MIRA
INFORM REPORT
|
Report Date : |
09.03.2007 |
IDENTIFICATION
DETAILS
|
Correct Name : |
ITC LIMITED |
|
|
|
|
Formerly Known
As : |
INDIA TOBACCO
COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Virginia House, 37,
Jawaharlal Nehru Road, Kolkata - 700071, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2006 |
|
|
|
|
Date of
Incorporation : |
28.08.1910 |
|
|
|
|
Com. Reg. No.: |
21-1985 |
|
|
|
|
CIN No.: [Company Identification No.] |
L16005WB1910PLC001985 |
|
|
|
|
TAN No.: (Tax Deduction & Collection Account No.) |
CALI01571D/CALI01969C/CALI01837D |
|
|
|
|
PAN No.: (Permanent Account No.) |
AAACI5950L |
|
|
|
|
Line of
Business : |
Manufacturer of Cigarettes
and Tobacco. It is also engaged in Hotel Business. |
RATING &
COMMENTS
|
MIRAs Rating
: |
Aa |
RATING |
STATUS |
PROPOSED
CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed
for credit transaction. It has above average (strong) capability for payment
of interest and principal sums |
Large |
|
Maximum Credit
Limit : |
USD 350000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment
Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
ITC is a reputed
group of companies, having multi products and multi business operations.
Available information indicates high financial responsibility of the company and
its management. Financial position of the company is good. Payments are
usually correct and as per commitments. The company
has been faring well. Its trade relations are fair. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
Virginia House,
37, Jawaharlal Nehru Road, Kolkata - 700 071, West Bengal, India |
|
Tel. No.: |
913322260034 /
22260029 / 22266426 / 22499371 / 9253
/ 22469373 / 22889371 |
|
Fax No.: |
913322452251-60
|
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Plants : |
Cigarette Factories
˜
P. O.
Pulikeshinagar, Bangalore -560 005, Karnataka ˜
Sardar Patel
Marg, P. O. Box No. 25, Saharanpur - 247 001, Uttar Pradesh ˜
93/1, Karl Marx
Sarani, P. B. No. 17203, Kolkata - 700 043, West Bengal ˜
Meenakunte
Village, Jallahobli, Bangalore (North) - 562 157, Karnataka ˜
Basdeopur P.
O., District Munger - 811 202, Munger Green Leaf Threshing Plants
˜
East
Godavari District, Anaparti - 533 342, Andhra Pradesh ˜
P. B. No. 1,
Chirala - 523 157, Andhra Pradesh Packaging & Printing Plants
˜
Basdeopur P.
O., District Munger, Munger - 811 202 ˜
P. O. Box
No. 2277, Tiruvottiyur, Chennai - 600 019, Tamilnadu Tel.
No. 91-44-2434 5298 / 3585 / 7092 Fax No. 91-44-2434 0294 ˜
Tribeni
Mill, P. O. Chandrahati, District Hooghly, West Bengal - 712 504 Paper & Paperboard Mills
˜
Anrich
Industrial Estate, Village Bollarum, Medak District, Andhra Pradesh 502 325 ˜
P. O. Chandrahati,
District Hooghly - 712 504, West Bengal ˜
Sarapaka,
Khammam District - 507 128, Andhra Pradesh Cast Coating Plant
Anrich Industrial
Estate, Village Bollarum, Medak District - 502 325, Andhra Pradesh Lifestyle Retailing
Design & Technology Centre86, Industrial
Estate, Phase I, Udhyog Nagar, Gurgaon - 122 016, Haryana Wills Lifestyle Stores
˜
A-6, Sadar
Bazar, Agra Cantt., Agra 282 001, Uttar Pradesh ˜
Shop No. 3,
Time Square Building, C. G. Road, Ahmedabad 386 006, Gujarat ˜
171/12, Rama
Building, Sadar Bazar Road, Ambala Cantt., Ambala 133 001 ˜
1381/13-4,
Madan Mohan Malviya Road, Amritsar 143 001, Punjab ˜
Motiwala
Trade Centre, Shop No. B-10 & N-11, Nirala Bazar, Aurangabad 431 001,
Maharashtra ˜
No. 6, Brigade
Road, Bangalore 560 001, Karnataka ˜
Shop No.
42-44, Siddharth Complex, R. C. Dutt Road, Alkapur, Baroda 243 001, Gujarat ˜
48-A, Civil
Lines, Bareilly 243 001, Uttar Pradesh ˜
1675,
Kirloskar Road, Belgaum 462 001, Karnataka ˜
138/42, Usha
Preet Building, Malviya Nagar, Bhopal 462 001, Madhya Pradesh ˜
794, Shaheed
Nagar, Janpath, Bhubaneshwar 751 001, Orissa ˜
SCO 14,
Sector 17E, Chandigarh 160 017 ˜
No. 19,
Ground Floor, Quaiser Tower, Khader Nawaz Khan Road, Nungambakkam, Chennai
600 034, Tamilnadu ˜
Plot No.
4676, No. AA/11, Ground Floor, Anna Nagar, Chennai 600 040, Tamilnadu ˜
Aishwareya
Commercial Centre, 196/13, T. V. Samy Road (West), R. S. Puram, Coimbatore
641 002 ˜
56, Rajpur
Road, Dehradun 248 001, Uttar Pradesh ˜
Ground Floor
No. 40/7182, M. G. Road, Ernakulam 682 035, Karnataka ˜
No. 3293,
Ground Floor, M. G. Road, Panjim, Goa 403 001, Maharashtra ˜
Shop No. G 4
& 5, G. S. Chambers, Negarjuna Circle, Hyderabad 500 082, Andhra
Pradesh ˜
Shop No. 8
& 9, Bansi Trade Centre, 581, M. G. Road, Indore 452 001, Madhya
Pradesh ˜
Gulab Niwas,
M. I. Road, Jaipur 302 001, Rajasthan ˜
540-R,
Rainbow Road, model Town, Jalandhar 144 003, Punjab ˜
5 & 6
Residency Road, Jammu 180 001 ˜
Rave 3,
Parvati Bagla Road, Kanpur 208 002, Uttar Pradesh ˜
19 B,
Shakespeare Sarani, Ground Floor, Kolkata 700 071, West Bengal ˜
17/1491, A-4
Malabar Gate, Rammohan Road, Kozhikode 673 004 ˜
85/4A, The
Mall, Ludhiana 141 001, Punjab ˜
No. 36,
Jwala Sahoy Trivedi Building, Hazratganj, Lucknow 226 001, Uttar Pradesh ˜
Shop No. 1
& 2, 14-2-99/1, Ward No. 14, Balmatta Road, Mangalore 575 001,
Karnataka ˜
Plot No.
386, Ground Floor, Durga Chambers, Linking Road, Khar (West), Mumbai 400
052, Maharashtra ˜
Shop No. 7
& 8, Ground Floor, Prema Building, Plot No. 67, J. P. Road, Lokhandwala,
Andheri (West), Mumbai 400 058, Maharashtra ˜
No. 6 &
6A, Tirupati Apartment, Bhulabai Desai Road, Mumbai 400 027, Maharashtra ˜
Shop No. 2,
3 & 32, Ruki Mahal Co-operative Housing Society Limited, Plot No. 46, 44,
Sector 17, Vashi, Navi Mumbai 400 705, Maharashtra ˜
3, 4, 61
& 62, Chadda Crescent Co-operative Housing Society Limited, Plot No. 46, 55, Sector 17, Vashi, New Mumbai
400 705, Maharashtra ˜
No. 27-29,
Poonam Chambers, Byramij Town, Nagpur 440 013 ˜
F-41, South Extension
1, New Delhi 110 049 ˜
No. 10208,
Padam Singh Road, Karol Bagh, New Delhi 110 005 ˜
E-2,
Connaught Place, New Delhi 110 005 ˜
M-12,
Greater Kailash I, New Delhi 110 048 ˜
No. M-14 a
& M-15, a, b, c, d, Plot No. 331, Block E, Sector 27, Noida, G. B.
Nagar, Uttar Pradesh 201 301 ˜
No. 1204/22,
Ground Floor, Shivaji Nagar, Junglee Maharaj Road, Pune 411 004,
Maharashtra ˜
119,
Jawaharlal Nehru Street, Pondicherry 605 001 ˜
1st
& 2nd Floor, GEL Church-Commercial Complex, Main Building,
Main Road, Ranchi 834 001 ˜
1-7-293/2/A/1,
M. G. Road, Secunderabad 500 003, Andhra Pradesh ˜
UG-2, Manav
Mandir, Athawa Lines, Parle Point Circle, Surat 395 07, Gujarat ˜
Shop No. 1,
Pan African Plaza, M. G. Road, Thiruvananthapuram 695 001, Tamilnadu ˜
C-56, P.L.A.S.
