MIRA
INFORM REPORT
|
Report Date : |
19.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
IFGL REFRACTORIES LIMITED |
|
|
|
|
Registered
Office : |
Sector–B, Kalunga Industrial Estate, P.O. Kalunga, Near Rourkela,
Sundargarh – 770031, Orissa |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation
: |
22.11.1989 |
|
|
|
|
Com. Reg. No.: |
15-002971 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 491.105
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27202OR1989PLC002971 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing, Trading and Selling of Refractory Items used in Steel plants. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5478000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a well-established and reputed company having a good track record.
Financial position of the company is sound. Directors are reported to be
experienced and respectable businessman. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities : A+ |
|
Rating Explanation |
Adequate credit quality and average credit
risk. |
|
Date |
September 24, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities : A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
September 24, 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 DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-661-2660195]
LOCATIONS
|
Registered Office/ Factory : |
Sector–B, Kalunga Industrial Estate, P.O. Kalunga, Near Rourkela,
Sundargarh – 770031, Orissa, India |
|
Tel. No.: |
91-661-2660195 |
|
Fax No.: |
91-661-2660173 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Head/ Corporate Office : |
McLeod House, 3, Netaji Subhas Road, Kolkata – 700001, West Bengal,
India |
|
Tel. No.: |
91-33-22482411/ 40106100 |
|
Fax No.: |
91-33-22430886/ 22480482 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. S. K. Bajoria |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. P. Bajoria |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
D K Banerji K |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. Dalmia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S Khasnobis |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Y. Konno (upto 20.02.2013) |
|
Designation : |
Director |
|
|
|
|
Name : |
Prof. S. Munshi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D. G. Rajan |
|
Designation : |
Director |
|
Qualification : |
Institute of Chartered Accountants in England and Wales and the Institute of Chartered Accountants of India |
|
|
|
|
Name : |
Prof. A. N. Sadhu |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. S. B. Sanyal |
|
Designation : |
Director |
|
Qualification : |
MA (English), Companion of the British Institute of Management and Fellow of the Institute of Petroleum, London |
|
|
|
|
Name : |
Mr. Sadayoshi Tateishi |
|
Designation : |
Director |
|
Qualification : |
Graduate from Kyushu University (Japan) |
|
Experience : |
More than 30 years |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Agarwal |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category
of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1348275 |
3.90 |
|
|
18320973 |
52.93 |
|
|
19669248 |
56.83 |
|
|
|
|
|
|
5006956 |
14.47 |
|
|
5006956 |
14.47 |
|
Total
shareholding of Promoter and Promoter Group (A) |
24676204 |
71.30 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
10280 |
0.03 |
|
|
352605 |
1.02 |
|
|
1300 |
0.00 |
|
|
364185 |
1.05 |
|
|
|
|
|
|
3167397 |
9.15 |
|
|
|
|
|
|
4680893 |
13.52 |
|
|
1550154 |
4.48 |
|
|
171639 |
0.50 |
|
|
122805 |
0.35 |
|
|
47834 |
0.14 |
|
|
1000 |
0.00 |
|
|
9570083 |
27.65 |
|
Total Public
shareholding (B) |
9934268 |
28.70 |
|
Total (A)+(B) |
34610472 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
34610472 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Trading and Selling of Refractory Items used in Steel plants. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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|
Bankers : |
· State Bank of India ·
The Hongkong and Shanghai Banking Corporation
Limited ·
Fifth Third Bank ·
Export Import Bank of India ·
Axis Bank Limited ·
ICICI Bank Limited |
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Facilities : |
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|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
1.
Deloitte Haskins and Sells Chartered Accountants 2.
Grant Thornton UK LLP Chartered Accountants 3.
Crowe Horwath LLP Chartered Accountants 4.
