1. Summary Information
|
|
|
Country |
|
|
Company Name |
STERLITE
TECHNOLOGIES LIMITED |
Principal Name 1 |
Mr. Anil Agarwal |
|
Status |
Good |
Principal Name 2 |
Mr. Pravin Agarwal |
|
|
|
Registration # |
000340 |
|
Street Address |
Fiber Optical Cables, Survey No. 68 / 1, |
||
|
Established Date |
24.03.2000 |
SIC Code |
-- |
|
Telephone# |
91-260-6612000 |
Business Style 1 |
Service Provider |
|
Fax # |
91-260-6612013 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Optical Fiber |
|
|
# of employees |
Not Available |
Product Name 2 |
Jelly Filled Telephone Cable |
|
Paid up capital |
Rs.711,000,000/- |
Product Name 3 |
Broadband Access Networks |
|
Shareholders |
Shareholding
of Promoter and Promoter Group 54.72%, Public Shareholding 45.28% |
Banking |
Not Available |
|
Public Limited Corp. |
Yes |
Business Period |
11 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
A (64) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary
|
-- |
Sterlite Infrastructure Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
9,953,400,000 |
Current Liabilities |
5,703,500,000 |
|
Inventories |
1,709,100,000 |
Long-term Liabilities |
3,581,600,000 |
|
Fixed Assets |
6,264,300,000 |
Other Liabilities |
1,112,200,000 |
|
Deferred Assets |
000 |
Total Liabilities |
10,397,300,000 |
|
Invest& other Assets |
1,630,800,000 |
Retained Earnings |
8,178,200,000 |
|
|
|
Net Worth |
9,160,300,000 |
|
Total Assets |
19,557,600,000 |
Total Liab. & Equity |
19,557,600,000 |
|
Total Assets (Previous Year) |
16,742,800,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
24,316,300,000 |
Net Profit |
2,460,700,000 |
|
Sales(Previous yr) |
22,892,300,000 |
Net Profit(Prev.yr) |
901,500,000 |
MIRA
INFORM REPORT
|
Report Date : |
03.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
STERLITE TECHNOLOGIES LIMITED (w.e.f. 14.07.2007) |
|
|
|
|
Formerly Known
As : |
STERLITE OPTICAL TECHNOLOGIES LIMITED |
|
|
|
|
Registered
Office : |
Fiber Optical Cables, Survey No. 68 / 1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
24.03.2000 |
|
|
|
|
Com. Reg. No.: |
000340 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.711.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31300DN2000PLC000340 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
SRTS01199C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECS8719B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Providing Transmission Products and Solutions for Evolving Application
in the Global Telecom and Energy Industries. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 36000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having fine track.
Financial position of the company appears to be sound. Fundamentals are
strong and healthy. Trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered normal for 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
|
Name : |
Mr. Anupam Jindal |
|
Designation : |
Chief Financial Officer |
LOCATIONS
|
Registered Office/Factory 1 : |
Fiber Optical Cables, Survey No. 68 / 1, Rakholi Village, Madhuban Dam
Road, Silvassa – 396230, Dadar Nagar Haveli, India |
|
Tel. No.: |
91-260-6612000 |
|
Fax No.: |
91-260-6612013 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2 : |
Optical Fiber, E2, E3, MIDC, Waluj, Aurangabad-431136, |
|
Tel. No.: |
91 – 240 – 2564599 |
|
Fax No.: |
91 – 240 - 2564598 |
|
|
|
|
Factory 3 : |
E 1 Waluj MIDC Industrial Area Waluj Dist, Aurangabad-431136, |
|
Tel. No.: |
91 – 260 – 6612000 |
|
Fax No.: |
91 – 260 - 6612013 |
|
|
|
|
