MIRA
INFORM REPORT
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Report Date : |
01.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
GOA CARBON LIMITED |
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Registered Office : |
Dempo House, Campal, Panaji – 403 001, Goa |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
22.06.1967 |
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Com. Reg. No.: |
000076 |
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CIN No.: [Company
Identification No.] |
L23109GA1967PLC000076 |
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IEC No.: |
1788007425 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRG04141E |
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PAN No.: [Permanent
Account No.] |
AAACG6842K |
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Legal Form : |
Public Limited liability company. Company’s shares are listed on stock
exchanges. |
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Line of Business : |
Manufacturing and sale of
calcined petroleum coke. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 3000000 |
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Status : |
Very Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Dempo Group and a well-established and reputed
company meeting its normal commitments timeously. Trade relations are fair.
Business is active. General financial position is good. The company can be considered good for normal business dealings. It can be regarded as a promising business partner in a medium to
long-run. |
INFORMATION PARTED
BY
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Name : |
Mr. P.S. Mantri |
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Designation : |
Company Secretary |
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Contact No.: |
Mobile no.91-9822129134 |
LOCATIONS
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Registered Office : |
Dempo House, Campal, Panaji – 403 001, Goa, India |
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Tel. No.: |
91-832- 2441300, 2441458, 2441354 |
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Fax No.: |
91-832-2225098, 2427192 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Goa Plant : |
St. Jose de Areal,
Margao, Goa - 403 601 |
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Goa Plant : |
St. Jose De Areal, Salcete, Goa 403 709. India |
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Tel. No.: |
91-832-2860336, 2860363, 2860367/ 68 |
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Fax No.: |
91-832-2860364 |
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E-Mail : |
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Area : |
115944 sq ft |
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Location : |
Owned |
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Bilaspur Plant : |
34-40, Sector B, Sirigitti Industrial Area, Bilaspur 495 004,
Chattisgarh. |
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Tel. No.: |
91-7752-490475, 238167, 220822 |
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Fax No.: |
91-7752-262188/ 238167 |
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E-Mail : |
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Paradeep Plant : |
Village Udayabata, Post Office Paradeepgarh, Dist. Jagatsignhpur,
Orissa 754142 |
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Tel. No.: |
91-6722-230833, 230881/ 230882-4 |
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Fax No.: |
91-6722-230855/ 230887 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Shrinivas V Dempo |
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Designation : |
Chairman |
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Address : |
Dempo Villa, Altinho,
Panji, Goa. |
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Date of Birth/Age : |
39 Years |
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Qualification : |
M.Com, M.B.A. - USA |
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Name : |
Mr. Dara P Mehta |
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Designation : |
Director |
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Address : |
10, Southlands, 177, Colaba
Road, Mumbai – 400005, Maharashtra, India. |
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Date of Birth/Age : |
75 Years |
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Qualification : |
B.A., LLB, LLM |
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Name : |
Dr. W R Correa |
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Designation : |
Director |
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Address : |
Dilkoosha, Altamount Road,
Mumbai – 400026, Maharashtra, India. |
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Date of Birth/Age : |
85 Years |
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Qualification : |
Ph.D. ( Electronic
Engineering) |
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Name : |
Mr. P G Kakodkar |
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Designation : |
Director |
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Address : |
Flat No. 1001, Brooke Ville,
Opp. Bafna Society, Mogul Lane, Mahim, Mumbai – 400016, Maharashtra, India. |
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Date of Birth/Age : |
71 Years |
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Qualification : |
M.A. (Economics) |
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Name : |
Mr. Soiru V Dempo |
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Designation : |
Director |
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Address : |
Dempo House, Santa Cruz,
Goa. |
