Wednesday, February 21, 2024

MCCL enters dangerous territory

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The news that a team of officials led by the Chairperson, Mawmluh Cherra Cements Limited (MCCL) Wailadmiki Shylla will be visiting Kolkata to check out the firm Bhavika Commercial Private Limited (BCPL) before signing an agreement with them to run the cement company on a joint venture has created serious doubts about the process engaged in before zeroing in on the Company. On checking out the credentials of BCPL it is learnt that this is a private company registered on January 7, 2011. It is a non-government company registered at Kolkata with a share capital of Rs 2 lakhs only and a paid up capital of 176,750. Information on the internet says that this company is involved in non-specialized retail trade in stores. In a particular link where there is an interactive session about the creditworthiness of BCPL where a question is asked: If you were to leave Bhavika Commercial Pvt Limited what would be the reason? The answer given by a former employee from Orissa who was the Area Sales Head is “They don’t have the capability to pay salaries.”
Bhavika Commercial Private Limited’s operating revenue range is under Rupees I crore for the financial year ending 31 March, 2020. It’s earnings before interest, taxes, depreciation, and amortization (EBITDA) has decreased by 12.71 % over the previous year. At the same time, it’s book net worth has increased by 0.61 %. The revenue/turnover of Bhavika Commercial Private Ltd is under INR 1 crore. It is also worth noting that the net worth of the company has increased by 0.61 %; the total assets have increased by 19.62 % while liabilities of the company have increased by 868.30 %
The Jowai MLA and MCCL head has provided the alibi that this proposed joint venture has the concurrence of Chief Minister Conrad Sangma after the firm made its presentation and that the CM had instructed him to visit the Company plant to find out its credentials and whether it has the expertise to manage and operate MCCL. After the visit Shylla will be presenting his report to the CM after which it will be tabled before the Cabinet which will then give approval for the joint venture pact with BCPL. Shylla said that three firms had applied against the expression of interests (EOIs) for the joint venture to operate the MCCL but only BCPL came forward to give a presentation before the MCCL Board. Meghalaya has this uncanny habit of attracting the worst venture capitalists, whether we look at the Medical Colleges or other infrastructure project. There is always an opacity in the government’s dealings in matters of public sector undertakings. How can a firm with a revenue turnover of only Rs 1 crore take on MCCL with an authorized capital of Rs 17000.0 lakhs and paid up capital of Rs 16282.8514 lakhs? Will Government clarify this matter?

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