MIRA
INFORM REPORT
|
Report Date : |
30.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
GRAPHITE INDIA LIMITED |
|
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Registered
Office : |
31, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
02.05.1974 |
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|
Com. Reg. No.: |
21-94602 |
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Capital
Investment / Paid-up Capital : |
Rs.390.768 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L10101WB1974PLC094602 |
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|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Producer of Graphite Electrodes, Anodes and Other Miscellaneous Carbon
and graphite Products. |
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|
|
|
No. of Employees
: |
2259 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
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 56000000 |
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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 and a reputed company having fine track.
Financial position of the company appears to be sound. Fundamentals are strong
and healthy. Trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
31, |
|
Tel. No.: |
91-33-22265755 / 2334 / 4942 / 40029600 |
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Fax No.: |
91-33-22496420 |
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E-Mail : |
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Website : |
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GRAPHITE |
|
|
Factory 1: |
P.O. Sagarbhanga
Colony, Burdwan Durgapur – 713 211, West |
|
Tel. No.: |
91-343-2556641-45 / 2557743 |
|
Fax No.: |
91-343-2550896 |
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|
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|
Factory 2: |
88 MIDC Industrial Area, Satpur, Nashik - 422 007, |
|
Tel. No.: |
91-253-2203300 / 2203328 / 2361472 / 2351143 |
|
Fax No.: |
91-253-2350676 |
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|
|
|
Factory/R
and D Centre 3: |
Visveswaraya
Industrial Area, |
|
Tel. No.: |
91-80-43473300 / 28524061-71 |
|
Fax No.: |
91-80-43473372 |
|
|
|
|
Coke |
|
|
Factory 4: |
Phulwaria,
Barauni - 851 112, |
|
Tel. No.: |
91-6279-232252 |
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|
|
|
Impervious Graphite Equipment |
|
|
Factory 5: |
C-7 Ambad
Industrial Area, Nashik - 422 010, |
|
Tel. No.: |
91-253-2302100 |
|
|
|
|
Glass Reinforced Pipes/ Tanks |
|
|
Factory 6: |
Gut No. 523/524,
Village Gonde, Taluka – Igatpuri, Nashik - 422 403, |
|
Tel. No.: |
91-2553-225038 /
225039 |
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|
|
|
Powmex Steels |
|
|
Factory 7: |
AT - Turla, PO -
Jagua, PS - Titilagarh, District Bolangir, Orissa - 767033, |
|
Tel. No.: |
91-6655-220504 /
220505 |
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|
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|
Power |
|
|
Factory 8 : |
Chunchanakatte,
K R Nagar Taluk, |
|
Tel. No.: |
91-821-323182 /
681116 |
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Factory 9 : |
|
|
|
|
|
Sales Office |
407 Ashoka
Estate, 24, |
|
Tel. No.: |
91-11-23314364 |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. K. K. Bangur |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Bhaskar Mitter |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. P. K. Khaitan |
|
Designation : |
Director |
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|
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|
Name : |
Mr. S. Goenka |
|
Designation : |
Director |
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|
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|
Name : |
Mr. N. S. Damani |
|
Designation : |
Director |
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|
Name : |
Mr. A. V. Lodha |
|
Designation : |
Director |
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|
Name : |
Dr. R. Srinivasan |
|
Designation : |
Director |
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|
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|
Name : |
Mr. D. J Balaji Rao |
|
Designation : |
Director |
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|
Name : |
Mr. J. D. Curravala |
|
Designation : |
Director |
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|
Name : |
Mr. N. Venkataramani |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. M. B. Gadgil |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. B. Shiva |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of Shareholders |
Total
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
984567 |
0.50 |
|
|
110995580 |
56.81 |
|
|
111980147 |
57.32 |
|
|
|
|
|
|
186261 |
0.10 |
|
|
9415450 |
4.82 |
|
|
9601711 |
4.91 |
|
Total shareholding of Promoter and Promoter Group (A) |
121581858 |
62.23 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1126380 |
0.58 |
|
|
736482 |
0.38 |
|
|
7682245 |
3.93 |
|
|
30625962 |
15.68 |
|
|
40171069 |
20.56 |
|
|
|
|
|
|
12019375 |
6.15 |
|
|
|
|
|
|
16138673 |
8.26 |
|
|
2938567 |
1.50 |
|
|
2526052 |
1.29 |
|
|
30232 |
0.02 |
|
|
48031 |
0.02 |
|
|
6720 |
-- |
|
|
2441069 |
1.25 |
|
|
33622667 |
17.21 |
|
Total Public shareholding (B) |
73793736 |
37.77 |
|
Total (A)+(B) |
195375594 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
Total (A)+(B)+(C) |
195375594 |
-- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Producer of Graphite Electrodes, Anodes and Other Miscellaneous Carbon
and graphite Products. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Graphite Electrodes, Anodes and Miscellaneous Graphite Products |
M.T. |
55000 |
57241 |
|
Carbon Paste |
M.T. |
25000 |
6883 |
|
Impervious Graphite Equipment and Spares |
M.T. |
650 |
983 |
|
GRP/FRP Pipes and Tanks |
M.T. |
31000 |
9504 |
|
Calcined Petroleum Coke |
M.T. |
30000 |
33768* |
|
Electricity (MU) |
M.T. |
144 |
59* |
|
High Speed Steel |
M.T. |
3750 |
1439 |
|
Alloy Steel |
M.T. |
3000 |
459 |
|
* Includes Captive Consumption |
|
|
|
|
Graphite Electrodes, Anodes and Miscellaneous Graphite Products |
M.T. |
-- |
648 |
|
Calcined Petroleum Coke |
M.T. |
-- |
10956 |
|
Electricity (MU) |
M.T. |
-- |
55 |
GENERAL INFORMATION
|
No. of Employees
: |
2259 (Approximately) |
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Bankers : |
·
Bank of ·
Canara Bank ·
Corporation Bank ·
Citibank N.A. ·
HDFC Bank Limited ·
ICICI Bank Limited ·
IDBI Bank Limited ·
ING Vysya Bank Limited ·
Punjab National Bank ·
State Bank of ·
The Hongkong and Shanghai Banking Corporation
Limited ·
UCO Bank |
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Facilities : |
Note Foreign Currency
Term Loan from a bank is secured by way of first charge on certain movable
fixed assets, both present and future, of the Company. Working Capital Loans from Banks are secured / to be secured by first charge
by way of hypothecation of certain stocks and book debts, both present and
future, and secured / to be secured by creation of second charge by way of
mortgage / charge on certain other movable and immovable assets of the
Company, both ranking pari-passu amongst the related chargeholders.
