MIRA INFORM REPORT
|
Report Date : |
12.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
ENNORE COKE LIMITED |
|
|
|
|
Registered
Office : |
Sigappi Achi Building, 1st Floor, 18/3, Rukmini Lakshmipathi
Road, Egmore, Chennai – 600008, Tamilnadu |
|
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|
Country : |
India |
|
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|
|
Financials (as
on) : |
31.03.2013 |
|
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Date of
Incorporation : |
25.02.1985 |
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Com. Reg. No.: |
18-070358 |
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Capital Investment
/ Paid-up Capital : |
Rs.155.000 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L65921TN1985PLC070358 |
|
|
|
|
TAN No.: [Tax Deduction
& Collection Account No.] |
CHEE04846C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACK1631Q |
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|
Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
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|
Line of Business
: |
The Company is engaged in the business of manufacturing and trading of
coke/coal and generation of power. |
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|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 440000 |
|
|
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|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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|
Comments : |
Subject is an established company having moderate track record. Company has incurred huge loss from its operation in the year 2013. However, trade relation are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some
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 – 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.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Mr. Vinay Lumar Karn |
|
Designation : |
Manager |
|
Contact No.: |
91-9874588558 |
|
Date : |
08.04.2014 |
LOCATIONS
|
Registered Office : |
Sigappi Achi Building, 1st Floor, 18/3, Rukmini
Lakshmipathi Road, Egmore, Chennai – 600008, Tamilnadu, India |
|
Tel. No.: |
91-44-40406363 / 73 |
|
Fax No.: |
91-44-42699766 |
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E-Mail : |
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Website : |
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Corporate Office 1 : |
85 A, Sarat Bose Road, Flat 38, 3rd Floor, Kolkata-700026,
West Bengal, India. |
|
Tel. No.: |
91-33-24851697 / 2419 / 2474 / 6605 / 5000 |
|
Fax No.: |
91-33-24851698 / 2485 / 1698 / 6605 |
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|
|
|
Corporate Office 2 : |
36, College Road, Nungambakkam, Chennai-600006, Tamilnadu, India |
|
Tel. No.: |
91-44-28272590 |
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Fax No.: |
91-44-28262416 |
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Factory : |
Located At: Haldia, West Bengal, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. R Ramakrishnan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. G Natarajan |
|
Designation : |
Director |
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|
Name : |
Mr. M Aravind Subramanian |
|
Designation : |
Director |
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|
Name : |
Mr. K U Sivadas |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Rajeev Agarwal |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. K. Rajagopal |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
574078 |
3.70 |
|
|
10009430 |
64.58 |
|
|
10583508 |
68.28 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
10583508 |
68.28 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
1460369 |
9.42 |
|
|
|
|
|
|
1278997 |
8.25 |
|
|
1788250 |
11.54 |
|
|
388876 |
2.51 |
|
|
166469 |
1.07 |
|
|
114525 |
0.74 |
|
|
107679 |
0.69 |
|
|
203 |
0.00 |
|
|
4916492 |
31.72 |
|
Total Public shareholding (B) |
4916492 |
31.72 |
|
Total (A)+(B) |
15500000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
15500000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of manufacturing and trading of
coke/coal and generation of power. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
Long Term
Borrowings
# The above default in repayment of
Principal and Interest are less than 30 days as on the balance sheet date. @ Paid subsequent to the balance sheet Short Term
Borrowings
# The above default in repayment of
Principal and Interest are less than 30 days as on the balance sheet date. @ Paid subsequent to the balance sheet
|
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|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Sreedhar, Suresh and Rajagopalan Chartered Accountants |
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Holding
Company : |
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Fellow
Subsidiaries : |
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Associate
Enterprise : |
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Enterprises
having ability to exercise control : |
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CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16000000 |
Equity Shares |
Rs.10/- each |
Rs.160.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15500000 |
Equity Shares |
Rs.10/- each |
Rs.155.000 Millions |
- Reconciliation of the shares outstanding at
the beginning and at the end of the reporting period
|
Equity Shares |
Number
of Shares |
|
At the beginning of the period |
15500000 |
|
Shares issued during the year |
-- |
|
Outstanding at
the end of the year |
15500000 |
- Terms / rights attached to equity shares
The company is presently having one class of
equity shares having a par value of Rs. 10/- per share.
Every Equity shareholder is entitled to one
vote per share.
