1. Summary Information
|
Country |
|
||
|
Company Name |
GOA CARBON
LIMITED |
Principal Name 1 |
Mr. Shrinivas V Dempo |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Dara P Mehta |
|
Registration # |
000076 |
||
|
Street Address |
Dempo House,
Campal, Panaji – 403 001, |
||
|
Established Date |
22.06.1967 |
SIC Code |
-- |
|
Telephone# |
91-832-2441300,
2441458, 2441354 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-832-2225098,
2427192 |
Business Style 2 |
Seller |
|
Homepage |
Product Name 1 |
Calcined petroleum coke |
|
|
# of employees |
Not Divulged |
Product Name 2 |
-- |
|
Paid up capital |
Rs. 91,510,520 /- |
Product Name 3 |
-- |
|
Shareholders |
Shareholding
of Promoter and Promoter Group – 60.09% Public
shareholding – 39.91% |
Banking |
Bank of |
|
Public Limited Corp. |
YES |
Business Period |
47 years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
Ba
(49) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding
Company |
|
V. S. Dempo Holdings Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,282,787,000 |
Current Liabilities |
101,031,000 |
|
Inventories |
742,797,000 |
Long-term Liabilities |
1331,357,000 |
|
Fixed Assets |
214,806,000 |
Other Liabilities |
104,455,000 |
|
Deferred Assets |
000 |
Total Liabilities |
1,536,843,000 |
|
Invest& other Assets |
140,104,000 |
Retained Earnings |
752,140,000 |
|
|
|
Net Worth |
843,651,000 |
|
Total Assets |
2,380,494,000 |
Total Liab. & Equity |
2,380,494,000 |
|
Total Assets (Previous Year) |
2,681,956,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
2,954,701,000 |
Net Profit |
79,127,000 |
|
Sales(Previous yr) |
3,438,364,000 |
Net Profit(Prev.yr) |
104,875,000 |
MIRA INFORM REPORT
|
Report Date : |
29.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
GOA CARBON LIMITED |
|
|
|
|
Registered Office : |
Dempo House, Campal, Panaji – 403 001, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
22.06.1967 |
|
|
|
|
Com. Reg. No.: |
24-000076 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.91.511 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L23109GA1967PLC000076 |
|
|
|
|
IEC No.: |
1788007425 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRG04141E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACG6842K |
|
|
|
|
Legal Form : |
Public Limited liability company. Company’s shares are listed on stock
exchanges. |
|
|
|
|
Line of Business : |
Manufacturing and sale of
calcined petroleum coke. |
|
|
|
|
No. of Employees : |
Information declined by
the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3380000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Dempo Group. It is an established company which
is second largest manufacturer of calcined pet coke
in India. It is having a satisfactory track. Management has seen a dip in its sales volume as well as net
profitability due to weak domestic demand for its products, coupled with a
slowdown in export sales during 2012 – 2013. The company has seen an improvement in its capital structures on
account of reduced debt levels and the liquidity profile remained comfortable
as reflected by a large cash balance. Trade relations are fair. Business is active. Payment terms are
reported at usually correct. In view of experienced as well as professional management, and financial
support extended from its group company, the subject can be considered for
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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
India’s current account deficit for the fiscal third quarter ended September
2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from $31.9
billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports and
moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term cash credit limit = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
August 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Letter of credit limit = A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
August 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non Co-operative
Contact No. : 91-832-2441300
LOCATIONS
|
Registered Office : |
Dempo House, Campal, Panaji – 403 001, |
|
Tel. No.: |
91-832- 2441300, 2441458, 2441354 |
|
Fax No.: |
91-832-2225098, 2427192 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Rented |
|
|
|
|
|
St. Jose De Areal, Salcete, |
|
Tel. No.: |
91-832-2860336, 2860363, 2860367/ 68 |
|
Fax No.: |
91-832-2860364 |
|
E-Mail : |
|
|
Area : |
115944 sq ft |
|
Location : |
Owned |
|
|
|
|
Bilaspur Plant : |
34-40, Sector B, Sirigitti Industrial Area, Bilaspur 495 004,
Chattisgarh. |
|
Tel. No.: |
91-7752-490475, 238167, 220822 |
|
Fax No.: |
91-7752-262188/ 238167 |
|
E-Mail : |
|
|
|
|
|
Paradeep Plant : |
