MIRA
INFORM REPORT
|
Report Date : |
22.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SESA GOA LIMITED SESA INDUSTRIES LIMITED (AMALAGAMATED
WITH SESA GOA LIMITED) |
|
|
|
|
Registered
Office : |
Sesa Ghor, 20, EDC Complex, Patto, Panjim-403001, Goa |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
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 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on The Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is
engaged in mining and sale of iron ore, manufacture and sale of metallurgical
coke and pig iron and generation and distribution of power. |
|
|
|
|
No. of Employees
: |
1000 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is the India’s largest products and exporter of iron ore in
the private sectors. It is the well established and reported company. There appears slight
fall in the profitability. The financial position of the company appears to be strong. Performance
capacity appears to be highest. The creditworthy of the company is good. The rating also take into consideration the benefit of strong
exploration and mining skill of the “Vedanta Group” Trade relations are reported to be fair. Business is active. Payments
are regular and as per commitments. In view of experience management the company can be considered good
for normal business dealings. |
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 |
CRISIL |
|
Rating |
AA+ [Cash Credit] |
|
Rating Explanation |
Having high degree of safety regarding timely servicing of financial
obligation. It carry very low credit risk. |
|
Date |
November 2012 |
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.
LOCATIONS
|
Registered Office : |
Sesa Ghor, 20, EDC Complex, Patto, Panjim-403001, Goa, India |
|
Tel. No.: |
91-832-2460600 |
|
Fax No.: |
91-832-2460721 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Located At: Mining
establishments at Goa and Karnataka, India Pig Iron
Division at Navelim / Amona Goa, India Metallurgical Coke (Met Coke) Division at Amona, Goa, India |
DIRECTORS
AS ON 03.07.2012
|
Name : |
Mr. Prasun Kumar Mukherjee |
|
Designation : |
Managing Director |
|
Address : |
H. No. 8/290, Near All India Radio, Altinho, Panaji-403001, Goa, India
|
|
Date of Birth/Age : |
01.12.1955 |
|
Date of Appointment : |
01.07.2000 |
|
Din No.: |
00015999 |
|
|
|
|
Name : |
Mr. Gurudas Datta Kamat |
|
Designation : |
Director |
|
Address : |
12/UG-1, Kamat Kinara Nomoxim, Caranzalem-403002, North Goa, India |
|
Date of Birth/Age : |
05.01.1935 |
|
Date of Appointment : |
23.12.2005 |
|
Din No.: |
00015932 |
|
|
|
|
Name : |
Mr. Amit Pradhan |
|
Designation : |
Whole Time Director |
|
Address : |
Villa Apartment, 57, Aldeia De Goa, Carnation Avenue, Bambolim-403206,
Goa, India |
|
Date of Birth/Age : |
02.03.1955 |
|
Date of Appointment : |
01.07.2000 |
|
Din No.: |
00128568 |
|
|
|
|
Name : |
Mr. Kuldip Kumar Kaura |
|
Designation : |
Director |
|
Address : |
11th Floor, Flat 1101/1102, Vastu Bandra, Pereira Road,
Bandra (West), Mumbai-400050, Maharashtra, India |
|
Date of Birth/Age : |
05.04.1947 |
|
Date of Appointment : |
30.10.2007 |
|
Din No.: |
00006293 |
|
|
|
|
Name : |
Mr. Ashok Kini |
|
Designation : |
Director |
|
Address : |
B-202, Mantri Pride Apartment, Mountain Road, 1st Block,
Jayanagar, Bangalore-560011, Karnataka, India |
|
Date of Birth/Age : |
12.12.1945 |
|
Date of Appointment : |
24.01.2011 |
|
Din No.: |
00812946 |
|
|
|
|
Name : |
Mr. Jagdish Pal Singh |
|
Designation : |
Director |
|
Address : |
C-83, Valmiki Hanuman Nagar, Jaipur-302012, Rajasthan, India |
|
Date of Birth/Age : |
10.06.1948 |
|
Date of Appointment : |
19.07.2010 |
|
Din No.: |
02782928 |
KEY EXECUTIVES
|
Name : |
Mr. Chandrashekhar Durgashankar Chitnis |
|
Designation : |
Secretary |
|
Address : |
UG-1, Block B, Adwalpalkar Shelter, Pialem Morod, Kerant,
