MIRA
INFORM REPORT
|
Report Date : |
18.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BIRLA TYRES – DIVISION OF KESORAM INDUSTRIES LIMITED |
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Registered Office : |
9/1, Birla Building, 8th Floor, RN Mukherjee Road, Kolkata
– 700001, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
18.10.1919 |
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Com. Reg. No.: |
003429 |
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CIN No.: [Company
Identification No.] |
L17119WB1919PLC003429 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALK03134F |
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PAN No.: [Permanent
Account No.] |
AABCK2417P |
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Legal Form : |
Public Limited Liability
Company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturer of Textiles, under the name Kesoram Industries Limited, Rayon and Transparent Paper run under Kesoram Rayon, Spun Pipes & Foundries run under Kesoram Spun and Pipes Foundries, Cement run under Kesoram Cement and Vasavadatta Cement, Refractory run under Kesoram Refractories. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 49096000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a B. K. Birla Group and a diversified Company having presence in Cement, Automobile tubes/tyres, Rayon, heavy Chemicals, Spun Pipes and Refractories. Their trade relations are reported as fair. Financial position is good. Payments are usually correct and as per commitments. The company can be considered good for any normal business dealings at usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
9/1, Birla Building, 8th Floor, RN Mukherjee Road, Kolkata
– 700001, West Bengal, India |
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Tel. No.: |
91-33-22435453/ 22209454/ 22486607 |
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Fax No.: |
91-33-22109455 |
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E-Mail : |
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Website : |
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Factory : |
v Cement Section Basantnagar, District Karimnagar, Andhra Pradesh-505187 Tel No :- 91-8728-228122/8125/8156 Fax No :- 91-8728-228160 Email: kesoram3@hd2.dot.net.in v Sedam, District Gulbarga, Karnataka-585222 Tel No :- 91-8441-2676005/2677403 Fax No :- 91-8441-2676139 E-mail :- communication@vasavadattacement.com v Automobile Tyres and Tubes P. O. Chanpur, Via Curuda, Balasore, Orissa-756056, India Tel No :- 91-6782-254259/780/885 Fax No :- 91-6782-254225 E-mail :- btbls @cal2.vsnl.net.in v Heavy Chemicals 19, B. T. Road, Khardah, P. O. Balaram Dharma, Sopan Kolkata – 700 116 Tel.No:91-33-25532879/5183 Fax No: 91-33-25533860/25839218 Email: hhcl_fac@vsnl.net |
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Branches : |
v 10-3-316/A 1st Floor, S. D. Eye Hospital Road, Masab Tank, Hyderabad – 500 028, Andhra Pradesh, India Tel.No: 91-40-23342296/8056 Fax No: 91-40-23344109/7821 Email: hyderabad@vasavadattacement.com v 10-3-316/A, 2nd Floor, S. D. Eye Hospital Road, Masab Tank, Hyderabad – 500028, Andhra Pradesh, India Tel.No: 91-40-23348896/7843/7613 Fax No: 91-40-23344109/7821 Email: kesoram2@hd2.dot.net.in v Shivam Chambers, 53, Syed Amir Ali Avenue, Kolkata-700019, West Bengal, India Tel.No: 91-33-22814813/4717/18/19/20 Fax No: 91-33-2281-4874 Email: ho@birlatyre.com v 8th Floor, Birla Building, 9/1, R. N. Mukherjee Road, Kolkata-700001, West Bengal, India Tel.No: 91-33-22131680/89 (10 lines) Extn: 1863/1854 Fax No: 91-33-22421931 |
DIRECTORS
|
Name : |
Mr. Basant Kumar
Birla |
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Designation : |
Chairman |
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Name : |
Mr. Krishna Gopal
Maheshwari |
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Designation : |
Director |
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Name : |
Mr. Bhagwati
Prasad Bajoria |
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Designation : |
Director |
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Name : |
Mr. Pesi Kushru
Choksey |
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Designation : |
Director |
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Name : |
Ms. Neeta Mukerji |
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Designation : |
Director - Nominee [ICICI] |
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Name : |
Mr. D. N. Mishra |
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Designation : |
Director –
Nominee [LIC] |
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Name : |
Mr. Amitabh Ghosh |
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Designation : |
Additional
Director |
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Name : |
Mr. Prasanta.
