MIRA
INFORM REPORT
|
Report Date : |
17.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
LANCO INDUSTRIES LIMITED |
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|
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Registered
Office : |
Rachagunneri Village, Srikalahasthi Mandal, Chittoor District – 517
641, Andhra Pradesh |
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Country : |
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|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
01.11.1991 |
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|
|
|
Com. Reg. No.: |
01-013391 |
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|
Capital
Investment / Paid-up Capital : |
Rs.397.636
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74999AP1991PLC013391 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDL00513C |
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|
|
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PAN No.: [Permanent Account No.] |
AAACL4108M |
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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
: |
Subject’s main
business is manufacturing and selling pipes, subject is also manufacturing and
selling Cement and producing Pig Iron and LAM Coke for captive use. |
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|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7751000 |
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|
|
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. There appear losses recorded by the company during the financial year
2013 from its operating activities. However, overall fundamentals of the company seem to be sound and
healthy. Trade relations are fair. Business is active. Payment terms are
usually correct. 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social responsibility
in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: A |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
August 23, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A1 |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
August 23, 2013 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. V. Ramakrishnan |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-8578-286650 |
LOCATIONS
|
Registered Office/ Factory : |
Rachagunneri Village, Srikalahasthi Mandal, Chittoor District – 517
641, Andhra Pradesh, India |
|
Tel. No.: |
91-8578-286650-55 |
|
Fax No.: |
91-8578-286657 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
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|
Marketing Head Office : |
No.148/150 (Old No. 98/99), Luz Church Road, Chennai – 600 004,
Tamilnadu, India |
|
Tel. No.: |
91-44-24674900 |
|
Fax No.: |
91-44-24995229 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Mayank Kejriwal |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. G. Maruthi Rao |
|
Designation : |
Director |
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|
Name : |
Mr. Gouri Shankar Rathi |
|
Designation : |
Director |
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Date of Birth/Age : |
09.01.1950 |
|
Qualification : |
B.Com (Hons.),
FCS, LLB |
|
Special Expertise : |
Expertise in general
Administrative management and Marketing. |
|
Date of Appointment : |
08.06.2005 |
|
|
|
|
Name : |
Mr. S.Y.
Rajagopalan |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. R.K. Khanna |
|
Designation : |
Director |
|
Date of Birth/Age : |
19.10.1952 |
|
Qualification : |
Graduate in
Management, Finance, Certificate in Infrastructure and Housing Finance from
USA |
|
Special Expertise : |
Expertise in
Financial Management and Infrastructure development. |
|
Date of Appointment : |
09.02.2013 |
|
Directorship in other Public Limited Companies : |
Shivshahi
Punaravasan Prakalp Limited, Mumbai |
|
|
|
|
Name : |
Mr. L. Madhusudhan Rao |
|
Designation : |
Director |
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Date of Birth/Age : |
08.01.1966 |
|
Qualification : |
M. Tech. and
M.S. |
|
Special Expertise : |
Techno-Economic
Expert |
|
Date of Appointment : |
01.11.1991 |
|
|
|
|
Name : |
Mr. G. Bhaskara Rao |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.06.1954 |
|
Qualification : |
M.E. |
|
Special Expertise : |
Techno-Economic Expert |
|
Date of Appointment : |
01.11.1991 |
|
Directorship in other Public Limited Companies : |
·
Aeolipile Engineering and Manufacturing Limited ·
Fourneyron Engineering and Manufacturing Limited ·
Lanco Infratech Limited ·
Lanco Kanpur Highways Limited ·
Lanco Power Limited ·
Lanco Group Limited ·
Lanco Hydro Power Limited ·
Lanco Anpara Power Limited ·
Lanco Babandh Power Limited ·
Lanco Thermal Power Limited ·