Factory 4 : |
Copper Telecom Cables, Survey No. 209, Phase 2, Piparia Industrial
Estate, Silvassa-396240, Dadar Nagar Haveli India. |
|
|
|
|
Factory 5 : |
Structured Data Cables, Survey No. 33 / 1 / 1, |
|
Tel. No.: |
91 – 260 – 6452959 |
|
Fax No.: |
91 – 260 - 6612122 |
|
|
|
|
Factory 6 : |
Power Transmission Conductors, Survey No. 99, Rakholi Village,
Madhuban Dam Road, Silvassa – 396230, India |
|
Tel. No.: |
91 – 260 – 6612200 |
|
Fax No.: |
91 – 260 - 6612260 |
|
|
|
|
Factory 7: |
Plot 2D, Sector 10, IIE SIDCUL, Haridwar – 249403, |
|
Tel. No.: |
91 – 1334 – 239463 |
|
Fax No.: |
91 – 1334 - 239375 |
|
|
|
|
Sales, Marketing and Representative Offices: |
Located at:
|
|
|
|
|
Corporate Office : |
4th Floor Godrej Millenium 9, |
|
Tel. No.: |
91 – 20 - 30514000 |
|
Fax No.: |
91 – 20 - 26138083 |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. Anil Agarwal |
|
Designation : |
Non – Executive Chairman |
|
|
|
|
Name : |
Mr. Pravin Agarwal |
|
Designation : |
Whole time Director |
|
|
|
|
Name : |
Mr. Arun Todarwal |
|
Designation : |
Non – Executive and Independent Director |
|
|
|
|
Name : |
Mr. A. R. Narayanaswamy |
|
Designation : |
Non – Executive and Independent Director |
|
|
|
|
Name : |
Mr. Haigreve Khaitan |
|
Designation : |
Non – Executive and Independent Director |
|
|
|
|
Name : |
Mr. Anand Agarwal |
|
Designation : |
Chief Executive Officer and Wholetime Director |
KEY EXECUTIVES
|
Name : |
Mr. Rajendra Mishra |
|
Designation : |
Chief Operating Officer (Power) |
|
|
|
|
Name : |
Mr. Anurag Rai |
|
Designation : |
Vice President (Human Resource) |
|
|
|
|
Name : |
Dr. Anand Agarwal |
|
Designation : |
Chief Executive officer and Wholetime Director |
|
|
|
|
Name : |
Mr. Dharmendra Jain |
|
Designation : |
General Manager (Finance) |
|
|
|
|
Name : |
Mr. Anupam Jindal |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. K. S. Rao |
|
Designation : |
Chief Operating Office (Telecom) |
|
|
|
|
Name : |
Mr. Sandeep Deshmukh |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Anupam Jindal |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 08.04.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
860,810 |
0.22 |
|
|
4,765,295 |
1.21 |
|
|
5,626,105 |
1.43 |
|
|
|
|
|
|
209,402,750 |
53.29 |
|
|
209,402,750 |
53.29 |
|
Total shareholding of Promoter and Promoter Group (A) |
215,028,855 |
54.72 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
22,092,875 |
5.62 |
|
|
21,600,594 |
5.50 |
|
|
850 |
- |
|
|
914,737 |
0.23 |
|
|
10,860,142 |
2.76 |
|
|
55,469,198 |
14.12 |
|
|
|
|
|
|
23,189,932 |
5.90 |
|
|
|
|
|
|
81,712,870 |
20.80 |
|
|
12,624,788 |
3.21 |
|
|
4,912,834 |
1.25 |
|
|
4,250,017 |
1.08 |
|
|
200 |
- |
|
|
11,705 |
- |
|
|
422,117 |
0.11 |
|
|
85,550 |
0.02 |
|
|
133,245 |
0.03 |
|
|
10,000 |
- |
|
|
122,440,424 |
31.16 |
|
Total Public shareholding (B) |
177,909,622 |
45.28 |
|
Total (A)+(B) |
392,938,477 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Providing Transmission Products and Solutions for Evolving Application
in the Global Telecom and Energy Industries. |
||||||||||||||
|
|
|
||||||||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Power Transmission Line – Distribution Conductor ** |
MT |
NA |
160000 |
126240 |
|
Optical Fiber |
KM |
12000000 |
10000000 |
8283983 |
|
Fiber Optic Cables* |
FKM |
5309059 |
4500000 |
2732919 |
|
Copper Telecom Cables |
CKM |
9500000 |
3500000 |
830750 |
|
Broadband Access Networks |
NOS |
1500000 |
1000000 |
221487 |
* Based on Average Fibre Km.