Kumar. Malik |
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Designation : |
Director |
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Name : |
Mrs. Manjushree
Khaitan |
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Designation : |
Director |
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Name : |
Mr. S. K. Parik |
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Designation : |
Director |
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Name : |
Mr. Govind
ballabh Pande |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. S. K. Parik |
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Designation : |
Company Secretary |
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Name : |
Mr. D S Bindra |
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Designation : |
President |
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Name : |
Mr. P R Sharma |
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Designation : |
Joint President |
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Name : |
Mr. C K Jain |
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Designation : |
Joint President (O and M and TPH) |
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Name : |
Mr. P S Rao |
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Designation : |
Joint President ( Projects) |
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Name : |
Mr. Yashwant Mishra |
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Designation : |
Senior Vice President and Marketing Head |
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Name : |
Mr. O P Sharma |
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Designation : |
Vice President (Commercial) |
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Name : |
Mr. I K Purohit |
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Designation : |
Vice President (Sales and Marketing) |
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Name : |
Mr. R K Gandhi |
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Designation : |
Vice President (Production and Quality Control) |
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Name : |
Mr. A C Basak |
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Designation : |
Vice President (Mines) |
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Name : |
Mr. Ajit Kulkarni |
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Designation : |
Vice President (HR) |
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Name : |
Mr. S V Tapadia |
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Designation : |
Joint President (Finance and Administration) |
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Name : |
Mr. K L Narayana Rao |
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Designation : |
Joint President (Technical) |
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Name : |
Mr. Mahesh Agarwal |
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Designation : |
Vice President (Technical) |
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Name : |
Mr. K K Prasad |
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Designation : |
Vice President (Mines) |
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Name : |
Mr. Ashok Ostwal |
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Designation : |
Vice President (Sales and Marketing) |
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Name : |
Mr. Deepak Tandon |
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Designation : |
President |
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Name : |
Mr. R K Shah |
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Designation : |
Vice President (Commercial) |
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Name : |
Mr. A K Uppal |
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Designation : |
Vice President (Marketing) |
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Name : |
Mr. Sujoy Sen |
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Designation : |
Vice President (Purchase) |
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Name : |
Mr. R C Singh |
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Designation : |
Vice President (Production) |
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Name : |
Mr. Anoj Agarwal |
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Designation : |
Vice President (Commercial) |
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Name : |
Mr. Anupam Dutta |
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Designation : |
Vice President (Technical) |
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Name : |
Mr. J D Palod |
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Designation : |
President |
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Name : |
Mr. J P Bohra |
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Designation : |
Joint President (Finance) |
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Name : |
Mr. S C Tripathy |
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Designation : |
Senior Vice President (Technical) |
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Name : |
Mr. S S Singhania |
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Designation : |
Vice President (Engineering) |
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Name : |
Mr. S K Patodia |
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Designation : |
Vice President (Commercial) |
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Name : |
Mr. A K Kejriwal |
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Designation : |
Vice President (Marketing) |
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Name : |
Mr. P P Saha |
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Designation : |
Senior General Manager |
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Name : |
Mr. S Roy |
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Designation : |
Senior Vice President (Commercial) |
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Name : |
Mr. M L Bhattacharya |
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Designation : |
Senior Vice President (Works) |
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Name : |
Mr. U S Asopa |
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Designation : |
Senior Vice President (Finance) |
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Name : |
Mr. S R Chamaria |
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Designation : |
Senior Vice President (Accounts and HRD) |
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Name : |
Mr. Suresh Sharma |
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Designation : |
Senior Vice President (Commercial) |
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Name : |
Mr. G K Ojha |
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Designation : |
Vice President (Secretarial) |
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Name : |
Mr. Vikas Agarwal |
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Designation : |
Vice President (Taxation) |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2008
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
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1. Indian |
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Individuals/ Hindu Undivided Family |
243,948 |
0.63 |
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Bodies Corporate |
10,073,855 |
26.03 |
