MIRA
INFORM REPORT
|
Report Date : |
05.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
DCW LIMITED |
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Registered Office : |
No. 2, Guest House, Dhrangadhra – 363315, Gujarat |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
28.01.1939 |
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Com. Reg. No.: |
04-000748 |
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Capital
Investment / Paid-up Capital : |
Rs.392.309 Millions |
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CIN No.: [Company
Identification No.] |
L24110GJ1939PLC000748 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMD02579D |
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PAN No.: [Permanent
Account No.] |
AAACD0559N |
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Legal Form : |
Public Limited Liability Company. Company’s Shares are Listed on the Stock Exchange |
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Line of Business : |
Manufactures of Soda Ash, Caustic Soda, PVC Resins, Soda Bicarbonates, Trichloroethylene, Synthetic Rutile, Titox, Utox, Bromine, Bromide and a Few Other Chemicals. |
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No. of Employees : |
2283 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (70) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 15000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having good track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered good for normal business dealing at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office/Factory : |
No. 2, Guest House, Dhrangadhra – 363315, Gujarat, India |
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Tel. No.: |
91-2754-5719967 / 76 / 44 |
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Fax No.: |
91-2754-5755731 / 283245 |
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E-Mail : |
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Website : |
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Corporate/ Head Office : |
Nirmal, 3rd Floor, Nariman Point, Mumbai – 400021, |
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Tel. No.: |
91-22-22781914 / 2871916 |
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Fax No.: |
91-22-22048838 |
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E-Mail : |
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Branch Office : |
Located At : Chennai |
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Factory 1 : |
Caustic Soda
Division: Arumuganeri P. O., Sahupuram-628202, Tamilnadu, India |
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Factory 2 : |
PVC Division: Arumuganeri P. O., Sahupuram-628202, Tamilnadu, India |
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Factory 3 : |
Salt Works : Kuda Gujarat, India |
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Factory 4 : |
Arumuganeri P. O., Sahupuram-628202, Tamilnadu, India |
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. Shashi Chand Jain |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Bakul Jain |
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Designation : |
Managing Director |
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Name : |
Mr. Pramod Kumar Jain |
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Designation : |
Managing Director |
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Name : |
Mr. F. H. Tapia |
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Designation : |
Director |
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Name : |
Dr. V. H. Joshi |
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Designation : |
Director |
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Name : |
Mr. Yuvaraj Saheb |
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Designation : |
Director |
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Name : |
Mr. Sushil Kumar Jalan |
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Designation : |
Director |
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Name : |
Mr. R. V. Ruia |
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Designation : |
Director |
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Name : |
Mrs. Vandana Jain |
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Designation : |
Executive Director |
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Name : |
Mr. Sushil Kumar Jalan |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Chital V. Shah |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
2956760 |
15.07 |
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47316783 |
24.12 |
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76878543 |
39.75 |
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Total shareholding of Promoter and Promoter Group (A) |
76878543 |
39.75 |
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(B) Public Shareholding |
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|
27955 |
0.01 |
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254585 |
0.13 |
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8900110 |
4.60 |
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25247677 |
13.06 |
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42225 |
0.02 |
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|
42225 |
0.02 |
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10228899 |
5.29 |
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54223348 |
28.04 |
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|
8342463 |
4.31 |
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9235035 |
4.78 |
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|
288716 |
0.15 |
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3126956 |
1.62 |
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5786013 |
2.99 |
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|
33350 |
0.02 |
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82029745 |
42.42 |
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Total Public shareholding (B) |
116502297 |
60.25 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
2773750 |
1.41 |
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Total (A)+(B)+(C) |
196154590 |
100.00 |
(1)
Indian
Individuals
/ Hindu Undivided Family
Foreign
BankBUSINESS DETAILS
|
Line of Business : |
Manufactures of Soda Ash, Caustic Soda, PVC Resins, Soda Bicarbonates,
Trichloroethylene, Synthetic Rutile, Titox, Utox, Bromine, Bromide and a Few
Other Chemicals. |
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Products : |
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PRODUCTION STATUS (31.03.2010)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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DHARANGADHRA
UNIT: |
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Soda Ash |
MT |
96000 |
96000 |
85740 |
|
Soda Bicarbonate |
MT |
12000 |
12000 |
21047 |
|
Amonium Bicarbonate |
MT |
5000 |
-- |
722 |
|
Detergent - Green |
MT |
-- |
-- |
12623 |
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Detergent - Active |
MT |
-- |
-- |
16863 |
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SAHUPURAM UNIT: |
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Caustic Soda Lye |
MT |
100000 |
100000 |
77612 |
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Caustic Soda Solid |
MT |
-- |
-- |
155 |
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Caustic Soda Flakes |
MT |
-- |
-- |
25910 |
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Sodium Hypochlorine |
MT |
-- |
-- |
4030 |
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Hydrochloric Acid 100% |
MT |
90000 |
66000 |
50156 |
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Liquid Chlorine |
MT |
36000 |
36000 |
18963 |
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Trichloroethylene |
MT |
7200 |
7200 |
4715 |
|
Upgraded llmenite |
MT |
72000 |
48000 |
36384 |
|
Utox |
MT |
No Licence
Required |
600 |
1612 |
|
Ferrie Chloride |
MT |
-- |
10000 |
3005 |
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Yellow Iron oxide |
MT |
-- |
-- |
297 |
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PVC Resin |
MT |
90000 |
90000 |
85758 |
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Caustic Soda Lye (Traded Goods) |
MT |
-- |
-- |
-- |
NOTE
1. Licensed capacity is not applicable in view of the Company's products
having been delicensed as per the new liberalised licensing policy announced by
the Government of India.
