1. Summary Information
|
|
|
Country |
India |
|
Company Name |
GRINDWELL NORTON
LIMITED |
Principal Name 1 |
Mr. M. M. Narang |
|
Status |
Good |
Principal Name 2 |
Mr. J P Floris |
|
|
|
Registration # |
11-008163 |
|
Street Address |
5th
Level, |
||
|
Established Date |
31.07.1950 |
SIC Code |
-- |
|
Telephone# |
91-22-40212121 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-40212102 |
Business Style 2 |
-- |
|
Homepage |
Not Available |
Product Name 1 |
Bonded Abrasives |
|
# of employees |
1619
(Approximately) |
Product Name 2 |
-- |
|
Paid up capital |
Rs.
276,800,000/- |
Product Name 3 |
-- |
|
Shareholders |
Shareholding of
Promoter and Promoter –58.63% Public
shareholding –41.37% |
Banking |
Central Bank of
India |
|
Public Limited Corp. |
YES |
Business Period |
60 Years |
|
IPO |
YES |
International Ins. |
-- |
|
Public |
YES |
Rating |
A
(67) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding Company |
-- |
Compagnie de Saint-Gobain |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2,338,476,000 |
Current Liabilities |
1,806,541,000 |
|
Inventories |
1,599,944,000 |
Long-term Liabilities |
0,000 |
|
Fixed Assets |
1,970,607,000 |
Other Liabilities |
713,230,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
2,519,771,000 |
|
Invest& other Assets |
1,269,022,000 |
Retained Earnings |
4,381,478,000 |
|
|
|
Net Worth |
4,658,278,000 |
|
Total Assets |
7,178,049,000 |
Total Liab. & Equity |
7,178,049,000 |
|
Total Assets (Previous Year) |
5,981,430,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
9,065,989,000 |
Net Profit |
1,036,264,000 |
|
Sales(Previous yr) |
7,807,431,000 |
Net Profit(Prev.yr) |
85,6286,000 |
MIRA
INFORM REPORT
|
Report Date : |
06.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
GRINDWELL NORTON LIMITED |
|
|
|
|
Registered
Office : |
5th Level, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
31.07.1950 |
|
|
|
|
Com. Reg. No.: |
11-008163 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.276.800 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26593MH1950PLC008163 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG00425F NGPG00974B NGPG00471C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG8725B |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Bonded Abrasives, Coated Abrasive Products,
Super Abrasives, Abrasive Grains and Refractories. |
|
|
|
|
No. of Employees
: |
1619 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
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 18000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Saint Gobain group. It is a well established and
a reputed 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 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
AA (Long Term Rating) |
|
Rating Explanation |
Having high degree of safety regarding timely servicing of financial
obligation. It carry very low credit risk. |
|
Date |
December 2011 |
|
Rating Agency Name |
ICRA |
|
Rating |
A1+ (Short Term Rating) |
|
Rating Explanation |
Having strong degree of safety regarding timely payment of financial
obligation, It carry lowest credit risk. |
|
Date |
December 2011 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
5th Level, |
|
Tel. No.: |
91-22-40212121 |
|
Fax No.: |
91-22-40212102 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Located at: Mora-Nad-Karanja, District Raigad - 400 704, |
|
Tel No.: |