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Sub Total (A)
(1) |
10,317,803 |
26.66 |
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(B) Public
Shareholding |
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1. Institutions |
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Mutual Funds/ UTI |
7,882,978 |
20.37 |
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Financial Institutions/ Banks |
90,769 |
0.23 |
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Insurance Companies |
7,116,390 |
18.39 |
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Foreign Institutional Investors |
2,724,323 |
7.04 |
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Sub Total (B)
(1) |
17,814,460 |
46.03 |
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B (2) Non
Institutions |
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Bodies Corporate |
2,374,046 |
6.13 |
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Individuals |
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i. Individuals shareholders holding nominal share capital up to Rs. 1
lakh |
5,345,111 |
13.81 |
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ii. Individual shareholders holding nominal share capital in excess of
Rs. 1 lakh |
878.252 |
2.27 |
|
NRIs |
224,719 |
0.58 |
|
OBC |
1,747,052 |
4.52 |
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Sub Total (B)
(2) |
10,569,180 |
27.31 |
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Total Public
shareholding (B)=(B)(1) + (B) (2) |
28,383,640 |
73.34 |
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Total (A) + (B) |
38,701,443 |
100.00 |
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(C) Shares held
by Custodians and against which depository receipts have been issued. |
70,41,875 |
-- |
|
Grand Total (A)
+ (B) + (C) |
45,743,318 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Textiles, under the name Kesoram Industries Limited, Rayon and Transparent
Paper run under Kesoram Rayon,
Spun Pipes and Foundries run under Kesoram
Spun and Pipes Foundries, Cement run under Kesoram
Cement and Vasavadatta Cement, Refractory run under Kesoram Refractories. |
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Products : |
v Cement v Rayon and Transparent Paper v Refractory v Spun Pipes and Foundries v Textile
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GENERAL
INFORMATION
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No. of Employees : |
Above 9000 |
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Bankers : |
v State Bank of India v Citi Bank N.A v Allahabad Bank v The Hongkong & Shanghai Banking Corporation v UCO Bank v Central Bank of India v Canara Bank v Oriental Bank of Commerce v State Bank of Hyderabad v BNP Paribas v HDFC Bank Limited v ICICI Bank Limited v IndusInd Bank Limited |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Associates : |
v Mangalam Timber Products Limited v Birla Buildings Limited v Century Textiles & Industries Limited v HGI Industries Limited v Indian Rayon and Industries Limited v Jay Shree Tea & Industries Limited v Padmavati Investments Limited v Birla Century Finance Limited v ECE Industries Limited v Mangalore Refinery and Petrochemicals Limited v Mangalam Cement Limited |
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Subsidiaries : |
v Bharat General & Textile Industries Limited v KICM Investment Limited v Assam Cotton Mills Limited v Softshree Estates Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Redeemable Cumulative Preference Shares |
Rs. 100/- each |
Rs. 500.000 millions |
|
400000 |
Redeemable Cumulative Second Preference Shares |
Rs. 100/- each |
Rs. 40.000 millions |
|
66000000 |
Ordinary Shares |
Rs. 10/- each |
Rs. 660.000 millions |
|
|
Total
|
|
Rs. 1200.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
45743318 |
Ordinary Shares |
Rs. 10/- each |
Rs. 457.433 millions |
|
Less: |
Allotment Money receivable |
|
Rs. 0.018 millions |
|
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Total
|
|
Rs. 457.415 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
457.400 |
457.400 |
457.400 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9361.800 |
6086.900 |
3703.100 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9819.200 |
6544.300 |
4160.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
9710.600 |
6432.000 |
4133.700 |
|
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2] Unsecured Loans |
2437.500 |
2296.000 |
2079.900 |
|
|
TOTAL BORROWING |
12148.100 |
8728.000 |
6213.600 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
21967.300 |
15272.300 |
10374.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10842.400 |
9543.800 |
5349.800 |
|
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Capital work-in-progress |
6345.900 |
1508.100 |
2082.400 |
|
|
|
|
|
|
|
|
INVESTMENT |
478.300 |
288.700 |
290.200 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4421.700
|
3768.800
|
2551.900
|
|
|
Sundry Debtors |
2730.700
|
2459.500
|
1843.700
|
|
|
Cash & Bank Balances |
405.400
|
272.400
|
248.300
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
4563.900
|
2249.500
|
1540.700
|
|
Total
Current Assets |
12121.700
|
8750.200
|
6184.600
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
4482.100
|
3439.600
|
2760.200
|
|
|
Provisions |
3338.900
|
1378.900
|
772.700
|
|
Total
Current Liabilities |
7821.000
|
4818.500
|
3532.900
|
|
|
Net Current Assets |
4300.700
|
3931.700
|
2651.700
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
21967.300 |
15272.300 |
10374.100 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
34403.200 |
25164.600 |
18778.200 |
|
|
Other Income |
397.600 |
499.300 |
544.300 |
|
|
Total Income |
34800.800 |
25663.900 |
19322.500 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
5525.300 |
3417.800 |
809.300 |
|
|
Provision for Taxation |
1691.800 |
761.000 |
352.200 |
|
|
Profit/(Loss) After Tax |
3833.500 |
2656.800 |
457.100 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
1381.700 |
989.700 |
832.500 |
|
|
Administrative Expenses |
4759.000 |
3952.100 |
2921.800 |
|
|
Raw Material Consumed |
11466.300 |
9489.800 |
7496.500 |
|
|
Excise Duty |
4542.900 |
3123.700 |
2637.000 |
|
|
Increase/(Decrease) in Finished Goods |
(408.900) |
(280.100) |
115.000 |
|
|
Salaries, Wages, Bonus, etc. |
1527.800 |
1281.000 |
1154.600 |
|
|
Interest |
540.600 |
335.100 |
327.500 |
|
|
Power & Fuel |
3933.000 |
2281.500 |
2140.700 |
|
|
Depreciation & Amortization |
892.700 |
583.100 |
515.700 |
|
|
Other Expenditure |
630.400 |
490.200 |
371.900 |
|
Total Expenditure |
29275.500 |
22246.100 |
18513.200 |
|
KEY RATIOS
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Debt Equity Ratio |
1.29
|
1.41
|
1.45 |
|
Long Term Debt Equity Ratio |
0.91
|
0.90
|
0.65 |
|
Current Ratio |
1.11
|
1.08
|
0.95 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
1.93
|
1.75
|
1.60 |
|
Inventory |
8.40
|
7.96
|
7.74 |
|
Debtors |
13.26
|
11.70
|
9.73 |
|
Interest Cover Ratio |
11.22
|
11.20
|
3.47 |
|
Operating Profit Margin (%) |
20.23
|
17.23
|
8.80 |
|
Profit Before Interest and Tax Margin(%) |
17.63
|
14.91
|
6.05 |
|
Cash Profit Margin(%) |
13.74
|
12.87
|
5.18 |
|
Adjusted Net Profit Margin(%) |
11.14
|
10.56
|
2.43 |
|
Return on Capital Employed(%) |
32.68
|
29.43
|
11.95 |
|
Return On Net Worth(%) |
47.20
|
50.31
|
11.78 |
LOCAL AGENCY
FURTHER INFORMATION
History
The Company was incorporated on 18th October, 1919 under the
Indian Companies Act, 1913, in the name and style of Kesoram Cotton Mills Ltd.
