MIRA INFORM REPORT
|
Report Date : |
03.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
VESUVIUS INDIA LIMITED |
|
|
|
|
Registered
Office : |
P-104,
Taratala Road, Kolkata – 700088, West
Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on)
: |
31.12.2013 |
|
|
|
|
Date of
Incorporation : |
06.09.1991 |
|
|
|
|
Com. Reg. No.: |
21-052968 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.203.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26933WB1991PLC052968 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALV00709C / CALV01863B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV8995Q |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer
and Trader of Refractory Goods.
|
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
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 15880000 |
|
|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. Overall financials of the company seems to be strong and healthy. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered for business dealing 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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of the
global e-commerce giant Amazon. The company raised $ 210 million from Russian
Investment firm DST Global which has also invested in companies like Facebook,
Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
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 Co-Operative (91-33-30410600)
LOCATIONS
|
Registered Office/ Factory 1 : |
P-104,
Taratala Road, Kolkata – 700088, West
Bengal, India |
|
Tel. No.: |
91-33-30410600/ 24012842/ 3898/ 0215 |
|
Fax No.: |
91-33-24013976/ 1235 |
|
E-Mail : |
|
|
Website : |
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Factory 2 : |
Plot No. 13, 14 and 15, Block “E”, IDA Autonagar, Visakhapatnam-530012, Andhra Pradesh, India |
|
Tel. No.: |
91-891-3011300/ 3011337 |
|
Fax No.: |
91-891-2587511 |
|
E-Mail : |
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|
|
|
|
Factory 3 : |
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 |
|
Fax No.: |
91-891-2587511 |
|
E-Mail : |
|
|
|
|
|
Factory 4 : |
212/B, G.I.D.C Estate, Mehsana - 384002, Gujarat, India |
|
Tel. No.: |
91-2762-252948/ 949 |
|
Fax No.: |
91-2762-252909 |
|
E-Mail : |
DIRECTORS
As on: 31.12.2013
|
Name : |
Mr. Biswadip Gupta |
|
Designation : |
Chairman |
|
Qualification : |
B.E. (Metallurgy) MBA |
|
|
|
|
Name : |
Mr. Tanmay Kumar Ganguly |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
50 Years |
|
Qualification : |
B. Com (Hons), ACA |
|
Experience : |
26 Years |
|
|
|
|
Name : |
Mr. Yves M.C.M.G. Nokerman |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sudipto Sarkar |
|
Designation : |
Director |
|
|
|
|
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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|
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|
|
|
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|
Name : |
Mr. Taposh Dominic Roy |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2014
|
Category
of Shareholder |
No. of Shares |
As a % |
|
(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 |
|
|
|
|
|
|
|
|
2833067 |
13.96 |
|
|
1597 |
0.01 |
|
|
2196971 |
10.82 |
|
|
5031635 |
24.79 |
|
|
|
|
|
|
841299 |
4.15 |
|
|
|
|
|
|
2152821 |
10.61 |
|
|
706670 |
3.48 |
|
|
286005 |
1.41 |
|
|
92299 |
0.45 |
|
|
193626 |
0.95 |
|
|
80 |
0.00 |
|
|
3986795 |
19.64 |
|
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 : |
Manufacturer
and Trader of Refractory Goods. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
Axis
Bank Limited ·
Hongkong
Bank ·
State
Bank of India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company LLP Chartered Accountants |
|
Address : |
Building No.10,
8th Floor, Tower – |
|
|
|
|
Cost Auditors : |
|
|
Name : |
N. K. Ghosh and Associates Cost Accountants |
|
Address : |
