MIRA INFORM REPORT

 

 

Report No. :

323525

Report Date :

21.05.2015

 

IDENTIFICATION DETAILS

 

Name :

MONNET ISPAT AND ENERGY LIMITED (w.e.f  12.01.2006)

 

 

Formerly Known As :

MONNET ISPAT LIMITED

 

 

Registered Office :

Monnet Marg, Mandir Hasaud, Raipur – 492101, Chhattisgarh

Tel no. :

91-771-2471334

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

01.02.1990

 

 

Com. Reg. No.:

53-009826

 

 

Capital Investment / Paid-up Capital :

Rs. 2408.400 Million

 

 

CIN No.:

[Company Identification No.]

L02710CT1990PLC009826

 

 

IEC No.:

Not Available

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BPLM04510C

 

 

PAN No.:

[Permanent Account No.]

AAACM0501D

 

 

Legal Form :

A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturers of Sponge Iron, Steel and Ferro Alloys.

 

 

No. of Employees :

Not Divulged 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (32)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow  but correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is an established company having moderate track record.

 

For the financial year ended 2014, the company has reported below average operational performance which led to declining in profit of the company during a year under a review.

 

Rating also takes into account increased in external borrowing which leverage the balance sheet profile of the company backed by risk associate with cyclicality inherent in the steel industry.

 

However, trade relations are fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for business dealing with some caution.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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 = BBB+

Rating Explanation

Risk –prone-credit-quality and carries very high credit risk.

Date

21.04.2015

 

 

Rating Agency Name

CARE

Rating

Short-term Bank Facilities = A4

Rating Explanation

Moderate degree of safety and very high credit risk.

Date

21.04.2015

 

 

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 BY

 

Name :

Mr. Sanjay Upadhyay

Designation :

Executive Secretary

Contact No.:

91-771-2471334

Date :

20.05.2015

 

 

LOCATIONS

 

Registered Office / Factory 1:

Monnet Marg, Mandir Hasaud, Raipur – 492101, Chhattisgarh, India

Tel. No.:

91-771-2471334-339

Fax No.:

91-771-2471250

E-Mail :

monnet@monnetgroup.com

monnetraipur@monnetgroup.com

isc_miel@monnetgroup.com

Website :

http://www.monnetgroup.com

 

 

Corporate Office :

Monnet House, 11, Masjid Moth, Greater Kailash Part-ll, New Delhi-110048, Delhi, India

Tel. No.:

91-11-29218542-46

Fax No.:

91-11-29218541

E-mail :

monnet@monnetgroup.com

isc_miel@monnetgroup.com

 

 

Factory 2 :

Village - Naharpali, Tehsil - Kharsia, District Raigarh - 496661,  Chhattisgarh, India

Tel No. :

91–7762-275451/ 52

Fax No. :

91–7762-275455

E-Mail :

mielrgh@monnetgroup.com

 

 

Factory 3 :

Monnet Power Company Limited


Village – Malibrahmani, P. O. – Nisha – 759130 Via – Kosala, District. -Angul, Orissa, India

Tel No. :

91-6764-224001 / 224002

Fax No. :

91-6764-224003

E-Mail :

angul@monnetgroup.com

 

 

DIRECTORS

 

As on: 31.03.2012

 

Name :

Mr. Sandeep Jajodia

Designation :

Chairman and Managing Director

 

 

Name :

Mr. C. P. Baid

Designation :

Dy. Managing Director

 

 

Name :

Mr. G.C. Mrig

Designation :

Non-Executive Independent Director

 

 

Name :

Mr. Amit Dixit

Designation :

Non-Executive Independent Director

 

 

Name :

Mr. Ajay Relan

Designation :

Non-Executive Independent Director

 

 

Name :

Mr. Vikram Deswal

Designation :

Non-Executive Independent Director

 

 

Name :

Mr. J. P. Lath

Designation :

