MIRA
INFORM REPORT
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Report Date : |
05.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
VESUVIUS INDIA LIMITED |
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Registered Office : |
P-104, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
06.09.1991 |
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Com. Reg. No.: |
21-52968 |
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CIN No.: [Company
Identification No.] |
L26933WB1991PLC052968 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALV00709C CALV01863B |
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PAN No.: [Permanent
Account No.] |
AAACV8995Q |
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Legal Form : |
It is a public limited liability company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacture of Continuous Casting Refractories. |
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No. of Employees
: |
387 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (61) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 10000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal 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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office / Factory 1 : |
P-104, |
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Tel. No.: |
91-33-30410600 / 24012842 / 3898 / 0215 |
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Fax No.: |
91-33-24013976 / 1235 |
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E-Mail : |
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Factory 2 : |
Plot No. 13, 14 and 15, Block “E”, IDA Autonagar,
Visakhapatnam-530012, India |
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Tel. No.: |
91-891-22749120 / 22755419 / 22755408 |
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Fax No.: |
91-891-22587511 |
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E-Mail : |
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Factory 3 : |
212/B, G.I.D.C Estate, Mehsana-384002, |
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Tel. No.: |
91-2762-252948 / 949 |
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Fax No.: |
91-2762-2252909 |
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E-Mail : |
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Factory 4 : |
Survey No. 90
and 98, Part, Block G, Industrial Park, Fakirtakya Village, Autonagar, Visakhapatnam-530046, India |
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Tel. No.: |
91-891-2749120 / 2755419 / 2755408 |
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Fax No.: |
91-891-2587511 |
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E-Mail : |
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Sales Office 1 : |
Vesuvius Group S.A/N.V Mechelesteenweg 455, Bte 1, 1950 Kraainem,(Business), |
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Tel. No.: |
32 (0) 27660130 |
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Fax No.: |
32 (0) 27671351 |
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Sales Office 2 : |
Veusuvius USA Corporation |
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Tel. No.: |
(1) 217-3515000 |
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Fax No.: |
(1) 217-3515031 |
DIRECTORS
As on 31.12.2010
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Name : |
Dr. Saibal Kanti Gupta |
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Designation : |
Chairman |
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Name : |
Mr. Biswadip Gupta |
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Designation : |
Director |
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Qualification |
B.E. (Metallurgy) MBA |
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Date of Joining |
01.02.1992 |
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Previous Employment |
Consultant Director of Indian Operation, Vesuvius Corporation S.A., |
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Name : |
Dr. Claude Dumazeau |
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Designation : |
Director |
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Name : |
Mr. Shekhar Datta |
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Designation : |
Director |
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Name : |
Mr. Tanmay Kumar Ganguly |
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Designation : |
Managing Director |
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Name : |
Mr. Yves M.C.M.G. Nokerman |
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Designation : |
Director |
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Name : |
Mr. Sudipto Sarkar |
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Designation : |
Director |
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Name : |
Mr. Francois Clement Wanecq |
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Designation : |
Director |
KEY EXECUTIVES
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Audit Committee : |
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Share Transfer and
Investor Grievance Committee : |
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Name : |
Mr. Taposh Dominic Roy |
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Designation : |
Company Secretary |
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Emil ID : |
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Executive
Council : |
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Mr. Tanmay Kumar Ganguly |
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Managing Director |
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Mr. Sudarshan Das |
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Chief Executive- Sales |
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Mr. Snajoy Datta |
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Chief Executive Officer |
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Mr. Subrata Roy |
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Chief Executive-Operations |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Category
of Shareholders |
No. of Shares |
Percentage |
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(A) Shareholding of Promoter and Promoter Group |
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11277650 |
55.57 |
