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|
MIRA INFORM REPORT
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Report No. : |
484959 |
|
Report Date : |
09.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
VESUVIUS INDIA LIMITED (w.e.f. 06.11.1992) |
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Formerly Known
As : |
VESUVIUS REFRACTORIES LIMITED |
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Registered
Office : |
P-104, Taratala Road, Kolkata – 700088, West Bengal |
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Tel. No.: |
91-33-30410600/620 |
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Country : |
India |
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Financials (as
on) : |
31.12.2016 |
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Date of
Incorporation : |
06.09.1991 |
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Com. Reg. No.: |
21-052968 |
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Capital
Investment / Paid-up Capital : |
INR 203.000 Million |
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CIN No.: [Company Identification
No.] |
L26933WB1991PLC052968 |
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IEC No.: |
0293002622 |
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GSTIN : |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACV8995Q |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
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Line of Business
: |
The
company is primarily engaged in the manufacturing and trading of refractory goods.
The company also provides services in relation to refractory goods.
[Registered Activity] |
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No. of Employees
: |
437 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A++ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject was incorporated in the year 1991 and engaged in manufacturing and trading of refractory goods. As per the quarterly financial record of September 2017, the company has achieved a decent revenue base and has earned fair profitability margin of 10.53%. Rating take into consideration healthy financial position marked by above average net worth base, zero debt balance sheet profile and comfortable liquidity parameters. Rating also derives strength from company’s established track record of business operations and promoter’s extensive industry experience. However, rating strength partially offset by vulnerability of its operating margins to volatility in raw material prices and working capital intensive operations. The company has its share price trading at around INR 1380.05 on BSE as on January 08, 2017 as against the Face Value (FV) of INR 10. Business is active. Payments are reported to be regular and as per commitment. In view of the aforesaid, the company can be considered good for normal 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
|
Country Name |
Previous Rating (31.03.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 09.01.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE (Tel No.: 91-33-30410600/ 628)
Tel No.: [91-33-24010215/ 24010234] – Numbers are not working.
LOCATIONS
|
Registered Office/ Factory 1: |
P-104, Taratala Road, Kolkata – 700088, West Bengal, India |
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Tel. No.: |
91-33-30410600/620 |
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Fax No.: |
91-33-24013976/ 1235 |
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E-Mail : |
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Website : |
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Factory 2 : |
Plot No. 13, 14 and 15, Block “E”, IDA Auto Nagar, Visakhapatnam-530012, Andhra Pradesh, India |
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Tel. No.: |
91-891-3011300 / 3011337 |
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Fax No.: |
91-891-2587511 |
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E-Mail : |
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Factory 3 : |
Survey No. 90 and
98, Part, Block G, Industrial Park, Fakirtakya Village, Auto Nagar, Visakhapatnam-530046, Andhra
Pradesh,
India |
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Tel. No.: |
91-891-3983715 |
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Fax No.: |
91-891-3983708 |
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E-Mail : |
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Factory 4 : |
212/B, G.I.D.C Estate, Mehsana - 384002, Gujarat, India |
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Tel. No.: |
91-2762-252948/ 949 |
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Fax No.: |
91-2762-252909 |
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E-Mail : |
DIRECTORS
AS ON 2017
|
Name : |
Mr. Biswadip Gupta |
|
Designation : |
Chairman |
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Address : |
18DX2 Bay Tower, Hiland Park, 1925 Chak Garia, Kolkata - 700094, West Bengal, India |
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Date of Birth/Age : |
25.12.1950 |
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Qualification : |
B.E. (Metallurgy) MBA |
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Date of Appointment : |
07.09.1991 |
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DIN No.: |
00048258 |
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Name : |
Mr. Sudipto Sarkar |
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Designation : |
Director |
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Address : |
31, Broad Street, Kolkata - 700019, West Bengal, India |
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Date of Appointment : |
26.07.2005 |
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DIN No.: |
00048279 |
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Name : |
Ms. Nayantara Palchoudhuri |
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Designation : |
Director |
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Address : |
64, Lake Place, Kolkata - 700029, West Bengal, India |
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Date of Birth/Age : |