Tower, 4th Cross, Thillai Nagar, Main Road, Trichy 620 018,
Kerala ˜
Shop No. 1,
Rednam Manor, Dwarka Nagar, Near Diamond Park, Vishakhapatnam 530 016,
Andhra Pradesh Club Stores
BangaloreKarnataka Golf
Association Bangalore Golf
Club GurgaonClassic Golf
Resort JamshedpurBeldih Club KolkataTollygunge Club Royal Calcutta
Golf Club MumbaiUnited Services
Club |
|
|
|
|
Hotels : |
ITC Hotel Sonar BanglaSheraton &
Towers, 1, JBS Haldane Avenue, Kolkata 700 046, West Bengal ITC Hotel Grand Maratha Sheraton & TowersSahar, Mumbai -
400 099, Maharashtra ITC Hotel Maurya Sheraton & TowersDiplomatic
Enclave, New Delhi - 110 021 Chola Sheraton10, Cathedral
Road, Chennai - 600 086, Tamilnadu WelcomeHotel Mughal SheratonTaj Ganj, Agra -
282 001, Uttar Pradesh |
|
|
|
|
Division
Headquarters : |
Chief Executive
Head of Finance
Vice President - HRD
Chief Information Officer
Chief Manager - Processed Fruits
Vice President - Operations
Trader - Edible Nuts and Spices
Chief Trader - Coffee and Spices
Chief Manager - Aqua
|
SOLE
PROPRIETOR/PARTNERS/DIRECTORS
|
Name : |
Mr. Yogesh
Chander Deveshwar |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Sahibzada
Syed Habib-ur-Rehman |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Anup Singh |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr.
Krishnamoorthy Vaidyanath |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Charles
Richard Green |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Ajeet Prasad |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Pillappakkam
Bahukutumbi Ramanujam |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Basudeb Sen |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. John Patrick
Daly |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Ram S.
Tarneja |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Balakrishnan
Vijayaraghavan |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Yash Pall
Gupta |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr.
Sunil Behari Mathur |
|
Designation : |
Non-Executive
Directors |
|
|
|
|
Name : |
Mr.
Dinesh Kumar Mehrotra |
|
Designation : |
Non-Executive
Directors |
KEY EXECUTIVES
|
Name
: |
Mr. Biswa Behari
Chatterjee |
|
Designation
: |
Executive Vice President and Company Secretary |
|
|
|
Managements :-
|
|
|
Audit
Committee :- |
|
|
Mr. P. B.
Ramanujam |
Chairman |
|
Mr. S B Mathur |
Member |
|
Mr. B Vijayaraghavan |
Member |
|
Mr. K Vaidyanath |
Director responsible for the Finance Function |
|
Mr. S Basu |
Head of Internal Audit |
|
Mr. B B Chatterjee |
Company Secretary |
|
|
|
|
Compensation Committee :- |
|
|
Mr. B. Sen |
Chairman |
|
Mr. C. R. Green |
Member |
|
Mr. J P Daly |
Member |
|
Mr. S B Mathur |
Member |
|
Mr. Ram S. Taneja |
Member |
|
|
|
|
Investor Services Committee :- |
|
|
Mr. B. Sen |
Chairman |
|
Mr. P. B.
Ramanujam |
Member |
|
Mr. A. Singh |
Member |
|
Mr. B. B.
Chatterjee |
Secretary |
|
|
|
|
Nominations Committee :- |
|
|
Mr. Y. C.
Deveshwar |
Chairman |
|
Mr. J P Daly |
Member |
|
Mr. C. R. Green |
Member |
|
Mr. S B Mathur |
Member |
|
Mr. D K Mehrotra |
Member |
|
Mr. P. B.
Ramanujam |
Member |
|
Mr. B. Sen |
Member |
|
Mr. Ram S.
Tarneja |
Member |
|
Mr. B.
Vijayaraghavan |
Member |
|
|
|
|
Corporate Management Committee:- |
|
|
Directors:- |
|
|
Mr. Y. C.
Deveshwar |
Chairman |
|
Mr. S. S. H.
Rehman |
Member |
|
Mr. A. Singh |
Member |
|
Mr. K. Vaidyanath |
Member |
|
|
|
|
Executives :- |
|
|
Mr. K. S.
Vaidyanathan |
Member |
|
Mr. R G Jacob |
Invitee |
|
Mr. A. Nayak |
Permanent Invitee |
|
Mr. R. Srinivasan |
Permanent Invitee |
|
Mr. B. B.
Chatterjee |
Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
Category
|
No. of shares
|
% of shareholding
|
|
Banks, Financial Institutions, Insurance Companies and Mutual Funds |
1,35,91,45,869 |
36.19 % |
|
Foreign Companies |
1,20,86,86,701 |
32.19 % |
|
Foreign Institutional Investors |
53,84,43,002 |
14.34 % |
|
NRIs / OCBs / Foreign Nationals |
2,39,41,653 |
0.64 % |
|
Shares Underlying Global Depository Receipts |
6,87,00,497 |
1.83 % |
|
Indian Public & others |
55,62,61,138 |
14.81 % |
|
Total |
3,75,51,78,860 |
100.00 % |
Top Ten Shareholders of the Company as on 31st
March, 2006
Names of Shareholders
|
No of shares
|
% of shareholding
|
|
Tobacco Manufacturers
(India) Limited |
99,27,82,440 |
26.44 % |
|
Unit Trust of
India |
44,55,54,160 |
11.87 % |
|
Life Insurance
Corporation of India |
44,08,83,480 |
11.74 % |
|
Myddleton Investment
Company Limited |
16,21,03,980 |
4.32 % |
|
The New India
Assurance Company Limited |
9,77,56,835 |
2.60 % |
|
General Insurance
Corporation of India |
7,43,32,465 |
1.98 % |
|
The Oriental
Insurance Company Limited |
7,39,05,780 |
1.97 % |
|
National
Insurance Company Limited |
6,89,55,110 |
1.84 % |
|
Citibank N.A. New
York, ADR Department |
6,87,00,497 |
1.83 % |
|
Rothmans International Enterprises Limited |
5,16,51,630 |
1.38 % |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturer of
Cigarettes and Tobacco. It is also engaged in Hotel Business. |
||||||||
|
|
|
||||||||
|
Product : |
|
PRODUCTION STATUS
The company's
production status for the year ended 31st March, 2006 was as under
:
|
Class of Goods |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Cigarettes |
Million |
1,23,547 |
99,349 |
59,123 |
|
Smoking Tobaccos |
Tonne |
N.A. |
N.A. |
118 |
|
Printing /
Packaging including Flexible |
Tonne |
N.A. |
47837 |
38,316 |
|
Redried Tobacco |
Tonne |
N.A. |
N.A. |
1,03,889 |
|
Pulp |
Tonne |
N.A. |
1,00,000 |
97,615 |
|
Paperboards and
Paper |
Tonne |
N.A. |
3,52,500 |
3,65,819 |
GENERAL
INFORMATION
|
No. of
Employees : |
5000 |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
˜
State Bank
of India, 38, Chowringhee Lane, Kolkata - 700 071, West Bengal ˜
Standard Chartered
Grindlays Bank Limited, 41, Chowringhee Lane, Kolkata - 700 071, West Bengal ˜
United Bank
of India, 10 Netaji Subhas Road, Kolkata - 700 001, West Bengal ˜
Citibank
N.A., Kolkata, West Bengal ˜
Facilities:
Cash / Export Credit of Rs. 363.7 millions secured by charge over certain
current assets of the company, both present and future. |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations : |
Good |
|
|
|
|
Auditors : |
A. F. Ferguson
and Company Chartered Accountants |
|
Address : |
Kolkata, West
Bengal |
|
|
|
|
Associates : |
˜
Ansal Hotels
Limited ˜
Gujarat Hotels
Limited ˜
Megatop
Financial Services and Leasing Limited ˜
Newdeal
Finance and Investment Limited ˜
Peninsular
Investments Limited ˜
Russell
Investments Limited ˜
Asia Tobacco
Company Limited ˜
Maharaja
Heritage Resorts Limited ˜
Classic
Infrastructure & Development Limited ˜
International
Travel House Limited ˜
Tobacco
Manufacturers (India) Limited, UK ˜
ITC Filtrona
Limited ˜
King Maker
Marketing Inc., USA |
|
|
|
|
Subsidiaries :
|
˜
Bay Islands
Hotels Limited ˜
BFIL Finance
Limited ˜
BFIL
Securities Limited ˜
Fortune Park
Hotels Limited ˜
Gold Flake
Corporation Limited ˜
Greenacre
Holdings Limited ˜
ITC Hotels
Limited ˜
ITC Infotech
(USA) Inc ˜
ITC Infotech
India Limited ˜
ITC Infotech
Limited ˜
Landbase
India Limited ˜
MRR Trading
& Investment Company limited ˜
Surya Nepal Private
Limited ˜
Russell
Credit Limited ˜
Srinivasa
Resorts Limited ˜
Wills
Corporation Limited ˜
ITC Global
Holdings Pte. Limited, Singapore ˜
Hup Hoon
Traders Pte. Limited, Singapore ˜
Hup Hoon
Shipping Pte. Limited, Singapore ˜
Chai Fu
Trading Pte. Limited, Singapore ˜
AOZT
"Hup Hoon", Moscow ˜
Hup Hoon
Impex srl, Romania ˜
Fortune
Tobacco Company Limited, Cyprus ˜
Fortune
Tobacco Company Inc., U.S.A. |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5,00,00,00,000 |
Ordinary Shares |
Rs 10/- each |
Rs. 5000.000
millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3,75,51,78,860 |
Ordinary Shares |
Rs 10/- each |
Rs. 3755.200
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share Capital |
3755.200 |
2482.200 |
2476.800 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves &
Surplus |
86859.600 |
76461.800 |
61623.800 |
|
|
4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
90614.800 |
78944.000 |
64100.600 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
336.700 |
886.900 |
315.600 |
|
|
2] Unsecured
Loans |
860.600 |
1566.700 |
892.900 |
|
TOTAL
BORROWING
|
1197.300 |
2453.600 |
1208.500 |
|
|
DEFERRED TAX
LIABILITIES |
3247.600 |
3760.900 |