Rupa and Company Chartered Accountants |
|
|
|
|
Foreign
investments or Collaborators : |
Krosaki Harima Corporation (KHC), Japan holds 5,006,956 Equity Shares
of the Company. KHC, being subsidiary of Nippon Steel Corporation, Japan, is also
Company's technical collaborator. |
|
|
|
|
Holding Company : |
Bajoria
Holdings Private Limited |
|
|
|
|
Subsidiary Companies (including Step down Subsidiaries) : |
·
IFGL Worldwide Holdings Limited ·
IFGL Exports Limited (with effect from 30.03.2012) ·
IFGL Monocon Holdings Limited ·
Monocon International Refractories Limited ·
Monocon Overseas Limited ·
Mono Ceramics Inc. ·
Monotec Refratarios Ltda ·
Tianjin Monocon Refractories Company Limited ·
Tianjin Monocon Aluminous Refractories Company Limited ·
Goricon Metallurgical Services Limited ·
IFGL GmbH ·
Hofmann Ceramic GmbH Hofmann GmbH & Co. OHG ·
Hofmann Ceramic CZ s.r.o. ·
Hofmann Ceramic Limited ·
Hofmann Ceramic LLC ·
Hofmann Pyemetric LLC ·
IFGL Inc. ·
EI Ceramic LLC ·
CUSC International Limited |
|
|
|
|
Fellow Subsidiaries : |
·
Heritage Health TPA Private Limited ·
Bajoria Financial Services Private Limited ·
IFGL Bio Ceramics Limited ·
Ganges Art Gallery Private Limited ·
Bajoria Enterprises Limited ·
Bajoria Service Providers Private Limited |
|
|
|
|
Enterprises in which Key Management personnel has
significant influence : |
·
Heritage Insurance Brokers Private Limited ·
Coris Heritage Asia Pacific Private Limited ·
IFGL Exports Limited (Subsidiary with effect from
30.03.2012) |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Millions |
|
2,000,000 |
5%
Redeemable Non-Cumulative Preference Shares |
Rs. 100/- each |
Rs. 200.000 Millions |
|
|
Total |
|
Rs. 600.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34,610,472 |
Equity Shares |
Rs. 10/- each |
Rs. 346.105
Millions |
|
1,450,000 |
5%
Redeemable Non-Cumulative Preference Shares |
Rs. 100/- each |
Rs. 145.000
Millions |
|
|
Total |
|
Rs. 491.105 Millions |
Reconciliation of
Number of Shares
|
|
Equity Shares |
|
|
|
No. of shares |
Rs. in Millions |
|
Shares outstanding on 01.04.2012 |
34,610,472 |
346.105 |
|
Shares outstanding on 31.03.2013 |
34,610,472 |
346.105 |
|
|
Preference Shares |
|
|
|
No. of shares |
Rs. in Millions |
|
Shares outstanding on 01.04.2012 |
1,450,000 |
145.000 |
|
Shares outstanding on 31.03.2013 |
1,450,000 |
145.000 |
Terms/Rights
attached to Equity Shares
The Company has only one class of Equity Shares having a face value of
Rs.10/- each. Each holder of Equity Shares is entitled to one vote per Share. In
the event of liquidation of the Company, the Equity Shareholders will be
entitled to receive remaining assets of the Company, after distribution of all
preferential amounts, in proportion to their Shareholding. The Company in the
General Meeting may declare dividends, but no dividend shall exceed the amount
recommended by the Board.
Terms/Rights
attached to Redeemable Non-Cumulative Preference Shares (RNCPS)
The 5% Redeemable Non-Cumulative Preference Shares are redeemable at par
at the end of ten years from the date of allotment (i.e. 3rd September 2010) or
any earlier date at the option of the Company except that the said Shares shall
not be redeemed within the initial period of three years from the date of
allotment. In the event of liquidation of the Company, the Preference
Shareholders will have priority over Equity Shares in the payment of dividend
and repayment of capital.
Every member holding Preference Share Capital shall have the right to
vote in respect of all resolutions placed before the Company which directly
affect the rights attached to Preference Shares.
