MIRA
INFORM REPORT
|
Report Date : |
07.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
Khanij Bhavan,
Off: |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
15.05.1963 |
|
|
|
|
Com. Reg. No.: |
04-001206 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 636.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L14100GJ1963SGC001206 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMG01727F AHMG00997D RKTG00713G BRDG00266A AHMG02199B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG7987P |
|
|
|
|
Legal Form : |
Public Limited Liability Company, Companies Shares are Listed on stock
Exchange. |
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|
|
|
Line of Business
: |
The company principal activity is to explore and develop mineral resources. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (71) |
|
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 66790000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a state government company. It is old and well established
company having good track record. Leverage of company is good. Fundamental of
the company seems to be strong and healthy. Trade relations are reported to
be fair business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal business dealing at
usual trade terms and condition. |
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 – September 30, 2011
|
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 : |
Khanij Bhavan, Off: |
|
Tel. No.: |
91-79-27913200 /3501 /1662 /1680 /0665 /0096 /0465 /2416 /2457 /2443 /
1340 |
|
Fax No.: |
91-79-27913038 / 1151 / 1454 / 1822 /
0969 |
|
E-Mail : |
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|
Website : |
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|
|
Projects : |
Lignite Projects v Panandhro
(District Kutch) v Rajpardi
(District Bharuch) v Tadkeshwar
(District Surat) v Mata-No-Madh
(District Kutch) v Bhavnagar
(District Bhavnagar) Fluorspar Project v Kadipani
(District Baroda) Bauxite Projects v Bhatia (District
Jamnagar) v Gadhsisa
(District Kutch) Multi-Metal Project v Ambaji (District
Banaskantha) Manganese Project v Shivrajpur
(District Panchmahal) Power Project v
Nani Chher (District Kutch) Calcination
Project v Gadhsisa
(District Kutch) Wind Farm
Projects v Maliya (District
Rajkot) v Jodia (District
Jamnagar) v Gorsar (District
Porbandar) |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Shri M S Sahu |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mrs. V. S. Gadhavi |
|
Designation : |
Managing Directors |
|
|
|
|
Name : |
Mr. Atanu Chakraborty |
|
Designation : |
Directors |
|
|
|
|
Name : |
Mr. Vinay Vyasa, |
|
Designation : |
Directors |
|
|
|
|
Name : |
Mr. Bhadresh Mehta |
|
Designation : |
Additional Directors |
KEY EXECUTIVES
|
Name : |
Mr. Joel Evans |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2012
|
Category of
Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
- |
74 |
|
Sub Total |
- |
74 |
|
(2) Foreign |
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
- |
74 |
|
|
|
|
|
(1) Institutions |
|
|
|
Mutual Funds / UTI |
35,291,522 |
11.1 |
|
|
200,850 |
0.06 |
|
|
5,041,757 |
1.59 |
|
Foreign Institutional Investors |
21,601,972 |
6.79 |
|
Sub Total |
62,136,101 |
19.54 |
|
|
|
|
|
|
2,525,687 |
0.81 |
|
Individuals |
|
|
|
Individual shareholders holding nominal share capital up to Rs. 0.100
Million |
13,159,605 |
4.37 |
|
|
1,791,888 |
0.56 |
|
Any Others (Specify) |
2,182,360 |
0.72 |
|
Trust & Foundation |
17,275 |
0.01 |
|
|
642,466 |
0.2 |
|
Hindu Undivided Families |
1,522,619 |
0.51 |
|
Sub Total |
19,659,540 |
6.46 |
|
Total Public shareholding (B) |
81,795,641 |
26 |
|
Total (A)+(B) |
81,795,641 |
100 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
(2) Public |
- |
- |
|
Sub Total |
- |
- |
|
Total (A)+(B)+(C) |
81,795,641 |
- |
BUSINESS DETAILS
|
Line of Business : |
The company principal activity is to explore and develop mineral
resources. |
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|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Fluorspar Project, Kadipani |
M.T. |
-- |
52920 |
|
Powder and Filter-Cake |
M.T |
30000 |
4801 |
|
Briquettes |
M.T |
14400 |
-- |
|
Bauxite Calcination Project, Gadhsisa (Kutchh) Mined |
M.T |
-- |
548350 |
|
Calcined Bauxite |
M.T |
50000 |
-- |
|
Lignite Projects : Panandhro-Mined |
M.T |
-- |
2697377 |
|
Rajpardi - Mined |
M.T |
-- |
1075851 |
|
Mata No Madh - Mined Ore |
M.T |
-- |
3696859 |
|
Tadkeshwar - Mined |
M.T |
-- |
1894279 |
|
Bhavnagar- Mined |
M.T |
-- |
867952 |
|
Power Proj. Nani Chher |
M.T |
250 MWH |
1171 MU |
|
Wind Farm-Maliya |
M.T |
19.5 MWH |
35.37 MU |
|
Wind Farm-Jodiya |
M.T |
33 MWH |
10.74 MU |
|
Wind Farm-Godsar |
M.T |
7.5 MWH |
5.07 MU |
|
Manganese Project- Shivrajpur Mined Ore |
M.T |
-- |
4834 |
|
Mined ore waste |
M.T |
-- |
242410 |
Notes:
a)
After considering captive consumption of
ore of 28,168 M.T. (PY 64,931 M.T.) for production of Powder/ Filter Cake.
