MIRA INFORM REPORT
|
Report Date : |
16.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
IFGL REFRACTORIES LIMITED |
|
|
|
|
Registered
Office : |
Sector–B, Kalunga Industrial Estate, P.O. Kalunga, Near Rourkela,
Sundargarh – 770031, Orissa |
|
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|
|
Country : |
India |
|
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|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
22.11.1989 |
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|
|
|
Com. Reg. No.: |
15-002971 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs. 491.105
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27202OR1989PLC002971 |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
Line of Business
: |
Manufacturing,
Trading and Selling of Refractory Items used in Steel plants. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5478000 |
|
|
|
|
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 and reputed company having a good track
record. Directors are reported to be experienced and respectable businessman.
Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another megatrend
happening. The World order is changing as economic power shifts from West to
East. According to McKinsey study, it took Britain more than 100 years to
double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term rating : (CARE) A+ |
|
Rating Explanation |
Having adequate degree of safety regarding
timely servicing of financial obligation. |
|
Date |
December 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 : |
Sector–B, Kalunga Industrial Estate, P.O. Kalunga, Near Rourkela,
Sundargarh – 770031, Orissa, India |
|
Tel. No.: |
91-661-2660195 |
|
Fax No.: |
91-661-2660173 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Head/ Corporate Office : |
McLeod House, 3, Netaji Subhas Road, Kolkata – 700001, West Bengal,
India |
|
Tel. No.: |
91-33-22482411/ 40106100 |
|
Fax No.: |
91-33-22430886/ 22480482 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. S. K. Bajoria |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. P. Bajoria |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
D K Banerji K |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. Dalmia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S Khasnobis |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Y. Konno (upto 20.02.2013) |
|
Designation : |
Director |
|
|
|
|
Name : |
Prof. S. Munshi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D. G. Rajan |
|
Designation : |
Director |
|
Qualification : |
Institute of Chartered Accountants in England and Wales and the Institute of Chartered Accountants of India |
|
|
|
|
Name : |
Prof. A. N. Sadhu |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. S. B. Sanyal |
|
Designation : |
Director |
|
Qualification : |
MA (English), Companion of the British Institute of Management and Fellow of the Institute of Petroleum, London |
|
|
|
|
Name : |
Mr. Sadayoshi Tateishi |
|
Designation : |
Director |
|
Qualification : |
Graduate from Kyushu University (Japan) |
|
Experience : |
More than 30 years |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Agarwal |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category
of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1348275 |
3.90 |
|
|
18320973 |
52.93 |
|
|
19669248 |
56.83 |
|
|
|
|
|
|
5006956 |
14.47 |
|
|
5006956 |
14.47 |
|
Total
shareholding of Promoter and Promoter Group (A) |
24676204 |
71.30 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
413817 |
1.20 |
|
|
353305 |
1.02 |
|
|
1300 |
0.00 |
|
|
768422 |
2.22 |
|
|
|
|
|
|
2581512 |
7.46 |
|
|
|
|
|
|
5171395 |
14.94 |
|
|
1204073 |
3.48 |
|
|
208866 |
0.60 |
|
|
189864 |
0.55 |
|
|
11502 |
0.03 |
|
|
7500 |
0.02 |
|
|
9165846 |
26.48 |
|
Total Public
shareholding (B) |
9934268 |
28.70 |
|
Total (A)+(B) |
34610472 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
34610472 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing,