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Date of Birth/Age : |
64 Years |
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Qualification : |
B.A. (Economics) |
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Name : |
Mr. Keki M Elavia |
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Designation : |
Director |
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Address : |
2 A, Anand Bhavan, 36th
Road, Bandra West, Mumbai – 400050, Maharashtra, India. |
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Date of Birth/Age : |
62 Years |
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Qualification : |
B.Com, F.C.A. |
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Name : |
Mr. Alban F Couto |
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Designation : |
Director |
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Address : |
1037, Sonetem, Carona, Aldona,
Bardez – 403523, Goa. |
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Date of Birth/Age : |
79 Years |
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Qualification : |
I.A.S. (Retd.) |
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Name : |
Mr. A B Prasad |
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Designation : |
Director |
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Address : |
III – B 3rd
Floor, Surekha Building, Altinho, Panaji – 403001, Goa. |
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Date of Birth/Age : |
65 Years |
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Qualification : |
B.Sc. (Chemical
Engineering), M.Tech (Chemical Engineering), Ph. D. (Chemical Engineering) |
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Name : |
Mr. S. Ramachandran |
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Designation : |
Director |
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Name : |
Mr. Prabhakar S. Angle |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. P S Mantri |
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Designation : |
Company Secretary |
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Name : |
Mr. K Balaraman |
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Designation : |
General Manager Finance |
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Name : |
Mr. Rakesh Garg |
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Designation : |
Vice President (Works) – Paradeep Unit |
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Name : |
Mr. G. Maheshwar Rao |
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Designation : |
General Manager (Operations) – Goa Unit |
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Name : |
Mr. B Ramakrishna |
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Designation : |
General Manager (Operations) – Bilaspur Unit |
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Name : |
Mr. R. G. Nayak |
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Designation : |
Vice President (Finance) |
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Name : |
Mr. A. S. Sardessai |
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Designation : |
Senior General Manager
(Works) |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2007)
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoters, Directors, their relatives and Associates |
5168240 |
56.47 |
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Mutual Funds / UTI |
550 |
0.00 |
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Financial Institutions / Banks |
1055 |
0.01 |
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Bodies Corporate |
475195 |
5.19 |
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Non-Resident Indians (NRI’s) |
20486 |
0.22 |
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Resident Individuals |
3466886 |
37.88 |
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Clearing Members |
18640 |
0.20 |
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Total |
9151052 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and sale of
calcined petroleum coke. |
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Products : |
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Exports : |
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Products : |
Cancined Petroleum Coke (CPC) |
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Countries : |
France, Dubai, Iran, Alba |
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Imports : |
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Products : |
Raw Petroleum Coke (RPC) |
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Countries : |
China, Kuwait, Indonesia, Brazil, USA |
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Terms : |
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Selling : |
Credit 15-30 days |
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Purchasing : |
L/C 180 days |
PRODUCTION STATUS
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Particulars |
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Installed
Capacity |
Actual
Production |
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Cancined Petroleum Coke |
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284000 P.A. |
158383 |
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GENERAL
INFORMATION
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Customers : |
End Users |
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Bankers : |
·
Bank of India, Panaji,
Goa ·
State Bank of India,
Panaji, Goa ·
ICICI Bank Limited,
Panaji, Goa ·
Bank of Baroda, Panji
Branch, Panji, Goa. |
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Facilities : |
Secured Loans |
As
on 31.03.2007 (Rs.
