|
|
|
MIRA
INFORM REPORT
|
Report No. : |
510412 |
|
Report Date : |
28.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
INDIAN RARE EARTHS LIMITED |
|
|
|
|
Registered
Office : |
Plot 1207, ECIL Building, 1207 Veer Savarkar Marg Road, Prabhadevi,
Mumbai – 400028, Maharashtra |
|
Tel. No.: |
91-22-24241630 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
18.08.1950 |
|
|
|
|
Com. Reg. No.: |
11-008187 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 863.650 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15100MH1950GOI008187 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI2799F |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject
is engaged in Mining and Production of Beach Sand Minerals and Rare Earth
Compounds and also Produces Uranium Thorium and Rare Earth Salts. [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++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Indian Rare Earths Limited (IREL) is a government-owned corporation based in Mumbai and was incorporated in the year 1950. It was incorporated as a private limited company and jointly owned by the Government of India and Government of Travancore Cochin. Government of India took control of IREL in 1963 under the administrative control of Department of Atomic Energy (DAE).
|
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 (30.09.2017) |
Current Rating (31.12.2017) |
|
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
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2018.
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 28.05.2018
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 [91-22-24211630/ 24301736]
[91-22-24241630/ 24211851/ 24220230] Numbers not exist
LOCATIONS
|
Registered Office : |
Plot 1207, ECIL Building, 1207 Veer Savarkar Marg Road, Prabhadevi,
Mumbai – 400028, Maharashtra, India |
|
Tel. No.: |
91-22-24211630/ 24301736 |
|
Fax No.: |
91-22-24220236/ 24301706 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Units: |
Located at: · Kerala · Tamilnadu · Orissa |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Sanjay Mool Chand Kaul |
||||||||||||||||||||||||||||||||||
|
Designation : |
Nominee Director |
||||||||||||||||||||||||||||||||||
|
Address : |
5c, Royal Palm Apartments Vazhuthacaud Junction, Thiruvananthapuram-695014, Karnatka, India |
||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
05.02.2018 |
||||||||||||||||||||||||||||||||||
|
DIN No.: |
01260911 |
||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||
|
Name : |
Ms. Sheila Sangwan |
||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||
|
Address : |
22, 6th Floor, Dakshineshwar, 10, Hailey Road, New Delhi – 110001, India |
||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
04.09.1953 |
||||||||||||||||||||||||||||||||||
|
Qualification : |
Masters in Economics and LLB from Delhi University. Masters in Public Administration from the University of Washington, USA |
||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
28.12.2015 |
||||||||||||||||||||||||||||||||||
|
PAN No.: |
ABDPS3200Q |
||||||||||||||||||||||||||||||||||
|
DIN No.: |
01857875 |
||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Deependra Singh |
||||||||||||||||||||||||||||||||||
|
Designation : |
Managing director |
||||||||||||||||||||||||||||||||||
|
Address : |
3-B, Zerlina Little Gibbs Road, Malabar Hill, Mumbai-400006,
Maharashtra,
India |
||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
25.11.1964 |
||||||||||||||||||||||||||||||||||
|
Qualification : |
M. Tech in Industrial Design and M.B.A in Marketing |
||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
23.03.2010 |
||||||||||||||||||||||||||||||||||
|
PAN No.: |
ALOPS1283N |
||||||||||||||||||||||||||||||||||
|
DIN No.: |
03020561 |
||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Kishore Kumar Mohanty |
||||||||||||||||||||||||||||||||||
|
Designation : |
Wholetime Director |
||||||||||||||||||||||||||||||||||
|
Address : |
902, Crystal Court Chs Ltd Building No: 3, Opposite Powai Police STATION, Rambaug, Mumbai-400076, Maharashtra, India |
||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
01.08.1962 |
||||||||||||||||||||||||||||||||||
|
Qualification : |
Graduate in Physics Honours followed by Bachelor of Engineering in Metallurgy |
||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.02.2017 |
||||||||||||||||||||||||||||||||||
|
PAN No.: |
