MIRA INFORM REPORT
|
Report No. : |
320421 |
|
Report Date : |
02.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
CARBORUNDUM UNIVERSAL LIMITED |
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|
|
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Registered
Office : |
Parry House, 43, Moore Street, Chennai – 600001, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
21.04.1954 |
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Com. Reg. No.: |
18-000318 |
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Capital Investment
/ Paid-up Capital : |
Rs. 187.760 Millions |
|
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|
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CIN No.: [Company Identification
No.] |
L29224TN1954PLC000318 |
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|
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IEC No.: |
0488033471 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
AAACC2474P |
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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, Exporter, Importer and Seller of Abrasives, Ceramics (Industrial Ceramics, Refractories) and Electrominerals. |
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|
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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 2934280000 |
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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. The company possesses a favourable financial profile marked by adequate
networth base, comfortable capital structure and adequate debt protection
metrics. Management has reported a decent revenues and net profitability from
its operations during FY 14. The ratings also take into consideration, the fluctuations in key
input prices resulting into losses incurred in its foreign subsidiaries. However, trade relations are fair. Business is active. Payment terms
are reported as regular and as per commitments. In view of well diversified revenue stream, experienced promoters and
leadership position in domestic market, the company can be considered good
for 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 – 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 |
CRISIL |
|
Rating |
Long term rating: “AA+” |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
09.04.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A1+” |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
09.04.2015 |
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 : |
Parry House, 43, Moore Street, Chennai – 600001, Tamilnadu, India |
|
Tel. No. : |
91-44-25306789/ 30006199 |
|
Fax No. : |
91-44-2535817/ 30006149 |
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E-Mail : |
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Website : |
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Factories : |
a) 655, Thiruvottiyur High Road, P B No.2272, Tiruvottiyur, Chennai - 600019, Tamilnadu, India b) Plot No.48, SIPCOT Industrial Complex, Hosur, Krishnagiri District - 635126, Tamilnadu, India c) Gopalpur Chandigarh, P.O. Ganga Nagar, Kolkata - 700132, West Bengal, India d) C-4 & C-5, Kamarajar Salai, MMDA Industrial Complex, Maraimalai Nagar, Kancheepuram District - 603209, Tamilnadu, India e) F-1/2, F2 - F5, SIPCOT Industrial Park, Pondur “A” Village, Sriperumbudur, Kanchipuram District - 602105, Tamilnadu f) K3, ASAHI Industrial Estate, Latherdeva Hoon, Mangalore Jhabrera Road, PO Jhabrera Tehsil Roorkee, Hardwar District – 247667, Uttarkhand, India g) Plot No.77, Bommasandra, Jigani Link Road, Jigani Industrial Area, Jigani, Bengaluru - 526106, Karnataka, India h) PB No.1 Kalamassery, Development Plot P.O, Kalamassery, Ernakulam District - 683109, Kerala, India i) PB No. 3 Nalukettu, Koratty, Trichur District - 680308, Kerala, India j) Bhatia Mines, Bhatia Western Railway, Jamnagar District - 361315, Gujarat, India k) P.B No.2 Okha Port P.O., Jamnagar District - 361350, Gujarat, India l) Plot No.7 & 18, Cochin Special Economic Zone (CSEZ), Kakkanad, Kochi - 682037, Kerala, India m) Maniyar Hydroelectric Works, Maniyar P.O. Vadasserikara, Pathanamthitta District - 689662, Kerala, India n) Plot No.47, SIPCOT Industrial Complex, Hosur, Krishnagiri District - 635126, Tamilnadu, India o) Super Refractories Division, Plot No.102 & 103, SIPCOT Industrial Complex (Phase II), Ranipet - 632403, Tamilnadu, India p) Super Refractories Division - Plant 2, Serkaddu Village, Vinnampalli Post, Katpadi Taluk, Vellore District - 632516, Tamilnadu, India q) Plot Nos. 35, 37, 48-51, Adhartal Industrial Estate, Jabalpur - 482004, Madhya Pradesh, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. M M Murugappan |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
58 Years |
|
Qualification : |
Master’s degree in Chemical Engineering from University of Michigan, USA |
|
|
|
|
Name : |
T L Palani Kumar |
|
Designation : |
Non-Executive Independent Director |
|
Date of Birth/Age : |
64 Years |
|
Qualification : |
Graduate in Chemical Engineering from IIT, Madras and holds a Post Graduate Diploma in Business Administration from IIM, Ahmedabad |
|
|
|
|
Name : |
Shobhan M Thakore |
|
Designation : |
Non-Executive Independent Director |
|
Date of Birth/Age : |
66 Years |
|
Qualification : |
Bachelor’s degree in Arts (Politics) and Law from Mumbai University |
|
|
|
|
Name : |
M Lakshminarayan |
|
Designation : |
Non-Executive Independent Director |
|
Date of Birth/Age : |
67 Years |
|
Qualification : |
Master’s degree in Mechanical Engineering from IIT, Mumbai |
|
|
|
|
Name : |
