MIRA
INFORM REPORT
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Report Date : |
13.07.2012 |
IDENTIFICATION DETAILS
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Name : |
THE HUTTI GOLD MINES COMPANY LIMITED |
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Formerly Known
As : |
HUTTI GOLD MINES COMPANY LIMITED |
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Registered
Office : |
3rd Floor, KHB Shopping Complex, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
08.07.1947 |
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Com. Reg. No.: |
001321 |
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Capital
Investment / Paid-up Capital : |
Rs.29.620 Millions |
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CIN No.: [Company Identification
No.] |
U85110KA1947SGC001321 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
BLRT02861F |
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PAN No.: [Permanent Account No.] |
AABCT4450H |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Subject is engaged in the mining and production of gold. |
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No. of Employees
: |
3797 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (76) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 22000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a very old, well established and reputed company having
excellent track. It is a government of Karnataka undertaking. It is the only producer
of primary gold in the country. Financial position of the company appears to be sound. Directors are
reported as well experienced and highly knowledgeable businessmen. Trade relations are reported as praiseworthy. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered excellent for any 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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
3rd Floor, KHB Shopping Complex, National Games Village,
Koramangala, Bangalore – 560025, Karnataka, India |
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Tel. No.: |
91-80-25710501/25705723/25705724/25705725 |
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Fax No.: |
91-80-25718365 |
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E-Mail : |
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Website : |
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Official
Addresses:
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Mines Situated
at: The Hutti Gold
Mines Company Limited,
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DIRECTORS
As on 31.03.2011
|
Name : |
Mr. S V Ramachandra |
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Designation : |
Chairman |
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Address : |
MLA, Jagalur, Karnataka, India |
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Name : |
Mr. A K Monnappa, IAS |
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Designation : |
Managing Director |
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Name : |
Mr. Ajay Seth, IAS Secretary to
Government, Finance Department Government of Karnataka |
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Designation : |
Director |
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Name : |
Mr. G V Kongawad, IAS, Secretary to
Government Commerce and Industries Dept. Government of Karnataka |
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Designation : |
Director |
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Name : |
Mr. H R Srinivasa, IAS, Director of
Mines and Geology, Government of Karnataka |
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Designation : |
Director |
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Name : |
Mr. S Dayashankar, IAS, Additional
Secretary and Ex-Officio Private Secretary to Hon'ble Chief Minister Government of Karnataka |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. K N Narasimha Murthy |
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Designation : |
Company Secretary |
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Name : |
Mr. Vijayakrishna K.T. |
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Designation : |
Company Secretary |
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Address: |
No.496/4, II
Floor, 10th Cross Near Bashyam Circle Sadashivnagar, Bangalore -560 080,
Karnataka, India |
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Qualification: |
BBM, LLB, FCS,
AICWA |
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Tel No.: |
91-80-23610847 |
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Fax No.: |
91-80-41231106 |
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E-Mail: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Not Available
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the mining and production of gold. |
GENERAL INFORMATION
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No. of Employees : |
3797 (Approximately) |
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Bankers : |
·
State Bank of Hyderabad - Bangalore and Hutti,
Karnataka, India ·
State Bank of India – Raichur, Karnataka, India ·
Canara Bank - Bangalore and Chitradurga,
Karnataka, India ·
Syndicate Bank - Bangalore and Hutti, Karnataka,
India ·
Axis Bank, Bangalore, Karnataka, India ·
ING Vysya Bank, Bangalore, Karnataka, India ·
UTI Bank Limited, Trishul 3rd Floor,
Opposite Samartheshwar Temple, Law Garden Ellis Bridge, Ahmedabad – 38006,
Gujarat, India |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ashok Kumar, Prabhashankar and Company Chartered Accountants |
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Address : |
S-2, Narayana, 25 Mission Road, Shama Rao Compound, Bangalore-560 027,
Karnataka, India |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital : Rs.200.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.29.620
Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
29.600 |
29.600 |
29.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
5718.000 |
4486.600 |
3613.300 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5747.600 |
4516.200 |
3642.900 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
239.000 |
136.900 |
221.900 |
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TOTAL |
5986.600 |
4653.100 |
3864.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2112.300 |
2006.500 |
1808.700 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.200 |
0.200 |
157.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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Sundry Debtors |
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Cash & Bank Balances |
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Other Current Assets |
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Loans & Advances |
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Total
Current Assets |
4900.200
|
3427.300 |
2765.800 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
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Provisions |
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Total
Current Liabilities |
1030.000
|
814.100 |
889.700 |
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Net Current Assets |
3870.200
|
2613.200 |
1876.100 |
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MISCELLANEOUS EXPENSES |
3.900 |
33.200 |
23.000 |
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TOTAL |
5986.600 |
4653.100 |
3864.800 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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TOTAL INCOME |
4375.800 |
3601.200 |
3413.200 |
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CASH EXPENSES |
2303.900 |
2243.700 |
1669.700 |
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CASH PROFIT |
2071.900 |
1357.500 |
1743.500 |
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DEPRECIATION AND
OTHER WRITE OFFS |
177.700 |
110.400 |
203.900 |
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NET
PROFIT/(LOSS) |
1894.200 |
1247.100 |
1539.600 |
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PERCENTAGE TO
TOTAL INCOME |
4.300 |
3.500 |
4.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
43.29
|
34.63 |
45.11 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
38.66
|
36.39 |
55.67 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.28 |
0.42 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.18
|
0.18 |
0.24 |
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Current Ratio (Current Asset/Current Liability) |
|
4.76
|
4.21 |
3.11 |
LOCAL AGENCY FURTHER INFORMATION
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Check List by Info Agents |
Available in Report (Yes / No) |
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1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business• |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
No |
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9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
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20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
HIGHLIGHTS 2010-11
·
Total income amounted to Rs.4375.800 Millions as against
Rs. 3601.200 Millions in the previous year, an increase of 21.51 per cent.