877.400 |
|
|
|
|
|
|
|
TOTAL
|
95059.700 |
85170.600 |
66186.500 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
41617.300 |
39507.600 |
32983.100 |
|
Capital work-in-progress
|
2434.000 |
1861.500 |
3137.400 |
|
|
|
|
|
|
|
INVESTMENT
|
35170.100 |
38746.800 |
30539.600 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
26362.900
|
20029.900
|
15342.100 |
|
|
Sundry Debtors
|
5479.600
|
5277.600
|
2301.500 |
|
|
Cash & Bank Balances
|
8558.200
|
556.600
|
340.400 |
|
|
Other Current Assets
|
1468.000
|
1425.200
|
8171.800 |
|
|
Loans & Advances
|
9750.300
|
8103.600
|
8697.700 |
Total Current Assets
|
51619.000
|
35392.900
|
34853.500 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
21890.300
|
19256.400
|
28498.300 |
|
|
Provisions
|
13890.400
|
11081.800
|
6828.800 |
Total Current Liabilities
|
35780.700
|
30338.200
|
35327.100 |
|
Net
Current Assets
|
15838.300
|
5054.700
|
(473.600) |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
95059.700 |
85170.600 |
66186.500 |
|
PROFIT &
LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
|
100766.100 |
78752.600 |
66953.200 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
32691.900 |
26730.700 |
23190.600 |
Provision for Taxation
|
10338.400 |
48167.700 |
7262.100 |
Profit/(Loss) After Tax
|
22353.500 |
21914.000 |
15928.500 |
|
|
|
|
|
Export Value
|
17935.100 |
12686.500 |
10775.100 |
|
|
|
|
|
Import Value
|
6094.000 |
5970.900 |
4123.700 |
|
|
|
|
|
Total Expenditure
|
68074.200 |
52021.900 |
43762.600 |
QUARTERLY RESULTS
|
Particulars |
30.06.2006 1st Quarter |
30.09.2006 2nd Quarter |
31.12.2006 3rd Quarter |
|
Sales Turnover |
28497.500 |
28876.400 |
31655.700 |
|
Other Income |
849.400 |
794.800 |
697.900 |
|
Total Income |
29346.900 |
29671.200 |
32353.600 |
|
Total Expenditure |
18791.800 |
19149.100 |
20827.700 |
|
Operating Profit |
10555.100 |
10522.100 |
11525.900 |
|
Interest |
07.200 |
34.800 |
-08.700 |
|
Gross Profit |
10547.900 |
10487.300 |
11534.600 |
|
Depreciation |
876.400 |
909.700 |
921.000 |
|
Tax |
3148.700 |
2781.600 |
3439.600 |
|
Reported PAT |
6522.800 |
6796.000 |
7174.000 |
200606 Quarter 1
Expenditure Includes (Increase) / Decrease in Stock in Trade
Rs (2411.30) million Consumption of Raw Materials Rs 14716.60 million Staff
Cost Rs 1525.50 million Other Expenditure Rs 4961.00 million Tax indicate
Provision for taxation (including prior year adjustments) EPS is Basic Status
of Investor Complaints for the quarter ended June 30, 2006 Complaints Pending
at the beginning of the quarter Nil Complaints Received during the quarter 08
Complaints disposed off during the quarter 08 Complaints unresolved at the end
of the quarter Nil 1. The above results were reviewed by the Audit Committee
and approved at the meeting of the Board of Directors of the Company held on
July 21, 2006. 2. Figures for the corresponding previous quarter have been
re-arranged, wherever necessary, to conform to the figures of the current
quarter. 3. Gross Income comprises Segment Revenue and Other Income. 4.
Effective April 01, 2006, the Company has adopted the revised Accounting
Standard - 15 (AS-15) Employee Benefits as issued by the Institute of Chartered
Accountants of India. Pursuant to this, based on actuarial valuation: a. The
net additional opening liability as on April 01, 2006 for defined benefit plans
towards Pension and Gratuity amounting to Rs 1.7 million has been adjusted
against the opening balance of avenues reserves, and b. There is an additional
charge of Rs 16.90 million for the current quarter towards liability for
Pension and Gratuity. 5. Profit after tax of Rs 5583.00 million for the quarter
ended June 30, 2005 included a once-of income (net of tax) of Rs 194.90
million, which arose from the settlement reached with the owners of Searock
hotel. Consequently, the underlying growth in Profit after tax for the quarter
ended June 30, 2006 is 21.1%. 6. Provision for Taxation includes Rs 30.8
million (corresponding previous quarter Rs 43.20 million) for Fringe Benefit
Tax. 7. The above as per clause 41 of Listing Agreement Limited Review: The
Limited Review as under Clause 41 of the Listing Agreement has been completed
and related Report farwarded to the Stock Exchanges. The Report does not have
any impact on the above 'results and Notes' for the quarter ended 30.06.2006
which needs to be explained.
2006-09 Quarter 2
Expenditure
Includes (Increase) / Decrease in Stock in Trade Rs (117.40) million
Consumption of Raw Materials Rs 12428.30 million Staff Cost Rs 1496.70 million
Other Expenditure Rs 5341.50 million Tax indicate Provision for taxation
(including prior year adjustments) EPS is Basic Status of Investor Complaints
for the quarter ended September 30, 2006 Complaints Pending at the beginning of
the quarter Nil Complaints Received during the quarter 01 Complaints disposed
off during the quarter 01 Complaints unresolved at the end of the quarter Nil
1. The above results were reviewed by the Audit Committee and approved at the
meeting of the Board of Directors of the Company held on October 30, 2006. 2.
Figures for the corresponding previous quarter and half year ended September 30,
2005, have been re-arranged, wherever necessary, to conform to current
presentation. 3. Gross Income comprises Segment Revenue and Other Income. 4.
During the quarter, 21,69,670 Ordinary Shares of Re 1/- each were issued and
allotted under the ITC Employee Stock Option Scheme. Consequently, the issued
and paid up share capital of the Company as on September 30, 2006 stands
increased to Rs 375,73,48,530/-. 5. Provision for taxation includes Rs 31.70
million & Rs 62.50 million for Fringe Benefit Tax for the quarter and half
year ended September 30, 2006 respectively. (Corresponding previous quarter and
half year ended September 30, 2005 - Rs 52.00 million and Rs 95.20 million
respectively). 6. The Company has increased its shareholding in King Marketing,
Inc USA (KMM), from 50% to 50.98%, effective October 25, 2006. Consequently,
KMM, which is primarily in the business of distribution of tobacco products
became a subsidiary of the Company from the said date. 7. The Limited Review as
required under clause 41 of the Listing Agreement has been completed and the
related report forwarded to the Stock Exchanges. This Reprt does not have any
impact on the above results and Notes for the quarter and half year ended
September 30, 2006 which needs to be explained.
200612 Quarter 3
Expenditure
Includes (Increase) / Decrease in Stock in Trade Rs (773.60) million
Consumption of Raw Materials Rs 14249.60 million Staff Cost Rs 1647.10 million
Other Expenditure Rs 5704.60 million Tax indicate Provision for taxation (including
prior year adjustments) EPS is Basic Status of Investor Complaints for the
quarter ended December 31, 2006 Complaints Pending at the beginning of the
quarter Nil Complaints Received during the quarter 03 Complaints disposed off
during the quarter 03 Complaints unresolved at the end of the quarter Nil 1.
The above results were reviewed by the Audit Committee and approved at the
meeting of the Board of Directors of the Company held on January 31, 2007. 2.
Figures for the corresponding previous quarter and nine months ended December
31, 2005, have been re-arranged, wherever necessary, to conform to current
presentation. 3. Gross Income comprises Segment Revenue and Other Income. 4.
During the quarter, 2817390 Ordinary Shares of Re 1/- each were issued and
allotted under the ITC Employee Stock Option Scheme. Consequently, the issued
and paid up share capital of the Company as on December 31, 2006 stands
increased to Rs 3760.165 Millions. 5. Provision for taxation includes Rs 35.20
million & Rs 97.70 million for Fringe Benefit Tax for the quarter and nine
months ended December 31, 2006 respectively. (Corresponding previous quarter
and nine months ended December 31, 2005 - Rs 52.20 million and Rs 147.40
million respectively). 6. The above is as per Clause 41 of the Listing
Agreement. 7. The Limited Review as required under clause 41 of the Listing
Agreement has been completed and the related report forwarded to the Stock
Exchanges. This Report does not have any impact on the above results and Notes
for the quarter and nine months ended December 31, 2006 which needs to be
explained.
