MIRA INFORM REPORT
|
Report No. : |
305532 |
|
Report Date : |
31.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
IFGL REFRACTORIES LIMITED |
|
|
|
|
Registered
Office : |
Sector–B, Kalunga Industrial Estate, P.O. Kalunga, Near Rourkela, Sundargarh
– 770031, Orissa |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
22.11.1989 |
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|
|
|
Com. Reg. No.: |
15-002971 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.491.105
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27202OR1989PLC002971 |
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|
|
IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
Manufacturing, Trading and Selling of Refractory Items used in Steel plants. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 4000000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having fine track. Financial position of the company is sound. Directors are reported to
be experienced and respectable businessman. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered for good business dealings 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
CARE |
|
Rating |
Long term bank facilities = AA- |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
07.10.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
07.10.2014 |
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.
LOCATIONS
|
Registered Office/ Factory : |
Sector–B, Kalunga Industrial Estate, P.O. Kalunga, Near Rourkela, Sundargarh
– 770031, Orissa, India |
|
Tel. No.: |
91-661-2660195 |
|
Fax No.: |
91-661-2660173 |
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E-Mail : |
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|
Website : |
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Head/ Corporate Office : |
McLeod House, 3, Netaji Subhas Road, Kolkata – 700001, West Bengal,
India |
|
Tel. No.: |
91-33-22482411/ 40106100 |
|
Fax No.: |
91-33-22430886/ 22480482 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. S. K. Bajoria |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. P. Bajoria |
|
Designation : |
Managing Director |
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|
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|
Name : |
D K Banerji K |
|
Designation : |
Director |
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|
Name : |
Mr. S Khasnobis |
|
Designation : |
Director |
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|
|
|
Name : |
Prof. S. Munshi |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. D. G. Rajan |
|
Designation : |
Director |
|
Qualification : |
Institute of Chartered Accountants in England and Wales and the Institute of Chartered Accountants of India |
|
|
|
|
Name : |
Prof. A. N. Sadhu |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. K. S. B. Sanyal |
|
Designation : |
Director |
|
Qualification : |
MA (English), Companion of the British Institute of Management and Fellow of the Institute of Petroleum, London |
|
|
|
|
Name : |
Mr. Sadayoshi Tateishi |
|
Designation : |
Director |
|
Qualification : |
Graduate from Kyushu University (Japan) |
|
Experience : |
More than 30 years |
KEY EXECUTIVES
|
Name : |
Mr. Rajesh Agarwal |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
1348275 |
3.90 |
|
|
18320973 |
52.93 |
|
|
19669248 |
56.83 |
|
|
|
|
|
|
5006956 |
14.47 |
|
|
5006956 |
14.47 |
|
Total shareholding of Promoter and Promoter Group (A) |
24676204 |
71.30 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
133325 |
0.39 |
|
|
363847 |
1.05 |
|
|
472980 |
1.37 |
|
|
970152 |
2.80 |
|
|
|
|
|
|
2706157 |
7.82 |
|
|
|
|
|
|
4508358 |
13.03 |
|
|
1573524 |
4.55 |
|
|
176077 |
0.51 |
|
|
169112 |
0.49 |
|
|
6965 |
0.02 |
|
|
8964116 |
25.90 |
|
Total Public shareholding (B) |
9934268 |
28.70 |
|
Total (A)+(B) |
34610472 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
34610472 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Trading and Selling of Refractory Items used in Steel plants. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
Not Available |
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Bankers : |
· State Bank of India · The Hongkong and Shanghai Banking Corporation Limited · Fifth Third Bank · Export Import Bank of India · Axis Bank Limited · ICICI Bank Limited |
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Facilities : |
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Auditors : |
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|
Name : |
1.
Deloitte Haskins and Sells Chartered Accountants 2.
Grant Thornton UK LLP Chartered Accountants 3.
Crowe Horwath LLP Chartered Accountants 4.
