MIRA INFORM REPORT
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Report No. : |
307162 |
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Report Date : |
12.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED |
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Registered
Office : |
Khanij Bhavan,
Near University Ground, 132 FT Ring Road, Vastrapur, Ahmedabad – 380052,
Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
15.05.1963 |
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Com. Reg. No.: |
04-001206 |
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Capital Investment
/ Paid-up Capital : |
Rs.636.000 Millions |
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CIN No.: [Company Identification
No.] |
L14100GJ1963SGC001206 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMG01727F AHMG00997D RKTG00713G BRDG00266A AHMG02199B |
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PAN No.: [Permanent Account No.] |
AAACG7987P |
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Legal Form : |
A Public Limited Liability Company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The company principal activity is to explore and develop mineral
resources. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (71) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a state government company. It is old and well established company having good track record. Fundamental of the company seems to be strong and healthy. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered good for normal business dealing at
usual trade terms and condition. |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
Not Available
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 DENIED
Management Non Co-operative (91-79-27913200)
LOCATIONS
|
Registered Office : |
Khanij Bhavan,
Near University Ground, 132 FT Ring Road, Vastrapur, Ahmedabad – 380052,
Gujarat, India |
|
Tel. No.: |
91-79-27913200/ 3501/ 1662/ 1680/ 0665/ 0096/ 0465/ 2416/ 2457/ 2443/
1340 |
|
Fax No.: |
91-79-27913038/ 1151/ 1454/
1822/ 0969 |
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E-Mail : |
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Website : |
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PROJECTS: |
Lignite Projects Panandhro (District Kutch) Rajpardi (District Bharuch) Tadkeshwar (District Surat) Mata-No-Madh (District Kutch) Bhavnagar (District Bhavnagar) Fluorspar Project Kadipani (District Vadodara) Bauxite Projects Gadhsisa (District Kutch) Bhatia (District Jamnagar) Calcination Project Gadhsisa (District Kutch) Multi-Metal Project Ambaji (District Banaskantha) Power Project Nani Chher (District Kutch) Wind Farm Project Maliya (District Rajkot) Jodiya (District Jamnagar) Godsar (District Porbandar) Bada (District Kutch) Varvala (District Jamnagar) Bhanvad (District Jamnagar) Solar Project Panandhro (District Kutch) Manganese Project Shivrajpur (District Panchmahal) |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Shri D.J. Pandian, IAS |
|
Designation : |
Chairman |
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Name : |
Shri Pankaj Kumar, IAS (From 01.05.2013) |
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Designation : |
Managing Director |
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Name : |
Ms. S. Aparna, IAS |
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Designation : |
Director |
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Name : |
Shri T. Natarajan, IAS |
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Designation : |
Director |
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Name : |
Shri Bhadresh Mehta |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Shri Joel Evans |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
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|
Central Government / State Government(s) |
235320000 |
74.00 |
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|
235320000 |
74.00 |
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Total shareholding of Promoter and Promoter Group (A) |
235320000 |
74.00 |
|
(B) Public Shareholding |
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|
|
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|
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|
19210899 |
6.04 |
|
|
384036 |
0.12 |
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|
17608243 |
5.54 |
|
|
18986444 |
5.97 |
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|
56189622 |
17.67 |
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|
|
|
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|
4464154 |
1.40 |
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|
|
|
|
|
16895433 |
5.31 |
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|
2155522 |
0.68 |
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|
2975269 |
0.94 |
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|