Lanco Vidarbha Thermal Power Limited ·
Lanco Tanjore Power Company Limited |
|
|
|
|
Name : |
Mr. L. Sridhar |
|
Designation : |
Director |
|
Date of Birth/Age : |
14.06.1968 |
|
Qualification : |
BE (Civil) and
M.S. |
|
Special Expertise : |
Expert in
Construction Management |
|
Date of Appointment : |
29.05.2003 |
|
|
|
|
Name : |
Mr. A. Joseph Kumar |
|
Designation : |
Director (Nominee of IDBI) |
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|
|
|
Name : |
Mr. K. Rajendra Prasad |
|
Designation : |
Director (Nominee of APIDC) |
KEY EXECUTIVES
|
Name : |
Mr. V. Ramakrishnan |
|
Designation : |
Finance Manager |
|
|
|
|
Name : |
Mr. G.D. Saini |
|
Designation : |
Chief Financial Officer and Company
Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
20193178 |
50.78 |
|
|
20193178 |
50.78 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
20193178 |
50.78 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3625 |
0.01 |
|
|
24225 |
0.06 |
|
|
244200 |
0.61 |
|
|
9700 |
0.02 |
|
|
281750 |
0.71 |
|
|
|
|
|
|
1837818 |
4.62 |
|
|
|
|
|
|
4174046 |
10.50 |
|
|
11830250 |
29.75 |
|
|
1446553 |
3.64 |
|
|
1443810 |
3.63 |
|
|
2743 |
0.01 |
|
|
19288667 |
48.51 |
|
Total Public shareholding (B) |
19570417 |
49.22 |
|
Total (A)+(B) |
39763595 |
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) |
39763595 |
0.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs.0.100 million BUSINESS DETAILS
|
Line of Business : |
Subject’s main
business is manufacturing and selling pipes, subject is also manufacturing
and selling Cement and producing Pig Iron and LAM Coke for captive use. |
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Products : |
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Imports : |
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Products : |
·
Raw Materials |
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Countries : |
·
China ·
Germany ·
Australia ·
UK ·
USA |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
500 (Approximately) |
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Bankers : |
·
ICICI Bank Limited ·
HDFC Bank Limited ·
IDBI Bank Limited ·
Standard Chartered Bank ·
Punjab National Bank ·
Bank of India ·
Andhra Bank ·
Yes Bank |
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Facilities : |
Notes: LONG TERM BORROWINGS Terms of
Repayment and rate of interest: Rupee Term Loan
of Rs.187.500 millions is repayable in 6 Quarterly installments of Rs.31.250 millions
each and it carries an interest @ 11.82% p.a. payable monthly. Rupee Term Loan
of Rs.112.500 millions repayable in 12 Quarterly installments of Rs.9.375
millions each and it carries an interest @ 13.50% p.a. payable monthly. Rupee Term Loan
of Rs.25.000 millions repayable in 1 Quarterly installments of Rs.25.000
millions each and it carries an interest @ 11.75% p.a. payable monthly. Foreign Currency
loan of US$ 180 Lakhs (Rs.977.400 millions) is repayable in 15 half yearly
installments of US$ 12 Lakhs starting from 15/09/2013 and carries an interest
at LIBOR plus 4.3% p.a. payable half yearly. Foreign Currency
loan of US$ 100 Lakhs (Rs.543.000 millions) is repayable in 8 half yearly
installments of US$ 5 lakhs on 22/11/2013, US$10 lakhs each on 22/5/2014,
22/11/2014, 22/5/2015, US$ 15 lakhs each on 22/11/2015, 22/5/2016, 22/11/2016
and US$ 20 lakhs on 22/5/2017 and carries an interest at LIBOR plus 3.927%
p.a. payable half yearly. Sales tax Deferment – Rs.6.128 millions in 2014-15
and is interest free. Nature of
security: Rupee term loans
and Foreign Currency loan from Banks are secured by way of first pari-passu
charge on the movable and immovable Fixed Assets of the company both present
and future. SHORT TERM BORROWINGS Nature of
Security and rate of interest Working Capital
facilities availed from banks are secured by hypothecation of raw materials,
semi finished goods and finished goods, consumables, stores and spares, book
debts, both present and future of the company and rank pari-passu among
themselves and the rate of interest ranges from 10% to 12.5% p.a. and are
payable on demand. |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
K.R. Bapuji and Company Chartered Accountants |
|
Address : |
Hyderabad, Andhra Pradesh, India |
|
|
|
|
Solicitors : |
Khaitan and Company |
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|
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Associate Company : |
Electrosteel Castings Limited |
|
|
|
|
Enterprise where other directors have significant influence or control
: |
Lanco Infratech Limited* |
*Mr. L. Madhusudhana Rao, Mr. L. Sridhar and Mr. G. Bhaskara Rao
directors of the Company are interested in Lanco Infratech Limited.
