MIRA
INFORM REPORT
|
Report Date : |
13.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
GRAPHITE INDIA LIMITED |
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Registered
Office : |
31, |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2013 |
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|
Date of
Incorporation : |
02.05.1974 |
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Com. Reg. No.: |
21-094602 |
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Capital
Investment / Paid-up Capital : |
Rs. 390.768 Millions |
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|
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CIN No.: [Company Identification
No.] |
L10101WB1974PLC094602 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALG00112A |
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|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer and Exporter of Graphite Electrodes, Anodes and Other
Miscellaneous Carbon and graphite Products. |
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|
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|
No. of Employees
: |
2393 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 65799000 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject is a part of K.K Bangur Group. It is a well-established company
having fine track record. Financial position of the company appears to be sound. Over all
fundamentals of the company appears to be sound and healthy. Directors are reported to be experienced and respectable business men.
Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered for business dealings at usual trade
term 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years,
according to the Indian Banks Association. A study by trade lobby Assocham in
September 2013 indicated that banks would need 800000 people in the next six
years. It estimated that state-run lenders alone would hire 50000 people in
2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra
topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn,
Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office locations.
London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Non-Convertible Debenture : ICRA AA+ |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
December, 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Debt Programmed : A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
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.
INFORMATION PARTED BY
|
Name : |
Mr. Sanjay Jadhav |
|
Designation : |
Account Department |
|
Contact No.: |
91-253-2203300 |
LOCATIONS
|
Registered Office / Corporate Office : |
31, |
|
Tel. No.: |
91-33-22265755 / 2334 / 4942 / 40029600 |
|
Fax No.: |
91-33-22496420 |
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E-Mail : |
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Website : |
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GRAPHITE |
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Factory 1: |
P.O. Sagarbhanga
Colony, Burdwan Durgapur – 713 211, West |
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Tel. No.: |
91-343-2556641-45 / 2557743 |
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Fax No.: |
91-343-2550896 |
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Factory 2: |
88 MIDC Industrial Area, Satpur, Nashik - 422 007, |
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Tel. No.: |
91-253-2203300 / 2203328 / 2361472 / 2351143 |
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Fax No.: |
91-253-2350676 |
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|
|
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Factory/R
and D Centre 3 : |
Visveswaraya
Industrial Area, |
|
Tel. No.: |
91-80-43473300 / 28524061-71 |
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Fax No.: |
91-80-43473372 |
|
|
|
|
Coke |
|
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Factory 4: |
Phulwaria,
Barauni - 851 112, |
|
Tel. No.: |
91-6279-232252 |
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|
|
Impervious Graphite Equipment |
|
|
Factory 5: |
C-7 Ambad
Industrial Area, Nashik - 422 010, |
|
Tel. No.: |
91-253-2302100 |
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|
|
|
Glass Reinforced Pipes/ Tanks |
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|
Factory 6: |
Gut No. 523/524,
Village Gonde, Taluka – Igatpuri, Nashik - 422 403, |
|
Tel. No.: |
91-2553-225038 /
225039 |
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|
|
|
Powmex Steels |
|
|
Factory 7: |
AT - Turla, PO -
Jagua, PS - Titilagarh, District Bolangir, Orissa - 767033, |
|
Tel. No.: |
91-6655-220504 /
220505 |
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|
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|
Power |
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Factory 8 : |
Chunchanakatte,
K R Nagar Taluk, |
|
Tel. No.: |
91-821-323182 /
681116 |
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Factory 9 : |
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Sales Office |
407 Ashoka
Estate, 24, |
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Tel. No.: |
91-11-23314364 |
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|
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Regional Office : |
Located At ·
Mumbai ·
Delhi |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. K. K. Bangur |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. P. K. Khaitan |
|
Designation : |
Director |
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|
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|
Name : |
Mr. S. Goenka |
|
Designation : |
Director |
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|
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|
Name : |
Mr. N. S. Damani |
|
Designation : |
Director |
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|
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|
Name : |
Mr. A. V. Lodha |
|
Designation : |
Director |
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|
|
|
Name : |
Dr. R. Srinivasan |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. D. J Balaji Rao |
|
Designation : |
Director |
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|
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|
Name : |
Mr. J. D. Curravala |
|
Designation : |
Director |
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|
Name : |
Mr. N. Venkataramani |
|
Designation : |
Director |
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|
Name : |
Mr. M. B. Gadgil |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. B. Shiva |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2013
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
984567 |
0.50 |
|
|
115452445 |
59.09 |
|
|
116437012 |
59.60 |
|
|
|
|
|
|
186261 |
0.10 |
|
|
9415450 |
4.82 |
|
|
9601711 |
4.91 |
|
Total shareholding of Promoter and Promoter Group (A) |
126038723 |
64.51 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1003046 |
0.51 |
|
|
693419 |
0.35 |
|
|
6127281 |
3.14 |
|
|
30261518 |
15.49 |
|
|
38085264 |
19.49 |
|
|
|
|
|
|
11710965 |
5.99 |
|
|
|
|
|
|
14829032 |
7.59 |
|
|
2249368 |
1.15 |
|
|
2462242 |
1.26 |
|
|
49809 |
0.03 |
|
|
37530 |
0.02 |
|
|
7410 |
0.00 |
|
|
2353410 |
1.20 |
|
|
14083 |
0.01 |
|
|
31251607 |
16.00 |
|
Total Public shareholding (B) |
69336871 |
35.49 |
|
Total (A)+(B) |
195375594 |
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) |
195375594 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Graphite Electrodes, Anodes and Other Miscellaneous
Carbon and graphite Products. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
Germany ·
USA |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
China ·
Japan |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
2393 (Approximately) |
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Bankers : |
v Bank of India v Canara Bank v Citibank N.A. v Corporation Bank v HDFC Bank
Limited v ICICI Bank
Limited v IDBI Bank
Limited v ING Vysya Bank Limited v Punjab National
Bank v State Bank of
India v The Hongkong and
Shanghai Banking Corporation Limited v UCO Bank |
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Facilities : |
NOTE: Terms of Repayment a)
Total loan amount of Rs. 1086.400 millions (USD 20
Million) [Previous Year - Rs. 1021.800 millions (USD 20 Million)] is
repayable in 3 equal annual installments commencing from February, 2014.