Mr. Sanjay Jayavarthanavelu |
|
Designation : |
Non-Executive Independent Director |
|
Date of Birth/Age : |
45 Years |
|
Qualification : |
Master’s degree in Business Administration from Philadelphia University, USA |
|
|
|
|
Name : |
Aroon Raman |
|
Designation : |
Non-Executive Independent Director |
|
Date of Birth/Age : |
54 Years |
|
Qualification : |
Master’s degree in Economics from JNU, New Delhi and Master’s degree in Business Administration from Wharton School, USA |
|
|
|
|
Name : |
Mr. K Srinivasan |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
56 Years |
|
Qualification : |
B. Tech (Mech) |
|
Experience : |
34 Years |
|
Date of Appointment : |
30.01.2002 |
KEY EXECUTIVES
|
MANAGEMENT
COMMITTEE: |
|
|
|
|
|
Name : |
Mr. K Srinivasan |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. N
Ananthaseshan |
|
Designation : |
President -
Abrasives |
|
|
|
|
Name : |
P L Deepak
Dorairaj |
|
Designation : |
Senior Vice
President-International Business and Exports-Abrasives |
|
|
|
|
Name : |
Mr. Rajesh Khanna |
|
Designation : |
Senior Vice
President – Ceramics |
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|
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|
Name : |
Mr. R Rajagopalan |
|
Designation : |
Senior Vice
President - Refractories and Prodorite |
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|
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|
Name : |
M Muthiah |
|
Designation : |
Senior Vice
President - Human Resources |
|
|
|
|
Name : |
Mr. Sridharan
Rangarajan |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
11934656 |
6.35 |
|
|
67243064 |
35.76 |
|
|
79177720 |
42.10 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
79177720 |
42.10 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
20907997 |
11.12 |
|
|
41926 |
0.02 |
|
|
6840152 |
3.64 |
|
|
38434139 |
20.44 |
|
|
66224214 |
35.22 |
|
|
|
|
|
|
5428730 |
2.89 |
|
|
|
|
|
|
25500330 |
13.56 |
|
|
9561024 |
5.08 |
|
|
2161878 |
1.15 |
|
|
138532 |
0.07 |
|
|
9910 |
0.01 |
|
|
2013436 |
1.07 |
|
|
42651962 |
22.68 |
|
Total Public shareholding (B) |
108876176 |
57.90 |
|
Total (A)+(B) |
188053896 |
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) |
188053896 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter, Importer and Seller of Abrasives,
Ceramics (Industrial Ceramics, Refractories) and Electrominerals. |
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|
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Products : |
· Abrasives · Ceramics (Industrial Ceramics, Refractories) · Electrominerals |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
· State Bank of India ·
Standard
Chartered Bank ·
Bank
of America ·
The
Hongkong and Shanghai Banking Corporation Limited ·
Royal
Bank of Scotland ·
BNP
Paribas |
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Facilities : |
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Banking
Relations : |
-- |
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Statutory Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
No:52, ASV N Ramana Towers, Venkatanarayana Road, T Nagar, Chennai -600017, Tamilnadu, India |
|
Tel. No.: |
91-44-66885000 |
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Fax No.: |
91-44-66885050 |
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|
|
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Cost Auditor : |
|
|
Name : |
S Mahadevan and
Company Cost Accountants |
|
Address : |
No.1 ‘Lakshmi Nivas’, K.V. Colony, Third Street, West Mambalam, Chennai – 600033, Tamilnadu, India |
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Internal
Auditor : |
|
|
|
|
|
Name : |
Ernst and Young
Private Limited Chartered Accountants |
|
Address : |
6th & 7th Floor, A Block, Tidel Park, 4, Rajiv Gandhi Salai, Taramani, Chennai 600 113 |
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|
|
|
Parties where
control exists – Subsidiaries : |
Direct Holding
: · Net Access India Limited [Net Access] · Southern Energy Development Corporation Limited [SEDCO] · Sterling Abrasives Limited [Sterling] · CUMI (Australia) Pty Limited [CAPL] · Cellaris Refractories India Limited [CRIL] · CUMI International Limited [CIL] Holding through Subsidiary: · Volzhsky Abrasives Works [VAW] · Foskor Zirconia (Pty) Limited [Foskor] · CUMI America Inc [CAI] · CUMI Middleeast FZE [CME] · CUMI Canada Inc [CCI] · CUMI Abrasives and Ceramics Company Limited [CACCL] · Thukela Refractories Isithebe Pty Limited [TRIL] |
|
|
|
|
Joint Ventures
: |
· Murugappa Morgan Thermal Ceramics Limited [MMTCL] · Ciria India Limited [Ciria] ·
Wendt India Limited [Wendt] |
CAPITAL STRUCTURE
As on 01.08.2014
Authorised Capital : Rs. 250.000 Million
Issued, Subscribed & Paid-up Capital : Rs.
188.179 Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250,000,000 |
Equity Shares |
Re.1/- each |
Rs. 250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
187,756,218 |
Equity Shares |
Re.1/- each |
Rs. 187.760 Million |
|
|
|
|
|
NOTE
Reconciliation of
the shares outstanding at the beginning and at the end of the reporting period
|
Particulars |
As at 31.03.2014 |
|
|
No. of Shares |
Value of Shares |
|
|
Equity shares with voting rights |
|
|
|
Number of shares at the beginning of the
year |
187468344 |
187.470 |
|
Add : Shares issued against ESOP scheme |
287874 |
0.290 |
|
Total number of shares outstanding at the end of the year |
187756218 |
187.760 |
Terms / Rights attached to Equity
Shares
The Company has only one class of Equity shares having a
par value of Re. 1/- per share. Each holder of equity shares is entitled to
one vote per share.
