MIRA INFORM REPORT
|
Report Date : |
28.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
TRL KROSAKI REFRACTORIES LIMITED (w.e.f. 03.06.2011) |
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Formerly Known
As : |
TATA REFRACTORIES LIMITED (w.e.f. 06.03.1986) BELPAHAR REFRACTORIES LIMITED |
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Registered
Office : |
Belpahar, Jharsuguda – 768218, Orissa |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
05.09.1958 |
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Com. Reg. No.: |
15-000349 |
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Capital
Investment / Paid-up Capital : |
Rs. 209.000
Millions |
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|
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CIN No.: [Company Identification
No.] |
U26921OR1958PLC000349 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BBNT00014A |
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PAN No.: [Permanent Account No.] |
AAACT6494Q |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing and Selling of Refractories. |
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No. of Employees
: |
1292 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
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 10700000 |
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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 an established company having a good track record. There
appears some dip in the profitability of the company. However, the company
has leading position in the domestic refractory industry, strong brand image
and a large and reputed client base. Financial position of the company is
good. Trade relations are 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new government
will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT or
tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
AA (Term Loan) |
|
Rating Explanation |
High credit quality and low credit risk. |
|
Date |
June 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
A1+ (Short Term Debt) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
June 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 DENIED
Management Non-Cooperative (91-6645-258623)
LOCATIONS
|
Registered Office/
Factory : |
Belpahar, Jharsuguda – 768218, |
|
Tel. No.: |
91-6645-258623/ 258396/ 258377/ 250249/ 250264/
250273/ 2358486/ 258417 |
|
Mobile No : |
91-9937286933
(Mr. M.V. Rao) |
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Fax No.: |
91-6645-250243/ 250254 |
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E-Mail : |
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Website : |
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Head Office/ Marketing Division : |
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Tel No : |
91-33-64990527 |
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Fax No : |
91-33-22881063/ 1065 |
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E-Mail : |
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Domestic Marketing Office : |
Located at: ·
·
Kolkata ·
Vizag ·
Belpahar ·
Mumbai ·
Bengaluru ·
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Operation Office : |
Located at: ·
·
·
·
·
·
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Branch Office : |
Harshdeep Plaza, Indore – 452001, Madhya Pradesh, India |
DIRECTORS
AS ON 15.09.2012
|
Name : |
Mr. Vuppala Satyanarayana Murty |
|
Designation : |
Director |
|
Address : |
No. 10, Judges Court Road, Alipore, Flat No.31, 7th Floor,
Kolkata, West Bengal, India |
|
Date of Birth/Age : |
15.04.1951 |
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Date of Appointment : |
05.05.2008 |
|
DIN No : |
00092348 |
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|
Name : |
Mr. Hemant Madhusudan Nerurkar |
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Designation : |
Additional director |
|
Address : |
5-C Road, Northern Town, Bistupur, Jamshedpur – 831001, Jharkhand,
India |
|
Date of Birth/Age : |
20.10.1948 |
|
Qualification : |
B. Tech. in Metallurgy |
|
Date of Appointment : |
15.09.2012 |
|
DIN No : |
00265887 |
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|
Name : |
Mr. Arup Kumar Chattopadhyay |
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Designation : |
Managing Director |
|
Address : |
Owners Court 6, May Fair Road, Flat No. 81, Kolkata – 700019, West
Bengal, India |
|
Date of Birth/Age : |
17.12.1952 |
|
Qualification : |
M. Tech (Chem. Tech),
Ph. D (Tech) |
|
Experience : |
34 Years |
|
Date of Appointment : |
10.05.2013 |
|
PAN No.: |
ABAPC1237G |
|
DIN No : |
00201892 |
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|
|
Name : |
Mr. Hiroshi Odawara |
|
Designation : |
Director |
|
Address : |
12-10-1006, Tsutsui-machi, Yahantanishi-ku, Kitakyushu-City,
Fukuoka-Perfecture, Kitakyushu, Japan |
|
Date of Birth/Age : |
18.08.1953 |
|
Qualification : |
B.Ec. ( Nagasaki
University), Japan |
|
Date of Appointment : |
31.05.2011 |
|
DIN No : |
03514764 |
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|
|
|
Name : |
Mr. Kotaro Kuroda |
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Designation : |
Director |
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Address : |
1-5-12, Sakuradai, Nakama-shi, Fukuoka – 8090017, Japan |
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Date of Birth/Age : |
21.07.1956 |
|
Qualification : |
B.Sc. and M.Sc.
