1. Summary Information
|
|
|
Country |
|
|
Company Name |
GOA CARBON
LIMITED |
Principal Name 1 |
Mr. Shrinivas V Dempo |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Dara P Mehta |
|
|
|
Registration # |
000076 |
|
Street Address |
Dempo House,
Campal, Panaji – 403 001, |
||
|
Established Date |
22.06.1967 |
SIC Code |
-- |
|
Telephone# |
91-832-2441300,
2441458, 2441354 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-832-2225098,
2427192 |
Business Style 2 |
Seller |
|
Homepage |
Product Name 1 |
Calcined petroleum coke |
|
|
# of employees |
-- |
Product Name 2 |
-- |
|
Paid up capital |
Rs. 91,510,520 /- |
Product Name 3 |
-- |
|
Shareholders |
Promoter and Promoters Group : 58.46% Public Shareholding 41.54% |
Banking |
Bank of |
|
Public Limited Corp. |
YES |
Business Period |
43 years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
Ba |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates
|
|
V
S Dempo and Company Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
593,617,000 |
Current Liabilities |
290,248,000 |
|
Inventories |
1,054,546,000 |
Long-term Liabilities |
941,218,000 |
|
Fixed Assets |
272,676,000 |
Other Liabilities |
43,864,000 |
|
Deferred Assets |
-- |
Total Liabilities |
1,275,330,000 |
|
Invest& other Assets |
33,901,000 |
Retained Earnings |
587,899,000 |
|
|
|
Net Worth |
679,410,000 |
|
Total Assets |
1,954,740,000 |
Total Liab. & Equity |
1,954,740,000 |
|
Total Assets (Previous Year) |
2,865,113,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
2,507,163,000 |
Net Profit |
4,065,000 |
|
Sales(Previous yr) |
3,896,350,000 |
Net Profit(Prev.yr) |
123,315,000 |
MIRA
INFORM REPORT
|
Report Date : |
31.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
GOA CARBON LIMITED |
|
|
|
|
Registered Office : |
Dempo House, Campal, Panaji – 403 001, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
22.06.1967 |
|
|
|
|
Com. Reg. No.: |
24-000076 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L23109GA1967PLC000076 |
|
|
|
|
IEC No.: |
1788007425 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRG04141E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACG6842K |
|
|
|
|
Legal Form : |
Public Limited liability company. Company’s shares are listed on stock
exchanges. |
|
|
|
|
Line of Business : |
Manufacturing and sale of
calcined petroleum coke. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. P.S. Mantri |
|
Designation : |
Company Secretary |
|
Contact No.: |
91-9822129134 |
LOCATIONS
|
Registered Office : |
Dempo House, Campal, Panaji – 403 001, |
|
Tel. No.: |
91-832- 2441300, 2441458, 2441354 |
|
Fax No.: |
91-832-2225098, 2427192 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
|
|
|
|
|
St. Jose De Areal, Salcete, |
|
Tel. No.: |
91-832-2860336, 2860363, 2860367/ 68 |
|
Fax No.: |
91-832-2860364 |
|
E-Mail : |
|
|
Area : |
115944 sq ft |
|
Location : |
Owned |
|
|
|
|
Bilaspur Plant : |
34-40, Sector B, Sirigitti Industrial Area, Bilaspur 495 004,
Chattisgarh. |
|
Tel. No.: |
91-7752-490475, 238167, 220822 |
|
Fax No.: |
91-7752-262188/ 238167 |
|
E-Mail : |
|
|
|
|
|
Paradeep Plant : |
Village Udayabata, Post Office Paradeepgarh, Dist. Jagatsignhpur,
Orissa 754142 |
|
Tel. No.: |
91-6722-230833, 230881/ 230882-4 |
|
Fax No.: |
91-6722-230855/ 230887 |
|
E-Mail : |
DIRECTORS
As on : 31.03.2010
|
Name : |
Mr. Shrinivas V Dempo |
|
Designation : |
Chairman |
|
Address : |
Dempo Villa, Altinho,
Panji, |
|
Qualification : |
M.Com, M.B.A. - |
|
|
|
|
Name : |