Note During the year, Bonds aggregating US$30000000 (Previous Year – US$
675000) have been converted into Equity Shares and US$200000 (Previous Year –
US$ Nil) have been redeemed on due date. |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
|
|
|
Solicitors : |
·
Khaitan and Company ·
Orr, Dignam and Company |
|
|
|
|
Subsidiaries : |
·
·
·
·
Carbon Finance Limited ·
Carbon International Holdings N.V. ·
Graphite Cova GmbH ·
Graphite International B.V. |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000000 |
Equity Shares |
Rs.2/- each |
Rs.400.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
195375594 |
Equity Shares |
Rs.2/- each |
Rs.390.751
millions |
|
|
Add: Forfeited Shares |
|
Rs. 0.017
million |
|
|
Total |
|
Rs.390.768 millions |
Notes
Out of the above
Equity Shares, 115458486 Equity Shares of Rs.2/- each have been allotted as
fully paid up pursuant to the Schemes of Amalgamation/Arrangement, without
payments being received in cash.
In terms of the Offering
Circular dated 18th October, 2005, 23865484 Equity Shares of Rs.2/-
each at a premium of Rs.53.31 per share have been allotted as fully paid up
during the year ended 31st March, 2011 upon conversion of 30000
Foreign Currency Convertible Bonds aggregating US $ 30000000.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
390.768 |
343.037 |
341.963 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
13644.216 |
11492.221 |
9841.937 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
14034.984 |
11835.258 |
10183.900 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2001.707 |
809.782 |
1693.761 |
|
|
2] Unsecured Loans |
649.906 |
1682.793 |
1828.609 |
|
|
TOTAL BORROWING |
2651.613 |
2492.575 |
3522.370 |
|
|
DEFERRED TAX LIABILITIES |
630.247 |
737.621 |
627.621 |
|
|
|
|
|
|
|
|
TOTAL |
17316.844 |
15065.454 |
14333.891 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4409.970 |
4659.296 |
4896.557 |
|
|
Capital work-in-progress |
1121.212 |
195.493 |
139.663 |
|
|
|
|
|
|
|
|
INVESTMENT |
2727.814 |
2527.600 |
1664.153 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7598.162
|
5764.640
|
5306.322 |
|
|
Sundry Debtors |
2855.378
|
2505.874
|
1999.136 |
|
|
Cash & Bank Balances |
302.374
|
755.678
|
1440.899 |
|
|
Other Current Assets |
42.043
|
64.095
|
105.727 |
|
|
Loans & Advances |
1525.076
|
1077.893
|
1422.482 |
|
Total
Current Assets |
12323.033
|
10168.180
|
10274.566 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1611.486
|
1203.527
|
1093.622 |
|
|
Other Current Liabilities |
480.770
|
389.214
|
804.235 |
|
|
Provisions |
1172.929
|
892.374
|
743.191 |
|
Total
Current Liabilities |
3265.185
|
2485.115
|
2641.048 |
|
|
Net Current Assets |
9057.848
|
7683.065
|
7633.518 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
17316.844 |
15065.454 |
14333.891 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales/Income from Operations (Net) |
12225.966 |
11311.873 |
11258.774 |
|
|
|
Other Income |
337.728 |
305.808 |
289.050 |
|
|
|
TOTAL (A) |
12563.694 |
11617.681 |
11547.824 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Consumed |
5971.309 |
3416.879 |
4957.632 |
|
|
|
Payments to and Provision for Employees |
843.971 |
743.106 |
749.872 |
|
|
|
Other Manufacturing, Selling and Administrative Expenses |
3841.495 |
2610.318 |
4381.058 |
|
|
|
Increase/Decrease in Work-in-Progress and
Finished Goods |
(1222.249) |
754.612 |
(1151.137) |
|
|
|
TOTAL (B) |
9434.526 |
7524.915 |
8937.425 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3129.168 |
4092.766 |
2610.399 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
50.358 |
104.876 |
259.344 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3078.810 |
3987.890 |
2351.055 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
393.327 |
395.369 |
343.520 |
|
|
|
|
|
|
|
|
|
Less |
PAYMENTS UNDER
VOLUNTARY RETIREMENT SCHEME |
127.309 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2558.174 |
3592.521 |
2007.535 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
835.000 |
1270.878 |
71.842 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1723.174 |
2321.643 |
1935.693 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1104.613 |
443.951 |
108.348 |
|
|
|
|
|
|
|
|
|
Add |
TRANSFER
FROM DEBENTURE REDEMPTION RESERVE |
680.406 |
39.004 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1000.000 |
1000.000 |
1000.000 |
|
|
|
Dividend paid on Equity Shares |
41.765 |
0.000 |
0.000 |
|
|
|
Proposed Dividend on Equity Shares |
683.815 |
600.285 |
512.919 |
|
|
|
Dividend Tax |
117.868 |
99.700 |
87.171 |
|
|
BALANCE CARRIED
TO THE B/S |
1664.745 |
1104.613 |
443.951 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on FOB Basis |
5819.581 |
5191.687 |
5881.147 |
|
|
|
Royalty |
33.473 |
31.295 |
56.954 |
|
|
|
Interest |
3.064 |
8.639 |
20.560 |
|
|
|
Dividend |
12.141 |
0.000 |
13.468 |
|
|
|
Service Charges |
3.994 |
0.315 |
0.521 |
|
|
|
Discount on Buyback of FCCB |
0.000 |
0.000 |
41.485 |
|
|
TOTAL EARNINGS |
5872.253 |
5231.936 |
6014.135 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3599.236 |
2918.798 |
2922.536 |
|
|
|
Components and Spare Parts |
44.490 |
25.267 |
8.672 |
|
|
|
Capital Goods |
202.358 |
29.355 |
0.000 |
|
|
TOTAL IMPORTS |
3846.084 |
2973.420 |
2931.208 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) Basic Diluted |
9.19 8.82 |
13.58 12.03 |
12.55 12.55 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
3185.200 |
4615.600 |
4359.800 |
4521.700 |
|
Total Expenditure |
2570.700 |
3859.700 |
3473.700 |
3693.900 |
|
PBIDT (Excl OI) |
614.500 |
755.900 |
886.100 |
827.800 |
|
Other Income |
69.100 |
11.200 |
73.000 |
219.000 |
|
Operating Profit |
683.600 |
767.100 |
959.100 |
1046.800 |
|
Interest |
