%20LIMITED%2012-Sep-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
12.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MORGANITE CRUCIBLE (INDIA) LIMITED |
|
|
|
|
Formerly Known As : |
GREAVES MORGANITE CRUCIBLE LIMITED |
|
|
|
|
Registered Office : |
B- 11, MIDC Industrial Area, Waluj, Aurangabad – 431136, Maharashtra. |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Date of Incorporation : |
13.01.1986 |
|
|
|
|
Com. Reg. No.: |
038607 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L26920MH1986PLC038607 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
NSKM05236A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Share are listed on
stock Exchange. |
|
|
|
|
Line of Business : |
Manufacturer of Silicon Carbide and Graphite Crucibles and
Accessories. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 805500 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is 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. |
LOCATIONS
|
Registered Office /Factory : |
B- 11, MIDC Waluj, Aurangabad – 431136, Maharashtra, India |
|
Tel. No.: |
91-240-254405/ 254406/ 2554835 |
|
Mobile No.: |
91-240- 2564554 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
Satam Estate, 3rd FI, Cardinal Gracious Road, Chakala,
Andheri (East), Mumbai - 400099 |
|
|
|
|
Branch Office 1 : |
407, Meghdoot Building, 94, Nehru Place, New Delhi – 110019 |
|
Tel. No.: |
91-11-32504052/ 41808696 |
|
Fax No.: |
91-11-26224011 |
|
Email : |
|
|
|
|
|
Branch Office 1 : |
C/O Murugappa Morgan Thermal Ceramics Dare House Complex, No.2, N.S.C.
Bose Road, Chennai – 600001 |
|
Tel. No.: |
91-44-25306886 |
|
Fax No.: |
91-44-25345985 |
|
Email : |
DIRECTORS
|
Name : |
Mr. James Philip Wright |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vijay Sabarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Didier Francois Finck |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Stuart Alan Cox |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Baljindar Kumar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. J.P. Wright |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. C. Cox |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Abdul Nadeem |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. N.N. Thakore |
|
Designation : |
Company Secretary |
SHAREHOLDER
AS ON 31.03.2007
Shareholder in the Company
Morgan Terressen BV holds 36.50% and Morganite
Crucible Limited holds 39.50%equity shares of the company
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Silicon Carbide and Graphite Crucibles and
Accessories. |
GENERAL
INFORMATION
|
Bankers : |
· AXIS Bank
Limited · HSBC Limited |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountant |
|
|
|
|
Solicitors : |
Crawford Bayley and Company |
|
|
|
|
Subsidiary
Company : |
· Diamond Crucible
Company Limited (w.e.f. April 1, 2006) |
|
Follow
Subsidiary Companies : |
· Greaves Cotton
Limited (up to February 16, 2006) · Morganite
Crucible Inc (MCI), USA · The Morgan
Crucible Company Plc |
CAPITAL STRUCTURE
AS ON 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs. 10/- Each |
Rs.50.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2800000 |
Equity Shares |
Rs. 10/- Each |
Rs.28.000 Millions |
Note :
Of the above 1106000 equity share are held by
Crucible Limited and 1022000 equity shares are held by Morgan Terressen BV both
of which are subsidiaries of the Morgan Crucible Company plc, the Ultimate
Holding Company.
