.MIRA
INFORM REPORT
|
Report Date : |
21.10.2011 |
IDENTIFICATION DETAILS
|
Name : |
SRF LIMITED |
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Registered Office : |
C – 8, Commercial Complex, Safdarjung Development Area, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
09.01.1970 |
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Com. Reg. No.: |
55-005197 |
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Capital
Investment/ Paid-up Capital: |
Rs.615.241
Millions |
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CIN No.: [Company
Identification No.] |
L18101DL1970PLC005197 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELS33266C |
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PAN No.: [Permanent
Account No.] |
AAACS0206P |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange |
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Line of Business : |
Subject is engaged in the manufacturing and distribution of a wide
range of products in technical textiles, chemicals and packing films
industries. |
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No. of Employees: |
2500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
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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 66000000 |
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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 an The company can be considered normal for business dealings 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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
|
Registered Office : |
C – 8, Commercial Complex, Safdarjung Development Area, |
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Tel. No.: |
91-11-26510428 |
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Fax No.: |
91-11-26857141 |
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E-Mail : |
srf.corp@srf.sprintrpg.ems.vsnl.net.in ajoshi@srf.com
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Website : |
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Corporate Office : |
Block – C, Sector – 45, Gurgaon -122 003, |
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Tel. No.: |
91-124-4354400 |
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Fax No.: |
91-124-4354500 |
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E-Mail : |
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TECHNICAL TEXTILES BUSINESS |
NATIONAL OPERATIONS |
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Factory 1 : |
Manali
Industrial Area, Manali, Chennai – 600 068, |
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Tel. No.: |
91-44-25946000 |
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Fax No.: |
91-44-25941159 |
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Factory 2 : |
Industrial Area,
Malanpur, District Bhind – 477 116, |
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Tel. No.: |
91-7539-283164 |
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Fax No.: |
91-7539-283427 |
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Factory 3 : |
Plot No K1,
SIPCOT Industrial Area Complex, Gummidipoondi, District Thiruvallur – 601
201, |
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Tel. No.: |
91-44-27923212 –
22 |
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Fax No.: |
91-44-27922718 /
27922888 |
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Factory 4 : |
Viralimalai,
District Pudukottai – 621 316, |
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Tel. No.: |
91-4339-220808 |
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Fax No.: |
91-4339-220284 |
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Factory 5 : |
Unit 2, Plot No. 12, Rampura, |
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Tel. No.: |
91-5947-275604 / 05 |
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Fax No.: |
91-5947-275606 |
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Factory 6 : |
Villages Navaneethakrishnapuram,
Melakalangal, Thiruvambalapuram, District Tirunelveli, |
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INTERNATIONAL OPERATIONS |
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Factory 7 : |
SRF Overseas
Limited |
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Tel. No.: |
+97-14-8836717 |
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Fax No.: |
+97-18-4480341 |
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Factory 8 : |
SRF Industex Belting
(Pty) Limited |
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Tel. No.: |
+2741- 4068700 |
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Fax No.: |
+2741-4511558 / 4514012 |
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Factory 9 : |
SRF Technical Textiles ( 3, Map Ta Phut Industrial Estate, I-1 Road, Amphur Muang, P.O. Box 61, Rayong Province, Thailand. |
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Tel. No.: |
+66-(38)-683600 - 7 |
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Fax No.: |
+66-(38)-683609 |
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CHEMICALS
BUSINESS |
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Factory 10 : |
Village and PO - Jhiwana, Tehsil Tijara, Dist. Alwar – 301 018, |
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Tel. No.: |
91-1493-220288 /