It had a Textile Mill at 42, Garden Reach Road, Calcutta 700024. The name of
the Company was changed to Kesoram Industries & Cotton Mills Ltd. on 30th
August, 1961 and the same was further changed to Kesoram Industries Limited on
9th July, 1986. The said Textile Mill at Garden Reach Road was eventually
demerged into a separate company.
Director’s Report
General Review
The continued effective cost control measures, better treasury management, increase in capacities and improved realizations have resulted in current satisfactory results:
* With continued buoyancy in cement market due to sustained activities in
construction and infrastructure development, the Cement Sections contributed
handsomely to the bottom line of the annual result, particularly taking
advantage of increased production facilities.
* Increased capacity utilization, satisfactory cost cutting measures,
improved operating efficiencies coupled with better price realizations enabled
the Tyre Section to contribute significantly to the annual profit.
* Inspite of adverse market competition, particularly due to cheap
imports, the Rayon Section turned around with positive contribution to annual
profit.
* Inspite of better inventory management, the bottom line of the Spun
Pipes Section remained in the red.
* Due to improvement in market conditions, the realizations were better
resulting in higher capacity utilization at Hindusthan Heavy Chemicals Section.
CEMENT SECTIONS;
Vasavadatta Cement;
Performance of Vasavadatta Cement has improved considerably due to increase in
production as well as continued buoyancy in the Cement Industry. As mentioned
in the last report, the commercial production from Unit-III started from March
2007.
|
|
2007-08 |
2006-07 |
|
Clinker |
31,11,506 |
21,69,558 |
|
Cement |
32,78,309 |
24,83,452 |
The above figures include production of 10, 88,416 MT of Clinker and 9, 23,621 MT
of Cement from Unit III. Production of Unit III would have been higher but for
an unexpected breakdown in June 2007 resulting in production loss of about 2
lac MT of clinker. However it is heartening to note that Unit-I & Unit-II
have achieved their highest ever production capacity utilization this year.
Production of blended cement ('Birla Shakti') has risen by 37% from 11.73 lac
MT to 16.02 lac MT. Consistent high quality of the product has enabled this
Section to improve its market share.
Captive power generation has increased from 182.05 million KWH last year to
280.56 million KWH during the year under review, thus meeting about 94% of the
total power requirement of the Section. This has been possible due to the
commissioning of third power plant of 17.5 MW capacity in April 2007.
There has been an all round increase in the cost of raw materials as well as
coal during the year. Due to the non-availability of coal both in quantity and
quality, the section had to import more expensive coal with additional burden
on the cost of production.
As reported earlier, the Company has undertaken further expansion of Cement
capacity by 1.65 million MT per annum and for this the civil work for Cement
Plant as well as for Captive Thermal Power Plant are in advance stages of
completion and supply of indigenous and imported machineries has started
arriving; Erection of Plant and Machinery will commence shortly and the project
is scheduled for commissioning in the first quarter of the calendar year
2009.
This Section has got various awards, including 1st prize from Mines Safety
Association of Karnataka. Industrial relations during the year were cordial and
peaceful.
The Section has undertaken various social welfare activities such as
construction of water tank at Sedam Town, tree plantation and water harvesting,
health camps and vocational training centre, farmers training and rural
development, etc.
This Section has achieved the highest ever production of both Clinker and
Cement, since its inception. With up-gradation and modification of kilns,
supporting process units etc., the capacity of this section has increased to 12
lac MT per annum during the year and it is expected to go upto 16 lac MT per
annum during second half of the year 2008-09.
Production of blended cement, under the brand name 'BIRLA SHAKTI' has increased
from 6.01 lac MT during 2006-07 to 9.36 lac MT during the year under review, a
growth of about 56% in order to match corresponding demand, due to aggressive
advertisement campaign. Further efforts are on to increase the Blended Cement
production since adequate Fly Ash is available in nearby areas. BIRLA SHAKTI
brand has rapidly built-up the customer base with growing market share in
Andhra Pradesh and also in other markets.
This Section registered about 700 to of its total sales in its home market,
i.e. Andhra Pradesh. By selling within smaller radius, the Company was able to
notch higher net realization, thanks to lower logistic cost.
There has been an all-round increase in the cost of raw materials and coal
during the year under review.
However, the same could be set-off since cement prices have improved due to improvement in demand for the material.
Besides remunerative prices for Cement, the increase in Blended Cement
production also helped.
Captive Thermal Power Plant generated 1153:02 lac Units of Power, which is the
highest generation ever achieved. This includes 42.84 lac Units supplied to
APTRANSC. Captive Power Plant meets about 90% of the total power requirement of
this Section. It also ensures continuous and consistent supply of Power at
lower cost.