7130 |
0.00 |
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|
2186508 |
0.69 |
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|
781631 |
0.25 |
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|
26490378 |
8.33 |
|
Total Public shareholding (B) |
82680000 |
26.00 |
|
Total (A)+(B) |
318000000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
318000000 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
The company principal activity is to explore and develop mineral
resources. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Not Divulged |
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Bankers : |
· Bank of Baroda · Dena Bank · Vijaya Bank · Axis Bank Limited · HDFC Bank Limited · State Bank of India · Union Bank of India · IDBI Bank Limited |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
H. K. Shah and Company Chartered Accountants |
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Membership : |
-- |
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Associates : |
· Gujarat Foundation for Entrepreneurial Excellence |
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Joint Ventures : |
· Gujarat Jaypee Cement Infrastructure Limited · Gujarat Credo Mineral Industries Limited · Bhavnagar Energy Co. Limited · Aikya Chemicals Private Limited · Swarnim Gujarat Flourspar Private Limited · Naini Coal Company Limited |
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Subsidiary company
: |
· Gujarat Mining & Resources Corporation Limited |
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Enterprises over which
key management personnel are able to exercise significant influence : |
· GMDC Gram Vikas Trust · Lakhpat Welfare Society · GMDC Science & Research Centre |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
745000000 |
Equity Shares |
Rs.2/- each |
Rs. 1490.000 Millions |
|
100000 |
Preference Shares |
Rs.100/- each |
Rs. 10.000 Millions |
|
|
|
|
|
|
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TOTAL |
|
Rs. 1500.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
318000000 |
Equity Shares |
Rs.2/- each |
Rs. 636.000
Millions |
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|
|
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|
The reconciliation of
the number of shares outstanding is set out below:
|
Equity Shares |
Number
of Shares |
|
Number of shares outstanding at the beginning of year |
318000000 |
|
Add: Shares issued during the year |
-- |
|
Less : Share bought back |
-- |
|
Number of shares outstanding at the end of year |
318000000 |
The details of shareholder
holding more than 5% shares is set out below:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Governor of Gujarat |
235320000 |
74% |
The details of Aggregate no. of shares allotted
as fully paid up by way of Bonus Shares for the period of immediately preceding
five years from the date of balance sheet.
|
Equity Shares |
Year of
allotment Shares allotted |
Aggregate no. of |
|
Equity Shares alloted as Bonus Shares |
2008-09 |
159000000 |
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 |
636.000 |
636.000 |
636.000 |
|
(b) Reserves & Surplus |
27988.762 |
24713.553 |
19821.264 |
|
(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) |
28624.762 |
25349.553 |
20457.264 |
|
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
2871.417 |
3118.858 |
2930.407 |
|
(c) Other long term
liabilities |
1691.556 |
1759.153 |
1682.363 |
|
(d) long-term
provisions |
2743.308 |
2295.771 |
2256.138 |
|
Total Non-current
Liabilities (3) |
7306.281 |
7173.782 |
6868.908 |
|
|
|
|
|
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(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
647.704 |
634.607 |
670.377 |
|
(c) Other
current liabilities |
1670.786 |
2717.962 |
2951.910 |
|
(d) Short-term
provisions |
1200.263 |
1168.667 |
1202.771 |
|
Total Current Liabilities
(4) |
3518.753 |
4521.236 |
4825.058 |
|
|
|
|
|
|
TOTAL |
39449.796 |
37044.571 |
32151.230 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
18606.937 |
17775.474 |
17533.194 |
|
(ii)
Intangible Assets |
16.835 |
26.904 |
44.612 |
|
(iii)
Capital work-in-progress |
111.811 |
241.011 |
63.019 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2603.475 |
1827.800 |
1326.588 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5133.037 |
5234.800 |
3123.622 |
|
(e) Other
Non-current assets |
0.000 |
82.400 |
72.722 |
|
Total Non-Current
Assets |
26472.095 |
25188.389 |
22163.757 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
471.577 |
392.746 |
654.001 |
|
(c) Trade
receivables |
518.130 |
398.330 |
443.986 |
|
(d) Cash
and cash equivalents |
418.388 |
568.446 |
564.415 |
|
(e)
Short-term loans and advances |
11487.206 |
10414.260 |
8325.071 |
|
(f) Other
current assets |
82.400 |
82.400 |
0.000 |
|
Total
Current Assets |
12977.701 |
11856.182 |
9987.473 |
|
|
|
|
|
|
TOTAL |
39449.796 |
