MIRA
INFORM REPORT
|
Report Date : |
27.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
SESA STERLITE LIMITED (w.e.f. 18.09.2013) |
|
|
|
|
Formerly Known
As : |
SESA GOA LIMITED |
|
|
|
|
Registered
Office : |
Sesa Ghoar, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
25.06.1965 |
|
|
|
|
Com. Reg. No.: |
24-000044 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 869.100 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L13209GA1965PLC000044 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS14062G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCS7101B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Subject
is engaged in mines, manufacturing, produces, and exports iron ore. |
|
|
|
|
No. of Employees
: |
3857 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 520000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of “Vedanta Resources PLC”. It is a well established
and reputed company having a good track record. The company has seen a drastic fall in its sales turnover as well as net
profitability during 2013. Due to temporary suspension of mining operations
in Goa with effect from September 11, 2012. The ratings take into consideration the approved group restructuring
process which may help the subject to diversify its business risk profile. The market conditions of the mining industry seems to be unfavorable
in India. The company is also facing some difficulties due to the changes in
government regulations. However, financial position of the company is strong and sound.
Networth appears to be decent. Trade relations are fair. Business is active.
Payment terms are reported as regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. Note: As confirmed by company secretary Sterlite Industries is merged with
Sesa Goa now the name of company is Sesa Sterlite Limited. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
Uptick in
agriculture and construction spread some cheer as the economy grew a higher-than-expected
4.8 % in the three months through September. Manufacturing rose an annual rate
per cent during the quarter and mining fell by 0.4 %, government data showed
while farm output rose 46%.
India has emerged as
the most attractive investment destination, thanks to a relaxation in foreign
direct investment norms, says a report. India is followed by Brazil and China
in the ranking part of EY’s Capital Confidence Barometer report based on a
survey across 70 nations. The US, France and Japan have emerged as the top
three investors likely to invest in India.
India has been
ranked 83rd globally in terms of talent competitiveness of its human
capital. Switzerland, Singapore, Denmark, Sweden and Luxembourg are the top
five in the list of 103 nations compiled by INSEAD business school.
Tax rates for
companies in India are among the highest in the world and the number of
payments is also more than the global average putting the country at low, 158th
rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the
time taken for tax payments is relatively less in India which is rated ahead of
China and Japan.
1 billion smartphone
shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost
computing in emerging markets. By 2017, total smartphone shipments are expected
to approach 1.7 billion units, resulting in a compound annual growth rate of
18.4 % between 2013 and 2017, according to research from IDC.
20 % vacancy rate of
office space in Mumbai and Delhi in the third quarter, the highest in Asia
after Chengdu, in China. According to Cushman and Wakefield, six Indian cities
are among the 10 office markets with the worst vacancies.
Foreign banks will
not have to pay stamp duty and capital gains tax, if they convert their branch
operations into a wholly owned subsidiary, according to the Reserve Bank of
India.
The Reserve Bank of
India is planning to launch CPI – indexed bonds aimed to protecting the savings
of retail investors from the impact the price rise by December end.
Central Bureau of
Investigation has booked State Bank of India, Deputy Managing Director Shyamal
Acharya and others in a graft case related to distribution of a loan of over Rs
4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the
residence of Acharya.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : AA+ |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
17 October 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A1+ |
|
Rating Explanation |
Strong degree of safety and Carry lowest credit risk. |
|
Date |
17 October 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. S Suresh |
|
Designation : |
AVP Finance |
|
Date : |
26.12.2013 |
LOCATIONS
|
Registered Office : |
Sesa Ghoar, P O Box 125, 20 EDC Complex, Patto, Panjim – 403001, Goa, India |
|
Tel. No.: |
91- 832-2460600 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office: |
Solitaire Corporate Park, Business Square, C Wing, 2nd Floor, Andheri
Kurla Road, Chakala, Andheri(East), Mumbai – 400093, Maharashtra, India |
|
|
|
|
Iron Ore Division I : |
Codli Mine, P.O.
Kirlapale, Dabal, Goa - 403706 India |
|
Tel. No.: |
91-832-2617200 |
|
Fax No.: |
91-832-2618280 |
|
|
|
|
Iron Ore Division II: |
|
|
|
|
|
Shipping: |
Queeny Elite, 1st Floor Swatantrapath, Vasco Da Gama, Goa - 403802 India |
|
Tel. No.: |
91-832-2513053 |
|
Fax No.: |
91-832-2511916 |
|
|
|
|
Coke Plant: |
MetCoke Division, P.O. Bicholim, Amona, Goa - 403505 India |
|
Tel. No.: |
91-832-3981400 |
|
|
|
|
Pig Iron Plant: |
P.O. Bicholim, Amona, Goa 403107 India |
|
Tel. No.: |
91-832-2386090 |
|
|
|
|
Ship Building: |
Sirsaim, Tivim Bardez Goa 403502 India |
|
Tel. No.: |
91-832-2298357 |
|
Fax No.: |
91-832-2298439 |
|
|
|
|
Sesa Community: |
Development Foundation - NCM Sesa Technical School, - Sesa Football Academy, P.O. Sanquelim, Goa 403505 India |
|
Tel. No.: |
91-832-2365509 |
|
|
|
|
Iron Ore Division” |
Locate at · Karnataka · Orissa · Shanghai |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Kuldip K Kaura |
|
Designation : |
Independent and
Non-Executive Director |
|
|
|
|
Name : |
Mr. Gurudas D Kamat |
|
Designation : |
Independent
Non-Executive Director |
|
|
|
|
Name : |
Mr. Jagdish P Singh |
|
Designation : |
Independent
Non-Executive Director |
|
|
|
|
Name : |
Mr. Ashok Kini |
|
Designation : |
Independent Non-Executive Director |
|
|
|
|
Name : |
Mr. Amit Pradhan |
|
Designation : |
Whole-time Director |
|
Date of Birth/Age : |
57 Years |
|
Qualification : |
M.Sc.(Physics) |
|
Experience : |
34 Years |
|
Date of Appointment : |
15.01.1990 |
|
|
|
|
Name : |
Mr. Prasun K Mukherjee |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
56 Years |
|
Qualification : |
B.Com (Hons.) F.C.A., A.I.C.W.A. |
|
Experience : |
33 Years |
|
Date of Appointment : |
14.04.1987 |
KEY EXECUTIVES
|
Name : |
C. D. Chitnis |
|
Designation : |
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.08.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
480496 |
0.02 |
|
|
121740 |
0.00 |
|
|
602236 |
0.02 |
|
|
|
|
|
|
1628741709 |
60.63 |
|
|
1628741709 |
60.63 |
|