Caranzalem-403002, North Goad, India |
|
Date of Birth/Age : |
21.01.1956 |
|
Date of Appointment : |
11.04.1994 |
|
Pan No.: |
ABHPC2071M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
479113619 |
55.13 |
|
|
479113619 |
55.13 |
|
Total shareholding of Promoter and Promoter Group (A) |
479113619 |
55.13 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2275617 |
0.26 |
|
|
15105302 |
1.74 |
|
|
19313543 |
2.22 |
|
|
237340914 |
27.31 |
|
|
274035376 |
31.53 |
|
|
|
|
|
|
12303063 |
1.42 |
|
|
|
|
|
|
96014238 |
11.05 |
|
|
4632317 |
0.53 |
|
|
3002810 |
0.35 |
|
|
1938129 |
0.22 |
|
|
640687 |
0.07 |
|
|
412860 |
0.05 |
|
|
7794 |
0.00 |
|
|
3340 |
0.00 |
|
|
115952428 |
13.34 |
|
Total Public shareholding (B) |
389987804 |
44.87 |
|
Total (A)+(B) |
869101423 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
869101423 |
0.00 |
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BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in mining and sale of iron ore, manufacture and sale of metallurgical
coke and pig iron and generation and distribution of power. |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Iron Ore |
MMT |
-- |
10.952 |
|
Metallurgical Coke |
MMT |
0.280 |
0.263 |
|
Pig Iron |
MMT |
0.250 |
0.276 |
NOTE:
1. Net of processing
and handling loss on ore handled and processed/reprocessed during the year.
2. The closing
stock of ore excludes 0.053 million metric tons received on loan basis.
3. Figures in
brackets relate to previous year.
4. Quantities are
in dry metric tons (DMT).
5. Hitherto, the
quantities were stated in wet metric tons (WMT); accordingly the quantities in
respect of previous year have been restated in DMT to conform to current year’s
measurement.
GENERAL INFORMATION
|
No. of Employees : |
1000 [Approximately] |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
·
Canara Bank, Mathisa Plaza, Ground Floor, 18th
June Road, Panaji-403001, Goa, India ·
State Bank of India, Commercial Branch, State
Bank Staff Training Centre Building, Panaji-403001, Goa, India ·
ICICI Bank Limited, Landmark Race Cource Circle,
Alkapuri, Baroda-390015, Gujarat, India ·
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 : |
12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai-400018,
Maharashtra, India |
|
PAN No: |
AACFD4815A |
|
|
|
|
Ultimate Holding Company : |
Vedanta Resources Plc |
|
|
|
|
Intermediaries : |
·
Finsider International Company Limited ·
Twin Star Holdings Limited ·
Westglobe Limited |
|
|
|
|
Subsidiaries : |
·
Sesa Resources Limited ·
Sesa Mining Corporation Limited ·
Bloom Fountain Limited ·
Western Cluster Limited ·
Goa Energy Private Limited (from March 2, 2012) ·
Cairn India Limited |
|
|
|
|
Fellow Subsidiaries : |
·
Bharat Aluminum Company Limited ·
Hindustan Zinc Limited ·
Konkola Copper Mines ·
Sterlite Industries (India) Limited ·
Sterlite Iron and Steel Company Limited ·
Sterlite Technologies Limited ·
Talwandi Sabo Private Limited ·
The Madras Aluminum Company Limited ·
Twin Star Mauritius Holdings Limited ·
Vedanta Aluminum Limited ·
Vizag General Berth Cargo Private Limited |
|
|
|
|
Jointly Controlled Entity : |
Goa Maritime Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
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:
a)
Reconciliation of equity shares and amounts
outstanding
|
PARTICULAR |
AS ON 31.03.2012 |
|
|
|
No. of Shares |
Rs. in Millions |
|
At the beginning of the year |
869101423 |
869.100 |
|
Conversion of Foreign Currency Convertible Bonds |
-- |
-- |
|
Pursuant to a scheme of amalgamation |
-- |
-- |
|
At the end of the year |
869101423 |
869.100 |
b) Terms/rights attached to equity shares
The Company has only
one class of equity shares having a par value of Rs. 1. The equity shares have
rights, preferences and restrictions which are in accordance with the
provisions of law, in particular the Companies Act, 1956.