AASPM8581G |
||||||||||||||||||||||||||||||||||
|
DIN No.: |
07766503 |
||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Inbarasu Arumugam |
||||||||||||||||||||||||||||||||||
|
Designation : |
Nominee Director |
||||||||||||||||||||||||||||||||||
|
Address : |
No. 143 Gayathri Railway Quarters Sterling Road, Nungambakkam, Chennai 600034, Tamilnadu, India |
||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
22.06.2017 |
||||||||||||||||||||||||||||||||||
|
DIN No.: |
07884669 |
||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Arun Kumar Mohapatra |
||||||||||||||||||||||||||||||||||
|
Designation : |
Wholetime Director |
||||||||||||||||||||||||||||||||||
|
Address : |
D Spcal, Ketaki Ire Colony, Matikhalo, Matikhala, Ganjam-761045, Orrisha, India |
||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
01.01.2018 |
||||||||||||||||||||||||||||||||||
|
DIN No.: |
07966940 |
||||||||||||||||||||||||||||||||||
|
|||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Rupender Dhiman |
|
Designation : |
Company Secretary |
|
Address : |
House No. 142-143, Sector 8, Rohini, Delhi-110085, Delhi,
India |
|
Date of Appointment : |
09.03.2018 |
|
PAN No.: |
AJHPD6760A |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
The President of India |
|
863644 |
|
The President of India |
|
1 |
|
The President of India |
|
1 |
|
Sekhar Basu |
|
1 |
|
Deependra Singh |
|
1 |
|
Sanjeev Sood |
|
1 |
|
R A Rajeev |
|
1 |
|
|
|
|
|
Total |
|
863650 |
AS ON: 26.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Government - Central Government |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in Mining and Production of Beach Sand Minerals and Rare Earth
Compounds and also Produces Uranium Thorium and Rare Earth Salts. [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 Travancore 125, M. G. Road, N.M. Wadia Building, Mumbai -
400023, Maharashtra, INDIA |
|
|
|
|
Auditors : |
|
|
Name : |
Gokhale and Sathe Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
PAN No.: |
AAAFG4990K |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000 |
Equity Shares |
INR 1000/- each |
INR 1000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
863650 |
Equity Shares |
INR 1000/- each |
INR 838.650 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
863.650 |
863.650 |
863.650 |
|
(b) Reserves & Surplus |
5934.804 |
5427.428 |
6505.486 |
|
(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) |
6798.454 |
6291.078 |
7369.136 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
501.449 |
501.450 |
536.578 |
|
(d)
long-term provisions |
1091.809 |
1015.957 |
989.293 |
|
Total
Non-current Liabilities (3) |
1593.258 |
1517.407 |
1525.871 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
246.885 |
137.704 |
162.424 |
|
(c)
Other current liabilities |
1052.448 |
863.548 |
740.710 |
|
(d)
Short-term provisions |
918.010 |
1151.350 |
1139.290 |
|
Total
Current Liabilities (4) |
2217.343 |
2152.602 |
2042.424 |
|
|
|
|
|
|
TOTAL |
10609.055 |
9961.087 |
10937.431 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2227.971 |
2407.459 |
1408.970 |
|
(ii)
Intangible Assets |
25.453 |
35.950 |
48.680 |
|
(iii)
Capital work-in-progress |
417.133 |
298.345 |
1318.204 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.142 |
0.142 |
0.142 |
|
(c) Deferred tax assets
(net) |
753.114 |
598.322 |
558.008 |
|
(d) Long-term Loan
and Advances |
282.239 |
282.770 |
0.000 |
|
(e)
Other Non-current assets |
519.086 |
578.574 |
739.696 |
|
Total
Non-Current Assets |
4225.138 |
4201.562 |
4073.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
617.269 |
0.000 |
0.000 |
|
(b)
Inventories |
1287.820 |
1279.738 |
1347.301 |
|
(c)
Trade receivables |
58.584 |
106.635 |
266.718 |
|
(d)
Cash and cash equivalents |
2960.583 |
3291.422 |
4055.778 |
|
(e)
Short-term loans and advances |
872.424 |
749.926 |
1031.985 |
|
(f)
Other current assets |
587.237 |
331.804 |
161.949 |
|
Total
Current Assets |
6383.917 |
5759.525 |
6863.731 |
|
|
|
|
|
|
TOTAL |
10609.055 |
9961.087 |
10937.431 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
4620.964 |
3629.875 |
4117.933 |
|
|
|
Other Income |
526.791 |
410.571 |
516.929 |
|
|
|
TOTAL |
5147.755 |
4040.446 |
4634.862 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
642.012 |
451.557 |
481.897 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(57.163) |
28.546 |
117.759 |
|
|
|
Employees benefits expense |