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt Equity Ratio |
0.02 |
0.03 |
0.02 |
|
Long Term Debt Equity Ratio |
0.01 |
0.01 |
0.01 |
|
Current Ratio |
1.15 |
0.97 |
1.06 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
2.74 |
2.58 |
2.66 |
|
Inventory |
6.99 |
7.55 |
8.48 |
|
Debtors |
29.59 |
34.24 |
51.28 |
|
Interest Cover Ratio |
153.80 |
52.84 |
68.85 |
|
Operating Profit Margin (%) |
22.05 |
22.45 |
21.96 |
|
Profit Before Interest and Tax Margin (%) |
20.00 |
20.11 |
19.92 |
|
Cash Profit Margin (%) |
15.83 |
15.90 |
15.53 |
|
Adjusted Net Profit Margin (%) |
13.78 |
13.56 |
13.48 |
|
Return on Capital Employed (%) |
37.73 |
36.89 |
39.58 |
|
Return on Net Worth (%) |
26.55 |
25.52 |
27.34 |
STOCK PRICES
|
Face Value |
Rs. 10.00/- |
|
High |
Rs. 188.00/- |
|
Low |
Rs. 184.05/- |
LOCAL AGENCY
FURTHER INFORMATION
History
Started
in 1990, ITC-IBD today holds a prominent position among the exporting community
in India. It contributes over 60% of ITC Group's total foreign exchange
earnings.
ITC-IBD
attributes its leverage in the industry, to a focussed approach on
strengthening its core competencies in select commodities. Today, IBD continues
to deliver the pick of India's agri commodities like Feed Ingredients -
Soyameal, Rapeseed Meal; Food grains - Rice (Basmati & Non Basmati), Wheat
& Wheat Products, Pulses; Coffee, Black Pepper; Edible Nuts - Sesame Seeds,
HPS Groundnuts, Castor oil & Marine products like Shrimps and Prawns,
Processed Fruits - Mango, Papaya and Guava Products.
Its beginnings were
humble. A leased office on Radha Bazar Lane, Kolkata, was the centre of the
companys existence. The company celebrated its 16th birthday on
August 24, 1926, by purchasing the plot of land situated at 37, Chowringhee,
Kolkata, for the sum of Rs. 0.310 million. This decision of the company was historic
in more ways than one. It was to mark the beginning of a long and eventful
journey into Indias future. The companys headquarter building, Virginia
House, which came up on that plot of land two years later, would go on to
become one of Kolkatas most venerated landmaks. The companys ownership
progressively undiagnosed and the name of the company was changed to ITC
Limited in 1974. Currently British American Tobacco Company (U.K.) controls
31.7% equity stake in company.
Though the first six
decades of the companys existence were primarily devoted to the growth and
consolidation of the Cigarette and Leaf Tobacco businesses, the Seventies
witnessed the beginnings of a corporate transformation that would usher in
momentous changes in the life of the company.
In 1975, the
company launched its hotels business with the acquisition of a hotel in
Chennai, which was rechristened "Hotel Chola". It chose the hotels business for its
potential to earn high levels of foreign exchange, create tourism infrastructure,
and generate large scale direct and indirect employment. Since then the company's hotels business has
grown to occupy a position of leadership, with 40 owned and managed properties
spread across India. It also has a
marketing and reservation arrangement with the Sheraton Corporation, the
reputed international hotel chain.
In 1979, the
company entered the paperboards business by promoting ITC Bhadrachalam
Paperboards Limited, which today has become the market leader in India.
In 1985, it set
Surya Tobacco Company in Nepal as a joint venture with the reputed Soaltee
Group. In 1990, it acquired Tribeni
Tissues Limited, a speciality paper manufacturing company and a major supplier
of tissue paper to the cigarette industry.
In 1992, leveraging its agri-sourcing competency, the company set up the
International Business Division (IBD) for export of agri-commodities. This division is today one of India's
largest exporters.
Recently, the
company's packaging and printing business has launched a line of high quality
greeting cards under the brand name "Expressions". It has also entered the Lifestyle Retailing
business with the Wills Sport range of international quality relaxed wears for
men and women.
During 2002, ITC
Bhadrachalam Paperboards Limited, a subsidiary company was merged with the
company. The shareholders of ITCPBL
were allotted one equity share of the company for every sixteen shares held.
ITC Bhadrachalam
Paperboards (ITCBPL) incorporated in July, 1975 commenced business in October,
1979. Part of the ITC group, in 1986, ITCBPL came out with a right issue of
15.90 millions equity shares (premium: Rs. 90) aggregating to Rs. 1590 millions
on 3:10 basis, to part finance its expansion plans. It manufactures a wide
range of baseboards, papers and paperboards for packing cigarettes, safety
matches, detergents, etc. Its product range also includes superior quality
cultural paper, coated and speciality papers and boards.
During the year
2000-2001 the company developed superior products for critical applications
like liquid packaging and premium quality graphics printing. It also embarked
on a modernisation-cum-upgradation project of the pulp mill with an outlay of
Rs. 2260 millions.
The company was
merged with ITC, its group company during the year 2002. The shareholders of
the company were allotted one equity share of ITC for every 16 shares held.
The company has
pioneered the manufacture of cigarettes in India and has, since 1910,
maintained its leadership position in the industry. It has diversified brands across product categories. Its successful brands include Gold Flake,
Wills, Classic, Bristol and Scissors.
It also sells two luxury filter brands of its parent company, Benson and
Hedges and 555.
The Scheme of
Amalgamation of the erstwhile ITC Bhadrachalam Paperboards (ITC Bhadrachalam)
with company was sanctioned by the Honourable High Court at Kolkata and the
Honourable High Court of Judicature of Andhra Pradesh at Hyderabad, on 24th
January 2002 and 8th February, 2002, respectively. Upon completion
of the requisite formalities, the Scheme became effective on 13th
March 2002, and operative from 1st April, 2001. ITC Bhadrachalam
thus became a Division of company under the nomenclature Bhadrachalam
Paperboards Division.
In consideration of
the amalgamation, 20,96,982 fully paid-up ordinary shares of Rs. 10/- each of
company were issued and allotted on 6th May, 2002 to the members of
ITC Bhadrachalam. The new ordinary shares rank pari passu with the existing
ordinary share of the company. The paid up share capital of the company has
consequently increased from Rs. 2454.100 millions to Rs. 2475.100 millions.
Milestones
1996
Flat 10 packs
launchced
1997
10s hinged-lid
packs introduced for regular size filters
1999
New factory at
Bangalore commenced operations
2000
Brownfield project
at Saharanpur factory completed
Entry into
Lifestyle Retailing business with first store in Delhi
2001
Regular size
filters offered in 5s packs
Wills Lifestyle
chain rapidly scaled upto 29 stores
Engry into the
foods Business with lauch of Kitchens of India.
Expressions valued
Customer programme started
2002
Beveled edge packs
introduced
mint-o trademark
acquired relaunched in lemon and mint flavours, Candyman added to
confectionery rang, Aashirvaad atta rolled out
Chain expanded to
48 stores; Master Design Facility established; Wills Classic formal wear
launched; John Players introduced in the mid-priced popular segment.
Entry into Greeting
Cards business
Expressions Paperkraft
premium paper products launched
Entry into
marketing of safety matches
2003
India Kings
marketed in contour packs; Insignia lauched in shoulder box
Integrated Group
Research and Development Centre established Aashirvaad Salt introduced;
Candyman range expanded to deposited candies and eclaris; Sunfeast biscuits
lauched; Aashirvaad Ready Meals offered; mint-o in lemon mint flavour.
Wills Clublife
evening wear launched.
Expressions
Classmate mass market notebooks for schools and colleges introduced.
Entry into
marketing of Agarbatties
2004
Long Size filters
offered in wave packs
Kitchens of India
extended to cooking pastes
Mangaldeep brand
of Agarbatties added to portfolio.
Fixed
Assets
Ψ Trademarks
and Goodwill
Ψ Know-how,
Business and Commercial Rights
Ψ Land
Freehold
Ψ Buildings
Freehold
Ψ Leasehold
Properties
Ψ Licensed
Properties - Building Improvement
Ψ Railway
Sidings etc.
Ψ Plant
and Machinery
Ψ Capitalised
Software
Ψ Computers
etc.
Ψ Furniture
and Fixtures
Ψ Motor Vehicles
etc.
Directors
Profile:
Y. C. Deveshwar
Y. C. Deveshwar,
Chairman of ITC Limited since January 1, 1996, is respected for the deep
insight with which he steers a multi-business corporation like ITC, and is
credited with several key strategic interventions which have positioned ITC as
a well managed, well governed, value creating, top league Company in India.
An engineering
graduate from NT, Delhi, Deveshwar was handpicked by the Government in 1991 to
head the national carrier, Air India, as Chairman and Managing Director. He had
a successful stint in this assignment till 1994, during which period he was
also a member on the Boards of Indian Airlines, International Airports
Authority of India, Airports Authority of India and Air Mauritius Limited.
