MIRA INFORM REPORT
|
Report No. : |
307412 |
|
Report Date : |
11.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
GRAPHITE INDIA LIMITED |
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|
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|
Registered
Office : |
31, |
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|
Country : |
India |
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|
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Financials (as
on) : |
31.03.2014 |
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|
|
Date of
Incorporation : |
02.05.1974 |
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|
|
|
Com. Reg. No.: |
21-094602 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs. 390.768 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L10101WB1974PLC094602 |
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|
|
|
TIN No.: |
27930000164 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALG00112A |
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|
|
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PAN No.: [Permanent Account No.] |
AACC0457C |
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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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Line of Business
: |
Manufacturer and Exporter of Graphite Electrodes, Other Miscellaneous Carbon and Graphite Products, High Speed Steel and Alloy Steel, Glass Reinforced Pipes (GRP) and Power Generating Unit. |
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|
|
|
No. of Employees
: |
800 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 : |
Exists |
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Comments : |
Subject is an established company having good track record. Fundamentals of the company is decent. Financial position of the
company is strong and healthy. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade term and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Non-Convertible Debenture : AA+ |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
March, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Debt Programmed : A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
March, 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
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Ronak Poddar |
|
Designation : |
Senior Manager |
|
Contact No.: |
91-33-22265755 |
|
Date : |
09.02.2015 |
LOCATIONS
|
Registered Office / Corporate Office : |
31, |
|
Tel. No.: |
91-33-22265755 / 2334 / 4942 / 40029600 |
|
Fax No.: |
91-33-22496420 |
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E-Mail : |
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|
Website : |
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|
|
|
|
Graphite |
|
|
Factory 1: |
P.O. Sagarbhanga
Colony, Burdwan Durgapur – 713211, West |
|
Tel. No.: |
91-343-2556641-45 / 2557743 |
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Fax No.: |
91-343-2550896 |
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|
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Factory/ Power 2: |
88, MIDC Industrial Area, Satpur, Nashik - 422007, |
|
Tel. No.: |
91-253-2203300 / 2203328 / 2361472 / 2351143 |
|
Fax No.: |
91-253-2350676 |
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|
|
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Factory/ Power/ R
& D Centre 3 : |
Visveswaraya Industrial
Area, |
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Tel. No.: |
91-80-43473300 / 28524061-71 |
|
Fax No.: |
91-80-43473372 |
|
|
|
|
Coke |
|
|
Factory 4: |
Phulwaria,
Barauni - 851112, Bihar, India |
|
Tel. No.: |
91-6279-232252 |
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|
|
|
Impervious Graphite Equipment |
|
|
Factory 5: |
C-7 Ambad
Industrial Area, Nashik - 422010, |
|
Tel. No.: |
91-253-2302100 |
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|
|
|
Glass Reinforced Pipes/ Tanks |
|
|
Factory 6: |
Gut No. 523/524,
Village Gonde, Taluka Igatpuri, Nashik - 422403, Maharashtra, India |
|
Tel. No.: |
91-2553-225038 /
225039 |
|
Fax No.: |
91-2553-229500 |
|
Email : |
|
|
|
|
|
Powmex Steels |
|
|
Factory 7: |
AT - Turla, PO -
Jagua, PS - Titilagarh, District Bolangir, Orissa - 767033, |
|
Tel. No.: |
91-6655-220504 /
220505 |
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|
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|
Power |
|
|
Factory 8 : |
Chunchanakatte,
K R Nagar Taluk, Mysore - 571617, Karnataka, India |
|
Tel. No.: |
91-s821-323182 /
681116 |
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|
|
|
Factory 9 : |
Link Canal Mini
Hydel Plant, Peehalli, Srirangapatna Taluk, Mandya District - 571415, Karnataka,
India |
|
|
|
|
Sales Office |
407 Ashoka
Estate, 24, |
|
Tel. No.: |
91-11-23314364 |
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|
|
|
Regional Office : |
Located At · Mumbai · Delhi |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. K. K. Bangur |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. P. K. Khaitan |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. S. Goenka |
|
Designation : |
Director |
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|
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|
Name : |
Mr. N. S. Damani |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. A. V. Lodha |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. R. Srinivasan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D. J Balaji Rao |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. J. D. Curravala |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. N. Venkataramani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M. B. Gadgil |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. B. Shiva |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Ronak Poddar |