in millions) |
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Working capital advances from banks (Secured by hypothecation of all tangible movable assets, raw
materials, finished goods, stores, spare parts and book debts and pledge of
fixed deposit receipts) |
1117.204 |
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Un secured Loans |
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Short term deposits from a body corporate |
14.000 |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Fraser and Ross Chartered Accountants |
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Address : |
2nd Floor, Temple
Tower, 672, Anna Salai, Nandanam, Chennai – 600 035, Tamilnadu, India. |
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Tel. No. : |
91-44-52131124-28 |
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Fax No. : |
91-44-52131129 |
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Solicitors : |
Little and Company Chartered Accountants |
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Address : |
Mumbai |
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Associates : |
·
V S Dempo and Company Private Limited ·
Marmagoa Shipping and Stevedoring Company Private Limited ·
Aparant Iron and Steel Private Lmited ·
Goa Paints and Allied Products Private Limited ·
Dempo Mining Corporation Private Limited ·
Dempo Brothers Private Limited ·
Dempo Travels Private Limited ·
Hindustan Foods Limited ·
Dempo Industries Private Limited ·
Rio Investments Private Limited ·
Dempo Shipbuilding and Engineering Private Limited ·
Indo-Pacific Poly-fibers Private Limited ·
Sindhudurg Mining Corporation Private Limited ·
Jaico Investments Private Limited ·
Troy Investments Private Limited ·
Motown Investments Private Limited ·
Devashri Real Estate Developers ·
Vasantrao Dempo Education and Research Foundation |
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Subsidiaries : |
·
Vishwalakshmi Petro
Products Limited ·
GCL International Limited
·
Paradeep Carbons Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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22000000 |
Equity Shares |
Rs.10/- each |
Rs.220.000 millions |
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300000 |
Preference Shares |
Rs.100/- each |
Rs.30.000 millions |
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Total |
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Rs.250.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9151052 |
Equity Shares |
Rs.10/- each |
Rs.91.511
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 (12 months) |
(9 months) |
30.06.2006 (12 months) |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
91.511 |
91.511 |
91.511 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
513.980 |
391.201 |
378.746 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
605.491 |
482.712 |
470.257 |
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LOAN FUNDS |
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1] Secured Loans |
1338.658 |
1117.204 |
1383.139 |
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2] Unsecured Loans |
14.000 |
14.000 |
0.000 |
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TOTAL BORROWING |
1352.658 |
1131.204 |
1383.139 |
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DEFERRED TAX LIABILITIES |
16.324 |
0.000 |
0.000 |
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TOTAL |
1974.473 |
1613.916 |
1853.396 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
314.569 |
290.458 |
301.623 |
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Capital work-in-progress |
1.234 |
8.923 |
1.931 |
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INVESTMENT |
0.405 |
0.405 |
0.405 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1039.356
|
748.284
|
1016.185 |
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Sundry Debtors |
247.154
|
284.770
|
408.965 |
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Cash & Bank Balances |
448.779
|
435.899
|
348.372 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
245.498
|
206.956
|
336.366 |
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Total
Current Assets |
1980.787
|
1675.909
|
2109.888 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
264.280
|
338.695
|
539.313 |
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Provisions |
58.242
|
23.084
|
21.138 |
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Total
Current Liabilities |
322.522
|
361.779
|
560.451 |
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Net Current Assets |
1658.265
|
1314.130
|
1549.437 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1974.473 |
1613.916 |
1853.396 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 (12 months) |
31.03.2007 (9 months) |
30.06.2006 (12 months) |
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Sales Turnover |
2079.775 |
1851.821 |
2300.728 |
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Other Income |
65.838 |
49.960 |
34.376 |
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Total Income |
2145.613 |
1901.781 |
2335.104 |
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Profit/(Loss) Before Tax |
173.194 |
33.165 |
35.693 |
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Provision for Taxation |
18.296 |
4.650 |
(4.901) |