Interest is payable on quarterly basis (Previous Year - half-yearly basis) at
Libor plus 1.85% p.a. Current Maturity of the loan amounting to Rs. 362.133
millions (Previous Year - Rs. Nil) b)
Total loan amount of Rs. 543.200 millions (USD 10
Million) [Previous Year - Rs. 510.900 millions (USD 10 Million)] is repayable
in 3 equal annual installments commencing from August, 2015. Interest is
payable on quarterly basis (Previous Year - half-yearly basis) at Libor plus
2.10% p.a. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
|
|
|
Solicitors : |
·
Khaitan and Company ·
Orr, Dignam and Company |
|
|
|
|
Subsidiaries : |
Ř Bavaria Carbon
Holdings GmbH Ř Bavaria Carbon
Specialities GmbH Ř Bavaria
Electrodesss GmbH Ř Carbon Finance
Limited Ř Carbon
International Holdings N.V. (Up to 13th March, 2012) Ř Graphite Cova
GmbH Ř Graphite
International B.V. |
|
|
|
|
Others: |
Ř Likhami Leasing
Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.2/- each |
Rs.400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
195375594 |
Equity Shares |
Rs.2/- each |
Rs.390.751 Millions |
|
|
Add : Forfeited Shares |
|
Rs. 0.017 Million |
|
|
|
|
|
|
|
|
|
Rs. 390.768
Millions |
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 |
390.768 |
390.768 |
390.768 |
|
(b) Reserves & Surplus |
16059.189 |
15228.373 |
13644.216 |
|
(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) |
16449.957 |
15619.141 |
14034.984 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1267.467 |
1532.700 |
669.750 |
|
(b) Deferred tax liabilities (Net) |
950.373 |
708.230 |
630.247 |
|
(c) Other long term liabilities |
17.413 |
14.612 |
4.982 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
2235.253 |
2255.542 |
1304.979 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
4408.727 |
3084.498 |
1981.863 |
|
(b) Trade payables |
1676.083 |
1638.390 |
1423.540 |
|
(c) Other current
liabilities |
1040.360 |
675.773 |
599.668 |
|
(d) Short-term provisions |
1243.251 |
1262.829 |
1236.995 |
|
Total Current Liabilities (4) |
8368.421 |
6661.490 |
5242.066 |
|
|
|
|
|
|
TOTAL |
27053.631 |
24536.173 |
20582.029 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6589.333 |
5427.017 |
4401.970 |
|
(ii) Intangible Assets |
9.674 |
6.022 |
8.000 |
|
(iii) Capital
work-in-progress |
25.286 |
1266.595 |
950.343 |
|
(iv)
Intangible assets under development |
1.440 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1093.277 |
2050.677 |
918.512 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
77.076 |
89.988 |
211.937 |
|
(e) Other Non-current assets |
0.400 |
0.732 |
1.017 |
|
Total Non-Current Assets |
7796.486 |
8841.031 |
6491.779 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2364.096 |
1284.128 |
1809.302 |
|
(b) Inventories |
9777.046 |
8549.110 |
7598.162 |
|
(c) Trade receivables |
5096.007 |
3752.869 |
2855.378 |
|
(d) Cash and cash
equivalents |
60.210 |
111.218 |
301.419 |
|
(e) Short-term loans
and advances |
1757.792 |
1638.268 |
1287.714 |
|
(f) Other current
assets |
201.994 |
359.549 |
238.275 |
|
Total Current Assets |
19257.145 |
15695.142 |
14090.250 |
|
|
|
|
|
|
TOTAL |
27053.631 |
24536.173 |
20582.029 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
17648.570 |
16708.422 |
12259.439 |
|
|
|
Other Income |
263.471 |
346.189 |
304.255 |
|
|
|
TOTAL |
17912.041 |
17054.611 |
12563.694 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
7888.315 |
6876.177 |
5971.309 |
|
|
|
Purchases of Stock-in-trade |
134.527 |
0.000 |
0.000 |
|
|
|
Changes in Inventories of Finished Goods and Work-in-Progress |
(773.786) |
277.206 |
(1222.249) |
|
|
|
Employee Benefits Expense |
1199.726 |
970.437 |
843.971 |
|
|
|
Other Expenses |
6410.646 |
5472.049 |
3836.384 |
|
|
|
TOTAL |
14859.428 |
13595.869 |
9429.415 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
3052.613 |
3458.742 |
3134.279 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
221.367 |
143.947 |
55.469 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2831.246 |
3314.795 |
3078.810 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
500.401 |
404.358 |
393.327 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE EXCEPTIONAL ITEM AND TAX |
2330.845 |
2910.437 |
2685.483 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL ITEM (GAIN) |
0.000 |
296.163 |
127.309 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2330.845 |
3206.600 |
2558.174 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
700.000 |
827.696 |
835.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1630.845 |
2378.904 |
1723.174 |
|
|
|
|
|
|
|
|
|
Add |