Mr. Dara P Mehta |
|
Designation : |
Director |
|
Address : |
10, Southlands, 177, |
|
Qualification : |
B.A., LLB, LLM |
|
|
|
|
Name : |
Mr. P G Kakodkar |
|
Designation : |
Director |
|
Address : |
Flat No. 1001, Brooke
Ville, Opp. Bafna Society, |
|
Qualification : |
M.A. (Economics) |
|
|
|
|
Name : |
Mr. Soiru V Dempo |
|
Designation : |
Director |
|
Address : |
Dempo House, |
|
Qualification : |
B.A. (Economics) |
|
|
|
|
Name : |
Mr. Keki M Elavia |
|
Designation : |
Director |
|
Address : |
2 A, Anand Bhavan, 36th
Road, Bandra West, Mumbai – 400050, Maharashtra, India. |
|
Qualification : |
B.Com, F.C.A. |
|
|
|
|
Name : |
Mr. A B Prasad |
|
Designation : |
Director |
|
Address : |
III – B 3rd
Floor, |
|
Qualification : |
B.Sc. (Chemical
Engineering), M.Tech (Chemical Engineering), Ph. D. (Chemical Engineering) |
|
|
|
|
Name : |
Mr. Raman Madhok |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Jagmohan J. Chhabra |
|
Designation : |
Executive Director |
|
|
|
KEY EXECUTIVES
|
Name : |
Mr. P S Mantri |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. K Balaraman |
|
Designation : |
General Manager Finance |
|
|
|
|
Name : |
Mr. Rakesh Garg |
|
Designation : |
Vice President (Works) – Paradeep Unit |
|
|
|
|
Name : |
Mr. G. Maheshwar Rao |
|
Designation : |
General Manager (Operations) – |
|
|
|
|
Name : |
Mr. B Ramakrishna |
|
Designation : |
General Manager (Operations) – Bilaspur Unit |
|
|
|
|
Name : |
Mr. R. G. Nayak |
|
Designation : |
Vice President (Finance) |
|
|
|
|
Name : |
Mr. A. S. Sardessai |
|
Designation : |
Senior General Manager
(Works) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of promoters and Promoter Group |
|
|
|
1. Indian |
|
|
|
Individuals / Hindu Undivided Family |
246250 |
2.60 |
|
Bodies Corporate |
5103340 |
55.77 |
|
Sub Total (A)
(1) |
5349590 |
58.46 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
1. Institutions |
|
|
|
Mutual Funds / UTI |
550 |
0.01 |
|
Financial Institutions / Banks |
6005 |
0.07 |
|
Sub Total (B)
(1) |
6555 |
0.07 |
|
|
|
|
|
2. Non
Institutions |
|
|
|
Bodies Corporate |
369029 |
4.03 |
|
Individual shareholders holding nominal share capital up to Rs. 0.100
million |
2778630 |
30.36 |
|
Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
544868 |
5.91 |
|
|
|
|
|
Any other (Specify) |
106380 |
1.16 |
|
|
|
|
|
Clearing Members |
58731 |
0.64 |
|
Non Resident Indians |
41349 |
0.45 |
|
Director and Their Relatives and Friends |
4000 |
0.04 |
|
Trusts |
2300 |
0.03 |
|
|
|
|
|
Sub Total (B)
(2) |
3794907 |
41.47 |
|
Total Public
Shareholding (B) |
3801462 |
41.54 |
|
(B) = (B) (1) +
(B) (2) |
9151052 |
100.00 |
|
|
|
|
|
Shares
held by custodians and against which depository receipts have been
issued (C) |
-- |
-- |
|
|
|
|
|
Total (A) + (B) +(C) |
9151052 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and sale of
calcined petroleum coke. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
PRODUCTION STATUS AS ON : 31.03.2010
|
Particulars |
Year
Ended 31.03.2010 |
Year
Ended 31.03.2009 |
||
|
|
Quantity MT |
Rs. In Millions |
Quantity MT |
Rs. In Millions |
|
Installed Capacity (being a technical matter, as certified by
management) |
225000 (per annum) |
-- |
225000 (per annum) |
-- |
|
Production |
149016 |
-- |
171213 |
-- |
GENERAL INFORMATION
|
Customers : |
End Users |
||
|
|
|
||
|
Bankers : |
·
Bank of ·
State Bank of ·
ICICI Bank
Limited, Panaji, ·
Bank of |
||
|
|
|
||
|
Facilities : |
Secured Loans |
As
on 31.03.2010 (Rs.