517838 / 517839 |
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Fax No.: |
91-1493-221125/517837 |
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Factory 11 : |
D. 2/1, Dahej - II, Dahej Industrial Estate: District –
Dahej - 392 130,, |
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PACKAGING FILMS BUSINESS |
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Factory 12 : |
Plot No 12,
Rampura, |
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Tel. No.: |
91-5947-275604 |
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Fax No.: |
91-5947-275606 |
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Factory 13 : |
Plot No. C –
1-8, C-21-30,Sector – 3, |
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Tel. No.: |
91-7292-400526 |
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Fax No.: |
91-7292-401745 |
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ENGINEERING PLASTICS BUSINESS |
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Factory 14 : |
Manali Industrial Area,
Manali, Chennai - 600 068, |
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Tel. No.: |
91-44-25941073 |
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Fax No.: |
91-44-25943073 |
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Factory 15 : |
Plot No. 14 C, Sector 9, Industrial
Estate, Pant Nagar, District U S Nagar – 244 713, Uttranchal, India |
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Tel. No.: |
91-9219409449 |
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Fax No.: |
91-5944-250098 |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Arun Bharat Ram |
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|
Designation : |
Chairman |
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Date of Birth/Age : |
70 Years |
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Qualification : |
B.SC (Indl. Engineering) |
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Experience : |
44 Years |
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Date of Appointment : |
01.05.1972 |
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Name : |
Mr. Ashish Bharat Ram |
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Designation : |
Managing Director |
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Date of Birth/Age : |
42 Years |
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Qualification : |
MBA |
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Experience : |
20 Years |
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Date of Appointment : |
02.09.2002 |
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Name : |
Mr. Kartikeya Bharat Ram |
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Designation : |
Deputy Managing Director |
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Date of Birth/Age : |
40 Years |
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Qualification : |
MBA |
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Experience : |
17 Years |
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Date of Appointment : |
05.07.1989 |
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Name : |
Mr. S. P. Agarwala |
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Designation : |
Director |
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Name : |
Mr. K. Ravichandra |
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Designation : |
Director (Safety and Environment) |
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Name : |
Mr. M. V. Subbiah |
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Designation : |
Director |
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Name : |
Mr. Satish K. Kaura |
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Designation : |
Director |
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Name : |
Mr. Vinayak Chatterjee |
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Designation : |
Director |
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Name : |
Mr. Subodh Bharagava |
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Designation : |
Director |
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Name : |
Mr. Piyush G Mankad |
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Designation : |
Director |
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KEY EXECUTIVES
|
Name : |
Mr. Anoop K. Joshi |
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Designation : |
Company Secretary |
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Qualification : |
FCA, FCS |
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Name : |
Mr. Rajdeep Anand |
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Designation : |
President and Chief Executive Officer
(Project and R and D) |
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Date of
Birth/Age : |
59 Years |
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Qualification : |
B.Tech (Hons) |
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Experience : |
39 Years |
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Date of
Appointment : |
29.03.1993 |
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Name : |
Mr. Sushil Kapoor |
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Designation : |
President and Chief Executive Officer (Technical
Textiles Business) |
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Date of
