MIRA INFORM REPORT
|
Report No. : |
310377 |
|
Report Date : |
28.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
SARDA ENERGY AND MINARALS LIMITED (w.e.f. 12.10.2007) |
|
|
|
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Formerly Known
As : |
RAIPUR ALLOYS AND STEEL LIMITED |
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Registered
Office : |
73/A, Central Avenue,
Shri Ram Niketan, Nagpur – 440018,
Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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|
|
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Date of
Incorporation : |
23.06.1973 |
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Com. Reg. No.: |
11-016617 |
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Capital
Investment / Paid-up Capital : |
Rs.358.500 Million |
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CIN No.: [Company Identification
No.] |
L27100MH1973PLC016617 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction & Collection
Account No.] |
NGPR00172E |
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PAN No.: [Permanent Account No.] |
AAACR6149L |
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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
: |
Manufacturer and Exporter of Ferro Alloys. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limits : |
USD 28100000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having good track record. Overall financial position of the company is strong and healthy. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered normal for business dealing at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
06.10.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry low
credit risk |
|
Date |
06.10.2014 |
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 DENIED
Management Non Co-Operative (Tel No.: 91-712-2727509)
LOCATIONS
|
Registered Office : |
73/A, Central Avenue, Shri Ram Niketan, Nagpur – 440 018, Maharashtra, India |
|
Tel. No.: |
91-712-2727509/
2660071/ 5616707 / 2722407 |
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Fax No.: |
91-712-2728207/
2641171 / 2722107 |
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E-Mail : |
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|
Website : |
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Head Office/ Factory : |
Industrial Growth Center, Siltara, Raipur – 493111,
Chhattisgarh, India |
|
Tel. No.: |
91-771-2216000 |
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Fax No.: |
91-771-216198 / 2216199 |
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|
|
|
Corporate Office : |
125, B-Wing,
Mittal Court, Nariman Point, Mumbai - 400021, Maharashtra, India |
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Tel. No.: |
91-22-22880080-81 |
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Fax No.: |
91-22-22826680 |
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Branch Office : |
Located At:
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Overseas Offices : |
Located At:
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DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Kamal Kishore Sarda |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
60 Years |
|
Qualification : |
B.E (Mechanical) |
|
Experience : |
38 Years |
|
|
|
|
Name : |
Mr. Pankaj Sarda |
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Designation : |
Managing Director |
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|
|
|
Name : |
Mr. G D Mundra |
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Designation : |
Whole Time Director |
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|
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Name : |
Mr. A.K. Basu |
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Designation : |
Independent
Director |
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|
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|
Name : |
Mr. C.K. Lakshminarayanan |
|
Designation : |
Independent
Director |
|
Date of Birth/Age : |
63 Years |
|
Qualification : |
Bachelor of
Technology |
|
Date of Appointment : |
28.01.2009 |
|
|
|
|
Name : |
Mr. G.S. Sahni |
|
Designation : |
Independent
Director |
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|
|
|
Name : |
Mr. Jitender Balakrishnan |
|
Designation : |
Independent
Director |
|
Date of Birth/Age : |
63 Years |
|
Qualification : |
B.E (Mech)
National Institute of Technology (NIT) Madras University and Post Graduate
Diploma in Industrial Management, Bombay University |
|
Date of Appointment : |
30.07.2010 |
|
|
|
|
Name : |
Mr. P R Tripathi |
|
Designation : |
Independent
Director |
|
Qualification : |
Mining Engineer |
|
|
|
|
Name : |
Mr. Rakesh Mehra |
|
Designation : |
Independent
Director |
|
Qualification : |
FCWA |
KEY EXECUTIVES
|
Name : |
Mr. P. K. Jain |
|
Designation : |
Chief Financial Officer - Cum – Company Secretary |
|
|
|
|
Name : |
Mr. Manish |
|
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 |
|
|
|
|
|
|
|
|
8153707 |
22.68 |
|
|
16494651 |
45.88 |
|
|
1000000 |
2.78 |
|
|
1000000 |
2.78 |
|
|
25648358 |
71.34 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
25648358 |
71.34 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1175844 |
3.27 |
|
|
1278043 |
3.55 |
|
|
250 |
0.00 |
|
|
446285 |
1.24 |
|
|
2900422 |
8.07 |
|
|
|
|
|
|
3679852 |
10.24 |
|
|
|
|
|
|
2757500 |
7.67 |
|
|
895292 |
2.49 |
|
|
70929 |
0.20 |
|
|
26824 |
0.07 |
|
|
44105 |
0.12 |
|
|
7403573 |
20.59 |
|
Total Public shareholding (B) |
10303995 |
28.66 |
|
Total (A)+(B) |
35952353 |
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) |
35952353 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Ferro Alloys. |
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Products : |
Ferro Alloys |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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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 |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
NOTE Long Term Borrowings Terms of
repayment a)
The Non-Convertible Debentures are redeemable in three
equal annual installments commencing from July 2015. The Company has an
option to redeem these debentures earlier; however, no redemption will take
before the end of 3rd year from the date of allotment. b)
External Commercial Borrowings availed in foreign
currencies are payable in 5 Annual Installments (First three Installments are
1/6th of the loan amount and remaining 2 installments are 1/4th of the loan
Amount). Four installments have already been paid. c)
Rupee term loan from a financial institution is
payable in 12 equal quarterly installments commencing from September 2013.