In the event of winding up of the company,
the Equity Shareholders will be entitled to receive the assets of the company.
The distribution will be in proportion to the number of equity shares held by
the shareholders.
- Employees Stock Option Scheme
In the Annual General Meeting held on
September 15, 2008, the Company had obtained the assent of the shareholders to
issue ESOS (Employee Stock Option Scheme) to the extent of 5% of the paid up
Sharecapital. However, the approval from BSE is yet to be obtained and the
Company proposes to make the scheme operative upon getting the approval from
BSE.
- Details of shareholding more than 5% shares in
the company and shares held by the holding company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
|
|
|
|
Haldia Coke and Chemicals Private Limited (Equity Shares of Rs.10/-
Each) |
9434000 |
60.86% |
- Shares reserved for issue under options and contracts –
nil
- Shares
convertible into securities - Nil
- Calls Unpaid – Nil
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 |
155.000 |
155.000 |
155.000 |
|
(b) Reserves & Surplus |
(43.907) |
353.985 |
333.815 |
|
(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) |
111.093 |
508.985 |
488.815 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1,279.997 |
767.664 |
272.402 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
17.921 |
9.704 |
|
(c) Other long term
liabilities |
831.049 |
588.078 |
2,765.761 |
|
(d) long-term
provisions |
52.832 |
41.251 |
3.401 |
|
Total Non-current
Liabilities (3) |
2,163.878 |
1,414.914 |
3,051.268 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2,519.214 |
1,748.632 |
1,722.457 |
|
(b) Trade
payables |
2,487.506 |
2,948.989 |
50.667 |
|
(c) Other
current liabilities |
853.696 |
165.773 |
129.651 |
|
(d) Short-term
provisions |
5.194 |
9.038 |
27.855 |
|
Total Current
Liabilities (4) |
5,865.610 |
4,872.432 |
1,930.630 |
|
|
|
|
|
|
TOTAL |
8,140.581 |
6,796.331 |
5,470.713 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
995.522 |
1,068.135 |
590.242 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
2.115 |
2.115 |
607.807 |
|
(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) |
121.619 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
50.165 |
205.687 |
2.756 |
|
(e) Other
Non-current assets |
2,237.540 |
591.626 |
2,014.875 |
|
Total Non-Current
Assets |
3,406.961 |
1,867.563 |
3,215.680 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
618.105 |
664.129 |
1,257.116 |
|
(c) Trade
receivables |
3,351.596 |
3,811.306 |
544.319 |
|
(d) Cash
and cash equivalents |
555.410 |
268.694 |
364.129 |
|
(e)
Short-term loans and advances |
40.690 |
79.307 |
54.336 |
|
(f) Other
current assets |
167.819 |
105.332 |
35.133 |
|
Total
Current Assets |
4,733.620 |
4,928.768 |
2,255.033 |
|
|
|
|
|
|
TOTAL |
8,140.581 |
6,796.331 |
5,470.713 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3,446.056 |
6,327.454 |
6,589.982 |
|
|
|
Other Income |
142.451 |
65.647 |
269.730 |
|
|
|
TOTAL (A) |
3,588.507 |
6,393.101 |
6,859.712 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of
materials consumed |
377.415 |
756.274 |
875.099 |
|
|
|
Purchase of
Stock-in-Trade |
2,677.278 |
4,695.369 |
5,469.684 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and Stock-in-Trade |
251.010 |
156.673 |
(394.961) |
|
|
|
Employee benefit
expense |
42.687 |
41.091 |
38.386 |
|
|
|
Other expenses |
377.025 |
312.174 |
416.569 |
|
|
|
Prior Period Expenses |
34.730 |
0.111 |
0.000 |
|
|
|
TOTAL (B) |
3,760.145 |
5,961.692 |
6,404.777 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(171.638) |
431.409 |
454.935 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
193.596 |
233.041 |
286.034 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(365.234) |
198.368 |
168.901 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
162.238 |
149.963 |
94.683 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(527.472) |
48.405 |
74.218 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(129.579) |
28.234 |
25.713 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(397.893) |
20.171 |
48.505 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
162.150 |
141.979 |
93.474 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(235.743) |
162.150 |
141.979 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
0.000 |
13.621 |
1425.460 |
|
|
TOTAL EARNINGS |
0.000 |
13.621 |
1425.460 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
0.000 |
272.721 |
|
|
|
Traded Goods |
0.000 |
352.054 |
749.469 |
|
|
TOTAL IMPORTS |
0.000 |
352.054 |
1022.190 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(25.67) |
1.30 |
3.13 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(11.09) |
0.32 |