Birth/Age : |
51 Years |
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Qualification : |
B.Tech |
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Experience : |
28 Years |
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Date of
Appointment : |
1.07.1982 |
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Name : |
Mr. Roop Salotra |
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Designation : |
President and Chief Executive Officer (CB and
PFB) |
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Date of
Birth/Age : |
60 Years |
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Qualification : |
B.E. |
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Experience : |
39 Years |
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Date of
Appointment : |
1.06.1989 |
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Name : |
Mr. Suresh Dutt Tripathi |
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Designation : |
President (Corporate HR) |
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Date of
Birth/Age : |
50 Years |
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Qualification : |
M.Sc, PGDSW |
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Experience : |
28 Years |
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Date of
Appointment : |
11.02.2002 |
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|
Name : |
Mr. Rajendra Prasad |
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Designation : |
President and Chief Finance Officer |
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Date of
Birth/Age : |
53 Years |
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Qualification : |
CA, DISA, CISA ( |
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Experience : |
29 Years |
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Date of
Appointment : |
20.03.2006 |
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|
Name : |
Assem Mehrotra |
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Designation : |
Vice President |
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Date of
Birth/Age : |
50 Years |
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Qualification : |
B.E. |
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Experience : |
28 Years |
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Date of Appointment
: |
16.03.1990 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(As on 30.06.2011)
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
59,000 |
0.10 |
|
|
28642494 |
47.81 |
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|
28701494 |
47.81 |
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Total shareholding of Promoter and Promoter Group (A) |
28701494 |
47.81 |
|
(B) Public Shareholding |
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|
|
|
|
|
5070588 |
8.45 |
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|
604549 |
1.01 |
|
|
1734154 |
2.89 |
|
|
7549663 |
12.58 |
|
|
14958954 |
24.92 |
|
|
|
|
|
|
3034614 |
5.06 |
|
|
|
|
|
|
11286452 |
18.80 |
|
|
1616134 |
2.69 |
|
|
431700 |
0.72 |
|
|
357204 |
0.60 |
|
|
63803 |
0.11 |
|
|
10643 |
0.02 |
|
|
50 |
-- |
|
|
16368900 |
27.27 |
|
Total Public shareholding (B) |
31327854 |
52.19 |
|
Total (A)+(B) |
60029348 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
Total (A)+(B)+(C) |
60029348 |
-- |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturers and Marketers of synthetic filament yarn including
industrial yarn/tyre cord, nylon
tyre cord fabric/industrial yarn
fabric, fishnet twine, engineering plastic, nylon moulding powder, leather
auxiliaries, (organic chemicals) (dry weight), fluorocarbon refrigerant
gases, hydrochloric acid (anhydrous), gypsum (by product), hydrochloric acid
(by product), halon, chloromethanes and spectacle lenses of other materials
(plastics) castings. |
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Products : |
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PRODUCTION STATUS
Installed Capacity
As on 31.03.2011
|
Particulars |
Unit |
|
Installed Capacity |
|
Synthetic Filament Yarn including Industrial Yarn/ |
MT |
|
68040 |
|
Nylon |
MT |
|
60334 |
|
Laminated Fabric |
MT |
|
480 |
|
Nylon compounding chips |
Lakhs SQM |
|
14500 |
|
Fluorocarbon Refrigerant Gases |
MT |
|
25000 |
|
HFC 134a |
MT |
|
5000 |
|
Hydrofluoric Acid (Anhydrous) |
MT |
|
12000 |
|
Gypsum (By Product) |
MT |
|
44550 |
|
Hydrochloric Acid (By Product) |
MT |
|
77220 |
|
Chloromethane |
MT |
|
35000 |
|
Fluorospecialities Chemicals |
|
|
1800 |
|
Packaging Films |
MT |
|
59500 |
Actual Production
As on 31.03.2011
|
Particulars |
Unit |
|
Actual Production |
|
Synthetic Filament Yarn including Industrial Yarn/ Tyre Cord @/ Twine
@ @ |
MT |
|
11183.79 |
|
Nylon |
MT |
|
51879.77 |
|
Laminated Fabric |
MT |
|
195.10 |
|
Nylon compounding chips @ @ |
Lakhs SQM |
|
8332.12 |
|
Fluorocarbon Refrigerant Gases |
MT |
|
11496.68 |
|
HFC 134a |
MT |
|
2399.44 |
|
Hydrofluoric Acid (Anhydrous) @ |
MT |
|
18.48 |
|
Gypsum (By Product) |
MT |
|
31863.28 |
|
Hydrochloric Acid (By Product) |
MT |
|
69992.64 |
|
Chloromethane @ |
MT |
|
22627.16 |
|
Fluorospecialities Chemicals |
|
|
1329.42 |
|
Packaging Films |
MT |
|
58254.20 |
Note :
Installed capacity
is as certified by management
@ Excludes captive consumption