TRANSFERRED FROM DEBENTURE REDEMPTION RESERVE |
0.000 |
0.000 |
680.406 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2248.902 |
1664.745 |
1104.613 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1000.000 |
1000.000 |
1000.000 |
|
|
|
Dividend paid on
Equity Shares |
0.000 |
0.000 |
41.765 |
|
|
|
Proposed
Dividend on Equity Shares |
683.815 |
683.815 |
683.815 |
|
|
|
Dividend Tax |
116.214 |
110.932 |
117.868 |
|
|
BALANCE CARRIED
TO THE B/S |
2079.718 |
2248.902 |
1664.745 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on F.O.B. Basis |
7291.427 |
8735.025 |
5819.581 |
|
|
|
Royalty |
39.183 |
48.204 |
33.473 |
|
|
|
Guarantee Fee |
5.216 |
5.117 |
0.000 |
|
|
|
Interest |
0.000 |
3.600 |
3.064 |
|
|
|
Dividend |
0.000 |
0.000 |
12.141 |
|
|
|
Service Charges |
2.032 |
2.236 |
3.994 |
|
|
|
Sale of Carbon Credit |
4.228 |
2.996 |
0.000 |
|
|
|
Profit on Disposal of Long-term Investments |
0.000 |
296.163 |
0.000 |
|
|
TOTAL EARNINGS |
7342.086 |
9093.341 |
5872.253 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
5143.246 |
4410.758 |
3299.236 |
|
|
|
Components and Spare Parts |
74.777 |
78.323 |
44.490 |
|
|
|
Capital Goods |
11.726 |
334.125 |
202.358 |
|
|
|
Traded Goods |
134.527 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
5364.276 |
4823.206 |
3546.084S |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
8.35 |
12.18 |
8.82 |
|
|
|
Diluted |
8.35 |
10.68 |
9.26 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 1st Quarter |
30.09.2013 2nd Quarter |
31.12.2013 3rd Quarter |
|
Net Sales |
4038.100 |
4408.700 |
4344.500 |
|
Total
Expenditure |
3379.800 |
3590.700 |
3659.600 |
|
PBIDT (Excl OI) |
658.300 |
818.000 |
684.900 |
|
Other Income |
87.000 |
53.300 |
102.900 |
|
Operating Profit |
745.300 |
871.300 |
787.800 |
|
Interest |
43.500 |
48.500 |
38.400 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
701.800 |
822.800 |
749.400 |
|
Depreciation |
131.200 |
135.200 |
135.300 |
|
Profit Before
Tax |
570.600 |
687.600 |
614.100 |
|
Tax |
177.500 |
242.500 |
192.500 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
393.100 |
445.100 |
421.600 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period
Expenses |
0.000 |
0.000 |
0.000 |
|
Other
Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
393.100 |
445.100 |
421.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
9.10
|
13.95 |
13.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.21
|
19.19 |
20.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.99
|
15.11 |
13.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
.014
|
0.20 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.34
|
0.30 |
0.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.30
|
2.36 |
2.69 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
390.768 |
390.768 |
390.768 |
|
Reserves & Surplus |
13644.216 |
15228.373 |
16059.189 |
|
Net
worth |
14,034.984 |
15,619.141 |
16,449.957 |
|
|
|
|
|
|
long-term borrowings |
669.750 |
1532.700 |
1267.467 |
|
Short term borrowings |
1981.863 |
3084.498 |
4408.727 |
|
Total
borrowings |
2,651.613 |
4,617.198 |
5,676.194 |
|
Debt/Equity
ratio |
0.189 |
0.296 |
0.345 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
12259.439 |
16708.422 |
17648.570 |
|
|
|
36.290 |
5.627 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
12259.439 |
16708.422 |
17648.570 |
|
Profit |
1723.174 |
2378.904 |
1630.845 |
|
|
14.06% |
14.24% |
9.24% |
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 |
Yes |
|
5] |
Type of
Business |
Yes |
|
6] |
Line of
Business |
Yes |
|
7] |
Promoter's
background |
No |
|
8] |
No. of
employees |
Yes |
|
9] |
Name of
person contacted |
Yes |
|
10] |
Designation of
contact person |
Yes |
|
11] |
Turnover of
firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons for
variation <> 20% |
---------------------- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital in
the business |
Yes |
|
16] |
Details of
sister concerns |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
Yes |
|
20] |
Export /
Import details (if applicable) |
Yes |
|
21] |
Market
information |
---------------------- |
|
22] |
Litigations
that the firm / promoter involved in |
Yes |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct of
the banking account |
---------------------- |
|
26] |
Buyer visit
details |
---------------------- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last accounts
filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
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 |
UNSECURED LOAN:
|
Particulars |
31.03.2013 [Rs.
in Millions] |
31.03.2012 [Rs.
