MIRA INFORM REPORT
|
Report Date : |
02.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
KYORI OREMIN LIMITED |
|
|
|
|
Registered
Office : |
4th Floor, “My Home Jupally”, Green Lands, Ameerpet, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
14.09.2007 |
|
|
|
|
Com. Reg. No.: |
01-055522 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.220.000
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U13209AP2007PLC055522 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCK1617K |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Trading and Mining of Coal. |
|
|
|
|
No. of
Employees: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2393000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is an established company having satisfactory track record. The company has achieved fair profitability from its operation.
General financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from
$31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports
and moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
November 08, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A3 |
|
Rating Explanation |
Moderate degree of safety and high credit risk. |
|
Date |
November 08, 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 DECLINED BY
|
Name : |
Mr. Vijay Bansal |
|
Designation : |
Accounts and Marketing Manager |
|
Contact No.: |
91-22-42951835/ 42642133 |
|
Date : |
29.03.2014 |
LOCATIONS
|
Registered Office/ Corporate Office
: |
4th Floor, “My Home Jupally”, Green Lands, Ameerpet, |
|
Tel. No.: |
91-40-30582324 |
|
Fax No.: |
91-40-30584466 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Branch Office 1 : |
408, 4th Floor, Sri Krishna, New Link Road, Opposite Fun
Republic, Andheri, Mumbai, Maharashtra India |
|
Tel. No.: |
91-22-42951835 |
|
Fax No.: |
91-22-42642133 |
|
|
|
|
Branch Office 2 : |
Ceramic Plaza, Shop No.13, 8-A National Highway, Morbi – 363 642, Gujarat, India |
|
|
|
|
Overseas Office : |
PT. KOL
Resources Indonesia Wisma Nusantara, 26th Floor Jl. M.H. Thamrin 59, Jakarta
10350, Indonesia |
|
Tel. No.: |
+62 21 392 5657 |
|
Fax No.: |
+62 21 392 5526 |
|
E-Mail : |
DIRECTORS
AS ON 07.08.2013
|
Name : |
Mr. Ishoo Narang |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Managing Director |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
411, Vayu Block,
My Home Navadweepa, Madhapur, Hyderabad, Andhra Pradesh, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
20.09.1970 |
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Qualification : |
Post Graduate |
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|
Date of Appointment : |
01.02.2011 |
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DIN No.: |
00459544 |
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PAN No.: |
AAUPN9082B |
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Other Directorship:
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Name : |
Mr. Rudraraju Srinivas Shah |
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Designation : |
Director |
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|
Address : |
Plot No.9, Road
No.9, Jubilee Hills, Hyderabad, Andhra Pradesh, India |
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Date of Birth/Age : |
08.09.1969 |
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Qualification : |
Post Graduate |
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Date of Appointment : |
14.09.2007 |
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DIN No.: |
00314352 |
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PAN No.: |
AFCPR1979L |
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Other Directorship:
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|
Name : |
Mr. Chandulal Patel |
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Designation : |
Director |
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|
Address : |
202 Pancharatna Apartments, Tilak Road, Hyderabad – 500 001, Andhra
Pradesh, India |
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|
Date of Birth/Age : |
21.03.1967 |
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Qualification : |
Post Graduate |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
14.09.2007 |
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DIN No.: |
00459484 |
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PAN No.: |
AAOPP2359P |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Durga Tekumalla |
|
Designation : |
Secretary |
|
Date of Appointment : |
09.03.2012 |
|
PAN No.: |
AGBPT8874C |
|
|
|
|
Name : |
Mr. Vijay Bansal |
|
Designation : |
Accounts and Marketing Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 07.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
Ishoo Narang |
|
7491600 |
|
Chandulal Patel |
|
4566500 |
|
Rudraraju Srinivas Shah |
|
7491500 |
|
Monika Narang |
|
100 |
|
V.S. Narang |
|
100 |
|
D. Vinod Kumar |
|
100 |
|
Vijay Patel |