Shares Held by the
Holding Company and Subsidiaries of the Holding Company
|
Name of
Shareholders |
Relationship |
Nature of |
As at 31st March, 2013 |
|
|
|
|
Shares |
No. of Shares held |
% of Holding |
|
Bajoria Holdings Private Limited (BHPL) |
Holding Company |
Equity |
18,320,973 |
52.93 |
|
Bajoria Holdings Private Limited |
Preference |
640,000 |
44.14 |
|
|
Bajoria Enterprises Limited |
Subsidiaries of
BHPL |
230,000 |
15.86 |
|
|
Bajoria Financial Services Private Limited |
420,000 |
28.97 |
||
|
Bajoria Service Providers Private Limited |
160,000 |
11.03 |
||
Details of Shareholders
holding more than 5% of the Aggregate Shares in the Company
|
Name of
Shareholders |
Relationship |
Nature of |
As at 31st March 2013 |
|
|
|
|
Shares |
No. of Shares held |
% of Holding |
|
Krosaki Harima Corporation, Japan |
Foreign Promoter |
Equity |
5,006,956 |
14.47 |
|
Sojitz Corporation, Japan |
- |
- |
||
|
Bajoria Holdings Private Limited |
Holding Company |
18,320,973 |
52.93 |
|
|
Bajoria Holdings Private Limited |
Preference |
640,000 |
44.14 |
|
|
Bajoria Enterprises Limited |
Fellow
Subsidiaries |
230,000 |
15.86 |
|
|
Bajoria Financial Services Private Limited |
420,000 |
28.97 |
||
|
Bajoria Service Providers Private Limited |
160,000 |
11.03 |
||
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
491.105 |
491.105 |
491.105 |
|
(b) Reserves & Surplus |
878.308 |
776.903 |
671.391 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1369.413 |
1268.008 |
1162.496 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
55.281 |
78.440 |
100.000 |
|
(b) Deferred tax liabilities (Net) |
31.655 |
32.795 |
34.785 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
1.779 |
1.601 |
1.766 |
|
Total Non-current
Liabilities (3) |
88.715 |
112.836 |
136.551 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a)
Short term borrowings |
467.731 |
458.299 |
432.100 |
|
(b)
Trade payables |
370.135 |
309.586 |
314.993 |
|
(c)
Other current liabilities |
50.343 |
45.530 |
70.706 |
|
(d) Short-term
provisions |
75.158 |
82.132 |
30.824 |
|
Total Current
Liabilities (4) |
963.367 |
895.547 |
848.623 |
|
|
|
|
|
|
TOTAL |
2421.495 |
2276.391 |
2147.670 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
404.776 |
433.005 |
439.761 |
|
(ii)
Intangible Assets |
0.367 |
2.477 |
3.728 |
|
(iii)
Capital work-in-progress |
12.026 |
0.000 |
13.109 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
677.719 |
639.214 |
576.159 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
6.231 |
6.037 |
12.176 |
|
(e) Other
Non-current assets |
2.800 |
3.800 |
2.300 |
|
Total Non-Current
Assets |
1103.919 |
1084.533 |
1047.233 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
387.054 |
397.821 |
350.813 |
|
(c)
Trade receivables |
838.972 |
642.019 |
620.221 |
|
(d) Cash
and cash equivalents |
60.044 |
98.697 |
31.016 |
|
(e)
Short-term loans and advances |
9.971 |
10.258 |
9.535 |
|
(f)
Other current assets |
21.535 |
43.063 |
88.852 |
|
Total
Current Assets |
1317.576 |
1191.858 |
1100.437 |
|
|
|
|
|
|
TOTAL |
2421.495 |
2276.391 |
2147.670 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Net) |
3061.302 |
2748.030 |
2102.997 |
|
|
|
Other Income |
22.944 |
24.058 |
8.264 |
|
|
|
TOTAL (A) |
3084.246 |
2772.088 |
2111.261 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of
Materials and Components Consumed |
1539.266 |
1417.098 |
1065.961 |
|
|
|
Purchases
of Stock-in-Trade |
150.788 |
63.734 |
61.855 |
|
|
|
Changes
in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade |
6.985 |
(43.508) |
(25.076) |
|
|
|
Employee
Benefits Expense |
249.859 |
222.384 |
192.003 |
|
|
|
Other
Expenses |
771.910 |
740.123 |
612.614 |
|
|
|
TOTAL (B) |
2718.808 |
2399.831 |
1907.357 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
365.438 |
372.257 |
203.904 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
40.543 |
47.477 |
41.351 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
324.895 |
324.780 |
162.553 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