The Suit challenging the validity of imposition of Electricity Duty on captive
power generation @ 25 paise per Unit from 17/7/2003 by the Government of Andhra
Pradesh continues to be pending before the Hon'ble High Court of Andhra
Pradesh.
The Federation of Andhra Pradesh Chamber of Commerce & Industry (FAPCCI) has chosen this Section for the state award for 'Excellence in Industrial Productivity' for the year 2005-06 presented by the Hon'ble Chief Minister of Andhra Pradesh, Dr. Y.S. Rajasekhara Reddy.
All India Manufacturers' Organization (Andhra Pradesh State Board) conferred
the 'Outstanding Achievement Award' for the year 2006 and was presented by H.E The
Governor of Andhra Pradesh, Shri N.D. Tiwari on 17th September, 2007 at
Hyderabad, which was received by Shri K.C. Jain, Sr. President of this
Section.
Basantnagar Limestone Mines bagged the 1st prize for Environmental & Health
Management and Heavy Earth Moving Machinery and also 2nd prize for Loading and
Transportation and Overall Performance, from the Director General of Mines
Safety, Hyderabad during Mines Safety Week Celebrations.
This Section is continuing its rural and community development activities in
nearby villages and participating in all the social welfare programs of the
State Government. The activities include Pulse Polio Programme, farmers'
training, animal health camps, distribution of agriculture implements,
promotion of self help groups of women for socio-economic development, running
of a Vocational Training Centre for enhancement of skills of youth of
surrounding areas.
BIRLA TYRES SECTION:
The gross turnover of the Section this year is Rs.13890.400 millions, compared
with Rs. 11122.100 millions thus showing a growth more than 24% over 2006-07.
Export sales for the year under review amounted to Rs. 1814.600 millions, against Rs. 1927.900 millions in the previous year.
Inspite of sharp increase in prices of natural rubber; butyl rubber and
other petroleum-based raw materials, the Section has been able to bring about
improvement in its bottom line due to enhanced capacity, better price
realization, various cost cutting measures and improvement in operational
efficiencies.
The Section has completed all expansion programmes at Balasore factory except
19 MT per day project of Off The Road (OTR), which is going to be completed by
July'08. A Greenfield project involving an estimated investment of Rs.759
crores near Haridwar in Uttarakhand is under progress and the commercial
production of the first phase of 70 MT per day is likely to be commissioned in
May 2008. The total expansion of the said Haridwar Project should be in place
by the 3rd quarter of 2008-09.
The Board in principal has further approved an expansion at the same site for
radial tyres with 100 MT per day capacity and bias tyres with 125 MT per day
capacity involving an estimated aggregate capital outlay of Rs.840 crores. The
project is likely to start commercial production by end 2009.
The Section continues to have the distinction of being certified for
ISO-9001, TS-16949, ISO-14001, SA-8000, OSHAS-18001 and TPM.
Relations with employees have been cordial and conducive to growth.
RAYON & TRANSPARENT PAPER
SECTIONS:
The Viscose Filament Yarn (VFY) industry had to face challenges posed by
growing imports from China as well as limited growth of VFY business itself.
However, with increased domestic demand of super-fine denier category of VFY
coupled with higher global demand, the inventory could be maintained at a
reasonable level. Realisations improved to some extent but not in proportion to
the increase in the cost of production. The Association of Man-Made Fibre
Industry of India has filed a petition with the Government of India seeking
review of Anti-Dumping Duty in view of appreciation of the Indian Rupee and
global increase in cost of production.
The exports were 861 MT against 402 MT last year.
The demand for Transparent Paper(TP) was under stress throughout the year due to cheaper substitutes and unregulated imports. Also, the fireworks industry which is the main consumer of TP is facing severe production
cut.
This resulted in further reduction of demand. All these combined factors compelled the section to restrict the production during the second half of the year under review. The exports were 357 MT against 294 MT last year.
Production of all classes of goods manufactured by the Section, which during
the first quarter of 2006-07:was affected due to suspension of manufacturing
operations, was satisfactory during the year under review except for
transparent paper for the reasons mentioned above.
The unprecedented escalation in international price of sulphur, which is the
main raw material, from US $ 84 to US $ 585 a ton increased the cost of
production substantially. Further increases in dearness allowance, coal and
pulp. prices also affected the profitability of the section. However, the
technical performance remained satisfactory.
The market demand of various chemicals produced by the section was
satisfactory.
SPUN PIPES SECTION:
The Section had the improved inventory management and inspite of this,
Section's bottom line remains in the red. The Section is under suspension of
work since 2nd May, 2008.
HINDUSTHAN HEAVY CHEMICALS
SECTION:
The production figures of the Section were asunder.
Production 2007-08 2006-07
Caustic Soda Lye 12,064 MT 11,991 MT Sulphuric Acid 17,640 MT 17,555 MTAlum
1,477 MT 1,878
MTHydrogen Gas (Purified) 5,78,774 M3 7,00,497 M3
Demand for Caustic Soda was moderate throughout the year. However, the demand
for joint products remained stable throughout theyear.