* Excludes Nil of nylon
tyre cord fabric/industrial yarn/industrial fabric produced by the Company on
conversion contract
* Includes 696.86
MT of nylon tyre cord fabric/industrial yarn fabric produced outside the
Company by the Company’s conversion contractors
@ @ Includes
325.80 MT of nylon compounding chips produced outside the Company by the
Company’s conversion contractors.
GENERAL INFORMATION
|
No. of Employees : |
2500 (Approximately) |
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Bankers : |
·
ICICI Bank Limited, ·
State Bank of ·
State Bank of ·
The Hongkong and Shanghai Banking Corporation
Limited, ·
Citibank N.A., ·
Punjab National Bank, ·
Standard Chartered Bank ·
Yes Bank Limited ·
HDFC Bank ·
ABN Amro Bank N.V. ·
The Royal Bank of |
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Facilities : |
Note : * Includes Rs.2842.951 Millions repayable within a year. Security Note/Clause
Note : Such
hypothecation and equitable mortgage ranking pari-passu between term loans
from banks / others and subject to prior charges created / to be created on certain
specified moveable assets for working capital facilities mentioned in 2
above. |
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Banking
Relations : |
-- |
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|
Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
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|
Memberships : |
·
Confederation of Indian Industry |
|
|
|
|
Joint Ventures: |
·
Jingde Yangtze ·
Ganga Fluorine Chemical Company Limited |
|
|
|
|
Associates: |
·
KAMA Holdings Limited ·
Bhairav Farms Private Limited ·
Narmada Farms Private Limited ·
SRF Polymers Investments Limited ·
KAMA Reality ( ·
Sgru Educare Limited ·
Shri Edlucare Maldives Private Limited ·
SRF Foundation ·
Karm Farms Private Limited ·
Srishti Westend Greens Farms Private Limited |
|
|
|
|
Subsidiaries: |
·
SRF Overseas Limited ·
SRF Properties Limited ·
SRF Transnational Holdings Limited ·
SRF Holiday Home Limited ·
SRF Fluorochemicals Limited ·
SRF Fluor Private Limited ·
SRF Global BV ·
·
SRF Technical Textiles ( ·
SRF Industex Belting (Pty) Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
120000000 |
Equity Shares |
Rs.10/- each |
Rs. 1200.000 millions |
|
1000000 |
Preference Shares |
Rs.100/- each |
Rs. 100.000 millions |
|
1200000 |
Cumulative Convertible Preference Shares |
Rs.50/- each |
Rs. 60.000 millions |
|
20000000 |
Cumulative Preference Shares |
Rs.100/- each |
Rs. 2000.000 Millions |
|
|
Total |
|
Rs. 3360.000 millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
66449244 |
Equity Shares |
Rs.10/- each |
Rs.664.492 millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60503580 |
Equity Shares |
Rs.10/- each |
Rs.605.036 Millions |
|
Add : |
Amount Paid on Forfeited
Shares |
|
Rs.10.151 millions |
|
Add : |
Share Capital Suspense
|
|
Rs.0.054 million |
|
|
TOTAL |
|
Rs.615.241 Millions |
Of the subscribed
and paid up capital – 2034848 equity shares allotted as fully-paid up as bonus shares
by capitalization of reserves
Share capital
suspense represents 5408 (equity shares which are awaiting allotment to the
erstwhile shareholders of Flowmore Polysters Limited (FPL) pending settlement
of calls in arrears in respect of their shareholding in FPL
NIL equity shares
of Rs10/- each fully-paid up, bought back during the year and extinguished
during the year/subsequent to the year-end in accordance with Section 77A of
the Companies Act, 1956
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
615.241 |
615.241 |
617.055 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
15784.812 |
12064.833 |
9147.707 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
16400.053 |
12680.074 |
9764.762 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7071.811 |
7501.936 |
7501.468 |
|
|
2] Unsecured Loans |
1049.858 |
1891.438 |
1346.773 |
|
|
TOTAL BORROWING |
8121.669 |
9393.374 |
8848.241 |
|
|
DEFERRED TAX LIABILITIES |
2094.224 |
2059.114 |
1733.011 |
|
|
|
|
|
|
|
|
TOTAL |
26615.946 |
24132.562 |
20346.014 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
18063.709 |
17717.393 |
13796.473 |
|
|
Capital work-in-progress |
1429.831 |
1270.743 |
2808.029 |
|
|
|
|
|
|
|
|
INVESTMENT |
2018.987 |
1646.167 |
1336.001 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4387.299
|
2490.310
|
1911.057
|
|
|
Sundry Debtors |
4426.039
|
3402.293
|
2302.415
|
|
|
Cash & Bank Balances |
638.553
|
653.497
|
31.004
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
1501.947
|
1672.976
|
1467.962
|
|
Total
Current Assets |
10953.838
|
8219.076
|
5712.438
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3068.620
|
2062.656
|
2251.313
|
|
|
Other Current Liabilities |
2541.446
|
2411.275
|
876.239
|
|
|
Provisions |
240.353
|
246.886
|
179.375
|
|
Total
Current Liabilities |
5850.419
|
4720.817
|
3306.927
|
|
|
Net Current Assets |
5103.419
|
3498.259
|
2405.511
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
26615.946 |
24132.562 |
20346.014 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Sales (Including Conversion income) |
29860.627 |
21810.776 |
18008.189 |
|
|
|
Other Income |
1195.616 |
681.592 |
182.710 |
|
|
|
TOTAL (A) |
31056.243 |
22492.368 |
18190.899 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
16359.043 |
11271.065 |
