MIRA
INFORM REPORT
|
Report Date : |
02.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered
Office : |
H-1, Zamrudpur
Community Centre, Kailash Colony, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
07.09.1992 |
|
|
|
|
Com. Reg. No.: |
55-050216 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.1378.750
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1992PLC050216 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM0846P |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are
Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in manufacture of pig iron and iron ore mining. |
|
|
|
|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 24667000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established
company having a satisfactory track record. Overall financial
position of the company is sound and healthy. Networth of the company is
strong. The ratings also
take into consideration the trade payables which are huge as compared to the
trade receivables which may act as a threat to the liquidity position. However, trade
relations are reported as fair. Business is active. Payment terms are
reported as usually correct. The company can be
considered for business dealings at usual trade terms and conditions. Note: Subject is not
traded on BSE in the last 30 days. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
NEWS
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the share goes up further in the
coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes that many things such as apartment
sales, luxury products, etc. were largely bought with dirty money. And it is
now beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20%! Equities came in second with annualized
return of 15.5%! However, while these returns may seem mouthwatering, the fact
is that the return from equities adjusted for inflation came down to just 7.1
%.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs.10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Fund Based Bank Facilities: BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
March 14, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Non-Fund Based Bank Facilities: A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
March 14, 2014 |
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
31-03-2014.
INFORMATION DECLINED
Management non-cooperative
(Tel. No.: 91-11-29241099)
LOCATIONS
|
Registered Office : |
H-1, Zamrudpur
Community Centre, Kailash Colony, New Delhi – 110 048, India |
|
Tel. No.: |
91-11-29241099 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
D/12, Freedom Fighter Enclave, Gate No.4, IGNOV Road, Neb Sarai, New
Delhi – 110 068, India |
|
Tel. No.: |
91-11-29532307/ 32906529/ 65631600 |
|
|
|
|
Corporate Office 1 : |
MESCO Heliport, Juhu Aerodrome, Mumbai – 400 054, Maharashtra, India |
|
Tel. No.: |
91-22-26614572/ 26603173/ 26603175 |
|
Fax No.: |
91-22-26610014 |
|
|
|
|
Corporate Office 2 : |
401, Silver Pearl Building, Water Field Road, Bandra (West), Mumbai –
400 050, Maharashtra, India |
|
Tel. No.: |
91-22-26413269/ 26413257 |
|
Fax No.: |
91-22-26610014 |
|
E-Mail : |
|
|
|
|
|
Sales Office 1/ Corporate HR Department : |
Mesco Tower, 3915 Lewis Road, Kedar Gouri Square, Bhubaneswar – 751 014,
Orissa, India |
|
Tel. No.: |
91-674-2433121/ 24, 2432755/ 59 |
|
Fax No.: |
91-674-2432256 |
|
E-Mail : |
|
|
|
|
|
Sales Office 2 : |
4, Fairlie Place, HMP House, 2nd Floor, Kolkata – 700 001,
West Bengal, India |
|
Tel. No.: |
91-33-40649022/ 40729021 |
|
Fax No.: |
91-33-2231749 |
|
E-Mail : |
|
|
|
|
|
Mines, Ports and Steel Plant : |
8-9-A, Windsor Exclusive, Phase II, Chuna Bhatti, Kolar Road, Bhopal,