b)
After excluding Rs.0.095 million (PY
Rs. 0.150 million) of tailing waste.
c)
After considering shortage of 18 MT (PY
NIL)
d)
Including Rs. 51.794 millions (PY Rs.
3.590 millions) being sales value of fine dust.
e)
After considering shortage of 116 MT
(PY NIL)
f)
After considering shortage of 302 MT
(PY NIL)
g)
After considering shortage of 69.39 MT
(PY NIL)
h)
Including Branch transfer 9,94,388.03
M.T. (PY 12,41,051 M.T.) of Lignite and 15,977.26 M.T (PY 4,187 M.T) of Lime
Stone to Power Project- Nani Chher.
i)
Including Rs. 0.604 Million (PY Rs.
0.766 Million) being sales value of lime stone
j)
After considering shortage of 718 MT
(PY NIL)
k)
Including Rs. 4.398 Millions (PY Rs.
1.164 Millions) being sales value of clay .
l)
Excluding auxiliary consumption of 184
MU (PY 200 MU).
m)
After considering excess of 4 MT (PY13
MT)
n)
After transferring 80% of sales
proceeds to GMRDS.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
v Bank of Baroda v Dena Bank v Vijaya Bank v Axis Bank
Limited v
HDFC Bank Limited |
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Facilities : |
|
|
|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Jain Seth and Company Chartered Accountant |
|
|
|
|
Joint Ventures : |
v Naini Coal
Company Limited v Gujarat Jaypee
Cement and Infrastructure Limited v Gujarat Gokul
Power Limited v Bhavnagar Energy
Company Limited v Gujarat State
Mining and Resources Corporation Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
745000000 |
Equity Shares |
Rs.2/- each |
Rs. 1490.000 Millions |
|
100000 |
Preference Shares |
Rs.100/- each |
Rs. 10.000 Millions |
|
|
TOTAL |
|
Rs. 1500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
318000000 |
Equity Shares |
Rs.2/- each |
Rs. 636.000
Millions |
|
|
|
|
|
NOTE:
(Out of the above 30,21,00,000
Shares were issued as fully paid bonus shares by Capitalisation of the General
Reserve)
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 |
636.000 |
636.000 |
636.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
16061.699 |
13419.757 |
11551.061 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
16697.699 |
14055.757 |
12187.061 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1330.214 |
2160.714 |
4785.714 |
|
|
TOTAL BORROWING |
1330.214 |
2160.714 |
4785.714 |
|
|
DEFERRED TAX LIABILITIES |
2536.757 |
2398.518 |
2296.532 |
|
|
|
|
|
|
|
|
TOTAL |
20564.670 |
18614.989 |
19269.307 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
15173.913 |
13414.307 |
13082.045 |
|
|
Capital work-in-progress |
188.175 |
97.250 |
19.502 |
|
|
|
|
|
|
|
|
INVESTMENT |
1326.088 |
1325.583 |
585.586 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
680.468
|
725.101 |
591.870
|
|
|
Sundry Debtors |
355.696
|
489.971 |
926.236
|
|
|
Cash & Bank Balances |
425.772
|
957.750 |
946.262
|
|
|
Other Current Assets |
51.900
|
39.132 |
34.545
|
|
|
Loans & Advances |
17787.650
|
12597.066 |
12511.900
|
|
Total
Current Assets |
19301.486
|
14809.020 |
15010.813 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1721.925
|
1100.668 |
1040.994 |
|
|
Other Current Liabilities |
1955.236
|
912.986 |
754.537
|
|
|
Provisions |
11860.329
|
9197.691 |
7743.189
|
|
Total
Current Liabilities |
15537.490
|
11211.345 |
9538.720 |
|
|
Net Current Assets |
3763.996
|
3597.675 |
5472.093
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
112.498 |
180.174 |
110.081 |
|
|
|
|
|
|
|
|
TOTAL |
20564.670 |
18614.989 |
19269.307 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
14147.910 |
10652.216 |
9776.741 |
|
|
|
Other Income |
370.226 |
346.909 |
457.023 |
|
|
|
Excess Provision of Earlier Year |
17.939 |
16.478 |
4.240 |
|
|
|
TOTAL (A) |
14536.075 |
11015.603 |
10238.004 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and other Expenses |
7520.964 |
6000.981 |
5171.305 |
|
|
|
Mining and Project development expenses
Written off |
24.518 |
24.572 |
23.494 |
|
|
|
Prior period Adjustment |
21.940 |
(93.771) |
56.266 |
|
|
|
