MIRA INFORM REPORT
|
Report No. : |
342552 |
|
Report Date : |
25.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
GRAPHITE INDIA LIMITED |
|
|
|
|
Registered
Office : |
31, |
|
Tel. No.: |
91-33-22265755 |
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|
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Country : |
India |
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|
|
Financials (as
on) : |
31.03.2015 |
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|
|
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Date of
Incorporation : |
02.05.1974 |
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|
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Com. Reg. No.: |
21-094602 |
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Capital
Investment / Paid-up Capital : |
Rs. 390.768 Million |
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|
|
|
CIN No.: [Company Identification
No.] |
L10101WB1974PLC094602 |
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|
|
IEC No.: |
Not Available |
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TIN No.: |
27930000164 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALG00112A |
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PAN No.: [Permanent Account No.] |
AACC0457C |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The composition of business segments is as under: a) Graphite and Carbon Segment, engaged in the production of Graphite Electrodes, Other Miscellaneous Carbon and Graphite Products including Captive Power Generating Units and Impervious Graphite Equipment division. b) Steel Segment engaged in production of High Speed Steel and Alloy Steel, c) Others Segment engaged in manufacturing of Glass Reinforced Pipes and Power Generating Unit exclusively for outside sale. |
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|
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No. of Employees
: |
2083 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
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 50000000 |
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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 was established in the year 1974, having fine track record. It
is engaged in the business of manufacturing and exporting of graphite
electrodes, other miscellaneous carbon and graphite products, high speed
steel and alloy steel, glass reinforced pipes (GRP) and powder generating
unit. For the financial year 2015, the company has fine operational activity
marked by impressive revenue profile along with profitability margin of
5.49%. The company possesses sound financial risk profile marked by efficient
net worth base along with favourable gap between trade payables and
receivables. Trade relations are fair, Business is active. Payments are reported to
be regular and as per commitment. The company can be considered 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Limit = “AA+” |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
26.02.2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund Based Limit = “AA+” |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
26.02.2015 |
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
31-03-2015.
LOCATIONS
|
Registered Office / Corporate Office : |
31, |
|
Tel. No.: |
91-33-22265755 / 2334 / 4942 / 40029600 |
|
Fax No.: |
91-33-22496420 |
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E-Mail : |
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|
Website : |
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Factory 1: |
P.O. Sagarbhanga
Colony, Burdwan Durgapur – 713211, West |
|
Tel. No.: |
91-343-2556641-45 / 2557743 |
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Fax No.: |
91-343-2550896 |
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|
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Factory 2: |
88, MIDC Industrial Area, Satpur, Nashik - 422007, |
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Tel. No.: |
91-253-2203300 / 2203328 / 2361472 / 2351143 |
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Fax No.: |
91-253-2350676 |
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|
|
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Factory 3 /R & D
Centre 3 : |
Visveswaraya
Industrial Area, |
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Tel. No.: |
91-80-43473300 / 28524061-71 |
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Fax No.: |
91-80-43473372 |
|
|
|
|
Coke |
|
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Factory 4: |
Phulwaria,
Barauni - 851112, Bihar, India |
|
Tel. No.: |
91-6279-232252 |
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|
Impervious Graphite Equipment |
|
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Factory 5: |
C-7 Ambad
Industrial Area, Nashik - 422010, |
|
Tel. No.: |
91-253-2302100 |
|
|
|
|
Glass Reinforced Pipes/ Tanks |
|
|
Factory 6: |
Gut No. 523/524,
Village Gonde, Taluka Igatpuri, Nashik - 422403, Maharashtra, India |
|
Tel. No.: |
91-2553-225038 /
225039 |
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Fax No.: |
91-2553-229500 |
|
Email : |
|
|
|
|
|
Powmex Steels |
|
|
Factory 7: |
AT - Turla, PO -
Jagua, PS - Titilagarh, District Bolangir - 767033, Orissa, India |
|
Tel. No.: |
91-6655-220504 /
220505 |
|
|
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|
Power |
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|
Factory 8 : |
Chunchanakatte,
K R Nagar Taluk, Mysore - 571617, Karnataka, India |
|
Tel. No.: |
91-s821-323182 /
681116 |
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|
|
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Factory 9 : |
