MIRA
INFORM REPORT
|
Report No. : |
307433 |
|
Report Date : |
13.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
VESUVIUS INDIA LIMITED |
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|
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Registered
Office : |
P-104,
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Country : |
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Financials (as
on) : |
31.12.2013 |
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Date of
Incorporation : |
06.09.1991 |
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Com. Reg. No.: |
21-052968 |
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Capital
Investment / Paid-up Capital : |
Rs.203.000 Millions |
|
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CIN No.: [Company Identification
No.] |
L26933WB1991PLC052968 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALV00709C / CALV01863B |
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PAN No.: [Permanent Account No.] |
AAACV8995Q |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer
and Trader of Refractory Goods.
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No. of Employees
: |
450 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. Overall financials of the company seems to be strong and healthy. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered for business dealing at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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. Santosh |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-33-30410600 |
|
Date : |
09.02.2015 |
LOCATIONS
|
Registered Office/ Factory 1 : |
P-104,
Taratala Road,
Kolkata – 700088, West Bengal, India |
|
Tel. No.: |
91-33-30410600/ 24012842/ 3898/ 0215 |
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Fax No.: |
91-33-24013976/ 1235 |
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E-Mail : |
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Website : |
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Factory 2 : |
Plot No. 13, 14 and 15, Block “E”, IDA Autonagar, Visakhapatnam-530012, Andhra Pradesh, India |
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Tel. No.: |
91-891-3011300/ 3011337 |
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Fax No.: |
91-891-2587511 |
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E-Mail : |
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Factory 3 : |
Survey No. 90
and 98, Part, Block G, Industrial Park, Fakirtakya
Village, Autonagar,
Visakhapatnam-530046, Andhra Pradesh, India |
|
Tel. No.: |
91-891-2749120/ 2755419/ 2755408 |
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Fax No.: |
91-891-2587511 |
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E-Mail : |
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Factory 4 : |
212/B, G.I.D.C Estate, Mehsana - 384002,
Gujarat, India |
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Tel. No.: |
91-2762-252948/ 949 |
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Fax No.: |
91-2762-252909 |
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E-Mail : |
DIRECTORS
AS ON: 31.12.2013
|
Name : |
Mr. Biswadip Gupta |
|
Designation : |
Chairman |
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Qualification : |
B.E. (Metallurgy) MBA |
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|
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|
Name : |
Mr. Tanmay Kumar Ganguly |
|
Designation : |
Managing Director |
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Date of Birth/Age : |
50 Years |
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Qualification : |
B. Com (Hons), ACA |
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Experience : |
26 Years |
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|
Name : |
Mr. Yves M.C.M.G. Nokerman |
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Designation : |
Director |
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Name : |
Mr. Sudipto Sarkar |
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Designation : |
Director |
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Name : |
Mr. Francois Clement Wanecq |
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Designation : |
Director |
KEY EXECUTIVES
|
Audit Committee : |
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Share Transfer and
Investor Grievance Committee : |
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·
Mr. Tanmay Kumar Ganguly
|
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Name : |
Mr. Taposh
Dominic Roy |
|
Designation : |
Company Secretary |
|
Name : |
Mr. Santosh |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
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|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
11277650 |
55.57 |
|
|
11277650 |
55.57 |
|
Total shareholding of
Promoter and Promoter Group (A) |
11277650 |
55.57 |
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3012165 |
14.84 |
|
|
1334 |
0.01 |
|
|
2480694 |
12.22 |
|
|
5494193 |
27.07 |
|
|
|
|
|
|
890647 |
4.39 |
|
|
|
|
|
|
1961976 |
9.67 |
|
|
520960 |
2.57 |
|
|
150654 |
0.74 |
|
|
113859 |
0.56 |
|
|
2020 |
0.01 |
|
|
80 |
0.00 |
|
|
200 |
0.00 |
|
|
34495 |
0.17 |
|
|
3524237 |
17.36 |
|
Total Public shareholding
(B) |
9018430 |
44.43 |
|
|
|
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|