·
Operating profits of Rs.2178.800 Millions, as
against Rs. 1610.600 Millions in the previous year, an increase of 35.28
percent.
·
Profit before tax Rs. 1894.200 Millions, as against
Rs.1247.100 Millions in the previous year. During the year the Company has paid
Rs.100.000 Millions to Chief Minister’s Relief Fund as against Rs. 250.000
Millions paid during the previous year.
·
Earning per share (EPS) for the year Rs.4274
·
Net Worth as at the end of the March 2011 amounted
to Rs. 5743.700 Millions as against Rs.4483.100 Millions in the previous year.
PERFORMANCE
REVIEW:-
PRODUCTION AND OPERATING RESULTS:
|
Sl. No. |
Mine |
2010-11 |
2009-10 |
||
|
|
|
Budget |
Actual |
Budget |
Actual |
|
1 |
Hutti Mine |
5,30,710 |
5,15,665 |
4,98,200 |
4,98,935 |
|
2 |
Uti Mine |
1,24,605 |
74,750 |
94,200 |
45,088 |
|
3 |
Heera Buddini |
35,615 |
30,076 |
35,100 |
11,177 |
|
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Total |
6,90,930 |
6,20,491 |
6,27,510 |
5,55,200 |
During 2010-11,
Hutti Unit has milled 65,291 MT of ore more as compared to the previous year
2009-10.
FINANCIAL RESULTS
Production and
Sales:
During the year
under report, the value of production amounting to Rs.3996.700 Millions as
against Rs.3331.400 Millions in the previous year, an increase of 19.97 per
cent. As on 31st March, 2011, the Company was holding 720 kilograms of gold
against 434 kilograms as at the end of previous financial year. During the year
2010-11, the Company sold 1,935 kilograms of gold aggregating a value of
Rs.3690.100 Millions as against 2,090 kilograms of gold aggregating a value of
Rs.3287.400 Millions.
Profit
The working of the
Company resulted in a profit (before taxation) of Rs.1894.200 Millions as
against Rs.1247.100 Millions in the corresponding previous year, an increase of
about 52 percent. The Net Profit after taxation and prior period adjustments
amounted to Rs.1265.900 Millions as against Rs.908.000 Millions in the previous
year. During the year under report, the Company has paid Rs.100.000 Millions to
Chief Minister’s Relief Fund as against Rs. 250.000 Millions paid during the
previous year.
Net Worth:
Net worth of the
Company as at the close of 31st March, 2011 is Rs.5743.700 Millions as against Rs.
4483.100 Millions during previous year, registering a significant jump of 28.12
percent.
PROJECTS
Second phase
Mining:
Technical
evaluation of global tender has been completed for sinking a new 6m dia
Circular Shaft up to 940m depth. Excavation of roof of underground crusher
chamber at 27th level of Mallappa Shaft has been completed and is supported
with rock bolts and cable bolts. Further excavation work is in progress.
Excavation of rock breaker chamber at 24th L has been completed, support work is
in progress. Other allied excavation in 2nd phase operation is in progress. and
will be completed by June 2013.
Contract work
The contractor M/s
Teknomin Construction Limited has completed the exploratory Mine development
work including revised quantity at Grey Shaft and South Hutti awarded to them.
Grey Shaft is equipped with buntons and rail guides from surface to 7th I
below.