Village Udayabata, Post Office Paradeepgarh, Dist. Jagatsignhpur,
Orissa 754142 |
|
Tel. No.: |
91-6722-230833, 230881/ 230882-4 |
|
Fax No.: |
91-6722-230855/ 230887 |
|
E-Mail : |
DIRECTORS
As on : 31.03.2013
|
Name : |
Mr. Shrinivas V Dempo |
|
Designation : |
Chairman |
|
Address : |
Dempo Villa, Altinho,
Panji, |
|
Qualification : |
M.Com, M.B.A. - |
|
|
|
|
Name : |
Mr. Dara P Mehta |
|
Designation : |
Director |
|
Address : |
10, Southlands, 177, |
|
Qualification : |
B.A., LLB, LLM |
|
|
|
|
Name : |
Mr. P G Kakodkar |
|
Designation : |
Director |
|
Address : |
Flat No. 1001, Brooke
Ville, Opp. Bafna Society, |
|
Qualification : |
M.A. (Economics) |
|
|
|
|
Name : |
Mr. Keki M Elavia |
|
Designation : |
Director |
|
Address : |
2 A, Anand Bhavan, 36th
Road, Bandra West, Mumbai – 400050, Maharashtra, India. |
|
Qualification : |
B.Com, F.C.A. |
|
|
|
|
Name : |
Mr. A B Prasad |
|
Designation : |
Director |
|
Address : |
III – B 3rd
Floor, |
|
Qualification : |
B.Sc. (Chemical
Engineering), M.Tech (Chemical Engineering), Ph. D. (Chemical Engineering) |
|
|
|
|
Name : |
Mr. Jagmohan J. Chhabra |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Vasantrao S. Dempo |
|
Designation : |
Founder Chairmen |
|
Name : |
Mr. Vasudeva V. Dempo |
|
Designation : |
Founder Chairmen |
KEY EXECUTIVES
|
Name : |
Mr. P S Mantri |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. K Balaraman |
|
Designation : |
General Manager Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of Shareholder |
Total No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
|
||
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
395939 |
4.33 |
|
|
5103340 |
55.77 |
|
|
5499279 |
60.09 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
5499279 |
60.09 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
550 |
0.01 |
|
|
805 |
0.01 |
|
|
1355 |
0.01 |
|
|
|
|
|
|
293058 |
3.20 |
|
|
|
|
|
|
2825644 |
30.88 |
|
|
341248 |
3.73 |
|
|
190468 |
2.08 |
|
|
144480 |
1.58 |
|
|
41888 |
0.46 |
|
|
4000 |
0.04 |
|
|
100 |
0.00 |
|
|
3650418 |
39.89 |
|
Total Public
shareholding (B) |
3651773 |
39.91 |
|
Total (A)+(B) |
9151052 |
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) |
9151052 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and sale of
calcined petroleum coke. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by
the management |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
·
Bank of ·
Bank of Baroda,
Panji Branch, Panji, Goa. |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facility : |
Note
: The cash credit
and buyers credit facilities are secured by first and equitable mortgage on pari-passu
basis of all immovable properties and by hypothecation of all movable fixed
assets, inventories, book debts and other receivables of the Company. |
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
ASV N Ramana
Tower, 52, Venkatnarayana Road, T. Nagar, Chennai 600017, Tamilnadu, India. |
|
|
|
|
Solicitors : |
Little and Company Chartered Accountants |
|
Address : |
Central Bank Building, 3rd Floor, M.G. Road, Mumbai –
400023, Maharashtra, India |
|
|
|
|
Holding Company: |
|
|
|
|
|
Fellow Subsidiary : |
·
Aparant Iron and Steel Private Limited ·
Dempo Sports Club Private Limited ·
Dempo Industries Private Limited ·
Dempo Travels Private Limited ·
Marmagoa Shipping and Stevedoring Company Private
Limited |
|
|
|
|
Subsidiary : |
|
|
|
|
|
Enterprises over
which Mr Shrinivas V. Dempo is able to exercise significant influence: |
·
Dempo Cricket Club ·
Dempo Charities Trust ·
Devashri Nirman ·
Motown Investments Private Limited ·
Vasantrao Dempo Education and Research Foundation |
CAPITAL STRUCTURE
As on : 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22000000 |
Equity Shares |
Rs.10/- each |
Rs.220.000 millions |
|
300000 |
Preference Shares |
Rs.100/- each |
Rs.30.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs. 250.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9151052 |
Equity Shares |
Rs.10/- each |
Rs.91.511
millions |
|
|
|
|
|
There has been no movement
in equity shares outstanding at the beginning and at the end of the year
The Company has
only one class of equity shares having a par value of Rs.10/-. Each holder is
entitled to one vote per equity share. Dividends are paid in Indian Rupees. Dividend
proposed by the Board of Directors is subject to the approval of the
shareholders at the Annual General Meeting. The amount of dividend proposed to
be distributed to equity shareholders is Rs.22.878 Millions (Previous year
Rs.36.604 Millions) and the related amount per equity share is Rs.2.50
(Previous year Rs.4).Repayment of capital will be in proportion to the number
of equity shares held.
