MIRA
INFORM REPORT
|
Report Date : |
04.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
|
|
|
|
|
Registered
Office : |
H-1, Zamrudpur
Community Centre, Kailash Colony, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
07.09.1992 |
|
|
|
|
Com. Reg. No.: |
55-050216 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1378.750 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1992PLC050216 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM0846P |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in manufacture of pig iron and iron ore mining. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 24670000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established
company having a satisfactory track record. Overall financial
position of the company is sound and healthy. Networth of the company is
strong. The ratings also
take into consideration the trade payables which are huge as compared to the
trade receivables which may act as a threat to the liquidity position. However, trade
relations are reported as fair. Business is active. Payment terms are
reported as usually correct. The company can
be considered for business dealings at usual trade terms and conditions. Note : Subject has got delisted from BSE on 2nd July,2004. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would take
a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Fund Based Bank Facilities: “BBB-” |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
March 14, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Non-Fund Based Bank Facilities: “A3” |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
March 14, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (TEL. NO.: 91-11-29241099)
LOCATIONS
|
Registered Office : |
H-1, Zamrudpur
Community Centre, Kailash Colony, |
|
Tel. No.: |
91-11-29241099 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
D/12, Freedom Fighter Enclave, Gate No.4, |
|
Tel. No.: |
91-11-29532307/ 32906529/ 65631600 |
|
|
|
|
Corporate Office 1 : |
MESCO Heliport, Juhu Aerodrome, Mumbai – 400054, |
|
Tel. No.: |
91-22-26614572/ 26603173/ 26603175 |
|
Fax No.: |
91-22-26610014 |
|
|
|
|
Corporate Office 2 : |
401, |
|
Tel. No.: |
91-22-26413269/ 26413257 |
|
Fax No.: |
91-22-26610014 |
|
E-Mail : |
|
|
|
|
|
Sales Office 1/ Corporate HR Department : |
|
|
Tel. No.: |
91-674-2433121/ 24, 2432755/ 59 |
|
Fax No.: |
91-674-2432256 |
|
E-Mail : |
|
|
|
|
|
Sales Office 2 : |
4, Fairlie Place, HMP House, 2nd Floor, Kolkata – 700001, West
|
|
Tel. No.: |
91-33-40649022/ 40729021 |
|
Fax No.: |
91-33-2231749 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Panchvati, P.O: |
|
|
|
|
Mines, Ports and Steel Plant : |
8-9-A, |
|
|
|
|
Malangtoli Iron |
At-Villages Sirkagutu, Kadakala, Lohakala, Via-Kalimati, PO-Dubuna,
Tehsil-Telkoi, District Keonjhar, |
|
|
|
|
Steel Plant : |
Kalinga Nagar Industrial Complex, Khurunti P.O., Danagadi,
Jajpur – 755026, |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Nandanadan Mishra |
|
Designation : |
Director |
|
Address : |
Flat D053, |
|
Date of Birth/Age : |
20.10.1942 |
|
Date of Appointment : |
27.03.2012 |
|
DIN No.: |
00031342 |
|
|
|
|
Name : |
Mr. Hanumantharao Ravipati |
|
Designation : |
Whole Time Director |
|
Address : |
6-46/1, Sri Hanuman Residency, Near Mazid Gollala Yendada,
Vishakhapatnam – 530045, |
|
Date of Birth/Age : |
02.03.1946 |
|
Date of Appointment : |
06.07.2006 |
|
DIN No.: |
00044028 |
|
|
|
|
Name : |
Mr. Debi Prasad Bagchi |
|
Designation : |
Director |
|
Address : |
Y-165, Regency Park II, |
|
Date of Birth/Age : |
21.10.1942 |
|
Date of Appointment : |
27.03.2012 |
|
DIN No.: |
00061648 |
|
|
|
|
Name : |
Mrs. Rita Singh |
|
Designation : |
Chairperson cum Managing Director |
