MIRA
INFORM REPORT
|
Report Date : |
19.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
VESUVIUS INDIA LIMITED |
|
|
|
|
Registered
Office : |
P-104,
Taratala Road, Kolkata – 700088, West
Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on)
: |
31.12.2013 |
|
|
|
|
Date of
Incorporation : |
06.09.1991 |
|
|
|
|
Com. Reg. No.: |
21-052968 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.203.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26933WB1991PLC052968 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALV00709C / CALV01863B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACV8995Q |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer
and Trader of Refractory Goods.
|
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 15880000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. Overall financials of the company seems to be strong and healthy. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered for business dealing at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
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.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Factory 1 : |
P-104,
Taratala Road, Kolkata – 700088, West
Bengal, India |
|
Tel. No.: |
91-33-30410600/ 24012842/ 3898/ 0215 |
|
Fax No.: |
91-33-24013976/ 1235 |
|
E-Mail : |
|
|
Website : |
|
|
|
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|
Factory 2 : |
Plot No. 13, 14 and 15, Block “E”, IDA Autonagar, Visakhapatnam-530012, Andhra Pradesh, India |
|
Tel. No.: |
91-891-3011300/ 3011337 |
|
Fax No.: |
91-891-2587511 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
Survey No. 90 and
98, Part, Block G, Industrial Park, Fakirtakya Village, Autonagar, Visakhapatnam-530046, Andhra
Pradesh,
India |
|
Tel. No.: |
91-891-2749120/ 2755419/ 2755408 |
|
Fax No.: |
91-891-2587511 |
|
E-Mail : |
|
|
|
|
|
Factory 4 : |
212/B, G.I.D.C Estate, Mehsana - 384002, Gujarat, India |
|
Tel. No.: |
91-2762-252948/ 949 |
|
Fax No.: |
91-2762-252909 |
|
E-Mail : |
DIRECTORS
As on: 31.12.2013
|
Name : |
Mr. Biswadip Gupta |
|
Designation : |
Chairman |
|
Qualification : |
B.E. (Metallurgy) MBA |
|
|
|
|
Name : |
Mr. Tanmay Kumar Ganguly |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
50 Years |
|
Qualification : |
B. Com (Hons), ACA |
|
Experience : |
26 Years |
|
|
|
|
Name : |
Mr. Yves M.C.M.G. Nokerman |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sudipto Sarkar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Francois Clement Wanecq |
|
Designation : |
Director |
KEY EXECUTIVES
|
Audit Committee : |
|
|
|
|
|
|
|
|
Share Transfer and
Investor Grievance Committee : |
|
|
|
·
Mr. Tanmay Kumar Ganguly
|
|
|
|
|
Name : |
Mr. Taposh Dominic Roy |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2014
|
Category
of Shareholder |
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
11277650 |
55.57 |
|
|
11277650 |
55.57 |
|
Total shareholding
of Promoter and Promoter Group (A) |
11277650 |
55.57 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
2833067 |
13.96 |
|
|
1597 |
0.01 |
|
|
2196971 |
10.82 |
|
|
5031635 |
24.79 |
|
|
|
|
|
|
841299 |
4.15 |
|
|
|
|
|
|
2152821 |
10.61 |
|
|
706670 |
3.48 |
|
|
286005 |
1.41 |
|
|
92299 |
0.45 |
|
|
193626 |
0.95 |
|
|
80 |
0.00 |
|
|
3986795 |
19.64 |
|
Total Public
shareholding (B) |
9018430 |
44.43 |
|
Total (A)+(B) |
20296080 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
20296080 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Trader of Refractory Goods. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
Axis
Bank Limited Hongkong Bank State Bank of India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company LLP Chartered Accountants |