Increase/(Decrease) in Finished Goods |
40.159 |
(99.658) |
(28.969) |
|
|
|
TOTAL (B) |
7607.581 |
5832.124 |
5222.096 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6928.494 |
5183.479 |
5015.908 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
152.832 |
261.123 |
539.084 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6775.662 |
4922.356 |
4476.824 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
929.555 |
861.531 |
777.777 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5846.107 |
4060.825 |
3699.047 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2098.472 |
1262.137 |
1335.987 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3747.635 |
2798.688 |
2363.060 |
|
|
|
|
|
|
|
|
|
Add |
Excess
provision of FBT/ Dividend Tax of earlier years |
3.070 |
0.118 |
2.894 |
|
|
|
|
|
|
|
|
|
Less |
Short Provision of Deferred tax Liability |
0.000 |
0.000 |
51.779 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1162.693 |
1293.997 |
473.910 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2500.000 |
2000.000 |
750.000 |
|
|
|
Dividend |
954.000 |
795.000 |
636.000 |
|
|
|
Tax on Dividend |
154.763 |
135.110 |
108.088 |
|
|
BALANCE CARRIED
TO THE B/S |
1304.635 |
1162.693 |
1293.997 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
7.482 |
7.853 |
3.758 |
|
|
TOTAL IMPORTS |
7.482 |
7.853 |
3.758 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.79 |
8.80 |
7.28 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
4670.920 |
2440.590 |
3839.580 |
5369.610 |
|
Total Expenditure |
2155.020 |
1390.500 |
2248.430 |
2907.830 |
|
PBIDT (Excl OI) |
2515.900 |
1050.090 |
1591.150 |
2461.780 |
|
Other Income |
98.640 |
147.480 |
237.380 |
236.590 |
|
Operating Profit |
2614.540 |
1197.570 |
1828.530 |
2698.370 |
|
Interest |
24.860 |
24.300 |
19.980 |
9.350 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
2589.680 |
1173.270 |
1808.550 |
2689.020 |
|
Depreciation |
252.680 |
262.180 |
248.630 |
319.840 |
|
Profit Before Tax |
2337.000 |
911.090 |
1559.992 |
2369.180 |
|
Tax |
805.900 |
284.880 |
435.310 |
782.770 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
1531.100 |
626.210 |
1124.610 |
1586.410 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
1531.100 |
626.210 |
1124.610 |
1586.410 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
25.78
|
25.41 |
23.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
41.32
|
38.12 |
37.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.96
|
14.39 |
13.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.29 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.16
|
1.12 |
1.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24
|
1.32 |
1.57 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
No |
|
8. No. of Employees |
No |
|
9. Name of person contacted |
No |
|
10. Designation of contact person |
No |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
------ |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
No |
|
20. Export / Import details |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
No |
REVIEW
OF THE OPERATIONS
During the year,
the Corporation operated five lignite mines, namely, Panandhro, Mata-No-Madh,
Rajpardi, Tadkeshwar and Bhavnagar Lignite Mines. Inspite of stiff competition
from alternate fuels such as petcoke and imported coal, the total lignite sales
were sustained and during the year, 102.32 MT of lignite were produced from
these mines. The mine-wise production figures are as follows:
|
SR. No. |
Name of mine |
Lignite production in lac MT |
|
1. |
Panandhro |
26.97 |
|
2. |
Mata-No-Madh |
36.97 |
|
3. |
Tadkeshwar |
18.94 |
|
4. |
Rajpardi |
10.76 |
|
5. |
Bhavnagar |
8.68 |
|
|
TOTAL |
102.32 |
FLOURSPAR PROJECT,
KADIPANI (DIST. VADODARA)
During the year
2010-11, production of 4,801 MT of all grade concentrate is produced till Nov.,
2010. The efforts are being made to find out some solution for removal of solid
plant tailing waste lying at Kadipani to restart plant operations.