Total shareholding of Promoter and Promoter Group (A) |
1629343945 |
60.65 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
89747336 |
3.34 |
|
|
115758216 |
4.31 |
|
|
1680 |
0.00 |
|
|
33636824 |
1.25 |
|
|
490155242 |
18.25 |
|
|
729299298 |
27.15 |
|
|
|
|
|
|
85119913 |
3.17 |
|
|
|
|
|
|
162187764 |
6.04 |
|
|
21597555 |
0.80 |
|
|
58873512 |
2.19 |
|
|
4983993 |
0.19 |
|
|
44101153 |
1.64 |
|
|
2000 |
0.00 |
|
|
5467 |
0.00 |
|
|
1800 |
0.00 |
|
|
4468259 |
0.17 |
|
|
5303046 |
0.20 |
|
|
7794 |
0.00 |
|
|
327778744 |
12.20 |
|
Total Public shareholding (B) |
1057078042 |
39.35 |
|
Total (A)+(B) |
2686421987 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
99292708 |
0.00 |
|
|
178959792 |
0.00 |
|
|
278252500 |
0.00 |
|
Total (A)+(B)+(C) |
2964674487 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in mines, manufacturing, produces, and exports iron ore. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
3857 (Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
·
Canara Bank ·
State Bank of India ·
ICICI Bank Limited ·
Kotak Mahindra Bank ·
Yes Bank ·
Standard Chartered Bank India ·
DBS Bank India ·
HDFC Bank |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Tower 3, 27th - 32nd
Floor, Indiabulls Finance Centre, Eiphinstone Mill Compound, Senapati Bapat
Marg, Elphinstone (West), Mumbai – 400 013, India |
|
Tel. No.: |
91-22-61854000 |
|
Fax No.: |
91-22-61854501/4601 |
|
|
|
|
Ultimate Holding company: |
·
Vedanta Resources plc |
|
|
|
|
Intermediaries: |
·
Finsider International Company Limited ·
Twin Star Holdings Limited ·
Westglobe Limited |
|
|
|
|
Associate (and an indirect subsidiary of the ultimate holding company): |
·
Cairn India Limited |
|
|
|
|
Jointly Controlled Entity: |
·
Goa Maritime Private Limited |
|
|
|
|
Fellow Subsidiaries: |
·
Bharat Aluminium Company Limited ·
Hindustan Zinc Limited ·
Konkola Copper Mines ·
Sterlite Industries (India) Limited ·
Sterlite Iron and Steel Company Limited ·
Talwandi Sabo Private Limited ·
The Madras Aluminium Company Limited ·
Twin Star Mauritius Holdings Limited ·
Vedanta Aluminum Limited ·
Vizag General Cargo Berth Private Limited |
|
|
|
|
Enterprise in which significant influence is exercised by Key
Management Personnel: |
·
Sesa Community Development Foundation |
CAPITAL STRUCTURE
As on 27.06.2013
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
51260000000 |
Equity Shares |
Re. 1/- each |
Rs. 51260.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2964674487 |
Equity Shares |
Re. 1/- each |
Rs. 2964.674
millions |
|
|
|
|
|
As on 31.03.2013
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
Re. 1/- each |
Rs. 1000.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
869101423 |
Equity Shares |
Re. 1/- each |
Rs. 869.100
millions |
|
|
|
|
|
NOTE:
|
There has been no movement in the equity
shares outstanding at the beginning and at the end of the year Rights, preferences and restrictions attached to equity shares The Company has only one class of shares referred
to as equity shares having a par value of Rs.1 each. Each |
Shareholder is eligible for one vote per
share held. The dividend proposed by the Board of Directors
is subject to the approval of the shareholders in the ensuing Annual General
Meeting, except in case of interim dividend which is paid as and when
declared by the Board. Repayment of capital, if any, will be in proportion to
the number of equity shares held |
Shares held by ultimate holding company and its intermediaries
|
Particulars |
March 31, 2013 |
|
|
|
Number of Shares |
% of Holding |
|
|
|
|
|
Finsider International Company Limited |
401,496,480 |
46.20 |
|
West Globe Limited |
44,343,139 |
5.10 |
|
Twinstar Holdings Limited |
33,274,000 |
3.83 |
All the above entities are subsidiaries of
Vedanta Resources plc. Accordingly, Vedanta Resources plc. is the ultimate
holding company.
Details of shareholders holding more than 5% shares in the Company other
|
Particulars |
March 31, 2013 |
|
|
|
Number of Shares |
% of Holding |
|
|
|
|
|
Franklin Templeton Investment Funds |
85,073,669 |
9.79 |
Aggregate number of bonus shares issued and shares issued for
consideration other than cash during the period of five years immediately preceding
the reporting date
|
Particulars |
March 31, 2013 Number of Shares |
|
|
|
|
Equity shares allotted as fully paid-up shares for consideration other
than cash pursuant to a scheme of amalgamation |
9,398,864 |
|
Equity shares allotted as fully paid-up bonus shares by way of
capitalisation of reserves and securities premium account |
393,620,200 |
Terms of securities convertible into equity shares
For shares to be issued on conversion of Foreign
Currency Convertible Bonds
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
869.100 |
869.100 |
869.100 |
|
(b) Reserves & Surplus |
129368.800 |
128262.800 |
115019.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.0000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
130237.900 |
129131.900 |
115888.100 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
11791.600 |
11090.700 |
9680.100 |
|
(b) Deferred tax liabilities (Net) |
104.000 |
851.000 |
631.000 |
|
(c) Other long term liabilities |
23.200 |
27.000 |
775.100 |
|
(d) long-term provisions |
18.100 |
17.200 |
43.300 |
|
Total Non-current Liabilities (3) |
11936.900 |
11985.900 |
11129.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
33223.800 |
24900.600 |
33.100 |
|
(b) Trade payables |
4702.000 |
7374.000 |
8771.600 |
|
(c) Other current
liabilities |
2429.200 |
2938.000 |
2160.300 |
|
(d) Short-term provisions |
344.600 |
2050.600 |
3995.200 |
|
Total Current Liabilities (4) |
40699.600 |
37263.200 |
14960.200 |
|
|
|
|
|
|
TOTAL |
182874.400 |
178381.000 |
141977.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
14685.700 |
9831.400 |
7418.600 |
|
(ii) Intangible Assets |
860.200 |
98.500 |
180.100 |
|
(iii) Capital
work-in-progress |
3633.000 |
6810.000 |
5045.400 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
145988.200 |
142248.700 |
17132.700 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4219.300 |
1628.800 |
1529.800 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
169386.400 |
160617.400 |
31306.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1277.000 |
1957.500 |
77505.400 |
|
(b) Inventories |
7560.200 |
7572.900 |
6361.000 |
|
(c) Trade receivables |
1404.400 |
4621.900 |
5068.800 |
|
(d) Cash and cash
equivalents |
248.800 |
720.100 |
8913.200 |
|
(e) Short-term loans and
advances |
2893.400 |
2891.200 |
12681.600 |
|
(f) Other current assets |
104.200 |
0.000 |
141.200 |
|
Total Current Assets |
13488.000 |
17763.600 |
110671.200 |
|
|
|
|
|
|
TOTAL |
182874.400 |
178381.000 |
141977.800 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
21879.200 |
65134.500 |
74930.800 |
|
|
|
Other Income |
3419.900 |
3863.300 |
5152.000 |
|
|
|
TOTAL (A) |
25299.100 |
68997.800 |
80082.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
8204.900 |
5888.100 |
3973.500 |
|
|
|
Purchase of stock-in-trade |
1057.800 |
3670.100 |