Flat 4B, 10/1 Chakraberia Road (South), Kolkata – 700025, West Bengal,
India |
|
|
|
|
Enterprises having control
over the Company with which no transactions have taken place during the year
: |
·
Vesuvius
Plc, United Kingdom - Ultimate Holding Company from December 19, 2012. ·
Cookson
Group Limited (Formerly, Cookson Group Plc - Ultimate Holding Company upto
December 19, 2012), United Kingdom - Holding Company of Cookson Financial
Limited, United Kingdom. ·
Cookson
Financial Limited, United Kingdom-Holding Company of Vesuvius Group Limited,
U.K. |
|
|
|
|
Enterprises having control
over the Company with which transaction has taken place during the year and
previous year : |
Vesuvius Group Limited, United Kingdom - Immediate holding company |
|
|
|
|
Fellow Subsidiaries : |
· Vesuvius Group S. A. · Vesuvius Deutschland GmbH · Vesuvius South Africa (Pty) Limited · Vesuvius UK Limited · Vesuvius Crucible Company · Vesuvius USA Corporation · Vesuvius Advanced Ceramics (Suzhou) Company Limited · Wuhan Wugang Vesuvius Advanced Ceramics Company Limited · Vesuvius Mexico S.A. de C.V. · Vesuvius Malaysia SDN BHD · Vesuvius Corporation S. A. · Vesuvius Poland Sp.,z.o.o · Vesuvius (Thailand) Company Ltd · Foseco (Thailand) Limited · Foseco India Limited · Vesuvius TK Refrakter Sanayi Ve Ticaret AS · Vesuvius Belgium N.V. · PT. Foseco Indonesia · Foseco Pty Limited · Foseco Industrial e Commercial Ltda · Vesuvius Slavia , a. s. · Vesuvius Emirates FZE · Vesuvius Istanbul Refrakter, Turkey · Vesuvius Corporation S. A. Taiwan Branch · Vesuvius Italia SPA · Vesuvius France S. A. · Vesuvius Zyarock Ceramics (Suzhou) Company Limited · Vesuvius Foundry Products (Suzhou) Company Limited · Vesuvius Iberica Refractarios S.A. |
|
|
|
|
Names of Principal Group
Companies/ fellow subsidiaries : |
·
Cookson
Overseas Limited ·
Cookson
India Private Limited (upto December 19, 2012) |
CAPITAL STRUCTURE
As on: 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20300000 |
Equity Shares (Of
the above : 3,920 equity shares of Rs10 each are held in abeyance) |
Rs.10/- each |
Rs.203.000 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20296080 |
Equity Shares |
Rs.10/- each |
Rs.203.000 Millions |
|
|
|
|
|
Note- Shares in abeyance:
In
compliance with the provisions of Section 206A of the Companies Act, 1956,
offer of Rights Shares of 3,920 equity shares out of the Rights Issue made in
the year 1997 have been held in abeyance.
Reconciliation of shares
outstanding at the beginning and at the end of the reporting year
|
|
As at December 31, 2013 |
|
|
|
Number |
Rs. In Millions |
|
Equity shares |
|
|
|
At
the commencement of the year |
20296080 |
203.000 |
|
Shares
issued during the year |
- |
- |
|
At the end of the year |
20296080 |
203.000 |
Rights, preferences and
restrictions attached to equity shares
The Company has a single class of equity shares with par value of Rs. 10/- per share. Accordingly, all equity shares rank equally with regard to dividends and share in the Company's residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the Company.
On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company remaining after distribution of all preferential amounts in proportion to the number of equity shares held.
Shares held by a holding
company
|
|
As at December 31, 2013 |
|
|
|
Number |
Rs. In Millions |
|
Equity
share of Rs 10 each fully paid up held by Holding company - Vesuvius Group
Limited, (U.K.) *# |
11277650 |
112.800 |
* Subsidiary of Vesuvius plc, U. K. the ultimate holding Company.
# The companies, namely Vesuvius plc, Cookson Group Limited (formerly, Cookson Group plc) and Cookson Financial Limited, all incorporated in the United Kingdom, do not hold my shares of Vesuvius India Limited directly but are holding company of Vesuvius India Limited through a chain of subsidiary holdings.
