MIRA
INFORM REPORT
|
Report Date : |
25.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
SAURASHTRA FUELS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
C/93, 9th Floor, Mittal Tower, Nariman Point, Mumbai –
400021, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
06.12.1993 |
|
|
|
|
Com. Reg. No.: |
11-075455 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 49.501 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U23200MH1993PTC075455 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS18257B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS7271G |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Low Ash Metallurgical Coke (LAM Coke). |
|
|
|
|
No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1500000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. There
appears some dip in the turnover. The company has also incurred a loss.
However, trade relations are reported as fair. Business is active. Payments
are reported to be slow. The company can be considered for business dealings with some caution. |
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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
B (Fund based limit) |
|
Rating Explanation |
The risk prone credit quality it carry high credit risk. |
|
Date |
October, 2011 |
|
Rating Agency Name |
ICRA |
|
Rating |
A4 (Non fund based limit) |
|
Rating Explanation |
The risk prone credit quality. It carry high credit risk. |
|
Date |
October, 2011 |
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 PARTED BY
|
Name : |
Mr. Vikas Sawant |
|
Designation : |
Import Export Manager |
|
Contact No.: |
91-22-40467500 |
|
Date : |
06.02.2013 |
LOCATIONS
|
Registered / Corporate Office : |
Office 93, 9th Floor, Mittal Tower, Nariman Point, Mumbai – 400021, |
|
Tel. No.: |
91-22-66550621 / 40467500 |
|
Fax No.: |
91-22-66550623 |
|
E-Mail : |
|
|
Website: |
|
|
Location: |
Owned |
|
|
|
|
Porbandar Office : |
4th Floor, Shree Chambers, Opposite M.E.M.School, Near Kamla Nehru
Baug, Porbander-360575, |
|
Tel. No.: |
91-286-2243586 |
|
Fax No.: |
91-286-2240908 |
|
|
|
|
Ahmedabad Office : |
202, Sarthik – II, Opposite Rajpath Club, |
|
Tel. No.: |
91-79-40227500 |
|
Fax No.: |
91-79-40034142 |
|
E-Mail : |
|
|
|
|
|
Mundra Office : |
Maha Shakti Coke, 2nd Floor, Saurashtra CFS, |
|
Tel. No.: |
91-2838-222525 |
|
Fax No.: |
91-2838-224141 |
|
|
|
|
Factory 1 : |
Village Lakhapur and Baraya, Mundra, Kutch – 370421, |
|
|
|
|
Factory 2 : |
Village Bhod, Ranavav, Porbandar – 360575, |
DIRECTORS
As on 20.08.2012
|
Name : |
Mr. Dipak Agarwalla |
|
Designation : |
Director |
|
Address : |
13/14, 13th
Floor, Buckley Court, Wodehouse Road, Colaba, Mumbai- 400005, Maharashtra,
India |
|
Date of Appointment : |
06.12.1993 |
|
PAN No.: |
ADDPA3497R |
|
DIN No.: |
00267085 |
|
|
|
|
Name : |
Mr. Kunda Singh |
|
Designation : |
Director |
|
Date of Appointment : |
01.07.1995 |
|
PAN No.: |
AAAPK0712C |
|
DIN No.: |
00971459 |
|
|
|
|
Name : |
Mr. Raghav Dipak Agarwalla |
|
Designation : |
Director |
|
Date of Appointment : |
01.11.2010 |
|
PAN No.: |
AHBPA8174F |
|
DIN No.: |
01085318 |
|
|
|
|
Name : |
Mr. Surendra Kumar Sinha |
|
Designation : |
Director |
|
Address : |
Brahma House, Dhirendra
Puram, Dhaiya, P. O. - ISM, Dhanbad, Jharkhand – 826004, India |
|
Date of Appointment : |
06.12.2003 |
|
PAN No.: |
AHFPS8855D |
|
DIN No.: |
01511505 |
|
|
|
|
Name : |
Mr. Navin Kumar Sinha |
|
Designation : |
Director |
|
Address : |
Brahma House, Dhirendra Puram, Dhaiya, P.O – ISM, Dhanbad,
Jharkhand-826004, India |
|
Date of Birth/Age : |
22.05.1979 |
|
Date of Appointment : |
22.12.2010 |
|
PAN No.: |
AIEPS3226L |
|
DIN No.: |
01593775 |
|
|
|
|
Name : |
Mr. Rajesh Manharlal Desai |
|
Designation : |
Director |
|
Date of Appointment : |
15.09.2008 |
|
DIN No.: |
01719358 |
|
|
|
|
Name : |
Mr. Hariharan Viswanatha Iyer |
|
Designation : |
Director |
|
Date of Appointment : |
01.04.2008 |
|
PAN No.: |
ABUPV1964B |
|
DIN No.: |
02187247 |
KEY EXECUTIVES
|
Name : |
Mr. Vikas Sawant |
|
Designation : |
Import Export Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 20.08.2012
|