Trading and Selling of Refractory Items used in Steel plants. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· State Bank of India · The Hongkong and Shanghai Banking Corporation Limited ·
Fifth Third Bank · Export Import Bank of India ·
Axis Bank Limited · ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
1. Deloitte Haskins and Sells Chartered Accountants 2. Grant Thornton UK LLP Chartered Accountants 3. Crowe Horwath LLP Chartered Accountants 4. Rupa and Company Chartered Accountants |
|
|
|
|
Foreign investments
or Collaborators : |
Krosaki Harima Corporation (KHC), Japan holds 5,006,956
Equity Shares of the Company. KHC, being subsidiary of Nippon Steel
Corporation, Japan, is also Company's technical collaborator. |
|
|
|
|
Holding Company : |
Bajoria
Holdings Private Limited |
|
|
|
|
Subsidiary Companies (including Step down Subsidiaries) : |
·
IFGL Worldwide Holdings Limited ·
IFGL Exports Limited (with effect from 30.03.2012) ·
IFGL Monocon Holdings Limited ·
Monocon International Refractories Limited ·
Monocon Overseas Limited ·
Mono Ceramics Inc. ·
Monotec Refratarios Ltda ·
Tianjin Monocon Refractories Company Limited ·
Tianjin Monocon Aluminous Refractories Company Limited ·
Goricon Metallurgical Services Limited ·
IFGL GmbH ·
Hofmann Ceramic GmbH Hofmann GmbH & Co. OHG ·
Hofmann Ceramic CZ s.r.o. ·
Hofmann Ceramic Limited ·
Hofmann Ceramic LLC ·
Hofmann Pyemetric LLC ·
IFGL Inc. ·
EI Ceramic LLC ·
CUSC International Limited |
|
|
|
|
Fellow Subsidiaries : |
·
Heritage Health TPA Private Limited ·
Bajoria Financial Services Private Limited ·
IFGL Bio Ceramics Limited ·
Ganges Art Gallery Private Limited ·
Bajoria Enterprises Limited ·
Bajoria Service Providers Private Limited |
|
|
|
|
Enterprises in which Key Management personnel has
significant influence : |
·
Heritage Insurance Brokers Private Limited ·
Coris Heritage Asia Pacific Private Limited ·
IFGL Exports Limited (Subsidiary with effect from
30.03.2012) |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Millions |
|
2,000,000 |
5%
Redeemable Non Cumulative Preference Shares |
Rs. 100/- each |
Rs. 200.000 Millions |
|
|
Total |
|
Rs. 600.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34,610,472 |
Equity Shares |
Rs. 10/- each |
Rs. 346.105
Millions |
|
1,450,000 |
5%
Redeemable Non Cumulative Preference Shares |
Rs. 100/- each |
Rs. 145.000
Millions |
|
|
Total |
|
Rs. 491.105 Millions |
Reconciliation of Number
of Shares
|
|
Equity Shares |
|
|
|
No. of shares |
Rs. in Millions |
|
Shares outstanding on 01.04.2012 |
34,610,472 |
346.105 |
|
Shares outstanding on 31.03.2013 |
34,610,472 |
346.105 |
|
|
Preference Shares |
|
|
|
No. of shares |
Rs. in Millions |
|
Shares outstanding on 01.04.2012 |
1,450,000 |
145.000 |
|
Shares outstanding on 31.03.2013 |
1,450,000 |
145.000 |
Terms/Rights attached
to Equity Shares
The Company has only one class of Equity Shares having a face value of Rs.10/- each. Each holder of Equity Shares is entitled to one vote per Share. In the event of liquidation of the Company, the Equity Shareholders will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts, in proportion to their Shareholding. The Company in the General Meeting may declare dividends, but no dividend shall exceed the amount recommended by the Board.
Terms/Rights attached
to Redeemable Non Cumulative Preference Shares (RNCPS)
The 5% Redeemable Non Cumulative Preference Shares are redeemable at par at the end of ten years from the date of allotment (i.e. 3rd September 2010) or any earlier date at the option of the Company except that the said Shares shall not be redeemed within the initial period of three years from the date of allotment. In the event of liquidation of the Company, the Preference Shareholders will have priority over Equity Shares in the payment of dividend and repayment of capital.
Every member holding Preference Share Capital shall have the right to vote in respect of all resolutions placed before the Company which directly affect the rights attached to Preference Shares.