Three installments have already been paid. d)
Rupee term loan of Rs.450.000 Million from Bank
is payable in 11 quarterly installments starting from September 2013 quarter.
During the financial year 2013-14, 3 installments comprising 10% of the loan
amount repaid, in the year 2014-15, 4 installments involving 20% and in the
year 2015-16, 4 installments involving 70% of the loan amount will be repaid e)
Rupee term loan of Rs.500.000 Million from bank
is payable in 10 equal half yearly installments starting from August 2014. f)
Hire purchase loan of Rs.2.205 Million from bank
is payable in 34 equal installments of Rs.0.194 Million starting from June
2012. g)
Deferred sales tax loan is interest free and
payable at the end of fifth year from the end of the financial year of
accrual. Security The non-convertible debentures are secured by a registered mortgage of
an immovable property of the company situated at Ahmedabad. Term loans from bank, financial institution, external commercial
borrowing and debentures are secured by first pari-passu charge by way of
hypothecation of entire movable assets of the company situated at Industrial
Growth Centre, Siltara, Raipur subject to prior charge on current assets in
favour of working capital bankers and by way of joint equitable mortgage of
immovable properties of the company situated at Industrial Growth Centre,
Siltara. Besides this, the term loan from bank and non-convertible debentures
are also secured by unconditional and irrevocable personal guarantees of Mr
K. K. Sarda & Mr Manish Sarda. Hire purchase loan from bank is secured by hypothecation of related
vehicles. Short Term Borrowings Terms of repayment Short term loan of Rs.450.000 Million is payable in March 2015. Security Working capital loans from banks are secured by first pari-passu
charge on stocks & book debts and second paripassu charge on all present
and future movable plant & machinery and second charge by way of joint
equitable mortgage of immovable properties located at Industrial Growth
Centre, Siltara, Raipur. These facilities are also secured by irrevocable
personal guarantees of Mr. K.K.Sarda and Mr. Manish Sarda. |
|
|
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|
Auditors : |
|
|
Name : |
M. M. Jain and Associates Chartered Accountants |
|
Address : |
AS / 502 Ujwal
Flats, Rahate Colony, Wardha Road Nagpur – 440022, Maharashtra, India |
|
PAN No.: |
AABFM6199F |
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|
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Memberships : |
-- |
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|
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Collaborators : |
-- |
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Subsidiaries : |
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Controlled entities : |
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Associate companies : |
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Related enterprises where significant
influence exists : |
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Joint ventures : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35850000 |
Equity Shares |
Rs.10/- each |
Rs.358.500 Million |
Terms/rights attached to equity shares
The company has only one class of shares - equity
shares - having a par value of Rs.10/- per share. Each holder of equity shares
is entitled to one vote per share.
The Board of Directors of the Company,
subject to the approval of the members in the ensuing general meeting, has
proposed a dividend of Rs.3/- per share (P.Y. Rs.3/-) for the financial year
ended 31st March, 2014.