5363.900 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(2639.700) |
319.100 |
(121.300) |
|
|
|
Employee benefits expense |
1846.200 |
1914.400 |
1490.800 |
|
|
|
Other expenses |
9991.500 |
27297.300 |
23825.100 |
|
|
|
Exceptional item |
97.100 |
660.900 |
0.000 |
|
|
|
TOTAL (B) |
18557.800 |
39749.900 |
34532.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6741.300 |
29247.900 |
45550.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4692.300 |
4200.000 |
861.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2049.000 |
25047.900 |
44689.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1479.100 |
838.500 |
831.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
569.900 |
24209.400 |
43858.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(637.800) |
7410.000 |
9530.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1207.700 |
16799.400 |
34328.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
19621.000 |
11377.200 |
2977.000 |
|
|
|
|
|
|
|
|
|
|
TRANSFERRED ON
AMALGAMATION OF SESA INDUSTRIES LIMITED |
0.000 |
0.000 |
2834.800 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim dividend / Proposed Final dividend |
86.900 |
3476.400 |
3041.800 |
|
|
|
Tax on distributed profit |
14.800 |
79.200 |
493.500 |
|
|
|
Dividend for 2009-10 in respect of Foreign Currency Convertible Bonds
converted during the year |
0.000 |
0.000 |
98.500 |
|
|
|
Dividend to shareholders of erstwhile Sesa Industries Limited on amalgamation |
0.000 |
0.000 |
128.800 |
|
|
|
General Reserve |
50.000 |
5000.000 |
25000.000 |
|
|
BALANCE CARRIED
TO THE B/S |
20677.000 |
19621.000 |
11377.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
12125.900 |
51214.200 |
62589.300 |
|
|
|
Dispatch money |
30.800 |
93.100 |
177.400 |
|
|
|
Sale of Carbon Credits |
27.600 |
79.400 |
44.400 |
|
|
|
Other services |
0.500 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
12184.800 |
51386.700 |
62811.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3518.400 |
6972.200 |
5097.000 |
|
|
|
Components and spare parts |
205.700 |
139.200 |
172.100 |
|
|
|
Capital Goods |
1115.900 |
276.200 |
1111.700 |
|
|
TOTAL IMPORTS |
4840.000 |
7387.600 |
6380.800 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
|
|
|
|
|
|
Basic |
1.39 |
19.33 |
39.98 |
|
|
|
Diluted |
1.39 |
19.33 |
39.30 |
|
QUARTERLY RESULTS
|
Particulars
|
30.06.2013 |
|
|
1st Quarterly |
|
Net Sales |
3657.600 |
|
Total
Expenditure |
4903.900 |
|
PBIDT (Excl OI) |
(1246.300) |
|
Other Income |
50.600 |
|
Operating Profit |
(1195.700) |
|
Interest |
1478.400 |
|
Exceptional
Items |
0.000 |
|
PBDT |
(2674.100) |
|
Depreciation |
305.100 |
|
Profit Before
Tax |
(2979.200) |
|
Tax |
(1060.000) |
|
Provisions and
contingencies |
0.000 |
|
Profit After Tax |
(1919.200) |
|
Extraordinary
Items |
0.000 |
|
Prior Period
Expenses |
0.000 |
|
Other
Adjustments |
0.000 |
|
Net Profit |
(1919.200) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.77
|
24.35 |
42.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.60
|
38.96 |
58.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.71
|
82.56 |
36.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.19 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.35
|
0.28 |
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.33
|
0.48 |
7.40 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
CHARGES
|
|
|||||
|
ENTITY |
PERSON |
COMPETENT AUTHORITY |
REGULATORY CHARGES |
REGULATORY ACTION
(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
|
SESA GOA LIMITED |
|
SFIO |
SERIOUS BREACH OF COMPANIES ACT, 1956 |
CASES FILED BY SFIO AFTER OBTAINING SANCTION FOR PROSECUTION
ON THE BASIS OF INVESTIGATION REPORTS SUBMITTED BY SFIO |
|
|
SESA GOA LIMITED |
|
NSDL |
HIGH PENDING DEMAT REQUESTS |
PUT UP ON NSDL WEBSITE FOR PUBLIC NOTICE |
NOT APPEARING IN THE LIST DATED 24/06/2011 |
|
SESA GOA LIMITED |
|
CDSL |
HIGH PENDING DEMAT REQUESTS |
PUT UP ON CDSL WEBSITE FOR PUBLIC NOTICE |
NOT APPEARING IN THE LIST DATED 01/07/2011 |
|
|
|||||
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Foreign currency convertible bonds |
11791.600 |
11090.700 |
|
Short-term
borrowings |
|
|
|
Other loans and advances |
|
|
|
Packing credit in foreign currencies from banks |
9115.600 |
12794.000 |
|
Commercial paper [Maximum balance outstanding during the year Rs.3,0416.000 Millions (Previous year Rs.2,4697.500 Millions)] |
23521.400 |
11254.900 |
|
Buyers’ credit |
586.800 |
836.700 |
|
Total |
45015.400 |
35976.300 |
|
Note: During the year ended March 31, 2010, the Company had issued 5,000
Foreign Currency Convertible Bonds (“FCCBs”) aggregating USD 500 million at a
coupon rate of 5% (net to bondholder). The bondholders have an option to convert these FCCBs into shares, at
a conversion price of Rs.346.88 per share and at a fixed rate of exchange on
conversion of Rs.48.00 per USD 1.00 at any time on or after December 9, 2009.
The conversion price is subject to adjustment in certain circumstances. Unless
previously converted, redeemed or repurchased and cancelled, the FCCBs fall
due for redemption on October 31, 2014 at par. Upto March 31, 2013, 2,832 FCCB’s have been converted into 39,188,159
equity shares. No conversion has been made during the year. FCCB proceeds aggregating Rs.10408.600 Millions have been utilised for
the Company’s capital projects. |
||
SESA STERLITE – A
MERGER ANNOUNCEMENT
The Scheme of Amalgamation and Arrangement amongst Sterlite Industries (India)
Limited (SIIL), The Madras Aluminium Company Limited (MALCO), Sterlite Energy
Limited (SEL), Vedanta Aluminium Limited (VAL) with the Company, which was
announced last year has received approvals of respective company’s equity
shareholders, the Stock Exchanges in India and the Competition Commission of
India. Approval of Foreign Investment Promotion Board, respective company’s
equity shareholders and the Supreme Court of Mauritius approval for the merger
of Ekaterina Limited with the Sesa Goa Limited have been received. The High
Court of Mumbai at Goa has already approved both the mergers while the hearing
at the High Court of Madras has been completed and the order is awaited. The
Order of the Single Judge of High Court of Bombay at Goa approving both the
Schemes has been challenged before the Division Bench.
OPERATIONS
Iron Ore Business
2012-13 was a year of challenges for The Company – challenges
unprecedented in its history. In September / October 2012, the iron ore mining operations
in Goa were brought to a complete halt by an abrupt imposition of ban on
mineral extraction and transportation by the State Government and subsequently
by the Supreme Court. The Company’s entire iron ore mining business is
currently at a standstill in the State of Goa.
The Honourable Supreme Court of India has given clearance for resumption
of mining operations for A and B category mines in Karnataka subject to
statutory clearances, vide its order dated April 18, 2013. Sesa’s Karnataka
mine falls under B category, and the Company is in the process of securing
necessary statutory clearances to resume mining shortly.