Deveshwar is the President of the Confederation of Indian Industry, India's
premier industry body. He also serves on the Executive Committees of other
prominent trade and industry bodies. He is a member of the Board of Governors
of the Indian School of Business, Hyderabad. The Government of India has
nominated him the Chairman of the Society and Board of Governors of the Indian
Institute of Management, Calcutta. He is also a member of the National
Manufacturing Competitiveness Council.
Deveshwar has been honoured with several
recognitions within India/ including the Honorary Fellowship of the All India
Management Association, the Distinguished Alumni Award of the Indian Institute
of Technology, Delhi, the Meridien Hotelier of the Year Award and the Marketing
Man of the Year from A and M, the country's leading marketing publication.
Deveshwar has also been honoured with the Manager Entrepreneur of the Year
Award 2001, by Ernst and Young.
Other
Directorships
|
Name of the
Company |
Position |
|
Surya Nepal
Private Limited |
Chairman and
Director |
|
International
Travel House Limited |
Director |
|
HT Media Limited |
Director |
|
Woodlands Medical
Centre Limited |
Director |
|
West Bengal
Industrial Development Corporation Limited |
Director |
Committee Memberships of other Companies:
Nil
S. S. H. Rehman
S. S. H. Rehman
was appointed a Director on the Board of ITC on November 21, 1997. He began his
career with the Indian Army, moving over to the hospitality industry in 1975
and joining ITC in 1979. Since then Rehman has been General Manager of
Welcomgroup's premier hotels across India as also its Regional Director, Vice
President- Operations and President. Rehman was appointed Managing Director of
the erstwhile ITC Hotels Limited in 1994 and continued in that position till
July, 2003. He is currently in charge of the Hotels, Travel and Tourism and
Foods businesses of the Company.
Other
Directorships
|
Name of the
Company |
Position |
|
ITC Infotech
India Limited |
Chairman and
Director |
|
ITC
Infotech Limited |
Chairman and
Director |
|
ITC Infotech
(USA), Inc. |
Chairman and
Director |
|
Asia Tobacco
Company Limited |
Chairman and
Director |
|
Surya Nepal
Private Limited |
Director |
|
West Bengal
Industrial Development Corporation Limited |
Director |
|
The Tollygunge
Club Limited |
General Committee
Member |
Committee Memberships of other Companies:
Nil
Anup Singh
Anup Singh was
appointed a Director on the Board of ITC on November 21, 1997. He joined ITC in
1968 after receiving a Bachelor's degree in Electrical Engineering from NT,
Kharagpur. He was a key participant in the Company's major strategic initiative
in the mid seventies to implement the concept of 'Management by Objectives
(MBO)'.
Singh has had a long
stint in ITC's Cigarette business, including heading it as the Chief Executive.
He has also been the Chief Executive of the erstwhile Specialty Papers
Division. He is currently in charge of the Cigarettes, Information Technology
and Lifestyle Retailing businesses of the Company.
He is immediate
Past President and a Committee member of the Indian Chamber of Commerce. He is
also a Director of The Tobacco Institute of India.
Name of the Company
Committee Position
Other Directorships
|
Name of the Company |
Position |
|
ITC Infotech
India Limited |
Chairman and
Director |
|
ITC Infotech
Limited* |
Chairman and
Director |
|
ITC Infotech
(USA), Inc.* |
Chairman and
Director |
|
Asia Tobacco
Company Limited |
Chairman and
Director |
|
Surya Nepal
Private Limited* |
Director |
|
West Bengal
Industrial |
Director |
|
Development
Corporation |
General Committee |
|
Limited |
Member |
|
The Tollygunge
Club Limited |
Committee
Memberships of other Companies: Nil |
K. Vaidyanath
K. Vaidyanath was inducted
into the ITC Board on January 1 7, 2001. He holds responsibility for the
Company's Finance and IT functions, its investment subsidiary, Agri Business
and Corporate Communications. Before
his elevation to the Board, he was the Company's Chief Financial Officer. An
MBA from XLRI, Jamshedpur, Vaidyanath has been with ITC for the past 29 years.
He has held various positions in the Company's Finance function including that
of Head of Finance of ITC's Packaging, Hotels and International Businesses. He
has also been Head of Corporate Planning and Treasury, as well as Internal
Audit. Vaidyanath is a Committee member of the Bengal Chamber of Commerce and
Industry. He was adjudged one of the best CFOs in the country in a survey
conducted by Business Today magazine in 2005.
Other Directorships
|
Name of the
Company |
Position |
|
Russell
Credit Limited |
Chairman and
Director |
|
Gold Flake
Corporation Limited |
Chairman and
Director |
|
Wills Corporation
Limited |
Chairman and
Director |
|
Greenacre Holdings
Limited |
Chairman and
Director |
|
ITC Infotech
India Limited |
Director |
|
Agro Tech Foods
Limited |
Director |
|
Classic
Infrastructure and Development Limited |
Director |
Committee
Memberships of other Companies
|
Russell Credit
Limited |
Audit Committee |
Chairman |
|
Gold Flake
Corporation Limited |
Audit Committee |
Chairman |
|
Greenacre
Holdings Limited |
Audit Committee |
Chairman |
|
ITC Infotech
India Limited |
Audit Committee |
Member |
J. P. Daly
J. P. Daly joined
the ITC Board as a representative of BAT on January 21, 2005. His academic
qualifications include a Master of Business Administration from the University
of Dublin and a Diploma in Marketing from the Institute of Marketing, UK. Daly
was appointed Director, Asia Pacific, BAT in October 2004. He has occupied
senior positions for nearly 20 years in the tobacco and pharmaceutical
industries. Prior to the merger of British American Tobacco and Rothmans
International in 1999, Daly was the Strategic Planning Director - EU in
Rothmans Europe and the Managing Director - Japan and Korea in Rothmans Asia.
After the completion of the merger he was appointed Regional Manager Middle
East, South and Central Asia and then as Area Director - Middle East.
Other Directorships
|
Name of the
Company |
Position |
|
British-American
Tobacco Middle East FZ-LLC* |
Director |
|
British American
Tobacco (Australasia Holdings) Pty. Limited* |
Director |
Committee
Memberships of other Companies: Nil
C. R. Green
C. R. Green has
represented BAT on the ITC Board from April 16, 1999. He joined BAT in 1993
after a long and distinguished career in the oil industry. He has spent over 18
years with Texaco, the US oil major in a variety of roles including Director of
Texaco, Brazil and its Regional Manager for Latin America.
In the tobacco
industry, Green has worked with Brown and Williamson, where he was Vice
President
P. B. Ramanujam
P. B. Ramanujam has represented the General Insurance
Corporation of India (GIC) and its erstwhile subsidiaries on the Board of ITC
since October 30, 1998. He has held several responsibilities in GIC covering
finance, accounts / investments, reinsurance, information technology etc. He
was General Manager and Director with the National Insurance Company Limited
and the Managing Director of GIC till July 31, 2004.
Ramanujam has served as a faculty member at
the National Insurance Academy, Pune. He was also the Chairman of the committee
appointed by the interim Insurance Regulatory Authority (IRA) for prescribing
norms, rules and regulations in the area of finance. He has also been a member
of two other IRA committees on technical issues and investment matters, and
Insurance Regulatory Information System. He has recently been appointed
Chairman of FICCI's Reinsurance Sub-Committee. He is also a Member of the
Insurance Tariff Advisory Committee and the Finance Committee of Insurance
Regulatory and Development Authority (IRDA).
Other Directorships
|
Name of the Company |
Position |
|
Nicco Corporation
Limited |
Director |
|
BOC India Limited |
Director |
Committee Memberships of other Companies:
Nil
Basudeb Sen
Basudeb Sen has been on the Board of ITC
since March 23, 1995, first as a nominee, then as a representative of UTI, and
from July 28, 2000 as an Independent Non-Executive Director. Sen has over 32
years of management experience in different areas of commercial banking,
development banking and investment management. He is an M.A. in Economics and a
Ph.D. from Indian Statistical Institute, besides being an alumnus of the
Harvard Business School. He has contributed several articles in academic /
professional journals and financial papers on a wide range of issues related to
management, economics, banking,
financial
markets and energy.
He has served as Chairman and Managing
Director of the Industrial Investment Bank of India Limited and as Executive
Director of UTI. He has managed critical business responsibilities in various
areas including strategic planning, risk management system, investment
portfolio management and fund marketing and credit and project appraisal.
In the last two decades, Sen has served as
Chairman and / or Member of various working groups / committees set up by SEBI,
RBI, Indian financial institutions and industry associations on suth issues as
consortium lending, corporate governance, institutional disinvestment, overseas
investment by mutual funds, money markets and corporate debt restructuring, as
also on the Boards of several companies in sectors like infrastructure,
engineering, petrochemicals, electronics and financial services.