26.400 |
25.000 |
32.100 |
58.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
296.200 |
|
PBDT |
657.200 |
742.100 |
927.000 |
1284.700 |
|
Depreciation |
98.500 |
98.900 |
99.400 |
107.600 |
|
Profit Before Tax |
558.700 |
643.200 |
827.600 |
1177.100 |
|
Tax |
190.000 |
224.400 |
265.800 |
147.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
368.700 |
418.800 |
561.800 |
1029.600 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
368.700 |
418.800 |
561.800 |
1029.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
13.72
|
19.98
|
16.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.92
|
31.76
|
17.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.29
|
24.23
|
13.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.30
|
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.42
|
0.42
|
0.61 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.77
|
4.09
|
3.89 |
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 |
No |
|
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 |
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 |
BUSINESS REVIEW
As per Central Statistical Organisation, the
Indian Economy – led by a resurgencein agriculture, services and manufacturing
sectors – is estimated to grow by a robust 8.6% in FY 2010-11. In 2009-10, the Indian
Economy grew by 8%. The farm sector which grew by a meagre 0.4 % in 2009-10 is
estimated to turnaround with an impressive 5.4% growth in2010-11, while
manufacturing and services sectors are expected to post consistent growth
levels of 8% and 9.6% respectively.
The GDP forecast for 2011-12 is set at 9%,
subject to certain assumptions.
The United Nations Industrial Development
Organisation, in one of its publications, has commended
The world economy too registered a rapid
recovery - led by
GRAPHITE
Gross sales for
2010-11 were Rs.12800.000 millions as against Rs.11780.000 millions in the
previous year and PAT was Rs.1720.000 millions for the current year as against
Rs.2320.000 millions in the previous year. The Company’s Graphite and Carbon
Segment (Graphite Electrodes) continues to be the main source of income and
profit for the Company, accounting for about 81% of the total revenues.
With improved
market demand for electrodes, capacity utilisation registered a steady rise
every quarter and the growth in sales was driven entirely by volume growth.
While volumes increased, electrode prices declined virtually throughout the
year and are reflected in the declining PAT. Capacity utilization of the German
Operations improved as compared to previous year. However due to softening of
prices, results continue to be depressed.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
(I) INDUSTRY’S STRUCTURE AND DEVELOPMENTS
A. GRAPHITE
ELECTRODE BUSINESS
Capacity
utilization of this segment was 73% compared to the previous year of 52%. It is
reported that capacity utilization of the global electrode industry during 2010
was more than 2009.
Graphite Electrode
is used in electric arc furnace (EAF) based steel mills for conducting current
and is a consumable item for the steel industry. The principal manufacturers
are based in
The global crude steel production
during 2010 at 1.4 billion metric tonnes, was more by15% as compared to 1.2
billion metric tonnes in 2009. The share of production through the EAF is
estimated at 30%. Commensurate with this rise, there was significant revival in
the demand for Graphite Electrodes with sales in volume terms registering a
growth of 21% on a Y-O-Y basis. However, there was significant fall in the
Graphite Electrodes prices due to the aggressive pricing policy adopted by the
manufacturers to gain volumes. On 27th December 2010 the Reserve
Bank of
Global industrial
production increased in 2010 though margins in most of the businesses came
under pressure due to higher input costs and lower realisation. The forecast
for global economic prospects for 2011 is positive and it is being upgraded.
With that, the outlook for the steel industry and the Graphite industry is
expected to improve in 2011and 2012.
The Company’s
Order book for FY 2011-12 continues to be comfortable following the continued
economic rebound.
Coke Division
The Coke Division
in Barauni, engaged in the manufacture of Calcined Petroleum Coke (CPC), is one
of the many backward integration initiatives of the Company. The Division also
makes Electrode Paste and Tamping Paste. Two grades of CPC – aluminium and
graphite – are produced here. CPC is a raw material used in the manufacture of
regular and high power grade Graphite Electrode. This is also a critical raw
material for fine grained high density graphite used in speciality graphite
products and impervious graphite equipment. Electrode Paste is used in ferro
alloy smelters and Tamping Paste is used as a lining material in steel and
aluminium smelters.
Production and
sale of Calcined Petroleum Coke were higher both in volume and value terms
during the year in comparison with that of the previous year. Led by the
buoyant domestic market, this Division has performed well during the year.
B. GRAPHITE
EQUIPMENT BUSINESS
The Impervious
Graphite Equipment (IGE) Division is engaged in manufacturing and marketing
heat exchangers, ejectors, pumps and turnkey plants at its Nashik Works. The
Graphite Equipments have wide range of applications in corrosive chemicals
industries such as pharmaceutical, agro-chemical, chloro alkali and fertilizer
industries.
This Division
continues to be under demand pressure due to low levels of fresh investment in
new projects, both within the country and overseas. The effect of the economic
slowdown seems to be fading and the order booking in the current year is better
than the previous year.