|
Designation : |
Senior Manager |
|
|
|
|
Name : |
Mr. B. K. Mundra |
|
Designation : |
Account Executive |
|
|
|
|
Name : |
Mr. Abhishek |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
984567 |
0.50 |
|
|
116607882 |
59.68 |
|
|
117592449 |
60.19 |
|
|
|
|
|
|
186261 |
0.10 |
|
|
9415450 |
4.82 |
|
|
9601711 |
4.91 |
|
Total shareholding of Promoter and Promoter
Group (A) |
127194160 |
65.10 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3184599 |
1.63 |
|
|
209766 |
0.11 |
|
|
5786677 |
2.96 |
|
|
28098581 |
14.38 |
|
|
37279623 |
19.08 |
|
|
|
|
|
|
11736896 |
6.01 |
|
|
|
|
|
|
14592640 |
7.47 |
|
|
2054630 |
1.05 |
|
|
2517645 |
1.29 |
|
|
136043 |
0.07 |
|
|
37530 |
0.02 |
|
|
10910 |
0.01 |
|
|
2319079 |
1.19 |
|
|
14083 |
0.01 |
|
|
30901811 |
15.82 |
|
Total Public shareholding (B) |
68181434 |
34.90 |
|
Total (A)+(B) |
195375594 |
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) |
195375594 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Graphite Electrodes, Other Miscellaneous Carbon and Graphite Products, High Speed Steel and Alloy Steel, Glass Reinforced Pipes (GRP) and Power Generating Unit. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
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Products : |
Finished Good |
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Countries : |
· Middle East · US · Canada · Japan · Europe |
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Imports : |
-- |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS:
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers and Manufacturers
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No. of Employees : |
800 (Approximately) |
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Bankers : |
· Bank of India · Canara Bank · Citibank N.A. · Corporation Bank · HDFC Bank Limited · ICICI Bank Limited · IDBI Bank Limited · ING Vysya Bank Limited · State Bank of India · The Hongkong and Shanghai Banking Corporation Limited ·
UCO Bank |
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Facilities : |
NOTE LONG TERM
BORROWINGS Terms of Repayment (a) Total loan amount of Rs. 801.334 Millions (USD 13.33 Million) [Previous Year - Rs. 1086.400 Millions (USD 20 Million)] is repayable in 2 equal annual installments on February, 2015 and February, 2016. Interest is payable on quarterly basis at Libor plus 1.85% p.a. Current maturity of the loan amounting to Rs. 400.667 Millions (Previous Year - Rs. 362.133 Millions) (b) Total loan amount of Rs. 601.000 Millions (USD 10 Million) [Previous Year - Rs. 543.200 Millions (USD 10 Million)] is repayable in 3 equal annual installments commencing from August, 2015. Interest is payable on quarterly basis at Libor plus 2.10% p.a. SHORT TERM BORROWING Balance outstanding as at 31st March, 2014 in respect of
Commercial Paper was Rs. Nil (Previous Year - Rs. Nil). Maximum amount
outstanding at any time during the year was Rs. 500.000 Millions (Previous
Year - Rs. 300.000 Millions). |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Solicitors
: |
·
Khaitan and Company · Orr, Dignam and Company |
|
|
|
|
Subsidiary : |
·
Bavaria Carbon Holdings GmbH ·
Bavaria Carbon Specialities GmbH ·
Bavaria Electrodes GmbH ·
Carbon Finance Limited ·
Graphite Cova GmbH ·
Graphite International B.V. |
|
|
|
|
Others with whom
transactions have taken place during the year: |
Likhami Leasing Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.2/- each |
Rs. 400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
195375594 |
Equity Shares |
Rs.2/- each |
Rs. 390.751 Millions |
|
|
Add : Forfeited Shares |
|
Rs. 0.017 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 390.768
Millions |
NOTE
The Company has one class of Equity Shares having a par value of Rs. 2/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts in proportion to their shareholdings.
Details of Equity
Shares held by Shareholders holding more than 5% of the aggregate shares in the
Company:
|
Name of Shareholder |
31.03.2014 |
|
|
Number of Shares |
Percentage of Holding |
|
|
Likhami Leasing Limited |
55870000 |
28.60% |
|
The Emerald Company Limited |
20584781 |
10.54% |
|
The Bond Company Limited |
18260960 |
9.35% |
|
H.L. Investment Company Limited |
14183400 |
7.26% |
|
Particular |
31.03.2014 No. of Shares |
|
Aggregate number of Equity Shares allotted in 2009-10 as fully paid-up pursuant to a Scheme of Arrangement / Amalgamation without payments being received in cash. |
1,98,88,336 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
390.768 |
390.768 |
390.768 |
|
(b) Reserves & Surplus |
16968.314 |
16059.189 |
15228.373 |
|
(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) |
17359.082 |
16449.957 |
15619.141 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1001.667 |
1267.467 |
1532.700 |
|
(b) Deferred tax liabilities (Net) |
896.673 |
950.373 |
708.230 |
|
(c) Other long term
liabilities |
4.705 |
17.413 |
14.612 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
1903.045 |
2235.253 |
2255.542 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2008.517 |
4408.727 |
3084.498 |
|
(b) Trade
payables |
2257.566 |
1676.083 |
1638.390 |
|
(c) Other current
liabilities |
1264.275 |
1040.360 |
675.773 |
|
(d) Short-term
provisions |
1403.886 |
1243.251 |
1262.829 |
|
Total Current
Liabilities (4) |
6934.244 |
8368.421 |
6661.490 |
|
|
|
|
|
|
TOTAL |
26196.371 |