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
53000000 |
Equity Shares |
Rs.10/- each |
Rs.530.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
39763595 |
Equity Shares |
Rs.10/- each
|
Rs.397.636
millions |
|
|
|
|
|
Reconciliation of Shares outstanding at the beginning and at the end of
the reporting period
|
Particulars
|
As at 31st March, 2013 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Opening number of Shares Outstanding |
39763595 |
397.636 |
|
Closing number of Shares Outstanding |
39763595 |
397.636 |
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 share is entitled to one vote per share. The dividend proposed by the
Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting.
No dividend has been
recognized as distribution to equity shareholders for the year ended
31.03.2013.
In the event of
liquidation of the company, the holders of equity shares will be entitled to
receive any of the 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 shareholders holding more than 5% shares in the company
|
Particulars
|
As at 31st March, 2013 |
|
|
No. of Shares (in Lakhs) |
% holding |
|
|
Equity shares
with voting rights |
|
|
|
Electrosteel Castings Limited |
193.01 |
48.54 |
|
L. Madhusudhan Rao |
22.85 |
5.75 |
|
G. Bhaskara Rao |
22.85 |
5.75 |
|
L. Sridhar |
22.83 |
5.74 |
|
L. Rajagopal |
22.84 |
5.75 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
397.636 |
397.636 |
397.636 |
|
(b) Reserves & Surplus |
1540.051 |
1671.012 |
1716.425 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
1937.687 |
2068.648 |
2114.061 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
1506.558 |
1295.872 |
771.196 |
|
(b) Deferred tax liabilities (Net) |
277.022 |
359.325 |
361.482 |
|
(c) Other long
term liabilities |
740.356 |
531.727 |
487.618 |
|
(d) Long-term
provisions |
14.668 |
11.668 |
11.872 |
|
Total Non-current
Liabilities (3) |
2538.604 |
2198.592 |
1632.168 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
2767.082 |
3211.287 |
2395.327 |
|
(b)
Trade payables |
1047.990 |
1221.020 |
1290.657 |
|
(c)
Other current liabilities |
737.274 |
689.252 |
636.995 |
|
(d) Short-term
provisions |
27.420 |
22.306 |
117.162 |
|
Total Current
Liabilities (4) |
4579.766 |
5143.865 |
4440.141 |
|
|
|
|
|
|
TOTAL |
9056.057 |
9411.105 |
8186.370 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4402.970 |
3100.903 |
2997.899 |
|
(ii)
Intangible Assets |
10.768 |
14.018 |
18.664 |
|
(iii)
Capital work-in-progress |
170.164 |
631.389 |
266.767 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
652.020 |
703.201 |
737.597 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
5235.922 |
4449.511 |
4020.927 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2082.610 |
3187.700 |
2388.337 |
|
(c)
Trade receivables |
1194.271 |
1223.719 |
1372.585 |
|
(d) Cash
and cash equivalents |
102.062 |
102.400 |
191.751 |
|
(e)
Short-term loans and advances |
138.525 |
207.602 |
91.464 |
|
(f)
Other current assets |
302.667 |
240.173 |
121.306 |
|
Total
Current Assets |
3820.135 |
4961.594 |
4165.443 |
|
|
|
|
|
|
TOTAL |
9056.057 |
9411.105 |
8186.370 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (net) |
8638.893 |
7870.002 |
7259.999 |
|
|
|
Other Income |
100.243 |
84.212 |
101.148 |
|
|
|
TOTAL
(A) |
8739.136 |
7954.214 |
7361.147 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
5687.104 |
5575.821 |
4039.283 |
|
|
|
Purchases of traded goods |
103.837 |
70.566 |
286.991 |
|
|
|
Changes in
inventories of finished goods & work-in-progress |
86.653 |
(401.645) |
4.696 |
|
|
|
Employee
benefits expense |
379.894 |
360.542 |
332.860 |
|
|
|
Other expenses |
1868.891 |
1612.066 |
1724.850 |
|
|
|
TOTAL (B) |
8126.379 |
7217.350 |
6388.680 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
612.757 |
736.864 |
972.467 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
604.180 |
578.610 |
226.854 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8.577 |
158.254 |
745.613 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
221.842 |
199.933 |
