MIRA
INFORM REPORT
|
Report Date : |
08.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
VESUVIUS INDIA LIMITED |
|
|
|
|
Registered Office : |
P-104, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
06.09.1991 |
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Com. Reg. No.: |
21-052968 |
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Capital
Investment / Paid-up Capital : |
Rs.202.961 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L26933WB1991PLC052968 |
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|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
CALV00709C CALV01863B |
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PAN No.: [Permanent
Account No.] |
AAACV8995Q |
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Legal Form : |
It is a public limited liability Company. The Company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacture of Continuous Casting Refractories. |
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No. of Employees
: |
387 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 11000000 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having fine track record.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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 |
CRISIL |
|
Rating |
Letter of Credit = A1+ |
|
Rating Explanation |
Very strong degree of safety it carry lowest credit risk. |
|
Date |
16.07.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Bank Loan Facility = AA |
|
Rating Explanation |
High degree of safety it carry low credit risk |
|
Date |
16.07.2012 |
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 / Factory 1 : |
P-104, |
|
Tel. No.: |
91-33-30410600 / 24012842 / 3898 / 0215 |
|
Fax No.: |
91-33-24013976 / 1235 |
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E-Mail : |
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Website : |
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Factory 2 : |
Plot No. 13, 14 and 15, Block “E”, IDA Autonagar, Visakhapatnam-530012, Andhra Pradesh, India |
|
Tel. No.: |
91-891-22749120 / 22755419 / 22755408 |
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Fax No.: |
91-891-22587511 |
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E-Mail : |
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Factory 3 : |
212/B, G.I.D.C Estate, Mehsana-384002, |
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Tel. No.: |
91-2762-252948 / 949 |
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Fax No.: |
91-2762-2252909 |
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E-Mail : |
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Factory 4 : |
Survey No. 90
and 98, Part, Block G, Industrial Park, Fakirtakya Village, Autonagar, Visakhapatnam-530046, Andhra
Pradesh,
India |
|
Tel. No.: |
91-891-2749120 / 2755419 / 2755408 |
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Fax No.: |
91-891-2587511 |
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E-Mail : |
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Sales Office 1 : |
Vesuvius Group S.A/N.V Mechelesteenweg 455, Bte 1, 1950 Kraainem,(Business), |
|
Tel. No.: |
32 (0) 27660130 |
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Fax No.: |
32 (0) 27671351 |
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|
|
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Sales Office 2 : |
Veusuvius USA Corporation |
|
Tel. No.: |
(1) 217-3515000 |
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Fax No.: |
(1) 217-3515031 |
DIRECTORS
As on 31.03.2011
|
Name : |
Dr. Saibal Kanti Gupta |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Biswadip Gupta |
|
Designation : |
Director |
|
Qualification |
B.E. (Metallurgy) MBA |
|
Date of Joining |
01.02.1992 |
|
Previous Employment |
Consultant Director of Indian Operation, Vesuvius Corporation S.A., |
|
|
|
|
Name : |
Dr. Claude Dumazeau |
|
Designation : |
Director |
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|
Name : |
Mr. Shekhar Datta |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Tanmay Kumar Ganguly |
|
Designation : |
Managing Director |
|
Age : |
48 Years |
|
Qualification : |
B. Com (Hons), ACA |
|
Experience |
24 Years |
|
Other Directorship : |
Radhakrishna Foodland Private Limited |
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|
|
|
Name : |
Mr. Yves M.C.M.G. Nokerman |
|
Designation : |
Director |
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|
Name : |
Mr. Sudipto Sarkar |
|
Designation : |
Director |
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|
Name : |
Mr. Francois Clement Wanecq |