9267.197 |
|
|
|
(Increase)/Decrease in Finished Goods |
(448.040) |
(261.732) |
329.563 |
|
|
|
Purchases of goods for resale |
146.391 |
364.166 |
6.837 |
|
|
|
Manufacturing and Other Expenses |
5867.752 |
4586.726 |
4622.517 |
|
|
|
Transfer from revaluation reserve |
(3.929) |
(8.749) |
(6.060) |
|
|
|
TOTAL (B) |
21921.217 |
15951.476 |
14220.054 |
|
|
|
|
|
|
|
|
Less |
PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION(A-B) (C) |
9135.026 |
6540.892 |
3970.845 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES AND INTEREST (D) |
839.230 |
680.479 |
511.128 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8295.796 |
5860.413 |
3459.717 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1521.010 |
1321.320 |
1000.145 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX (E-F) (G) |
6774.786 |
4539.093 |
2459.572 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1940.365 |
1444.891 |
826.762 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4834.421 |
3094.202 |
1632.810 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6271.376 |
4820.680 |
4421.998 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
847.050 |
847.050 |
625.350 |
|
|
|
Corporate Dividend Tax |
140.684 |
143.956 |
106.278 |
|
|
|
Transfer to General Reserve |
500.000 |
350.000 |
200.000 |
|
|
|
Debenture redemption reserve |
302.500 |
302.500 |
302.500 |
|
|
BALANCE CARRIED
TO THE B/S |
9315.563 |
6271.376 |
4820.680 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB value |
7928.559 |
5622.444 |
6585.622 |
|
|
|
Interest |
0.092 |
14.914 |
7.115 |
|
|
|
Profit on sale of investment in subsidiary |
28.515 |
0.000 |
0.000 |
|
|
|
Service fee including recovery of actual
expenses incurred |
28.180 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
7985.346 |
5637.358 |
6592.737 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
6691.076 |
3688.991 |
3913.721 |
|
|
|
Stores & Spares |
164.048 |
79.933 |
91.431 |
|
|
|
Capital Goods |
504.396 |
2088.572 |
1217.368 |
|
|
TOTAL IMPORTS |
7359.520 |
5857.496 |
5222.520 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
79.90 |
51.14 |
25.78 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
|
Type |
1st
Quarter |
|
Net Sales |
8388.000 |
|
Total Expenditure |
6748.200 |
|
PBIDT (Excl OI) |
1639.800 |
|
Other Income |
90.700 |
|
Operating Profit |
1730.500 |
|
Interest |
202.900 |
|
Exceptional Items |
0.000 |
|
PBDT |
1527.600 |
|
Depreciation |
385.400 |
|
Profit Before Tax |
1142.200 |
|
Tax |
314.100 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
828.100 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
828.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
15.57 |
13.76 |
8.98 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
22.69 |
20.81 |
13.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.35 |
17.50 |
12.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41 |
0.36 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.85 |
1.11 |
1.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.87 |
1.74 |
1.73 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The company’s Registered Office has been shifted from A – 16, Aruna Asaf
Ali Marg, Qutab Industrial Area,
Operations Review
Net sales of the
Company grew by 36.91 per cent from Rs.21810.800 millions in 2009-10 to
Rs.29860.600 millions in 2010-11. Profit before interest, depreciation and tax
(PBIDT) including ‘other income’ increased from Rs.6494.000 millions in 2009-10
to Rs.9122.100 millions in 2010-11.
Profit before tax
(PBT) increased by 49.25 per cent from Rs.4539.100 millions in 2009-10 to Rs.6774.800
millions in 2010-11. After accounting for the provision for taxation of
Rs.1940.400 millions, which includes deferred tax charge and provision relating
to earlier years, profit after tax (PAT) grew by 56.24 per cent from
Rs.3094.200 millions in 2009-10 to Rs.4834.400 millions in 2010-11.
Subsidiary Companies
Restructuring of
shareholding in international subsidiaries
During the year,
the entire shareholding of the Company in SRF Overseas Limited was transferred
to SRF Tech textile B.V. with effect from 1.5.2010.
SRF Global B.V.
SRF Global B.V.
has reported a loss of US$ 0.84 lakhs during the year 2010-11 on account of
administrative expenses.
SRF Tech textile
B.V.
SRF Tech textile
B.V., a wholly owned subsidiary of SRF Global B.V. has reported a loss of US$
5.47 lakhs during the year 2010-11.
SRF Technical
Textiles (
SRF Technical
Textiles (
SRF Industex
Belting (Pty) Limited
SRF Industex
Belting (Pty) Limited (SRFIB), a wholly owned subsidiary of SRF Tech textile
B.V. is a company incorporated in
SRF Overseas
Limited (SRFO)
RFO, a wholly
owned subsidiary of SRF Tech textile B.V, is operating out of
Other Subsidiaries
SRF Transnational
Holdings Limited
incurred a loss of
Rs.7.358 millions during the year 2010-11.
SRF Properties
Limited
earned a net profit
(PAT) of Rs.1.062 Millions during the year 2010-11.
SRF Holiday Home
Limited
has incurred a
loss of Rs. 0.025 millions during the year 2010-11.
SRF
Fluorochemicals Limited, SRF Energy Limited and SRF Fluor Private
Limited had not started any operations.
Management Discussion and Analysis
For SRF, 2010-11
was an eventful year with the company reaping benefits from newly commissioned
units and from robust demand, especially for packaging films.
