MIRA INFORM REPORT
|
Report No. : |
303477 |
|
Report Date : |
16.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
SARDA ENERGY AND MINARALS LIMITED (w.e.f. 12.10.2007) |
|
|
|
|
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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|
|
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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 Millions |
|
|
|
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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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|
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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
: |
Not Available |
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 |
|
Status : |
Good |
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|
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
October 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry low
credit risk |
|
Date |
October 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.
LOCATIONS
|
Registered Office : |
73/A, Central
Avenue, Shri Ram Niketan, Nagpur – 440
018, Maharashtra, India |
|
Tel. No.: |
91-712-2727509/ 2660071/ 5616707 / 2722407 |
|
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 |
|
Fax No.: |
91-771-216198 /
2216199 |
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|
|
|
Corporate Office : |
125, B-Wing, Mittal Court, Nariman Point, Mumbai - 400021, Maharashtra, India |
|
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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|
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|
Name : |
Mr. G D Mundra |
|
Designation : |
Whole Time Director |
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Name : |
Mr. A.K. Basu |
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Designation : |
Independent Director |
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|
|
|
Name : |
Mr. C.K. Lakshminarayanan |
|
Designation : |
Independent Director |
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Date of Birth/Age : |
63 Years |
|
Qualification : |
Bachelor of Technology |
|
Date of Appointment : |
28.01.2009 |
|
|
|
|
Name : |
Mr. G.S. Sahni |
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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 |
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|
|
|
Name : |
Mr. Rakesh Mehra |
|
Designation : |
Independent Director |
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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 30.09.2014
|
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 |
|
|
|
|
|
|
|
|
1209653 |
3.36 |
|
|
1267050 |
3.52 |
|
|
250 |
0.00 |
|
|
587430 |
1.63 |
|
|
3064383 |
8.52 |
|
|
|
|
|
|
3532717 |
9.83 |
|
|
|
|
|
|
2565526 |
7.14 |
|
|
1073325 |
2.99 |
|
|
68044 |
0.19 |
|
|
27824 |
0.08 |
|
|
40220 |
0.11 |
|
|
7239612 |
20.14 |
|
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 Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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
pMillionse 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 Millions 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 Millions from bank
is payable in 10 equal half yearly installments starting from August 2014. f)
Hire purchase loan of Rs.2.205 Millions from bank
is payable in 34 equal installments of Rs.0.194 Millions 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 Millions 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. |
|
|
|
|
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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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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|
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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 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35850000 |
Equity Shares |
Rs. 10/- each |
Rs.358.500 Millions |
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 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 |
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) |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
3647.600 |
3545.300 |
|
Total Expenditure |
|
2820.800 |
2656.800 |
|
PBIDT (Excl OI) |
|
826.800 |
888.500 |
|
Other Income |
|
61.100 |
191.600 |
|
Operating Profit |
|
887.900 |
1080.100 |
|
Interest |
|
130.500 |
151800 |
|
Exceptional Items |
|
0.000 |
(1075.500) |
|
PBDT |
|
757.400 |
(147.200) |
|
Depreciation |
|
165.000 |
168.500 |
|
Profit Before Tax |
|
592.300 |
(315.700) |
|
Tax |
|
191.700 |
(132.200) |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
400.600 |
(183.500) |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
400.600 |
(183.500) |
|
Equity Capital |
|
358.500 |
359.500 |
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 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 |
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 Millions |
Rs.
In Millions |
Rs.
In Millions |
|
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 Millions |
Rs.
In Millions |
Rs.
