MIRA INFORM REPORT

 

 

Report No. :

354275

Report Date :

10.12.2015

 

IDENTIFICATION DETAILS

 

Name :

GOA CARBON LIMITED

 

 

Registered Office :

Dempo House, Campal, Panaji - 403001, Goa

Tel. No.:

91-832-2441354

 

 

Country :

India

 

 

Financials (as on) :

31.03.2015

 

 

Date of Incorporation :

22.06.1967

 

 

Com. Reg. No.:

24-000076

 

 

Capital Investment / Paid-up Capital :

Rs. 91.511 Million

 

 

CIN No.:

[Company Identification No.]

L23109GA1967PLC000076

 

 

IEC No.:

1788007425

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRG04141E

 

 

PAN No.:

[Permanent Account No.]

AAACG6842K

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacture and Seller of Calcined Petroleum Coke. (Registered Activity)

 

 

No. of Employees :

228 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (42)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of “Dempo Group”. It is an established company which is second largest manufacturer of calcined pet coke in India. It is having satisfactory track.

 

Management has seen a dip in its sales volume as well as net profitability due to weak domestic demand for its products, coupled with a slowdown in export sales and significant exposure to forex risks, given that the company remains almost fully dependent on imports for its raw pet coke (RPC) requirements in the current year.

 

The company has also seen dip in its capital structures although reduced debt levels in FY-15 and the liquidity profile remained comfortable as reflected by a large cash balance.

 

Trade relations are fair. Business is active. Payment terms are reported at slow but correct.

 

In view of experienced as well as professional management, and financial support extended from its group company, the subject can be considered for business dealings at usual trade terms and conditions.

 

NOTE:

 

In the first week of February 2015, the company received go-ahead from the State Pollution Control Board, Odisha for the Pradeep Plant. Now it is fully operational along with Goa plant the Pradeep Plant is expected to operate in full capacity. As a result all the backlog of pending orders will be complete.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

Cash credit limits = BBB-

Rating Explanation

Moderate degree of safety and moderate credit risk

Date

December, 2014

 

 

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 31-03-2015.

 

 

INFORMATION DECLINED

 

MANAGEMENT NON-COOPERATIVE

 

(TEL No.: 91-832-2441300)

 

 

LOCATIONS

 

Registered Office :

Dempo House, Campal, Panaji - 403001, Goa, India

Tel. No.:

91-832-2441354/ 2441300

Fax No.:

91-832-2427192/ 2225098

E-Mail :

investorrelations@goacarbon.com

ceo@goacarbon.com

legal@goacarbon.com

Website :

http://www.goacarbon.com

 

 

Plant 1:

St. Jose De Areal, Salcete - 403709, Goa, India

Tel. No.:

91-832-2860336/ 2860363/ 2860367

Fax No.:

91-832-2860364 

E-Mail :

gclajit@sancharnet.in

 

 

Plant 2:

34-40, Sector B, Sirigitti Industrial Area, Bilaspur - 495004, Chattisgarh, India

 

 

Plant 3:

Village Udayabata, Post Office Paradeepgarh,  District Jagatsignhpur - 754142, Orissa, India

 

 

DIRECTORS

 

AS ON 31.03.2015

 

Name :

Mr. Jagmohan J. Chhabra

Designation :

Executive Director

 

 

Name :

Mr. Shrinivas V. Dempo

Designation :

Chairman - Promoter

Qualification :

M.Com, M.B.A. - USA

 

 

Name :

Mr. Dara P. Mehta

Designation :

Independent Director

Qualification :

B.A., LLB, LLM

 

 

Name :

Mr. Keki M. Elavia

Designation :

Independent Director

Qualification :

B.Com, F.C.A.

