|
|
|
MIRA INFORM REPORT
|
Report No. : |
491641 |
|
Report Date : |
14.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
MSPL LIMITED |
|
|
|
|
Formerly Known
As : |
MINERAL SALES LIMITED MINERAL SALES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
No.117, Baldota Bhavan, Maharshi Karve Road, Mumbai-400020,
Maharashtra |
|
Tel. No.: |
91-22-22030989 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
18.10.1961 |
|
|
|
|
Com. Reg. No.: |
11-012160 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 384.000
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U13100MH1961PLC012160 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCM1040N |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability
Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of Mining, Processing and Selling of Iron Ore, Manufacturing of Pellets and also Generation of Electricity through Wind Power. [Registered Activity] |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment
Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a flagship company of the Karnataka-based Baldota group. It
is an established company incorporated in the year 1961 having satisfactory
track record. As per Registrar of companies the date of balance sheet [i.e.
financial filed] is shown as 31.03.2017 but has documents related to the
financial for the year 2017 are not available from any sources. As per available financials of 2016, revenue of the company has
decline which has further resulted into a loss. However, the rating takes into consideration healthy net worth base
and fair liquidity of the company. The company also derives strength from its long established track
record of business operation. Trade relations are reported as fair. Business is active. Payment
terms are seems as slow but correct. The company can be considered for business dealings 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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency
Name |
ICRA |
|
Rating |
Long term rating
= BBB |
|
Rating
Explanation |
Moderate degree
of safety and moderate credit risk. |
|
Date |
29.01.2018 |
|
|
|
|
Rating Agency Name |
ICRA |
|
Rating |
Short term
rating = A3 |
|
Rating
Explanation |
Moderate degree
of safety and higher credit risk. |
|
Date |
29.01.2018 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 14.02.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
[91-22-22030989]
LOCATIONS
|
Registered
Office : |
No.117, Baldota Bhavan, Maharshi Karve Road, Mumbai - 400020,
Maharashtra, India |
|
Tel. No.: |
91-22-22030989 |
|
Fax No.: |
91-22-24133766 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office
: |
Baldota Enclave, Abheraj Baldota Road, Hospet - 583203, Karnataka, India |
|
Tel. No.: |
91-8394-232002/ 232003/ 04 |
|
Fax No.: |
91-8394-232333 |
|
E-Mail : |
|
|
|
|
|
Bangalore Office
: |
26/10, Abshot Layout, Sankey Road, Bangalore – 560001, Karnataka, India |
|
Tel. No.: |
91-80-40301500 |
|
Fax No.: |
91-80-40301533/ 44 |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Narendrakumar Abheraj Baldota |
|||||||||||||||||||||
|
Designation : |
Managing Director |
|||||||||||||||||||||
|
Address : |
Chinar, Baldota Colony Dam Road, Hospet-583203, Karnataka, India |
|||||||||||||||||||||
|
Date of
Birth/Age : |
27.12.1940 |
|||||||||||||||||||||
|
Qualification : |
B.Com Diploma-IM |
|||||||||||||||||||||
|
Date of
Appointment : |
01.04.2010 |
|||||||||||||||||||||
|
PAN No.: |
AABPB4464A |
|||||||||||||||||||||
|
DIN No.: |
00130619 |
|||||||||||||||||||||
|
Other
Directorship:
|
||||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Name : |
Mr. Rahul Kumar Narendrakumar Baldota |
|||||||||||||||||||||
|
Designation : |
Managing Director |
|||||||||||||||||||||
|
Address : |
Chinar, Baldota Colony Dam Road, Hospet-583203, Karnataka, India |
|||||||||||||||||||||
|
Date of
Birth/Age : |
26.12.1967 |
|||||||||||||||||||||
|
Qualification : |
BE (Mech.) MBA |
|||||||||||||||||||||
|
Date of
Appointment : |
03.09.2015 |