Link Canal Mini
Hydel Plant, Peehalli, Srirangapatna Taluk, Mandya District - 571415, Karnataka,
India |
|
|
|
|
Sales Office |
407 Ashoka
Estate, 24, |
|
Tel. No.: |
91-11-23314364 |
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|
|
|
Regional Office 1 : |
Bakhtawar, 2nd Floor, Nariman Point, Mumbai-400021, Maharashtra, India |
|
Tel. No.: |
91-22-22886418/21 |
|
Fax No.: |
91-22-22028833 |
|
|
|
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Regional Office 2 : |
Flat No. 407, Ashoka Estate, 24 Barakhamba Road, New Delhi -110001, India |
|
Tel. No.: |
91-11-23314364/65/23351257 |
|
Fax No.: |
91-11-23721643 |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. K. K. Bangur |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. P. K. Khaitan |
|
Designation : |
Director |
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|
|
Name : |
Mr. N. S. Damani |
|
Designation : |
Director |
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|
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|
Name : |
Mr. A. V. Lodha |
|
Designation : |
Director |
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|
|
|
Name : |
Dr. R. Srinivasan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. J. D. Curravala |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. N. Venkataramani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M. B. Gadgil |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Ms. Renu Challu |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Gaurav Swarup |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. B. Shiva |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Ronak Poddar |
|
Designation : |
Senior Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
984567 |
0.50 |
|
|
116900480 |
59.83 |
|
|
117885047 |
60.34 |
|
|
|
|
|
|
186261 |
0.10 |
|
|
9415450 |
4.82 |
|
|
9601711 |
4.91 |
|
Total shareholding of Promoter and Promoter Group (A) |
127486758 |
65.25 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
4144051 |
2.12 |
|
|
64396 |
0.03 |
|
|
6753165 |
3.46 |
|
|
24835293 |
12.71 |
|
|
35796905 |
18.32 |
|
|
|
|
|
|
11178261 |
5.72 |
|
|
|
|
|
|
14264608 |
7.30 |
|
|
1153778 |
0.59 |
|
|
5495284 |
2.81 |
|
|
2294290 |
1.17 |
|
|
37530 |
0.02 |
|
|
83989 |
0.04 |
|
|
3078565 |
1.58 |
|
|
910 |
0.00 |
|
|
32091931 |
16.43 |
|
Total Public shareholding (B) |
67888836 |
34.75 |
|
Total (A)+(B) |
195375594 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
195375594 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The composition of business segments is as under: a) Graphite and Carbon Segment, engaged in the production of Graphite Electrodes, Other Miscellaneous Carbon and Graphite Products including Captive Power Generating Units and Impervious Graphite Equipment division. b) Steel Segment engaged in production of High Speed Steel and Alloy Steel, c) Others Segment engaged in manufacturing of Glass Reinforced Pipes and Power Generating Unit exclusively for outside sale. |
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Products : |
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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 : |
Not Available |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
2083 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
Note: LONG TERM
BORROWINGS Terms of Repayment - (a) Total loan amount of Rs. 4172.00 Lakhs (USD 6.67 Million) [Previous Year - Rs. 801.334 Million (USD 13.33 Million)] is repayable on February, 2016. Interest is payable on quarterly basis at Libor plus 1.85% p.a. Current maturity of the loan amounting to Rs. 4,17.200 Million (Previous Year - Rs. 4,00.667 Million) has been disclosed. (b) Total loan amount of Rs. 625.800 Million (USD 10 Million) [Previous Year - Rs. 601.000 Million (USD 10 Million)] is repayable in 3 equal annual installments commencing from August, 2015. Interest is payable on quarterly basis at Libor plus 2.10% p.a. Current maturity of the loan amounting to Rs.2086.00 Lakhs (Previous Year - Rs. Nil) has been disclosed SHORT TERM BORROWING Balance outstanding as at 31st March, 2015 in respect of Commercial Paper was Rs. Nil (Previous Year - Rs. Nil). Maximum amount outstanding at any time during the year was Rs. 500.000 Million (Previous Year - Rs. 500.000 Million). |
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
|
|
|
Solicitors
: |
·
Khaitan and Company · Orr, Dignam and Company |
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Memberships : |
-- |
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Collaborators : |
-- |
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|
Holding Company : |
Emerald Company Limited (ECL) |
|
|
|
|
Subsidiary : |
·
Bavaria Carbon Holdings GmbH ·
Bavaria Carbon Specialities GmbH ·
Bavaria Electrodes GmbH ·
Carbon Finance Limited ·
Graphite Cova GmbH ·
Graphite International B.V. |
|
|
|
|
Fellow Subsidiary
(up to 11th March, 2015) : |
Carbo Ceramics Limited |
|
|
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|
Fellow Subsidiary : |
Shree Laxmi Agents Limited |
|
|
|
|
Others with whom transactions
have taken place during the year: |
Likhami Leasing Limited |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.2/- each |
Rs. 400.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
195375594 |
Equity Shares |
Rs.2/- each |
Rs. 390.751 Million |
|
|
Add : Forfeited Shares |
|
Rs. 0.017 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 390.768
Million |
The Company has one class of Equity Shares having a par value of Rs. 2/- per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts in proportion to their shareholdings.