24.06.1962 |
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DIN No.: |
00581440 |
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|
Name : |
Mr. Francois Clement Wanecq |
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Designation : |
Director |
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Address : |
17 rue E. Vandriessche 1050, Brussels, 1050, France |
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Date of Birth/Age : |
08.10.1952 |
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Date of Appointment : |
17.04.2007 |
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DIN No.: |
01272269 |
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Name : |
Mr. Tanmay Kumar Ganguly |
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Designation : |
Director |
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Address : |
UD01 / 1202 Udita, 1050/1 Survey Park, Kolkata - 700075, West Bengal, India |
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Date of Birth/Age : |
05.12.1963 |
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Qualification : |
B.Com and CA |
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Date of Appointment : |
07.05.2015 |
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DIN No.: |
01272338 |
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Name : |
Mr. Patrick Georges Felix Andre |
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Designation : |
Casual Vacancy Director |
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Address : |
Rue Franz Merjay 157 1050 Bruxelles, Belgium 1050 BE |
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Date of Appointment : |
08.08.2016 |
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DIN No.: |
07619754 |
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|
Name : |
Mr. Subrata Roy |
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Designation : |
Director |
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Address : |
2 ND- FR FL – 2A 288 Jodhpur Park LP - 145/9/1/0, Kolkata – 700068, West Bengal, India |
|
Date of Appointment : |
01.01.2015 |
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DIN No.: |
07046994 |
KEY EXECUTIVES
|
Name : |
Mr. Suvojit Chakrawarthy |
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Designation : |
Accounts Departments |
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|
|
|
Name : |
Mr. Taposh Dominic Roy |
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Designation : |
Company Secretary |
|
Address : |
Flat No. 8, 4th Floor, 34n, Sashi Bhusan Mukherjee Road, Kolkata -
700034, West Bengal, India |
|
Date of Appointment : |
01.02.2001 |
|
PAN No.: |
ACHPR7189L |
|
|
|
|
Name : |
Mr. Sanjoy Dutta |
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Designation : |
Chief Financial Officer |
|
Address : |
Flat No. E6, Floors Castle, Lake District, 74 Narkeldanga Main Road,
Kolkata - 700054, West Bengal, India |
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Date of Appointment : |
01.04.2014 |
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PAN No.: |
ADLPD5090R |
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Audit Committee : |
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Corporate Social Responsibility Committee: |
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Nomination and Remuneration Committee: |
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Share Transfer and Investor Grievance and Relationship Committee : |
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SHAREHOLDING PATTERN
As on September 2017
|
Category
of shareholder |
Total nos. shares held |
Shareholding
as a % of total no. of shares (calculated as per SCRR, 1957) |
|
|
Promoter and Promoter Group |
11277650 |
55.57 |
|
|
Public |
9018430 |
44.43 |
|
|
Grand
Total |
20296080 |
100.00 |
|
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER
AND PROMOTER GROUP
|
Category
of shareholder |
Total nos. shares held |
Shareholding as a
% of total no. of shares (calculated as per SCRR, 1957) |
|
|
A1) Indian |
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|
|
|
A2) Foreign |
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|
|
|
Any Other
(specify) |
11277650 |
55.57 |
|
|
Vesuvius Group Limited |
11277650 |
55.57 |
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|
Sub Total A2 |
11277650 |
55.57 |
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|
A=A1+A2 |
11277650 |
55.57 |
|
STATEMENT SHOWING
SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
category & Name
of the Shareholders |
Total No. shares
held |
Shareholding %
calculated as per SCRR 1957 As a % |
|
|
B1) Institutions |
|
||
|
Mutual Funds/ |
4125832 |
20.33 |
|
|
HDFC Trustee Co Ltd-A/c
HDFC Mid-Cap Opportunities Fund |
1111500 |
5.48 |
|
|
Reliance Capital Trustee
Co Ltd-A/c Reliance Tax Saver (ELSS) Fund |
1265791 |
6.24 |
|
|
HDFC Trustee Co Ltd-HDFC
Long Term Advantage Fund |
420000 |
2.07 |
|
|
UTI MID-CAP FUND |
233647 |
1.15 |
|
|
Reliance Capital Trustee
Co Ltd-A/c Reliance Capital Builder Fund-SR C |
270536 |
1.33 |
|
|
Alternate Investment
Funds |
67300 |
0.33 |
|
|
Foreign Portfolio
Investors |
271738 |
1.34 |
|
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Financial Institutions/
Banks |
6376 |
0.03 |
|
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Insurance Companies |
154759 |
0.76 |
|
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Any Other (specify) |
104464 |
0.51 |
|
|
Sub Total B1 |
4730469 |
23.31 |
|
|
B2) Central Government/
State Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto
INR 0.200 Million |
2152537 |
10.61 |
|
|
Individual share capital
in excess of INR 0.200 Million |
569788 |
2.81 |
|
|
Urjita Master |
222000 |
1.09 |
|
|
Any Other (specify) |
1565636 |
7.71 |
|
|
Catamaran Advisors LLP |
609729 |
3.00 |
|
|
Sub Total B3 |
4287961 |
21.13 |
|
|
B=B1+B2+B3 |
9018430 |
44.43 |
BUSINESS DETAILS
|
Line of Business : |
The
company is primarily engaged in the manufacturing and trading of refractory
goods. The company also provides services in relation to refractory goods.