For the year ended March 31, 2014, Final dividend of Re. 0.50 per share has been proposed by the Board of
Directors (previous year Re. 0.75
per share). An interim dividend of Re. 0.75
per share was declared at the meeting of the Board of Directors held on January
31, 2014 and the same has been paid (previous year Re. 0.50 per share).
The dividends proposed by the Board of Directors is
subject to approval of the shareholders in the Annual General Meeting.
Repayment of capital will be in proportion to the number
of equity shares held.
Details of shares held by
shareholders holding more than 5% of the aggregate shares in the Company
|
Name of Shareholder |
As at 31.03.2014 |
|
|
No. of Shares |
Value of Shares |
|
|
Murugappa Holdings Limited |
55432284 |
29.52% |
|
Nalanda India Fund Limited |
16793362 |
8.94% |
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
187.760 |
187.470 |
187.400 |
|
(b) Reserves & Surplus |
7147.940 |
6657.940 |
6178.540 |
|
(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) |
7335.700 |
6845.410 |
6365.940 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
508.640 |
11.820 |
558.480 |
|
(b) Deferred tax liabilities (Net) |
473.120 |
490.320 |
425.300 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
39.400 |
35.080 |
0.000 |
|
Total Non-current
Liabilities (3) |
1021.160 |
537.220 |
983.780 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
672.600 |
761.790 |
409.340 |
|
(b) Trade
payables |
845.920 |
913.890 |
791.300 |
|
(c) Other current
liabilities |
469.390 |
955.110 |
1171.660 |
|
(d) Short-term
provisions |
126.260 |
174.730 |
246.620 |
|
Total Current
Liabilities (4) |
2114.170 |
2805.520 |
2618.920 |
|
|
|
|
|
|
TOTAL |
10471.030 |
10188.150 |
9968.640 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
4055.200 |
4102.900 |
3822.350 |
|
(ii)
Intangible Assets |
91.340 |
38.430 |
30.940 |
|
(iii)
Capital work-in-progress |
136.600 |
144.340 |
272.540 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1306.180 |
1246.180 |
1245.680 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
174.750 |
188.950 |
223.040 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
5764.070 |
5720.800 |
5594.550 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
100.000 |
|
(b)
Inventories |
1861.350 |
1799.570 |
1876.880 |
|
(c) Trade
receivables |
2266.200 |
2023.650 |
1847.160 |
|
(d) Cash
and cash equivalents |
116.280 |
88.720 |
104.230 |
|
(e)
Short-term loans and advances |
463.130 |
555.410 |
445.820 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
4706.960 |
4467.350 |
4374.090 |
|
|
|
|
|
|
TOTAL |
10471.030 |
10188.150 |
9968.640 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11485.980 |
11008.920 |
11253.730 |
|
|
|
Other Income |
194.500 |
183.150 |
154.880 |
|
|
|
TOTAL (A) |
11680.480 |
11192.070 |
11408.610 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4590.850 |
4171.120 |
4283.010 |
|
|
|
Purchases of Stock-in-Trade |
625.120 |
651.820 |
462.540 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(84.970) |
(9.900) |
(165.380) |
|
|
|
Employees benefits expense |
1258.480 |
1121.990 |
1076.000 |
|
|
|
Other expenses |
3646.090 |
3545.530 |
3398.660 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
(149.880) |
|
|
|
TOTAL (B) |
10035.570 |
9480.560 |
8904.950 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
1644.910 |
1711.510 |
2503.660 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
129.380 |
163.750 |
174.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1515.530 |
1547.760 |
2329.460 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
491.390 |
467.410 |
435.530 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
1024.140 |
1080.350 |
1893.930 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
296.300 |
335.020 |
427.220 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
727.840 |
745.330 |
1466.710 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Value of Exports on FOB basis |
2049.280 |
2201.430 |
2414.030 |
|
|
|
Royalty |
3.620 |
4.540 |
3.890 |
|
|
|
Dividend |
45.540 |
57.610 |
24.890 |
|
|
|
Management Fees |
37.090 |
16.290 |
40.870 |
|
|
TOTAL EARNINGS |
2135.530 |
2279.870 |
2483.680 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2287.040 |
1838.320 |
2156.370 |
|
|
|
Components and Spare Parts |
68.050 |
55.130 |
49.950 |
|
|
|
Capital Goods |
136.960 |
150.590 |
128.150 |
|
|
TOTAL IMPORTS |
2492.050 |
2044.040 |
2334.470 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
3.88 |
3.97 |
7.83 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
2722.800 |
3079.80 |
2892.800 |
|
Total Expenditure |
2400.800 |
2635.0 |
2506.400 |
|
PBIDT (Excl OI) |
32.2.000 |
444.800 |
386.400 |
|
Other Income |
60.900 |
24.500 |
7.200 |
|
Operating Profit |
382.900 |
469.300 |
393.600 |
|
Interest |
24.100 |
18.300 |
20.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
358.800 |
451.000 |
373.300 |
|
Depreciation |
140.800 |
146.900 |
141.600 |
|
Profit Before Tax |
218.000 |
304.100 |
231.700 |
|
Tax |
63.300 |
85.300 |
79.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
154.700 |
218.800 |
152.500 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
154.700 |
218.800 |
152.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
6.34 |
6.77 |
13.03 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
14.32 |
15.55 |
