|
Report Date : |
12.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
AMBA RIVER COKE LIMITED (w.e.f. 05.11.2007) |
|
|
|
|
Formerly Known
As : |
GEETAPURAM COKE COMPANY LIMITED |
|
|
|
|
Registered
Office : |
JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
25.09.1997 |
|
|
|
|
Com. Reg. No.: |
11-110901 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.1740.050
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U23100MH1997PLC110901 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG5394G |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Setting up Coke Oven Plant and Pellet Plant. |
|
|
|
|
No. of Employees
: |
Not Available |
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 6800000 |
|
|
|
|
Status : |
Setting up plant |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a wholly owned subsidiary of JSW Steel Limited. Eventhough the company was incorporated during the year 1997. The
company is yet to commence with its commercial operation. As the company is
setting up Coke Oven plant and Pellet plant at Dovli, District Raigarh. The
rating also takes into consideration the project execution risk. However,
capital base of the company is strong. Payment terms are unknown. In view of strong holding the company can be normal for 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety it carry moderate credit risk. |
|
Date |
26.09.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (EMPLOYEE PROVIDENT FUND) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai, India |
|
Tel. No.: |
91-22-42861000/ 42863000 |
|
Fax No.: |
91-22-67406699 |
|
E-Mail : |
DIRECTORS
As on: 15.09.2012
|
Name : |
Mr. Pradeep Bhargava |
|||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Nominee Director |
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|
Address : |
House No. B-1402, Floor - 14, Building Simaran Residency, Plot No. -
21, Sector - 7, Kharghar, Navi Mumbai – 410210, Maharashtra, India |
|||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
30.03.1960 |
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|
Date of Appointment : |
18.09.2012 |
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|
DIN No.: |
03628767 |
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|
Other
Directorship:
|
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|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Manoj Kumar Mishra |
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|
Designation : |
Nominee Director |
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|
Address : |
E 401, Patel Heritage, Sector 7, Near Hiranandani Complex, Kharghar, Navi Mumbai - 410210, Maharashtra, India |
|||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
01.05.1964 |
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|
Date of Appointment : |
18.09.2012 |
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|
DIN No.: |
03628777 |
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|
Other
Directorship:
|
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|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Ranganath Tirumala |
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|
Designation : |
Nominee director |
|||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
A1-1-1, Gokul CHS, Sector 19A, Nerul, Navi Mumbai – 400706, Maharashtra, India |
|||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
01.07.1961 |
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|
Date of Appointment : |
18.09.2012 |
|||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
03629049 |
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|
Other
Directorship:
|
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|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Ajit Kumar Karande |
|||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Flat No. 1404, A Wing, Sector No. 20, Giriraj Housing Society, Kharghar, Navi Mumbai – 410210, Maharashtra, India |
|||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
16.06.1961 |
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|
Date of Appointment : |
18.09.2012 |
|||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
05134599 |
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|
Other
Directorship:
|
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 15.09.2012
|
Names of Shareholders |
|
No. of Shares |
|
Pradeep Bhargava |
|
10 |
|
Manoj Kumar Mishra |
|
10 |
|
Rajesh Asher |
|
10 |
|
Ashok Kumar Aggarwal |
|
10 |
|
JSW Steel Limited, India |
|
67864950 |
|
Sunil Sharma |
|
10 |
|
Ranganath Tirumala |
|
20 |
As on: 30.07.2013
|
Names of Allottees |
|
No. of Shares |
|
JSW Steel Limited, India |
|
8784785 |
|
JSW Steel Limited, India |
|
100000000 |
|
Total |
|
108784785 |
As on: 21.05.2013
|
Names of Allottees |
|
No. of Shares |
|
JSW Steel Limited, India |
|
46500000 |
|
Total |
|
46500000 |
Equity Share Break up (Percentage of Total Equity)
As on: 15.09.2012
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Setting up Coke Oven Plant and Pellet Plant. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