[Registered Activity] |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
China |
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Terms : |
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Selling : |
Cash, Advance Payment, |
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Purchasing : |
Cash, Advance Payment |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers
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No. of Employees : |
437 (Approximately) |
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Bankers : |
·
Axis
Bank Limited ·
State
Bank of India
|
|
Auditors : |
|
|
Name : |
B S R and Company LLP Chartered Accountants |
|
Address : |
Godrej
Waterside, Unit No. 603 and 604, 6th Floor, TowerI Plot No.5,
Block DP, Sector V Salt Lake, Kolkata - 700091, West Bengal, India |
|
Tel. No.: |
91-33-40354000 |
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Fax No.: |
91-33-44034199 |
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E-Mail : |
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Memberships : |
Not Available |
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|
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Collaborators : |
Not Available |
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Secretarial Auditors : |
|
|
Name : |
Anjan Kumar Roy and Company |
|
Address : |
DPS Business Centre, 9A, Sebak Baidya Street, Kolkata – 700029, West
Bengal, India |
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|
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Enterprises having control over the Company with which no transactions
have taken place during the year: |
·
Vesuvius Plc, United Kingdom - Ultimate Holding Company
– holding company of Vesuvius Holdings Limited, United Kingdom ·
Vesuvius Holdings limited, United Kingdom
(Formerly Known as Cookson Group Plc) Holding Company of Cookson Financial
Limited, United Kingdom ·
Vesuvius Financial Limited, United Kingdom (Formerly
Known as Cookson Group Plc) Holding Company of Cookson Financial Limited,
United Kingdom |
|
|
|
|
Fellow
Subsidiaries: |
·
Vesuvius Group S. A. ·
Vesuvius GmbH, Germany ·
Vesuvius Canada Inc ·
Vesuvius South Africa (Pty) Limited ·
Vesuvius UK Limited ·
Vesuvius Crucible Company ·
Vesuvius USA Corporation ·
Vesuvius Advanced Ceramics (Suzhou) Company
Limited ·
Wuhan Wugang Vesuvius Advanced Ceramics Company
Limited ·
Vesuvius Mexico S.A. de C.V. ·
Vesuvius Malaysia SDN BHD ·
Vesuvius Corporation S. A. ·
Vesuvius Poland Sp.,z.o.o ·
Vesuvius (Thailand) Company Limited ·
Foseco (Thailand) Limited ·
Foseco India Limited ·
Vesuvius Refratarios Ltda ·
Vesuvius Belgium N.V. ·
PT. Foseco Indonesia ·
Foseco Pty Limited ·
Foseco Industrial e Commercial Limited ·
Vesuvius Slavia, A.S ·
Vesuvius Emirates FZE ·
Vesuvius Istanbul Refrakter, Turkey ·
Vesuvius Mid - East Limited ·
Vesuvius Italia SPA ·
Vesuvius France S. A. ·
Vesuvius Zyarock Ceramics (Suzhou) Company
Limited ·
Vesuvius Foundry Products (Suzhou) Company
Limited ·
Vesuvius Iberica Refractarios S.A. ·
Foseco Korea Limited ·
SERT-Metal SAS ·
Yingkou Bayuquan Refractories Company Limited ·
BMI Refractory Services Inc. Thiland ·
Avemis SAS ·
Feseco Philippines Inc |
|
|
|
|
Names of Principal Group Companies/ fellow subsidiaries : |
Vesuvius Overseas Limited, United Kingdom
(Formerly Cookson Overseas Limited United Kingdom) |
|
|
|
|
Enterprises having control over the Company with which transaction has
taken place during the year and previous year: |
Vesuvius Group Limited,
United Kingdom - Immediate holding company |
CAPITAL STRUCTURE
AS ON 31.12.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
25000000 |
Equity Shares |
INR 10/- each |
INR 250.000 Million |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20300000 |
Equity Shares |
INR 10/- each |
INR 203.000 Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20296080 |
Equity Shares |
INR 10/- each |
INR 203.000 Million |
|
|
|
|
|
Note - Shares held in
abeyance:
In compliance with the provisions of Section 126 of the Companies Act, 2013, offer of Rights Shares of 3,920 Equity Shares out of the Rights Issue made in the year 1997 have been held in abeyance.
