The Hindu Business Line : Yashraj Containeurs in the limelight

Yashraj Containeurs finished in the green on Wednesday at Rs 52, up 1 per cent, ahead of its board meeting on Thursday. The stock gained 21 per cent over a month period.

Though Dr Jayesh V. Valia, Executive Chairman of the company, declined to confirm to Business Line, banking sources indicated that after the recent clearance of one-time-settlement by IDBI, Yashraj has planned to propose its maiden dividend at the board meet.

The company, which is still under BIFR and has been recovering fast and reducing its accumulated loss, had earlier proposed a 15 per cent dividend for 2005-06, but could not get no-objection certificate regarding dividend from the banks — IDBI and ICICI — with which it was negotiating for the OTS.

IDBI has now sanctioned an OTS scheme worth Rs 12.36 crore against Rs 25.09 crore outstanding. ICICI Bank had earlier settled their dues at Rs 5.12 crore, out of this, the company has paid Rs 3.66 crore. Incidentally, last month, ICICI had sold off this loan asset to Standard Chartered.

In talks with BoI

Total savings secured by the company through the OTS with IDBI and ICICI Bank (now Standard Chartered) is Rs 15.81 crore. The company is now in talks with Bank of India readjustment in the existing working capital package, banking sources said.

According to the un-audited results for the quarter ended September 30, which were taken on record by the board on October 31, the company's accumulated loss has come down to around Rs 26.50 crore from Rs 35.09 crore as on March 31.

According to the company, which had posted a topline of Rs 10.28 crore for 2005-06, now has an order book position of Rs 90 crore for this financial year of 2006-07.

The company is likely to propose 15 per cent interim dividend for 2006-07 on the back of improved performance.

As of October 2006, the company produced 7,000 mild steel barrels a day of 210 litres capacity.

The Executive Chairman, however, said the company is likely to wipe out its past losses this fiscal following the debt restructuring and improved demand scenario for its products — steel and plastic barrels.

The company's main clients include IOC, HPCL, BPCL, Reliance, Micro Inks, Mother Dairy, NDDB and Bharat Shell.

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