Rupa and Company Chartered Accountants |
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|
|
|
Membership : |
Not Available |
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|
|
|
Collaborators : |
Not Available |
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|
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|
Holding
Company : |
Bajoria
Holdings Private Limited |
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|
|
|
Subsidiary
Companies (including
Step down Subsidiaries) : |
· IFGL Worldwide Holdings Limited · IFGL Exports Limited · IFGL Monocon Holdings Limited · Monocon International Refractories Limited · Monocon Overseas Limited · Mono Ceramics Inc. · Monotec Refractories Ltda · Tianjin Monocon Refractories Company Limited · Tianjin Monocon Aluminous Refractories Company Limited · Goricon Metallurgical Services Limited · IFGL GmbH · Hofmann Ceramic GmbH · Hofmann GmbH & Co. OHG · Hofmann Ceramic CZ S.R.O. · Hofmann Ceramic Limited · Hofmann Ceramic LLC · Hofmann Pyemetric LLC · IFGL Inc. · EI Ceramics LLC |
|
|
|
|
Fellow
Subsidiaries : |
· Heritage Health TPA Private Limited · Bajoria Financial Services Private Limited · IFGL Bio Ceramics Limited · Ganges Art Gallery Private Limited · Bajoria Enterprises Limited · Bajoria Service Providers Private Limited |
|
|
|
|
Enterprises in which Key Management personnel
has significant influence : |
· Heritage Insurance Brokers Private Limited · Coris Heritage Asia Pacific Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Millions |
|
2,000,000 |
5%
Redeemable Non-Cumulative Preference Shares |
Rs. 100/- each |
Rs. 200.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 600.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34,610,472 |
Equity Shares |
Rs. 10/- each |
Rs. 346.105
Millions |
|
1,450,000 |
5%
Redeemable Non-Cumulative Preference Shares |
Rs. 100/- each |
Rs. 145.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 491.105 Millions |
Reconciliation of
Number of Shares
|
|
Equity Shares |
|
|
|
No. of shares |
Rs. in Millions |
|
Shares outstanding on 01.04.2013 |
34,610,472 |
346.105 |
|
Shares outstanding on 31.03.2014 |
34,610,472 |
346.105 |
|
|
Preference Shares |
|
|
|
No. of shares |
Rs. in Millions |
|
Shares outstanding on 01.04.2013 |
1,450,000 |
145.000 |
|
Shares outstanding on 31.03.2014 |
1,450,000 |
145.000 |
Terms/Rights
attached to Equity Shares
The Company has only
one class of Equity Shares having a face value of Rs.10/- each. Each holder of
Equity Shares is entitled to one vote per Share. In the event of liquidation of
the Company, the Equity Shareholders will be entitled to receive remaining
assets of the Company, after distribution of all preferential amounts, in
proportion to their Shareholding. The Company in the General Meeting may
declare dividends, but no dividend shall exceed the amount recommended by the
Board.
Terms/Rights
attached to Redeemable Non-Cumulative Preference Shares (RNCPS)
The 5% Redeemable
Non-Cumulative Preference Shares are redeemable at par at the end of ten years
from the date of allotment (i.e. 3rd September 2010) or any earlier date at the
option of the Company except that the said Shares shall not be redeemed within
the initial period of three years from the date of allotment. In the event of
liquidation of the Company, the Preference Shareholders will have priority over
Equity Shares in the payment of dividend and repayment of capital.
Every member
holding Preference Share Capital shall have the right to vote in respect of all
resolutions placed before the Company which directly affect the rights attached
to Preference Shares.
Shares Held by the
Holding Company and Subsidiaries of the Holding Company
|
Name of
Shareholders |
Relationship |
Nature of |
As at 31st March, 2014 |
|
|
|
|
Shares |
No. of Shares held |
% of Holding |
|
Bajoria Holdings Private Limited (BHPL) |
Holding Company |
Equity |
18,320,973 |
52.93 |
|
Bajoria Holdings Private Limited |
Preference |
640,000 |
44.14 |
|
|
Bajoria Enterprises Limited |
Subsidiaries of
BHPL |
230,000 |
15.86 |
|
|
Bajoria Financial Services Private Limited |
420,000 |
28.97 |
||
|
Bajoria Service Providers Private Limited |
160,000 |
11.03 |
||
Details of
Shareholders holding more than 5% of the Aggregate Shares in the Company
|
Name of
Shareholders |
Relationship |
Nature of |
As at 31st March 2014 |
|
|
|
|
Shares |
No. of Shares held |
% of Holding |
|
Krosaki Harima Corporation, Japan |
Foreign Promoter |
Equity |
5,006,956 |
14.47 |
|
Sojitz Corporation, Japan |
- |
- |
||
|
Bajoria Holdings Private Limited |
Holding Company |