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Profit/(Loss) After Tax |
154.898 |
28.515 |
40.594 |
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Earnings in Foreign Currency : |
566.787 |
582.696 |
1066.639 |
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Imports : |
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Raw Materials |
1776.126 |
1049.775 |
1609.390 |
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Finished Goods |
NA |
110.644 |
46.780 |
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Total Imports |
1776.126 |
1160.419 |
1656.170 |
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Expenditures : |
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Cost of Goods Sold |
1652.802 |
1567.693 |
NA |
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Manufacturing Expenses |
NA |
NA |
388.185 |
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Raw Material Consumed |
NA |
NA |
1712.719 |
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Selling and Administration Expenses |
NA |
NA |
0.000 |
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Finished Goods Purchases |
NA |
NA |
55.556 |
|
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Interest and Financial charges |
NA |
NA |
114.451 |
|
|
Increase/(Decrease) in Finished Goods |
NA |
NA |
3.645 |
|
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Interest |
65.083 |
59.452 |
NA |
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Depreciation & Amortization |
25.121 |
18.368 |
24.855 |
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Other Expenditure |
505.194 |
223.103 |
0.000 |
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Total Expenditure |
2248.200 |
1868.616 |
2299.411 |
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KEY RATIOS
|
PARTICULARS |
31.03.2008 (12 months) |
31.03.2007 (9 months) |
30.06.2006 (12 months) |
|
Debt-Equity
Ratio |
2.28 |
2.64 |
3.14 |
|
Long Term
Debt-Equity Ratio |
0.00 |
0.06 |
0.18 |
|
Current Ratio |
1.15 |
1.12 |
1.01 |
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TURNOVER RATIOS |
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Fixed Assets |
4.5 |
5.44 |
7.22 |
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Inventory |
2.6 |
3.11 |
3.65 |
|
Debtors |
8.73 |
7.92 |
10.33 |
|
Interest Cover
Ratio |
2.72 |
1.44 |
1.31 |
|
Operating Profit
Margin(%) |
10.63 |
6.14 |
6.98 |
|
Profit Before
Interest And Tax Margin(%) |
9.55 |
5.25 |
5.99 |
|
Cash Profit
Margin(%) |
6.47 |
2.28 |
2.61 |
|
Adjusted Net
Profit Margin(%) |
5.39 |
1.38 |
1.62 |
|
Return On
Capital Employed(%) |
12.42 |
8.31 |
10.26 |
|
Return On Net
Worth(%) |
23.01 |
7.97 |
11.49 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was incorporated on
22nd June, 1967 at Panaji in Goa having company registration number
76.
Subject commenced
production of calcined petroleum coke (CPC) in July, 1995. The licensed
capacity was doubled to 0.1 million tpa in the year 1991 without any addition
of plant and machinery.
Subject is a part of Dempo
Group undertaking a diversification project.
In the first phase, a pig iron plant was installed at an estimated cost of Rs.
720 millions. The second phase
envisages setting up a Rs. 2500 millions plant for foundry-grade pig iron, and
alloy and special steel billets.
During the year 1996-97,
the cost of pig iron project was increased from Rs. 720 millions to Rs. 1000
millions due to additional cost of Rs. 100
millions for water supply scheme which is not envisaged earlier. The
company transferred the project to Aparant Iron and Steel Private Limited.
In the year 1999-2000, the
company has acquired wholly owned subsidiary company Vishwalakshmi Petro
Products Limited, (VPPL), a calcined petroleum coke manufacturing company at
Bilaspur in Madhya Pradesh by acquiring 100% equity share capital of the
company. The company's petroleum coke plant been accredited with ISO 9002
Certification by BVQI (Bureau Veritas Quality International) during the year
1997.
The company is trying to
improve the production efficiency of the plant by about 20% from existing
operational capacity and has achieved the optimum utilisation of
production. By acquiring Paradeep
Carbons Limited a Calcined Petroleum Coke the company can met the demand of CPC. The annual production capacity of Paradeep
Carbons Limited is 125000 MT and the plant is located at Jagatsinghpur, Orissa.
By acquiring 83.47% equity
share capital of Paradeep Carbons Limited (a Subsidiary Company) a Calcined
Petroleum Coke, the company can met the demand of CPC. The annual production
capacity of Paradeep Carbons Limited is 1,25,000 MT and the plant is located at
Jagatsinghpur (Orissa).
OPERATIONS:
The sales turnover of the Company for the year was Rs.2079.775 millions as
compared to Rs. 1851.821 millions (9 months) during the previous year. The
production of Calcined Petroleum Coke ('CPC') was 158383 Tonnes compared to
140413 Tonnes (9 months) during the previous year.
The sales of CPC were 161424 Tonnes (including exports 56478 Tonnes) for the
year as compared to 157901 Tonnes (including exports 55892 Tonnes) for the 9
months of the previous year. The export turnover of the Company was Rs. 566.786
millions in the 12 months as against Rs. 582.696 millions in the 9 months of the
previous year.
