|
Report Date : |
20.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
MSPL LIMITED |
|
|
|
|
Formerly Known
As : |
MINERAL SALES LIMITED (w.e.f. 01.07.1997) MINERAL SALES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No.117, "Baldola Bhavan", Maharshi Karve Road,
Mumbai – 400020, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
18.10.1961 |
|
|
|
|
Com. Reg. No.: |
11-012160 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.384.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U13100MH1961PLC012160 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM10132D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCM1040N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Mines, Processes and Exports of
Iron Ore. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 34700000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old and established company having a moderate track
record. There appears some dip in the total income earned from its operations
during 2012 and it has incurred heavy loss. However, business is active. Payment terms are slow. The company can be considered for business dealings on a safe and
secured trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
D (Long Term Rating) |
|
Rating Explanation |
Default |
|
Date |
January 22, 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 DENIED
Management non co-operative (91-8394-232002)
LOCATIONS
|
Registered Office : |
No.117, "Baldola Bhavan", Maharshi Karve Road,
Mumbai – 400020, Maharashtra, India |
|
Tel. No.: |
91-22-22030989 |
|
Fax No.: |
91-22-24133766/ 22019762 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Bangalore Office : |
Baldota Villa, No.368 No.105, Embassy Square, 148,
Infantry Road, Bangalore - 560001, Karnataka, India |
|
Tel. No.: |
91-80-40301500 |
|
Fax No.: |
91-80-40301533 |
|
E-Mail : |
|
|
|
|
|
Head Office/ Corporate Office : |
Baldota Enclave, Abheraj Baldota Road, Hospet – 583203,
Karnataka, India |
|
Tel. No.: |
91-8394-232002/ 3/ 4 Mines: 91-8394-244158 |
|
Fax No.: |
91-8394-232333 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Mines and Export
Oriented Unit |
|
Area : |
347.2 Hectare |
|
Location : |
Leased |
|
|
|
|
Factory 2 : |
Hosahalli Village, Munirabad – 583233, Karnataka, India |
|
|
|
|
Windmill : |
Vankusawade, Satara, |
|
|
|
|
Chennai Office: |
Door No.10, Plot No.56, Sriram
Nagar, 1st Cross Street, Opposite. L. I. C. Colony, Thiruvanmiyur, Chennai - 600041, Tamilnadu,
India |
|
Tel. No.: |
91-44-24911875 |
|
E-Mail : |
DIRECTORS
As on: 26.07.2012
|
Name : |
Mr. Narendrakumar Abheraj Baldota |
|
Designation : |
Managing Director |
|
Address : |
Chinar, Baldota Colony, Hospet, Bellary – 583203, Karnataka, India |
|
Date of Birth/Age : |
27.12.1940 |
|
Qualification : |
B.Com Diploma-IM |
|
Date of Appointment : |
11.06.1966 |
|
Voter ID No.: |
MT04034264214 |
|
DIN No.: |
00130619 |
|
|
|
|
Name : |
Mr. Rahul Kumar Narendrakumar Baldota |
|
Designation : |
Whole Time Director |
|
Address : |
Chinar, Baldota Colony, Hospet, Bellary – 583203, Karnataka, India |
|
Date of Birth/Age : |
26.12.1967 |
|
Qualification : |
BE (Mech.) MBA |
|
Date of Appointment : |
16.12.1995 |
|
DIN No.: |
00130764 |
|
|
|
|
Name : |
Mr. Shrenik Kumar Narendrakumar Baldota |
|
Designation : |
Whole Time Director |
|
Address : |
Chinar, Baldota Colony, Hospet, Bellary – 583203, Karnataka, India |
|
Date of Birth/Age : |
27.11.1971 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
21.09.1998 |