Details of equity
shares with voting rights held by each shareholder holding more than 5% shares
|
Particulars |
No. of Shares |
% held |
|
V.S. Dempo Holdings Private Limited, the holding company |
5,069,040 |
55.40 |
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 |
91.511 |
91.511 |
91.511 |
|
(b) Reserves & Surplus |
752.140 |
699.602 |
637.269 |
|
(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) |
843.651 |
791.113 |
728.780 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
36.549 |
38.223 |
38.804 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
10.106 |
|
Total
Non-current Liabilities (3) |
36.549 |
38.223 |
48.910 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1,331.357 |
1,649.242 |
1,713.344 |
|
(b) Trade payables |
68.476 |
87.896 |
131.866 |
|
(c) Other current liabilities |
67.906 |
67.226 |
64.723 |
|
(d) Short-term provisions |
32.555 |
48.256 |
45.239 |
|
Total
Current Liabilities (4) |
1,500.294 |
1,852.620 |
1,955.172 |
|
|
|
|
|
|
TOTAL |
2,380.494 |
2,681.956 |
2,732.862 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
214.806 |
232.253 |
250.550 |
|
(ii) Intangible Assets |
0.000 |
0.006 |
1.334 |
|
(iii) Capital work-in-progress |
0.000 |
0.858 |
0.858 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
140.104 |
0.410 |
0.410 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
34.964 |
34.745 |
34.803 |
|
(e) Other Non-current assets |
214.547 |
42.000 |
0.000 |
|
Total
Non-Current Assets |
604.421 |
310.272 |
287.955 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
742.797 |
1,369.451 |
1,121.358 |
|
(c) Trade receivables |
87.697 |
281.260 |
149.687 |
|
(d) Cash and cash equivalents |
761.176 |
416.771 |
776.848 |
|
(e) Short-term loans and
advances |
170.246 |
125.587 |
215.982 |
|
(f) Other current assets |
14.157 |
178.615 |
181.032 |
|
Total
Current Assets |
1,776.073 |
2,371.684 |
2,444.907 |
|
|
|
|
|
|
TOTAL |
2,380.494 |
2,681.956 |
2,732.862 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Net Sales |
2,954.701 |
3,438.364 |
2,677.573 |
|
|
Other operating revenue |
1.251 |
2.075 |
1.420 |
|
|
Other Income |
64.582 |
60.427 |
30.390 |
|
|
TOTAL
|
3,020.534 |
3,500.866 |
2,709.383 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2,250.723 |
2,695.043 |
2,244.591 |
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.975 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
130.175 |
37.720 |
(224.448) |
|
|
Employees benefits expense |
144.124 |
131.387 |
114.581 |
|
|
Other expenses |
301.344 |
381.681 |
332.032 |
|
|
TOTAL
|
2,826.366 |
3,245.831 |
2,467.731 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
194.168 |
255.035 |
241.652 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
50.129 |
74.507 |
75.537 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
144.039 |
180.528 |
166.115 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
22.404 |
23.918 |
25.865 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
121.635 |
156.610 |
140.250 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
42.508 |
51.735 |
48.338 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
79.127 |
104.875 |
91.912 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
168.958 |
117.125 |
76.955 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
8.000 |
10.500 |
9.200 |
|
|
Dividend |
22.878 |
36.604 |
36.604 |
|
|
Tax on Dividend |
3.711 |
5.938 |
5.938 |
|
|
Total
|
34.589 |
53.042 |
51.742 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
213.496 |
168.958 |
117.125 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
520.538 |
1,336.816 |
612.518 |
|
|
TOTAL
EARNINGS |
520.538 |
1,336.816 |
612.518 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
165.173 |
2,649.249 |
1,921.119 |
|
|
TOTAL
IMPORTS |
165.173 |
2,649.249 |
1,921.119 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
8.650 |