** N.A. – Delicenced vide notification no 477 (E) Dated 27th July, 1991.
* It includes 2,906,150 KM (2,093,030 KM) produced for captive consumption
** Current Year 129,036 KM (137,729 KM)
GENERAL INFORMATION
|
Bankers : |
Not Available |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
NOTES: Working capital loans and Other loans from Banks are secured by
hypothecation of Raw materials, Work-in-Progress, Finished Goods and Sundry
Debtors.
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Company Chartered Accountants |
|
|
|
|
Subsidiaries: |
|
|
|
|
|
Investing Company: |
·
Twin Star Overseas Limited, |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
750000000 |
Equity shares |
Rs. 2/- each |
Rs. 1500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
355518510 |
Equity Shares |
Rs. 2/- each |
Rs.711.000 Millions |
Of the above:
1) 139,781,397 (55,912,559 of Rs. 5 each fully paid-up) equity shares of
Rs. 2 each were allotted to the shareholders of Sterlite Industries (India)
Limited upon demerger pursuant to the scheme of arrangement sanctioned by the
Honourable High Court of Judicature at Bombay being shares issued for
consideration other than cash.
2) During the year 16,125,000 Share Warrants were converted into
32,250,000 fully paid-up Equity Shares of Rs. 2 each which includes 16,125,000
equity shares issued as bonus shares.
3) During the year 576,775 of Rs. 2 each (70,100 Equity shares of Rs. 5
each) shares were issued to employees of the company under ESOP Scheme. For
Stock Options outstanding details
4) Of the above equity shares 177,759,255 shares of 2 each were allotted
as fully paid-up bonus shares by utilisation of Rs. 355.500 Millions from
Securities Premium.
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 |
711.000 |
322.700 |
322.300 |
|
|
2] Share Application Money |
271.100 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8178.200 |
5886.700 |
5015.500 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9160.300 |
6209.400 |
5337.800 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3579.100 |
4678.900 |
6326.500 |
|
|
2] Unsecured Loans |
2.500 |
287.000 |
305.400 |
|
|
TOTAL BORROWING |
3581.600 |
4965.900 |
6631.900 |
|
|
DEFERRED TAX LIABILITIES |
601.600 |
559.500 |
632.600 |
|
|
|
|
|
|
|
|
TOTAL |
13343.500 |
11734.800 |
12602.300 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6264.300 |
5453.200 |
5238.800 |
|
|
Capital work-in-progress |
569.700 |
1113.500 |
362.200 |
|
|
|
|
|
|
|
|
INVESTMENT |
1061.100 |
920.100 |
60.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
251.300 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1709.100
|
1003.700 |
2193.900 |
|
|
Sundry Debtors |
6289.700
|
5458.900 |
5191.000 |
|
|
Cash & Bank Balances |
2097.100
|
778.900 |
890.700 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1566.600
|
2011.500 |
1689.100 |
|
Total
Current Assets |
11662.500
|
9253.000 |
9964.700 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
4422.200
|
2979.600 |
|
|
|
Other Current Liabilities |
1281.300
|
1811.000 |
|
|
|
Provisions |
510.600
|
214.400 |
182.200 |
|
Total
Current Liabilities |
6214.100
|
5005.000 |
3274.800 |
|
|
Net Current Assets |
5448.400
|
4248.000 |
6689.900 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
13343.500 |
11734.800 |
12602.300 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
24316.300 |
22892.300 |
16838.900 |
|
|
|
Other Income |
228.800 |
61.600 |
184.600 |
|
|
|
TOTAL (A) |
24545.100 |
22953.900 |
17023.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/ (Decreases) in stock |
0.000 |
0.000 |
(213.600) |
|
|
|
Raw Materials |
0.000 |
0.000 |
12392.600 |
|
|
|
Power and Fuel Cost |
0.000 |
0.000 |
399.700 |
|
|
|
Employees Cost |
0.000 |
0.000 |
420.800 |
|
|
|
Manufacturing and Other Expenses |
18130.500 |
18687.200 |
919.500 |
|
|
|
Personnel Expenses |
580.100 |
512.400 |
0.000 |
|
|
|
Selling and Distribution expenses |
783.600 |
756.300 |
760.200 |
|
|
|
Administration and General Expenses |
952.800 |
535.300 |
0.000 |
|
|
|
Research and Development Expenses |
59.800 |
59.600 |
0.000 |
|
|
|
Miscellaneous Expenses |
0.000 |
0.000 |
230.000 |
|
|
|
Extraordinary Item |
0.000 |
0.000 |
0.500 |
|
|
|
Less-Pre-Operative expenses of projects |
0.000 |
0.000 |
(63.200) |
|
|
|
TOTAL (B) |
20506.800 |
20550.800 |
14846.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4038.300 |