in Millions] |
|
Short Term
Borrowing |
|
|
|
Loans Repayable on Demand from Banks |
2435.813 |
1254.506 |
|
|
|
|
|
Total |
2435.813 |
1254.506 |
INDEX CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10286898 |
24/05/2011 |
350,000,000.00 |
The Hongkong and Shanghai Banking
Corporation Limited |
Hongkong House, 31 B B D Bag, Kolkata,
West Bengal - 700001, INDIA |
B12933271 |
|
2 |
10251643 |
22/11/2010 |
460,000,000.00 |
HSBC Bank (Mauritius) Limited |
6th Floor, HSBC Centre, 18, Cybercity,
Ebene, - |
A98997018 |
|
3 |
10251642 |
22/11/2010 |
920,000,000.00 |
HSBC Bank (Mauritius) Limited |
6th Floor, HSBC Centre, 18, Cybercity,
Ebene, - |
A98995947 |
|
4 |
10142953 |
19/12/2008 |
350,000,000.00 |
IDBI BANK LIMITED |
KOLKATA MAIN RANCH, IDBI HOUSE, 44
SHAKESPEARE SARANI, KOLKATA, West Bengal - 700017, INDIA |
A55123525 |
|
5 |
10075058 |
17/10/2007 |
100,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, KOLKATA, 24, PARK
STREET, KOLKATA, West Bengal - 700016, INDIA |
A26754663 |
|
6 |
80023124 |
21/11/2008 * |
750,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, KOLKATA, 24, PARK
STREET, KOLKATA, West Bengal - 700016, INDIA |
A54277777 |
|
7 |
80021064 |
18/12/2006 * |
242,500,000.00 |
CANARA BANK |
L.C.ROAD BRANCH, 9, LALA LAJPAT RAI
SARANI, KOLKATA, West Bengal - 700020, INDIA |
- |
|
8 |
90246678 |
20/08/2012 * |
290,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, Gujarat - 390007, INDIA |
B57666679 |
|
9 |
90246584 |
12/04/2005 |
5,000,000.00 |
ING VYSYA BANK LIMITED |
BRABOURNE ROAD BRANCH, BRABOURNE ROAD,
KOLKATA, West Bengal - 700001, INDIA |
- |
|
10 |
90245975 |
22/12/2009 * |
5,700,000,000.00 |
UCO BANK (LEAD BANK) |
FLAGSHIP CORPORATE BRANCH, MACLEOD HOUSE,
3, NETAJI SUBHAS ROAD, KOLKATA, West Bengal - 700001, INDIA |
A77332617 |
* Date of charge modification
LITIGATION
DETAILS:
|
CALCUTTA HIGH COURT CASE STATUS INFORMATION SYSTEM Case Status : -- Status of INCOME TAX APPEAL (ITA) 750 of 2008 COMMISSIONER OF
INCOME TAX, KOLKATA – IV
VS
GRAPHITE INDIA LIMITED Pet’s Adv. :
S. S. SARKAR Res’s Adv. :
Court No. :
13 Last Listed on : Monday, November 17, 2008 Category :
INCOME TAX : REVENUE
Case Updated on : Tuesday, November 18, 2008 |
BUSINESS REVIEW:
The CSO (Central
Statistical Organization), has estimated that the Indian Economy is likely to
register a lower growth of 5% in FY 2012-13 as compared with the modes growth
of 6.2% registered in 2011-12 and much stronger growth in 2009-10 and 2010-11.
It is further stated that the sharp decline in growth is mainly due to external
causes, while domestic causes also contributed. The growth rate declined on
account of the reduction in investment rate and lower growth of exports
vis-ŕ-vis that of imports. Growth in net exports has been negative due to the
weakening of global demand. The net exports growth has been low because of
global weakness. The World Economic Outlook (WEO) Update released by the IMF in
January 2013 put the rate of growth of world output at 3.9% in 2011 and 3.2% in
2012, down fro 5.1% in 2010. For the advanced economies, the growth rate was
much lower at 3%, 1.6%, and 1.3% for 2010, 2011 and 2012 respectively. The
growth rate in the relatively faster growing emerging economies also fell over
this period. As a result of weak growth in (trading) partner countries, Indian
exports also declined. With the global economy likely to recover in 2013
further aided by several decontrol measures announced by the Government in
recent months, the Indian economy’s outlook for 2013-14 can be viewed as
“cautiously optimistic”.
GRAPHITE INDIA
In the face of
this situation, the year has been quite challenging for the Company due to slow
global recovery and consequent weak market conditions. Revenue from Operations
at Rs.18361.800 millions was marginally higher by 5.4% for FY 2012-13 as
against Rs.17420.300 millions in the previous year. While there was a steady
increase in the price of major inputs, raw materials and all round increase in
production overheads, selling expenses and finance cost, unfortunately, there
was no commensurate increase in selling price. The major players in their
aggressive drive to pick up volumes, continued to drop the selling price
throughout the year. Japanese producers also reduced prices riding on the back
of a weak Yen. This situation leads to lower PAT of Rs.1630.800 millions for
the current year as against Rs. 2378.900 millions in the previous year. Charge on
account of depreciation was also higher on completion of Durgapur plant
expansion.
The Company’s
Graphite and Carbon Segment continues to be the main source of revenue and
profit for the Company, accounting for about 93% of the total revenue. This segment
registered a growth of around 11% YoY
The Company’s
total export sales increased by 22% but domestic sales declined due to unabated
imports in spite of increase in demand.
Glass Reinforced
Plastic Pipes and Steel segment did not perform to expectation due to weak
demand and unsustainable prices.
The business
environment in all segments has become intensely competitive. In order to
sustain and survive through this difficult phase, the Company has taken
extraordinary measures in ensuring efficient management of all resources,
innovative approach to cost reduction and high level of operating efficiencies.
The performance of
the Company’s German subsidiaries suffered due to poor demand, increase in
input costs and steep fall in selling prices.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
i.