71.099 |
62.494 |
52.855 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
253.796 |
262.286 |
109.698 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
83.162 |
88.010 |
35.980 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
170.634 |
174.276 |
73.718 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB
value of Exports |
926.027 |
820.357 |
568.525 |
|
|
|
Sale of
Fixed Asset |
12.754 |
0.000 |
0.000 |
|
|
|
Sundry
Receipts |
10.211 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
948.992 |
820.357 |
568.525 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
704.083 |
634.697 |
539.245 |
|
|
|
Stores & Spares |
6.231 |
4.648 |
10.239 |
|
|
|
Trading Items |
14.272 |
1.837 |
1.628 |
|
|
|
Capital Goods |
5.941 |
7.728 |
21.252 |
|
|
TOTAL IMPORTS |
730.527 |
648.910 |
572.364 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.69 |
4.79 |
1.99 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
31.03.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
814.700 |
828.200 |
824.200 |
813.500 |
|
Total Expenditure |
711.800 |
734.500 |
718.200 |
679.500 |
|
PBIDT (Excl OI) |
102.900 |
93.700 |
106.000 |
134.000 |
|
Other Income |
0.200 |
0.700 |
22.600 |
5.400 |
|
Operating Profit |
103.100 |
94.400 |
128.600 |
139.400 |
|
Interest |
5.600 |
5.800 |
7.200 |
4.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
97.500 |
88.600 |
121.400 |
135.000 |
|
Depreciation |
15.400 |
15.600 |
15.900 |
23.300 |
|
Profit Before Tax |
82.100 |
73.000 |
105.500 |
111.700 |
|
Tax |
28.100 |
25.400 |
36.800 |
38.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
54.000 |
47.600 |
68.700 |
73.200 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
54.000 |
47.600 |
68.700 |
73.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.53
|
6.29 |
3.49 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.29
|
9.54 |
5.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.66
|
16.02 |
7.04 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.21 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.38
|
0.42 |
0.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.33 |
1.30 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
491.105 |
491.105 |
491.105 |
|
Reserves & Surplus |
671.391 |
776.903 |
878.308 |
|
Net
worth |
1162.496 |
1268.008 |
1369.413 |
|
|
|
|
|
|
long-term borrowings |
100.000 |
78.440 |
55.281 |
|
Short term borrowings |
432.100 |
458.299 |
467.731 |
|
Total
borrowings |
532.100 |
536.739 |
523.012 |
|
Debt/Equity
ratio |
0.458 |
0.423 |
0.382 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2102.997 |
2748.030 |
3061.302 |
|
|
|
30.672 |
11.400 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2102.997 |
2748.030 |
3061.302 |
|
Profit |
73.718 |
174.276 |
170.634 |
|
|
3.51% |
6.34% |
5.57% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10291227 |
25/04/2013 * |
100,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED |
HONGKONG HOUSE, 31
B B D BAGH, KOLKATA - 700001, WEST BENGAL, INDIA |
B74373549 |
|
2 |
10105915 |
05/04/2013 * |
300,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED |
HONGKONG HOUSE,
31 B B D BAGH, KOLKATA - 700001, WEST BENGAL, INDIA |
B74231267 |
|
3 |
80018266 |
11/03/2013 * |
495,200,000.00 |
STATE BANK OF
INDIA |
S M E BRANCH,
BISRA CHOWK, DISTRICT: SUNDARGARH, |
B71019350 |
* Date of charge modification
GENERAL
INFORMATION
Subject is a Public Limited Company, incorporated under the Companies Act, 1956. Its shares are listed on the National Stock Exchange of India Limited (NSE) and Bombay Stock Exchange Limited (BSE). The Company is primarily engaged in the manufacturing, trading and selling of Refractory Items used in Steel plants. The Company and its Subsidiaries have manufacturing plants in Asia (India and China), in Europe (Germany and United Kingdom) and in North America (USA). The Company caters to both domestic and international market.
SUBSIDIARY
COMPANIES
During the
year, operating Subsidiaries in Germany, UK and USA performed satisfactorily.