|||||||||||||||||||||
|
PAN No.: |
AACPB5063C |
|||||||||||||||||||||
|
DIN No.: |
00130764 |
|||||||||||||||||||||
|
Other
Directorship:
|
||||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Name : |
Mr. Shrenik Kumar Narendrakumar Baldota |
|||||||||||||||||||||
|
Designation : |
Managing Director |
|||||||||||||||||||||
|
Address : |
Chinar, Baldota Colony Dam Road, Hospet-583203, Karnataka, India |
|||||||||||||||||||||
|
Date of
Birth/Age : |
27.11.1971 |
|||||||||||||||||||||
|
Qualification : |
B.Com |
|||||||||||||||||||||
|
Date of
Appointment : |
03.09.2015 |
|||||||||||||||||||||
|
PAN No.: |
AABPB4468N |
|||||||||||||||||||||
|
DIN No.: |
00130831 |
|||||||||||||||||||||
|
Other
Directorship:
|
||||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Name : |
Mr. Ramkrishna Hemappa Sawkar |
|||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||
|
Address : |
292, 5th Block, 38th A Cross Jayanagar, Bangalore-560041, Karnataka, India |
|||||||||||||||||||||
|
Date of
Birth/Age : |
29.03.1935 |
|||||||||||||||||||||
|
Qualification : |
M.Sc. Geology |
|||||||||||||||||||||
|
Date of
Appointment : |
21.09.1998 |
|||||||||||||||||||||
|
PAN No.: |
ACGPS1346F |
|||||||||||||||||||||
|
DIN No.: |
00143273 |
|||||||||||||||||||||
|
Other
Directorship:
|
||||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Name : |
Mr. Madhava Ravindra |
|||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||
|
Address : |
1-B, P G P Manor 29, Barnaby Road, Kilpauk, Chennai-600010, Tamilnadu, India |
|||||||||||||||||||||
|
Date of
Birth/Age : |
08.12.1939 |
|||||||||||||||||||||
|
Qualification : |
B E |
|||||||||||||||||||||
|
Date of
Appointment : |
01.11.2005 |
|||||||||||||||||||||
|
PAN No.: |
AAIPR7537B |
|||||||||||||||||||||
|
DIN No.: |
01086790 |
|||||||||||||||||||||
|
Other
Directorship:
|
||||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Name : |
Mrs. Rashmi Shrenik Shrenik |
|||||||||||||||||||||
|
Designation : |
Director |
|||||||||||||||||||||
|
Address : |
Chinar Baldota Colony Dam Road Hospet, Bellary-583203 Karnataka, India |
|||||||||||||||||||||
|
Date of
Birth/Age : |
05.01.1976 |
|||||||||||||||||||||
|
Date of Appointment
: |
17.09.2015 |
|||||||||||||||||||||
|
DIN No.: |
03505556 |
|||||||||||||||||||||
|
Other
Directorship:
|
||||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Name : |
Ms. Meda Venkataiah |
|||||||||||||||||||||
|
Designation : |
Wholetime Director |
|||||||||||||||||||||
|
Address : |
No. OBA 1019-1 2nd Cross, M.J. Nagar, Hospet-583203, Karnataka, India |
|||||||||||||||||||||
|
Date of
Birth/Age : |
02.07.1945 |
|||||||||||||||||||||
|
Qualification : |
B.E-Mining, PhD. |
|||||||||||||||||||||
|
Date of
Appointment : |
03.09.2015 |
|||||||||||||||||||||
|
PAN No.: |
AAIPR7537B |
|||||||||||||||||||||
|
DIN No.: |
06404575 |
|||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Rana Lal Mukherjee |
|
Designation : |
Chief Financial Officer |
|
Address : |
Rajarajeshwari Krupa, 4th Cross 4th Main, M.J. Nagar, Hospet-583201, Karnataka, India |
|
Date of
Appointment : |
14.06.2014 |
|
PAN No.: |
AEOPM4594D |
|
|
|
|
Name : |
Mr. Kanumolu Chandra Sekhar Naidu |
|
Designation : |
Company Secretary |
|
Address : |
Flat No.308, Mahalakshmi Apartments ,Old Bowenpally, Secunderabad-500009, Hyderabad, Telangana, India |
|
Date of
Appointment : |
24.12.2014 |
|
PAN No.: |
AFBPN6678K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2017
|
Names of
Shareholders |
|
No. of Shares |
|
Narendrakumar A Baldota (HUF) |
|
8367360 |
|
Narendrakumar Abheraj Baldota |
|
9024000 |
|
Rahul Kumar Narendrakumar Baldota |
|
19353600 |
|
Shrenik Kumar Narendrakumar Baldota |
|
30442980 |
|
Chitra Narendrakumar Baldota |
|
200 |
|
Lavina Rahul Kumar Baldota |
|
9600000 |
|
Rasmi Shrenik Kumar Baldota |
|
3840 |
|
Ramgad Minerals and Mining Limited, India |
|
8020 |
|
|
|
|
|
Total |
|
76800000 |
AS ON 28.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters (Individual/Hindu Undivided Family - Indian) |
