MIRA
INFORM REPORT
|
Report Date : |
23.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTAN SALTS
LIMITED |
|
|
|
|
Formerly Known
as : |
HINDUSTAN SALT
COMPANY (PRIVATE) LIMITED |
|
|
|
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Registered
Office : |
B-427, Pradhan Marg, Malviya Nagar, Jaipur – 302017, Rajasthan |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
12.04.1958 |
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|
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Com. Reg. No.: |
17-001049 |
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Capital
Investment / Paid-up Capital : |
Rs. 255.596 Millions |
|
|
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CIN No.: [Company Identification
No.] |
U14220RJ1958GOI001049 |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCH7921B |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Salt and Bromine. |
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|
|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1000000 |
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|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a fully owned by the government of India. It is a
well-established company having satisfactory track record. Management has reported a reasonable profit with the help of which the
company has wiped off a part of its accumulated losses. During FY 13. However, trade relations are fair. Business is active. Payment terms
are reported as slow but correct. In view of strong support from the central government, the subject can
be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual growth
and compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of the
global e-commerce giant Amazon. The company raised $ 210 million from Russian
Investment firm DST Global which has also invested in companies like Facebook,
Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
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
|
Name : |
S.K. Parashar |
|
Designation : |
G M Finance |
|
Contact No.: |
91-141-2524093 |
|
Date : |
22.07.2014 |
LOCATIONS
|
Registered/ Corporate Office : |
B-427, Pradhan Marg, Malviya Nagar, Jaipur – 302017, Rajasthan, India |
|
Tel. No. : |
91-141-2524093/ 96 |
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Fax No. : |
91-141-2521998 |
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E-Mail : |
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Website : |
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Area : |
3000 sq. ft. |
|
Location : |
Rented |
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Factory : |
Located at Sambhar
Lake, Rajasthan, India Khara
Ghoda, Surendranagar, Gujarat, India Mandi,
Himachal Pradesh, India |
Note: They have 4 Storey Building each 3000 sq.ft.
DIRECTORS
As on 23.09.2013
|
Name : |
Pushpito Kumar Ghosh |
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Designation : |
Director |
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Address : |
CSMCRI, Director Bunglow, Near Circuit House Hill Drive, Bhavnagar –
364002, Gujarat, India |
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Date of Birth/Age : |
29.05.1954 |
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Qualification : |
Graduate |
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Date of Appointment : |
30.03.2001 |
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DIN No. : |
02165134 |
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Other Directorship :
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Name : |
Mr. Jainendra Kumar Sivasankaran Nair |
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Designation : |
Director |
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|
Address : |
Block No.6, Quarter No. 706, Lodi Colony, New Delhi – 110003, India |
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Date of Birth/Age : |
30.05.1954 |
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Qualification : |
Graduate |
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Date of Appointment : |
02.08.2010 |
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DIN No. : |
02891230 |
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Other Directorship :
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|
Name : |
Mr. Rajendra Kumar Tandon |
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Designation : |
Managing Director |
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Address : |
F. No. 12, SFS, DDA Flats, Gulmohar Encl., New Delhi – 110049, India |
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Date of Birth/Age : |
10.10.1956 |
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Qualification : |
M. Com |
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Date of Appointment : |
02.05.2011 |
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PAN No. : |
AACPT7224R |
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DIN No. : |
03518360 |
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Other Directorship :
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Name : |
Mr. Mohd Anas Ansari |
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Designation : |
Additional Director |
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|
Address : |
Flat No.2, Salt Colony, D-838, Malviya Nagar, Jaipur – 302017,
Rajasthan, India |
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|
Date of Birth/Age : |
31.07.1954 |
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Date of Appointment : |
06.03.2012 |
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DIN No. : |
03541921 |
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Other Directorship :
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Name : |
Mr. Ajoy Kumar Behera |
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Designation : |
Nominee Director |
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Address : |
Flat No.21, Block-L, 2nd Floor, Sector – 10, R.K. Puram,
