MIRA
INFORM REPORT
|
Report Date : |
23.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
SESA STERLITE LIMITED (w.e.f. 18.09.2013) |
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Formerly Known
As : |
SESA GOA LIMITED |
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Registered
Office : |
Sesa Ghor, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
25.06.1965 |
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Com. Reg. No.: |
24-000044 |
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Capital
Investment / Paid-up Capital : |
Rs. 2965.000 Millions |
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CIN No.: [Company Identification
No.] |
L13209GA1965PLC000044 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRS14062G |
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PAN No.: [Permanent Account No.] |
AACCS7101B |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Producer
and Exporter of Iron Ore |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a Vedanta Group company. It is a well-established company having fine track record. The company has progressed well during 2014. Financial position of the company is sound and healthy. Fundamentals
are strong. However, the company continued to be exposed risk related to
uncertainties in government policies and to environmental issues. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered normal 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 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: AA+ |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
17.10.2013 |
|
Rating Agency Name |
CRISIL |
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Rating |
Short term rating: A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
17.10.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON – COOPERATIVE (9-22-66461516)
LOCATIONS
|
Registered Office : |
Sesa Ghor, P O Box 125, 20 EDC Complex, Patto, Panjim – 403001, Goa, India |
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Tel. No.: |
91- 832-2460600 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
Vedanta 75, Nehru Road, Vile Parle, Mumbai – 400 057, Maharashtra,
India |
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Tel. No.: |
91-22-66461000 |
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Iron Ore Division I : |
Codli Mine, P.O. Kirlapale,
Dabal, Goa - 403706 India |
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Tel. No.: |
91-832-2617200 |
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Fax No.: |
91-832-2618280 |
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Iron Ore Division II: |
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Shipping: |
Queeny Elite, 1st Floor Swatantrapath, Vasco Da Gama, Goa - 403802 India |
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Tel. No.: |
91-832-2513053 |
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Fax No.: |
91-832-2511916 |
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Coke Plant: |
MetCoke Division, P.O. Bicholim, Amona, Goa - 403505 India |
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Tel. No.: |
91-832-3981400 |
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Pig Iron Plant: |
P.O. Bicholim, Amona, Goa 403107 India |
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Tel. No.: |
91-832-2386090 |
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Ship Building: |
Sirsaim, Tivim Bardez Goa 403502 India |
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Tel. No.: |
91-832-2298357 |
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Fax No.: |
91-832-2298439 |
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Sesa Community: |
Development Foundation - NCM Sesa Technical School, - Sesa Football Academy, P.O. Sanquelim, Goa 403505 India |
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Tel. No.: |
91-832-2365509 |
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Iron Ore Division” |
Locate at · Karnataka · Orissa · Shanghai |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Kuldip K Kaura |
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Designation : |
Independent and
Non-Executive Director |
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Name : |
Mr. Gurudas D Kamat |
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Designation : |
Independent
Non-Executive Director |
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Name : |
Mr. Jagdish P Singh |
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Designation : |
Independent
Non-Executive Director |
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Name : |
Mr. Ashok Kini |
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Designation : |
Independent Non-Executive Director |
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Name : |
Mr. Amit Pradhan |
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Designation : |
Whole-time Director |
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Qualification : |
M.Sc.(Physics) |
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Date of Appointment : |
15.01.1990 |
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|
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Name : |
Mr. Prasun K Mukherjee |
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Designation : |
Managing Director |
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Date of Birth/Age : |
56 Years |
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Qualification : |
B.Com (Hons.) F.C.A., A.I.C.W.A. |
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Date of Appointment : |
14.04.1987 |
KEY EXECUTIVES
|
Name : |
C. D. Chitnis |