Details of Equity
Shares held by Shareholders holding more than 5% of the aggregate shares in the
Company:
|
Name of Shareholder |
31.03.2015 |
|
Number of Shares |
|
|
Emerald Company Limited (ECL); the Holding Company |
11,36,29,585 |
|
Shree Laxmi Agents Limited; a Subsidiary of ECL |
8,84,000 |
|
Carbo Ceramics Limited; an Associate of ECL |
3,86,645 |
The Company has become a subsidiary of ECL pursuant to a Scheme of Amalgamation of The Bond Company Limited, Guardian Leasing Limited, Likhami Leasing Limited, H.L. Investment Company Limited, Tandem Fiscal Services Limited, Uttam Fiscal Services Limited, D.C. Mercantile Private Limited and SCL Investments Private Limited with ECL as sanctioned by the Hon'ble High Court at Calcutta vide Order passed during the current year. The certified copies of the aforesaid Order have been filed with the Registrar of Companies on 3rd July, 2014 (Effective Date of the Scheme).
Details of Equity
Shares held by Shareholders holding more than 5% of the aggregate shares in the
Company :
|
Name of Shareholder |
31.03.2015 |
|
Number of Shares |
|
|
Emerald Company Limited |
11,36,29,585 (58.16%) |
|
Particular |
31.03.2015 No. of Shares |
|
Aggregate number of Equity Shares allotted in 2009-10 as fully paid-up pursuant to a Scheme of Arrangement / Amalgamation without payments being received in cash. |
1,98,88,336 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
390.768 |
390.768 |
390.768 |
|
(b) Reserves & Surplus |
17145.294 |
16968.314 |
16059.189 |
|
(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) |
17536.062 |
17359.082 |
16449.957 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
417.200 |
1001.667 |
1267.467 |
|
(b) Deferred tax liabilities
(Net) |
821.168 |
896.673 |
950.373 |
|
(c) Other long term
liabilities |
0.070 |
4.705 |
17.413 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
1238.438 |
1903.045 |
2235.253 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1439.904 |
2008.517 |
4408.727 |
|
(b) Trade payables |
1868.125 |
2257.566 |
1676.083 |
|
(c) Other current liabilities |
1365.444 |
1264.275 |
1040.360 |
|
(d) Short-term provisions |
1027.041 |
1403.886 |
1243.251 |
|
Total
Current Liabilities (4) |
5700.514 |
6934.244 |
8368.421 |
|
|
|
|
|
|
TOTAL |
24475.014 |
26196.371 |
27053.631 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5891.277 |
6358.286 |
6589.333 |
|
(ii) Intangible Assets |
16.900 |
22.629 |
9.674 |
|
(iii) Capital work-in-progress |
95.860 |
33.829 |
25.286 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
1.440 |
|
(b) Non-current Investments |
2130.567 |
1575.626 |
1093.277 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
205.808 |
76.679 |
77.076 |
|
(e) Other Non-current assets |
1.226 |
0.152 |
0.400 |
|
Total
Non-Current Assets |
8341.638 |
8067.201 |
7796.486 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2670.056 |
3426.642 |
2364.096 |
|
(b) Inventories |
8549.869 |
8830.011 |
9777.046 |
|
(c) Trade receivables |
3878.837 |
4233.843 |
5096.007 |
|
(d) Cash and cash equivalents |
113.404 |
239.718 |
60.210 |
|
(e) Short-term loans and
advances |
758.318 |
1190.063 |
1757.792 |
|
(f) Other current assets |
162.892 |
208.893 |
201.994 |
|
Total
Current Assets |
16133.376 |
18129.170 |
19257.145 |
|
|
|
|
|
|
TOTAL |
24475.014 |
26196.371 |
27053.631 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
14972.188 |
17680.759 |
17648.57 |
|
|
Other Income |
307.402 |
402.094 |
263.471 |
|
|
TOTAL
(A) |
15279.590 |
18082.853 |
17912.041 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
6940.044 |
7981.109 |
7888.315 |
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
134.527 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(196.980) |
(206.919) |
(773.786) |
|
|
Employees benefits expense |
1384.670 |
1347.310 |
1199.726 |
|
|
Other expenses |
5291.696 |
5716.573 |
6410.646 |
|
|
Exceptional Item - Loss |
56.000 |
0.000 |
0.000 |
|
|
TOTAL
(B) |
13475.430 |
14838.073 |
14859.428 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
1804.160 |
3244.780 |
3052.613 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
122.263 |
169.629 |
221.367 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1681.897 |
3075.151 |
2831.246 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
387.462 |
535.997 |
500.401 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
1294.435 |
2539.154 |
2330.845 |
|
|
|
|
|
|
|
Less |
TAX (H) |
472.500 |
830.000 |
700.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
821.935 |
1709.154 |
1630.845 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
1988.872 |
2079.718 |
2248.902 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
0.000 |
1000.000 |
1000.000 |
|
|
Dividend |
390.800 |
683.800 |
683.815 |
|
|
Tax on Dividend |
79.500 |
116.200 |
116.214 |
|
|
Total
(M) |
470.300 |
1800.000 |
1800.029 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
2340.507 |
1988.872 |
2079.718 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export of Goods on F.O.B.