New Sag and Ball
Mill
As reported in the
previous report, the Sag and Ball Mill was successfully commissioned during
July, 2011. Now the plant has stabilized and is operating continuously with
rated capacity as per the norms prescribed. During the year under report
4,02,545 MT of ore at an average feed rate of 85 tonnes per hour has been
processed. However, they are intending to improve the efficiency in terms of
reducing grinding cost per ton of ore considerably by replacing chrome ally
liners with the latest technology of tough and rubber liners.
Load Haul and Dump
(LHD):
Wide Ore Body (WOB
R-I Block) originally designed for production between SR 9th Level to 11th
Level, was explored further for possibility of mineralization extending upto
8th L and preparatory work is in progress. Present 2 cubic yard LHD will be
used to produce extra tonnage from SR 11th extraction level. Two remote
controlled electric LHD of 0.9cubic meter capacity is being operated at SR 13th
inter HE 30-31 region (R2 Block) and another ZI 18th Inter CE35-38 region.
Second outlet
Central Shaft 26th
Level Main Haulage Cross Cut West has been developed and intersected Middle
Reef. Onlode development is in progress from both Mallappa Shaft and Central
Shaft in Middle Reef North for establishing for second outlet.
Sand Stowing:
1,52,780 MT of
classified mill tailing was stowed during the year as against 1,85,635 MT of
tailing during 2009-10. Stowing was less compared to the previous year because
New Ball and Sag mill is generating only 15% of classified tailings due to fine
grinding as against 35-38% from the old mill.
Mine Ventilation:
Keeping in view the
development of new 6m dia circular shaft in the 2nd phase of mining operations,
the present ventilation circuit for the return way would be determined. In this
regard Prof. D.C. Panigrahi, Indian School of Mines of Dhanbad was approached
for suggestion and he has recommended a restudy of the whole mine for locating
return air shafts in the mine. The work is in progress.
UTI GOLD MINE
North Open Pit
(Lode No.4)
The open-pit
mining has been completed up to 390 mRL. During the period 1,35,887 cu.m of OB
and 1,91,458 tonnes of ore have been excavated. Dewatering is in progress in
north open-pit.
South Open-Pit
(Lode No.4)
Mining Plan has
been approved by IBM. Digital Global Position (DGP) Survey has been completed.
Mining feasibility studies have been completed with the help of IBM, Nagpur.
Survey, demarcation and other associated work for Mining Lease is in progress.
Underground (Lode
No.4):
For Lode No.4
Service Shaft sinking work started on 12.11.2010 and the work is in progress.
Underground (Lode No.3):
Exploratory on
lode mine development carried out at III L, II L, Foot wall haulage black rock
drive and the draw x-cuts were developed at III L. Winze No.3, sinking upto III
L by drop raise method has been completed. At Winze No.3, 40 HP single drum
winder foundation work is in progress. Incline shaft sinking which started on
12.11.2010 is in progress.
During the period
74,750 tonnes of ore was milled, which has yielded about 94.06 kgs. gold and
about 8.58 kgs. silver. A stock of 188957 tonnes of ore at 2.24 g/t au is kept
at the mine yard.
HEERA BUDDINI GOLD
MINE
Mine development
has been carried out at I level, II sub-level, III level, IV level, V level. At
III level by pass drive, sump excavation for storage of water, three stage
pumping system, bypass drive for terminal ventilation, slot, terminal raise and
winze work have been carried out. Surface cast winze sinking for the terminal
ventilation and ventilation fan of (capacity 40 HP) with evasee has been
erected and completed. Stope drilling has been carried out and production from
the first stope block has commenced. The bandy hoisting system and associated
work at Main Shaft have been completed. The construction of single circuit 11
KV 3 phase express feeder line, rabit ACSR conductor and 9 mtr. RCC pole from
Kavithal to mine area is in progress.
At west shaft, the
bucket hoisting system has been replaced with single drum cage hoist system.
About 30,500 tonnes of ore has been transported from Hira-Buddinni Gold Mine, as
against the previous year's quantity of 11,350 tonnes. About 30,000 tonnes of
ore has been milled, which has yielded 71.48 kgs gold and 6.63 kgs silver. The
exploratory mining, stope preparation will be continued.
Exploration
programme in ML/PL/RP area:
Field inspection
by Officers of Mines and Geology Dept., Revenue authorities, Officers of
Karnataka State Pollution Control Board (KSPCB), Officers of the Ministry of
Environment and Forest(MoEF}, Digital Global Position(DGP} survey etc., has
been carried out in some of the areas having ML/PL. The matter is being pursued
with various Govt. Depts. Detailed exploration in these areas would be taken up
after obtaining the PL/ ML, which is pending with the Govt.
