Vaswani IPO Scam

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Case Details:

Case Code : FINC073
Case Length : 11 pages
Period : 2006-2011
Pub. Date : 2011
Teaching Note : Not Available
Organization : Vaswani Industries Limites.
Industry : Steel
Countries : India

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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Background

Vaswani Industries Limited (VIL), established in Raipur, Chhattisgarh, India, was incorporated on July 22, 2003. A holding company of the Vaswani Group of Industries, VIL engaged in the integrated business of manufacturing Sponge Iron, Steel Billets & Ingots, and captive power generation. VIL manufactured sponge iron at coal-based and gas-based plants. VIL's steel plant was entirely integrated with new technology. The company could not achieve its full production capacity of sponge iron and steel billets since 2008 to 2010. The company utilized power it generated to produce sponge iron and surplus power was sold to the Chhattisgarh State Electricity Board.

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During the financial year 2010, the revenue of the company declined to Rs. 985.15 million from 1509.25 million in the financial year 2009 and profit after tax also fell to Rs. 36.82 million in the financial year 2010 from Rs. 40.89 million in the financial year 2009. The pre issue earning per share was calculated as Rs 3.15. The company expanded its sponge iron production line capacity to 90000 metric tonnes (MT) in 2010 from 60000 MT. The company's secured loan burden grew to Rs. 520.39 million from 399.48 million in 2009.

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