Particulars of shareholders
holding more than 5% shares of a class of shares
|
|
As at December 31, 2013 |
|
|
|
Number |
% of total shares in the class |
|
Equity
share of Rs 10 each fully paid-up held by |
|
|
|
-Vesuvius
Group Limited, U.K., holding company |
11277650 |
55.57 |
|
|
|
|
|
-
HDFC Trustee Company Limited- HDFC Mid Cap Opportunities Fund |
1111500 |
5.48 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
203.000 |
203.000 |
203.000 |
|
(b) Reserves & Surplus |
3768.400 |
3229.500 |
2778.000 |
|
(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) |
3971.400 |
3432.500 |
2981.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
89.000 |
75.900 |
63.600 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
80.200 |
68.000 |
62.000 |
|
Total
Non-current Liabilities (3) |
169.200 |
143.900 |
125.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
751.200 |
759.300 |
857.600 |
|
(c) Other current liabilities |
137.100 |
129.600 |
130.000 |
|
(d) Short-term provisions |
147.000 |
137.800 |
129.900 |
|
Total
Current Liabilities (4) |
1035.300 |
1026.700 |
1117.500 |
|
|
|
|
|
|
TOTAL |
5175.900 |
4603.100 |
4224.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1332.600 |
1170.000 |
1085.200 |
|
(ii) Intangible Assets |
3.300 |
4.300 |
1.400 |
|
(iii) Capital work-in-progress |
53.700 |
220.900 |
304.300 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
245.100 |
160.100 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
8.200 |
5.100 |
|
Total
Non-Current Assets |
1634.700 |
1563.500 |
1523.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
588.000 |
513.100 |
484.400 |
|
(c) Trade receivables |
1788.800 |
1660.700 |
1490.100 |
|
(d) Cash and cash equivalents |
1062.700 |
721.200 |
541.000 |
|
(e) Short-term loans and
advances |
96.800 |
139.000 |
154.100 |
|
(f) Other current assets |
4.900 |
5.600 |
31.500 |
|
Total
Current Assets |
3541.200 |
3039.600 |
2701.100 |
|
|
|
|
|
|
TOTAL |
5175.900 |
4603.100 |
4224.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
SALES |
|
|
|
|
|
Income |
6017.500 |
5637.900 |
5432.100 |
|
|
Other Income |
57.200 |
20.700 |
17.000 |
|
|
TOTAL
(A) |
6074.700 |
5658.600 |
5449.100 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2463.700 |
2255.600 |
2214.100 |
|
|
Purchases of Stock-in-Trade |
957.600 |
879.300 |
882.800 |
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
(104.300) |
32.300 |
(32.100) |
|
|
Employees benefits expense |
378.200 |
338.700 |
307.600 |
|
|
Other expenses |
1213.800 |
1162.300 |
1097.100 |
|
|
TOTAL
(B) |
4909.000 |
4668.200 |
4469.500 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
1165.700 |
990.400 |
979.600 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.700 |
0.600 |
6.100 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1165.000 |
989.800 |
973.500 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
175.600 |
163.500 |
146.700 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
989.400 |
826.300 |
826.800 |
|
|
|
|
|
|
|
Less |
TAX
(H) |
337.700 |
268.700 |
274.600 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
651.700 |
557.600 |
552.200 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2660.400 |
2264.700 |
1867.700 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
65.200 |
55.800 |
55.200 |
|
|
Dividend |
96.400 |
91.300 |
86.300 |
|
|
Tax on Dividend |
16.400 |
14.800 |
13.700 |
|
|
|
|
|
|
|
|
BALANCE
CARRIED TO THE B/S |
3134.100 |
2660.400 |
2264.700 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export Earnings |
289.900 |
218.600 |
314.000 |
|
|
F.O.B Value of Deemed Exports |
314.600 |
550.300 |
500.000 |
|
|
Reimbursement of expenses |
22.300 |
19.000 |
30.400 |
|
|
TOTAL
EARNINGS |
626.800 |
787.900 |
844.400 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1615.700 |
1333.700 |
1113.800 |
|
|
Stores and Spares |
19.600 |
15.000 |
15.600 |
|
|
Other Goods-Trading |
143.400 |
102.900 |
119.200 |
|
|
Capital Goods |
84.600 |
26.200 |
39.400 |
|
|
Toolings
|
41.000 |
28.300 |
25.900 |
|
|
TOTAL
IMPORTS |
1904.300 |
1506.100 |
1313.900 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
32.10 |
27.48 |
27.21 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
PAT / Total Income |
(%) |
10.73 |
9.85 |
10.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.44 |
14.66 |
15.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.32 |
18.86 |
21.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.24 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.42 |
2.96 |
2.42 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
203.000 |
203.000 |
203.000 |
|
Reserves & Surplus |
2,778.000 |
3,229.500 |
3,768.400 |
|
Net
worth |
2,981.000 |
3,432.500 |
3,971.400 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5,432.100 |
5,637.900 |
6,017.500 |
|
|
|
3.789 |
6.733 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5,432.100 |
5,637.900 |
6,017.500 |
|
Profit |
552.200 |
557.600 |
651.700 |
|
|
10.17% |
9.89% |
10.83% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
No |
CALCUTTA HIGH COURT
CASE STATUS INFORMATION SYSTEM
Case Status : Pending
|
Status
of INCOME TAX
APPEAL (ITA) 118
of 2012 COMMISSIONER OF INCOME TAX, KOLKATA-IV,
Vs.
VESUVIUS INDIA LIMITED Pet's Adv.
: MR. G. S. MAKKER
Res's Adv.
: Court No.