Total (A)+(B) |
20296080 |
100.00 |
|
|
|
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|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
20296080 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to 
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Trader of Refractory Goods. |
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|
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|
Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Countries : |
·
USA ·
UK ·
Europe ·
Switzerland ·
Sri Lanka ·
Far East ·
Asian Country ·
Gulf Country ·
Middle East |
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Imports : |
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|
Countries : |
·
Malaysia ·
Korea ·
Taiwan ·
UK ·
USA |
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Terms : |
Not Divulged |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
450 (Approximately) |
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|
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Bankers : |
·
Axis
Bank Limited Hongkong Bank State Bank of India HSBC Bank |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
B S R and Company LLP Chartered Accountants |
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Address : |
Building No.10,
8th Floor, Tower – |
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Cost Auditors : |
|
|
Name : |
N. K. Ghosh and Associates Cost Accountants |
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Address : |
Flat 4B, 10/1 Chakraberia Road (South), Kolkata – 700025, West Bengal, India |
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Enterprises having control
over the Company with which no transactions have taken place during the year
: |
·
Vesuvius
Plc, United Kingdom - Ultimate Holding Company from December 19, 2012. Cookson Group Limited (Formerly, Cookson
Group Plc - Ultimate Holding Company upto December
19, 2012), United Kingdom - Holding Company of Cookson
Financial Limited, United Kingdom. Cookson Financial Limited, United Kingdom-Holding Company of
Vesuvius Group Limited, U.K. |
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|
|
|
Enterprises having control
over the Company with which transaction has taken place during the year and
previous year : |
Vesuvius Group Limited, United Kingdom - Immediate holding company |
|
|
|
|
Fellow Subsidiaries : |
· Vesuvius Group S. A. Vesuvius
Deutschland GmbH Vesuvius
South Africa (Pty) Limited Vesuvius
UK Limited Vesuvius
Crucible Company Vesuvius
USA Corporation Vesuvius
Advanced Ceramics (Suzhou) Company Limited Wuhan Wugang
Vesuvius Advanced Ceramics Company Limited Vesuvius
Mexico S.A. de C.V. Vesuvius
Malaysia SDN BHD Vesuvius
Corporation S. A. Vesuvius
Poland Sp.,z.o.o Vesuvius
(Thailand) Company Ltd Foseco (Thailand) Limited Foseco India Limited Vesuvius
TK Refrakter Sanayi Ve Ticaret AS Vesuvius
Belgium N.V. PT.
Foseco Indonesia Foseco Pty Limited Foseco Industrial e Commercial Ltda Vesuvius
Slavia , a. s. Vesuvius
Emirates FZE Vesuvius
Istanbul Refrakter, Turkey Vesuvius
Corporation S. A. Taiwan Branch Vesuvius
Italia SPA Vesuvius
France S. A. Vesuvius
Zyarock Ceramics (Suzhou)
Company Limited Vesuvius
Foundry Products (Suzhou) Company Limited Vesuvius
Iberica Refractarios S.A. |
|
|
|
|
Names of Principal Group
Companies/ fellow subsidiaries : |
·
Cookson Overseas Limited Cookson India Private Limited (upto
December 19, 2012) |
CAPITAL STRUCTURE
As on: 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20300000 |
Equity Shares (Of
the above : 3,920 equity shares of Rs10 each are held in abeyance) |
Rs.10/- each |
Rs.203.000 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20296080 |
Equity Shares |
Rs.10/- each |
Rs.203.000 Millions |
|
|
|
|
|
Note- Shares in abeyance:
In
compliance with the provisions of Section 206A of the Companies Act, 1956,
offer of Rights Shares of 3,920 equity shares out of the Rights Issue made in
the year 1997 have been held in abeyance.
Reconciliation of shares
outstanding at the beginning and at the end of the reporting year
|
|
As at December 31, 2013 |
|
|
|
Number |
Rs. In Millions |
|
Equity shares |
|
|
|
At
the commencement of the year |
20296080 |
203.000 |
|
Shares
issued during the year |
- |
- |
|
At the end of the year |
20296080 |
203.000 |
Rights, preferences and
restrictions attached to equity shares
The Company has a single class of equity shares with par value of Rs. 10/- per share. Accordingly, all equity shares rank equally with regard to dividends and share in the Company's residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the Company.
On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company remaining after distribution of all preferential amounts in proportion to the number of equity shares held.
Shares held by a holding
company
|
|
As at December 31, 2013 |
|
|
|
Number |
Rs. In Millions |
|
Equity
share of Rs 10 each fully paid up held by Holding
company - Vesuvius Group Limited, (U.K.) *# |
11277650 |
112.800 |
* Subsidiary of Vesuvius plc, U. K. the ultimate holding Company.
# The companies, namely Vesuvius plc, Cookson Group Limited (formerly, Cookson Group plc) and Cookson Financial Limited, all incorporated in the United Kingdom, do not hold my shares of Vesuvius India Limited directly but are holding company of Vesuvius India Limited through a chain of subsidiary holdings.