91-22-27230021 / 22 / 23 / 24 / 25 / 26 |
|
|
|
|
Factory 2 : |
|
|
Tel No.: |
91-80-28471731 / 2 / 3 / 4 / 5 / 7 |
|
Fax No.: |
91-80-28471736 |
|
|
|
|
Factory 3 : |
|
|
Tel No.: |
91-8574-275731-5 |
|
Fax No.: |
91-8574-275736 |
|
|
|
|
Factory 4 : |
G-51, Butibori Industrial Area, Village Tembhari, Taluka
Hingna, District |
|
Tel No.: |
91-7103-262751 / 2 / 3 |
|
Fax No.: |
91-7103-262451 |
|
|
|
|
Factory 5 : |
Located at: Bated, District Solan, Himachal Pradesh |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. A C. Chakraborty |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. M A Chupin |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. J P Floris |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P Millot |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M. M. Narang |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. J A J Pereira |
|
Designation : |
Alternate Director to Ms. M A Chupin |
|
|
|
|
Name : |
Mr. S Salgaocar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. G. Texier |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A Y Mahajan |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. N D Sidhva |
|
Designation : |
Director |
KEY EXECUTIVES
|
MANAGEMENT COMMITTEE: |
|
|
Name : |
Mr. J A J Pereira |
|
Designation : |
Corporate Services |
|
|
|
|
Name : |
Mr. K K Prasad |
|
Designation : |
Ceramics and Plastics |
|
|
|
|
Name : |
Mr. M A Puranik |
|
Designation : |
Finance and IT |
|
|
|
|
Name : |
Mr. M Ramarathnam |
|
Designation : |
Project and EHS |
|
|
|
|
Name : |
Mr. N. Sreedhar |
|
Designation : |
Abrasives |
|
|
|
|
Name : |
Mr. K. Visweswaran |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3,894,030 |
7.03 |
|
|
150,000 |
0.27 |
|
|
4,044,030 |
7.30 |
|
|
|
|
|
|
28,414,000 |
51.33 |
|
|
28,414,000 |
51.33 |
|
Total shareholding of Promoter and Promoter Group (A) |
32,458,030 |
58.63 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
4,641,213 |
8.38 |
|
|
3,800 |
0.01 |
|
|
105,989 |
0.19 |
|
|
1,307,026 |
2.36 |
|
|
6,058,028 |
10.94 |
|
|
|
|
|
|
1,707,656 |
3.08 |
|
|
|
|
|
|
4,930,640 |
8.91 |
|
|
9,420,580 |
17.02 |
|
|
785,066 |
1.42 |
|
|
125,866 |
0.23 |
|
|
659,200 |
1.19 |
|
|
16,843,942 |
30.43 |
|
Total Public shareholding (B) |
22,901,970 |
41.37 |
|
Total (A)+(B) |
55,360,000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
55,360,000 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Bonded Abrasives, Coated Abrasive
Products, Super Abrasives, Abrasive Grains and Refractories. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Bonded Abrasives |
Tons |
18427.00 |
13956.19 |
|
Coated Abrasives |
Sqm. In Million |
5.98 |
3.74 |
|
Abrasive Grains |
Tons |
18000.00 |
13166.32 |
|
Refractories |
Tons |
1600.00 |
3085.69* |
|
Others |
|
|
|
* Includes products manufactured by manual processing
which has no Installed Capacity.
GENERAL INFORMATION
|
No. of Employees : |
1619 (Approximately) |
|
|
|
|
Bankers : |
·
Central Bank of ·
Corporation Bank ·
ICICI Bank Limited ·
State Bank of India |
|
|
|
|
Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
Kalyaniwalla and Mistry Chartered Accountants |
|
|
|
|
HOLDING COMPANY : |
·
Compagnie de Saint-Gobain |
|
|
|
|
FELLOW SUBSIDIARIES: |
·
Saint-Gobain Abrasives Inc., USA ·
(b) Societe de Participations Financieres et
Industrielles |
|
|
|
|
SUBSIDIARY COMPANY : |
·
Saint-Gobain Ceramic Materials Bhutan Private.