Exploration,
Diamond Driling, Mapping and Sampling:
A total of
1460.50m of underground and 5683.35m of surface drilling have been carried out
at different areas in Hutti to establish the strike and depth continuity of
gold mineralization. The drilled holes cross sections have been prepared and
the condensed litho logs were also completed. Correlation of drilling data has
been carried out on the basis of the result obtained by drilling.
A total 2530.00m
of on-lode development was monitored followed by geological mapping, a total
12,035 samples were collected from developments, stopes (for quality control)
and trom drilled cores and analyzed for gold. Mineable reserve blocks for
production scheduling have been prepared and action is being taken accordingly
to mine the reserves.
Wind Mill Power
Generation:
The Company has
commissioned 2.1 MW wind farm during the year under report thereby increasing
the total capacity to 11.4 MW which has generated 2,12,49,485 units and earned
a revenue of Rs.72.200 Millions during the year 2010-11.
ENVIRONMENTAL
MANAGEMENT:
The Company, as a
corporate citizen, is environmentally conscious and committed to achieve its
business goals through sustainable development / growth. The Corporate
Environmental Policy of the Company emphasizes on “conducting operations in an
environmentally concern manner, complying with applicable regulations and
striving to go beyond.” The Company recognizes its responsibility to
continuously improve its energy efficiency and optimize resource consumption
through various measures viz. improvement in process technology in the areas of
raw materials, reuse/re-cycle of the by-products generated. The Company has
been a pioneer in environment management and in adoption of advanced
eco-friendly technologies. The effective pollution abatement strategies are
expected to satisfy the environment friendly and safe technique in processing
of gold ore.
The Environment
Department of the Company has taken adequate measures by adopting suitable
monitoring measures along with adaptation of suitable technology for abatement
of pollution which is likely to occur at various stages in the mining
activities.
Status :
Cleaner
technology:
Zero Discharge of
processed water has been possible by adopting the cleaner technology and the
"3R" principle - Reduce, Recovery and Recycle.
Cleaner technology
is being practiced in the process by complete detoxification of the process
waste by adopting recovery system, which reduce the chemical consumption, and complete
recycling of the water to form a zero discharge thereby significantly reducing
the amount of hazardous substance (Cyanide) escaping to environment, recover
utilization by recirculation of the process water, which play a significant
role in achieving the Environment standards.
Steps for reuse /
recycle of waste:
·
Various eco friendly techniques for re-using and
recycling have been adopted
·
complete recycling process of water completely by
ensuring zero discharge to environment
·
Reusing the treated water from the Oxidation pond
for gardening and afforestation activities
·
Reclaiming the cyanide used in the process and
re-used in the process, thereby reducing the cyanide consumption.
·
Activated carbon in the recovery of gold by the
surface absorption process, the loaded activated carbon isstripped and reused,
thereby reducing the raw material consumption.
·
The organic waste segregated from the community
solid waste is being composed and used as manure for plants.
·
Solar heater has been installed at canteen to
generate steam, which is used for cooking purpose.
·
Solar water heater has been installed in the Guest
house to supply hot water.
·
Solar emergency lighting system and two CFL bulbs
have been provided, at free of cost on replacement basis, to all the 150 houses
of officers to encourage the renewable and sustainable use of energy.
Water and waste
water management:
·
Treated drinking water is supplied to the colony
and to the nearby Gurugunta and Kota villages along with Hutti Village.
·
Periodic monitoring of the quality of ground water
in and around the plant and dump site is being carried out.
·
Entire waste water generated in the colony is
collected through severs, treated and reused for garden and in afforested
areas.
·
Up-gradation of the existing system, to Activated
sludge process as a combined Sewage Treatment Plant, to treat the Sewage
generated from the colony, garage wash water and disinfected liquid waste from
Hospital, is under process.
Tailing dump
Management:
·
Formation of tailing dump: The tailings in the form
of slurry is pumped to the earmarked site for impounding, where it is allowed
to dry under sun and consolidate, to reduce the impact of leaching and water
run-off. The decanted water is stored in catchment ponds/storage sump and
pumped back to plant and re-used in the process.
·
As per the guidelines of the Ministry of
Environment and Forest . (MOEF)/KSPCB/IBM/DDMS, tailing dumps are being managed
with all necessary safety and environmental precautions.
·
In and around the dump, plantation has been carried
out and efforts are being made for vegetation of slope of the dump on one side.
Solid Waste
management:
·
Industrial and community waste are being managed as
per the statutory norms. Door to door collection of community waste in the
colony is being made.