Basis |
6973.034 |
5292.545 |
7291.427 |
|
|
Royalty |
29.824 |
29.52 |
39.183 |
|
|
Guarantee Fee |
11.189 |
6.195 |
5.216 |
|
|
Service Charges |
4.159 |
4.561 |
2.032 |
|
|
Sale of Carbon Credit |
0.000 |
2.951 |
4.228 |
|
|
TOTAL
EARNINGS |
7018.206 |
5335.772 |
7342.086 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
3411.934 |
3971.419 |
5143.246 |
|
|
Components and Stores parts |
54.136 |
60.726 |
74.777 |
|
|
Capital Goods |
4.120 |
10.183 |
11.726 |
|
|
Traded Goods |
0.000 |
0.000 |
134.527 |
|
|
TOTAL
IMPORTS |
3470.190 |
4042.328 |
5364.276 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
4.21 |
8.75 |
8.35 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
625.800 |
400.667 |
362.133 |
|
Cash generated from operations |
2232.391 |
6718.201 |
791.471 |
|
Net Cash From Operating Activities |
1707.354 |
5798.822 |
303.084 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2015 |
|
Unaudited |
1st
Quarter |
|
Net Sales |
3225.000 |
|
Total Expenditure |
2891.800 |
|
PBIDT (Excl OI) |
333.200 |
|
Other Income |
44.900 |
|
Operating Profit |
378.100 |
|
Interest |
20.200 |
|
Exceptional Items |
- |
|
PBDT |
357.900 |
|
Depreciation |
112.100 |
|
Profit Before Tax |
245.800 |
|
Tax |
82.500 |
|
Provisions and
contingencies |
- |
|
Profit After Tax |
163.300 |
|
Extraordinary
Items |
-- |
|
Prior Period
Expenses |
-- |
|
Other Adjustments |
-- |
|
Net Profit |
163.300 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
5.49 |
9.67 |
9.24 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
12.05 |
18.35 |
17.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.82 |
10.33 |
8.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.15 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.14 |
0.20 |
0.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.83 |
2.61 |
2.30 |
STOCK
PRICES
|
Face Value |
Rs.2/- |
|
Market Value |
Rs.70.25/- |
FINANCIAL ANALYSIS
[all figures are in
Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
390.768 |
390.768 |
390.768 |
|
Reserves & Surplus |
16059.189 |
16968.314 |
17145.294 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
16449.957 |
17359.082 |
17536.062 |
|
|
|
|
|
|
long-term borrowings |
1267.467 |
1001.667 |
417.200 |
|
Short term borrowings |
4408.727 |
2008.517 |
1439.904 |
|
Current maturities of
long-term debts |
362.133 |
400.667 |
625.800 |
|
Total
borrowings |
6038.327 |
3410.851 |
2482.904 |
|
Debt/Equity
ratio |
0.367 |
0.196 |
0.142 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
17648.570 |
17680.759 |
14972.188 |
|
|
|
0.182 |
(15.319) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
17648.570 |
17680.759 |
14972.188 |
|
Profit |
1630.845 |
1709.154 |
821.935 |
|
|
9.24% |
9.67% |
5.49% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
||||||||||||||||||||||||||||||||||||||||||||||||
UNSECURED LOAN
(Rs.
In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
SHORT TERM
BORROWING |
|
|
|
Loans Repayable on Demand from Banks |
357.582 |
1060.250 |
|
|
|
|
|
Total |
357.582 |
1060.250 |
REVIEW OF THE ECONOMY
The Central Statistics Office (CSO) has estimated that Indian economy is
likely to register growth of 7.4 per cent in 2014-15, as compared to a growth
of 5.1 per cent and 6.9 per cent in 2012-13 and 2013-14 respectively.
Industrial and services sectors registered significant growth but growth in
agricultural sector affected adversely due to sub-optimal monsoon in 2014-15.
The year 2014-15 has witnessed key policy reforms aimed at promoting growth and
eliminating structural constraints in the economy. The Government's initiative
of 'Make in India' aided further by liberalization in foreign direct
investment, low oil price, easier credit conditions, etc. should give greater
impetus to the economy.
While the Indian economy seems to be getting back on track, global
economy is still struggling to gain momentum as many developed economies
continue to grapple with the still lingering legacies of the global financial
crisis and the emerging economies are performing below their potential. Global
growth in 2014 was a modest 3.4 per cent indicating a sluggish pickup in the
advanced economies in relation to previous year and a slowdown in emerging
markets and developing economies, as per the World Economic Outlook (WEO)
update released by the International Monetary Fund (IMF). Activity levels in
United States and United Kingdom have gathered momentum due to well thought out
monetary and labour market policies. The recovery has been miniscule in
Eurozone and Japan. China is undergoing a carefully managed slowdown. Overall
global growth is projected to reach 3.5 per cent and 3.8 per cent in 2015 and
2016.