2. Ammonium Bicarbonate production is out of part of Soda ash plant
3. Self consumption quantity mentioned includes quantity lost in
handling, lost in transit, was loss, samples, etc.
4. Previous year figures are given in bracket.
5. Lye sales quantity excludes 116 mt excess as per survey.
GENERAL INFORMATION
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No. of Employees : |
2283 (Approximately) |
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Bankers : |
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Facilities : |
NOTES Loans Secured by Banks- Working Capital facilities are secured by a first charge by way of hypothecation and/or pledge of current assets, namely, stocks of materials, semi-finished and finished goods, consumable stores and spares including machinery spares not capitalized, bills receivable and book debts and further secured by a second charge by way of hypothecation over all of movable plant and machinery and by way of mortgage by deposit of title deeds over the immovable properties, both present and future, such mortgage to rank second to the mortgages created/to be created in favour of Term Loan Lenders viz., Banks/Financial Institutions. Term Loans and External Commercial Barrowings from Banks are secured by a pari-passu first charge by way of hypothecation of movable fixed assets of the Company, including movable machinery spares, stores and further secured by mortgage on all the immovable properties of the Company situated in the states of Tamilnadu and Gujarat on first pari passu charge basis. Other loans-Equipments Finance Loan from a Financial Institution and term loan from NBFC are secured by creation of first pari-passu charge on all the movable fixed assets, both present and future by way of hypothecation and further secured by mortgage on all the immovable properties situated in the states of Tamilnadu and Gujarat on first pari-passu charge basis.
NOTE Due within one year Rs.0.341 millions (Previous Year Rs.0.134
millions) |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V. Sankar Aiyar and Company Chartered Accountant |
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Address : |
Mumbai, |
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Subsidiaries : |
DCW Pigments Limited |
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Associates : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
325000000 |
Equity Share |
Rs.2/- Each |
Rs.650.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
196154590 |
Equity Share |
Rs.2/- Each |
Rs.392.309 Millions |
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NOTES
Of the Equity Shares
1) The following Shares were allotted as fully paid-up without payment being received in cash:-
a) 5,25,000 Shares to Vendors
b) 4,550 Shares to Equity Shareholders of the erstwhile, PRC Limited, pursuant to the amalgamation with the Company.
2) 3,74,50,985 Shares were allotted as fully paid up Bonus Shares by Capitalisation of Capital Redemption Reserve, Share Premium Account and General Reserve.
3) 2,66,66,550 Shares were issued and allotted consequent to conversion of Part A of the 26,66,655 partly convertible debentures allotted in April'1992.
4) 4,61,25,000 Shares were issued in 1994-95 against which
Global Depository Receipts were issued by the Depository viz.Citi
5) 2,80,94,525 shares were issued and allotted pursuant to Rights issue made during 2000-01.