37044.571 |
32151.230 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
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SALES |
|
|
|
||
|
|
|
Income |
12896.651 |
16746.849 |
16306.985 |
|
|
|
|
Other Income |
1454.161 |
1554.812 |
732.382 |
|
|
|
|
TOTAL (A) |
14350.812 |
18301.661 |
17039.367 |
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|
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|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(114.762) |
6.343 |
36.254 |
|
|
|
|
Employee Benefits Expenses |
970.859 |
1044.015 |
1081.346 |
|
|
|
|
Other Expenses |
5953.164 |
6836.779 |
7586.973 |
|
|
|
|
Exceptional Items |
0.000 |
203.812 |
0.000 |
|
|
|
|
TOTAL (B) |
6809.261 |
8090.949 |
8704.573 |
|
|
|
|
|
|
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||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7541.551 |
10210.712 |
8334.794 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
74.487 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
7541.551 |
10210.712 |
8260.307 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
1245.650 |
1173.840 |
1083.329 |
||
|
|
|
|
|
|
||
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|
PROFIT/(LOSS) BEFORE
TAX (E-F) (G) |
6295.901 |
9036.872 |
7176.978 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
1904.559 |
3028.451 |
2308.650 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
4391.342 |
6008.421 |
4868.328 |
||
|
|
|
|
|
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||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2456.490 |
1564.201 |
1304.636 |
||
|
|
|
|
|
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||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Final Dividend |
954.000 |
954.000 |
954.000 |
|
|
|
|
Dividend Distribution Tax |
162.133 |
162.132 |
154.763 |
|
|
|
|
Amount Transferred to General Reserve |
2500.000 |
4000.000 |
3500.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
3231.699 |
2456.490 |
1564.201 |
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|
|
|
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||
|
|
IMPORTS -
COMPONENTS AND SPARES |
9.238 |
8.839 |
39.299 |
||
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|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
13.81 |
18.89 |
15.31 |
||
QUARTERLY RESULTS
(Rs.
In Millions)
|
Particulars |
|
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
4238.800 |
2681.500 |
|
Total Expenditure |
|
2277.800 |
1946.800 |
|
PBIDT (Excluding Other Income) |
|
1961.000 |
734.800 |
|
Other Income |
|
315.400 |
346.200 |
|
Operating Profit |
|
2276.400 |
1081.000 |
|
Interest |
|
0.000 |
0.000 |
|
PBDT |
|
2276.400 |
1081.000 |
|
Depreciation |
|
293.400 |
303.600 |
|
Profit Before Tax |
|
1983.000 |
777.400 |
|
Tax |
|
677.600 |
225.900 |
|
Profit After Tax |
|
1305.400 |
551.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
34.05 |
35.88 |
29.85 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
58.48 |
60.97 |
51.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.14 |
25.84 |
23.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.36 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.69 |
2.62 |
2.07 |
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 |
636.000 |
636.000 |
636.000 |
|
Reserves & Surplus |
19821.264 |
24713.553 |
27988.762 |
|
|
0.000 |
0.000 |
0.000 |
|
Net
worth |
20457.264 |
25349.553 |
28624.762 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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 |
16306.985 |
16746.849 |
12896.651 |
|
|
|
2.697 |
(22.991) |
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
|
16306.985 |
16746.849 |
12896.651 |
|
Profit |
4868.328 |
6008.421 |
4391.342 |
|
|
29.85% |
35.88% |
34.05% |
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 |
No |
|
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 |
REVIEW OF THE
OPERATIONS
During the year, subject
operated five lignite mines, namely, Panandhro, Mata-No-Madh, Rajpardi,
Tadkeshwar and Bhavnagar Lignite Mines. Inspite of stiff competition from
alternate fuels such as petcoke and imported coal, the total lignite sales were
sustained and during the year 2013-14, 83.98 lakhs MT of lignite were produced
from these mines.
MANAGEMENT DISCUSSION AND ANALYSIS
Business Overview
Overview of Indian
Economy:
India’s GDP is
expected to grow at 5.2-5.7 per cent in this fiscal year (2014-15) (as per
NCAER). The higher growth of 5.7 per cent is conditional on pick up of
investment spending.
Following the
slowdown induced by the global financial crisis in 2008-09, the Indian economy
responded strongly to fiscal and monetary stimulus and achieved a growth rate
of 8.6 per cent and 9.3 per cent respectively in 2009-10 and 2010-11, but due
to a combination of both external and domestic factors, the economy decelerated
growing at 6.2%, 5% and 4.9% in 2011-12, 2012-13 and 2013-14 respectively.
