MIRA
INFORM REPORT
|
Report Date : |
22.09.20141 |
IDENTIFICATION DETAILS
|
Name : |
VESUVIUS INDIA LIMITED |
|
|
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|
Registered
Office : |
P-104,
|
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Country : |
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Financials (as
on) : |
31.12.2013 |
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|
Date of
Incorporation : |
06.09.1991 |
|
|
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|
Com. Reg. No.: |
21-052968 |
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Capital
Investment / Paid-up Capital : |
Rs.203.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26933WB1991PLC052968 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALV00709C / CALV01863B |
|
|
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PAN No.: [Permanent Account No.] |
AAACV8995Q |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
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Line of Business
: |
Manufacturer
and Trader of Refractory Goods.
|
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|
No. of Employees
: |
Information declined by the management. |
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 |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
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
NEWS
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would take
a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (91-33-30410600)
LOCATIONS
|
Registered Office/ Factory 1 : |
P-104,
|
|
Tel. No.: |
91-33-30410600/ 24012842/ 3898/ 0215 |
|
Fax No.: |
91-33-24013976/ 1235 |
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E-Mail : |
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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 |
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E-Mail : |
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|
Factory 3 : |
Survey No. 90
and 98, Part, Block G, Industrial Park, |
|
Tel. No.: |
91-891-2749120/ 2755419/ 2755408 |
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Fax No.: |
91-891-2587511 |
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E-Mail : |
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Factory 4 : |
212/B, G.I.D.C Estate, Mehsana - 384002, |
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Tel. No.: |
91-2762-252948/ 949 |
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Fax No.: |
91-2762-252909 |
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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 |
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|
Name : |
Mr. Sudipto Sarkar |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Francois Clement Wanecq |
|
Designation : |
Director |
KEY EXECUTIVES
|
Audit Committee : |
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Share Transfer and
Investor Grievance Committee : |
|
|
|
·
Mr. Tanmay Kumar Ganguly
|
|
|
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|
Name : |
Mr. Taposh Dominic Roy |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 30.06.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total
No. of Shares |
|
|
|
|
|
(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 |
|
|
|
|
|
|
|
|
2979787 |
14.68 |
|
|
1897 |
0.01 |
|
|
2318251 |
11.42 |
|
|
5299935 |
26.11 |
|
|
|
|
|
|
854129 |
4.21 |
|
|
|
|
|
|
2047961 |
10.09 |
|
|
672241 |
3.31 |
|
|
144164 |
0.71 |
|
|
85867 |
0.42 |
|
|
58017 |
0.29 |
|
|
80 |
0.00 |
|
|
200 |
0.00 |
|
|
3718495 |
18.32 |
|
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 |
|
|
|
|
|
Total
(A)+(B)+(C) |
20296080 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million
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 |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
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Auditors : |
|
|
Name : |
B S R and Company LLP Chartered Accountants |
|
Address : |
Building No.10,
8th Floor, Tower – |
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|
|
|
Cost Auditors : |
|
|
Name : |
N. K. Ghosh and Associates Cost Accountants |
|
Address : |
Flat 4B, |
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|
Enterprises having control
over the Company with which no transactions have taken place during the year
: |
·
Vesuvius
Plc, Cookson Group Limited (Formerly,
Cookson Group Plc - Ultimate Holding Company upto December 19, 2012), Cookson Financial Limited, United
Kingdom-Holding Company of Vesuvius Group Limited, |
|
|
|
|
Enterprises having control
over the Company with which transaction has taken place during the year and
previous year : |
Vesuvius
Group Limited, |
|
|
|
|
Fellow Subsidiaries : |
· Vesuvius Group S. A. Vesuvius
Deutschland GmbH Vesuvius
South Vesuvius
UK Limited Vesuvius
Crucible Company Vesuvius
USA Corporation Vesuvius
Advanced Ceramics ( Vesuvius
Mexico S.A. de C.V. Vesuvius
Vesuvius
Corporation S. A. Vesuvius
Poland Sp.,z.o.o Vesuvius
( Foseco
( Foseco
India Limited Vesuvius
TK Refrakter Sanayi Ve Ticaret AS Vesuvius
PT.