Madhya Pradesh, India |
|
|
|
|
Malangtoli Iron Ore Mines : |
At-Villages Sirkagutu, Kadakala, Lohakala, Via-Kalimati, PO-Dubuna,
Tehsil-Telkoi, District Keonjhar, Orissa, India |
|
|
|
|
Steel Plant : |
Kalinga Nagar Industrial Complex, Khurunti P.O., Danagadi,
Jajpur – 755 026, Orissa, India |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Nandanadan Mishra |
|
Designation : |
Director |
|
Address : |
Flat D053, Belvedere Park, DLF, Phase III, Gurgaon – 122 002, Haryana,
India |
|
Date of Birth/Age : |
20.10.1942 |
|
Date of Appointment : |
27.03.2012 |
|
DIN No.: |
00031342 |
|
|
|
|
Name : |
Mr. Hanumantharao Ravipati |
|
Designation : |
Director |
|
Address : |
6-46/1, Sri Hanuman Residency, Near Mazid Gollala Yendada,
Vishakhapatnam – 530 045, Andhra Pradesh, India |
|
Date of Birth/Age : |
02.03.1946 |
|
Date of Appointment : |
06.07.2006 |
|
DIN No.: |
00044028 |
|
|
|
|
Name : |
Mr. Debiprasad Bagchi |
|
Designation : |
Director |
|
Address : |
Y-165, Regency Park II, DLF City, Phase 4, Gurgaon – 122 009, Haryana,
India |
|
Date of Birth/Age : |
21.10.1942 |
|
Date of Appointment : |
27.03.2012 |
|
DIN No.: |
00061648 |
|
|
|
|
Name : |
Mrs. Rita Singh |
|
Designation : |
Managing Director |
|
Address : |
D-3A, Ansal Villa, New Delhi – 110 030, India |
|
Date of Birth/Age : |
23.04.1950 |
|
Qualification : |
B. Sc |
|
Date of Appointment : |
07.09.1992 |
|
DIN No.: |
00082263 |
|
PAN No.: |
ABKPS4308J |
|
|
|
|
Name : |
Mr. Jitendra Kumar Singh |
|
Designation : |
Whole-time Director |
|
Address : |
D-3A, Ansal Villa, New Delhi – 110 030, India |
|
Date of Birth/Age : |
26.09.1945 |
|
Qualification : |
Graduate in
Metallurgy |
|
Date of Appointment : |
07.09.1992 |
|
DIN No.: |
00090649 |
|
|
|
|
Name : |
Mr. Madhukar |
|
Designation : |
Director |
|
Address : |
E-115, Sector 52, Noida – 201 301, Uttar Pradesh, India |
|
Date of Birth/Age : |
10.02.1944 |
|
Date of Appointment : |
13.04.2012 |
|
DIN No.: |
00558818 |
|
|
|
|
Name : |
Mr. Sanjiv Batra |
|
Designation : |
Director |
|
Address : |
S-288, Greater Kailash-I, New Delhi – 110 048, India |
|
Date of Birth/Age : |
17.09.1950 |
|
Date of Appointment : |
27.03.2012 |
|
DIN No.: |
00602669 |
|
|
|
|
Name : |
Mrs. Natasha Sinha |
|
Designation : |
Whole-time Director |
|
Address : |
Flat No.2, Concord Building, Concord Co-Operative Housing Society
Limited, Bullock Road, Bandra (West), Mumbai – 400 050, Maharashtra, India |
|
Date of Birth/Age : |
25.09.1971 |
|
Qualification : |
B. A. (Economics) |
|
Date of Appointment : |
04.01.1994 |
|
DIN No.: |
00812380 |
|
PAN No.: |
AAUPS3146B |
|
|
|
|
Name : |
Mr. Purna Chandra Sahu |
|
Designation : |
Whole-time Director |
|
Address : |
MIG 1/205, Satya Sai Enclave, Alginia Khandagiri, Bhubaneswar – 751
019, Orissa, India |
|
Date of Birth/Age : |
16.11.1947 |
|
Qualification : |
Metallurgy from
NIIT Rourkela and a post graduate from NIIT Du |
|
Date of Appointment : |
01.06.2012 |
|
DIN No.: |
01262687 |
|
PAN No.: |
AJWPS9061L |
|
|
|
|
Name : |
Mr. Dipak Chatterjee |
|
Designation : |
Director |
|
Address : |
A-001, Belvedere Tower, DLF, Phase-2, Gurgaon – 122 002, Haryana,
India |
|
Date of Birth/Age : |
24.06.1944 |
|
Date of Appointment : |
23.01.2013 |
|
DIN No.: |
03048625 |
KEY EXECUTIVES
|
Name : |
Mr. Anil Kumar Rustgi |
|
Designation : |
Secretary |
|
Address : |
135, Medha Apartment, Mayur Vihar, Phase-1, New Delhi – 110 091, India
|
|
Date of Birth/Age : |
29.12.1960 |
|
Date of Appointment : |
16.08.2013 |
|
PAN No.: |
AAEPR3898P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
Note:
Shareholding details file attached.