Gross Domestic
Product (GDP) is a key indicator by which a nation’s economic performance is
gauged. Economic policies bring about pronounced changes in the industrial
climate, foreign trade, domestic and international taxation policies, monetary
exchange rates, etc., that have overreaching effects on the overall growth of
an economy. GDP at factor cost at constant (2004-05) prices in the year 2013-14
was estimated to ` 57.42 lakh crore, showing a growth rate of 4.7 percent over
the First Revised Estimates of GDP for the year 2012-13 of ` 54.82 lakh crore,
released on 31st January 2014.
In the case of
‘mining and quarrying’, the Index of Industrial Production of Mining registered
a decline of 0.8 percent during 2013-14, as against the decline of 2.2 percent
during April- November, 2013. Production of coal and crude oil registered
growth rates of 0.8 percent and (-) 0.2 percent in 2013-14 as compared to
growth rates of 1.2 percent and (-) 0.6 percent during April to December, 2013.
The growth of ‘mining & quarrying’ is now estimated at (-) 1.4 percent.
With an estimated
GDP of approximately US $4.78 trillion in 2012, on a purchasing power parity
basis, India is one of the largest economies in the world India is also one of
the fastest growing economies in the world.
Overview of Indian
Mining Sector
Mining and
minerals industry is one of the major contributors to economic growth in India.
It is a large and important sector with value of mineral production of around
USD 36.3 billion (FY14 estimates). Mining sector plays a significant role in
providing raw material security for the country. The country is endowed with
huge resources of many metallic and nonmetallic minerals. India produces as
many as 87 minerals, which include 4 fuels, 10 metallic minerals, 47 non-metallic
minerals, 3 atomic minerals and 23 minor minerals. These minerals have a wide
application in various industries.
Increased thrust
to globalization and opening up of the economy to private participation has led
to increased strategic importance of the sector. Currently, the Indian Mining
Industry is dominated by large state owned mining companies. The share of state
owned companies by value of output is 72 per cent. However, this share differs
significantly across sectors, for example, it is 92 per cent in coal, whereas
only 31 per cent in iron ore. As the sector is expected to grow significantly
in the coming years, private sector is increasingly attracted to the sector.
Industry Structure
and Developments
The total value of
mineral production (excluding atomic minerals) during 2013-14 has been
estimated at Rs.2271760.000 Millions indicating a marginal increase of 1.99%
from last year.
During year
2013-14, estimated value for fuel minerals account for Rs.15564.600 Millions or
68.51% of mineral production. The value of production of metallic minerals
stood at Rs.372130.000 Millions or 16.39% of the total value of production and
nonmetallic minerals including minor minerals contributed to Rs.343170.000
Millions or 15.10% of the total value. The provisional value of minerals and
ores exported during the year 2012-13 was Rs.1597470.000 Millions whereas the
value of import was Rs.11241370.000 Millions.
The index of
mineral production (base 2004-05=100) for the year 2012-13 was 125.46. The
index of mineral production has further declined to 118.2 for 2013-14. The
index of mineral production has shown a decline of about 1.3% in fuel minerals
and 15.8% in metallic minerals in 2012-13. However there was an increase of
5.2% in non-metallic minerals in 2012-13 over the previous year.
Outlook
GMDC’s strategic
thrust is outlined by expansion of activities on three fronts, namely,
venturing into value added services; increasing the geographical reach, and
diversifying operations in other sectors such as power generation.
The future goals
of GMDC are as below.
·
To commence lime stone production.
·
To double the no. of joint ventures based on new
minerals for value addition.
·
Setting Up world class International Centre for
Mining Safety and Automation- iCEM and Entrepreneurshipi CREATE with various
national and international, industry and academic partner
·
Underground Coal Gasification (UCG) Project
·
Exploration of Business Opportunity in Beach Sand
Mining, Bio Fertilizer and Bio-Fuel.
