MIRA INFORM REPORT
|
Report Date : |
05.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
ARCELORMITTAL DISTRIBUTION SOLUTIONS INDIA PRIVATE
LIMITED [w.e.f. 29.07.2009] |
|
|
|
|
Formerly Known
As : |
ARCELORMITTAL-STAINLESS INTERNATIONAL INDIA PRIVATE LIMITED [w.e.f.
27.05.2008] ARCELOR STAINLESS INDIA PRIVATE LIMITED |
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|
|
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Registered
Office : |
A/403 and B/402, 4th Floor, Delphi, Hiranandani Business
Park, Powai, Mumbai – 400076, Maharashtra |
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Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
09.05.2003 |
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|
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|
Com. Reg. No.: |
11-140373 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 2.981
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U51420MH2003PTC140373 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA22249D |
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|
|
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PAN No.: [Permanent Account No.] |
AAECA5521B |
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|
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Trader and Importer of all Kind of Steel Products. |
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|
|
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
B (34) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Arcelor Foundation Solutions BV,
Luxembourg”. It is a well-established company having moderate track. The company possesses a moderate financial profile marked by huge
deterioration in its reserves and cash balance due to consecutive losses
along with large liabilities and working capital intensive operations during
FY 2013. The ratings also take into consideration the huge gap reported between
the trade receivables and payables during the year under review. However, trade relations seems to be fair. Business is active. Payment
terms are reported as slow but correct. In view of parental support and experienced promoters, the subject can
be considered for business dealings with slight caution. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has raised
Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a
coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non Co-operative (91-22-42489504)
LOCATIONS
|
Registered Office : |
A/403 and B/402, 4th Floor, Delphi, Hiranandani Business
Park, Powai, Mumbai – 400076, Maharashtra, India |
|
Tel. No.: |
91-22-42489504 |
|
Fax No.: |
91-22-67029546 |
|
E-Mail : |
anandrai.prakash@arcelormittal.com
shravan.mulky@arcelormittal.com
bhaskar.pendse@arcelormittal.com |
|
Website: |
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|
Area : |
6000 Sq. ft. |
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Location: |
Owned |
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Sales Office : |
Located at: · Chennai · Kolkata · Ahmedabad · Hyderabad ·
Faridabad |
DIRECTORS
AS ON 30.09.2013
|
Name : |
Mr. Raj Kumar Saxena |
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Designation : |
Director |
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Address : |
Flat No. 141, Nehru Apartments, Kalkaji, New Delhi-110019, India |
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Date of Birth/Age : |
09.05.1950 |
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Date of Appointment : |
27.09.2011 |
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DIN No.: |
01146693 |
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Other Directorship:
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Name : |
Mr. Vijaykumar Brahma Bhatnagar |
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Designation : |
Director |
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Address : |
Flat No.22, Tower P1, ATS Green Village, Sector-93A, Noida Exp. Way,
Noida-201301, Uttar Pradesh, India |
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Date of Birth/Age : |
21.08.1947 |
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Date of Appointment : |
27.08.2009 |
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DIN No.: |
02200026 |
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Other Directorship:
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Name : |
Mr. Johannes Frans Nathanael De Schrijiver |
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Designation : |
Director |
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Address : |
Massenhovesteenweg 37D, Broechem 2520 |
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Date of Birth/Age : |
04.11.1967 |
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Date of Appointment : |
30.09.2013 |
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DIN No.: |
06454423 |
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Other Directorship:
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Name : |
Mr. Christophe Paul Claude Jacamon |
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Designation : |
Director |
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Address : |
37, Rue Pierre Krier, Bereldange 4260 |