This Division is
equipped to meet the challenges of competition from established European and
Japanese producers.
The regulatory
requirement of export licences and the delay in obtaining the same, has to some
extent affected the delivery lead times resulting in loss of some business from
the overseas customers.
C. GRP PIPES AND
TANKS BUSINESS
Glass Reinforced
Plastic (GRP) Pipes and Tanks Division is engaged in manufacturing and
marketing of GRP Pipes and Tanks. The Company converts users of conventional
pipes to GRP through re-engineering, strategic marketing, superior product
quality, competitive pricing and value-added services. Second manufacturing
line with capability to produce pipes up to a diameter of 3000 mm was
commissioned last year. The Division is now poised for higher business volumes
in coming years.
D. POWER
Power constitutes
one of the major costs of Electrode production. The Company has an installed
capacity of 33 MW of power generation through Hydel (19.5 MW) and Multi-fuel
routes (13.5 MW).
Generation through
hydel route was higher by 16% during the year owing to good rainfallin the
region.
Power supply from
Wardha Power Company (WPC), with whom the Company had entered into along term
agreement and had made a commitment to invest Rs.90.000 millions in WPC, is
expected to commence from the first quarter of FY 2011-12.
With a view to
attaining self sufficiency in its electrical energy requirements – both in
terms of the quality of power and its cost per kwh, the Company had decided to
set up a 50 MW Coal based Thermal Power Plant at
E. POWMEX STEELS
DIVISION (PSD)
Powmex Steels is
engaged in the business of manufacturing high speed steel and alloy steel
having its plant at Titilagarh in the State of
(II) SEGMENT-WISE PERFORMANCE
TOTAL SALES OF THE
COMPANY
The Company
achieved a turnover of Rs.12480.000 millions as against Rs.11490.000 millions
in the previous year.
Aggregate Export
Sales of all divisions together was Rs.6310.000 millions as against Rs.5280.000
millions in the previous year.
(a) Graphite and
Carbon Division
Production of
Graphite Electrodes, Anodes and Other Miscellaneous Carbon and Graphite
Products during the year under review was 57,241 MT against 41,086 MT in the
previous year.
Production of
Calcined Petroleum Coke during the year was 33,768 MT as against 30,781MT in
the previous year. Cost of all inputs increased during the year.
(b) Power Division
Total power
generated was 59 million units during the year, as against 55 million units in
the previous year.
(c) Others
Production in the
Impervious Graphite Equipment (IGE) Division and spares at 983 MT was higher as
compared to that of 848 MT in the previous year.
The Glass
Reinforced Plastic Pipes (GRP) Division produced 9,504 MT as against 4,959 MT
in the previous year.
(d) Powmex Steels
Division (PSD)
Production of HSS and Alloy Steels was 1898 MT during the period April, 2010 to February, 2011 as against 1675 MT in the previous year. The Division was making steady progress towards achieving higher production and productivity. However, due to an unfortunate emergency situation, the operations of the Division were suspended with effect from 6 March, 2011 (III) OUTLOOK
In its forecast in
April, the IMF has said that the global economy remains firm on the path to
recovery and that the global economy should grow by 4.4% in 2011. However, it
also cautioned on the challenges of rising oil prices, unrest in the Middle
East, inflation in
It is projected
that Electric Arc Furnaces will contribute to 50% (as against current level of
30%) of global steel production by 2020, in view of the various advantages,
primarily from the point of view of emission of carbon dioxide. This
development will augur well for the growth of graphite electrode demand in
future.
With its
competitive cost structure, strong technical product features and a well
diversified customer base, the Company has established its position in the
global graphite electrode industry and this has significantly enabled the
Company to penetrate the growing market for large diameter UHP graphite
electrodes.
It is expected
that the domestic demand for steel and as a consequence for Graphite Electrodes
will increase moderately. Faced with unfavourable business conditions, the
global players have turned to Asian markets and have started aggressive pricing
policy to capture volumes. During the last couple of months, two major
electrode manufacturers have announced price increase which may lead to
recovery in electrode prices.
CONTINGENT
LIABILITIES
|
Particulars |
As on 31.03.2011 Rs. In Millions |
|
I) Claims not
acknowledged as debts |
|
|
(i) Disputed
Excise Duty for which appeals are pending |
39.401 |
|
(ii) Disputed
Customs Duty for which appeals are pending |
106.075 |
|
(iii) Disputed Service
Tax for which appeals are pending |
21.823 |
|
(iv) Disputed
Sales Tax for which appeals are pending |
50.632 |
|
(v) Disputed
Entry Tax for which appeals are pending |
24.604 |
|
(vi) Others |
29.579 |
|
|
|
|
II) Corporate Guarantees
given to banks to secure the financial assistance/ accommodation extended to Subsidiary Companies |
474.825 |
FIXED ASSETS
·
·
·
Buildings
·
Plant and Machinery
·
Machinery Spares
·
Office Equipment
·
Furniture and Fittings
·
Vehicles
WEB DETAILS
PROFILE
Subject is the
largest producer of graphite electrodes in
Subject
manufactures the full range of graphite electrodes but stays focused on the
higher margin, large diameter, ultra-high power (‘UHP’) electrodes.
Approximately 85% of the Company’s total capacity is currently UHP. Subejct is
well poised in the global graphite electrode industry through its quality,
scale of operations and low cost production base.
The Company also
has facilities designed for the manufacture of Calcined Petroleum Coke (30 KT),
Impervious Graphite Equipment and Glass Reinforced Plastic Pipes and Tanks. It
has an installed capacity of 33 MW of power generation through hydel and
multi-fuel routes.
Constant endeavours towards
re-invention, re-engineering, quality upscaling and customer support, have
helped in enhancing value propositions to their clients. A truly global
company, subject now exports around 65% of its production to over 50 countries.
Subject is working towards achieving an industry preferred status with its
customers worldwide.