Reconciliation of shares
outstanding at the beginning and at the end of the reporting year
|
|
As at December 31, 2016 |
|
|
|
Number |
INR In Million |
|
Equity shares |
|
|
|
At
the commencement of the year |
20296080 |
203.000 |
|
Shares
issued during the year |
- |
- |
|
At the end of the year |
20296080 |
203.000 |
Rights, preferences
and restrictions attached to equity shares
The Company has a single class of equity shares with par value of INR 10/- per share. Accordingly, all equity shares rank equally with regard to dividends and share in the Company’s residual assets. The equity shares are entitled to receive dividend was declared from time to time. The voting rights of an equity shareholder, are in proportion to its share of the paid-up equity capital of the Company. On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company remaining after distribution of all preferential amounts in proportion to the number of equity shares held.
Shares held by a holding
company
|
Particulars |
As at December 31, 2016 |
|
|
|
Number |
INR In Million |
|
Equity
share of Rs 10 each fully paid up held by Holding company - Vesuvius Group
Limited, (U.K.) *# |
11277650 |
112.800 |
* Subsidiary of Vesuvius plc. United Kingdom - ultimate holding company.
# The companies, namely Vesuvius plc United Kingdom, Vesuvius Holding Limited (formerly, Cookson Group plc) and Vesuvius Financial Limited (formerly, Cookson Financial Limited), all incorporated in the United Kingdom, do not hold any shares of Vesuvius India Limited directly but are holding company of Vesuvius India Limited through a chain of subsidiary holdings.
Particulars of shareholders
holding more than 5% shares of a class of shares
|
Particulars |
As at December 31, 2016 |
|
|
|
Number |
% of total shares in the class |
|
Equity
share of INR 10 each fully paid-up held by |
|
|
|
-Vesuvius
Group Limited, U.K., holding company |
11277650 |
55.57 |
|
|
|
|
|
-
HDFC Trustee Company Limited -
HDFC Mid Cap Opportunities Fund |
1111500 |
5.48 |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
203.000 |
203.000 |
203.000 |
|
(b) Reserves &
Surplus |
5479.100 |
4766.800 |
4190.300 |
|
(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) |
5682.100 |
4969.800 |
4393.300 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
12.100 |
45.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
118.400 |
78.000 |
104.100 |
|
Total Non-current
Liabilities (3) |
118.400 |
90.100 |
149.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
1204.700 |
1029.200 |
901.400 |
|
(c) Other current
liabilities |
198.800 |
158.300 |
156.900 |
|
(d) Short-term provisions |
251.800 |
193.000 |
180.600 |
|
Total Current Liabilities
(4) |
1655.300 |
1380.500 |
1238.900 |
|
|
|
|
|
|
TOTAL |
7455.800 |
6440.400 |
5781.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1242.600 |
1307.800 |
1321.400 |
|
(ii) Intangible Assets |
1.100 |
0.300 |
1.500 |
|
(iii) Capital
work-in-progress |
158.800 |
142.400 |
195.400 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
39.700 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
204.900 |
136.400 |
131.300 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1647.100 |
1586.900 |
1649.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
943.500 |
726.200 |
717.100 |
|
(c) Trade receivables |
2711.000 |
2266.000 |
1868.500 |
|
(d) Cash and cash
equivalents |
1988.900 |
1733.800 |
1430.700 |
|
(e) Short-term loans and
advances |
151.500 |
106.200 |
92.100 |
|
(f) Other current assets |
13.800 |
21.300 |
23.300 |
|
Total Current Assets |
5808.700 |
4853.500 |
4131.700 |
|
|
|
|
|
|
TOTAL |
7455.800 |
6440.400 |
5781.300 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
|
SALES |
|
|
|
|
|
Income |
8215.100 |
6997.200 |
6522.300 |
|
|
Other Income |
129.900 |
102.100 |
91.000 |
|
|
TOTAL |
8345.000 |
7099.300 |
6613.300 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3107.100 |
2609.500 |
2538.000 |
|
|
Purchases of
Stock-in-Trade |
1478.500 |
1311.800 |
1221.100 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(99.500) |
(48.900) |
17.900 |
|
|
Employees benefits
expense |
562.900 |
464.600 |
430.800 |
|
|
Other expenses |
1680.600 |
1400.200 |
1315.000 |
|
|
Corporate social
responsibility expenses |
1.200 |
1.000 |
0.000 |
|
|
TOTAL |
6730.800 |
5738.200 |
5522.800 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1614.200 |
1361.100 |
1090.500 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
6.400 |
5.200 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1607.800 |
1355.900 |
1090.500 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
274.500 |
232.200 |
191.200 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1333.300 |
1123.700 |
899.300 |
|
|
|
|
|
|
|
Less |
TAX |
462.200 |
387.800 |
307.600 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
871.100 |
735.900 |
591.700 |
|
|
|
|
|
|
|
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
3999.700 |
3496.800 |
3134.100 |
|
|
|
|
|
|
|
|
|
Depreciation Adjustment |
0.000 |
(6.800) |
0.000 |
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
Transfer to General
Reserve |
87.100 |
73.600 |
59.200 |
|
|
Proposed dividend |
131.900 |
126.800 |
121.800 |
|
|
Interim Dividend |
0.000 |
0.000 |
20.300 |
|
|
Income Tax on Interim |
0.000 |
0.000 |
3.400 |