11.460 |
10.040 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.62
|
2.99 |
3.39 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.12
|
4.55 |
5.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.43
|
5.84 |
5.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.20 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.58
|
2.08 |
2.35 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
1.28 |
1.25 |
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 |
91.511 |
91.511 |
91.511 |
|
Reserves & Surplus |
637.269 |
699.602 |
752.140 |
|
Net
worth |
728.780 |
791.113 |
843.651 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
1,713.344 |
1,649.242 |
1,331.357 |
|
Total
borrowings |
1,713.344 |
1,649.242 |
1,331.357 |
|
Debt/Equity
ratio |
2.351 |
2.085 |
1.578 |
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 |
2,677.573 |
3,438.364 |
2,954.701 |
|
|
|
28.413 |
(14.067) |
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 |
2,677.573 |
3,438.364 |
2,954.701 |
|
Profit After Tax |
91.912 |
104.875 |
79.127 |
|
|
3.43% |
3.05% |
2.68% |
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 |
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 |
--- |
|
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 |
No |
|
30] |
Major
Shareholders, if available |
No |
|
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
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loan from related parties repayable on demand |
|
|
|
V. S. Dempo Holdings Private Limited, the holding company |
105.000 |
0.000 |
|
|
|
|
|
Total |
105.000 |
0.000 |
YEAR IN
RETROSPECT:
The sales and other
income for the financial year were Rs. 3020.534 Millions as compared to
Rs.3500.866 Millions for the previous financial year. The production of
Calcined Petroleum Coke (“CPC”) was 1,17,152 tonnes as compared to 1,31,735
tonnes for the previous financial year.
The sales of CPC
were 1,22,019 tonnes (including exports 21,055 tonnes) for the financial year
as compared to 1,34,492 tonnes (including exports 52,364 tonnes) for the
previous financial year. The profit after tax during the financial year was Rs.
79.127 Millions as compared to the profit of Rs. 104.875 Millions in the
previous financial year.
SUBSIDIARY
COMPANY:
SUBSIDIARY
COMPANIES / CHINA PROJECT AND CONSOLIDATED FINANCIAL STATEMENTS
The
Company’s wholly owned step down subsidiary company “Goa Carbon (Cangzhou)
Company Limited” China (“the China Company”) has obtained a business licence to
set up a plant in Cangzhou, Hebei Province, The People’s Republic of China(“the
PRC”), with an annual capacity to manufacture3,00,000 MT of Calcined Petroleum
Coke. The Company has remitted USD 2 million to its wholly owned subsidiary
“GCL Global Resources SGP Private Limited” Singapore (the “Singapore Company”)
which is the holding company of the China Company.
The
Singapore Company has correspondingly subscribed USD 2 million to the
authorised capital of the China Company which will be used for the purpose of
carrying out the preliminary work relating to the setting up of the plant in
the PRC.
MANAGEMENT
DISCUSSION AND ANALYSIS
OVERVIEW
Subject
is one of the leading players in the business of Calcined Petroleum Coke
(“CPC”). The basic raw material in the production of CPC is Raw Petroleum Coke
(“RPC”) also known as Green Petroleum Coke (“GPC”), a by-product of crude oil
refining. CPC is one of the key raw material used in the manufacture of carbon
anode for the aluminum industry and is also used as a carbon raiser for the
titanium dioxide and steel industries.
The
Global CPC capacity at the beginning of the year 2012 was estimated to be about
28 million tonnes out of which USA and China accounted for approximately65%.
The growth of CPC industry is depend ant mainly on the growth of the aluminium
industry which consumes about 80% of the global CPC production.
