ABOUT ANUGRAHA VALVE CASTINGS LIMITED UNLISTED SHARES
ANUGRAHA VALVE CASTINGS LIMITED is one of the leading manufacturers and exporters of Stainless Steel and Alloy Steel casting in India. The company’s customer base represents various industries including Petroleum, Engineering, Refinery, Oil, Gas & chemicals.
Anugraha Valve Castings Limited has a wide-ranging product portfolio which comprises Gate Valve, Swing Check Valve, Globe Valve, Control Valve, Strainer Valve, Knife Gate Valve, Ball Valve, Safety Relief Valve, Butterfly Valve, Flame Arrester Valve, and Plug Valve. The company mainly focuses on manufacturing Industrial Valve Castings of sizes ranging from 0.5 inches to 32 inches. In addition, the company’s product range is not limited to Stainless Steel, the company also produces products of Carbon, Low Alloy Steel, High Alloy Steel, Nickel-based Alloy, Duplex, and Super Duplex Steel.
The company has four manufacturing units and one modern machine shop, all are situated in Coimbatore. Apart from this, it owns 6 wind turbine generators with a capacity of 6,850 MVA and a solar plant with a capacity of 500 KW.
The company exports over 600 Metric Tons of its products every year in raw or fully machined conditions. It exports over US$ 36 million of steel castings per annum.
INCORPORATION DETAILS
|
CIN |
U27109TZ1992PLC003873 |
|
Registration Date |
27 August 1992 |
|
Category/Sub-category of the Company |
A company having a share capital |
|
Address of the Registered office and contact details |
S.F.No.391/2, Sengoda Gounden Pudur, Arasur Village, Coimbatore - 641 407 Ph.no. 0422-2360124; Email: anugraha@anugrahavalvecastings.com |
|
Name, Address, and Contact Details of Registrar and Transfer Agent, if any |
M/s. S.K.D.C. Consultants Limited, PB No.2016, ''Kanapathy Towers'', 3rd Floor, 1391/a1, Sathy Road, Ganapathy Post, Coimbatore Tamilnadu - 641 006, Phone: +91 422 4958995, 2539835 |
PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
|
Name and Description of main products/services |
NIC Code of the product/service |
% to the total turnover of the Company |
|
Industrial Valve Castings (Iron and Steel in Primary Forms n.e.c.) |
3309 |
98.23% |
BOARD OF DIRECTORS
Shri R. Baskaran (Chairman & Managing Director)
Shri B. Anandkumar (Joint Managing Director)
Shri R.P. Joshua (Independent Director)
Shri S. Ponraj (Independent Director)
Shri Ramnath Dureja (Non-Executive Director)
Shri Ajay J Shah (Non-Executive Director)
SHAREHOLDING PATTERN (As of 31-03-2021)
|
S. No. |
Shareholders’ Name |
Number of shares |
% of total Shares of the company |
|
1 |
Baskaran R |
8,34,231 |
23.66% |
|
2 |
Grahalakshmi B |
7,00,490 |
19.86% |
|
3 |
Anand Kumar B |
6,63,862 |
18.82% |
|
4 |
Kvitha. A |
6,18,357 |
17.53% |
|
5 |
Nikita .A |
2,09,761 |
5.95% |
|
6 |
Public Shareholding |
4,99,803 |
14.17% |
|
|
Total |
35,26,504 |
100.00% |
INDUSTRY OUTLOOK
India became the world’s second-largest steel producer in 2019 with crude steel production of 111.2 Million Tonnes (MT). India overtook Japan to become the world’s second-largest steel producer in 2019. In FY 2020, the production of crude steel in India was 108.5 MT, and finished steel production was 101.03 MT. India’s cumulative production of crude steel and finished steel from April 2020 to January 2021 was 87.21 MT, and 76.04 MT respectively. Export of finished steel stood at 8.42 MT and import at 6.69 MT in FY 2020. From April 2020 to January 2021, the Export and import of finished steel stood at 8.84 MT and 3.79 MT, respectively.