ISO 9001 AND ISO
14001 COMPLIANCE:
The Company continues to enjoy ISO 9001 & ISO 14001 accredition by BUREAU
VERITAS.
ANNEXURE TO THE
DIRECTORS' REPORT:
Particulars with respect to conservation of energy etc. As per companies (disclosure
of particulars in the report of board of directors) rules, 1988.
|
(A) Conservation
of Energy: |
Goa Plant: |
Bilaspur Plant: |
Paradeep Plant: |
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(a) energy conservation measures: |
Consumption of electrical energy per metric ton of Calcined Petroleum
Coke produced during the year was 17.53 kwh/MT of CPC as against 14.34 kwh/MT
of previous period (01-07-2006 to 31-03-2007). Electrical energy consumption
per metric ton of CPC produced was higher due to lower production during the
year i.e. 36538 MT as against 56501 MT of the previous period (01-07-2006 to
31-03-2007). Total electrical energy consumption during the year was 640373
kwh units as against 810236 kwh units of the previous period (01-07-2006 to
31-03-2007). A strict control on routinely maintaining power factor enabled
us to get maximum rebate of 29169 kwh units. |
Consumption of electrical energy per MT of Calcined Petroleum Coke was
21.90 units during the year. This higher consumption was primarily due to
non-continuous operation of the plant during the year. However, action plans
have been drawn to bring it down to 18 units per MT. |
The electrical energy consumption during the year 2007-08 was 14.95
kwh/MT of CPC as compared to 16.44 kwh/MT of the previous year. The cost of
electrical energy per MT of CPC was Rs. 75.10 as compared to the previous
year cost of Rs.81.03. The power consumption per MT has come down due to
installation of correct capacity motors in place of higher capacity motors,
maintaining high power factor, increasing the Specific Fuel consumption of DG
sets, installation of Energy Saver Panel for plant lighting, replacement of
high capacity Luminaries with low capacity etc. |
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(b) additional investment and proposals, if any, being implemented for
reduction of consumption of energy: |
1) Fuel efficient diesel generator set has been procured and is being
installed whereby lower H.S. Diesel consumption will be achieved. |
It is proposed to carry out calcination process with the injection of
pure oxygen in the Kiln to reduce fuel oil consumption and to improve
recovery. Maximum demand supply from electricity board has been reduced from
200 KVA to 150 KVA, which will result in reduced power bills. |
The proposal to have an independent dedicated 11 KVA feeder line has been
kept on hold, once it is approved, then the final action will be
finalized. |
|
|
|
|
|
|
(c) impact of the measures at (a) and (b) above for reduction of
energy consumption and consequent impact on the cost of production of
goods. |
Above steps will help to save 3% to 4% of electrical energy
consumption on current connected load. |
- |
The cost of energy is expected to be reduced after installation of the
independent feeder as planned. |
MANAGEMENT
DISCUSSION AND ANALYSIS
The main driving force for Calcined Petroleum Coke (CPC) would continue to be
the aluminium industry, the primary end user of Calcined Petroleum Coke that
accounts for 75% of overall consumption. The balance 25% is consumed by the
titanium dioxide, graphite and other metallurgical industries. Hence, the
fundamentals of Calcined Petroleum Coke pricing are based on the fortunes of
the aluminium industry. It is reported that growth of aluminium metal
production is expected to be in the range of 6% to 9%. There are number of
brownfield expansions happening and this will boost the demand of CPC.
The first 9 months of the year 2007-08 were challenging and a difficult period
for CPC producers in general and for GCL in particular, in view of the rising
raw material prices, ocean freight and also the Company's inability to pass on
the increased cost to the end user due to the fixed price contract entered into
with the overseas aluminium smelters.