·
Segregation of waste has been given the top
priority.
·
Two acres of land is being used for handling the
waste, where the solids are scientifically disposed off as per the Solid Waste
(Management and Handling) Rules.
·
Composting of the segregated organic waste is being
carried out and the manure is being used for plantations.
Hospital Solid
Waste Management:
The Bio-Medical
Waste generated in the 120 bedded Hospital is being handled. The solid waste
generated is being segregated at the source using color coded bins as per the
norms of Bio-Medical Waste Management and Handling Rules. The same is being
Transported to the handling and disposal site by closed bullock carts, which is
handled as per the Bio-Medical Waste Management and Handling Rules.
Awareness
Programme:
Awareness programmes are being conducted by the Environmental Engineer, for all the Hospital Staff / Doctors / Workers / Nursing students regarding Hospital Solid Waste Management- (Handling, Safety, Collection, Segregation, Storage, Transportation, and Disposal and Treatment) and the same is being followed as per the Bio-Medical Waste (Management and Handling) Rules.
Environmental Engineer is also conducting Awareness
programmes on Environment Concepts, namely, Conservation of natural resources
(Water, Energy, Forest, Minerals), Solid waste management, Rain water
Harvesting, Afforestation etc in Schools / College.,
AS PER WEBSITE DETAILS
COMPANY PROFILE
Subject Government of Karnataka Undertaking (Established in 1947 as Hyderabad Gold Mines), has the unique distinction of being the only producer of primary gold in the country. HGML has been active in the exploration, development and exploitation of gold deposits occurring in Karnataka. The Company's Corporate Office is situated in Bangalore and it operates two units-The Hutti Gold unit (HGU) ,in Raichur district and the Chitradurga Gold Unit (CGU) in Chitradurga district with an operating mine at Ajjanahalli (Tumkur District) .HGU is a fully integrated unit with a capacity to produce 5,50,000 tonnes per annum.
The HGML currently processes ore from Hutti Gold Mine and two satellite mines at Uti (opencast) and Hira-Buddinni (Exploratory underground mine). Major expansion including the extended capacity of the metallurgical plan in phased manner, is also under consideration .However,CGU's operations for gold mining and processing ore temporarily suspended and the company has diversified into wind form project and as established 9.3 MW in its leased premises.
HISTORY OF THE MINE
1887 - Gold
Mining was undertaken by "Hyderabad (Deccan) Company" for the Nizam
of Hyderabad.
1880 - 1920
Modern mining took place by M/s. John Taylor's and Sons. During the period
between 1902 to 1918 only the Main Reef alone produced 3.8 lakhs tonnes of ore
and yielded 7.41 tonnes of gold @ an average grade of 19.45 g/t. and was mined
upto 1052 m. depth.
1920 - Mine
closed down due to paucity of materials, funds, and also attributable to World
War I.
1938 -
Detailed exploration by geological and geophysical surveys, diamond drilling
and dewatering of the Village Reef mine were conducted, which resulted in
rediscovery of Zone - I and Oakley's Reefs.
1947 - On
8th July 1947 "Hyderabad Gold Mines Company Limited" was incorporated
and the mining operations were entrusted to John Taylor and Sons by the Nizam
of Hyderabad.
1956 - It
was renamed as "The Hutti Gold Mines Company Limited" (HGML) with the
formation of Mysore State (now Karnataka) when the states were reorganized.
1966 -
Indian Gold Control Act 1966 imposed severe restrictions on Gold trade and
industry.
1971 - In
its Silver Jubilee year, the capacity was tripled from 310 Tonnes per day (TPD)
to 910 TPD.
1985 - The
two loss making Copper Units "Chitradurga Copper Company" and
"Karnataka Copper Consortium Limited" at Kalyadi were amalgamated
with HGML. Thus the company's operations were extended to Copper mining and
production of Copper Concentrate.
1992 - The Gold
Control Act was repealed allowing free import of gold resulting in almost
stabilization of Indian gold prices.
1996 -
Introduction of Carbon-in-Pulp (CIP) technology in the Mill
1997 -In its
"Golden Jubilee Year", HGML undertaken a comprehensive Modernization
and Expansion programme to double its production by increasing capacity at
Hutti and conversion of Copper unit to Gold unit at Chitradurga.
1998-99 and 2002 - Phasewise Ball Mill addition
2002-04 -
Introduction of large Agitators (11 m dia x 11.5 m height)
2005 -
Improvement in the Sand stowing system, Detoxification plant, new high rate
thickener and Carbon column
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.55.69 |
|
|
1 |
Rs.86.28 |
|
Euro |
1 |
Rs.68.14 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
76 |
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.