|
Designation : |
Director |
KEY EXECUTIVES
|
Audit Committee : |
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Share Transfer and
Investor Grievance Committee : |
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Name : |
Mr. Taposh Dominic Roy |
|
Designation : |
Company Secretary |
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Emil ID : |
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Executive
Council : |
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|
Name : |
Mr. Tanmay Kumar Ganguly |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Sudarshan Das |
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Designation : |
Chief Executive- Sales |
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Name : |
Mr. Snajoy Datta |
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Designation : |
Chief Executive Officer |
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|
Name : |
Mr. Subrata Roy |
|
Designation : |
Chief Executive-Operations |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2012
|
Category
of Shareholders |
No. of Shares |
Percentage |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
11277650 |
55.57 |
|
|
11277650 |
55.57 |
|
Total shareholding of Promoter and Promoter Group (A) |
11277650 |
55.57 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3010931 |
14.84 |
|
|
500 |
0.00 |
|
|
2138802 |
10.54 |
|
Sub Total |
5150233 |
25.38 |
|
|
|
|
|
|
647769 |
3.19 |
|
|
|
|
|
|
2252139 |
11.10 |
|
|
877602 |
4.32 |
|
|
90687 |
0.45 |
|
|
79415 |
0.39 |
|
|
11092 |
0.05 |
|
|
80 |
0.00 |
|
|
100 |
0.00 |
|
|
3868197 |
19.06 |
|
Total Public shareholding (B) |
9018430 |
44.43 |
|
Total (A)+(B) |
20296080 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
20296080 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Continuous Casting Refractories. |
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Products : |
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PRODUCTION STATUS (As on 31.12.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Refractories (Shaped) |
Pieces |
778400 |
553253 |
|
Refractories (Unshaped ) |
Tons |
100500 |
48528 |
GENERAL INFORMATION
|
No. of Employees : |
387 (Approximately) |
|
|
|
|
Bankers : |
|
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Banking
Relations : |
-- |
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|
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Auditors : |
|
|
Name : |
B S R and Company Chartered Accountants |
|
Address : |
Building No.10,
8th Floor, Tower – |
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Tel. No.: |
91-124-2549191 |
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Fax No.: |
91-124-2549101 |
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Memberships : |
Confederation of Indian Industry |
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Holding Company : |
Vesuvius Group Limited, |
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Ultimate Holding Company: |
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Fellow Subsidiaries : |
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Name of Principal Group Companies / fellow Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.12.2011
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Share |
Rs.10/- Each |
Rs.250.000 millions |
|
|
|
|
|
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20300000 |
Equity Share |
Rs.10/- Each |
Rs.203.000
millions |
|
|
|
|
|
Subscribed and Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20296080 |
Equity Share |
Rs.10/- Each |
Rs.202.961
millions |
|
|
|
|
|
NOTE
Of the above-
11,277,650 Equity
Shares are held by the Vesuvius Group Limited,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
202.961 |
202.961 |
202.961 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves and Surplus |
2778.033 |
2325.717 |
1930.045 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2980.994 |
2528.678 |
2133.006 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
63.606 |
57.961 |
47.772 |
|
|
|
|
|
|
|
|
TOTAL |
3044.600 |
2586.639 |
2180.778 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1086.559 |
919.756 |
823.173 |
|
|
Capital work-in-progress |
304.342 |
195.667 |
207.073 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS and ADVANCES |
|
|
|
|
|
|
Inventories |
484.351
|
379.184
|
293.061
|
|
|
Sundry Debtors |
1491.506
|
1155.165
|
977.913
|
|
|
Cash and Bank Balances |
544.759
|
561.086
|
547.190
|
|
|
Other Current Assets |
0.597
|
1.005
|
0.000
|
|
|
Loans and Advances |
1996.541
|
1638.505
|
107.095
|
|
Total
Current Assets |