Limited. |
|
|
|
|
ASSOCIATE COMPANIES : |
·
ABC Superabrasives, USA ·
Certainteed Corporation, USA ·
L.M.Van Moppes Diamond Tools India Private. Limited ·
Norton Abrasives PTY Limited ·
PT Saint-Gobain Norton Hamplas, Indonesia ·
PT Saint-Gobain Winter Diamas, Indonesia ·
Saint-Gobain Ceramics ·
Saint-Gobain Ceramics and Plastics, Inc ·
Saint-Gobain PAM (France) ·
Saint-Gobain Abrasives Limited ·
Saint-Gobain Abrasives, Poland ·
Saint-Gobain Ceramiques Informatique Et Organisation ·
Saint-Gobain DSI Groupe ·
Saint-Gobain Industriekeramik Rodental GMBH ·
Saint-Gobain Abrasifs Dubai ·
Saint-Gobain Abrasifs Maroc, Morocco ·
Saint-Gobain Abrasifs, France ·
Saint-Gobain Abrasive International Trading (Shanghai) ·
Saint-Gobain Abrasives (Aust) PTY Limited ·
Saint-Gobain Abrasives (PTY) Limited., South Africa ·
Saint-Gobain Abrasives (Sea) Pte. Limited ·
Saint-Gobain Abrasives (Shanghai) Company Limited., Shanghai ·
Saint-Gobain Abrasives (Suzhou) Company Limited ·
Saint-Gobain Abrasives BV., Netherlands ·
Saint-Gobain Abrasives GMBH (CORA) ·
Saint-Gobain Abrasives GMBH, Gerolzhofen., Germany ·
Saint-Gobain Abrasives International Trading (HK) Limited ·
Saint-Gobain Abrasives Korea ·
Saint-Gobain Abrasives Limited – Stafford-UK ·
Saint-Gobain Abrasives Limited., New Zealand ·
Saint-Gobain Abrasives Ltda., Brazil ·
Saint-Gobain Abrasives Ltda., Portugal ·
Saint-Gobain Abrasives Singapore (PTE) Limited ·
Saint-Gobain Abrasives SP. Z.O.O. ·
Saint-Gobain Abrasives SP.Z ·
Saint-Gobain Abrasives, Thailand ·
Saint-Gobain Abrasives, Indonesia ·
Saint-Gobain Abrasivi S.P.A.(Micromold) ·
Saint-Gobain Abrasivi S.P.A.(Micromold) ·
Saint-Gobain Abrasivi S.P.A., Italy ·
Saint-Gobain Abrasivos SA, Argentina ·
Saint-Gobain Do Brasil Produtos Ind. E Para Const Ltda ·
Saint-Gobain Formula Thai Gypsum Product ·
Saint-Gobain Gelva, BV ·
Saint-Gobain Glass Egypt ·
Saint-Gobain Glass India Limited ·
Saint-Gobain Gyproc India Limited ·
Saint-Gobain High Performance Materials, France ·
Saint-Gobain Industrial Ceramics Pty Limited. ·
Saint-Gobain Industrie Keramik Dusseldorf GMBH ·
Saint-Gobain Materials Ceramicos Ltda. Brazil ·
Saint-Gobain Materials Ceramicos, Venezuela ·
Saint-Gobain Materiaux Ceramics, Belgium ·
Saint-Gobain Performance Plastics Portage ·
Saint-Gobain Performance Plastics, New Jersey, USA ·
Saint-Gobain Performance Plastics, Worcester, USA ·
Saint-Gobain PPL Corp ·
Saint-Gobain PPL Corporation Mexico ·
Saint-Gobain PPL Seoul ·
Saint-Gobain Sekurit India Limited ·
Saint-Gobain Sekurit (Thailand) Company, Limited ·
Saint-Gobain Seva Engineering India Limited ·
Saint-Gobain Seva, France ·
Saint-Gobain Tech Fab Hongfa (Changzhou) Limited ·
Saint-Gobain Technical Fabrics, S.A ·
Saint-Gobain Universal Superabrasives, Inc. ·
Saint-Gobain Vibros S.A. ·
Savoi Refractories ·
SEPR Refractories India Limited ·
SEPR, France ·
Saint-Gobain Advanced Ceramics (Shanghai) Company Limited ·
Saint-Gobain Materiaux Ceramiques Benelux SA ·
Saint-Gobain Performance Plastics – Bristol ·
Saint-Gobain Performance Plastics (SHANGHAI) ·
Saint-Gobain Performance Plastics Corby, UK ·
Saint-Gobain Performance Plastics KK, JAPAN ·
Saint-Gobain Performance Plastics Pampus GMBH ·
Saint-Gobain Performance Plastics Verneret, France ·
Saint-Gobain Performance Plastics, Akron, USA ·
Saint-Gobain Performance Plastics, Beaverton, USA ·
Saint-Gobain Performance Plastics, Chaineux, Belgium ·
Saint-Gobain Performance Plastics, Florida, USA ·
Saint-Gobain Advanced Materials (M) SDN BHD ·
Saint-Gobain Advanced Materials (Taiwan) Company Limited ·
Saint-Gobain Cera Mat (Lianyungang) Company ·
Saint-Gobain Ceramic Materials (Liyanguang) Company Limited., China ·
Saint-Gobain Ceramic Materials (Mudanjiang) Company Limited., China ·
Saint-Gobain Ceramic Materials AS., Norway ·
Saint-Gobain Ceramic Materials, USA ·
Saint-Gobain Performance Plastics, Pittsburg, USA ·
Saint-Gobain Ceramicas Industrialces S.A, ·