Foseco Foseco
Pty Limited Foseco
Industrial e Commercial Ltda Vesuvius
Slavia , a. s. Vesuvius
Emirates FZE Vesuvius
Vesuvius
Corporation S. A. Taiwan Branch Vesuvius
Italia SPA Vesuvius
Vesuvius
Zyarock Ceramics ( Vesuvius
Foundry Products ( Vesuvius
Iberica Refractarios |
|
|
|
|
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, |
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 |
|
|
|
|
|
Revenue from operations |
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) |
|
Revenue from operations |
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) |
|
Revenue from operations |
5,432.100 |
5,637.900 |
6,017.500 |
|
Profit After Tax |
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 |
LITIGATION DETAILS
|
CASE STATUS INFORMATION SYSTEM Case Status : Pending
|
COMPANY
OVERVIEW
Subject is a public company domiciled and headquartered in
OPERATING AND
FINANCIAL PERFORMANCE, INTERNAL CONTROL
It continued to be a difficult period for the Indian economy reflected by lower GDP growth, inflationary trends and lower industrial production. Private consumption, an important demand-side driver of growth which amounts for about three-fourths of GDP, plummeted in line with other economic indicators after being impacted by high retail inflation and interest rates. This scenario continues to prevail with impact on the economy in general and domestic steel industry in particular causing the steel industry to suffer from lower volumes, margins and delay in new projects.
This year total revenue increased by over Rs 416.100 Millions driven by domestic growth despite slowdown in domestic steel production. Net sales increased by 7% but PBT and PAT increased by 20% and 17% respectively over the previous year. Energy and transportation costs increased sharply but significant savings were made through energy usage optimization programs. Focused attention is made on cost and internal efficiencies to retain profitability.
All four factories had been working efficiently during the
year. New Tap hole Clay facility at
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
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:
|
Particulars |
31.12.2013 (Rs. In
Millions) |
31.12.2012 (Rs. In
Millions) |
|
Sales
Tax |
71.200 |
6.700 |
|
Income
Tax matters |
|
|
|
Other
Income Tax matters |
36.200 |
108.500 |
|
Excise
Duty, Customs Duty and Service Tax matters |
35.300 |
20.500 |
Note: Cost of tooling purchased during the earlier years were fully expensed for the purpose of ascertaining income tax liability for that years. Vide order dated December 16, 2003, the Income Tax Appellate Tribunal (ITAT) directed the department to allow expenses based on quantity consumed. The Company has disputed such decision on the contention that the entire purchase is issued to the production process and hence should be treated as consumption. Relevant order from authorities giving effect of ITAT order is yet to be received. The Company has made an application to the Hon'ble High Court at Calcutta seeking further clarifications of the ITAT order. The Company has again claimed full deduction in respect of tooling received during the year for determining the taxable income for the assessment year 2009-2010 and thereafter. Contingent liability with respect to tooling is included in para (c) above, under the head - 'Other Income Tax matters'.
(ii) A counter claim has been filed against the Company before the Hon'ble High Court at Calcutta by a customer for claims aggregating Rs 749 (previous year Rs 749) regarding certain disputes relating to goods supplied by the Company in prior years.
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE FIRST QUARTER ENDED 31ST MARCH
2014
(Rs. In Millions)
|
|
Particulars |
Three months ended |
Three months ended |
Year to date previous period ended |
|
1 |
Income from
Operation |
30.06.20141 (Unaudited) |
31.03.2014 (Unaudited) |
30.06.2014 (Unaudited) |
|
|
(a) Net Sales / Income from Operations (Net of Excise Duty) |
1574.900 |
1549.300 |
3124.200 |
|
|
(b) Other Operating Income |
1.600 |
1.300 |
2.900 |
|
|
Total Income from
Operations (Net) |
1576.500 |
1550.600 |
3127.100 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of Material Consumed |
650.800 |
578.900 |
1229.700 |
|
|
(b) Purchase of Stock-In-Trade |
296.900 |
278.700 |
575.600 |
|
|
(c) Change in Inventories of Finished Goods, Work-In-Progress and Stock-In-Trade |
(42.800) |
2.500 |
(40.300) |
|
|
(d) Employee Benefit Expense |
109.100 |
105.200 |
214.300 |
|
|
(e) Depreciation and Amortisation Expense |
47.500 |
48.400 |
95.900 |
|
|
(f) Other Expenditure |
319.400 |
313.800 |
633.200 |
|
|
Total Expenses |
1380.900 |
1327.500 |
2708.400 |
|
|
|
|
|
|
|