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Designation : |
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
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|
480496 |
0.02 |
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|
121740 |
0.00 |
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|
602236 |
0.02 |
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|
|
|
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|
1628741709 |
59.98 |
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|
1628741709 |
59.98 |
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Total shareholding of Promoter and Promoter Group (A) |
1629343945 |
60.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
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|
73889708 |
2.72 |
|
|
116084947 |
4.27 |
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|
1680 |
0.00 |
|
|
30890700 |
1.14 |
|
|
532794590 |
19.62 |
|
|
100 |
0.00 |
|
|
753661725 |
27.75 |
|
|
|
|
|
|
93155981 |
3.43 |
|
|
|
|
|
|
157518008 |
5.80 |
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|
20284725 |
0.75 |
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|
61599623 |
2.27 |
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|
4631046 |
0.17 |
|
|
45446864 |
1.67 |
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|
2000 |
0.00 |
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|
5467 |
0.00 |
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|
5433155 |
0.20 |
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|
6073297 |
0.22 |
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|
7794 |
0.00 |
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|
332558337 |
12.25 |
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Total Public shareholding (B) |
1086220062 |
40.00 |
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Total (A)+(B) |
2715564007 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
99292708 |
0.00 |
|
|
149817772 |
0.00 |
|
|
249110480 |
0.00 |
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Total (A)+(B)+(C) |
2964674487 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Producer and
Exporter of Iron Ore |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Information declined by the management |
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Bankers : |
·
Canara Bank ·
State Bank of India ·
ICICI Bank Limited ·
Kotak Mahindra Bank ·
Yes Bank ·
Standard Chartered Bank India ·
DBS Bank India ·
HDFC Bank |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Tower 3, 27th - 32nd
Floor, Indiabulls Finance Centre, Eiphinstone Mill Compound, Senapati Bapat
Marg, Elphinstone (West), Mumbai – 400 013, India |
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Tel. No.: |
91-22-61854000 |
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Fax No.: |
91-22-61854501/4601 |
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Entities
Controlling the Company (Holding Companies): |
· Volcan Investments Limited (Ultimate Holding Company) · Vedanta Resources Plc (Intermediate Holding Company) · Vedanta Resources Holdings Limited (Intermediate Holding Company) · Richter Holding Limited (Intermediate Holding Company) · Vedanta Resources Finance Limited (Intermediate Holding Company) · Vedanta Resources Cyprus Limited (Intermediate Holding Company) · Twin Star Holdings Limited (Intermediate Holding Company) · Finsider International Company Limited · (Intermediate Holding Company) · Westglobe Limited (Intermediate Holding Company) · Welter Trading Limited (Intermediate Holding Company) |
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Fellow Subsidiaries |
· Konkola Copper Mines Plc · The Madras Aluminium Company Limited* (Fellow Subsidiary upto August 17, 2014) · Sterlite Technologies Limited · Sterlite Grid Limited · Sterlite Iron and Steel Company Limited · Sterlite Industries (India) Limited* |
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Associates: |
· Gaurav Overseas Private Limited · Raykal Aluminium Company Private Limited |
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Subsidiaries: |
· Hindustan Zinc Limited (Previous Year: Fellow Subsidiary) · Bharat Aluminium Company Limited (Previous Year: Fellow Subsidiary) · Malco Energy Limited (Earlier Vedanta Aluminium Limited) (Previous Year: Fellow Subsidiary) · Copper Mines of Tasmania Pty Limited (CMT) · Thalanga copper mines Pty Limited (TCM) · Sterlite Infra Limited (SIL) · Monte Cello B.V. (MOBV) · Talwandi Sabo Power Limited (TSPL) (Previous Year: Fellow Subsidiary) · Sesa Resources Limited (‘SRL’) · Sesa Mining Corporation Limited (‘SMCL’) · Goa Energy Limited · Bloom Fountain Limited (‘BFL’) · Twin Star Energy Holdings Limited (‘TEHL’) · (Previous Year: Fellow Subsidiary) · Twin Star Mauritius Holdings Limited (‘TMHL’) (Previous Year: Fellow Subsidiary) · Western Cluster Limited · Sterlite (USA) Inc. · Fujairah Gold FZC · THL Zinc Ventures Limited · THL Zinc Limited · THL Zinc Holding B.V. · THL Zinc Namibia Holdings (Proprietary) Limited · Skorpion Zinc (Proprietary) Limited · Skorpion Mining Company (Proprietary) Limited · Namzinc (Proprietary) Limited · Amica Guesthouse (Proprietary) Limited · Rosh Pinah Health Care (Proprietary) Limited · Black Mountain Mining (Proprietary) Limited (Previous Year: Fellow Subsidiary) · Vedanta Lisheen Holdings Limited (earlier Vedanta Lisheen Finance Limited) · Vedanta Lisheen Mining Limited · Killoran Lisheen Mining Limited · Killoran Lisheen Finance Limited · Lisheen Milling Limited · Vedanta Exploration Ireland Limited (Date of Incorporation - May 16, 2013) · Sterlite Ports Limited · Maritime Ventures Private Limited · Sterlite Infraventures Limited · Pecvest 17 Proprietary Limited · Vizag General Cargo Berth Private Limited (Previous Year: Fellow Subsidiary) · Paradip Multi Cargo Berth Private Limited · Lakomasko B.V. · Cairn India Limited @ · Cairn India Holdings Limited @ · Cairn Energy Holdings Limited @ · Cairn Energy Hydrocarbons Ltd @ · Cairn Exploration Limited @ · Cairn Exploration Limited @ · Cairn Exploration Limited @ · Cairn Energy Gujarat Block 1 Limited @ · Cairn Energy Discovery Limited @ · Cairn Energy Cambay B.V. @ · Cairn Energy India West B.V. @ · Cairn Energy Gujarat B.V.