Names of Shareholders |
|
No. of Shares |
|
Dipak Agarwalla |
|
181750 |
|
Surendra Kumar Sinha |
|
1624890 |
|
Dipak Agarwalla- HUF |
|
72800 |
|
Vibha Agarwalla |
|
78800 |
|
Molshree Trade Invest Private Limited, India |
|
166600 |
|
Divyajyoti Holdings Private Limited, India |
|
166600 |
|
Surendra Kumar Sinha-HUF |
|
33550 |
|
Navin Kumar Sinha |
|
150000 |
|
Great Valley Company Limited, Mauritus |
|
1475100 |
|
Kirti G. Saparia |
|
10 |
|
Nishant Management Private Limited, India |
|
1000000 |
|
Total |
|
4950100 |
Equity Share Break up (Percentage of Total Equity)
As on 20.08.2012
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
29.80 |
|
Bodies corporate |
26.93 |
|
Directors or relatives of Directors |
43.27 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Low Ash Metallurgical Coke (LAM Coke). |
|
|
|
|
Exports : |
|
|
Products : |
Low ash metallurgical coke (LAM coke). |
|
Countries : |
v
v
v
v
v
v
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
F. F. Trading Corporation, |
|||||||||||||||
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|
|
|||||||||||||||
|
Customers : |
End Users |
|||||||||||||||
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|
|
|||||||||||||||
|
No. of Employees : |
1000 (Approximately) |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
v
State Bank of Hyderabad v
State Bank of Travancore v
Development Credit Bank Limited v
HDFC Bank Limited v
ICICI Bank v
Punjab National Bank, v
Union Bank of India, Overseas Branch, Union Bank
Bhavan, Ground Floor, 239, Vidhan Bhavan Marg, Nariman Point Mumbai-400021,
Maharashtra, India v
State Bank of Saurashtra, Bhadra Branch,
Ahmedabad, Gujarat, India v
ING Vysya Bank Limited, P.B.No.4038 Chanakya
Building, Near Dinesh Hall Off Ashram Road, Ahmedabad - 380009, Gujarat,
India v
State Bank of India, Commercial Branch,
Paramsiddhi Complex, Opposite V. S. Hospital, Ellis Bridge, Ahmedabad –
380006, Gujarat, India v HDFC Bank
Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai -
400013, Maharashtra, India |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Pravin Kumar and Associates Chartered Accountants |
|
Address : |
33/ 2nd Floor, 160, |
|
PAN No.: |
AABPA5760C |
|
|
|
|
Subsidiaries : |
·
Saurashtra Ferrous Private Limited, India CIN No.: U27100MH2005PTC152830 ·
Kutch Coal Carbonization Private Limited, India CIN No.: U10102MH2002PTC225006 ·
Hindustan Fuels Private Limited, India CIN No.: U10102MH2004PTC225005 ·
Classic Energy (India) Private Limited, India CIN No.: U23100MH2004PTC225007 ·
Kandla Power Private Limited, India CIN No.: U40100MH2004PTC149461 |
|
|
|
|
Enterprises under significant influence of key
management Personnel : |
·
DKS Shipping Private Limited, India CIN No.: U35110MH2004PTC150100 ·
Saurashtra Exim Private Limited, India CIN No.: U23100MH2004PTC149820 ·
Brahma Refractories Private Limited, India CIN No.: U26959WB2005PTC102339 ·
Magnum Shipping Company Private Limited, India CIN No.: U74899DL1993PTC052155 ·
Saurashtra Containers Private Limited, India CIN No.: U63090MH2005PTC150685 |
CAPITAL STRUCTURE
As on 31.03.2012
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs.75.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4950100 |
Equity Shares |
Rs.10/- each |
Rs.49.501
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
49.501 |
49.501 |
49.501 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
329.057 |
609.311 |
235.426 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
378.558 |
658.812 |
284.927 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1641.807 |
1538.730 |
1936.240 |
|
|
2] Unsecured Loans |
781.214 |
730.926 |
783.257 |
|
|
TOTAL BORROWING |
2423.021 |
2269.656 |
2719.497 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
60.138 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2801.579 |
2988.606 |
3004.424 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
837.421 |
982.508 |
1142.059 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
290.408 |
293.899 |
304.929 |
|
|
DEFERRED TAX ASSETS |
69.270 |
0.000 |
102.540 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3168.686
|