22.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.34 |
12.28 |
22.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.16 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.16 |
0.11 |
0.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.23 |
1.59 |
1.67 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
187.400 |
187.470 |
187.760 |
|
Reserves & Surplus |
6178.540 |
6657.940 |
7147.940 |
|
Net
worth |
6365.940 |
6845.410 |
7335.700 |
|
|
|
|
|
|
Long-term Borrowings |
558.480 |
11.820 |
508.640 |
|
Short term Borrowings |
409.340 |
761.790 |
672.600 |
|
Total
borrowings |
967.820 |
773.610 |
1181.240 |
|
Debt/Equity
ratio |
0.152 |
0.113 |
0.161 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
11253.730 |
11008.920 |
11485.980 |
|
|
|
(2.175) |
4.333 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
11253.730 |
11008.920 |
11485.980 |
|
Profit |
1466.710 |
745.330 |
727.840 |
|
|
13.03% |
6.77% |
6.34% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
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
MADRAS
HIGH COURT
|
CASE STATUS : |
PENDING |
|
STATUS OF : |
COMPANY
APPLICATIONS 513 OF 2015 |
|
LITIGANTS : |
CELLARIS REFRACTORIES
INDIA VS. CARBORUNDUM UNIVERSAL |
|
PET'S ADV : |
M/S.B.DHANARAJ |
|
RES'S ADV : |
-- |
|
CASE UPDATED ON : |
TUESDAY, APRIL 28, 2015 |
|
CATEGORY : |
--- |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10369672 |
20/12/2012 * |
1,153,278,000.00 |
STATE BANK OF INDIA |
CAG BRANCH, 3RD FLOOR, SIGAPI ACHI BUILDING, 18/3, RUKMANI LAKSHMIPATHI ROAD, EGMORE, CHENNAI, TAMILNADU - 600008, INDIA |
B65427312 |
|
2 |
10119321 |
20/12/2012 * |
1,700,000,000.00 |
STATE BANK OF INDIA |
CAG BRANCH, 3RD FLOOR, SIGAPI ACHI BUILDING, 18/3, RUKMANI LAKSHMIPATHI ROAD, EGMORE, CHENNAI, TAMILNADU - 600008, INDIA |
B65428302 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loan from Bank (@ 9.8% per annum, repayable in October 2016) |
500.000 |
0.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Other loans |
58.440 |
174.370 |
|
Total |
558.440 |
174.370 |
CORPORATE INFORMATION
Subject was incorporated as a Public Limited Company in 1954 and the shares of the Company are listed in National and Bombay Stock Exchanges in India. Subject manufactures and sells mainly Abrasives, Ceramics (Industrial Ceramics, Refractories) and Electrominerals.
ECONOMIC OVERVIEW
AND COMPANY PERFORMANCE
ECONOMIC OVERVIEW
The year 2013-14 was marked by many challenges in the global and domestic business environments. Cyprus bail out, strengthening of US economy, flash floods in Himalayas, Ukraine crisis coupled with weak rupee and higher interest rate levels were some of the key events which unfolded during the year.
As per the data from International Monetary Fund (IMF), the global economic growth decelerated to 3.0 per cent from 3.2 per cent in the previous year. However, the growth picked up in the second half of 2013, majorly due to sharp increase in performance from advanced economies. The strengthening in activity was mirrored in global trade and industrial production. Major impulse to global growth has come from the United States of America, whose economy grew at 3.25 per cent in the second half of 2013, as per IMF data. In the Euro area also, growth turned positive on the back of supportive monetary conditions and robust labor market conditions. In emerging market economies, an export rebound was the main driver behind better performance, while domestic demand within those emerging economies generally remained subdued, except in China.
As per the interim Union Budget announced in February 2014, Indian economy for 2013-14 is expected to grow at 4.9 per cent marginally higher than 4.5 per cent clocked last year. The marginal growth is attributable to the expected 4.6 per cent growth in Agriculture sector, higher than 1.4 per cent growth registered last year. The expansion during the current fiscal year was hurt by contraction in the key sectors- Mining and Manufacturing. While the Mining sector is expected to dip by 1.9 per cent due to delayed approvals and environmental issue, that of Manufacturing sector is likely to drop by 0.2 per cent. This is the first time since 1991-92 that the Manufacturing sector is expected to contract. It is impacted by slowing investments and delayed policy decisions.
The service sector, which accounts for nearly 60 per cent of the economy, is expected to grow 6.9 per cent, slightly slower than the previous year’s expansion of 7 per cent.
On the financial side, the interest rate for most parts of the year continued to be on the higher side, despite the inflation cooling off during the later parts of the year. The rupee weakened during the first half of the year; however it recovered over the second half. On the fiscal stability front, the country’s fiscal deficit (current account deficit) is expected to improve significantly at 4.6 per cent Gross Domestic Product (GDP) in 2013-14, on the back of lower gold imports, a moderate pick-up in exports and drop in capital goods import.
COMPANY
PERFORMANCE
REVENUES
The Company’s worldwide revenues grew from last year levels. While revenue from India increased by 11.5 per cent, that from rest of the world increased by 4.3 per cent.
Sales of Abrasives and Electrominerals business grew by 6.2 percent and 21.1 per cent respectively and that of Ceramics segment dropped by 5.7 per cent.