@ · Cairn Energy Netherlands Holdings B.V. @ · Cairn Energy Australia Pty Limited @ · Cairn Energy India Pty Limited @ · CEH Australia Limited @ · CIG Mauritius Holdings Private Limited @ · CIG Mauritius Private Limited @ · Cairn Lanka Private Limited @ · Cairn South Africa Proprietary Limited @ · Cairn Energy Investments Australia Pty Limited @1 · Wessington Investments Pty Limited @1 · Sydney Oil Company Pty Limited @1 · Cairn Exploration (No.4) Limited @1 · Cairn Petroleum India Limited @1 · Cairn Energy India Holdings B.V. @1 · Cairn Energy Group Holdings B.V. @1 · Cairn Energy Gujarat Holding B.V @1 · Cairn Energy India West Holdings B.V. @1 · Cairn Energy Cambay Holding B.V. @1 · CEH Australia Pty Limited @1 · Cairn Energy Asia Pty Limited @1 |
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Others: |
· Vedanta Foundation · Sesa Community Development Foundation · Public and Political Awareness Trust · Rampia Coal Mines and Energy Private Limited (Jointly Controlled Entity) · Goa Maritime Private Limited (Jointly Controlled Entity) |
|
Note: * Ceases to be related party for the Company pursuant to the Scheme of Amalgamation (Refer note no 31) @ Subsidiary w.e.f. August 26, 2013 (Previous Year: Associate) 1 Dissolved during the year $ Appointed as Chief Executive Officer w.e.f. April 1, 2014 # Appointed as Whole Time Director & Chief Financial Officer w.e.f. April 1, 2014 |
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CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000,000 |
Equity Shares |
Rs.1/- each |
Rs. 1000.000 Millions |
|
50,260,000,000 |
Add: Pursuant to the Scheme of Amalgamation |
|
Rs. 50260.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 51260.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
869,101,423 |
Equity Shares |
Rs.10/- each |
Rs. 869.100
Millions |
|
2,095,903,448 |
Add: Issued pursuant to the Scheme of Amalgamation * |
|
Rs. 2095.900
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 2965.000 Millions |
Note:
* includes 330,384
equity shares pending allotment kept in abeyance.
Shares held by
ultimate holding company and its subsidiaries/associates
|
Particulars |
March 31, 2014 |
|
|
|
Number of Shares |
% of Holding |
|
Twinstar Holdings Limited |
1,144,661,034 |
38.61 |
|
Finsider International Company Limited |
401,496,480 |
13.54 |
|
West Globe Limited |
44,343,139 |
1.50 |
|
Welter Trading Limited |
38,241,056 |
1.29 |
|
Total |
1,628,741,709 |
54.94 |
(1) All the above entities are subsidiaries of Vedanta Resources Plc. Accordingly, Vedanta Resources Plc. is the ultimate holding company.
(2) In addition, Twin Star Holdings Limited holds 24,823,177 American Depository Shares representing 99,292,708 equity shares.
Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date
|
Particulars |
March 31, 2014 Number of Shares |
|
Equity shares issued during the year pursuant to Schemes of Amalgamation |
2,095,903,448 |
|
Equity shares allotted as fully paid-up shares for consideration other than cash pursuant to the Scheme of Amalgamation (in FY 2010-11) |
9,398,864 |
Details of
shareholders holding more than 5% shares in the Company other than as shown in
(C) above
|
Particulars |
March 31, 2014 |
|
|
|
Number of Shares |
% of Holding |
|
Twinstar Holdings Limited |
1,114,661,034 |
38.61 |
|
Finsider International Company Limited |
401,496,480 |
13.54 |
|
CITI Bank N. A. New York# (American depository
shares held as depository) |
249,110,480 |
8.40 |
# Includes 24,823,177 American Depository Shares representing 99,292,708 equity shares on behalf of Twin Star
Holdings Limited.
OTHER DISCLOSURES
(1) The Company has one class of equity shares having a par value of Rs.1 per share. Each shareholder is eligible for one vote per share held and dividend as and when declared by the Company. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend which is paid as and when declared by the Board of Directors. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of
the Company, after distribution of all preferential amounts, in proportion to their shareholding.
(2) ADS shareholders do not have right to attend General meetings in person and also do not have right to vote. They are represented by depository, CITI Bank N.A. New York. As on March 31, 2014, 249,110,480 equity shares were held in the form of 62,277,620 ADS.
(3) For terms of conversion foreign currency convertible bonds
(4) In terms of Scheme of Arrangement as approved by the Hon'ble High Court of Judicature at Mumbai, vide its order dated April 19, 2002 the erstwhile Sterlite Industries (India) Limited during 2002-2003 reduced its paid up share capital by Rs.100.300 Millions. There are 219,937 equity shares of Rs.1 each pending clearance from NSDL/CDSL. The Company has filed application in Hon'ble High Court of Mumbai to cancel these shares, the final decision on which is pending. Hon'ble High Court of Judicature at Mumbai, vide its interim order dated September 06, 2002 restrained any transaction with respect to subject shares.