Other Non-Executive director

 

 

KEY EXECUTIVES

 

Name :

Mr. M.P. Kharbanda

Designation :

Company Secretary

 

 

Board Committees

 

Audit Committee

 

Mr. G.C. Mrig, Chairman

Mr. Ajay Relan, Member

Mr. J.P. Lath, Member

Mr. M.P Kharbanda, Secretary

 

 

Shareholders / Investors' Grievance Committee

Mr. J.P. Lath

Mr. C. P. Baid

 

 

Remuneration Committee

 

Mr. G.C. Mrig

Mr. Vikram Deswal

Mr. J.P. Lath

 

 

Finance Committee

 

Mr. Sandeep Jajodia

Mr. C.P. Baid

Mr. J.P. Lath

 

 

Executive Committee

 

Mr. Sandeep Jajodia

Mr. C.P. Baid

Mr. J.P. Lath

 

 

Share Transfer Committee

 

Mr. J.R Lath

Mr. C.P. Baid

Mr. M.P Kharbanda

 

 

Name :

Mr. Devi Mathur

Designation :

Senior Vice President of Finance of Account

 

 

Name :

Mr. Jitendra Pandey

Designation :

Senior Account Manager

 

 

Name :

Mr. Kamal Tanna

Designation :

Deputy General Manager

 

 

 

 SHAREHOLDING PATTERN

 

As on 31.03.2015

 

Category of Shareholders

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

254448

0.39

http://www.bseindia.com/include/images/clear.gifBodies Corporate

25682225

39.02

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

6046168

9.19

http://www.bseindia.com/include/images/clear.gifDirectors/Promoters & their Relatives & Friends

6046168

9.19

http://www.bseindia.com/include/images/clear.gifSub Total

31982841

48.59

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

31982841

48.59

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

7617

0.01

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

50626

0.08

http://www.bseindia.com/include/images/clear.gifInsurance Companies

396443

0.60

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

15354705

23.33

http://www.bseindia.com/include/images/clear.gifSub Total

15809391

24.02

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

8472153

12.88

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

6575880

10.59

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

1793200

2.72

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

763942

1.20

http://www.bseindia.com/include/images/clear.gifHindu Undivided Families

459171

0.70

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

302475

0.50

http://www.bseindia.com/include/images/clear.gifDirectors & their Relatives & Friends

2296

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

17605175

27.39

Total Public shareholding (B)

33414566

51.41

Total (A)+(B)

65397407

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

65397407

100.00

 

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturers of Sponge Iron, Steel and Ferro Alloys.

 

 

Products :

Item Code No. (ITC Code)

Product Description

72.07

Mild Steel

72.03

Sponge Iron

72.02

Sponge Iron

NA

Power

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS = NOT AVAILABLE

 

GENERAL INFORMATION

 

Suppliers :

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Experience :

Not Divulged

Maximum Limit Dealt :

Not Divulged

 

 

No. of Employees :

Not Divulged 

 

 

Bankers :
  • Punjab National Bank
  • State Bank of Bikaner and Jaipur
  • State Bank of India
  • State Bank of Patiala
  • IDBI Bank Limited

 

 

Facilities :

(Rs. In Million)

Secured Loan

As on 31.03.2014

As on

31.03.2013

Long term Borrowing

 

 

Non-Convertible Redeemable Debenture of par

9203.611

6050.006

Foreign currency loans 

16034.626

12074.424

Rupee loans

28534.331

20936.519

 

53772.568

39060.949

Short term Borrowing

 

 

Working capital from banks

6476.871

6059.667

From Banks

0.000

500.000

 

6476.871

6559.667

Total

60249.439

45620.616

 

Note:

 

Term Loans, External Commercial borrowings (ECB) and Non-Convertible Debentures (NCD) from financial institutions / Banks, are secured by first charge on all immovable and movable assets (present and future) of the Company (subject to prior charges on movables in favour of working capital banks) ranking pari - passu with the charges created in favour of participating financial institutions. Some of the loans /facilities are further guaranteed by the Managing Director of the Company.