99.99 |
|
Promoters (Body corporate) |
0.01 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
Subject is engaged in the business of Mining, Processing and Selling of Iron Ore, Manufacturing of Pellets and also Generation of Electricity through Wind Power. [Registered Activity] |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Not Divulged |
||||
|
|
|
||||
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS:
[NOT AVAILABLE]
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees
: |
Not Divulged |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
· State Bank of India Commercial Branch, 1st Floor, Krishi Bhavan, Hudson Circle, Bangalore - 560001, Karnataka, India · Pragathi Krishna Gramin Bank |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
Auditors 1 : |
|
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
Indiabulls Finance Centre, Tower 3, 27th & 32nd Floor, Senapati Bepat Marg, Elphinstone (West), Mumbai 40001, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AACFD4815A |
|
|
|
|
Auditors 2 : |
|
|
Name : |
S.B. Chhajed and Company Chartered Accountants |
|
Address : |
202, Inder Tower, Kakasaheb Gadgil Marg, Opposite Zandu, Pharmaceuticals, Mumbai-400025, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
ABCFS0439E |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Fellow
Subsidiary Company : |
MSPL Maritime Pte. Limited |
|
|
|
|
Subsidiary Company
: |
· Aaress Iron and Steel Limited (U27103KA2005PLC037892) · MSPL Diamond Pte. Limited · ACE Maritime Pte. Limited |
|
|
|
|
Related Party: |
P. Venganna Setty & Bros. |
|
|
|
|
Enterprises over which KMP and relatives of
KMP have control / exercise significant influence of or are partiers with key
management personnel and their relatives: |
· Good Earth Chemicals Private Limited (U24110MH2006PTC159964) · MSPL Gases Limited (U23201MH2006PLC158596) · Ramgad Minerals and Mining Limited (U27101KA1978PLC003360) · R. S. Enterprises · Vijayanagar Industrial Credits Limited (VICL) · Aaress Iron and Steel Limited (Till June 12, 2015) · MSPL Gases Limited · Good Earth Chemicals Private Limited · Vijaya Oxygen Company Limited · Baldota Brothers · Siddarameswara Mining Co. · Yashodhan Enterprises · United Trading Company · Abheraj Baldota Foundation · Mahakali Gases · Mahalakshmi Gases · L R Industries |
CAPITAL STRUCTURE
AS
ON 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
INR 5/- each |
INR 500.000 Million |
|
|
|
|
|
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
76800000 |
Equity Shares |
INR 5/- each |
INR 384.000 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
384.000 |
384.000 |
384.000 |
|
(b) Reserves and Surplus |
6243.366 |
6658.790 |
5771.815 |
|
(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) |
6627.366 |
7042.790 |
6155.815 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3122.973 |
3789.819 |
3507.219 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
13.998 |
16.290 |
0.000 |
|
(d) long-term
provisions |
22.119 |
19.295 |
25.892 |
|
Total Non-current
Liabilities (3) |
3159.090 |
3825.404 |
3533.111 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
4517.450 |
5094.214 |
6721.901 |
|
(b) Trade payables |
655.578 |
756.225 |
830.583 |
|
(c) Other current liabilities |
2244.394 |
869.061 |
878.643 |
|
(d) Short-term
provisions |
194.129 |
621.627 |
139.981 |
|
Total Current
Liabilities (4) |
7611.551 |
7341.127 |
8571.108 |
|
|
|
|
|
|
TOTAL |
17398.007 |
18209.321 |
18260.034 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3369.298 |
3805.782 |
4192.574 |
|
(ii) Intangible Assets |
78.154 |
91.837 |
105.700 |
|
(iii) Tangible assets
capital work-in-progress |
151.888 |
92.434 |
187.052 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
7383.608 |
7256.087 |
2332.484 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
559.279 |
|
(d)
Long-term loans and advances |
2199.208 |
1656.183 |
5940.528 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
13182.156 |