|
DIN No.: |
00130831 |
|
|
|
|
Name : |
Mr. Ramkrishna Hemappa Sawkar |
|
Designation : |
Director |
|
Address : |
292, 5th Block, 38th A cross. Jaya Nagar, Bangalore - 560041, Karnataka,
India |
|
Date of Birth/Age : |
29.03.1935 |
|
Qualification : |
B.Sc (Geology) |
|
Date of Appointment : |
21.09.1998 |
|
DIN No.: |
00143273 |
|
|
|
|
Name : |
Mr. Madhava Ravindra |
|
Designation : |
Director |
|
Address : |
Flat 1B, PGP Manor, 29 Barnaby Road, Kilpauk, Chennai – 600010,
Tamilnadu, India |
|
Date of Birth/Age : |
08.12.1939 |
|
Qualification : |
PG(Mathematics), CAIIB |
|
Date of Appointment : |
01.11.2005 |
|
DIN No.: |
01086790 |
|
|
|
|
Name : |
Mr. Meda Venkataiah |
|
Designation : |
Whole Time Director |
|
Address : |
No. OBA 1019-1, 2nd Cross, M.J. Nagar, Hospet – 583203, Karnataka,
India |
|
Date of Birth/Age : |
02.07.1945 |
|
Date of Appointment : |
15.10.2012 |
|
DIN No.: |
06404575 |
KEY EXECUTIVES
|
Name : |
Mr. Parveen Tugnait |
|
Designation : |
Executive Director (Corporate Communication) |
|
|
|
|
Name : |
Mr. Rana Lal Mukherjee |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Tapas Chatopadhyay |
|
Designation : |
Vice President ( Mines ) |
|
|
|
|
Name : |
Mr. Nabaghan Pany |
|
Designation : |
Vice President Group HR (Corporate Cell) |
|
|
|
|
Name : |
Mr. B. Srivatsa |
|
Designation : |
Vice President (Marketing and Logistics) |
|
|
|
|
Name : |
Mr. Arvind Mathur |
|
Designation : |
Vice President (Business Development) |
|
|
|
|
Name : |
Mr. M. Suresh Kumar |
|
Designation : |
Vice President (Shipping and Projects) |
|
|
|
|
Name : |
Mr. Ajit Kulkarni |
|
Designation : |
Vice President (Corporate Communication) |
|
|
|
|
Name : |
Mr. K.V.S. Subrahmanyam |
|
Designation : |
Vice President (Wind Power) |
|
|
|
|
Name : |
Mr. K. Madhusudhana |
|
Designation : |
General Manager (Mines) |
|
|
|
|
Name : |
Mr. PR. Ramanathan |
|
Designation : |
Company Secretary |
|
Address : |
H No.374, 3rd Cross M J Nagar, Hospet, Bellary - 583203,
Karnataka, India |
|
Date of Birth/Age : |
16.04.1958 |
|
Date of Appointment : |
30.06.2010 |
|
PAN No.: |
ADHPR3159H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 26.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
Vasanti Abheraj Baldota |
|
6716160 |
|
Narendrakumar Abheraj Baldota |
|
9024000 |
|
Rahulkumar Narendrakumar Baldota |
|
19353600 |
|
Lavina Rahul Kumar Baldota |
|
9600000 |
|
Shrenik Narendrakumar Kumar Baldota |
|
30442980 |
|
Chitra Narendrakumar Baldota |
|
200 |
|
Rashmi Shrenik Kumar Baldota |
|
3840 |
|
Narendra Kumar Baldota HUF |
|
1651200 |
|
Ramgad Minerals and Mining Private Limited, India |
|
8020 |
|
|
|
|
|
Total |
|
76800000 |
Equity Share Break up (Percentage of Total Equity)
As on: 26.07.2012
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
0.01 |
|
Directors or relatives of directors |
|
99.99 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Mines, Processes and Exports of
Iron Ore. |
PRODUCTION STATUS (As on: 31.03.2012)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Iron Ore (Lumps SHG, Fines, Concentrate and Aggregates) |
MT |
NA |
NA |
55,023 |
|
Iron Ore Pellets |
MT |
NA |
1200000 |
324898 |
|
Wind Power Generation |
KWH |
NA |
335858400 |
312820655 |
Notes:
1. Figures in brackets are in respect of Previous Period.
2. The Installed Mega Watt capacity for wind power generation has been converted into Kilo Watt Hours (KWH) reported at 30% (Plant Load Factor) of standard Kilo Watt capacity.