 

 

Name :

Mr. Raman Madhok

Designation :

Independent Director

 

 

Name :

Dr. A. B. Prasad

Designation :

Independent Director

Qualification :

B.Sc. (Chemical Engineering), M.Tech (Chemical Engineering), Ph. D. (Chemical Engineering)

 

 

Name :

Ms. Kiran Dhingra

Designation :

Independent Director

 

 

Name :

Mr. Soiru V. Dempo

Designation :

Non-Executive Director

 

 

 

 

 

KEY EXECUTIVES

 

Name :

K. Balaraman

Designation :

Sr. General Manager (Finance) and Chief Financial Officer

 

 

Name :

Mr. P. S. Mantri

Designation :

Computer Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2015

 

Category of Shareholders

No. of Shares

 

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

395939

4.33

http://www.bseindia.com/include/images/clear.gifBodies Corporate

5103340

55.77

http://www.bseindia.com/include/images/clear.gifSub Total

5499279

60.09

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

Total Shareholding of Promoter and Promoter Group (A)

5499279

60.09

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

550

0.01

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

3816

0.04

http://www.bseindia.com/include/images/clear.gifSub Total

4366

0.05

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

314707

3.44

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

2900508

31.70

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

170998

1.87

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

261194

2.85

http://www.bseindia.com/include/images/clear.gifClearing Members

66561

0.73

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

43394

0.47

http://www.bseindia.com/include/images/clear.gifHindu Undivided Families

147139

1.61

http://www.bseindia.com/include/images/clear.gifDirectors & their Relatives & Friends

4000

0.04

http://www.bseindia.com/include/images/clear.gifTrusts

100

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

3647407

39.86

Total Public Shareholding (B)

3651773

39.91

Total (A)+(B)

9151052

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

9151052

100.00

 

 

 

 

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

 

Name of the Shareholder

No. of Shares

 

As a %

Shrinivas V Dempo

27400

0.30

Shrinivas V Dempo

29400

0.32

Shrinivas V Dempo

339139

3.71

V S Dempo Holdings Private Limited

5069040

55.39

Motown Investments Private Limited

34300

0.37

 

 

 

Total

5499279

60.09

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacture and Seller of Calcined Petroleum Coke. (Registered Activity)

 

 

Brand Names :

--

 

 

Agencies Held :

--

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

 

PRODUCTION STATUS: NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

Customers :

Reference:

Not Divulged

Name of the Person (Designation):

Not Divulged

Contact Number:

Not Divulged

Since how long known:

Not Divulged

Maximum limit dealt:

Not Divulged

Experience:

Not Divulged

Remark

Not Divulged

 

 

No. of Employees :

228 (Approximately)

 

 

Bankers :

Bank Name:

Bank of Baroda

Branch:

Panaji Branch, Near Azad Maidan, Panaji - 403001, Goa, India

Person Name (with Designation):

Not Divulged

Contact Number:

Not Divulged

Name of Account Holder:

Not Divulged

Account Number:

Not Divulged

Account Since (Date/ Year of A/c Opening):

Not Divulged

Average Balance Maintained (Optional):

Not Divulged

Credit Facilities Enjoyed (CC/OD/Term Loan):

Not Divulged

Account Operation:

Not Divulged

Remarks:

Not Divulged

 

·         Bank of India

·         Bank of Baroda

 

 

Facilities :

SECURED LOANS

31.03.2015

(Rs. In Million)

31.03.2014

(Rs. In Million)

SHORT TERM BORROWINGS

 

 

From Banks

 

 

Loans repayable on demand

 

 

Cash credit

154.353

25.094

Other loans

 

 

Loan against fixed deposits

0.000

256.000

Buyers credit

1402.625

1876.151

 

 

 

Total

 

1556.978

2157.245

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Address :

ASV N Ramana Tower, 52, Venkatnarayana Road, T. Nagar, Chennai 600017, Tamilnadu, India.