4517.754
|
3734.945
|
1925.259
|
|
|
Less : CURRENT
LIABILITIES and PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
862.287
|
592.648
|
566.231
|
|
|
Other Current Liabilities |
125.379
|
84.800
|
59.245
|
|
|
Provisions |
1876.389
|
1586.281
|
149.251
|
|
Total
Current Liabilities |
2864.055
|
2263.729
|
774.727
|
|
|
Net Current Assets |
1653.699
|
1471.216
|
1150.532
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3044.600 |
2586.639 |
2180.778 |
|
PROFIT AND LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5123.542 |
4203.211 |
3422.796 |
|
|
|
Sales of Services |
279.025 |
197.947 |
192.146 |
|
|
|
Other Income |
46.538 |
53.255 |
28.042 |
|
|
|
TOTAL (A) |
5449.105 |
4454.413 |
3642.984 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
3065.924 |
2419.680 |
1983.219 |
|
|
|
Expenses |
1403.612 |
1168.319 |
973.295 |
|
|
|
Exceptional Item |
0.000 |
(10.917) |
0.000 |
|
|
|
TOTAL (B) |
4469.536 |
3577.082 |
2956.514 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
979.569 |
877.331 |
686.470 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.080 |
0.204 |
0.226 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
973.489 |
877.127 |
686.244 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
146.656 |
129.113 |
126.697 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
826.833 |
748.014 |
559.547 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
274.579 |
259.510 |
185.765 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
552.254 |
488.504 |
373.782 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1867.582 |
1522.596 |
1275.237 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
55.225 |
48.850 |
37.378 |
|
|
|
Proposed Dividend |
86.258 |
81.184 |
76.110 |
|
|
|
Tax on Dividend |
13.680 |
13.484 |
12.935 |
|
|
BALANCE CARRIED
TO THE B/S |
2264.673 |
1867.582 |
1522.596 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
314.017 |
235.449 |
122.906 |
|
|
|
F.O.B Value of Deemed Exports |
499.947 |
389.684 |
286.455 |
|
|
|
Other Earnings |
30.442 |
16.090 |
0.000 |
|
|
TOTAL EARNINGS |
844.406 |
641.223 |
409.361 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1113.819 |
860.215 |
570.660 |
|
|
|
Stores and Spares |
15.571 |
15.461 |
55.798 |
|
|
|
Other Goods-Trading |
119.170 |
72.710 |
9.795 |
|
|
|
Toolings
|
25.897 |
25.920 |
12.135 |
|
|
|
Capital Goods |
39.352 |
63.776 |
14.592 |
|
|
TOTAL IMPORTS |
1313.809 |
1038.082 |
662.980 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
27.21 |
24.07 |
18.42 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2012 |
30.06.2012 |
30.09.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1394.000 |
1392.100 |
1320.100 |
|
Total Expenditure |
1186.800 |
1167.500 |
1075.100 |
|
PBIDT (Excl OI) |
207.200 |
224.600 |
245.000 |
|
Other Income |
4.200 |
3.100 |
2.600 |
|
Operating Profit |
211.400 |
227.700 |
247.600 |
|
Interest |
0.000 |
0.000 |
0.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
211.400 |
227.700 |
247.600 |
|
Depreciation |
40.200 |
41.700 |
40.600 |
|
Profit Before Tax |
171.200 |
186.000 |
207.000 |
|
Tax |
55.600 |
60.400 |
67.200 |
|
Provision for Contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
115.600 |
125.600 |
139.800 |
|
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 |
115.600 |
125.600 |
139.800 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
10.13 |
10.97 |
10.26 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.14 |
17.80 |
16.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.75 |
16.07 |
20.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.30 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.42 |
1.65 |
2.49 |
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 |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter 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 |
OPERATING AND FINANCIAL
PERFORMANCE, INTERNAL CONTROL
The
Company has had another very steady performance in 2011 generating enough cash to
pay for the increased activities and substantial expenditure on capacity
expansion. "Debt Free" status has been maintained with enough cash
balance to support further spending on new assets to sustain growth in coming
years.
This
year gross sales and services increased by over Rs 1 billion. Annual results
show a revenue growth of around 23% driven by strong domestic growth at around
22% and export growth at over 30% over last year, in spite of the slowdown in
domestic steel production. The strong growth in domestic revenue was achieved
due to improvement in market share and penetration into new product and market
segments.