The Ministry of Mines, Government of India, had constituted the Shah
Commission for inquiry into aspects of compliances for iron ore mining across
India in FY2011. Post the submission of Shah Commission report, in September
2012, the State Government of Goa, temporarily suspended the mining and
transportation of iron ore across the state of Goa. This was followed by an
Order from Ministry of Environment and Forest (MoEF) putting into abeyance the
Environmental Clearances for iron ore mines in Goa. Subsequently, a review by a
High Powered committee appointed by the State government was also ordered. In
October 2012, the Honourable Supreme Court suspended mining and transportation
of Iron ore across the State of Goa and ordered a review by the Centrally
Empowered Committee (CEC). In view of the foregoing, operations at the
Company’s mines in Goa have been remained suspended. The Company has filed an
application before the Supreme Court seeking modification or vacation of the
aforesaid order. The hearing in the Court is yet to commence effectively.
Despite the adverse circumstances during the year, the Company looks
ahead to an early resolution of these challenges. We continue to work on
furthering our internal systemic robustness and strengthening processes to
handle such challenges. In 2012, Sesa became the 1st Indian mining company to
implement automation using RFID technology. The Implementation covers all Sesa
Group companies. The RFID system identifies the vehicle using RFID tags across
the Sesa operations in Goa and Karnataka and links forest passes and Department
of Mines and Geology permits (in Karnataka) with truck information thereby
providing assurance and control. Sesa received Supply Chain Technology
Advancement award at the 2nd Asia Manufacturing Supply Chain Summit (AMCSCS)
for this implementation.
Spot prices witnessed a significant drop from August due to drop in
demand reaching a low of $83 per tonne (63% Fe FOB India) in early September
from about ~$130 per tonne at the start of the year. With the improved
sentiment in China, iron ore spot prices experienced a sharp recovery, December
onwards, reaching above $140 per tonne in February 2013, before showing slight
softening in March to reach $125 per tonne on March 31, 2013. The average spot
iron ore price for 2012-13 was about ~20% lower at US$ 120 per tonne (63% grade
FOB price) level, compared to about ~$150 per tonne in 2011-12.
Exploration
Exploration at the Liberian project combined with significant new
discoveries in India has resulted in the addition of 1.03 billion tonnes of Ore
Reserves and Mineral Resources (R and R) in 2012-13. This includes 966 mt of
JORC / CRIRSCO certified R and R in Liberia and 59 mt net R and R addition in
India.
Now operating in India and Liberia, Sesa has applied new thinking to old
deposits. Driven by the consistent focus on resource addition, the total R and
R in Goa and Karnataka has increased 3.6 times (net of depletion) over the last
5 years. During 2012-13, over 95,000 metres were drilled, with about 69,000 m
in Liberia and about 26,500 m in India. The R and R as on March 31, 2013 now
stands at 433 mt in India and 966 mt in Liberia (WCL), totalling to 1,399 mt
for Sesa group. These resources in Liberia pertain to only a portion of the
exploration license area. With a small part of the strike length explored as on
date, there is a potential for significant upside with focused drilling in
coming years.
Pig Iron and Met
Coke Business
The Value Addition Business achieved a new landmark in August 2012 with
the commissioning of the new 450 m 3 blast furnace enhancing the pig iron
production from 0.25 to 0.625 mtpa, making us the largest low phosphorous pig
iron facility in India. A 0.28 mtpa metallurgical coke plant, a 0.8 mtpa sinter
plant and a 30 MW power plant have also been commissioned as part of the
expansion project. The newly commissioned sintering facility would enable the
Pig Iron Division (PID) to partially meet its iron ore requirement with
sintered iron ore fines, resulting in significant cost savings and increasing
efficiencies.
Driven by the commissioning of new capacities, pig iron production
increased by 24% from 248,729 tonnes in 2011-12 to 307,775 tonnes in 2012-13.
The pig iron sales volume increased by 10% from 250,571 tonnes in
2011-12 to 275,119 tonnes in 2012-13, while gross sales revenue grew by 7.4% to
Rs.7840.000 Millions in 2012-13 from Rs. 7300.000 Millions in 2011-12. Profits
before interest, tax, dividends and other nonrecurring or non-allocable incomes
for the Pig iron business decreased from Rs.450.000 Millions in 2011-12 to Rs.
(93.000) Millions in 2012-13.
The metallurgical coke production increased by 29% to 331 kt in 2012-13
due to new capacities commissioned in Q2 FY2013. Sales volume of metallurgical
(met) coke increased by 20% to 301,889 tonnes in 2012-13 from 251,264 tonnes in
2011-12. External sales revenue increased by 1.4% to Rs.5580.000 Millions in
2012-13 from Rs.5500.000 Millions in 2011-12.
Sesa had applied for validation of its European patent in Germany, Italy
and the United Kingdom. During the year, The International Organisation for
Patent and Trademark Service confirmed the validity of the patent overruling
some objections raised by a German Company.
Outlook
The iron ore mining industry continues to face increasing challenges
with social licensing as a result of the competition for resources, and high prices
increasing social pressure on the extractive industries to share more and more
benefits with the society.
As far as the overall iron ore market is concerned, despite temporary
glitches, the theme of the emerging market super cycle remains unchanged, on
the demand front. Supply forecasts continue to remain complex on account of
supply disruptions due to regulatory concerns as in India, weather disruptions
as in Australian ports, continued structural challenges from cost inflations,
grade depletion and large uncertainty of project. However, in the longer term,
prices are forecast to be under pressure as and when supply picks up with
several new investments coming on stream, albeit supported by the phasing out
of high cost operations.
Despite all these challenges, the overall outlook for Sesa remains
positive. Sesa’s low cost operations in Goa and Karnataka are well placed to
sustain any cost or pricing pressures. The Supreme Court has already permitted
a conditional resumption of operations in Karnataka and the Company is in the
process of securing the statutory clearances for an early resumption of
operations. The expansion projects at pig iron and metallurgical coke
operations have been commissioned, with the sinter plant adding key strategic
ability to utilise iron ore fines. With the maiden resource estimate at Liberia
already announced, Sesa’s total reserves and resources exceed 1.4 billion
tonnes with a significant upside expected from hitherto untouched exploration
area in Liberia.
Corporate Information
Subject is a major producer and exporter of iron ore in the private
sector in India and has been in operation for more than six decades. The
Company is a majority owned and controlled subsidiary of Vedanta Resources plc,
the London listed FTSE 100 diversified metals and mining major. Sesa has been
involved in iron ore exploration, mining, beneficiation and exports. Sesa has
iron ore mining operations in Goa and Karnataka. It has 100% stake in Western
Cluster Limited, a Liberia based company engaged in developing the Western
Cluster Iron Ore Deposits into a large integrated iron ore project. Sesa is
also into manufacturing pig iron and metallurgical coke
BOARD OF DIRECTORS
Mr. Kuldip K
Kaurawas appointed Director of Sesa Goa limited on October 30, 2007. Mr. Kaura
is the chief executive Officer and Managing Director of ACC Limited. Prior to
this, he was the Director and Chief Executive Officer of Vedanta from March
2005 to September 2008, and before that, chief Operating Officer of Vedanta
Resources Plc. and Managing Director of Sterlite industries (India) Limited.,
and from april 2002 to March 2004, Managing Director of Hindustan Zinc limited.
Before joining the Vedanta group, he was with ABB India for 18 years and was
the Managing Director and country Manager from 1998 to 2001. He has served as a
member of the national council of confederation of indian industries and is an
office-bearer of other such professional bodies. Mr. Kaura is a Bachelor of
engineering (Hons) in Mechanical engineering (1968) from Birla institute of
technology and Science, Pilani.