AS ON 30.09.2013
|
Equity Share
Breakup |
|
Percentage of
Holding |
|
Category |
|
|
|
Public financial companies |
|
0.23 |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign
Financial Institutions, Non-resident Indian or Overseas corporate bodies or
others] |
|
1.45 |
|
Bodies corporate |
|
10.93 |
|
Directors or relatives of directors |
|
0.32 |
|
Other top fifty shareholders |
|
1.59 |
|
Others |
|
85.48 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacture of pig iron and iron ore mining. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]:
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Pig Iron |
MT |
NA |
592000 |
43440 |
|
Scrap |
MT |
NA |
NA |
4081 |
Notes:
(1) Licensed
capacity is not applicable in terms of the Government of India’s Notification
No. S.O. 477(E) dated 25th July, 1991.
(2) Excluding
items intended for captive consumption.
(3) As certified by
the Managing Director and accepted by the Auditors.
(4) Including production for Iron ore for works use
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management. |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
Not Available |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
·
Unit Trust of India, 13, Sir Vithaldas Thakarsey
Marg, New Marine Line, Mumbai – 400 020, Maharashtra, India ·
First Leasing Company of India Limited, 749,
Mount Road, Chennai – 600 002, Tamilnadu, India ·
IFCI Limited, Bank of Baroda Building, 16, Sansad
Marg, New Delhi – 110 001, India |
|
|
|
|
Auditors : |
|
|
Name : |
Sangram Paul and Company Chartered Accountants |
|
Address : |
267, Kharvel
Nagar, Bhubaneshwar – 751 001, Orissa, India |
|
PAN No.: |
ABMPP6038N |
|
|
|
|
Name : |
Todarwal and Todarwal Chartered Accountants |
|
Address : |
12, Maker Bhavan
No.3, 1st Floor, 21, New Marine Lines, Mumbai – 400 020,
Maharashtra, India |
|
PAN No.: |
AAAFT6047N |
|
|
|
|
Company in which
KMP / Relatives of KMP can exercise significant influence (As on 31.03.2013)
: |
·
Mesco Steels Limited ·
Mesco Logistics Limited ·
Mesco Kalinga Steels Limited ·
Mesco OMC Mining Corporation Limited ·
Mideast India Limited ·
Mesco Pharmaceuticals Limited ·
Mesco Hotels Limited ·
Mesco Airlines Limited ·
Mesco Laboratories Limited ·
Mesco Avaition and Technical Services Limited ·
21st Century Finance Limited ·
Mesco India Limited ·
Chhindwara Coal Washing Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.1378.750 millions
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
140000000 |
Equity Shares |
Rs.10/- each |
Rs.1400.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
137875000 |
Equity Shares |
Rs.10/- each
|
Rs.1378.750
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1378.750 |
1378.750 |
1378.750 |
|
(b) Reserves & Surplus |
4788.020 |
3746.780 |
2463.329 |
|
(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) |
6166.770 |
5125.530 |
3842.079 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
298.050 |
352.266 |
517.431 |
|
(b) Deferred tax liabilities (Net) |
669.260 |
42.323 |
0.000 |
|
(c) Other long
term liabilities |
5885.460 |
4580.920 |
4581.159 |
|
(d) Long-term
provisions |
28.150 |
27.029 |
20.464 |
|
Total Non-current
Liabilities (3) |
6880.920 |
5002.538 |
5119.054 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
995.420 |
1796.095 |
2872.793 |
|
(c)
Other current liabilities |
1798.500 |
2402.439 |
1707.859 |
|
(d) Short-term
provisions |
495.180 |
397.478 |
211.537 |
|
Total Current
Liabilities (4) |
3289.100 |
4596.012 |
4792.189 |
|
|
|
|
|
|
TOTAL |
16336.790 |
14724.080 |
13753.322 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
9349.850 |
8559.502 |
8881.571 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
280.980 |
1070.135 |
766.097 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
20.070 |
19.117 |
19.117 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
113.366 |
|
(d) Long-term Loan and Advances |
3003.490 |
2307.381 |
1766.464 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
12654.390 |