3. The Installed capacities have been certified by the management, on which the auditors have placed reliance, this being a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
State Bank of India, College Road Branch, Parwaj Plaza, College Road,
Hospet-583201, Karnataka, India |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1 : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Deloitte 12, Dr Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Auditors 1 : |
|
|
Name : |
S.B. Chhajed and Company Chartered Accountants |
|
Address : |
202, Inder Tower, Kakasaheb Gadgil Marg, Off Gokhale Road, Dadar (West), Mumbai – 400025, Maharashtra, India |
|
PAN No.: |
ABCFS0439E |
|
|
|
|
|
|
|
Enterprises over
which Key Management Personnel (KMP) have Significant Influence (where there
are transactions) : |
|
|
|
|
|
Subsidiary : |
MSPL Maritime Pte. Limited |
|
|
|
|
Subsidiary of MSPL
Maritime Pte. Limited : |
MSPL Diamond Pte. Limited |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.5/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
76800000 |
Equity Shares |
Rs.5/- each |
Rs.384.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 (18 Months) |
30.09.2010 (18 Months) |
31.03.2009 (12 Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
384.000 |
384.000 |
384.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8308.510 |
10985.375 |
12458.174 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8692.510 |
11369.375 |
12842.174 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7518.203 |
6093.112 |
2370.959 |
|
|
2] Unsecured Loans |
830.173 |
4.668 |
54.900 |
|
|
TOTAL BORROWING |
8348.376 |
6097.780 |
2425.859 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
343.563 |
843.563 |
|
|
|
|
|
|
|
|
TOTAL |
17040.886 |
17810.718 |
16111.596 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5530.277 |
3978.798 |
5265.324 |
|
|
Capital work-in-progress |
415.954 |
2857.745 |
680.187 |
|
|
|
|
|
|
|
|
INVESTMENT |
3307.688 |
5221.218 |
6136.060 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1026.867
|
1079.466
|
1027.555 |
|
|
Sundry Debtors |
2716.597
|
278.647
|
810.638 |
|
|
Cash & Bank Balances |
978.234
|
900.722
|
1030.919 |
|
|
Other Current Assets |
8.964
|
8.964
|
10.227 |
|
|
Loans & Advances |
4531.767
|
5287.587
|
2117.262 |
|
Total
Current Assets |
9262.429
|
7555.386
|
4996.601 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
926.554 |
973.062 |
933.410 |
|
|
Other Current Liabilities |
435.079
|
422.374
|
10.841 |
|
|
Provisions |
114.249
|
407.843
|
23.604 |
|
Total
Current Liabilities |
1475.882
|
1803.279
|
967.855 |
|
|
Net Current Assets |
7786.547
|
5752.107
|
4028.746 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.420 |
0.850 |
1.279 |
|
|
|
|
|
|
|
|
TOTAL |
17040.886 |
17810.718 |
16111.596 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2012 (18 Months) |
30.09.2010 (18 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
7321.920 |
11253.319 |
|
|
|
Other Income |
|
391.273 |
1375.194 |
|
|
|
TOTAL (A) |
|
7713.193 |
12628.513 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
|
2673.263 |
3988.397 |
|
|
|
Manufacturing service costs |
|
948.138 |
893.332 |
|
|
|
Employee related expenses |
|
457.912 |
510.165 |
|
|
|
Administrative selling other expenses |
|
1780.051 |
4491.693 |
|
|
|
Exceptional income expense |
|
2376.170 |
3246.463 |
|
|
|
TOTAL (B) |
|
8235.534 |
13130.050 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
(522.341) |
(501.537) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
1091.959 |
314.357 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
(1614.300) |
(815.894) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
1406.128 |
1156.904 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX (E-F) (G) |
|
(3020.428)
|
(1972.798) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
(343.563) |
(500.000) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
|
(2676.865) |
(1472.798) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
9113.717 |
10586.515 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
6436.852 |
9113.717 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
1072.418 |
7681.042 |
|
|
|
Freight Recovered from customers |
|
65.686 |
1643.173 |
|
|
|
Sale of Certified Emission Reduction |
|
220.691 |
162.430 |
|
|
TOTAL EARNINGS |
|
1358.795 |
9486.645 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores, Spare parts |
|
39.103 |
7.942 |
|
|
|
Fuel (Coal) |
|
183.508 |
0.000 |
|
|
|
Capital Goods |
|
58.743 |
606.550 |
|
|
