Monday, 14 April 2014

Aricent Technologies Annual Report 2012 - 2013



Talbros Engineering Limited 2012-13 Financials






Wednesday, 2 April 2014

CDC announces US$28m investment into Ratnakar Bank in India

Equity investment from UK DFI will support expansion strategy and take agribusiness, financial inclusion and SME lending activities to underserved states -
CDC Group plc (‘CDC’), the UK’s development finance institution, has announced a US$28m equity investment in Ratnakar Bank (‘RBL Bank’) in India. The investment, which sees CDC take a 4.8% stake in the bank, will support RBL Bank’s expansion into new regions of India and is CDC’s first direct equity investment into a bank in India under its new strategy.
Founded in 1943, RBL Bank was traditionally concentrated in Maharashtra, Karnataka and Goa. In 2010, however, a new management team was brought in to pursue an expansion strategy focusing on financial inclusion, agribusiness financing and lending to small and medium-sized enterprises (SMEs), as well as increasing the bank’s geographic footprint. Today the bank has a total business size of over US$3.5bn and offers its services to over 500,000 customers.
CDC’s investment will provide stable support and capital to the bank as it continues to implement this strategy and including expansion into India’s poorer states such as Rajasthan, Madhya Pradesh and West Bengal, where the penetration of financial services is low.
The Indian banking sector is growing at a rate of 14%-16% per year, but according to the World Bank, 65% of India’s 1.2 billion people still do not have access to formal financial services, which limits their ability to plan, save or borrow to improve their economic prospects. RBL Bank’s financial inclusion and agribusiness divisions both cater to significant parts of this financially excluded group - small and marginal farmers and female micro-entrepreneurs, making the bank well-positioned to access this untapped segment of the market.
Today the bank has a total business size of over US$2.4bn and services over 500,000 customers. Over the next five years, RBL Bank plans to increase its client base among financially excluded groups to 1.3m accounts. IT function is core to this strategy, with state-of-the-art systems and architecture one of the main drivers behind the bank’s scalability of operations, innovation, client service and expansion of various businesses.
RBL Bank currently employs close to 2,500 people both at head office and in the field. The bank’s growth strategy will require additional staff both in new branches increases as well as in central operations, with almost 5,000 jobs projected to be created by 2018. The bank’s lending operations will also facilitate client company growth, creating further jobs in RBL’s onward supply chain.
Beyond providing capital, CDC will work with RBL Bank to support the bank in implementing its environmental, social and governance (ESG) policies. Working alongside RBL Bank, CDC will also explore products and services that could be developed to support more sustainable agriculture, and energy efficient enterprises.  CDC will also be active in providing training on environmental and social responsibility and building the bank’s own capacity in this area.
Commenting on the announcement, CDC Regional Director South Asia, Srini Nagarajan, said: 
“CDC is strongly aligned with RBL Bank’s strategy to expand and provide a range of financial services to customer segments that are under-served by the market, and our stable investment approach will complement the company’s strong management team as they continue to implement the bank’s growth strategy. We  view this is as a unique opportunity to invest in an institution which has a real prospect of becoming a platform serving a population that CDC wants to reach and fostering financial inclusion, financing of SMEs and agribusiness.”
Holger Rothenbusch, CDC Managing Director, Debt and Financial Institutions added:
“The potential impact of RBL Bank’s growth is significant. The bank’s branch network is set to double in five years, creating thousands of jobs, and we also anticipate significant job creation in semi-urban and rural areas through the agri-value chain financing and SME lending activities.”
Commenting on the investment, Rajeev Ahuja,Head of Strategy at RBL Bank said:
“We greatly value the confidence CDC has reposed in our strategy and our commitment to building a sustainable bank that has as one of its key objectives to providing financial services to the larger under-banked and unbanked parts of India. We believe that this investment by CDC and the experience it brings to bear in these sectors will make significant contribution towards achieving our business objectives.”
ENDS

About Ratnakar Bank Limited (RBL Bank):
RBL Bank is one of India’s fastest growing scheduled commercial banks with an expanding presence across the country. It has currently grown to a network of over 160 branches / 350 ATMs across 12 Indian states and has been rated as "India’s Best Bank (Growth)" in the mid-sized bank segment by Business Today-KPMG study in 2012 & 2013.
 Established in 1943, RBL Bank undertook a transformational journey under a new management team in 2010. It embarked on an aggressive growth plan based on a robust platform of professional governance, relationships, technology infrastructure, high quality capital and geographic expansion. 
 Today, RBL Bank offers specialized services under the five business verticals namely: Corporate & Institutional Banking, Commercial Banking, Retail Banking, Agri & Development Banking and Financial Markets. The bank currently services more than 500,000 customers and has a total business size of over Rs. US$ 3.5 Bn. Over the last three years, it has infused capital of over Rs. 1,500 Crores from some of the most notable global and domestic names, taking the TIER 1 capital to Rs. 2000 Crores (approx).
Sandip Ginodia , Director
We deal in over 60 unlisted companies with 15 years of experience .
For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .


Mesco Steel looking to expand capacity to 3.5 MT

-based Mideast Integrated Steel Ltd is planning to treble its capacity to 3.5 million tonnes in the state with an investment of about Rs 8,000 crore, a top company official said. 

The company, also known as Mesco Steel, has a hot metal production capacity of about 1.2 MT, through which it makes pig iron. 

"3.5 MT capacity includes existing 1.2 MT capacity. It will take 3-4 years, we will go step by step. We already have land. We are moving for environment clearance and have submitted all the papers," Mesco's chairperson and managing director Rita Singh said on the sidelines of an  event. 

She said the company will expand its capacity in two phases and the company has secured approvals for the first phase, which will increase the capacity to 2.25 MT. 

"That will require about Rs 7,000-8,000 crore (investment). That will be funded through debt for machinery and some other debt to be raised. So we can go to 2.25 MT first and then to 3.5 MT," she said. 

However, debt for the capacity expansion will be raised only after securing all clearances and in the meantime, the company will go with approved projects like installing 1.5 MT capacity coke oven battery, she said. 

The steel plant of Mesco is located on about 540 acres and has 2 blast furnaces supported by commensurate raw material handling system, power plant and other essential services. Post expansion, the company will be producing wire rods and rebars. 

It also has 2 iron ore mines in the state -- Roida and Malangtoli, one coking coal mine and limestone and dolomite mines in Madhya Pradesh. 

Of its mines, Roida is a producing iron ore mine having 4 MTPA capacity. The mine was among those, which were found to have obtained delayed environment clearance and continued production in the intervening period by the Justice M B Shah Commission on illegal mining in Odisha. 

The Commission has recommended to recover over Rs 2,221 crore from Mesco steel after a show cause notice was sent by the Odisha government. 

However, Singh refuted the charges and said that "they (the Commission) are questioning everybody... That is the kind of money you can not earn out of mining. We have not done anything wrong". 

She further said that "there was small minor extra production without environment clearance and it was condoned by the Environment Ministry. I have got a letter from the ministry. We had applied 7 years before and generally the law is that when you have applied for it, it is deemed done". 

The company consumes part of iron ore from the mine at its pig iron plant and sells rest of the quantity in open market.

Sandip Ginodia , Director
We deal in over 60 unlisted companies with 15 years of experience .
For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .

India Essar cuts Feb Iran oil imports by 14pct vs Jan - Trade

Reuters reported that Essar Oil, a key Indian buyer of Iranian crude, imported about 13.8% less oil from the OPEC member in February compared with the previous month.

Essar's overall shipments from Tehran in the first 11 months of the contract year beginning April 1st 2013 totalled 94,100 barrels per day, marginally lower than the year earlier.

India, Iran's top client after China, imported about 36% less oil from Tehran in February than in January because of efforts to meet US requests to restrict purchases from Tehran to 195,000 barrels per day in the 6 months to July 20.

Government sources said earlier this week that billionaire Ruias promoted Essar Group, which also operates steel plants in Canada and the United States, could lift 30% more Iranian oil than the contracted volumes of 80,000 barrel per day for this fiscal year.

Sandip Ginodia , Director
We deal in over 60 unlisted companies with 15 years of experience .
For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .

Decentralization benefits Otis India

Otis Elevator Co., the manufacturer and service provider of elevators, escalators and moving walkways, regained its No. 1 position in the sector in India last year. A unit of United Technologies Corp. of the US, it had lost its No. 1 position to Johnson Lifts, a Chennai-based company, six years ago.
Going down
In India, Otis’s legacy began with the installation of the nation’s first elevator at Kolkata’s Raj Bhavan in 1892, which is still running in its original birdcage form. Ever since Otis India’s inception in 1953, the company has enjoyed a high market share and top-of-mind brand awareness. However, as competition (both local and global companies) entered the market, with faster deliveries and cheaper products, Otis India started losing its market share. In 2008, the company lost its No. 1 position. One of the reasons for slower response at Otis India was that operations were centralized and, therefore, a lot of activities went under the scanner of the head office before they saw any traction. This led to delays resulting in customer dissatisfaction.
Fixing problems
Otis India realized that it needed to change the way it operated. The organization needed to revamp—to become quick-footed and nimble. Decision-making had to be fast and intuitive. A strategy had to be designed keeping the Indian customer in mind. In 2012, Sebi Joseph, the current India managing director, stepped in and developed a strategy for Otis to reclaim its No. 1 position. Joseph divided the organization into four geographical regions, each led by a regional head or director with an independent team consisting of finance, sales and service heads, enabling them to operate like independent subsidiaries.
Pressing buttons
The regions were transformed into “profit and loss” entities with the independence to make decisions themselves. This led to faster and intuitive action, which drew the customer closer. Cross-function independent teams in the regions coordinated sales, installation and service divisions.
The teams also collaboratively came up with a specific go-to-market strategy for India. This decentralization energized the regions to ensure service excellence and faster response time. It meant that each region was responsible and accountable now.
Decentralization has drastically improved the response time as decisions are now taken at the local level with all employees reporting to their regional bosses, with the directors at headquarters playing an advisory role.
Going up
New equipment orders have jumped by 44% over the one-year span from March 2013 as a result of the reorganization. Otis has regained its No. 1 position in terms of order bookings value. The company also won many large orders, including one from Hyderabad Metro Rail Ltd—the single largest contract in the Indian elevator and escalator industry. It also won the escalator contract for the Delhi Metro Rail Corp. Ltd for 222 units. And there’s been an 8% improvement in employee engagement scores over the past two years.

Sandip Ginodia , Director
We deal in over 60 unlisted companies with 15 years of experience .
For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .

MSTC hopeful on Rs 600-cr recovery

State-owned MSTC Ltd was hopeful of recovering Rs 600 crore unrealised from overseas buyers for gold jewellery sales in 2008-09. 

"We are making progress on the recovery process. We are winning some of the cases and most of the verdicts are in our favour," MSTC Chairman and Managing Director S K Tripathi said here today. 

Speaking on the sidelines of a session of the  Chamber of Commerce he said that though the legal process was time consuming recovery was expected to take place. 

A parliamentary committee in its report had said that MSTC sold Rs 638 crore in gold jewellery to 47 foreign buyers through six -based sellers in 2008-09. 

Of this, Rs 599 crore remained outstanding from 46 foreign buyers in , Kuwait and  who had cited economic slowdown as a cause of failure to repay, the panel noted.

Sandip Ginodia , Director
We deal in over 60 unlisted companies with 15 years of experience .
For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .

Enhancing Casa is our mantra for next year

Tuticorin-based lender Tamilnad Mercantile Bank (TMB) is following up on the rebranding initiatives it had embarked on some two years ago. The bank, conventionally known as a small traders’ bank, continues to focus on retail lending while targeting new-generation customers. It is awaiting court clearances to hit the IPO market. KB Nagendra Murthy, managing director & chief executive officer of the bank, tells Sajan C Kumar that TMB wants to grow profitably. Excerpts:
What has been the impact of the new rebranding initiative?
We are continuing to upgrade our technology platform and trying to implement paperless transactions as far as possible. By March 2014, we want to have 1,000 business centres — branches and ATMs. Today, we have 962 business centres, which include 362 branches and 600-plus ATMs. We are focusing on the retail segment and are reasonably doing well. We have already hit our target for agricultural advances, which is 21% of the total portfolio.
What are the plans for next year?
We will pay attention to enhancing Casa and implementing higher versions of technology. Currently, Casa is at 17% and, if we reach 20%, we will be happy. Casa mobilisation will be our mantra and we have asked our teams at the branches to market the product aggressively.
On the technology front, we will be implementing higher versions of core banking solutions, so that customer-friendly initiatives can be undertaken. We have already implemented mobile and Net banking and, going forward, we will be aggressively marketing these products. We have been going slow on the deposit front; the growth is just around16% this year.
What are the plans on business and network expansion?
We would be happy to do a business of R40, 000 crore by March end with advances at around R18, 000 crore and deposits at around R22,000 crore. The growth in FY14 would be close to 20%, but it’s hard to say how the coming year will be. Close to 30% of our new branches will be opened in states other than Tamil Nadu, such as Andhra Pradesh and Maharashtra.

Sandip Ginodia , Director
We deal in over 60 unlisted companies with 15 years of experience .
For latest prices visit : www.abhisheksecurities.com/unlisted.htm / call : 09830271248 .