|
Address : |
Building No.10,
8th Floor, Tower – |
|
|
|
|
Cost Auditors : |
|
|
Name : |
N. K. Ghosh and Associates Cost Accountants |
|
Address : |
Flat 4B, 10/1 Chakraberia Road (South), Kolkata – 700025, West Bengal,
India |
|
|
|
|
Enterprises having control
over the Company with which no transactions have taken place during the year
: |
·
Vesuvius
Plc, United Kingdom - Ultimate Holding Company from December 19, 2012. Cookson Group Limited (Formerly,
Cookson Group Plc - Ultimate Holding Company upto December 19, 2012), United
Kingdom - Holding Company of Cookson Financial Limited, United Kingdom. Cookson Financial Limited, United
Kingdom-Holding Company of Vesuvius Group Limited, U.K. |
|
|
|
|
Enterprises having control
over the Company with which transaction has taken place during the year and
previous year : |
Vesuvius Group Limited, United Kingdom - Immediate holding company |
|
|
|
|
Fellow Subsidiaries : |
· Vesuvius Group S. A. Vesuvius
Deutschland GmbH Vesuvius
South Africa (Pty) Limited Vesuvius
UK Limited Vesuvius
Crucible Company Vesuvius
USA Corporation Vesuvius
Advanced Ceramics (Suzhou) Company Limited Wuhan
Wugang Vesuvius Advanced Ceramics Company Limited Vesuvius
Mexico S.A. de C.V. Vesuvius
Malaysia SDN BHD Vesuvius
Corporation S. A. Vesuvius
Poland Sp.,z.o.o Vesuvius
(Thailand) Company Ltd Foseco
(Thailand) Limited Foseco
India Limited Vesuvius
TK Refrakter Sanayi Ve Ticaret AS Vesuvius
Belgium N.V. PT.
Foseco Indonesia Foseco
Pty Limited Foseco
Industrial e Commercial Ltda Vesuvius
Slavia , a. s. Vesuvius
Emirates FZE Vesuvius
Istanbul Refrakter, Turkey Vesuvius
Corporation S. A. Taiwan Branch Vesuvius
Italia SPA Vesuvius
France S. A. Vesuvius
Zyarock Ceramics (Suzhou) Company Limited Vesuvius
Foundry Products (Suzhou) Company Limited Vesuvius
Iberica Refractarios S.A. |
|
|
|
|
Names of Principal Group
Companies/ fellow subsidiaries : |
·
Cookson
Overseas Limited Cookson India Private Limited
(upto December 19, 2012) |
CAPITAL STRUCTURE
As on: 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20300000 |
Equity Shares (Of
the above : 3,920 equity shares of Rs10 each are held in abeyance) |
Rs.10/- each |
Rs.203.000 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20296080 |
Equity Shares |
Rs.10/- each |
Rs.203.000 Millions |
|
|
|
|
|
Note- Shares in abeyance:
In
compliance with the provisions of Section 206A of the Companies Act, 1956,
offer of Rights Shares of 3,920 equity shares out of the Rights Issue made in
the year 1997 have been held in abeyance.
Reconciliation of shares
outstanding at the beginning and at the end of the reporting year
|
|
As at December 31, 2013 |
|
|
|
Number |
Rs. In Millions |
|
Equity shares |
|
|
|
At
the commencement of the year |
20296080 |
203.000 |
|
Shares
issued during the year |
- |
- |
|
At the end of the year |
20296080 |
203.000 |
Rights, preferences and
restrictions attached to equity shares
The Company has a single class of equity shares with par value of Rs. 10/- per share. Accordingly, all equity shares rank equally with regard to dividends and share in the Company's residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the Company.
On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company remaining after distribution of all preferential amounts in proportion to the number of equity shares held.
Shares held by a holding
company
|
|
As at December 31, 2013 |
|
|
|
Number |
Rs. In Millions |
|
Equity
share of Rs 10 each fully paid up held by Holding company - Vesuvius Group
Limited, (U.K.) *# |
11277650 |
112.800 |
* Subsidiary of Vesuvius plc, U. K. the ultimate holding Company.