 

 

Solicitors :

 

Name :

Little and Company

Chartered Accountants

Address :

Central Bank Building, 3rd Floor, M.G. Road, Mumbai – 400023, Maharashtra, India

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Holding Company :

V. S. Dempo Holdings Private Limited

 

 

Subsidiaries:

·         GCL Global Resources SGP Pte Limited, Singapore

·         Goa Carbon (Cangzhou) Company Limited, PRC

 

 

Fellow Subsidiaries (with whom transactions have taken place during the year):

·         Dempo Industries Private Limited

·         Dempo Travels Private Limited

·         Dempo Sports Club Private Limited

 

 

Enterprises over which Mr. Shrinivas V. Dempo is able to exercise significant influence:

·         Motown Investments Private Limited

·         Devashri Investments Private Limited

·         Devashri Nirman LLP.

·         Dempo Charities Trust

·         Vasantrao Dempo Education and Research Foundation

·         Esmeralda International Exports LLP

·         Ratnaprabha Advisory Services LLP

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2015

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

22,000,000

Equity Shares

Rs. 10/- each

Rs. 220.000 Million

300,000

Preference Shares

Rs. 100/- each

Rs. 30.000 Million

 

Total

 

Rs. 250.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

9,151,052

Equity Shares

Rs. 10/- each

Rs. 91.511 Million

 

 

 

 

 

 

i There has been no movement in equity share capital during the year.

 

ii The Company has only one class of equity shares having face value of Rs.10/-. Each holder is entitled to one vote per equity share. Dividend proposed by the Board of Directors is subject to the approval of the shareholders at the Annual General Meeting. The amount of dividend proposed to be distributed to equity shareholders is Rs. 9.151 Million (Previous year Rs. 9.151 Million) and the related amount per equity share is Re. 1 (Previous year Re. 1). Repayment of capital will be in proportion to the number of equity shares held.

 

iii Details of equity shares held by each shareholder holding more than 5% shares

 

Particulars

31.03.2015

 

No. of Share held

% held

V. S. Dempo Holdings Private Limited, the holding company

5,069,040

55.40

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2015

31.03.2014

31.03.2013

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

91.511

91.511

91.511

(b) Reserves & Surplus

649.151

764.358

752.140

(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)

740.662

855.869

843.651

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) Long-term borrowings

0.000

0.000

0.000

(b) Deferred tax liabilities (Net)

31.833

33.005

36.549

(c) Other long term liabilities

0.000

0.000

0.000

(d) long-term provisions

0.000

0.000

0.000

Total Non-current Liabilities (3)

31.833

33.005

36.549

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1556.978

2267.245

1331.357

(b) Trade payables

78.523

78.414

68.476

(c) Other current liabilities

94.237

102.879

67.906

(d) Short-term provisions

22.074

13.941

32.555

Total Current Liabilities (4)

1751.812

2462.479

1500.294

 

 

 

 

TOTAL

2524.307

3351.353

2380.494

 

 

 

 

II.            ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

258.600

195.027

214.806

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

0.000

0.000

0.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

93.986

194.267

140.104

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

51.596

37.002

34.964

(e) Other Non-current assets

221.134

221.134

214.547

Total Non-Current Assets

625.316

647.430

604.421

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

955.487

850.223

742.797

(c) Trade receivables

300.566

336.700

87.697

(d) Cash and cash equivalents

487.791

1353.531

761.176

(e) Short-term loans and advances

148.591

132.092

170.246

(f) Other current assets

6.556

31.377

14.157

Total Current Assets

1898.991

2703.923

1776.073

 

 

 

 

TOTAL

2524.307

3351.353

2380.494

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2015

31.03.2014

31.03.2013

 

SALES

 

 

 

 

 

Revenue from Operations

1874.876

2918.313

2954.701

 

 

Other Operating Revenue

4.587

1.982

1.251

 

 

Other Income

79.988

56.473

64.582

 

 

TOTAL                                    

1959.451

2976.768

3020.534

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials Consumed

1390.317

2554.721

2250.723

 

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

78.892

(125.140)

130.175

 

 

Employees benefits expense

141.203

146.511

144.124

 

 