3 |
Profit from Operations
before Other Income, Finance Costs and Exceptional Items (1 - 2) |
195.600 |
223.100 |
418.700 |
|
4 |
Other Income |
18.000 |
20.000 |
38.000 |
|
5 |
Profit before
Finance Costs and Exceptional Items (3 + 4) |
213.600 |
243.100 |
456.700 |
|
6 |
Finance Costs |
-- |
- |
-- |
|
7 |
Profit after
Finance Costs but before Exceptional Items (5 - 6) |
213.600 |
243.100 |
456.700 |
|
8 |
Exceptional Items |
-- |
- |
-- |
|
9 |
Profit from
ordinary activities before Tax (7 - 8) |
213.600 |
243.100 |
456.700 |
|
10 |
Tax Expenses |
72.500 |
83.800 |
156.300 |
|
11 |
Net Profit from
ordinary activities after tax (9 – 10) |
141.100 |
159.300 |
300.400 |
|
12 |
Extraordinary items (net of tax expense) |
-- |
- |
-- |
|
13 |
Net Profit for the
period (11-12) |
141.100 |
159.300 |
300.400 |
|
14. |
Share of Profit of Associates |
-- |
- |
-- |
|
15 |
Minority Interest |
-- |
- |
-- |
|
16 |
Net Profit after
taxes, minority interest and share of profit of associates (13+14+15) |
141.100 |
159.300 |
300.400 |
|
17 |
Paid Up Equity
Share Capital (Face Value of Rs. 10 each) |
203.000 |
203.000 |
203.000 |
|
18 |
Reserve excluding Revaluation Reserve |
|
|
|
|
19 |
Earning per Share of Rs.10 each (not annualised) |
|
|
|
|
|
(a) Basic – Rs. |
6.95 |
7.85 |
14.80 |
|
|
(b) Diluted – Rs. |
6.95 |
7.85 |
14.80 |
|
|
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding
|
|
|
|
|
|
- Number of Shares |
9018430 |
9018430 |
9018430 |
|
|
- Percentage of Shareholding |
44.43% |
44.43% |
44.43% |
|
2 |
Promoter 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 |
11277650 |
11277650 |
11277650 |
|
|
- 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) |
55.57% |
55.57% |
55.57% |
|
B |
INVESTOR COMPLAINTS |
3 Months ended 30.06.2014 |
|
|
Pending at the beginning of the quarter |
1 |
|
|
Received during the quarter |
NIL |
|
|
Disposed of during the quarter |
NIL |
|
|
Remaining unresolved at the end of the quarter |
1 |
STANDALONE STATEMENT OF
ASSETS AND LIABILITIES
|
SOURCES
OF FUNDS |
|
|
Current
half year ended 30.06.2014
(Unaudited) |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
203.000 |
|
(b) Reserves & Surplus |
|
|
4045.400 |
|
(c) Money received against
share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
4248.400 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
0.000 |
|
(b) Deferred tax liabilities
(Net) |
|
|
51.500 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
95.000 |
|
Total
Non-current Liabilities (3) |
|
|
146.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
0.000 |
|
(b) Trade payables |
|
|
858.000 |
|
(c) Other current liabilities |
|
|
139.000 |
|
(d) Short-term provisions |
|
|
55.400 |
|
Total
Current Liabilities (4) |
|
|
1052.400 |
|
|
|
|
|
|
TOTAL |
|
|
5447.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
1487.100 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital work-in-progress |
|
|
0.000 |
|
(iv) Intangible assets under
development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
94.900 |
|
(e) Other Non-current assets |
|
|
0.000 |
|
Total
Non-Current Assets |
|
|
1582.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
781.400 |
|
(c) Trade receivables |
|
|
1813.000 |
|
(d) Cash and cash equivalents |
|
|
1119.700 |
|
(e) Short-term loans and
advances |
|
|
142.100 |
|
(f) Other current assets |
|
|
9.100 |
|
Total
Current Assets |
|
|
3865.300 |
|
|
|
|
|
|
TOTAL |
|
|
5447.300 |
NOTES:
· The Company is primarily a manufacturer and trader of refractories and is managed organisationally as a single unit. Accordingly, the Company is a single segment Company.
· Previous period’s figures have been regrouped and/or rearranged wherever necessary.
· Provision for current taxation has been made with reference to the profit for the quarter and in accordance with the provisions of Income Tax Act, 1961 and Rules framed thereunder. The ultimate tax liability for the assessment year 2015-2016, however, will be determined on the basis of total income for the year ending on March 31, 2015.
· These unaudited results have been subjected to "Limited Review" by the Auditors of the Company.
· This statement has been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on August 7, 2014.
FIXED ASSETS
Tangible Assets
· Freehold Land
Leasehold
Land
Building
Plant
and Equipments
Toolings
Furniture
and Fixture
Vehicles
Office
Equipment
Computer
Electrical
Installation
Intangible
Assets
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.81 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.78.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUV |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
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.