New Delhi – 110022, India |
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Date of Birth/Age : |
17.09.1960 |
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Qualification : |
Graduate |
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Date of Appointment : |
04.02.2013 |
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DIN No. : |
06518323 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Naresh Kumar Sharma |
|
Designation : |
Secretary |
|
Address : |
D-122, Prem Nagar, Jhotwara, Jaipur – 302012, Rajasthan, India |
|
Date of Birth/Age : |
09.05.1969 |
|
Date of Appointment : |
15.05.2013 |
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PAN No.: |
CFDPS1003R |
|
|
|
|
Name : |
S.K. Parashar |
|
Designation : |
G M Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 23.09.2013
|
Names of Shareholders |
No. of Shares |
|
President of India |
255592 |
|
R.K. Singh (Joint Secretary, Department of Heavy Industry, Ministry of
HI and PE) |
1 |
|
R.K. Tandon |
1 |
|
S. Jainendra Kumar |
1 |
|
Pratip Deb |
1 |
|
Total |
255596 |
Allottee as on 30.01.2014
|
Names of Allottee |
No. of Shares |
|
The President of India |
15000 |
|
Total |
15000 |
As on 23.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Government [Central and State] |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Salt and Bromine. |
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Products : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers · NTPC – Dadri (UP) |
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|
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No. of Employees : |
300 (Approximately) |
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Bankers : |
State Bank of Bikaner and Jaipur, SMS Highway, Chaura Rasta, Jaipur - 302001, Rajasthan, India |
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|
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Facilities : |
Cash Credit : Rs. 5.000 Millions (From State Bank of Bikaner
and Jaipur)
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Amit Goyal and Company Chartered Accountants |
|
Address : |
A-8, Ganpati Enclave, Ajmer Road, Near Anchor Mall, Jaipur – 302006, Rajasthan, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AAGFA6922K |
|
|
|
|
Subsidiary Company
: |
Sambhar Salts Limited, India CIN No.: U14220RJ1964GOI001188 |
CAPITAL STRUCTURE
After 23.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300,000 |
Equity Shares |
Rs.1000/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
270,596 |
Equity Shares |
Rs.1000/- each |
Rs. 270.596 Millions |
|
|
|
|
|
As on 23.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300,000 |
Equity Shares |
Rs.1000/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
255,596 |
Equity Shares |
Rs.1000/- each |
Rs. 255.596 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
255.596 |
255.596 |
225.596 |
|
(b) Reserves & Surplus |
(5.383) |
(12.743) |
(14.926) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
30.000 |
|
Total
Shareholders’ Funds (1) + (2) |
250.213 |
242.853 |
240.670 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
6.000 |
14.820 |
200.082 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
13.958 |
|
(d) long-term provisions |
22.525 |
21.756 |
19.567 |
|
Total Non-current Liabilities (3) |
28.525 |
36.576 |
233.607 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
50.648 |
38.968 |
41.472 |
|
(b) Trade payables |
15.703 |
31.575 |
21.440 |
|
(c) Other current
liabilities |
260.409 |
253.608 |
12.802 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Current Liabilities (4) |
326.760 |
324.151 |
75.714 |
|
|
|
|
|
|
TOTAL |
605.498 |
603.580 |
549.991 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
36.796 |
39.503 |
41.971 |
|
(ii) Intangible Assets |
0.092 |
0.050 |
0.000 |
|
(iii) Capital
work-in-progress |
6.778 |
2.988 |
2.163 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
6.000 |
6.000 |
6.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2.835 |
8.995 |
350.241 |
|
(e) Other Non-current assets |
17.184 |
18.299 |
21.186 |
|
Total Non-Current Assets |
69.685 |
75.835 |
421.561 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
12.732 |
6.263 |
7.061 |
|
(c) Trade receivables |
2.736 |
8.385 |
5.621 |
|
(d) Cash and cash
equivalents |
129.535 |
135.693 |
107.256 |
|
(e) Short-term loans and
advances |
390.810 |
377.404 |
4.035 |
|
(f) Other current assets |
0.000 |
0.000 |
4.457 |
|
Total Current Assets |
535.813 |
527.745 |
128.430 |
|
|
|
|
|
|
TOTAL |
605.498 |
603.580 |
549.991 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
82.286 |
91.715 |
130.505 |
|
|
|
Other Income |
58.532 |
64.150 |
37.569 |
|
|
|
TOTAL |
140.818 |
155.865 |
168.074 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
31.064 |
32.243 |
22.290 |
|
|
|
Purchases of Stock-in-Trade |
38.107 |
45.058 |
99.443 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(3.795) |
1.874 |
(1.943) |
|
|
|
Employees benefits expense |
43.563 |
36.735 |
21.006 |
|
|
|
Other expenses |
13.329 |
13.352 |
9.615 |
|
|
|
Prior Period Items |
(14.626) |
(0.171) |
(0.126) |
|
|
|
TOTAL |
107.642 |
129.091 |
150.285 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
33.176 |
26.774 |
17.789 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
20.841 |
19.446 |
17.085 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
12.335 |
7.328 |
0.704 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.962 |
5.131 |
5.642 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
7.373 |
2.197 |
-4.938 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
7.373 |
2.197 |
-4.938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
28.85 |
9.34 |
(21.88) |
|
|
Particulars |
|
|
31.03.2014 |
|
|
|
|
|
|
Sales Turnover (Approximately) |
|
|
160.000 |
|
|
|
|
|
The above information has been parted by Mr. S.K. Parashar (G M Finance)
Note : As
their work depends upon nature, last year its affected.