Highlights of
SRF’s financial performance:
Net sales from
operations up by 36.91 per cent from Rs.21810.800 millions in 2009-10 to
Rs.29860.600 millions in 2010-11
Profit after tax
(PAT) up by 56.24 per cent from Rs.3094.200 millions in 2009-10 to Rs.4834.400
millions in 2010-11
Profit before tax
(PBT) up by 49.25 per cent from Rs.4539.100 millions in 2009-10 to Rs.6774.800
millions in 2010-11
Earnings per share
up by 56.23 per cent from Rs.51.14 in 2009-10 to Rs.79.90 per share in 2010-11
Businesses
SRF has a portfolio
of established businesses in industrial intermediates. It classifies its main
businesses as: Technical Textiles Business (TTB), Chemicals and Polymers
Business (CPB) and Packaging Films Business (PFB).
Technical Textiles
Business
Technical Textiles
Business (TTB) continues to be SRF’s largest business segment, contributing
over 47 per cent to the total sales of the Company. During 2010-11, sales of
the business have grown from Rs.11996.100 millions in 2009-10 to Rs.14452.900
millions.
SRF manufactures a
basket of reinforcement fabrics for tyres. Its main product Nylon Tyrecord
Fabric (NTCF) is used in bias tyres of all categories from tyres for Buses and
Trucks to tyres for cycles. Having set up
SRF is the market
leader in NTCF and is now working closely with customers to develop new fabric
styles, including unique deniers. These developments would result in better
usage of the assets.
Having been a
market leader in NTCF segment for decades in the country, SRF would now focus
on scaling up its PTCF business. SRF is making progress in getting approvals
from all the key tyre companies including Global tyre majors. This would
provide the platform for SRF to grow into a significant global player in the
‘radial tyre’ segment of passenger cars and light commercial vehicles in the
coming years through appropriate and timely capacity enhancement.
The
Belting Fabric
Belting fabric,
which is used as reinforcement material for conveyor belts has been witnessing
a stable demand. Over the past five years, volume in this segment too has
increased at a compounded annual growth rate (CAGR) of about 11 per cent. While
SRF has a dominant market share of 60 per cent in the domestic market, it also
has a significant global presence making it the world’s second largest
manufacturer of belting fabrics.
SRF’s South
African subsidiary has posted a robust performance and is now poised to enter
Latin American markets and may consider capacity enhancement to increase its
level of business.
Coated and
Laminated Fabrics
Coated fabrics are
used in a wide range of applications including protective covers, dynamic
tarpaulins, static covers, auto-canopies and awnings.
As reported in the
2009-10 annual report, SRF has made an entry into the Laminated fabrics segment
by commencing commercial production in Q4 2009-10. This product has a high
growth potential with applications in display solutions (signages) for the
advertising industry and covering solutions for agriculture and industrial
application. Front lit and Back lit fabrics have been well accepted in the
market and efforts are on to widen the product range to include static cover
applications as well. It is expected that the plant would reach its peak
capacity during the course of the forthcoming year and this segment would post
better results.
The
state-of-the-art project to produce 170 lakh square metre per annum of coated fabric
through a new coating line at SRF’s existing plant location in Gummidipoondi,
with a total investment of approximately Rs.1430.000 Millions, is progressing
as per schedule and commercial production is expected to start in the second
quarter of 2011- 12. The new facility will offer a wide range of products,
including lacquered tarpaulins, fabrics for tensile structures, awnings,
auto-canopies, hangar covers etc. In addition, Poly Urethane (PU) Coated
Fabrics for several applications will also be introduced.
Industrial Yarn
Business (IYB)
With the
commissioning of the polyester industrial yarn project, SRF is able to offer a
basket of Industrial yarns (nylon and polyester) for conveyor belts,
transmission belts, hoses, ropes, geo-textile applications, fishing nets,
stitching threads etc. SRF continues to enjoy a significant market share in the
critical segments of the industry.
Outlook
The NTCF segment
of Technical Textiles Business, the largest business of SRF, mainly caters to
the bus and truck tyre segment, which accounts for nearly 60 per cent of SRF’s
NTCF sales. The current radialisation in this segment is 15 per cent. The
investments in radial capacities which were announced by tyre companies some
time back, are fructifying. Post this development, it is estimated that
radialisation would touch a level of around 30 per cent by 2013-14 and 50 per
cent by 2017-18. It is projected to stabilse thereafter, as has been observed
in other developing economies of the world.
With
infrastructure and mining sectors expected to grow substantially in the coming
years, ‘Off the Road’ (OTR) tyres, which are already witnessing a high growth
are expected to grow in double digits on a sustainable basis for many years.
These consume large amount of NTCF thus ensuring a reasonable growth rate. It
is, therefore, expected that in absolute quantity terms, the demand for Nylon
Tyre Cord Fabric would grow or remain flat over the next five years, though the
application portfolio would show a shift from Buses and Trucks to two-wheelers
and ‘Off the Road’ (OTR) Tyres.