BUSINESS
DESCRIPTION
Subject through four segments: graphite and carbon, power, steel and others. Graphite and carbon segment is engaged in the production of graphite electrodes, anodes and other miscellaneous carbon and graphite products. Power segment is engaged in generation of power. Steel segment is engaged in production of high speed steel and alloy steel, and other segment is engaged in manufacturing of impervious graphite equipment (IGE) and glass reinforced pipes (GRP). The Company's coke division in Barauni is engaged in the manufacture of calcined petroleum coke (CPC), electrode paste and tamping paste. The Company has an installed capacity of 33 megawatts (MW) of power generation through Hydel (19.5 megawatts) and Multifuel routes (13.5 megawatts). For the fiscal year ended 31 March 2010, subject's revenues decreased 10% to RS13.79B. Net income decreased less than 1% to RS2.35B. Revenues reflect decreased income from Graphite and Carbon segment and lower income from power segment. Net income partially offset by a decrease in consumption of raw materials, lower employee cost, decreased electricity charges and lower other expenditure.
BOARD OF DIRECTORS
Mr. K. K. Bangur - Non-Executive Chairman of the
Board
Mr. K. K. Bangur
is Non-Executive Chairman of the Board of subject. He has been exposed to
business and industry at an early age and has more than 25 years of experience
in managing the affairs of companies and its business activities. He has been a
director of the Company since July 1988 and Chairman since July 1993. He is
President of All India Organization of Employers (AIOE) and Member, Board of
Governors of Indian Institute of Social Welfare and Business Management
(IISWBM) and Chairman of Council of Indian Employers (CIE). He is a past
President of Indian Chamber of Commerce, Kolkata and Executive Committee member
of FICCI. He is Chairman of the Shareholders / Investors Grievance Committee
and 'Committee for Borrowings' of the Company.
Mr. J. D. Curravala - Non-Executive Independent
Director
Mr. J. D.
Curravala is Non-Executive Independent Director of subject. He qualified
Chartered Accountant and a graduate having wide experience in Finance,
Administration, Corporate Management and Business Operations.
Mr. N. S. Damani - Independent Non-Executive
Director
Mr. N.S. Damani is
Independent Non-Executive Director of subject. He is an industrialist and is
presently Chairman and Managing Director of Simplex Realty Limited. He is a
science graduate and has completed business management studies. He has around
32 years experience in business and industry.
Mr. M. B. Gadgil - Executive Director
Mr. M. B. Gadgil
is Executive Director of subject qualified engineer and has completed business
management studies. He has been with the Company since 1978 and has a
experience in the graphite electrode industry. He was the 'President' of the
Company prior to his elevation as Executive Director.
Mr. Sanjiv Goenka - Independent Non-Executive
Director
Mr. Sanjiv Goenka
is Independent Non-Executive Director of subject. He is Vice Chairman of RPG
Enterprises, one of
Education
B,
Mr. Pradip Kumar Khaitan - Non-Executive Director
Shri. Pradip Kumar
Khaitan is Non-Executive Director of subject. He holds B.Com, L.L.B.,
Attorney-at-Law (Bell Chambers Gold Medalist) is an eminent legal personality
in the country. He is a member of the Bar Council of India, Bar Council of West
Bengal and Indian Council of Arbitration,
Education
LLB ,
Mr. Aditya Vikram Lodha - Independent Non-Executive
Director
Mr. Aditya Vikram
Lodha is Independent Non-Executive Director of subject. He is a qualified
Chartered Accountant and is the Country Managing Partner of Lodha and Company.
He has over 24 years of experience in providing advisory services to a diverse
client base across a wide spectrum of industries. He has handled various
consultancy assignments in fields of corporate restructuring, mergers and
acquisitions, joint ventures, collaborations, business strategy etc. He has
also assisted Indian corporates to raise resources from the overseas capital
markets and also advises many clients on market investments. Mr. Lodha served
as the President of the Indian Chamber of Commerce (ICQ, Kolkata twice i.e., in
1998-99 and in 2001- 02 in its 75th year (Platinum Jubilee Year) as well as
served as the Chairman of its Banking and Finance Committee. He has also served
as a Member of The National Council of CII and was National Committee Chairman
of its Accounting Standards and Corporate Disclosures and Tax Committees. He
served as a member of the High Level Naresh Chandra Committee for corporate
audit and governance, appointed by the Government of India, Governing Body of
Indian Council of Arbitration, Governing Council of the Central Manufacturing
Technology Institute, Bangalore, Peer Review Board of Institute of Chartered
Accountants of India, Industrial Development Bank of India's Eastern Regional
Advisory Board, State Advisory Board on Investment Promotion in Tripura.
Mr. Bhaskar Mitter - Independent Non-Executive
Director
Mr. Bhaskar Mitter
is Independent Non-Executive Director of subject. He is intimately connected
with the business world and has acquired experience over the whole range of
business operations. He is a past President of Associated Chamber of Commerce
and Industry of India and was a Director amongst others of Reserve Bank of
India, Life Insurance Corporation of
Mr. D. J. Balaji Rao - Independent Non-Executive
Director
Mr. D.J. Balaji
Rao is Independent Non-Executive Director of subject. He holds a Degree in
Mechanical Engineering and PG Diploma in Industrial Engineering. He attended
the Advanced Management Program at the European Institute of
Education
Mechanical
Engineering,
Mr. R. Srinivasan - Independent Non-Executive
Director
Shri. Dr. R.
Srinivasan is Independent Non-Executive Director of subject. He has more than
40 years of experience in the banking industry. He held various positions in
banks and finally as Chairman and Managing Director of New Bank of India,
Allahabad Bank and Bank of India. He has been a director of the Company since
October 1993. He was Chairman of Indian Banks Association for several years, a
director of IDBI, Discount and Finance House of India, New India Assurance
Company Limited and ECGC. He was also on various high level Committees
constituted by RBI. He is a member of the Audit Committee and Remuneration
Committee of the Company.
