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 14th July, 2008
Hofmann Group of Germany now part of IFGL Refractories (IFGL)
Kolkata: IFGL Refractories have successfully completed acquisition of
Hofmann Group of Companies. SPV by name IFGL GmbH, 100% subsidiary of Monocon International Refractories Limited, UK has been formed which acquired 96.16% shareholding of Hofmann Ceramics GmbH and 100% of partnership interest of Hofmann OHG, Germany. Along with these, they acquired 92% shareholding of Hofmann Ceramics, Czech Republic and 100% shareholding of Hofmann Ceramics LLC USA and Hofmann Ceramic Limited, UK.
The above transaction was funded by loan from HSBC Bank Plc, UK and internal accruals of Monocon International Refractories Ltd, UK.
The above entities, collectively referred to as Hofmann Group hitherto owned by Mr. Ernst Reiner Hofmann and Mr. Hartmut Hofmann, are primarily engaged in the manufacture of ceramic special filters used by foundries and have two operating manufacturing facilities, one in Erdbach near Frankfurt in Germany and other in the City of Bela in Czech Republic. Hofmann Group started manufacturing Ceramic Filters way back in 1937 and over the years has developed its own technology for manufacture of special ceramics, particularly ceramic filters for foundries. Hofmann Group is known internationally and a market leader for round-hole filters. The combined turnover for 12 months ended on 31st December, 2007 was Euro 13.67 Million.
The acquisition of Hofmann Group enables IFGL to enter into new business area of supplies of consumables to foundries. Currently, the foundry industry globally is growing at 15% to 17%. Foundries, particularly in China and India, are doing extremely well and now they would have the choice of superior ceramic products through IFGL. This acquisition will further strengthen the presence of IFGL globally.
With this acquisition IFGL will now have manufacturing units in seven countries, i.e., India, China, Germany, Czech Republic, UK, USA and Brazil.
Going forward, IFGL will manufacture ceramic filters in India for local market and export to China and other countries. The plan also envisages manufacture of other consumables for the foundry industry.
Hofmann Ceramics is also engaged in marketing of technical ceramics to the wire and cable industry. IFGL will be taking steps to manufacture these products in India.
All foundry products will be sold under the Hofmann Ceramics brand and Mr. Hartmut Hofmann will manage these operations as Managing Director of Hofmann Ceramics GmbH.
Click to see Power Point Presentation made at Press Meet held on 14th July, 2008
14th July, 2008
A meeting of the Board of Directors of the Company
A meeting of the Board of Directors of the Company is going to be held on Friday, 25th July, 2008 at 11.30 AM to inter alia consider and take on record unaudited financial results, both on stand alone and consolidated basis, for three months ended on 30th June, 2008
19th June , 2008
IFGL Refractories gets ISO 14001 Certification
IFGL Refractories Limited, engaged in the manufacture of specialized refractories and related operating systems for the steel industry, has recently been accorded, by BSI Management Systems India, Registration Certificates on Quality Management System - ISO 9001:2000 and Environmental Management System - ISO 14001:2004 for the operation of its facilities at Kalunga Industrial Estate near Rourkela. Besides India, IFGL Refractories has refractory making units in UK, the US, China and Brazil.
16th June , 2008
IFGL pays Rs.1.50 crore first instalment of advance income tax
IFGL Refractories Ltd (IFGL), engaged in the manufacture of specialised refractories and operating systems for the iron and steel industry, has effected payment of Rs. 1.50 crore towards the first instalment of advance income tax for the current financial year. The amount paid is higher by about 11% than that paid for the corresponding instalment for 2007-2008.
IFGL has recommended the payment of 20 percent dividend, i.e. Rs. 2/- per share for 2007 –2008. The dividend is to be approved at the annual general meeting to be held on 22nd August, 2008.
