MIRA INFORM REPORT
|
Report Date : |
20.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
IFGL REFRACTORIES LIMITED |
|
|
|
|
Registered
Office : |
Sector – B, Kalunga Industrial Estate, P.O. Kalunga, Near |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
22.11.1989 |
|
|
|
|
Com. Reg. No.: |
15-002971 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 491.105 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27202OR1989PLC002971 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of Specialized Refractories and Requisite Operating
Systems for the Steel Industry. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a well established and reputed company having good track.
Directors are reported to be experienced and respectable businessman. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
and as per commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced controls
on foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of
persistently high inflation and interest rates and little progress on economic
reforms. High international crude prices have exacerbated the government's fuel
subsidy expenditures contributing to a higher fiscal deficit, and a worsening
current account deficit. Little economic reform took place in 2011 largely due
to corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A+ (Long Term Rating) |
|
Rating Explanation |
Having adequate degree of safety regarding
timely servicing of financial obligation it carry low credit risk |
|
Date |
November 2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office / Factory : |
Sector – B, Kalunga Industrial Estate, P.O. Kalunga, Near Rourkela,
Sundargarh – 770031, |
|
Tel. No.: |
91-661-2660195 |
|
Fax No.: |
91-661-2660173 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head and Corporate Office : |
McLeod House, 3, Netaji Subhas Road, Kolkata – 700001, West |
|
Tel. No.: |
91-33-22482411 |
|
Fax No.: |
91-33-22430886 |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. B. P. Bajoria |
|
Designation : |
Chairman Emeritus (20.02.2012) |
|
|
|
|
Name : |
Mr. S. K. Bajoria |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. P. Bajoria |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
D K Banerji K |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. Dalmia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S Khasnobis |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Y. Konno |
|
Designation : |
Director |
|
|
|
|
Name : |
Prof. S. Munshi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D. G. Rajan |
|
Designation : |
Director |
|
|
|
|
Name : |
Prof. A. N. Sadhu |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. S. B. Sanyal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S Tateishi |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Agarwal, |
|
Designation : |
Company Secretary |
|
Address: |
3, Netaji Subhas Road, Kolkata - 700 001, West Bengal, India |
|
Tel No: |
91-33-40106114 |
|
Fax No: |
91-33-22430886 |
|
Email: |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2012
|
Names
of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1,348,275 |
3.90 |
|
|
18,320,973 |
52.93 |
|
|
19,669,248 |
56.83 |
|
|
|
|
|
|
5,006,956 |
14.47 |
|
|
5,006,956 |
14.47 |
|
Total shareholding of Promoter and Promoter Group (A) |
24,676,204 |
71.30 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
637,957 |
1.84 |
|
|
353,305 |
1.02 |
|
|
1,300 |
- |
|
|
992,562 |
2.87 |
|
|
|
|
|
|
2,633,871 |
7.61 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs. 0.100
million |
5,052,742 |
14.60 |
|
Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
1,082,324 |
3.13 |
|
|
172,769 |
0.50 |
|
|
154,744 |
0.45 |
|
|
18,025 |
0.05 |
|
|
8,941,706 |
25.84 |
|
Total Public shareholding (B) |
9,934,268 |
28.70 |
|
Total (A)+(B) |
34,610,472 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
34,610,472 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Specialized Refractories and Requisite Operating
Systems for the Steel Industry. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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||||||||||||||||||||||||||||||
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|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
· Deloitte Haskins and Sells Chartered Accountant · Grant Thornton UK LLP Chartered Accountant · Horwath LLP Chartered Accountant |
|
|
|
|
Holding Company : |
Bajoria Holdings Private Limited (BHPL) |
|
|
|
|
Subsidiaries Companies : |
|
|
|
|
|
Fellow Subsidiaries : |
|
|
|
|
|
Enterprises in which key management personnel has influence : |
·
Heritage Insurance Brokers Private Limited ·
Coris Heritage Asia Pacific Private Limited ·
IFGL Exports Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs. 400.000 millions |
|
2000000 |
5% Redeemable Non Cumulative Preferences Shares |
Rs.100/- each |
Rs. 200.000 millions |
|
|
Total |
|
Rs. 600.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34610472 |
Equity Shares |
Rs.10/- each |
Rs. 346.105
millions |
|
1450000 |
5% Redeemable Non Cumulative Preferences Shares |
Rs.100/-
each |
Rs. 145.000
millions |
|
|
Total |
|
Rs. 491.105 millions |
3.1 RECONCILIATION OF
NUMBER OF SHARES:
|
|
Equity Shares |
Preference Shares |
||
|
|
No. of shares |
Rs. in million |
No. of shares |
Rs. in million |
|
outstanding on 31.03.2012 |
34,610,472 |
346.105 |
1,450,000 |
145.000 |
3.2 TERMS/RIGHTS
ATTACHED TO EQUITY SHARES:
The Company has only one class of Equity Shares having a face value of Rs.10/- each. Each holder of Equity Shares is entitled to one vote per Share. In the event of liquidation of the Company, the Equity Shareholders will be entiled to receive remaining assets of the Company, after distribution of all preferential amounts, in proportion to their Shareholding. The Company in the General Meeting may declare dividends, but no dividend shall exceed the amount recommended by the Board.