|
Address : |
D-3A, Ansal Villa, |
|
Date of Birth/Age : |
23.04.1950 |
|
Qualification : |
B. Sc |
|
Date of Appointment : |
07.09.1992 |
|
PAN No.: |
ABKPS4308J |
|
DIN No.: |
00082263 |
|
|
|
|
Name : |
Mr. Jitendra Kumar Singh |
|
Designation : |
Whole-time Director |
|
Address : |
D-3A, Ansal Villa, |
|
Date of Birth/Age : |
26.09.1945 |
|
Qualification : |
Graduate in
Metallurgy |
|
Date of Appointment : |
07.09.1992 |
|
DIN No.: |
00090649 |
|
|
|
|
Name : |
Mr. Madhukar |
|
Designation : |
Director |
|
Address : |
E-115, Sector 52, Noida – 201301, |
|
Date of Birth/Age : |
10.02.1944 |
|
Date of Appointment : |
13.04.2012 |
|
DIN No.: |
00558818 |
|
|
|
|
Name : |
Mr. Sanjiv Batra |
|
Designation : |
Director |
|
Address : |
S-288, Greater Kailash-I, |
|
Date of Birth/Age : |
17.09.1950 |
|
Date of Appointment : |
27.03.2012 |
|
DIN No.: |
00602669 |
|
|
|
|
Name : |
Mrs. Natasha Sinha |
|
Designation : |
Whole-time Director |
|
Address : |
Flat No.2, Concord Building, Concord Co-Operative Housing Society
Limited, |
|
Date of Birth/Age : |
25.09.1971 |
|
Qualification : |
B. A. (Economics) |
|
Date of Appointment : |
04.01.1994 |
|
PAN No.: |
AAUPS3146B |
|
DIN No.: |
00812380 |
|
|
|
|
Name : |
Mr. Purna Chandra Sahu |
|
Designation : |
Whole-time Director |
|
Address : |
MIG 1/205, Satya Sai Enclave, Alginia Khandagiri, |
|
Date of Birth/Age : |
16.11.1947 |
|
Qualification : |
Metallurgy from
NIIT Rourkela and a post graduate from NIIT Du |
|
Date of Appointment : |
01.06.2012 |
|
PAN No.: |
AJWPS9061L |
|
DIN No.: |
01262687 |
|
|
|
|
Name : |
Mr. Dipak Chatterjee |
|
Designation : |
Director |
|
Address : |
A-001, |
|
Date of Birth/Age : |
24.06.1944 |
|
Date of Appointment : |
23.01.2013 |
|
DIN No.: |
03048625 |
|
|
|
|
Name : |
Mr. Priyabrata Patnaik |
|
Designation : |
Whole-time Director |
|
Date of Appointment : |
01.02.2014 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
NOTE: SHAREHOLDING
DETAILS FILE ATTACHED.
AS ON 30.09.2013
|
Equity Share
Breakup |
Percentage of
Holding |
|
Category |
|
|
Public financial companies |
0.23 |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign
Financial Institutions, Non-resident Indian or Overseas corporate bodies or
others] |
1.45 |
|
Bodies corporate |
10.93 |
|
Directors or relatives of directors |
0.32 |
|
Other top fifty shareholders |
1.59 |
|
Others |
85.48 |
|
Total
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacture of pig iron and iron ore mining. |
||||||
|
|
|
||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
·
Axis Bank Limited, Kolkata, West ICICI Bank Limited |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
STATUTORY AUDITORS
: |
|
|
|
|
|
Name : |
Todarwal and Todarwal Chartered Accountants |
|
Address : |
12, Maker Bhavan
No.3, 1st Floor, 21, New Marine Lines, Mumbai – 400020, |
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFT6047N |
|
|
|
|
COST AUDITORS : |
|
|
|
|
|
Name : |
S. S. Sonthalia and Company Cost Accountants |
|
Address : |
|
|
|
|
|
INTERNAL AUDITORS : |
|
|
Name : |
SRB and Associates Chartered Accountants |
|
Address : |
|
|
|
|
|
Company in which
KMP / Relatives of KMP can exercise significant influence: |
·
Mesco Steels Limited Mesco Logistics Limited Mesco Kalinga Steels Limited Mesco OMC Mining Corporation Limited Mideast India Limited Mesco Pharmaceuticals Limited Mesco Hotels Limited Mesco Aerospace Limited Mesco Laboratories Limited Mesco Shoes Limited 21st Century Finance Limited Mesco India Limited Chhindwara Coal Washing Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
140000000 |
Equity Shares |
Rs.10/- each |
Rs. 1400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
137875000 |
Equity Shares |
Rs.10/- each |