Shares Held by the
Holding Company and Subsidiaries of the Holding Company
|
Name of
Shareholders |
Relationship |
Nature of |
As at 31st March, 2013 |
|
|
|
|
Shares |
No. of Shares held |
% of Holding |
|
Bajoria Holdings Private Limited (BHPL) |
Holding Company |
Equity |
18,320,973 |
52.93 |
|
Bajoria Holdings Private Limited |
Preference |
640,000 |
44.14 |
|
|
Bajoria Enterprises Limited |
Subsidiaries of BHPL |
230,000 |
15.86 |
|
|
Bajoria Financial Services Private Limited |
420,000 |
28.97 |
||
|
Bajoria Service Providers Private Limited |
160,000 |
11.03 |
||
Details of
Shareholders holding more than 5% of the Aggregate Shares in the Company
|
Name of
Shareholders |
Relationship |
Nature of |
As at 31st March 2013 |
|
|
|
|
Shares |
No. of Shares held |
% of Holding |
|
Krosaki Harima Corporation, Japan |
Foreign Promoter |
Equity |
5,006,956 |
14.47 |
|
Sojitz Corporation, Japan |
- |
- |
||
|
Bajoria Holdings Private Limited |
Holding Company |
18,320,973 |
52.93 |
|
|
Bajoria Holdings Private Limited |
Preference |
640,000 |
44.14 |
|
|
Bajoria Enterprises Limited |
Fellow Subsidiaries |
230,000 |
15.86 |
|
|
Bajoria Financial Services Private Limited |
420,000 |
28.97 |
||
|
Bajoria Service Providers Private Limited |
160,000 |
11.03 |
||
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 |
491.105 |
491.105 |
491.105 |
|
(b) Reserves & Surplus |
878.308 |
776.903 |
671.391 |
|
(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) |
1369.413 |
1268.008 |
1162.496 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
55.281 |
78.440 |
100.000 |
|
(b) Deferred tax liabilities (Net) |
31.655 |
32.795 |
34.785 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
1.779 |
1.601 |
1.766 |
|
Total
Non-current Liabilities (3) |
88.715 |
112.836 |
136.551 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
467.731 |
458.299 |
432.100 |
|
(b)
Trade payables |
370.135 |
309.586 |
314.993 |
|
(c)
Other current liabilities |
50.343 |
45.530 |
70.706 |
|
(d)
Short-term provisions |
75.158 |
82.132 |
30.824 |
|
Total
Current Liabilities (4) |
963.367 |
895.547 |
848.623 |
|
|
|
|
|
|
TOTAL |
2421.495 |
2276.391 |
2147.670 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
404.776 |
433.005 |
439.761 |
|
(ii)
Intangible Assets |
0.367 |
2.477 |
3.728 |
|
(iii)
Capital work-in-progress |
12.026 |
0.000 |
13.109 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
677.719 |
639.214 |
576.159 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
6.231 |
6.037 |
12.176 |
|
(e)
Other Non-current assets |
2.800 |
3.800 |
2.300 |
|
Total
Non-Current Assets |
1103.919 |
1084.533 |
1047.233 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
387.054 |
397.821 |
350.813 |
|
(c)
Trade receivables |
838.972 |
642.019 |
620.221 |
|
(d)
Cash and cash equivalents |
60.044 |
98.697 |
31.016 |
|
(e)
Short-term loans and advances |
9.971 |
10.258 |
9.535 |
|
(f)
Other current assets |
21.535 |
43.063 |
88.852 |
|
Total
Current Assets |
1317.576 |
1191.858 |
1100.437 |
|
|
|
|
|
|
TOTAL |
2421.495 |
2276.391 |
2147.670 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Net) |
3061.302 |
2748.030 |
2102.997 |
|
|
|
Other Income |
22.944 |
24.058 |
8.264 |
|
|
|
TOTAL (A) |
3084.246 |
2772.088 |
2111.261 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost
of Materials and Components Consumed |
1539.266 |
1417.098 |
1065.961 |
|
|
|
Purchases
of Stock-in-Trade |
150.788 |
63.734 |
61.855 |
|
|
|
Changes
in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade |
6.985 |
(43.508) |
(25.076) |
|
|
|
Employee
Benefits Expense |
249.859 |
222.384 |
192.003 |
|
|
|
Other
Expenses |
771.910 |
740.123 |
612.614 |
|
|
|
TOTAL (B) |
2718.808 |
2399.831 |
1907.357 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
365.438 |
372.257 |
203.904 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
40.543 |
47.477 |
41.351 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
324.895 |
324.780 |
162.553 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
71.099 |
62.494 |
52.855 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
253.796 |
262.286 |
109.698 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
83.162 |
88.010 |
35.980 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
170.634 |
174.276 |
73.718 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB
value of Exports |
926.027 |
820.357 |
568.525 |
|
|
|
Sale
of Fixed Asset |
12.754 |
0.000 |
0.000 |
|
|
|
Sundry
Receipts |
10.211 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
948.992 |
820.357 |
568.525 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
704.083 |
634.697 |
539.245 |
|
|
|
Stores & Spares |
6.231 |
4.648 |
10.239 |
|
|
|
Trading Items |
14.272 |
1.837 |
1.628 |
|
|
|
Capital Goods |
5.941 |
7.728 |
21.252 |
|
|
TOTAL IMPORTS |
730.527 |
648.910 |
572.364 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.69 |
4.79 |
1.99 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
814.700 |
|
Total Expenditure |
|
|
711.800 |
|
PBIDT (Excl OI) |
|
|
102.900 |
|
Other Income |
|
|
0.200 |
|
Operating Profit |
|
|
103.100 |
|
Interest |
|
|
5.600 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
97.500 |
|
Depreciation |
|
|
15.400 |
|
Profit Before Tax |
|
|
82.100 |
|
Tax |
|
|
28.100 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
54.000 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
54.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.53
|
6.29 |
3.49 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.29
|
9.54 |
5.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.66
|
16.02 |
7.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.21 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.38
|
0.42 |
0.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.33 |
1.30 |
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10291227 |
25/04/2013 * |
100,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMI |
HONGKONG HOUSE, 31 BBD BAGH, KOLKATA - 700001, WEST BENGAL, INDIA |
B74373549 |
|
2 |
10105915 |
05/04/2013 * |
300,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMI |
HONGKONG HOUSE, 31 BBD BAGH, KOLKATA - 700001, WEST BENGAL, INDIA |
B74231267 |
|
3 |
80018266 |
11/03/2013 * |
495,200,000.00 |
STATE BANK OF INDIA |
S M E BRANCH, BISRA CHOWK, DISTRICT SUNDARGARH - 769001, ROURKELA, ORISSA, INDIA |
B71019350 |
* Date of charge modification
GENERAL
INFORMATION
Subject is a Public Limited Company, incorporated under the Companies Act, 1956. Its shares are listed on the National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange Limited (BSE). The Company is primarily engaged in the manufacturing, trading and selling of Refractory Items used in Steel plants. The Company and its Subsidiaries have manufacturing plants in Asia (India and China), in Europe (Germany and United Kingdom) and in North America (USA). The Company caters to both domestic and international market.
