MIRA
INFORM REPORT
|
Report Date : |
23.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
ROHIT FERRO – TECH LIMITED |
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|
|
Registered
Office : |
35, |
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Country : |
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|
Financials (as
on) : |
31.03.2012 |
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|
|
|
Date of
Incorporation : |
07.04.2000 |
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|
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|
Com. Reg. No.: |
21-091629 |
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|
Capital
Investment / Paid-up Capital : |
Rs.802.761
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27104WB2000PLC091629 |
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|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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|
|
|
Line of Business
: |
Manufacturer and seller of Ferro Alloys and Iron and Steel Products. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 23000000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record.
There appears some dip in the profitability of the company during current
year however, trade relations are reported as fair. Business is active. Payments
are reported to be usually correct 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB (Long Term Bank Facilities) |
|
Rating Explanation |
Moderate risk default it carry moderate credit risk. |
|
Date |
September 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
A3 (Short Term Bank facilities) |
|
Rating Explanation |
Moderate degree of safety it carry higher credit risk. |
|
Date |
September 2012 |
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 : |
35, |
|
Tel. No.: |
91-33-22119805/ 9806/ 9729 |
|
Fax No.: |
91-33-22114134/ 9834/ |
|
E-Mail : |
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|
Website : |
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|
Corporate Office : |
SKP House, 132A, S. P. Mukherjee Road, Kolkata - 700 026 |
|
Tel. No.: |
91-33-40168000/ 8100 |
|
Fax No.: |
91-33-40168189 |
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|
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|
Factory 1 : |
Bishnupur: |
|
Tel. No.: |
91-3244-251170 |
|
Fax No.: |
91-3244-251168 |
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|
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|
Factory 2 : |
Jaipur: Kalinganagar Industrial Complex, P O Duburi -755026, District Jaipur, |
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|
|
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Factory 3 : |
Haldia (Under
implementation) Joynagar, P.O.: Buniaraichak, P.S.: Durgachak, District: Purba
Medinipur, West Bengal, India |
DIRECTORS
As on: 31.03.2012
|
Name : |
Mr. Suresh Kumar Patni |
|
Designation : |
Non-Executive Chairman |
|
Date of Birth/Age : |
52 Years |
|
Qualification : |
B. Com |
|
Date of Appointment : |
07.04.2000 |
|
Previous employment : |
Continuing as Managing Director in Impex Ferro – Tech Limited |
|
|
|
|
Name : |
Mr. Rohit Patni |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
28 Years |
|
Qualification : |
BE |
|
Date of Appointment : |
27.08.2007 |
|
Previous employment : |
Continuing as Joint Managing Director in Ankit Metal and power Limited |
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|
|
|
Name : |
Mr. Ankit Patni |
|
Designation : |
Joint managing
Director |
|
Date of Birth/Age : |
24 Years |
|
Qualification : |
CFA |
|
Date of Appointment : |
27.08.2007 |
|
Previous employment : |
Continuing as Managing Director in Ankit Metal and power Limited |
|
|
|
|
Name : |
Mr. Binit Jain |
|
Designation : |
Executive Director |
|
Date of Birth/Age : |
33 Years |
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|
|
|
Name : |
Mr. Kailash Chand Jain |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Jatindra Nath Rudra |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Jayanta Chatterjee |
|
Designation : |
Director |
|
Date of Birth/Age : |
69 Years |
|
|
|
|
Name : |
Mr. Asoke Kumar Basu |
|
Designation : |
Director |
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|
|
|
Name : |