c) Shares held by holding/ultimate holding company
and/or their subsidiaries/associates
|
PARTICULAR |
AS ON 31.03.2012 |
|
|
|
No. of Shares |
% of Holding |
|
Finsider International Company Limited |
401496480 |
46.20 |
|
West Globe Limited |
44343139 |
5.10 |
|
Twinstar Holdings Limited |
33274000 |
3.83 |
All the above
entities are subsidiaries of Vedanta Resources Plc. Accordingly, Vedanta
Resources Plc. is the ultimate holding company.
d) 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.
|
PARTICULAR |
AS ON 31.03.2012 |
|
Equity shares
allotted as fully paid-up shares for consideration other than cash pursuant to
a scheme of amalgamation |
9398864 |
|
Equity shares
allotted as fully paid-up bonus shares pursuant to capitalization of reserves
and securities premium account. |
393620200 |
e) Details of shareholders holding more than 5% shares in the Company other
than as shown in (c) above.
|
PARTICULAR |
AS ON 31.03.2012 |
|
|
|
No. of Shares |
% of Holding |
|
Franklin Templeton Investment Funds |
85073669 |
9.79 |
f) 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 |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
869.100 |
869.100 |
831.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
128262.800 |
115019.000 |
71256.100 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
129131.900 |
115888.100 |
72087.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
15.000 |
33.100 |
96.100 |
|
|
2] Unsecured Loans |
35976.300 |
9680.100 |
19161.900 |
|
|
TOTAL BORROWING |
35991.300 |
9713.200 |
19258.000 |
|
|
DEFERRED TAX LIABILITIES |
851.000 |
631.000 |
592.000 |
|
|
|
|
|
|
|
|
TOTAL |
165974.200 |
126232.300 |
91937.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
9929.900 |
7598.700 |
5121.500 |
|
|
Capital work-in-progress |
6810.000 |
5045.400 |
680.100 |
|
|
|
|
|
|
|
|
INVESTMENT |
144206.200 |
94638.100 |
54786.400 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7572.900
|
6361.000 |
4086.600 |
|
|
Sundry Debtors |
4621.900
|
5068.800 |
2784.600 |
|
|
Cash & Bank Balances |
720.100
|
8913.200 |
23774.100 |
|
|
Other Current Assets |
0.000
|
141.200 |
392.700 |
|
|
Loans & Advances |
4520.000
|
14211.400 |
11111.900 |
|
Total
Current Assets |
17434.900
|
34695.600 |
42149.900 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7374.000
|
8771.600 |
5959.300 |
|
|
Other Current Liabilities |
2965.000
|
2935.400 |
1091.200 |
|
|
Provisions |
2067.800
|
4038.500 |
3750.300 |
|
Total
Current Liabilities |
12406.800
|
15745.500 |
10800.800 |
|
|
Net Current Assets |
5028.100
|
18950.100 |
31349.100 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
165974.200 |
126232.300 |
91937.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
65134.500 |
74930.800 |
45948.200 |
|
|
|
Other Income |
3863.300 |
5152.000 |
4750.000 |
|
|
|
TOTAL (A) |
68997.800 |
80082.800 |
50698.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
5721.600 |
3973.500 |
|
|
|
|
Purchase of stock-in-trade |
3670.100 |
5363.900 |
|
|
|
|
Employee benefits expense |
1914.400 |
1490.800 |
|
|
|
|
Other expenses |
27297.300 |
23825.100 |
23006.600 |
|
|
|
Exceptional item |
660.900 |
0.000 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
485.600 |
(121.300) |
|
|
|
|
TOTAL (B) |
39749.900 |
34532.000 |
23006.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
29247.900 |
45550.800 |
27691.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4200.000 |
861.500 |
536.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
25047.900 |
44689.300 |
27154.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
838.500 |
831.300 |
573.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