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11277650 |
55.57 |
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Total shareholding of Promoter and Promoter Group (A) |
11277650 |
55.57 |
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(B) Public Shareholding |
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3195087 |
15.74 |
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500 |
-- |
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2063908 |
10.17 |
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5259494 |
25.91 |
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|
573198 |
2.82 |
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2179206 |
10.74 |
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858753 |
4.23 |
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|
147779 |
0.73 |
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|
141865 |
0.70 |
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Clearing Members |
5834 |
0.03 |
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Overseas Corporate Bodies |
80 |
-- |
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3758936 |
18.52 |
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Total Public shareholding (B) |
9018430 |
44.43 |
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Total (A)+(B) |
20296080 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
-- |
-- |
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(1)
Promoter and
Promoter Group |
-- |
-- |
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(2)
Public |
-- |
-- |
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Sub Total |
-- |
-- |
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Total (A)+(B)+(C) |
20296080 |
-- |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacture of Continuous Casting Refractories. |
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Products : |
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PRODUCTION STATUS (As on 31.12.2010)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Refractories (Shaped) |
Pieces |
526,000 |
517569 |
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Refractories (Unshaped ) |
Tons |
96,500 |
41055 |
GENERAL INFORMATION
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No. of Employees : |
387 (Approximately) |
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B S R and Company Chartered Accountants |
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Address : |
Building No.10,
8th Floor, Tower – |
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Memberships : |
Confederation of Indian Industry |
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Holding Company : |
Vesuvius Group Limited, |
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Ultimate Holding Company: |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.12.2010
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
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25000000 |
Equity Share |
Rs.10/- Each |
Rs.250.000 millions |
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Issued:
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No. of Shares |
Type |
Value |
Amount |
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20300000 |
Equity Share |
Rs.10/- Each |
Rs.203.000
millions |
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Subscribed and Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
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20296080 |
Equity Share |
Rs.10/- Each |
Rs.202.961
millions |
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NOTE
Of the above-
11,277,650 Equity
Shares are held by the Vesuvius Group Limited,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
202.961 |
202.961 |
202.961 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves and Surplus |
2325.717 |
1930.045 |
1645.308 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2528.678 |
2133.006 |
1848.269 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
57.961 |
47.772 |
52.180 |
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TOTAL |
2586.639 |
2180.778 |
1900.449 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
919.756 |
823.173 |
779.263 |
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Capital work-in-progress |
195.667 |
207.073 |
103.134 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS and ADVANCES |
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Inventories |
379.184
|
293.061
|
484.607 |
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Sundry Debtors |
1155.165
|
977.913
|
1012.740 |
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Cash and Bank Balances |
561.086
|
547.190
|
93.365 |
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Other Current Assets |
1.005
|
0.000
|
0.000 |
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Loans and Advances |
1638.505
|
107.095
|
134.088 |
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Total
Current Assets |
3734.945
|
1925.259
|
1724.800 |
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Less : CURRENT
LIABILITIES and PROVISIONS |
|
|
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Sundry Creditors |
592.648
|
566.231
|
538.320 |
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Other Current Liabilities |
84.800
|
59.245
|
60.311 |
|
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Provisions |
1586.281
|
149.251
|
108.117 |
|
Total
Current Liabilities |
2263.729
|
774.727
|
706.748 |
|
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Net Current Assets |
1471.216
|
1150.532
|
1018.052 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2586.639 |
2180.778 |
1900.449 |
|
PROFIT AND LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
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|
SALES |
|
|
|
|
|
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Income |
4203.211 |
3422.796 |
3369.032 |
|
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Sales of Services |
197.947 |
192.146 |
156.476 |
|
|
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Other Income |
53.255 |
28.042 |
32.588 |
|
|
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TOTAL (A) |
4454.413 |
3642.984 |
3558.096 |
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|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
2419.680 |
1983.219 |
1934.175 |
|
|
|
Expenses |
1168.319 |
973.295 |
1038.657 |
|
|
|
Exceptional Item |