Education
BE Mechanical
Engineering,
Mr. N. Venkataramani - Non-Executive Director
Mr. N.
Venkataramani, Esq., is Non-Executive Director of subject. He is qualified
engineer with experience in managing business enterprises. He was associated
with the Company from October, 1988 till September 1995, was thereafter with
GKW Limited as President of a division and then joined the erstwhile subject in
June, 2001. He was elevated to the post of Executive Director in September,
2001 which he held till his retirement on June 30, 2009. He is a member of
Shareholders/Investors Grievance Committee and 'Committee for Borrowings' of
the Company.
Education
MS Mechanical Engineering,
BS Mechanical
Engineering,
Mathematics,
PRESS RELEASES
May 11, 2012
Audited Consolidated and Standalone Full Year
Results for FY2012
Unaudited Standalone Fourth Quarter Results for FY2012
Standalone Q4 FY2012 Highlights
Q4 FY2012 Gross
Sales increased by 48.4% compared to Q4 FY2011 primarily due to increased
electrode volumes. Electrode sales volumes during the quarter increased by 51%
compared to last year.
Q4 FY2012 Operating
Profits increased by 38.1% compared to Q4 FY2011. This growth was primarily due
to higher volumes, offset to some extent by an increase in input costs. Average
capacity utilization increased from 91% in Q4 FY2011 to 105% in Q4 FY2012. Graphite
electrode production in Q4 FY2012 increased by 16% compared to Q4 FY2011.
Q4 FY2012 Net
Profit increased by 131.2% as compared to Q4 FY2011. This was primarily due to
higher Operating Profits and a Rs. 296.000 Millions gain on disposal of its
entire shareholding in Carbon International Holdings NV. This was offset to
some extent by an increase in finance costs. Finance Costs increased from Rs.
33.000 Millions in Q4 FY2011 to Rs.58.000 Millions in Q4 FY2012, as a result of
an increase in working capital requirements and higher cost of borrowings.
Performance Outlook
Global steel
consumption2 is expected to increase by 3.6% to 1,422 million MT in 2012 and by
4.5% to 1,486 million MT in 2013. India is expected to perform well in the near
future. With continued urbanisation along with the heavy infrastructure
investments in the country, India is expected to grow by 6.9% to reach 72.5
million MT in 2012 and by 9.4% in 2013. The emerging and developing economies
are expected to account for 73% of the world total steel demand by 2013.
Europe is expected
to remain under pressure due to the current slowdown of economic activity. In
contrast to Europe, steel demand in the US is expected to grow by 5.7% in 2012
and by 5.6% in 2013. This is a reflection of the underlying economic recovery
anticipated in the US. In context of these forecasts, global steel capacity
utilization is expected to remain relatively high in the near term. The higher
capacity utilization level is coupled with an increasing contribution of EAF
share to total crude steel production, which will directly benefit the graphite
electrode industry. This will be particularly significant for China that
accounts for 46% of global steel production of which only ~8% is through the
EAF route. A small increase in share of production via the EAF route will
provide strong upside to the graphite electrode industry demand.
Graphite India
remains well positioned to capitalize on these industry dynamics. The electrode
capacity expansion at the Durgapur Plant by 20,000 MT is progressing well. Part
of the facility has already been commissioned and the balance is likely to be
commissioned in phases during the first half of FY2013 in synchronization with
the manufacturing cycle. Management remains focused on cost efficiency,
productivity and optimum capacity utilization. The Company has secured needle
coke supplies until the end of FY2013 at increased but competitive prices.
However, the increase in Graphite electrode prices is expected to offset the
higher input costs.
Company Background
Graphite India is
the largest Indian producer of graphite electrodes and one of the largest
globally, by total capacity. Its manufacturing capacity of approximately 98,000
tonnes per annum is spread over four plants at Durgapur (54,000 MT post
expansion), Bangalore (13,000 MT), Nashik (13,000 MT) and Nurnberg in Germany
(18,000 MT). The Company accounts for approximately 6.5% of global electrode
capacity and has over 40 years of technical expertise in the industry. With its
corporate office in Kolkata, India, the Company services its clients in over
fifty countries, with no client accounting for over 6% of revenues. Exports
account for approximately 56% of revenues and export volumes increased over 3
times from FY2001 to FY2012. Graphite India manufactures the full range of graphite electrodes but
stays focused on the higher margin, large diameter, ultra-high power (“UHP”)
electrodes. Approximately 85% of the Company’s total capacity is currently UHP.
Graphite India is
well poised in the global graphite electrode industry through its quality,
scale of operations and low cost production base. The Company’s competitive
edge was particularly evident during the last decade, when low prices for
graphite electrodes resulted in many of the leading players generating losses,
but Graphite India however remained consistently profitable and declared
dividends. The Company experienced steady double digit revenue CAGR over the
past five years despite a global slowdown. Graphite India currently has a
conservative leverage profile, with significant financial capacity for organic
or inorganic expansion.
The Company’s
strategy is to become further vertically integrated, continue its penetration
of new markets and clients as well as pursue value enhancing inorganic growth
opportunities. Graphite India currently manufactures Calcined Petroleum Coke
(“CPC”) for use in electrode manufacturing. It is also enhancing its presence
in value added graphite products for the auto, aerospace, chemical, pharmaceutical,
metallurgical and machine tool industries.
The Company is
further targeting focused reductions in its manufacturing costs. The capacity
expansion plan at its Durgapur (West Bengal) plant is progressing well. Part of
the facility has already been commissioned and the balance is likely to be
commissioned in phases during the first half of FY2013 in synchronization with
the manufacturing cycle. This will increase capacity by 20,000 MT per annum,
taking the total capacity towards 100,000 MT per annum.