27053.631 |
24536.173 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
6358.286 |
6589.333 |
5427.017 |
|
(ii)
Intangible Assets |
22.629 |
9.674 |
6.022 |
|
(iii)
Capital work-in-progress |
33.829 |
25.286 |
1266.595 |
|
(iv)
Intangible assets under development |
0.000 |
1.440 |
0.000 |
|
(b) Non-current Investments |
1575.626 |
1093.277 |
2050.677 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
76.679 |
77.076 |
89.988 |
|
(e) Other
Non-current assets |
0.152 |
0.400 |
0.732 |
|
Total Non-Current
Assets |
8067.201 |
7796.486 |
8841.031 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
3426.642 |
2364.096 |
1284.128 |
|
(b)
Inventories |
8830.011 |
9777.046 |
8549.110 |
|
(c) Trade
receivables |
4233.843 |
5096.007 |
3752.869 |
|
(d) Cash
and cash equivalents |
239.718 |
60.210 |
111.218 |
|
(e)
Short-term loans and advances |
1190.063 |
1757.792 |
1638.268 |
|
(f) Other
current assets |
208.893 |
201.994 |
359.549 |
|
Total
Current Assets |
18129.170 |
19257.145 |
15695.142 |
|
|
|
|
|
|
TOTAL |
26196.371 |
27053.631 |
24536.173 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
17680.759 |
17648.570 |
16708.422 |
|
|
|
Other Income |
402.094 |
263.471 |
346.189 |
|
|
|
TOTAL (A) |
18082.853 |
17912.041 |
17054.611 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
7981.109 |
7888.315 |
6876.177 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
134.527 |
0.000 |
|
|
|
Changes in inventories of finished goods and
work-in-progress |
(206.919) |
(773.786) |
277.206 |
|
|
|
Employees benefits expense |
1347.310 |
1199.726 |
970.437 |
|
|
|
Other expenses |
5716.573 |
6410.646 |
5472.049 |
|
|
|
TOTAL (B) |
14838.073 |
14859.428 |
13595.869 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
3244.780 |
3052.613 |
3458.742 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
169.629 |
221.367 |
143.947 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3075.151 |
2831.246 |
3314.795 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
535.997 |
500.401 |
404.358 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
2539.154 |
2330.845 |
2910.437 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
830.000 |
700.000 |
531.533 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
1709.154 |
1630.845 |
2378.904 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2079.718 |
2248.902 |
1664.745 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1000.000 |
1000.000 |
1000.000 |
|
|
|
Dividend |
683.815 |
683.815 |
683.815 |
|
|
|
Tax on Dividend |
116.214 |
116.214 |
110.932 |
|
|
BALANCE CARRIED
TO THE B/S |
1988.843 |
2079.718 |
2248.902 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on F.O.B. Basis |
5292.545 |
7291.427 |
8735.025 |
|
|
|
Royalty |
29.520 |
39.183 |
48.204 |
|
|
|
Guarantee Fee |
6.195 |
5.216 |
5.117 |
|
|
|
Interest |
0.000 |
0.000 |
3.600 |
|
|
|
Service Charges |
4.561 |
2.032 |
2.236 |
|
|
|
Sale of Carbon Credit |
2.951 |
4.228 |
2.996 |
|
|
|
Profit on Disposal of Long-term Investments |
0.000 |
0.000 |
296.163 |
|
|
TOTAL EARNINGS |
5335.772 |
7342.086 |
9093.341 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3971.419 |
5143.246 |
4410.758 |
|
|
|
Components and Spare Parts |
60.726 |
74.777 |
78.323 |
|
|
|
Capital Goods |
10.183 |
11.726 |
334.125 |
|
|
|
Traded Goods |
0.000 |
134.527 |
0.000 |
|
|
TOTAL IMPORTS |
4042.328 |
5364.276 |
4823.206 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
8.75 |
8.35 |
12.18 |
|
|
|
Diluted |
8.75 |
8.35 |
10.68 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2014 |
30.09.2014 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
3701.700 |
3973.200 |
|
Total Expenditure |
|
3325.600 |
3575.000 |
|
PBIDT (Excl OI) |
|
376.100 |
398.200 |
|
Other Income |
|
138.700 |
45.900 |
|
Operating Profit |
|
514.800 |
444.100 |
|
Interest |
|
35.800 |
25.600 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
479.000 |
418.500 |
|
Depreciation |
|
91.600 |
105.600 |
|
Profit Before Tax |
|
387.400 |
312.900 |
|
Tax |
|
112.500 |
112.000 |
|
Provisions and
contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
274.900 |
200.900 |
|
Extraordinary
Items |
|
0.000 |
0.000 |
|
Prior Period
Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
274.900 |
200.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
9.67 |
9.24 |
14.24 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
18.35 |
17.30 |
20.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.33 |
8.99 |
13.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.14 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.17 |
0.35 |
0.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.61 |
2.30 |
2.36 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
390.768 |
390.768 |
390.768 |
|
Reserves & Surplus |
15228.373 |
16059.189 |
16968.314 |
|
Net
worth |
15619.141 |
16449.957 |
17359.082 |
|
|
|
|
|
|
long-term borrowings |
1532.700 |
1267.467 |
1001.667 |
|
Short term borrowings |
3084.498 |
4408.727 |
2008.517 |
|
Total
borrowings |
4617.198 |
5676.194 |
3010.184 |
|
Debt/Equity
ratio |
0.296 |
0.345 |
0.173 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
16708.422 |
17648.570 |
17680.759 |
|
|
|
5.627 |
0.182 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
16708.422 |
17648.570 |
17680.759 |
|
Profit |
2378.904 |
1630.845 |
1709.154 |
|
|
14.24% |
9.24% |
9.67% |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
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 |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF KARNATAKA -BENGALURU BENCH |
RFA 1104/2014 |
|
M/S. LEAAP INTERNATIONAL LIMITED |
RESPONDENT/DEFNT.