Mrs. Sarita Patni |
|
Designation : |
Director (Resigned from the board w.e.f 11.08.2008) |
KEY EXECUTIVES
|
Name : |
Pradip Kumar Agarwal |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on: 31.03.2013
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6065638 |
5.33 |
|
|
75852204 |
66.67 |
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|
81917842 |
72.00 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
81917842 |
72.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
13699365 |
12.04 |
|
|
|
|
|
|
8972593 |
7.89 |
|
|
8642689 |
7.60 |
|
|
543634 |
0.48 |
|
|
513569 |
0.45 |
|
|
30065 |
0.03 |
|
|
31858281 |
28.00 |
|
Total Public shareholding (B) |
31858281 |
28.00 |
|
Total (A)+(B) |
113776123 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
113776123 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and seller of Ferro Alloys and Iron and Steel Products. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Ferro Alloys |
MT Per Annum |
239,542 |
181,360.04 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Allahabad Bank · Canara Bank · State Bank of India · State Bank of Hyderabad · State Bank of Travancore · United Bank of India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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|
Auditors : |
|
|
Name : |
S. Jaykishan Chartered Accountants |
|
Address : |
12, Ho-Chi Minh Sarani, Kolkata – 700 071, West |
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Wholly Owned
Subsidiary : |
SKP Overseas PTE Limited |
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|
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Joint Venture : |
Rohit Persia Mines and Industries PJSC |
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|
Enterprises owned or
significantly influenced by the Key Managerial Personnel or their relatives : |
· Arin Minerals Private Limited · Impex Metal and Ferro Alloys Limited · Impex Ferro Tech Limited · Ankit Metal and Power Limited · Nucore Exports Private Limited · ArthodockVinimay Private Limited · Whitestone Suppliers Private Limited · Vasupujya Enterprises Private Limited. · MarbleArch Properties Private Limited · SKP PowerVentures Limited · SKP Aviation Services Limited · VNG Mercantiles Private Limited · Invesco Finance Private Limited · Poddar Mech Tech Services Private Limited. · Suanvi Trading and Investment Company Private Limited · Hira Concast Limited · Impex Steel Limited · Shreyansh Leafin Private Limited · Mahabali Ispat Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.10/- each |
Rs.1500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80276123 |
Equity Shares |
Rs.10/- each |
Rs.802.761
Millions |
|
|
|
|
|
Reconciliation of the
shares outstanding at the beginning and at the end of the reporting period
|
Equity Shares |
31-03-2012 |
|
|
|
Nos. |
Rs. in Millions |
|
At the Beginning of the Period |
55,276,123 |
552.761 |
|
Issued During the Period |
25,000,000 |
250.000 |
|
At the End of the Period |
80,276,123 |
802.761 |
Terms/Rights attached
to Equity Shares
The Company has only one class of Equity Shares having a par value of Rs 10 per share. Each holder of Equity Shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of Equity Shares held by the shareholders.
Details of the
shareholders holding more than 5% shares in the Company
|
|
No. of Shares |
% holding |
|
Equity Shares of Rs. 10 each fully paid |
|
|
|
Suanvi Trading and Investment Company Private Limited |
8,237,501 |
10.26 |
|
Vasupujya Enterprises Private Limited |
8,359,538 |
10.41 |
|
Invesco Finance Private Limited |
8,039,317 |
10.01 |
|
Poddar Mech Tech Services Private Limited |
10,479,933 |
13.05 |
|
Shreyansh Leafin Private Limited |
7,993,150 |
9.96 |
|
Whitestone Suppliers Private Limited |
7,907,765 |
9.85 |
*Not holding more than 5% of Equity Shares as on that date.
During the year, the Company has made preferential allotment of 25,000,000 Equity Shares of Rs. 10/- each at a premium of Rs. 50/- per share, aggregating to Rs. 1500.000 Millions to part finance the setting up of a 67.5 MW Captive Power Plant at Jajpur and to meet the long term working capital requirement of the Company. The proceeds of the issue have been utilised towards the objects of the said issue.