|
|
Tax on Dividend |
26.900 |
25.800 |
24.300 |
|
|
Balance Carried to the
B/S |
4624.900 |
3999.700 |
3496.800 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
836.100 |
258.600 |
358.900 |
|
|
F.O.B. Value of Deemed
Export |
735.000 |
629.800 |
557.200 |
|
|
Commission Income |
1.600 |
0.000 |
0.000 |
|
|
Reimbursement of expenses |
26.800 |
5.900 |
18.500 |
|
|
TOTAL EARNINGS |
1599.500 |
894.300 |
934.600 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
2128.300 |
1681.400 |
1802.100 |
|
|
Stores and Spares parts |
20.100 |
15.900 |
19.500 |
|
|
Stock-in-trade (acquired
for trading) |
144.000 |
184.200 |
173.800 |
|
|
Capital Goods |
99.900 |
40.700 |
37.300 |
|
|
Tooling |
43.200 |
27.700 |
37.300 |
|
|
TOTAL IMPORTS |
2435.500 |
1949.900 |
2070.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
42.92 |
36.26 |
29.15 |
QUARTERLY
RESULTS
|
PARTICULARS |
31.03.2017 1st
Quarter |
30.06.2017 2nd
Quarter |
30.09.2017 3rd
Quarter |
|
Unaudited |
|
|
|
|
Net Sales |
2458.000 |
2604.300 |
2142.700 |
|
Total Expenditure |
2058.600 |
2143.100 |
1758.300 |
|
PBIDT (Excl OI) |
399.400 |
461.200 |
384.400 |
|
Other Income |
27.700 |
30.300 |
33.800 |
|
Operating Profit |
727.100 |
491.500 |
418.200 |
|
Interest |
NA |
NA |
NA |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
427.100 |
491.500 |
418.200 |
|
Depreciation |
66.800 |
68.200 |
75.100 |
|
Profit Before Tax |
360.300 |
423.300 |
343.100 |
|
Tax |
126.000 |
151.500 |
118.000 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
234.300 |
271.800 |
225.100 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
234.300 |
271.800 |
225.100 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
1026.200 |
943.600 |
981.300 |
|
Net cash flow from (used in) operating Activities |
501.900 |
539.600 |
645.400 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
120.45 |
118.20 |
104.56 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
3.03 |
3.09 |
3.49 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
95.89 |
95.80 |
87.52 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.71 |
1.87 |
1.52 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
1.15 |
0.94 |
0.72 |
LEVERAGE RATIOS
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.22 |
0.21 |
0.21 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.29 |
0.28 |
0.28 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.25 |
0.29 |
0.35 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
252.22 |
261.75 |
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
|
|
|
|
|
|
|
PAT to Sales [(PAT/Sales)
* 100) |
% |
10.60 |
10.52 |
9.07 |
|
|
|
|
|
|
|
Return on Total Assets
[(PAT / Total Assets) * 100] |
% |
11.68 |
11.43 |
10.23 |
|
|
|
|
|
|
|
Return on Investment
(ROI) [(PAT / NetWorth) * 100] |
% |
15.33 |
14.81 |
13.47 |
SOLVENCY RATIOS
|
PARTICULARS |
31.12.2016 |
31.12.2015 |
31.12.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
3.51 |
3.52 |
3.33 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
2.94 |
2.99 |
2.76 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.76 |
0.77 |
0.76 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
3.51 |
3.52 |
3.33 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 1380.05/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2014 |
31.12.2015 |
31.12.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
203.000 |
203.000 |
203.000 |
|
Reserves & Surplus |
4190.300 |
4766.800 |
5479.100 |
|
Net
worth |
4393.300 |
4969.800 |
5682.100 |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2014 |
31.12.2015 |
31.12.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
6522.300 |
6997.200 |
8215.100 |
|
|
|
7.281 |
17.406 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2014 |
31.12.2015 |
31.12.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
6522.300 |
6997.200 |
8215.100 |
|
Profit |
591.700 |
735.900 |
871.100 |
|
|
9.07% |
10.52% |
10.60% |
LEGAL
CASE
HIGH COURT
|
MS. ARYA IRON STEEL COMPANY PRIVATE LIMITED VS MS. VESUVIUS INDIA LIMITED High Court-Maharashtra Case No: CARAPL/77/2016 [Original] REMARK: PRAECIPE DTD. 17/01/2017. == Case Status: Pending Judge: HON'BLE SHRI JUSTICE G.S. PATEL Date: 2017-02-03 |
HIGH COURT
|
MS. ARYA IRON STEEL COMPANY PRIVATE LIMITED VS MS. VESUVIUS INDIA LIMITED High Court-Maharashtra Case No: CARAPL/77/2016 [Original] REMARK: === AFFIDAVIT IN REPLY OF TAPOSH ROY FILED ON 15/3/2017.=== Case Status: Pending Judge: HONBLE SHRI S.J. KATHAWALL,J. DT. 28/08/2015 FILED ON 01/09/2015. Date:2017-04-04 |
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 |
Yes |
|
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) |
Yes |
|
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 |
No |
|
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 |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the Annual
Report |
No |
COMPANY OVERVIEW
The company is a public company
domiciled and headquartered in India. It is incorporated under the Companies
Act, 1956 and its shares are listed on the National Stock Exchange (NSE) and
Bombay Stock Exchange (BSE). The company is primarily engaged in the
manufacturing and trading of refractory goods. The company also provides
services in relation to refractory goods. The company has operations in India
and caters to both domestic and international markets.