2316.743 |
2228.690 |
2093.028 |
|
|
|
Other expenses |
1933.016 |
2115.663 |
1698.053 |
|
|
|
Exceptional items |
(476.187) |
0.000 |
0.000 |
|
|
|
Extraordinary items |
0.000 |
0.000 |
(86.076) |
|
|
|
CSR expenditure |
0.000 |
0.000 |
23.519 |
|
|
|
Prior period items |
0.000 |
0.000 |
7.677 |
|
|
|
TOTAL |
4358.421 |
4824.456 |
4335.857 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
789.334 |
(784.010) |
299.005 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
5.022 |
54.222 |
52.204 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
784.312 |
(838.232) |
246.801 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
368.417 |
299.031 |
215.328 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
415.895 |
(1137.263) |
31.473 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(91.584) |
(76.079) |
24.785 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
507.479 |
(1061.184) |
6.688 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1984.300 |
1379.400 |
1294.200 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
587.6 |
(1228.72) |
7.74 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net Cash flow from (used in) Operations |
(62.075) |
(526.490) |
(165.290) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
(182.075) |
(646.612) |
(267.377) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
4.63 |
10.72 |
23.64 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
78.88 |
34.04 |
15.44 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
140.36 |
111.31 |
123.02 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.61 |
(0.61) |
0.22 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.30 |
(0.29) |
0.11 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.21 |
0.22 |
0.19 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.33 |
0.34 |
0.28 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.39 |
0.44 |
0.38 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
157.18 |
(14.46) |
5.73 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
10.98 |
(29.23) |
0.16 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
4.78 |
(10.65) |
0.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
7.46 |
(16.87) |
0.09 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.88 |
2.68 |
3.36 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
2.30 |
2.08 |
2.70 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.64 |
0.63 |
0.67 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.88 |
2.68 |
3.36 |
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
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
863.650 |
863.650 |
863.650 |
|
Reserves & Surplus |
6505.486 |
5427.428 |
5934.804 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
7369.136 |
6291.078 |
6798.454 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current Maturities of Long
term debt |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
4117.933 |
3629.875 |
4620.964 |
|
|
|
(11.852) |
27.304 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
4117.933 |
3629.875 |
4620.964 |
|
Profit/ (Loss) |
6.688 |
(1061.184) |
507.479 |
|
|
0.16% |
(29.23%) |
10.98% |
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 |
No |
|
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 |
Yes |
|
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
A88638499 |
80059411 |
STATE BANK OF TRAVANCORE |
22/03/2003 |
16/06/2010 |
- |
100000000.0 |
125, M..G.ROAD,N.M. WADIA BUILDING,MUNBAIMH400023IN |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claims against company not acknowledged as debt |
240.826 |
301.049 |
|
Guarantees |
8.749 |
8.749 |
|
Other money for which company is contingently liable |
1241.052 |
1626.416 |
|
Estimated
amount of contracts remaining to be executed on capital account and not
provided for |
452.725 |
152.698 |
MANAGEMENT DISCUSSION AND
ANALYSIS REPORT
BUSINESS ENVIRONMENT
& INDUSTRY STRUCTURE
During the current year, the Indian economy on a macro basis stayed fairly robust as compared to other global economies. In India, the economy is expected to do better in the coming year mainly on account of Make in India initiative. The likely implementation of big ticket reform in the form of Goods and Service Tax is expected to unify the nation into one market place with GST subsuming multiple taxes. This would reduce the compliance burden on the industry and result in better business environment.