Other Directorships
Name of the Company
Position
Gujarat NRE Coke
Limited Director
South Asian Petrochem
Limited Director
Srei Venture
Capital Limited Director
Committee Memberships of other Companies
Name of the Company Committee Position
Gujarat NRE Coke
Limited Audit
Committee Member
South Asian
Petrochem
Limited Shareholders'
Member
Grievance Committee
Audit
Committee Member
Ram S. Tarneja
Ram S. Tarneja
joined the ITC Board as an Independent Non-Executive Director on November 25,
1996. His present Chairmanships include, among others, that of Jolly Board Limited,
Nissin ABC Logistics Private Limited and the Pan Asian Management and Rural
Research Organisation. Tarneja was Managing Director - Bennett, Coleman and
Company Limited, until May 1991 and continues to be on the Board of that
company. He is past President, Indian Merchants Chamber, All India Management
Association, Indian Newspaper Society, Indian Institute of Personnel
Management, Asian Association of Management Organisations and others.
Other Directorships
|
Name of the
Company |
Position |
|
jolly Board
Limited |
Chairman and
Director |
|
Transcorp
International Limited |
Director |
|
Nesco Limited |
Director |
|
Bharat Gears
Limited |
Director |
|
Bennett, Coleman
and Company Limited |
Director |
|
Housing
Development Finance Corporation Limited |
Director |
|
Ballarpur
Industries Limited |
Director |
|
Rallis India
Limited |
Director |
|
Otis Elevator
Company (India) Limited |
Director |
|
Phillips Carbon
Black Limited |
Director |
|
Gati Limited |
Director |
|
Phoenix Township
Limited |
Director |
|
SOWiL Limited |
Director |
Committee
Memberships of other Companies
|
Name of the
Company |
Committee |
Position |
|
Bharat Gears
Limited |
Audit Committee |
Chairman |
|
Bennett, Coleman
and Company Limited |
Audit Committee |
Chairman |
|
Housing
Development Finance Corporation Limited |
Shareholders /
Investors Grievance Committee |
Chairman |
|
Ballarpur
Industries Limited |
Shareholders /
Investors Grievance Committee |
Chairman |
|
Rallis India
Limited |
Audit Committee Shareholders / Investors
Grievance Committee |
Member |
|
Otis Elevator
Company (India) Limited |
Audit Committee
Member |
Member |
B. Vijayaraghavan
B. Vijayaraghavan joined the ITC Board as an
Independent Non-Executive Director on November 25, 1996. Vijayaraghavan was in
the Indian Administrative Service from 1957 to 1993, when he retired in the
rank of Chief Secretary to the Government of Tamil Nadu. He has served as
Secretary to the Tamil Nadu Government in the Public Works, Forests and
Fisheries, Prohibition and Excise and Home departments. He has been the
Chairman of the Tamil Nadu Electricity Board, Member Board of Revenue and
Commissioner of Commercial Taxes, Tamil Nadu, Chairman and President -
Tuticorin Alkali Chemicals and Fertilisers Limited, Chairman and Managing
Director State Industries Promotion Corporation of Tamil Nadu and Vigilance
Commissioner and Commissioner for Administrative Reforms, Tamil Nadu.
After his
retirement from Government service, Vijayaraghavan was a Member of the
Syndicates of Alagappa University and Bharathidasan University, Member of the
Governing Council, Salim AN Centre for Ornithology and Natural History and
Member of the Committee for Economic Reforms, jammu and Kashmir and a Trustee
of the Indian Bank Mutual Fund. Vijayaraghavan is currently Chairman, Chennai
Snake Park Trust. He does not hold directorship or committee membership of any
other company.
Notes:
1. Other
Directorships and Committee Memberships of Directors are as on 31st March,
2005.
2. Other Directorships exclude Directorships in Indian Private Limited Companies, Memberships of Managing Committees of Chambers
of Commerce /
Professional Bodies and Alternate Directorships.
3. Committee Memberships
are in respect of Audit Committee and Investors Grievance Committee of Indian
Companies.
Denotes foreign
Company.
Business:
Subject is engaged
in the business as manufacturers of Cigarettes and Unmanufactured Tobacco. It is also engaged in Hotel Business.
Subject is one
of the most valuable companies India. It is a market leader in India in
Cigarettes and Tobacco and also operates business like Hotels, Packaging,
Speciality Papers and Paperboards. It has recently entered the Lifestyle Retailing
business with the launch of the Wills Sport range of relaxed wear. It has
also spun off its information Technology business into a wholly owned
subsidiary of Indian agri-commodities.
India is the
third largest tobacco producer in the world, after the U.S.A. and China. The
country produces an estimated 550 millions kg of tobacco annually. It is also
one of the worlds biggest market for tobacco. The company has pioneered the
manufacture of cigarettes in India and has, since 1910, maintained its leadership
position in the industry. It has diversified its brand across product
categories. Its successful brands include Gold Flake, Wills, Classic, Bristol
and Scissors. It also sells two luxury filter brands of its parent company,
Benson and Hedges and 555.
Awards
·
Golden Peacock Global
Award;
- Greentech Environment Excellence Gold Award;
- Highest Green Rating from Centre for Science and Environment;
- Cll ENCON Award;
- CAPEXIL Top Export Award; Indira
- Priyadarshini Vrikshamitra Award;
- Cll Vantech Industry Rolling Trophy;
- Rajiv Gandhi Parti Bhoomi Mitra Award;
- National Award for Energy Conservation;
- Gold Award for Safety from the Royal Society for Prevention of
Accidents (UK).
Company Performance
The Company posted yet
another year of impressive results testifying to the robustness of the
corporate strategy of creating multiple drivers of growth. The performance is
even more satisfying when viewed in the light of the challenging business
environment of the cigarette industry, incubation costs of new FMCG businesses
and the rural marketing initiatives and gestation costs of investments in the
paperboards business.
Gross Turnover for the year 2005-06 grew by 21.5% to Rs.162240 millions, driven
by good top line growth across all businesses of the Company.
Pre-tax profit (before exceptional items) increased by 22.3% to Rs.32690
millions, while post-tax profit (before exceptional items) at Rs.22800 millions
registered a growth of 24.1%. The financials for the year include Rs.450
millions (post-tax) towards once off assistance to contract manufacturers in
view of the retrospective withdrawal of Central Excise exemption on cigarettes
manufactured in the North Eastern States during the year 2000 (last year's
exceptional items represent net income amounting to Rs.3540 millions
(post-tax), most of which relate to past litigation). Inclusive of this
exceptional item, the Company's Profit After Tax stands at Rs.22350 millions.
Earnings Per Share (before exceptional items) for the year stands at Rs. 6.08.
Cash flows from Operations were Rs.29970 millions during the year. The ITC
scrip gained 118% during the year outperforming the benchmark BSE Sensex by 44
percentage points.
In order to strike a balance between the need to sustain strategic
investments for a secure future and the annual expectation of shareholders for
growing income, the Directors are pleased to recommend a dividend of Rs.2.65
per Ordinary Share of Re.1/- each {previous year (adjusted for stock split and
bonus issue): Rs.2.07 per share} for the year ended 31st March, 2006. The cash
outflow in this regard will be Rs.11346.8 millions (previous year Rs.8817.0
millions) including Dividend Tax of Rs.1395.6 millions (previous year Rs.1084.5
millions). The Board further recommends a transfer to General Reserve of
Rs.11500 millions (previous year Rs.11000 millions). Consequently, the Board
recommends leaving an unappropriated balance in the Profit and Loss Account of
Rs.5620.6 millions (previous year Rs. 6114.1 millions).
Foreign
exchange earnings
The Company
continues to view foreign exchange earnings as a key priority. All businesses
in the ITC portfolio are mandated to engage with overseas markets in a bid to
test competitiveness and seek growth opportunities. The ITC Group's
contribution to foreign exchange earnings over the last ten years amounted to
nearly USD 2.5 billion, of which agri exports constituted 65%. Earnings from
agri exports is an indicator of the Company's contribution to the rural economy
through effectively linking small farmers with international markets.
During the financial year 2005-06, the Company, its subsidiaries and the
ITC-Welcome group hotel chain together earned Rs.19410 millions in foreign
exchange. Direct foreign exchange earned by the Company amounted to Rs.17940
millions. The Company's expenditure in foreign currency amounted to Rs.6790
millions, comprising purchase of raw materials, spares and other expenses at
Rs.5390 millions, and import of capital goods at Rs.1400 millions.
Branded
packaged foods
The Company's
Branded Packaged Foods business continued to expand rapidly with sales
recording an impressive growth of 87% over the previous year. Product portfolio
was further augmented during the year with the launch of a number of
differentiated and innovative products leveraging the in-house capability of
the ITC R&D Centre at Bangalore. The range now comprises more than 100
distinct food products under 5 brands. The Company's unwavering commitment to
internationally benchmarked quality standards enabled it to further enhance the
market standing of all its brands.
The Biscuits category was rapidly scaled up during the year with sales doubling
over previous year's levels. The Sunfeast' range was further expanded with the
launch of Cookies (Sunfeast Golden Bakes') in 3 exciting variants and Sweet and
Salt Crackers (Sunfeast Snacky') in 2 unique variants. These products have met
with excellent consumer response and continue to gain consumer franchise.
Sunfeast Dark Fantasy', a dark chocolate and vanilla cream offering, was
extended to select markets during the year. It has redefined the premium
segment and further strengthened the Company's quality reputation. These
product launches/extensions, along with the strong growth trend in the sales of
other value added products in the Creams and Marie segment, enriched the
portfolio and improved realizations. During the year, the outsourced and
distributed manufacturing capacities were geared up to support the increase in
scale of operations.