18,320,973 |
52.93 |
|
|
Bajoria Holdings Private Limited |
Preference |
640,000 |
44.14 |
|
|
Bajoria Enterprises Limited |
Fellow
Subsidiaries |
230,000 |
15.86 |
|
|
Bajoria Financial Services Private Limited |
420,000 |
28.97 |
||
|
Bajoria Service Providers Private Limited |
160,000 |
11.03 |
||
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 |
491.105 |
491.105 |
491.105 |
|
(b) Reserves & Surplus |
1042.432 |
878.308 |
776.903 |
|
(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) |
1533.537 |
1369.413 |
1268.008 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
28.043 |
55.281 |
78.440 |
|
(b) Deferred tax liabilities (Net) |
21.790 |
31.655 |
32.795 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
1.849 |
1.779 |
1.601 |
|
Total Non-current
Liabilities (3) |
51.682 |
88.715 |
112.836 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
427.102 |
467.731 |
458.299 |
|
(b) Trade
payables |
360.842 |
370.135 |
309.586 |
|
(c) Other
current liabilities |
47.593 |
50.343 |
45.530 |
|
(d) Short-term
provisions |
86.345 |
75.158 |
82.132 |
|
Total Current
Liabilities (4) |
921.882 |
963.367 |
895.547 |
|
|
|
|
|
|
TOTAL |
2507.101 |
2421.495 |
2276.391 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
363.656 |
404.776 |
433.005 |
|
(ii)
Intangible Assets |
0.163 |
0.367 |
2.477 |
|
(iii)
Capital work-in-progress |
0.000 |
12.026 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
677.699 |
677.719 |
639.214 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
10.027 |
6.231 |
6.037 |
|
(e) Other
Non-current assets |
1.680 |
2.800 |
3.800 |
|
Total Non-Current
Assets |
1053.225 |
1103.919 |
1084.533 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
402.576 |
387.054 |
397.821 |
|
(c) Trade
receivables |
819.460 |
838.972 |
642.019 |
|
(d) Cash
and cash equivalents |
169.423 |
60.044 |
98.697 |
|
(e)
Short-term loans and advances |
38.497 |
9.971 |
10.258 |
|
(f) Other
current assets |
23.920 |
21.535 |
43.063 |
|
Total
Current Assets |
1453.876 |
1317.576 |
1191.858 |
|
|
|
|
|
|
TOTAL |
2507.101 |
2421.495 |
2276.391 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Net) |
3274.233 |
3061.302 |
2748.030 |
|
|
|
Other Income |
15.219 |
22.944 |
24.058 |
|
|
|
TOTAL |
3289.452 |
3084.246 |
2772.088 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of
Materials & Components Consumed |
1403.359 |
1539.266 |
1417.098 |
|
|
|
Purchases
of Stock-in-Trade |
264.741 |
150.788 |
63.734 |
|
|
|
Changes in
Inventories of Finished Goods, Work-in-Progress
and Stock-in-Trade |
(0.911) |
6.985 |
(43.508) |
|
|
|
Employee
Benefits Expense |
281.285 |
249.859 |
222.384 |
|
|
|
Other
Expenses |
875.478 |
771.910 |
740.123 |
|
|
|
TOTAL |
2823.952 |
2718.808 |
2399.831 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
465.500 |
365.438 |
372.257 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
22.997 |
40.543 |
47.477 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
442.503 |
324.895 |
324.780 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
70.231 |
71.099 |
62.494 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
372.272 |
253.796 |
262.286 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
128.801 |
83.162 |
88.010 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
243.471 |
170.634 |
174.276 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value
of Exports |
1104.969 |
926.027 |
820.357 |
|
|
|
Sale of
Fixed Asset |
0.000 |
12.754 |
0.000 |
|
|
|
Sundry
Receipts |
0.000 |
10.211 |
0.000 |
|
|
TOTAL EARNINGS |
1104.969 |
948.992 |
820.357 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
746.023 |
704.083 |
634.697 |
|
|
|
Stores & Spares |
4.996 |
6.231 |
4.648 |
|
|
|
Trading Items |
5.719 |
14.272 |
1.837 |
|
|
|
Capital Goods |
2.886 |
5.941 |
7.728 |
|
|
TOTAL IMPORTS |
759.624 |
730.527 |
648.910 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.79 |
4.69 |
4.79 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
7.44 |
5.57 |
6.34 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
14.22 |
11.94 |
13.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.35 |
14.66 |
16.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.19 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.30 |
0.38 |
0.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.58 |
1.37 |
1.33 |
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 |
491.105 |
491.105 |
491.105 |
|
Reserves & Surplus |
776.903 |
878.308 |
1042.432 |
|
Net
worth |
1268.008 |
1369.413 |
1533.537 |
|
|
|
|
|
|
long-term borrowings |
78.440 |
55.281 |
28.043 |
|
Short term borrowings |
458.299 |