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.24 |
1.41 |
-2.94 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.96 |
2.40 |
-3.78 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.24 |
0.37 |
-0.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.01 |
-0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.23 |
0.22 |
1.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.64 |
1.63 |
1.70 |
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 |
225.596 |
255.596 |
255.596 |
|
Reserves & Surplus |
-14.926 |
-12.743 |
-5.383 |
|
Share Application money
pending allotment |
30.000 |
0.000 |
0.000 |
|
Net
worth |
240.670 |
242.853 |
250.213 |
|
|
|
|
|
|
long-term borrowings |
200.082 |
14.820 |
6.000 |
|
Short term borrowings |
41.472 |
38.968 |
50.648 |
|
Total
borrowings |
241.554 |
53.788 |
56.648 |
|
Debt/Equity
ratio |
1.004 |
0.221 |
0.226 |
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 |
130.505 |
91.715 |
82.286 |
|
|
|
-29.723 |
-10.281 |
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 |
130.505 |
91.715 |
82.286 |
|
Profit |
-4.938 |
2.197 |
7.373 |
|
|
-3.78% |
2.40% |
8.96% |
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 |
Yes |
|
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
four 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 |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10027950 |
09/08/2008 * |
6,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
SMS HIGHWAY, CHAURA RASTA, JAIPUR, RAJASTHAN - 302001, INDIA |
A43990498 |
|
2 |
10027953 |
11/11/2006 |
42,800,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
SMS HIGHWAY, CHAURA RASTA, JAIPUR, RAJASTHAN - 302001, INDIA |
A06742589 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Borrowing from government semi-government bodies |
6.000 |
14.820 |
|
Total |
6.000 |
14.820 |
EXPORTS:
Company has exported total quantity of 2562 MT of salt to Bhutan as against export of 5235 MT of salt in last year to Salt Trading Corporation Limited, Nepal and Bhutan Salt Enterprises, Bhutan. During 2012-13 Salt Trading Corporation Limited, Nepal has not taken salt from the Company which resulted in less exports.
PROJECTS AND
PROGRAMMES:
(a) Solution Mining Project at Mandi (Himachal Pradesh) Draft Financial Assessment Report 2013 submitted by consultant ICRA ICMASrecommending 300000 MTPA Vacuum Salt Production is under consideration. The matter is being perused with Himachal Pradesh Government and Government of India for implementation of the project.
(b) Installation of Salt Crusher and Semi Packing Machines for PDS supply at Kharaghoda The tender for installation and commissioning of Salt Washery cum Refinery Crusher and Semi- Automatic Packing Machines has been initiated and to be completed in 2013-14.
ACHIEVEMENTS, AWARDS
and MOU:
The Company has signed the MOU for the financial year 2013-14 on 28.03.2013.
OUTLOOK FOR THE YEAR
2013-14:
(i) Construction of Channel, Reservoirs for Storage and Transferring of Additional Quantity of Bitterns from distance.
To bring down the transportation cost of bitterns at Bromine Plant, a scheme is under consideration to minimize the distance to be covered by truck tankers to haul the bittern from different areas by constructing a channel to maximum possible extent and transportation of bitterns through this channel by reducing sapage losses now action is initiated.
(ii) Diversification Activities:
Company plans to diversify its activities. Discussions are on for implementation of Wind Energy, Solar EnergyProject with MNRE, also project for production, supply/marketing of packaged drinking water from Sambhar lake Area and production of vacuum Salt at Sambhar and Mandi, Sulphate of Potash (K2SO4) at Kharaghoda Unit.
Some of the projects may initially, be implemented on trial basis and if successful may be undertaken at large scale on PPP mode or on Joint Venture basis.
The main object clause of Memorandum of Association of the Company is being amended for the purpose of undertaking aforesaid diversified activities in the ensuing Annual Meeting of the Company.
Steps have been taken to restartRock Salt mining and implementation of Solution Mining Project at Mandi. With condensate for production of 300000 MTPA of Salt Finished Product- Vacuum salt (Mix of Industrial and edible salt).