NAME |
M/S. GRAPHITE INDIA LIMITED |
|||
|
PETNR./ APPNT.
ADVOCATE |
B V NIDHISHREE |
RESPNT./DEFNT.
ADVOCATE |
|||
|
DATE FILED |
23/07/2014 |
CLASSIFICATION |
RES |
DISTRICT |
OUT OF STATE |
|
STAGE |
PENDING FOR ADMISSON |
LAST POSTED FOR |
HEARING - INTERLOCUTORY
APPLN |
||
|
LAST ACTION TAKEN |
NOTICE |
LAST DATE OF ACTION |
19/11/2014 |
NEXT HEARING DATE |
|
|
LATEST ORDER |
E/N, CALL FOR LCR |
||||
|
BEFORE HON'BLE JUDGE/S |
N.K.PATIL |
||||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10251643 |
12/09/2014 * |
460,000,000.00 |
HDFC BANK LIMITED |
BAHRAIN BRANCH, BAHRAIN FINANCIAL HARBOUR, 49TH F |
C26619643 |
|
2 |
10251642 |
12/09/2014 * |
920,000,000.00 |
HDFC BANK LIMITED |
BAHRAIN BRANCH, BAHRAIN FINANCIAL HARBOUR, 49TH F |
C26639211 |
|
3 |
90245975 |
26/09/2013 * |
6,000,000,000.00 |
UCO BANK (LEAD BANK) |
FLAGSHIP CORPORATE BRANCH, MCLEOD HOUSE, 3, NETAJ |
B87588877 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
SHORT TERM
BORROWING |
|
|
|
Loans Repayable on Demand from Banks |
1060.250 |
2435.813 |
|
Total |
1060.250 |
2435.813 |
BUSINESS REVIEW
The Central Statistics Office (CSO) has estimated that the Indian economy is likely to register a growth rate of 4.9 per cent in 2013-14. This growth is significantly lower in comparison to the average of 7.6 per cent during 2004-05 to 2013-14. It is further stated that the sub-5 per cent growth of the economy in 2013-14 is primarily the result of the continued slowdown in the industrial sector that is estimated to grow at 0.7 per cent in 2013-14 and lower growth in the 'trade, hotels, transport and communications' segment of the service sector. On the brighter side, agriculture, electricity, gas and water supply, financial, insurance, real estate and business services and community as well as social and personal services sector are projected to have grown at faster rates in 2013-14 vis-à-vis 2012-13. The World Economic Outlook (WEO) update released by the International Monetary Fund in January 2014 has revised the growth projection for the world economy slightly upwards to 3.0 per cent and 3.7 per cent for 2013 and 2014 respectively. From 2014 onwards, global growth prospects are projected to improve over the medium term at a gradual pace. In India, several reform measures have been undertaken including clearance of several large projects by the Cabinet Committee on Investment. These steps could help in revival of investment and growth in the economy. In addition, resurgence of exports, prospects of revival in the global economy and moderation in inflation observed recently, point to a better outlook for the Indian economy in 2014-15 vis-à-vis 2013-14.
GRAPHITE INDIA
The Company posted a flat revenue during the year amidst continuing weak economic conditions, inflationary trends, contraction in manufacturing output and resulting sluggish demand faced by the user industries throughout the year, both globally and domestically. Revenue from Operations was Rs. 18448.900 Millions for FY 2013-14 as against Rs. 18361.800 Millions in the previous year. Production of steel through EAF route remained at the same level resulting in no growth in demand of Graphite Electrodes. The slide in price of Graphite Electrodes, which started in last year due to fierce competition, was steeper during the year. The year also witnessed reduction in major input costs. Reduction in input costs together with cost reduction initiatives and better inventory management could result in improved performance of the Company. The PAT of Rs. 1709.200 Millions for the current year was higher by 5% in comparison to Rs. 1630.800 Millions of previous year.
The Company's Graphite and Carbon Segment continues to be the main source of revenue and profit for the Company, accounting for about 92% of the total revenue. Exports suffered set back during the year due to weak performance by the Company's subsidiary in Germany. Glass Reinforced Plastic Pipes and Steel segment did not perform to expectation due to weak demand and unsustainable prices.
The business environment in all segments has become intensely competitive. In order to sustain and survive through this difficult phase, the Company has taken extraordinary measures in ensuring efficient management of all resources, innovative approach to cost reduction and high level of operating efficiencies.
The performance of the German subsidiaries suffered due to steep fall in selling prices and weak demand scenario in Europe.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
(i) Industry's
structure and developments
A. Graphite and
Carbon Segment
Graphite Electrodes
Graphite Electrode is used in electric arc furnace (EAF) based steel mills for conducting current that melts scrap iron and steel and is a consumable item for the steel industry. An increasing proportion of global steel is made using electric arc furnaces, and the electric arc furnace itself is getting more efficient, making more steel per tonne of electrode. The principal manufacturers are based in USA, South America, Europe, India, China, Malaysia and Japan.
Graphite Electrode demand is primarily linked with the global production of steel in electric arc furnaces. Between the two basic routes for steel production - (1) Blast Furnace (BF); and (2) Electric Arc Furnace (EAF) – the EAF route to steel production has increased over the last two decades to about 30% at the global level. The share of EAF is expected to grow further in years to come due to its inherent favourable characteristics of (a) an environment friendly and less polluting production process; (b) low capital cost; and (c) faster project (commissioning) time. Fresh investments in EAF steel mills are characterised by large furnace capacities requiring large diameter UHP Electrodes. It is expected that the demand for UHP Electrodes too will grow synchronously. These industry features coupled with an increasing proportion of EAF steel share in total crude steel production in future should proportionately augment the demand for Graphite Electrodes.