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Bankers : |
· SBICAP Trustee Company Limited, 202, Maker Tower, 'E', Cuffe Parade, Colaba, Mumbai - 400005, Maharashtra, India · ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda - 390015, Gujarat, India |
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|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Tower 3, 27th - 32nd Floor, Indiabulls Finance Centre, Elphinstone Mill Compound, Senapati Bapat Marg, Elphinstone (West), Mumbai – 400013, Maharashtra, India |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Holding company: |
JSW Steel Limited CIN No.: L27102MH1994PLC152925 |
|
|
|
|
Enterprises which are
owned, or have significant influence of or are partners with Key management
personnel and their relatives: |
· JSW ISPAT Steel Limited CIN No.: L27106MH1984PLC238266 · JSW Cement Limited CIN No.: U26957MH2006PLC160839 · Jindal Steel and Power Limited CIN No.: L27105HR1979PLC009913 · Jindal Saw Limited CIN No.: L27104UP1984PLC023979 · Jindal Stainless Limited CIN No.: L26922HR1980PLC010901 · Descon Limited CIN No.: U74120WB1995PLC069801 |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,00,00,000 |
Equity Shares |
Rs.10/- each |
Rs.2000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17,40,05,020 |
Equity Shares |
Rs.10/- each |
Rs.1740.050
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1740.050 |
678.650 |
3.800 |
|
(b) Reserves & Surplus |
(28.006) |
(15.789) |
(6.475) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
4.600 |
|
Total
Shareholders’ Funds (1) + (2) |
1712.044 |
662.861 |
1.925 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3099.236 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
354.802 |
3.819 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.178 |
|
Total Non-current Liabilities (3) |
3454.038 |
3.819 |
0.178 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
0.505 |
1.831 |
1.775 |
|
(c) Other current
liabilities |
4449.456 |
1271.163 |
358.820 |
|
(d) Short-term provisions |
0.144 |
0.000 |
0.000 |
|
Total Current Liabilities (4) |
4450.105 |
1272.994 |
360.595 |
|
|
|
|
|
|
TOTAL |
9616.187 |
1939.674 |
362.698 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6.480 |
4.268 |
0.000 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
7283.775 |
1480.520 |
360.548 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
659.049 |
447.967 |
2.084 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
7949.304 |
1932.755 |
362.632 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash and cash
equivalents |
1653.281 |
2.826 |
0.025 |
|
(e) Short-term loans and
advances |
13.602 |
4.095 |
0.041 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
1666.883 |
6.921 |
0.066 |
|
|
|
|
|
|
TOTAL |
9616.187 |
1939.674 |
362.698 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Other Income |
0.000 |
0.000 |
0.000 |
|
|
|
TOTAL (A) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
0.000 |
0.000 |
0.000 |
|
|
|
Administrative Expenses |
0.000 |
0.000 |
0.000 |
|
|
|
Advertising Expenses |
11.137 |
9.314 |
0.000 |
|
|
|
TOTAL (B) |
11.137 |
9.314 |
0.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(11.137) |
(9.314) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.020 |
0.000 |
6.475 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(11.157) |
(9.314) |
(6.475) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(11.157) |
(9.314) |
(6.475) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.061 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(12.218) |
(9.314) |
(6.475) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
CIF value of imports of Capital goods |
2922.016 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
2922.016 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(0.12) |
(2.23) |
(17.04) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.00
|
0.00
|
0.00
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00
|
0.00
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.48)
|
(2.03) |
(301.16) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01)
|
(0.01) |
(3.36) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.81
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.37
|
0.01 |
0.00 |
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 |
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 |
No |
|
34] |
External Agency Rating, if available |
Yes |
PROJECTS:
The Company is setting up Coke Oven plant and Pellet plant at Dolvi, District Raigad, Maharashtra. Financing arrangements for both the projects have been fully tied-up through debt-equity of 2:1. Debt financing includes a mix of Rupee and Foreign currency components. Equity is being subscribed by JSW Steel Limited, the holding company, to part finance the cost of the projects. Required land for the projects have been acquired on lease. Necessary consents / permissions for setting-up the projects have been obtained/are being obtained from the concerned authorities.