Mr. Gurudas D
Kamatwas appointed as the Director of Sesa Goa limited on December 23, 2005. Mr.
Kamat retired as the Chief Justice of Gujarat High Court in January 1997 and is
engaged in judicial work relating to arbitration and conciliation. He has over
47 years of experience in legal practice and judiciary, having practiced in
Bombay and Goa in various branches of law. He was the prosecutor for the
Government of Goa during 1967-69. During 1978-80, he was a member of the senate
and faculty of law of Bombay university. Since 1980, he has been an advocate
for the customs and central excise Departments of the Government of India. Mr.
Kamat was appointed a judge of the Bombay High court on november 29, 1983.
Mr. Jagdish P
Singhwas appointed as Director of Sesa Goa limited on July 19, 2010. Mr. Singh
is a distinguished civil servant with over 38 years of executive experience in
key positions in the union and State Governments. He has occupied varied
positions in his career, as a district and divisional administrator and as a
chief executive and chairman of the Board of numerous corporate bodies. He has
turned around several State and central corporations in the tourism,
infrastructure, cooperative finance, mining and mineral exploration sectors and
initiated measures for amendments in labour laws. He shaped the new national
Mineral Policy in 2008 and piloted its passage. widely ravelled internationally
having led delegations to multilateral bodies and conventions, he has also
conducted bilateral and country-specific discussions to further joint economic
activities with South africa, australia and indonesia. Mr. Singh is an alumnus
of the Harvard university, where he attended the Kennedy School of Government as
a Mason Fellow. He also holds a Master’s degree from the university of
allahabad.
Mr. Ashok Kiniwas appointed as
Director of Sesa Goa limited on January 24, 2011. He retired as the Managing
Director of State Bank of india in December 2005, after serving the bank for 38
years in various capacities. He has directed the bank’s forays in domestic
distribution, retail business, consumer banking and marketing / brand
management and was instrumental in the bank’s itprogramme implementation, from
conceptualising to execution. He is currently on the boards of indusind Bank
limited, Gulf Oil corporation limited, uti asset Management company and
Financial inclusion network and Operations limited. Mr. Kini is a Post Graduate
from Madras christian college, chennai.
Mr. Amit Pradhanis an executive
Director of Sesa Goa limited since July 1, 2000. Mr. Pradhan is currently
responsible for the group’s value addition business, pig iron, met coke and
power. He joined Sesa in January 1990 as Manager – Purchase, and has 34 years
of experience in materials / project management and business development. Mr.
Pradhan holds a Master’s degree in Science (Physics) from the indian institute
of technology, Delhi.
Mr. Prasun K
Mukherjeehas been serving as the Managing Director of Sesa Goa limited since april 2006. Mr. Mukherjee was inducted in the
Board on July 1, 2000, as Director – Finance, and has 33 years of experience in
finance, accounts, costing, taxation, legal and general management. He was
rated as one of India’s Best Chief Financial Officers (CFOs) in 2005 by
Business today magazine and in 2009, Business world magazine declared him as
India’s most valueable ceO. Mr. Mukherjee holds a Bachelor of Commerce (Hons)
degree from calcutta university. He is a fellow member of the institute of
chartered accountants of India and an associate member of the institute of cost
and works accountants of India.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10467271 |
28/11/2013 |
10,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, , PANDURANG BUDHKAR MARG, WORLI, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B92418284 |
|
2 |
10464741 |
30/09/2013 |
12,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND,
PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B87991659 |
|
3 |
10449511 |
30/08/2013 |
10,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, |
B85199057 |
|
4 |
10437388 |
25/06/2013 |
25,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND,
PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B79466058 |
|
5 |
10419764 |
15/04/2013 |
20,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, |
B73207797 |
|
6 |
10403083 |
21/01/2013 |
20,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR,
BOMBAY DYEING MILLS COMPOUND, |
B67744896 |
|
7 |
10378088 |
04/09/2012 |
7,500,000,000.00 |
STATE BANK OF INDIA |
C.A.G. MUMBAI,
NEVILLE HOUSE, J.N.HEREDIA MARG,, |
B58717232 |
|
8 |
10285311 |
21/04/2011 * |
6,250,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL
BRANCH, PATTO PLAZA, PANAJI, GOA - 403001, INDIA |
B13742978 |
|
9 |
10276869 |
19/03/2011 |
1,600,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B09556101 |
|
10 |
10268621 |
26/07/2012 * |
4,000,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA,, DR. |
B56079197 |
* Date of charge modification
STATEMENT OF
UNAUDITED RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended 30.09.2013 |
Quarter Ended 30.06.2013 |
Half year ended 30.09.2013 |
|
|
|
|
|
|
|
|
|
|
|
Income
from Operations (a) Sales / Income from operations |
108986.600 |
3614.900 |
112601.500 |
|
(b) Other operating income |
593.600 |
42.700 |
636.300 |
|
Total income from operations (net) |
109580.200 |
3657.600 |
113237.800 |
|
Expenses |
|
|
|
|
|
|
|
|
|
Cost of materials consumed |
66881.200 |
2169.900 |
69051.100 |
|
Purchase of ore |
5961.500 |
0.000 |
5961.500 |
|
Changes in inventories of finished goods, work-
in-progress and stock in trade |
(5287.600) |
676.700 |
(4610.900) |
|
Employee
benefits expense |
2423.500 |
407.200 |
2830.700 |
|
Depreciation and amortisation expense |
6688.800 |
305.100 |
6993.900 |
|
Power and fuel charge |
18954.700 |
56.500 |
19011.200 |
|
Exchange Loss / (gains) |
7202.300 |
991.500 |
8193.800 |
|
Other expenses |
8524.900 |
602.100 |
9127.000 |
|
Total expenses |
111349.300 |
5209.000 |
116558.300 |
|
Profit
/ (loss) from operations before other income, finance costs and exceptional
items |
(1769.100) |
(1551.400) |
(3320.500) |
|
Other income |
9234.400 |
50.600 |
9285.000 |
|
Profit
/ (loss) from ordinary activities before finance costs and exceptional items (3+4) |
7465.300 |
(1500.800) |
5964.500 |
|
Finance costs |
15045.500 |
1478.400 |
16523.900 |
|
Profit
/ (loss) from ordinary activities after finance costs but before exceptional
items (56) |
(7580.200) |
(2979.200) |
(10559.400) |
|
Exceptional items |
-- |
-- |
-- |
|
Profit
/ (loss) from ordinary activities before tax (7-8) |
(7580.200) |
(2979.200) |
(10559.400) |
|
Tax expense |
(14956.500) |
(1060.000) |
(16016.500) |
|
Net
Profit / (loss) from ordinary activities after tax (9 - 10) |
7376.300 |
(1919.200) |
5457.100 |
|
Share of profit of an associate |
-- |
-- |
-- |
|
Net
profit / (loss) after taxes and share of profit/(loss) of an associate
(11+12) |
7376.300 |
(1919.200) |
5457.100 |
|
Paid up equity capital (Face value Re.1) |
2965.000 |
869.100 |
2965.000 |
|
Reserves excluding Revaluation Reserves as per |
-- |
-- |
-- |
|
balance sheet of previous accounting year |
-- |
-- |
-- |
|
Earnings per share (of Re. 1 each) before and after |
|
|
|
|
extraordinary items [*Not annualised] |
|
|
|
|
- Basic |
2.52 |
(2.21) |
1.88 |
|
- Diluted |
2.52 |
(2.21) |
1.88 |
|
|
|
|
|
|
Debt to equity ratio |
|
|
0.55 |
|
Debt service coverage
ratio |
|
|
0.16 |
|
Interest service coverage ratio |
|
|
0.28 |
|
|
|
|
|
|
PARTICULARS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
Public shareholding |
|
|
|
|
- Number of shares |
1057078042 |
389987804 |
1057078042 |
|
- Percentage of shareholding |
35.65 |
44.87 |
35.65 |
|
Promoters
and Promoter Group Shareholding |
|
|
|
|
Pledged
/Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of the total share
capital of the company) |
-- |
-- |
-- |
|
Non-encumbered |
|
|
|
|
Number of shares |
1629343945 |
479113619 |
1629343945 |
|
Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of the total share
capital of the company) |
54.96 |
55.13 |
54.96 |
|
$ The Promoter and Promoter group in addition to the equity shareholding also hold 3.35% of the equity capital in the form of ADR represented by 99,292,708 equity shares as on September 30, 2013. The balance ADR of 6.04% represented by 178,959,792 equity shares are held by CITI Bank as custodian. Allotment in respect of
330,384 equity shares to the shareholders of erstwhile Sterlite Industries
(India) Limited have been kept in abeyance. |
|||
|
|
Particulars |
Quarter ended 30.09.2013 |
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning
of the quarter |
- |
|
|
Received during the
quarter |
2 |
|
|
Disposed of during the
quarter |
2 |
|
|
Remaining unresolved at
the end of the quarter |
- |
(Rs.