|
100 |
|
Yunus Zia |
|
1875000 |
|
IBC Knowledge Park Private Limited |
|
575000 |
|
Total
|
|
22000000 |
AS ON 07.08.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
88.86 |
|
Other
top fifty shareholders |
|
11.14 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading and Mining of Coal. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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|
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|
||||||||||||
|
Bankers : |
|
||||||||||||
|
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|
||||||||||||
|
Facilities : |
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|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Vijendra Tiwari and Company Chartered Accountants |
|
Address : |
Flat No.103, 5-1-562/2, Dwaraka Complex, Bank Street, Hyderabad
– 500 095, Andhra Pradesh, India |
|
Tel. No.: |
91-40-24615990 |
|
Mobile No.: |
91-9440404543 |
|
E-Mail : |
|
|
PAN No.: |
AAKFV3590L |
|
|
|
|
Wholly - Owned
Subsidiary: |
PT KOL Resources Indonesia |
CAPITAL STRUCTURE
AFTER 07.08.2013
Authorised Capital : Rs.300.000 millions
Issued, Subscribed & Paid-up Capital : Rs.233.000
millions
AS ON 07.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
22000000 |
Equity Shares |
Rs.10/- each
|
Rs.220.000
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 |
220.000 |
160.000 |
130.000 |
|
(b) Reserves & Surplus |
378.237 |
205.148 |
77.643 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
598.237 |
365.148 |
207.643 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.546 |
0.461 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.056 |
|
(c)
Other long term liabilities |
100.000 |
100.000 |
60.000 |
|
(d)
Long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
100.546 |
100.461 |
60.056 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
526.256 |
355.297 |
121.650 |
|
(b)
Trade payables |
2079.429 |
1658.597 |
703.771
|
|
(c)
Other current liabilities |
98.190 |
87.590 |
32.891
|
|
(d)
Short-term provisions |
66.767 |
50.958 |
30.963
|
|
Total
Current Liabilities (4) |
2770.642 |
2152.442 |
889.275 |
|
|
|
|
|
|
TOTAL |
3469.425 |
2618.051 |
1156.974 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
22.874 |
19.866 |
5.172 |
|
(ii)
Intangible Assets |
2.941 |
1.754 |
0.710 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development or work-in-progress |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
13.838 |
13.832 |
27.880 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
0.000 |
0.000 |
0.000 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
39.653 |
35.452 |
33.762 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
524.018 |
583.330 |
41.011
|
|
(c)
Trade receivables |
2400.882 |
1398.322 |
834.939
|
|
(d)
Cash and cash equivalents |
226.853 |
188.381 |
127.886
|
|
(e)
Short-term loans and advances |
278.019 |
412.566 |
119.376 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
3429.772 |
2582.599 |
1123.212 |
|
|
|
|
|
|
TOTAL |
3469.425 |
2618.051 |
1156.974 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
8603.612 |
5350.920 |
2392.981 |
|
|
|
Other Income |
5.193 |
22.243 |
16.056 |
|
|
|
TOTAL (A) |
8608.805 |
5373.163 |
2409.037 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of stock-in-trade |
7886.738 |
5407.355 |
2132.237 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
59.312 |
(542.319) |
71.815 |
|
|
|
Employee benefit expense |
60.479 |
40.792 |
22.759 |
|
|
|
Other expenses |
74.021 |
67.238 |
27.820 |
|
|
|
Exceptional items |
0.000 |
0.109 |
0.061 |
|
|
|
TOTAL (B) |
8080.550 |
4973.175 |
2254.692 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
528.255 |
399.988 |
154.345 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
258.432 |
203.288 |
66.218 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
269.823 |
196.700 |
88.127 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.205 |
1.171 |
0.759 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
266.618 |
195.529 |
87.368 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
93.529 |
68.024 |
31.754 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
173.089 |
127.505 |
55.614 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
USD
775135 |
NA |
55.614 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
7.87 |
7.97 |
4.28 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.01 |
2.37
|
2.31 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.10 |
3.65
|
3.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.72 |
7.51
|
7.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.45 |
0.54
|
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.88 |
0.97
|
0.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24 |
1.20
|
1.26
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
130.000 |
160.000 |
220.000 |
|
Reserves & Surplus |
77.643 |
205.148 |
378.237 |
|
Net worth |
207.643 |
365.148 |