 

The repayment terms and rate of interest of term loans are as under:

 

a) Rupee Term Loan for Steel Project:- The Company has an outstanding balance of Rs. 21556.100 Million of Rupee term loan with interest band of 1.50% to 2.25% plus base rate. These loans are repayable in 26 variable quarterly installments commencing from Financial Year 2013.14.

 

b) Rupee Term Loan for Power Project:- The Company has an outstanding balance of Rs. 969.300 Million of Rupee term loan with interest band of 1 1.75% to 12.95% repayable by Financial Year 2015-16.

 

c) Foreign Currency Term Loan $ 192 Million: the loan is repayable in installments from Financial Year 201 4-1 5 to Financial Year 201 9-20 and carries interest rate of libor plus 4.25 to 4.6%.

 

d) Foreign Currency Term Loan 212 Million: the loan is repayable in installments from 2014-15 to FY 2019-20 and carries interest rate of libor plus 4.25 to 6.6%.

 

e) USD 45 million repayable in FY 2013-14 with interest rate libor + 1.90%

 

Auditors :

 

Name :

O.P. Bagla and Company

Chartered Accountants

Address :

New Delhi, India

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Enterprise where KMP has significant influence:

Ø  A.P. Coal Washeries Private Limited

Ø  Monnet Global Limited

Ø  Monnet Overseas Limited

Ø  Monnet Daniel Coal Washeries Private Limited

Ø  Monnet Power Company Limited

Ø  Monnet Cement Limited

Ø  Monnet Enterprises PTE Limited

Ø  Rameshwaram Steel and Power Private Limited

Ø  Chattel Constructions Private Limited

Ø  Chomal Exports private limited

Ø  Monnet Sports Foundation

 

 

Subsidiary of Subsidiaries :

Ø  Pt Monnet Global

Ø  Monnet Enterprises DMCC

Ø  Pt. Serwa Sembada Karya Bumi

Ø  Monnet Global Liberia Limited

Ø  Monnet Global Guinea S.A.

Ø  Monnet Global Mali S.A.

Ø  Monnet Global Colombia S.A.S.

 

 

Joint Ventures :

 

Ø  MP Monnet Mining Company Limited

Ø  Mandakini Coal Company Limited

Ø  Urtan North Mining Company Limited

Ø  Monnet Ecomaister Enviro Private Limited

 

 

Associates:

Ø  Orissa Sponge Lron and Steel Limited

 

 

CAPITAL STRUCTURE

 

As on: 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

82000000

Equity Shares

Rs. 10/- each

Rs. 820.000 Million

17500000

Preference share

Rs. 100/- each

Rs. 1750.000 Million

 

Total

 

Rs. 2570.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

240825681

Equity Shares

Rs.10/- each

Rs. 2408.400 Million

 

 

 

 

 

 

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

2408.400

2387.489

643.550

(b) Reserves & Surplus

25988.000

25160.119

22959.944

(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)

28396.400

27547.608

23603.494

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

53772.600

40324.249

28511.949

(b) Deferred tax liabilities (Net)

1928.900

1661.221

1504.990

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

73.500

60.086

62.379

Total Non-current Liabilities (3)

55775.000

42045.556

30079.318

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

9850.900

13991.782

9831.952

(b) Trade payables

2285.500

1244.162

611.827

(c) Other current liabilities

10354.400

8774.206

4776.579

(d) Short-term provisions

210.800

112.573

186.467

Total Current Liabilities (4)

22701.600

24122.723

15406.825

 

 

 

 