INDUSTRY’S STRUCTURE AND DEVELOPMENTS
CHANGE IN SEGMENT
HEADS
The Company has
revised the composition of business segments for its Segment Reporting for
better understanding of results –
Graphite and Carbon
Segment, engaged in the production of Graphite Electrodes, Miscellaneous Carbon
and Graphite Products to include Captive power generating units and Impervious
Graphite Equipment (IGE);
Steel Segment engaged in production
of High Speed Steel and Alloy Steel; and
Others to include Glass
Reinforced Plastic Pipes (GRP) and Power generating utilities for external
sale.
A. GRAPHITE AND
CARBON SEGMENT
GRAPHITE
ELECTRODES
Graphite Electrode
is used in electric arc furnace (EAF) based steel mills for conducting current
and is a consumable item for the steel industry. The principal manufacturers
are based in USA, South America, Europe, India, China, Malaysia and Japan.
Graphite Electrode
demand is primarily linked with the global production of steel in electric arc
furnaces. Between the two basic routes for steel production- (1) Blast Furnace
(BF); and (2) Electric Arc Furnace (EAF) – the EAF route to steel production
has increased over the last two decades to about 30% at the global level. The
share of EAF is expected to grow further in years to come due to its inherent
favorable characteristics of (a) an environment friendly and less polluting
production process; (b) low capital cost; and (c) faster project (commissioning)
time. Fresh investments in EAF steel mills are characterized by large furnace
capacities requiring large diameter UHP Electrodes. It is expected that the
demand for UHP Electrodes too will grow synchronously. These industry features
coupled with an increasing proportion of EAF steel share in total crude steel
production should proportionately augment the demand for graphite electrodes.
World crude steel
production reached 1,548 million tonnes (Mt) for the year 2012, up marginally
by 1.2% (1529.2 Mt) compared to 2011. The growth came primarily from Blast
Furnaces (Ref: World Steel Dynamics). Rising input costs, intense competition
especially from global players on price front because of subdued international
markets posed considerable challenges during the year. This is compounded by
liberalization of import tariff for these items by the Government. On the other
hand, Graphite Electrodes from India are subject to levies in some countries
making imports dearer for overseas consumers. Going forward, the Customs Union
of Belarus, Kazakhstan and Russia have imposed an anti dumping duty of 32.85%
on import of Graphite Electrodes from GIL effective from 26 January, 2013.
The Company is in
the process of filing appeal in the appropriate Court.
The new facility
for production of 20,000 MT of Graphite Electrodes at Durgapur has become
operative and the process of stabilization is underway. Upgraded technology
deployed in this facility should position the Company as a preferred supplier
from the quality/consistency perspective.
CALCINED PETROLEUM
COKE AND PASTE
The Coke Division
in Barauni, engaged in the manufacture of Calcined Petroleum Coke (CPC), is one
of the several backward integration initiatives of the Company. The Division
also makes Carbon Electrode Paste and Carbon Tamping Paste. Two grades of CPC -
aluminum and graphite – are produced here. CPC is a raw material used in the
manufacture of regular and high power grade Graphite Electrodes. This is also a
critical raw material for fine grained high density graphite used in specialty
graphite products and impervious graphite equipment. Carbon Electrode Paste is
used in Ferro alloy smelters and Carbon Tamping Paste is used as a lining
material in submerged arc furnaces.
This division
could not perform to expectations because of poor demand, low realisation and
constraint in supply of basic raw material i.e. raw petroleum coke.
IMPERVIOUS
GRAPHITE EQUIPMENT
The Impervious
Graphite Equipment (IGE) Division is engaged in manufacturing and marketing of
heat exchangers, ejectors, pumps and turnkey plants. These have a wide range of
applications in corrosive chemicals industries such as pharmaceutical,
agro-chemical, chloro alkali and fertilizer industries. Over the years the Company has built this
product line into a reliable brand with a reputation for prompt service, good
quality and consistent performance through investing in strengthening the core
competencies.
This division has
done extremely well during the year posting a growth of 56% in sales over FY 2011-12
driven primarily by execution of orders for capital equipment for domestic and
international customers.
The Company was
the only domestic manufacturer in this field till recently. One of the major global
players has established a full scale production base in India. This Division is
adequately equipped to meet the challenges of competition from established
European and Japanese producers.
The regulatory
requirement of export licences and the delay in obtaining the same, has to some
extent limited the performance in servicing short delivery lead time orders and
led to loss of some business to competitors.
CAPTIVE POWER
Power constitutes
one of the major costs of Electrode Production. For captive consumption, the
Company has an installed capacity of 27 MW of power generation through Hydel
(18 MW) route and 13.5 MW through multi-fuel route. Power generation through
Hydel Power Plant was lower to 29.48 million units as against 52.72 million
units in the previous year due to weak monsoon. The multi fuel power generating
sets remained as standby owing to adequate availability of power from the grid.
Pursuant to failure of Wardha Power Co. Ltd. (WPCL) to commence power supply in
accordance with the terms of Power Delivery Agreement (PDA), the Company
terminated the PDA and Shares Subscription Agreement (SSA) and asked WPCL to
buy back the shares held by the Company along with interest. The Company has
invoked the arbitration clause as provided in the Agreement.
B. STEEL SEGMENT
Powmex Steels
Division (PSD) is engaged in the business of manufacturing high speed steel and
alloy steel having its plant at Titilagarh in the State of Orissa. PSD is the
single largest manufacturer of High Speed Steel (HSS) in the country. HSS is
used in the manufacture of cutting tools such as drills, taps, milling cutters,
reamers, hobs, broaches and special form tools. HSS cutting tools are
essentially utilised in – (a) automotive; (b) machine tools; (c) aviation; and
(d) DIY market. The industry is characterized by one good quality manufacturer
of HSS viz. PSD and several other small manufacturers who cater to the low end
of the quality spectrum in the retail segment. On the demand side, the industry
is broadly divided into large and small cutting tool manufacturers who use both
domestic and imported HSS. PSD faces competition from small domestic producers
and imports from large overseas manufacturers.