Stagnant demand, intense competition and sliding sales price continued to push challenges during the year. This is compounded by liberalisation of import tariff for these items by the Government in new FTA regime. On the other hand, Graphite Electrodes from India are subject to levies in some countries making imports dearer for overseas consumers.
The Government of India has also reduced rate of duty drawback on Graphite Electrodes from 4% to 3% with a cap of Rs. 3,200 / MT with effect from 22nd September, 2013. This has impaired competitiveness of Indian electrode industry.
The new facility for production of 20,000 MT of Graphite Electrodes at Durgapur has fully stabilised. Upgraded technology deployed in this facility has resulted in improved quality and efficient cost of production.
Calcined Petroleum
Coke and Paste
The Coke Division in Barauni, engaged in the manufacture of Calcined Petroleum Coke (CPC), which is used as a raw material for certain grades of electrodes, is one of the several backward integration initiatives of the Company. The Division also makes Carbon Electrode Paste and Carbon Tamping Paste. Two grades of CPC - aluminium and graphite - are produced here. CPC is a raw material used in the manufacture of regular and high power grade Graphite Electrodes. This is also a critical raw material for fine grained high density graphite used in speciality graphite products and impervious graphite equipment. Carbon Electrode Paste is used in ferro alloy smelters and Carbon Tamping Paste is used as a lining material in submerged arc furnaces.
This division could not perform to expectations because of poor demand, low realisation and constraint in supply of basic raw material i.e. raw petroleum coke
Impervious Graphite
Equipment
The Impervious Graphite Equipment (IGE) Division is engaged in manufacturing and marketing of heat exchangers, ejectors, pumps and turnkey plants. These have a wide range of applications in corrosive chemicals industries such as pharmaceutical, agro-chemical, chloro alkali and fertilizer industries.
Over the years the Company has built this product line into a reliable brand with a reputation for prompt service, good quality and consistent performance through investing in strengthening the core competencies.
This division has maintained its performance inspite of difficult economic environment.
DGFT has amended export licensing requirement for SCOMET items which would help in speedy execution of export orders.
Captive Power
Power constitutes one of the major costs of Electrode Production. For captive consumption, the Company has an installed capacity of 31.5 MW of power generation through Hydel (18 MW) route and 13.5 MW through multi-fuel route. Power generation through Hydel Power Plant was higher to 52.54 million units as against 29.48 million units in the previous year due to very good monsoon. The multi fuel power generating sets remained as stand-by owing to adequate availability of power from the grid.
The Company terminated the Power Delivery Agreement (PDA) and Shares Subscription Agreement (SSA) with Wardha Power Co. Limited (WPCL) and invoked the arbitration clause last year. Arbitration proceedings are underway.
B. Steel Segment
Powmex Steels Division (PSD) is engaged in the business of manufacturing high speed steel and alloy steel having its plant at Titilagarh in the State of Orissa. PSD is the single largest manufacturer of High Speed Steel (HSS) in the country. HSS is used in the manufacture of cutting tools such as drills, taps, milling cutters, reamers, hobs, broaches and special form tools. HSS cutting tools are essentially utilised in - (a) automotive; (b) machine tools; (c) aviation; and (d) DIY market. The industry is characterised by one good quality manufacturer of HSS viz. PSD and several other small manufacturers who cater to the low end of the quality spectrum in the retail segment. On the demand side, the industry is broadly divided into large and small cutting tool manufacturers who use both domestic and imported HSS. PSD faces competition from small domestic producers and imports from large overseas manufacturers.
During the year under review, domestic market for HSS products continued to be subdued. However, the division was able to increase exports, and proposes to concentrate on this market for achieving higher volumes and better value addition in the coming year. With pick up in economic activity, it is expected that domestic sales of HSS products will improve progressively.
C. Other Segments
Glass Reinforced
Plastic Pipes and Tanks (GRP)
GRP Division is engaged in manufacturing of large diameter Glass Fibre Reinforced Plastic Pipes and Pipeline liners, by continuous filament process with computerized, advanced technology. These pipes have diverse applications such as water supply projects, power plants, sewerage disposal schemes, industrial effluent disposal, etc.
The Company has a good track record of supplying large diameter pipes in major infrastructure projects. During the year, the performance of the Division has remained below par due to severe under cutting of prices by competitors. Further, the Division had to face cost pressures on account of rising input prices and general inflationary economy. The market is increasingly getting flooded with small competitors owing to low technological requirement and low investment involved, resulting in unhealthy competition. Project cost over-runs, delay in completion of projects, disputes on contractual defaults and non-receipt of receivables are the several inherent risks in this business. Thus, it has become difficult to operate in this unpredictable business environment and the Company has become selective in picking its orders. This industry is expected to consolidate in the near future with closure of operations by one big manufacturer and likely closure of some other weak manufacturers.
The performance of the division was not satisfactory during the period due to severe competition. A big order has been received during the year from NTPC which will be executed in next year.