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 |
2965.000 |
869.100 |
869.100 |
|
(b) Reserves & Surplus |
333823.200 |
129368.800 |
115019.000 |
|
(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) |
336788.200 |
130237.900 |
115888.100 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
205342.200 |
11791.600 |
9680.100 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
104.000 |
631.000 |
|
(c) Other long term
liabilities |
3933.300 |
23.200 |
775.100 |
|
(d) long-term provisions |
22.600 |
18.100 |
43.300 |
|
Total
Non-current Liabilities (3) |
209298.100 |
11936.900 |
11129.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
132340.900 |
36519.100 |
33.100 |
|
(b) Trade payables |
24133.000 |
2443.000 |
8771.600 |
|
(c) Other current liabilities |
124173.900 |
2807.400 |
2160.300 |
|
(d) Short-term provisions |
8162.700 |
408.800 |
3995.200 |
|
Total
Current Liabilities (4) |
288810.500 |
42178.300 |
14960.200 |
|
|
|
|
|
|
TOTAL |
834896.800 |
184353.100 |
141977.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
224889.000 |
14685.700 |
7418.600 |
|
(ii) Intangible Assets |
951.300 |
860.200 |
180.100 |
|
(iii) Capital work-in-progress |
173273.300 |
3633.000 |
5045.400 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
224191.100 |
145658.600 |
17132.700 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
99055.200 |
4548.900 |
1529.800 |
|
(e) Other Non-current assets |
1044.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
723403.900 |
169386.400 |
31306.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
3480.800 |
1277.000 |
77505.400 |
|
(b) Inventories |
56787.000 |
7560.200 |
6361.000 |
|
(c) Trade receivables |
13036.500 |
1404.400 |
5068.800 |
|
(d) Cash and cash equivalents |
21103.600 |
248.800 |
8913.200 |
|
(e) Short-term loans and
advances |
12834.400 |
2924.400 |
12681.600 |
|
(f) Other current assets |
4250.600 |
1551.900 |
141.200 |
|
Total
Current Assets |
111492.900 |
14966.700 |
110671.200 |
|
|
|
|
|
|
TOTAL |
834896.800 |
184353.100 |
141977.800 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
285365.300 |
23476.300 |
65134.500 |
|
|
Other Income |
18170.600 |
3419.900 |
3863.300 |
|
|
TOTAL
(A) |
303535.900 |
26896.200 |
68997.800 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
179455.900 |
2245.900 |
5888.100 |
|
|
Purchases of Stock-in-Trade |
8192.500 |
1057.800 |
3670.100 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(5568.600) |
(2057.700) |
319.100 |
|
|
Power and Fuel |
46736.700 |
5574.800 |
0.000 |
|
|
Employees benefits expense |
5590.800 |
1846.200 |
1914.400 |
|
|
Other expenses |
27838.800 |
11390.800 |
27297.300 |
|
|
Exceptional item |
1308.800 |
97.100 |
660.900 |
|
|
TOTAL
(B) |
263554.900 |
20154.900 |
39749.900 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
39981.000 |
6741.300 |
29247.900 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
35649.600 |
4692.300 |
4200.000 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4331.400 |
2049.000 |
25047.900 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
15047.900 |
1479.100 |
838.500 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(10716.500) |
569.900 |
24209.400 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
(21477.400) |
(637.800) |
7410.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
10760.900 |
1207.700 |
16799.400 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
20677.000 |
19621.000 |
11377.200 |
|
|
|
|
|
|
|
Add |
TRANSFERRED
ON AMALGAMATION OF SESA INDUSTRIES LIMITED |
150.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Add |
PURSUANT
TO THE SCHEME OF AMALGAMATION |
(7747.900) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Transferred to debenture
redemption reserve |
3183.700 |
0.000 |
3476.400 |
|
|
Interim dividend [dividend per share Rs.1.50/-] |
4447.000 |
0.000 |
79.200 |
|
|
Proposed dividend [dividend per share Rs.1.75/- (Previous
year Rs.0.10/-)] |
5188.800 |
86.900 |
0.000 |
|
|
Tax on Proposed dividend (net of dividend received from
subsidiary u/s 115 O of Income-tax Act, 1961) |
0.000 |
14.800 |
0.000 |
|
|
Transferred to general reserve |
1150.000 |
50.000 |
5000.000 |
|
|
Balance
Carried to the B/S |
9870.500 |
20677.000 |
19621.000 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export Earnings |
126859.600 |
12125.900 |
51214.200 |
|
|
Management fees |
21.100 |
0.000 |
0.000 |
|
|
Dispatch money |
0.000 |
30.800 |
93.100 |
|
|
Sale of Carbon Credits |
0.000 |
27.600 |
79.400 |
|
|
Other services |
0.000 |
0.500 |
0.000 |
|
|
Others (ADS Reimbursement from CITI) |
71.500 |
0.000 |
0.000 |
|
|
TOTAL
EARNINGS |
126952.200 |
12184.800 |
51386.700 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
176026.700 |
0.000 |
6972.200 |
|
|
Components and spare parts |
750.100 |
3518.400 |
139.200 |
|
|
Fuel (including in transit) |
10913.700 |
205.700 |
0.000 |
|
|
Capital Goods |
313.900 |
1115.900 |
276.200 |
|
|
TOTAL
IMPORTS |
188004.400 |
4840.000 |
7387.600 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
3.67 |
1.39 |
19.33 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(7.08) |
4.49 |
24.35 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.76) |
2.43 |
38.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.45) |
1.63 |
82.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.03) |
0.00 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.00 |
0.37 |
0.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.39 |
0.35 |
0.48 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
869.100 |
869.100 |
2965.000 |
|
Reserves & Surplus |
115019.000 |
129368.800 |
333823.200 |
|
Net
worth |
115888.100 |
130237.900 |
336788.200 |
|
|
|
|
|
|
long-term borrowings |
9680.100 |
11791.600 |
205342.200 |
|
Short term borrowings |
33.100 |
36519.100 |
132340.900 |
|
Total
borrowings |
9713.200 |
48310.700 |
337683.100 |
|
Debt/Equity
ratio |
0.084 |
0.371 |
1.003 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
65134.500 |
23476.300 |
285365.300 |
|
|
|
(63.957) |
1,115.546 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
65134.500 |
23476.300 |
285365.300 |
|
Profit |
16799.400 |
1207.700 |
10760.900 |
|
|
25.79% |
5.14% |
3.77% |
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 |
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 |
-- |
|
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 |
Yes |
PERFORMANCE
REVIEW
The
Group structure consolidation and simplification exercise, announced in
February 2012, was concluded and took effect in two phases on August 17, 2013 and
August 19, 2013. Therefore, the numbers of FY 2013-14 are not comparable with
FY 2012-13. On account of the merger, the Company on standalone is into
iron-ore, copper, aluminium and power businesses.