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Date of Birth/Age : |
16.01.1971 |
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Date of Appointment : |
30.09.2013 |
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DIN No.: |
06454416 |
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Other Directorship:
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Name : |
Mr. Mahesh Shrikant Barve |
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Designation : |
Whole-time Director |
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Address : |
Tower No.11, Flat No.1201, Close-South, South City-II, Gurgaon –
122018, Haryana, India |
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Date of Birth/Age : |
01.06.1973 |
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Date of Appointment : |
30.09.2013 |
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DIN No.: |
06534118 |
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Other Directorship:
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MAJOR SHAREHOLDERS
AS ON 30.09.2013
|
Names of Shareholders |
No. of Shares |
|
Arcelor Foundation Solutions BV, Netherlands |
298138 |
|
Mahesh Shrikant Barve |
1 |
|
Total |
298139 |
Equity Share Break up (Percentage of Total Equity)
AS ON 30.09.2013
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader and Importer of all Kind of Steel Products. |
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|
Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|
|
|
|
Bankers : |
·
HDFC Bank Limited, Fort Branch, Mumbai,
Maharashtra, India ·
Bank of America, Nariman Point, Mumbai,
Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Hinesh R. Doshi and Company Chartered Accountants |
|
Address : |
102, First Floor, A Wing, Rajgir Court, 6 Kohinoor Road, Dadar (East),
Mumbai – 400014, Maharashtra, India |
|
PAN No.: |
AACFH3118C |
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|
|
|
Holding Company : |
·
ArcelorMittal Stainless Internationa S A ·
Arcelor Foundation Solutions B V |
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|
|
|
Fellow Subsidiaries : |
·
ArcelorMittal Projects Netherlands ·
ArcelorMittal Commercial R.P.S. Sarl ·
ArcelorMittal International ·
ArcelorMittal Flat Carbon Europe SA ·
ArcelorMittal France ·
Dubai Steel Trading Company LLC ·
ArcelorMittal International Luxemburg |
CAPITAL STRUCTURE
AS ON 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
298139 |
Equity Shares |
Rs.10/- each |
Rs.2.981 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 |
2.981 |
2.981 |
2.724 |
|
(b) Reserves & Surplus |
78.127 |
173.174 |
146.728 |
|
(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) |
81.108 |
176.155 |
149.452 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
147.711 |
2.100 |
|
(d) long-term
provisions |
8.188 |
0.790 |
0.547 |
|
Total Non-current
Liabilities (3) |
8.188 |
148.501 |
2.647 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
557.418 |
231.710 |
0.000 |
|
(b) Trade
payables |
9760.138 |
6950.023 |
2193.320 |
|
(c) Other
current liabilities |
222.077 |
202.665 |
65.378 |
|
(d) Short-term
provisions |
0.706 |
0.983 |
44.679 |
|
Total Current
Liabilities (4) |
10540.339 |
7385.381 |
2303.377 |
|
|
|
|
|
|
TOTAL |
10629.635 |
7710.037 |
2455.476 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
57.713 |
50.464 |
12.687 |
|
(ii) Intangible
Assets |
1.256 |
0.400 |
0.326 |
|
(iii)
Capital work-in-progress |
0.000 |
1.428 |
8.553 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
59.925 |
82.448 |
0.335 |
|
(d) Long-term Loan and Advances |
572.955 |
110.555 |
7.223 |
|
(e) Other
Non-current assets |
0.100 |
3.070 |
0.100 |
|
Total Non-Current
Assets |
691.949 |
248.365 |
29.224 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
8528.520 |
4251.884 |
1289.017 |
|
(c) Trade
receivables |
1123.785 |
1110.320 |
931.403 |
|
(d) Cash
and cash equivalents |
26.696 |
900.088 |
58.875 |
|
(e) Short-term
loans and advances |
258.364 |
1197.599 |
146.943 |
|
(f) Other
current assets |
0.321 |
1.781 |
0.014 |
|
Total
Current Assets |
9937.686 |
7461.672 |
2426.252 |
|
|
|
|
|
|
TOTAL |
10629.635 |
7710.037 |
2455.476 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9760.560 |
8118.550 |
2973.550 |
|
|
|
Other Income |
242.300 |
63.710 |
94.560 |
|
|
|
TOTAL |
10002.860 |
8182.260 |
3068.110 |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
9488.720 |
7749.200 |
2836.820 |
|
|
|
Employee Benefits Expenses |
97.050 |
58.340 |
18.080 |
|
|
|
Other Expenses |
240.180 |
441.430 |
31.580 |
|
Less |
|
TOTAL |
9825.950 |
8248.970 |
2886.480 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
176.910 |
(66.710) |
181.630 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
236.280 |
182.920 |
4.410 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(59.370) |
(249.630) |
177.220 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
13.160 |
5.790 |
1.390 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(72.530) |
(255.410) |
175.830 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
22.520 |
82.110 |
58.560 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(95.050) |
(173.300) |
117.270 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(29.530) |