11956.135 |
11546.615 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2111.610 |
1517.171 |
1070.011 |
|
(c)
Trade receivables |
51.110 |
60.338 |
77.685 |
|
(d) Cash
and cash equivalents |
793.970 |
767.618 |
713.846 |
|
(e)
Short-term loans and advances |
725.710 |
422.818 |
345.165 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current
Assets |
3682.400 |
2767.945 |
2206.707 |
|
|
|
|
|
|
TOTAL |
16336.790 |
14724.080 |
13753.322 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
8623.990 |
7287.790 |
5467.553 |
|
|
|
Other Income |
71.650 |
227.860 |
(152.356) |
|
|
|
TOTAL (A) |
8695.640 |
7515.650 |
5315.197 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4550.430 |
3639.916 |
1879.916 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(504.880) |
(143.577) |
81.063 |
|
|
|
Employee benefit expense |
414.690 |
334.446 |
226.309 |
|
|
|
Other expenses |
1892.240 |
1648.100 |
1659.254 |
|
|
|
TOTAL (B) |
6352.480 |
5478.885 |
3846.542 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2343.160 |
2036.765 |
1468.655 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
18.710 |
18.996 |
61.593 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2324.450 |
2017.769 |
1407.062 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
474.540 |
457.654 |
351.972 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
1849.910 |
1560.115 |
1055.090 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
687.700 |
155.690 |
152.410 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1162.210 |
1404.425 |
902.680 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1426.470 |
143.019 |
(679.540) |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Final Dividend |
NA |
103.406 |
68.938 |
|
|
|
Corporate Dividend Tax (including cess and surcharge) |
NA |
17.574 |
11.183 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1426.470 |
143.019 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
NA |
5.950 |
393.580 |
|
|
TOTAL EARNINGS |
NA |
5.950 |
393.580 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
1696.420 |
0.000 |
|
|
|
Capital Goods |
NA |
6.030 |
3.030 |
|
|
TOTAL IMPORTS |
NA |
1702.450 |
3.030 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
8.43 |
10.19 |
6.55 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
13.37 |
18.69
|
16.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
21.45 |
21.41
|
19.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.54 |
11.44
|
8.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.30
|
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.05 |
0.07
|
0.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12 |
0.60
|
0.46 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
1378.750 |
1378.750 |
1378.750 |
|
Reserves & Surplus |
2463.329 |
3746.780 |
4788.020 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
3842.079 |
5125.530 |
6166.770 |
|
|
|
|
|
|
Long-term borrowings |
517.431 |
352.266 |
298.050 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
517.431 |
352.266 |
298.050 |
|
Debt/Equity ratio |
0.135 |
0.069 |
0.048 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
5467.553 |
7287.790 |
8623.990 |
|
|
|
33.292 |
18.335 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
5467.553 |
7287.790 |
8623.990 |
|
Profit |
902.680 |
1404.425 |
1162.210 |
|
|
16.51% |
19.27% |
13.48% |
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 |
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 |
No |
|
24) Banking facility details |
No |
|
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 |
LITIGATION
DETAILS:
IN THE HIGH COURT OF DELHI AT NEW DELHI
CO.PET. 131/2014 and CA
439/2014
IGP ENGINEERS PRIVATE LIMITED
..... Petitioner
Through: Ms. Divya Jain,
Advocate.
Versus
MIDEAST INTEGRATED STEELS
LIMITED ..... Respondent
Through Ms. Kavita Batra,
Advocate
CORAM:
HON'BLE
MR. JUSTICE SANJEEV SACHDEVA
ORDER
23.05.2014
Learned counsel for the respondent submits that the respondent has
approached the petitioner for resolution of the disputes.