In Millions) |
As
on 31.03.2009 (Rs.
in millions) |
|
|
From Banks : |
491.977 |
101.772 |
|
|
a) Cash Credit |
449.241 |
1560.317 |
|
|
b) Buyer's Credit |
|
|
|
|
(Above facilities are secured by hypothecation of all movable assets, raw materials, finished goods, stores, spare parts, book debts, pledge of fixed deposit and pari-passu charge on fixed assets located at all units) |
|
|
|
|
|
|
|
|
|
Total |
941.218 |
1662.089 |
|
|
|
|
|
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
Fraser and Ross Chartered Accountants |
|
Address : |
2nd Floor, |
|
Tel. No. : |
91-44-52131124-28 |
|
Fax No. : |
91-44-52131129 |
|
|
|
|
Solicitors : |
Little and Company Chartered Accountants |
|
Address : |
Mumbai |
|
|
|
|
Associates : |
·
V S Dempo and Company Private Limited ·
Marmagoa Shipping and Stevedoring Company Private
Limited ·
Aparant Iron and Steel Private Lmited ·
·
Dempo Mining Corporation Private Limited ·
Dempo Brothers Private Limited ·
Dempo Travels Private Limited ·
Hindustan Foods Limited ·
Dempo Industries Private Limited ·
Dempo Shipbuilding and Engineering Private
Limited ·
Indo-Pacific Poly-fibers Private Limited ·
Sindhudurg Mining Corporation Private Limited ·
·
·
Motown Investments Private Limited ·
Devashri Real Estate Developers ·
Vasantrao Dempo Education and Research Foundation |
|
|
|
|
Wholly Owned Subsidiary : |
GCL Global Resources SGP Pte Limited |
CAPITAL STRUCTURE
As on : 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22000000 |
Equity Shares |
Rs.10/- each |
Rs.220.000 millions |
|
300000 |
Preference Shares |
Rs.100/- each |
Rs.30.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs. 250.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9151052 |
Equity Shares |
Rs.10/- each |
Rs.91.511
millions |
|
|
|
|
|
Note:
Of the above shares 34,50,000 shares were
allotted by way of bonus shares by capitalization of capital Redemption
Reserves and General Reserves.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
91.511 |
91.511 |
91.511 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
587.899 |
605.176 |
513.980 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
679.410 |
696.687 |
605.491 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
941.218 |
1662.089 |
1338.658 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
14.000 |
|
|
TOTAL BORROWING |
941.218 |
1662.089 |
1352.658 |
|
|
DEFERRED TAX LIABILITIES |
43.864 |
36.358 |
16.324 |
|
|
|
|
|
|
|
|
TOTAL |
1664.492 |
2395.134 |
1974.473 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
272.676 |
292.883 |
314.569 |
|
|
Capital work-in-progress |
33.491 |
6.007 |
1.234 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.410 |
0.405 |
0.405 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1054.546
|
1831.231
|
1039.356
|
|
|
Sundry Debtors |
176.670
|
134.274
|
247.154
|
|
|
Cash & Bank Balances |
160.103
|
337.531
|
448.779
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
256.844
|
262.782
|
245.498
|
|
Total
Current Assets |
1648.163
|
2565.818
|
1980.787
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
259.079
|
431.269
|
264.280
|
|
|
Provisions |
31.169
|
38.710
|
58.242
|
|
Total
Current Liabilities |
290.248
|
469.979
|
322.522
|
|
|
Net Current Assets |
1357.915
|
2095.839
|
1658.265
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1664.492 |
2395.134 |
1974.473 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2507.163 |
3896.350 |
2079.775 |
|
|
|
Other Income |
88.359 |
43.609 |
65.838 |
|
|
|
TOTAL (A) |
2595.522 |
3939.959 |
2145.613 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Decrease / Increase in stock of finished goods |
394.869 |
|
|
|
|
|
Raw material consumed |
1702.163 |
3370.513 |
1882.215 |
|
|
|
Purchase of finished goods |
39.163 |
-- |
|
|
|
|
Manufacturing and other expenses |
331.679 |
643.550 |
|
|
|
|
TOTAL (B) |
2467.874 |
3622.492 |
1882.215 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
127.648 |
317.467 |
263.398 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
83.652 |
107.373 |
65.083 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
43.996 |
210.094 |
198.315 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
25.454 |
25.520 |
25.121 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
18.542 |
184.574 |
173.194 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
14.477 |
61.259 |
18.296 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
4.065 |
123.315 |
154.898 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
94.537 |
53.341 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.305 |
50.000 |
NA |
|
|
|
Dividend |
18.302 |
27.453 |
NA |
|
|
|
Tax on Dividend |
3.040 |
4.666 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
76.955 |
94.537 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
685.121 |
1776.318 |
566.787 |
|
|
TOTAL EARNINGS |
685.121 |
1776.318 |
566.787 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1144.139 |
3371.375 |
1776.126 |
|
|
TOTAL IMPORTS |
1144.139 |
3371.375 |
1776.126 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.44 |
13.48 |
16.92 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
337.870 |
599.400 |
801.630 |
|
Total Expenditure |
297.010 |
547.550 |
733.380 |
|
PBIDT (Excl
OI) |
40.860 |
51.850 |
68.250 |
|
Other Income |
0.700 |
6.660 |
3.590 |
|
Operating
Profit |
41.560 |
58.710 |
71.830 |
|
Interest |
10.220 |
9.630 |
23.930 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
31.340 |
49.080 |
47.900 |
|
Depreciation |
6.280 |
6.360 |
6.930 |
|
Profit
Before Tax |
25.060 |
42.720 |
40.970 |
|
Tax |
8.790 |
14.900 |
12.930 |
|
Reported PAT |
16.270 |
27.820 |
28.040 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
16.270 |
27.820 |
28.040 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
0.15
|
4.68 |
7.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.73
|
4.73 |
8.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.71
|
6.45 |
7.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.00 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.81
|
3.06 |
2.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.67
|
5.45 |
6.14 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was incorporated on
22nd June, 1967 at Panaji in
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).