(10.917) |
0.000 |
5.901 |
|
|
|
TOTAL (B) |
3577.082 |
2956.514 |
2978.733 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
877.331 |
686.470 |
579.363 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.204 |
0.226 |
15.750 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
877.127 |
686.244 |
563.613 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
129.113 |
126.697 |
86.643 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
748.014 |
559.547 |
476.970 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
259.510 |
185.765 |
170.546 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
488.504 |
373.782 |
306.424 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1522.596 |
1275.237 |
1046.946 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
48.850 |
37.378 |
30.642 |
|
|
|
Proposed Dividend |
81.184 |
76.110 |
40.592 |
|
|
|
Tax on Dividend |
13.484 |
12.935 |
6.899 |
|
|
BALANCE CARRIED
TO THE B/S |
1867.582 |
1522.596 |
1275.237 |
|
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
235.449 |
122.906 |
171.350 |
|
|
|
F.O.B Value of Deemed Exports |
389.684 |
286.455 |
0.144 |
|
|
|
Other Earnings |
16.090 |
0.000 |
385.599 |
|
|
TOTAL EARNINGS |
641.223 |
409.361 |
557.093 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
860.215 |
570.660 |
603.777 |
|
|
|
Stores and Spares |
15.461 |
55.798 |
38.356 |
|
|
|
Other Goods-Trading |
72.710 |
9.795 |
104.596 |
|
|
|
Toolings
|
25.920 |
12.135 |
23.462 |
|
|
|
Capital Goods |
63.776 |
14.592 |
28.197 |
|
|
TOTAL IMPORTS |
1038.082 |
662.980 |
798.388 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
24.07 |
18.42 |
15.10 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
31.03.2011 |
30.06.2011 |
30.09.2011 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
|
1203.900 |
1366.300 |
1382.500 |
|
Total Expenditure |
|
979.700 |
1116.300 |
1132.500 |
|
PBIDT (Excl OI) |
|
224.200 |
250.3000 |
250.000 |
|
Other Income |
|
5.600 |
1.200 |
2.500 |
|
Operating Profit |
|
229.800 |
251.200 |
252.500 |
|
Interest |
|
0.000 |
0.000 |
0.000 |
|
Exceptional Items |
|
0.000 |
0.000 |
0.000 |
|
PBDT |
|
229.800 |
251.200 |
252.500 |
|
Depreciation |
|
33.600 |
34.000 |
39.300 |
|
Profit Before Tax |
|
196.200 |
217.200 |
213.200 |
|
Tax |
|
65.900 |
73.800 |
67.800 |
|
Provision for Contingencies |
|
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
|
130.300 |
143.400 |
145.400 |
|
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 |
|
130.300 |
143.400 |
145.400 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
10.97 |
10.26 |
8.61 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.80 |
16.35 |
14.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.07 |
20.36 |
19.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.26 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.90 |
0.36 |
0.38 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.65 |
2.49 |
2.44 |
LOCAL AGENCY FURTHER INFORMATION
MANAGEMENT DISCUSSION AND ANALYSIS
Operating and Financial Performance, Internal
Control
The Company has had
another very steady performance in 2010 generating enough cash to pay for the
increased activities and capacity expansion. While the "Debt Free"
status has been maintained, their cash balance has improved to Rs 561 million
by the end of the year.
This year's annual
results has shown a revenue growth of over 22% driven by a strong domestic
growth at around 18% and export growth at over 54% over last year, compared to
the modest growth of about 8% in domestic steel output. The strong growth in
domestic revenue was achieved due to improvement in market share and
penetration into new product and market segments.
The operating
profit (PBDIT) at Rs. 866 million for the year is higher by 26% over last year
and profit after tax (PAT) at Rs. 488 million is higher by over 30%. With the
withdrawal of the post-retirement medical benefit scheme for employees under
directions of IRDA, the provision created earlier in compliance with Accounting
Standard 15 was written back and has been treated as an Exceptional Item income.
The Company has
received grants totaling Rs. 1.8 million from the Andhra Pradesh Government for
setting up of the Company's second plant at
The Company has in
place an established internal control system designed to ensure proper
recording of financial and operational information and compliance of various
internal controls and other regulatory and statutory compliances. Internal
Audit on pan
The Company has
complied with the provision ofthe Code on Internal Control which require that
the Directors review the effectiveness of internal controls including
financial, operational and compliance control and risk management systems. Self
certification exercises are also conducted by which senior management certify
effectiveness of the internal control system for which they are responsible
together with the Company's policies.
Segment wise
performance
The Company is
primarily a manufacturer and trader of refractory and is managed
organizationally as a single unit. Accordingly, the Company is a single business
segment company. Geographical (secondary) segment has been identified as
domestic sales and exports.
Industry Structure and Developments, Opportunities
and Threats, Outlook, Risks and Concerns
Indian economy in
general is on a steady growth mode and has shown more resilience than some of
the other developed economies around the world. Steel production in
The Company trades
in refractory based solutions and steel industry comprises the biggest group of
its customers. Hence anything that affects the steel industry will have its one
off effect on their business.
The linings
product offers opportunities for significant growth as it addresses diversified
market segments beyond the steel industry. To keep pace with this increased
demand the Company has already made some capacity expansion at its precast
plant in 2010 and is evaluating further expansion in its monolithic manufacturing
capacity at
All business
operations have risks and threats attached to them most of which may be outside
the control of the Company. Apart from the concerns over raw material prices
and availability, fluctuations in exchange rates, adverse political or
regulatory developments, aggressive competition and chances of a reduction in
customer output leading to lower demands are some perceived threats.