It is directed that in case the disputes are not resolved within a period
of four weeks, the respondent shall file reply within two weeks thereafter.
Rejoinder, if any, be filed within four weeks thereafter.
List on 26th
September, 2014.
SANJEEV SACHDEVA,
J
MAY 23, 2014/st
Co. Pet. 474/2013
1
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Loans and advances from others |
295.461 |
295.461 |
|
Other loans and advances |
56.805 |
0.000 |
|
Total
|
352.266 |
295.461 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10173034 |
22/12/2008 |
116,681,480.00 |
SREI
INFRASTRUCTURE FINANCE LIMITED |
VISHWAKARMA,86C,TOPSIA
ROAD (SOUTH), KOLKATA, WEST BENGAL - 700046, INDIA |
A61460242 |
|
2 |
80022426 |
09/01/2007 * |
270,000,000.00 |
STANDARD
CHARTERED BANK |
NARAIN MANZIL,
23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
- |
|
3 |
80022860 |
09/01/2007 * |
270,000,000.00 |
STANDARD
CHARTERED BANK |
NARAIN MANZIL,
23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
- |
|
4 |
80066479 |
05/03/1999 |
74,004,000.00 |
SEIMENS LIMITED |
130, PANDURANG BUDHKAR
MARG, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA |
- |
|
5 |
80066585 |
15/02/1997 |
200,000,000.00 |
THE INDUSTRIAL
PROMOTION AND INVESTMENT CORPORATION OF ORISSA LIMITED |
IPICOL HOUSE,
JANPATH, BHUBANESWAR, ORISSA - 751007, INDIA |
- |
|
6 |
80039657 |
06/09/1996 |
600,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI TOWER,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
7 |
80039660 |
02/03/1994 |
1,000,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE
PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
* Date of charge modification
CONTINGENT
LIABILITIES (TO THE EXTENT NOT PROVIDED FOR):
|
Particulars |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Claims against
the Company not acknowledged as debt |
|
|
|
Central excise, customs and service tax |
NA |
246.060 |
|
Sales Tax |
NA |
349.200 |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Computer Equipments
·
Railway Sidings
WEBSITE DETAILS:
HISTORY
They started over three decades back, with a firm desire to excel, to
equip theirselves with state-of-art technologies, know-how, best management and
engineering skills.
Subject belongs to one of the fastest growing business groups in India
the MESCO STEEL GROUP which has business interests in steel to airlines. A
brief account of subject’s progress is as follows:
Incorporated in 1992 with assets in coastal Odisha in eastern India
Secured the Roida iron ore mining lease in the prime iron ore belt of
Odisha in1996.
Joined hands with Stemcor, UK, for a strategic alliance in marketing and
financing in 2004.
Pig iron plant at Jajpur successfully commissioned in 2005 – since
operating uninterrupted.
The first company in India to have technical collaboration with CMIEC
now known as Sino Steel, China.
Negligible debt to equity ratio makes us essentially debt free – only company of this size in Iron and Steel
business in the country.
MANAGEMENT
Mr. Jitendra Kumar Singh, Chairman
Emeritus
Mr. J. K. Singh is specialized in metallurgy, with a graduation from
Yale University, USA in 1966. He is the founder promoter of the MESCO group. He
is a driving force behind a host of companies in the MESCO group and the man on
whose vision this group is established. MESCO has gone from strength to
strength under his able business guidance and entrepreneurship
Mrs. Rita Singh, Chairperson cum
Managing Director
A Science graduate, Mrs. Rita Singh has earned many laurels and brought
recognition to the MESCO group. She has won the Federation of Indian Chamber of
Commerce and Industry Award, for the "Best Woman Entrepreneur of the
decade". She was also the first lady member on the Board of Trade, Govt.
of India's highest body for trade and commerce, advising the then Prime
Minister, Chairperson of the Council of Leather Exports and Chairperson of FDDI
under Ministry of Commerce.