12902.323 |
13317.617 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2037.946 |
3076.315 |
2457.815 |
|
(c) Trade receivables |
496.102 |
341.039 |
579.963 |
|
(d) Cash and
bank balances |
1477.996 |
1491.049 |
1451.496 |
|
(e) Short-term loans and advances |
163.457 |
358.787 |
405.463 |
|
(f) Other current assets |
40.350 |
39.808 |
47.680 |
|
Total Current Assets |
4215.851 |
5306.998 |
4942.417 |
|
|
|
|
|
|
TOTAL |
17398.007 |
18209.321 |
18260.034 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
5545.988 |
8783.937 |
7983.493 |
|
|
Other Income |
536.100 |
820.788 |
379.760 |
|
|
TOTAL (A) |
6082.088 |
9604.725 |
8363.253 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2045.680 |
3335.865 |
2599.551 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
50.377 |
(639.330) |
(99.099) |
|
|
Employee benefit expense |
476.376 |
522.056 |
402.772 |
|
|
Other expenses |
2256.469 |
2556.956 |
2277.420 |
|
|
CSR expenditures |
9.328 |
11.500 |
0.000 |
|
|
Prior period items before tax |
0.000 |
0.000 |
33.986 |
|
|
Exceptional items before tax |
(14.696) |
29.789 |
811.681 |
|
|
TOTAL (B) |
4823.534 |
5816.836 |
6026.311 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
1258.554 |
3787.889 |
2336.942 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1112.594 |
1315.313 |
1385.654 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
145.960 |
2472.576 |
951.288 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
561.383 |
625.011 |
765.141 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(415.423) |
1847.565 |
186.147 |
|
|
|
|
|
|
|
Less |
TAX
(H) |
0.000 |
960.590 |
(386.056) |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(415.423) |
886.975 |
572.203 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Sale of Certified Emission
Reduction rights |
0.000 |
0.000 |
201.105 |
|
|
TOTAL EARNINGS |
0.000 |
0.000 |
201.105 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Fuel (Coal) |
64.161 |
234.560 |
317.655 |
|
|
Stores, Spare parts |
15.568 |
18.903 |
15.553 |
|
|
Capital Goods |
86.779 |
0.000 |
6.367 |
|
|
TOTAL IMPORTS |
166.508 |
253.463 |
339.575 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
5.41 |
11.55 |
7.45 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
1860.758 |
529.200 |
1981.009 |
|
|
|
|
|
|
Net cash flows from
(used in) operations |
1944.128 |
3239.758 |
1913.072 |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
1511.513 |
3201.309 |
1995.212 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
32.65 |
14.17 |
26.52 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
11.18 |
25.76 |
13.77 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
116.97 |
82.74 |
116.62 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.62 |
1.23 |
0.95 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.35 |
0.95 |
0.52 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.72 |
0.64 |
0.77 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.43 |
1.34 |
1.98 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.15 |
1.04 |
1.39 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.54 |
0.57 |
0.73 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.13 |
2.88 |
1.69 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(7.49) |
10.10 |
7.17 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(2.39) |
4.87 |
3.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(6.27) |
12.59 |
9.30 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.55 |
0.72 |
0.58 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.29 |
0.30 |
0.29 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.38 |
0.39 |
0.34 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
24.74 |
24.51 |
31.80 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.55 |
0.72 |
0.58 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT
EQUITY RATIO
|
Particulars |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Share Capital |
384.000 |
384.000 |
384.000 |
|
Reserves & Surplus |
5771.815 |
6658.790 |