TOTAL

106873.000

93715.887

69089.637

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

65664.600

13875.021

13786.959

(ii) Intangible Assets

0.000

0.000

0.538

(iii) Capital work-in-progress

0.000

36825.919

20219.300

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

10667.700

9314.971

5902.802

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

7377.700

08096.082

4433.586

(e) Other Non-current assets

735.400

836.178

797.352

Total Non-Current Assets

84445.400

68948.171

45140.537

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.995

10.259

(b) Inventories

10671.600

7790.413

5623.675

(c) Trade receivables

2150.400

2458.499

1788.205

(d) Cash and cash equivalents

883.500

7191.707

8733.295

(e) Short-term loans and advances

8573.200

7218.931

7724.404

(f) Other current assets

148.900

107.171

69.262

Total Current Assets

22427.600

24767.716

23949.100

 

 

 

 

TOTAL

106873.000

93715.887

69089.637

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

23097.700

19574.335

18973.846

 

Other Income

510.600

708.346

631.536

 

TOTAL (A)

23608.300

20282.681

19605.382

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

17574.100

11736.906

12079.516

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(2787.600)

7.695

(661.229)

 

Employees benefits expense

1435.300

1084.731

945.380

 

Other expenses

2634.200

1988.229

1863.254

 

TOTAL (B)

18856.000

14817.561

14226.921

 

 

 

 

 

Less

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

4752.300

5465.120

5378.461

 

 

 

 

 

Less

FINANCIAL EXPENSES (D)

2393.800

1192.091

867.022

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

2358.500

4273.029

4511.439

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

1387.300

888.980

741.068

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

971.200

3384.049

3770.371

 

 

 

 

 

Less

TAX (I)

304.900

880.856

881.766

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-I)   (J)

666.300

2503.193

2888.605

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD  (K)

14007.403

11980.410

9883.160

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Dividend

 

95.600

160.439

 

Dividend on Preference Shares

 

0.600

0.000

 

Tax on Dividend

 

16.400

26.027

 

Dividend paid

 

112.600

0.000

 

Transfer to General Reserve

 

251.000

289.000

 

Transfer to Debenture Redemption  Reserve

 

0.000

315.889

 

BALANCE CARRIED TO THE B/S

NA

14007.403

11980.410

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

 NA

448.682

987.999

 

TOTAL EARNINGS

NA

448.682

987.999

 

 

 

 

 

 

IMPORTS

 

 

 

 

Capital Goods

 NA

1874.671

1456.898

 

TOTAL IMPORTS

NA

1874.671

1456.898

 

 

 

 

 

Earnings Per Share (Rs.)

Basic

8.25

39.07

44.90

Diluted

8.10

37.83

43.48

 

 

Note:

 

The above Financial Results have been reviewed by the Audit Committee in its meeting held on June 11, 2014 and then approved by the Board of Directors in its meeting held on June 11, 2014.


The Board of Directors have recommended, subject to approval of shareholders, a dividend of 10% (Rs. 1.00 per equity share of Rs. 10/-each), aggregating to Rs. 210.100 Million, including dividend on preference shares and dividend distribution tax.


The Board of directors have approved an appropriation of Rs.66.600 Million to the General Reserve.


Sales aggregating to Rs. 1778.400 Million in respect of production during the trial runs of various modules of steel division does not form part of total sales during the year and have been adjusted/reduced against the preoperative expenditure


Operational performance includes impact of loss of Rs. 842.000 Million. being losses incurred during ramp up of production of the newly commissioned steel plant due to issues of synchronization and stabilzation of different modules of the steel plant. Management believes such losses are one time and non-recurring in nature.


The consolidated accounts have been prepared as per Accounting Standard (AS) 21 on Consolidated Financial Statements and Accounting Standard (AS) 23 on Accounting for Investments in Associates in Consolidated Financial Statements notified in the Companies (Accounting Standard) Rules 2006.


The figures of quarter ended March 31, 2014 and March 31, 2013 are the balancing figures between audited figures in respect of the full financial year and the published year to date figures (unaudited) upto the third quarter of the relevant financial year.