3.3 TERMS/RIGHTS
ATTACHED TO REDEEMABLE NON CUMULATIVE PREFERENCE SHARES (RNCPS):
The 5% Redeemable Non Cumulative Preference Shares are redeemable at par at the end of ten years from the date of allotment (i.e. 3rd September 2010) or any earlier date at the option of the Company except that the said Shares shall not be redeemed within the initial period of three years from the date of allotment. In the event of liquidation of the Company, the Preference Shareholders will have priority over Equity Shares in the payment of dividend and repayment of capital.
Every member holding Preference Share Capital shall have the right to vote in respect of all resolutions placed before the Company which directly affect the rights attached to Preference Shares.
3.4 SHARES HELD BY
THE HOLDING COMPANY AND SUBSIDIARIES OF THE HOLDING COMPANY:
|
Name of Shareholder |
Relationship |
Nature of |
As at 31st March2012 |
|
|
|
|
Shares |
No. of |
%of |
|
|
|
|
Shares held |
Holding |
|
Bajoria Holdings Private Limited (BHPL) |
Holding Company |
Equity |
18,320,973 |
52.93 |
|
Bajoria Holdings Private Limited |
|
|
640,000 |
44.14 |
|
Bajoria Enterprises Limited |
Subsidiaries of BHPL |
Preference |
230,000 |
15.86 |
|
Bajoria Financial Services Private Limited |
|
|
420,000 |
28.97 |
|
Bajoria Service Providers Private Limited |
|
|
160,000 |
11.03 |
3.5 DETAILS OF
SHAREHOLDERS HOLDING MORE THAN 5% OF THE AGGREGATE SHARES IN THE COMPANY:
|
Name of Shareholder |
Relationship |
Nature of |
As at 31st March
2012 |
|
|
|
|
Shares |
No. of Shares held |
%of Holding |
|
Sojitz Corporation, Japan |
Foreign Promoter |
Equity |
3,425,546 |
9.90 |
|
Bajoria Holdings Private Limited |
Holding Company |
|
18,320,973 |
52.93 |
|
Bajoria Holdings Private Limited |
|
|
640,000 |
44.14 |
|
Bajoria Enterprises Limited Bajoria Financial Services Private Limited Bajoria Service Providers Private Limited |
Fellow Subsidiaries |
Preference |
230,000 420,000 160,000 |
15.86 28.97 11.03 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
491.105 |
491.105 |
346.105 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
776.903 |
671.391 |
622.633 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1268.008 |
1162.496 |
968.738 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
536.739 |
532.100 |
371.966 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
536.739 |
532.100 |
371.966 |
|
|
DEFERRED TAX LIABILITIES |
32.795 |
34.785 |
32.805 |
|
|
|
|
|
|
|
|
TOTAL |
1837.542 |
1729.381 |
1373.509 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
435.482 |
443.489 |
362.290 |
|
|
Capital work-in-progress |
0.000 |
13.109 |
16.960 |
|
|
|
|
|
|
|
|
INVESTMENT |
639.214 |
576.159 |
422.059 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
397.821
|
350.813 |
262.445 |
|
|
Sundry Debtors |
642.019
|
620.221 |
521.827 |
|
|
Cash & Bank Balances |
98.697
|
31.016 |
18.215 |
|
|
Other Current Assets |
46.863
|
91.152 |
0.000 |
|
|
Loans & Advances |
16.295
|
21.711 |
91.085 |
|
Total
Current Assets |
1201.695
|
1114.913 |
893.572 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
309.586
|
314.993 |
248.772 |
|
|
Other Current Liabilities |
45.530
|
70.706 |
27.552 |
|
|
Provisions |
83.733
|
32.590 |
45.048 |
|
Total
Current Liabilities |
438.849
|
418.289 |
321.372 |
|
|
Net Current Assets |
762.846
|
696.624 |
572.200 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1837.542 |
1729.381 |
1373.509 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2748.030 |
2102.997 |
1752.278 |
|
|
|
Other Income |
24.058 |
8.264 |
5.370 |
|
|
|
TOTAL (A) |
2772.088 |
2111.261 |
1757.648 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials and Components Consumed |
1417.098 |
1065.961 |
|
|
|
|
Purchases of Stock-in-Trade |
63.734 |
61.855 |
|
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade |
(43.508) |
(25.076) |
1461.708 |
|
|
|
Employee Benefits Expense |
222.978 |
192.003 |
|
|
|
|
Other Expenses |
739.529 |
612.614 |
|
|
|
|
TOTAL (B) |
2399.831 |
1907.357 |
1461.708 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
372.257 |
203.904 |