143.770 |
26.500 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(124.580) |
(29.530) |
143.770 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
16.986 |
3.585 |
1.149 |
|
|
|
Commission Earnings |
71.753 |
14.464 |
4.823 |
|
|
TOTAL EARNINGS |
88.739 |
18.049 |
5.972 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
NA |
6759.474 |
2223.575 |
|
|
TOTAL IMPORTS |
NA |
6759.474 |
2223.575 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(318.80) |
(581.27) |
430.50 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(0.95) |
(2.12) |
3.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.74) |
(3.15) |
5.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.69) |
(3.35) |
7.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.89) |
(1.45) |
1.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
6.87 |
1.32 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.94 |
1.01 |
1.05 |
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 |
2.724 |
2.981 |
2.981 |
|
Reserves & Surplus |
146.728 |
173.174 |
78.127 |
|
Net
worth |
149.452 |
176.155 |
81.108 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
231.710 |
557.418 |
|
Total
borrowings |
0.000 |
231.710 |
557.418 |
|
Debt/Equity
ratio |
0.000 |
1.315 |
6.873 |
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 |
2,973.550 |
8,118.550 |
9,760.560 |
|
|
|
173.026 |
20.225 |
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
|
2,973.550 |
8,118.550 |
9,760.560 |
|
Profit |
117.270 |
(173.300) |
(95.050) |
|
|
3.94% |
(2.13%) |
(0.97%) |
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 |
No |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
NOTE: Registered Office
of the company has been shifted from 205, Sentinel, Hiranandani Gardens,
Powai, Mumbai –
400076, Maharashtra, India to the present address w.e.f. 16.05.2012
CORPORATE INFORMATION:
ArcelorMittal
Distribution Solutions India Private Limited is a Private Limited Company
incorporated on 09th May 2003. Its main object is to carry on the business as
Distributors, Dealers, Stockiest, Indenters, Traders, Factors, Exporters,
Importers, Wholesalers, and Bulk Importers with expanded warehouse sales
related Steel & Metal products including Stainless Steel of various grades
and sizes.
BUSINESS OPERATIONS:
Turnover of the
company increased by more than 20% to Rs. 9760.56 Million during the year under
review.
Subject expanded
its business network in India. The distribution network built upon in different
regions across the country successfully puts into practice and continually
develops its business model. The strategic location of company’s various
stockyards provides fast and high-quality services across all regions.
Subject intends to
sign Mou’s with the various domestic mills and would focus on foundation
business. Subject is looking forward to increase its territorial reach and
needs to establish sources for second stocks from group sites including
exploring value addition routes like random rebar. Subject further would work
with low inventory and short cycles to avoid any windfall losses.
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Loans repayable
on demand from banks |
557.418 |
231.710 |
|
|
|
|
|
Total |
557.418 |
231.710 |
NO CHARGES EXIST FOR COMPANY.
FIXED ASSETS:
·
Software
·
Computer
·
Motor Car
·
Office Equipments
·
Furniture
·
Leasehold Improvements
PRESS RELEASE:
ARCELORMITTAL REJIGS TOP
MANAGEMENT, NO CHANGE IN INDIA
New Delhi: Aiming to simplify its operations, world's largest
steel maker ArcelorMittal has reorganised its top management structure, vesting
more responsibilities with group CFO Aditya Mittal who has also been designated
as CEO of Europe operations.
The restructuring, however, leaves India operations untouched with
Sudhir Maheshwari's responsibilities remaining the same as CEO of India and
China and Head of M&A, Finance and Risk Management.
"Management of the business will be re-organised ... With the
following Group Management Board (GMB) responsibilities: Flat Carbon Europe,
Long Carbon Europe and distribution solutions will report to Aditya Mittal as
CEO of ArcelorMittal Europe. He will remain CFO of ArcelorMittal," the
company said in a statement.
Flat Carbon Americas and Long Carbon Americas will report to Lou
Schorsch as CEO of ArcelorMittal Americas, who will remain in charge of several
corporate activities (Strategy, Technology, R&D, Global Automotive and
Commercial Co-ordination).
ArcelorMittal Chairman and CEO Lakshmi Mittal said: "We have
implemented these changes to simplify the organisation and ensure we have the
strongest possible foundation from which to operate and grow in the future. I
am confident that these modifications will enable us to achieve that."
ArcelorMittal is the world's leading steel and mining company,
with a presence in more than 60 countries and an industrial footprint in over
20 countries.
In 2012, it had revenues of USD 84.2 billion and crude steel
production of 88.2 million tonnes, while iron ore production reached 55.9
million tonnes.
The company, which has been cutting costs, managed to narrow down
its net loss by over 3 times to USD 193 million for the third quarter of 2013.