·
Business in Lignite Transportation through
authorized transporters
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER
2014
(Rs. In Millions)
|
Particulars |
3 Months Ended |
3 Months Ended |
Half Year Ended |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
UNAUDITED |
||
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
2681.531 |
4238.785 |
6920.316 |
|
b) Other operating income |
-- |
-- |
-- |
|
Total
income from Operations(net) |
2681.531 |
4238.785 |
6920.316 |
|
2.Expenditure |
|
|
|
|
a)
Changes in inventories of finished
goods, work-in-progress and stock-in-trade |
(16.896) |
11.603 |
(5.293) |
|
b)
Employees benefit expenses |
230.967 |
236.380 |
467.347 |
|
c)
Depreciation and amortization
expenses |
303.610 |
293.360 |
596.970 |
|
d) Expenses for Overburden Removal, Loading of Lignite & Mining Expenses |
838.771 |
1094.491 |
1933.252 |
|
e) Plant Operation Charges |
148.427 |
78.627 |
227.054 |
|
f) Royalty, Dead Rent & Surface Rent |
111.823 |
194.779 |
306.602 |
|
g) Power, Fuel & Stores Consumption |
87.663 |
183.461 |
271.124 |
|
h) Clean Energy Cess |
150.022 |
130.212 |
280.234 |
|
i) Operational & Other Expenses |
169.770 |
133.454 |
303.224 |
|
j) Mine Closure Expenses |
136.041 |
132.051 |
268.092 |
|
k) VRS Expenses |
15.871 |
82.750 |
98.621 |
|
l) CSR Expense |
74.300 |
0.000 |
74.300 |
|
Total expenses |
2250.369 |
2571.158 |
4821.527 |
|
3. Profit from operations before other income and
financial costs |
431.162 |
1667.627 |
2098.789 |
|
4. Other income |
346.201 |
315.384 |
661.585 |
|
5. Profit from ordinary activities before finance costs |
777.363 |
1983.011 |
2760.374 |
|
6. Finance costs |
-- |
-- |
-- |
|
7. Net profit/(loss) from ordinary
activities after finance costs but before exceptional items |
777.363 |
1983.011 |
2760.374 |
|
8. Exchange
Currency Fluctuation Loss/ (Gain) |
-- |
-- |
-- |
|
9. Profit from ordinary
activities before tax Expense: |
777.363 |
1983.011 |
2760.374 |
|
10.Tax expenses |
225.928 |
677.595 |
903.523 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
551.435 |
1305.416 |
1856.851 |
|
12.Extraordinary Items (net
of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the
period (11 -12) |
551.435 |
1305.416 |
1856.851 |
|
14.Paid-up equity share capital (Nominal
value Rs.10/- per share) |
636.000 |
636.000 |
636.000 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share
(before extraordinary items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
1.73 |
4.11 |
5.84 |
|
|
|
|
|
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
82680000 |
82680000 |
82680000 |
|
- Percentage of shareholding |
26% |
26% |
26% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
235320000 |
235320000 |
235320000 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100% |
100% |
100% |
|
Percentage of shares (as a % of total share capital of the
company) |
74% |
74% |
74% |
|
|
|
|
|
|
|
|||
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
-- |
|
|
|
Receiving during the quarter |
-- |
|
|
|
Disposed of during the quarter |
-- |
|
|
|
Remaining unreserved at the end of the quarter |
-- |
|
|
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT FOR THE
QUARTER / HALF YEAR ENDED 30TH SEPTEMBER 2014
(Rs. In Millions)
|
Particulars |
3
Months Ended |
3
Months Ended |
Half
Year Ended |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
UNAUDITED |
||
|
1. Segment
Revenue |
|
|
|
|
a)
Mining |
2012.161 |
3413.146 |
5425.307 |
|
b)
Power |
911.148 |
1009.031 |
1920.179 |
|
Total segment
revenue |