The
operating profit (PBDIT) at Rs 979 million for the year is higher by 13% over
last year and profit after tax (PAT) at Rs 552 million is also higher by over
13%.
Increase
in raw material prices and other input costs like energy, the sudden
devaluation of Rupee vis-avis major currencies like USD,GBP and Euro during
later part of the year and withdrawal of DEPB export benefits have placed a
burden on the margins for the year.
The
Company continued to invest in technological developments and capacity
expansion.
The
Computational Fluid Dynamics (CFD) Laboratory was set up in May 2011 and
consequently a new Water Modelling unit will also be commissioned at the
Kolkata plant by March 2012. Water modelling is mainly aimed at simulating flow
conditions to that of liquid steel in actual continuous casting environment.
Design of the shapes of their products specially sub-entry nozzles for Thin
Slab Casters are critical in determining productivity and operational
efficiency. The primary shape is determined using water modeling and CFD
techniques since most of the operational factors are greatly influenced by flow
patterns.
The
Company always engages with customers to develop for them improved processes at
lower costs. In one such endeavour, the Company designed, manufactured and
installed reinforced precast dampers for a customer's non-recovery type coke
ovens keeping in mind the service conditions of thermal shock resistance, no
cracks and longer service life. The life of the new installed dampers have
increased from 6 months to over 12 months, installation charges were much
lower, this resulted in import substitution and also better process performance
which resulted in huge savings for the customer.
In
a similar way, new generation GTC2085 tundish slidegate system with integrated
tube changer facility was introduced during commissioning of the caster of a
customer. The new system has witnessed significant growth in tundish sequence
lengths. Customer has benefited not only from maximum sequence length but also
from operational efficiencies like reduced alumina build up and oxidation of
refractory, replacing nozzles without interrupting the casting process etc.
The
new pressing complex at the Kolkata plant had been commissioned in July 2011
and installation of the kilns have been completed in January 2012 and are
stabilizing to the desired levels. The other equipments will be installed and commissioned
by March 2012 and they expect Kolkata plant expansion to be completed by April
2012.
At
Visakhapatnam, near their existing factories, full payment for acquiring 15
acres of land on freehold basis from Andhra Pradesh Industrial Infrastructure Corporation
Ltd has been made for setting up the fifth plant of the Company.
All
four factories had been working at near full capacity during the year. In-plant
rejections for all manufactured items have reduced due to improved processes.
The new process to deal with customer complaints on products and services has
been successful and has lead to speed and quality of problem resolution.
The
Company has in place an established internal control system designed to ensure
proper recording of financial and operational information and compliance of
various internal controls and other regulatory and statutory compliances.
Internal Audit on pan India basis was conducted by M/s Deloitte Haskins and
Sells, Chartered Accountants. In addition Cookson Group internal audit function
carried out several audits during the year.
The
Company has complied with the provision of the Code on Internal Control which
require that the Directors review the effectiveness of internal controls
including financial, operational and compliance control and risk management
systems. Self certification exercises are also conducted by which senior
management certify effectiveness of the internal control system for which they
are responsible together with the Company's policies.
SEGMENTWISE PERFORMANCE
The
Company is primarily a manufacturer and trader of refractory and is managed
organizationally as a single unit. Accordingly, the company is single business
segment company. Geographical (secondary) segment has been has been identified
as domestic sales and exports.