Capex postponement, moderate customer demand from user industries, competition from low price products, power rate hike and tight liquidity in trade resulted in weak demand.
On a standalone basis, the Company registered growth on quarter on quarter basis for all the four quarters during the year. Electrominerals led the growth on the back of higher Aluminas business and Abrasives segment had a moderate increase in sales in line with the GDP growth. Ceramics segment de grew on account of a weak Wear Ceramics and Refractories market.
MANUFACTURING
Most of the plants in India, Russia and South Africa ran at about 70 per cent capacity utilisation levels. The manufacturing team used the opportunity to implement Total Productive Maintenanance (TPM) at shop floors leading to maximising efficiency in machines and the entire production process.
This year, the Company also had to face input cost pressure in the form of hike in power cost, fuel cost and select raw material inputs in Indian, Russian and South African operations. The cost pressures were contained by way of using alternate cost effective raw materials, improvement in raw material consumption and process improvements.
Capital expenditure during the year across all geographies was in the nature of maintenance, automation, quality enhancement, line balancing and general infrastructure.
ABRASIVES
BUSINESS PROFILE
On a consolidated basis, this business comprises the following major product groups viz. Bonded Abrasives, Coated Abrasives (including non-wovens), Super Abrasives, Metal Working Fluids and Power Tools. The operations are carried out through thirteen manufacturing facilities located in India, Russia, China and Thailand. The marketing entities located in North America and Middle East support this business in getting an extended customer reach. Abrasives are used in a wide spectrum of industries, the key among them being Automobile, Engineering, Fabrication, Wood working, Construction, Home maintenance and Infrastructure.
The Company caters to customers located in over fifty countries through its network of manufacturing facilities and marketing establishments. It is one of the major players in India and Russia.
INDUSTRY SCENARIO
The global industry continues to be led by few players who have a complete portfolio of Abrasive products. There are also a large number of players specialising in specific categories of Abrasives.
The Indian Abrasives industry continues to be catered to by a few large players, numerous smaller players specialising in select products and imports from China catering to low end of the market. Due to the soft market conditions in many advanced economies, India is becoming a focus market for major global players resulting in intense competition.
In the domestic Russian market there are three major players. The Company is a major player in Vitrified Bonded Abrasives. Imports service a sizeable portion of the market.
CERAMICS
BUSINESS PROFILE
As a consolidated entity, the Ceramics business has three product groups viz. Industrial Ceramics, Super Refractories and Anti-Corrosives. Industrial Ceramics business offers Alumina and Zirconia products of technical ceramic grades addressing wear protection, electrical insulation, thermal protection and ballistic protection applications.
The Super Refractories product group supplies fired, monolithic and fibre as also Refractory design and installation services addressing the insulation and thermal resistance requirements of industries. The Refractory fibre and Refractory design and installation businesses are addressed through Murugappa Morgan Thermal Ceramics Limited and Ciria India Limited.
The Anti-Corrosives product group offers acid resistant cements, polymer concrete cells and various other products addressing the anti-corrosion requirements of industries.
The key user industries for Ceramics business are power generation and transmission, coal washeries, grain handling, sanitary tiles and sanitary ware, ballistic protection, cement, non-ferrous metals, iron and steel industries, carbon black, insulators, furnace building, glass, petrochemicals and construction industries.
The operations are carried out through twelve manufacturing / service facilities located in India, Australia, South Africa and Russia. The subsidiaries in North America, Middle East and China also support this business in getting an extended customer reach.
The Company is one of the major players in India, Australia and Russia in specific product groups. The Company caters to customers located in over thirty countries.
INDUSTRY SCENARIO
There has been no material change in the Ceramics industry structure in India, which is catered to by a few major players. CUMI is a highly respected player in certain market segments.
In Australia, CUMI Australia is one of the major players in the Lined Equipment and Industrial Ceramic tiles industry. There are about a dozen players in the industry, most of whom market products that are imported from China and USA.
The Refractory industry in Russia is a highly fragmented market with several players. The Company is a small player in the industry.
ELECTROMINERALS
BUSINESS PROFILE
As a consolidated entity, the major product groups of this business segment are fused Alumina (comprising brown and white Alumina), Silicon Carbide, Fused Zirconia, Alumina Zirconia and Zirconia Mullite. The Company also manufactures a range of ‘specialities’ like Semifriable, Azure-S and plasma powders for niche markets. The operations are carried out through seven manufacturing facilities located in India, Russia and South Africa. Products are sold to customers located in over 40 countries. Key user industries for this business are Abrasives, Refractories and Steel. The business also has captive mines and a captive power plant.
INDUSTRY SCENARIO
The market structure in the global Electrominerals business remained largely unchanged with the Company continuing as one of the leading players in Silicon Carbide and Fused Zirconia.
In Fused Alumina, the Company is largely a national player with customers based in India. The Indian market continues to be catered by two players. Apart from the domestic players, imported products have a visible share in the market.
In the global Electrominerals business, the Company continues to retain its position as one of the reputed manufacturers of Silicon Carbide and Fused Zirconia.
FINANCE
During the year, the Company generated Rs. 1261.000 millions cash surplus from its operations on a consolidated basis.
All debts were serviced in time including repayment of long term external commercial borrowings and the redemption of its debentures issued to LIC. At a consolidated level, the Company’s total debt position excluding current maturities of loans, increased from Rs. 3578.000 millions to Rs. 3924.000 millions. The capital expenditure program was financed largely from internal accruals.