Because of changes in market dynamics and more particularly the prevailing
conditions in Europe, operations of Chinese Subsidiaries were somewhat
affected. Performance of Brazilian Subsidiary continued to deteriorate and as a
result, the operations were shut down from January 2013. Revenue from the
operations of the Indian Subsidiary, IFGL Exports Limited having facilities for
manufacture of Continuous Casting Refractories at new area of Kandla Special
Economic Zone, Gujarat (India), which commenced commercial production on and
from 1st May 2012, aggregated to Rs.90.220 Millions comprising of Rs.60.260
Millions from exports (including indirect). However, operations are still being
stabilized and optimum capacity utilization could not be reached and thus ended
financial year 2012-2013 with loss of Rs.57.210 Millions, which includes
Rs.24.580 Millions and Rs.16.230 Millions towards finance costs and
depreciation and amortization expenses respectively. The Directors are hopeful
that operations of said Subsidiary would improve substantially during current
financial year 2013-2014.
DEVELOPMENTS,
OPPORTUNITIES, THREATS, RISKS AND CONCERNS AND FUTURE OUTLOOK
During
substantial part of the year, Steel Industry, both in India and abroad, more
particularly in Europe remained sluggish because of several adverse macro
economic factors. Despite the not too encouraging market scenario and other
areas of concern like increase in cost of major inputs, employees, power and
fuel, your Company has continued to perform consistently. Exports (including
indirect) effected for the year 2012-2013 aggregated to Rs.1566.000 Millions.
The Directors are of the view that these economies have bottomed out and there
are more positives emanating than negatives. Thus going forward, demand of
major commodities including Iron and Steel should improve, resulting in greater
requirement of Refractories.
Bio Ceramic business is still at the nascent stage although performance has improved during the year compared to that of the preceding year. This business being highly specialized is being pursued gradually.
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
31ST DECEMBER, 2013
(RS.
IN MILLIONS)
|
Sr. No. |
Particulars |
Quarter ended |
Nine Months Ended |
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1. |
Income
from Operations |
|
|
|
|
|
a. Net Sales / Income from Operations (Net
of Excise duty) |
824.200 |
824.000 |
2460.700 |
|
|
b. Other Operating Income |
-- |
-- |
-- |
|
|
Total Income
from Operations (Net) |
824.200 |
824.000 |
2460.700 |
|
2. |
Expenses |
|
|
|
|
|
a. Cost of Materials Consumed |
353.100 |
328.400 |
1071.800 |
|
|
b. Purchases of Stock-in-Trade |
79.100 |
73.600 |
198.000 |
|
|
c. Changes in Inventories of Finished Goods,
Work-in-Progress and Stock-in-Trade |
21.400 |
(13.300) |
(8.100) |
|
|
d. Employee Benefits Expenses |
71.400 |
68.100 |
204.900 |
|
|
e. Depreciation and Amortisation Expenses |
15.900 |
15.600 |
46.900 |
|
|
f. Other Expenses |
173.100 |
277.700 |
677.800 |
|
|
Total
Expenses |
714.000 |
750.100 |
2191.300 |
|
3. |
Profit
from Operations before Other Income and Finance Costs (1-2) |
110.200 |
73.900 |
269.400 |
|
4. |
Other
Income |
*2.500 |
4.900 |
9.800 |
|
5. |
Profit
from Ordinary Activities before Finance Costs (3+4) |
112.700 |
78.800 |
279.200 |
|
6. |
Finance
Costs |
7.200 |
5.800 |
18.600 |
|
7. |
Profit
from Ordinary Activities before Tax (5-6) # |
105.500 |
73.000 |
260.600 |
|
8. |
Tax
Expense |
36.800 |
25.400 |
90.300 |
|
9. |
Net
Profit for the period (7-8) |
68.700 |
47.600 |
170.300 |
|
10. |
Paid up
Equity Share Capital (Face value Rs. 10/- each ) |
346.100 |
346.100 |
346.100 |
|
11. |
Reserves
excluding Revaluation Reserves (as per balance sheet of previous accounting
year) |
-- |
-- |
-- |
|
12. |
Earnings
Per Share (of Rs. 10/- each) - Basic and Diluted * |
1.93 |
1.31 |
4.74 |
# There are no Exceptional and Extra-Ordinary Items.
* Figures for quarters are not annualized.
