MIRA
INFORM REPORT
|
Report Date : |
25.07.2012 |
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) : |
31.12.2011 |
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Date of Incorporation : |
06.09.1991 |
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Com. Reg. No.: |
21-52968 |
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Capital
Investment / Paid-up Capital : |
Rs.202.961 millions |
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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
|
MIRA’s Rating : |
A (61) |
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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 |
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Maximum Credit Limit : |
USD 11900000 |
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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 – 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 |
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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
|
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 31.03.2011
|
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 |
|
Designation : |
Director |
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Name : |
Mr. Tanmay Kumar Ganguly |
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Designation : |
Managing Director |
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Age : |
48 Years |
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Qualification : |
B. Com (Hons), ACA |
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Experience |
24 Years |
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Other Directorship : |
Radhakrishna Foodland Private Limited |
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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
|
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 30.06.2012
|
Category
of Shareholders |
No. of Shares |
Percentage |
|
(A) Shareholding of Promoter and Promoter Group |
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11,277,650 |
55.57 |
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|
11,277,650 |
55.57 |
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Total shareholding of Promoter and Promoter Group (A) |
11,277,650 |
55.57 |
|
(B) Public Shareholding |
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|
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|
3,246,919 |
16.00 |
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|
500 |
-- |
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|
2,118,802 |
10.44 |
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|
5,366,221 |
26.44 |
|
|
|
|
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|
649,472 |
3.20 |
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2,176,321 |
10.72 |
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|
752,238 |
3.71 |
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|
74,178 |
0.37 |
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|
69,652 |
0.34 |
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|
4,446 |
0.02 |
|
Overseas Corporate Bodies |
80 |
-- |
|
|
3,652,209 |
17.99 |
|
Total Public shareholding (B) |
9018430 |
44.43 |
|
Total (A)+(B) |
20296080 |
100.00 |
|
(C) Shares held by Custodians and against which
Depository Receipts have been issued |
-- |
-- |
|
(1)
Promoter and
Promoter Group |
-- |
-- |
|
(2)
Public |
-- |
-- |
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Sub Total |
-- |
-- |
|
Total (A)+(B)+(C) |
20296080 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs.0.100 million
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Continuous Casting Refractories. |
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Products : |
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PRODUCTION STATUS (As on 31.12.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Refractories (Shaped) |
Pieces |
778400 |
553253 |
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Refractories (Unshaped ) |
Tons |
100500 |
48528 |
GENERAL INFORMATION
|
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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Name of Principal Group Companies / fellow Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.12.2011
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
25000000 |
Equity Share |
Rs.10/- Each |
Rs.250.000 millions |
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Issued:
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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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 |
31.12.2011 |
31.12.2010 |
31.12.2009 |
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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 |
2778.033 |
2325.717 |
1930.045 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2980.994 |
2528.678 |
2133.006 |
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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 |
63.606 |
57.961 |
47.772 |
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TOTAL |
3044.600 |
2586.639 |
2180.778 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1086.559 |
919.756 |
823.173 |
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Capital work-in-progress |
304.342 |
195.667 |
207.073 |
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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 |
484.351
|
379.184
|
293.061
|
|
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Sundry Debtors |
1491.506
|
1155.165
|
977.913
|
|
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Cash and Bank Balances |
544.759
|
561.086
|
547.190
|
|
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Other Current Assets |
0.597