24209.400 |
43858.000 |
26580.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7410.000 |
9530.000 |
5400.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
16799.400 |
34328.000 |
21180.900 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
11377.200 |
2977.000 |
955.700 |
|
|
|
|
|
|
|
|
|
Add |
TRANSFERRED
ON AMALGAMATION OF SESA INDUSTRIES LIMITED |
0.000 |
2834.800 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5000.000 |
25000.000 |
16000.000 |
|
|
|
Proposed Dividend |
3476.400 |
3041.800 |
2700.600 |
|
|
|
Dividend Tax |
79.200 |
493.500 |
459.000 |
|
|
|
Dividend For 2009-10 in respect of Foreign
Currency Convertible Bonds Converted during the year (inclusive of dividend
tax of Rs.5.100 Millions) |
0.000 |
98.500 |
0.000 |
|
|
|
Dividend to Shareholders of erstwhile Sesa
Industries Limited on amalgamation (Inclusive of dividend tax of Rs.18.300
Millions) |
0.000 |
128.800 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
19621.000 |
11377.200 |
2977.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of goods on FOB basis |
51214.200 |
62589.300 |
40277.700 |
|
|
|
Dispatch |
93.100 |
177.400 |
87.300 |
|
|
|
Sale of carbon credits |
79.400 |
44.400 |
0.000 |
|
|
TOTAL EARNINGS |
51386.700 |
62811.100 |
40365.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
6972.200 |
5097.000 |
NA |
|
|
|
Components and spare parts |
139.200 |
172.100 |
NA |
|
|
|
Capital Goods |
276.200 |
1111.700 |
NA |
|
|
|
Consumption of imported
raw materials, stores, spares parts & components 56.75% (Previous year
57.59%) |
4836.200 |
3696.600 |
NA |
|
|
|
Consumption of
indigenous raw materials, stores, spares parts and components 43.25%
(Previous year 42.41%) |
3685.700 |
2722.700 |
NA |
|
|
TOTAL IMPORTS |
15909.500 |
12800.100 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
19.33 |
39.98 |
26.11 |
|
|
|
Diluted |
19.33 |
39.30 |
25.31 |
|
%20-%20207191%2022-Jan-2013_files/image005.gif){kind=small}
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2012 |
30.09.2012 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
13768.600 |
2857.700 |
|
Total Expenditure |
|
10911.700 |
2947.400 |
|
PBIDT (Excl OI) |
|
2856.900 |
(89.700) |
|
Other Income |
|
1349.000 |
1980.200 |
|
Operating Profit |
|
4205.900 |
1890.500 |
|
Interest |
|
1136.200 |
813.400 |
|
Exceptional Items |
|
(97.100) |
0.000 |
|
PBDT |
|
2972.600 |
1077.100 |
|
Depreciation |
|
226.000 |
254.800 |
|
Profit Before Tax |
|
2746.600 |
822.300 |
|
Tax |
|
470.000 |
320.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
2276.600 |
502.300 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
2276.600 |
502.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
24.35
|
42.87 |
41.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
34.17
|
58.53 |
57.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
88.47
|
103.70 |
56.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.38 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.37
|
0.22 |
0.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.41
|
2.20 |
3.90 |
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 |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
CASE INFORMATION
SYSTEM
|
Stamp No.: STM /
3370 / 2012 |
||||||
|
CASE STATUS : |
Pending
(Pre-Admitted) |
|||||
|
PETITIONER : |
Commissioner of
Income Tax “Ayakaar Bhavan” |
|||||
|
RESPONDENT : |
Sesa Goa Limited |
|||||
|
PETITIONER ADV. : |
Asha A. Desai |
|||||
|
DISTRICT : |
North Goa |
|||||
|
ACT : |
Company Act,
1956 |
|||||
|
CAST STAGE : |
Fresh Case
Registration |
|||||
|
||||||
|
THIS CASE IS UPDATED ON : |
Monday, December 10, 2012 |
|||||
|
UNSECURED LOAN |
As
on 31.03.2012 [Rs.