1.5 MW Hydel Power
Facility
Power generated from this facility is sold to Karnataka Power Grid under a Power Purchase Agreement. Generation of power is entirely dependent on monsoon.
(iii) Segment-wise
Performance
Revenue of the
Company
The revenue from operations amounted to Rs. 18448.900 Millions as against Rs. 18361.8 Millions in the previous year. Aggregate Export Revenue of all divisions together was Rs. 10830.400 Millions as against Rs. 11636.200 Millions in the previous year.
Graphite and Carbon
Segment
Production of Graphite Electrodes and Other Miscellaneous Carbon and Graphite Products during the year was 68,094 MT against 67,583 MT in the previous year.
Production of Calcined Petroleum Coke during the year was 20,709 MT as against 24,183 MT in the previous year. Production of Carbon Paste during the year was 7,905 MT against 6,303 MT in the previous year.
Production of Impervious Graphite Equipment (IGE) and spares at 1,121 MT was higher as compared to that of 1,013 MT in the previous year.
Power generated from captive Hydel Power Plant of 18 MW capacity amounted to 52.54 million units during the year as against 29.48 million units in the previous year. Multi-fuel generating facilities remained as stand-by and were not operated due to adequate availability from the grid.
The Segment Revenue remained flat at Rs. 17047.700 Millions in comparison to Rs. 17008.300 Millions in the previous year. Domestic and Export sales in terms of volume increased during the year but realization impacted adversely due to severe competition. Profitability of the segment increased from Rs. 2786.600 Millions to Rs. 2940.200 Millions due to increase in volume, various cost initiatives taken by the Company, depreciation of rupee, etc.
Steel Segment
Production of HSS and Alloy Steels was 1,454 MT during the year as against 1,620 MT in the previous year.
Other Segments
The GRP Division produced 9,630 MT as against 4,298 MT in the previous year.
Sale of power from 1.5 MW Link Canal facility was 3.14 million units as against 2.05 million units in the previous year.
OUTLOOK
As per the April-2014 update of the IMF World Economic Outlook (WEO), Global activity has broadly strengthened and is expected to improve further in 2014-15, with much of the impetus for growth coming from advanced economies. Although downside risks have diminished overall, lower-than-expected inflation poses risks for advanced economies. There is increased financial volatility in emerging market economies, and increases in the cost of capital will likely dampen investment and weigh on growth. Advanced economy policymakers need to avoid a premature withdrawal of monetary support. Emerging market economy policymakers must adopt measures to suit the changing fundamentals, facilitate external adjustment, further monetary policy tightening, and carry out structural reforms.
According to indications and forecasts, the International Monetary Fund (IMF) sees economic recovery on the back of global cues. The IMF has projected India's economy to grow by 5.4% in 2014-15 and 6.4% in 2015- 16 on the back of strengthening global growth, improving export competitiveness and implementation of recently approved investment projects. In its latest World Economic Outlook (WEO), the IMF said overall growth is expected to firm up on policies supporting investment and a confidence boost from recent policy actions, but will remain below trend. IMF said the global recovery is becoming broader, but the changing external environment poses new challenges to emerging markets and developing economies. The multilateral agency forecasts global growth to average 3.6% in 2014 - up from 3% in 2013 - and to rise to 3.9% in 2015.
Annual production for Asia was 1,080.9 Mt of crude steel in 2013, an increase of 6.0% compared to 2012. The region's share of world steel production increased slightly from 65.7% in 2012 to 67.3% in 2013. India's crude steel production in 2013 is estimated at 81.2 Mt as against 77.3 Mt in 2012, an increase of 5.1% on 2012.
The Indian steel sector has grown substantially during the last decade, registering a strong demand push in the last five years. The steel demand in India is expected to grow by 3.3% to 76.2 Mt in 2014, following 1.8% growth in 2013, due to an improved outlook for the construction and manufacturing sectors, even though this will be constrained by high inflation and structural problems. Steel demand is projected to grow by 4.5% in 2015 supported by the expectation that structural reforms will be implemented.
The production through EAF route should go up in view of its various advantages, primarily from the point of view of low emission of carbon dioxide. This development augurs well for the growth of Graphite Electrode demand in future years, inspite of reducing specific consumption of electrodes per tonne of steel produced, as a result of improvement in manufacturing technology of steel as well as electrodes.
With its competitive cost structure, strong technical product features and a well-diversified customer base, the Company has established its presence in the global Graphite Electrode industry as a potential global player and this has significantly enabled the Company to penetrate aggressively, the growing market for large diameter UHP Graphite Electrodes.
It is expected that the domestic demand for steel and as a corollary for Graphite Electrodes may increase marginally. Faced with unfavourable business conditions, the global players have turned to the Asian markets and are following an aggressive pricing policy to capture volumes. This is likely to affect the Company's domestic volumes as also the profit margins.
RECOGNITION/ AWARD
The Company continues to enjoy the status of a Star Trading House. This year too, the Company received the following awards for export performance –
- from Hon. Prime Minister, Govt. of India – DRDO Technology Absorption Award by R&D, Bangalore.
- from ECGC - DNB : Dun and Bradstreet Corporate Awards 2012.
- from EEPC, India, Mumbai : 45th National Award for Export Excellence for 2012-13.
- from CAPEXIL: Special Export Award / Certificate of Merit 2011-12.