The steel industry suffered a setback due to the COVID19 pandemic outbreak and the consequent lockdowns. The industry’s key customer sectors like automobiles, construction, and oil & gas drillers struggled hard to survive due to prolonged shutdowns, disrupted supply chains, collapsing confidence, and delayed investment and construction projects, as well as a decline in consumption activity across the globe.
The government of India has taken various steps to boost the sector, this includes the introduction of National Steel Policy 2017 and has allowed 100% Foreign Direct Investment (FDI) in the steel industry under the automatic route. Moreover, the Directorate General of Foreign Trade (DGFT), in October 2020, announced that steel manufacturers in India can avail of duty drawback benefits on steel supplied through their distributors, service centers, dealers, and stockyards. The Central Government of India has also introduced Steel Scrap Recycling Policy, which is mainly aimed to reduce imports.
However, Some recent policy decisions of the Indian government can negatively impact small and mid-sized steel producers. The Ministry of Urban Development has announced that Central Public Works Department (CPWD) will be buying rebars from the sponge EAF units with a minimum EAF size of 100 tonnes. This means, only EAS-based plants with a capacity of 100 Tonnes or more will be able to participate in the purchase program of CPWD, and the remaining steel producers, will not be able to participate.
KEY FINANCIALS OF ANUGRAHA VALVE CASTINGS LIMITED(In Rs. Lakhs)
|
STATEMENT OF PROFIT AND LOSS (in Rs. Lakhs) |
|||||
|
|
2021 |
2020 |
2019 |
2018 |
|
|
Revenue from Operations |
21518 |
24344.7 |
22673.74 |
19106.99 |
|
|
Other Income |
112.84 |
912.08 |
610.97 |
611.46 |
|
|
Total Revenue |
21630.84 |
25256.78 |
23284.71 |
19718.45 |
|
|
change % |
-14.36% |
8.47% |
18.09% |
|
|
|
EBIT |
1838.81 |
1804.88 |
1106.02 |
1089.67 |
|
|
EBITDA |
2771.81 |
2697.94 |
1851.99 |
1816.5 |
|
|
Change % |
2.74% |
45.68% |
1.95% |
|
|
|
EBITDA Margin |
12.81% |
10.68% |
7.95% |
9.21% |
|
|
DEP |
933 |
893.06 |
745.97 |
726.83 |
|
|
FINANCE COST |
57.23 |
532 |
50.02 |
10.36 |
|
|
PBT |
1781.58 |
1272.88 |
1056 |
1079.31 |
|
|
Tax Expense I Current Taxes |
321.15 |
95.55 |
-217.29 |
187 |
|
|
Deferred taxes |
64.71 |
34.02 |
-51.39 |
-10.8 |
|
|
Total Tax Expense |
385.86 |
129.57 |
-268.68 |
176.2 |
|
|
PAT |
1395.72 |
1143.31 |
1324.68 |
903.11 |
|
|
Share of profits of associate |
NA |
NA |
NA |
NA |
|
|
Total Profit for the period |
1395.72 |
1143.31 |
1324.68 |
903.11 |
|
|
Profit Margin |
6.45% |
4.53% |
5.69% |
4.58% |
|
|
No of Shares |
3526504 |
3526504 |
3526504 |
3526504 |
|
|
EPS( in Rs.) |
39.58 |
32.42 |
37.56 |
25.61 |
|
|
DIVIDEND POLICY
|
||||
|
Particulars |
2021 |
2020 |
2019 |
2018 |
|
EPS( in Rs.) |
39.58 |
32.42 |
37.56 |
25.61 |
|
Dividend ( in Rs.) |
2 |
2 |
2 |
NA |
|
Payout ratio |
5.1% |
6.2% |
5.3% |
NA |
BALANCE SHEET OF ANUGRAHA VALVE CASTINGS LIMITED (In Rs. Lakhs)
|
BALANCE SHEET AS AT 31st MARCH 2021 |
||
|