Spain Saint-Gobain Performance Plastics, Poestenkill, USA ·
Saint-Gobain Ceramicas Industriales S.A. ·
Saint-Gobain Performance Plastics, Rencol., UK ·
Saint-Gobain Ceramics and Plastics, Brazil ·
Saint-Gobain Performance Plastics, Taiwan ·
Saint-Gobain Ceramics Inc, USA ·
Saint-Gobain Performance Plastics, Gembloux, Belgium ·
Saint-Gobain Crystals and Detectors India Limited ·
Universal Superabrasives., USA ·
Saint-Gobain Diamantwerkzeuge GMBH and Company ·
Saint-Gobain Performance Plastics, Garden Groove, USA ·
Saint-Gobain Performance Plastics, Granville, USA ·
Saint-Gobain Performance Plastics, Ireland ·
Saint-Gobain Performance Plastics, Kontich, Belgium ·
Saint-Gobain Performance Plastics, Mickleton, USA ·
Saint-Gobain Performance Plastics, New York, USA |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
56000000 |
Equity Shares |
Rs. 5/- each |
Rs.280.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55360000 |
Equity Shares |
Rs. 5/- each |
Rs.276.800
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
276.800 |
276.800 |
276.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4381.478 |
3765.089 |
3296.501 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4658.278 |
4041.889 |
3573.301 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
108.005 |
90.778 |
80.837 |
|
|
|
|
|
|
|
|
TOTAL |
4766.283 |
4132.667 |
3654.138 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1970.607 |
1868.377 |
1823.390 |
|
|
Capital work-in-progress |
815.577 |
159.614 |
68.224 |
|
|
INVESTMENT |
453.445 |
536.117 |
501.298 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1599.944
|
1247.930
|
935.501
|
|
|
Sundry Debtors |
954.562
|
920.273
|
849.877
|
|
|
Cash & Bank Balances |
731.402
|
936.898
|
819.599
|
|
|
Other Current Assets |
111.451
|
2.533
|
2.473
|
|
|
Loans & Advances |
541.061
|
309.688
|
278.792
|
|
Total
Current Assets |
3938.420
|
3417.322
|
2886.242
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
588.001
|
576.271
|
|
|
Current Liabilities |
1806.541
|
722.978
|
561.365
|
|
|
Provisions |
605.225
|
537.784
|
487.380
|
|
Total
Current Liabilities |
2411.766
|
1848.763
|
1625.016
|
|
|
Net Current Assets |
1526.654
|
1568.559
|
1261.226
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4766.283 |
4132.667 |
3654.138 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9065.989 |
7807.431 |
7023.609 |
|
|
|
Other Income |
137.944 |
274.165 |
243.139 |
|
|
|
TOTAL (A) |
9203.933 |
8081.596 |
7266.748 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
3434.070 |
3024.954 |
2503.414 |
|
|
|
Purchase Trading Goods |
747.394 |
676.317 |
524.008 |
|
|
|
Manufacturing Administration and selling
Expenses |
0.000 |
3125.607 |
2745.769 |
|
|
|
Debts and Advances (Written Back) Provided
(Net) |
0.000 |
4.751 |
0.103 |
|
|
|
Employee Benefit Expenses |
948.591 |
0.000 |
0.000 |
|
|
|
Other Expenses |
2529.853 |
0.000 |
0.000 |
|
|
|
Increase/(Decrease) in Finished Goods |
(116.220) |
(172.927) |
90.032 |
|
|
|
TOTAL (B) |
7543.688 |
6658.702 |
5863.326 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1660.245 |
1422.894 |
1403.422 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.669 |
2.823 |
2.548 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1656.576 |
1420.071 |
1400.874 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
166.785 |
163.185 |
177.858 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL ITEM |
0.000 |
0.000 |
77.211 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1489.791 |
1256.886 |
1300.227 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
453.527 |
400.600 |
425.170 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1036.264 |
856.286 |
875.057 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
600.000 |
500.000 |
350.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
370.242 |
337.729 |
|
|
|
Dividend |
NA |
332.160 |
332.160 |
|
|
|
Tax on Dividend |
NA |
370.242 |