In the event of liquidation of the company,
the holders of equity shares will be entitled to receive remaining assets of
the company, after distribution of all preferential amounts. The distribution
will be in proportion to the number of equity shares held by the shareholders.
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Chhatisgarh Investments Limited |
12265657 |
34.21% |
|
Sarda Agriculture and Properties Private
Limited |
2635150 |
7.35% |
|
Orange Mauritius Investments Limited |
390680 |
6.04% |
|
Infrastructure Development Finance Company
Limited |
1842105 |
5.14% |
|
Asia Minerals
Limited |
1804891 |
5.03% |
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
358.500 |
358.500 |
358.500 |
|
(b) Reserves & Surplus |
9,490.795 |
8,844.053 |
7,723.465 |
|
(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) |
9,849.295 |
9,202.553 |
8,081.965 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2,567.311 |
3,528.387 |
4,506.722 |
|
(b) Deferred tax liabilities (Net) |
669.841 |
433.103 |
499.614 |
|
(c) Other long term
liabilities |
34.087 |
23.128 |
17.151 |
|
(d) long-term
provisions |
276.932 |
114.728 |
83.476 |
|
Total Non-current
Liabilities (3) |
3,548.171 |
4,099.346 |
5,106.963 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short
term borrowings |
2,097.591 |
1,674.042 |
2,038.519 |
|
(b) Trade
payables |
1,039.893 |
1,038.802 |
834.863 |
|
(c) Other
current liabilities |
1,860.870 |
1,569.143 |
907.545 |
|
(d) Short-term
provisions |
47.994 |
36.333 |
48.998 |
|
Total Current
Liabilities (4) |
5,046.348 |
4,318.320 |
3,829.925 |
|
|
|
|
|
|
TOTAL |
18,443.814 |
17,620.219 |
17,018.853 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
6,860.909 |
7,104.675 |
6,860.668 |
|
(ii)
Intangible Assets |
416.880 |
437.468 |
456.126 |
|
(iii)
Capital work-in-progress |
650.304 |
618.458 |
1,087.694 |
|
(iv)
Intangible assets under development |
3.635 |
28.360 |
22.569 |
|
(b) Non-current Investments |
4,120.679 |
4,021.950 |
2,126.145 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
608.285 |
651.284 |
1,884.081 |
|
(e) Other
Non-current assets |
2.805 |
6.839 |
12.102 |
|
Total Non-Current
Assets |
12,663.497 |
12,869.034 |
12,449.385 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
3.061 |
3.122 |
5.139 |
|
(b)
Inventories |
2,755.115 |
2,199.890 |
2,272.222 |
|
(c) Trade
receivables |
497.943 |
625.042 |
431.304 |
|
(d) Cash
and cash equivalents |
457.175 |
72.405 |
9.475 |
|
(e)
Short-term loans and advances |
2,053.280 |
1,732.183 |
1,591.469 |
|
(f) Other
current assets |
13.743 |
118.543 |
259.859 |
|
Total
Current Assets |
5,780.317 |
4,751.185 |
4,569.468 |
|
|
|
|
|
|
TOTAL |
18,443.814 |
17,620.219 |
17,018.853 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12,705.137 |
13,839.453 |
11,001.770 |
|
|
|
Other Income |
346.518 |
151.219 |
593.205 |
|
|
|
TOTAL (A) |
13,051.655 |
13,990.672 |
11,594.975 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
6,167.663 |
7,458.025 |
6,287.740 |
|
|
|
Purchases of Stock-in-Trade |
903.402 |
373.287 |
140.477 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(344.223) |
160.736 |
(4.124) |
|
|
|
Employees benefits expense |
531.982 |
496.330 |
408.701 |
|
|
|
Other expenses |
3,187.863 |
2,630.145 |
2,386.483 |
|
|
|
TOTAL (B) |
10,446.687 |
11,118.523 |
9,219.277 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2,604.968 |
2,872.149 |
2,375.698 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
630.086 |
631.392 |
702.767 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1,974.882 |
2,240.757 |
1,672.931 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
632.169 |
640.792 |
632.336 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1,342.713 |
1,599.965 |
1,040.595 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
588.888 |
354.663 |
-103.394 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
753.825 |
1,245.302 |
1,143.989 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5,443.223 |
4,535.419 |
3,603.930 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Equity Dividend |
107.550 |
107.550 |
0.000 |
|
|
|
Tax on equity dividend |
0.000 |
17.448 |