6) 2,36,10,000 Shares were issued and allotted on preferential basis to the Promoters of the Company and FM's during 2007-08.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
392.309 |
392.309 |
392.309 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3354.480 |
2763.723 |
2691.789 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
3746.789 |
3156.032 |
3084.098 |
|
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3127.655 |
4250.811 |
3773.513 |
|
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2] Unsecured Loans |
0.000 |
0.341 |
0.492 |
|
|
TOTAL BORROWING |
3127.655 |
4251.152 |
3774.005 |
|
|
DEFERRED TAX LIABILITIES |
834.490 |
786.990 |
734.490 |
|
|
|
|
|
|
|
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TOTAL |
7708.934 |
8194.174 |
7592.593 |
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|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
6421.142 |
6894.890 |
5596.223 |
|
|
Capital work-in-progress |
898.000 |
661.280 |
1510.004 |
|
|
Machinery/ Spares for erection and replacement |
0.000 |
3.741 |
6.348 |
|
|
|
|
|
|
|
|
INVESTMENT |
8.115 |
3.234 |
127.827 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1499.940
|
1184.783
|
1246.674
|
|
|
Sundry Debtors |
1017.260
|
972.498
|
666.071
|
|
|
Cash & Bank Balances |
17.451
|
15.808
|
47.464
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
571.220
|
539.004
|
633.370
|
|
Total
Current Assets |
3105.871
|
2712.093
|
2593.579 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
831.258
|
716.413
|
380.658 |
|
|
Other Current Liabilities |
1719.094
|
1203.343
|
1703.368
|
|
|
Provisions |
173.844
|
161.308
|
157.362
|
|
Total
Current Liabilities |
2724.196
|
2081.064
|
2241.388
|
|
|
Net Current Assets |
381.677
|
631.029
|
352.191 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7708.934 |
8194.174 |
7592.593 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10268.031 |
9070.320 |
7479.034 |
|
|
|
Other Income |
23.402 |
302.544 |
41.185 |
|
|
|
TOTAL (A) |
10291.433 |
9372.864 |
7520.219 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
8470.524 |
8489.375 |
6575.800 |
|
|
|
TOTAL (B) |
8470.524 |
8489.375 |
6575.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1820.909 |
883.489 |
944.419 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
387.009 |
270.978 |
134.834 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1433.900 |
612.511 |
809.585 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
489.271 |
412.328 |
300.285 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
944.629 |
200.183 |
509.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
268.325 |
57.722 |
151.373 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
676.304 |
142.461 |
357.927 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
206.746 |
333.131 |
244.053 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
400.000 |
200.000 |
200.000 |
|
|
|
Proposed Dividend on Equity Shares |
70.616 |
58.846 |
58.845 |
|
|
|
Tax on Dividend |
12.001 |
10.001 |
10.000 |
|
|
BALANCE CARRIED
TO THE B/S |
482.617 |
206.745 |
333.131 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
943.703 |
1001.859 |
890.317 |
|
|
|
Other Earnings |
1.330 |
1.573 |
1.282 |
|
|
TOTAL EARNINGS |
945.033 |
1003.432 |
891.599 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4409.018 |
3746.829 |
3038.541 |
|
|
|
Stores & Spares |
42.738 |
15.512 |
24.834 |
|
|
|
Capital Goods |
15.283 |
3.331 |
155.050 |
|
|
TOTAL IMPORTS |
4467.039 |
3765.672 |
3218.425 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.45 |
0.73 |
1.82 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Sales Turnover |
2296.440 |
2835.700 |
2535.670 |
2957.630 |
|
Total Expenditure |
2056.050 |
2557.820 |
2288.070 |
2740.570 |
|
PBIDT (Excl
OI) |
240.390 |
277.880 |
247.600 |
217.060 |
|
Other Income |
1.990 |
1.390 |
0.600 |
(0.810) |
|
Operating
Profit |
242.380 |
279.280 |
248.200 |
216.250 |
|
Interest |
74.260 |
67.390 |
73.400 |
70.670 |
|
Exceptional
Items |
86.690 |
55.370 |
(15.480) |
7.490 |
|
PBDT |
254.810 |
267.250 |
159.330 |
153.070 |
|
Depreciation |
117.530 |
114.980 |
121.350 |
121.720 |
|
Profit
Before Tax |
137.280 |
152.280 |
37.980 |
31.360 |
|
Tax |
25.000 |
37.500 |
7.500 |
(0.220) |
|
Reported PAT |
112.280 |
114.780 |
30.480 |
31.580 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
112.280 |
114.780 |
30.480 |
31.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.57 |
1.52 |
4.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.19 |
2.21 |
6.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.91 |
2.08 |
6.22 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25 |
0.06 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.56 |
2.01 |
1.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14 |
1.30 |
1.16 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Incorporated in 1939, subject was taken over by the present
promoters under the late Sahu Shriyans Prasad Jain. The company manufactures soda
ash, caustic soda, PVC resins, soda bicarbonates, trichloroethylene, synthetic
rutile, titox, utox, bromine, bromide and a few other chemicals. The company
has also introduced a range of home products like packaged spices, flour and
iodised salt. The Company is one of the six major producers of PVC and accounts
nearly 10% of total market share in
The project to set up a 30-MW captive power plant at its
factory in Sahupuram, is under implementation. In 1995-96, four out of 5
generators of 6 MW each were commissioned. In 1996-97, it proposes to set up a
facility for recovering Ferrite Grade Iron Oxide from the effluent of the
beneficiated ilmenite plant, In the process Hydrochloric Acid of the required
concentration will be regenerated for use in the beneficiated ilmenite plant.
