MIRA INFORM REPORT
|
Report Date : |
07.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHOWGULE AND COMPANY PRIVATE LIMITED ((w.e.f 21.11.2006)) ‘CHOWGULE MATERIAL HANDLING’ a division of ‘CHOWGULE AND COMPANY
PRIVATE LIMITED’ |
|
|
|
|
Formerly Known
As : |
CHOWGULE AND COMPANY LIMITED |
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|
|
|
Registered
Office : |
Chowgule House, Mormugao Harbour, Goa – 403803 |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
24.06.1965 |
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|
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Com. Reg. No.: |
24-000041 |
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Capital
Investment / Paid-up Capital : |
Rs.50.042 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U63031GA1965PTC000041 |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACC5479J |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Mining, Beneficiation and Export of |
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|
No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
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 |
|
Maximum Credit Limit : |
USD 7600000 |
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|
|
Status : |
good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Chowgule Group, a well known industrial house of The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term: A+ |
|
Rating Explanation |
Adequate degree of safety. It carry low credit risk. |
|
Date |
January, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term: A1+ |
|
Rating Explanation |
Highest degree of safety. It carry lowest credit risk. |
|
Date |
January, 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 PARTED BY
|
Name : |
Mr. Mohit Garg |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-832-2521010 |
|
Date : |
04.05.2013 |
LOCATIONS
|
Registered Office : |
Chowgule House, |
|
Tel. No.: |
91-832-2521010 / 2525061 / 2525000 / 2525004 |
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Fax No.: |
91-832-2521011 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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|
|
|
Factory: |
Chowgule
Material Handling Khandepar Plant, Usgao, Goa-403406, India |
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Tel. No.: |
91-832-6532344 |
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Fax No.: |
91-832-2345241 |
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E-Mail : |
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Central Sales Coordination Office : |
Chowgule Material
Handling Bakhtawar Building, 4th Floor, Nariman Point,
Mumbai-400021, Maharashtra, India |
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Tel. No.: |
91-22-66202500 |
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Fax No.: |
91-22-66202545 / 66202570 |
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E-Mail : |
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Ship Yard : |
Near Borim bridge, Loutlim – 403718, |
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Tel. No.: |
91-832-2777010 / 2777343 / 34 / 639 / 638 |
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Fax No.: |
91-832-2858058 |
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E-Mail : |
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Sales Office : |
4th Floor, Bhaktawar, Nariman Point, Mumbai – 400021, |
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Tel. No.: |
91-22-66202500 |
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Fax No.: |
91-22-66202545 |
DIRECTORS
As on 09.07.2012
|
Name : |
Mr. Vijay Vishwasrao Chowgule |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
Chowgule Bunglow, House No 189-A, Baina, Vasco-Da-Gama, South Goa, Goa – 403802, India |
|
Date of Birth/Age : |
22.08.1946 |
|
Qualification : |
B.S. (Text. Chem) B.S. (Ind. Mgt.) |
|
Date of Appointment : |
16.08.1974 |
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PAN No.: |
ABKPC3971F |
|
DIN No.: |
00018903 |
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|
Name : |
Mr. Ramesh Laxmanrao Chowgule |
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Designation : |
Managing Director |
|
Address : |
House No 678, La Citadel Colony, Caranzale Dona Paula, North Goa, Goa – 403004, India |
|
Date of Birth/Age : |
08.06.1942 |
|
Qualification : |
A.S.B.S. |
|
Date of Appointment : |
01.12.1972 |
|
PAN No.: |
ABGPC1078H |
|
DIN No.: |
00018910 |
|
|
|
|
Name : |
Mr. Ashok Vishwasrao Chowgule |
|
Designation : |
Whole Time Director |
|
Address : |
Kanchan Ganga, 26th Floor, Dr. G. Deshmukh Marg, Kemps Corner, Mumbai-400026, Maharashtra, India |
|
Date of Birth/Age : |
25.01.1948 |
|
Qualification : |
B.Sc.,M.B.A. |
|
Date of Appointment : |
16.08.1974 |
|
PAN No.: |
ACAPC9634L |
|
DIN No.: |
00018970 |
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|
|
|
Name : |