Particulars |
2021 |
2020 |
|
ASSETS |
|
|
|
NON CURRENT ASSETS |
|
|
|
Tangible assets |
13560.91 |
13957.66 |
|
Intangible assets |
0 |
0 |
|
Capital work-in-progress |
68.36 |
96.08 |
|
Intangible Asset under Development |
0 |
0 |
|
Non-Current Investments |
0 |
0 |
|
Long-term Loans and Advances |
836.76 |
932.3 |
|
TOTAL NON-CURRENT ASSETS |
14466.03 |
14986.04 |
|
CURRENT ASSETS |
|
|
|
Inventories |
3628.54 |
3870 |
|
Investments |
0 |
0 |
|
Trade receivables |
5956.6 |
5692.56 |
|
Cash and cash equivalent |
759.26 |
594.6 |
|
Short-term loans and advances |
|
1.14 |
|
Other current assets |
1805.12 |
1991.22 |
|
TOTAL CURRENT ASSETS |
12149.52 |
12149.52 |
|
TOTAL ASSETS |
26642.55 |
27135.56 |
|
EQUITY AND LIABILITIES |
|
|
|
EQUITY |
|
|
|
Equity Share Capital |
352.65 |
352.65 |
|
Reserves and Surplus |
20214.52 |
18818.8 |
|
TOTAL EQUITY |
20567.17 |
19171.45 |
|
LIABILITIES |
|
|
|
NON CURRENT LIABILITIES |
|
|
|
Long term borrowings |
0 |
1021.24 |
|
Deferred Tax Liabilities |
1099.02 |
1034.31 |
|
TOTAL NON-CURRENT LIABILITIES |
1099.02 |
2055.55 |
|
CURRENT LIABILITIES |
|
|
|
Borrowings |
2504.55 |
3472.86 |
|
Trade payables |
899.53 |
1169.02 |
|
Other current liabilities |
284.24 |
737.33 |
|
Short term provisions |
1334.04 |
529.35 |
|
TOTAL CURRENT LIABILITIES |
5022.36 |
5908.56 |
|
TOTAL LIABILITIES |
6121.38 |
7964.11 |
|
TOTAL EQUITY AND LIABILITIES |
26642.55 |
27135.56 |
|
RATIO ANALYSIS |
||
|
Particulars |
2021 |
2020 |
|
ROE |
6.79% |
5.96% |
|
Capital Employed (In Rs.) |
21620.19 |
21227 |
|
ROCE |
8.51% |
8.50% |
|
ROA |
5.24% |
4.21% |
|
Debt to Equity |
0.30 |
0.42 |
|
Current Ratio |
2.42 |
2.06 |
|
Dividend Yield Ratio |
0.7% |
NA |
|
EPS |
39.58 |
32.42 |
|
Book Value Per Share (In Rs.) |
583.22 |
543.64 |
|
P/B Multiple |
0.51 |
NA |
|
P/E Multiple |
7.58 |
NA |
PERFORMANCE OF THE COMPANY
Revenue from Operations of the company has reduced by 14.46% from Rs.25256.78 lakhs in FY 2020 to Rs. 21630.84 lakhs in FY 2021.
Revenue from the core operation has reduced by 11% from Rs.22630.4 lakhs in FY 2020 to Rs. 20111.01 lakhs in FY 2021.
EBITDA of the company has increased by 2.74% from Rs. 2697.94 lakhs in FY 2020 to Rs. 2771.81 lakhs in FY 2021. EBITDA margins have grown from 10.68% in FY 2020 to 12.81% in FY 2021. It clearly states that the company’s efficiency has been improved.
Profit after Tax of the company has increased from Rs. 1,143.3168 lakhs in FY 2020 to Rs. 1,395.72 lakhs in FY 2021. The increase in profit was mainly due to a heavy decrease in finance costs in FY 2021.
The Term Loan has been paid in full in the year 2021 and the same has led to a decrease in finance costs.
The Current Ratio of the company as of 31st March 2021 was 2.42. The company is maintaining its working capital effectively.
The debt to Equity ratio of the company as of 31st March 2021 was 0.30.
There has been an improvement in ROE and ROCE both standing at 6.79% and 8.51% respectively.
Anugraha Valve Castings Limited has given a total (interim+final) dividend of Rs. 2 per equity share for the FY 2021