In Millions)
|
Segment Information |
Quarter Ended 30.09.2013 |
Quarter Ended 30.06.2013 |
Half year ended 30.09.2013 |
|
|
|
|
|
|
Segment Revenues |
|
|
|
|
Copper |
52655.200 |
0.000 |
52655.200 |
|
Iron ore |
66.100 |
70.300 |
136.400 |
|
Aluminium |
35800.200 |
0.000 |
35800.200 |
|
Power |
16002.600 |
0.000 |
16002.600 |
|
Others |
4555.700 |
3581.400 |
8137.100 |
|
Total |
109079.800 |
3651.700 |
112731.500 |
|
Less: Inter-segment
revenues |
93.200 |
36.800 |
130.000 |
|
Net Sales/Income from Operations |
108986.600 |
3614.900 |
112601.500 |
|
Segment Results (Profit before tax and interest) |
|
|
|
|
Copper |
2179.200 |
0.000 |
2179.200 |
|
Iron ore |
(862.700) |
(668.100) |
(1530.800) |
|
Aluminium |
1311.200 |
0.000 |
1311.200 |
|
Power |
2852.600 |
0.000 |
2852.600 |
|
Others |
(9.800) |
61.900 |
52.100 |
|
Total |
5470.500 |
(606.200) |
4864.300 |
|
Less: Finance cost |
15045.500 |
1478.400 |
16523.900 |
|
Add: Other
unallocable income net off expenses |
1994.800 |
(894.600) |
1100.200 |
|
Less: Exceptional item |
-- |
-- |
-- |
|
Profit/(Loss) before tax |
(7580.200) |
(2979.200) |
(10559.400) |
|
Capital Employed |
|
|
|
|
Copper |
61109.400 |
0.000 |
61109.400 |
|
Iron ore |
15129.900 |
15289.900 |
15129.900 |
|
Aluminium |
294695.600 |
0.000 |
294695.600 |
|
Power |
73086.000 |
0.00 |
73086.000 |
|
Others |
11230.500 |
9369.200 |
11230.500 |
|
Unallocabled |
(115139.600) |
103659.600 |
(115139.600) |
|
Total |
340111.800 |
128318.700 |
340111.800 |
STATEMENT
OF ASSETS AND LIABILITIES
(Rs.
In Millions)
|
|
Particulars
|
30.09.2013 |
|
|
|
|
|
A |
Equity And Liabilities |
|
|
1 |
Shareholders' Funds |
|
|
|
(A) Share Capital |
2965.000 |
|
|
(B) Reserves And Surplus |
337146.800 |
|
|
Shareholders'
Funds |
340111.800 |
|
3 |
Non-Current Liabilities |
|
|
|
(A) Long-Term Borrowings |
235640.000 |
|
|
(B) Deferred Tax Liabilities (Net) |
4841.800 |
|
|
(C) Other Long-Term Liabilities |
4973.700 |
|
|
(D) Long-Term Provisions |
26.700 |
|
|
Non-Current
Liabilities |
245482.200 |
|
4 |
Current Liabilities |
|
|
|
(A) Short-Term Borrowings |
168725.800 |
|
|
(B) Trade Payables |
30412.200 |
|
|
(C) Other Current Liabilities |
77655.000 |
|
|
(D) Short-Term Provisions |
517.600 |
|
|
Current
Liabilities |
277310.600 |
|
|
TOTAL EQUITY AND
LIABILITIES |
862904.600 |
|
B |
Assets |
|
|
1 |
Non-Current Assets |
|
|
|
(A) Fixed Assets |
405079.100 |
|
|
(B) Non-Current Investments |
202006.900 |
|
|
(C) Deferred Tax Assets (Net) |
0.000 |
|
|
(D) Long-Term Loans And Advances |
111993.200 |
|
|
(E) Other Non-Current Assets |
918.400 |
|
|
Non-Current
Assets |
719997.600 |
|
2 |
CURRENT ASSETS |
|
|
|
(A) Current Investments |
16315.400 |
|
|
(B) Inventories |
69878.700 |
|
|
(C) Trade Receivables |
16600.200 |
|
|
(D) Cash And Bank Balances |
20553.700 |
|
|
(E) Short-Term Loans And Advances |
18651.100 |
|
|
(F) Other Current Assets |
907.900 |
|
|
Current Assets |
142907.000 |
|
|
TOTAL ASSETS |
862904.600 |
Note:
The above results for
the quarter and half year ended September 30, 2013 have been reviewed by the
Audit Committee and approved by the Board of Directors at their respective
meetings held on October 31, 2013. The statutory auditors of the Company have
carried out a limited review of these results.
The Board declared
an interim dividend @ 150% i.e Rs 1.50 per equity share of Re 1/- each. The
record date for the payment of interim dividend is November 7, 2013.
The Scheme of
Amalgamation and arrangement amongst Sterlite Energy Limited ('SEL'), Sterlite
Industries (India) Limited ('Sterlite'), Vedanta Aluminium Limited ('VAL'), Ekaterina Limited
('Ekaterina'), Madras Aluminium Company Limited ('Malco') and the Company (the
“Scheme”) has been sanctioned by the Honourable High Court of Madras vide its
order dated July 25, 2013 and the High Court of Judicature of Bombay at Goa
vide its order dated April 3, 2013. The Scheme became effective for Sterlite,
Ekaterina and Malco on August 17, 2013; and for SEL and VAL the scheme became effective
on August 19, 2013. The Scheme has been given effect to in the results for the
quarter.