Previous year figures have been reworked / re-grouped / re-arranged, wherever necessary, to conform with those of current year classification/disclosure.

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

4861.699

4273.122

2621.041

Cash generated from operations

1114.599

3886.085

4126.209

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT/Sales)

(%)

2.88

12.79

15.22

 

 

 

 

 

Operating Profit Margin

(PBDIT / Sales)

(%)
20.57

27.92

28.35

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

1.01

7.11

8.77

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.03

0.12

0.16

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

2.41

2.13

1.74

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.99

1.03

1.55

 

 

STOCK PRICES

 

Face Value

Rs.10.00

Market Value

Rs.38.15

 

 

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

643.550

2387.489

2408.400

Reserves & Surplus

22959.944

25160.119

25988.000

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

0.000

Net worth

23603.494

27547.608

28396.400

 

 

 

 

long-term borrowings

28511.949

40324.249

53772.600

Short term borrowings

9831.952

13991.782

9850.900

CURRENT MATURITIES OF LONG-TERM DEBTS

4861.699

4273.122

2621.041

Total borrowings

43205.600

58589.153

66244.541

Debt/Equity ratio

1.830

2.127

2.333

 

 

 

 

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

18973.846

19574.335

23097.700

 

 

3.165

18.000

 

 

 

 

 

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

18973.846

19574.335

23097.700

Profit

2888.605

2503.193

666.300

 

15.22%

12.79%

2.88%

 

 

 

 

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

Yes

10]

Designation of contact person

Yes

11]

Turnover of firm for last three years

Yes

12]

Profitability for last three years

Yes

13]

Reasons for variation <> 20%

--

14]

Estimation for coming financial year

No

15]

Capital in the business

Yes

16]

Details of sister concerns

Yes

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

No

20]

Export / Import details (if applicable)

No

21]

Market information

--

22]

Litigations that the firm / promoter involved in

Yes

23]

Banking Details

Yes

24]

Banking facility details

Yes

25]

Conduct of the banking account

--

26]

Buyer visit details

--

27]

Financials, if provided

Yes

28]

Incorporation details, if applicable

Yes

29]

Last accounts filed at ROC

Yes

30]

Major Shareholders, if available

Yes

31]

Date of Birth of Proprietor/Partner/Director, if available

No

32]

PAN of Proprietor/Partner/Director, if available

No

33]

Voter ID No of Proprietor/Partner/Director, if available

No

34]

External Agency Rating, if available

Yes

 

 

CASE DETAILS

 

CASE DETAILS

Token No.

082210183052013

Case Type

MISC. APPEAL /0000076/2013

Date of Filing.

26/09/2013

Case Status.

Pending

 

CASE CURRENT PURPOSE

Bench

       Case Not Allocated

Bench Nature

 

Court

 

Listing Date

Listing Purpose

 

 

I.A FILED (ALL)

I.A No

Date

Name

I.A Status

 

SUBJECT CATEGORY

Subj Code

Subject

Code-Subject Category

Subject Sub Category

10

COMPANY LAW, MRTP & ALLIED MATTERS

1003-398 OF COMPANIES ACT, 1956.

 

 

PETITIONER AND PETITIONER ADVOCATES

Petitioner Name        -M/s Mittal Investment

Petitioner Father Name    -0

Petitioner Address    -THROUGH- ITS SOLE PROPRIETOR SHRI BAJARANGLAL B. AGRAWAL, B-10,

MADHAVPURA MARKET, SHAHIBAUG ROAD, AHMEDABAD-380004, (GUJARAT)

Petitioner Advocate  -C. Anup Rajput

PETITIONER ADDITIONAL PARTY

Additional Party Name

Father Name

Advocate Name

Party Address

RESPONDENTS/ACCUSED AND RESPONDENTS ADVOCATES

Respondent Name        -M/s Monnet Ispat And Energy Ltd.