FINANCIAL YEAR OF THE
COMPANY
The company law board by an order dated January 7, 2016 has permitted the company to have the financial year to end on 31st December of each year.
OPERATING AND
FINANCIAL PERFORMANCE, INTERNAL CONTROL
India's steel production
grew by a good 6.8% from 89.6 million tons in 2015 to 95.6 million tons during
2016. This matches with the 6.5% to 7% growth forecast by the World Steel
Association. The Company has benefited from the domestic growth in production
as well as from exports.
The portfolio
re-jig and operational efficiencies built over the years paid off during the
year in a difficult market situation. Competition activities have increased as
they hold on to their market share with aggressive pricing.
This year the
Company's total revenue crossed the INR 8000 million mark. Total revenue from
operations increased by more than 17% over the previous year driven by both
domestic and export growth. Net sales increased by about 18% and both PBT and
PAT increased by more than 18% over the previous year.
There is no change in the nature of the
business of the Company. The Company has no subsidiaries or associated companies
therefore disclosures in this regard
are not provided in this Report. There were no significant and material orders
passed by regulators or courts or tribunals impacting the going concern status and Company's operations in future.
All four factories had been working efficiently during the year. Safety measures and processes have been installed and improved upon at all plants and work sites. Insurance claim for damages caused by cyclone Hushed in October 2014 at Visakhapatnam were fully settled during the year and losses, net of insurance, were minimal.
The Company has in place an established internal control system designed to ensure proper recording of financial and operational information and compliance of various internal controls and other regulatory and statutory compliances. A new software has been installed to keep track of all compliances and to enable management to take preemptive action to ensure and record compliances on a pan India basis. Code on Internal Control which require that the Directors review the effectiveness of internal controls and compliance controls, financial and operational risks, risk assessment and management systems and related party transactions, have been complied with. Self-certification exercises are also conducted by which senior management certify effectiveness of the internal control system, their adherence to Code of Conduct and Company's policies for which they are responsible, financial or commercial transactions, if any, where they have personal interest or potential conflict of interest. Internal Audit has been conducted on a pan India basis.
Company's Policies on Health & Safety, Quality, Corporate Social Responsibility, Remuneration, Speak Up and Incident Reporting (Whistle Blowing), Related Party Transactions, Materiality and Dealing with Related Party transactions, Insider trading, Risk Management, Prevention of Sexual Harassment, Dividend Distribution Policy also the Code of Conduct applicable to Directors and Employees of the Company have been complied with.
GROUP ACTIVITIES
The London Stock Exchange
and is a global leader in metal flow engineering, principally serving steel and
foundry industries. Vesuvius develops innovative and customised solutions to be
used in extremely demanding industrial environments, which enable customers to
improve their manufacturing processes, enhance product quality and reduce
energy consumption. Vesuvius has a worldwide presence and serves customers
through a network of low-cost manufacturing plants located close to their own
facilities, who are supported by Vesuvius global technology centres. Vesuvius’ core competitive strengths are
market and technology leadership, strong customer relationships, well
established presence in developing markets and global reach. Vesuvius has a
proud heritage of bringing innovation to the markets. The developments in VISO
Isostatic pressing technology and in slide gate systems were key enablers for
continuous casting process now deployed throughout the whole world of the steel
industry. Maintaining this technology leadership is central objective of
Vesuvius strategy and the spirit of innovation is at the core of all our
activities.