(Kyushu University, Japan) |
|
Date of Appointment : |
31.05.2011 |
|
DIN No : |
03140089 |
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|
|
|
Name : |
Mr. Kinji Matsushita |
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Designation : |
Director |
|
Address : |
4-9-42-503, Kobai-cho, Yahatanishi-ku, Kitakyushu-City, Fukuoka
Perfecture, Kitakyushu – 8060011, Japan |
|
Date of Birth/Age : |
24.01.1957 |
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Date of Appointment : |
31.05.2011 |
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DIN No : |
03515430 |
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|
Name : |
Mr. Kiyotaka Oshikawa |
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Designation : |
Director |
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Address : |
Mitsusadadai 1-1-1-714, Yahatanishi-ku, Kitakyushu-city, Fukuoka Perfecture,
Kitakyushu – 8070805, Japan |
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Date of Birth/Age : |
27.07.1960 |
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Qualification : |
Faculty of
political science and economics (Waseda University, Japan) |
|
Date of Appointment : |
31.05.2011 |
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DIN No : |
03515516 |
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|
Name : |
Mr. Prem Shankar Shrivastava |
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Designation : |
Additional Director |
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Address : |
1302, Kailash Tower, Kaushambi, Ghaziabad – 201010, Uttar Pradesh,
India |
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Date of Birth/Age : |
18.02.1955 |
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Date of Appointment : |
26.10.2012 |
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DIN No : |
06397536 |
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|
Name : |
Mr. Rakesh Kulshreshtha |
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Designation : |
Director appointed in casual vacancy |
|
Address : |
C-01, Ispatika Apartments, Sector – 4, Plot No.29, Dwarka Phase – 1,
New Delhi – 110075, India |
|
Date of Birth/Age : |
08.10.1952 |
|
Qualification : |
B. Tech Degree
in Metallurgical Engineering |
|
Date of Appointment : |
12.12.2011 |
|
DIN No : |
03196186 |
KEY EXECUTIVES
|
Name : |
Mr. Arabinda Debta |
|
Designation : |
Secretary |
|
Address : |
P-45, TRL Township, Belpahar, Jharsuguda – 768218, Orissa, India |
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Date of Birth/Age : |
25.06.1976 |
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Date of Appointment : |
22.08.2011 |
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PAN No.: |
AIKPD0761H |
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|
Name : |
Mr. P.B. Panda |
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Designation : |
Executive Vice President and Chief Operating Officer |
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|
Name : |
Mr. C.S. Das |
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Designation : |
Executive Vice President and Chief Financial Officer |
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|
Name : |
Dr. Tarapada Dash |
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Designation : |
Vice President (HR and Administration) |
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|
Name : |
Mr. Hirdesh Sehgal |
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Designation : |
Vice President (Operations) |
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Name : |
Mr. P.K. Patel |
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Designation : |
Vice President (Project and Support Services) |
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Name : |
Dr. Sukumar Adak |
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Designation : |
Vice President (Technology) |
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Name : |
Mr. Santanu Mukhopadhyay |
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Designation : |
Vice President (Business Development) |
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Name : |
Mr. J Pandey |
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Designation : |
Vice President (Strategy Management and Business
Excellence) |
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Name : |
Mr. P.K. Naik |
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Designation : |
Vice President (Strategic Raw Material Sourcing) |
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Name : |