187.161 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(213.265) |
(41.679) |
558.452 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(82.303) |
(2.156) |
138.189 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(130.962) |
(39.523) |
420.263 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
115.415 |
160.828 |
165.794 |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD
ADJUSTMENT – TAXATION |
0.000 |
(5.890) |
(5.908) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
0.000 |
0.000 |
350.000 |
|
|
|
Proposed Dividend including tax thereon |
0.000 |
0.000 |
69.321 |
|
|
BALANCE CARRIED
TO THE B/S |
(15.547) |
115.415 |
160.828 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Sale of Carbon Credits |
22.477 |
95.170 |
0.000 |
|
|
|
Compensation Received |
0.000 |
14.869 |
0.000 |
|
|
TOTAL EARNINGS |
22.477 |
110.039 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1575.612 |
3288.506 |
2897.788 |
|
|
|
Stores & Spares |
116.436 |
138.237 |
188.685 |
|
|
|
Capital Goods |
180.437 |
164.744 |
20.613 |
|
|
TOTAL IMPORTS |
1872.485 |
3591.487 |
3107.086 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(3.29) |
(0.99) |
10.57 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
2210.000 |
|
Total Expenditure |
|
|
1966.700 |
|
PBIDT (Excl OI) |
|
|
243.300 |
|
Other Income |
|
|
20.700 |
|
Operating Profit |
|
|
264.000 |
|
Interest |
|
|
144.200 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
119.700 |
|
Depreciation |
|
|
69.400 |
|
Profit Before Tax |
|
|
50.400 |
|
Tax |
|
|
15.400 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
35.000 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
35.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(1.50)
|
(0.50)
|
5.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.47)
|
(0.53)
|
7.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.40)
|
(0.47)
|
7.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.11)
|
(0.02)
|
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.21
|
2.18 |
1.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.83
|
0.96 |
0.94 |
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
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 |
Yes |
|
20) Export / Import details (if applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
Yes |
|
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 |
LITIGATION DETAILS:
CASE STATUS INFORMATION
SYSTEM
|
CEA 91 / 2011 |
CEASR 1137 /
2011 |
CASE IS:PENDING
|
|
PETITIONER |
|
RESPONDENT |
|
COMMISSIONER OF CUSTOMS |
VS |
LANCO INDUSTRIES
LIMITED |
|
PET.ADV. : SATHYARAM (SR SC FOR CB EXCISE) |
|
RESP.ADV. : PRABHAKARA
SASTRY |
|
SUBJECT: CENTRAL EXCISE APPEAL |
|
DISTRICT: HYDERABAD
|
|
FILING DATE: 08-04-2011 |
POSTING
STAGE : FOR ADMISSION AND HEARING |
|
|
REG. DATE : 01-06-2011 |
LISTING
DATE : 27-06-2011 |
STATUS : ADMIT |
|
HON'BLE JUDGE(S): |
V.V.S.RAO
|
RAMESH
RANGANATHAN |
|
|
|
|
|
Unsecured Loan |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM BORROWINGS |
|
|
|
Sales tax Deferment |
6.128 |
55.212 |
|
SHORT TERM BORROWINGS |
|
|
|
Commercial paper |
0.000 |
250.000 |
|
Total
|
6.128 |
305.212 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10443660 |
24/06/2013 |
900,000,000.00 |
IDBI BANK
LIMITED |
44, SHAKESPHEARE
SARANI, KOLKOTA, WEST BENGAL - 700017, INDIA |
B82299595 |
|
2 |
10367456 |
31/12/2012 * |
560,920,000.00 |
STANDARD
CHARTERED BANK |
AND ON BEHALF OF
STANDARD CHARTERED BANK, LONDON), |
B65961708 |
|
3 |
10343785 |
10/05/2012 * |
600,000,000.00 |
STANDARD
CHARTERED BANK |
19, NETAJI
SUBHAS ROAD, KOLKATA, WEST BENGAL - 700001, INDIA |
B39170287 |
|
4 |
10300564 |
13/09/2011 * |
400,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B21276019 |
|
5 |
10291964 |
12/09/2011 * |
810,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B20721015 |
|
6 |
10280593 |
11/03/2011 |
500,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013,
INDIA |
B10589786 |
|
7 |
10267156 |
13/09/2011 * |
150,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B21310370 |
|
8 |
10267537 |
04/01/2011 |
500,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013,