0.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(15.31) |
0.76 |
1.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(6.58) |
0.71 |
1.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(4.75) |
0.10 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
34.20 |
4.94 |
4.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.81 |
1.01 |
1.17 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
155.000 |
155.000 |
155.000 |
|
Reserves & Surplus |
333.815 |
353.985 |
-43.907 |
|
Net
worth |
488.815 |
508.985 |
111.093 |
|
|
|
|
|
|
long-term borrowings |
272.402 |
767.664 |
1279.997 |
|
Short term borrowings |
1722.457 |
1748.632 |
2519.214 |
|
Total
borrowings |
1994.859 |
2516.296 |
3799.211 |
|
Debt/Equity
ratio |
4.081 |
4.944 |
34.198 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
6,589.982 |
6,327.454 |
3,446.056 |
|
|
|
(3.984) |
(45.538) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
6,589.982 |
6,327.454 |
3,446.056 |
|
Profit |
48.505 |
20.171 |
(397.893) |
|
|
0.74% |
0.32% |
(11.55%) |
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 |
No |
|
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 |
Yes |
|
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 |
No |
|
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 |
No |
LITIGATION
DETAILS:
|
CHENNAI COURT
|
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Loans and Advances From Related Parties |
1206.433 |
597.526 |
|
Short Term
Borrowings |
|
|
|
Loans and advances from Related Parties |
2206.683 |
1460.759 |
|
Other Loans and Advances - Factoring Due |
35.909 |
210.446 |
|
Total |
3449.025 |
2268.731 |
GENERAL INFORMATION
a)
The revised Schedule VI has been notified under the
Companies Act 1956 and has become applicable to the company for the year ended
March 31, 2013 for preparation and presentation of the financial statements.
Accordingly, the financial statements have been prepared and presented
as per the revised Schedule VI.
The figures of previous year also have been reclassified and regrouped
wherever considered necessary to confirm with the figures in accordance with
the requirements applicable for the current year.
b)
All amounts in the financial statements are
presented in rupees, except as otherwise stated.
COMPANY OVERVIEW
The Company is an
entity whose equity shares are listed in the Bombay Stock Exchange Limited
(BSE). The Company is engaged in the
activity of manufacturing and trading of Metallurgical Coke. The installed
capacity of Non- Recovery coke oven Plant at Haldia, West Bengal is 130,000
TPA. The Company commenced the commercial production of Metallurgical Coke
during 2009-2010. In the month of August 2011, the company commissioned a
Co-Generation power plant of 12MW capacity at Haldia. The Company shares were
acquired by Haldia Coke and Chemicals Private Limited in 2010-11and presently
its shareholding is 60.86%. Consequent to the above Ennore Coke Limited is a
subsidiary company of Haldia Coke and Chemicals Private Limited.
BUSINESS REVIEW
During the year,
The company has not dealt with the much of trading transactions and it is one
of the reasons for achieving lesser turnover when compared to last year.
- The Company has redesigned its coke oven
batteries at Haldia, West Bengal in order to enhance the production
capacity of the battery and also for cost reduction and in view of that
the production was halted till August 2012. The company has absorbed fixed
overhead costs during nonoperational period which is one of the reason for
loss arises during the year.
- Further during the non-operational period the
Company has liquidated the stocks available in the Inventory with lesser
margin which has resulted in the reduction in the inventory margin on the
closing stocks which has resulted in the operational loss during the year.
However The
Company had taken all steps to enhance the foundry coke sale in the western
region for getting more margin and neutralize the effect during the year.
OPERATIONS AND
FUTURE PROSPECTS
As stated in the
earlier, the Company had redesigned the Coke Oven Batteries and resumed the
Coke operations from August 2012. The power production also started from
December 2012. Coke Production out of the newly re-designed coke oven batteries
are being traded/sold to our major clients like Steel Authority of India
Limited (SAIL), TATA Metaliks and other Integrated Steel plants. The company is
also expected to get more orders from the Major Steel plants in India.
The company is
constantly pursuing the goal of reaching half a million tonnes of production
and is hopeful of achieving a good part of the same during the later part of
the financial year 2013-14 The company is also planning to commence exports to
Pakistan and South Africa.