During the 3rd quarter of the year 2007-08, GCL took a conscious decision of
not entering into long term fixed price contracts for supply of CPC to the
aluminium smelters abroad and as such CPC prices were quoted to the smelters on
spot basis. In addition to the above, CPC prices in India have also started
firming up and GCL got a resonable price increase not only from the aluminium
smelters but also from the steel industries. This resulted in good financial
performance for the last quarter of 2007-08. Considering all these factors, the
management is of the firm view that Petroleum Coke business is promising in the
long term.
RAW MATERIALS:
Raw Petroleum Coke (RPC) commonly known as Green Coke is the main raw material
for the Company. During the third quarter of the year 2007-08, the price of RPC
produced in India by Indian Refineries have gone up and now the price of
domestic RPC is in line with the price of the imported RPC. Since the delivery
cost of RPC from Indian refineries is prohibitive, the Company mainly imports
from Kuwait, China and other countries depending on FOB rates and freight rates
so as to produce Calcined Petroleum Coke at a competitive price in the market.
During the year 2007-08, the Company had entered into contract for the supply
of RPC with the overseas refineries to the extant of 48% of its requirement at
a competitive price. In addition to the above, the Company is making continuous
efforts to reduce delivered cost of raw material by exploring new sources of
raw material.
The performance of the Company during the year has improved despite
increase in FOB price of RPC and ocean freight, mainly due to better
realizations, proper inventory management, cost control measures implemented in
all areas and the rupee appreciation against the dollar.
RESEARCH AND DEVELOPMENT:
Company's thrust is always on identifying new sources of raw material (RPC),
analyzing and evaluating its suitability for calcining, blending and optimizing
parameters of calcination to achieve quality and cost effectiveness. This
exercise is on going and carried out to ensure the availability of alternative
materials and blends on long-term basis. Alternative blends are test marketed
for acceptance by the existing and prospective customers.
HUMAN
RESOURCES:
The Company has qualified, well trained and experienced executives in various
disciplines required for company's business / operations. The Company on a
regular basis, undertakes various training programmes to keep its employees
updated on information and new technological developments, so as to achieve
cost effectiveness and optimum plant capacity utilization. The Company's
relation with the employees continues to be cordial. Your Company always
reciprocates commitments of its employees to motivate them towards good
performance.
AUDITED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED 31ST MARCH 2008
|
PARTICULARS |
|
Three Months
ended (Audited) 31.03.2008 |
Twelve months
ended (Audited) 31.03.2008 |
|
|
|
|
|
|
Net sales |
|
682.930 |
2079.775 |
|
Other Income |
|
2.275 |
11.417 |
|
Total Income |
|
685.205 |
2091.192 |
|
|
|
|
|
|
Expenditure : |
|
|
|
|
Increase/(Decrease) in Finished Goods |
|
(30.674) |
(68.526) |
|
Consumption of raw materials |
|
480.097 |
1697.087 |
|
Employee Cost |
|
18.926 |
77.282 |
|
Depreciation |
|
6.392 |
25.121 |
|
Other Expenditure |
|
73.560 |
209.373 |
|
Exchange Loss/(Gain) (Net) |
|
10.586 |
(54.421) |
|
Total |
|
558.887 |
1885.916 |
|
|
|
|
|
|
Interest |
|
14.274 |
65.083 |
|
Exceptional items |
|
(33.001) |
(33.001) |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
145.045 |
173.194 |
|
Provision for Taxation |
|
14.473 |
18.296 |
|
Profit/(Loss) After Tax |
|
130.572 |
154.898 |
|
|
|
|
|
|
Paid-up Equity Share Capital |
|
91.511 |
91.511 |
|
|
|
|
|
|
Reserves excluding revaluation reserves |
|
|
513.980 |
|
|
|
|
|
|
Basic and diluted EPS (not annualized) Rs. |
|
1.427 |
1.693 |
|
|
|
|
|
|
Aggregate of Public shareholding : |
|
|
|
|
Number of shares |
|
|
3990912 |
|
Percentage of shareholding |
|
|
43.61 |
NOTES :
1) The Company's operation and its results can vary from period to period
as it may not be able to increase the prices commensurate with extra cost
burden arising on account of
i) Imported raw material, the FOB price of which varies substantially
from time to time.
ii) Increase in ocean freight.