BAUXITE
During the year,
the Gadhsisa Group of Mines produced 95240 M.T. High grade; 453110 M.T. Low
grade (<54%) bauxite ,135000 MT Mine Dust .
The CB plant was
not in operation. So no Calcined bauxite produced and generated a revenue of
Rs. 665.800 Millions. The
bauxite sold was 78,930 M.T. of High
grade (>54%), 585695 M.T. of
Low grade (<54%), 124661 MT Mine dust, 3,872 M.T. of
Calcined bauxite, 688 M.T. of
C.B. Balls and 2,067 M.T. of Plant dust. The high grade Bauxite,
Calcined Bauxite, CB Balls, Plant dust produced was supplied to the units in
the State and the low grade bauxite produced was supplied to the units in the
country and Part of low grade was also exported.
MANGANESE
During the period
2010-11, the Corporation disposed off 2.45 Lac MT of Mn Ore Waste dump lying at
Shivrajpur area. GMDC generated Rs. 49.129 Millions of the total sale value.
POWER PROJECT –
NANI CHHER
During the year,
the total generation of Akrimota Thermal Power Station was 1171 MUs. The power
project generated the revenue of Rs. 2336.700 Millions. During the year, this project generated profit of Rs.
311.600 Millions.
WIND FARM
The Wind Farms
with a capacity of 40.5 MW were progressively commissioned by 31.03.2011. The
total Wind farm capacity as on date is 60 MW and it earned revenue of Rs.
180.400 Millions. The work of
40.5 MW final phase of Wind farm project has been started and is expected to be
completed within next four months. With this, the total Wind farm capacity will
reach 100.5 MW.
SOLAR POWER
The Corporation is
actively considering to set up a 5 MW Solar Power Plant in Kutch region to
harness the solar energy.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
OVER VIEW
Gujarat Mineral
Development Corporation has been established with a mandate to develop mineral
resources within an outside state of Gujarat. The company is the sole merchant
selling agent for Lignite in India. The corporation has carved its niche in
mineral industry as a leading mineral development and power generation company.
It was also diversified in to Wind Power Generation.