598.237 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.461 |
0.546 |
|
Short term borrowings |
121.650 |
355.297 |
526.256 |
|
Total borrowings |
121.650 |
355.758 |
526.802 |
|
Debt/Equity ratio |
0.586 |
0.974 |
0.881 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
2392.981 |
5350.92 |
8603.612 |
|
|
|
123.609 |
60.788 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
2392.981 |
5350.92 |
8603.612 |
|
Profit |
55.614 |
127.505 |
173.089 |
|
|
2.32% |
2.38% |
2.01% |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
10) Designation of contact person |
Yes |
|
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 |
Yes |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Other loans and advances |
0.546 |
0.461 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans repayable on demand from others |
8.484 |
10.042 |
|
Loans and advances from directors |
6.000 |
6.000 |
|
Other loans and advances |
40.000 |
63.700 |
|
Total
|
55.030 |
80.203 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10426335 |
21/01/2014 * |
250,000,000.00 |
BANK OF MAHARASHTRA |
H.NO 6-2-938 AND 939,
FIRST FLOOR, PURNI PLAZA, KHAIRTABAD, HYDERABAD, ANDHRA PRADESH - 500004,
INDIA |
B95446662 |
|
2 |
10351577 |
31/03/2012 |
600,000,000.00 |
CENTRAL BANK OF INDIA
LIMITED |
CHANDERMUKHI, NIRMAN POINT,
MUMBAI, MAHARASHTRA - 400021, INDIA |
B38162871 |
|
3 |
10318105 |
07/10/2011 |
290,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B25459413 |
|
4 |
10282662 |
28/08/2013 * |
818,700,000.00 |
BANK OF BARODA |
3-6-262/2, TIRUMALA
ESTATES, 1ST FLOOR, HIMAYATHNAGAR, HYDERABAD, ANDHRA PRADESH - 500029, INDIA |
B85000537 |
|
5 |
10090816 |
07/10/2010 * |
1,067,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH,
RAJ BHAVAN ROAD, SOMAJIGUDA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
A97444392 |
* Date of charge modification
Note:
The registered office of the company has been shifted from 'D' Block, 2nd
Floor, 105, Surya Towers, S.P. Road, Secunderabad – 500 003, Andhra Pradesh to
the present address w.e.f. 21.06.2010.
OPERATING RESULTS:
The Company during
the financial year 2012-13 has made turnover of Rs.8757.245 millions compared with
the previous year figure of Rs.5437.601 millions. The Company during the
financial year 2012-13 has made net profit of Rs.173.089 millions compared with
previous year net profit of Rs.127.505 millions.
MANAGEMENT
DISCUSSION AND ANALYSIS
COAL IMPORT
Coal is the most
important and abundant fossil fuel in India. It accounts for 55% of the County
Energy need. The Countries Industrial heritage was would upon indigenous
business coal. The increasing demand of India for energy for sustaining the
economic growth will have to be met by a combination of renewable, nuclear and
conventional sources of energy. Coal along with clean technologies forms an
important role in India’s increasing energy demand. To provide energy security
to the country, guaranteed supply of coal with Better quality is a primary
requirement. Even under the least coal dependence scenario, coal is expected to
contribute 41% of the total preliminary energy demand in 2032 and about 40% of
the total installed capacity in power in the country. Coal as an input in the
manufacturing process of steel, cement, fertilizer and other industries.
Ministry of Coal has planned to increase the coal production by an average of
36 million tons per annum in the 12th five year plan. They estimate that coal production
will grow at a CAGR of around 9% during 2011-12 to 2013-14. It is also
anticipated that the demand for thermal coal and coking coal by power and steel
sectors, respectively, will gain momentum in near future. The size of Indian
coal industry was estimated at INR 800 billion by the end of fiscal year 2012.
India's coal
imports rose by nearly a third to a record 135 million tonnes in the last
fiscal year, data from government sources showed, and are set to grow further
as the world's third-biggest producer struggles to raise domestic supplies.
Despite its abundant reserves of about 286 billion tonnes, the world's
fifth-largest according to BP PLC, coal production in India has failed to keep
pace with demand from utilities for several years now, leading to chronic power
shortages that have crimped economic growth. More than half of the country's
223.3 giga watt installed capacity is produced from coal, according to the
Central Electricity Authority. Imports of thermal coal jumped three-quarters to
97.23 million tonnes in the fiscal year through March, while those of coking
coal, used in making steel, rose 1.2% from a year earlier to 32.2 million
tonnes, the data showed.
Coal traders said
they expect thermal coal shipments to rise further to 115 million-120 million
tonnes in the year to March 2014 on growing demand. India plans to add
generation capacity of 88.54 giga watt in the five years to end-March 2017,
compared with almost 55 giga watt in the previous five-year period.