COMPANY OVERVIEW
AND AREAS OF BUSINESS IN FUTURE
The Company plans
to reach a Production capacity of half million tonnes per annum and is hopefull
ofachieving a good part of the same during the later part of the financial year
2013-14 after resuming the operations with newly re-designed Coke Oven
Batteries. It has already identified new units and those will be in operations
soon. Markets in Orissa, Dhanbad will be tapped. The Company is also exploring
possibilities of strategic partnership with International Coke Players and also
The Company has identified storage space at various Ports so as to buy coking
coal in bulk quantity further, the Advent of revenue from Power generation in
2013-14 will be an added Advantage
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10428033 |
29/03/2013 |
635,300,000.00 |
STATE BANK OF INDIA |
Overseas Branch, Kolkata, Samriddhi Bhavan, Block - A, 1, Strand Road, Kolkata, West Bengal - 700001, India |
B75862318 |
|
2 |
10226810 |
20/05/2010 |
348,500,000.00 |
INDIAN OVERSEAS BANK |
Cathederal Branch, 762, Anna Salai, Chennai, Tamilnadu - 600002, India |
A88718309 |
|
3 |
10217436 |
15/02/2010 |
262,500,000.00 |
STATE BANK OF HYDERABAD |
Industrial Finance Branch, No.45, I Floor, II Line Beach, Chennai, Tamil Nadu - 600001, India |
A82694738 |
|
4 |
10210119 |
15/02/2010 |
2,700,000.00 |
SREI Equipment Finance Private Limited |
'Vishwakarma', 86c, Topsia Road, Kolkata, West Bengal - 700046, India |
A81991275 |
|
5 |
10201564 |
04/01/2010 |
450,000,000.00 |
UNION BANK OF INDIA |
Industrial Finance
Branch, No.12, Riaz Garden, Kodambakkam H.Rd, Nungambakam, Chennai, Tamil
Nadu - |
A79053872 |
|
6 |
10183633 |
29/03/2013 * |
860,500,000.00 |
STATE BANK OF INDIA |
Overseas Branch, Kolkata, Samriddhi Bhavan, Block- A, 1, Strand Road, Kolkata, West Bengal – 700001, India |
B75908202 |
|
7 |
10160035 |
01/06/2009 |
2,619,000.00 |
SREI Equipment Finance Private Limited |
'Vishwakarma', 86c, Topsia Road, Kolkata, West Bengal - 700046, India |
A63102180 |
|
8 |
10154314 |
22/04/2009 |
2,250,000.00 |
SREI Equipment Finance Private Limited |
'Vishwakarma', 86c, Topsia Road, Kolkata, West Bengal - 700046, India |
A60961802 |
|
9 |
10155268 |
10/02/2012 * |
1,817,900,000.00 |
STATE BANK OF INDIA |
Overseas Branch, Kolkata, Samriddhi Bhavan, Block- A, 1, Strand Road, Kolkata, West Bengal – 700001, India |
B33804980 |
|
10 |
10155269 |
10/02/2012 * |
364,500,000.00 |
STATE BANK OF INDIA |
Overseas Branch, Kolkata, Samriddhi Bhavan, Block- A, 1, Strand Road, Kolkata, West Bengal – 700001, India |
B33803636 |
|
11 |
10134736 |
29/12/2008 |
372,500,000.00 |
STATE BANK OF INDIA |
Overseas Branch, Kolkata, Samriddhi Bhavan, Block- A, 1, Strand Road, Kolkata, West Bengal – 700001, India |
A53333530 |
|
12 |
10135290 |
29/03/2013 * |
1,568,200,000.00 |
STATE BANK OF INDIA |
Overseas Branch, Kolkata, Samriddhi Bhavan, Block- A, 1, Strand Road, Kolkata, West Bengal – 700001, India |
B75906891 |
|
13 |
10067629 |
21/09/2007 * |
135,000,000.00 |
UNION BANK OF INDIA |
Industrial Finance Branch, 12, Kodambakkam High Road, Chennai, Tamil Nadu - 600034, India |
A25056680 |
FIXED ASSETS:
- Leasehold land
- Leasehold improvements
- Building
- Plant and machinery
- Furniture and fixtures
- Office equipment
- Computer and accessories
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.60.24 |
|
UK Pound |
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--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 |
YES |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
32 |
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.