The passenger car
(PC) tyre radialisation in
Currently, SRF is
the only company in
In Belting
fabrics, given the expectation of high growth in the domestic mining industry
and infrastructure, the outlook is positive in
CONTINGENT
LIABILITIES NOT PROVIDED FOR ( As on 31.03.2011)
a. Claims against the Company not acknowledged as debts:
|
Particulars |
31.03.2011 (Rs.
in millions) |
31.03.2010 (Rs.
in millions) |
|
Excise Duty*@ |
586.544 |
565.281 |
|
Sales Tax**@ |
92.542 |
24.938 |
|
Income Tax |
97.637 |
89.700 |
|
Stamp Duty**** |
288.155 |
288.155 |
|
Others*** |
9.443 |
21.010 |
*
Amount deposited Rs.31.592 Millions (Previous year - Rs.22.260 Millions)
**
Amount deposited Rs.0.716 Million (Previous Year - Rs. 0.716 Million)
***
Amount deposited Rs.0.800 Million (Previous Year – Rs.11.906 Millions)
109
**** In
the matter of acquisition of the Tyrecord Division at Malanpur from Ceat
Limited the Collector of Stamps, Bhind (Madhya Pradesh) has by his order dated
07.11.2001 assessed the value of the subject matter of the Deed of Conveyance
dated 13.06.1996 at Rs.3030.000 Millions and levied a stamp duty of Rs.237.250
Millions and imposed a penalty of Rs.50.905 Millions. The said demand was
challenged before the High Court of Madhya Pradesh Bench at
@ As
per Business Transfer Agreement with KAMA Holdings Limited, the liabilities of
Rs.179.381 Millions (Previous Year - Rs.181.321 Millions) and Rs.3.800 Millions
(Previous Year - Rs.2.810 Millions) respectively towards Excise Duty and Sales
tax are covered under Representations and Warranties.
All
the above matters are subject to legal proceedings in the ordinary course of
business. In the opinion of the management, the legal proceedings, when
ultimately concluded, will not have a material effect on the results of the
operations or financial position of the Company.
b.
Liability on account of Bank Guarantees Rs.150.490 Millions (Previous Year –
Rs.109.978 Millions)
c. The
Company has been served with show cause notices regarding certain transactions
as to why additional customs / excise duty amounting to Rs.76.04 Millions
(Previous year - Rs.41.629 Millions) should not be levied. The Company has been
advised that the contention of the department is not tenable and hence the show
cause notice may not be sustainable.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2011
(Rs.
in Millions)
|
Particulars |
3
Months Ended 31.06.2011 |
|
|
Unaudited |
|
1. a) Net sales/ Income from Operations. |
8352.900 |
|
2. b) Other Operating Income |
35.100 |
|
Total Income |
8388.000 |
|
Expenditure |
|
|
a. (Increase)/Decrease In Stock |
7.300 |
|
b. Consumption of Raw Materials |
5196.400 |
|
c. Purchase of Traded Goods |
25.400 |
|
d. Power and Fuel |
629.800 |
|
e. Employee Cost |
387.500 |
|
f. Depreciation |
385.400 |
|
g. Other Expenditure |
501.200 |
|
Total Expenditure |
7133.000 |
|
3. Profit from Operations before Other Income, Interest, Exchange
Currency Fluctuation and Exceptional Items (1-2) |
1255.000 |
|
4. Other Income |
90.700 |
|
5. Profit before Interest, Exchange Currency Fluctuation and
Exceptional Items (3+4) |
1345.700 |
|
6. Interest and Finance Charges |
202.900 |
|
7. Profit after Interest but before Exchange Currency Fluctuation and
Exceptional Items (5+6) |
1142.800 |
|
8. Exchange Currency Fluctuation Loss / (Gain) |
0.600 |
|
9. Exceptional Items |
0.000 |
|
10. Profit from
Ordinary Activities before Tax (7-8-9) |
1142.200 |
|
11. Provision for Tax |
|
|
- Current Tax |
330.000 |
|
- Deferred Tax |
(11.900) |
|
- Provision for Tax Relating to Earlier Years |
(4.000) |
|
12. Net Profit
from Ordinary Activities after Tax (10-11) |
828.100 |
|
13. Extraordinary Items (Prior Period Items) (Net of Tax Expense) |
0.000 |
|
14. Net Profit for the Period |
828.100 |
|
15. Paid Up Equity Share Capital (Rs.10 each fully paid up) |
600.200 |
|
16.Paid up Debt
Capital |
0.000 |
|
17. Reserves excluding Revaluation Reserve |
0.000 |
|
18. Debentures Redemption Reserve (included above) |
0.000 |
|
19. Basic EPS for the Period (Not annualised) |
13.73 |
|
20. Diluted EPS for the Period (Not annualised) |
13.73 |
|
21. Public Shareholding |
|
|
- Number of Shares |
31327854* |
|
- Percentage of Shareholding |
52.19% |
|
25. Promoters and Promoter Group Shareholding |
|
|
a) 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 shareholding of the total
share capital of the company) |
-- |
|
b. Non-Encumbered |
|
|
- Number of shares |
28701494 |
|
- Percentage of shares (as a % of the total shareholding of promoter
and promoter group) |
100.00% |
|
- Percentage of shares (as a % of the total shareholding of the total
share capital of the company) |
47.81% |
Note ;
* Includes 6148 equity shares bought back during the quarter, which remained
to the credit of buy-back account of the Company as on 30th June 2011 and
extinguished subsequently and 7679 shares bought back by the Company which were
pending to be credited to the buy-back account as on 30th June 2011 and have
subsequently been credited and extinguished.