Respondent Father Name    -

Respondent Address    -A COMPANY INCORPORATED UNDER PROVISIONS OF THE COMPANIES ACT,

1956 AND HAVING ITS REGISTERED OFFICE AT CHAND KHURI MARG (MONNET MARG), MANDI

HASAUD, RAIPUR, DISTT. RAIPUR (CHHATTISGARH)

Respondent Advocate  -

RESPONDENTS ADDITIONAL PARTY

Additional Party Name

Father Name

Advocate Name

Party Address

 

LOWER COURT DETAIL

Court name

District

Case Type

Case Number

Case Year

Decision Date

Not Available/Applicable

Mumbai

COMPANY PETITION NO.

32

2008

18/09/2010

 

FIR DETAIL

FIR No   -

FIR Date   -

Police Station   - ()

 

CASE PROCEEDING HISTORY

Bench

Hearing Date

Purpose

Action

 

DOCUMENT DETAIL ( A.O.)

Party Name

Payment Mode

Amount

Document Type

              Total=  

 

ORDER DETAILS

Token No.

Order Date           Order No

 

JUDGEMENT DETAILS

Token No.

Judgement Date           Judgement No

 

UNSECURED LOAN

(Rs. In Million)

Particulars

As on 31.03.2014

As on

31.03.2013

Long term Borrowing

 

 

Rupee loans

0.000

1263.300

 

0

 

Short term borrowings

0

 

0% Fully Convertible Debenture of Rs. 1000/- each.

0.000

392.625

Foreign currency loans

1802.709

2925.382

Rupee loans

1571.317

4114.108

 

 

 

Total

3374.026

8695.415

 

Note:

 

Working capital facilities from banks are secured by first charge on movable current assets and second charge on all immovable assets of the Company. These working capital loans are further guaranteed by Managing Director of the Company.

 

 

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2014

(Rs. In Million)

SI No.

 

Particulars

Quarter Ended

Nine Months Ended

 

 

31.03.2014

(Unaudited)

30.09.2014

(Unaudited)

31.12.2014

(Unaudited)

1

Income from Operations

 

 

 

 

(a) Net Sales/Income from Operations (Net of excise duty)

7653.000

8241.200

24735.800

 

(b) Other Operating Income

127.900

121.200

344.900

 

Total income from operations (net)

7780.900

8362.400

25080.700

2

Expenses

 

 

 

 

(a) Cost of Materials consumed

5684.800

7042.000

19210.500

 

(b) Purchase of stock-in-trade

0.000

0.000

0.000

 

(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade

24.500

(1181.900)

(2248.100)

 

(d) Employee benefits expenses

525.800

479.000

1484.900

 

(e) Depreciation and amortization expense

617.100

603.800

1801.900

 

(f) Other expenses(Any item exceeding 10% of the total expenses relating to continuing operations to be shown separately)

1139.600

1388.600

3701.500

 

Total Expenses

7991.800

8331.500

23949.800

 

 

 

 

 

3.

Profit / (Loss) from operations before other income, finance costs and exceptional items (1-2)

(210.900)

30.900

1130.900

4

Other Income

118.300

95.400

307.400

5

Profit / (Loss) from ordinary activities before finance costs and exceptional items (3 + 4)

(92.600)

126.300

1438.300

6

Finance Costs

1485.800

1245.900

3885.800

7

Profit / (Loss) from ordinary activities after finance costs but before exceptional items (5 + 6)

(1578.400)

(1119.600)

(2447.500)

8

Exceptional Items

2466.400

0.00

2466.400

9

Profit / (Loss) from ordinary activities before tax (7 + 8)

(4044.800)

(1119.600)

(4913.900)

10

Tax expense

(1616.700)

(338.000)

(1878.300)

11

Net Profit / (Loss) from ordinary activities after tax (9 + 10)

(2428.100)

(781.600)

(3035.600)

12

Extraordinary items (net of tax expense Rs. Million)