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 |
802.761 |
552.761 |
394.829 |
|
|
2] Share Application Money |
0.000 |
0.000 |
484.000 |
|
|
3] Reserves & Surplus |
4983.408 |
3380.466 |
2166.417 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5786.169 |
3933.227 |
3045.246 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
9321.471 |
6202.471 |
3238.768 |
|
|
2] Unsecured Loans |
992.535 |
457.920 |
782.773 |
|
|
TOTAL BORROWING |
10314.006 |
6660.391 |
4021.541 |
|
|
DEFERRED TAX LIABILITIES |
461.940 |
264.508 |
187.261 |
|
|
|
|
|
|
|
|
TOTAL |
16562.115 |
10858.126 |
7254.048 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5874.797 |
3231.895 |
2272.228 |
|
|
Capital work-in-progress |
797.774 |
2474.280 |
1301.927 |
|
|
|
|
|
|
|
|
INVESTMENT |
636.916 |
448.814 |
256.826 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6491.497
|
4570.786 |
3004.314 |
|
|
Sundry Debtors |
1967.552
|
597.065 |
576.936 |
|
|
Cash & Bank Balances |
866.766
|
427.860 |
364.508 |
|
|
Other Current Assets |
291.125
|
259.886 |
0.000 |
|
|
Loans & Advances |
3644.472
|
1685.452 |
1447.479 |
|
Total
Current Assets |
13261.412
|
7541.049 |
5393.237 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2306.335
|
1625.024 |
|
|
|
Other Current Liabilities |
1529.667
|
1044.971 |
|
|
|
Provisions |
172.782
|
167.917 |
115.724 |
|
Total
Current Liabilities |
4008.784
|
2837.912 |
1976.988 |
|
|
Net Current Assets |
9252.628
|
4703.137 |
3416.249 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
6.818 |
|
|
|
|
|
|
|
|
TOTAL |
16562.115 |
10858.126 |
7254.048 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
16773.052 |
11667.198 |
8243.580 |
|
|
|
Other Income |
76.195 |
129.930 |
61.912 |
|
|
|
TOTAL (A) |
16849.247 |
11797.128 |
8305.492 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
7631.040 |
6602.809 |
7280.705 |
|
|
|
Purchase of Stock-in-Trade |
1601.617 |
441.331 |
|
|
|
|
Changes in Inventories of Finished Goods and Work-in-Progress |
(23.425) |
(684.998) |
|
|
|
|
Employee Benefits Expense |
194.420 |
128.063 |
|
|
|
|
Other Expenses |
5564.155 |
3847.385 |
|
|
|
|
TOTAL (B) |
14967.807 |
10334.590 |
7280.705 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1881.440 |
1462.538 |
1024.787 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1062.052 |
650.738 |
396.490 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
819.388 |
811.800 |
628.297 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
216.945 |
133.294 |
108.272 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
602.443 |
678.507 |
520.025 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
199.351 |
216.602 |
159.777 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
403.092 |
461.905 |
360.248 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1979.800 |
1550.000 |
1231.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
40.100 |
27.600 |
0.000 |
|
|
|
Corporate Dividend Tax |
6.500 |
4.500 |
23.000 |
|
|
BALANCE CARRIED TO
THE B/S |
2336.300 |
1979.800 |
1550.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
7076.175 |
6989.088 |
4726.560 |
|
|
TOTAL EARNINGS |
7076.175 |
6989.088 |
4726.560 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3858.286 |
2575.073 |
1324.756 |
|
|
|
Stores & Spares |
2.418 |
0.000 |
0.226 |
|
|
|
Capital Goods |
2.122 |
3.879 |
0.000 |
|
|
TOTAL IMPORTS |
3862.826 |
2578.952 |
1324.982 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.94 |
9.95 |
8.66 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
|
1st Quarter
|
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
5659.200 |
5269.700 |
5625.900 |
|
Total Expenditure |
5082.900 |
4709.900 |
5029.900 |
|
PBIDT (Excl OI) |
576.300 |
559.800 |
596.000 |
|
Other Income |
18.800 |
16.900 |
25.000 |
|
Operating Profit |
595.100 |
576.700 |
621.000 |
|
Interest |
374.300 |
358.200 |
388.500 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
220.900 |
218.500 |
232.500 |
|
Depreciation |
73.100 |
71.400 |
77.300 |
|
Profit Before Tax |
147.800 |
147.100 |
155.200 |
|
Tax |
47.500 |
4.5.700 |
51.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
100.300 |
101.400 |
103.900 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
100.300 |
101.400 |
103.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.39
|
3.91 |
4.34 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.59
|
5.82 |
6.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.15
|
6.30 |
6.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.17 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.78
|
1.69 |
1.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.31
|
2.66 |
2.73 |
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 and
Operational Review
During the year the net sales/income from operation increased from Rs. 11667.200 Millions in FY 2010-11 to Rs. 16773.000 Millions in FY 2011-12 representing an increase of 43.76%. Profit before tax for the year stood at Rs. 602.500 Millions as compared to Rs 678.500 Millions in previous year registering a decline of 11.20% which was mainly due to increase in finance cost and pressure on margin due to high input cost.