55.168 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
600.000 |
500.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
705.774 |
710.764 |
776.415 |
|
|
|
Freight on Exports |
6.499 |
7.176 |
5.950 |
|
|
|
Insurance on Exports |
0.009 |
0.005 |
0.200 |
|
|
|
Commission |
1.280 |
1.885 |
2.468 |
|
|
|
Export of Services |
124.375 |
80.468 |
49.201 |
|
|
|
Other Income |
32.591 |
22.910 |
11.711 |
|
|
TOTAL EARNINGS |
870.528 |
823.208 |
845.945 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2691.356 |
2284.487 |
1675.872 |
|
|
|
Spares Parts |
11.690 |
7.934 |
5.751 |
|
|
|
Capital Goods |
343.734 |
20.216 |
61.942 |
|
|
|
Others |
100.113 |
56.067 |
34.360 |
|
|
TOTAL IMPORTS |
3146.893 |
2368.704 |
1777.925 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.72 |
15.47 |
15.81 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
11.26
|
10.59 |
12.04
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.43
|
16.09 |
18.51
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
37.83
|
23.77 |
27.61
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.31 |
0.36
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.52
|
0.45 |
0.45
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.63
|
1.84 |
1.78
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
32] |
Passport No of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
OPERATIONS
During the year,
the Company’s sales recorded a growth of about 13%. The pace of industrial
growth slowed down markedly as the year unfolded and in the second half of the
year the Company’s businesses saw little or no volume growth in domestic sales.
Exports were also flat. Meanwhile, margins in all businesses came under
pressure mainly because of the increase in energy prices, the depreciating
Rupee and the general inflationary conditions. To counter this, an important
management priority was to increase prices in all businesses. This coupled with
increases in productivity and improvements in operating efficiencies and yields
meant that the operating margins were maintained in most of the Company’s
businesses.
ABRASIVES
After two years of
very strong growth, the Abrasives business grew at a more moderate pace of 12%
during the year. Domestic and export demand remained subdued for much of the
year and with important end-user industries slowing down as the year
progressed, volumes were flat in the second half. But for higher sales of new
products and in new markets and higher prices (increased from time to time to
offset the steep increases in costs), sales growth would have been much lower.
Despite being successful in increasing prices and improving operating
performance, margins declined and restricted the growth of operating profit to
10%. Two large projects (expansion of Bonded Abrasives capacity at Nagpur and a
new Non-woven Abrasives plant in Bangalore) were initiated and made
considerable progress during the year. The plants are expected to be
commissioned in the first half of 2012-13.
CERAMICS AND
PLASTICS
Local demand for
Silicon Carbide was similar to the previous year whereas the European market was
buoyant for much of 2011. The Company’s sales volume remained flat and the
increase in sales was entirely due to higher prices (which offset much of the
steep increase in costs of coke and electricity).
A softening of
demand in certain market segments caused a slowdown in the growth of the High
Performance Refractories business and the Performance Plastics business. The
construction of a new plant for High Performance Refractories near Vadodara in
Gujarat made considerable progress during the year. The plant is expected to be
commissioned in the first half of 2012-13. During the year, a project for the
manufacture of mine grids (part of the ADFORS’ Technical Fabrics business of
Saint-Gobain) was initiated and completed. This small plant, which was commissioned
in the last quarter, is located in Bangalore.