in Millions] |
As
on 31.03.2011 [Rs.
in Millions] |
|
Other loans and
advances |
|
|
|
Packing credit in foreign currencies from banks |
12794.000 |
0.000 |
|
Commercial paper
[Maximum balance outstanding during the year Rs. 24697.500 Millions (Previous
year Rs. Nil)] |
11254.900 |
0.000 |
|
Buyers’ credit |
836.700 |
0.000 |
|
Foreign currency convertible bonds [During the year
ended March 31, 2010, the Company had issued 5,000 Foreign Currency
Convertible Bonds (“FCCBs”) aggregating US$ 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 U.S. $ 1.00 at any time on or after December 9, 2009. The
conversion price is subject to adjustment in certain circumstances. The FCCBs
may be redeemed in whole, but not in part, on or after October 30, 2012,
subject to certain conditions. Unless previously converted, redeemed or
repurchased and cancelled, the FCCBs fall due for redemption on October 31,
2014 at par. Upto March 31, 2012, 2,832 FCCB’s have been converted into
39,188,159 equity shares. A part of the FCCB proceeds aggregating Rs.
10408.600 Millions (March 31, 2011 Rs. 7752.800 Millions) has been utilised
for the Company’s capital projects.] |
11090.700 |
9680.100 |
|
TOTAL
|
35976.300 |
9680.100 |
PERFORMANCE:
Subject continues
to focus on improving internal operational efficiencies, while aspiring to
achieve higher performance levels. However, during the year, volumes were under
pressure. Iron ore production and sales were 13.8 and 16.0 mt in 2011-12
compared to 18.8 and 18.1 mt (17.4 and 16.4 mt excluding Orissa) in the
previous year. External sales revenue from iron ore decreased by 3%, from Rs.
83870.000 Millions in 2010-11 to Rs. 81120.000 Millions in 2011-12.
The pig iron
business’ sales volume decreased by 6% to 250,571 tonnes in 2011-12, while
sales revenue grew, fuelled by better prices, by 8% to Rs. 7200.000 Millions in
2011-12. Sales and production volume of metallurgical (met) coke were at
similar levels as last year, at 251,264 tonnes and 256,575 tonnes respectively
in 2011-12. External sales revenue increased by 24% to Rs. 2000.000 Millions in
2011-12.
Subject’s net
income from operations fell by 10% to Rs. 83100.000 Millions in 2011-12.
Operating cash profit (PBDT) declined by 43% to Rs. 32350.000 Millions in
2011-12. PAT (including associate income) decreased 36% to Rs. 26960.000
Millions, and diluted earnings per share were Rs. 31.01 in 2011-12. With effect
from December 8, 2011, Cairn India Limited (CIL) became an associate company
and accordingly, the Company’s share of profits in CIL, attributable to the
period after acquisition till March 31, 2012, have been recognized in the
consolidated financial results.
In accordance with
the requirements of the Listing Agreement, a consolidated Financial Statement
of the Company is included in this Annual Report. The consolidated profit after
tax for Subject group for the year ended March 31, 2012 is Rs. 26960.000
Millions as against Rs. 42220.000 Millions for the previous year. The basic
earnings per share for 2011-12 were Rs. 31.01 as against Rs. 49.17 for the
previous year.
IRON ORE BUSINESS:
During the year,
the Company faced a number of external challenges such as ban of Karnataka
mining operations in August 2011 and logistics constraints in Goa, which made
it difficult to achieve the Company’s targeted production and sales volumes.