UNSECURED LOAN:
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
LONG-TERM
BORROWINGS |
|
|
|
Loan from Body Corporate |
230.900 |
249.900 |
|
Loan from Body Corporate |
750.950 |
200.900 |
|
SHORT-TERM BORROWINGS |
0 |
0 |
|
Bridge Loan from WBIDC Limited (against interest subsidy receivable) |
10.685 |
7.120 |
|
Total |
992.535 |
457.920 |
New Projects and
Expansions
·
Haldia
Unit- West Bengal
The Directors are pleased to inform you that all the six furnaces of 9 MVA capacity of 100% EOU project at Haldia achieved full commercial production by 2011-12.
·
Jajpur
Unit - Odisha
Captive Power Plant
of 67.5 MW
The Directors of The Company are pleased to inform that the installation of the 67.5 MW Captive Power Plant at its Jajpur unit is in progress as per schedule. The basic engineering, civil work and structural fabrication has progressed significantly. The Company has released order for equipment having delivery schedule and has applied for and received necessary approvals required for implementation of the project. After installation of the Captive Power Plant, the power cost of the unit will be reduced and will ensure competitive advantage over other market players.
33 MVA Furnace
The Company is setting up an additional Sub Merged Arc Furnace of 33 MVA rating at its Jajpur Unit. The Company has achieved financial closure for the project and on completion of this project, the total capacity of the Jajpur unit will be 99 MVA. The enhanced capacity will increase the production capacity of the plant to 1,50,000 MTPA of Ferro Alloys.
Awards and
Achievements
During the year the Company was awarded National Award for Export Excellence by EEPC INDIA for star performance in 2009-2010 under Large Enterprise in Ferro Alloy Segment.
CONTINGENT
LIABILITIES AS ON 31.03.2012
(i) Contingent Liabilities not provided for in the books of accounts in respect of: -
(a) Bills discounted, outstanding as on 31st March, 2012 Rs. 609.724 Millions (P.Y. Rs.89.270 Millions)
(b) Corporate Guarantee is given to Indian Overseas Bank, Hongkong to secure the financial assistance to SKP Overseas Pte Limited, a Wholly Owned Subsidiary. Amount payable by SKP Overseas Pte Limited to Indian Overseas Bank, Hongkong as on 31st March, 2012 is USD 8.35 Million (P.Y. - USD 8.35 Million).
(c) Claims against the Company not acknowledged as Debt :
(Rs. in Millions)
|
Particulars |
31-03-2012 |
31-03-2011 |
|
Disputed Excise Duty under appeal |
57.691 |
61.499 |
|
Disputed Sales Tax/VAT under appeal |
53.395 |
33.423 |
|
Disputed Entry Tax under appeal |
0.070 |
0.194 |
|
Disputed Income Tax Demands under appeal |
2.168 |
13.780 |
|
Excise Duty demand for which show cause notice issued |
0.431 |
3.496 |
|
Claim under Workmen’s Compensation Act |
- |
0.499 |
|
Disputed ESI under Settlement Commission |
1.025 |
- |
|
Irregular Claim of Export Incentives, pending show cause from DRI |
15.000 |
- |
(ii) Estimated amount of contracts remaining to be executed on Capital Account and not provided for (Net of Advances) – Rs. 1515.545 Millions (P.Y. – Rs. 110.732 Millions).
(iii) Estimated amount of export obligations to be fulfilled in respect of goods imported under Duty Free Import Authorisation Scheme -Rs 98.822 Millions (P.Y. – Rs.86.253 Millions) and under Export Promotion Capital Goods Scheme (EPCG) – Rs. 488.535 Millions (P.Y. – Rs. Nil).