1177.944 |
3678.425
|
|
|
Sundry Debtors |
633.616
|
837.109 |
347.830
|
|
|
Cash & Bank Balances |
139.849
|
86.416 |
95.614
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
598.747
|
646.867 |
173.574
|
|
Total
Current Assets |
4540.898
|
2748.336 |
4295.443 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2484.062
|
567.758 |
2840.547 |
|
|
Other Current Liabilities |
452.356
|
378.112 |
0.000 |
|
|
Provisions |
0.000
|
90.267 |
0.000 |
|
Total
Current Liabilities |
2936.418
|
1036.137 |
2840.547 |
|
|
Net Current Assets |
1604.480
|
1712.199 |
1454.896 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2801.579 |
2988.606 |
3004.424 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
|
|
15575.340 |
5408.556 |
|
|
|
Other Income |
|
|
471.802 |
|
|
|
TOTAL (A) |
14711.193 |
15575.340 |
5880.358 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
|
|
|
5404.489 |
|
|
|
Cost of Trade goods |
14308.966 |
14665.447 |
196.367 |
|
|
|
Stores consumed |
|
|
9.985 |
|
|
|
Power and fuel oil |
|
|
78.830 |
|
|
|
Employees cost |
|
|
93.103 |
|
|
|
Repairs and maintenance |
|
|
55.065 |
|
|
|
Director remuneration |
|
|
27.603 |
|
|
|
Establishment and other Exp |
|
|
201.331 |
|
|
|
Selling and Distribution exp |
|
|
114.945 |
|
|
|
Increase/(Decrease ) in stock |
|
|
(506.290) |
|
|
|
TOTAL (B) |
14308.966 |
14665.447 |
5675.428 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
402.227 |
909.893 |
204.930 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
299.773 |
268.443 |
255.628 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
102.454 |
641.450 |
(50.698) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
144.636 |
172.678 |
213.407 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(42.182) |
468.772 |
(264.105) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
238.071 |
94.887 |
9.762 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-I) (I) |
(280.253) |
373.885 |
(273.868) |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
569.310 |
195.426 |
469.294 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
289.057 |
569.311 |
195.426 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F. O. B value of Export |
5726.597 |
7851.097 |
518.211 |
|
|
TOTAL EARNINGS |
5726.597 |
7851.097 |
518.211 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
507.745 |
1204.343 |
110.528 |
|
|
|
Raw Materials |
12370.821 |
5991.097 |
4532.562 |
|
|
TOTAL IMPORTS |
12878.566 |
7195.440 |
4643.090 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(56.62) |
75.53 |
(55.32) |
|
%2025-Feb-2013_files/image001.gif){kind=small}
%2025-Feb-2013_files/image002.gif){kind=small}
%2025-Feb-2013_files/image003.gif){kind=small}
%2025-Feb-2013_files/image004.gif){kind=small}
Expected Sales (2012-2013) : Rs. 10000.000 millions [Due to Market
Condition]
The above information has been parted by Mr. Vikas Sawant (Import and
Export Manager)
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(1.91)
|
2.40 |
(4.65)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
NA |
(4.88)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.78)
|
12.56 |
(4.85)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.11)
|
0.71 |
(0.92)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
6.40
|
3.45 |
9.54
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.55
|
2.65 |
1.51
|
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 |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
NOTE
The registered office of the company has been shifted from Office 93, 9th
Floormittal Tower, Nariman Point, Mumbai-400021, Maharashtra, India to the
present address w.e.f. 12.12.2012
FINANCIAL RESULTS:
During the year, the company has achieved sales (net of excise) of Rs. 14364.600 millions as against Rs. 15345.800 millions in the previous year. The sales (net of excise) of Rs.14364.600 millions includes amount of sales of goods traded Rs.798.400 millions as compared to Rs.2697.500 millions in the previous year. Hence, the overall sales has decreased in the current financial year compared to previous year, but the sales of goods manufactured has infact increased by 7%.