TOTAL IMPORTS |
|
281.354 |
614.492 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
(34.86) |
(19.18) |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2009 (12 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
17395.264 |
|
|
|
Other Income |
|
|
1035.102 |
|
|
|
TOTAL (A) |
|
|
18430.366 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of product for sale |
|
|
1316.370 |
|
|
|
Manufacturing Expenses |
|
|
12333.207 |
|
|
|
Miscellaneous Expenditures W/Off |
|
|
0.286 |
|
|
|
Increase/(Decrease) in Finished Goods |
|
|
352.448 |
|
|
|
Loss from forward and option contracts |
|
|
1785.138 |
|
|
|
TOTAL (B) |
|
|
15787.449 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
2642.917 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
127.084 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
2515.833 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
859.552 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
1656.281 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
(235.000) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
1891.281 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
9019.142 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
|
189.128 |
|
|
|
Dividend |
|
|
115.200 |
|
|
|
Tax on Dividend |
|
|
19.579 |
|
|
BALANCE CARRIED
TO THE B/S |
|
|
10586.516 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
|
13764.748 |
|
|
|
Fright Recovered from Customers |
|
|
2681.839 |
|
|
|
Other Earnings |
|
|
0.000 |
|
|
TOTAL EARNINGS |
|
|
16446.587 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
|
|
27.028 |
|
|
|
Capital Goods |
|
|
499.634 |
|
|
TOTAL IMPORTS |
|
|
526.662 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
24.63 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 (18 Months) |
30.09.2010 (18 Months) |
31.03.2009 (12 Months) |
|
PAT / Total Income |
(%) |
(34.70) |
(11.66)
|
10.26 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(41.25) |
(17.53)
|
9.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(20.42) |
(17.10)
|
20.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.35) |
(0.17)
|
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.96 |
0.54
|
0.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.28 |
4.19
|
5.16 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 (18 Months) |
30.09.2010 (18 Months) |
31.03.2009 (12 Months) |
|
SUNDRY CREDITORS |
|
|
|
|
Creditors due others |
926.554 |
973.062 |
933.410 |
|
|
|
|
|
|
Total |
926.554 |
973.062 |
933.410 |
|
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 |
Yes |
|
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 |
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 |
-- |
|
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 |
Yes |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs. In Millions)
|
|
As on 31.03.2012 |
As on 30.09.2010 |
|
Rupee term loans banks unsecured |
134.132 |
0.000 |
|
Rupee term loans others unsecured |
645.981 |
0.000 |
|
Loans directors unsecured |
50.060 |
4.668 |
|
|
|
|
|
Total |
830.173 |
4.668 |
FINANCIAL
PERFORMANCE:
They have noted that the current year has been passing through yet another spell of economic slump arising out of European continent leaving its back lashes to the rest of the world more specifically in China where economic actions have started dipping considerably low. This slowdown has inflicted a focused and intense impact on the commodity sector, which has been suffering the most. The overall sentiment in the global economy is at its nadir resulting into all sorts of adverse impacts on financial and commercial markets. Consequently, the risk perception has again started firming up leading to despondency and deep rooted recessionary environment all over. However, the only silver lining is the signs of gradual recovery in US economy which is albeit inconsistent and unstable in their forward march.
India as a part of globalised economy could not remain insulated for a longer time from the vagaries of persistent global economic turmoil and upheavals. Besides, there are quite a handful of issues within the economy in terms of high and consistent inflation, peak interest rate, successive dips in GDP outlook, poorest IIP indices high fiscal deficit, burgeoning BOP crisis, record foreign exchange volatility out of depreciating rupee, very low investment growth, slowest forex inflow and last but not the least weak governance due to policy inactions and bottlenecks which have been responsible for weakest state of the country’s economy.