CUMI International Limited, which holds majority stake in overseas subsidiaries, infused fresh funds to support operations in China, America, Canada and South Africa.
The Company’s credit ratings, ‘P1+’ for short-term borrowings and ‘AA+ Stable’ for long-term borrowings was reaffirmed by CRISIL in 2014. Over the years, the Company has been resorting to a prudent mix of rupee and foreign currency borrowings to finance its operations and achieve reduction in financing cost. The finance cost at a standalone level has come down from Rs. 163.8 million to Rs. 129.4 million. The finance cost at a consolidated level has increased from Rs. 272.1 million to Rs. 281.8 million.
With the Indian entity enjoying a significant natural hedge, a cautious approach was adopted to hedge the remaining exposures. The Company adopts prudent tax management policies. In the last year, the Company received in-house recognition for Research and Development facility which enabled the Company to get weighted tax deduction benefits for research and development expenses. This year they have added one more RANDD facility.
The Company’s debt equity ratio continues to be healthy at 0.16 and is the lowest ever on a standalone basis and 0.41 on a consolidated basis.
AWARDS AND
ACCOLADES
CUMI’s employment practices received recognition in international forums were awarded the ‘Best Organizational Staff Development Initiative’ by World HRD Congress in June 2013 for work on the Career Development Programs in Abrasives. The “Best Programme for the Cause of Learning” award was also conferred on the Company for the development of CUMI Centre for Skill Development in Hosur. CUMI also swept the award contributions at the Murugappa Group’s 10th Best Practice Sharing session winning many quality and process awards. A team from Maniyar unit, had their contributions in the area of quality recognised by awards from CII, QCFI and participated in the International Quality Circle Convention held at Taipei.
BUSINESS OUTLOOK
AND OPPORTUNITIES
According to the World Economic Outlook - April 2014 of the IMF, global economy is expected to improve in 2014-15, with much of the impetus for growth coming from advanced economies. The report forecasts global growth projected to strengthen from 3 per cent in 2013 to 3.6 per cent in 2014 to 3.9 per cent in 2015. In advanced economies, growth is expected to increase to about 2¼ per cent in 2014-15, an improvement of about 1 percentage point compared with 2013. Growth in emerging market and developing economies is expected to increase to 5.1 per cent in 2014 and to 5.4 per cent in 2015.
As per the Asian Development Outlook 2014, released on 1st April 2014, GDP of India is forecasted to rise to 5.5 per cent in 2014-15. The reports mention that GDP will improve due to performance of the Industry and Services. However, it will take some time for the Indian economy to reach its potential growth rate of 6%. The report mentions that the Cabinet Committee on Investment’s progress in resolving delays in several large infrastructure projects is likely to provide traction in raising investment. Though India has been seeing a muted growth over the last two years, the long term growth opportunities for the country continue to appear positive. India’s economic outlook for 2014-15 looks better than the last fiscal year due to resurgence in exports, global economic revival and moderation in inflation. Currency depreciation is also expected to increase competitiveness and bolster external demand. However, the economy will not reach its potential until structural bottlenecks, that have impeded industry and investment are overcome. The new government’s economic program after elections, including its first budget due in July 2014, will be largely determined by the party that wins the elections.
A revival in domestic growth would result in kick starting several postponed projects in Steel, Power, Glass, Cement, Insulation and General Engineering industry which would help the Company to register a good growth. Considering the country’s facilities are majorly confined to RICSA (Russia, India, China, South Africa) countries, it gives the Company necessary positioning to leverage the benefits of any uptrend in these economies.
However, given the uncertain outlook, the Company will pursue growth with caution. Efforts will be taken to control costs. Considering that the plants are running at lower utilisation levels and the fact that facilities have been expanded over the last years, the Company would invest majorly in maintenance capex. With this approach, it is expected that the Company would deliver better results in the next year.
EXPORTS
As a result of the market downturn in the served international markets, export revenues were Rs. 2091.000 millions as against Rs. 2244.000 millions in the previous year.
Overseas revenues of Abrasives business grew by 20% compared to the previous year. Visits from major distributors and customers of Abrasives to the manufacturing facilities added confidence on their supply and quality capabilities. The business continues to focus on servicing of project orders from key global players, product specific approach for select geographies and lateral deployment of products in SAARC and South East Asian countries.
The Electrominerals business focused its efforts to obtain customer acceptance for alternative applications for Silicon Carbide micro grits other than photovoltaic application like semi-conductor applications, which resulted in commercial sales and also getting customer approvals / evaluations. Setting up of a distribution point and channel partners for the European and US markets are expected to promote applications of specialty products offered by the Electrominerals business.
Strategic partnerships for promoting the Ceramics products for the Glass Industry and specialised alloys market are expected to yield more orders in future.
Efforts to open new customer accounts and to enter into new export markets yielded encouraging results. Relationship with existing customers was strengthened with repeat orders from several customers. Product approvals have also been received from a few prospective customers which is expected to translate into order inflow in future.
Overseas subsidiaries played a critical role in garnering orders for several key product segments and supplemented the Company’s efforts in its foray into new markets. The marketing structure and distribution process of the Chinese subsidiary has been restructured and is expected to yield significant growth opportunities, going forward.