0.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
62.500 |
62.500 |
62.500 |
|
|
|
Transfer to General Reserve |
150.000 |
150.000 |
150.000 |
|
|
BALANCE CARRIED
TO THE B/S |
5,876.998 |
5,443.223 |
4,535.419 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Fob value of exports (direct) |
1966.794 |
1494.627 |
1135.110 |
|
|
|
Interest received |
1.066 |
0.778 |
4.722 |
|
|
|
Dividend |
168.733 |
0.000 |
266.550 |
|
|
TOTAL EARNINGS |
2136.593 |
1495.405 |
1406.382 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1345.612 |
1940.788 |
834.933 |
|
|
|
Stores & Spares |
61.681 |
68.376 |
73.366 |
|
|
|
Capital Goods |
19.430 |
22.329 |
46.970 |
|
|
TOTAL IMPORTS |
1426.723 |
2031.493 |
955.269 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
25.24 |
34.74 |
31.91 |
|
|
|
Diluted |
21.03 |
34.74 |
31.91 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
3647.600 |
3545.300 |
3307.000 |
|
Total Expenditure |
2820.800 |
2656.800 |
2596.300 |
|
PBIDT (Excl OI) |
826.800 |
888.500 |
710.800 |
|
Other Income |
61.100 |
191.600 |
69.600 |
|
Operating Profit |
887.900 |
1080.100 |
780.300 |
|
Interest |
130.500 |
151800 |
162.300 |
|
Exceptional Items |
0.000 |
(1075.500) |
0.000 |
|
PBDT |
757.400 |
(147.200) |
618.000 |
|
Depreciation |
165.000 |
168.500 |
167.700 |
|
Profit Before Tax |
592.300 |
(315.700) |
450.400 |
|
Tax |
191.700 |
(132.200) |
170.900 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
400.600 |
(183.500) |
279.500 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
400.600 |
(183.500) |
279.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
5.93 |
9.00 |
10.40 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
20.50 |
20.75 |
21.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.82 |
12.35 |
7.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.17 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.47 |
0.57 |
0.81 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15 |
1.10 |
1.19 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
358.500 |
358.500 |
358.500 |
|
Reserves & Surplus |
7723.465 |
8844.053 |
9490.795 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
8081.965 |
9202.553 |
9849.295 |
|
|
|
|
|
|
long-term borrowings |
4506.722 |
3528.387 |
2567.311 |
|
Short term borrowings |
2038.519 |
1674.042 |
2097.591 |
|
Total
borrowings |
6545.241 |
5202.429 |
4664.902 |
|
Debt/Equity
ratio |
0.810 |
0.565 |
0.474 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
11,001.770 |
13,839.453 |
12,705.137 |
|
|
|
25.793 |
(8.196) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
11,001.770 |
13,839.453 |
12,705.137 |
|
Profit |
1,143.989 |
1,245.302 |
753.825 |
|
|
10.40% |
9.00% |
5.93% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Million |
31.03.2013 Rs.
In Million |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred sales
tax loan |
46.478 |
94.097 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans
repayable on demand From banks |
|
|
|
Short
term loans |
450.000 |
200.000 |
|
Other
loans and advances |
|
|
|
Advances
from customers |
47.270 |
35.948 |
|
Loans
from related parties |
91.288 |
0.000 |
|
Total |
635.036 |
330.045 |
NATURE OF OPERATION
The Company has integrated steel manufacturing
facility starting from iron ore and coal mining to the finished steel in the
form of wire rod and wire. The Company is also a leading manufacturer and
exporter of Ferro Alloys enjoying Star Export House Status. The manufacturing
facilities are backed by captive thermal power plant. The Company has also
promoted hydro power projects through SPVs.
OPERATIONS
The financial year 2013-14 was a yet another
challenging year due to slow down in Indian economy and industrial production
and infrastructure growth on account of high inflation, policy paralysis,
political scenario, the ongoing European debt crisis and delayed receipt of
permission for disposal of coal washery rejects. In spite of these constraints
and the challenging environment, the performance of the Company was
satisfactory. This was achieved through a constant endeavor at all levels for
excellence combined with a series of safety initiatives.