6243.366 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
6155.815 |
7042.790 |
6627.366 |
|
|
|
|
|
|
Long-term borrowings |
3507.219 |
3789.819 |
3122.973 |
|
Short term borrowings |
6721.901 |
5094.214 |
4517.450 |
|
Current Maturities of
long-term debts |
1981.009 |
529.200 |
1860.758 |
|
Total
borrowings |
12210.129 |
9413.233 |
9501.181 |
|
Debt/Equity
ratio |
1.984 |
1.337 |
1.434 |
YEAR-ON-YEAR
GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
7983.493 |
8783.937 |
5545.988 |
|
|
|
10.026 |
(36.862) |
NET
PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
(INR
In Million) |
(INR
In Million) |
(INR
In Million) |
|
Sales |
7983.493 |
8783.937 |
5545.988 |
|
Profit/ (Loss) |
572.203 |
886.975 |
(415.423) |
|
|
7.17
% |
10.10
% |
(7.49
%) |
LEGAL CASES
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
PRESENTATION
DATE:- 07.02.2017 |
|
LODGING NO: CARBPL/59/2017
FILING DATE: 07.02.2017 REG. NO: CARBP/120/2017
REG. DATE: 24.02.2017 |
|
PETITIONER:
BRITISH MARINE PLC [NOW KNOWN AS BR] RESPONDENT: MSPL LIMITED PETN. ADV.: SHEKHAR JAGTAP [I4314] RESP. ADV.: W S KANE AND COMPANY [I300]
DISTRICT: MUMBAI |
|
BENCH: SINGLE STATUS: PRE-ADMISSION CATEGORY:
ARBITRATION PETITION U/S 9 OF ARBITRATION AND CONCILIATION ACT, 1996 LAST DATE: 24.04.2017
STAGE: ARBP FOR HEARING AND FINAL DISPOSAL LAST CORAM: HON’BLE SHRI JUSTICE G.S. PATEL |
|
ACT: Arbitration and
Conciliation Act 1996 Under Section :- 9 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners / Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF
CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G75121848 |
100150226 |
PRAGATHI KRISHNA GRAMIN BANK |
25/01/2018 |
- |
- |
100000000.0 |
DAM ROADHOSAPETE BRANCHHOSAPETEKA583201IN |
|
2 |
G52156460 |
10599522 |
PRAGATHI KRISHNA GRAMIN BANK |
14/10/2015 |
17/08/2017 |
- |
850000000.0 |
DAM ROADHOSAPETE BRANCHHOSAPETEKA583201IN |
|
3 |
B35870211 |
10344459 |
STATE BANK OF INDIA |
12/03/2012 |
- |
- |
800000000.0 |
COLLEGE ROAD BRANCH,PARWAZ PLAZA, COLLEGE ROAD,HOSPETKA583201IN |
|
4 |
C78994399 |
90239980 |
STATE BANK OF INDIA |
10/10/1994 |
22/01/2016 |
- |
17048600000.0 |
COMMERCIAL BRANCH,1ST FLOOR, KRISHI BHAVAN, HUDSON CIRCLE,BANGALOREKA560001IN |
|
5 |
G72611098 |
10599295 |
PRAGATHI KRISHNA GRAMIN BANK |
13/10/2015 |
28/09/2016 |
03/01/2018 |
600000000.0 |
DAM ROADHOSAPETE BRANCHHOSAPETEKA583201IN |
|
6 |
G48766331 |
10201994 |
STATE BANK OF INDIA |
09/01/2010 |
07/01/2013 |
30/06/2017 |
1495100000.0 |
COLLGE ROAD BRANCH,PARWAZ PLAZA, COLLEGE ROADHOSPETKA583201IN |
|
7 |
C79773818 |
10606452 |
PRAGATHI KRISHNA GRAMIN BANK |
01/12/2015 |
- |
12/02/2016 |
95000000.0 |
DAM ROADHOSAPETE BRANCHHOSAPETEKA583201IN |
|
8 |
C62646831 |
10571439 |
STATE BANK OF INDIA |
06/05/2015 |
- |
17/08/2015 |
50000000.0 |
SME BRANCH, PARWAZ PLAZA,COLLEGE ROAD,BANGALOREKA583203IN |
|
9 |
B83571505 |
10057664 |
INTERNATIONAL FINANCE CORPORATION |
28/06/2007 |
10/10/2008 |
07/08/2013 |
1435200000.0 |
2121 PENNSYLVANIA AVENUE, N.W.D.C. 20433WASHINGTONNA20433US |
|
10 |
B23205701 |
10288892 |
ICICI BANK LIMITED |
18/04/2011 |
- |
14/10/2011 |
750000000.0 |
NO. 1COMMISSARIAT ROADBANGALOREKA560025IN |
UNSECURED
LOANS
|
PARTICULARS
|
31.03.2016 (INR
In Million) |
31.03.2015 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Rupee term loans from banks |
3122.973 |
850.931 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Loans repayable on demand |
4371.017 |
5.269 |
|
Loans and advances from directors |
146.433 |
0.000 |
|
Total |
7640.423 |
856.200 |
GENERAL INFORMATION
The
Company is a closely held public company domiciled in India and incorporated
under the provisions of the Companies Act, 1956. The Company is engaged in the business
of mining, processing and sale of iron ore, manufacturing of pellets and
generation of electricity through wind power. The Company is also engaged in
investment activities. The registered office of the Company is at Mumbai,
Maharashtra and its corporate office is at Hospet, Karnataka.