During the Year Company has achieved export turnover of Rs. 5774.100 millions as compared to Rs. 7880.300 millions in Previous year. This reduction in export turnover is because of global economic slowdown. However during the current year, the domestic demand of company’s products grew gradually. With this improvement of domestic demand, the Company has increased its production.
The steel demand in the developed economies is expected to be moderate, while most of the emerging and developing economies are estimated to enjoy robust growth in their steel demand. It is estimated that demand of Company’s products will increase by about 5% in the coming financial year.
The company remains optimistic on the demand and price outlook for company’s products i.e. Coke in the coming year. The overall performance of the Company for the year under review has been satisfactory.
OPERATIONS
During the year, the Company has faced a number of external challenges
including the ban on iron ore mining in Karnataka in August 2011.This led to a
major slowdown in the demand for Coke especially from Pig Iron manufacturers in
India. Moreover, the company has had to depend completely on imports for its
raw material requirement ( i.e. coking coal). As a result, the company’s
significant exposure to foreign exchange fluctuation increased considerably.
Due to the sharp depreciation of rupee against US dollar during the year from
Rs. 44.59 on 1st April 2011 to a high of Rs.54.30 in month of
December 2011 led to an increase in the cost of raw material by approximately
Rs.527.500 millions in the financial year resulting in lower operating margins.
During the year, a contingent liability pertaining to the dispute on
import of coking coal in 2008-09 from Mechel trading Ltd- Russia has been
crystallized on account of final arbitration award by London Arbitrators
resulting in Company’s liability for damages to the tune of US$ 72 lacs (Rs.
364.200 millions). The company has provided for this liability during the
current financial year and reflected in the profit and loss statement as
exceptional item.
Despite the above challenges, the company remains focused on extracting
the maximum internal efficiencies and operational productivity in order to
achieve sustainable growth as envisaged.
The company is operating two wind mills in Gujarat which is mainly for
captive consumption and performance of the same is satisfactory.