Rs. 1378.750 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
1378.750 |
1378.750 |
1378.750 |
|
(b) Reserves & Surplus |
4788.020 |
3746.780 |
2463.329 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
6166.770 |
5125.530 |
3842.079 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
298.050 |
352.270 |
517.431 |
|
(b) Deferred tax liabilities (Net) |
669.260 |
42.320 |
0.000 |
|
(c) Other long term liabilities |
5885.460 |
4580.920 |
4581.159 |
|
(d) long-term provisions |
28.150 |
27.030 |
20.464 |
|
Total Non-current Liabilities (3) |
6880.920 |
5002.540 |
5119.054 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
995.420 |
1796.090 |
2872.793 |
|
(c) Other current
liabilities |
1798.500 |
2402.440 |
1707.859 |
|
(d) Short-term provisions |
495.180 |
397.480 |
211.537 |
|
Total Current Liabilities (4) |
3289.100 |
4596.010 |
4792.189 |
|
|
|
|
|
|
TOTAL |
16336.790 |
14724.080 |
13753.322 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
9349.850 |
8559.500 |
8881.571 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
280.980 |
1070.140 |
766.097 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
20.070 |
19.120 |
19.117 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
113.366 |
|
(d) Long-term Loan and Advances |
3003.490 |
2307.380 |
1766.464 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
12654.390 |
11956.140 |
11546.615 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2111.610 |
1517.170 |
1070.011 |
|
(c) Trade receivables |
51.110 |
60.340 |
77.685 |
|
(d) Cash and cash
equivalents |
793.970 |
767.620 |
713.846 |
|
(e) Short-term loans and
advances |
725.710 |
422.810 |
345.165 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
3682.400 |
2767.940 |
2206.707 |
|
|
|
|
|
|
TOTAL |
16336.790 |
14724.080 |
13753.322 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8623.990 |
7287.790 |
5467.553 |
|
|
|
Other Income |
71.650 |
264.390 |
-152.356 |
|
|
|
TOTAL (A) |
8695.640 |
7552.180 |
5315.197 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4550.430 |
3639.910 |
1879.916 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(504.880) |
(143.580) |
81.063 |
|
|
|
Employee benefit expense |
414.690 |
334.450 |
226.309 |
|
|
|
Other expenses |
1892.240 |
1684.630 |
1659.254 |
|
|
|
TOTAL (B) |
6352.480 |
5515.410 |
3846.542 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
2343.160 |
2036.770 |
1468.655 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
18.710 |
19.000 |
61.593 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2324.450 |
2017.770 |
1407.062 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
474.540 |
457.650 |
351.972 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
1849.910 |
1560.120 |
1055.090 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
687.690 |
155.690 |
152.410 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
1162.220 |
1404.430 |
902.680 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1426.470 |
143.020 |
-679.540 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Final Dividend |
103.410 |
103.410 |
68.938 |
|
|
|
Corporate Dividend Tax (including cess and surcharge) |
17.570 |
17.570 |
11.183 |
|
|
BALANCE CARRIED
TO THE B/S |
2467.710 |
1426.470 |
143.019 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
397.270 |
5.950 |
393.580 |
|
|
TOTAL EARNINGS |
39.270 |
5.950 |
393.580 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2136.370 |
1696.420 |
0.000 |
|
|
|
Spare Parts |
1.720.000 |
0.000 |
0.000 |
|
|
|
Capital Goods |
0.000 |
6.030 |
3.030 |
|
|
TOTAL IMPORTS |
2138.090 |
1702.450 |
3.030 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
8.43 |
10.19 |
6.55 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
13.37 |
18.60 |