Other expenses

296.847

292.497

301.344

 

 

TOTAL                                    

1907.259

2868.589

2826.366

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

52.192

108.179

194.168

 

 

 

 

 

Less

FINANCIAL EXPENSES                                   

35.430

61.877

50.129

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

16.762

46.302

144.039

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

16.655

22.043

22.404

 

 

 

 

 

 

EXCEPTIONAL ITEM

100.281

0.000

0.000

 

 

 

 

 

 

PROFIT/ (LOSS) BEFORE TAX

(100.174)

24.259

121.635

 

 

 

 

 

Less

TAX                                                                 

0.727

1.335

42.508

 

 

 

 

 

 

PROFIT/ (LOSS) AFTER TAX

(100.901)

22.924

79.127

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

FOB value of exports

1.050

235.798

520.538

 

TOTAL EARNINGS

1.050

235.798

520.538

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

1438.064

2294.230

1615.173

 

TOTAL IMPORTS

1438.064

2294.230

1615.173

 

 

 

 

 

 

Earnings/ (Loss)Per Share (Rs.)

(11.03)

2.51

8.65

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2015

31.03.2014

31.03.2013

Current Maturities of Long term debt

NA

NA

NA

 

 

 

 

Cash flow from Operations

(77.761)

(322.559)

873.620

 

 

 

 

Net Cash Flow from used in operating Activities

(84.401)

(328.522)

827.778

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2015

30.09.2015

Type

1st Quarter

2nd Quarter

Net Sales

799.500

787.770

Total Expenditure

783.730

825.560

PBIDT (Excl OI)

15.770

(37.790)

Other Income

5.360

7.430

Operating Profit

21.130

(30.360)

Interest

10.820

11.370

Exceptional Items

0.000

0.000

PBDT

10.310

(41.730)

Depreciation

4.580

4.600

Profit Before Tax

5.730

(46.330)

Tax

1.950

(16.700)

Provisions and contingencies

0.000

0.000

Profit After Tax

3.780

(29.630)

Extraordinary Items

0.000

0.000

Prior Period Expenses

0.000

0.000

Other Adjustments

0.000

0.000

Net Profit

3.780

(29.630)

 

 

KEY RATIOS

 

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

(5.38)

0.79

2.68

 

 

 

 

 

Operating Profit Margin

(PBDIT/Sales)

(%)

2.78

3.71

6.57

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

(4.12)

0.77

5.43

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.14)

0.03

0.14

 

 

 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 

2.10

2.65

1.58

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.08

1.10

1.18

 

 

STOCK PRICES

 

Face Value

Rs.10.00/-

 

 

Market Value

Rs.72.70/-

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

91.511

91.511

91.511

Reserves & Surplus

752.140

764.358

649.151

Money received against share warrants

0.000

0.000

0.000

Share Application money pending allotment

0.000

0.000

0.000

Net worth

843.651

855.869

740.662

 

 

 

 

Long-term borrowings

0.000

0.000

0.000

Short term borrowings

1331.357

2267.245

1556.978

Total borrowings

1331.357

2267.245

1556.978

Debt/Equity ratio

1.578

2.649

2.102

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

2954.701

2918.313

1874.876

 

 

(1.232)

(35.755)

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2013

31.03.2014

31.03.2015

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

2954.701

2918.313

1874.876

Profit/ (Loss)

79.127

22.924

(100.901)

 

2.68%

0.79%

(5.38%)

 

 


LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report

(Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

--

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10211327

24/02/2010

200,000,000.00

BANK OF BARODA

PANAJI BRANCH, NEAR AZAD MAIDAN, PANAJI - 403001, GOA, INDIA

A82936469

2

90077606

27/07/2009 *

2,960,000,000.00

BANK OF INDIA

CAMPAL BRANCH, PANAJI - 403001, GOA, INDIA

A69793024

3

80008128

19/07/2006 *

696,282,000.00

BANK OF INDIA

PANJI, PANJI - 403001, GOA, INDIA

-

4

80004359

04/10/2006 *

135,000,000.00

BANK OF BARODA

OPP. AZAD MAIDAN, PANAJI, PANAJI - 403001, GOA, INDIA

-

5

90077792

26/05/1976

3,000,000.00

BANK OF INDIA

EXPRESS TOWER, NARIMAN POINT, BOMBAY, MAHARASHTRA, INDIA

-

6

90075667

29/07/1975

8,500,000.00

BANK OF INDIA

EXPRESS TOWER, NARIMAN POINT, BOMBAY, MAHARASHTRA, INDIA

-

 

* Date of charge modification

 

 

UNSECURED LOANS

 

PARTICULARS

31.03.2015

(Rs. In Million)

31.03.2014

(Rs. In Million)

SHORT TERM BORROWINGS

 

 

V. S. Dempo Holdings Private Limited, the holding company

0.000

110.000

 

 

 

Total

 

0.000

110.000

 

 

CORPORATE INFORMATION

 

The Group is in the business of manufacture and sale of Calcined Petroleum Coke in its manufacturing facilities at Goa, Paradeep and Bilaspur.

 

 

YEAR IN RETROSPECT

 

The sales and other income for the financial year was Rs. 19,59.451 Million as compared to Rs. 29,76.768 Million during the previous year. The production of Calcined Petroleum Coke (CPC) was 85,866 tonnes as compared to 1,31,201 tonnes during the previous year. The sales of CPC was 85,648 tonnes (including exports of 30 tonnes) for the period as compared to 1,27,052 tonnes (including exports of 10,217 tonnes) for the previous year.

 

The year was very difficult and challenging. The sales turnover of the Company for the year was lower than the previous year and the profitability for the year has been affected drastically. The reasons behind the depressed profitability for the year 2014-15 is mainly the closure of the Company’s main plant based at Paradeep, Odisha State for a major part of the year for installation of upgraded dust control systems to meet the directions given by the State Pollution Control Board, Odisha. Another reason for the reported loss at the end of Financial Year 2014-15 was that provision of Rs. 100.281 Million made by the Company’s wholly owned subsidiary based at Singapore for providing the diminution in the value of investments in the China Company and the Company being the ultimate Holding Company has to provide towards the diminution in the value of investments in the Singapore Subsidiary.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

OVER REVIEW

 

Goa Carbon Limited is one of the leading company in the business of Calcined Petroleum Coke (CPC). CPC is one of the major raw material to be used in the manufacture of Carbon anode for the Aluminum industry. It is also used as a carbon raiser for the Steel and Titanium Di-Oxide industries. The main raw material required for production of CPC is known as Raw Petroleum Coke (RPC).

 

 

The global CPC manufacturing capacity is estimated to be above 27.5 million tonnes. The growth of CPC industry is directly linked with the growth of Aluminum industry which consumes about 80% of the global CPC production.

 

 

OUTLOOK

 

Since the growth of CPC industry is directly linked with the growth of Aluminum industry, we need to analyze the future outlook of Aluminum industry. Globally, Aluminum industry grows at about 5% per annum. Aluminum is a light metal and mainly used internationally in the transportation, construction, packaging, aerospace and other industries. The main advantage of Aluminum metal is, it is of light weight, having high strength, non corrosive, recyclable and with better electric conductivity. The aluminum demand is expected to be on increased scale due to large emphasis on infrastructure and defense by most of the countries.

 

In the last decade, we are seeing a demographic shift in the manufacture of aluminum from the western countries to Asia, mainly in China, India and Middle East.

 

It is well known that most of the raw material required to manufacture CPC is available in China and Middle East. In view of all these developments, Goa Carbon is well placed to capitalize on future increased demand by the Aluminum industry.