# The companies, namely Vesuvius plc, Cookson Group Limited (formerly, Cookson Group plc) and Cookson Financial Limited, all incorporated in the United Kingdom, do not hold my shares of Vesuvius India Limited directly but are holding company of Vesuvius India Limited through a chain of subsidiary holdings.
Particulars of shareholders
holding more than 5% shares of a class of shares
|
|
As at December 31, 2013 |
|
|
|
Number |
% of total shares in the class |
|
Equity
share of Rs 10 each fully paid-up held by |
|
|
|
-Vesuvius
Group Limited, U.K., holding company |
11277650 |
55.57 |
|
|
|
|
|
-
HDFC Trustee Company Limited- HDFC Mid Cap Opportunities Fund |
1111500 |
5.48 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
203.000 |
203.000 |
203.000 |
|
(b) Reserves & Surplus |
3768.400 |
3229.500 |
2778.000 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3971.400 |
3432.500 |
2981.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
89.000 |
75.900 |
63.600 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
80.200 |
68.000 |
62.000 |
|
Total
Non-current Liabilities (3) |
169.200 |
143.900 |
125.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
751.200 |
759.300 |
857.600 |
|
(c) Other current liabilities |
137.100 |
129.600 |
130.000 |
|
(d) Short-term provisions |
147.000 |
137.800 |
129.900 |
|
Total
Current Liabilities (4) |
1035.300 |
1026.700 |
1117.500 |
|
|
|
|
|
|
TOTAL |
5175.900 |
4603.100 |
4224.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1332.600 |
1170.000 |
1085.200 |
|
(ii) Intangible Assets |
3.300 |
4.300 |
1.400 |
|
(iii) Capital work-in-progress |
53.700 |
220.900 |
304.300 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
245.100 |
160.100 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
8.200 |
5.100 |
|
Total
Non-Current Assets |
1634.700 |
1563.500 |
1523.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
588.000 |
513.100 |
484.400 |
|
(c) Trade receivables |
1788.800 |
1660.700 |
1490.100 |
|
(d) Cash and cash equivalents |
1062.700 |
721.200 |
541.000 |
|
(e) Short-term loans and
advances |
96.800 |
139.000 |
154.100 |
|
(f) Other current assets |
4.900 |
5.600 |
31.500 |
|
Total
Current Assets |
3541.200 |
3039.600 |
2701.100 |
|
|
|
|
|
|
TOTAL |
5175.900 |
4603.100 |
4224.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
SALES |
|
|
|
|
|
Income |
6017.500 |
5637.900 |
5432.100 |
|
|
Other Income |
57.200 |
20.700 |
17.000 |
|
|
TOTAL
(A) |
6074.700 |
5658.600 |
5449.100 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2463.700 |
2255.600 |
2214.100 |
|
|
Purchases of Stock-in-Trade |
957.600 |
879.300 |
882.800 |
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
(104.300) |
32.300 |
(32.100) |
|
|
Employees benefits expense |
378.200 |
338.700 |
307.600 |
|
|
Other expenses |
1213.800 |
1162.300 |
1097.100 |
|
|
TOTAL
(B) |
4909.000 |
4668.200 |
4469.500 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
1165.700 |
990.400 |
979.600 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.700 |
0.600 |
6.100 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1165.000 |
989.800 |
973.500 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
175.600 |
163.500 |
146.700 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
989.400 |
826.300 |
826.800 |
|
|
|
|
|
|
|
Less |
TAX
(H) |
337.700 |
268.700 |
274.600 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H)
(I) |
651.700 |
557.600 |
552.200 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2660.400 |
2264.700 |
1867.700 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
65.200 |
55.800 |
55.200 |
|
|
Dividend |
96.400 |
91.300 |
86.300 |
|
|
Tax on Dividend |
16.400 |
14.800 |
13.700 |
|
|
|
|
|
|
|
|
BALANCE
CARRIED TO THE B/S |
3134.100 |
2660.400 |
2264.700 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export Earnings |
289.900 |
218.600 |
314.000 |
|
|
F.O.B Value of Deemed Exports |