SUBSIDIARY IN
BHUTAN
Operations of the
Company’s subsidiary in Bhutan improved and the plant achieved capacity
utilization of about 83%. In its second year of operations, the Company made a
small operating profit. During the year, a project to set up a processing plant
was initiated and made good progress. The plant is expected to be commissioned
in the
first half of
2012-13. In terms of the general exemption provided under Section 212(8) of the
Companies Act, 1956, granted by the Ministry of Corporate Affairs vide its
circular no. 02/2011 dated 8th February, 2011 and in compliance with the
conditions enlisted therein, copies of the Balance Sheet, Statement of Profit
and Loss, Report of the Board of Directors and Auditors of the subsidiary have
not been attached to the Balance Sheet of the Company. However, these documents
will be made available upon request by any member of the Company. As directed
by the said circular, the financial data of the subsidiary has been furnished
under ‘Financial Information of Subsidiary Company’ which forms part of the
Annual Report. The Annual accounts of the Company including that of the
subsidiary will be kept for inspection by any member. Further, pursuant to
Accounting Standards (AS)-21, consolidated financial statements presented by
the Company include financial information of the subsidiary company.
MANAGEMENT DISCUSSION and ANALYSIS REPORT
GENERAL REVIEW
Grindwell Norton
Limited (GNO) is one of the subsidiaries of Compagnie de Saint-Gobain
(Saint-Gobain), a transnational Group, with its headquarters in Paris and with
sales of € 42.1 billion in 2011. Saint-Gobain’s businesses fall into five broad
sectors of activity: Construction Products, Flat Glass, Packaging, Building
Distribution and High Performance Materials. GNO’s businesses are a part of the
High Performance Materials sector of activity. In GNO, the businesses are
divided into two major Segments:
1. Abrasives
2. Ceramics and
Plastics
BUSINESS
ENVIRONMENT
Industrial growth
has been weak and volatile and has trended downwards for several quarters and
despite RBI’s recent decision to reduce reference rates by 0.5%, there are no
signs that growth will recover in the near term. Meanwhile, high fiscal and
current account deficits, high inflation and depreciating Rupee are major
concerns for the economy. The outlook for 2012-13 is uncertain.
ABRASIVES SEGMENT
REVIEW
The major sectors
of activities within the Abrasives segment are Bonded Abrasives (including Thin
Wheels), Coated Abrasives (including Non-Woven) and Super Abrasives.
PRODUCTS AND
PLANTS
Bonded Abrasives,
most commonly in the form of wheels but also in other shapes such as segment, sticks
etc., are used for various applications ranging from polishing or lapping to
remove high quantities of materials.
Bonded Abrasives
are used in precision applications such as lapping, honing, super-finishing,
race grinding, thread grinding, fluting, OD grinding, ID grinding, surface
grinding etc. They are also used in
rough applications such as snagging, cutting-off, burr removal, weld
preparation etc. Bonded Abrasives are used by a very large number of users. The
variety is very high. GNO makes over 15,000 different products in a year.
Super Abrasives
are made of diamond (synthetic or natural) or Cubic Boron Nitride and are used
in precision applications. Coated Abrasives products are engineering composites
comprising of a backing, bond system and abrasive grains and are designed for
material removal and surface generation. Coated Abrasives products are
available in various shapes like discs, belts, rolls etc. to suit a wide gamut
of applications.
GNO offers the
widest range of cutting edge Abrasive products to the Indian market, made
indigenously or sourced from other plants of Saint-Gobain. Saint-Gobain is
uniquely positioned in the Abrasives industry as it can leverage the capability
of developing grain technologies suited for Abrasive applications.
The Abrasives
business has four manufacturing sites: Mora, (near Mumbai), Bangalore, Nagpur
and Bated (Himachal Pradesh). All the sites are certified under ISO 9001:2008,
ISO 14001:2004 and OHSAS 18001:2007.