PRODUCT-WISE
PERFORMANCE:
|
Name of the products |
2008-2009 |
2009-2010 |
2010-2011 |
|||
|
|
Production (MT in lacs) |
Sales (MT in lacs) |
Production (MT in lacs) |
Sales (MT in lacs) |
Production (MT in lacs) |
Sales (MT in lacs) |
|
Lignite |
81.07 |
81.06 |
83.79 |
83.78 |
102.32 |
102.33 |
|
Bauxite |
4.14 |
0.35 |
4.65 |
3.11 |
5.48 |
6.98 |
|
Calcined Bauxite |
0.42 |
0.42 |
0.17 |
0.18 |
-- |
0.05 |
|
Fluorspar |
0.07 |
0.08 |
0.09 |
0.09 |
0.05 |
0.06 |
|
Manganeseore |
0.06 |
-- |
-- |
-- |
0.05 |
0.03 |
|
Power (Units I
and II) |
1105 MU |
956 MU |
1394 MU |
1194 MU |
1171 MU |
987 MU |
|
Wind Power |
-- |
-- |
10 MU |
10 MU |
51 MU |
51 MU |
FINANCIAL
PERFORMANCE:
(Rs. In Millions)
|
PARTICULARS |
YEAR 2008-2009 |
YEAR 2009-2010 |
YEAR 2010-2011 |
|
Profit before depreciation
and tax (but after prior period and
pre-operative exp.) |
4476.825 |
4922.356 |
6775.662 |
|
Depreciation |
777.777 |
861.531 |
929.555 |
|
Profit Before
Tax |
3699.048 |
4060.825 |
5846.107 |
|
Provision for
Taxation |
1335.987 |
1262.137 |
2098.472 |
|
Profit After Tax |
2363.061 |
2798.688 |
3747.635 |
|
Dividend (%) |
100% |
125% |
150% |
AUDITED FINANCIAL
RESULTS FOR THE YEAR ENDED 31ST MARCH, 2012
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
Year Ended |
|
|
|
|
31.03.2012 (Audited) |
31.12.2011 (Unaudited) |
31.03.2012 (Audited) |
|
1. |
Net Sales/Income
from Operations |
5396.608 |
38442.757 |
16306.985 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Increase(-)/decrease(+)
in Stock in trade and work in progress |
(108.939) |
19.251 |
36.254 |
|
|
Staff Cost |
252.446 |
314.124 |
1081.346 |
|
|
Expenses for
overburden removal and loading of lignite |
841.984 |
682.303 |
2628.517 |
|
|
Royalty &
Dead Rent |
279.650 |
224.535 |
909.450 |
|
|
Power & Fuel
/ Stores Consumption |
439.709 |
362.000 |
1186.500 |
|
|
Clean Energy
Cess |
251.611 |
169.039 |
568.370 |
|
|
Operational
Expenditure |
429.292 |
293.709 |
1143.807 |
|
|
Mine Closure
Expenses |
490.335 |
176.875 |
1073.437 |
|
|
Depreciation |
319.841 |
248.631 |
1083.329 |
|
|
Project
Development deferred exp. |
31.595 |
6.172 |
50.052 |
|
|
Prior Period
Adjustments & others |
0.137 |
3.599 |
24.044 |
|
|
Total |
3227.661 |
2500.238 |
9785.106 |
|
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
241.947 |
1342.519 |
6521.879 |
|
|
|
|
|
|
|
4. |
Other Income |
236.585 |
237.382 |
733.803 |
|
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
2378.532 |
1579.901 |
7255.682 |
|
|
|
|
|
|
|
6. |
Interest |
9.350 |
19.983 |
78.489 |
|
|
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
2369.182 |
1559.918 |
7177.193 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
2369.182 |
1559.918 |
7177.193 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
|
|
|
|
|
a) Current tax |
765.215 |
350.000 |
1915.215 |
|
|
b) Deferred tax |
17.556 |
85.307 |
393.650 |
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
1586.411 |
1124.611 |
4868.328 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
1586.411 |
1124.611 |
4868.328 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
636.000 |
636.000 |
636.00 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
19821.263 |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
4.99 |
3.54 |
15.31 |
|
|
b) Basic and diluted EPS after extraordinary items |
4.99 |
3.54 |
15.31 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
82680000 |
82680000 |
82680000 |
|
|
- Percentage of Shareholding |
26% |
26% |
26% |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
235320000 |
235320000 |
23532000 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100% |
100% |
100% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
74% |
74% |
74% |
SEGMENTWISE
REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT