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31
DECEMBER, 2012
(Rs. in Millions)
|
|
|
UNAUDITED |
|||
|
SL |
PARTICULARS |
Quarter Ended |
Nine Months Ended |
||
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
|
1 |
Income from
Operations |
|
|
|
|
|
|
a) Net Sales/Income from Operations |
5516.800 |
5076.700 |
16121.800 |
|
|
|
b) Other Operating Income |
109.000 |
192.900 |
432.900 |
|
|
|
Total Income from
Operations (net) (a+b) |
5625.900 |
5269.700 |
16554.700 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) Consumption of Raw Materials |
2753.200 |
2406.400 |
7516.200 |
|
|
|
b) Purchase of Stock-in-Trade |
253.500 |
461.300 |
1651.300 |
|
|
|
c) Chanqes in inventories of finished goods. work-in-progress and stock -in-trade |
158.700 |
108.400 |
82.000 |
|
|
|
d) Employees benefits expense |
65.900 |
54.900 |
172.300 |
|
|
|
e) Depreciation and amortisation expense |
77.300 |
71.400 |
221.800 |
|
|
|
f) Power |
1215.200 |
1234.500 |
3628.600 |
|
|
|
q) Other Expenses |
583.300 |
444.300 |
1772.200 |
|
|
|
h) Total Expenses (a to g) |
5107.200 |
4781.200 |
15044.400 |
|
|
3 |
Profit from Operations before Other Income, Finance Costs & Exceptional Items (1-2) |
518.700 |
488.400 |
1510.300 |
|
|
4 |
Other Income |
25.000 |
16.900 |
60.700 |
|
|
5 |
Profit from ordinary activities before Finance Costs & Exceptional Items (3+4) |
543.700 |
505.300 |
1571.000 |
|
|
6 |
Finance costs |
388.500 |
358.200 |
1120.900 |
|
|
7 |
Profit from Ordinary activities after Finance Costs but before Exceptional Items (5-6) |
155.200 |
147.100 |
450.100 |
|
|
8 |
Exceptional items |
- |
- |
- |
|
|
9 |
Profit from
Ordinary Activities before tax (7-8) |
155.200 |
147.100 |
450.100 |
|
|
10 |
Tax expenses |
|
|
|
|
|
|
- Current Tax |
31.000 |
29.500 |
90.000 |
|
|
|
- Mat Credit Entitlement |
0.900 |
10.900 |
(17.700) |
|
|
|
- Deferred Tax |
19.500 |
5.300 |
72.200 |
|
|
|
- Earlier Years' Tax |
- |
- |
|
|
|
11 |
Net Profit from Ordinary Activities after tax (9-10) |
103.900 |
101.400 |
305.500 |
|
|
12 |
Extraordinary Items |
- |
- |
|
|
|
13 |
Net Profit for the
period (11-12) |
103.900 |
101.400 |
305.500 |
|
|
14 |
Paid-up equity share capital (Face Value of Rs. 10/- per Share) |
1137.800 |
802.800 |
1137.800 |
|
|
15 |
Reserves excluding Revaluation Reserves as per Balance Sheet |
|
|
|
|
|
16 |
Earning Per Share
(EPS) for the period (Rs.) (Not Annualized) |
|
|
|
|
|
|
Basic: |
1.13 |
1.26 |
3.63 |
|
|
|
Diluted: |
1.13 |
1.18 |
3 63 |
|
SELECT INFORMATION FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER
2012
|
|
Quarter Ended |
|
|
|
31.12.2012 |
30.09.2012 |
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
Public Shareholding - Number of Shares |
3,18,58,281 |
2,32,68,281 |
|
- Percentage of shareholding |
28.00% |
28.99% |
|
Promoters and promoter group shareholding |
|
|
|
(a} Pledged/Encumbered - Number of Shares |
Nil |
Nil |
|
- Percentage of shares(as a % of the total |
Nil |
Nil |
|
shareholding of promoter and promoter group) - Percentage of shares(as a % of the total |
Nil |
Nii |
|
share capital of
the company) (b) Non-encumbered |
|
|
|
- Number of Shares |
8,19,17,842 |
5,70,07,842 |
|
- Percentage of shares(as a % of the total |
100.00% |
100.00% |
|
shareholding of promoter and promoter group) - Percentage of shares (as a % of the total share capital of the company) |
72.00% |
71.01% |
INVESTOR COMPLAINTS
|
PARTICULARS |
Quarter Ended 31/12/2012 |
|
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 financial resuits have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 13th February. 2013.
2. The auditors of the Company have carried out the "LIMITED REVIEW" of the above financial results.
3. Previous period's/year's figures have been regrouped/rearranged wherever considered necessary.
4. The Company has made preferential allotment of 3,35,00,000 equity shares of Rs. 10/- each at Rs. 60/- per equity share (including a premium of Rs. 50/-) in terms of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 on 29th November 2012 The total fund aggregating to Rs. 2100.000 Millions has been utilised towards the objects of the said issue.