2403.100 |
2177.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
381.200 |
904.800 |
501.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3657.100 |
1498.300 |
1676.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
482.600 |
425.200 |
371.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
3174.500 |
1073.100 |
1304.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
713.800 |
171.600 |
297.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2460.700 |
901.500 |
1007.200 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4073.900 |
3357.000 |
2500.800 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
Transfer to General Reserve |
246.100 |
90.200 |
0.000 |
|
|
|
Proposed Dividend on Equity Shares of Rs. 0.50 per share |
177.800 |
80.700 |
151.000 |
|
|
|
Corporate Tax on proposed dividend |
30.200 |
13.700 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
6080.500 |
4073.900 |
3357.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
5542.200 |
5925.800 |
5177.900 |
|
|
|
FOB Value of Deemed Exports |
2648.600 |
3456.400 |
3934.200 |
|
|
|
Other Earnings |
0.000 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
8190.800 |
9382.200 |
9112.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
5936.800 |
5521.100 |
8475.000 |
|
|
|
Stores & Spares |
104.000 |
74.400 |
68.700 |
|
|
|
Capital Goods |
268.400 |
781.100 |
422.900 |
|
|
TOTAL IMPORTS |
6309.200 |
6376.600 |
8966.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
7.61 |
2.80 |
15.45 |
|
|
|
Diluted |
7.34 |
2.78 |
15.45 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
4917.600 |
5094.400 |
5791.100 |
6822.300 |
|
Total Expenditure |
4087.500 |
4188.800 |
5360.300 |
6332.500 |
|
PBIDT (Excl OI) |
830.100 |
905.600 |
430.800 |
489.800 |
|
Other Income |
54.700 |
32.700 |
71.60.0 |
0.700 |
|
Operating Profit |
884.800 |
938.300 |
502.40 |
490.500 |
|
Interest |
71.200 |
92.200 |
128.500 |
182.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
813.600 |
846.100 |
373.900 |
308.300 |
|
Depreciation |
130.800 |
133.400 |
138.400 |
157.500 |
|
Profit Before Tax |
682.800 |
712.700 |
235.500 |
150.800 |
|
Tax |
127.000 |
137.200 |
64.500 |
47.800 |
|
Profit After Tax |
555.800 |
575.500 |
171.000 |
103.000 |
|
Net Profit |
555.800 |
575.500 |
171.000 |
103.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
10.03
|
3.93 |
5.92 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.06
|
4.69 |
7.75 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.71
|
7.30 |
8.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.35
|
0.17 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.07
|
1.61 |
1.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.88
|
1.85 |
3.04 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE:
The Company registered net revenues of Rs.2,4320.000
Millions as against Rs.2,2890.000
Millions in the previous year. The revenue from the power business was Rs.1,5250.000 Millions in
the current year vis-a-vis Rs.1,4730.000 Millions in the
previous financial year. The
revenue from the telecom
business increased to Rs.9070.000 Millions in the current year, from
Rs.8160.000 Millions in the previous fiscal.
The EBITDA of the Company showed a significant growth rate
of 680/ year on year, growing to Rs.4040.000 Millions from Rs.2400.000 Millions
in the previous year. The profits of the
Company after providing for interest, depreciation and tax
increased to Rs.2460.000 Millions
in the current year; a very
impressive increase from Rs.900.000 Millions in the previous fiscal.
The ongoing capital
projects for expansion
of the optical
fiber manufacturing capacity to
12 million-fkm per annum is nearing completion and is expected to be fully commissioned during
the fiscal year 2010-11. The capacity expansion for power
conductors to 160,000 Metric Tons is
also expected to be completed in early FY11.
The Company continued
to focus on global market penetration and
increase in market share by
enhancing the manufacturing capacities in the
existing businesses. In line
with this, during the year 2009-10,
the Company announced a further
capacity enhancement of optical fiber from 12
million-fkm per annum
to 20 million-fkm per annum. This capacity expansion
is anticipated to complete by the
end of FY 2011-12, making the Company
the third largest manufacturing capacity in the world.