Due to protracted stoppage of Iron Ore mining operation for more than three years, the cash flow position faced a severe jolt. However, fructification of Pellet business during the pendency of the current period has come handy as a source of cash generation. The Wind Power business has maintained steady flow of cash earning to minimize the cash losses. Whereas the vagaries of forex market volatility has taken a huge toll in terms of forex losses in connection with derivative contracts booked way back in 2007, the borrowing is on the rise. This has resulted in the hefty outflow on account of Interest payments which was Rs.1032.800 Millions compared to Rs.310.000 Millions in the previous period.
Iron Ore Mining
The operation of the iron ore mining business has been facing virtual closure during the reporting period due to impending ban on iron ore mining imposed by the apex court and earlier ban on export of iron ore imposed by the State Government of Karnataka. The Supreme Court had appointed the Central Empowered Committee in order to investigate the extent and nature of violation of various statutes and establish encroachment of boundaries by various mines and re-establish boundaries. Mines would be required to get their Rehabilitation and Reclamation plans approved by the specified authorities pending re-commencement of mining operation as would be ordered by the Supreme Court on recommendation of CEC. Due to aforesaid circumstances, the iron ore mining operation of all the mines in the region has come to a grinding halt. However, it is expected that the regular operation of mines would resume shortly based on the impending order of the Supreme Court.
CONTINGENT
LIABILITIES
(Rs. In Millions)
|
Particular |
As on 31.03.2012 |
As on 30.09.2010 |
|
Guarantees given to
the banks: |
|
|
|
For working capital and term loan facility availed by Ramgad Minerals and Mining Limited; a company in which the executive directors are Substantially Interested (to the extent of Loan outstanding) |
439.042 |
668.349 |
|
For loan availed by MSPL Diamonds Pte. Limited, a step down subsidiary Company. (To the extent of loan outstanding). |
6594.570 |
2040.750 |
|
Claims against the
company not acknowledged as debts |
|
|
|
Income Tax including interest (Penalty not quantifiable) |
3077.048 |
2744.347 |
|
Service Tax (Penalty and Interest not quantifiable) |
177.290 |
139.381 |
|
Karnataka Forest Development Tax |
316.534 |
556.129 |
|
Stamp Duty (Penalty not quantifiable) |
17.694 |
17.694 |
|
Custom Duty on import of aircraft |
75.125 |
75.125 |
|
Export port expenses (applied for the waiver) |
38.015 |
33.386 |
|
Reclamation and Rehabilitation Plan expenditure as per the Honourable Court Order |
25.000 |
0.000 |
|
Claims by Supplier and Others matters in dispute |
1.740 |
1.740 |
|
Future cash outflows in respect of the above items are dependent on receipt of judgement pending at various forums / authorities. Income-tax related to disallowance of 10B benefit for one of the unit and other expenditure disallowance. Service tax mainly related cenvat credit disallowed and liability for service tax on GTA and Leases. |
55.711 |
0.000 |
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration number of the company |
U13100MH1961PLC012160 |
|
Name of the
company |
MSPL LIMITED |
|
Address of the
registered office or of the principal place of business in India of the company |
No.117, "Baldola Bhavan", Maharshi Karve Road, Mumbai – 400020, Maharashtra, India E-mail: manjunath@mspllimited.com
|
|
This form is for |
Modification
of charge |
|
Charge
identification (ID) number of the charge to be modified |
90239980 |
|
Type of charge |
|
|
Particular of
charge holder |
State Bank of India, College Road Branch, Parwaj Plaza, College Road,
Hospet-583201, Karnataka, India E-mail: rjr.cs69@gmail.com |
|
Nature of
instrument creating charge |
Supplemental
agreement of hypothecation of goods and assets for increase in the overall
limit form C.2-A and letter regarding the grant of individual limits within
the overall limit form C.5 and EM confirmation letter form b - 3 no's (all
pertain to the same charge.) |
|
Date of
instrument Creating the charge |
07.01.2013 |
|
Amount secured by
the charge |
Rs.16584.800
Millions |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of Interest 1).WCL : AT 4.75%
above BR, EFF rate 14.50%.P.A. 2).TL (existing)
: AT 4.00% above BR, EFF RATE 13.75%.P.A. 3).TL (new) : AT
3.50% above BR, EFF rate 13.25%.P.A. Terms of
Repayment WCL : on demand.