 

 

PART I

 

STATEMENT OF UNAUDITED FINANCIAL RESULTS (STAND - ALONE)

FOR THE QUARTER AND SIX MONTHS PERIOD ENDED 30TH SEPT 2015

 

                                                                                                                                                    (Rs. In million)

Particulars

Quarter ended

Six months period ended

 

30.09.2015

30.06.2015

30.09.2015

 

(Unaudited)

(Unaudited)

(Unaudited)

Income from operation

 

 

 

 (a) Net Sales- (Net of excise duty)

787.713

798.976

1586.689

 (b) Other Operating Income

0.059

0.522

0.581

Total Income from operations (net)

787.772

799.498

1587.270

 Expenses

 

 

 

a. Cost of Material Consumed

631.959

595.818

1227.777

b. Change in inventories of finished goods

9.021

37.715

46.736

c. Employee benefits expense

40.769

38.316

79.085

d. Depreciation and amortization expenses

4.595

4.577

9.172

e. Other expenses

94.341

89.888

184.229

Total expenses

780.685

766.314

1546.999

Profit/ Loss from Operations before other Income, finance costs & Exceptional Item(1-2)

7.087

33.184

40.271

a. Other Income

7.432

5.355

12.787

b. Exchange gain/(loss) (net)

(49.476)

(21.984)

(71.460)

Profit/ Loss before finance costs and Exceptional Item (3+4)

(34.957)

16.555

(18.402)

Interest

11.373

10.822

22.195

Profit/ Loss after finance costs but before Exceptional Item (5-6)

(46.330)

5.733

(40.597)

Exceptional Items

--

--

--

Profit/ Loss  from ordinary activities  before Tax (7-8)

(46.330)

5.733

(40.597)

Tax Expenses

(16.704)

1.951

(14.753)

Net Profit/ Loss for the period/year after Tax (9-10)

(29.626)

3.782

(25.844)

Paid Up Equity Share Capital (Face Value of Rs.10 Per Share)

91.511

91.511

91.511

Reserves excluding Revaluation Reserves as per Balance Sheet of Previous Accounting Year

--

--

--

Basic and diluted EPS (not annualized*)-Rs

(3.24)

*

0.41

*

(2.82)

*

PART II

SELECT INFORMATION FOR THE QUARTER AND SIX MONTHS PERIOD ENDED 30TH SEPT 2015

PARTICULARS OF SHAREHOLDING

Quarter ended

Six months period ended

 

30.09.2015

30.06.2015

30.09.2015

Public Shareholding

 

 

 

- Number of Shares

3651773

3651773

3651773

- Percentage of Shareholding

39.91%

39.91%

39.91%

Promoter and Promoter Group Shareholding

 

 

 

a) Pledged/Encumbered

 

 

 

No. 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

 

 

 

No. of shares

5499279

5499279

5499279

-Percentage of Shares (as a % of the total shareholding of promoter and promoter group)

100%

100%

100%

-Percentage of Shares (as a % of the total share capital of the Company)

60.09%

60.09%

60.09%

 

INVESTOR COMPLAINTS

Quarter ended

30.09.2015

Pending at the beginning of the quarter

--

Received during the quarter

--

Disposed of during the quarter

--

Remaining unsolved at the end of the quarter

--

 

Statement of Assets and Liabilities (Stand-alone)

 

 

                             

Standalone Statement of Assets and Liabilities

Particulars

As at

 

30.09.2015

 

Unaudited

A. EQUITY AND LIABILITIES

 

1. Shareholders Funds

 

a] Share Capital

91.511

b] Reserves and Surplus

623.307

Sub-total – Shareholders’ funds

714.818

 

 

2. Non-current Liabilities

 

b] Deferred Tax Liabilities

17.079

Sub-total - Non-current Liabilities

17.079

 

 

3. Current Liabilities

 

a] Short term Borrowings

2056.475

b] Trade Payables

98.785

c] Other Current Liabilities

99.899

d] Short Term Provision

6.358

Sub-total -  Current Liabilities

2261.517

TOTAL -  EQUITY AND LIABILITIES 

2993.414

 

