MIRA
INFORM REPORT
|
Report Date : |
19.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
HEAVY ENGINEERING CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
H.E.C. Administrative Building, |
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|
Country : |
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|
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Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
13.12.1958 |
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|
|
|
Com. Reg. No.: |
03-000630 |
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|
Capital
Investment / Paid-up Capital : |
Rs. 6060.788 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27100JH1958GOI000630 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RCHH00033F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH4534P |
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|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
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Line of Business
: |
Manufacturer of Steel Plant Equipment and machineries. |
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|
|
|
No. of Employees
: |
2389 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a Union Government Company. It is an established company having moderate track record. There seems huge accumulated losses recorded by the company. However,
company has incurred profit from its operation in the year 2013. 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 – 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
N E W S
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 their 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 tat 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.
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Ms. Anjana |
|
Designation : |
Marketing Department |
|
Contact No.: |
91-651-2401571 |
|
Date : |
14.08.2014 |
LOCATIONS
|
Registered Office : |
H.E.C. Administrative Building, |
|
Tel. No.: |
91-651-2401571 |
|
Fax No.: |
91-651-2401249 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
E-84, Masjid Moth, Residential Scheme, Greater Kailash-III, New Delhi
- 110048, |
|
Tel. No.: |
91-11-29220224 |
|
Fax No.: |
91-11-29220225 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
77, |
|
Tel. No.: |
91-33-22291509 |
|
Fax No.: |
91-33-22176473 |
|
E-Mail : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Ramaballava Misra |
|
Designation : |
Chairman-cum-Managing Director |
|
Address : |
F/12, Sector III, Dhurwa, |
|
Date of Birth/Age : |
15.12.1954 |
|
Date of Appointment : |
31.05.2012 |
|
Qualification : |
CA,CS,CWA |
|
DIN No.: |
01223196 |
|
|
|
|
Name : |
Mr. Kushal Saha |
|
Designation : |
Director (Production) |
|
Address : |
HIG (L) – 4/8, Birti Abasan M B RD, Nimta, Kolkata-700049, West
Bengal, India |
|
Date of Birth/Age : |
14.11.1959 |
|
Date of Appointment : |
20.06.2011 |
|
DIN No.: |
03578228 |
|
|
|
|
Name : |
Subhra Banerjee |
|
Designation : |
Director (Personnel) |
|
|
|
|
Name : |
A.V. Krishna |
|
Designation : |
Director (Marketing) |
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|
|
|
Name : |
S.K. Pattanayak |
|
Designation : |
Director (Finance) |
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|
|
|
Name : |
Kusumjit Sidhu |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Harbhajan Singh |
|
Designation : |
Director |
|
Address : |
6, Lokmanya Tilak Marg, Dalibagh, |
|
Date of Birth/Age : |
23.11.1955 |
|
Date of Appointment : |
12.01.2010 |
|
DIN No.: |
02922092 |
|
|
|
|
Name : |
Bulbul Sen |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Abhay Kumar Kanth |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Ms. Anjana |
|
Designation : |
Marketing Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
President of India ( POI ) alongwith nominees |
6060788 |
100% |
|
Total |
6060788 |
100% |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Steel Plant Equipment and machineries. |
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|
Products : |
· Steel Plant Mining Equipment Steel Casting and Forgings and Roll Heavy Machine Tools |
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Exports : |
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Products : |
·
Machine ·
Steel ·
Tools |
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Countries : |
·
Bangladesh ·
Turkey |
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|
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Terms : |
|
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Selling : |
Cheque |
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Purchasing : |
Cheque |
GENERAL INFORMATION
|
Customer: |
Retailers |
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|
||||||||||||
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No. of Employees : |
2389 (Approximately) |
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Bankers : |
State Bank of India, SME Branch, Mecon Campus, P.O. Doranda - 834002, Ranchi, Jharkhand, India |
||||||||||||
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Facilities : |
|
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Anjali Jain and Associates Chartered Accountants |
|
Address : |
Jain Villa, Guru Nanak School, P P Compound, Ranchi – 834001,
Jharkhand, India |
|
Tel. No.: |
91-651-2331044 |
|
Mobile No.: |
91-9334701107 |
|
Fax No.: |
91-651-2331844 |
|
Income-tax
PAN of auditor or auditor's firm : |
AAEFA9889R |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,00,00,000 |
Equity Shares |