INDUSTRY
The Abrasives
industry currently has two major players, one of which is GNO. GNO has a
leadership position in several product-market segments. Apart from the major
players in the market, there are a few medium sized players and many small,
local players. Besides, imports from China are present in many categories,
particularly, at the low end. Some of the players from Europe and Japan have
their agents and /or distributors to service mainly the precision grinding
market. In the case of Coated Abrasives, some international players have set up
conversion facilities and are in the process of setting up manufacturing
facilities. Also most of the power tool players are now focusing on developing
their accessories business which includes Thin Wheels and some Coated
Abrasives.
The market, over a
period of time has become price sensitive. Key success factors are quality,
cost, service and capability to provide total grinding solutions.
DEVELOPMENT AND
OUTLOOK
Saint-Gobain is
the world leader in Abrasives. Leadership is based on a strong product
portfolio, a strong Research and Development set-up with projects in both basic
and applied areas and global reach, with plants and marketing/sales
organizations all over the world. GNO benefits from being a part of such an
organization, in terms of access to all developments in products and process
technology, sourcing of products and development of exports.
The year was
challenging, with demand being, subdued. The industry lacked growth momentum as
it was weighed down by the overall economic situation, high inflation in the
country and high interest rates. Overall, sales grew by 12% over the previous
year. The main demand drivers (auto and auto-ancillaries) saw much lower growth
in volumes compared to the previous year. Even as this was so, they continued
to introduce a number of new products in the market that helped to increase
sales. During the year there was no respite in inflation and input costs
continued to increase mainly as a result of high oil prices and significant
depreciation of the Indian rupee. To offset the cost increases, the business
had to implement significant price increases and also work on various
efficiency improvement projects. The expansion projects (the major ones being
the Bonded expansion at Nagpur and the new Non-Woven plant at Bangalore)
planned are progressing as per schedule and are expected to be completed in the
first half of the current financial year.
The Business
implemented a number of new ideas through “The Next Level” initiative.
Information Technology has been enabled to provide many on-line services to
GNO’s Customers and dealers. A Grinding Technology Centre has been set up at
Bangalore. Besides, GNO (along with other Group companies) has taken steps to
implement a World Class Manufacturing programme across all its sites. In
addition, continuous efforts have been made to improve safety standards and
plant operating efficiencies.
Looking ahead,
there are no signs of an early economic recovery. Customers and the channel are
becoming increasingly cautious. The outlook for 2012-13 is uncertain. Under the
circumstances, even as it continues its efforts to grow volumes (introducing
new products and developing new markets), the business will focus on improving
operating performance and reducing costs. At the same time, improving price
realization and safeguarding margins will remain a priority.
CERAMICS AND
PLASTICS SEGMENT REVIEW
The businesses in
this segment include:
(i) Silicon
Carbide;
(ii) High
Performance Refractories.
GNO also converts and
sells a range of Performance Plastics products and recently commissioned a
small plant to manufacture Technical Fabrics.
(i) SILICON
CARBIDE (SiC)
PRODUCT AND PLANT
Silicon Carbide
grains are used primarily as raw material in the manufacture of abrasives,
refractories and for stone polishing. SiC is manufactured at their factory at
Tirupati in Andhra Pradesh. The Tirupati Plant is certified under ISO
9001:2000, ISO 14001:2004 and OHSAS 18001:1999. SiC Crude is also manufactured
by the Company’s subsidiary, Saint-Gobain Ceramic Materials Bhutan Private
Limited at its plant near Phuentsholing in Bhutan.
INDUSTRY
In the domestic
market there are three major players (including GNO) of SiC. GNO is the market leader.
This market is also catered to by imports, mainly from China. The key
requirements for success in the industry are consistent quality and cost
competitiveness. Entry barriers are high by way of capital investment and
technology.
DEVELOPMENT AND OUTLOOK
Demand (domestic
and export) remained at the previous year’s level and, consequently, in terms
of volumes, the
SiC business saw
little or no growth in 2011-12. Supply was constrained by power cuts in Andhra
Pradesh; this
was partly
compensated by imports of SiC crude from an affiliate. The year also witnessed
significant cost pushes. However, the business was successful in passing on a
major part of its cost increase to the market. During the year, the project to
increase grain plant capacity at Tirupati was completed. Meanwhile, the new
grain plant, which is under construction in Bhutan, will be completed by the
end of June 2012.