295.940 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
47.477 |
41.351 |
26.781 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
324.780 |
162.553 |
269.159 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
62.494 |
52.855 |
45.316 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
262.286 |
109.698 |
223.843 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
88.010 |
35.980 |
76.465 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
174.276 |
73.718 |
147.378 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
577.454 |
470.568 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proposed Dividend On Equity shares |
NA |
17.305 |
34.610 |
|
|
|
Proposed Dividend On Non Cumulated
Preferences Shares |
NA |
4.171 |
0.000 |
|
|
|
Tax on Dividend |
NA |
3.484 |
5.882 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
626.212 |
577.454 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
820.357 |
568.525 |
474.073 |
|
|
TOTAL EARNINGS |
820.357 |
568.525 |
474.073 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material |
634.697 |
539.245 |
310.113 |
|
|
|
Stores and Spares |
4.648 |
10.239 |
2.870 |
|
|
|
Trading Items |
1.837 |
1.628 |
3.692 |
|
|
|
Capital Goods |
7.728 |
21.252 |
8.000 |
|
|
TOTAL IMPORTS |
648.910 |
572.364 |
324.675 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) Basic |
4.79 |
1.99 |
4.26 |
|
|
|
Dilute: |
4.79 |
1.99 |
4.26 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
|
Type |
|
|
Net Sales |
762.800 |
|
Total Expenditure |
664.100 |
|
PBIDT (Excl OI) |
98.700 |
|
Other Income |
11.600 |
|
Operating Profit |
110.300 |
|
Interest |
11.300 |
|
PBDT |
99.000 |
|
Depreciation |
17.300 |
|
Profit Before Tax |
81.700 |
|
Tax |
26.600 |
|
Profit After Tax |
55.100 |
|
Net Profit |
55.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
6.28
|
3.49 |
8.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.54
|
5.21 |
12.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.02
|
7.04 |
17.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.09 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.77
|
0.81 |
0.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.74
|
2.67 |
2.78 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available
in Report (Yes / No) |
|
1] |
Year of
Establishment |
Yes |
|
2] |
Locality of
the firm |
Yes |
|
3] |
Constitutions
of the firm |
Yes |
|
4] |
Premises
details |
No |
|
5] |
Type of
Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's
background |
Yes |
|
8] |
No. of
employees |
No |
|
9] |
Name of
person contacted |
No |
|
10] |
Designation
of contact person |
No |
|
11] |
Turnover of
firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons for
variation <> 20% |
-- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital in
the business |
Yes |
|
16] |
Details of
sister concerns |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export /
Import details (if applicable) |
No |
|
21] |
Market
information |
-- |
|
22] |
Litigations
that the firm / promoter involved in |
-- |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking facility
details |
Yes |
|
25] |
Conduct of
the banking account |
-- |
|
26] |
Buyer visit
details |
-- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last accounts
filed at ROC |
Yes |
|
30] |
Major Shareholders,
if available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
FINANCIAL RESULT
Total Revenue, both on Stand-alone and Consolidated basis, are higher
Rs. Rs.661.000 Millions and Rs.1307.000 Millions compared to that of previous
year ended on 31st March 2011. Similarly Profit before Tax is higher
by 139% and 78% respectively. Profit after Tax on Stand-alone basis is higher
by 136%, Profit after Tax and Minority Interest on Consolidated basis is higher
by 64%. Earning per Share, on Stand-alone and Consolidated basis are Rs.4.79
and Rs.11.28 which compare favorably with Rs. 1.99 and Rs. 6.87 respectively
for the year 2010-2011. The Company had undertaken several measures to enhance
overall operational efficiencies and results there from were yielded and
reflected in above given financial performance.