- from Greentech Foundation, New Delhi: 12th Annual Greentech Safety Awards 2013 in the Gold Category by Engineering Sector in Satpur plant.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
(i) Claims against the Company not acknowledged as debts: |
|
|
|
(a) Disputed Excise Duty |
102.312 |
52.395 |
|
(b) Disputed Customs Duty |
116.301 |
99.962 |
|
(c) Disputed Service Tax |
251.607 |
32.492 |
|
(d) Disputed Sales Tax / Value Added Tax |
51.654 |
52.846 |
|
(e) Disputed Entry Tax |
36.008 |
24.604 |
|
(f) Disputed Income Tax |
88.047 |
0.189 |
|
(g) Labour Related Matters |
50.369 |
32.442 |
|
(h) Other Matters (Rent etc.) |
4.923 |
4.923 |
|
|
|
|
|
(ii) Guarantee Corporate Guarantees given to banks to secure the financial assistance/ accommodation extended to Subsidiary Companies |
619.575 |
520.950 |
|
|
|
|
|
(iii) In respect of Contingent Liabilities mentioned in Note (i) above, it is not practicable for the Company to estimate the timings of cash outflows, if any, pending resolution of the respective proceedings. The Company does not expect any reimbursements in respect of the above Contingent Liabilities. |
|
|
STANDALONE
UNAUDITED FINANCIAL RESULT FOR QUARTER ENDED 30TH SEPTEMBER, 2014
(Rs. In Millions)
|
|
Quarter Ended |
Half Year Ended |
|
|
PARTICULARS |
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Income from Operations |
|
|
|
|
Gross Sales / Income from Operations
|
4092.300 |
3856.100 |
7948.400 |
|
Less
: Excise Duty |
174.600 |
185.800 |
360.400 |
|
Net Sales / Income from
Operations |
3917.700 |
3670.300 |
7588.000 |
|
Other
Operating Income |
55.500 |
31.400 |
86.900 |
|
Total Income from Operations
(Net) |
3973.200 |
3701.700 |
7674.900 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost
of materials consumed |
1848.000 |
1906.700 |
3754.700 |
|
Purchases
of stock-in-trade |
-- |
-- |
-- |
|
Changes
in inventories of finished goods, work-in-
progress and stock-in-trade |
18.300 |
(289.500) |
(271.200) |
|
Employee
benefits expense |
350.800 |
350.400 |
701.200 |
|
Consumption
of stores and spare parts |
323.100 |
313.300 |
636.400 |
|
Power
and fuel |
546.00 |
657.300 |
1203.300 |
|
Depreciation
and amortization expense |
105.600 |
91.600 |
197.200 |
|
Other
Expenses |
488.800 |
387.400 |
876.200 |
|
Total Expenses |
3680.600 |
3417.200 |
7097.800 |
|
Profit / (Loss) from Operations before other income, finance costs and exceptional items |
292.600 |
284.500 |
577.100 |
|
Other Income |
45.900 |
138.700 |
184.600 |
|
Profit / (Loss) from ordinary activities Before Finance Costs & Exceptional Items |
338.500 |
423.200 |
761.700 |
|
Finance costs |
25.600 |
35.800 |
61.400 |
|
Profit / (Loss) from ordinary activities after Finance Cost but before exceptional items |
312.900 |
387.400 |
700.300 |
|
Exceptional Items |
-- |
-- |
-- |
|
Profit / (Loss) from ordinary activities before tax |
312.900 |
387.400 |
700.300 |
|
Tax expense |
112.000 |
112.500 |
224.500 |
|
Net Profit / (Loss) from ordinary activities after tax |
200.900 |
274.900 |
475.800 |
|
Extraordinary Item |
-- |
-- |
-- |
|
Net profit for the period |
200.900 |
274.900 |
475.800 |
|
Paid-up Equity Share Capital
(each share of Rs. 2/- face value) |
390.800 |
390.800 |
390.800 |
|
Reserves
excluding revaluation reserves as
per Balance Sheet of previous
accounting year |
-- |
-- |
-- |
|
Earnings per share (EPS) (before and after extraordinary items) – Face Value Rs. 2/- each (not annualised) |
|
|
|
|
Basic EPS (Rs.) |
1.03 |
1.41 |
2.44 |
|
Basic EPS (Rs.) |
1.03 |
1.41 |
2.44 |
|
A |
PARTICULARS OF
SHAREHOLDING |
Quarter Ended |
Half Year Ended |
||
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
1 |
Public shareholding |
|
|
|
|
|
|
a. |
Number of shares |
68262202 |
68262202 |
68262202 |
|
|
b. |
Percentage of shareholding |
34.94% |
34.94% |
34.94% |
|
2 |
Promoters and promoter group shareholding |
|
|
|
|
|
|
a. |
Pledged/Encumbered |
|
|
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
-- |
-- |
-- |
|
|
|
Percentage of shares (as a % of the total share capital of the
Company) |
-- |
-- |
-- |
|
|
b. |
Non-encumbered |
|
|
|
|
|
|
Number of shares |
127113392 |
127113392 |
127113392 |
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
100.00% |
100.00% |
100.00% |
|
|
|
Percentage of shares (as a % of the total share capital of the
Company) |
65.06% |
65.06% |
65.06% |
|
|
Particulars |
Quarter
Ended |
|
|
|
30.09.2014 |
|
B |