 

B ASSETS

 

1. Non-current assets

 

a] Fixed assets

250.458

b] Capital work in progress

11.650

c]  Non-current investments

93.986

d] long Term loans and Advances

61.448

e] Other non-current assets

217.188

Sub-total – Non- current assets

634.730

 

 

2. CURRENT ASSETS

 

 

Inventories
1095.565

 

Trade Receivables
279.697

 

Cash & Bank Balances
841.832

 

Short Term loans and advances
132.654

 

Other Current Assets
8.936

  Sub-total – Current Assets
2358.684

 

 

TOTAL - ASSETS

2993.414

NOTES :

 

1. The above results have been reviewed by the audit committee and approved by the Board of Directors at their meeting held on 14.10.2015.


2. The Company's operation and its results fluctuate from period to period on account of :


i) the delivery schedule of the customers which vary from time to time;


ii) the inability of the Company to always increase selling prices in line with cost of imported raw material, the FOB price of which varies substantially from time to time; and


iii) exchange fluctuations arising because of the Company's dependence on imports of raw materials.

3. Due to the absence of viable export and domestic orders, the Plants of the Company were shut down during the quarter as under: i) Goa Plant - 24 days ii) Bilaspur Plant - 63 days, iii) Paradeep Plant - 30 days.

4. The Company's appeal to the High Court of Bombay at Goa against the order of the Income Tax Appellate Tribunal which had confirmed the disallowance of the deduction under section 80HHC of the Income Tax Act, 1961 for Assessment Years 1993-94 to 2004-05 was allowed by the High Court vide its order dated 21.10.2010. The income tax department has filed a Special Leave petition before the Honorable Supreme Court praying for ex-parte stay of the aforementioned Order of the High Court. The petition is yet to be admitted.

5. Pursuant to the decision taken by "Cangzhou Economic Development Zone, China" to cancel the land allotted to the step down subsidiary company "Goa Carbon (Cangzhou) Company Limited" (China Company) on the ground that the proposed plant falls under "high energy consuming industries" as well as "heavy polluting enterprise", the Company has been compelled to withdraw the proposed project to be set up in China. Consequently China Company has initiated steps for its liquidation. The diminution in the carrying value of investments in the immediate subsidiary company which has invested in the China Company has already been provided for in the books.


6. The Company operates only in one segment i.e. manufacture and sale of Calcined Petroleum Coke.

7. Figures for the previous periods / year have been regrouped / rearranged, as necessary, to conform to the current period's classification.

 

 

CONTINGENT LIABILITIES:

 

Particulars

31.03.2015

(Rs. In Million)

31.03.2014

(Rs. In Million)

Disallowance of Cenvat Credit and Educational Cess on purchase of raw materials.

9.019

9.019

Income tax demands under appeal.

195.455

195.455

NOTE:

 

The amounts mentioned against are based on the notice of demand or the assessment orders issued by the relevant authorities, as the case may be. The Group is contesting these demands with the relevant appellate authorities. Outflows, if any, arising out of these demands would depend on the outcome of the decisions of the appellate authorities and the Group’s rights for future appeals before the Judiciary. However, the Group is hopeful of successful outcome in the appellate proceedings.



 

FIXED ASSETS:

 

Tangible Assets

 

  • Land (Freehold)
  • Land (Leasehold)
  • Plot Development on leasehold land
  • Buildings
  • Plant and Equipment
  • Furniture and Fixtures
  • Office Equipment’s
  • Vehicles

 

Intangible Assets

  • Technical Knowhow
  • Computer Software

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

Indian Rupees

US Dollar

1

Rs.66.75

UK Pound

1

Rs.100.29

Euro

1

Rs.72.89

 

 

INFORMATION DETAILS

 

Information Gathered by :

KMN

 

 

Analysis Done by :

KAS

 

 

Report Prepared by :

ARC /IND

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

--

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

42

 

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

 

--

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.