INDIAN OPERATIONS
Production of Ceramic Filters for foundries as per Know-how of Hofmann
Ceramic GmbH, Germany was stabilized and the Company started manufacturing Big Filters
also. The Company continued to be recognized for exports and received CAPEXIL's
Award for 9th consecutive year for the year
STATEMENT OF
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2012
|
Sr. No. |
Particulars |
Quarter ended |
|
30/06/2012 (Unaudited) |
||
|
1. |
Income from Operations a. Net Sales/Income from Operations (Net of Excise duty) |
760.500 |
|
|
b. Other Operating Income |
2.300 |
|
|
Total Income from
Operations (Net) |
762.800 |
|
2. |
Expenses a. Cost of Materials Consumed |
404.800 |
|
|
b. Purchase of Stock-in-Trade |
18.400 |
|
|
c. Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade |
(14.500) |
|
3. |
d. Employee Benefits Expense |
59.900 |
|
|
e. Depreciation and Amortisation Expense |
17.300 |
|
|
f. Despatch, Delivery and Forwarding Expense |
55.400 |
|
|
g. Other Expenses |
140.100 |
|
|
|
681.400 |
|
|
Profit from Operations before Other Income and Finance Costs (1-2) |
|
|
4. |
Other Income |
11.600 |
|
5. |
Profit from Ordinary Activities before Finance Costs (3+4) Finance Costs |
93.000 |
|
6. |
Finance Cost |
11.300 |
|
7. |
Profit from
Ordinary Activities before Tax (5-6) # |
81.700 |
|
8. |
Tax Expense |
26.600 |
|
9. |
Net Profit for the period (7-8) |
55.100 |
|
10. |
Paid up Equity Share Capital (Face value ? 10/- each ) |
346.100 |
|
11. |
Reserves excluding Revaluation Reserves |
|
|
12. |
Earnings Per Share (of ? 10/- each) - Basic and Diluted * |
1.53 |
SELECT INFORMATION
FOR THE QUARTER ENDED 30TH JUNE 2012
|
Particulars of
share holdings |
30.06.2012 |
|
- Number of shares * |
9,934,268 |
|
- Percentage of
shareholding * |
28.70 |
|
Promoters and
Promoter Group shareholding |
|
|
a) Pledged/
Encumbered |
-- |
|
- Number of shares |
-- |
|
- Percentage of share (as
% of the total shareholding of Promoter group) |
-- |
|
- Percentage of share (as
% of the total share capital of the Company) |
-- |
|
b)
Non-Encumbered |
|
|
- Number of shares |
24,676,20 |
|
- Percentage of share (as
% of the total shareholding of Promoter group) |
100 |
|
- Percentage of share (as
% of the total share capital of the Company) |
71.30 |
|
|
INVESTOR COMPLAINTS |
Quarter ended 30/06/2012 |
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
1 |
|
|
Disposed of during the quarter |
1 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Notes:
1. The above unaudited financial results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on Saturday, 11th August, 2012 and was subjected to "Limited Review" by the Statutory Auditors as per the Listing Agreement.
2. The Company is predominantly a manufacturer and a trader of Specialised Refractories and Ceramics and is managed organisationally as a single unit.
Accordingly, the Company is a single business segment. Sales include export sales (including through trading house) Rs.376.200 millions for current 3 month ended 30th June, 2012 (Rs.328.800 millions for previous 3 months ended 30th June 2011, Rs.386.300 millions for quarter ended 31st March 2012 and Rs.1443.300 millions for previous accounting year ended 31st March, 2012.)
3. Other expenditure is net of exchange gain of Rs.5.700 millions for the quarter ended 30th June, 2012 (the quarter ended 30th June, 2011 - exchange gain Rs. 1.800 millions the quarter ended 31st March, 2012 - exchange gain ` 125, year ended 31st March, 2012-exchange Loss Rs.29.800 millions).