: 19 Last Listed On
: No Date Mentioned Category
: INCOME TAX : REVENUE
Case Updated on: Friday, September 21,
2012 |
COMPANY
OVERVIEW
Subject is a public company domiciled and headquartered in India. It is
incorporated under the Companies Act, 1956 and its shares are listed on the
National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The Company is
primarily engaged in the manufacturing and trading of refractory goods. The
Company also provided services in relation to refractory goods. The Company has
operations in India and caters to both domestic and international markets.
OPERATING AND
FINANCIAL PERFORMANCE, INTERNAL CONTROL
It continued to be a difficult period for the Indian economy reflected by lower GDP growth, inflationary trends and lower industrial production. Private consumption, an important demand-side driver of growth which amounts for about three-fourths of GDP, plummeted in line with other economic indicators after being impacted by high retail inflation and interest rates. This scenario continues to prevail with impact on the economy in general and domestic steel industry in particular causing the steel industry to suffer from lower volumes, margins and delay in new projects.
This year total revenue increased by over Rs 416.100 Millions driven by domestic growth despite slowdown in domestic steel production. Net sales increased by 7% but PBT and PAT increased by 20% and 17% respectively over the previous year. Energy and transportation costs increased sharply but significant savings were made through energy usage optimization programs. Focused attention is made on cost and internal efficiencies to retain profitability.
All four factories had been working efficiently during the year. New Tap hole Clay facility at Visakhapatnam successfully produced planned materials for field trials. Safety measures and processes have been installed and improved upon at all plants and work sites.
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 has been conducted on a pan India basis.
The Company has adopted the revised policies on Health and Safety, Quality, Code of Conduct applicable to Directors and Employees of the Company and also the Whistle Blowing Policy. Code on Internal Control which require that the Directors review the effectiveness of internal controls and compliance controls, financial and operational risks, risk assessment and management systems and related party transactions, have been complied with. Self certification exercises are also conducted by which senior management certify effectiveness of the internal control system and adherence to Code of Conduct and Company's policies for which they are responsible.
Segment wise
performance
The Company is primarily a manufacturer and trader of refractory and is managed organizationally as a single unit. Accordingly, the Company is a single business segment company. Geographical (secondary) segment has been identified as domestic sales and exports.
Industry Structure
and Developments, Opportunities and Threats, Outlook, Risks and Concerns
The steel industry, which is the major customer of the Company, has been suffering from the present economic slowdown with lower volumes and poor margins caused by non-availability of raw materials like iron ore and coal, inflationary costs, higher interest rates compounded with unfavourable foreign exchange. Major customers have either put off or delayed their expansion projects. Competition activities have increased as they try to hold on to their market share even at lower prices causing pressure on margins. International competitors have entered Indian markets with new acquisitions with aggressive pricing strategies.
Vesuvius is a global leader in metal casting engineering providing technical services principally to the steel and foundry industries and has established with the customers over the years a relationship of trust and partnership based on the true value we create in their customer's processes with their unique technological product and service offering. Biggest group of their customers. Hence anything that affects the steel and foundry industry will have its one off effect on their business.
There is a continuous process for identifying, evaluating and managing significant risks faced through a risk management process designed to identify the key risks facing each business. The role of insurance and other measures used in managing risks is also reviewed. Risks would include significant weakening in demand from core-end markets, adverse foreign exchange fluctuations, inflation, energy costs and shortage of raw materials and adverse regulatory developments. During the year a risk analysis and assessment was conducted in line with the Group requirements and no major risks were noticed.
CONTINGENT LIABILITIES:
(Rs. In
Millions)
|
Particulars |
31.12.2013 |
31.12.2012 |
|
Sales
Tax |
71.200 |
6.700 |
|
Income
Tax matters |
|
|
|
Other
Income Tax matters |
36.200 |
108.500 |
|
Excise
Duty, Customs Duty and Service Tax matters |
35.300 |
20.500 |
Note: Cost of tooling purchased during the earlier years were fully expensed for the purpose of ascertaining income tax liability for that years. Vide order dated December 16, 2003, the Income Tax Appellate Tribunal (ITAT) directed the department to allow expenses based on quantity consumed. The Company has disputed such decision on the contention that the entire purchase is issued to the production process and hence should be treated as consumption. Relevant order from authorities giving effect of ITAT order is yet to be received. The Company has made an application to the Hon'ble High Court at Calcutta seeking further clarifications of the ITAT order. The Company has again claimed full deduction in respect of tooling received during the year for determining the taxable income for the assessment year 2009-2010 and thereafter. Contingent liability with respect to tooling is included in para (c) above, under the head - 'Other Income Tax matters'.