In Millions |
|
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 Millions |
31.03.2013 Rs.
In Millions |
|
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 Millions 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 30TH SEPTEMBER 2014
(Rs. In Millions)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
Sales/Income from Operations (Gross) |
3851.006 |
3987.803 |
7838.809 |
|
Less: Excise Duty |
335.749 |
364.506 |
700.255 |
|
a) Net
sales/ Income from operation (net of excise duty) |
3515.257 |
3623.297 |
7138.554 |
|
b) Other operating income |
30.052 |
24.343 |
54.395 |
|
Total
income from Operations(net) |
3545.309 |
3647.640 |
7192.949 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
1547.548 |
1773.856 |
3321.404 |
|
b) Purchases of stock in trade |
145.363 |
186.655 |
332.018 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(185.846) |
(16.032) |
(201.878) |
|
d) Employees benefit expenses |
143.277 |
138.614 |
281.891 |
|
e) Depreciation and amortization expenses |
168.462 |
165.033 |
333.495 |
|
f) Other expenditure |
1006.460 |
737.744 |
1744.204 |
|
Total expenses |
2825.264 |
2985.870 |
5811.134 |
|
3. Profit from operations before other income and
financial costs |
720.045 |
661.770 |
1381.815 |
|
4. Other income |
191.604 |
61.049 |
252.653 |
|
5. Profit from ordinary activities before finance costs |
911.649 |
722.819 |
1634.468 |
|
6. Finance costs |
151.793 |
130.500 |
282.293 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
759.856 |
592.319 |
1352.175 |
|
8. Exceptional item |
1075.536 |
0.000 |
1075.536 |
|
9. Profit from ordinary activities before tax
Expense: |
(315.6800 |
592.319 |
276.639 |
|
10.Tax expenses |
(132.215) |
191.706 |
59.491 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
(183.465) |
400.613 |
217.148 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
(183.465) |
400.613 |
217.148 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
359.524 |
358.500 |
359.524 |
|
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 |
(5.11) |
11.14 |
6.05 |
|
(b) Diluted |
(5.09) |
11.14 |
6.03 |
|
|
|
|
|
|
16.i) Earnings per share (After extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
(5.11) |
11.14 |
6.05 |
|
(b) Diluted |
(5.09) |
11.14 |
6.03 |
|
|
|
|
|
|
Debt Service Coverage Ratio |
|
|
1.55 |
|
Interest Service Coverage Ratio |
|
|
3.57 |
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
10,303,995 |
10,229,943 |
10,303,995 |
|
- Percentage of shareholding |
28.66 |
28.54 |
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 |
25,620,057 |
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 |
71.46 |
71.34 |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
0 |
|
|
Receiving during the quarter |
|
0 |
|
|
Disposed of during the quarter |
|
0 |
|
|
Remaining unreserved at the end of the quarter |
|
0 |
|
Notes:-
- The above accounts were reviewed by the Audit Committee and considered and approved in the meeting of the Board of Directors held on 01.11.2014.
- The statutory auditors have carried out a limited review of the above results.
- During the quarter 102353 Equity Shares have been issued under ESOP Scheme, as a result the paid up share capital has gone up from 358.500 Millions to 359.524 Millions.
- Other expenses includes forex fluctuation loss / (gain).
- The other income for the quarter ended 30th September 2014 includes dividend received from subsidiary of Rs 111.195 Millions.
a. The Hon’ble Supreme Court of India vide its Order dated 24.09.2014 cancelled 204 coal blocks allotted in earlier years to various companies. This includes coal block Gare Palma IV/7 allotted to the Company, which was operational since 2009 and coal block Madanpur south allotted in Joint Venture, in which the company has interest to the extent of 20.63%. The Supreme Court, in case of operational mines has allowed mining operations till 31.03.2015.
b. Further, the Supreme Court has also imposed an additional levy of Rs. 295/MT on Coal extracted since operation. Accordingly, the impact of additional levy @Rs.295/- pmt on total coal extracted in coal block Gare Palma IV/7 till 31.03.2014 amounting to Rs.1075.536 Millions has been considered under exceptional item. Further, the additional levy amounting to Rs.157.116 Millions (on coal extracted during 01.04.2014 – 30.09.2014) has been shown under mining expenses in Other Expenses. This additional levy has been treated as direct expenses and considered in valuation of closing stock of Coal.
c. The company has filed review petition before the Hon’ble Supreme Court of India and is exploring further remedies available to it to safeguard its interest in the Coal mines allotted to it.
d. The Government of India promulgated an Ordinance on 21.10.14 for implementing the order of the Supreme Court and fixation of compensation etc. to the existing allottees. The company is examining the implication of the said ordinance on the company’s investments so far made in coal mining operations. Pending this, no adjustments in the value of fixed assets and investments as such has been considered as the same will be given effect to in subsequent quarters on ascertainment of the amount.