The Company continued to adopt country specific strategies for market entry and development, nurture strategic relationships with large volume buyers and foster customer intimacy by customising products to meet their specific requirements. The various approaches adopted during the current year will continue to be pursued next year to increase export sales.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
a. No provision is considered necessary for disputed income tax, sales tax,service tax, excise duty and customs duty demands which are under various stages of appeal proceedings as given below : |
|
|
|
i. Income Tax Act, 1961 |
127.150 |
108.800 |
|
ii. Central Sales Tax Act,1956 & Local Sales Tax laws of various states |
9.300 |
18.470 |
|
iii. Central Excise Act,1944 |
6.200 |
4.290 |
|
iv. Service Tax, 1994 |
3.000 |
2.860 |
|
v. Customs Act, 1962 |
0.000 |
0.000 |
|
b. Outstanding letters of comfort /
guarantee given on behalf of subsidiaries |
4431.810 |
2640.130 |
|
c. Outstanding letters of credit |
100.830 |
170.190 |
|
d. Outstanding bills discounted |
0.880 |
1.720 |
|
e. Claims against the company not
acknowledged as debts |
|
|
|
i. Urban Land Tax |
3.090 |
3.090 |
|
ii. Stamp duty |
1.900 |
1.900 |
|
iii. Claim filed by ship liner towards
damages |
14.000 |
14.000 |
|
iv. Claim filed before Consumer Dispute
Redressal Forum |
1.000 |
1.000 |
|
v. Mining Royalty |
42.800 |
42.800 |
|
|
62.790 |
62.790 |
|
f. Employees demands pending before Labour
Courts - quantum not ascertainable at present |
|
|
|
NOTE In respect of the above demands disputed by the company, appeals filed are pending before respective appellate authorities. Outflows, if any, arising out of these claims would depend on the outcome of the decision of the appellate authorities and the company's rights for future appeals. No reimbursements are expected. |
||
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Vehicles taken on lease
Intangible Assets
· Goodwill
· Trade Mark
· Software
·
Technical Know How
STATEMENT
OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS ENDED
DECEMBER 31, 2014
PART: I
(Rs. in
Million)
|
S. No. |
Particulars |
Quarter Ended |
Nine
Months Ended |
|
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
1. |
Income from operations |
|
|
|
|
|
a) Gross Sales/ Income from Operations |
3117.600 |
3296.600 |
9325.100 |
|
|
Less: Excise duty recovered |
261.900 |
255.900 |
740.000 |
|
|
Net Sales / Income from Operations |
2855.700 |
3040.700 |
8585.100 |
|
|
b) Other Operating Income |
37.100 |
39.100 |
110.300 |
|
|
Total Income from Operations (net) |
2892.800 |
3079.800 |
6695.400 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
a. Cost of Materials Consumed |
1175.100 |
1219.000 |
3489.400 |
|
|
b. Purchase of Stock-in-Trade |
131.500 |
149.100 |
351.200 |
|
|
c. Changes in Inventories of Finished Goods & Stock in trade |
(118.300) |
(147.000) |
(115.900) |
|
|
d. Employee Benefits Expenses |
332.000 |
306.400 |
953.800 |
|
|
e. Depreciation and amortisation Expense |
141.600 |
146.900 |
429.300 |
|
|
f. Power and Fuel |
310.600 |
292.700 |
909.800 |
|
|
g. Other Expenses |
674.800 |
680.700 |
1946.800 |
|
|
Total Expenses |
2647.300 |
2780.100 |
7964.400 |
|
|
|
|
|
|
|
3 |
Profit from Operations before Other Income and Finance Costs |
245.500 |
299.700 |
731.000 |
|
4 a |
Other Income |
7.200 |
24.500 |
92.600 |
|
4 b |
Exchange Gain/ (Loss) (net) |
(0.700) |
(1.800) |
(7.100) |
|
5 |
Profit before finance costs |
252.000 |
322.400 |
816.500 |
|
6 |
Finance Costs |
20.300 |
18.300 |
62.700 |
|
7 |
Profit from ordinary activities before tax |
231.700 |
304.100 |
753.800 |
|
8 |
Tax expense |
79.200 |
85.300 |
227.800 |
|
9 |
Net Profit after tax |
152.500 |
218.800 |
526.000 |
|
10 |
Paid up Equity Share Capital (Face Value of Re.1/- Each) |
188.100 |
187.900 |
188.100 |
|
11 |
Reserves excluding Revaluation Reserves |
-- |
-- |
-- |
|
12 |
Earnings per share (Rs.) not annualised |
|
|
|
|
|
Basic |
0.81 |
1.16 |
2.80 |
|
|
Diluted |
0.81 |
1.16 |
2.79 |
STANDALONE UNAUDITED FINANCIAL RESULTS FOR
THE QUARTER ENDED JUNE 30, 2014
PART II
SELECT INFORMATION FOR THE PERIOD ENDED JUNE 30, 2014
|
S. No. |
Particulars |
Quarter Ended |
Nine
Months Ended |
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
A |
PARTICULARS OF SHAREHOLDINGS |
|
|
|
|
|
Public shareholding |
|
|
|
|
|
a. Number of shares |
108876176 |
108742788 |
108876176 |
|
|
b. Percentage of shareholding |
57.90% |
57.86% |
57.90% |
|
|
|
|
|
|
|
2 |
Promoters and
promoter group shareholding |
|
|
|
|
|
a. Pledged/Encumbered |
|
|
|
|
|
Number of
shares |
1382800 |
1382800 |
1382800 |