During the year ,
overseas suppliers were aggressive on prices of HSS products to the domestic
consumers, resulting in loss of some business by PSD. It is expected that such
competition may increase in the coming years as the suppliers try to increase
market penetration in the Asian markets. Demand in domestic market was also subdued.
C. OTHER SEGMENTS
GLASS REINFORCED
PLASTIC PIPES AND TANKS (GRP)
GRP Division is
engaged in manufacturing of large diameter Glass Fibre Reinforced Plastic
Pipes, Pipeline liners, by continuous filament process with computerized,
advanced technology. These pipes have diverse applications such as water supply
projects, power plants, sewerage disposal schemes, industrial effluent
disposal, etc.
The Company has a
good track record of supplying large diameter pipes in major infrastructure
projects. During the year, the performance of the Division has remained below
par due to severe under cutting of prices by competitors. Further, the Division
had to face cost pressures on account of rising commodity prices and general
inflationary economy. The market is increasingly getting flooded with small
competitors owing to low technological requirement and low investment involved,
resulting in unhealthy competition. Project cost over-run, delay in completion
of projects, disputes on contractual defaults and non-receipt of receivables
are the several inherent risks in this business. Thus, it has become difficult
to operate in this unpredictable business environment and the Company has
become selective in picking its orders. Consolidation of the industry’s capacity
may take some time, but perhaps that probably is the way forward for this
Division.
1.5 MW HYDEL POWER
FACILITIES
Power generated
from this facility is sold to Karnataka Power Grid under a Power Purchase
Agreement. Generation of power is entirely dependant on monsoon. During the
year the performance of this unit was
adversely affected due to poor monsoon.
ii.
OPPORTUNITIES AND THREATS
India has acquired
a strategic position on the global steel map, from the growing demand from infrastructure,
real estate and automobile sector. India was ranked as the world’s fourth
largest crude steel capacity in 2011-12 and is expected to become the second
largest producer of crude steel in the world by 2015-16. India is also one of
the world’s largest producers of sponge iron. The World Steel Association has
estimated steel consumption in India to grow at 5% in 2013. There will be a
major spurt min steel demand in the medium term if the Indian Government
implements its US $1 trillion infrastructure investment plan.
In the medium to
long term, this augurs well for the domestic Graphite Electrode industry. But
the short-term challenges such as: (a) less than projected GDP growth leading
to softening of demand for steel, (b) disruption in supply of primary inputs to
the EAF steel mills like consistent and adequate supply of quality power at
affordable tariff, and soaring prices of scrap may perhaps restrict the
production of steel through the EAF route. It may also put on hold some of the
investment / expansion plans.
The Company is
exposed to the threat of the cyclical nature of the steel demand as also to the
risks arising from the volatility in the cost of input materials. The Company
also faces the challenge in its domestic market, due to large scale import of
graphite electrodes. Volumes would be impacted by factors like: (a)
Deceleration of the global economy in 2012 further impeded by projections of a
gradual recovery in 2013-14; (b) doubts about the early resolution of the
crisis in the euro area; (c) doubts about the pace of fiscal withdrawal in the
US - all these developments are likely to impact adversely the business
prospects in general.
While the Company
is equipped and geared to face these business challenges, it is hopeful of
realising its business goals, subject to a positive revival of the business
environment.
iii.
SEGMENT-WISE PERFORMANCE
REVENUE OF THE
COMPANY
The revenue from
operations amounted to Rs.1836.18 crore as against Rs.1742.03 crore in the
previous year. Aggregate Export Revenue of all divisions together was
Rs.1163.62 crore as against Rs. 954.25 crore in the previous year.
GRAPHITE AND
CARBON SEGMENT
Production of
Graphite Electrodes and Other Miscellaneous Carbon and Graphite Products during
the year was 67,583 MT against 68,549 MT
in the previous year.
Production of
Calcined Petroleum Coke during the year was 24,183 MT as against 26,885 MT in
the previous year. Production of Carbon
Paste during the year was 6,303 MT against 8,308 MT in the previous year.
Production of
Impervious Graphite Equipment (IGE) and spares at 1,013 MT was higher as
compared to that of 850 MT in the previous year.
Power generated
from captive Hydel Power Plant of 18 MW capacity amounted to 29.48 million
units during the year as against 52.72 million units in the previous year.
Multi-fuel generating facilities remained as stand-by and were not operated due
to adequate availability from the grid.
The Segment
Revenue increased to Rs.17008.300 millions from Rs.15361.100 millions in the
previous year registering a growth of 11%. However profitability of the segment
was adversely impacted due to increase in input cost, overheads, etc. without
corresponding increase in selling price. The volumes impacted due to lower
domestic sales in the backdrop of increasing imports in the country.
Steel Segment
Production of HSS
and Alloy Steels was 1,620 MT during the year as against 1,883 MT in the
previous year.
Other Segments
The GRP Division
produced 4,298 MT as against 11,198 MT in the previous year.
Sale of power from
1.5 MW Link Canal facilities was 2.05 million units as against 4.11 million
units in the previous year.
iv.