Mr. Suresh Narsappa Talwar |
|
Designation : |
Director |
|
Address : |
10, Shivshanti Bhuvan, 146 Maharshi Karve Road, Churchgate Reclamation, Mumbai – 400020, Maharasahtra, India |
|
Date of Birth/Age : |
21.11.1937 |
|
Date of Appointment : |
27.03.1992 |
|
DIN No.: |
00001456 |
|
|
|
|
Name : |
Mr. Suresh Laxmanrao Chowgule |
|
Designation : |
Director |
|
Address : |
Flat No.181, 8th Floor, Jolly Maker Apartments No.3, Cuffe Parade Colaba, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
30.10.1940 |
|
Date of Appointment : |
01.12.1972 |
|
PAN No.: |
ABKPC3978L |
|
DIN No.: |
00100065 |
|
|
|
|
Name : |
Mr. Jaywant Yeshwantrao Chowgule |
|
Designation : |
Director |
|
Address : |
Chowgule Bunglow, Chicalim, Vasco D a Gama, South Goa – 403711, India |
|
Date of Birth/Age : |
28.02.1958 |
|
Date of Appointment : |
24.09.2004 |
|
DIN No.: |
00019008 |
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|
|
|
Name : |
Umaji Vishwasrao Chowgule |
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Designation : |
Director |
|
Address : |
Regina Mundi Road, , Airport Road, Chicalim, South Goa, Goa – 403711, India |
|
Date of Birth/Age : |
27.12.1953 |
|
Date of Appointment : |
25.08.2005 |
|
PAN No.: |
ABKPC3970E |
|
DIN No.: |
00018993 |
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|
|
|
Name : |
Ms. Padma Vishwasrao Chowgule |
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Designation : |
Director |
|
Address : |
91, Advent, 9th Floor, Gen Jaggannath Bhosle, Mumbai – 400021, Maharashtra, India |
|
Date of Birth/Age : |
22.08.1955 |
|
Date of Appointment : |
26.02.2009 |
|
PAN No.: |
ABKPC3972G |
|
DIN No.: |
00006969 |
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|
|
|
Name : |
Mr. Pradeep Prabhakar Mahatme |
|
Designation : |
Director |
|
Address : |
House No.8/65/A, Near Telephone Exchange, Altinho Panaji, North Goa, Goa – 403001, India |
|
Date of Birth/Age : |
03.11.1951 |
|
Date of Appointment : |
14.02.1989 |
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DIN No.: |
00019106 |
KEY EXECUTIVES
|
Name : |
Mr. Rama Alias Ramesh Bhima Bilguche |
|
Designation : |
Company Secretary |
|
Address : |
A-1, Ankur Mother Teresa Colony, Near Mes College, Zuari Nagar
Sancoale, South Goa, Goa – 403726, India |
|
Date of Birth : |
09.07.1951 |
|
Date of Appointment : |
24.05.2001 |
|
PAN.: |
ACLPB8348M |
|
|
|
|
Name : |
Mr. Mohit Garg |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 09.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
Vijay V.Chowgule |
|
22483 |
|
Vijay V Chowgule |
|
73754 |
|
Ashok V. Chowgule |
|
95783 |
|
Vishwasrao D Chowgule Jointly Mr.Yeshwantrao D.Chowgule |
|
2000 |
|
Yeshwantrao D.Chowgule |
|
12814 |
|
Yeshwanlrao D. Chowgule |
|
9506 |
|
Yeshwantrao D. Chowgule |
|
9506 |
|
Yeshwantrao D.Chowgule |
|
4746 |
|
Yeshwantrao D. Chowgule |
|
4754 |
|
Yeshwanlrao D Chowgule |
|
4754 |
|
Sulekhabai Y Chowgule |
|
4747 |
|
Sulekhabai Y. Chowgule |
|
4746 |
|
Sulekhabai Y.Chowgule |
|
4747 |
|
Laxmanrao D.Chowgule |
|
9480 |
|
Laxmanrao D. Chowgule |
|
4746 |
|
lndirabai L Chowgule |
|
9506 |
|
lndirabai L Chowgule |
|
4754 |
|
Suresh L Chowgule |
|
58880 |
|
Suresh L. Chowgule |
|
3166 |
|
Sulakshana S Chowgule |
|
2934 |
|
Sulakshana S Chowgule |
|
1586 |
|
Ramesh L.Chowgule |
|
61814 |
|
Ramesh L.Chowgule |
|
1114 |
|
Bonnie R Chowgule |
|
3640 |
|
Haraii Dilip Naik |
|
9508 |
|
Bharati Dilip Naik |
|
4752 |
|
Sarita Pratap Shirke |
|
206007 |
|
Rohini Vishwasrao Chowgule |
|
47917 |
|
Umaji V. Chowgule |
|
47917 |
|
Padma V Chowgule |
|
47919 |
|
Chowgule Real Estate and Const Company Private Limited, India |
|
66 |
|
Dolphin Ore Extraction Private Limited, India |
|
1626446 |
|
Dolphin Mining Services Private Limited, India |
|
1197578 |
|
Dolphin Extrusions Private Limited, India |
|
1400098 |
|
TOTAL |
|
5004168 |
As on 09.07.2012
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
4.00 |
|
Bodies corporate |
84.00 |
|
Directors or relatives of Directors |
12.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Mining, Beneficiation and Export of Iron Ore, Shipbuilding
and Manufacture of Industrial Salt. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Terms : |
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||||
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
3000 (Approximately) |
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Bankers : |
State Bank of India, Industrial Finance Branch, Wakdewadi, Pune –
410003, Maharashtra, India Tel. No.: 91-20-25618121 State Bank of India, Commercial Branch Shree Vidyadhiraj Bhavan, Francisco Luis Gomez Road, Vasco Da Gama - 403802, Goa, India |
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Facilities : |
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|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
S. B. Billimoria and Company Chartered Accountants |
|