YEAR IN RETROSPECT:
The sales and other income for the financial year were Rs.2595.522 millions as compared to Rs.3939.959 millions for the previous financial year, down by 34% mainly due to lower price realizations. The production of Calcined Petroleum Coke ("CPC") was 1,49,016 tonnes as compared to 1,71,213 tonnes for the previous financial year. The sales of CPC were 1,68,058 tonnes (including exports 51,008 tonnes) for the financial year under review as compared to 1,57,613 tonnes (including exports 67,968 tonnes) for the previous financial year. The profit after tax during the financial year was Rs.4.065 millions as compared to the profit of Rs.123.315 millions in the previous financial year.
SUBSIDIARY COMPANY:
During the year, the Company had incorporated a wholly owned subsidiary company in The Republic of Singapore called "GCL Global Resources SGP Pte Limited", with a capital of USD 100, to act as an investment vehicle for the Company's international operations. Since then, there have been no operations in the subsidiary company.
MANAGEMENT
DISCUSSION AND ANALYSIS
As you may be aware, the main driving force for the Calcined
Petroleum Coke (CPC) industry will continue to be the aluminum industry. The
aluminum industry accounts for almost 75% of the end user consumption of CPC.
The balance is used by the graphite, metallurgical and titanium dioxide
industries. Therefore, the growth of the aluminum industry drives the growth of
the CPC industry and its pricing. There are reports that the aluminum industry
is expected to grow by brown field expansions in
FINANCIAL REVIEW
The financial statements have been prepared in compliance with the requirements of the Companies Act, 1956. The key financial ratios are given below in percentage, except for earnings per share: The net current assets of the Company as on 31-3-2010 were Rs. 13,57.915 millions as compared to Rs.2095.839 millions during the previous year. The net cash flow of the Company during the year ended 31-3-2010 is as follows:
Un-audited
financial results (Stand - Alone) for the quarter/ Nine Months Period Ended 31st
December 2010
(Rs. In millions)
|
Particulars |
Three months period ended (Unaudited) 31.12.2010 |
Nine months period ended (Unaudited) 31.12.2010 |
|
Gross Sales |
913.272 |
1929.254 |
|
Less : Excise
duty |
114.963 |
194.360 |
|
(a) Net Sales/ Income from
operation |
798.309 |
1734.894 |
|
(b) Other Operating Income |
3.317 |
4.005 |
|
Total Income |
801.626 |
1738.899 |
|
2. Expenditure |
|
|
|
a. Increase(-) /Decrease(+) in Stock in trade and W.I.P. |
(285.662) |
(225.939) |
|
b. Consumption of Raw-Materials |
870.224 |
1489.305 |
|
c. Purchase of Traded Goods |
-- |
0.975 |
|
d. Employees Cost |
26.769 |
83.441 |
|
e. Depreciation |
6.927 |
19.561 |
|
f. Other Expenditure |
122.054 |
228.518 |
|
g. Exchange loss/(gain) (net) |
(0.879) |
(5.291) |
|
g. Total |
739.433 |
1590.568 |
|
3. Profit(+)/ Loss(-) from Operations before other Income Interest and
Exceptional Item(1-2) |
62.193 |
148.331 |
|
4. Other Income-Foreign Exchange Fluctuation-Gain/(Loss) |
2.713 |
4.215 |
|
5. Profit(+)/ Loss(-) before Interest and Exceptional Item |
64.906 |
152.648 |
|
6. Interest |
23.934 |
43.784 |
|
7. Profit(+)/ Loss(-) after Interest but before Exceptional Item (5-6) |
40.972 |
108.762 |
|
8. Exceptional Items |
-- |
-- |
|
9. Profit(+)/
Loss (-) from ordinary activities
before Tax (7-8) |
40.972 |
108.762 |
|
10. Tax Expenses |
12.934 |
30.026 |
|
11. Net Profit(+)/ Loss (-) from ordinary activities after Tax (9-10) |
28.038 |
72.138 |
|
12. Extraordinary Items |
-- |
-- |
|
13. Net Profit (+)/ Loss(-) for the period (11-12) |
|
|
|
14. Paid Up Equity Share Capital (Face Value of Rs.10 Per Share) |
91.511 |
91.511 |
|
15. Reserves excluding Revaluation Reserves as per Balance Sheet of
Previous Accounting Year |