Mr. M.V. Rao |
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Designation : |
Vice President (Commercial) |
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Name : |
Mr. M.C. Pradhan |
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Designation : |
Vice President (Gujarat and |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 15.09.2012
SHAREHOLDING DETAILS FILE ATTACHED
AS ON 15.09.2012
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Government Companies |
|
10.54 |
|
Public Financial Institutions |
|
4.61 |
|
Foreign holdings
(Foreign institutional investor(s), Foreign Companie(s) Foreign financial
institution(s), Non-resident Indian(s) or Overseas corporate bodies or
Others) |
|
51.00 |
|
Bodies Corporate |
|
27.83 |
|
Other Top 50 Shareholders |
|
5.95 |
|
Others |
|
0.07 |
|
|
|
|
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Refractories. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
1292 (Approximately) |
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Bankers : |
Ø
Central Bank of India, Main Road, Bistupur, Jamshedpur – 831001,
Bihar, India Ø
Central Bank of India, Corporate Finance Branch, 33, N.S. Road,
Kolkata – 700001, West Bengal, India Ø State Bank of India Ø Mizuho Corporate Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
N.M. Raiji and Company Chartered Accountants |
|
Address : |
Universal Insurance Building, 6th Floor, Sir P.M. Road,
Mumbai – 400001, Maharashtra, India |
|
PAN No.: |
AAAFN4217G |
|
|
|
|
Holding Company : |
Ø Krosaki Harima Corporation, Japan (June 3, 2011 onwards) Ø Tata Steel Limited (Upto June 2, 2011)* [L27100MH1907PLC000260] |
|
|
|
|
Subsidiaries : |
Ø TRL Asia Private
Limited, Ø TRL China
Limited, |
|
|
|
|
Fellow Subsidiaries : |
Ø Indian Steel and
Wire Products Limited [L27106WB1935PLC008447] Ø Nat Steel Asia
Pte Limited Ø Tata Metaliks
Limited [L27310WB1990PLC050000] Ø Corus U. K.
Limited Ø Tayo Rolls
Limited [L27105JH1968PLC000818] Ø Kalimati
Investment Company Limited [U65990MH1983PLC030848] |
|
|
|
|
Associates : |
Ø Almora Magnesite
Limited [U26941UR1971PLC003453] Ø
Tata Sponge Iron Limited (Upto June 2, 2011)* [L27102OR1982PLC001091]- Ø
TRF Limited (Upto June 2, 2011)* Ø
Jamipol Limited (Upto June 2, 2011)*
[U24111JH1995PLC009020] Ø Tata Chemicals
Limited [L24239MH1939PLC002893] Ø
Tata Motors Limited [L28920MH1945PLC004520] |
CAPITAL STRUCTURE
AS ON 15.09.2012
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20900000 |
Equity Shares |
Rs.10/- each |
Rs.209.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
209.000 |
209.000 |
|
(b) Reserves & Surplus |
|
2475.832 |
2315.486 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
2684.832 |
2524.486 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
329.145 |
163.615 |
|
(b) Deferred tax liabilities (Net) |
|
142.826 |
153.439 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
208.059 |
229.500 |
|
Total Non-current
Liabilities (3) |
|
680.030 |
546.554 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
1179.263 |
847.580 |
|
(b) Trade payables |
|
1174.903 |
944.157 |
|
(c) Other current liabilities |
|
349.576 |
348.977 |
|
(d) Short-term provisions |
|
188.710 |
485.840 |
|
Total Current Liabilities
(4) |
|
2892.452 |
2626.554 |
|
|
|
|
|
|
TOTAL |
|
6257.314 |
5697.594 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1667.065 |
1651.172 |
|
(ii) Intangible Assets |
|
60.894 |
0.000 |
|
(iii) Capital work-in-progress |
|
149.341 |
117.756 |
|
(iv) Intangible assets under development |
|
7.750 |
0.000 |
|
(b) Non-current Investments |
|
336.647 |
338.935 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
81.308 |
107.977 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
2303.005 |
2215.840 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1605.305 |
1378.440 |
|
(c) Trade receivables |
|
1908.028 |
1685.056 |
|
(d) Cash and cash equivalents |
|
32.900 |
79.435 |
|
(e) Short-term loans and advances |
|
408.065 |
338.807 |
|
(f) Other current assets |
|
0.011 |
0.016 |
|
Total Current
Assets |
|
3954.309 |
3481.754 |
|
|
|
|
|
|
TOTAL |
|
6257.314 |
5697.594 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
209.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
2272.407 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
2481.407 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
664.823 |
|
|
2] Unsecured Loans |
|
|
438.954 |
|
|
TOTAL BORROWING |
|
|
1103.777 |
|
|
DEFERRED TAX LIABILITIES |
|
|
166.304 |
|
|
Provision for Employee Separation Compensation |
|
|