GRAPHITE INDIA
The Company recorded a subdued performance during the year. Revenue from
Operations decreased by 14.8 per cent to Rs. 1,5713.600 Million for FY 2014-15
as against Rs. 1,8448.900 Million in the previous year. The decline was
primarily driven by lower sales volume and lower price realization. One of the
major reasons for low demand of Graphite Electrodes was Chinese over production
of steel through the Blast Furnace method leading to higher export of steel
from China at low price which ultimately impacted global steel production
through Electric Arc Furnace route. The rapid slide in price of Graphite
Electrodes continued unabated due to excess capacity and fierce competition.
The year witnessed steep fall in pricing of Graphite Electrodes further
aggravated by weak Euro. Commodity and oil prices dropped resulting in
reduction in input cost. However, the reduction was not sufficient to
compensate for the falling price of finished goods which resulted in lower
margins. The PAT of Rs. 821.900 Million for current year was lower by around
52% in comparison to Rs. 1709.200 Million of previous year.
The Company's Graphite and Carbon Segment continues to be the main
source of revenue and profit for the Company, accounting for about 89% of the
total revenue.
Glass Reinforced Plastic Pipes and Steel divisions have performed better
during the year in comparison to previous year.
The business environment in all segments has become intensely
competitive. In order to sustain and survive through this difficult phase, the
Company has taken extraordinary measures in ensuring efficient management of all
resources, innovative approach to cost reduction and high level of operating
efficiencies.
The performance of the German subsidiaries continues to suffer due to
unremunerative selling prices and weak demand scenario in Europe. However the
industry projections are indicating a recovery in the medium term.
MANAGEMENT
DISCUSSION AND ANALYSIS
Industry's structure and developments
Graphite and Carbon Segment
Graphite Electrode is used in electric arc furnace (EAF) based steel
mills for conducting current that melts scrap iron and steel and is a
consumable item for the steel industry. An increasing proportion of global
steel is made using electric arc furnaces, and the electric arc furnace itself
is getting more efficient, making more steel per tonne of electrode. The
principal manufacturers are based in USA, South America, Europe, India, China,
Malaysia and Japan.
Graphite Electrode demand is primarily linked with the global production
of steel in electric arc furnaces. Between the two basic methods for steel
production - (1) Blast Furnace (BF); and (2) Electric Arc Furnace (EAF) – the
EAF route to steel production has increased over the last two decades to about
30% at the global level. The share of EAF is expected to grow further in years
to come due to its inherent favourable characteristics of (a) an environment
friendly and less polluting production process; (b) low capital cost; and (c)
faster project (commissioning) time. Fresh investments in EAF steel mills are
characterized by large furnace capacities requiring large diameter UHP
Electrodes. It is expected that the demand for UHP Electrodes too will grow
synchronously. These industry features coupled with an increasing proportion of
EAF steel share in total crude steel production in future should
proportionately augment the demand for Graphite Electrodes.
Stagnant demand, intense competition and sliding sales price continued
to push challenges during the year. This is compounded by liberalization of
import tariff for these items by the Government in new FTA regime. Unabated
imports of Graphite Electrodes from China, Malaysia and Japan caused severe
setback to the industry. However, the Government has finally clamped Anti
Dumping Duty on imports from China with effect from 13th February,
2015.
The duty drawback on export of Graphite Electrodes has been further
reduced from 3 per cent to 2.4 per cent with effect from 22nd November, 2014.
However, the value cap was increased from 3200/MT to 8000/MT. The interest
subvention available for export finance till 31st March, 2014 was
not extended during the year resulting in high cost of funds. Recently
announced Foreign Trade Policy provides for incentive on export to notified
markets to offset infrastructural inefficiencies and associated costs under
Merchandise Exports from India Scheme (MEIS) which should augur well for
exporters.
Calcined Petroleum
Coke and Paste
The Coke Division in Barauni, engaged in the manufacture of Calcined
Petroleum Coke (CPC), which is used as a raw material for certain grades of
electrodes, is one of the several backward integration initiatives of the
Company. The Division also makes Carbon Electrode Paste and Carbon Tamping
Paste. Two grades of CPC - aluminium and graphite - are produced here. CPC is a
raw material used in the manufacture of regular and high power grade Graphite
Electrodes. This is also a critical raw material for fine grained high density
graphite used in speciality graphite products and imperviousgraphite equipment.
Carbon Electrode Paste is used in ferro alloy smelters and Carbon Tamping Paste
is used as a lining material in submerged arc furnaces.
This division could not perform to expectations because of poor demand,
low realisation and constraint in supply of basic raw material i.e. raw
petroleum coke.