|
1.005
|
0.000
|
|
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Loans and Advances |
1996.541
|
1638.505
|
107.095
|
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Total
Current Assets |
4517.754
|
3734.945
|
1925.259
|
|
|
Less : CURRENT
LIABILITIES and PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
862.287
|
592.648
|
566.231
|
|
|
Other Current Liabilities |
125.379
|
84.800
|
59.245
|
|
|
Provisions |
1876.389
|
1586.281
|
149.251
|
|
Total
Current Liabilities |
2864.055
|
2263.729
|
774.727
|
|
|
Net Current Assets |
1653.699
|
1471.216
|
1150.532
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
3044.600 |
2586.639 |
2180.778 |
|
PROFIT AND LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
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SALES |
|
|
|
|
|
|
|
Income |
5123.542 |
4203.211 |
3422.796 |
|
|
|
Sales of Services |
279.025 |
197.947 |
192.146 |
|
|
|
Other Income |
46.538 |
53.255 |
28.042 |
|
|
|
TOTAL (A) |
5449.105 |
4454.413 |
3642.984 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
3065.924 |
2419.680 |
1983.219 |
|
|
|
Expenses |
1403.612 |
1168.319 |
973.295 |
|
|
|
Exceptional Item |
0.000 |
(10.917) |
0.000 |
|
|
|
TOTAL (B) |
4469.536 |
3577.082 |
2956.514 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
979.569 |
877.331 |
686.470 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.080 |
0.204 |
0.226 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
973.489 |
877.127 |
686.244 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
146.656 |
129.113 |
126.697 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
826.833 |
748.014 |
559.547 |
|
|
|
|
|
|
|
|
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Less |
TAX (H) |
274.579 |
259.510 |
185.765 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
552.254 |
488.504 |
373.782 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1867.582 |
1522.596 |
1275.237 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
55.225 |
48.850 |
37.378 |
|
|
|
Proposed Dividend |
86.258 |
81.184 |
76.110 |
|
|
|
Tax on Dividend |
13.680 |
13.484 |
12.935 |
|
|
BALANCE CARRIED
TO THE B/S |
2264.673 |
1867.582 |
1522.596 |
|
|
|
|
|
|
|
|
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|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
314.017 |
235.449 |
122.906 |
|
|
|
F.O.B Value of Deemed Exports |
499.947 |
389.684 |
286.455 |
|
|
|
Other Earnings |
30.442 |
16.090 |
0.000 |
|
|
TOTAL EARNINGS |
844.406 |
641.223 |
409.361 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1113.819 |
860.215 |
570.660 |
|
|
|
Stores and Spares |
15.571 |
15.461 |
55.798 |
|
|
|
Other Goods-Trading |
119.170 |
72.710 |
9.795 |
|
|
|
Toolings
|
25.897 |
25.920 |
12.135 |
|
|
|
Capital Goods |
39.352 |
63.776 |
14.592 |
|
|
TOTAL IMPORTS |
1313.809 |
1038.082 |
662.980 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
27.21 |
24.07 |
18.42 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2012 |
|
Type |
1st
Quarter |
|
Net Sales |
1394.000 |
|
Total Expenditure |
1186.800 |
|
PBIDT (Excl OI) |
207.200 |
|
Other Income |
4.200 |
|
Operating Profit |
211.400 |
|
Interest |
0.000 |
|
Exceptional Items |
0.000 |
|
PBDT |
211.400 |
|
Depreciation |
40.200 |
|
Profit Before Tax |
171.200 |
|
Tax |
55.600 |
|
Provision for Contingencies |
0.000 |
|
Profit After Tax |
115.600 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
115.600 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
10.13 |
10.97 |
10.26 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.14 |
17.80 |
16.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.75 |
16.07 |
20.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.30 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.96 |
0.90 |
0.36 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.42 |
1.65 |
2.49 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
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 |
Operating and Financial
Performance, Internal Control
The
Company has had another very steady performance in 2011 generating enough cash
to pay for the increased activities and substantial expenditure on capacity
expansion. "Debt Free" status has been maintained with enough cash
balance to support further spending on new assets to sustain growth in coming
years.
This
year gross sales and services increased by over Rs 1 billion. Annual results
show a revenue growth of around 23% driven by strong domestic growth at around
22% and export growth at over 30% over last year, in spite of the slowdown in
domestic steel production. 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 979 million for the year is higher by 13% over
last year and profit after tax (PAT) at Rs 552 million is also higher by over
13%.
Increase
in raw material prices and other input costs like energy, the sudden
devaluation of Rupee vis-avis major currencies like USD,GBP and Euro during
later part of the year and withdrawal of DEPB export benefits have placed a
burden on the margins for the year.
The
Company continued to invest in technological developments and capacity expansion.
The
Computational Fluid Dynamics (CFD) Laboratory was set up in May 2011 and
consequently a new Water Modelling unit will also be commissioned at the
Kolkata plant by March 2012. Water modelling is mainly aimed at simulating flow
conditions to that of liquid steel in actual continuous casting environment.
Design of the shapes of their products specially sub-entry nozzles for Thin
Slab Casters are critical in determining productivity and operational
efficiency. The primary shape is determined using water modeling and CFD
techniques since most of the operational factors are greatly influenced by flow
patterns.