OUTLOOK
According to
indications and forecasts, there may not be any significant growth in FY
2013-14. According to one Report of IMF, Global growth is projected to increase
during 2013, as the factors underlying soft global activity are expected to
subside. However, this upturn is projected to be gradual. In fact, economic
conditions improved modestly in the third quarter of 2012 aided by global
growth increasing to about 3 percent. The main source of acceleration was
emerging market economies, where activity levels picked up. As per the January
2013 update of the IMF, world trade volume is projected to grow by 3.8 per cent
in 2013. Import and export volume growth rates of emerging market and
developing economies are however projected to be higher than those of advanced
economies.
The revival of
growth in the advanced economies is expected to be slow and uncertain at least
in the near future, despite the measures being taken on monetary and fiscal
fronts. Nevertheless, it is unlikely that the support to Indian growth from the
global economy will be significant. Backed by policy actions announced in the
recent budget, it is projected that India would return to the robust growth
path of 7-8% over the next two to three years.
The Indian steel
sector has grown substantially during the last decade, registering a strong
demand push in the last five years. India's steelmaking capacity is estimated
to exceed 100 million tonnes (Mt) by 2013 and the production is expected to
reach 275 Mt by 2020. The per capita steel consumption increased from 34
kilograms (kg) in 2004-05 to 59 kg in 2011-12.
It is projected that Electric Arc Furnaces will contribute to over 50%
of global steel production by 2020, in view of its various advantages,
primarily from the point of view of low emission of carbon dioxide. This
development augurs well for the growth of graphite electrode demand in future
years, inspite of reducing specific consumption of electrodes per tonne of
steel produced, as a result of improvement in manufacturing technology of steel
as well as electrodes.
With its
competitive cost structure, strong technical product features and a well
diversified customer base, the Company has established its presence in the
global graphite electrode industry as a potential global player and this has
significantly enabled the Company to penetrate aggressively, the growing market
for large diameter UHP graphite electrodes.
It is expected
that the domestic demand for steel and as a corollary for Graphite Electrodes
may increase marginally. Faced with unfavorable business conditions, the global
players have turned to the Asian markets and are following an aggressive pricing
policy to capture volumes. This is likely to affect the Company’s domestic
volumes as also the profit margins.
SUBSIDIARY
COMPANIES
Carbon Finance
Limited is wholly owned Indian subsidiary and Graphite International B.V. in
The Netherlands is wholly owned overseas subsidiary of the Company which is the
holding company of four subsidiaries in Germany. The overseas subsidiaries
recorded a turnover of Euro 49.71 mn as compared to Euro 61.19 mn in the
previous year.
On the backdrop of
prolonged economic slowdown, German subsidiaries did not do well due to low
demand in Europe, increase in production costs and reduction in prices by
competitors to capture volumes in the dwindling market. Hence, lower turnover
coupled with high input cost have resulted in loss of Euro 3.62 mn during the
year, as against profit of Euro 1.02 mn in the previous year. Following tax
audit carried out for the periods 2004- 2008, subsidiaries had to make
provision for tax including interest thereon amounting to Euro 1.85 mn. Discussion
is on to bring it down.
The Company earned
by way of Royalty Rs. 39.200 millions during the year, as against Rs. 48.200
millions in the previous year, from overseas subsidiaries.
The Ministry of Corporate
Affairs by a Circular dated 08- February-2011 has granted exemption from the
provisions of Section 212 of the Companies Act, 1956 with regard to the
attachment of the accounts, reports, statement in terms of section 212(1)(e),
etc. of its subsidiaries as part of its Accounts. The Board of Directors of the
Company has by a resolution given consent for not attaching the aforesaid
documents of its subsidiaries. The Annual Accounts of subsidiary companies and
the related detailed information will be made available to the holding and
subsidiary company investors who seek such information at any point of time.
The annual accounts of the subsidiary companies will also be kept for
inspection by any shareholder in the Registered Office of the Company and that
of the subsidiaries. The Company shall furnish a hard copy of details of
accounts of subsidiaries to any shareholder on demand.
The Consolidated
Financial Statements of the Company along with those of its subsidiaries
prepared as perAS-21 forms a part of the Annual Report.
RECOGNITION /
AWARD
The Company
continues to enjoy the status of a Star Trading House for a period of five
years effective 1st April, 2009 till 31st March, 2014. This year
too, the Company received the following awards for export performance –
Ř
From ECGC – DNB –
Indian Exporters’ Excellence Award 2012;
Best manufacturer – Export (Large);
Ř From EEPC, India,
Mumbai: 44th National Award for,
Export Excellence for 2011-12.
FIXED ASSETS
Ř
Freehold Land
Ř
Leasehold Land
Ř
Buildings
Ř
Plant and Machinery
Ř
Machinery Spares
Ř
Office Equipment
Ř
Furniture and Fittings
Ř
Vehicles
UNAUDITED
FINANCIAL RESULT FOR THE QUARTER AND HALF YEAR ENDED 31ST DECEMBER,
2013
(Rs. In Millions)
|
|
Quarter Ended |
Nine
months ended |
|
|
PARTICULARS |
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
|
|
|
01. Gross Sales / Income from Operations
|
4486.400 |
4488.600 |
13102.700 |
|
Less
: Excise Duty |
183.900 |
182.000 |
545.300 |
|
Net Sales / Income from
Operations |
4302.500 |
4306.600 |
12557.400 |
|
02.