INDIA |
B06128656 |
|
9 |
10256431 |
28/11/2012 * |
1,800,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B64083066 |
|
10 |
10255174 |
18/11/2010 |
500,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B01030923 |
|
11 |
10179463 |
06/01/2010 * |
3,750,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
115, ANNA SALAI,
SAIDAPET, CHENNAI, TAMILNADU |
A77595452 |
|
12 |
80061662 |
29/11/2010 * |
3,500,000,000.00 |
STANDARD CHARTERED
BANK (LEAD BANK) |
19, NETAJI
SUBHAS ROAD, KOLKATA, WEST BENGAL - 700001, INDIA |
B02666105 |
|
13 |
90261582 |
07/12/2001 * |
30,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI TOWER,
CUFFE PARADE, MUMBAI, MAHARASHTRA, INDIA |
- |
|
14 |
90261274 |
24/08/1995 * |
70,000,000.00 |
THE INDUSTRIAL
CREDIT AND INVESTMENT CORPORATION OF INDIA LIMITED |
ZENITH HOUSE,
KESHAVRAO KHADE MARG, MAHALAXMI, BOMBAY, MAHARASHTRA - 400034, INDIA |
- |
|
15 |
90261074 |
03/03/1994 * |
25,200,000.00 |
UNIT TRUST OF
INDIA |
13, SIR
VITHALDAS THACKERSERY MARG, (NEW MARINE |
- |
* Date of charge modification
CORPORATE INFORMATION:
The company, incorporated under the Companies Act, 1956, in the year
1991, is engaged in the manufacture and supply of Ductile Iron Pipe as its core
business with its domicile presence in the State of Andhra Pradesh, India. The
company is a leading Public Utility Services company predominantly catering to
the needs of Water Infrastructure Development. The company also produces Low
Ash Metallurgical Coke and Power for captive consumption in its integrated
complex. It also manufactures and supply Pig Iron and Cement, in the process.
The company’s shares are listed on the National Stock Exchange Limited and the
Bombay Stock Exchange Limited and the shares are traded regularly.
REVIEW OF
OPERATIONS
The Company
achieved Gross operating revenue of Rs.8976.200 millions during the year as
against Rs.8238.500 millions in the previous year, registering an increase of
8.95%.
The production of
D. I. Pipes during the FY 2012-13 was higher by 7.70% at 1,57,753 MT when
compared to 1,46,478 MT for the FY 2011-12.
The production of Mini
Blast Furnace (MBF), producing liquid metal mainly for Ductile Iron Pipe Plant
was marginally lower during the FY 2012-13 at 1,78,707 MT compared to 1,80,026
MT for the FY 2011-12. The production of Low Ash Metallurgical Coke was higher
in FY 2012-13 by 16.2% at 1,25,239 MT as against 1,07,765 MT in FY 2011-12.
However, the power generation in 12 MW – Waste Heat Recovery Based Captive
Power Plant was slightly lower in FY 2012-13 at 642 lakh units as against 678
lakh units in FY 2011-12, due to shutdown of Power Plant for 25 days for
synchronization of 3rd boiler and turbine overhauling.
Due to adverse
power situation in the state, production of slag cement during the year was
lower by
26.60% at 66,059
MT as against 90,000 MT in the FY 2011-12.
Procurement of
calibrated iron ore through e-auction route at a higher cost continued till 3rd
quarter of the year, resulting in significant increase in the input cost.
This apart, the
power crisis in the State has further aggravated in the FY 2012-13, leading to
shortage of power, on account of load/supply restrictions imposed by APSPDCL.
This has forced the Company to purchase power from private power generation
companies through Indian Energy Exchange (IEX) at a much higher cost compared
to the cost of grid power.
The power cost has
been increased by about 28% in the State for HT Consumers from April, 2012.
Although, the
Company has registered a moderate growth in the volumes of DI pipes during the
FY 2012-13, due to higher cost of iron ore, power and interest, the
profitability of the Company was adversely affected.
FUTURE PROSPECTS
Installation of 3rd
battery in Coke Oven Plant and additional Boiler in 12 MW Captive Power Plant
has been successfully commissioned during the year. Accordingly, the capacity of
Coke Oven Plant has increased from 1,50,000 TPA to 2,25,000 TPA. Moreover, the
additional boiler has resulted in full utilization of the capacity of 12 MW
Captive Power Plant.