The
merger of Sterlite Industries (India) Limited. And Sesa Goa Limited., and the
consolidation of the Vedanta Group has created India’s largest and one of the
world’s top seven diversified natural resource majors by market capitalisation
and EBITDA.
The
merger creates a platform to reinforce the Company’s position with a
diversified portfolio to reduce the volatility of earnings through commodity
cycles, lowering capital cost and enhancing value. The consolidation will
generate significant financial and operational synergies.
RESULTS
OF OPERATIONS
The
strength of their portfolio continued to support the business performance
during a year where they faced subdued commodity prices. Even though operating
in a challenging economic environment, volatile markets and generally low
global growth rate, their revenue and EBITDA remained strong and enabled to
deliver robust profits in FY 2013-14.
The
operational highlights during the year comprise: Full year record production of
Oil and Gas, driven by production ramp-up in Rajasthan block Higher integrated
refined metal production and stable mined metal production for the full year at
Zinc India First metal tapping at the BALCO 325kt aluminium smelter during Q4
Strong utilisation at Tuticorin copper smelter; 2nd 80MW unit of power plant
commissioned during Q4
The
Honorable Supreme Court vide its order dated April 21, 2014 has conditionally
lifted the ban on mining in the
State
of Goa with cap of 20 mtpa Resumption of iron ore mining operation at Karnataka
SCHEME
OF AMALGAMATION AND ARRANGEMENT
In
terms of order dated April 2, 2013 of Hon’ble High Court of Bombay at Goa
further confirmed by order dated August 27, 2013 of the Supreme Court of India,
the merger of Sterlite Industries (India) Limited (‘Sterlite’) and The Madras
Aluminium Company Limited (MALCO) with Sesa Goa and transfer of MALCO power
plant to Vedanta Aluminium Limited (VAL) pursuant to the Scheme of amalgamation
and arrangement amongst Sterlite, MALCO, Sterlite Energy Limited (SEL), VAL and
Sesa Goa and their respective Shareholders and Creditors (‘Composite Scheme’)
and the Scheme of Amalgamation of Ekaterina
Limited (Ekaterina) with Sesa Goa and their respective Shareholders and
Creditors (‘Ekaterina Scheme’) became effective from August 17, 2013. August
28, 2013 was fixed as the Record date for determining the list of the
shareholders of Sterlite, MALCO and Ekaterina to whom the equity shares of the
Sesa Goa were allotted as per terms of the scheme in the following manner: To
the Shareholders of Sterlite: Every equity shareholder of Sterlite holding 5
(five) equity shares in Sterlite of Rs. 1 each fully paid up (‘Sterlite
Shares’) as of the Record Date shall be entitled to be issued 3 (three) shares
of face value Rs.1 each, at par, credited as fully paid up, of the Sesa Goa
(‘Sesa Goa Shares’).
To the
ADS holders of Sterlite:
Every
holder of Sterlite ADSs (each representing 4 (four) Sterlite shares) holding 5
(five) Sterlite ADSs shall be entitled to receive 3 (three) Sesa Goa ADSs (each
representing 4 (four) Sesa Goa shares).
To the
Shareholders of MALCO:
Every
equity shareholder of MALCO holding 10 (ten) equity shares in MALCO of Rs. 2
each fully paid up as of the
Record
Date shall be entitled to be issued 7 (seven) equity shares of face value Rs.1
each, at par, credited as fully paid up, of the Sesa Goa.
To the
Shareholders of Ekaterina:
Every
equity shareholder of the Ekaterina Limited holding 25 (Twenty Five) equity
shares in Ekaterina Limited of USD 0.1 each fully paid up as of the Record Date
shall be entitled to be issued 1 (One) equity share of the face value of Rs.1
each, at par, credited as fully paidup, of the Sesa Goa.