In 2012-13, the
domestic SiC market size is expected to see moderate growth in volumes. Growth
will mainly come from the Refractory segment which continues to be driven by
the steel industry. Capacity addition by way of
new Blast furnaces
will be the major driver for growth in the coming years.
The Metallurgical
Market is another opportunity for the SiC business in India. Traditionally
dominated by Ferro Silicon, SiC is a fairly new concept in the Indian market
and can be a cost-effective substitute in foundries and steel plants in India.
Therefore, the aim is to manage the economics and target to convert more
foundries into using SiC. To meet the growing demand, the challenge for the
business will be to find ways and means of manufacturing or sourcing SiC crude
at a competitive cost.
(ii) HIGH
PERFORMANCE REFRACTORIES (HPR)
PRODUCTS AND
PLANTS
Refractories are used
for processing ferrous and non-ferrous metals and as kiln furniture to fire
ceramic wares. They are also used as filtering media. GNO manufactures mostly
silicon carbide based refractories. GNO offers complete solutions with
expertise in design, engineering and manufacturing of refractory systems for
most of the demanding, high temperature and wear applications. The plant is
located at Bangalore and is certified under ISO 9001:2000, ISO 14001:2004 and
OHSAS 18001:1999.
INDUSTRY
The main customers
are the Ceramic industry, Metallurgy – both ferrous and non-ferrous (Copper and
Aluminum),
Energy and Heat
treatment, Wear resistant products and Armor. In the domestic market there are
two major manufacturers (including GNO) for silicon carbide based refractories.
The key requirements for success in the industry are technology and consistency
in quality. Manufacturing is relatively capital intensive. This and technology
are the barriers to entry.
DEVELOPMENT AND
OUTLOOK
The High
Performance Refractories business has seen moderate growth mainly driven by new
product development efforts. The past year has witnessed good growth in Wear
Resistant Applications and Steel foundry
business and
progress in the development of export business. Raw material prices have been
increasing from
the 1st quarter of
the year and the impact of this has been partly neutralized by increasing
selling price and through cost reduction programs.
The company is
setting up a greenfield facility near Vadodara, Gujarat. The new plant will
mean a significant addition in terms of capacity and capability and will enable
the business to address a number of new growth opportunities. Commercial
production is expected to start in the second half of 2012.
CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
(Rs. In Millions)
|
PARTICULAR |
31.03.2012 |
|
(a) Excise and
Custom Duty demands/show cause notices pending with the appropriate authorities and disputed by the Company |
835.562 |
|
(b) Sales Tax demands
pending with the Commissionerate/High Court and disputed by the Company |
24.942 |
|
(c) Claims against the Company under the Labour Laws for disputed
cases |
10.073 |
|
(d) Guarantees
given by Banks, of which ` 4,28.44 Lacs (Previous Year – ` 2,86.37 Lacs) are counter guaranteed by the Company |
42.844 |
|
(e) Guarantees given on behalf of Subsidiary Company |
83.908 |
|
(f) Letters of credit issued by banks on behalf of the Company |
0.189 |
|
(g) Non-Agricultural Land Cess |
3.779 |
|
(h) Other Claims against the Company not acknowledged as debts |
11.204 |
|
(i) Demand
raised by A.P Transco on increase in power cost, disputed by the Company and subjudice in Honourable Supreme Court |
262.755 |
|
(j) Demand
raised by A.P Transco on surplus units allocated, disputed by the Company and subjudice in High Court (Net) |
69.548 |
|
(k) Demand
raised by A.P Transco for fuel surcharge adjustment for FY 2008-09, disputed by the Company and subjudice in Honourable Supreme Court |
16.400 |
|
(l) Income Tax liability on account of disputed disallowances |
9.125 |
FIXED ASSETS:
·
·
·
Building
·
Plant and Machinery
·
Computers
·
Furniture, Fixture and
Office Equipments
·
Vehicles
·
Computer Software
·
Goowill
·
Technical Know-how
·
Trade Marks
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.56.08 |
|
|
1 |
Rs.87.02 |
|
Euro |
1 |
Rs.68.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
67 |
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.