It has entered into technical collaboration with International Steel Services
Inc,
A Scheme of Arrangement between the Company and Crescent Fin
stock Private Limited was approved by the shareholders at the Court convened
meeting held on 4th August, 1997. CFPL has been converted into a Public Limited
Company and steps are being initiated to issue Equity Shares of Crescent Fin
stock Limited to the shareholders of the Company in the ratio of 1:4 as per the
Scheme already approved. The performance of Soda Ash Division during the year
2001 was very low due to high labour strength and excess supply position is a
major cause of concern since it adversely affects other divisions in general
and the company in particular. De-bottlenecking of Beneficiated Illmenite,
Caustic Soda and pvc plants project was taken up by the company at a cost of
Rs.330.000 Millions and this has been sanctioned by IDBI.
The subsidiary company has been amalgamated with the subject
from 1st April, 2000. The Company is in the process of replacing 33 old
Carbonators with 3 Carbonation towers which is expected to be completed by
August 2004. This will increase the production of Soda Ash by 7000 MT per annum
and also the Company has increased the production of detergent to 8000 tonnes.
OPERATIONS
Sales during the year
were Rs. 10957.600 millions as compared to Rs. 10119.300 millions recorded in
the previous year, registering an increase of 8%. The Gross Profit for the
year(before depreciation) is Rs.143.39 millions
against Rs. 612.500 millions in
previous year. The profit before tax amounted to Rs. 944.600 millions as against Rs. 200.200 millions in the previous year. After providing Rs.
2200.800 millions for current taxes, the
profit before deferred tax is Rs.723.800 millions , as against Rs. 195.000
millions . The profit after provision of deferred tax is Rs. 676.300
millions against previous year's Rs.
142.500 millions registering an increase
of 372%. Deferred Tax is only a provision as per accounting guidelines and is
not an outflow.
The Company
achieved record profits during the financial year on account of improved
workings of all Divisions of the company as compared to previous year during
which the working of the company suffered due to global slow down.
EXPORTS
The Company's
exports were Rs.969.200 millions as
compared to Rs. 1021.200 millions in the
previous year. The 5% decrease in exports was on account of lower export of
Beneficiated laminate coupled with lower price realization due to global
recession in the user industries. However the prices of the product have since
improved and the Company is hopeful of achieving increased exports in the
current year.
DIVISIONWISE
PERFORMANCE
a) PVC Division:
The turnover of
the division was Rs. 4566.600 millions
as compared to Rs. 4901.500 millions , registering a decrease of 7%.
This decrease in sales was due to decrease in quantity sold of PVC compared to
previous year. The company sold 85311 MT of PVC resin compared to 90656 MT in
the previous year. The sales during previous year has been higher due to higher
opening carryover stocks which were sold in the previous year. All major user
segments are recording good demand and PVC industry continues to show positive
growth. The Government has identified irrigation, power and infrastructure as
thrust areas and increased activity in these sectors are likely to boost demand
of PVC Resin
b) Caustic Soda Division:
The turnover of
the division was Rs. 4388.400 millions
as compared to Rs. 3058.000 millions
in the previous year, registering an increase of 44% in the sales. This
increase in turnover was due to better price realization on Caustic Soda and
also due to sale of surplus power generated in the Company's Captive Power
Plants at Sahupuram in Tamilnadu. The Company sold 75611 MT of Caustic Soda
during the year as compared to 77807 MT in the previous year..
c) Soda Ash Division:
The turnover of
the division was Rs. 1928.700 millions as compared to Rs. 209.38 millions in
the previous year registering a decrease of 8%. The decrease in turnover is
mainly due to lower realization on Soda Ash and Soda Bicarbonate compared to
previous year. The Company sold 80186 MT of Soda Ash, 23741 MT of Soda
Bicarbonate and 29721 MT of Detergent during the year as compared to 65426 MT
of Soda Ash, 1 7542 MT of Soda Bicarbonate and 39222 MT of Detergent, in the
previous year.