314.600 |
550.300 |
500.000 |
|
|
Reimbursement of expenses |
22.300 |
19.000 |
30.400 |
|
|
TOTAL
EARNINGS |
626.800 |
787.900 |
844.400 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1615.700 |
1333.700 |
1113.800 |
|
|
Stores and Spares |
19.600 |
15.000 |
15.600 |
|
|
Other Goods-Trading |
143.400 |
102.900 |
119.200 |
|
|
Capital Goods |
84.600 |
26.200 |
39.400 |
|
|
Toolings
|
41.000 |
28.300 |
25.900 |
|
|
TOTAL
IMPORTS |
1904.300 |
1506.100 |
1313.900 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
32.10 |
27.48 |
27.21 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
PAT / Total Income |
(%) |
10.73 |
9.85 |
10.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.44 |
14.66 |
15.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.32 |
18.86 |
21.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.24 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.42 |
2.96 |
2.42 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
203.000 |
203.000 |
203.000 |
|
Reserves & Surplus |
2,778.000 |
3,229.500 |
3,768.400 |
|
Net
worth |
2,981.000 |
3,432.500 |
3,971.400 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5,432.100 |
5,637.900 |
6,017.500 |
|
|
|
3.789 |
6.733 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
5,432.100 |
5,637.900 |
6,017.500 |
|
Profit |
552.200 |
557.600 |
651.700 |
|
|
10.17% |
9.89% |
10.83% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
CALCUTTA HIGH COURT
CASE STATUS INFORMATION SYSTEM
Case Status : Pending
|
Status
of INCOME TAX
APPEAL (ITA) 118
of 2012 COMMISSIONER OF INCOME TAX, KOLKATA-IV,
Vs.
VESUVIUS INDIA LIMITED Pet's Adv.
: MR. G. S. MAKKER
Res's Adv.
: Court No.
: 19 Last Listed On
: No Date Mentioned Category
: INCOME TAX : REVENUE
Case Updated on: Friday, September 21,
2012 |
COMPANY
OVERVIEW
Subject is a public company domiciled and headquartered in India. It is incorporated
under the Companies Act, 1956 and its shares are listed on the National Stock
Exchange (NSE) and Bombay Stock Exchange (BSE). The Company is primarily
engaged in the manufacturing and trading of refractory goods. The Company also
provided services in relation to refractory goods. The Company has operations
in India and caters to both domestic and international markets.
OPERATING AND
FINANCIAL PERFORMANCE, INTERNAL CONTROL
It continued to be a difficult period for the Indian economy reflected by lower GDP growth, inflationary trends and lower industrial production. Private consumption, an important demand-side driver of growth which amounts for about three-fourths of GDP, plummeted in line with other economic indicators after being impacted by high retail inflation and interest rates. This scenario continues to prevail with impact on the economy in general and domestic steel industry in particular causing the steel industry to suffer from lower volumes, margins and delay in new projects.
This year total revenue increased by over Rs 4,161 lakhs driven by domestic growth despite slowdown in domestic steel production. Net sales increased by 7% but PBT and PAT increased by 20% and 17% respectively over the previous year. Energy and transportation costs increased sharply but significant savings were made through energy usage optimization programs. Focused attention is made on cost and internal efficiencies to retain profitability.
All four factories had been working efficiently during the year. New Tap hole Clay facility at Visakhapatnam successfully produced planned materials for field trials. Safety measures and processes have been installed and improved upon at all plants and work sites.
The Company has in place an established internal control system designed to ensure proper recording of financial and operational information and compliance of various internal controls and other regulatory and statutory compliances. Internal Audit has been conducted on a pan India basis.