Mrs. Natasha Singh Sinha, Director
Finance
Mrs. Natasha Singh Sinha holds a B. A. (Economics) degree and having
more than 20 years experience. She is currently working as Director – Finance
and has been successfully managing the company. She is also actively associated
with the aviation, shipping and mines businesses of the group.
Mr. Purna Chandra Sahu, Joint Managing
Director
Shri P. C. Sahu, a metallurgy graduate from NIIT Rourkela and a post
graduate from NIIT Durgapur joined Steel Authority of India Limited, Durgapur
Steel Plant in 1969 and rosed to the position of Executive Director (Projects)/
Executive Director (Works) in the same plant. He retired from the service in
the year 2007. During his tenure at Durgapur Steel Plant his major contribution
was concept to commissioning of steel melting complex consisting of hot metal
mixture, 3 no of state of the art BOF convertor, 1 VAD unit, 2 no of Six
Strands Billet Caster, and taking over the entire operation of plant for
stabilization. Further during the tenure ED (Projects) the state of the art 4
strand bloom caster along with ladle heating furnace was commissioned. An
excellent work culture through various HR interventions was established.
He was also the Board Member of NSPCL (Joint Venture of NTPC and SAIL), during
2005-2007. In March’2008, He Joined Neelachal Ispat Nigam Limited (NINL) as
Joint Managing Director and elevated to the post of Managing Director in
March’2010. During the tenure the capacity utilization was maximize and various
techno-economic parameters were improved as a result NINL notched-up best
annual and monthly performance during 2009-2010. ISO 9000:2008 was certified
during August’2009 and various operating parameters maintenance procedures were
standardized.
Mr. Hanumantha Rao Ravipati, Executive
Director
Mr. H. R. Rao holds a B. E. Mining from Jodhpur University and M. Sc.
Mining Planning from Banaras University. He has also done I and II Class Mines
Manager Certificate of Competency Board of Mining Examinations, DGMS, Dhanbad.
He has more than 42 years of work experience in mining like worked in the
deepest mines of the World i.e. Kolar Gold Mines, Development of virgin
limestone deposit into a producing mines of 1.8 million tonnes per annum,
started Manganese Mines and River Sand as a captive Source for RINL/VSP thus
saving about Rs.20.000 millions per
annum. Commissioned the Captive Mines of RINL/VSP and rectified the
construction defects and obtaining of forest clearance etc. He was last served
as Executive Director (Mines) of Rashtriya Ispat Nigam Limited.
Mr. Sanjiv Batra, Non Executive
Independent Director
Mr. Sanjiv Batra holds a B. Tech (Electrical) from IIT, New Deli and MBA
from Delhi University. He has also done a certification course on International
trade from IIFT. He has more than 40 years of work experience in public and
private sector in marketing, strategic planning, business diversification,
policy formulation for import and export of commodities, supply chain,
Management and logistics and promoting trade related infrastructure. He last
served MMTC Limited as CMD. He was instrumental in leading transformation of
MMTC into an integrated conglomerate following public private partnership
route. He is also director on the Board of National Commodity and Derivatives
Exchange of India (NCDEX), Mumbai.
Mr. Debi Prasad Bagchi, Non Executive
Independent Director
Mr. Bagchi holds a Master Degree of Arts in Economics and an M. Phil in
Public Administration. He is having a deep knowledge of the administrative
services in the State of Odisha, especially in the steel and mining sector. He
has held prestigious positions of authority like Additional Secretary, Commerce
– Government of India; Secretary, Ministry of Small Scale Industry – Government
of India; Chief Secretary – Government of Odisha, etc., Mr. Bagchi was also the
Chairman-cum-Managing Director of Odisha Lift Irrigation Corporation and
Managing Director of Odisha Mining Development Corporation Limited.