Advance is for a period of 12 months. Term loan
(existing) : as per existing terms of sanction. TL (new): in 117
monthly Insts, in first 14 Insts of Rs.2.500 Millions each; next 12 insts of
Rs.5.000 Millions each; next 12 Insts of Rs.7.500 Millions each; next 12
Insts of Rs.10.000 Millions each; next 12 Insts of Rs.12.500 Millions each;
next 12 insts of Rs.15.000 Millions each; next 12 Insts of Rs.17.500 Millions
each; next 12 Insts of Rs.20.000 Millions each; next 18 Insts of Rs.22.500
Millions each and last inst of Rs.10.000 Millions. Margin RM/FG/receivables
: 25% TL-2 (NEW) :
41.00% Extent and
Operation of the charge Exclusive first
charge on the assets (specified in Col no.15) of the company to the full
extent. Others Cash Credit
Rs.2250.000 Millions; Additional Cash Credit Rs.500.000 Millions; Term Loan
(Pellet Plant) Rs.745.100 Millions; Term Loan-1 Rs.1500.000 Millions; Term
Loan-2 Rs.1500.000 Millions; Letter of Credit
Rs.100.000 Millions; Bank Guarantee Rs.50.000 Millions; Letter Of Comfort
Rs.8690.000 Millions; Derivatives Rs.367.900 Millions; Credit Exposure Limit
Rs.81.800 Millions; Bill Discounting Limit Rs.800.000 Millions; Total
Rs.16584.800 Millions. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
Hypo. of
company's present and future movable fixed assets and current assets like
stocks, raw materials, semi finished and finished goods, book debts, receivables,
Windmills, outstanding monies, bills, rights, stores, components, furniture
and fittings, other movables, plant and machinery, vehicles etc., 1). EM of
immovable properties situated in Sy. No. 44A, Sy. No. 44B, Sy. No. 43/2 and
Sy. No. 43/3 at Aral Village, Patan Taluka, Satara District MP, Total
Measuring 8.10 Hectares. 2). EM of
immovable properties situated in various Survey No's at Halavarthy Village,
Koppal, Total Measuring 110.24 3). EM of leas
hold rights under the mining lease No. 2416, Measuring 858 Acres (347.22
Hectares), Situated at Vyasanakere Village, Hospet. |
|
Date of
instrument modifying the charge |
28.09.2012 |
|
Particulars of
the present modification |
The amount
secured by the charge stands increased to Rs.16584.800 Millions. The
securities described and detailed in Col no. 15 herein above continue for the
increased limit. All other terms and conditions remain unchanged. |
FIXED
ASSETS:
AS PER WEBSITE DETAILS
MILESTONES
2007 -- 2007 – Established 100% EOU Unit at VIOM. Plant capacity in 475 TPH and has down hill Conveyor System to transport crushed material. Recertification of ISO 9001:2000 on 1st November 2006, valid till 15th September 2009 and OHSAS 18001:1999 on 31st August 2006, valid until 24th July 2009.
2006 -- Export Excellence Award 2006-07(In Large Category GOLD - Best Manufacturer Exporter Award) by Federation of Karnataka Chambers of Commerce and Industry. Jamnalal Bajaj Uchit Vyavahar Puruskar by the Council for Fair Business Practices (CFBP)
2005 – 2006 State level Export Awards (In the category- Best Export Award-District Category-NON SSI-GOLD)
2003 -- Diversified into harnessing of wind energy.
1998 -- Acquired PVS Mines.
1996 -- 500 mt. slurry system commissioned.
1993 -- Beneficiation plant becomes operational.
1991 -- Installation of 180 tons/hour Down Hill Conveyer System with crushing and screening facilities.
1983 -- Gas plant established.
1962 -- Mining operations started.
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.54.26 |
|
|
1 |
Rs.81.94 |
|
Euro |
1 |
Rs.70.21 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
33 |
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.