0.00

0.00

0.00

13

Net Profit / (Loss) for the period (11 +12)

(2428.100)

(781.600)

(3035.600)

14

Cash Profit

--

--

--

17

Paid-up equity share capital

(Face Value Rs.10/- per Share fully paid-up)

65.83

65.83

65.83

18

Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year

--

-

--

19

Earnings Per Share (EPS) (being same before and after extraordinary items) of Rs. 10/- each (not Annualized)

--

--

--

 

(a) Basic

(36.89)

(11.87)

(46.12)

 

(b) Diluted

(36.89)

(11.87)

(46.12)

 

 

 

 

 

A

PARTICULARS OF SHAREHOLDING

 

 

 

1

Public Shareholding

 

 

 

 

-  Number of Shares

33842840

33842840

33842840

 

-  Percentage of Shareholding

51.41

51.41

51.41

2

Promoters and Promoter Group Shareholding

 

 

 

 

a) Pledged / Encumbered

 

 

 

 

-  Number of Shares

Nil

Nil

Nil

 

-  Percentage of Shares (as a % of total shareholding of promoter and promoter group)

 

 

 

 

-  Percentage of Shares (as a % of total share Capital of the Company)

 

 

 

 

b) Non-Encumbered

 

 

 

 

-  Number of Shares

31982841

31982841

31982841

 

-  Percentage of Shares (as a % of total shareholding of promoter and promoter group)

100.00

100.00

100.00

 

-  Percentage of Shares (as a % of total share Capital of the Company)

48.59

48.59

48.59

 

 

PARTICULARS

31.12.2014

Pending at the beginning of the quarter

7

Received during the quarter

47

disposed off during the quarter

46

Remaining unresolved at the end of the quarter

8

 

 

UNAUDITED SEGMENT-WISE REVENUE RESULTS CAPITAL EMPLOYED THE QUARTER ENDED 31.12.2014

(Rs. In Million)

SI. No

Particulars

Quarter Ended

Nine Months Ended

Quarter Ended

 

 

31.03.2014

(Unaudited)

30.09.2014

(Unaudited)

31.03.2014

(Unaudited)

1

"Segment Revenue (Net Sales / Income from each segment should be disclosed under this head)"

 

 

 

 

(a) Power

843.000

1320.600

3420.300

 

(b) Steel

7690.700

8166.700

24565.400

 

(c) Unallocated

0.00

0.00

0.00

 

Total

8533.700

9487.300

27985.700

 

Less: Inter Segment Revenue

752.800

1124.900

2905.000

 

Net Sales / Income From Operations

 

 

 

2

Segment Results (Profit) (+) / Loss (-) before tax and interest from each segment)

 

 

 

 

(a) Power

(1.900)

(93.600)

(58.300)

 

(b) Steel

(25.500)

154.500

1517.000

 

(c) Unallocated

0.00

0.00

0.00

 

Total

(27.400)

1245.900

3885.800

 

 

 

 

 

 

Less: i) Financial Charges

1485.300

1245.900

3885.800

 

ii) Un-allocable Expenditure net off

0.00

0.00

0.00

 

ii) Un-allocable income

(65.200)

65.400

)20.400)

 

Total Profit Before Tax

(1578.400)

(1119.600)

(2447.500)

3

"Capital Employed

 

 

 

 

(Segment assets - Segment Liabilities)"

 

 

 

 

(a) Power

4375.000

4490.500

4375.000

 

(b) Steel

20985.900

23298.300

20985.900

 

(c) Unallocated

0.00

0.00

0.00

 

Total

25360.900

27788.900

25360.900

 

Note:

 

.1.The Board of Directors approved these results and its release in its meeting held on 13th February, 2015 after review by the Audit Committee.



2. The Hon’ble Supreme Court of India by its Order dated 24th September, 2014 has cancelled a number of coal blocks allocated to various entities which includes one operational mine and two under development mines allotted to the Company and directed to pay an additional levy of Rs.295 per MT on coal extracted from operational mines from date of operation till date.