Mr. Madhukar, Non Executive
Independent Director
Mr. Madhukar holds a Master of Arts degree in Economics and a Bachelor's
degree in Law. He did professional programs in Project Management and Human
Resource Development etc. from IIM Ahmadabad, IIM Kolkata, IMI New Delhi and he
is a Certified Associate of Indian Institute of Bankers (CAIIB). Mr. Madhukar's
banking career spans over 37 years and covers every major dimension of banking
operations, both in India as well as overseas.
From 1990 to 1996 he served as the Managing Director of the State Bank
International Limited, Mauritius. In 1997, he was appointed Senior General
Manager at SBI Capital Markets. From 1998 to 2000, he served as the Chief
General Manager, New Delhi Circle at SBI; and in 2000 to 2001, as Managing
Director of State Bank of Bikaner and Jaipur. In 2003-2004, he was appointed
Chairman and Managing Director at the Industrial Investment Bank of India
Limited (IIBI).
He held concurrent charge from 2001-2004 as Chairman and Managing Director at
United Bank of India and was responsible for the remarkable turnaround of the
bank from being a loss-making bank to a profit-making success, without any
additional financial assistance from the Government of India. He has also
served as Whole Time Member of Securities and Exchange Board of India.
Mr. Nandanandan Mishra, Non Executive
Independent Director
Mr. Nandanandan Mishra, Ex Chief Commissioner of Income Tax, belongs to
the 1966 cadre of the Indian Revenue Service and has over 36 years of rich and
experience in various critical portfolios in public sector administration.
During his last tenure, he was the Director General of Income Tax
(Administration) and was responsible for streamlining long term strategic plan
in relation to internal inspection, reviewing tax payer service programmes and
manage delinquent accounts. He has participated in various Committees in the
Government and has successfully piloted a restructuring plan for the Income Tax
Department in India, which is considered as a key innovation in Civil Service
management in India.
Mr. Dipak Chatterjee, Non Executive
Independent Director
Mr. Dipak Chatterjee holds degree of M.Sc. Economics from University
College of Swansea, Wales, U.K., M. Sc. Physics (1st) and B.Sc. Physics (1st).
He joined the IAS in 1966 and served in different assignment with the
Government of India and State Government of West Bengal. He also served as
India’s Ambassador to European Union, Belgium and Luxemburg at Brussels. He
also served as Advisor in the rank of permanent Secretary to the Minister of
Commerce and Industry and was permanent Secretary, Department of Commerce,
Department of Mines and Minerals, Department of Chemicals and Petrochemicals.
Currently, he is on the board of United Stock Exchange of India Limited and
Power Trading Corporation of India.
PRESS RELEASES/ ARTICLES/ NEWS:
MIDEAST STEEL NET PROFIT JUMPS 55.5%
May 30, 2013
Mideast Integrated Steel Limited (MISL), the flagship company
of Mesco Steel has posted a net
profit of Rs.1404.300 millions in
2012-13, compared with Rs.902.700 millions made in the year ago period helped
by better sales realisation from iron ore sales from its captive mines.
Though the company is known as a pig iron
producer, profit from the secondary steel business was rather muted due to weak
demand, said company officials.
"Out of Rs.1400.000 millions profit, iron
ore sales contributed the most. Profitability from pig iron business was rather
lower," said Rita Singh, managing director of the company.
MISL has been allotted Malangtoli iron ore mine
with 90 million tonne reserves.
The company's topline grew by over 33 per cent
to Rs.7287.800 millions in the last fiscal, and helped earnings per share to zoom by 56 per cent to
Rs.10.19. The board announced 7.5 per cent dividend per share for 2012-13.
The company, which has been in expansion mode
since last year to take advantage of easy financing norms for steel making
machines because of low demand, said, it will continue with its expansion
project this year.
"This is a good time to be in steel
business as financing for steel making machines has become easier. We will
commission second sinter plant and a second blast furnace by the end of
August," said Singh. MISL has plans to raise the existing one million
tonne pig iron making capacity to three million tonne.
DEBT FREE MISL CHALKS OUT RS 10,000 CR EXPANSION
April 14, 2012
Mideast Integrated Steel Limited
(MISL), a Mesco group company having a one million tonne pig iron plant at
Kalinganagar in Jajpur district of Orissa, has paid off all its debts through a
debt restructuring plan.