However, this was the fifth consecutive quarterly loss posted by the company.
In the changed structure, Algeria, Kazakhstan, South Africa and
Ukraine will report to Davinder Chugh as CEO of ArcelorMittal Africa and the
CIS, while Tubular products will report to Gonzalo Urquijo, who will also
become head of health and safety and corporate affairs.
Separately Henri Blaffart, in addition to being Executive Vice
President and Group Head of Human Resources, will also take responsibility for
Corporate Services encompassing legal, capital goods, shipping and IT,
reporting to the CEO.
Bill Scotting remains CEO of Mining. Robrecht Himpe is appointed
Head of Business Optimisation, Europe, and will report to Aditya Mittal, it
said adding, Geert Van Poelvoorde is appointed head of Flat Carbon Europe and
will also report to Aditya Mittal.
Meanwhile, the company said Michel Wurth has notified his
intention to retire in April, 2014 but will retain his links with the company
as chairman of ArcelorMittal Luxembourg and, subject to approval at the annual
general meeting, as a member of the ArcelorMittal board of directors.
The CEO Mittal said: "I am delighted that he will retain his
links with the company, as both a member of the board and chairman of
ArcelorMittal Luxembourg."
ARCELORMITTAL REJIGS BUSINESS, ADITYA MITTAL TO HEAD EUROPEAN OPERATIONS
NEW DELHI:
Aiming
to simplify its operations, ArcelorMittal has reorganised its top management
structure, vesting more responsibilities with group CFO Aditya Mittal who has
also been designated as CEO of the world's largest steel maker's Europe
operations.
The
restructuring, however, leaves India operations untouched with Sudhir
Maheshwari's responsibilities remaining the same as CEO of India and China and
head of M&As, finance and risk management.
"Management
of the business will be re-organised ... with the following Group Management
Board (GMB) responsibilities: Flat Carbon Europe, Long Carbon Europe and
distribution solutions will report to Aditya Mittal as CEO of ArcelorMittal
Europe. He will remain CFO of ArcelorMittal," the company said in a
statement on Thursday.
Flat
Carbon Americas and Long Carbon Americas will report to Lou Schorsch as CEO of
ArcelorMittal Americas, who will remain in charge of several corporate
activities (strategy, technology, R&D, global automotive and commercial
co-ordination).
"We
have implemented these changes to simplify the organisation and ensure we have
the strongest possible foundation from which to operate and grow in the future.
I am confident that these modifications will enable us to achieve that,"
ArcelorMittal chairman and CEO Lakshmi Mittal said.
ArcelorMittal
is the world's leading steel and mining company, with a presence in more than
60 countries and an industrial footprint in over 20 countries.
In
2012, it had revenues of $84.2 billion and crude steel production of 88.2
million tonnes, while iron ore production reached 55.9 million tonnes.
The
company, which has been cutting costs, managed to narrow down its net loss by
over 3 times to $193 million for the third quarter of 2013. However, this was a
fifth consecutive quarterly loss posted by the company.
In the
changed structure, Algeria, Kazakhstan, South Africa and Ukraine will report to
Davinder Chugh as CEO of ArcelorMittal Africa and the CIS, while Tubular Products
will report to Gonzalo Urquijo, who will also become head of health and safety
and corporate affairs.
Separately,
Henri Blaffart, in addition to being executive vice president and group head of
human resources, will also take responsibility for corporate services
encompassing legal, capital goods, shipping and IT, reporting to the CEO.
Bill
Scotting will remain CEO of mining operations. Robrecht Himpe is appointed head
of business optimisation, Europe, and will report to Aditya Mittal, the
statement noted.
It
also said Geert Van Poelvoorde is appointed head of Flat Carbon Europe and will
also report to Aditya Mittal.
Meanwhile,
the company said Michel Wurth has notified his intention to retire in April,
2014 but will retain his links with the company as chairman of ArcelorMittal
Luxembourg and, subject to approval at the annual general meeting, as a member
of the ArcelorMittal board of directors.
"I
am delighted that he will retain his links with the company, as both a member
of the board and chairman of ArcelorMittal Luxembourg," said chief
executive Mr. Mittal.
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.59.34 |
|
|
1 |
Rs.99.18 |
|
Euro |
1 |
Rs.80.76 |
INFORMATION DETAILS
|
Information
Gathered by : |
H TL |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
34 |
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.