United Kingdom. The
immediate holding company, holds about 56% of the share capital of the Company.
Mr Francois Wanecq, the Chief Executive of Vesuvius plc, the ultimate holding
company, is a Director of our Company. Mr Patrick Georges Felix Andre,
President-Flow Control and Mr Tanmay Ganguly, President-Advanced Refractory of
the Vesuvius Group worldwide are also Directors of the Company. The Vesuvius
Group has commenced its activities to establish a Research & Development
Centre in India. The Vesuvius Group has a sincere commitment to and has been
extremely supportive of their Indian operations and continues to provide
constant support in terms of technology, systems, manufacturing etc.
INDUSTRY STRUCTURE
AND DEVELOPMENTS, OPPORTUNITIES AND THREATS, OUTLOOK, RISKS AND CONCERNS
India's crude steel
production grew by a good 6.8% from 89.6 million tons in 2015 to INR 95.600 million tons in 2016. The economy has
not yet delivered on its promises in terms of serious demand from
infrastructural growth. Steel and foundry industry comprises the biggest group
of our customers. Hence anything that affects
The steel and foundry
industry will have its one off effect on the business. There is
a continuous process for identifying, evaluating and managing significant
risks faced through a risk management process designed to identify the key risks facing each
business. The role of insurance and other measures used in managing risks is
also reviewed. The Audit Committee has continued its monitoring role. Risks would include demand volatility,
adverse foreign exchange fluctuations, ability to source critical raw
materials, protection of leading technologies, product liability & loss of
business reputation and adverse regulatory developments. During the year a risk
analysis and assessment was conducted and no major risks were noticed.
INDEX OF CHARGES: NO
CHARGES EXISTS FOR COMPANY
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULT FOR THE THIRD QUARTER
AND NINE MONTHS ENDED ON SEPTEMBER 30, 2017
(INR in Million)
|
Particulars |
Quarter ended 30.09.2017 (Unaudited) |
Quarter ended 30.06.2017 (Unaudited) |
Year to date 30.09.2017 (Unaudited) |
|
Income from Operations |
|
|
|
|
Gross Sales/ Revenue from Operation |
2137.700 |
2598.600 |
7188.400 |
|
Other Operating Income |
5.000 |
5.700 |
16.600 |
|
Total Income from Operation |
2142.700 |
2604.300 |
7205.000 |
|
Other Income |
33.800 |
30.300 |
91.800 |
|
Total Income |
2176.500 |
2634.600 |
7296.800 |
|
Expenses |
|
|
|
|
Cost of material consumed |
684.200 |
814.200 |
2300.700 |
|
Purchase of stock-in-trade |
469.000 |
491.300 |
1404.800 |
|
Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
3.000 |
18.600 |
58.000 |
|
Excise Duty on sales |
0.000 |
204.200 |
382.500 |
|
Employees benefit expenses |
132.100 |
142.400 |
411.300 |
|
Depreciation and amortization expenses |
75.100 |
68.200 |
210.100 |
|
Other expenses |
470.000 |
472.400 |
1402.700 |
|
Total Expenses |
1833.400 |
2211.300 |
6170.100 |
|
Profit before exceptional items |
343.100 |
423.300 |
1126.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Profit before tax |
343.100 |
423.300 |
1126.700 |
|
Tax expenses |
118.000 |
151.500 |
395.500 |
|
Net Profit for the period |
225.100 |
271.800 |
731.200 |
|
Other Comprehensive Income |
|
|
|
|
Items that will not be reclassifies to
profit or loss |
(2.600) |
(2.600) |
(7.800) |
|
Income tax relating to items that will not
be reclassified |
0.900 |
0.900 |
2.700 |
|
Total Other Comprehensive Income |
(1.700) |
(1.700) |
(5.100) |
|
Total Comprehensive Income |
223.400 |
270.100 |
726.100 |
|
Paid up Equity Share Capital (Face Value INR
10/- per share) |
203.000 |
203.000 |
203.000 |
|
Earnings per share (before and after
extraordinary items) (of INR 10/- each) |
|
|
|
|
Basic |
11.09 |
43.39 |
36.02 |
|
Diluted |
11.09 |
43.39 |
36.02 |
NOTES:
1. The Company has adopted Indian Accounting Standards (referred to as 'Ind AS') with effect from January 0l, 2017 and accordingly these financial results along with the comparatives have been prepared in accordance with the recognition and measurement principles laid down in Ind AS 34 on "Interim Financial Reporting" as prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India.