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
1.75% |
1.75% |
1.75% |
|
|
Percentage of shares (as a % of the total share capital of the Company) |
0.74% |
0.74% |
0.74% |
|
|
|
|
|
|
|
|
b. Non-encumbered |
|
|
|
|
|
Number of shares |
77794920 |
77794920 |
77794920 |
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
98.25% |
98.25% |
98.25% |
|
|
Percentage of shares (as a % of the total share capital of the Company) |
41.36% |
41.40% |
41.36% |
|
Particulars |
Quarter Ended 30.06.2014 |
|
B INVESTOR COMPLAINTS (Nos.) |
|
|
Pending at the beginning of the quarter |
-- |
|
Received during the quarter |
-- |
|
--Disposed of during the quarter |
-- |
|
Remaining unresolved at the end of the quarter |
-- |
STANDALONE SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER
CLAUSE 41 OF THE LISTING AGREEMENT
|
S. No. |
Particulars |
Quarter Ended |
Nine
Months Ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
1. |
Segment Revenue |
|
|
|
|
|
Abrasives |
1670.300 |
1784.600 |
5005.400 |
|
|
Ceramics |
758.900 |
813.300 |
2315.900 |
|
|
Electrominerals |
579.700 |
614.400 |
1742.000 |
|
|
Total |
3008.900 |
3212.300 |
9063.300 |
|
|
|
|
|
|
|
|
Less: Inter-Segment Revenue |
153.200 |
171.600 |
478.200 |
|
|
Net Sales/ Income from Operations |
2855.700 |
3040.700 |
8585.100 |
|
|
|
|
|
|
|
2 |
Segment Results |
|
|
|
|
|
(Profit(+) / Loss (-) before Finance costs and tax) |
|
|
|
|
|
Abrasives |
165.700 |
197.300 |
491.800 |
|
|
Ceramics |
89.200 |
101.900 |
290.300 |
|
|
Electrominerals |
49.000 |
65.100 |
169.200 |
|
|
Total |
303.900 |
364.300 |
951.300 |
|
|
|
|
|
|
|
|
Less: (i) Finance Costs |
20.300 |
18.300 |
62.700 |
|
|
(ii) Other Unallocable expenses / (Income) net |
51.900 |
41.900 |
134.800 |
|
|
Total profit before
tax |
231.700 |
304.100 |
753.800 |
|
|
|
|
|
|
|
3 |
Capital Employed (Segment Assets – Segment Liabilities) |
|
|
|
|
|
Abrasive |
3449.700 |
3423.400 |
3449.700 |
|
|
Ceramics |
2565.300 |
2554.500 |
2565.300 |
|
|
Electrominerals |
1672.900 |
1601.800 |
1672.900 |
|
|
Unallocable |
1102.300 |
987.300 |
1102.300 |
|
|
Total |
8790.200 |
8567.000 |
8790.200 |
NOTE
1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings. held on January 29, 2015 and has been Subjected to limited respective by the Statutory Auditors of the Company.
2. The Board of Directors have recommended an interim dividend of Re.0.75/- per
share (on face value of Re.1/- each per share).
3. During the current quarter, the Company has allotted 133388 equity shares
pursuant to exercise of Employee Stock Options.
4. On October 2014, Cellaris Refractories India Limited has become a wholly
owned Subsidiary of the Company, consequent to the acquisition of the balance
49% stake from co-venture.
5. With effect from April 01, 2014, the Company has adopted the useful life of fixed
assets specified in Schedule II to the Companies Act, 2013 and has also applied
the transitional provisions stated therein. Consequently, the depreciation for
the quarter and half year ended is higher by Rs. 12.200 Million and Rs.35.000
Million respectively.
6. Figures for the previous periods have been regrouped and reclassified, where
considered necessary.
PRESS RELEASE
CARBORUNDUM UNIVERSAL
TO BUY REMAINING STAKE IN JV FIRM CELLARIS REFRACTORIES INDIA
August 05, 2014
To acquire 49% stake held by Cellaris
Carborundum Universal announced that Cellaris Refractories India, (CRIL) is a joint venture between Carborundum Universal, India (CUMI) and Cellaris, Israel (Cellaris) set up for the production of light weight Alumina cell for refractory/insulation application.
CUMI is holding 51% and Cellaris is holding 49% of the total share capital of CRIL being Rs. 137.25 million equity share capital.
CUMI on 04 August 2014 has executed a letter of intent with Cellaris, for the purchase of 6,725,250 equity shares representing the remaining 49% of the equity capital held by Cellaris in CRIL subject to necessary approvals. CRIL, currently a subsidiary will become a wholly owned subsidiary of CUMI.
The change in ownership is expected to speed up scaling up at CRIL and will ensure continuity of operations and product development.
CUMI is a fully vertically integrated Abrasives, Electro-minerals, Ceramics, Refractory Company with operations in Australia, Canada, China, India, Middle East, Russia, South Africa, Thailand and the USA.
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. 63.58 |
|
|
1 |
Rs. 97.99 |
|
Euro |
1 |
Rs. 70.53 |
INFORMATION DETAILS
|
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 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
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.