3. The Company has paid such levy on coal extracted during the period 2004 to 30th September, 2014 and duly provided for the balance amount for quarter ended 31st December 2014, in all aggregating to Rs.2466.400 Million. The said amount has been shown as an exceptional item in the results given hereinabove.

4. The Ministry of Law and Justice (Legislative Department), Government of India, has promulgated an Ordinance on October 21, 2014 for implementing the order of Hon'ble Supreme Court and fixation of compensation etc. The Company has invested an amount of Rs 2257.800Million. in mining assets including land, infrastructure and machinery. No adjustment has been made against impairment of mining assets since the final compensation amount is not yet ascertained.



5. The figures for the corresponding previous periods have been restated / regrouped wherever necessary to make them comparable. 

 
 

FIXED ASSETS:

 

Tangible assets:

Ø  Land and Site Development

Ø  Lease hold land

Ø  Railway Siding

Ø  Building

Ø  Plant and Machinery

Ø  Office Equipment

Ø  Furniture and Fixtures

Ø  Vehicle

 

Intangible assets:
Ø  Software

 

 

 

INDEX OF CHARGES

 

S.No.

Charge ID

Date of Charge Creation/Modification

Charge amount secured

Charge Holder

Address

Service Request Number (SRN)

1

10542145

31/12/2014

210,000,000.00

L&T INFRASTRUCTURE FINANCE COMPANY LIMITED

MOUNT POONAMALLEE ROAD, MANAPAKKAM, CHENNAI, Tami 
l Nadu - 600089, INDIA

C40003725

2

10543165

30/12/2014

300,000,000.00

STATE BANK OF PATIALA

COMMERCIAL BRANCH, 2ND FLOOR, CHANDRALOK BUILDING 
, 36, JANPATH ,, NEW DELHI, Delhi - 110001, INDIA

C40512865

3

10539023

30/12/2014 *

550,000,000.00

ICICI BANK LIMITED

LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA

C39691522

4

10513273

19/07/2014

1,000,000,000.00

Syndicate Bank

Sarojini House,, 6 Bhagwan Das Road,, New Delhi, 
Delhi - 110001, INDIA

C15285638

5

10510864

28/06/2014

4,000,000,000.00

State Bank Of Bikaner And Jaipur

Devika Tower, 6, Nehru Place, New Delhi, Delhi - 
110019, INDIA

C13058557

6

10500959

29/05/2014

2,000,000,000.00

IDBI Bank Limited

INDIAN RED CROSS SOCIETY BUILDING, 1,RED CROSS RO 
AD, NEW DELHI, Delhi - 110001, INDIA

C05558044

7

10494195

25/04/2014

1,000,000,000.00

DENA BANK

Corporate Business Branch, 3rd Floor, 238 B, AJC 
Bose Road, Kolkata, West Bengal - 700020, INDIA

C04145363

8

10486430

27/03/2014

1,730,000,000.00

Punjab National Bank

ECE House, 28 - A, Kasturba Gandhi Marg, New Delhi, Delhi - 110001, INDIA

C01011477

9

10489062

21/03/2014

6,400,000,000.00

STATE BANK OF PATIALA

STATE BANK OF PATIALA, CHANDERLOK BUILDING, 36, J 
ANPATH,, NEW DELHI, Delhi - 110001, INDIA

C03003712

10

10478471

15/02/2014

1,000,000,000.00

CORPORATION BANK Corporate Banking Branch

10th Floor Hindustan Times House, K G Marg Connaught Place, New Delhi, Delhi - 110001, INDIA

B96762000

 

* Date of charge modification

 

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.63.86

UK Pound

1

Rs.98.88

Euro

1

Rs.70.73

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ART

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILITY 

1~10

3

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

4

--CREDIT LINES

1~10

3

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

32

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.