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
28.000 |
28.000 |
28.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
133.100 |
124.800 |
113.500 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
161.100 |
152.800 |
141.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
79.900 |
55.000 |
0.000 |
|
|
TOTAL BORROWING |
79.900 |
55.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
TOTAL |
241.000 |
207.800 |
141.500 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
97.300 |
101.400 |
54.400 |
|
|
Capital work-in-progress |
68.800 |
6.100 |
0.400 |
|
|
|
|
|
|
|
|
INVESTMENT |
49.700 |
49.700 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
42.500
|
28.400 |
28.500 |
|
|
Sundry Debtors |
38.100
|
30.100 |
20.100 |
|
|
Cash & Bank Balances |
7.200
|
23.200 |
60.600 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
40.900
|
32.600 |
26.200 |
|
Total
Current Assets |
128.700
|
114.300 |
135.400 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
74.500
|
44.400 |
26.300 |
|
|
Provisions |
29.000
|
22.300 |
22.400 |
|
Total
Current Liabilities |
103.500
|
66.700 |
48.700 |
|
|
Net Current Assets |
25.200
|
47.600 |
86.700 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
241.000 |
207.800 |
141.500 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
|
|
|
|
|
|
Sales Turnover |
213.500 |
205.400 |
168.100 |
|
|
Other Income |
4.500 |
5.000 |
6.200 |
|
|
Total Income |
218.000 |
210.400 |
174.300 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
16.200 |
17.600 |
26.100 |
|
|
Provision for Taxation |
7.900 |
6.300 |
8.000 |
|
|
Profit/(Loss) After Tax |
8.300 |
11.300 |
18.100 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
28.400 |
28.600 |
27.100 |
|
|
Administrative Expenses |
24.300 |
18.900 |
6.600 |
|
|
Raw Material Consumed |
73.500 |
68.000 |
63.800 |
|
|
Excise Duty
|
22.200 |
21.300 |
22.900 |
|
|
Increase/(Decrease) in Finished Goods |
(4.700) |
2.300 |
(4.500) |
|
|
Interest |
5.500 |
5.200 |
0.000 |
|
|
Power & Fuel |
3.800 |
3.400 |
2.800 |
|
|
Depreciation & Amortization |
11.400 |
11.200 |
5.700 |
|
|
Other Expenditure |
37.400 |
33.900 |
23.800 |
|
Total Expenditure |
201.800 |
192.800 |
148.200 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2008 |
|
Type |
|
|
1st
Quarter |
|
Sales Turnover |
|
|
44.400 |
|
Other Income |
|
|
1.100 |
|
Total Income |
|
|
45.500 |
|
Total Expenditure |
|
|
54.800 |
|
Operating Profit |
|
|
(9.300) |
|
Interest |
|
|
1.500 |
|
Gross Profit |
|
|
(10.800) |
|
Depreciation |
|
|
3.400 |
|
Tax |
|
|
0.200 |
|
Reported PAT |
|
|
(14.700) |
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Debt-Equity
Ratio |
0.43 |
0.19 |
0.00 |
|
Long
Term Debt-Equity Ratio |
0.19 |
0.00 |
0.00 |
|
Current
Ratio |
0.99 |
1.47 |
2.33 |
|
TURNOVER
RATIOS |
|
|
|
|
Fixed
Assets |
1.05 |
1.21 |
1.22 |
|
Inventory |
6.02 |
7.22 |
6.38 |
|
Debtors |
6.26 |
8.18 |
6.14 |
|
Interest
Cover Ratio |
3.95 |
4.38 |
0.00 |
|
Operating
Profit Margin(%) |
15.50 |
16.55 |
18.92 |
|
Profit
Before Interest And Tax Margin(%) |
10.16 |
11.10 |
15.53 |
|
Cash
Profit Margin(%) |
9.23 |
10.95 |
14.16 |
|
Adjusted
Net Profit Margin(%) |
3.89 |
5.50 |
10.77 |
|
Return
On Capital Employed(%) |
9.67 |
13.05 |
19.71 |
|
Return
On Net Worth(%) |
5.29 |
7.68 |
13.67 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Jointly promoted by Greaves Cotton & Company and Morganite
Crucible, UK, Greaves Morganite Crucible, a Thapar group company, was
incorporated in Jan.'86. Greaves was marketing Morganite's crucibles for over
three decades in India, when it started manufacturing 600 tpa silicon carbide
crucibles using resin bonded technology at Waluj, Aurangabad in 1987. It went
public in Aug.'87. The British collaborator holds a 28% stake in the
company.
The company's collaborator, Morganite Crucibles, is engaged in this
business for the past 100 years. Crucibles are used as containers for melting
and holding molten metal. The company which manufactures resin-bonded silicon
carbide crucibles, caters to the non-ferrous metal industry.
In Oct.'94, the company obtained ISO 9002 certification from Bureau
Veritas Quality International (BVQI). It exports to Egypt, Srilanka and Nepal
through its concessionaires.
Expansion programme for manufacturing of Clay Graphite Crucibles had been
completed and commercial production started on February 2001 and export of
products had also commenced. In 2001-02 the company had manufactured 80.15 MT
of Clay Graphite Crucibles.
WEB DETAILS
ATTACHED
OPERATIONS
During the financial year, the turnover was Rs 194.700 Millions as
compared to Rs 189.000 Millions.
A capital expenditure of Rs 60.000 Millions for erection and
commissioning of expansion of existing plant for increasing the total
production to 2500 MT is under implementation. The Company will further require
fund for the import of capital goods. The project is expected to be
commissioned by October 2008.
To minimize the impact of the increase in the price of raw material and
to maintain the best quality, the Company has decided to involve the suppliers
which are the established supplier to the Company's parent company production
facility at UK. This will ensure maintenance of quality standard and better
product performance in the market.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No 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.45.44 |
|
UK Pound |
1 |
Rs.79.62 |
|
Euro |
1 |
Rs.63.48 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|