Impervious
Graphite Equipment
The Impervious Graphite Equipment (IGE) Division is engaged in
manufacturing and marketing of heat exchangers, ejectors, pumps and turnkey
plants. These have a wide range of applications in corrosive chemicals
industries such as pharmaceutical, agro-chemical, chloro alkali and fertilizer
industries.
Over the years the Company has built this product line into a reliable
brand with a reputation for prompt service, good quality and consistent
performance through investing in strengthening the core competencies. The
division did not perform up to expectation due to weak export demand. Export
realization also suffered due to weak Euro.
Captive Power
Power constitutes one of the major costs of Electrode Production. For
captive consumption, the Company has an installed capacity of 31.5 MW of power
generation through Hydel (18 MW) route and 13.5 MW through multi-fuel route.
Power generation through Hydel Power Plant was 48.48 million units as against
52.54 million units in the previous year. The multi fuel power generating sets
remained as a stand-by facility as adequate power was available from the Grid.
Steel Segment
Powmex Steels Division (PSD) is engaged in the business of manufacturing
high speed steel and alloy steel having its plant at Titilagarh in the State of
Orissa. PSD is the single largest manufacturer of High Speed Steel (HSS) in the
country. HSS is used in the manufacture of cutting tools such as drills, taps,
milling cutters, reamers, hobs, broaches and special form tools. HSS cutting
tools are essentially utilized in - (a) automotive; (b) machine tools; (c)
aviation; and (d) DIY market. The industry is characterised by one good quality
manufacturer of HSS viz. PSD and several other small manufacturers who cater to
the low end of the quality spectrum in the retail segment. On the demand side,
the industry is broadly divided into large and small cutting tool manufacturers
who use both domestic and imported HSS. PSD faces competition from small
domestic producers and imports from large overseas manufacturers.
During the year under review, there was a marginal improvement in the
domestic market for the Division's HSS products. The Division has identified a few
potential customers in the domestic market who as part of their indigenization
programme approached the Division for their HSS requirements, with more
stringent specifications. The Division is able to meet those specifications and
hence the customers have decided to buy their bulk requirements from PSD. Newer
grades and sizes are also being developed for the domestic market to widen the
product range. Exports remained subdued due to slowdown in the European
economies.
Other Segments
Glass Reinforced Plastic Pipes and Tanks (GRP)
GRP Division is engaged in manufacturing of large diameter Glass Fibre
Reinforced Plastic Pipes and Pipeline liners, by continuous filament process
with computerized, advanced technology. These pipes have diverse applications
such as water supply projects, power plants, sewerage disposal schemes,
industrial effluent disposal, etc.
The Company has a good track record of supplying large diameter pipes in
major infrastructure projects. Units which were under-cutting the prices to an
unsustainable level are shutting down their operations due to various reasons.
This will give edge to the units which are in quality production. However
project cost overruns, delay in completion of projects, disputes on contractual
defaults and non-receipt of receivables remain inherent risks in the business.
The Company's policy of picking up orders selectively has paid off and the unit
has performed better than previous year. Further consolidation in the industry
is expected.
1.5 MW Hydel Power
Facility
Power generated from this facility is sold to Karnataka Power Grid under
a Power Purchase Agreement. Generation of power is entirely dependent on
monsoon.
Segment-wise
Performance
Revenue of the
Company
The revenue from operations amounted to Rs. 15713.600 Million as against
Rs. 1,8448.900 Million in the previous year. Aggregate Export Revenue of all
divisions together was Rs. 7610.100 Million as against Rs. 1,0830.400 Million
in the previous year.
Graphite and
Carbon Segment
Production of Graphite Electrodes and Other Miscellaneous Carbon and
Graphite Products during the year under review was 66,525 MT against 68,094 MT
in the previous year.
Production of Calcined Petroleum Coke during the year was 21,668 MT as
against 20,709 MT in the previous year.
Production of Carbon Paste during the year was 8,408 MT against 7,875 MT
in the previous year. Production of Impervious Graphite Equipment (IGE) and
spares at 1,114 MT was lower as compared to that of 1,121 MT in the previous
year.
Power generated from captive Hydel Power Plant of 18 MW capacity
amounted to 48.48 million units during the year as against 52.54 million units
in the previous year. Multi-fuel generating facilities remained as standby and
were not operated due to adequate availability from the grid.
The Segment Revenue declined to Rs. 1,3937.300 Million from Rs.
1,7047.700 Million in the previous year. Domestic and Export sales in terms of
volume and realization impacted adversely due to severe competition during the
year. The profitability of the segment decreased from Rs. 2940.200 Million to
Rs. 1424.600 Million due to steep reduction in price of Graphite Electrodes
coupled with decrease in volume inspite of various cost saving initiatives taken
by the Company. Weak Euro also impacted realization.
Steel Segment
Production of HSS and Alloy Steels was 1,554 MT during the year as
against 1,454 MT in the previous year Other Segments The GRP Division produced
10,350 MT as against 9,630 MT in the previous year.