|
A. Particulars |
Quarter ended |
Nine Months Ended |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1. Public Shareholding -Number of Shares -Percentage of Shareholding 2. Promoters and Promoter
Group Shareholding (a) Pledged/Encumbered -Number of Shares -Percentage of Shares ( as a % of the Total shareholding of Promoter
and Promoter Group) |
9934268 28.70 -- -- |
9934268 28.70 -- -- |
9934268 28.70 -- -- |
|
-Percentage of Shares ( as a % of the Total Share Capital of the
Company) |
-- |
-- |
-- |
|
(b) Non-encumbered -Number of Shares -Percentage of Shares ( as a % of the Total shareholding of Promoter
and Promoter Group) |
24676204 100 |
24676204 100 |
24676204 100 |
|
-Percentage of Shares ( as a % of the Total Share Capital of the
Company) |
71.30 |
71.30 |
71.30 |
|
|
INVESTOR
COMPLAINTS [Nos.] |
Quarter Ended 31.12.2013 |
|
|
Pending
at the beginning of the quarter |
Nil |
|
|
Received
during the quarter |
6 |
|
|
Disposed
of during the quarter |
6 |
|
|
Remaining
unresolved at the end of the quarter |
Nil |
NOTES:
1.
Above financial results for quarter and nine months ended on
31st December, 2013 have been reviewed by the Audit Committee and
approved by the Board of Directors at their meeting held on Friday 14th
February, 2014 and these have been subjected to Limited Review by the Statutory
Auditors of the Company.
2. a) The Company is predominantly a manufacturer and a trader of Specialised Refractories and Ceramics and is managed organisationally as a single unit. Accordingly, the Company is a single business segment. Sales include export sales (including through trading house) as disclosed below:
|
Sr. No. |
Particulars |
Quarter ended 31.12.2013 |
Quarter ended 30.09.2013 |
Nine Months Ended 31.12.2013 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1. |
Export Sales (including through trading house) |
481.000 |
479.700 |
1406.900 |
b) Other
Expenditures includes exchange loss/ (gain) [including 'Marked to Market' (MTM)
loss on outstanding derivative contracts] as disclosed below.
|
Sr. No. |
Particulars |
Quarter ended 31.12.2013 |
Quarter ended 30.09.2013 |
Nine Months Ended 31.12.2013 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1. |
Total Exchange loss/(Gain) including MTM Loss |
(20.100) |
67.300 |
89.600 |
3.
Figures
for the previous periods have been reclassified / re-arranged / re-grouped wherever
necessary, to conform to those of the current period
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. in Millions) |
|
|
a) Claims against the Company not acknowledged
as debts : |
|
|
|
i) Sales Tax matter under appeal disputed
relating to issues of applicability and classification [related payments
Rs.0.549 Million (31.03.2012 : Rs.0.549 Million)] |
4.954 |
4.954 |
|
ii) Income Tax matters under dispute relating to
issues of applicability and determination |
1.825 |
7.764 |
|
iii)
Service Tax/Excise Duty matters under dispute relating to issues of
applicability and classification |
0.491 |
0.154 |
|
b)
Guarantees |
|
|
|
Letter of
Comfort/Corporate Guarantee given to Banks Against Term Loan, Working Capital
and Forward Exchange |
|
|
|
Contracts
provided by them to : |
|
|
|
A) a
Step down Subsidiary [limit Nil (31.03.2012 : Rs.930.273 Millions)] Utilised
at year end Nil (31.03.2012 : Rs.464.322) - [Converted at year end rate] |
0.000 |
464.022 |
|
B) a
Subsidiary [limit - 3,700 (31.03.2012 : Rs.370.000 Millions)] Utilised at
year end |
289.401 |
234.870 |
FIXED ASSETS:
Tangible assets:
·
Land
·
Buildings
·
Plant and
Equipment
·
Furniture and
Fixture
·
Leasehold
Improvements
·
Vehicles
·
Office
Equipment
·
Computers
Intangible assets:
·
Goodwill
·
Computer
Software
·
Intellectual
·
Property
Rights
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 58.86 |
|
|
1 |
Rs. 98.82 |
|
Euro |
1 |
Rs. 80.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.