7th May , 2008
The Board of Directors of IFGL Refractories Ltd (IFGL) in their meeting held on Wednesday, 7th May, 2008 has approved the audited results, both on stand alone and consolidated basis, for the financial year ended 31st March, 2008. Financial results of IFGL, primarily engaged in the manufacture of specialized refractories and operating systems therefor used by the producers of iron and steel, have been as follows :
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| Rs. in lacs |
| Financial year |
2007-08 |
2006-07 |
% Increase |
2007-08 |
2006-07 |
% Increase |
| Total Income |
17,216 |
15,149 |
13.64 |
37,980 |
32,389 |
17.26 |
| PBT |
2,617 |
2,525 |
3.64 |
4,089 |
3,720 |
9.92 |
| PAT |
1,686 |
1,638 |
2.93 |
2,849 |
2,624 |
8.57 |
| ESP/Share (Rs.) |
4.87 |
4.73 |
|
8.23 |
7.58 |
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IFGL, in its continued pursuit of distributing maximum possible profits among shareholders have recommended payment of Dividend @ 20 %, i.e., Rs 2 (two) per equity share for 2007-2008, which is higher by Rs 0.25 i.e. 2.5% per equity share , than 17.5% paid for 2006-2007.
IFGL has operating facilities besides in India in Brazil, China, the UK and the USA. During 2007-2008, IFGL’s exports (including indirect) crossed Rs 100 crores for the first time. IFGL has been the recipient of CAPEXIL’s Special Export Award for Refractories for five consecutive year’s.
IFGL is directly linked to the steel industry and is dedicated to clean steel, which is also its slogan. Being focused on steel industry has been advantageous to IFGL as the demand for steel is growing nearly 13 percent and this is likely to be sustained. Consequently, the demand for products manufactured by IFGL will remain strong.
During 2007-2008, IFGL further integrated its facilities in Brazil, China, India, the UK and the USA, installed balancing equipment wherever necessary and took steps for optimal utilisation of capacities and resources available. Commercial production at facilities set up in Tianjin, China for manufacture of dart refractories for slag control was also started and it is now operating satisfactorily.
Of late the costs of inputs both for the steel industry and IFGL have increased and are likely to rise further. Because of this steel production capacities are being relocated and/or or set up in countries like India and China where inputs like iron ore and coking coal are available at comparatively low cost. Further, India is targeted to become a developed nation by 2020 and thus the Indian steel industry’s role in this will be critical. With abundant iron ore resources and increased demand for steel both in India and abroad, the steel industry in India is poised for substantial growth. India is targeting steel capacity of 200 million tones by 2020. In order to take full advantage of this IFGL has decided to ramp up operations in India and one of the steps being taken is to set up facilities for manufacture of continuous casting refractories at Kandla Special Economic Zone in Gujarat through a Subsidiary, IFGL Exports Limited, at an estimated capital outlay of Rs 50 crores. For the purpose, long-term resources may be augmented. The Project is to be completed by September 2009 and it will exclusively cater to the export market. IFGL is also looking at and evaluating other opportunities for both organic and inorganic growth.
Click to see Power Point Presentation made at Press Meet held on 7th May, 2008
22nd April, 2008
A meeting of the Board of Directors of the Company is going to be held on Wednesday, 7th May, 2008 at its Head and Corporate Office to, inter alia, consider and take on record audited financial results, both on stand alone and consolidated basis, for financial year ended on 31st March, 2008 and to recommend payment of dividend, if any, for said financial year.
31st January, 2008
The Board of Directors of IFGL Refractories Ltd, a Company engaged in manufacture of specialized Refractories used by the producers of Iron and Steel, in their meeting held on Tuesday 29th January 2008, approved Un-audited Financial Results, both on Standalone and Consolidated basis for 3 months ended on 31st December, 2007.
On Standalone basis, Total Income, Profit Before Tax and Profit After Tax have been Rs.4604 Lacs, Rs.688 Lacs and Rs.446 Lacs respectively, which were higher by 20.71%, 22.5% and 22.52%, compared to that of corresponding 3 months of the previous year, despite their being appreciable strengthening of Rupee and increase in raw materials, freight and fuel costs.