The business is in the process of establishing its own production facilities
across the country, including in tax-exempt zones, with a view to servicing
proximal markets in an efficient and cost-effective manner.
The year also saw the roll out to target markets of Sunfeast Pasta Treat', a
semolina based non-fried product. This healthy snacking option is available in
4 exciting flavours and has met with encouraging response from consumers. The
Company has signed up superstar Shah Rukh Khan as the brand ambassador for
Sunfeast'. This association is expected to yield significant value addition by
reinforcing the brand attributes and reiterating the spread the smile'
positioning.
In the Staples category, Aashirvaad Atta' continued to gain increasing consumer
franchise, further consolidating its position as the clear leader amongst
national branded players with market share touching 45%. Aashirvaad Select',
the Company's premium atta offering, was extended to target markets during the
year. Plans are on the anvil to launch value added variants to augment product
range. The year also marked the entry into the branded spices market under the
Aashirvaad' brand, leveraging the brand's strong association with superior
quality and consistency.
In the Confectionery category, the Company's brands - Candyman' and Mint-o' -
posted strong growth with sales growing by nearly 70% over the previous year.
Product portfolio was bolstered during the year with the launch of Mint-o masti
blue' in a refreshingly new pack design and product formulation and Cofitino'
in the hitherto unrepresented Toffees segment. These products have met with
encouraging response from consumers.
In the Ready-to-Eat segment, product portfolio was expanded with the
introduction of number of variants in the packaged desserts and conserves and
chutneys segment under the Kitchens of India' (KOI) banner. Several new
variants were also launched during the year to augment the popular' range of
Aashirvaad Ready Meals'.
The year also marked the business' foray into the Instant Mixes markets under
the Aashirvaad' brand. The Aashirvaad Instant Mixes' range currently comprises
5 products, which are being extended to the target markets. The Kitchens of
India' brand has become synonymous with the finest packaged Indian food. Its
gourmet offerings are critically acclaimed by consumers for their authentic
recipes, excellent taste and high quality. The KOI range is also exported to
the USA, Canada, UK, Switzerland and Australia, where the products have been well
accepted by consumers. The business plans to scale up exports in the ensuing
years.
The Company plans to rapidly scale up the Branded Packaged Foods business
drawing upon the agri-sourcing strength of the e-Choupals, cuisine expertise,
product development capabilities and branding, trade marketing and distribution
competencies to establish itself as the most trusted provider of food products
in the Indian market'.
Lifestyle
retailing
The Company's
Lifestyle Retailing business made good progress during the year in both premium
and popular segments of the branded apparel market. Impressive gains were made
in store productivity, sell through rates, average realisations and supply
chain efficiencies. The business also commenced exports of garments leveraging
the market opportunity arising post dismantling of the quota regime.
During the year, the Company's portfolio of products in the premium segment
comprising the Classic' range of formal wear, Wills Sport' relaxed wear and
Wills Clublife' evening wear expanded its consumer franchise significantly.
Product availability was further enhanced through the expansion of the Wills
Lifestyle' chain of exclusive stores in high potential catchment malls. The
brand is now available in over 150 locations through exclusive brand outlets'
(EBOs) and shop-in-shops'.
A strong customer privileges programme, combined with emphasis on superior
visual merchandising and in-store services helped raise the quality of consumer
experience, leading to a substantial increase in consumer loyalty.
Product portfolio was augmented during the year with the introduction of
new offerings such as suits and jackets, leather and other accessories. The
Wills Lifestyle' range was further supplemented during the year with the launch
of Essenza Di Wills', an exclusive line of prestige fragrance products, at
select Wills Lifestyle' stores. The 16-SKU range for men and women, designed to
complement the Wills Lifestyle' offerings, currently comprises perfumes,
deodorants, body lotions, bathing bars, nourishing creams, shampoos, etc. These
products have met with encouraging response from discerning consumers.
The year also marked the launch of the Wills Lifestyle India Fashion Week'
(WIFW), billed as the country's most premier fashion event. The first WIFW
event, which was held in New Delhi featuring nearly 80 designers, was a
resounding success, further strengthening the brand's association with high
fashion and premium imagery. The business has also tied-up with leading
designers to create high-end fashion products to be retailed from the Wills
Lifestyle' stores.
In the popular Youth' segment, John Players' delivered a strong performance
during the year. The brand's association with superstar and youth icon Hrithik
Roshan, who has been signed up by the Company as the brand ambassador for John
Players' reinforced its style with a playful side' positioning. This
association has created a high buzz for the brand among its youthful target
audience, mobilising large trials and garnering enhanced consumer mind share.
Distribution was strengthened through stronger presence in key multi-brand
outlets' (MBOs) and rapid expansion of the network of EBOs. The brand is now
available in 80 EBOs and over 1500 MBOs. In the short span of time since its
launch, the brand has earned high industry recognition, winning the Most
Admired Shirt Brand of the Year' award at the Images Fashion Awards 2005.
In the area of apparel exports, the Company made a healthy beginning during the
year, establishing relationships with key customers. The business is in the
process of enhancing its manufacturing capacities to take full advantage of the
emerging growth opportunities. It is also engaged in developing long term
partnerships with high potential customers.
During the year the in-house product testing laboratory was granted ISO 17025
certification by the National Accreditation Board for Calibration and
Laboratories. In line with its commitment to world-class quality, the Company
launched Six Sigma' based improvement programmes for both products and
processes. The business continued to leverage its state-of-the-art master
facility' to develop superior products. It also scaled up manufacturing at the
outsourced just-in-time' facility with a view to servicing consumer preferences
more effectively and to improve inventory management. The Company continues to
enhance competencies by inducting international experts and domain specialists
in the areas of product design, garment engineering and fabric development with
a view to strengthening its competitive position.
Greeting,
gifting and stationery
The Company scaled
ups the stationery business significantly during the year. The sales volume of
Classmate' notebooks trebled over that of last year, making it the most widely
distributed notebook brand across the country. It has established itself as the
quality leader in a short span of time. The Alfa Plus' paper used in these
notebooks is custom manufactured at the Company's Bhadrachalam unit. Besides
providing superior whiteness, brightness and smoothness, this paper is also
Elemental Chlorine Free (ECF), imparting a unique value proposition to the
brand. The brand franchise of Classmate' was significantly enhanced by
extending the Classmate Young Authors Contest 2005'- a creative story writing
competition - to 15 cities and introducing the Classmate Young Artist
Competition' in six metros, with an overall reach of 120,000 students across
4,000 schools. In line with its Citizen First' philosophy, the Company
contributes Re.1 to its social responsibility initiatives for every notebook
sold.
With the emergence of organized players in the market, the Rs.50000 millions
paper stationery industry is waking up to the presence of quality branded
offerings. The Company's Classmate' and Paperkraft' brands are well poised to
achieve leadership position in the notebook market. The business is also
planning to launch a mass-market range of notebooks leveraging the Company's
distribution strengths in smaller towns and rural areas, especially in markets
served by the e-Choupal and Choupal Saagar' networks.
The Greeting Cards segment continued to be impacted by the rapid growth of
mobile telephony and messaging services. Despite challenging market conditions,
the Expressions' brand of greeting cards established itself as the market
leader in multi-brand outlets across the country. Product range in the gifting
segment was augmented during the year with the launch of pop-up books, mini
books and three more variants of Regalia' - a premium collection of greeting
cards for the connoisseur.
The business has set up a creative design studio at Chennai and has installed a
digital asset management system to safeguard its intellectual property. The
business continues to partner with small-scale enterprises across the country
for effective sourcing. It continues to remain committed to aiding small-scale
units to enhance the quality of their products and processes. The business
enjoys ISO 9001:2000 certification in recognition of its quality systems and
processes.
Growing levels of literacy, favourable demographics, government led
education initiatives and improving quality consciousness are expected to drive
demand for branded notebooks. Accordingly, the Company plans to scale up the
stationery business significantly on the back of a superior and differentiated
product range and a strong distribution network.
Hotels
The hotel industry
continued on its growth path during the year on the back of the country's
strong economic performance. Foreign tourist arrivals continued to be buoyant,
registering a robust growth of 13.5% during the calendar year 2005 to touch
3.92 million. Consequently, foreign exchange earnings from the tourism sector
touched USD5.7 billion during 2005 representing a growth of 20% over the
previous year. Besides generating valuable foreign exchange, the tourism
industry has a large economic multiplier impact and provides significant
employment opportunities. While the growth in foreign tourist arrivals has been
relatively strong over the last two years, India's share remains a mere 0.5% of
world tourism. The country is not able to service even this miniscule share to
full guest satisfaction due to demand-supply mismatch and infrastructural
inadequacies. It is estimated that India needs 130,000 rooms to service the 5
million tourists expected to arrive in 2007. Currently, the country has 103,800
rooms in the approved category of hotels, leaving a substantial shortfall
against the expected demand.