467.731 |
427.102 |
|
Total
borrowings |
536.739 |
523.012 |
455.145 |
|
Debt/Equity
ratio |
0.423 |
0.382 |
0.297 |
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 |
2748.030 |
3061.302 |
3274.233 |
|
|
|
11.400 |
6.956 |
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
|
2748.030 |
3061.302 |
3274.233 |
|
Profit |
174.276 |
170.634 |
243.471 |
|
|
6.34% |
5.57% |
7.44% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
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 |
No |
|
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 |
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
Industry structure, developments, opportunities,
threats, risks and concerns and future outlook
During financial year 2013-2014, Steel Industry both in India and abroad continued to go through the process of consolidation and/or stabilization. While Steel Industry in Americas did well, that of China, Europe and Asia Pacific are still trying to recover and factors like weakened economy, increased cost of inputs particularly employees and power and fuel, political instability etc. appears to have obstructed recovery of the same to a large extent. Directors are however optimistic and are of the view that during current financial year, performance of Iron and Steel Industry will improve and consequently results of industries ancillary to the same.
On a Consolidated basis, only about 20% of sales of your Company is from India and your Directors are of the view that the same will increase substantially with the Indian economy improving in the coming year, especially with the increased thrust on infrastructure development to give required boost to otherwise slackening economy.
Bio Ceramic business performed better than that for previous year. Focus on this business and also few more new identified products will be stepped up during current financial year.
For improved investor relation, subject has taken steps to improve the communication with them.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER
2014
(Rs. In Millions)
|
Particulars |
3 Months Ended |
3 Months Ended |
Half Year Ended |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
UNAUDITED |
||
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
843.200 |
810.100 |
1653.300 |
|
b) Other operating income |
0.000 |
0.000 |
0.000 |
|
Total
income from Operations(net) |
843.200 |
810.000 |
1653.300 |
|
2.Expenditure |
|
|
|
|
a. Cost of Materials Consumed |
381.100 |
370.400 |
751.500 |
|
b. Purchases of Stock-in-Trade |
78.600 |
61.200 |
139.800 |
|
c. Changes in Inventories of Finished Goods,
Work-in-Progress and Stock-in-Trade |
(11.900) |
(3.600) |
(15.500) |
|
d. Employee Benefits Expenses |
77.500 |
74.300 |
151.800 |
|
e. Depreciation and Amortization Expenses |
13.300 |
13.400 |
26.700 |
|
f. Other Expenses |
201.000 |
190.900 |
391.900 |
|
Total expenses |
739.600 |
706.600 |
1446.200 |
|
3. Profit from operations before other income and
financial costs |
103.600 |
103.500 |
207.100 |
|
4. Other income |
10.000 |
7.900 |
17.900 |
|
5. Profit from ordinary activities before finance costs |
113.600 |
111.400 |
225.000 |
|
6. Finance costs |
5.100 |
4.100 |
9.200 |
|
7. Net profit/(loss) from
ordinary activities after finance costs but before exceptional items |
108.500 |
107.300 |
215.800 |
|
8. Exchange
Currency Fluctuation Loss/ (Gain) |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary
activities before tax Expense: |
108.500 |
107.300 |
215.800 |
|
10.Tax expenses |
37.200 |
37.400 |
|
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
71.300 |
69.900 |
74.600 |
|
12.Extraordinary Items (net
of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for
the period (11 -12) |
71.300 |
69.900 |
141.200 |
|
14.Paid-up equity share capital (Nominal
value Rs.10/- per share) |
|
|
|
|
15. Paid up Debt Capital |
346.100 |
346.100 |
346.100 |
|
16. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
17.i) Earnings per share
(before extraordinary items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
2.00 |
1.96 |
3.96 |
|
|
|
|
|
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
9934268 |
9934268 |
9934268 |
|
- Percentage of shareholding |
28.70 |
28.70 |
28.70 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
24676204 |
24676204 |
24676204 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100 |
100 |
100 |
|
Percentage of shares (as a % of total share capital of the
company) |
71.30 |
71.30 |
71.30 |
|
|
|
|
|
|
|
|||
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
Receiving during the quarter |
12 |
|
|
|
Disposed of during the quarter |