OPERATIONS:
The Mining division of the Company has its operations of 0.91 million tones in mineral rich belt of Karnataka region and based on mechanized and state-of-art technology taking care of environment sustainability. Significant expenditure has been incurred in R & R activities in order to minimise adverse environmental impact on nature like land, air, and water. To recompense the transformation of landform in the course of open cast mining and the disposal of over-burden, special emphasis is laid on land use and biodiversity, by budding green belts and reclaiming derelict areas.
Input cost of material for pellet operation had come down to a significant proportion due to sizeable decline in iron ore prices, but there was no substantial decrease in the other operation & maintenance costs, administrative costs which are partly variable in nature and partly fixed with the level of productions. Since, production level was almost same although realization dropped substantially in previous year, contribution from the products could not adequately recover fixed overheads including interest leaving a negative contribution from the business for the year.
The Wind Energy Division of Company generates green energy from renewable resources. It represents an imperative initiative by the company as an eco-friendly and accountable corporate citizen by promoting sustainable growth. The wind farms are located in Karnataka, Gujarat, and Maharashtra having an installed capacity of 127.80 MW and made continuous efforts in energy conservation by adopting renewable sources of energy to reduce carbon concentration. During the year wind was inconsistent and the PLF was 19.40 %, whereas machine availability was 94.73%.
FINANCIAL HIGHLIGHTS OF THE COMPANY FOR THE
FINANCIAL YEAR 2015-16
The revenue declined sharply by ~37% in FY2016 to INR 6082.100 million from INR 96.047 million due to fall in realizations of iron ore by ~50% and that of pellets by ~40%. Company’s profitability also witnessed significant jolt in FY2016 mostly due to weaker realizations and inventory losses. A significant portion of the losses during FY2016 (INR 320.000 million) was on account of revaluation of inventories of the company’s pellet operation & iron ore business. The company reported net losses during the year INR 415.400 million against net profit of INR 887.000 million in the previous year. However, interest cost has come down from INR 1315.300 million in the previous year to INR 1112.600 million during the year showing a sizeable gain of INR 202.700 million.
Company’s operational fund flows weakened during FY 2016, due to lower profitability; however, it still remained positive after capex, interest, and debt repayment obligations. Besides, due to increased support to the subsidiary as required, there was a financing gap which was bridged through increased bank borrowings. Going forward, the management does not envisage any major capex plans on its existing operations in the near to medium term, however, it proposes to bid for the upcoming iron ore mining leases through auction mode.
PERFORMANCE OF
OTHER PROJECTS:
WIND ENERGY
The wind energy generation for the year 2015-16 was 21.56 Crore units as compared to 21.93 Crore units in the previous year. This fall in generation was due to inconsistent Wind in 2015-16 as compared to previous year. The revenue realized on sale of wind power was INR 801.400 million during the Financial Year 2015-16 as compared to INR 800.700 million in the previous year.
PELLET PLANT
The company could sell 5,47,085 MT of Pellets in FY 2015-16 against the production of 6,58,636 MT. We have catered all the esteemed customers of Maharashtra, Goa, Andhra Pradesh, Telangana, Tamil Nadu, apart from Karnataka. Indian pellet export remained stable on yearly basis. India exported 0.83 MnT pellets in FY16. Major destinations for pellet export from India were Iran and China. Indian pellet import fell from 0.5 MnT in FY15 to 0.2 MnT in FY16, which is down by 60%. Sufficient availability of pellets in domestic market restricted pellet import to India.
CONTINGENT
LIABILITIES:
|
Particulars
|
31.03.2016 (INR
In Million) |
31.03.2015 (INR
In Million) |
|
Guarantees given to the banks on behalf of third parties: |
|
|
|
Claims against the Company not acknowledged as debts |
|
|
|
Income Tax including interest |
5014.532 |
4714.436 |
|
Service Tax (Penalty and Interest not quantifiable) |
193.576 |
191.782 |
|
|
|
|
|
Total
|
5208.108 |
4906.218 |
FIXED
ASSETS:
Tangible
Assets
· Land
· Buildings
· Office Building
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Motor Vehicles
· Railway Sidings
Intangible
Assets
·
Computer software
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 records 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 records 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
|
INR |
|
US Dollar |
1 |
INR 64.28 |
|
UK Pound |
1 |
INR 89.02 |
|
Euro |
1 |
INR 78.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
KAM |
|
|
|
|
Analysis
Done by : |
DIV |
|
|
|
|
Report
Prepared by : |
RUP |
SCORE FACTORS
|
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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.