Rs.1000/- each |
Rs. 10000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60,60,788 |
Equity Shares |
Rs.1000/- each |
Rs. 6060.788 Millions |
|
|
|
|
|
NOTE
Details of Shares
held by shareholders holding more than 5% shares at the end of year
|
Particulars |
No of Shares |
% of holding |
|
|
|
|
|
President of India ( POI ) alongwith nominees |
6060788 |
100% |
|
|
|
|
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 |
6060.788 |
6060.788 |
6060.788 |
|
(b) Reserves & Surplus |
(7606.332) |
(7763.367) |
(7802.454) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.001 |
0.001 |
0.001 |
|
Total Shareholders’
Funds (1) + (2) |
(1545.543) |
(1702.578) |
(1741.665) |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
4648.937 |
4645.046 |
5733.847 |
|
(d) long-term provisions |
1690.010 |
1837.569 |
1232.237 |
|
Total Non-current Liabilities (3) |
6338.947 |
6482.615 |
6966.084 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
450.322 |
944.088 |
896.567 |
|
(b) Trade payables |
2018.350 |
1725.406 |
1270.294 |
|
(c) Other current
liabilities |
1939.311 |
1570.643 |
870.424 |
|
(d) Short-term provisions |
442.933 |
448.316 |
520.435 |
|
Total Current Liabilities (4) |
4850.916 |
4688.453 |
3557.720 |
|
|
|
|
|
|
TOTAL |
9644.320 |
9468.490 |
8782.139 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
856.465 |
557.261 |
570.036 |
|
(ii) Intangible Assets |
9.831 |
15.142 |
30.555 |
|
(iii) Capital
work-in-progress |
20.009 |
262.922 |
253.737 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.036 |
0.036 |
0.036 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
52.848 |
59.813 |
106.501 |
|
(e) Other Non-current assets |
2060.006 |
1450.735 |
2921.219 |
|
Total Non-Current Assets |
2999.195 |
2345.909 |
3882.084 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2538.514 |
2737.481 |
2345.537 |
|
(c) Trade receivables |
3757.366 |
3775.741 |
2097.092 |
|
(d) Cash and cash
equivalents |
62.950 |
313.630 |
244.786 |
|
(e) Short-term loans and
advances |
285.024 |
294.959 |
204.284 |
|
(f) Other current assets |
1.271 |
0.770 |
8.356 |
|
Total Current Assets |
6645.125 |
7122.581 |
4900.055 |
|
|
|
|
|
|
TOTAL |
9644.320 |
9468.490 |
8782.139 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6920.728 |
6923.787 |
6493.837 |
|
|
|
Other Income |
475.818 |
233.161 |
287.420 |
|
|
|
TOTAL (A) |
7396.546 |
7156.948 |
6781.257 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
3297.316 |
3689.564 |
3120.509 |
|
|
|
Employees Benefits Expenses |
1480.987 |
1821.369 |
1527.061 |
|
|
|
Research and Development Expenditure |
6.202 |
5.809 |
4.567 |
|
|
|
Other Expenses |
2240.676 |
1451.228 |
1588.641 |
|
|
|
Exceptional Items |
(1.981) |
2.930 |
(5.234) |
|
|
|
TOTAL (B) |
7023.200 |
6970.900 |
6235.542 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (A-B) (C) |
373.346 |
186.048 |
545.715 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
110.121 |
51.530 |
9.237 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
263.225 |
134.518 |
536.478 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
59.435 |
48.677 |
155.080 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
203.790 |
85.841 |
381.398 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
203.790 |
85.841 |
381.398 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(8946.124) |
(9031.965) |
(9413.363) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(8742.334) |
(8946.124) |
(9031.965) |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Spare Parts, Components |
813.083 |
552.827 |
485.485 |
|
|
|
Capital Goods |
10.402 |
5.573 |
0.996 |
|
|
TOTAL IMPORTS |
823.485 |
558.400 |
486.481 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
33.62 |
14.16 |
62.93 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.76
|
1.20 |
5.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.94
|
1.24 |
5.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.12
|
0.93 |
4.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.13)
|
(0.05) |
(0.22) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(0.29)
|
(0.55) |
(0.51) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.52 |
1.38 |
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 |
6060.788 |
6060.788 |
6060.788 |
|
Reserves & Surplus |
(7802.454) |
(7763.367) |
(7606.332) |
|
Share Application money pending allotment |
0.001 |
0.001 |
0.001 |
|
Net
worth |
(1741.665) |
(1702.578) |
(1545.543) |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
896.567 |
944.088 |
450.322 |
|
Total
borrowings |
896.567 |
944.088 |
450.322 |
|
Debt/Equity
ratio |
(0.515) |
(0.555) |
(0.291) |
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 |
6493.837 |
6923.787 |
6920.728 |
|
|
|
6.621 |
(0.044) |
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 |
6493.837 |
6923.787 |
6920.728 |
|
Profit |
381.398 |
85.841 |
203.790 |
|
|
5.87% |
1.24% |
2.94% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90263486 |
27/06/2013 * |
3,280,000,000.00 |
STATE BANK OF INDIA |
SME BRANCH, MECON CAMPUS, P.O. DORANDA - 834002, RANCHI, JHARKHAND, INDIA |
B79302311 |
* Date of charge modification
MARKETING ACTIVITIES
ORDERS BOOKED AND
ORDER BOOK POSITION :
Economic slowdown especially in capital goods sector in the country resulted in deferment of investment decision by major customers and much of the efforts of the company could not materialize in firm orders. The Company could book orders worth Rs.266.06 crore only and Order book position of company stood at Rs.15068.000 crore as on 31.3.2013.