PROJECTS
IMPLEMENTED AND UNDER IMPLEMENTATION
1. Additional 8.27 MW Turbine In Thermal Power
Plant
The Company has
successfully completed and commissioned its Captive Thermal Co-generation Power
Plant for generating 50MW of power and 85 TPH steam during previous year at
Sahupuram unit in Tamilnadu. This Thermal Co-Generation Power plant has been
established keeping in view of future expansion plans of the Company. The Power
and Steam at present generated by this Thermal Co- Generation Power Plant is
not totally consumed Captivity and excess power is sold to TNEB and Third
Parties in the State of Tamil Nadu. The additional Steam generated will
however, be consumed only after the company starts its future projects. Keeping
this in view and to run the Thermal Co-Generation Power Plant to its full
capacity, Company is establishing an Injection Turbine to generate additional
Power to the extent of 8.27 MW from the excess Steam available in this. Thermal
Co-generation Power Plant, which can be sold to third parties. This turbine
will be commissioned by end May, 2010 and will help in reducing the cost of
energy thus improving the bottom line.
2. Solway Towers at Dhrangadhra Unit
Solway towers
installed at the Soda Ash Unit are still to be commissioned. An assignment has
been given to Akzo Noble, Neatherlands, to do basic engineering to utilize the
towers to its optimum efficiency and thereby to increase Soda Ash Production.
Akzo Noble has already submitted Basic Engineering report and detailed
Engineering is under final stages of preparation and the modification necessary
for utilizing this towers to its optimum efficiency and the commissioning of
the towers is expected to commence soon
3. Calcium Chloride Plant
The Calcium Chloride project at Company's
Soda Ash unit has also been assessed by Akzo Noble, Netherlands and they have
suggested improvements in the unit to make it commercially operational. The
company has completed detailed Engineering work as per the Basic Engineering
package submitted by Akzo Noble, Netherlands. Orders have already been placed
for necessary additional equipments required for carrying out the modifications
for this project and it is expected to commence commercial production by fourth
quarter of 2010-11
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
OUTLOOK:
The Company has a
diversified operation with three business segments viz. PVC, Chloro Alkali and
Soda Ash. It is thus reasonably protected from the vagaries of individual business
cycles of these products.
PVC Division
The Company, one
of the country's five producers of the PVC resin, has maintained its market
share of nearly 10%. Against demand of 17.500 Million Tons, the domestic
production capacity is12.500 Million Tons thereby leaving shortfall of over
5.000 Million Tons of which is met by imports. Also PVC demand is growing at a
CAGR of above 10%, with increased government spending towards infrastructure,
agriculture and water management. The Company is exploring the possibility of
increasing PVC Production, to cater to this demand supply gap.
Caustic Soda Division:
The Company continues to be a major player in
South India with a market share of approximately 15%. The demand for caustic
soda.
is expected to grow at a steady rate
of 4% to 5% over the next 3 years, specially with increased demand from alumina
manufacturers. Due to international downtrend in caustic soda demand there is
pressure on realization. The company is able to fully use its HCL and Chlorine
to maintain Caustic Production at reasonable level. There is sustainable demand
for Caustic and Chlorine and the situation is expected to improve during the
year.
The conversion from Mercury Cell to Membrane
Cell technology has not only resulted in substantial capacity addition but also
has brought down the consumption of power which has helped in improving the
bottom-line. Soda Ash Division: The Soda Ash Industry continues to grow at a
compounded rate of 4% to 5% per annum and this trend is expected to continue
due to strong demand from end user industries with better sales realization.
Plans are being made to marginally increase Soda Ash production by utilizing
the Solway Towers and installation of other equipments like Co2 compressors.
Sale of Surplus Power: The Company's Captive Thermal Co-Generation Plant
established as part of its Caustic Soda Division has gone on stream in previous
year. This power plant has been established to meet company's present and
future energy requirements keeping in view of the company's future expansion
plans. This Thermal Co-generation plant at present has additional un-utilised
capacity. With the demand of power going up due to power shortfall in the
country, the company has started selling this excess power to Tamil Nadu Electricity
Board and also to third parties in the State of Tamil Nadu. Selling this excess
power available from its Thermal Co- Generation Power Plant till it starts
utilizing total power generated from the power plant, captively, will augment
the company's bottom line
Proposed Projects:
Iron Oxide Pigment The company with the technical know-how developed by
its in house R & D Department has established Pilot Plant for Manufacturing
Yellow Iron Oxide Pigment from the waste generated in its Synthetic Rutile Plant.
Your company has commercialized this product and is at present manufacturing
about 500 TPA of Iron Oxide Pigment from the Pilot Plant, which is being sold
in local as well as international market and the product has been well
accepted. Company is working to establish a Iron Oxide Pigment Plant. With
establishment of this project the Company will be generating a value added
product from waste and it will be reducing cost of neutralising the waste
generated from its Synthetic Rutile Plant thereby improving its bottom line.