CONTINGENT
LIABILITIES (AS ON 31.03.2013) :
I. Claim of Gujarat Electricity Board for Rs. 2.113 Millions (excluding interest if any) (Previous year Rs. 2.113 Millions) being subjudice.
II. Claim of N.E. Railway towards differential License Fee of Railway land at Ramnagar Unit Rs. 5.592 Millions and interest if any (Previous year Rs. 5.267 Millions) pending decision of the court case.
III. Claim on account of damages/penalties imposed by the EPF Department for Rs. 2.224 Millions (Previous Year 2.224 Millions) (plus interest if any) as the matter is pending with the EPF Tribunal Board, New Delhi and Rajasthan High Court, Jaipur.
IV. In respect of Agricultural and Non-agricultural assessment demand for Rs. 8.564 Millions (plus interest if any) raised by Taluka Vikas Adhikari, Patri (Gujarat). The matter is under dispute and the Company has not received any demand thereafter. However, subsequently demand for Rs. 0.551 Millions (plus interest if any) was raised for which the stay was obtained from the Hon'ble High Court of Gujarat. The Hon’ble High Court of Gujarat has since disposed of the case and directed to form a high power Committee consisting of representatives of State and Central Govt. The dispute is still pending with High Power Committee Now the Taluka Vikas Adhikari, Patri has revised the claim to Rs. 27.280 Millions (plus interest) (previous year Rs. 27.280 Millions) (plus interest).
V. Liability on account of revision of pay scales of employees covered under CDA and I.D.A. pattern. (Amount not ascertainable as not yet finalized).
VI. Other claims lodged but not acknowledged as debt by the Company Rs. 3.389 Millions plus interest if any (Previous year Rs. 3.389 Millions).
VII. Estimated amount on account of contract remaining to be executed on Capital accounts Rs. 7.112 Millions (previous year Rs. Nil Millions).
VIII. Claim of H.P Government towards Royalty on Rack Salt in Mandi Unit Rs. 4.129 Millions (Previous year 4.129 Millions)
IX. Claims on account of labour, service, land and other matters for the suits pending in different Courts - Amount indeterminate.
X. Other cases in which the Company is contingently liable (amounts not ascertainable except as and where specified).
FIXED ASSETS
Tangible Assets
· Land
Buildings
Plant and
Equipment
Furniture
and Fixtures
Office
Equipment
Other
Equipments
Intangible Assets
· Computer software
PRESS RELEASE
HINDUSTAN SALTS, BHEL IN TALKS
FOR MEGA SOLAR PLANT
New Delhi, Wed Apr 03
2013
Hindustan Salts Ltd
(HSL), a state-owned firm manufacturing common salt, is looking to partner Bharat
Heavy Electricals Ltd (BHEL), the country's largest power equipment firm, to
install what is being touted as Asia's largest solar power generation facility
on around 15,000 acres of unutilised salt pan land in Rajasthan. The initial
feasibility study for the proposed 2,500 MW solar generation integrated plant
is slated to get underway shortly.
The proposal, being
spearheaded by the ministry of heavy industries, under whose administrative
control both the state-owned enterprises come, also envisages development of
another 23,000 acres of land in Gujarat for harnessing a combination of solar
and wind power capacity adding up to another 4,000 MW.
The plan to install
the solar and wind power plants to generate electricity on the land owned by
HSL, according to the ministry, will help in fetching revenues for both the
companies.
A 5 MW photo voltaic
(PV) solar plant, based on crystalline silicon technology, roughly needs about
25 acres of land. HSL, which has a total of about 57,000 acres of land in Rajasthan,
has asked IL&FS and BHEL to do a feasibility study to install the solar
power plant on its land. Of the total land, around 37,000 acres is occupied by
a lake.
"Of the 20,000
acres, we can give 15,000 acres for the installation of a solar power plant, as
we need the rest for our core business. Once the project is implemented,
preliminary estimates shows that we will have a capacity of 2,500 MW from a
plant installed on the land and this will be the largest in Asia," said R
K Tandon, chairman and managing director, Hindustan Salts.
He added that the
study is being conducted by IL&FS and BHEL and the report is likely to come
soon. "HSL will get rent for the land it owns and has been lying idle for
years. BHEL can earn by supplying equipment for wind and solar power generation
plants," the official said.
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.60.24 |
|
|
1 |
Rs.102.87 |
|
Euro |
1 |
Rs.81.44 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.