On Consolidated basis, Total Income, Profit Before Tax and Profit After Tax for 3 months ended on 31st December 2007 have been Rs.9534 Lacs, Rs.914 Lacs and Rs.622 Lacs compared to Rs.7996 Lacs, Rs.729 Lacs and Rs.534 Lacs respectively, of corresponding 3 months of the previous year.
Earning per Share for 3 months ended on 31st December 2007 on Standalone and Consolidated basis has been 1.29 and 1.80 compared to 1.05 and 1.54 respectively relating to corresponding period of previous year.
Total Income, Profit Before Tax and Profit After Tax for 9 months ended on 31st December, 2007 on Standalone basis have been Rs.12366 Lacs, Rs.1714 Lacs and Rs.1106 Lacs respectively. On Consolidated basis, said figures have been Rs.27469 Lacs, Rs.2534 Lacs and Rs.1746 Lacs. Earning per Share on Standalone and Consolidated basis for said period has been 3.20 and 5.04 respectively.
16th January, 2008
A meeting of the Board of Directors of IFGL Refractories Ltd is going to be held on Tuesday, 29th January, 2008 to inter alia consider and take on record unaudited financial results, both on stand alone and consolidated basis, for three/nine months ended 31st December, 2007.
12th October, 2007
"A meeting of the Board of Directors of IFGL Refractories Ltd (IFGL), being Flagship Company of the S K Bajoria Group, is going to be held on Wednesday, 31st October, 2007 to inter alia consider and take on record unaudited financial results, both on stand alone and consolidated basis, for three/six months ended 30th September, 2007. IFGL has recently received CAPEXIL Special Award for Refractories for the year 2006-2007, which was given by the Hon'ble Union Minister for Commerce and Industry, Mr Kamal Nath at a function held on Monday, 1st October, 2007. IFGL has received this Award for the fifth consecutive year."
21st September, 2007
IFGL pays 2nd instalment Rs.2.35 crore
advance income tax
IFGL Refractories Ltd (IFGL), the S K Bajoria group flagship company, has paid Rs 2.35 crore as second instalment of advance income tax for 2007-2008. The first instalment of advance tax paid in June 2007 was Rs 1.35 crore. The Company is engaged in the manufacture of specialised refractories and operating systems for use by the steel industry.IFGL has plants in Orissa and also abroad in Brazil, China, the UK and the US.
IFGL refractories and systems help in the making of clean steel.
24th August, 2007
IFGL Refractories to raise resources
IFGL Refractories Limited, a flagship company of S K Bajoria Group engaged in the manufacture of Specialised Refractories for iron and steel industry, plans to raise resources for its growth programme. The demand for the company's products has been on the rise and therefore the company plans to strengthen and expand its production base as well as its marketing and distribution network both in domestic and international markets. The growth will be either through brown field expansion or new acquisitions.
The company is chalking out details of the financial requirements and pending these, an enabling resolution to raise resources by borrowing or by issuance of securities has been passed at the Annual General Meeting of the company held today.
At the said meeting the shareholders also approved payment of 17.5% dividend on equity shares for financial year 2006-07. This is the fifth consecutive year that the company has paid dividend.
30th July, 2007
At a meeting of the Board of Directors of the Company held on Monday, 30th July, 2007, Unaudited financial results for quarter ended on 30th June, 2007, both on stand alone and consolidated basis, have been approved and taken on record.
Furthermore, in connection with ensuing Annual General Meeting of the shareholders going to be held on Friday, 24th August, 2007 whereat declaration of Dividend for financial year 2006-07 at the rate of Rs. 1.75 per Equity Share will also be considered, Share Transfer Books and Register of Members of the Company will remain closed from Tuesday, 21st August, 2007 to Friday, 24th August, 2007, both days inclusive. You may send duly filled and signed ECS Mandate Form either to the Company or its Registrar & Share Transfer Agent or Depository Participant, as the case may be, to avail benefits of this service.