4. During the quarter ended 30th June, 2012, the Company further acquired 385,050 Equity Shares of IFGL Exports Limited for Rs.38.500 millions
5. Figures for the previous periods have been reclassified / re - arranged / re - grouped wherever necessary, to conform to those of the current period.
CONTINGENT
LIABILITIES:
|
Particulars |
(Rs. In Millions ) |
|
|
|
As at 31st March 2012 |
As at 31st March 2011 |
|
a) Claims against the Company not acknowledged as debts : |
|
|
|
i) Sales Tax matter under appeal disputed relating to issues of applicability and classification [related payments Rs.0.549 Million (31.3.2011:Rs. 0.549 Million)] |
4.954 |
4.954 |
|
ii) Income Tax matters under dispute relating to issues of applicability and determination |
7.764 |
7.883 |
|
iii) Service Tax matters under dispute relating to issues of applicability and classification |
0.154 |
0.154 |
|
b) Guarantees Letter of Comfort/Corporate Guarantee given to Banks against Term Loan, Working Capital and Forward Exchange Contracts provided by them to : A) a Step down Subsidiary [limit Ł 11.417 Millions (31.03.2011: Ł 16.651 Millions)] Utilized at year end Ł 5.696 Millions (31.03.2011 : Ł 8.455 Millions) - [Converted at year end rate] B) a Subsidiary [limit Rs. 370.000 Millions (31.03.2011: Rs.270.000 Millions)] Utilized at year end |
464.022 234.870 |
616.384 96.220 |
The Management believes that the ultimate outcome of these proceedings will not have a material adverse effect on the Company's financial position and result of operations.
The Company does not expect any reimbursements in respect of
above Contingent Liqabilities.
WEBSITES DETAILS:
PRESS RELEASE:
Kolkata, 13th August, 2012 - Financial performance of the Company for quarter ended on 30th June, 2012 compared to corresponding quarter of previous year, have been as follows :
|
|
Quarter ended |
Variance |
||
|
|
30/06/2012 |
30/06/2011 |
Amount |
% |
|
|
|
|
|
|
|
Consolidated |
|
|
|
|
|
Total Income |
1745.400 |
1263.600 |
481.800 |
3.813 |
|
Profit before Tax |
168.800 |
143.000 |
25.800 |
1.804 |
|
Profit after Tax and Minority Interest |
125.600 |
107.000 |
18.600 |
1.738 |
|
|
|
|
|
|
|
Stand-alone |
|
|
|
|
|
Total Income |
774.400 |
617.900 |
156.500 |
2.533 |
|
Profit before Tax |
81.700 |
63.400 |
18.300 |
2.886 |
|
Profit after Tax |
55.100 |
48.000 |
7.100 |
1.479 |
Compared to immediately preceding quarter ended on 31st March, 2012, Total Income Profit before Tax and Profit after Tax and Minority Interest on consolidated basis are higher by ↑9.66%, ↑32.18% and ↑92.64% respectively. On annualized basis, EPS on consolidated basis is Rs 14.280 compared to Rs 11.280 for financial year 2011-12.
Similarly, compared to immediately preceding quarter ended on 31st March, 2012, Total Income Profit before Tax and Profit after Tax on Stand-alone basis are higher by ↑7.75%, ↑3.55% and ↑9.54% respectively. On annualized basis, EPS on Stand-alone basis is Rs 6.12 compared to Rs 4.79 for financial year 2011-12.
Consolidated results for the quarter however are strictly not comparable with that of immediately preceding quarter or that of corresponding quarter of previous year or that of previous year as the same also comprise of results of IFGL Exports Limited, which became a 51% subsidiary of the Company on and from 30th March, 2012.
The Company is hopeful that aforesaid positive trend is likely to continue in coming quarters also, barring market dynamics changing radically including macro economic factors namely appreciation of Rupee, European economies further deteriorating. Your Company is continuing to monitor these factors closely and would continue to be taking appropriate steps as and when necessary.
About IFGL Refractories:
IFGL Refractories is a leading manufacturer of specialized Refractories having manufacturing facilities in Brazil, China, Germany, India, UK and USA. Krosaki Harima Corporation (a subsidiary of Nippon Steel Corporation, Japan) is the technology provider. Equity Shares are listed both on Bombay Stock Exchange Limited and National Stock Exchange of India Limited.
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.54.26 |
|
|
1 |
Rs.88.15 |
|
Euro |
1 |
Rs.71.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
53 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.