The
shares were allotted on August 29, 2013 and the shares were credited to the
depository accounts and share certificates dispatched in first week of
September, 2013. Consequent to allotment the share paid up share capital of the
Company went up from Rs.869.101 Millions to Rs.2964.674 Millions.
Treatment
of fractional entitlements:
All
fractional entitlements (cumulatively) of individual shareholders were allotted
to Mr. P. K. Mukherjee, Executive Director as Trustee for and on behalf of such
shareholders of Sterlite and MALCO and the shares were disposed of and the
proceeds distributed to such shareholders in proportion to and in lieu of their
respective fractional entitlements. The Proceeds also included interim dividend
of Rs.1.50 per share declared by the Board on October 31, 2013.
COMPANY
OVERVIEW
Subject
(formerly known as Sesa Goa Limited “SGL”) (“SSL” or “the Company”) is engaged
in the business of iron ore mining, non-ferrous metals (copper and aluminium
production) and commercial power generation. SSL’s equity shares are listed on
National Stock Exchange and Bombay Stock Exchange in India and its American
depository shares (“ADS”) are listed on New York Stock Exchange in United
States of America. Each ADS represents four equity shares. SSL is
majority-owned and controlled subsidiary of Vedanta Resources Plc, the London
listed diversified natural resource company. The Scheme of Amalgamation and
Arrangement amongst Sterlite Energy Limited (‘SEL’), Sterlite Industries
(India) Limited (‘Sterlite’), Vedanta Aluminium Limited (‘VAL’), Madras
Aluminium Company Limited (‘Malco’) and the Company was sanctioned by the High
Court of Judicature of Bombay at Goa vide its order dated April 3, 2013 and the
Honourable High Court of Madras vide its order dated
July
25, 2013. The Scheme of Amalgamation between Ekaterina Limited and Sesa Goa
Limited was sanctioned by the Honourable Supreme Court of Mauritius by an order
dated August 24, 2012 and the High Court of Judicature of Bombay at Goa vide
its order dated April 3, 2013.The Scheme became effective for Sterlite,
Ekaterina and Malco on August 17, 2013; and for SEL and VAL the scheme became
effective on August 19, 2013. The Scheme has been given effect to in the
financial statements for the year ended March 31, 2014.
The
Company’s iron ore business (Iron ore) consist of iron ore exploration, mining,
beneficiation and exports. SSL has iron ore mining operations in the States of
Goa and Karnataka. SSL is also in the business of manufacturing pig iron and
metallurgical coke. The Company’s copper business (Copper India) is principally
of custom smelting and includes a copper smelter, a refinery, a phosphoric acid
plant and power plants at Tuticorin, Tamilnadu and a refinery and two copper
rod plants at Silvassa in the Union Territory of Dadra and Nagar Haveli.
The
Company’s power business (Jharsuguda 2,400 MW power plant) comprise of 2,400 MW
(four units of 600 MW each) thermal coal based power facility in the State of
Odisha. The Company’s aluminium business (Jharsuguda aluminium) is principally
of production of 1.0 mtpa alumina at Lanjigarh, Odisha, production of 0.5 mtpa
aluminium at Jharsuguda, Odisha and captive power plants situated at Jharsuguda
and Lanjigarh. The Company is also setting up a 1.25 mtpa aluminium smelter at
Jharsuguda, 4.0 mtpa of alumina refinery at Lanjigarh and 210 MW at Lanjigarh.
Pursuant
to approval received from Register of Companies, the name of the Company has
been changed from Sesa Goa Limited to Sesa Sterlite Limited w.e.f. September
18, 2013.