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
SEPTEMBER 30 2012
Rs. In Millions
|
Particulars |
Three months ended 30.09.2012 (Unudited) |
Previous Three months ended 30.06.2012 (Unaudited) |
Year to date for current period ended 30.09,2012 (Unaudited) |
|
1. Income from
Operations |
|
|
|
|
(a) Net sales/income from operations (Net of excise duty) |
1318.400 |
1388.500 |
4088.300 |
|
(b) Other operating income |
1.700 |
3.600 |
14.200 |
|
Total Income from operations (net) |
1320.100 |
1392.100 |
4102.500 |
|
2. Expenses |
|
|
|
|
a) Cost of materials consumed |
535.200 |
541.900 |
1693.700 |
|
b) Purchases of stock-in-trade |
205.300 |
225.500 |
655.700 |
|
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(15.500) |
(0.200) |
(59.400) |
|
d) Employee benefits expense |
87.800 |
87.500 |
263.400 |
|
e) Depreciation and amorlisation expense |
40.600 |
41.700 |
122.500 |
|
f) Other expenses |
262.300 |
312.800 |
876.000 |
|
Total expenses |
1115.700 |
1 209.200 |
3551.900 |
|
3. Profit from operations before other income, finance costs and Exceptional Items (1-2) |
204.400 |
182.900 |
550.600 |
|
4. Other income |
2.600 |
3.100 |
13.600 |
|
5. Profit from
ordinary activities before finance costs & exceptional items (3+4) |
207.000 |
I86.000 |
564.200 |
|
6. Finance costs |
- |
- |
- |
|
7. Profit from
ordinary activities after finance costs but before exceptional items (5-6) |
207.000 |
186.000 |
564.200 |
|
8. Exceptional items |
- |
- |
- |
|
9. Profit from
ordinary activities before tax (7-8) |
207.000 |
I86.000 |
564.200 |
|
10. Tax expense |
67.200 |
60.400 |
183.200 |
|
11. Net Profit from
ordinary activities after tax (9-10) |
139.800 |
125.600 |
381.000 |
|
12. Extraordinary items (net of tax expense? nil) |
- |
- |
- |
|
13. Net Profit for
the period (11-12) |
139.800 |
125.600 |
381.000 |
|
14. Share of Profit of Associates |
- |
- |
- |
|
15. Minority Interest |
- |
- |
- |
|
16. Net Profit
after taxes, minority interest ant share of profit of associates (13+14+15) |
139.800 |
125.600 |
381.000 |
|
17. Paid up Equity Share Capital (Face Value ? 10/- per share) |
203.000 |
203.000 |
203.000 |
|
18. Reserves excluding Revaluation Reserves as per Balance Sheet as at 31.12.2011 |
|
|
|
|
19.i. Earnings per share (before extraordinary items) (of ? 107- each) (not annualised) ; |
|
|
|
|
a) Basic |
6.89 |
6.19 |
18,77 |
|
b) Diluted |
6.89 |
6.19 |
18.77 |
|
19.ii. Earnings per share (after extraordinary items) (of? 10/- each) (not annualised): |
|
|
|
|
a) Basic |
6.89 |
6.19 |
18.77 |
|
b) Diluted |
6.89 |
6.19 |
18.77 |
|
|
|
|
|
|
A. PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of Shares |
9018430 |
9018430 |
9018430 |
|
- Percentage of shareholding |
44.43 % |
44.43 % |
44.43 % |
|
|
|
|
|
|
2. Promoters and
Promoter Group shareholding |
|
|
|
|
a) PI edged/Encumbered |
|
|
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
- Percentage of shares (as a % of total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
- Percentage of shares (as a % of the total share capital of the company) |
Nil |
Nil |
Nil |
|
b) Non-encumbered |
|
|
|
|
- Number of shares |
11277650 |
11277650 |
11277650 |
|
- Percentage of shares (as a % of total shareholding of promoter and promoter group) |
100 % |
100% |
100% |
|
- Percentage of shares (as a % of the total share capital of the company) |
55.57 % |
55.57 % |
55.57 % |
|
|
|
|
|
|
B INVESTOR
COMPLAINTS |
|
|
|
|
Pending at the beginning of the quarter |
NIL |
|
|
|
Received during the quarter |
NIL |
|
|
|
Disposed of during the quarter |
NIL |
|
|
|
Remaining unresolved at the end of the quarter |
NIL |
|
|
Notes :
a) The Company is primarily a manufacturer and trader of refractories and is managed organisationally as a single unit. Accordingly, the Company is a single segment company.