2) The Company's appeal to the Income Tax Appellate Tribunal against disallowance
of deduction under section 80 HHC of the Income Tax Act 1961, has been decided
against the Company. The order of the Tribunal has been challenged by the
Company and the appeal is pending before the Bombay High Court. The Company has
been advised by its tax counsel that it has a good case to get the Tribunal's
order set aside and accordingly no provision is considered necessary for the
estimated liability of Rs 151.253 millions on this account.
3) For the purpose of providing depreciation, the Company has been following
Writen Down Value Method (WDV) in respect of assets in
4) The Company has only one segment i.e. manufacture and sale of calcined
petroleum coke.
5) The above results have been reviewed by the Audit Committee at its
meeting held on 19.04.2008 and approved by the Board of Directors at its
meeting held on 21.04.2008.
6) The Board of Directors has recommended a dividend of Rs 3/-per Equity
Share of Rs 10/- each subject to
the approval of shareholders at the ensuing Annual General Meeting.
7) The Company did not have any investor complaints pending either as on
01.01.2008 or 31.03.2008. Six complaints were received during the quarter and
were duly disposed of.
WEB DETAILS:
Company Profile :
Subject was incorporated as a public limited
company in 1967, with a paid-up capital of about Rs. 91.5 million, and is in
the business of manufacture and marketing
of Calcined Petroleum Coke.
The calcination plant of 75000 tpa
capacity, was set up with technical assistance from Great Lakes Carbon
Corporation (USA), and is located in southern Goa, 40 kms away from the
Mormugao port. It has a well equipped laboratory and quality control systems
and procedures. The plant is ISO
9001:2000 certified by Bureau
Veritas. It is also 14001:2004 certified.
The Company also has two other plants, one
located at Bilaspur in Chattisgarh and the other at Paradeep in Orissa, which
were acquired in 1999 and 2001 respectively. The installed capacity of the
Bilaspur plant is 40000 tpa and that of the Paradeep plant i9s 125000 tpa.
Thus, total Calcined Petroleum Coke
manufacturing capacity of Goa Carbon Limited is 240000 tpa.
Subject is now firmly established as a
leading Indian petcoke calciner. The company is a regular supplier to aluminium
smelters, graphite electrode and Titanium Dioxide manufacturers, as well as
other users in the matallurgical and chemical industries.
In 1993, subject became the first Indian
manufacturer-exporter of petcoke, and along with its subsidiary Paradeep
Carbons Limited exports to Australia, Egypt, Dubai, France, Kuwait, Iran, Saudi
Arabia, Singapore, Malaysia, Indonesia, Thailand, South Africa, Russia,
Wales and England.
The quality of company’s product has been
well accepted by the end users both in India and overseas. The Goa plant has
the largest mechanical sieving and screening facilities for petcoke in India.
The DEMPO GROUP
Subject, is a
company of DEMPO GROUP, a reputed
business house in Goa with offices in the metro cities of India. The main
business activites of the DEMPO GROUP are iron ore mining and exports. Other
lines of business are pig iron manufacture, barge building, ship repairs and
civil construction besides manufacture and marketing of paints and varnishes,
extruded foods and breakfast cereals, publication of newspapers and marketing of reputed brands of consumer
durables and commercial vehicles. The group's turnover exceeds USD 100
million.
CAPACITY AUGMENTATION
In 1999, Subject acquired a calcination unit with
a capacity of 40,000 TPA of calcined petroleum coke. This unit is now known as
the GOA CARBON LIMITED,(Bilaspur Plant)
In 2001, Subject acquired another calcination unit, with a capacity of 1,25,000 TPA of
calcined petroleum coke. This unit is now known as the GOA CARBON LIMITED, (Paradeep Plant)
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.79 |
|
UK Pound |
1 |
Rs.80.05 |
|
Euro |
1 |
Rs.64.56 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|