In order to ensure better quality, the Section continues to enjoy the
certification for Quality Management system by DNV Certification Agency as per
ISO 9001:2000 and also for ensuring better environment management, the Company
has renewed DNV Certification in respect of Environment Management System as
per ISO 14001:2004.
The Section has taken various measures on its own along with Factory
Directorate, West Bengal Pollution Control Board to increase the awareness and
importance of Environment and Pollution Control. The Company has organized
various awareness programmes through Safety Slogan Contest, observation of
Safety Week & giving of awards to ensure health and safety of
workmen.
REPORT ON MANAGEMENT
DISCUSSION AND ANALYSIS
A. INDUSTRY STRUCTURE AND DEVELOPMENT:
CEMENT:
The Indian Cement Industry with capacity of 173 million tonnes is the world's
second largest after China. It has 136 large Cement plants and over 350 mini
plants. Much to its credit, it is making commendable progress in capacity
creation, conforming to global benchmarks in technology and production of every
variety of cement. The Industry is also utilizing growing volumes of
by-products like fly ash and slag for making blended cement.
The Industry's overall capacity utilization improved from 94% to 96%
during the year under review.
TYRE:
The Rs. 160000.000 millions Indian tyre industry has capacity of over 65
million tyres per annum. Five major tyre companies account for nearly 80% of
the total turnover. Truck and bus tyres are the principal segments of the
industry having a share of over 70010 of industry turnover. Radialisation has
taken place in almost the entire passenger car segment. In the truck and bus
segment too, radialisation is gaining in pace. The replacement segment
dominates the industry as it constitutes about 65% of the market.
Around 23% of tyre production in India is exported to more than 65 countries.
Tyre being a derived demand product, its prospects are linked to factors like
Gross Domestic Product (GDP) growth, agricultural and industrial production and
rise in vehicle demand. The industry's growth is also influenced by secondary
factors, such as infrastructure development and interest rates.
The Indian Tyre industry is equipped to meet the demand of the domestic market,
besides generating surpluses for export.
RAYAN & TRANSPARENT PAPER:
The domestic Viscose Filament Yarn (VFY) industry is suffering cost
disadvantage vis-a-vis its counterpart in China on account of fiscal levies and
also due to higher cost of controlled inputs like power and fuel. While the
appreciation of Rupee vis-a-vis Dollar has made imports highly competitive,
domestic costs have gone up due to steep increases in prices of main raw
materials. The anti-dumping duty imposed earlier also needs review due to
adverse foreign exchange movement and rise in cost of production.
Fall in domestic demand, stiff global competition and rise in illegal imports
led to a rise in the inventory of Transparent Paper JP.). This coupled with
high cost of production forced the industry to cut production.
SPUN PIPES:
The year was challenging for the pipe industry, as the prices of raw material
turned volatile in the latter half of the year. The industry is still facing
competition due to higher input costs compared to ductile pipes.
HEAVY CHEMICALS:
Capacity utilization of Caustic Soda Industry during the year improved to
around 850/a. With the commissioning of new aluminium smelter capacity, the gap
between supply and demand of caustic soda lye has narrowed down.
However, the availability of joint products like chlorine and hydrochloric acid continues to be higher than the demand. Production of sulphuric acid in most of the plants was adversely affected due to very high prices and also non-availability of sulphur.
B. OPPORTUNITIES AND THREAT:
CEMENT:
Aided by the growing emphasis on infrastructure development and house building,
the, Indian cement industry is experiencing an annual demand growth of over
10%. Responding to market dynamics, cement manufacturers on their part are making
optimum capacity utilization. Moreover, in order to meet the future utmaad for
cement, the industry has embarked on massive capacity expansion of 110 million
tonnes in the next seven years, through both Brownfield and Greenfield routes.
Cement demand will be largely triggered by the proposed Rs. 1500000.000
millions investment earmarked for infrastructure development in the current
11th five year plan (2007-2012).
Capacity expansion that the cement industry is envisaging will call for massive capital expenditure as the investment cost for a Greenfield plant now is as much as Rs. 5,500 a tonne. In the circumstances, it is only natural that the capacity of existing units will be optimally expanded taking advantage of the available infrastructure and logistical back up.
While the industry is showing dynamism to create large new
capacity, the supply of coal and its rising prices remain points of grave
concem. Coal is an important input in cement making and it accounts for up to
20% of total cost of production. The industry uses both domestic and imported
coal. As for domestic coal, not only it became expensive due to royalty
revision and a hike. in pithead prices of all grades but the Ministry of
Coal has reduced coal linkages to cement units, Last year saw the prices of
imported coal rising well over 100%. What also is of concern to the industry is
the continuing fall in the qulity of domestic coal. This has implications for
cement productivity and cost. Besides the growing pressure on cost, the
industry will have to contend with big capacities getting commissioned in
batches. This may well put pressure on cost.