The Company launched several internal operational initiatives to mitigate the
impact of these challenges which has enabled to the Company to sell 12.7 mt of
iron ore, a 14% decline compared to the 14.7 mt of the previous year. The large
decline in volumes is also attributed to the closure of Orissa operations with
effect from December 1, 2011. Levies of export duties, royalties, etc.,
continue to pose significant cost challenges to the iron ore mining industry
affecting its competitiveness on the global front.
EXPLORATION:
Subject Group continued
its strong focus on exploration activities at its operations at Goa and
Karnataka. During 2011-12, over 45,700 metres were drilled which resulted in a
net addition of 68 mt to its reserves and resources during 2011-12. The Company
has completed an aeromagnetic survey of the Liberia deposits, which has
indicated a significant potential upside to the existing resource base of 1 bt.
The Company is in the process of completing its scoping study on Liberia
project and starting exploration. Total reserves and resources as on March 31,
2012 stands at 374 mt (excluding resource base at Liberia). Reserves and
resources position has been independently reviewed and certified as per JORC
standard.
PIG IRON AND MET
COKE BUSINESS:
For the pig iron
business, sales volumes decreased by 6% to 250,571 tonnes in 2011-12. However,
with better market prices, sales revenues increased by 8% from Rs. 6640.000
Millions in 2010-11 to Rs. 7200.000 Millions in 2011-12. Profits before
interest, tax, dividends and other non-recurring or non-allocable incomes for
the pig iron business decreased by 68% to Rs. 450.000 Millions in 2011-12.
External sales revenues of met coke business increased by 35% to Rs. 1910.000
Millions in 2011-12 and profits before interest, tax, dividends and other
non-recurring or non-allocable incomes for the met coke business decreased to
Rs. 160.000 Millions in 2011-12.
EXPANSION
PROGRESS:
The Company is in
the final stages of commissioning its expansion project for the pig iron and
met coke manufacturing facilities. With the commissioning of the 450 m3 blast
furnaces and 2 batteries of 36 coke ovens each, the Company’s overall pig iron
production capacity increases to 625 ktpa and met coke production to 560 ktpa.
The project also comprises of 800,000 tonnes sintering facility that would
enable the PID to partially meet its iron ore requirement with sintered iron
ore fines, resulting in significant cost savings and increasing efficiencies.
OUTLOOK:
As stated earlier,
the longer term perspective of the iron ore market remains stable with a
gradual move towards equilibrium. Consensus expectations indicate a global
deficit in iron ore continuing for the next two years, followed by pressure on
prices as new mining capacities are added. Cost pressures, especially related
to capital expenditure, uncertainty of imposition of fresh taxation by
regulators and project delays could potentially constrain the speed at which
new supply is added, which could be additional buoyancy for prices. On the cost front, royalty rates, railway and
road freight and export duties are expected to exert pressure on the Company,
while volumes would continue to be challenged by uncertainties in policy
decisions and hurdles in logistics. They continue to remain cautiously
optimistic of overcoming such obstacles. The following will continue to be
their strategic thrust areas for the year 2012-13.
MARKET REVIEW:
Subject Goa
Limited is part of the Vedanta Group, and drives the ferrous mineral business.
While the Company’s core business is mining and it is the largest private
sector producer and exporter of iron ore in the country, the Company also
produces pig iron, met coke and provides coke making technology. It has made
substantial investments in expansion of pig iron and met coke operations, to
leverage its position as a premier and biggest domestic producer of pig iron.
The eco-friendly non-recovery coke making technology is patented.
While each of
these business segments has its own focused market, the economic and
environmental variables impacting the overall iron and steel industry have a
strong impact on all the businesses. Contemporary developments in the domestic
iron ore industry had a significant impact on the pig iron, and thereby, the
met coke sectors during the year. Over and above these domestic industry
issues, global economic sluggishness in the wake of the past years’ slowdown
had an impact on market segments and outlook for businesses.
MACRO-ECONOMIC
DEVELOPMENTS:
The dark clouds of
yesteryears’ global recession only fuelled the uncertainty surrounding the
global economy in 2011-12, whether it would succumb to another downturn or
recover. Despite the shadow of the 2008 financial crisis and the turmoil
generated by the intensifying fiscal crisis in Europe, global output is
estimated to have expanded by a healthy 3.9% in 2011. The Chinese economy saw a
moderate growth in of 9.2 % in 2011, despite
its tightening
initiatives, which included raising interest rates and reserve ratios for banks
among other measures, to ensure a sustained growth rate.