As a part of aforesaid Optical Fiber expansion
plans, the Company also floated
a new wholly owned subsidiary named Sterlite Infra Tech
Limited, with the objective of
setting up a green field facility for optical
fiber at Aurangabad in a Special Economic Zone (SEZ).
Subsidiary Companies:
Sterlite Infrastructure Private Limited (SIPL), a subsidiary of the
Company has at present not commenced any commercial activity. The Company had
applied for Pan-India access licenses to provide telecom service, allotment of
which is awaited from Department of Telecommunication.
During the year, the Company floated a wholly owned subsidiary viz.
Sterlite Infra-Tech Limited (SITL) for capacity expansion of Optical Fibers in
As a part of implementation of mega independent power transmission
project to establish two 400KV Double Circuit transmission lines in Assam with
West Bengal and Bihar, the Company has acquired 100% holding of ‘East-North
Interconnection Company Limited’ (ENICL), from Power Finance Corporation
Limited. ENICL is the Special Purpose Vehicle (SPV) floated by Power Finance
Corporation for the purpose of execution of this project.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2010 Rs. in Millions |
|
1. Disputed Liabilities in Appeal |
|
|
a) Sales Tax |
5.900 |
|
b) Excise Duty |
786.900 |
|
c) Customs Duty |
743.100 |
|
d) Service Tax |
24.500 |
|
e) Claims lodged by a Bank
Against the company (*) |
188.700 |
|
f) Claims against the company not
acknowledged as Debt |
20.700 |
|
g) Excise Duty Case in Supreme
Court |
-- |
|
2. Outstanding amount of Export
obligation against Advance Licence |
589.900 |
|
3. The company has given
Corporate Guarantee to the Income Tax Department on behalf of group
companies. The outstanding amount is Rs. 1140.000 Millions (Rs. 1140.000
Millions) on this account as at the year-end. |
|
|
Note: The Company has deposited Rs. Nil (Rs. 81.400 Millions) under protest
against above contingent liabilities. The Company has not provided for disputed Sales Tax, Excise Duty,
Customs Duty and Service Tax arising from disallowances made in assessments
which are pending with Appellate Authorities for its decision. It is not practicable to indicate the uncertainties which may affect
the future outcome and estimate the financial effect of the above
liabilities. (*) In earlier year, one of the bank of the Company had wrongly
debited an amount of Rs. 188.700 Millions, towards import consignment under
Letter of Credit not accepted by the Company, owing to discrepancies in the
documents. The Company has filed the case against the bank in the High Court
of Mumbai. The bank has also filed a claim against the Company in the Debt
Recovery Tribunal. The Company does not believe that any liability will arise to the
Company. |
|
FIXED ASSETS:
·
·
Leasehold land
·
Building
·
Plant and Machinery
·
Furniture an Fixture
·
Data Processing
·
Equipment
·
Office Equipment
·
Electric Fittings
·
Vehicles
·
Software / Licences
FINANCIAL
RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2011
(Rs. in Millions)
|
Particulars |
Quarter Ended 31.03.2011 |
Year Ended 31.03.2011 |
|
|
(Unaudited) |
(Audited) |
|
|
|
|
|
Net Revenue |
6822.300 |
22625.500 |
|
Total Expenditure |
6490.000 |
20529.200 |
|
a) (Increase) / Decrease in Stock in Trade and WIP |
255.800 |
(309.300) |
|
b) Consumption of Raw materials |
4817.200 |
15853.300 |
|
c) Staff Cost |
206.000 |
825.600 |
|
d) Depreciation and Impairment |
157.500 |
560.100 |
|
e) Other Expenditure |
1053.500 |
3599.500 |
|
Operating Profit before Other Income, Interest and Tax |
332.300 |
2096.300 |
|
Other Income |
0.700 |
159.700 |
|
Profit before Interest, Exchange Fluctuation and Tax |