Other Operating Income |
42.000 |
102.100 |
233.900 |
|
03. TOTAL INCOME FROM OPERATIONS
|
4344.500 |
4408.700 |
12791.300 |
|
04. EXPENDITURE |
|
|
|
|
a)
Cost of materials consumed |
1889.500 |
1858.700 |
5853.100 |
|
b) Purchases of stock-in-trade |
-- |
-- |
-- |
|
c) Changes in inventories
of finished goods, work-in- progress
and stock-in-trade |
(1.900) |
58.100 |
(329.700) |
|
d) Employee benefits expense |
349.500 |
316.200 |
974.800 |
|
e) consumption of stores and spare parts |
292.000 |
322.800 |
898.400 |
|
f) power and fuel |
592.400 |
561.100 |
1812.800 |
|
g)
Depreciation and amortization expense |
135.300 |
135.200 |
401.700 |
|
h)
Other Expenses |
538.100 |
473.800 |
1420.700 |
|
TOTAL EXPENSES |
3794.900 |
3725.900 |
11031.800 |
|
05. Profit / (Loss) from Operations before other income, finance costs
and exceptional items |
549.600 |
682.800 |
1759.500 |
|
06.
Other Income |
102.900 |
53.300 |
243.200 |
|
07. Profit Before Finance Costs
& Exceptional Items |
652.500 |
736.100 |
2002.700 |
|
08.
Finance costs |
38.400 |
48.500 |
130.400 |
|
09. Profit after Finance Cost
but before exceptional items |
614.100 |
687.600 |
1872.300 |
|
10.
Exceptional Items |
-- |
-- |
-- |
|
09. Profit / (Loss) from
ordinary activities before tax |
614.100 |
687.600 |
1872.300 |
|
11. Tax expense, including deferred tax |
192.500 |
242.500 |
612.500 |
|
12. Net Profit
/ Loss (-) from ordinary activities after tax |
421.600 |
445.100 |
1259.800 |
|
13. Extraordinary
Item |
-- |
-- |
-- |
|
14. Net profit for the period |
421.600 |
445.100 |
1259.800 |
|
15. Paid-up Equity Share
Capital (each share of Rs. 10/- face value)
|
390.800 |
390.800 |
390.800 |
|
16. Reserves excluding revaluation reserves as per Balance Sheet of previous accounting
year |
-- |
-- |
-- |
|
17. Earnings per share – Basic and
diluted EPS before and after extraordinary item (Rs.) – non-annualized |
2.16 |
2.28 |
6.45 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
|
a. |
Number of shares |
69336871 |
70571078 |
69336871 |
|
|
b. |
Percentage of shareholding |
35.49 |
36.12 |
35.49 |
|
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) |
-- |
-- |
-- |
|
|
|
Percentage of shares (as a % of the total share capital of the
Company) |
-- |
-- |
-- |
|
|
b. |
Non-encumbered |
|
|
|
|
|
Number of shares |
126038723 |
124804516 |
126038723 |
|
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
Percentage of shares (as a % of the total share capital of the
Company) |
64.51 |
63.88 |
64.51 |
|
|
Particulars |
Quarter Ended |
|
|
|
31.12.2013 |
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending
at the beginning of the quarter |
Nil |
|
|
Received
during the quarter |
9 |
|
|
Disposed
of during the quarter |
9 |
|
|
Remaining
unresolved at the end of the quarter |
Nil |
STANDALONE SEGMENT-WISE REVENUE, RESULTS AND CAPITAL
EMPLOYED FOR THE QUARTER ENDED 31ST DECEMBER, 2013
(Rs. In Millions)
|
|
Particulars |
Quarter Ended |
Nine
months ended |
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1. |
Segment Revenue (net of excise duty): |
|
|
|
|
|
(a) Graphite and Carbon |
4145.600 |
4110.600 |
11973.400 |
|
|
(b) Steel |
148.600 |
181.800 |
521.200 |
|
|
(c)
Unallocated |
50.400 |
118.200 |
298.800 |
|
|
Total Less: Inter-Segment Revenue |
4344.600 0.100 |
4410.600 1.900 |
12793.400 2.100 |
|
|
Sales/ Income from Operation Net |
4344.500 |
4408.700 |
12791.300 |
|
2. |
Segment Results: [Profit / (loss) before
tax and finance costs from each segment] |
|
|
|
|
|
(a) Graphite and Carbon |
626.100 |
873.500 |
2277.100 |
|
|
(b) Steel |
(1.600) |
5.800 |
40.400 |
|
|
(c)
Unallocated |
(3.600) |
(6.100) |
(17.700) |
|
|
Total |
620.900 |
873.200 |
2299.800 |
|
|
Less:
(i) Finance costs (net) |
38.400 |
48.500 |
130.400 |
|
|
(ii) Other
un-allocable expenditure net of un-allocable income |
(31.600) |
137.100 |
297.100 |
|
|
Total Profit Before Tax |
614.100 |
687.600 |
1872.300 |
|
3. |
Capital
Employed: (Segment Assets - Segment Liabilities) |
|
|
|
|
|
(a) Graphite and Carbon |
17660.000 |
17991.100 |
17660.000 |
|
|
(b) Steel |
1975.100 |
1979.500 |
1975.100 |
|
|
(c)
Unallocated |
296.300 |
459.100 |
296.300 |
|
|
Total |
19931.400 |
20429.700 |
19931.400 |
NOTE:
1.
Figures
for the previous periods have been regrouped / rearranged wherever necessary to
conform to current period's classification.
2.
The
above results have been reviewed by the Audit Committee and approved by the
Board at its meeting held on 3rd February, 2014. The Auditors of the
Company have carried out a Limited Review of the above financial results for
the quarter ended 31st December, 2013 in terms of Clause 41 of the
Listing Agreement with Stock Exchanges.
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.61.09 |
|
|
1 |
Rs.100.59 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.