Address : |
Chartered Accountants, 12, Annie Basant Road, Opposite Shiv Sagar
Estate, Worli, Mumbai – 400018, |
|
PAN.: |
AAAFS7376P |
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|
|
|
Associates : |
CIN No.: L30007KA1977PLC031660
CIN No.: U51109GA1963PTC000010
|
|
|
|
|
Relatives of Key
management personnel : |
CIN No.: U31200GA1984PTC000597
CIN No.: U24111GA1965PTC000198 |
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|
|
|
Subsidiary : |
CIN No.: U35111GA2002PTC003085
CIN No.: U16005GA2008PTC005549
CIN No.: U45203PN2007PTC130582
CIN No.: U14220GA1996PTC002176
CIN No.: U99999GA1991PTC005564
CIN No.: U35203PN1999PTC020817
CIN No.: U63032PN2003PTC018005
|
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5499580 |
Equity Shares |
Rs.10/- each |
Rs.54.996 Millions |
|
15006220 |
8% Redeemable Cumulative Preference Shares |
Rs.10/- each |
Rs.150.062 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.205.058
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5004168 |
Equity Shares |
Rs.10/- each |
Rs.50.042 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 |
50.042 |
50.042 |
50.042 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
22776.730 |
19175.383 |
15755.114 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
22826.772 |
19225.425 |
15805.156 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1104.214 |
1128.500 |
433.726 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
182.320 |
|
|
TOTAL BORROWING |
1104.214 |
1128.500 |
616.046 |
|
|
DEFERRED TAX LIABILITIES |
183.825 |
123.730 |
55.660 |
|
|
|
|
|
|
|
|
TOTAL |
24114.811 |
20477.655 |
16476.862 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4438.075 |
4717.259 |
2945.181 |
|
|
Capital work-in-progress |
92.792 |
87.095 |
39.455 |
|
|
|
|
|
|
|
|
INVESTMENT |
10952.967 |
9855.984 |
8575.307 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3186.526
|
3310.926 |
3373.317 |
|
|
Sundry Debtors |
945.459
|
1439.901 |
809.863 |
|
|
Cash & Bank Balances |
1264.018
|
653.844 |
747.436 |
|
|
Other Current Assets |
26.174
|
54.398 |
30.455 |
|
|
Loans & Advances |
4876.050
|
2464.882 |
1806.105 |
|
|
Interest accrued on investment |
0.000
|
0.000 |
0.000 |
|
Total
Current Assets |
10298.227
|
7923.951 |
6767.176 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
428.941
|
607.822 |
512.498 |
|
|
Other Current Liabilities |
852.983
|
1220.771 |
1175.317 |
|
|
Provisions |
385.326
|
278.041 |
162.442 |
|
Total
Current Liabilities |
1667.250
|
2106.634 |
1850.257 |
|
|
Net Current Assets |
8630.977
|
5817.317 |
4916.919
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
24114.811 |
20477.655 |
16476.862 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL |
NA |
NA |
10703.018 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
6444.949 |
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
5978.354 |
5255.418 |
4258.069 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2060.095 |
1714.070 |
1342.023 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
3918.259 |
3541.348 |
2916.046 |
|
|
|
|
|
|
|
|
|
Add |
PRIOR YEAR
ADJUSTMENTS: PRIOR YEAR TAXES
– (NET) |
(26.114) |
(4.758) |
9.020 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
368.303 |
348.036 |
349.676 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3105.000 |
3400.000 |
2810.000 |
|
|
|
Dividend |
250.208 |
100.083 |
100.083 |
|
|
|
Tax on Dividend |
40.590 |
16.236 |
16.623 |
|
|
BALANCE CARRIED
TO THE B/S |
864.660 |
368.307 |
348.036 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
|
10760.244 |
8422.138 |
|
|
|
Dispatch money |
|
2.177 |
3.124 |
|
|
|
Others - Interest |
|
0.117 |
0.149 |
|
|
|
Income from charter hire |
|
170.603 |
0.000 |
|
|
TOTAL EARNINGS |
14276.368 |
10933.141 |
8425.411 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
NA |
610.458 |
490.284 |
|
|
|
Capital Goods |
NA |
116.167 |
4.157 |
|
|
TOTAL IMPORTS |
NA |
726.625 |
494.441 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
783.00 |
706.73 |
584.53 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
NA
|
NA
|
27.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
31.18
|
41.57
|
43.84
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.27
|
0.27
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.20
|
1.88
|
2.49
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.76
|
1.62
|
2.05
|
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
one 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 |
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 |
OPERATIONS
I)Mining Division:
The production of iron ore during the year was 34.25 lacs tons as against 32.43 lacs tons during the previous year. Export of iron ore was at a level of 29.17 lacs tons realizing revenue of Rs. 117,492.98 lacs. This was against export of 25.88 lacs tons of iron ore realizing Rs. 88,130.48 lacs revenue during the previous year. During the year the Company did not sell any iron and other mineral ores in the domestic market, as against Rs. 2,244.66 lacs in the previous year. During the year export duty on iron ore lumps and fines increased to 30% on FOB value effective from 30th December 2011 instead of 20% ad valorem during the year 2011 Karadikola Mines, Karnataka In proceedings before the Hon’ble Supreme Court in public interest litigation, the Hon’ble Court has imposed ban till further orders on mining operations in all mining leases in Bellary and two of the districts of Karnataka. The Hon’ble Supreme Court has also directed that Reclamation and Rehabilitation (R and R) plan needs to be prepared and implemented and on implementation of R and R Plan by the Lessees the Hon’ble Supreme Court may permit resumption of Mining operations in such leases. In respect of existing stocks of iron ore in all the mining leases, the Hon’ble Supreme Court has presently ordered periodical sale of the stocks by e-auction only to be conducted by the Monitoring Committee (MC) appointed by the Hon’ble Supreme Court. Intending purchasers being actual users of ore are required to participate in e-auction and effect payment to the MC. The payment to the respective lessees may be released by MC on satisfactory implementation of R and R plan and fulfillment of other conditions which may be stipulated by the Hon’ble Court. The Company’s mining lease at Karadikolla in Bellary District was also affected by the aforesaid order of the Hon’ble Supreme Court. The Company had stock of 816,791 tones as on 01.04.2011 at the said lease. As per the information up to 31.03.2012
available with the Company 209,961 tones of ore has been e-auctioned by MC realizing gross Rs. 610.297 millions and Net Rs. 442.466 millions after deducting the royalty and other charges as per the aforesaid Court order. The recovery of the net amount of Rs. 442.466 millions by the Company from MC are uncertain as the same has to be ordered by the Hon’ble Court. In view of this uncertain and unpredictable situation the Company has not reckoned the balance quantity of 606,830 tones in stock and net realized price of Rs. 104.299 millions in the annual account for 2011-12. The Company however is pursuing requisite reliefs from Hon’ble Supreme Court.
II. Shipbuilding
Division :
Shipbuilding Division had an order book for 24 numbers 4450 DWT Multipurpose Cargo Vessels mainly for export to Europe. Out of this total order, 20 vessels were delivered so far including delivery of 4 vessels during the year and 4 more vessels are nearing completion and are expected to be delivered by mid 2012. The yard is pursuing new orders and also considering other options to utilize the yard effectively.
III. Mandovi Pellets
Division
During the year, Pellet Plant produced 2.90 lacs tons of pellets and sold 2.64 lacs tons, realizing in aggregate of Rs. 16,287.61 lacs. The production includes 0.93 lacs tons by way of conversion of ore supplied by the customers into pellets. The plant has achieved reasonable rated capacity when in operation. However, production for the year was adversely affected due to non-availability of desired quality iron ore required for the plant.
IV. Material Handling
and Construction Equipment
Division: During the year the name of Crane Division was changed to Material Handling and Construction Equipment Division. During the year 30 cranes were sold as against 44 in the previous year. The rental fleet of truck mounted cranes was increased from 26 units to 44 units over the year. The delivery of the cranes manufactured by the Company will start from the first quarter 2012-13. Further facility is being set up at Khandepar to manufacture truck mounted cranes, tractor cranes, pick-up loaders and tail-lifts..
V. Shipping Division
: The vessel Maratha Deep
realized revenue of Rs. 28.211 millions as against Rs. 38.635 millions in the previous year. The Vessel ‘Maratha Prestige’ earned charter hire income of Rs. 238.093 millions during the year as against Rs. 170.603 millions in the previous year. Major repairs were carried out to the vessel Maratha Deep by way of replacement of cranes.
The operations at Tudou plant continued to be affected by the statutory orders passed under the Wildlife Laws. The Company is pursuing the matter with the Authorities and expects positive results shortly. In the meantime, the efforts are on to utilize the resources in every possible legitimate manner.
FIXED ASSETS
- Land
- Buildings
- Other building
- Plant and equipment
- Factory equipments
- Furniture and fixtures
- Vehicles
- Ships vessels
- Office equipment
- Other equipments
- Railway sidings
- Computer software
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.53.95 |
|
|
1 |
Rs.84.03 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
67 |
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.