In accordance with the scheme;
SEL merged with
the Company from the appointed date of January 1, 2011, Sterlite merged with
the Company from the appointed date of April 1, 2011, VAL's Aluminium business
demerged, and merged with the Company from the appointed date of April 1, 2011,
Ekaterina merged with the Company from the appointed date of April 1, 2012 and
residual Malco (excluding Malco's power plant) merged with the Company from the
appointeddate of August 17, 2013.
Subsequent to, the
effectiveness of the Scheme, a Special Leave Petition challenging the orders of
the High Court of Judicature of Bombay at Goa has been filed by the income tax
department, and a creditor has challenged the Scheme in the High Court of
Madras. The said petitions are pending for hearing / admission.
Investments held
in the respective subsidiaries have been cancelled and the Company has issued
2,095,903,448 equity shares of Re 1 each on August 29, 2013, being the record
date, to the equity shareholders of Sterlite, Ekaterina and Malco as per the
respective swap ratios mentioned in the Scheme.
The amalgamation
is accounted under the “pooling of interests” method as per Accounting Standard
14- Accounting for Amalgamations.
Pursuant to the
Scheme, the entire business, including the assets and liabilities of the
transferor companies stand transferred to and vested in the Company at their book
values and the business of the transferor companies continues to be carried on
by the Company after amalgamation. Adjustments in respect of book values of the
transferor companies to ensure uniformity of accounting policies with the
Company have been made. The net profit / loss of the transferor companies from
the appointed date till the March 31, 2013 after alignment of accounting
policies has been transferred to the Surplus in Statement of Profit and Loss in
the books of the Company upon amalgamation. The net impact in respect of the
above aggregating Rs 205080.000 Millions has been adjusted in the opening
reserves. Consequent to the above, tax effects on current / deferred tax has
been given effect to in the results to the quarter.
The name of the Company
has been changed from Sesa Goa Limited to Sesa Sterlite Limited w.e.f September
18, 2013.
By way of a slump
sale agreement dated August 19, 2013 between VAL and the Company, the power
business consisting of 1,215 MW thermal power facility situated at Jharsuguda
and 300 MW co-generation facility (90MW operational and 210 MW under
development) at Lanjigarh, has been purchased by the Company on a going concern
basis at its carrying value at a consideration of Rs 28930.000 Millions.
Pursuant to the
share purchase agreement, dated February 25, 2012 between Bloom Fountain
Limited ('BFL'), a wholly owned subsidiary of theCompany and Vedanta Resources
Holdings Limited ('VRHL'), BFL acquired 38.68% shareholding in Cairn India
Limited and an associated debt of USD 5,998 million by way of acquisition of
Twinstar Energy Holding Limited (‘TEHL’), for a nominal cash consideration of
USD 1. Consequently w.e.f. August 26, 2013, TEHL, Twin Star Mauritius Holdings
Limited and Cairn India Limited (including all its subsidiaries) have become
subsidiaries of the Company.
The summary of the appointed date and effective date are as follows:
|
Particulars |
Appointed
Date |
Effective
Date |
|
SEL |
January 1, 2011 |
August 19, 2013 |
|
Sterlite |
April 1, 2011 |
August 17, 2013 |
|
Ekaterina |
April 1, 2012 |
August 17, 2013 |
|
Malco (residual) |
August 17, 2013 |
August 17, 2013 |
|
VAL (Aluminium business demerger) |
April 1, 2011 |
August 19, 2013 |
|
Slump sale of VAL power division |
-- |
August 19, 2013 |
|
Acquisition of 38.68% in Cairn India |
-- |
August 26, 2013 |
Consequent to the
restructuring exercise, the results for the quarter and half year ended
September 30, 2013 and the figures in respect of earnings per share are not comparable
with previous / comparable periods presented. Previous Period / Year figures
have been regrouped / rearranged wherever necessary.
In respect of the
Company’s Iron Ore Division:
Consequent to the
clearance for resumption of iron ore mining operations at Karnataka by the
Honourable Supreme Court of India (the “Supreme Court”), the Company is in
process of securing necessary clearances to resume mining shortly.
The operations at the
iron ore mines in Goa continue to remain suspended during the quarter as a
result of the suspension of mining operations imposed by the State Government
and the Supreme Court. The matter for resumption of mining is now being heard
by the Supreme Court. Based on the favourable verdict of the Supreme Court
lifting the suspension of iron ore mining in the State of Karnataka and the
affidavit filed by the Government of Goa in the matter of resumption of mining
in Goa, the Company expects a favourable outcome in the matter.
In respect of the
Company’s Aluminium Division:
As per the Supreme
Court order, proceedings of Gram Sabha have been completed and the final
decision in this matter from the Ministry of Environment and Forests
("MOEF") is awaited in respect of grant of stage II forest clearance
for the Niyamgiri mining project of Orissa Mining Corporation
("OMC").
With regard to the
Expansion Project at Lanjigarh, the Company’s fresh application for
environmental clearance is under process and the expansion activity is on hold.
The above matters
are critical to the planned operations of the Company. The management expects
that with the timely support of relevant authorities adequate quantity of
bauxite will be secured from Orissa / other states to continue its operations
and that the above issues will be satisfactorily resolved.
Formulae for computation of ratios are as follows:
Debt equity ratio
= Debt / (debt + paid up equity capital + reserves and surplus)
Debt service
coverage ratio = Earnings before interest and tax /(interest expense +
principal payments during the period for long term loans)
Interest service coverage ratio = Earnings before interest and tax /
interest expense
CONTINGENT LIABILITIES: (As on 31.03.2013)
i)
Guarantees (excluding the liability for which provisions have been made)
amounting to Rs.203.800 Millions (Previous
year Rs.232.200 Millions) given
by the bankers in favour of various parties.
ii)
Letters of Credit opened by the banks in favour of suppliers amounting
to Rs.868.700 Millions (Previous year
Rs.1381.900 Millions).
iii)
Bonds executed in favour of customs authorities in respect of export of
iron ore Rs.28077.500 Millions (Previous year
Rs.24748.200 Millions).
iv) Claims by custom authorities (under
dispute) relating to differential export duty on export shipments Rs.344.100 Millions (Previous year Rs.344.100 Millions). The said amount is also included under
bonds executed detailed.
v)
Bills discounted under letters of credit with banks Rs.161.300 Millions (Previous year Rs.1370.300 Millions).
vi)
There are disputed income tax demands lying at appellate authorities for
assessment years 2004-05 to 2011-12, aggregating Rs.15224.700 Millions (Previous year Rs.2453.800 Millions) including interest Rs.3223.600 Millions
(Previous year Rs.623.600 Millions) and penalty Rs. 2000.000 Millions (Previous year Nil). The Company has received
a favourable order in respect of assessment year 2009-10 from the Income Tax
Appellate Tribunal (“ITAT”) allowing the claim of the company on all the major
matters and with direction to the Assessing Officer (AO) to re-compute the
taxable income. Most of the pending assessment years have similar matters as
covered in the aforesaid order.
vii)
Disputed forest development tax amounting to Rs. 1953.600 Millions (Previous year Rs.1953.600 Millions) levied by Government of Karnataka
challenged by writ petition filed in the High Court of Karnataka. Hearing of
writ petition before the High Court of Karnataka is pending. A bank guarantee amounting
to Rs.450.000 Millions (Previous
year Rs.450.000 Millions) has
been furnished against this demand. Also, an amount of Rs.402.300 Millions
(Previous year Rs.402.300 Millions) has been deposited against the aforesaid
demand and same is included under Short term loans and advances.
viii)
Cess on transportation of Ore, coal and coke within Goa levied by
Government of Goa under the Goa Rural
Development and Welfare Cess Act, 2000 (Goa
Act 29 of 2000) amounting to Rs.1053.300 Millions (Previous year Rs.983.500 Millions) challenged by way of writ petition in the High Court of Bombay, Panjim
Bench.
ix)
Guarantees issued to a bank in respect of facilities granted to a
subsidiary Rs.271.900 Millions (Previous year Rs.