PROJECTS
Debottlenecking,
Modernization & Expansion project
The Company has achieved financial closure
for its Rs.5500.000 Million project for debottlenecking, modernisation &
expansion of existing manufacturing and mining facility. The project will be
executed over the next 2 years.
Pithead
Thermal Power Plant
The Company has received Environmental
Clearance for its 350 MW pithead thermal power plant, subject to receipt of
Stage-1 forest clearance and subsequently Stage 1 forest clearance has also
been received. Coal mining plan for enhanced capacity of coal mining has been
submitted to the concerned government authorities. Project execution will be
started after approval of the mining plan.
AWARDS
AND APPRECIATION
During the year, coal mines of the Company
received the following awards at the Annual Safety Fortnight conduction by South
Eastern Coal Fields Limited.:
• Award in “Dust Suppression in OC working,
CHP & Stock Yard” – 1st position
• Award in “Engineering Overall” – 2nd
position
• Prize and
certificate for Trade test, which is the first time achievement since the
beginning of the mines.
OUTLOOK
Despite signs of improvement in the global
financial conditions and improvement in short term risks, the world economy
continues to expand at a subdued pace. After a marked downturn over the past
two years, the global economic activity is expected to slowly gain momentum on
the back of accommodative monetary policies. Global growth is projected to
strengthen from 3% in 2013 to 3.6% in 2014 and 3.9% in 2015 as per World
Economic published by IMF. Most world regions are likely to see a moderate
pick-up in activity but growth will continue to be below potential and with low
employment gains. India managed to backstop the deceleration they experienced
in the past two years and veered upwards moderately, pointing towards
increasing global growth. As per studies, inflation will remain tame worldwide,
but the employment situation will continue to be challenging.
Growth prospects among large developing
countries and economies in transition are mixed. While growth in international
trade flows is expected to pick up moderately to 4.7% in 2014, prices of most
primary commodities are projected to be flat, although any unexpected
supply-side shocks, including geo-political tensions, could push some of these
prices higher. India is likely to grow by 5.6% in 2014-15 against a projected
growth of less than 5% in the current fiscal. With a stable government at the
centre, significant policy changes are anticipated in the near future. The
government focus on infrastructure development, more foreign direct investment
inflow and more transparency in governance is likely to significantly increase
the business confidence in the country.The growth in FY15 is likely to be
contributed majorly by the industrial sector. Merchandise exports are also
expected to grow by 8-10% in the next fiscal year. However, faster increase in
public and private investment and policy reforms to drive productivity can
counter long term slowdown.
However, the Company believes that with
growth picking up and spending on infrastructure development to be stepped up,
the outlook of the sectors in which the Company operates shall remain stable /
positive. The cost optimization drive taken up by the Company to mitigate the
pressure on prices continues, which will bring in further savings. The Company
has ready infrastructure and clearances for expansion. The iron ore mine has
also restarted the benefit of which will be reflected in F.Y. 2014-15. The
company is well placed to embark on an expansion scheme to capitalize on the
potential of an improving economic scenario. In view of these, the outlook for
the Company is positive.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER 2014
(Rs. In Million)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
Sales/Income from Operations (Gross) |
3609.609 |
3851.006 |
11448.418 |
|
Less: Excise Duty |
327.084 |
335.749 |
1027.339 |
|
a)
Net sales/ Income from operation (net of excise duty) |
3282.525 |
3515.257 |
10421.079 |
|
b) Other operating income |
24.494 |
30.052 |
78.889 |
|
Total
income from Operations(net) |
3307.019 |
3545.309 |
10499.968 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
1595.128 |
1547.548 |
4916.532 |
|
b) Purchases of stock in trade |
108.125 |
145.363 |
440.143 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(288.279) |
(185.846) |
(490.157) |
|
d) Employees benefit expenses |
143.836 |
143.277 |
425.727 |
|
e) Depreciation and amortization expenses |
167.658 |
168.462 |
501.153 |
|
f) Other expenditure |
1037.448 |
1006.460 |
2781.652 |
|
Total expenses |
2763.916 |
2825.264 |
8575.050 |
|
3. Profit from operations before other income and
financial costs |
543.103 |
720.045 |
1924.918 |
|
4. Other income |
69.545 |
191.604 |
322.198 |
|
5. Profit from ordinary activities before finance costs |
612.648 |
911.649 |
2247.116 |
|
6. Finance costs |
162.284 |
151.793 |
444.577 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
450.364 |
759.856 |
1802.539 |
|
8.