CONTINGENT
LIABILITIES NOT PROVIDED FOR
(Rs.
In Millions)
|
A. CONTINGENT LIABILITIES
NOT PROVIDED FOR: |
As at 31.03.2009 |
|
1. Disputed Sales Tax Demands |
110.401 |
|
2. Disputed Excise Demands |
29.725 |
|
3. Disputed Customs Demands |
3.126 |
|
4. Disputed Income Tax Demand (A. Y. 2005-06 and 2006-07) |
27.002 |
|
5. Company's contribution to ESI not made pursuant to petitions for
exemption pending before |
8.604 |
|
6. Lease Rent, Local Cess, Interest on Lime Stone, Surcharge, Stamp
Duty, Octroi and Water and Electricity charges |
223.724 |
|
7. Disputed Industrial relations matters |
35.978 |
|
TOTAL |
438.560 |
|
B. GUARANTEE AS A MEMBER OF THE ALKALI MFRS. ASSN. |
|
|
(A Company Limited by Guarantee) |
0.001 |
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31st, 2011
(Rs. In millions)
|
Particulars |
Quarter Ended
31.03.2011 Audited |
Accounting Year Ended
31.03.2011 Audited |
|
1. Net Sales /Income from Operations |
2939.364 |
10576.543 |
|
2. Other Operating Income |
18.270 |
48.905 |
|
Total Income |
2957.634 |
10625.448 |
|
3. Total Expenditure : |
|
|
|
a) (Increase)/decrease in Stock in Trade and Work in Progress |
267.987 |
56.209 |
|
b) Consumption of Raw Materials |
1777.613 |
7028.498 |
|
c) Purchase of Traded Goods |
0.000 |
9.384 |
|
d) Power and Fuel |
212.402 |
870.758 |
|
e) Staff Cost |
98.841 |
498.913 |
|
f) Depreciation |
121.722 |
475.578 |
|
g) Other Expenditure |
383.725 |
1178.744 |
|
Total |
2862.290 |
10118.084 |
|
4. Profit from Operations before Other Income, Interest and Exceptional Items |
95.344 |
507.364 |
|
5. Other Income |
(0.810) |
(3.171) |
|
6. Profit before Interest and Exceptional Items |
94.534 |
510.535 |
|
7. Interest (Net) |
70.667 |
285.712 |
|
8. Exceptional Items |
7.490 |
134.065 |
|
9. Profit from Ordinary Activities before tax |
31.357 |
69.782 |
|
10. Tax expense |
|
|
|
- Current Tax |
|
|
|
-Fringe Benefit Tax |
0.000 |
0.000 |
|
-MAT Credit Available |
0.000 |
0.000 |
|
-Tax Adjustment of Previous Year |
0.000 |
0.000 |
|
|
|
|
|
11. Profit from Ordinary Activities after current tax |
31.357 |
358.888 |
|
Deferred Tax |
(0.218) |
(69.782) |
|
Extraordinary Items |
-- |
-- |
|
12. Net Profit / (Loss) |
31.575 |
289.106 |
|
13. Paid-up equity capital (Face Value - Re.2/- each) |
392.309 |
392.309 |
|
14. Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year |
|
|
|
15. Earnings Per Share (EPS) |
|
|
|
(a) Basic and Diluted EPS before extraordinary items |
0.16 |
1.47 |
|
(b) Basic and Diluted EPS after extraordinary items |
0.16 |
1.47 |
|
16. Public shareholding |
|
|
|
- Number of shares |
119276047 |
119276047 |
|
- Percentage of Shareholding |
60.81% |
60.81% |
|
17. Promoters and promoter group Shareholding : |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of shares |
Nil |
Nil |
|
-Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
|
-Percentage of shares (as a % of the total share capital of the company) |
Nil |
Nil |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
76878543 |
76878543 |
|
-Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
|
- Percentage of shares (as a % of the total share capital of the company) |
39.19% |
39.19% |
SEGMENT REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
millions)
|
Particulars |
Quarter Ended 31.03.2011 (Audited) |
Accounting Year
Ended 31.03.2011 (Audited) |
|
I) Segment Revenue: (Net Income) |
|
|
|
a. Soda Ash |
461.101 |
1685.071 |
|
b. Caustic Soda |
1263.821 |
4199.253 |
|
c. PVC |
1212.448 |
4682.335 |
|
d. Others |
1.994 |
9.884 |
|
Net Sales from operation |
2939.364 |
10576.543 |
|
ii. Segment Results: (Profit before Interest and Tax) |
|
|
|
a. Soda Ash |
61.703 |
137.891 |
|
b. Caustic Soda |
43.784 |
248.150 |
|
c. PVC |
(11.810) |
114.430 |
|
d. Others |