Particulars of shareholders
holding more than 5% shares of a class of shares
|
|
As at December 31, 2013 |
|
|
|
Number |
% of total shares in the class |
|
Equity
share of Rs 10 each fully paid-up held by |
|
|
|
-Vesuvius
Group Limited, U.K., holding company |
11277650 |
55.57 |
|
|
|
|
|
-
HDFC Trustee Company Limited- HDFC Mid Cap Opportunities Fund |
1111500 |
5.48 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
203.000 |
203.000 |
203.000 |
|
(b) Reserves & Surplus |
3768.400 |
3229.500 |
2778.000 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3971.400 |
3432.500 |
2981.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
89.000 |
75.900 |
63.600 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
80.200 |
68.000 |
62.000 |
|
Total
Non-current Liabilities (3) |
169.200 |
143.900 |
125.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
751.200 |
759.300 |
857.600 |
|
(c) Other current liabilities |
137.100 |
129.600 |
130.000 |
|
(d) Short-term provisions |
147.000 |
137.800 |
129.900 |
|
Total
Current Liabilities (4) |
1035.300 |
1026.700 |
1117.500 |
|
|
|
|
|
|
TOTAL |
5175.900 |
4603.100 |
4224.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1332.600 |
1170.000 |
1085.200 |
|
(ii) Intangible Assets |
3.300 |
4.300 |
1.400 |
|
(iii) Capital work-in-progress |
53.700 |
220.900 |
304.300 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
245.100 |
160.100 |
0.000 |
|
(e) Other Non-current assets |
0.000 |
8.200 |
5.100 |
|
Total
Non-Current Assets |
1634.700 |
1563.500 |
1523.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
588.000 |
513.100 |
484.400 |
|
(c) Trade receivables |
1788.800 |
1660.700 |
1490.100 |
|
(d) Cash and cash equivalents |
1062.700 |
721.200 |
541.000 |
|
(e) Short-term loans and
advances |
96.800 |
139.000 |
154.100 |
|
(f) Other current assets |
4.900 |
5.600 |
31.500 |
|
Total
Current Assets |
3541.200 |
3039.600 |
2701.100 |
|
|
|
|
|
|
TOTAL |
5175.900 |
4603.100 |
4224.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
SALES |
|
|
|
|
|
Revenue from operations |
6017.500 |
5637.900 |
5432.100 |
|
|
Other Income |
57.200 |
20.700 |
17.000 |
|
|
TOTAL
(A) |
6074.700 |
5658.600 |
5449.100 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
2463.700 |
2255.600 |
2214.100 |
|
|
Purchases of Stock-in-Trade |
957.600 |
879.300 |
882.800 |
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
(104.300) |
32.300 |
(32.100) |
|
|
Employees benefits expense |
378.200 |
338.700 |
307.600 |
|
|
Other expenses |
1213.800 |
1162.300 |
1097.100 |
|
|
TOTAL
(B) |
4909.000 |
4668.200 |
4469.500 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
1165.700 |
990.400 |
979.600 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.700 |
0.600 |
6.100 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1165.000 |
989.800 |
973.500 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
175.600 |
163.500 |
146.700 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
989.400 |
826.300 |
826.800 |
|
|
|
|
|
|
|
Less |
TAX
(H) |
337.700 |
268.700 |
274.600 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H)
(I) |
651.700 |
557.600 |
552.200 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2660.400 |
2264.700 |
1867.700 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
65.200 |
55.800 |
55.200 |
|
|
Dividend |
96.400 |
91.300 |
86.300 |
|
|
Tax on Dividend |
16.400 |
14.800 |
13.700 |
|
|
|
|
|
|
|
|
BALANCE
CARRIED TO THE B/S |
3134.100 |
2660.400 |
2264.700 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export Earnings |
289.900 |
218.600 |
314.000 |
|
|
F.O.B Value of Deemed Exports |
314.600 |
550.300 |
500.000 |
|
|
Reimbursement of expenses |
22.300 |
19.000 |
30.400 |
|
|
TOTAL
EARNINGS |
626.800 |
787.900 |
844.400 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1615.700 |
1333.700 |
1113.800 |
|
|
Stores and Spares |
19.600 |
15.000 |
15.600 |
|
|
Other Goods-Trading |
143.400 |
102.900 |
119.200 |
|
|
Capital Goods |
84.600 |
26.200 |
39.400 |
|
|
Toolings |
41.000 |
28.300 |
25.900 |
|
|
TOTAL
IMPORTS |
1904.300 |
1506.100 |
1313.900 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
32.10 |
27.48 |
27.21 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
PAT / Total Income |
(%) |
10.73 |
9.85 |
10.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.44 |
14.66 |
15.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.32 |
18.86 |
21.80 |
|
|
|
|
|
|