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Deferred sales tax liability e |
1385.700 |
0.000 |
|
Foreign currency convertible bonds g |
0.000 |
11791.600 |
|
Short-term
borrowings |
|
|
|
Buyers’ credit from banks |
20529.600 |
586.800 |
|
Commercial paper d |
32800.000 |
25000.000 |
|
Packing credit from banks |
4914.800 |
9115.600 |
|
Suppliers’ credit |
13546.000 |
1816.700 |
|
Total |
73176.100 |
48310.700 |
|
NOTE: e) Unsecured deferred sales tax liability of Rs.1426.200 Millions [including amount classified under current maturity of long-term borrowings of Rs.40.500 Millions outstanding as at March 31, 2014 is currently repayable in monthly installments till March 2027. g) Foreign currency convertible bonds/notes includes : (i) 4% Convertible Notes of US $1,000 each amounting to US$ 500 million issued by erstwhile Sterlite Industries (India) Limited in financial Year 2009- 10. Subject to certain exceptions, the note holders have an option to convert these Convertible Notes into ADSs (each ADS represents four equity shares) at any time prior to business day immediately preceding the maturity date at a conversion rate of 42.8688 ADSs per US$ 1,000 principal amount of notes which is equal to a conversion price of approximately US$ 23.33 per ADS. Upon effectiveness of the Scheme of Amalgamation and Arrangement, conversion rate has been changed to 25.7213 ADSs per US$ 1,000 principal amount of notes which is equal to a conversion price of approximately US$ 38.88 per ADS. The conversion price could be subject to adjustments should certain events occur. Further, at any time after November 4, 2012, Copper India has a right to redeem in whole or parts of the Convertible Notes, subject to meeting certain conditions. The amount which Copper India is required to pay contractually on October 30, 2014is US$ 500 million, unless the notes are converted, redeemed or purchased and cancelled. The amount outstanding as on March 31, 2014 is Rs.30049.900 Millions (US$ 500 million) [included in current maturity of long-term borrowings. (ii) 5% Convertible Bonds of US$ 1,000 each amounting to US$ 500 million issued by the Company in Financial Year 2009-10. The bondholders have an option to convert these FCCBs into shares, at a conversion price of Rs.346.88 per share and at a fixed rate of exchange on conversion of Rs.48.00 per US$ 1.00 at any time on or after December 9, 2009. The conversion price is subject to adjustment in certain circumstances. The FCCBs may be redeemed in whole, but not in part, on or after October 30, 2012, subject to certain conditions. Unless previously converted, redeemed or repurchased and cancelled, the FCCBs fall due for redemption on October 31, 2014 at par. Upto March 31, 2014, 2,832 FCCB’s have been converted into 39,188,159 equity shares. A part of the FCCB proceeds aggregating to Rs.10408.600 Millions has been utilised for the Company’s capital projects. The amount outstanding as on March 31, 2014 is Rs.13029.600 Millions (US$ 216.79 million) [included in current maturity of long-term borrowings d) Maximum amount outstanding at any time during the year
was Rs.80200.000 Millions. |
||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10497008 |
15/04/2014 |
5,000,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
COMMERCIAL NETWORK
BRANCH, 239, P DE MELLO ROAD, |
C05304654 |
|
2 |
10470762 |
27/03/2014 * |
20,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
C05302021 |
|
3 |
10467271 |
25/03/2014 * |
10,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
C05299433 |
|
4 |
10464741 |
23/12/2013 * |
12,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B94118395 |
|
5 |
10449511 |
04/03/2014 * |
10,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B98559131 |
|
6 |
10437388 |
27/09/2013 * |
25,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B86679446 |
|
7 |
10419764 |
15/04/2013 |
20,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B73207797 |
|
8 |
10403083 |
21/01/2013 |
20,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B67744896 |
|
9 |
10378088 |
04/09/2012 |
7,500,000,000.00 |
STATE BANK OF INDIA |
C.A.G. MUMBAI, NEVILLE HOUSE, J.N.HEREDIA MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B58717232 |
|
10 |
10285311 |
21/04/2011 * |
6,250,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, PATTO PLAZA, PANAJI, GOA - 403001, INDIA |
B13742978 |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2014 |
|
Disputed liabilities in appeal : |
|
|
Income Tax demands principally in respect of depreciation consequent to block assessment, disallowance of short term capital loss, disallowance of commission on sales paid to non resident, Section 14A, demurrage, Section10B deduction and additional depreciation on plant and machinery. |
13474.900 |
|
Sales Tax demands relating to tax on Freight and Entry Tax on imported goods |
4984.600 |
|
Excise Duty relating to disputes in respect of dutiability and availing of cenvat credit on certain capital goods and other inputs. |
1543.200 |
|
Service Tax demands for certain services rendered |
259.500 |
|
Custom duty relating to differential export duty on export shipments |
140.400 |
|
FERA/FEMA matters relating to disputes in respect of certain investments into the Company |
599.000 |
|
Forest development tax levied by Government of Karnataka |
2978.000 |
|
Cess on transportation of Ore, coal and coke levied by Government of Goa under the Goa Rural and Development and Welfare Cess Act, 2000 (Goa Act 29 of 2000) |
1073.300 |
|
Royalty demand in Karnataka |
121.100 |
|
Other matters principally related to Building Cess under Building and Construction Workers (RECS) Act, 1996 and corresponding Welfare Cess Act, 1996 |
106.300 |
|
Claims against the company not acknowledged as debts principally related to commercial and employment contracts, stacking charges, dead rent on deemed mining leases and royalty. |
2492.900 |
NOTE:
Estimated cost of variation in copper and precious metals quantity due to adjustments done based on metal contents as per laboratory assessments pending receipt of final invoice amounts to Rs.372.800 Millions (Previous year Nil).
(d) Shenzhen Shandong Nuclear Power Construction Co. Limited (‘SSNP’) subsequent to terminating the EPC contract invoked arbitration as per the contract alleging non-payment of their dues towards construction of a 210 MW co-generation power plant for refinery expansion project, and filed a claim of Rs.17801.600 `. SSNP also filed a petition under Section 9 of the Arbitration and Conciliation Act, 1996 before the Bombay High Court praying for interim relief. The Bombay High Court initially dismissed their petition, but on a further appeal by SSNP, the Division Bench of the Bombay High Court directed Jharsuguda aluminium to deposit a bank guarantee for an amount of Rs.1870.000 ` as a security, being a prima facie representation of the claim, until arbitration proceedings are completed. Jharsuguda Aluminium has deposited a bank guarantee of equivalent amount. Management is of the opinion that this claim is not valid under the terms of the contract with SSNP and it is unlikely that SSNP can legally sustain the claim and accordingly, no provision is considered necessary.