TYRE:
The continuing high rate of economic growth and the production of vehicles
should support sustainable healthy demand for tyres, both in the original
equipment and replacement markets. The continuing thrust on the road
infrastructure development is also expected to have a positive effect on tyre
demand. Automobile majors continue to operate at full capacity and they also
have ambitious growth plans, which should in turn trigger growth of the tyre
industry of around 10% in the next five years.
Volatility in raw materials prices, especially natural rubber and petroleum
products and rising imports of cheap tyres from China are threats that the
industry will have to live with.
RAYON & TRANSPARENT PAPER:
The rise in domestic demand for superfine deniers category of VFY has offered a
good marketing opportunity. Exports of VFY have also shown a rising trend. However,
cost inflation and the availability of other varieties of cheaper synthetic
yams, including growing imports pose considerable threat and severe competition
in the global market.
A reduction in the effective rate of excise duty from 16.48% to 14.42% in the
current year's budget may help TP to be marketed more aggressively. The cheaper
substitutes Biaxially Oriented Polypropylene-Polyvinyl Chloride (BOPP-PVC) and
the low cost unregulated imports, however, remain a major threat.
The demand for C.I. Pipes is good. Accordingly, access to alternative low cost
raw material and-technology improvement to achieve better quality and cost
reduction should ensure improved results.
Further, the possible shift and product base adaptation to market requirements
should improve the position. However, competition from Ductile Iron Industry
for which claims are made of higher strength and lower weight, including new
capacities will remain a threat.
HEAVY CHEMICALS:
The commissioning of new expanded capacities of Caustic Soda in two plants may
affect the balance in demand-supply of Caustic Soda & joint products,
C. OUTLOOK:
CEMENT:
Cement consumption has a strong correlation with GDP growth rate and rise in
per capita income. Consensus among analysts is that the cement sector will be
seeing strong production and consumption growth of 10% a year in the medium
term. Infrastructure and construction, the two strategic sectors for the cement
industry, are performing well. The scope for consumption growth is underpinned
by the fact that the Indian per capita cement consumption is only 135 kg
against the world average of 320 kg. Similarly, India's annual per capita
cement production of 0.14 tonne is significantly below the world average 0.4
tonne. These are all pointers to consumption and production growth
opportunities in India.
TYRE:
The fortune of the tyre industry is linked to the automobile and transportation
sectors and the outlook for the industry looks good primarily due to highly
encouraging growth in vehicle demand. The world's leading automobile companies
are all here to take advantage of the growing Indian market.
RAYON AND TRANSPARENT PAPER:
It is expected that the demand of end products made of VFY would be more or
less steady and the industry would be able to maintain the growth momentum. But
the outlook of Transparent Paper business is not that encouraging.
The demand for various chemical products will also be steady with improved realizations.
SPUN PIPES:
With emphasis on rural water distribution projects and thrust on investment in
infrastructure development, the demand for spun pipe will continue to be
buoyant. The market of C.I. Spun Pipe is good arid is expected to remain like
that in the next financial year. Government bodies are, however, shifting from
Cast Iron pipe to Ductile Iron pipe, which wilt adversely affect the long-term
prospects of this industry.
HEAVY CHEMICALS:
Higher International price of Caustic Soda may push up price level & demand
for the products in the new financial year.
D. RISKS AND CONCERNS CEMENT:
Availability of Coal both in quantity and quality is a major concern for the
Cement Industry. Prices of imported coal are skyrocketing and that of coal from
the open market are ruling very high. Growing cement and power capacity may
further aggravate the situation.
The Cement industry is heavily dependent on rail transport for outward movement
of cement and clinker and for inward movement of coal and other raw materials.
Hence, adequate availability of wagons from the Railways is also a cause of
concern.
The removal of import duty on cement import, when domestic manufacturers are
loaded with heavy taxes, may affect the otherwise bright outlook for the Indian
Cement Industry and put the domestic industry to disadvantage.
Materialisation of new capacity in a short span and the recent ban on export of cement and clinker may put pressure on prices of Cement.
TYRE:
Continuing high prices of natural rubber and other petroleum-based raw
materials, rise in imports of cheap tyres from China and downturn in world
economy resulting in a cascading effect in the country have to be factored
in.
RAYON & TRANSPARENT
PAPER:
Availability of cheaper substitutes for both VFY and TP is a subject of
concern. The recessionary trend in the textile and fireworks industries is also
a roadblock to better price realizations.
Continuing high prices of sulphur, competition and increased imports of cheap
Chinese material are also of concern for the industry.
SPUN PIPES:
With the presence of larger players armed with consolidated plants having a
different production route for liquid cast iron resulting in a much lower
melting cost, the players with no consolidation/backward integration shall come
under pressure in terms of input costs.
HEAVY CHEMICALS:
Commissioning of new plants in eastern India will result in excess supply of
by-products resulting in poor realisations due to demand supply mismatch.
E. INTERNAL CONTROL SYSTEM AND THEIR
ADEQUACY:
The Company has adequate internal control in all areas of its operation by
utilising the services of internal and external audits from time to time and
also by its own competent and qualified personnel.