5. The Company has challenged the constitutional validity of Entry Tax imposed by Government of West Bengal- The Company does not consider itself liable to pay such tax and has thus not provided any amount in the books of accounts.
6. The Company has recently received an Order from W8ERC providing for retrospective increase in power tariff from 1st April, 2011, to be recovered in 48 equal installments, commencing from January, 2013. The Company is in the process of obtaining legal opinion in respect of the said Order and the position shall be reviewed by year-end.
SEGMENT-WISE REVENUE AND RESULTS
(Rs. in Millions)
|
|
|
UNAUDITED |
||
|
SL |
PARTICULARS |
Quarter Ended |
Nine Months Ended |
|
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
1 |
Segment Revenue |
|
|
|
|
|
a) Ferro Alloys |
3687.200 |
3752.500 |
11746.900 |
|
|
b) Iron & Steel |
2263.700 |
1797.700 |
5800.100 |
|
|
Total |
5950.900 |
5550.200 |
17546.900 |
|
|
Less; Inter Segment Revenue |
325.100 |
280.500 |
992.200 |
|
|
Net Sales / Income
From Operations |
5625.800 |
5269.700 |
16554.700 |
|
2 |
Segment Results |
|
|
|
|
|
Profit before Tax
& Finance Cost |
|
|
|
|
|
a) Ferro Alloys |
319.700 |
473.000 |
1142.900 |
|
|
b) Iron & Steel |
223.900 |
26.900 |
422.700 |
|
|
c) Unallocated |
0.100 |
5.400 |
5.500 |
|
|
Total |
543.700 |
505.300 |
1571.000 |
|
|
Less: Finance Cost |
388.500 |
358.200 |
1120.900 |
|
|
Less; Exceptional Item |
- |
- |
- |
|
|
Total Profit before
tax |
155.200 |
147.100 |
450.100 |
|
3 |
Capital employed |
|
|
|
|
|
(Segment
assets-Segment liabilities) |
|
|
|
|
|
a) Ferro Alloys |
17640.500 |
16008.700 |
17640.500 |
|
|
b) iron & Steel |
3183.700 |
3153.700 |
3183.700 |
|
|
c) Un-allocated |
8.900 |
55.500 |
8.900 |
|
|
Total |
20833.000 |
19217.900 |
20833.000 |
FIXED ASSETS:
· Factory Shed and Building
·
· Guest House
· Plant and Machinery
· Electrical Installments
· Tools and Equipments
· Air Conditioners
· Office Equipments
· Computers
· Motors Cars
· Furniture and Fixtures
AS PER WEBSITE DETAILS
PRESS RELEASE:
ROHIT FERRO ALLOTS
3.35CR SHARES ON PREF BASIS; STOCK UP 9%
Rohit Ferro Tech has allotted 3.35 crore shares at Rs 60 per share on preferential basis, reports CNBC-TV18.
At 09:43 hrs Rohit Ferro Tech was quoting at Rs 34.05, up Rs 2.80, or 8.96%. It has touched an intraday high of Rs 35 and an intraday low of Rs 32.45.
It was trading with volumes of 370,359 shares, compared to its five day average of 142,546 shares, an increase of 159.82%.
In the previous trading session, the share closed up 4.52% or Rs 1.35 at Rs 31.25.
The share touched its 52-week high Rs 44.00 and 52-week low Rs 21.45 on 22 February, 2012 and 20 December, 2011, respectively.
Currently, it is trading 22.61% below its 52-week high and 58.74% above its 52-week low.
Market capitalisation stands at Rs 2733.400 Millions.
The company's trailing 12-month (TTM) EPS was at Rs 8.36 per share. (Sep, 2012). The stock's price-to-earnings (P/E) ratio was 4.03. The latest book value of the company is Rs 72.08 per share. At current value, the price-to-book value of the company was 0.47. The dividend yield of the company was 1.48%.
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 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 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.54.17 |
|
|
1 |
Rs.82.45 |
|
Euro |
1 |
Rs.70.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.