China has been the
major driver of metals demand and higher prices, as the country consumed large
quantities of metals for its internal infrastructure and manufacturing needs.
While the growth rate for metal demand in China is expected to moderate over
the coming decade, in the longer term, demand will remain robust. As it moves
from being a significantly export-driven economy to a domestic consumption
economy, the metals demand is expected
to decline from
current levels to relatively sustainable levels, propped up by urbanisation and
infrastructure needs. Urbanisation has been the driver for economic and social
transformation in China, and this is expected to be a feature of the overall
economy, as it extends beyond the Eastern regions of China.
India is
considered the next China in terms of its consumption of commodities, given its
growing population and needs for development and infrastructure. Despite
maintaining a healthy demand growth rate, India’s consumption of world metals
has however risen only to 3% in the last decade, as compared to 2% in 1990,
owing to the nature of its economic structure, investment patterns, sector
growth trends, trade and policies. Also, the pace of its metal demand growth
has only been half of China’s pace. To reach China’s current consumption
levels, India’s metal demand will have to increase at 15% per annum for more
than two decades. Further, the current levels of urbanisation are at a low 29%,
almost half that of China. A continued healthy longer-term demand appears an
increasingly likely scenario.
AWARDS:
The Company was awarded with the following awards during the year
2011-12.
·
Subject was conferred with the award for Consistent
Liquidity Management, among Large Companies at the Best CFO Awards 2012 by
Business Today Magazine.
·
Subject’s Mining Division received the CSR
Excellence Award and MCD won the Environment Award, while the PID, MCD and
Shipbuilding Division won safety awards. CSR and environment awards were
promoted by Green Triangle Society (GTS), Goa Chamber of Commerce and Industry
(GCCI) and Ideaz Unlimited, while safety awards were promoted by the
Inspectorate of Factories and Boilers, Goa, and Green Triangle Society (May
2011).
·
Asia’s Best Employer Brand Award: Subject won an
award for ‘Best Practices in Talent Management’ hosted by Employer Branding
Institute, World HRD Congress, and Stars of the Industry Group, with CMO Asia
as Strategic Partner (Jul 2011).
·
Subject’s PID and MCD were awarded “Silver
Certificate of Merit – India Manufacturing Excellence Awards (IMEA) 2011,”
presented by The Economic Times in partnership with Frost and Sullivan (Nov
2011).
·
Codli Mines, Sonshi Mines, PID and MCD received
Certificate of Merit from British Safety Council.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10285311 |
|
Corporate
identity number of the company |
L13209GA1965PLC000044 |
|
Name of the
company |
SESA GOA LIMITED |
|
Address of the
registered office or of the principal place of business in |
Sesa Ghor, 20, EDC Complex, Patto, Panjim-403001, Goa, India |
|
Type of charge |
Book Debts Movable Property
(not being pledge) |
|
Particular of
charge holder |
State Bank of
India, Commercial Branch, State Bank Staff Training Centre Building,
Panaji-403001, Goa, India Email: u.shelar@sbi.co.in |
|
Nature of description
of the instrument creating or modifying the charge |
1. Supplemental
agreement of hypothecation of goods and assets for increase in overall limit 2. Supplemental
agreement of loan increase in the overall limit 3. Letter
regarding the grant of individual limits within the overall limit. |
|
Date of
instrument Creating the charge |
21.04.2011 |
|
Amount secured by
the charge |
Rs.6250.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per bank terms
and conditions Terms of Repayment As per bank terms
and conditions Margin 25% on raw
materials, stocks in process, finished goods, and book debts/receivables. Extent and Operation of the charge To the extent of
Rs.6250.000 Millions. |
|
Short particulars
of the property charged |
To extend the