(e) Future cash flows in respect of the above, if any, is determined only on receipt of judgement/decisions pending with relevant authorities. The Company does not expect the outcome of matters stated above to have a material adverse effect on the Company’s financials conditions, result of operations or cash flows.
FIXED ASSETS
Tangible assets
·
Mining leases
·
Mining concessions
·
Land plots
·
Road and Bunders
·
Buildings
·
Plant and equipment
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Aircraft
·
River fleet
·
Ship
Intangible assets
·
Computer software
PRESS RELEASES
SESA EXPECTS TO RESUME GOA IRON ORE PRODUCTION IN SEPTEMBER
JULY 03, 2014
The miner expects its total iron ore output at 9.29 million tonnes in the current fiscal year to March 2015, Aniruddha Joshi, a vice president at Sesa Sterlite that operates in Goa and neighbouring Karnataka.
Sesa Sterlite Limited India's largest private iron ore miner, expects to resume production in the country's Goa state in September, a senior official of the company said on Thursday. The miner expects its total iron ore output at 9.29 million tonnes in the current fiscal year to March 2015, Aniruddha Joshi, a vice president at Sesa Sterlite that operates in Goa and neighbouring Karnataka, told Reuters in an interview. The Supreme Court in April lifted a ban on mining in Goa, in place for nearly two years to curb illegal mining, but ordered firms to renew mining leases and environmental clearances before restarting work.
Also Read: Sesa Sterlite Q4 net rises 13% to Rs 16220.000 Millions, margin dips Sesa Sterlite stock price On July 21, 2014, at 10:56 hrs Sesa Sterlite was quoting at Rs 298.85, up Rs 0.45, or 0.15 percent. The 52-week high of the share was Rs 318.40 and the 52-week low was Rs 119.45. The company's trailing 12-month (TTM) EPS was at Rs 3.63 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 82.33. The latest book value of the company is Rs 113.60 per share. At current value, the price-to-book value of the company is 2.63.
HOPEFUL OF MINING RESUMING AFTER MONSOON: SESA STERLITE
JULY 11, 2014
The company, which had exported 14 MT, of total 40 MT during the year 2011-12, before the apex court banned the mining activity in Goa, conceded that the exports would decrease once the mining activity resumes because of several conditions.
After two-year-long ban on the iron ore extraction industry, Sesa Sterlite a natural resource major, today said it expects export to resume soon post monsoon. "We recognise that part of the Supreme Court decision lifting the ban needs to be taken up by both the State and federal government."So we look forward for everyone working towards timely resumption of mining within those conditions by the end of the monsoon season," Sesa Sterlite CEO Tom Albanese told PTI here at the sidelines of the company's Annual General meeting. The company, which had exported 14 MT, of total 40 MT during the year 2011-12, before the apex court banned the mining activity in Goa, conceded that the exports would decrease once the mining activity resumes because of several conditions. During the AGM, Albanese told shareholders that they would be able to retain all their leases. He said that after the ban is lifted, the annual capping on the export would be 20 MT, which would easily be achieved considering the fact that the activity was stalled for last two years. "There is more than enough mining capacity to support 20 MT. I am confident that production will move up to the cap provided the economic conditions are good," he said. Albanese said the industry should also recognise that over past two years there has been a reduction in the prices of iron ore, so the margins that existed couple of years back, is no longer present now. "The profits on the ore export will be curbed due to continuation of the export duty and some of the ore that was mined two years ago may not be economical now," he added. He said that the Sesa Sterlite would be looking at fresh extraction primarily for the export market. The industry is also wary about the decrease in demand from China market, due to two yearlong lull. "With the mining ban being imposed in Goa, the loss has been compensated by increased production from Australia. Hopefully, once the ban is lifted, India can regain some of their market share," the CEO said. Earlier, addressing the shareholders, he said resumption of mining in Goa is only the start. "I believe, we need to use this as just the first step for a momentum to create Goa as a world class mining hub, to develop Goa as the state serving both the Indian steel mining sector and generating much needed export earnings," he said. Albanese said that the larger scale operation with larger fleet could make Goa a global iron ore hub. Export duties and high rail rates hinder the business, specially of lower grade iron ore, which Goa is known for. Sesa Sterlite stock price On July 21, 2014, at 10:57 hrs Sesa Sterlite was quoting at Rs 298.85, up Rs 0.45, or 0.15 percent. The 52-week high of the share was Rs 318.40 and the 52-week low was Rs 119.45. The company's trailing 12-month (TTM) EPS was at Rs 3.63 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 82.33. The latest book value of the company is Rs 113.60 per share. At current value, the price-to-book value of the company is 2.63.
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 : |
HTL |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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.