The Company also
has facilities designed for the manufacture of impervious graphite equipment
and glass reinforced plastic pipes and tanks. It has an installed capacity of
33 MW of power generation through hydel and multi-fuel routes.
Industry
Graphite electrodes
are used in electric arc furnace (“EAF”) based steel mills and is a consumable
item for the steel industry. The graphite electrode industry is highly
consolidated with the top five major global players accounting for 75% of the
high end UHP electrode capacity. Majority of this capacity however, is
currently located in high cost regions like US, Europe and Japan. The
manufacturing process, for the high end UHP electrodes is technology intensive
and is a significant barrier for the entry of new players.
Due to the global
economic recession, demand for electrodes is currently less than total
installed capacity of 1.2 million MT, of which UHP capacity is 0.9 million MT.
Global steel production continues to recover post-recession.
The EAF method of manufacturing
steel is becoming increasingly attractive due to its low capital costs, lower
breakeven tonnage, and flexibility in locating plants closer to consumption
points and significantly lower pollution levels than in the blast furnace steel
plants. As a result, EAF production has increased from 180 million tones in
1985 to 407 million MT in 2011.
Audited Standalone Results for the quarter and the
year ended 31st March 2012
(Rs. In Millions)
|
Particulars |
Quarter ended |
Quarter ended |
Year ended |
|
|
31.03.2012 |
31.12.2011 |
31.03.2012 |
||
|
(Unaudited) |
(Unaudited) |
(Audited) |
||
|
||||
|
Income from operations |
|
|
|
|
|
Gross Sales / Income from Operations |
4626.000 |
4411.200 |
16963.700 |
|
|
Less: Excise Duty on Sales |
215.400 |
158.500 |
711.900 |
|
|
Net Sales / Income from Operations |
4410.600 |
4252.700 |
16251.800 |
|
|
Other Operating Income |
111.100 |
118.100 |
456.600 |
|
|
Total Income from operations (net) |
4521.700 |
4370.800 |
16708.400 |
|
|
Expenses |
|
|
|
|
|
Cost of materials consumed |
1963.600 |
1797.700 |
6876.200 |
|
|
Purchase of stock-in-trade |
- |
- |
- |
|
|
Changes in inventories of finished goods, work-in- |
|
|
|
|
|
progress & stock-in-trade |
37.800 |
58.800 |
277.200 |
|
|
Employee benefits expense |
278.600 |
262.900 |
970.400 |
|
|
Consumption of stores and spare parts |
314.000 |
286.800 |
1150.200 |
|
|
Power and fuel |
675.300 |
672.300 |
2540.200 |
|
|
Depreciation and amortization expense |
107.600 |
99.400 |
404.400 |
|
|
Other expenses |
424.600 |
393.900 |
1781.700 |
|
|
Total expenses |
3801.500 |
3571.800 |
14000.300 |
|
|
Profit from Operations before Other Income, finance |
|
|
|
|
|
costs & Exceptional Items |
720.200 |
799.000 |
2708.100 |
|
|
Other Income |
219.000 |
62.000 |
346.200 |
|
|
Profit from ordinary activities before finance costs & Exceptional
Items |
939.200 |
861.000 |
3054.300 |
|
|
Finance costs |
58.300 |
33.400 |
143.900 |
|
|
Profit from ordinary activities after finance costs but before
Exceptional Items |
880.900 |
827.600 |
2910.400 |
|
|
Exceptional items (gain) / loss (Refer Note 5) |
-296.200 |
- |
-296.200 |
|
|
Profit from Ordinary Activities before tax |
1177.100 |
827.600 |
3206.600 |
|
|
Tax expense |
|
|
|
|
|
- Current and deferred |
212.500 |
269.500 |
900.000 |
|
|
- Written back relating to earlier years |
-65.000 |
-3.700 |
-72.300 |
|
|
Net Profit from Ordinary Activities after tax |
1029.600 |
561.800 |
2378.900 |
|
|
Extraordinary Item |
- |
- |
- |
|
|
Net Profit for the period |
1029.600 |
561.800 |
2378.900 |
|
|
Paid-up equity share capital ( Face Value Rs.2/- each ) |
390.800 |
390.800 |
390.800 |
|
|
Reserves excluding Revaluation Reserve |
|
|
15228.400 |
|
|
Earnings Per Share (EPS) - Face Value Rs.2/- each |
|
|
|
|
|
Basic EPS (Rs.) |
5.27 |
2.88 |
12.18 |
|
|
Diluted EPS (Rs.) |
5.27 |
2.88 |
12.18 |
|
|
Earnings Per Share (EPS) excluding Exceptional Items- |
|
|
|
|
|
Face Value X 2/- each |
|
|
|
|
|
Basic EPS (X) |
3.77 |
2.88 |
10.68 |
|
|
Diluted EPS (X) |
3.77 |
2.88 |
10.68 |
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
|
Public shareholding |
|
|
|
|
|
- Number of shares |
73,793,736 |
73,793,736 |
73,793,736 |
|
|
- Percentage of shareholding |
37.77 |
37.77 |
37.77 |
|
|
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledge d/Encumbered |
|
|
|
|
|
- Number of shares |
- |
- |
- |
|
|
- Percentage of shares (as a % of the total shareholding of promoter
and promote r group) |
- |
- |
- |
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
- |
- |
- |
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of shares |
121,581,858 |
121,581,858 |
121,581,858 |
|
|
- Percentage of shares (as a % of the total shareholding of the
promoter |
|
|
|
|
|
and promoter group) |
100 |
100 |
100 |
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
62.23 |
62.23 |
62.23 |
|
|
Particulars |
Quarter ended |
|
31.03.2012 |
|
|
INVESTOR COM PLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
15 |
|
Disposed of / attended to during the quarter |
15 |
|
Remaining unresolved at the end of the quarter |
Nil |
Audited Standalone Segment Results for the quarter
and the year ended 31st March 2012
