the state of Gujarat. He has served as professor of law and management at
Indian Institute of Management, Ahmedabad (IIMA) and Gujarat University. He was
the President of All India Management Association during 1991-92 and was also
the National President of The Institute of Company Secretaries of India, New
Delhi. Mr. Shah has also served for five years in the Board of Governors at IIMA.
He has over three decades of work experience in the industry and holds
directorship in many well known companies like Tata Group, Nirma, Cadila
Pharmaceuticals, Adani Exports etc. He was a wholetime Director of Torrent
Group for nearly a decade and also functioned as the Managing Director of
Ahmedabad Electricity Company Limited. He has
worked on the Direct Taxes Advisory Committee of the Ministry of Finance, New
Delhi. Mr. Shah is presently the President of Gujarat Chamber of commerce and
Industry and also a member of the Company Law advisory Committee, Government of
India (GOI), New Delhi.
Education
·
M Art, Gujarat University
·
M Law, Gujarat University
NEWS
PRESS RELEASE
REGULATION 8A OF SEBI (SUSBS ACQ OF SHARES AND
TAKEOVERS)
27 August 2011
India,
Aug. 27 -- Gujarat Nre Coke Limited has submitted to the Exchange a copy of
Disclosure under Regulation 8A (4) of SEBI (Substantial Acquisition of Shares
and Takeovers) Regulation, 1997.
ALLOTMENT OF SECURITIES
22 August 2011
India, Aug. 22 -- Gujarat Nre Coke Limited has informed the Exchange
that the Management Committee of the Board of Directors of the company at its
meeting held on August 19, 2011 has inter alia decided and allotted 14,900
Equity Shares of Rs.10/- each at a premium of Rs.13.86 per share pursuant to
conversion of options under Employee Stock Option Scheme, 2005 and 6,400 Equity
Shares of Rs.10 each at a premium of Rs.8.05 per share pursuant to conversion
of options under GNCL Employee Stock Option Scheme 2007. The Committee has also
decided and allotted 2,130 "B" Equity Shares as bonus shares in the
ratio of 1 "B" Equity Shares for every 10 Equity Shares, consequent
upon conversion of options under Employee Stock Option Scheme 2005 and GNCL
Employee Stock Option Scheme, 2007. Consequently, the Paid Up Capital of the
company has increased from Rs.5773.447 millions to Rs.5773.681 millions
comprising of 52,48,80,127 Equity Shares of Rs.10/- each and 5,24,88,010
"B" Equity Shares of Rs.10/- each.
OUTCOME OF MANAGEMENT COMMITTEE MEETING
19 August 2011
India, Aug. 19 -- Gujarat NRE Coke Limited has informed BSE that the
Management Committee of the Board of Directors of the Company at its meeting
held on August 19, 2011, inter alia, has decided and allotted 14,900 Equity
Shares of Rs. 10/- each at a premium of Rs. 13.86 per share pursuant to
conversion of options under Employee Stock Option Scheme, 2005 and 6,400 Equity
Shares of Rs. 10 each at a premium of Rs. 8.05 per share pursuant to conversion
of options under GNCL Employee Stock Option Scheme 2007. The Committee has also
decided and allotted 2,130 "B" Equity Shares as bonus shares in the
ratio of 1 "B" Equity Shares for every 10 Equity Shares, consequent
upon conversion of options under Employee Stock Option Scheme 2005 and GNCL
Employee Stock Option Scheme, 2007.Consequently, the Paid Up Capital of the
company has increased from Rs. 5773.447 millions to Rs. 5773.681 millions
comprising of 52,48,80,127 Equity Shares of Rs. 10/- each and 5,24,88,010
"B" Equity Shares of Rs. 10/- each.
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] 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. 53.27 |
|
|
1 |
Rs. 82.10 |
|
Euro |
1 |
Rs. 68.90 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.