43.227 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3794.715 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1805.878 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
338.934 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1219.827
|
|
|
Sundry Debtors |
|
|
1258.818
|
|
|
Cash & Bank Balances |
|
|
130.779
|
|
|
Other Current Assets |
|
|
0.036
|
|
|
Loans & Advances |
|
|
464.305
|
|
Total
Current Assets |
|
|
3073.765
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
878.921
|
|
|
Other Current Liabilities |
|
|
279.033
|
|
|
Provisions |
|
|
265.908
|
|
Total
Current Liabilities |
|
|
1423.862
|
|
|
Net Current Assets |
|
|
1649.903
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3794.715 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9007.570 |
8682.374 |
8195.943 |
|
|
|
Other Income |
66.921 |
47.143 |
50.332 |
|
|
|
TOTAL (A) |
9074.491 |
8729.517 |
8246.275 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Consumed |
3272.186 |
|
|
|
|
|
Purchases of Finished, Semi-finished and Other products |
2044.148 |
2022.915 |
|
|
|
|
Changes in stock of finished goods, work-in-progress and stock-in-trade |
(24.299) |
(66.808) |
|
|
|
|
Employee Benefit Expense |
517.129 |
499.072 |
|
|
|
|
Other Expenses |
2517.607 |
2119.756 |
|
|
|
|
Expenditure (other than interest) transferred to capital |
(43.279) |
(32.850) |
|
|
|
|
TOTAL (B) |
8283.492 |
7729.370 |
7330.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
790.999 |
1000.147 |
915.575 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
206.819 |
122.244 |
108.991 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
584.180 |
877.903 |
806.584 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
236.619 |
214.554 |
209.770 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
347.561 |
663.349 |
596.814 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
102.198 |
236.480 |
212.162 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
245.363 |
426.869 |
384.652 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
246.748 |
196.138 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
|
200.000 |
|
|
|
Dividend |
NA |
|
114.950 |
|
|
|
Tax on Dividend |
NA |
|
19.092 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
246.828 |
246.748 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1405.059 |
1227.698 |
1289.332 |
|
|
|
Commission Earnings |
50.822 |
31.023 |
41.239 |
|
|
TOTAL EARNINGS |
1455.881 |
1258.721 |
1330.571 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1361.026 |
1270.550 |
930.616 |
|
|
|
Finished Products |
662.490 |
615.357 |
857.885 |
|
|
|
Stores & Spares |
15.279 |
3.966 |
11.841 |
|
|
|
Capital Goods |
31.338 |
18.847 |
11.514 |
|
|
TOTAL IMPORTS |
2070.133 |
1908.720 |
1811.856 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.74 |
20.42 |
18.40 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.70
|
4.89 |
4.66
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.86
|
7.64 |
7.28
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.03
|
12.66 |
12.23
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.26 |
0.24
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.56
|
0.40 |
0.44
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.33 |
2.16
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOANS
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Short Term Loans |
|
|
|
From Banks |
470.000 |
0.000 |
|
Fixed Deposits |
24.145 |
44.615 |
|
Other Loans Commercial Papers |
0.000 |
100.000 |
|
Total |
494.145 |
144.615 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90080850 |
01/08/2009 * |
2,170,000,000.00 |
State Bank of India (Commercial Branch) |
BISRA CHOWK, ROURKELA, ROURKELA, ORISSA - 769001, INDIA |
A68012178 |
|
2 |
90078462 |
16/03/2013 * |
1,020,000,000.00 |
Central Bank of India |
CORPORAE FINANCE BRANCH - KOLKATA, 33, N.S. ROAD, 1ST FLOOR, KOLKATA, WEST BENGAL - 700001, INDIA |
B72633407 |
* Date of charge modification
PERFORMANCE
The performance of
the Company was deeply impacted by the ill effect of domestic as well as global
economic downturn that severely subdued the demand for industrial goods and
could nevertheless achieve a growth of over 4% in sales revenue at Rs.9640.000
Millions during the year against Rs.9270.000 Millions of the previous year. The
consolidated revenue which includes the revenues of TRL China Limited were
Rs.1088 Millions compared to Rs.10100.000 Millions of the previous year; an
increase of 8%. The drop in demand of its products also led to lower capacity
utilization.