2. Reconciliation between results previously reported under erstwhile Indian GAAP and as presented now under Ind AS are given below:
|
Particular |
Quarter ended 30.06.2016 |
Year to date ended 30.09.2016 |
|
Net Profit for the
period as per Indian GAAP Adjustment : |
254.600 |
677.100 |
|
Remeasurement loss on defined benefit obligations accounted through Other Comprehensive Income |
2.000 |
5.800 |
|
|
|
|
|
Tax effects on above adjustment |
(0.800) |
(2.100) |
|
Net Profit for the
period as per IND AS |
255.800 |
680.800 |
|
|
|
|
|
Remeasurement
Amount recognized in Other Comprehensive Income |
|
|
|
loss on defined benefit obligations accounted through Other Comprehensive Income |
(2.000) |
(5.800) |
|
Tax effect on above adjustment |
0.800 |
2.100 |
|
Total Comprehensive
Income as per Ind AS |
254.600 |
677.100 |
3. The Company is primarily a manufacturer and trader of refractories and is managed organisationally as a single unit. Accordingly, the Company is a single segment company.
4. The Company has been permitted to retain the calendar year period as its
financial year by order dated January 7, 2016 received from the Company Law
Board, Kolkata Bench.
5. Previous period/year’s figures have been regrouped and/or rearranged
wherever considered necessary to conform to current period's/year's
presentation.
6. The Ind AS Compliant comparative figures for the quarter ended September 30,
2016 and Year to date September 30, 2016 have not been subjected to review or
audit. However the Company's management has exercised necessary due diligence
to ensure that such financial results provide true and fair view of its
affairs.
7. The Company has receivables of RS. 3,306 Lakhs from certain customers
against whom insolvency proceedings have been initiated under the Insolvency
and Bankruptcy Code, 2016. Considering the relationship with the said
customers, criticality of the Company’s products sold and amount collected from
them, the management believes that the said receivables are good and, carrying
amount of the same is appropriate.
8. Post applicability of Goods and Services Tax (GST) with effect from July 1,
2017, revenue from operations is disclosed net of GST. Accordingly the from
operations for the quarter and nine months ended September 30, 2017 are not
comparable with the figures of the previous periods presented in the results.
9. These unaudited financial results have been subjected to limited review by
the Statutory Auditors of the Company who have expressed an unqualified/
unmodified conclusion on these results.
10. These unaudited financial results have been reviewed by the Audit Committee
and approved by the Board of Directors at their meeting held on November 9,
2017.
CONTINGENT
LIABILITIES:
|
Particulars |
31.12.2016 (INR In
Million) |
|
Sales
Tax/Value Added Tax |
250.300 |
|
Income
Tax matters |
151.200 |
|
Excise
Duty, Customs Duty and Service Tax matters |
49.300 |
|
Entry
tax |
6.300 |
The Company has claimed deduction for cost of Tooling purchased during the relevant assessment years for the purpose of ascertaining income tax liability for the period till assessment year 2013-2014. The Income tax department had disallowed the Company's claim for deduction and had allowed deduction on the basis of actual toolings consumed. The Income Tax Appellate Tribunal (ITAT) vide its order dated December 16, 2003 had directed the department to allow expenses based on actual quantity consumed. The Company had disputed such decision on the contention that the entire purchase is issued to the production process and hence should be treated as consumption and had made an application to the Hon’ble High Court at Calcutta seeking further clarifications of the ITAT order. The relevant orders from the income tax departments giving effect of ITAT order is yet to be received by the Company. During the year ended 31 December 2014, the Company, for the purpose of income tax computation, had claimed deduction for depreciation on tooling on the basis of rates given in the Income Tax Act, 1961 from the Assessment Year 2007-08 onwards. Accordingly, adjustment for income tax liability aggregating to INR 36.400 million, arising on account of the aforesaid change in the method of deduction claimed, had been accounted for in the books of account in the year ended 31 December 2014. The amount of interest/penalty, if any, that could be demanded by the Income tax department on account of the aforesaid adjustment cannot be currently ascertained and hence no provision has been made in the books of account for the same.
(ii) A counter claim has been filed against the Company before the Hon’ble High Court at Calcutta by a customer for claims aggregating INR 74.900 million (previous year INR 74.900) regarding certain disputes relating to goods supplied by the Company in prior years.
FIXED ASSETS:
Tangible Asset:
· Freehold Land
· Leasehold Land
· Building
· Plant and Equipments
· Tooling’s
· Furniture and Fixture
· Vehicles
· Office Equipment
· Computer
· Electrical Installation
Intangible Asset:
- 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
|
INR |
|
US Dollar |
1 |
INR 63..35 |
|
|
1 |
INR 86.89 |
|
Euro |
1 |
INR 76.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
GEET |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.