hypothecation of all present and future goods, book debts and other movable
assets of the borrower by way of first pari passu charge to cover the increased
limit of Rs.6250.000 Millions. |
|
Date of latest
modification prior to the present modification |
11.04.2011 |
|
Particulars of
the present modification |
The company had
borrowed a L/C limit of Rs. 1250.000 Millions on 11/04/2011. With the current
modification the limit is enhance to Rs.6250.000 Millions by adding working
capital pre-shipment finance limit of Rs. 5000.000 Millions. |
FIXED ASSETS:
Tangible Assets
·
Mining Leases
·
Mining Concessions
·
Land Plots
·
Leasehold Land
·
Road and Bunders
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
River Fleet
Intangible Assets
·
Goodwill on Consolidation
·
Mining Rights
·
Computer Software
NEWS:
SESA ACQUIRES REMAINING
49% STAKE IN WESTERN CLUSTER LIMITED, LIBERIA
Goa, 20 December 2012: Sesa Goa Limited (“Sesa” or the “Company”)
announces that it has acquired the remaining 49% of the outstanding common
shares of Western Cluster Limited (“WCL”) from Elenilto Minerals and Mining
LLC, Delaware, for a cash consideration of US$33.5 million. Post this
transaction, Sesa’s shareholding in WCL increases to 100%.
WCL is a logical and strategic fit with Sesa’s existing iron ore
business and is expected to create significant long term value for all
stakeholders. At WCL, exploration activities are progressing well, with over
42,000 meters of drilling completed till 30 November 2012. The project is on
track for first shipment in FY2014.
ABOUT SESA
Sesa is India’s largest producer and exporter of iron ore in the private
sector with operations in the states of Goa and Karnataka in India and a large
integrated project site in Liberia, West Africa. Founded in 1954, for about 6
decades, Sesa has been involved in iron ore exploration, mining, beneficiation
and exports. Sesa is a subsidiary of Vedanta Resources plc, the London-listed
FTSE 100 global diversified natural resources major. Sesa also manufactures pig
iron and metallurgical coke, with a 0.56 mtpa metallurgical coke plant and a
0.625 mtpa pig iron plant in Goa, and an associated 60 MW power plant.
SESA GOA LIMITED
UPDATE ON
SCHEME(S) OF AMALGAMATION
30 JULY 2012
Goa, 30 July 2012:
The
details of the Court Hearing for the Scheme(s) of Amalgamation and Arrangement
are as below
COMPOSITE SCHEME
“The Honorable
High court of Bombay at Goa has admitted the petition filed by Sesa Goa Limited
in relation to the Scheme of Amalgamation and Arrangement amongst Sterlite
Industries (India) Ltd, The Madras Aluminium Company Limited, Sterlite Energy
Limited, Vedanta Aluminium Limited and Sesa Goa Limited and their respective
Shareholders and Creditors on July 20, 2012. The returnable date fixed by the
High Court for the final hearing for
approval of the Scheme is August 31, 2012.”
EKATERNIA SCHEME
“The Honorable
High court of Bombay at Goa has admitted the petition filed by Sesa Goa Limited
in relation to the Scheme of Amalgamation of Ekaterina Limited and Sesa Goa
Limited and their respective Shareholders and Creditors on July 20, 2012. The
returnable date fixed by the High Court for the final hearing for approval of
the Scheme is August 31, 2012.”
ABOUT SESA
Sesa is India’s
largest producer and exporter of iron ore in the private sector. The company is
a majority owned and controlled subsidiary of Vedanta Resources plc, the London
listed FTSE 100 diversified metals and mining major. For more than five
decades, Sesa has been involved in iron ore exploration, mining, beneficiation
and exports. Sesa has iron ore mining operations in Goa and Karnataka. It has
recently acquired 51% 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, with a 0.28 mtpa metallurgical coke plant and a 0.25 mtpa
pig iron plant in Goa.
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.53.87 |
|
|
1 |
Rs.85.53 |
|
Euro |
1 |
Rs.71.77 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
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 |
|
TOTAL |
|
69 |
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.