Coal imports in
March rose 29% from a year earlier to 11.4 million tonnes, of which thermal
coal shipments accounted for nearly 80%, the data showed. Indonesia, the
world's top exporter, shipped out 40% more coal to India from a year earlier at
77.49 million tonnes in 2012/13, the data showed. Australia and South Africa
accounted for the bulk of the remainder.
India's total coal
imports, which include coke and briquettes, apart from thermal and coking coal,
were 105 million tonnes in 2011/12. The latest numbers mean imports have increased
five-fold over the past decade. Imported coal has vast market in India and is
increase in multiple numbers and is expected to be on increasing trend till
2030. The growth rate is around 8% yearly which is much higher than the world
rate, India is set to become the largest Steam coal importer by the year 2015
and is expected to import more than 150 MMT of steam coal next 5 years time. In
the year 2009 India was third largest importer of the coal. As per Government
of India sources the shortfall between the demand and supply for current year
will be around 70 MMT which is expected to reach by 150 MMT by year 2015. The
major demand of coal in India is from Power Sector, Cement, Sponge Iron and
chemical industries. The country’s thermal coal imports are likely to shoot up
by 9 per cent this year on huge demand from planned mega power projects.
Government and private companies have proposed to add huge captive power
generation capacity that requires coal as fuel. The power from burning coal is
rated at 6,150 kilowatt hours per tonne which means, a tonne of coal will
produce 6150 kilowatts for one hour. The report estimates the current status of
31.5 giga watt (GW) total projects stands at 12-15 per cent of the capacity
completed (operational), another 10 per cent in construction stage, and the
remaining at financing and pre-financing stages.
In contrast to
this slow progress, the government recently announced plans for the
second-phase of the electricity crash programme, with another 11,000MW capacity
planned (of which 7,000 MW coal-fired). This project may face similar issues as
existing projects and therefore, a delay in completion (from the original
target of 2018) is likely. Infrastructure development is in fast pace in India
and Power, steel and Cement are major contributor for the same and are the
major consumers of coal whereas utilization of coal is increasing in a
substantial manner into industries like Automobile, Sugar, Paper mill etc.
KOL AND
COMPETITORS
There are many
established players in India for the imported coal market they are into the
business since many years. Coal suppliers are of various types in India and
large business corporate such as ADANI, VISA, GLANCORE, KARGIL to Medium/Large
commodity players like NOBEL, SWISS SINGAPORE, to Small commodity players like
KNOWLEDGE INFRA, PHONEX, to traditional coal trader and entrepreneurs like
AGRAWAL COAL, GUPTA COAL, BHATIA COAL, few other small time traders and in the
last the direct representation of big companies like BHP BILTON, PEEBODY, COAL
PULSE ETC. Majority of these companies are into all segment of business.
Certain companies like Small and Semi Medium supplier and traditional coal
trader are mainly into the stock and trade business and companies like GUPTA
and BHATIA keep the stock almost every major port of the country where as other
are into one or two ports stock pile business. Majority of these suppliers
either have mines in South Africa or Indonesia or they have invested money to
have better pricing and assured quantity from the mines or have their own stock
pile in Indonesia which is a major and important factor in this trade.
MAJOR COAL
EXPORTING COUNTRIES TO INDIA
Indonesia:
Indonesia meet out India’s 47% imported coal requirement and almost 90% of
thermal Coal requirement; it has got the advantage of distance from India.
Australia: Most of
the coking coal requirement of country meet out from Australia it supplies
almost 85% of coking coal of India
South Africa: Over
the years SA Coal has become preferred coal for cement Industry due to its high
CV and high ash, low moisture contain presently SA coal meet out 75% of total
requirement of Cement Industry.
USA: it is also a source of Coking coal to India and slowly it is
increasing its share
STRATEGY TO
DEVELOP THE BUSINESS
Company is working
on the strategy to develop its market share in the Indian coal industry and is
aim to became one of the major force in the country. With the proper
utilization of resources, human capital and opportunity exist around company
aims to became a reliable fuel supply partner of the industry. During the
process it has started operations in various cities of country, deployed
experience human capital, consolidating it’s supply base in Indonesia and south
Africa and working towards acquiring coal mine in Indonesia and USA. It also
has plan to enter into power utility business with small market share.
The work of survey
and exploration for acquiring mines in Indonesia is progressing well with
wholly - owned subsidiary PT KOL Resources Indonesia at Jakarta.
FIXED ASSETS:
Tangible Assets
·
Computer and Peripherals
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
Intangible assets
·
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.60.10 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.82.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.