Company recently revamped 2650T Press and its allied facilities are under revamping. This will help in securing orders of Rolls. Different SAIL units and other Private Sector Rolling Mills in India have shown positive response. Special efforts are being made to increase the business of Spares and Services of Equipments supplied by HEC.
PROJECT ACTIVITIES :
The Despatcher Building (D2), part of New CHP of Bhilai Steel Plant under 7 MT modernization and expansion plan of BSP, engineered and executed by HEC had been inaugurated on 24.08.2012. The New OBBP Complex of RSP, SAIL, being executed by Project Division, was inaugurated on 11.08.2012.
NEW BUSINESS
INITIATIVES:
a. Important
MoU/Agreements signed in 2012-13
• Consortium Agreement with Vukhin, Russia and GOSA FOM, Serbia for co-operation for “Coke Oven Battery Project of Rashtriya Ispat Nigam Limited” and Bokaro Steel Plant.
• License Agreement with DMT GmbH and Company KG, Germany for technology for “Coal Chemical Plant of Rashtriya Ispat Nigam Limited”
BIFR AND REVIVAL
PACKAGE
Consequent upon winding up order of BIFR and subsequent appeal to AAIFR and Hon’ble High Court of Jharkhand, issue of revival of HEC was referred to BRPSE which recommended revival package for HEC on 7.10.2005. Govt. of India approved the package in Dec-2005. Continued efforts were made to settle the various issues pertaining to land, buildings, waiver of dues and fund to be provided by Govt. of Jharkhand. Govt. of Jharkhand (GOJ) in April 2009 agreed to waive outstanding electricity dues plus DPS on it and water dues; provide grant of Rs.275.51 crore out of which HEC would pay Rs.25.51 crore to Commercial Tax Dept. to settle the outstanding Commercial Tax Liabilities. HEC will transfer non-residential/residential buildings, which were given on rent to GOJ, and 2342 acres of land (including 85 acres of appurtenant land with buildings) to State Govt. Govt. In addition, GOJ agreed for transfer of 158 acres of land by HEC to CISF to settle their dues. Accordingly affidavits were filed by HEC, DHI and Govt. of Jharkhand based on which Hon’ble Jharkhand High Court approved the revival package on 13.11.2009.
Company has transferred 158 acres of Land to CISF. Govt. Jharkhand had taken possession of 1148 residential quarters, 17 non-residential buildings with 85.11 acres appurtenant land and 1902.64 acres of vacant land which in turn had released Rs.164.21 crore out of Rs.275.51 crore agreed earlier. In addition it had waived electricity dues upto 31.3.2006 and Delayed Payment Surcharge (DPS) upto 31.8.08.
The reliefs like waiver of DPS for the period 1.9.2008 to 31.3.2010 and water dues and receipt of balance amount of grant of Rs.111.30 crore, settlement of commercial tax dues upto 31.03.2007 under the revival package approved by Hon’ble Jharkhand High Court is yet to be implemented. Efforts are being made to settle all these issues. However, partial implementation of the Revival Scheme of Govt. of Jharkhand has not been accounted for in the Accounts.
CONTINGENT
LIABILITIES:
a. Estimated amount of contracts, remaining to be executed on capital account and not provided for is Rs.30.372 Millions (Previous year Rs.51.898 Millions).
b. Unexpired Letter of Credit Rs.51.427 Millions (Previous year Rs.247.417 Millions)
c. Unexpired Bank Guarantee Rs.1482.267 Millions (Previous year Rs.1289.201 Millions)
d. Delayed payment surcharge on Energy charges Rs.6959.283 Millions (Previous year Rs.6959.283 Millions)
e. Water Charges Rs.219.892 Millions (Previous year Rs.178.706 Millions)
f. Damages towards PF Rs. dues Rs.950.154 Millions (Previous year Rs.950.154 Millions)
g. Others including Legal Cases Rs.114.617 Millions and Commercial Taxes Rs.358.570 Millions, total amounting to Rs.473.187 Millions (Previous year Legal Cases Rs.112.866 Millions and commercial Taxes Rs.237.957 Millions, total amounting to Rs. 350.823 Millions)
FIXED ASSETS
·
Land
Development of land
Factory Equipment
Factory Buildings
Residential Buildings
Office Buildings
Road and Bridges
Railway Lines and Sidings
Water Works and Sewerage
Electrical Installation
Vehicles and Locomotives
Other plant and Equipment
Furniture and Fixtures
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] on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.06 |
|
|
1 |
Rs.101.84 |
|
Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
|
Information Gathered
by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
36 |
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.