16.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
21.45 |
21.41 |
19.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.54 |
11.44 |
8.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.30 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.05 |
0.07 |
0.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12 |
0.60 |
0.46 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
1378.750 |
1378.750 |
1378.750 |
|
Reserves & Surplus |
2463.329 |
3746.780 |
4788.020 |
|
Net
worth |
3842.079 |
5125.530 |
6166.770 |
|
|
|
|
|
|
long-term borrowings |
517.431 |
352.270 |
298.050 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
517.431 |
352.270 |
298.050 |
|
Debt/Equity
ratio |
0.135 |
0.069 |
0.048 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5467.553 |
7287.790 |
8623.990 |
|
|
|
33.292 |
18.335 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5467.553 |
7287.790 |
8623.990 |
|
Profit |
902.680 |
1404.430 |
1162.220 |
|
|
16.51% |
19.27% |
13.48% |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
IN THE HIGH COURT
OF DELHI AT NEW DELHI
CO.PET. 131/2014
M/S IGP ENGINEERS PVT. LTD...... Petitioner
Through Ms. Divya Jain, Advocate.
versus
M/S
Through Ms. Kavita Batra, Advocate.
CORAM:
HON'BLE MR. JUSTICE SANJEEV SACHDEVA
ORDER
23.05.2014
Learned counsel for the respondent submits that the respondent
has approached the petitioner for resolution of the disputes.
It is directed that in
case the disputes are not resolved within a period of four weeks,
the respondent shall file reply within two weeks thereafter. Rejoinder, if
any, be filed within four weeks thereafter.
List on 26th September,
2014.
SANJEEV SACHDEVA, J
MAY 23, 2014
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10173034 |
22/12/2008 |
116,681,480.00 |
SREI INFRASTRUCTURE FINANCE LIMITED |
VISHWAKARMA,86C, |
A61460242 |
|
2 |
80022426 |
09/01/2007 * |
270,000,000.00 |
STANDARD CHARTERED BANK |
NARAIN MANZIL, |
- |
|
3 |
80022860 |
09/01/2007 * |
270,000,000.00 |
STANDARD CHARTERED BANK |
NARAIN MANZIL, |
- |
|
4 |
80066479 |
05/03/1999 |
74,004,000.00 |
SEIMENS LIMITED |
130, PANDURANG
BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400018, |
- |
|
5 |
80066585 |
15/02/1997 |
200,000,000.00 |
THE INDUSTRIAL
PROMOTION AND INVESTMENT CORPORATIO |
IPICOL HOUSE,
JANPATH, |
- |
|
6 |
80039657 |
06/09/1996 |
600,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF |
|
- |
|
7 |
80039660 |
02/03/1994 |
1,000,000,000.00 |
INDUSTRIAL DEVELOPMENT
BANK OF |
|
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM BORROWINGS |
|
|
|
From Promoters |
295.460 |
295.460 |
|
From Others |
0.000 |
56.810 |
|
Total |
295.460 |
352.270 |
PERFORMANCE
The Company recorded an impressive performance for the year ended March 31, 2014. It scaled new heights in terms of sales and profits. Net sales stood at Rs. 8695.640 million were 15.14% higher than Rs. 7552.170 million for the previous year. Profit before tax was Rs. 1849.920 million as against Rs. 1560.120 million in the previous year, registering a growth of 18.58% in the profit before tax.
EXPANSION
The Company (MISL) has clearly set its vision to position itself as a leading player in the brick and mortar sectors, which promote nation building, and a diversified mining company. Early this year, the group's vision was created by its employees and promoters which states as follows:
“Mesco group commits to the brick and mortar sectors of economy which promote nation building. Their core competence is in steel and minerals which they will consolidate and diversify into sectors where they have past experience and synergies. In all these sectors they will strive to be the most efficient producer by creating value for the stakeholders.”