(Rs. in millions)
|
Sl. No. |
|
Particulars |
Quarter Ended |
Year Ended |
|
|
|
31.03.2012 |
31.12.2011 |
31.03.2012 |
||
|
|
(Audited) |
(Unaudited) |
(Audited) |
||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining |
5130.059 |
3695.794 |
14872.425 |
|
|
|
Power |
501.584 |
309.831 |
2044.577 |
|
|
|
|
|
|
|
|
|
|
Un-allocable Corporate Revenue |
190.637 |
109.826 |
522.200 |
|
|
|
|
|
|
|
|
|
|
Total Revenue |
5822.200 |
4115.451 |
17439.202 |
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining |
2486.234 |
1803.767 |
7409.213 |
|
|
|
Power |
(128.091) |
(280.148) |
(265.731) |
|
|
|
|
|
|
|
|
|
|
Un-allocable Corporate Results |
(159.410) |
(82.474) |
(391.007) |
|
|
|
|
|
|
|
|
|
|
Total |
2197.733 |
1441.145 |
6752.475 |
|
|
|
|
|
|
|
|
|
|
Less :Interest Paid |
5.405 |
19.925 |
74.486 |
|
|
|
Add : Interest Received |
176.854 |
138.698 |
499.204 |
|
|
|
|
|
|
|
|
|
|
Net Profit Before Tax |
2369.182 |
1559.918 |
7177.193 |
|
|
|
|
|
|
|
|
3 |
|
Capital Employed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mining |
-- |
-- |
(397.499) |
|
|
|
Power |
-- |
-- |
16289.736 |
|
|
|
|
|
|
|
|
|
|
Un-allocable Corporate Revenue |
-- |
-- |
6098.238 |
|
|
|
|
|
|
|
|
|
|
Total |
-- |
-- |
21990.475 |
|
PARTICULARS |
31.03.2012
AUDITED |
|
Equity and
liabilities |
|
|
Shareholders'
fund |
|
|
Share capital |
636.000 |
|
Reserve &
surplus |
19821.200 |
|
Sub-total - Shareholders' funds |
20457.200 |
|
Non - current
liabilities |
|
|
Long term
borrowings |
0.000 |
|
Deferred tax
liability (net) |
2930.400 |
|
Other Long term
liabilities |
1682.400 |
|
Long term
provisions |
2006.200 |
|
Sub-total - Non-current liabilities |
6619.000 |
|
Current
liabilities |
|
|
Short term
borrowings |
0.000 |
|
Trade payables |
670.400 |
|
Other current
liabilities |
2951.900 |
|
Short term
provisions |
1452.700 |
|
Sub-total - Current liabilities |
5075.000 |
|
Total - Equity & Liabilities |
32151.200 |
|
|
|
|
Assets |
|
|
Non-current
assets |
|
|
Fixed assets |
|
|
Tangible assets |
17533.200 |
|
Intangible
assets |
44.600 |
|
Capital work in
progress |
63.000 |
|
Non-current
investment |
1326.600 |
|
Long term loans
& advances |
3123.000 |
|
Other
non-current assets |
72.700 |
|
Sub-total - Non-current Assets |
22163.100 |
|
Current assets |
|
|
Inventories |
654.000 |
|
Trade
receivables |
444.000 |
|
Cash & bank
balances |
564.400 |
|
Short term loans
& advances |
832.5700 |
|
Other current
assets |
0.000 |
|
Sub-total - Current Assets |
2494.970 |
|
Total – Assets |
32151.200 |
NOTES
1.
Status of Investor’s complaint for the quarter
–Beginning Nil, Received-5, Resolved-5 and Pending-Nil.
2.
Considering the revised guild lines of Ministry of
Coal, GOI for preparation of mine closure plan, the Corporation has changed its
policy as regard mine closure expense , whereby profit for the quarter/ year is
lower by Rs.120.931 Millions
3.
The Board of Directors have recommended dividend of
150% i.e. Rs. 3.00 per share
4.
The above results have been reviewed by the Audit
Committee of the Board of Directors in its meeting held on 25th May,2012 and
some have been taken on record by the Board of Directors in its meeting held on
the same date.
5.
Figures of last quarter are the balancing figures
between audited figures in respect of the full financial year and the published
year to date figures up to the third quarter of the current financial year.
6.
Consequent to the notification of Revised Schedule
VI under the Companies Act, 1956, the financial statements for the year ended
31st March, 2012 are prepared as per Revised Schedule VI. Accordingly, the
previous year figures have also been reclassified to conform to this year’s
classification. Further, previous periods/ year’s figures have been regrouped
/rearranged wherever necessary.