Further, the
Sinter Plant project started in the year 2011-12 has been successfully
commissioned in the last quarter of the year. With sinter, the requirement of
high cost calibrated iron ore has been replaced with low cost iron ore fines in
the current inventory by more than 80% and reduced coke consumption. This has
increased the capacity of MBF to 2,75,000 TPA. All these factors together lead
to improved working in the last quarter of FY 2012-13.
The power cost has
been increased by about 24% in the State for HT Consumers from April, 2013.
Installation of
132 KVA
Sub-Station to synchronize the power requirements of the company was delayed,
due to slow progress of APTRANSCO’s 220/132 KVA Substation. This is now
expected to be commissioned by 2nd quarter of 2013-14, resulting to lower cost
of power, besides improved quality.
Although there is
intense competition in the domestic market, with the implementation of the
above mentioned backward integration projects, the company’s profitability will
improve during the FY 2013-14, barring unforeseen circumstances.
MANAGEMENT
DISCUSSION AND ANALYSIS
OVERVIEW
Subject promoted
by Lanco Group in 1992 set up a Mini Blast Furnace (MBF) in 1994 with an
installed capacity of 90,000 TPA to manufacture and sell Pig Iron to foundry
units across India.
In 1998, subject
entered into an arrangement to supply Molten Iron and Pig Iron to Lanco
Kalahasthi Castings Limited
(LKCL) a company
within the same campus engaged in the business of Iron Castings and Forging.
LKCL later on added high technology Ductile Iron Pipes (DIP) manufacturing
facilities to its portfolio.
In March 2002,
India’s pioneering D.I. Pipe manufacturer, Electrosteel Castings Limited (ECL)
entered into a strategic alliance with subject and LKCL by acquiring 46.43 and
48.89 percent stake in the companies respectively. In addition to technological
support, ECL also infused fresh funds into subject by way of equity
participation and re-modeled the financial structure, thus reducing interest
costs.
In 2003, the
capacity of MBF was increased from 90,000 TPA to 1,50,000 TPA and the capacity
of DI. Pipes was increased from 60,000 TPA to 90,000 TPA at a capital outlay of
approx. Rs.350.000 millions.
In 2003, LKCL got
merged with subject (with effect from 1st April, 2003) to take advantage of the
close synergy in the business model of the two companies, since a large part of
Pig Iron in liquid form is consumed by LKCL for manufacture of pipes.
In 2004, a major
backward integration project comprising of 1,50,000 TPA Coke Oven Plant and 12
MW Waste Heat Recovery Based Co-generating Captive Power Plant at a capital
outlay of Rs.880.000 millions was started.
In 2005, 1,50,000
TPA Coke Oven Plant was commissioned and commercial production was stabilized.
The coke being produced is at par with international quality of LAM coke.
In 2006, the
capacity of D. I. Pipes was further increased from 90,000 TPA to 1,20,000 TPA
and the 12 MW Waste Heat Recovery Based Co-Generating Captive Power Plant was
set up, which started generating power from March, 2007.
In 2007, Stamp
Charging System was successfully implemented at Coke Oven Plant for producing
quality metallurgical coke at a lower cost.
In 2008, the
Company implemented ERP system (SAP) to support business process and effective
resource planning and management.
In 2009, capacity
of D. I. Pipes was increased from 1,20,000 TPA to 1,80,000 TPA.
In 2010, capacity
of Mini Blast Furnace (MBF) for production of Liquid Metal/Pig Iron was
enhanced from 150,000 TPA to 225,000 TPA and also the capacity of DI Pipes was
enhanced from 180,000 TPA to 225,000 TPA.
In 2011, the
Company’s admired project to use primarily treated sewerage water of Tirupati
Municipal Corporation for industrial purpose was commissioned successfully.
In 2012, capacity of
Coke Oven Plant was enhanced from 150,000 TPA to 225,000 TPA by installing 3rd
Coke oven battery. Moreover, installation of additional boiler in the 12 MW
Captive Power Plant was also successfully commissioned, resulting in full
utilization of capacity of the Power Plant. Further, the project for
installation of Sinter Plant has been successfully commissioned in the last
quarter of the year, whereby, usage of lump ore in MBF has been substituted
with iron ore fines to the extent of 90%, besides leading to increase in the
capacity of MBF to 2,75,000 TPA.