F. MATERIAL, DEVELOPMENT INHUMAN RESOURCES AND INDUSTRIAL
RELATIONS:
CEMENT:
Measures for safety of employees, training, welfare and development continue to
get high priority at all level, which are reflected in the improved quality and
efficiency.
Industrial relations have been cordial during the year under review.
TYRE:
Relationship with employees during the year remained-cordial.
RAYON & TRANSPARENT
PAPER:
Industrial relations during the year under review were cordial.
SPUN PIPES:
The section is under suspension of work since 2nd May, 2008.
HEAVY CHEMICALS:
Industrial relations during the year remained normal.
Trade Terms
v AM Engineering and Chemical Company
v AVR Chemical Private Limited
v Acmechem Private Limited
v Costal Ammonia Private Limited
v Industrial Products
v JG Chemicals
v Jain Chemicals
v Jaishil Sulphur and Chemicals industries
v N. K. Enterprises
v Petrochem India Limited
v Pigments and Chemicals Industries Private Limited
v Progresive Producers Corporation
v RS Chemicals
Fixed Assets
v Land
v Buildings
v Railway Siding
v Plant and Machinery
v Electric Power Sub-Station at Nangi
v Furniture
v Fixture
v Office Equipment
v Vehicles.
As per Website Details
Growth
The First Plant for
manufacturing of rayon yarn was established at Tribeni, District Hooghly, West
Bengal and the same was commissioned in December, 1959 and the Second Plant was
commissioned in the year 1962 enabling it to manufacture 4,635 metric tons per
annum (mtpa) of rayon yarn.This Unit has 6,500 metric tons per annum (mtpa)
capacity as on 31.3.2007.
The plant for manufacturing of transparent paper was also set up at the same
location at Tribeni, District Hooghly, West Bengal, in June, 1961. It has the
annual capacity to manufacture 3,600 metric tons per annum (mtpa) of
transparent paper.
The Company diversified into manufacturing of Cast Iron Spun Pipes & Pipe
Fittings at Bansberia, District Hooghly, West Bengal, with a production
capacity of 45,000 metric tons per annum (mtpa) of cast iron spun pipes and
pipe fittings in December, 1964.
The Company subsequently diversified into the manufacturing of Cement and in
1969 established its first cement plant under the name 'Kesoram Cement' at
Basantnagar, Dist. Karimnagar (Andhra Pradesh) and to take advantage of
favourable market conditions, in 1986 another cement plant, known as
'Vasavadatta Cement', was commissioned by it at Sedam, Dist. Gulbarga
(Karnataka). The cement manufacturing capacities at both the plants were
augmented from time to time according to the market conditions and as on
31.3.2007 have annual cement manufacturing capacities of 0.9 million tons and
3.65 million tons respectively.
The Company in March 1992, commissioned a plant at Balasore known as Birla
Tyres in Orissa, for manufacturing of 10,00,000 mtpa automotive tyres and tubes
in the first phase in collaboration with Pirelli Limited., U.K., a subsidiary
company of the world famous Pirelli Group of Italy - a pioneer in production
and development of automotive tyres in the world. The company as on 31.3.2007
had the manufacturing capacities of 1.95 million tyres, 1.4 million tubes and
1.1 million flaps per annum in the said Plant.
It has small
manufacturing capacities of various chemicals at Kharda in the State of West
Bengal also. It has the annual manufacturing capacities of 12,410 mtpa of
Caustic Soda Lye, 5,045 mtpa of Liquid Chlorine, 6,205 mtpa of Sodium
Hypochlorite, 8,200 mtpa of Hydrochloric Acid, 3,200 mtpa of Ferric Alum,
18,700 mtpa of Sulphuric Acid and 1,620,000 m3 of purified Hydrogen
Gas.
Today
The Company is a well-diversified entity in the fields of Cement, Tyre, Rayon Yarn, Transparent Paper, Spun Pipes and Heavy Chemicals with two core business segments i.e. Cement and Tyres.
The Company as of now is listed on three major Stock Exchanges in India i.e.
Bombay Stock Exchange Limited, Mumbai, Calcutta Stock Exchange Association Ltd,
Kolkata and National Stock Exchange of India Limited, Mumbai and at the Societe
de la Bourse de Luxembourg, Luxembourg.
Future
A further expansion upto 1.65 million tons of cement per
annum in Vasavadatta Cement at Sedam in Karnataka at the same site is in
progress, with a Captive Power Plant, involving a capital expenditure of about
Rs. 5500.000 millions.
Further, after augmentation of the existing capacity of Tyre Plant at Balasore
in Orissa, which has the total capacity of 252 metric tons per day as on date,
the Board has sanctioned setting up of a Greenfield Project of 257 metric tons
per day capacity in the State of Uttaranchal with a capex of about Rs. 7600.000
millions. The work on which is in progress.
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 Int’l
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 :
The 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.
The Governance Assessment focuses principally on the interactions
between a company’s 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. 42.90 |
|
UK Pound |
1 |
Rs. 83.74 |
|
Euro |
1 |
Rs. 66.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
81 |
This score serves as a reference to assess SC’s 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. |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|