SUBSIDIARY
COMPANIES
During
the year, operating Subsidiaries in Germany, UK and USA performed
satisfactorily. Because of changes in market dynamics and more particularly the
prevailing conditions in Europe, operations of Chinese Subsidiaries were
somewhat affected. Performance of Brazilian Subsidiary continued to deteriorate
and as a result, the operations were shut down from January 2013. Revenue from
the operations of the Indian Subsidiary, IFGL Exports Limited having facilities
for manufacture of Continuous Casting Refractories at new area of Kandla
Special Economic Zone, Gujarat (India), which commenced commercial production
on and from 1st May 2012, aggregated to Rs.90.220 Millions comprising of
Rs.60.260 Millions from exports (including indirect). However, operations are
still being stabilized and optimum capacity utilization could not be reached
and thus ended financial year 2012-2013 with loss of Rs.57.210 Millions, which
includes Rs.24.580 Millions and Rs.16.230 Millions towards finance costs and
depreciation and amortization expenses respectively. The Directors are hopeful
that operations of said Subsidiary would improve substantially during current
financial year 2013-2014.
DEVELOPMENTS,
OPPORTUNITIES, THREATS, RISKS AND CONCERNS AND FUTURE OUTLOOK
During
substantial part of the year, Steel Industry, both in India and abroad, more
particularly in Europe remained sluggish because of several adverse macro
economic factors. Despite the not too encouraging market scenario and other
areas of concern like increase in cost of major inputs, employees, power and
fuel, your Company has continued to perform consistently. Exports (including
indirect) effected for the year 2012-2013 aggregated to Rs.1566.000 Millions.
The Directors are of the view that these economies have bottomed out and there
are more positives emanating than negatives. Thus going forward, demand of
major commodities including Iron and Steel should improve, resulting in greater
requirement of Refractories.
Bio Ceramic business is still at the nascent stage although performance has improved during the year compared to that of the preceding year. This business being highly specialized is being pursued gradually.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30TH JUNE 2013
(Rs. in Millions)
|
Sr.