0.587 |
10.064 |
|
Total: |
94.534 |
510.535 |
|
Less: Interest |
70.667 |
285.712 |
|
Exceptional Items |
7.490 |
134.065 |
|
TOTAL PROFIT BEFORE TAX |
31.357 |
358.888 |
|
iii. Capital Employed (Segment assets -Segment Liabilities) |
|
|
|
a. SodaAsh |
1506.950 |
1506.950 |
|
b. Caustic Soda |
5868.016 |
5868.016 |
|
c. PVC |
(819.841) |
(819.841) |
|
d. Others |
1553.816 |
1553.816 |
|
Total: |
8108.941 |
8108.942 |
STATEMENT OF ASSETS AND LIABILITIES-AUDITED
|
Particulars |
Year Ended 31.03.2011 |
|
1. Shareholders' Funds |
|
|
a. Capital |
392.309 |
|
b. Reserve and Surplus |
364.102 |
|
Loan Funds |
3307.338 |
|
Deferred Tax Liability (Net) |
768.272 |
|
Total |
8108.941 |
|
|
|
|
Fixed Assets |
7849.510 |
|
Investments |
3.239 |
|
Current Assets, Loans and Advances |
|
|
a. Inventories |
1272.561 |
|
b. Sundry Debtors |
1046.967 |
|
c. Cash and Bank Balances |
19.360 |
|
d. Loans and Advances |
747.512 |
|
|
3086.400 |
|
Less: Current Liabilities and Provisions |
|
|
a. Liabilities |
2746.493 |
|
b. Provisions |
83.715 |
|
|
|
|
Net current Assets |
256.192 |
|
Total |
8108.941 |
NOTE
- The audited results
for the year ended 31.03.2011 were reviewed by the audit committee and
approved by the board of directors at their meeting held on 16.05.11
- board has
recommended 18% i.e. Rs.0.36 per equity share as divided for the financial
year ended 31.03.2011
- The guidance
on implementing AS15, employee benefits (Revised 2005) issued by the
accounting standards board (ASB) states that provident funds set up by the
employers, which require interest shortfall to be met by the employer, are
defined benefit plans. Having regard to the assets of the fund and thee
return on investments the company does not expect any deficiency in the
foreseeable future.
- Previous
periods figures have been regrouped/rearranged wherever necessary
- Exception
item includes profit on sale of Wondmills Rs. 110.081 millions.
- Not investor
complaints were pending at the beginning of the quarter, 9 complaints were
received during the quarter and all were resolved before end of the
quarter.
FIXED ASSETS
- Land
- Building
- Plant and
Machinery
- Furniture and
Fittings
- Vehicles
AS PER WEBSITE
DETAILS
PROFILE
Subject is a
diversified manufacturer of basic
chemicals, such as:
- Caustic Soda
- Liquid Chlorine and Chlorine based
products such as Trichloroethylene and HCL
- Upgraded Ilmenite or Synthetic Rutile
- Yellow Iron Oxide
- PVC Resin
- Soda Ash
- Ammonium bi-carbonate
- Liquid Bromine and Bromide.
Subject is an industry pioneer with a long track
record in its markets and has a successful record in developing downstream and
related products.
Its competitive
position is enhanced by the diversity of its products.
Subject has focused
on development of value-added and export-oriented
products like Upgraded Ilmenite and Pigment grade Yellow Iron Oxide.
Subject has
embarked on an ambitious project for the manufacture of Ferrite Grade Iron
Oxide with a capital expenditure of around Rs.1 billion.
THE
BEGINNINGS
The subject story goes back to 1925 when the foundation
stone of
It is said that every oak begins as an acorn. The process of growth received a
major impetus in 1959 with the commissioning of the chlor-alkali plant at
Sahupuram in the southern state of Tamilnadu. At that time, the area was
completely barren. Today this complex has made its mark on the chemical map of
Growth at the chlor-alkali complex was rapid as between 1965
and 1970 three plants were erected that turned the co-product chlorine into a
money spinner; a liquid chlorine plant in 1965, the country's first
tri-chloroethylene plant (left)
in 1968 and an integrated PVC resin plant in 1970-making the company one of the
first in the nascent petrochemicals field.