Sale of power from 1.5 MW Link Canal facility was 3.900 million units as
against 3.140 million units in the previous year.
OUTLOOK
The IMF in their April, 2015 report estimated global growth at 3.5 per
cent in 2015 and 3.8 per cent in 2016 with widely varying prospects across the
major countries and regions. Growth in emerging market economies has been
projected to be weaker due to lower commodity and oil price while growth
prospects for advance economies is improving owing to the rise in the
disposable income from lower oil prices, continuous support from facilitative
monetary policy stands and more moderate fiscal adjustments. The decline in oil
prices could boost activity to more than expected levels.
Indian economy will outgrow China and its BRICS peers with a GDP growth
of 7.5 per cent as per the IMF report. The oil price fall will benefit Indian
economy. The Government initiatives for infrastructure development should give
boost to the demand including steel demand. With the implementation of smart
city project, demand of steel is likely to grow further.
Though steel sector is going through a recessionary phase due to lower
demand and higher imports, the steel demand is expected to grow in future.
World crude steel production reached 1,662 MT for the year 2014, up by
1.2% compared to 2013. Annual production for Asia was 1,132.3 MT of crude steel
in 2014, an increase of 1.4% compared to 2013. India's crude steel production
in 2014 is 83.2 MT as against 81.3 MT in 2013, an increase of 2.3% on 2013. The
production through EAF route should go up in view of its various advantages,
primarily from the point of view of low emission of carbon dioxide. This
development augurs well for the growth of Graphite Electrode demand in future
years, inspite of reducing specific consumption of electrodes per tonne of
steel produced, as a result of improvement in manufacturing technology of steel
as well as electrodes.
With its competitive cost structure, strong technical product features
and a well diversified customer base, the Company has established its presence
in the global Graphite Electrode industry as a potential global player and this
has significantly enabled the Company to penetrate aggressively, the growing market
for large diameter UHP Graphite Electrodes.
It is expected that the domestic demand for steel and as a corollary for
Graphite Electrodes may increase marginally. Faced with unfavourable business
conditions, the global players have turned to the Asian markets and are
following an aggressive pricing policy to capture volumes. This is likely to
affect the Company's domestic volumes as also the profit margins.
STANDALONE
UNAUDITED FINANCIAL RESULT FOR QUARTER ENDED 30th JUNE, 2015
(Rs. In Million)
|
PARTICULARS |
Quarter Ended |
|
|
30th June 2015 (Unaudited) |
|
Income from Operations |
|
|
Gross Sales / Income from Operations
|
3367.800 |
|
Less
: Excise Duty |
202.900 |
|
Net Sales / Income from
Operations |
3164.900 |
|
Other
Operating Income |
60.100 |
|
Total Income from Operations
(Net) |
3225.000 |
|
|
|
|
Expenses |
|
|
Cost
of materials consumed |
1197.200 |
|
Purchases
of stock-in-trade |
- |
|
Changes
in inventories of finished goods, work-in-
progress and stock-in-trade |
149.400 |
|
Employee
benefits expense |
357.900 |
|
Consumption
of stores and spare parts |
248.800 |
|
Power
and fuel |
531.800 |
|
Depreciation
and amortization expense |
112.100 |
|
Other
Expenses |
406.700 |
|
Total Expenses |
3003.900 |
|
Profit / (Loss) from Operations before other income, finance costs and
exceptional items |
221.100 |
|
Other Income |
44.900 |
|
Profit / (Loss) from ordinary activities Before Finance Costs &
Exceptional Items |
266.000 |
|
Finance costs |
20.200 |
|
Profit / (Loss) from ordinary activities after Finance Cost but before
exceptional items |
245.800 |
|
Exceptional Items |
- |
|
Profit / (Loss) from ordinary activities before tax |
245.800 |
|
Tax expense |
82.500 |
|
Net Profit / (Loss) from ordinary activities after tax |
163.300 |
|
Extraordinary Item |
- |
|
Net profit for the period |
163.300 |
|
Paid-up Equity Share Capital
(each share of Rs. 2/- face value) |
390.800 |
|
Reserves
excluding revaluation reserves as
per Balance Sheet of previous
accounting year |
-- |
|
Earnings per share (EPS) (before and after extraordinary items) – Face
Value Rs. 2/- each (not annualised) |
- |
|
Basic EPS (Rs.) |
0.84 |
|
Basic EPS (Rs.) |
0.84 |
|
A |
PARTICULARS OF SHAREHOLDING |