FIXED ASSETS
·
Land
·
Buildings
·
Plant and Machinery
·
Electrical Installations
·
Furniture and Fittings
·
Office Equipment Including Computers
·
Motor Vehicles
WEBSITE DETAILS:
BUSINESS
DESCRIPTION
Subject is an India-based company. It is the manufacturer and trader of
refractory and is managed organizationally as a single unit. The Company is
engaged in designing, engineering, manufacture and delivery of refractory
products, systems and services for high-technology industrial applications. Its
products include Industrial Ceramics for Continuous Casting and Pouring of
Molten Metals Slide Gate Plates and Nozzles. VESUVIUS Flow-Control and Linings
divisions provide customers with a full range of products, including Process
automation, Lining materials, Tundish furniture and Slide gate systems and
refractories. The subsidiaries of the Company include Vesuvius South Africa
(Pty) Limited, Vesuvius Crucible Company, Vesuvius Italia SPA, Vesuvius Japan
Inc, Vesuvius UK Limited, Korea Branch, Vesuvius (Thailand) Company Limited,
Vesuvius Canada Inc, Foseco International Limited and Vesuvius Foundry Products
(Suzhou) Company Limited. For the three months ended 31 March 2011, subject's
revenues increased 21% to RS1.2B. Net income increased 28% to RS130.3M. Revenue
reflects an increase in income from the operations and higher other operating
income. Net income also reflects an increase in gross profit and operating
profit margin. Subject is a distributor of water treatment products to local
distributors and retailers.
BOARD OF DIRECTORS
DR. SAIBAL KANTI
GUPTA
INDEPENDENT NON-EXECUTIVE
CHAIRMAN OF THE BOARD
He is a metallurgical engineer with Ph.D. and D.Sc. in ferrous process
metallurgy and has about 50 years experience. He has been Professor of IIT
Bombay, Founder Director of SAIL's R and D Centre, Chief Executive of MECON and
SAIL's Rourkela Steel Plant and the Executive Vice Chairman of Jindal
Vijayanagar Steel Limited (now known as JSW Steel Limited). He is presently
Chairman of Bhuwalka Steel Industries Limited and BMM Ispat Limited and a
Director of JSW Steel Limited, Jindal Saw Limited, Jindal South West Holdings
Limited, IVRCL Infrastructures and Projects Limited, Sobha Developers Limited
and Surana Industries Limited For his contributions to metallurgical
enterprises in general and steel fraternity in particular, Government of India
has conferred upon him the title "National Metallurgist". He is a
Director of the Company since October 1999. Dr Gupta is well conversant with
the iron and steel industry. He does not hold any shares in the Company. Dr
Gupta is also the Chairman of the Audit Committee and member of the Share
Transfer and Investor Grievance Committee.
MR. TANMAY KUMAR
GANGULY
MANAGING DIRECTOR
His qualification is B. Com (Hons), ACA. He has been Chief Operating
Officer of Radhakrishna Foodiand Private Limited
MR. BISWADIP GUPTA
NON-EXECUTIVE
DIRECTOR
He had joined Subject as a Director in 1991 and was the Managing
Director since 1992. He is a BE(Metallurgy) and MBA and has about 37 years
experience in the steel and refractory industry. He has received training
worldwide in the refractory making industry during his 20 years association
with the Vesuvius Group,
MR. YVES M.C.M.G.
NOKERMAN
NON-EXECUTIVE
DIRECTOR
He is the Vice President Finance and IT i.e Chief Financial Officer
(CFO) of Vesuvius Group and is based in
MR. SUDIPTO SARKAR
NON-EXECUTIVE
INDEPENDENT DIRECTOR
He is a Barrister, is a Non-Executive Independent Director of Subject
since )uly 26, 2005. He holds B.Sc. (Maths-Hons) from
HISTORY
Originally incorporated as Vesuvius Refractories in Sep.'91, the name
was subsequently changed to Vesuvius
The Company has regained its 'debt-free' status. This is the
first time that turnover (net of excise) has crossed Rs. 3 billion (i.e.
Rs.3000.000 Millions).
Net cash flow from operations has been the highest ever this
year. This year's annual results has shown a revenue growth of over
17% driven by a strong domestic growth at 20% and a more modest export growth
at 11%. The strong domestic growth was achieved despite a modest about 8%
growth in domestic steel output. The growth driver, the Linings business, grew
by 31%, Foundry business grew by 28% and Flow Control, the major revenue
earner, showed a growth of 9%, thereby setting the tone for a good performance
in 2007. Export revenues were impacted by the devaluation of USD vis-a-vis INR
despite which the export revenue has grown by 11%. In volume terms, the actual
export revenue growth is around 20%.