FIXED ASSETS:-
v Free -hold Land
v Buildings
v
Plant and Machinery
v
Furniture, Fixtures and Appliances
v
Vehicles
v
Leased Assets
v Vehicles
WEBSITE DETAILS
CORPORATE HISTORY
1963
GMDC was incorporated in the year 1963 to develop major mineral
resources in the state and commenced with a small silica sand quarrying plant near
Thangadh to crush and screen the silica required for glass manufacturing.
1964
Bauxite mining were commissioned as a scarcity work initially during
1964 at Kutch which was later expanded to six operating mines that produced
refractory grade bauxite which was also suitable to metallurgical purposes.
1971
In 1971, a beneficiation plant was commissioned to process 500 M.T of
fluorspar ore and to produce calcium fluoride used for the manufacture of
Hydro-fluoric acid and as flux in metallurgical industries. A captive mine at
Ambadungar was established also to feed the plant.
1976
The availability of lignite in the state was established which gave an
opportunity for the Corporation to develop its first lignite mine at Panandhro
in Kutch in the year 1976. The textile and processing houses benefitted in
using the fuel which is competitive compared to coal.
1980
A small pilot plant with a capacity to process 50 tons of multi-metal
ore containing copper-lead and zinc was established at Ambaji in the year 1980.
A captive mine was established and developed to supply to the plant at that
time with a total metal content of about 10%.
1983
A small lignite mine was also opened at Rajpardi in Bharuch in the year
1983 to cater to the industries located in south Gujarat.
1988-89
To develop the first lignite mine with advanced technological mining
methods, the Corporation went ahead with the expansion plans by deploying
continuous mines systems of Bucket Wheel Excavators at a total cost of 100
crores in the year 1988-89.
1992
As a value addition to bauxite mining, the Corporation commissioned in
1992 a calcination plant at Gadhsisha in Kutch with a capacity to produce 50000
tons of calcined bauxite which is a major raw material for refractory products.
1996
To mainly use the Kutch lignite resources, the Corporation established a
250 (125 X 2) MW thermal power plant at Nani-Chher in Kutch with circulating
the fluidised bed cumbustion technology (CFBC). The units were commissioned in
1996 with an investment of about 1400 Crores.
1999
To bring in efficiency and profitability in all areas of its working,
the government of Gujarat being the sole owner disinvested 26% of its stake and
the Corporation became a listed entity (BSE and NSE) in the Corporate world in
the year 1999 and is occupying a position within the top fortune 500 companies
in our country with an annual turnover surpassing 1000 Crores with considerable
annual growth rate.
2002
A Corporate office at Ahmedabad with an eight storied building was constructed
to house all the departments and occupied the building in the year 2002.
2005-06
A small lignite mine at Tadkeshwar in Surat district was also
established during 2005-6 to cater to the industries located in south Gujarat.
2006-07
The Government of Gujarat mandated the Corporation to develop the
Manganese resources near Shivarajpur in Panchmahals. Hence a small project to
handle the manganese waste was established in 2006-7. Simultaneously survey,
exploration activities were initiated so as to develop a full fledged mine
cater to the need of the metallurgical industry.
2008-09
A lignite mine near Bhavnagar was established 2008-09 for the fuel
supply to industries located the saurashtra region. By developing various
lignite mines in the State, the Corporation became the largest merchant seller
of lignite in the country.
2009
The Corporation also went into harnessing the wind energy and
commssioned 19.5 MW wind turbines near Malya in Kutch in the later part of 2009
which will be expanded further to the tune of 80 MW in various stages of
implementation.
2010
The Corporation first implemented ISO-9001 at Corporate office in 2010
and is planning to obtain for all the mines in operation with Occupational
Health and Safety systems(OHS-18000) along with Environmental Management
systems(ISO-14000) which are intended for achieving excellence in all areas
where its people and stake holders are connected.
2010
The Corporation also embarked on a sophisticated Enterprise Resource Planning
system in 2010 covering the whole ambit of mining operations throughout Gujarat
to achieve efficiency and complete the tasks in time with the minimum resources
required.
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. 55.41 |
|
|
1 |
Rs. 86.04 |
|
Euro |
1 |
Rs. 68.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
-- |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
71 |
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.