“We have become the first steel company in the country to be a debt
free,” claimed J K Singh,
chairman, MISL.
“The financial fundamentals of the company have become stronger after
clearing all the debts, both secured and unsecured, from internal accruals,” he
told newsmen after the company board meeting.
The company has paid back Rs.170.000 millions
loan taken from the state-owned Industrial
Promotion and Investment Corporation of Odisha Limited (IPICOL) and approximately Rs.250.000 millions loan taken from the UK-based Stemcor
group. It has also cleared all other debts from its book after a complex debt
restructure plan which was devised seven years back.
MISL, which had started production in 2005, has been making steady
profits for last three years. Singh, however, declined to divulge the financial
details and said, the turnover and profitability of the company are expected to
increase substantially in the future.
The company has, so far, invested Rs.25000.000 millions in its steel plant and mines. It plans to invest
Rs.100000.000 millions more set up
facilities for producing long steel products. It has already commissioned a
sinter plant at Kalingnagar and is in the process of building a railway siding
having capacity of six million tonne with automation facility.
In the near future, the company would need about Rs.2000 to Rs.30000.000
millions funding to increase its steel
capacity from 1.2 million to 3 million tonne.
“The capital we want to raise for expansion will be of mixed bag,
comprising both equity and debt,” said Reeta Singh, managing director, MISL.
The company has completed all its formalities to get re-listed in
Bhubaneswar Stock Exchange (BhSE), she informed.
MESCO STEEL TO START 1.2 MN TONNE FINISHED STEEL UNIT BY 2015
September 26,
2012
Mideast Integrated Steel Limited
(MISL), a Mesco group company having an one million tonne
pig iron plant at Kalinganagar in Jajpur district of Odisha, plans to upgrade the
unit to a 1.2 million tonne finished steel product facility by the end of
December 2014.
“The company has begun upgrading its Kalinganagar plant into a fully
integrated steel plant of 1.2 million tonne per annum (MTPA) capacity. With an
investment of Rs.10000.000 millions, a
steel melting shop with rolling mill for rebar and wire rod is being set up,”
said J K Singh, president of
Mesco Group.
The expansion plan of the pig iron plant was announced in 2008, but the
company had to shelve the proposal for some time due to heavy debts on its
balance sheet. It became a debt-free company in the last fiscal, following
which it has started focusing on the upgradation, he said.
“In the next phase of expansion, the finished steel capacity would be
ramped up to 3.5 MTPA,” added Singh.
MISL, which started production in 2005, has been making steady profits
for last three years from pig iron sales and has decided not to sell pig iron
once its expansion plans are completed. For the upcoming capacity enhancement,
the company said, it has finalised technical and financial details after a high
level team of MISL visited China.
Out of the Rs.10000.000 millions
to be invested in upgradation job, the company would arrange Rs.3000.000 millions to Rs.4000.000 millions from internal accruals and bank loans. The rest amount
would be financed by Chinese and Japanese financial institutions.
“A lot of western countries are interested to finance the project, but
we are keen on getting debt finance from China and Japan since their currencies
are more stable than western countries,” said Singh, hinting at rupee-dollar
volatility. The company has links to iron ore and coal mines, which helps it to
produce intermediate steel products such as pig iron at lower cost. However,
with the recent and upcoming expansion plans, the cost of production of steel
is expected to go up.
Mesco Steel is in the process of setting up a conveyor and a 1,400 tonne
per day crusher unit at its Roida iron ore mine to boost output. It has
recently commissioned a 2,000 tonne per day sinter plant and is constructing a
half million tonne slag processing plant at Jajpur.
The company is considering to shift the registered office in New Delhi
to Bhubaneswar to avail tax benefits and will discuss the proposal in the next Annual General Meeting (AGM), informed Singh.
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.60.85 |
|
|
1 |
Rs.102.69 |
|
Euro |
1 |
Rs.81.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.