No. |
Particulars |
Quarter ended 30.06.2013 |
|
|
|
(Unaudited) |
|
1. |
Income
from Operations |
|
|
|
a. Net Sales / Income from Operations (Net
of Excise duty) |
812.500 |
|
|
b. Other Operating Income |
2.200 |
|
|
Total
Income from Operations (Net) |
814.700 |
|
2. |
Expenses |
|
|
|
a. Cost of Materials Consumed |
390.300 |
|
|
b. Purchases of Stock-in-Trade |
45.300 |
|
|
c. Changes in Inventories of Finished Goods,
Work-in-Progress and Stock-in-Trade |
(16.200) |
|
|
d. Employee Benefits Expenses |
65.400 |
|
|
e. Depreciation and Amortisation Expenses |
15.400 |
|
|
f. Other Expenses |
227.000 |
|
|
Total
Expenses |
727.200 |
|
3. |
Profit
from Operations before Other Income and Finance Costs (1-2) |
87.500 |
|
4. |
Other
Income |
0.200 |
|
5. |
Profit
from Ordinary Activities before Finance Costs (3+4) |
87.700 |
|
6. |
Finance
Costs |
5.600 |
|
7. |
Profit
from Ordinary Activities before Tax (5-6) # |
82.100 |
|
8. |
Tax
Expense |
28.100 |
|
9. |
Net
Profit for the period (7-8) |
54.000 |
|
10. |
Paid
up Equity Share Capital (Face value Rs. 10/- each ) |
346.100 |
|
11. |
Reserves
excluding Revaluation Reserves (as per balance sheet of previous accounting
year) |
|
|
12. |
Earnings
Per Share (of Rs. 10/- each) - Basic and Diluted * |
1.50 |
|
A. Particulars |
Quarter ended 30.06.2013 |
|
1. Public Shareholding -Number of Shares -Percentage of Shareholding 2. Promoters and Promoter Group Shareholding (a) Pledged/Encumbered -Number of Shares -Percentage of Shares ( as a % of the Total shareholding of Promoter and Promoter Group) |
9934268 28.70 |
|
-Percentage of Shares ( as a % of the Total Share Capital of the Company) |
- |
|
(b) Non-encumbered -Number of Shares -Percentage of Shares ( as a % of the Total shareholding of Promoter and Promoter Group) |
24676204 100 |
|
-Percentage of Shares ( as a % of the Total Share Capital of the Company) |
71.30 |
|
|
INVESTOR
COMPLAINTS [Nos.] |
Quarter Ended
30.06.2013 |
|
|
Pending
at the beginning of the quarter |
Nil |
|
|
Received
during the quarter |
4 |
|
|
Disposed
of during the quarter |
4 |
|
|
Remaining
unresolved at the end of the quarter |
Nil |
Notes:
1.
Above financial results for quarter ended on 30th June, 2013
have been reviewed by the Audit Committee and approved by the Board of
Directors at their meeting held on Wednesday, 14th August, 2013 and these have
been subjected to Limited Review by the Statutory Auditors of the Company.
2. a) The Company is predominantly a manufacturer and a trader of Specialised Refractories and Ceramics and is managed organisationally as a single unit. Accordingly, the Company is a single business segment. Sales include export sales (including through trading house) as disclosed below:
|
Sr.
No. |
Particulars |
Quarter ended
30.06.2013 |
|
|
|
(Unaudited) |
|
1. |
Export Sales (including through trading house) |
446.200 |
b)
Other Expenditures includes exchange loss [including 'Marked to Market' (MTM)
loss on outstanding derivative contracts] as disclosed below.
|
Sr.
No. |
Particulars |
Quarter ended
30.06.2013 |
|
|
|
(Unaudited) |
|
1. |
Total Exchange loss/(Gain) including MTM Loss |
42.400 |
|
2 |
MTM Loss |
41.800 |
3.
The figures of the last quarter ended 31st March, 2013 are
the balancing figures between the audited figures in respect of the full financial
year ended 31st March, 2013 and the year to date figures upto the third quarter
of that financial year.
4. Figures for the previous periods have been reclassified / re-arranged / re-grouped wherever necessary, to conform to those of the current period
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. in Millions) |
|
|
a) Claims against the Company not acknowledged
as debts : |
|
|
|
i) Sales Tax matter under appeal disputed relating
to issues of applicability and classification [related payments Rs.0.549
Million (31.03.2012 : Rs.0.549 Million)] |
4.954 |
4.954 |
|
ii) Income Tax matters under dispute relating
to issues of applicability and determination |
1.825 |
7.764 |
|
iii)
Service Tax/Excise Duty matters under dispute relating to issues of
applicability and classification |
0.491 |
0.154 |
|
b)
Guarantees |
|
|
|
Letter
of Comfort/Corporate Guarantee given to Banks Against Term Loan, Working
Capital and Forward Exchange |
|
|
|
Contracts
provided by them to : |
|
|
|
A)
a Step down Subsidiary [limit Nil (31.03.2012 : Rs.930.273 Millions)]
Utilised at year end Nil (31.03.2012 : Rs.464.322) - [Converted at year end
rate] |
0.000 |
464.022 |
|
B)
a Subsidiary [limit ? 3,700 (31.03.2012 : Rs.370.000 Millions)] Utilised at
year end |
289.401 |
234.870 |
FIXED ASSETS:
Tangible assets:
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixture
· Leasehold Improvements
· Vehicles
· Office Equipment
· Computers
Intangible assets:
· Goodwill
· Computer Software
· Intellectual
· Property Rights
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. 63.79 |
|
|
1 |
Rs. 100.70 |
|
Euro |
1 |
Rs. 84.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
53 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
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.