FUTURE OUTLOOK
As
mentioned above, the aluminum industry, which accounts for about 80% of the
total world demand for CPC, grew at about 5% per annum globally, in the past
ten years. Aluminum is widely used throughout the world in the transportation,
packaging and construction industries, Due to its features viz. light-weight,
noncorrosive, high-strength, superior electric conductivity and recyclability,
aluminum will continue to find new and improved applications in the
infrastructure, a erospace and defence industries. In recent years, we have
seena demographic shift in the production of aluminum from the West to Asia.
Large aluminum smelters have been installed in the Middle East, India and China
in view of the proximity to demand, supply of raw material and lower power
costs. China produces 40% of the global RPC / GPC and is continuously adding
new coking capacities. The Company expects to capitalize on these trends and
deliver better performance due to its presence in these markets. In view of
these promising developments in the aluminium and raw material arena, Goa
Carbon has already identified the land and has acquired Business License to
manufacture3,00,000 MT of CPC in China. The Company’s Project team is presently
working on a detailed engineering forthe construction of the Plant in China.
The
last few years have been very challenging for the Indian market. The slowdown
in Indian economy coupled with high inflation and interest rates have affected
the overall performance. Crude oil prices have put pressure on the fiscal
deficit. Despite all the constraints, outlook for 2013-14 and beyond is
positive. The smelter projects which were delayed in2012-13 are going to be
commissioned between 2013and 2015. The additional capacity of aluminum in India
will be 1.75 Million MT, which would need almost0.8 Million MT of CPC.The long
term growth expectation of aluminum consumption is robust with about 6%
Compounded Annual Growth Rate (CAGR) between 2012 and 2016.
CORPORATE
INFORMATION
The
Company is in the business of manufacture and sale of Calcined Petroleum Coke
in its manufacturing facilities at Goa, Paradeep and Bilaspur.
FINANCIAL REVIEW
The
financial statements have been prepared in compliance with the requirements of
the Companies Act, 1956. The key financial ratios are given below in percentage,
except for earnings per share:
|
Particulars
|
As at 31.03.2013 |
As at 31.03.2012 |
|
PAT
/ Sales |
2.68% |
3.05% |
|
Return
on Net Worth |
14.88% |
20.61% |
|
Earnings
per share |
8.65 |
11.46 |
The net
cash flow of the Company during the year ended 31.03.2013 is as follows:
Rs in
Millions
|
Particulars
|
As at 31.03.2013 |
As at 31.03.2012 |
|
Cash (used in)/
from operations |
827.778 |
(231.053) |
|
Cash (used in)/
from investing activities |
(189.656) |
146.636 |
|
Cash (used in)/
from financial activities |
(400.618) |
(172.672) |
|
Net increase/
(decrease) in cash |
237.504 |
(257.089) |
INTERNAL CONTROL
SYSTEM
The
Company has adequate internal control systems commensurate with its size and business.
The Internal Auditor reviews all the transactions of the company and ensures
that they are in line compliance of
laws, policies and procedures and have been correctly recorded and reported.
The Internal Audit is conducted on regular basis and the reports are submitted
to the Audit Committee of Directors at their meetings held at every quarter.
Un-audited
financial results (Stand - Alone)
For
the quarter/ Nine Months Period Ended 31st December 2013
(Rs.