The Company has adopted the revised policies on Health and Safety, Quality, Code of Conduct applicable to Directors and Employees of the Company and also the Whistle Blowing Policy. Code on Internal Control which require that the Directors review the effectiveness of internal controls and compliance controls, financial and operational risks, risk assessment and management systems and related party transactions, have been complied with. Self certification exercises are also conducted by which senior management certify effectiveness of the internal control system and adherence to Code of Conduct and Company's policies for which they are responsible.
Segment wise
performance
The Company is primarily a manufacturer and trader of refractory and is managed organizationally as a single unit. Accordingly, the Company is a single business segment company. Geographical (secondary) segment has been identified as domestic sales and exports.
Industry Structure
and Developments, Opportunities and Threats, Outlook, Risks and Concerns
The steel industry, which is the major customer of the Company, has been suffering from the present economic slowdown with lower volumes and poor margins caused by non-availability of raw materials like iron ore and coal, inflationary costs, higher interest rates compounded with unfavourable foreign exchange. Major customers have either put off or delayed their expansion projects. Competition activities have increased as they try to hold on to their market share even at lower prices causing pressure on margins. International competitors have entered Indian markets with new acquisitions with aggressive pricing strategies.
Vesuvius is a global leader in metal casting engineering providing technical services principally to the steel and foundry industries and has established with the customers over the years a relationship of trust and partnership based on the true value we create in their customer's processes with their unique technological product and service offering. Biggest group of their customers. Hence anything that affects the steel and foundry industry will have its one off effect on their business.
There is a continuous process for identifying, evaluating and managing significant risks faced through a risk management process designed to identify the key risks facing each business. The role of insurance and other measures used in managing risks is also reviewed. Risks would include significant weakening in demand from core-end markets, adverse foreign exchange fluctuations, inflation, energy costs and shortage of raw materials and adverse regulatory developments. During the year a risk analysis and assessment was conducted in line with the Group requirements and no major risks were noticed.
CONTINGENT LIABILITIES:
(Rs. In
Millions)
|
Particulars |
31.12.2013 |
31.12.2012 |
|
Sales
Tax |
71.200 |
6.700 |
|
Income
Tax matters |
|
|
|
Other
Income Tax matters |
36.200 |
108.500 |
|
Excise
Duty, Customs Duty and Service Tax matters |
35.300 |
20.500 |
Note: Cost of tooling purchased during the earlier years were fully expensed for the purpose of ascertaining income tax liability for that years. Vide order dated December 16, 2003, the Income Tax Appellate Tribunal (ITAT) directed the department to allow expenses based on quantity consumed. The Company has disputed such decision on the contention that the entire purchase is issued to the production process and hence should be treated as consumption. Relevant order from authorities giving effect of ITAT order is yet to be received. The Company has made an application to the Hon'ble High Court at Calcutta seeking further clarifications of the ITAT order. The Company has again claimed full deduction in respect of tooling received during the year for determining the taxable income for the assessment year 2009-2010 and thereafter. Contingent liability with respect to tooling is included in para (c) above, under the head - 'Other Income Tax matters'.
(ii) A counter claim has been filed against the Company before the Hon'ble High Court at Calcutta by a customer for claims aggregating Rs 749 (previous year Rs 749) regarding certain disputes relating to goods supplied by the Company in prior years.
INDEX OF CHARGES: No
charges exist for company
FIXED ASSETS
Tangible Assets
· Freehold Land
Leasehold
Land
Building
Plant
and Equipments
Toolings
Furniture
and Fixture
Vehicles
Office
Equipment
Computer
Electrical
Installation
Intangible
Assets
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.86 |
|
|
1 |
Rs.98.82 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
67 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate
working capital. No caution needed for credit transaction. It has above
average (strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not
cause fatal effect. Satisfactory capability for payment of interest and
principal sums |
Fairly
Large |
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome
financial difficulties seems comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to
be in default upon maturity |
Limited
with full security |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit
not recommended |
|
-- |
NB |
New
Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.