Firming up of the TiO2 market saw a cascading effect on the Ti feedstock market during 2016-17. The stoppage of exports from Tamil Nadu at the fag end of 2016 created a temporary shortage in the market that resulted in surge in demand for Ilmenite. However, with the demand-supply gap is being filled by material from Africa and there would be no advantage to Ti feedstock suppliers including IREL in 2017-18 on this count. In case of Zircon, curtailing of supply by large producers is expected to result in increased demand for material from IREL. The rare earth market that was lackluster for most part of 2016-17 has also firmed up and an uptick in demand is expected. This trend is expected to continue in 2017-18 and IREL can expect better sales for Rare Earths Chloride and HPRE compounds in the coming year. Over all, IREL expects the market to be slightly better in 2017-18 as compared to 2016-17. However, the production constraints at Chavara and MK and non-issue of transport permit to MK unit by local authorities are likely to have impact on performance of the Company.
Indian Rare Earths Limited, under the Administrative control of the Department of Atomic Energy (DAE) is engaged in mining and production of beach sand minerals and rare earth compounds. Some of the minerals produced by IREL find use in the Nuclear Power Programme of the Govt. of India apart from wide ranging industrial applications. The main minerals separated by IREL from the beach sands at its three Units located at Kerala, Tamilnadu and Orissa are ilmenite, rutile, leucoxene, silimanite, garnet, zircon and monazite. IREL also produces uranium, thorium and rare earth salts.
OUTLOOK
The
tight supply situation in the titanium value chain from feed stock to titanium
pigment that showed signs of manifestation from the third quarter of 2016 is
likely to continue during the year 2017-18. While the tight supply situation is
likely to augur well for titanium feedstock producers, supplies from new
sources to the traditional target market of IREL are likely to even things out.
The Chinese environment policies that have come to fore are affecting the
Chinese TiO2 and ilmenite producers as well as ceramics manufacturers. The way
the Chinese industry copes with the regulations is likely to impact the
demand-supply dynamics of two major products produced by IREL viz.Ilmenite and
Zircon.
The acquisition of Cristal by Tronox and formal incorporation of Lomon Billions in China have ramification for the titanium industry. Vertical integration is a key factor in both the deals as captive feedstock consumption rises to 40% from 30%. This is likely to lead to some reshuffling of offtake agreements, changing not only the commercial strategies of mineral sands producers but also the feedstock value mix for much of the pigment realm.
Impact of closure of mines by some of the suppliers and grade depletion reported at existing mines is likely to be positive impact on market for minerals especially Zircon at least in the short run as this results in tight demand-supply scenario. Increased supplies from African producers may even out the conditions that are favourable at this juncture.
The
National Steel Policy 2017 (NSP) approved by the Cabinet esvisages Rs 10 lakh
crore investment to create more capacity in the steel sector. The policy also
emphasizes at increasing per capita steel consumption to 160 kg by 2030 from
the current level of 61 kg (world average being 208 kg). This and the various
other measures for the steel industry envisaged in the NSP is likely to give
impetus to the steel sector. This would lead to increased demand for
Sillimanite that is used for making refractories whose major consumer is the
steel industry
China's curb on illegal mining and exports has resulted in the rare earth market looking up during the last quarter of 2016-17. The buoyancy in the rare earth market especially for elements used for production of magnets is expected to continue as green and clean energy gains impetus. Also, all out efforts to reduce carbon footprint by major nations is likely to have a positive impact on the market.
The Company has initiated efforts to diversify its export kitty by giving thrust on developing other markets. These efforts may succeed in 2017-18 and reduce reliance on a particular market. On the home front, implementation of Goods and Service Tax and migration to the GST regime is likely to be a challenge which the Company has to brace up during 2017-18. The Company expects GST to have a positive impact on the economy which will also be helpful to the Company. Further on the economic front, the Indian Rupee has been steadily strengthening vis-a-vis US Dollar and other currencies. This is leading to lesser realisations for products exported and higher competition from imported material especially Rutile and Zircon. Continued firming up of the Indian Rupee thus is a concern.
FIXED ASSETS:
·
Land
·
Building
·
Plant and Equipment
·
Furniture and Fixture
·
Vehicles
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 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 68.26 |
|
UK Pound |
1 |
INR 91.22 |
|
Euro |
1 |
INR 79.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHI |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
RUP |
SCORE FACTORS
|
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 |
NO |
|
--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.