Exceptional item |
0.000 |
1075.536 |
1075.536 |
|
9. Profit from ordinary activities before tax
Expense: |
450.364 |
(315.6800 |
727.003 |
|
10.Tax expenses |
170.846 |
(132.215) |
230.337 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
279.518 |
(183.465) |
496.666 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
279.518 |
(183.465) |
496.666 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
359.524 |
359.524 |
496.666 |
|
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 |
7.82 |
(5.11) |
13.89 |
|
(b) Diluted |
7.79 |
(5.09) |
13.84 |
|
|
|
|
|
|
16.i) Earnings per share (After extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
7.82 |
(5.11) |
13.89 |
|
(b) Diluted |
7.79 |
(5.09) |
13.84 |
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
10,303,995 |
10,303,995 |
10,303,995 |
|
- Percentage of shareholding |
28.66 |
28.66 |
28.66 |
|
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 |
25,648,358 |
25,648,358 |
25,648,358 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
71.34 |
71.34 |
71.34 |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
0 |
|
|
Receiving during the quarter |
|
5 |
|
|
Disposed of during the quarter |
|
2 |
|
|
Remaining unreserved at the end of the quarter |
|
3 |
|
UNAUDITED SEGMENT WIE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Million)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
1. Segment Revenue |
|
|
|
|
a) Steel |
2155.955 |
2161.506 |
6626.909 |
|
b) Ferro Alloys |
1127.691 |
1354.727 |
3786.741 |
|
c) Power |
409.553 |
308.346 |
1086.694 |
|
d) Unallocated |
17.448 |
16.856 |
53.192 |
|
Total |
3710.647 |
3841.435 |
11553.536 |
|
Less : Inter Segment Revenue |
403.628 |
296.127 |
1053.569 |
|
Net Sales |
3307.019 |
3545.308 |
10499.968 |
|
|
|
|
|
|
2. Segment Result (Profit before
Interest and Tax) |
|
|
|
|
a) Steel |
457.998 |
(416.521) |
598.373 |
|
b) Ferro Alloys |
175.849 |
220.989 |
565.993 |
|
c) Power |
29.235 |
(14.895) |
59.533 |
|
Total |
663.082 |
(210.427) |
1223.899 |
|
Less : (i) Interest |
(159.075) |
168.659 |
(448.444) |
|
(ii) Other un-allocable expenditure net off un-allocable income. |
(53.643) |
(63.406) |
(48.453) |
|
Profit before Tax |
450.364 |
(315.680) |
727.003 |
|
|
|
|
|
|
3. Capital Employed |
|
|
|
|
a) Steel |
7584.902 |
6423.887 |
7584.902 |
|
b) Ferro Alloys |
1212.722 |
1220.195 |
1212.722 |
|
c) Power |
1055.538 |
968.642 |
1055.538 |
|
d) Unallocated |
2900.067 |
3403.996 |
2900.067 |
|
Total |
12753.229 |
12016.720 |
12753.229 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10526028 |
04/10/2014 |
9,200,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower
Parel W, Mumbai, Maharashtra - 400013, India |
C29769437 |
|
2 |
10526027 |
26/09/2014 |
13,900,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower
Parel W, Mumbai, Maharashtra - 400013, India |
C29768967 |
|
3 |
10525327 |
19/09/2014 |
3,850,000,000.00 |
Union Bank of India |
Industrial FINANCE Branch, 2139,
Union Bank Bhavan, Vidhan Bhavan Marg, Mumbai, Maharashtra - 400021, INDIA |
C29068079 |
|
4 |
10521233 |
04/09/2014 |
8,825,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower
Parel W, Mumbai, Maharashtra - 400013, India |
C21767330 |
|
5 |
10515517 |
28/07/2014 |
21,260,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower
Parel W, Mumbai, Maharashtra - 400013, India |
C16854168 |
|
6 |
10510915 |
17/07/2014 |
9,572,901.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower
Parel W, Mumbai, Maharashtra - 400013, India |
C13165089 |
|
7 |
10515488 |
16/07/2014 |