2923.309 |
4422.177 |
7345.486 |
|
Un-allocable
corporate revenue |
4.417 |
3.215 |
7.632 |
|
Total income
from operations (net sales) |
2927.726 |
4425.392 |
7353.118 |
|
|
|
|
|
|
2. Segment
Results |
|
|
|
|
a)
Mining |
433.143 |
1341.242 |
1774.385 |
|
b)
Power |
136.371 |
405.220 |
542.591 |
|
Total segment
results |
569.514 |
1747.462 |
231.976 |
|
Un-allocable
corporate results |
(138.126) |
(58.176) |
(196.302) |
|
|
431.388 |
1689.286 |
2120.674 |
|
Add: Finance
Costs |
288.915 |
293.725 |
582.640 |
|
Add: Dividend
Income |
57.060 |
0.000 |
57.060 |
|
Total Profit Before
Tax |
777.363 |
1983.011 |
2760.374 |
|
|
|
|
|
|
3. Capital
Employed |
|
|
|
|
(Segment Assets
– Segment Liabilities) |
|
|
|
|
a)
Mining |
(223.538) |
(303.651) |
(223.536) |
|
b)
Power |
16685.348 |
17018.848 |
16685.348 |
|
|
16461.809 |
16715.196 |
16461.809 |
|
Un-allocable Capital employed |
13219.464 |
13180.545 |
13219.464 |
|
Total
Capital Employed |
29681.273 |
29895.742 |
29681.273 |
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2014
Rs. In Millions
|
SOURCES OF FUNDS |
|
|
30.09.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
636.000 |
|
(b) Reserves & Surplus |
|
|
29781.400 |
|
Sub-total Shareholders’ |
|
|
30417.400 |
|
|
|
|
|
|
(2) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
|
2648.900 |
|
(c) Other long term liabilities |
|
|
1653.100 |
|
(d) long-term provisions |
|
|
3002.700 |
|
Sub-total of Non-Current
liabilities |
|
|
7304.700 |
|
|
|
|
|
|
(3)
Current liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
0.000 |
|
(b) Trade
payables |
|
|
616.700 |
|
(c) Other
current liabilities |
|
|
1469.200 |
|
(d) Short-term
provisions |
|
|
216.700 |
|
Sub-total of Current liabilities |
|
|
2302.600 |
|
|
|
|
|
|
TOTAL |
|
|
40024.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
Tangible
Assets |
|
|
18282.800 |
|
Intangible
Assets |
|
|
15.900 |
|
Capital
Work-in-progress |
|
|
180.700 |
|
(b)
Non-Current investments |
|
|
2703.500 |
|
(c) Deferred
tax assets (net) |
|
|
0.000 |
|
(d) Long
term loans and advances |
|
|
4294.200 |
|
(e) Other
non-current assets |
|
|
0.000 |
|
Sub-total of
Non-Current Assets |
|
|
6997.700 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
488.700 |
|
(c) Trade
receivables |
|
|
471.300 |
|
(d) Cash
and cash equivalents |
|
|
328.400 |
|
(e)
Short-term loans and advances |
|
|
13218.000 |
|
(f) Other
current assets |
|
|
41.200 |
|
Sub-total of
Current Assets |
|
|
14547.600 |
|
|
|
|
|
|
TOTAL |
|
|
40024.700 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90102708 |
06/02/2003 |
11,160,000,000.00 |
Power Finance Corporation of India |
Chandralok, 36; Janpath, New Delhi, Delhi - 110001, India |
- |
|
2 |
90099549 |
31/07/2002 |
100,000,000.00 |
Abu Dhabi Commercial Bank Limited |
Rehmat Manzil; 75-B Veer Nariman Road, Mumbai, Maharashtra - 400020, India |
- |
|
3 |
90099521 |
31/05/2002 |
250,000,000.00 |
Union Bank of India |
Industrial Finance Branch, Ahmedabad, Gujarat - 380009, India |
- |
|
4 |
90099520 |
23/05/2002 |
300,000,000.00 |
Bank of India |
Ahmedabad Corporate Banking Branch, Bank of India Building; 2nd Floor; Bhadra, Ahmedabad, Gujarat - 380009, India |
- |
|
5 |
90099494 |
22/03/2002 |
100,000,000.00 |
The Karur Vysya Bank Limited |
Ashram Road Branch, Ahmedabad, Gujarat - 380009, India |
- |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.62.15 |
|
UK Pound |
1 |
Rs.94.72 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
71 |
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.