23rd July, 2007
The State Pollution Control Board, Orissa has, based on submissions made by the Company, passed an Order on 21st July, 2007 thereby allowed operation of Unit II of the Company and pursuant thereto sealing of mixer section thereof has been removed to-day and said mixer section has now started functioning. While it would be continued endeavour of the Company to abide by all statutory obligations thereby ensure that issues raised by Pollution Control authorities do not exist any more.
16th July , 2007
Pursuant to a direction issued by the State Pollution Control Board, Orissa, mix section of Unit II of the Company was sealed on Thursday, 5th July, 2007. The Company is committed to abide by all statutory obligations including regulations relating to pollution control. It has made appropriate submissions to OSPCB for removal of said sealing at the earliest. Meanwhile, suitable steps have been taken to minimize adverse effects resulting therefrom.
25th May , 2007
IFGL China venture Commences Commercial production
IFGL Refractories Limited, a leading manufacturer of specialized refractories and operating systems for the steel industry, has set up a step down subsidiary Tianjin Manocon Aluminous Refractories Co.Ltd. in Tianjin in China. The subsidiary is primarily engaged in manufacturing refractory darts used for slag control.
Results of trial production have been extremely encouraging in quality terms and accordingly, this subsidiary has recently started commercial production. This subsidiary is going to be largely export oriented and therefore, help IFGL in acquiring a larger global profile. In its pursuit of expanding its global presence, IFGL acquired in December 2006, the Goricon Group of Wales in the UK comprising Goricon Metallurgical Services in Wales and Goricon, LLC, Ohio in the US. The Goricon Group manufactures darts, lances and ladle powers which are used in the steel industry.
The prospects for IFGL are highly encouraging as an important supplier to the steel industry in view of the growing world demand for the metal, particularly in BRIC countries (Brazil, Russia, India and China). IFGL and its subsidiaries are manufacturing in Brazil, India & China and is well poised for taking full advantage of the growth in the steel industry in these countries specially in India and China.
10th May , 2007
The Board of Directors in their meeting held on Thursday, 10th May, 2007 inter alia approved and took on record audited financial results, both on stand alone and consolidated basis, for financial year ended on 31st March, 2007 and recommended payment of Dividend at the rate of 17.5% i.e. Rs 1.75/- per Equity Shares for said year, subject to approval of the shareholders at their ensuing Annual General Meeting going to be held on Friday, 24th August, 2007 and other necessary approval. In connection with aforesaid payment of Dividend, Register of Members and Share Transfer Books would remain closed from Tuesday, 21st August, 2007 to Friday, 24th August, 2007, both days inclusive.
25th April , 2007
A meeting of the Board of Directors of IFGL Refractories Limited is going to be held on Thursday, 10th May, 2007 to inter alia consider and take on record audited financial results, both on stand alone and consolidated basis, for financial year ended on 31st March, 2007 and to recommend payment of dividend, if any, for said financial year.
19th March, 2007
The Company has formed a step down subsidiary, Tianjin Monocon Aluminous Refractories Limited in China for manufacture of Slag Control Darts and other precast shapes used in production of Iron and Steel. Cost of production in the Chinese Unit will be lower than our plant in Taiwan. All business from Taiwan will be shifted to China. The Taiwanese Company has been sold.
29th January, 2007
Informal get together with the Press on Monday, 29th January, 2007.
IFGL POISED FOR A HEALTHY GROWTH
IFGL Refractories Limited, the S.K. Bajoria Group Flagship Company engaged in manufacturing specialized refractories and systems thereof used by producers of iron and steel, has recorded, on a stand-alone basis, Total Income and Profit before Tax of Rs.1093.9 Millions and Rs.187.2 Millions respectively for the 9 0months ended December 2006. Mr. Pradeep Bajoria, Director and Chief Executive of IFGL said that this marked an improvement in Total Income, EBIDTA and Profit before Tax of more than 12 per cent, 19 per cent and 10 per cent respectively over that of corresponding period of previous financial year.
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