The operating profit (PBDIT) at Rs. 604 million for the year
is higher by 46% over last year. If they take out the exceptional charge of
last year, the profit growth is around 21%. All three factories have been
working at near full capacity during the year. Continuous de-bottle necking
exercises and usage of improved and latest equipment have also enhanced
capacity and improved quality of deliverables. Improvements have also been made
in the supply chain resulting in prompt and just-in-time deliveries and reduced
transit delays. Kolkata and Mehsana, the two high energy-consuming plants; both
achieved significant reduction in specific energy consumption through sustained
engineering efforts and better plant utilization. A new
manufacturing facility has been added near the existing factory at
This will augment the increased demands for the Linings
Business.
The Company has in place an established internal control
system designed to ensure proper recording of financial and operational
information and compliance of various internal controls and other regulatory and
statutory compliances. Three firms of Chartered Accountants throughout the year
conducted the internal audit of the Company's various operations including the
three factories at Kolkata,
PROFILE
Vesuvius is a world leader in the design,
engineering, manufacture and delivery of refractory products, systems and
services for high-technology industrial applications:
·
Refractories and systems used
to control, regulate and protect the flow of steel in the continuous casting
process:
o
Alumina graphite
isostatically-pressed tubes, nozzles and stoppers,
o
Slide-gate and tube-changer
systems and plates,
o
Gas-purging plugs and
temperature control devices.
·
Ceramics and chemicals for the
foundry industry, such as crucibles,such as filters, feeding systems, coatings,
binders, crucibles, stoppers and refractory linings.
·
Fused-silica refractories for
flat glass manufacture and the melting of polycristalline silicon.
·
Refractory linings for
high-temperature, heavy-duty industrial applications.
With the integration of Foseco in April 2008, Vesuvius is now present in 30
countries on 5 continents, with 80 manufacturing units, 7 RandD centres and
numerous sales agencies, together employing
over 12,000 people
MILESTONES
1916- VESUVIUS CRUCIBLE
Company founded to manufacture clay graphite crucibles
1960- Worldwide
expansion and development of isostatic pressing technology and alumina
isostatically pressed products
1986- COOKSON GROUP
acquires VESUVIUS
1988- Acquisition of
ACCUMETRIX CORPORATION (
1989- Acquisition of
STEEL SERVICE MALMÖ (
1991- Acquisition of
METACON (
1993- Acquisition of
LECO (USA) Joint venture (50%) with
KAWASAKI REFRACTORIES (
1995- Acquisition of
HI-TECH CERAMICS (
1997- Acquisition of
MONOFRAX (
1998- Acquisition of
HINCKLEY GROUP (Flogates and
1999- Acquisition of
VGT DYKO (
2000- Acquisition of
SKAWINA REFRACTORIES (
2002- Acquisition of
SIR (
2003- Acquisition of
BLUE DIAMANT CY (Mehsana, India), the first Foundry plant in Asia Pacific Opening of a new mix plant in China: VESUVIUS
ADVANCED CERAMICS Company, Limited (China)
Building of a new glass tempering rolls plant VESUVIUS ZYAROCK CERAMIC
(Suzhou) Company.,Limited (China) Set up
of a new fused silica crucibles plant (used for the production of photovoltaic
solar cells), VESUVIUS
SOLAR CRUCIBLES, s.r.o. (
2004- Acquisition of
SIDE DAMS (
2005- Joint venture
with WUGANG-VESUVIUS ADVANCED CERAMICS Company, Limited (
2006- Divestment of
Ceramics fibres and Carbon Blocks business (
2007- Disposals of
MONOFRAX fust-cast refractories and Snowshoe (
PRESS
RELEASE:
Vesuvius
03
February 2012
Vesuvius
Answer
Technology Incorporated and Vesuvius India Limited File Patent Application for
a Method of Making Monolithic Refractories
15
August 2011
Answer Technology Incorporated and Vesuvius India Limited
filed the patent application on Aug. 12, 1997. The patent application number is
1793/MAS/1997 A. The international classifications are C04B035/04 and
C04B035/66.
According to the Controller General of Patents, Designs and
Trade Marks, "This invention relates to a method of producing monolithic
refractories using improved flowable refractory composition, by casting setting
and drying. The composition consists of conventional refractory aggregates and
setting agents bound together by an aqueous colloidal suspension of an
inorganic compounds selected from silica, zirconia, alumina and mullite having
a particle size of up to 5 microns. This inorganic gel bonding shows distinct
advantage over conventional compositions for refractories."
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 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.51.05 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
50 |
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.