The potential of the tourism industry to contribute to India's economic growth
is increasingly being recognized in several policy initiatives. The healthy
increase of budgetary allocation for the Ministry of Tourism in recent years,
adoption of the open skies' policy to augment airline capacity, privatization
of the airports in New Delhi and Mumbai and the planned airport up gradation
projects across the country stand testimony to the Government's commitment to
this sector. However, heightened demand for land at suitable locations
especially from real estate players for multi-use development and the
consequent steep escalation in prices has emerged as a key challenge for hotel
companies in setting up greenfield projects.
The Company's hotels business posted yet another impressive financial
performance during the year with Segment Revenues growing by 36% to touch
Rs.7830 millions driven by improved occupancies and realizations across
properties. Gross Operating Profit (PBDIT) grew 64% over the previous year to
touch Rs.3170 millions during 2005-06, while Segment Results (PBIT) at Rs.2580
millions grew 83% over the previous year.
ITC Grand Central, the Company's second property in Mumbai, which was
commissioned in January 2005, posted an impressive performance to record a
positive bottomline in its first full year of operations. The business also
progressed a comprehensive renovation and product up gradation Programme during
the year in keeping with the strategy of maintaining the contemporariness of
its properties. Key initiatives during the year included renovation of guest
rooms and suites in ITC Hotel Windsor Sheraton and Towers, Bangalore, ITC Hotel
Kakatiya Sheraton and Towers, Hyderabad and ITC Hotel Maurya Sheraton and
Towers, New Delhi. The business implemented Six Sigma' Quality initiatives
across select properties with a view to further enhancing the service edge.
Buoyed by the impressive performance and the emerging opportunities in this
industry as discussed herein, the Company has embarked on an aggressive
investment led growth plan. The year marked the commencement of construction of
a new super-deluxe luxury hotel at Bangalore. The proposed hotel at Chennai is
at an advanced stage of architectural planning. Land at suitable locations at
Hyderabad, Delhi and other key centre is being identified.
The ITC-Welcomgroup chain, with its globally benchmarked levels of product and
service excellence and superior hoteliering capabilities is well positioned to
not only sustain its leadership position in the industry, but also to emerge as
the largest hotel chain in the country over the next few years.
Paperboards,
paper and packaging
The Paperboards,
Specialty Paper and Packaging segment recorded strong growth during the year
both in terms of sales and operating profits. As set out in the Segment Report
annexed as Schedule 20 to the Accounts, Segment Revenue grew by 21% to touch
Rs.18960 millions while Segment Results improved by 25.5% to Rs.3510 millions.
The segment generated strong operating cash flow of Rs.4670 millions.
The company has
joint venture with the following:
˜
ITC Filtrona
Limited
ITC Filtrona maintained its market leader in the Indian Cigarette filter
industry with nearly 58% value share.
˜
King Maker
Marketing Inc., USA
King Maker Marketing Inc. (KMM), a company registered in the State of
New York, USA, has been enabling companys foray into the US tobacco and FMCG
market. KMM also provides market research services for several clients.
˜
Maharaja
Heritage Resorts Limited
˜
CLI3L
e-Services Limited
The company has
entered into Agreements with Ardath Tobacco Company Limited, U.K., and Benson
and Hedges (Overseas) Limited, U.K. both subsidiaries of British American
Tobacco (Holdings) Limited. U.K. also a signatory to the said Agreements, for
licensing, including manufacturing and sale in India, of certain BATs
International Brands to the Company.
MEMBERSHIP
˜
Confederation
of Indian Industry
Press Release:
ITC Shareholders overwhelmingly
approve merger proposal
November 20, 2004
The Calcutta High Court-convened meeting of the Shareholders of ITC Limited
took place on the 19th November, 2004 at the Science City, Kolkata, under the
Chairmanship of Justice G. N. Ray (Retired), appointed by the Hon'ble Court, to
consider a resolution for the amalgamation of ITC Hotels Limited and Ansal
Hotels Limited with ITC Limited. The result of the poll was overwhelmingly in
favour of the amalgamation with 99.99 per cent voting in favour of the
resolution.
The Chairman of the meeting declared that the resolution was
passed with the requisite majority.
(S H Venkatramani)
Head - Corporate Communications
ITC
Centre, Gurgaon achieves Platinum Rating from the US Green Building Council
Nov
16, 2004
ITC Centre, the futuristic office complex that ITC Limited is building in
Sector 32, Gurgaon, has been awarded the Platinum Green Building rating by
USGBC-LEED (U.S. Green Building Council - Leadership in Energy and
Environmental Design ). This is the highest rating in this category and ITC
Centre is the largest Platinum rated building in the world.
ITC is the first corporate house in
India to have achieved this unique international distinction.
The ITC Centre complex is being
constructed on a 2-acre plot of land. Its total built-up area is about 1,80,000
sq ft. It has a ground and three upper floors and two basements.
A few of the salient green features
incorporated in the building are; zero water discharge, 53% energy savings over
conventional building, 40% reduction in potable water use, use of treated gray
water for flushing and landscaping, Use of fly-ash in bricks and concrete, high
efficiency equipment, eco-friendly housekeeping practices and well designed
green education program.
In order to achieve the highest LEED
Rating for ITC Centre, extensive research and simulation studies were conducted
by the project team in consultation with CII, TERI, USGBC, Architects,
Engineering Consultants, Independent Commissioning Agency and the Shriram
Research and Test Centre. The design concept, scope and technical
specifications for the ITC Centre were developed to meet the unique and overall
intents of the green building. Accordingly, the building envelope, energy,
indoor air quality and water efficiency, materials and sustainability measures
were evaluated on the basis of simulation studies and optimized. In addition,
innovative ideas like green education and eco-friendly housekeeping practices
have been implemented. The building, which has been envisaged as exemplifying
modern classic architecture, will have a well articulated facade, roof and
specialized glazing with contemporary interiors and services, all of which
comply with relevant international standards.
In keeping with ITC's thrust on
protection of the environment and enrichment of ecology, the Company decided to
seek Green Building Certification for this project by an international
certification agency of stature. ITC then identified USGBC - LEED as the
leading certification authority. The building rating system of USGBC-LEED was
established in USA in 1993. It focuses on design and construction practices
that significantly reduce or eliminate the negative impact of buildings on
their occupants and on the environment on certain parameters like energy efficiency
and renewable energy, the quality of the indoor environment, conservation of
materials and resources, safeguarding water and water efficiency, sustainable
site planning and innovation and design processes. The ratings are four:
Platinum, which is the highest and the best, followed by Gold, Silver and
Certified. Out of the 150 projects around the world that USGBC-LEED has
certified so far by, only 7 have been awarded this prestigious platinum rating.
The actual rating process is based on the submission of all design documents,
simulation, construction and operating intent followed by an audit and review
process. The entire process took over a year. The facility measuring 1,81,000
sq. ft at Gurgaon has been built on a two-acre plot to accommodate various
businesses of ITC and the Welcome group Management Institute. ITC has played a
trail-blazing role in India's corporate sector in preserving and enriching the
environment through sustained induction of environment-friendly technology and
work habits. The construction of this sustainable infrastructure is yet another
demonstration of the Company's continued thrust on environment management.
ITC is the first corporate
organizations in India to launch 'Triple Bottom Line' reporting. The Company
now reports performance on not only its financial capital, but also
environmental and social capital. The USGBC-LEED Award was given to ITC during
the international Green Building Convention held in Portland, Oregon, USA on
the 11th of Nov 2004. The convention was attended by more than 6000 building
professionals from 15 countries.
In the
competitive world of commodity trading, India has two distinct advantages - the
largest arable land and diverse climatic conditions, favourable for a wide
range of agri products. It was in such a scenario that ITC's International
Business Division was created to offer the world the best of India's produce.
Perspectives
Unlike
other trade players, they are focused on transforming their commodity export
business from being a price sensitive and cash leveraged trading operation to a
knowledge based and customer focused enterprise. With an objective to sustain
and strengthen their stringent quality standards, efficient execution of
contracts and accurate market information, they have become the most reliable
business partners with their customers.
Mission
The
mission of IBD is to become the first choice supply chain partner for
"select" international customers accessing the finest Agri and Aqua
product offerings from India.
Ingredients
for a Quality Story
Managed
by a team of highly qualified professionals, backed by sound experience and
product knowledge skills, ITC-IBD is equipped to deliver quality products and
services. Their range of agri products is procured from the most fertile of
Indian farmlands. This includes Soyabeans from Madhya Pradesh, Coffee from
Coorg in Karnataka, Basmati Rice from the Northern Plains, Groundnuts and
Sesame Seeds from Gujarat to name just a few.
All
their products are carefully cleaned processed and hygienically packed to
maintain their wholesome goodness. At every stage - buying, milling,
state-of-the-art processing, storage, loading and despatch - a high standard of
quality control is maintained. This ensures that their customers get value
added products with their natural flavour, taste and aroma intact.
Awards
and Recognition
Recognising
ITC-IBD's effort, the Government of India has conferred on it the coveted
"Golden Star Trading House" status. IBD has earned many awards from
the Government and various trade organisations during the past decade for being
one of the topmost exporters in soyameal, rice etc. This impressive track
record symbolises IBD's unbeatable Sourcing and Execution Strength.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Intl
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a companys management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.22 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.58.03 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
75 |
This score serves as a reference to assess SCs credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|