THE YEAR IN RETROSPECT (2012-13 Vs. 2011-12)
The volumes of production and sales of Company’s products reflected a
healthy growth during the year 2012-13.
|
Product |
Production (MT) |
Despatchs (MT) |
||
|
2012-13 |
2011-12 |
2012-13 |
2011-12 |
|
|
Molten Metal/Pig Iron* |
1,78,707 |
1,80,026 |
1,79,451 |
1,80,814 |
|
D. I. Pipes |
1,57,753 |
1,46,478 |
1,59,358 |
1,44,901 |
|
Cement** |
66,059 |
90,000 |
65,286 |
89,421 |
* Despatches include
1,66,055 MT (Previous year 1,58,514 MT) used for captive consumption.
** Despatches
include 17,283 MT (Previous year 11,437 MT) used for captive consumption.
1,25,239 MT coke
was produced in the Coke Oven Plant for captive consumption during 2012-13
vis-ŕ-vis 1,07,765 MT in 2011-12.
The 12 MW Waste
Heat Recovery Based Co-Generating Captive Power Plant of the Company generated
642 lakh units of power compared to 678 lakh units in FY 2011-12.
The gross
operating revenue of the Company increased from Rs.8238.500 millions in FY
2011-12 to Rs.8976.200 millions. In FY 2012-13, registering a growth of 8.95%.
However, due to higher power and finance costs with no commensurate increase in
selling prices, the Company has incurred a net loss of Rs.130.900 millions
during the year as against Rs.39.500 millions net loss incurred in FY 2011-12.
INDUSTRY OUTLOOK
Ductile Iron Pipes
being preferred pipe category for water supply and irrigation projects and the continued
emphasis given by Govt. of India on improving the water supply and sewerage
infrastructure, with sanitation coverage as low as 25% for rural masses in the
Country, the fortunes for domestic DI Pipe industry remain positive and healthy
over the longer term.
However, intense
competition on the back of creation of excess capacities in domestic market,
rising input prices and finance costs may impact the order book and
profitability.
OUTLOOK
Commissioning of
backward integration projects as aforesaid has added value in terms of
increased power generation and reduced consumption of calibrated iron ore,
thereby leading to reduction in overall cost of production. Besides these
developments, the growing demand for DI pipes in the domestic market is likely
to auger well for the positive growth of the Company.
CONTINGENT LIABILITIES NOT PROVIDED FOR:
|
Particulars |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
a) Guarantees given by banks on behalf of
the Company |
103.167 |
120.549 |
|
b) Bills discounted with banks |
798.453 |
277.212 |
|
c) Outstanding Letter of Credits |
-- |
104.437 |
|
d) Various demands raised, which in the opinion of the
management are not tenable and are pending with various forums / authorities
: |
|
|
|
i) Sales Tax |
136.476 |
131.984 |
|
ii) Excise, Custom Duty and Service Tax |
39.568 |
49.629 |
|
iii) Income Tax |
3.772 |
3.772 |
FIXED ASSETS:
Tangible Assets
·
Land
·
Leasehold Land
·
Factory Building
·
Non Factory Building
·
Plant and Machinery
·
Electrical Installation
·
Office Equipment
·
Furniture
·
Vehicle
Intangible Assets
·
Computer Software
WEBSITE
DETAILS:
NEWS:
LANCO INDUSTRIES REPORTS NET PROFIT OF RS.35.000
MILLIONS IN THE JUNE 2013 QUARTER
August 06, 2013
Net profit of Lanco Industries reported to Rs.35.000 millions in the quarter ended June 2013 as against net loss of Rs 61.600 millions during the previous quarter ended June 2012. Sales rose 10.54% to Rs.2188.200 millions in the quarter ended June 2013 as against Rs.1979.500 millions during the previous quarter ended June 2012.
(Rs.
in millions)
|
Particulars |
Quarter Ended |
|
|
|
June 2013 |
June 2012 |
% Var. |
|
|
Sales |
2188.200 |
1979.500 |
11 |
|
OPM % |
11.12 |
6.69 |
-- |
|
PBDT |
119.800 |
(25.000) |
LP |
|
PBT |
50.400 |
(77.000) |
LP |
|
NP |
35.000 |
(61.600) |
LP |
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.62.10 |
|
|
1 |
Rs.101.27 |
|
Euro |
1 |
Rs.85.43 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.