The Company would supply coke and pellets to JSW ISPAT Steel Limited under long-term take or pay agreements.
a. Coke Oven Plant: -
The capacity of the Coke Oven plant is 1 mtpa with an estimated project cost of Rs. 9750.000 Millions. The project involves stamp charging technology for production of metallurgical coke. Construction work for the plant is in full swing. All major equipments for Coke Oven plant have been delivered. Battery B of the plant is expected to be commissioned in fiscal year 2013-14 and Battery A in fiscal year 2014-15.
b. Pellet Plant:
The capacity of the Pellet plant is 4 mtpa. Due to volatility in foreign currency, resulting in increase in cost of imported equipments, and other factors relating to the project, the estimated cost of the project has been revised to Rs. 9000.000 Millions. Construction work for the plant is in full swing and is expected to be commissioned in fiscal year 2013-14. Equipments for the Pellet plant are in the process of being delivered.
FINANCIAL RESULTS:
Since the Company is yet to commence commercial production, income for the financial year under review was Rs. Nil. After providing for tax expense of Rs.1.061 Millions, loss for the year was Rs.12.218 Millions.
Capital work-in-progress as at 31st March, 2013 is Rs.7283.775 Millions (Previous year Rs.1480.519 Millions). Capital advances as at 31st March, 2013 is Rs.376.700 Millions (Previous year Rs.394.377 Millions). Other loans and advances, including Indirect Tax balances / credits, as at 31st March, 2013 is Rs.295.951 Millions (Previous year Rs.57.684 Millions).
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10414222 |
28/03/2013 |
6,500,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI,
Maharashtra - 400005, INDIA |
B71588016 |
|
2 |
10337803 |
20/03/2013 * |
6,500,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat -
390015, INDIA |
B71410997 |
* Date of charge modification
FIXED ASSETS:
· Buildings
· Plant and equipment
· Furniture and fixtures
· Office equipment
AS PER WEBSITE DETAILS:
PRESS RELEASE:
JSW ISPAT FINALISES
RS 21400.000 MILLION INTEGRATION PLAN
January 25, 2012
JSW Steel has finalised a Rs 21400.000 Millions investment plan in its subsidiary JSW Ispat Steel Limited to set up a coke oven, a pellet plant and a cold rolling mill.
The investments will be made through a special purpose vehicle, Amba River Coke Limited, a wholly-owned subsidiary of JSW Steel. The projects will come up at JSW Ispat’s Dolvi unit (in Maharashtra’s Raigad district) and are part of a strategy to make the unit cost-effective. “The coke oven and pellet plants will improve profitability and the cold rolled mill will increase the share of value added products from 10 per cent to 25-30 per cent,” the company said.
The coke oven battery would have a capacity of a million tonnes per annum (mtpa) and would cost the company Rs 9750.000 Millions. Of this, Rs 3750.000 Millions would be the equity component, the rest coming from loans. ARCL has the environmental clearance and the plant is expected to come on stream by the end of calendar year 2013.
The proposed four- million tonnes pellet plant at the site is estimated to cost Rs 8350.000 Millions and a 0.8 mtpa cold rolled mill Rs 3300.000 Millions. These two projects are to be financed through a debt-equity ratio of 2:1. JSW said, “These projects will be taken up for implementation on receipt of requisite clearances and commissioned in FY13-14.” These three projects are integral to the turnaround effort at JSW Ispat. JSW Steel had said these projects were priority, to get Ispat on its feet. Experts believe backward integration will solve Ispat’s profitability issues. An analyst, on condition of anonymity, said, “The company has reiterated time and again that Ispat’s Dolvi unit is one of the most technologically advanced in the country. However, lack of coke oven battery, pellet and power plant has made sure the company suffers losses.”
Plans to set up the coke oven battery and pellet plant were readied even before JSW Steel decided to invest in Ispat Industries, now known as JSW Ispat Steel. Ispat had even signed deals for this with the Indian arm of Stemcor, the world’s largest steel trading company. With JSW Steel coming into picture, the agreement with Stemcor was dissolved and JSW decided to set up these projects on its own. Finally, over a year after the acquisition, JSW Steel has decided to proceed.
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.61.16 |
|
|
1 |
Rs.97.77 |
|
Euro |
1 |
Rs.82.78 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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.