Quarter Ended |
|
|
|
|
30.06.2015 |
|
|
1 |
Public shareholding |
|
|
|
|
a. |
Number of shares |
67888836 |
|
|
b. |
Percentage of shareholding |
34.75 |
|
2 |
Promoters and promoter group shareholding |
|
|
|
|
a. |
Pledged/Encumbered |
|
|
|
|
Number of shares |
-- |
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
-- |
|
|
|
Percentage of shares (as a % of the total share capital of the
Company) |
-- |
|
|
b. |
Non-encumbered |
|
|
|
|
Number of shares |
127486758 |
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
100.00% |
|
|
|
Percentage of shares (as a % of the total share capital of the
Company) |
65.25% |
|
|
Particulars |
Quarter
Ended |
|
|
|
30.06.2015 |
|
B |
INVESTOR COMPLAINTS
(Nos.) |
|
|
|
Pending
at the beginning of the quarter |
Nil |
|
|
Received
during the quarter |
11 |
|
|
Disposed
of during the quarter |
11 |
|
|
Remaining
unresolved at the end of the quarter |
Nil |
SEGMENT-WISE
REVENUE, RESULT AND CAPITAL EMPLOYED IN TERM OF CLAUSE 41 OF THE LISTING
AGREEMENT
(Rs. In Million)
|
|
Particulars |
Quarter Ended |
|
|
|
30.06.2015 |
|
1. |
Segment Revenue (net of excise duty): |
|
|
|
(a) Graphite and Carbon |
2980.100 |
|
|
(b) Steel |
177.900 |
|
|
(c)
Unallocated |
67.100 |
|
|
Total |
3225.100 |
|
|
Less: Inter-Segment Revenue |
1 |
|
|
Sales/ Income from
Operation Net |
3225.000 |
|
2. |
Segment Results: [Profit / (loss) before
tax and finance costs from each segment] |
|
|
|
(a) Graphite and Carbon |
348.800 |
|
|
(b) Steel |
(8.300) |
|
|
(c)
Unallocated |
(3.100) |
|
|
Total |
337.400 |
|
|
Less:
(i) Finance costs (net) |
20.200 |
|
|
(ii) Other un-allocable
expenditure net of un-allocable income |
71.400 |
|
|
Total Profit Before Tax |
245.800 |
|
3. |
Capital
Employed: (Segment Assets - Segment Liabilities) |
|
|
|
(a) Graphite and Carbon |
14762.000 |
|
|
(b) Steel |
1985.700 |
|
|
(c) Unallocated
|
314.400 |
|
|
Total |
17062.100 |
Note:
- The Company has reviewed its tangible fixed assets as at April 01, 2015 and identified certain significant components with different useful lives from the remaining parts of the asset in keeping with the provisions of Schedule II to the Companies Act, 2013. The depreciation has been computed for such components separately effective April 01, 2015. As a result, the depreciation expense for the quarter ended June 30, 2015 is higher and the profit before tax is lower by Rs. 17.000 Million.
- Exceptional items represent provision for diminution in value of long-term investments.
- Figures for the previous periods have been regrouped / rearranged wherever necessary to conform to current period’s classification.
- The above results have been reviewed by the Audit Committee and approved by the Board at its meeting held on August 11, 2015. The Auditors of the Company have carried out a Limited Review of the above financial results for the quarter ended June 30, 2015 in terms of Clause 41 of the Listing Agreement with Stock Exchanges.
INDEX OF CHARGES:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10251643 |
12/09/2014 * |
460,000,000.00 |
HDFC BANK LIMITED |
BAHRAIN BRANCH, BAHRAIN FINANCIAL HARBOUR, 49TH FLOOR, WEST TOWER, MANAMA, - NA,BAHRAIN |
C26619643 |
|
2 |
10251642 |
12/09/2014 * |
920,000,000.00 |
HDFC BANK LIMITED |
BAHRAIN BRANCH, BAHRAIN FINANCIAL HARBOUR, 49TH FLOOR, WEST TOWER, MANAMA, - NA, BAHRAIN |
C26639211 |
|
3 |
90245975 |
26/09/2013 * |
6,000,000,000.00 |
UCO BANK (LEAD BANK) |
FLAGSHIP CORPORATE BRANCH, MCLEOD HOUSE, 3, NETAJI SUBHAS ROAD, KOLKATA, WEST BENGAL - 700001, INDIA |
B87588877 |
*Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Claims against the Company not acknowledged as debts: |
|
|
|
(a) Disputed Excise Duty |
102.312 |
102.312 |
|
(b) Disputed Customs Duty |
116.301 |
116.301 |
|
(c) Disputed Service Tax |
50.906 |
251.607 |
|
(d) Disputed Sales Tax / Value Added Tax |
65.609 |
51.654 |
|
(e) Disputed Entry Tax |
38.350 |
36.008 |
|
(f) Disputed Income Tax |
12.090 |
88.047 |
|
(g) Labour Related Matters |
58.563 |
50.369 |
|
(h) Other Matters (Property, Rental, etc.) |
31.658 |
4.923 |
FIXED ASSETS
Tangible Assets
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Machinery Spares
Intangible Assets
· Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No 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.65.96 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
AMR |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
65 |
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.