(ii) A counter claim has been filed against the Company before the Hon'ble High Court at Calcutta by a customer for claims aggregating Rs 749 (previous year Rs 749) regarding certain disputes relating to goods supplied by the Company in prior years.
INDEX OF CHARGES: No
charges exist for company
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE FIRST QUARTER ENDED 31ST MARCH
2014
(Rs. In Millions)
|
|
Particulars |
Three months ended |
|
1 |
Income from
Operation |
31.03.2014 (Unaudited) |
|
|
(a) Net Sales / Income from Operations (Net of Excise Duty) |
1549.300 |
|
|
(b) Other Operating Income |
1.300 |
|
|
Total Income from
Operations (Net) |
1550.600 |
|
2 |
Expenses |
|
|
|
(a) Cost of Material Consumed |
578.900 |
|
|
(b) Purchase of Stock-In-Trade |
278.700 |
|
|
(c) Change in Inventories of Finished Goods, Work-In-Progress and Stock-In-Trade |
2.500 |
|
|
(d) Employee Benefit Expense |
105.200 |
|
|
(e) Depreciation and Amortisation Expense |
48.400 |
|
|
(f) Other Expenditure |
313.800 |
|
|
Total Expenses |
1327.500 |
|
|
|
|
|
3 |
Profit from Operations
before Other Income, Finance Costs and Exceptional Items (1 - 2) |
223.100 |
|
4 |
Other Income |
20.000 |
|
5 |
Profit before
Finance Costs and Exceptional Items (3 + 4) |
243.100 |
|
6 |
Finance Costs |
- |
|
7 |
Profit after Finance
Costs but before Exceptional Items (5 - 6) |
243.100 |
|
8 |
Exceptional Items |
- |
|
9 |
Profit from
ordinary activities before Tax (7 - 8) |
243.100 |
|
10 |
Tax Expenses |
83.800 |
|
11 |
Net Profit from
ordinary activities after tax (9 – 10) |
159.300 |
|
12 |
Extraordinary items (net of tax expense) |
- |
|
13 |
Net Profit for the
period (11-12) |
159.300 |
|
14. |
Share of Profit of Associates |
- |
|
15 |
Minority Interest |
- |
|
16 |
Net Profit after taxes,
minority interest and share of profit of associates (13+14+15) |
159.300 |
|
17 |
Paid Up Equity
Share Capital (Face Value of Rs. 10 each) |
203.000 |
|
18 |
Reserve excluding Revaluation Reserve |
|
|
19 |
Earning per Share of Rs.10 each (not annualised) |
|
|
|
(a) Basic – Rs. |
7.85 |
|
|
(b) Diluted – Rs. |
7.85 |
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
Public Shareholding
|
|
|
|
- Number of Shares |
9018430 |
|
|
- Percentage of Shareholding |
44.43% |
|
2 |
Promoter and
Promoter Group Shareholding * (a) Pledged/ Encumbered |
|
|
|
- Number of Shares |
Nil |
|
|
- Percentage of shares (as a % of the total Shareholding of promoter and promoter group) |
Nil |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
Nil |
|
|
(b) Non -
encumbered |
|
|
|
- Number of Shares |
11277650 |
|
|
- Percentage of shares (as a % of the total Shareholding of promoter and promoter group) |
100% |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
55.57% |
|
B |
INVESTOR COMPLAINTS |
3 Months ended 31st Mach 2014 |
|
|
Pending at the beginning of the quarter |
NIL |
|
|
Received during the quarter |
1 |
|
|
Disposed of during the quarter |
NIL |
|
|
Remaining unresolved at the end of the quarter |
1 |
Notes:
1. 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.
2. Figures for preceding 3 months ended December 31, 2013 are the balancing
figures between audited figures in respect of the full previous financial year
and published year to date reviewed figures upto to the third quarter of the
previous financial year.
3. Previous period’s figures have been regrouped and/or rearranged wherever
necessary.
4. These unaudited results have been subjected to "Limited Review" by the Auditors of the Company who have expressed an unqualified opinion.
5. This statement has been reviewed by the Audit Committee and approved by the
Board of Directors at their meeting held on April 29, 2014.
FIXED ASSETS
Tangible Assets
· Freehold Land
· Leasehold Land
· Building
· Plant and Equipments
· Toolings
· Furniture and Fixture
· Vehicles
· Office Equipment
· Computer
· Electrical Installation
Intangible
Assets
· Computer Software
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.59.97 |
|
|
1 |
Rs.102.90 |
|
Euro |
1 |
Rs.82.02 |
INFORMATION DETAILS
|
Information Gathered
by : |
SUV |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
67 |
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.