12 |
|
|
|
Remaining unreserved at the end of the quarter |
Nil |
|
|
STANDALONE STATEMENT
OF ASSTES AND LIABILITIES AS ON 30.09.2014
Rs. In Millions
|
SOURCES
OF FUNDS |
30.09.2014 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
491.100 |
|
(b) Reserves & Surplus |
1177.900 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1669.000 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
14.300 |
|
(b) Deferred tax liabilities
(Net) |
21.900 |
|
(c) Other long term
liabilities |
0.000 |
|
(d) long-term provisions |
2.000 |
|
Total
Non-current Liabilities (3) |
38.200 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
475.800 |
|
(b) Trade payables |
498.700 |
|
(c) Other current liabilities |
46.200 |
|
(d) Short-term provisions |
10.500 |
|
Total
Current Liabilities (4) |
1031.200 |
|
|
|
|
TOTAL |
2738.400 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
343.200 |
|
(b) Non-current Investments |
677.700 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
13.700 |
|
(e) Other Non-current assets |
2.000 |
|
Total
Non-Current Assets |
1036.600 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
421.900 |
|
(c) Trade receivables |
906.900 |
|
(d) Cash and cash equivalents |
322.000 |
|
(e) Short-term loans and
advances |
21.300 |
|
(f) Other current assets |
29.700 |
|
Total
Current Assets |
1701.800 |
|
|
|
|
TOTAL |
2738.400 |
NOTES:
1.
Above financial results for quarter and
six months ended September 30, 2014 have been reviewed by the Audit Committee and
approved by the Board of Directors at their meeting held on November 08, 2014
and these have been subjected to Limited Review by the Statutory Auditors of
the Company.
2.
The Company is predominantly a
manufacturer and a trader of Specialised Refractories and Ceramics and is
managed organizationally as a single unit. Accordingly, the Company is a single
business segment. Sales include export sales (including through trading house).
3.
Effective from April 1, 2014, the Company
has charged depreciation based on the revised remaining useful life of the
assets as per the requirement of Schedule II of the Companies Act, 2013. Due to
the above, depreciation charge for the quarter and six months ended September
30, 2014, is lower by Rs. 1.600 Millions and Rs.3.100 Millions respectively.
Further, based on transitional provision provided in, an amount of 71.500
Millions (net of Deferred Tan) has been adjusted with retained earnings.
4.
Figures for the previous periods have been
reclassified /re-arranged / re-grouped wherever necessary, to correspond with
the current period's classification / disclosure.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10291227 |
23/05/2014 * |
50,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
HONGKONG
HOUSE, 31 B B D BAGH, KOLKATA, WEST BENG |
C06974745 |
|
2 |
10105915 |
23/05/2014 * |
300,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
HONGKONG HOUSE, 31 B B D BAGH, KOLKATA, WEST BENGAL - 700001, INDIA |
C06868897 |
|
3 |
80018266 |
11/03/2013 * |
495,200,000.00 |
STATE BANK OF INDIA |
S
M E BRANCH, BISRA CHOWK, DISTRICT: SUNDARGARH, |
B71019350 |
*Date of modification Charges
FIXED ASSETS:
Tangible assets:
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixture
·
Leasehold Improvements
·
Vehicles
·
Office Equipment
·
Computers
Intangible assets:
·
Goodwill
·
Computer Software
·
Intellectual
·
Property Rights
PRESS RELEASE:
IFGL REFRACTORIES RALLIES OVER 50% POST Q2 RESULTS
IFGL Refractories has soared 11% to Rs 61, extending its past five day’s rally, on reporting a robust earnings for the second quarter ended September 30, 2013 (Q2FY14).
The stock opened at Rs 56 and touched high of Rs 61.50, also its 52-week high on the National Stock Exchange (NSE).
Since November 8, in past six trading sessions the stock has rallied 56% from Rs 40.30, after reporting nearly five-fold jump in consolidated net profit at Rs 19.06 crore for Q2FY14 as against Rs 4 crore in the same quarter previous year.
During the quarter under review, the company has reported net sales of Rs 202 crore against Rs 166 crore for the quarter ended September 30, 2012.
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.61.75 |
|
UK Pound |
1 |
Rs.93.13 |
|
Euro |
1 |
Rs.70.02 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
PNM |
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 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
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 |
|
67 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major sections
of this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.