The
Company always engages with customers to develop for them improved processes at
lower costs. In one such endeavour, the Company designed, manufactured and
installed reinforced precast dampers for a customer's non-recovery type coke
ovens keeping in mind the service conditions of thermal shock resistance, no
cracks and longer service life. The life of the new installed dampers have
increased from 6 months to over 12 months, installation charges were much
lower, this resulted in import substitution and also better process performance
which resulted in huge savings for the customer.
In
a similar way, new generation GTC2085 tundish slidegate system with integrated
tube changer facility was introduced during commissioning of the caster of a
customer. The new system has witnessed significant growth in tundish sequence
lengths. Customer has benefited not only from maximum sequence length but also
from operational efficiencies like reduced alumina build up and oxidation of
refractory, replacing nozzles without interrupting the casting process etc.
The
new pressing complex at the Kolkata plant had been commissioned in July 2011
and installation of the kilns have been completed in January 2012 and are
stabilizing to the desired levels. The other equipments will be installed and
commissioned by March 2012 and they expect Kolkata plant expansion to be
completed by April 2012.
At
Visakhapatnam, near their existing factories, full payment for acquiring 15
acres of land on freehold basis from Andhra Pradesh Industrial Infrastructure
Corporation Ltd has been made for setting up the fifth plant of the Company.
All
four factories had been working at near full capacity during the year. In-plant
rejections for all manufactured items have reduced due to improved processes.
The new process to deal with customer complaints on products and services has
been successful and has lead to speed and quality of problem resolution.
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 India basis was conducted by M/s Deloitte Haskins and
Sells, Chartered Accountants. In addition Cookson Group internal audit function
carried out several audits during the year.
The
Company has complied with the provision of the 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.
Segmentwise performance
The
Company is primarily a manufacturer and trader of refractory and is managed
organizationally as a single unit. Accordingly, the company is single business
segment company. Geographical (secondary) segment has been has been identified
as domestic sales and exports.
FIXED ASSETS
·
Land
·
Buildings
·
Plant and Machinery
·
Electrical Installations
·
Furniture and Fittings
·
Office Equipment Including Computers
·
Motor Vehicles
AS PER WEBSITES
DETAILS:
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
Originally incorporated as Vesuvius Refractories in Sep.'91, the name was subsequently changed to Vesuvius India in Nov.'92. The company was promoted by the Vesuvius group, UK, which at present holds 55.57% stake in the company, in association with Biswadip Gupta. The company is engaged in the manufacture of specialised ceramics required in the continuous casting process of steel making. The products manufactured are shrouds, monoblock stoppers, submerged nozzles and tundish nozzles. The company came out with a public issue in Sep.'93 to finance the setting up of an unit to manufacture 3000 tpa of specialised refractories. Later in 1996-97 it came out with a right issue at a premium of Rs 30/- per share to the existing equity shareholders in the ratio of two equity shares for every five equity shares held. The company installed a mixing plant for backward integration in the manufacturing process, and a second plant to expand the production capacity. These measures initiated to achieve better cost control have paid off. Initially, the company used to import the required mix from its parent, the Vesuvius Group Ltd, UK, a wholly-owned subsidiary of Cookson Group Plc. This had resulted in high costs and low margins for the company. However, with facilities to produce the required mix in India, these costs have fallen. The company acquired the assets and manufacturing rights of KSR International (India) Ltd for a consideration of Rs 21 millions. It also acquired the monolithic plant at Visakhapatnam from Carborundum Universal and also assigned the technical know-how from Answer Technologies Inc, USA for manufacture of Blast Furnace Casthouse Refractories and General Purpose Pumpables. In 2000-2001 the company has ventured into non-steel industry with its monolithics business using new technology. The company has acquired the crucible manufacturing unit of Diamant Carbon & Graphite Products Ltd during March 2003 at Mehsana,Gujarat.The technology has been sourced from Vesuvius,Germany.This is third manufacturing unit of the company.Crucibles are used in the Non-ferrous industry and this acquisition enhances the foray into the non-steel sector. The company has expanded the installed capacity of Refractories(Shaped) during the year 2004 by 90600(Pieces) and with this expansion,the total capacity has risen to 419600(Pieces).
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 (
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.55.15 |
|
|
1 |
Rs.86.58 |
|
Euro |
1 |
Rs.67.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPK |
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.