(Rs. In Millions)
|
|
Particulars |
Quarter ended |
Quarter ended |
Year ended |
|
31.03.2012 |
31.12.2011 |
31.03.2012 |
||
|
(Unaudited) |
(Unaudited) |
(Audited) |
||
|
1 |
SEGMENT REVENUE - |
|
|
|
|
|
Graphite and Carbon |
3858.200 |
3743.800 |
14318.300 |
|
|
Power |
91.100 |
77.800 |
340.300 |
|
|
Steel |
243.300 |
295.200 |
906.500 |
|
|
Unallocated |
493.500 |
369.300 |
1635.400 |
|
|
Total |
4686.100 |
4486.100 |
17200.500 |
|
|
Less: Inter Segment Revenue |
164.400 |
115.300 |
492.100 |
|
|
Sales/Income from Operations-Net |
4521.700 |
4370.800 |
16708.400 |
|
2 |
SEGMENT RESULTS - |
|
|
|
|
|
Profit before tax and interest |
|
|
|
|
|
Graphite and Carbon |
528.500 |
844.100 |
2533.600 |
|
|
Power |
55.400 |
57.400 |
249.300 |
|
|
Steel |
116.700 |
9.200 |
119.900 |
|
|
Unallocated |
115.100 |
40.300 |
318.800 |
|
|
Total |
815.700 |
951.000 |
3221.600 |
|
|
Less: |
|
|
|
|
|
Interest |
58.300 |
33.400 |
143.900 |
|
|
Other un-allocable expenditure/(income)(net) |
(419.700) * |
90.000 |
(128.900) * |
|
|
Total Profit Before Tax |
1177.100 |
827.600 |
3206.600 |
|
3 |
CAPITAL EMPLOYED - |
|
|
|
|
|
(Segment Assets - Segment Liabilities) |
|
|
|
|
|
Graphite and Carbon |
16281.500 |
15423.400 |
16281.500 |
|
|
Power |
459.400 |
491.700 |
459.400 |
|
|
Steel |
1856.700 |
1729.700 |
1856.700 |
|
|
Unallocated |
1113.500 |
1067.100 |
1113.500 |
|
|
Total |
19711.100 |
18711.900 |
19711.100 |
* After exceptional
item
Audited Standalone Balance Sheet as of 31st March
2012
(Rs. In Millions)
|
Particulars |
31.03.2012 |
|
|
Audited |
|
A. EQUITY AND
LIABILITIES |
|
|
Shareholders'
Funds |
|
|
(a) Share Capital |
390.800 |
|
(b) Reserves and Surplus |
15228.400 |
|
Sub-total -
Shareholder's funds |
15619.200 |
|
Non-current
liabilities |
|
|
Long-term
borrowings |
1532.700 |
|
Deferred d tax
liabilities (ne t) |
708.200 |
|
Other long-term
liabilities |
14.600 |
|
Long-term
provisions |
- |
|
Sub-total -
Non-current liabilities |
2255.500 |
|
Current
liabilities |
|
|
Short-term
borrowings |
3084.500 |
|
Trade Payables |
1638.400 |
|
Other current
liabilities |
675.800 |
|
Short-term
provisions |
1262.800 |
|
Sub-total -
Current liabilities |
6661.500 |
|
|
|
|
TOTAL - EQUITY
AND LIABILITIES |
24536.200 |
|
B. ASSETS |
|
|
Non-current
assets |
|
|
Fixed assets |
6699.600 |
|
Goodwill on
consolidation |
- |
|
Non-current investments |
2050.700 |
|
Deferred tax
assets (ne t) |
- |
|
Long-term loans
and advance s |
90.000 |
|
Other
non-current assets |
0.700 |
|
Sub-total -
Non-current assets |
8841.000 |
|
Current assets |
|
|
Current
investments |
1284.100 |
|
Inventories |
8549.100 |
|
Trade
Receivables |
3752.900 |
|
Cash and cash
equivalents |
111.200 |
|
Short-term loans
and advance s |
1638.300 |
|
Other current
assets |
359.600 |
|
Sub-total -
Current assets |
15695.200 |
|
TOTAL - ASSETS |
24536.200 |
Notes:
1.
The above results have been reviewed by the Audit Committee
and approved by the Board at its meeting held on 11th May, 2012.
2.
The consolidate d financial results re late to
Graphite India Limited (the Parent Company), and its wholly owned subsidiaries
Carbon Finance Limited, Graphite International B.V. and Carbon International
Holdings N.V. (CINV) up to 13th March,2012.
3.
The Company has dispose d of its entire share
holding in CINV, a wholly owned subsidiary on 14th March, 2012 at a
consideration of Rs.301.800 Millions. Consequent upon the disposal, CINV has
ceased to be a subsidiary with effect from the aforesaid date.
4.
Exceptional item as disclose d in stand-alone
accounts of the Company re presents profit on disposal of long - term
investments in a wholly owned subsidiary where as for consolidate d financial
statements re presents exchange gain transferred from foreign currency
translation adjustments accounts. Exceptional item for previous year represents
payments under Voluntary Retirement Scheme.
5.
In accordance with paragraph 46A of the Accounting
Standard 11 on the Effects of Change s in Foreign Exchange Rates, exchange loss
to the extent of Rs.166.600 Millions for the year ended 31st March, 2012
(Rs.226.900 Millions relates to quarter ended 31st December, 2011) has been
added to the re late d Fixe d Assets and Capital-Work-in-progress of Graphite
and Carbon Segment of the Company.
6.
Gene ration of power at hydro electrical plants is
seasonal in nature.
7.
The Board has recommended dividend @ Rs.3.50 per
equity share of Rs.2/- each
8.
The figure s of last quarter for the current year
and for the previous year are the balancing figure s between the audited figure
s in respect of the full financial year ended 31st March and the unaudited
published year-to-date figure s up to the third quarter ended 31st December,
which were subject to limited review.
9.
Figure s for the previous year/period which have
been regrouped / re arranged wherever necessary to conform to formats pre
scribe d by SEBI vide its Circular date d 16th April, 2012 in line with Re vise
d Schedule VI of the Companies Act, 1956.
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.55.58 |
|
|
1 |
Rs.87.14 |
|
Euro |
1 |
Rs.69.73 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
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.