In millions)
|
Particulars |
Three months period ended |
Nine months period ended |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Income from operation |
|
|
|
|
(a) Net Sales |
722.795 |
930.981 |
2069.461 |
|
(b) Other Operating Income |
0.503 |
0.637 |
1.795 |
|
Total Income |
723.298 |
931.618 |
2071.256 |
|
2. Expenditure |
|
|
|
|
a. Increase(-) /Decrease(+) in Stock in trade and W.I.P. |
181.160 |
(30.524) |
57.555 |
|
b. Cost of Material Consumed |
483.903 |
751.653 |
1666.359 |
|
c. Purchase of Traded Goods |
0.000 |
0.000 |
0.000 |
|
d. Employees Cost |
38.293 |
40.342 |
114.429 |
|
e. Depreciation |
5.577 |
5.525 |
16.592 |
|
f. Other Expenditure |
23.950 |
94.133 |
151.016 |
|
g. Exchange loss/(gain) (net) |
0.000 |
0.000 |
0.000 |
|
g. Total |
732.883 |
861.129 |
2005.951 |
|
3. Profit(+)/ Loss(-) from Operations before other Income Interest and
Exceptional Item(1-2) |
(9.585) |
70.489 |
65.305 |
|
4. a. Other Income-Foreign |
14.252 |
7.855 |
34.365 |
|
b. Exchange Fluctuation-Gain/(Loss) |
18.929 |
(51.704) |
(111.053) |
|
5. Profit(+)/ Loss(-) before Interest and Exceptional Item (3+4) |
23.596 |
26.640 |
(11.383) |
|
6. Interest |
18.010 |
14.722 |
46.060 |
|
7. Profit(+)/ Loss(-) after Interest but before Exceptional Item (5-6) |
5.586 |
11.918 |
(57.443) |
|
8. Exceptional Items |
-- |
-- |
-- |
|
9. Profit(+)/
Loss (-) from ordinary activities
before Tax (7-8) |
5.586 |
11.918 |
(57.443) |
|
10. Tax Expenses |
-- |
-- |
-- |
|
11. Net Profit(+)/ Loss (-) from ordinary activities after Tax (9-10) |
5.586 |
11.918 |
(57.443) |
|
12. Extraordinary Items |
-- |
-- |
-- |
|
13. Net Profit (+)/ Loss(-) for the period (11-12) |
5.586 |
11.918 |
(57.443) |
|
14. Paid Up Equity Share Capital (Face Value of Rs.10 Per Share) |
91.511 |
91.511 |
91.511 |
|
15. Reserves excluding Revaluation Reserves as per Balance Sheet of
Previous Accounting Year |
--- |
-- |
-- |
|
16. Earning per Share (EPS) |
0.61 |
1.30 |
(6.28) |
|
17. Public Shareholding |
|
|
|
|
Number of Shares |
3651773 |
3651773 |
3651773 |
|
% of Share holding |
39.91 |
39.91 |
39.91 |
|
18. Promoters and promoter group Shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
NIL |
NIL |
NIL |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter
group) |
NIL |
NIL |
NIL |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
NIL |
NIL |
NIL |
|
b) Non-encumbered |
|
|
|
|
- Number of shares |
5499279 |
5499279 |
5499279 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and
promoter group) |
100 |
100 |
100 |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
60.09 |
60.09 |
60.09 |
|
INVESTOR COMPLAINTS |
Three months period
ended 31.12.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
3 |
|
Disposed of the quarter |
3 |
|
Remaining unsolved at the end of the quarter |
Nil |
NOTES :
The above results have been reviewed by the audit committee and approved by the Board of Directors at their meetings held on January 11, 2014. The Statutory Auditors of the Company have carried out a limited review of the above financial results
The Company´s operation and its results fluctuate from period to period on account of :
i) The delivery schedule of the customers which vary from time to time;
ii) The inability of the Company to always increase selling prices in line with
cost of imported raw material, the FOB price of which varies substantially from
time to time; and
iii) Exchange fluctuations arising because of the Company´s dependence on
imports of raw materials and exports of finished products.
Due to the absence of viable export and domestic orders, the three Plants of
the Company were shut down during the quarter as under:
i) Goa Plant - 92 days ii) Bilaspur Plant - 38 days iii) Paradeep Plant – 40
days
The Company´s appeal to the High Court of Bombay at Goa against the order of
the Income Tax Appellate Tribunal which had confirmed the disallowance of the
deduction under section 80 HHC of the Income Tax Act, 1961 was allowed by the
High Court by its order dated 21.10.2010. the income tax department has filed a
special leave petition before the Supreme court praying for ex-parte stay of
the aforementioned order of the high court. The petition is yet to be admitted.
The Company operates only in one segment i.e. manufacture and sale of Calcined
Petroleum Coke.
FIXED ASSETS
- Land (Freehold)
- Plot Development on leasehold land
- Buildings
- Plant and Machinery
- Laboratory Equipments
- Electrical Fittings & Equipments
- Furniture, Office Equipments and
- Computers
- Vehicles
- Intangible Assets
- Land (Leasehold)
- Technical Knowhow
- 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 records 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. 60.10 |
|
|
1 |
Rs. 99.85 |
|
Euro |
1 |
Rs.82.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.