9,900,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower
Parel W, Mumbai, Maharashtra - 400013, India |
C16813529 |
|
8 |
10504365 |
04/06/2014 |
4,950,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower
Parel W, Mumbai, Maharashtra - 400013, India |
C07437411 |
|
9 |
10495897 |
12/05/2014 |
10,000,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower
Parel W, Mumbai, Maharashtra - 400013, India |
C04820296 |
|
10 |
10493919 |
03/05/2014 |
12,900,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower
Parel W, Mumbai, Maharashtra - 400013, India |
C04405403 |
|
11 |
10484715 |
20/03/2014 |
450,000,000.00 |
The Ratnakar Bank Limited |
Shahupuri,Kolhapur,, Kolhapur, Maharashtra
- 416001, India |
C00449967 |
|
12 |
10413661 |
16/05/2014 * |
500,000,000.00 |
The Ratnakar Bank Limited |
Shahupuri, Kolhapur, Kolhapur, Maharashtra
- 416001, India |
C06134001 |
|
13 |
10361044 |
01/06/2012 |
5,700,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower
Parel W, Mumbai, Maharashtra - 400013, India |
B41797036 |
|
14 |
10292943 |
13/03/2013 * |
1,250,000,000.00 |
IDFC Limited |
KRM Tower, 8th Floor,, No. 1, Harrington
Road, Chetpet, Chennai, Tamil Nadu - 600031, INDIA |
B72618309 |
|
15 |
10248797 |
30/12/2010 * |
1,250,000,000.00 |
Axis Trustee Services Limited |
2nd Floor, Axis Bank Building, Bombay
Dyeing Millis Compound, P. B. Marg,, Mumbai, Maharashtra - 400025, INDIA |
B04036919 |
|
16 |
10118855 |
31/01/2014 * |
4,998,000,000.00 |
Union Bank Of India |
Main Branch, Ajit Tower,, Ramsagarpara, Raipur,
Chhattisgarh - 492009, India |
B96903067 |
|
17 |
10084600 |
29/12/2010 * |
2,600,400,000.00 |
Axis Bank Ltd. |
2nd Floor, Axis Bank Building, Bombay
Dyeing Millis Compound, P. B. Marg,, Mumbai, Maharashtra - 400025, INDIA |
B03608239 |
|
18 |
90238763 |
03/04/1975 |
2,000,000.00 |
Madhya Pradesh Audyogik Vikas Nigam |
36; Bhadbhada Road, New Market, Bhopal,
Madhya Pradesh, India |
- |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
NEWS:
SARDA ENERGY PAYS
RS.1226.900 MILLION ADDITIONAL LEVY TO GOVT
Sarda Energy and
Minerals has deposited Rs.1226.900 Million as an additional levy with the Coal
Controller, making itself eligible for taking part in the coal block
allocation.
"...As directed by the Supreme Court vide its order dates September 4, 2014 and in terms
of Coal Mines (Special Provisions (Ordinance, 2014, a sum of Rs.1226.900
Million has been deposited as an additional levy with the coal
controller," the company said in a BSE filing today.
While quashing allocation of 214 out of 218 coal blocks alloted since 1993, the
apex court had in September last year also directed allottees to pay an
additional levy of Rs 295 a tonne of coal extracted to compensate financial
loss caused to the exchequer by the "illegal and arbitrary"
allotments.
"The company
has now become eligible to participate in the coal block auction process as
payment of additional levy was a precondition for participating in the coal
block auction process," the Raipur-based Sarda Energy and Minerals
said.
Sarda Energy and Minerals was allotted Gare Palma IV/7 coal mine in April, 2000
and this was in operation since 2009. It also had 20.63 per cent stake in a
joint venture that was allocated Madanpur South Coal block.
"The payment has been made without prejudice to company's rights to seek
remedy/redressal from appropriate forums," it added.
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.61.94 |
|
|
1 |
Rs.96.24 |
|
Euro |
1 |
Rs.70.39 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
52 |
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.