Nil).
x)
Other claims against the Company not acknowledged as debts:
a) Dead
rent on deemed mining leases for the period from 20.12.1962 to 23.5.1987
amounting to Rs.1.000 Million (Previous year Rs.1.000 Million) and royalty for the period from 20.12.1961
to 30.9.1963 amounting to Rs.1.200 Millions (Previous year Rs.1.200 Millions) sought to be levied by the Government pursuant to the Goa, Daman and
Diu Mining Concessions (Abolition and Declaration as Mining Leases) Act 1987,
challenged by Special Leave Petition before Supreme Court of India.
b)
Claims related to commercial and employment contracts Rs.56.900 Millions (Previous year Rs.42.600 Millions).
c)
Demand from Railway authorities towards stacking charges amounting to
Rs.40.900 Millions (Previous year
Rs.40.900 Millions) appealed
before Kolkata High court and stay obtained. A bank guarantee amounting to
Rs.40.900 Millions (Previous
year Rs.40.900 Millions) has
been furnished against this demand.
d)
Others Rs. 138.300 Millions (Previous
year Rs.33.200 Millions).
The above amounts are based on the demand
notices or assessment orders or notification by the relevant authorities, as
the case may be, and the Company is contesting these claims with the respective
authorities. Outflows, if any, arising out of these claims would depend on the
outcome of the decisions of the appellate authorities and the Company’s rights
for future appeals before the judiciary.
FIXED ASSETS
Tangible assets
·
Mining leases
·
Mining concessions
·
Land plots
·
Road and Bunders
·
Buildings
·
Plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Aircraft
·
River fleet
·
Ship
Intangible assets
·
Computer software
PRESS RELEASES
ALL-SHARE MERGER OF SESA GOA AND STERLITE INDUSTRIES
BECOMES EFFECTIVE
Goa,
17 August 2013: Sesa Goa Limited ('Sesa
Goa') and Sterlite Industries (India) Limited ('Sterlite') today announced that
merger of Sterlite and The Madras Aluminium Company Limited (MALCO) with Sesa
Goa and transfer of MALCO power plant to Vedanta Aluminium Limited (VAL) pursuant
to the Scheme of amalgamation and arrangement amongst Sterlite, MALCO, Sterlite
Energy Limited (SEL), VAL and Sesa Goa and their respective Shareholders and
Creditors ('Composite Scheme') and the Scheme of Amalgamation of Ekaterina
Limited (Ekaterina) with Sesa Goa and their respective Shareholders and
Creditors ('Ekaterina Scheme') has become effective.
28 August, 2013 has been
fixed as the Record date for determining the list of the shareholders of
Sterlite, MALCO and Ekaterina to whom the equity shares of the Sesa Goa will be
allotted as per terms of the scheme as already announced on 25 February 2012 in
the following manner:
To the Shareholders of Sterlite:
Every equity shareholder of
Sterlite holding 5 (five) equity shares in Sterlite of Re. 1 each fully paid up
('Sterlite Shares') as of the Record Date shall be entitled to be issued 3
(three) shares of face value Re. 1 each, at par, credited as fully paid up, of
the Sesa Goa ('Sesa Goa Shares').
To the ADS holders of Sterlite:
Every holder of Sterlite
ADSs (each representing 4 (four) Sterlite shares) holding 5 (five) Sterlite
ADSs shall be entitled to receive 3 (three) Sesa Goa ADSs (each representing 4
(four) Sesa Goa shares).
To the Shareholders of MALCO:
Every equity shareholder of
MALCO holding 10 (ten) equity shares in MALCO of Rs. 2 each fully paid up as of
the Record Date shall be entitled to be issued 7 (seven) equity shares of face
value Re. 1 each, at par, credited as fully paid up, of the Sesa Goa.
To the Shareholders of Ekaterina:
Every equity shareholder of
the Ekaterina Limited holding 25 (Twenty Five) equity shares in Ekaterina
Limited of USD 0.1 each fully paid up as of the Record Date shall be entitled
to be issued 1 (One) equity share of the face value of Re. 1 each, at par,
credited as fully paid-up, of the Sesa Goa.
Treatment
of fractional entitlements:
All fractional entitlements
(cumulatively) of individual shareholders will be allotted to one of the Sesa
Goa's Director's, who shall hold the same as a trustee for and on behalf of
such shareholders of Sterlite and MALCO and shall dispose off and distribute
the proceeds thereof to such entitlements.
SESA GOA, STERLITE INDUSTRIES MERGER BECOMES EFFECTIVE
17
AUGUST 2013
Within a week after receiving final approval from the Goa bench of Bombay High Court, Vedanta group firms, Sesa Goa and Sterlite Industries on Saturday announced that their merger scheme, together with several other group firms, has now become effective.
In a joint statement, both the companies said that merger of Sterlite and Malco into Sesa Goa has become effective pursuant to the scheme of amalgamation and arrangement amongst Sterlite, Malco, Sterlite Energy, Vedanta Aluminium and Sesa Goa and their shareholders and creditors.
Search: India Inc A, B, C
Accordingly, Malco's power plant has been transferred to Vedanta Aluminium, it further said, adding that August 28 has been fixed as the record date for allotting shares to the respective shareholders as per the merger scheme.
The merger, first announced on February 25, 2012, is aimed at creating a mega Indian natural resources giant, Sesa Sterlite, on the likes of BHP Billiton and Rio Tinto. It would also result in a Rs 1,000 crore annual saving for Vedanta through a reduction in debt-servicing cost as most of its debt gets transferred to the new entity.
"Yesterday, we filed the necessary documents to Registrar of Companies (related to merger scheme). With that, the merger has become effective and it means Sterlite Industries no longer exists," Sesa Goa's Managing Director P K Mukherjee said.
The decks for completing the merger were cleared on August 12, when the final regulatory clearance was received after a division bench of the Bombay High Court at Goa gave its nod for the same and rejected a review petition which challenged an earlier approval granted by a single bench.
All other regulatory clearances, approving the merger, were secured by the two Vedanta group firms last year itself.
As per the merger scheme, now Sesa Sterlite will be the holding company of all group firms of Vedanta other than Konkola Copper Mines (KCM) in Zambia. Vedanta will hold 58.3 per cent in Sesa Sterlite and 79.4 per cent stake in KCM.
On the record date (August 28), Sterlite shareholders will get three shares of Sesa Goa for every five
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 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.61.78 |
|
|
1 |
Rs.101.49 |
|
Euro |
1 |
Rs.84.79 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
YES |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
55 |
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.