b) Securities and Exchange Board of India vide its circular dated April 16, 2012 has made amendments in the format for Disclosure of Financial results. Accordingly, previous period's/year's figures have been regrouped and/or rearranged wherever necessary.
c) Provision for current taxation has been made with reference to the profit for the quarter and in accordance with the provisions of Income Tax Act, 1961 and Rules framed there under. The ultimate lax liability for the assessment year 2013-2014, however, will be determined on the basis of total income for the year ending on March 31, 2013.
d) These unaudited results have been subjected to "Limited Review" by the Auditors of the Company.
e) This statement has been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on November 5, 2012.
FIXED ASSETS
·
Land
·
Buildings
·
Plant and Machinery
·
Electrical Installations
·
Furniture and Fittings
·
Office Equipment Including Computers
·
Motor Vehicles
AS PER WEBSITES
DETAILS:
PROFILE
Subject is a subsidiary of Vesuvius Group Limited, U.K. and was one of the earliest to be given approval by the Central Government (Secretariat for Industrial Approvals) under the liberalised industrial policy of 1991, and the first green-field project to come up in West Bengal in the then changing economic scenario. The equity shares of the Company are listed on the Bombay and National Stock Exchanges.
The Company was incorporated on September 6, 1991 and commercial production started in its first factory at Kolkata from July 1, 1994.
At present the company has four factories one each at Kolkata, Mehsana and two at Visakhapatnam and one manufacturing arrangement at Salem. Another factory at Visakhapatnam will be set up soon. The Kolkata factory manufactures Continuous Casting Refractories including slide gate equipments and porous plugs, the Visakhapatnam factories manufacture monolithics, pre-cast shapes and taphole clay and the Mehsana factory manufactures crucibles for non-ferrous industry. The manufacturing arrangement at Salem supplies basic monolithics for tundish application.
Vesuvius Group Limited, U.K, is the holding company presently holding 55.56% shares of Vesuvius India Limited. The ultimate holding company is Cookson Group plc, UK whose shares are traded on London Stock Exchange. In 1986, Cookson Group plc, U.K acquired the entire controlling interest of the Vesuvius Group and made it their third division namely Ceramics Division.
EXPANSIONS
July 1994 Kolkata factory started commercial production of VISO products
March 1998 Kolkata factory started to manufacture Slide Gate Refractories and machine parts.
February 1999 Technical information and Know-how relating to Blast Furnace Caston and SVP range of refractory products purchased from KSR International India Limited along with a remote gunning machine and other assets.
July 2000 Acquired Monolithics Plant at Visakhapatnam from Carborundum Universal Limited.
May 2002 Purchased the Tundish Lining Business of Foseco India Limited along with allied assets and the Licence to manufacture the products in perpetuity
September 2002 Commenced manufacture of Porous plugs and inner nozzles from Kolkata Plant
March 2003 Acquired the crucibles manufacturing unit at Mehsana, Gujarat. The technology has been sourced from Vesuvius, Germany.
November 2005 Foundation stone laid by Shri Buddhadeb Bhattacharya, the then Chief Minister of West Bengal, for the expansion project for doubling of existing capacity at Kolkata Plant.
January 2006 Doubled the capacity to manufacture crucibles at Mehsana factory
December 2006 Doubled the capacity to manufacture monolithics at Visakhapatnam factory.
December 2007 New factory at Visakhapatnam to manufacture taphole clay and precast shapes commenced operations.
March 2012 15 acres of freehold land obtained in Visakhapatnam for proposed third monolithics plant.
April 2012 Doubled the capacity to manufacture shaped refractory at Kolkata factory.
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.53.14 |
|
|
1 |
Rs.83.27 |
|
Euro |
1 |
Rs.71.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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.