In the same year, 1970, the company set up a plant to
manufacture upgraded ilmenite, the first of its kind in
Subject has certainly come a long way since its small
beginnings and is one of
THE
DIFFERENT DIVISIONS
THE
SODA ASH DIVISION
Subject pioneered the manufacture of Soda Ash in
A major modernisation programme, aimed at energy
conservation was completed in 1993. Based on the "total energy
utilisation" concept, the energy consumption per tonne of soda ash was
reduced from 6.59 million K Cal to 3.55 million K Cal - almost half. There has
been a total revamp of plant and machinery that has improved operating
efficiency.
The product range of the Soda Ash division now reads an impressive 96,000 TPA
of Soda Ash, Ammonium Bicarbonate 5000 TPA, Soda Bicarbonate 12,000 TPA, Liquid
Bromine 300 TPA; Isopropyl Bromide 120 TPA; Ethyl Bromide 40 TPA; Butyl Bromide
8 TPA. Calcium Chloride is also produced but its production is seasonal. Salt,
the major raw material is produced at the company's own salt works - just 22
kms away.
The products of this division cater to a wide range of end
user industries such as detergents, sodium silicate, dye intermediates, brine
purification, ore refining, bakeries, cooling agents, pesticides, drug
intermediaries, paper, chemicals, glass etc.
Subject has a range of loyal customers including blue chip names such as
Hindustan Lever, Atul Products, Gujarat Alkalies, Grasim Industries etc.
THE
CAUSTIC SODA DIVISION
Subject commissioned a plant for the production of Caustic
Soda in 1959. The output of Caustic Soda has been increased in stages from
28,000 TPA to 80,000 TPA, making subject one of the leading producers of this
basic chemical in
The by-product, chlorine, is fully used to add value in-house. With increasing
demand for liquid chlorine, the plant capacity has been increased from 60 TPD
to 80 TPD. Process improvement, in terms of medium pressure liquefaction has
will resulted in more productivity, less consumption of electrical energy and
refrigerant.
With a capacity of 5,400 TPA, Company was
SYNTHETIC
RUTILE
High on the list of significant landmarks in company’s
history was the implementation of the project to manufacture upgraded ilmenite,
also known as synthetic rutile, for the first time in
Besides being one of the highest purity synthetic rutiles in
the market, Company’s product also has very low levels of radioactive content,
making it a top quality material. Company has consistently exported synthetic
rutile to the
Subject has also developed in-house, a new special
"weld grade" synthetic rutile which caters to the requirements of
welding and electrode manufacturers by being a substitute for natural rutile.
Also through in-house R and D and constant experimentation, a superior product
called "UTOX" was developed as a partial substitute for white
pigment. The product is manufactured with stringent production and quality
controls to ensure consistent particle size and colour. The product finds
application in the paint, plastic and rubber industries in
FERRITE
GRADE IRON OXIDE
Subject is now installing a facility for the manufacture of
Ferrite grade Iron Oxide from the effluent of ilmenite plant. The quality of
the Iron Oxide will enable it to be used in the manufacture of Soft Ferrites
which have wide applications in the Electronic Industry. The technology
employed is the Solvent extraction process, which ensures a high level of
purity of the final product.
SYNTHETIC
YELLOW IRON OXIDE
It is manufactured by the precipitation process using leach
liquor - a waste from the Ilmenite plant. The quality of the product matches
international standards. It finds application in cement paints, Stainers,
Paper, Industrial enamels and construction material.
THE
PVC RESIN DIVISION
Petrochemicals have been the new buzzword of Indian industry
in recent years. In 1970, company became one of the first in
Subject was the first, and is currently the only Indian
producer to handle and store imported VCM, a volatile gas. It successfully
erected a total storage capacity of 5,600 MT at Tuticorin port (a distance of
30 km from the plant) - including a huge 5000 M3 sphere. This installation is
one of the few of its kind in
Constant in-house R and D with modifications in process
recipes, resulted in continuous increase in production with very little
additional investment. The production crossed 20,000 TPA in 1985-86 after a
technical tie up with
With installation of stainless steel reactors, a new energy
efficient fluid bed dryer and state of the art vapour absorption refrigeration,
the production capacity has now reached 60,000 TPA.
An important spin off has been the improvement in product quality, production
of food grade PVC, and significant consumption efficiencies, comparable with
the best in the world.
PVC Resin is a thrust area for company. Having established its excellence in
polymer manufacture and marketing, company is making efforts to develop new PVC
applications. PVC is already the most widely used thermoplastic in
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records 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 :
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 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. 44.45 |
|
|
1 |
Rs. 71.52 |
|
Euro |
1 |
Rs. 64.62 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
70 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.