333.000 |
2256.000 |
|
Interest Cost |
182.200 |
474.100 |
|
Net Profit before Tax |
150.800 |
1781.900 |
|
Provision for : |
|
|
|
Current Tax |
30.100 |
320.300 |
|
Minimum Alternate Tax |
18.800 |
(2.200) |
|
Provision for earlier year |
0.000 |
0.000 |
|
Deferred Tax |
(1.100) |
58.500 |
|
Net Profit after Tax |
103.000 |
1405.300 |
|
Adjustment for Minority Interest and Goodwill |
0.000 |
0.000 |
|
Net Profit after tax and Minority Interest |
103.000 |
1405.300 |
|
Paid-up Equity Capital (Face value Rs.2 per share) |
712.800 |
712.800 |
|
Reserves excluding revaluation reserves |
0.000 |
0.000 |
|
Earning Per Share (Rs.)- Basic (not annualised) |
0.29 |
3.95 |
|
Earning Per Share (Rs.)- Diluted (not annualised) |
0.27 |
3.72 |
|
Aggregate of Public Share Holding |
|
|
|
Number of Shares |
177853274 |
177853274 |
|
Percentage of Shareholding |
50.00 |
50.00 |
|
Promotors and promoter group Shareholding |
|
|
|
Pledged/Encumbered |
|
|
|
Number of Shares |
-- |
-- |
|
Percentage of Shares (as a % of the total |
-- |
-- |
|
shareholding of promoter and promoter group) |
-- |
-- |
|
Percentage of Shares (as a % of the total share capital of the
company) |
|
|
|
Non-encumbered |
|
|
|
Number of Shares |
178528855 |
178528855 |
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
100.00 |
100.00 |
|
Percentage of Shares (as a % of the total share capital of the
company) |
50.00 |
50.00 |
NOTES
- In terms of
clause 41 of the listing agreement, details of number of investor
complaints for the quarter ended March 31, 2011: Beginning - 0, Received -
112, Disposed off - 112, Pending - 0.
- During the
year 2005-06, the CESTAT had upheld a demand of Rs. 1880.000 Millions
(including penalties) thereon in the pending Excise matter. The auditors
have expressed their qualification on this matter. The Company is
contesting this case and the matter is pending the decision of the Hon'ble
Supreme Court.
- The above
results have been reviewed by the Audit Committee. The Board of Directors
at its meeting held on 29.04.2011 approved the above results.
- During the year,
the method of inventory valuation at Power Transmission Business has been
changed to specific identification method as against the previously
adopted weighted average method. Consequently, the inventory as at 31st
March, 2011 and profit before tax for the year is higher by Rs.15.800
millions.
- The board has
recommended a dividend at the rate of 25% for the year subject to approval
of the shareholders.
- Previous
period figures have been regrouped / rearranged wherever considered
necessary.
(Rs. in Millions)
|
Segment
Reporting |
Quarter Ended 31.03.2011 |
Year Ended 31.03.2011 |
|
|
(Unaudited) |
(Audited) |
|
|
|
|
|
Segment Revenue |
|
|
|
Power Transmission Business |
5141.000 |
16059.100 |
|
Telecom Products and Solutions |
1681.300 |
6566.400 |
|
Total |
6822.300 |
22625.500 |
|
|
|
|
|
Profit before
Interest, Depreciation and Tax |
|
|
|
Power Transmission Business |
144.000 |
1136.800 |
|
Telecom Products and Solutions |
346.500 |
1679.300 |
|
Unallocable |
0.000 |
0.000 |
|
Total |
490.500 |
2816.100 |
|
|
|
|
|
Profit before
Interest and Tax |
|
|
|
Power Transmission Business |
100.600 |
976.800 |
|
Telecom Products and Solutions |
232.400 |
1279.200 |
|
Unallocable |
0.000 |
0.000 |
|
Total |
333.000 |
2256.000 |
|
Interest Cost |
182.200 |
474.100 |
|
Profit before
Tax |
150.800 |
1781.900 |
|
|
|
|
|
Capital Employed
(Segment Assets- Segment Liabilities |
|
|
|
Power Transmission Business |
6343.900 |
6343.900 |
|
Telecom Products and Solutions |
9215.200 |
9215.200 |
|
Unallocable |
997.700 |
997.700 |
|
Total |
16556.800 |
16556.800 |
STATEMENT
OF ASSETS AND LIABILITIES
Rs.