The gross
production during the year was 2,22,309 t. against 2,34,831 t. of previous
year; a decline of around 4%.
The overall sales
volume was 2,99,013 t. against 3,18,087 t. of the previous year; a decline of
around 6%. Although production and sales volume were lower than that of the previous
year the total revenue was higher due to better product mix and increase in
selling prices.
The under
absorption of overhead expenses, higher input prices particularly abnormal
increase in fuel and power cost and increase in financing cost prevailing over
a large part of the year saw the profit before taxes dropping to 4% as compared
to 7% of the previous year. The profit before taxes for the year was Rs.350.000
Millions against Rs.660.000 Millions of the previous year; a decrease of 47%.
The profit after tax was Rs.250.000 Millions against Rs.430.000 Millions of the
previous year; a decrease of 42%.
INTERNATIONAL BUSINESS
The export
turnover of the Company for the year was Rs.1470.000 Millions against
Rs.1300.000 Millions of the previous year. The consolidated international
business was Rs.1900.000 Millions against Rs.1670.000 Millions of the previous
year. Close to one fifth of the Company's consolidated turnover comes from
sales outside
During the year,
the Company has received the Capexil's Top Export Award for the year 2010-11.
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC
ENVIRONMENT
The year 2011-12
was a challenging year for the Indian as well as global economy. With the Gross
Domestic Product (GDP) growth slowing to 6.9% in FY 2012 from 8.4% in the
previous two fiscals,
INDUSTRY OVERVIEW
Refractories are
composite materials used in large volume in extreme, usually corrosive,
environments as furnace lining for high temperature materials processing and
other applications in which thermo mechanical and thermo chemical properties
are critical. Refractories are therefore facilitating or enabling materials and
are essential to successful operations of any industry in which high
temperature are used. The steel industry is by far the greatest user of
refractories, which accounts for about 70% of the world refractories
production. Other significant users include cement and lime, aluminium, copper,
chemical, glass and ceramic industries. Consequently the growth of refractories
industry is closely linked with growth in iron and steel industry.
FUTURE OUTLOOK
Despite the lower
growth figure of 6.9%,
The survey predicts
the Indian economy to grow by 7.6% and 8.6% in the next two years. It also
predicts that the weakness in the economic activity might have bottomed out.
Keeping in view the economic trends of various parameters, inflation is
expected to decline in the short run. As a result, the RBI is expected to opt
for an expansionary monetary policy which could provide necessary fillip to the
economy.
Steel has a good
outlook for next two years with a forecast of 80 Million Tonnes for 2012-13 and
100 Million Tonnes in 2013-14. Since growth of refractories industries is
linked to steel industry, your Company can be benefited from this outlook.
FIXED ASSETS:
·
Land
·
Buildings and Roads
·
Plant and Machinery
·
Railway Siding
·
Furniture and Fixture
·
Office Equipments
·
Vehicles
WEBSITE DETAILS:
PRESS RELEASE
AFTER A GOOD WAGE AGREEMENT, TRL KROSAKI PAYS A
BONUS OF MINIMUM RS 0.017 MILLION TO ITS WORKMEN.
TRL Krosaki
Refractories Limited (TRL) has declared an amount of minimum Rs 0.017 Million
as bonus and cash award to its workmen for the year 2011-2012. TRL Krosaki has
recently signed a very good wage agreement with the Union which has accrued
windfall gains to the workmen.
As per the Bonus Agreement,
each employee in workmen grade is eligible for Bonus and cash award for the
accounting year 2011-12 at the rate of 20% of their salary subject to a minimum
of Rs. 0.017 Million. This is the highest amount ever paid by any Refractories
company in India and one of the highest for any industry in Odisha. Nearly 1000
workers are benefited from this payment which was made through their respective
bank account on October 12, 2012. It may be noted that, the management has
agreed for the bonus, in spite of present financial stringency of the company.
The company has
been paying bonus uninterruptedly for last so many years, despite of its low
profitability.
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.61.63 |
|
|
1 |
Rs.99.94 |
|
Euro |
1 |
Rs.85.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
65 |
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.