INVESTOR COMPLAINTS
(Nos.) |
|
|
|
Pending
at the beginning of the quarter |
Nil |
|
|
Received
during the quarter |
8 |
|
|
Disposed
of during the quarter |
8 |
|
|
Remaining
unresolved at the end of the quarter |
Nil |
SEGMENT-WISE
REVENUE, RESULT AND CAPITAL EMPLOYED IN TERM OF CLAUSE 41 OF THE LISTING
AGREEMENT
(Rs. In Millions)
|
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
1. |
Segment Revenue (net of excise duty): |
|
|
|
|
|
(a) Graphite and Carbon |
3437.700 |
3371.700 |
6809.400 |
|
|
(b) Steel |
211.100 |
213.800 |
424.900 |
|
|
(c)
Unallocated |
324.600 |
117.900 |
442.500 |
|
|
Total |
3973.400 |
3703.400 |
7676.800 |
|
|
Less: Inter-Segment Revenue |
0.200 |
1.700 |
1.900 |
|
|
Sales/ Income from
Operation Net |
3973.200 |
3701.700 |
7674.900 |
|
2. |
Segment Results: [Profit / (loss)
before tax and finance costs from each segment] |
|
|
|
|
|
(a) Graphite and Carbon |
333.400 |
334.000 |
667.400 |
|
|
(b) Steel |
0.800 |
52.600 |
53.400 |
|
|
(c)
Unallocated |
38.800 |
24.800 |
63.600 |
|
|
Total |
373.000 |
411.400 |
784.400 |
|
|
Less:
(i) Finance costs (net) |
25.600 |
35.800 |
61.400 |
|
|
(ii) Other
un-allocable expenditure net of un-allocable income |
34.500 |
(11.800) |
22.700 |
|
|
Total Profit Before Tax |
312.900 |
387.400 |
700.300 |
|
3. |
Capital
Employed: (Segment Assets - Segment Liabilities) |
|
|
|
|
|
(a) Graphite and Carbon |
15622.200 |
15817.500 |
15622.200 |
|
|
(b) Steel |
2064.800 |
2050.500 |
2064.800 |
|
|
(c)
Unallocated |
474.800 |
398.400 |
474.800 |
|
|
Total |
18161.800 |
18266.400 |
18161.800 |
NOTES:
- STATEMENT OF ASSETS AND LIABILITIES
|
SOURCES OF FUNDS |
As
on 30.09.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
Shareholders'
Funds |
|
|
Share Capital |
390.800 |
|
Reserves and Surplus |
17269.400 |
|
Sub-total
Shareholders' Funds |
17660.200 |
|
|
|
|
Non-Current
Liabilities |
|
|
long-term borrowings |
821.700 |
|
Deferred tax liabilities (Net) |
826.700 |
|
Other long term
liabilities |
0.100 |
|
long-term
provisions |
0.000 |
|
Sub Total
Non-Current Liabilities |
1648.500 |
|
|
|
|
Current Liabilities |
|
|
Short term
borrowings |
1442.900 |
|
Trade
payables |
1919.000 |
|
Other
current liabilities |
1430.400 |
|
Short-term
provisions |
583.600 |
|
Sub Total- Current Liabilities |
5375.900 |
|
|
|
|
TOTAL- EQUITY AND LIABILITIES |
24684.600 |
|
|
|
|
II.
ASSETS |
|
|
Non-current assets |
|
|
Fixed
Assets |
6047.700 |
|
Non-current Investments |
1725.800 |
|
Deferred tax assets (net) |
0.000 |
|
Long-term
Loan and Advances |
108.400 |
|
Other Non-current
assets |
0.000 |
|
Sub
Total- Non-current
assets |
7881.900 |
|
Current assets |
|
|
Current
investments |
3071.500 |
|
Inventories |
8809.900 |
|
Trade
receivables |
3724.600 |
|
Cash and
cash equivalents |
137.100 |
|
Short-term
loans and advances |
978.200 |
|
Other
current assets |
81.400 |
|
Sub Total- Current
assets |
16802.700 |
|
|
|
|
TOTAL
ASSETS |
24684.600 |
2. The estimated useful lives of fixed assets have revised in keeping with provision of Schedule II to the companies Act, 2013 effective 1st April 2014. Pursuant to the said revision in useful lives, the depreciation expenses for the quarter and the half year ended 30th September, 2014 is lower and the profit before tax is higher by Rs. 22.500 Millions and Rs. 50.400 Millions respectively and the net book value aggregating Rs. 174.700 Millions (net of deferred tax Rs. 76.800 Millions) relating to assets, where the revised useful lives have expired by 31st March, 2014, has been adjusted against opening balance of retained earnings as on 1st April, 2014.
3 Figures for the previous periods have been regrouped / rearranged wherever necessary to conform to current period's classification.
4. The above results have been reviewed by the Audit Committee and approved by the Board at its meeting held on 10th November, 2014. The Auditors of the Company have carried out a Limited Review of the above financial results for the quarter ended 30th September, 2014 in terms of Clause 41 of the Listing Agreement with Stock Exchanges.
FIXED ASSETS
Tangible Assets
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Machinery Spares
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.61.96 |
|
|
1 |
Rs.94.41 |
|
Euro |
1 |
Rs.70.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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 |
|
64 |
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.