At the core of the strategic goals to meet the vision is
MISL’s consolidation in
In order to retain the competitive edge, they have made
ownership of strategic raw materials as their priority. MISL is pursuing the
process of acquiring environment and forest clearances for its allotted coking
coal block in Chindwara, Madhya Pradesh. MISL is also actively looking for an
acquisition of a coking coal mine in the
MANAGEMENT DISCUSSION
AND ANALYSIS
BUSINESS REVIEW
In the financial year 2013-2014, the Company has a profit before depreciation, Interest and tax of Rs. 2271.510 million as against 1772.380 million in the last fiscal. This is an increase of 28% from last year. Profit before tax is at Rs.1849.920 million up by 18%. The profit after tax is lower this fiscal due to tax adjustments of the previous years and a higher deferred tax provision.
This is a very strong performance in the backdrop that the last year was a difficult year for the iron ore mining and pig iron industry. Iron ore prices on an average fell by 31% in FY 13-14 while pig iron prices fell by 6%. This performance was, therefore, possible by a strong response by the Company to the adverse market conditions as the Company recorded all round higher production and sales. Pig iron and iron ore production went up by 31% and 25% respectively while sales went up by 52% and 61% respectively. As a result the revenues went up by 18% overall.
This year Mesco group set out its vision which has at its
core MISL’s consolidation in
They plan to commence operation of a 0.5 mtpa cement plant using BF slag at their Jajpur unit in the next 2 years. They have also received permissions to increase the capacity of their railway siding to 9 mtpa from 7 mtpa. They will install a wagon tippler in their raw material handling yard at a cost of Rs. 500.000 Millions and they are also completely refurbishing one of their blast furnaces at the cost of 30 crores.
In coking coal, the Company is actively pursuing opportunities
to acquire coking coal assets in
INDUSTRIAL STRUCTURE
& DEVELOPMENT
2013-14 had been a very difficult year for the Indian
economy and the industry.
OUTLOOK
With the green shoots of recovery visible in the global economy and the prospect of a stable government at the centre, Indian economy is poised to grow much faster in 2015. Development, reforms and infrastructure are perceived to be ready to take the centre stage.
According to IMF data, tide is certainly rising. Global activity and world trade picked up in the second half of 2013. Financial conditions in advanced economies have eased with little change since the announcement by the U.S. Federal Reserve on December 18 that it will begin tapering its quantitative easing measures this month. This includes further declines in risk premiums on government debt of crisis-hit euro area economies.
Turning to projections, growth in the
The Euro area is turning the corner from recession to
recovery. IMF projects that growth will strengthen to 1 percent in 2014 and 1.4
percent in 2015.The pickup will g nerally be more modest in economies under
stress, despite some upward revisions including
In
cost of capital. Growth is thus expected to moderate slightly to around 7½ percent in 2014–15. In sum, global growth is projected to increase from 3 percent in 2013 to 3.7 percent in 2014 and 3.9 percent in 2015.
(World economic commentary sourced from IMF)
With Indian economy expected to return stronger growth, steel demand is expected to be higher to around 5% in the year 2014-15 and potentially around 10% in 2015-16.
Even at current per capita consumption level of 55 kg, the country is net importer of steel, so there is scope for expansion of steel industry in the country, given the medium term robust prospects for economic growth in the country.
In this background as mentioned before, the Company has embarked on a robust growth and expansion plan. The current expansion plan is to take the finished steel capacity to 3.5 million tonnes in 2 phases.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Claims against the
company not acknowledged as debt |
|
|
|
Central excise, customs and service tax |
768.860 |
246.060 |
|
Sales tax |
326.600 |
349.200 |
FIXED ASSETS
· Land (Leasehold)
Land
and Site Development
Building
Plant
and Machinery
Furniture
and Fixtures
Office
Equipment
Computer
Vehicles
V
Sat
Railway
Siding
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.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.