- The figures for the corresponding previous periods have been restated / regrouped, wherever necessary, to make them comparable. The figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published year todate figures up to the third quarter of the current financial year.
- Ratios have been computed as under:-
(i) DSCR = EBIDTA/(Interest +Scheduled Principal Payments)
(ii) ISCR = EBIDTA/Interest Expenses (Excluding Notional Interest) Interest excludes exchange differences to the extent regarded as adjustment to interest cost.
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
1. Segment Revenue |
|
|
|
|
a) Steel |
2161.506 |
2309.448 |
4470.954 |
|
b) Ferro Alloys |
1354.727 |
1304.323 |
2659.05 |
|
c) Power |
308.346 |
368.795 |
677.141 |
|
d) Unallocated |
16.856 |
18.888 |
35.744 |
|
Total |
3841.435 |
4001.454 |
7842.889 |
|
Less : Inter Segment Revenue |
296.127 |
353.814 |
649.94 |
|
Net Sales |
3545.308 |
3647.64 |
7192.949 |
|
|
|
|
|
|
2. Segment Result (Profit before Interest
and Tax) |
|
|
|
|
a) Steel |
(416.521) |
556.897 |
140.376 |
|
b) Ferro Alloys |
220.989 |
169.155 |
390.144 |
|
c) Power |
(14.895) |
45.193 |
30.298 |
|
Total |
(210.427) |
771.245 |
560.818 |
|
Less : (i) Interest |
168.659 |
120.709 |
289.368 |
|
(ii) Other un-allocable expenditure net off un-allocable
income. |
(63.406) |
58.217 |
(5.190) |
|
Profit before Tax |
(315.680) |
592.319 |
276.640 |
|
|
|
|
|
|
3. Capital Employed |
|
|
|
|
a) Steel |
6423.887 |
7143.439 |
6423.886 |
|
b) Ferro Alloys |
1220.195 |
1220.153 |
1220.195 |
|
c) Power |
968.642 |
916.101 |
968.642 |
|
d) Unallocated |
3403.996 |
2841.562 |
3403.996 |
|
Total |
12016.720 |
12121.255 |
12016.719 |
STATEMENT OF ASSETS
AND LIABILITIES
|
SOURCES OF FUNDS |
|
|
30.09.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
359.524 |
|
(b) Reserves & Surplus |
|
|
9,602.756 |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
|
0.108 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
9,962.388 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
2,312.072 |
|
(b) Deferred tax liabilities (Net) |
|
|
663.594 |
|
(c) Other long term
liabilities |
|
|
82.518 |
|
(d) long-term
provisions |
|
|
308.743 |
|
Total Non-current
Liabilities (3) |
|
|
3,366.927 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
1,947.294 |
|
(b) Trade
payables |
|
|
975.536 |
|
(c) Other
current liabilities |
|
|
3,419.415 |
|
(d) Short-term
provisions |
|
|
68.340 |
|
Total Current
Liabilities (4) |
|
|
6,410.585 |
|
|
|
|
|
|
TOTAL |
|
|
19,739.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
|
7,809.394 |
|
(ii)
Intangible Assets |
|
|
0.000 |
|
(iii)
Capital work-in-progress |
|
|
0.000 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
4,136.790 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
802.689 |
|
(e) Other
Non-current assets |
|
|
2.625 |
|
Total Non-Current
Assets |
|
|
12,751.498 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.614 |
|
(b)
Inventories |
|
|
3,069.768 |
|
(c) Trade
receivables |
|
|
471.235 |
|
(d) Cash
and cash equivalents |
|
|
41.674 |
|
(e)
Short-term loans and advances |
|
|
3,291.718 |
|
(f) Other
current assets |
|
|
113.393 |
|
Total
Current Assets |
|
|
6,988.402 |
|
|
|
|
|
|
TOTAL |
|
|
19,739.900 |
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 |
- |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
NEWS:
SARDA ENERGY PAYS
RS.1226.900 MILLIONS ADDITIONAL LEVY TO GOVT
Sarda Energy and Minerals has deposited Rs.1226.900 Millions 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
Millions 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, 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.61.76 |
|
UK Pound |
1 |
Rs.94.02 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
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.