-- |
-- |
|
16. Earning per Share (EPS) |
3.06 |
7.88 |
|
a) Basic and diluted EPS before extraordinary items for the period,
for the year to date and for the previous year (not annualised) |
-- |
-- |
|
b) Basic and diluted EPS after extraordinary items for the period,for
the year to date and for the previous year (not annualised) |
3.06 |
7.88 |
|
17. Public Shareholding |
|
|
|
Number of Shares |
3801462 |
3801462 |
|
% of Share holding |
41.54% |
41.54% |
|
18. Promoters and promoter group Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of shares |
Nil |
Nil |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter
group) |
Nil |
Nil |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
Nil |
Nil |
|
b) Non-encumbered |
|
|
|
- Number of shares |
5349590 |
5349590 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and
promoter group) |
100% |
100% |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
58.46% |
58.46% |
NOTES :
The Company´s operation and its results fluctuate from period to period on account of :
i) The delivery schedule of the customers which vary from time to time;
ii) The inability of the Company to always increase selling prices in line with
cost of imported raw material, the FOB price of which varies substantially from
time to time; and
iii) Exchange fluctuations arising because of the Company´s dependence on
imports of raw materials and exports of finished products.
2. Due to the absence of viable export and domestic orders, the three Plants of
the Company were shut down during the quarter as under:
i) Goa Plant - 19 days ii) Bilaspur Plant - 22 days iii) Paradeep Plant - 25 days
3. The Company´s appeal to the High Court of Bombay at
4. The Company together with its wholly owned subsidiary "GCL Global
Resources SGP PTE Ltd"
5. The Company operates only in one segment i.e. manufacture and sale of
Calcined Petroleum Coke.
6. The above results have been reviewed by the audit committee and approved by
the Board of Directors at their meetings held on January 11, 2011. The
Statutory Auditors of the Company have carried out a limited review of the
above financial results
7. The Company did not have any investor complaints pending as on 01.10.2010 and 31.03.2010. fifteen complaints were received during the quarter and were duly addressed.
Fixed Assets :
- Land (Freehold)
- Plot Development on leasehold land
- Buildings
- Plant and Machinery
- Laboratory Equipments
- Electrical Fittings & Equipments
- Furniture, Office Equipments and
- Computers
- Vehicles
- Intangible Assets
- Land (Leasehold)
- Technical Knowhow
- Computer Software
WEB DETAILS:
Company Profile :
Goa Carbon Limited 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 75,000 tpa capacity, was set
up with technical assistance from Great Lakes Carbon Corporation (USA), and is
located in southern
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 40,000 tpa and that of the Paradeep plant i9s 1,25,000 tpa.
Thus, total Calcined Petroleum Coke manufacturing capacity of Goa Carbon Limited is 2,40,000 tpa.
Goa Carbon is now firmly established as a leading Indian petcoke calciner. The company is a regular supplier to aluminum smelters, graphite electrode and Titanium Dioxide manufacturers, as well as other users in the metallurgical and chemical industries.
In 1993, Goa Carbon 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 Goa Carbon's product has been well accepted
by the end users both in
The Dempo Group :
Subject, is a company of DEMPO
GROUP, a reputed business house in Goa with offices in the metro cities
of
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 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. 45.74 |
|
|
1 |
Rs. 72.73 |
|
Euro |
1 |
Rs. 61.73 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
48 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.