|
Report Date : |
08.05.2013 |
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", |
|
|
|
|
Country : |
|
|
|
|
|
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 |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
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 a flagship company of the Karnataka based Baldota Group. It is an old established company having a moderate track record. There
appears huge losses recorded by the company. The reserve of the company is
deteriorating. The rating also take into consideration the delay in servicing of debt
due to weak liquidity. However, the company gets strong support from its holding company. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 has been found enlisted as a
defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’
list as of 31-03-2012.
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. P R. 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 2 : |
|
|
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) : |
· Ramgad Minerals and Mining Limited (RMML) · R S Enterprises · Vijaynagar Industrial Credits Limited · MSPL Gases Limited · Good Earth Chemicals Private Limited · Vijay Oxygen Company Limited · Aaress Iron and Steel Company Limited |
|
|
|
|
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
|
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 |
·
Immovable
property ·
Book
debts ·
Movable
property (not being pledge) ·
Floating
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:
·
Freehold Land
·
Buildings
·
Leasehold Land
·
Mining Lease Rights
·
Plant, Machinery and Equipments
·
Railway Siding
·
Furniture, Fixtures and Office
Equipment
·
Vehicles and Barges
·
Aircrafts
·
Software – SAP License Fees and
Development Charges
|
CHARGES |
|||
|
ENTITY |
COMPETENT
AUTHORITY |
REGULATORY
CHARGES |
REGULATORY
ACTION(S) / DATE OF ORDER |
|
MSPL |
EPFO |
EXEMPTED AND UNEXEMPTED ESTABLISHMENTS DEFAULTED WITH EPFO INCLUDING PROVIDENT FUND, PENSION AND EDLI CONTRIBUTION, ADMINISTRATION CHARGES AND PENAL DAMAGES OF RS.1.531 MILLIONS |
AMONG OTHER
ACTIONS, NAMES OF DEFAULTERS PUT ON THE EPFO WEBSITE |
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.
PRESS RELEASE
MSPL BAGS CFBP JAMNALAL BAJAJ AWARD FOR FAIR BUSINESS
PRACTICES FOR THE 2ND TIME
March 21, 2013
Mr. Deepak Parekh, Chairman, HDFC Limied said that the long term sustainability of an organization depends on organization’s culture, values and ethics. He said, "Many consumers still remain victims to unscrupulous and exploitative practices which could manifest in various forms such as mis-selling of products, food adulteration, unfair pricing etc., speaking at 25th Jamnalal Bajaj Awards for Fair Business Practices recently.
In view of rapid growth of consumption, a new consumer
economy has emerged and the companies need to raise the bar by adopting better
business practices through self regulation. This is essential as the Internet
has emerged as a large platform for consumer to check on the products and
companies and the information is available at finger tip. The Right to
Information has also become an enabler to serve the consumer.
Parekh hoped that the worse for the country's economy is over and said that the
fundamentals of the economy, especially the confidence among the consumers, are
intact.
On the occasion, he gave away the awards to various winners including MSPL
Limited, one of India’s largest iron ore mining companies. The award has been
instituted by the Council for Fair Business Practices, Mumbai. MSPL bagged the
award under Large Manufacturing Enterprise category and has won this award for
the second time.
Accepting the award, Mr. Narendrakumar A. Baldota, Chairman and Managing
Director, MSPL Limited said, “We are extremely delighted with this coveted
recognition for our strong commitment to ethics and corporate social
responsibility initiatives. MSPL has been engaged in legal mining since 1962.
Even in the recent adverse situation, the company did not compromise on its
cherished values. It did not join hands with any clandestine arrangements and
did not become party to illegal mining. The company did not lay off even a
single worker till January 2013. We went on becoming enlightened with courage
and the negative situation made us determined and resolute. This industry
recognition has inspired and energized us. This is befitting reward for the
courage displayed”.
The Council for Fair Business Practices (CFBP) instituted Jamnalal Bajaj Award
for Fair Business Practices in 1966. The awards are judged on the basis of
customer satisfaction, employee motivation, environment protection and
corporate social responsibility, among others. CFBP represents a body of
like-minded businessmen in business and professionals, wanting to promote
consumer confidence in business and services by adhering to highest possible
ethical standards.
About MSPL Limited: MSPL Limited, a flagship Company of Baldota Group
of Companies, is one of India’s leading iron ore mining companies and holds
the distinction of being one of the country’s largest producers of wind power.
It is also active in Industrial Gases, Shipping, Steel, Chemicals, Diamond and
Gold Mining.
MSPL TAKES DELIVERY
OF THIRD DRY BULK VESSEL
Mangalore, November.
6:
MSPL Limited, which is a Baldota Group company of Hospet, received its third vessel at Jiangsu Province in China on Sunday.
A press release said here on Monday that MSPL Diamond Pte Limited, which is a wholly owned subsidiary of MSPL Limited, received the first and second vessels in April and July 2011, respectively. The third vessel was delivered on November 4.
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.54.28 |
|
|
1 |
Rs.84.32 |
|
Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
YES |
|
TOTAL |
|
27 |
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.