in Millions
|
Particular |
As
on 31.03.2011 |
|
|
Audited
|
|
|
|
|
SHAREHOLDERS
FUNDS |
|
|
Capital |
984.000 |
|
Reserves and Surplus |
9375.000 |
|
Minority Interest |
0.000 |
|
Loan Funds |
6197.700 |
|
Deferred Tax Liability (Net) |
660.100 |
|
Total |
17216.800 |
|
|
|
|
Fixed Assts |
8669.300 |
|
Goodwill |
0.000 |
|
Investments |
1088.400 |
|
|
|
|
CURRENT ASSETS,
LOANS AND ADVANCES |
|
|
Inventories |
1913.800 |
|
Sundry Debtors |
8665.000 |
|
Cash and Bank Balances |
1300.600 |
|
Loans and Advances |
3503.400 |
|
|
|
|
Less: Current
Liabilities and Provision |
|
|
Liabilities |
7557.900 |
|
Provisions |
365.800 |
|
Total |
17216.800 |
AS PER WEB DETAILS
MILESTONES
1988
Copper telecom cables facility started
1992
Fiber Optic cables facility started
1995
Optical fiber facility started
1997
Expansion of optical fiber capacity to 1 million-km
2000
Demerger of telecom business from Sterlite Industries Limited. Incorporation of
Sterlite Optical Technologies Limited
2002
Expansion of optical fiber capacity to 4 million-km. Offices opened in
2004
Structured data cables facility started
2006
Acquisition of power transmission business from Subject Commencement of telecom
integration and managed services business Offices started in
2007
Expansion of optical fiber capacity to 6 million-km Expansion of power
conductor capacity to 115,000 MT Change of company name to Subject Office
started in
2008
Office started in
2009
Expansion of optical fiber capacity to 12 million-km Expansion of fiber optic
cable capacity to 6 million-km Expansion of power conductor capacity to 160,000
MT
BOARD OF DIRECTORS
Mr.
Anil Agarwal - (Non-Executive
Chairman)
Mr. Anil Agarwal founded the Sterlite Group in 1976 and has
been overseeing the Sterlite Group's operations since its inception. He has
over 30 years of experience of business strategy, general management and
commercial matters
.
Mr.
Navin Agarwal - (Non-Executive
Director)
Mr. Navin Agarwal has been overseeing the Sterlite Group's
operations since its inception. He has over 20 years of experience of general
management and commercial matters.
Mr.
Arun Todarwal - (Non-Executive and
Independent Director)
Mr. Arun Todarwal, Partner of Todarwal and Todarwal, a firm
of Chartered Accountants based in Mumbai, holds a Bachelors Degree in Commerce
and is a member of The Institute of Chartered Accountants of India. Mr.
Todarwal has rich and varied experience spanning over two decades in Finance
and Audit.
Mr.
Pravin Agarwal - (Whole-time Director)
Mr. Pravin Agarwal has been closely involved with the
Sterlite Group's operations in
Mr. A
R Narayanaswamy - (Non-Executive and
Independent Director)
Mr. A R Narayanaswamy is an Audit Practitioner and runs a
Management Consultancy catering to the Pharmaceutical, Chemical, Engineering and
Hospitality sectors. Mr. Narayanswamy is a Chartered Accountant by profession
and his experience spans over 30 years.
Mr. Haigreve Khaitan - (Non-Executive and Independent
Director)
Mr. Haigreve Khaitan, Partner of Khaitan and Company, a firm
of lawyers based in Mumbai, holds a Bachelors Degree in Legislative Laws. Mr.
Khaitan has varied experience spanning eight years in Commercial and Corporate
laws, Tax laws, Mergers and Acquisitions, Restructuring, Foreign Collaboration,
Licensing etc.
Dr. Anand Agarwal - (CEO and Whole-time Director)
Dr. Anand Agarwal is responsible for Sterlite's range of
Telecom Solutions. Anand Agarwal joined Sterlite in 1995 and has held various
positions including manufacturing, quality assurance and business development.
Prior to joining Sterlite, Dr Anand Agarwal worked with Siemens. He holds a
Bachelor of Technology degree in Metallurgical Engineering from the Indian
Institute of Technology (IIT – Kanpur); and his Master's degree and PhD in
Materials Engineering from the Rensselaer Polytechnic Institute, USA.
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.44.94 |
|
|
1 |
Rs.73.46 |
|
Euro |
1 |
Rs.64.58 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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.