MERGER OF
SUBSIDIARY COMPANIES:
As the
shareholders are aware, the company has subsidiary companies having common
activities. The Board of Directors has decided to merge M/s. Kutch Coal
Carbonisation Private Limited, M/s. Classic Energy [India] Private Limited,
Hindustan Fuels Private Limited and Kandla Power Private Limited with their
Company which is a Holding Company. The said step will save cost on many areas
and will synergies with the operations of the company.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Fully convertible debentures others |
37.002 |
37.002 |
|
Term loans from others |
185.257 |
185.257 |
|
Deferred sales tax loan |
558.955 |
508.667 |
|
Total |
781.214
|
730.926
|
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate identity number of the company |
U23200MH1993PTC075455 |
|
Name of the company |
SAURASHTRA FUELS PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
Office 93, 9th Floor, Mittal Tower, Nariman Point, Mumbai – 400021,
Maharashtra, India Email Id : mumbai@saurashtracorp.com |
|
This form is for |
Modification of charge |
|
Charge identification (ID) number of the charge to be modified |
10201417 |
|
Type of charge |
·
Book debts ·
Movable property (not being pledge) |
|
Particular of charge holder |
State Bank of India, Commercial Branch, Paramsiddhi Complex, Opposite
V.S. Hospital, Ellis Bridge, Ahmedabad – 380006, Gujarat, India Email Id : rm.1cbahm@sbi.co.in |
|
Nature of instrument creating charge |
Second Supplemental Deed of Hypothecation |
|
Date of instrument Creating the charge |
22.05.2012 |
|
Amount secured by the charge |
Rs. 3551.800 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest
Term Loan and Working Capital Term Loan: 1.00% below SBAR with reset
after two years. 2. Funded Interest Term Loan:- 2.00% below SBAR. 3. FBWC Limit Terms of
repayment FBWC : Payable on demand Term Loan, Working Capital Term Loan (WCTL) and Funded Interest Term
Loan (FITL) to be repaid in 24 quarterly installments commencing after
moratorium period of two years i.e. repayment to commence from June 2011 in
stepped up basis Margin Stocks-25%, Receivables/Book debts (cover 90 days) -50%, Letter of
Credit (Max. usance 180 days)- 15% and Bank Guarantee-15% Extent and
operation of the charge First Pari passu Charge on entire current assets of the company and Second Pari passu charge on the entire
fixed assets of the company situated at Porbandar and Mundra to secure
aggregate credit facilities of Rs. 1431.100 millions |
|
Short particulars of the property charged (Including location of the
property) |
Hypothecation over Entire current assets of the company situated at
Porbandar and Mundra, Gujarat Hypothecation over Entire movable assets of the company situated at
Porbandar, Mundra and Wind mills at
Kalaynpur, Jamnagar |
|
Date of instrument modifying the charge |
07.07.2011 |
|
Particulars of the present modification |
Charge extended by way of Hypo. over the entire current assets at
Porbandar, Mundra and one wind mills No. B-9 at vill. Navada, Jamnagar on
first pari passu charge basis And Second pari passu charge basis over entire
movable assets of the company at Porbandar, Mundra and one windmill No. B-82
at Village Lamba, Jamnagar to secure aggregate working capital limit of Rs.
1431.100 millions (enhanced from Rs.1415.500 millions) making total amount of Rs. 3551.800
millions granted by lenders. |
CONTINGENT
LIABILITIES ((Not provided for)):
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
|
Corporate Guarantee in favour of Subsidiary & Associate company |
689.000 |
|
Guarantees issued to the Company by its banker secured by fixed
deposits. |
3.044 |
|
Outstanding Bills discounted by bank. |
1234.867 |
|
For Income tax demand pending under Appeals. |
32.185 |
|
Sales Tax (Amount paid Rs. 6.211 millions under protest) |
14.401 |
|
Estimated amount of contracts remaining to be executed on capital
account and not provided. |
NIL |
|
As per CDR
Scheme sanctioned by Consortium Banks, the Company is required to compensate the
Banks in respect of interest sacrificed by Banks as per CDR Scheme. As the
loans outstanding under CDR Scheme are to be paid during the next five years,
the quantum of interest sacrificed by the Banks cannot be ascertained as of
date. The same will be provided as and when it is ascertained |
|
|
The company has
imported Raw Material from PEC Limited. Vide Vessel Named Y. M. Rightness.
Due to flood situation prevalent during December 2010 – February 2011 at the
load port the original supplier declared force majeure. since company had
arranged the vessel and liable to pay demurrage if any on account of delay in
loading at load port. The vessel has charged demurrage on load port amounting
to Rs.31.100 millions (USD$612044).the company has rejected their claim and
filed for arbitration in U K which is pending for final award. |
31.100 |
FIXED ASSETS
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.43 |
|
|
1 |
Rs.83.20 |
|
Euro |
1 |
Rs.71.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
28 |
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.