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT
FOR THE QUARTER AND YEAR ENDED 30TH JUNE, 2011
(Rs.
in millions)
|
Particulars |
3
Months Ended 30.06.2011 |
|
Segment Revenue |
|
|
a)Technical Textile Business (TTB) |
4182.100 |
|
b) Chemical and Polymers Business (CPB) |
2347.400 |
|
c) Packing Film Business (PFB) |
1868.900 |
|
Total
Segment Revenue |
8398.400 |
|
Less: Inter Segment Revenue |
10.400 |
|
Net Sales /
Income from Operations |
8388.000 |
|
Segment Results |
|
|
(Profit before Interest and Tax from each Segment) |
|
|
a) Technical Textiles Business (TTB) |
392.100 |
|
b) Chemicals and Polymers Business (CPB) |
768.200 |
|
c) Packaging Film Business (PFB) |
221.500 |
|
Total Segment
Results |
1382.800 |
|
Less/(Add): i) Interest and Finance Charges |
202.900 |
|
ii)
Other Unallocable Expenses Net of Income |
37.700 |
|
Total Profit
Before Tax |
1142.200 |
|
Capital Employed
(Segment Assets Less Segment Liabilities) |
|
|
a) Technical Textiles Business (TTB) (Including Capital Work In Progress
Rs. 98.100 millions as at 30th June 2010) |
12259.400 |
|
b) Chemicals and Polymers Business (CPB) (Including Capital Work In
Progress Rs. 521.300 millions as at 30th June 2010) |
6759.600 |
|
c) Packaging Film Business (PFB) (Including Capital Work In Progress
Rs. 843.900 millions as at 30th June 2010) |
4485.100 |
|
Total
Capital Employed |
23504.100 |
|
Add : Unallocable Assets Less Liabilities |
2963.600 |
|
Total Capital Employed
In the Company |
26467.700 |
Notes
:
1 The above results were reviewed by the
Audit Committee and taken on record by the Board of Directors at its meeting
held on 28th July 2011.
2 The Board of Directors at its meeting held
on 26th February, 2011 announced a buy-back of the fully paid up equity shares
not exceeding Rs.900.000 Millions at a maximum price of Rs. 380 per share from
the open market through the stock exchanges. The buy-back commenced on 6th
April, 2011 and may remain open upto 25th February, 2012. An aggregate of
4,93,527 equity shares at an average market price of Rs.304.53 per share were
bought back absorbing a total amount of Rs.150.300 millions (approx.) till 27th July 2011.
3 There were no investor complaints
outstanding at the beginning and at the end of the quarter. The Company
received 121 complaints during the quarter and all of them were resolved.
4 Previous period figures have been regrouped
wherever necessary to conform to current quarter classifications.
FIXED ASSETS
·
·
·
Roads
·
Buildings
·
Plant and Machinery
·
Furniture, Fixtures and Office Equipments
·
Vehicles
·
Goodwill
·
Technical Knowhow
·
Software
WEBSITE DETAILS
Business
Description
Subject is engaged in the manufacture of chemical based industrial
intermediates. The Company operates in three business segments: technical
textiles business (TTB), chemicals and polymers business (CPB) and packaging
films business (PFB). TTB includes nylon tire cord fabric, belting fabric,
coated fabric, laminated fabric, polyester tire cord fabric and industrial
yarns and its research and development. CPB includes refrigerant gases,
chloromethanes, pharmaceuticals, certified emissions reductions and allied
products, Engineering Plastics business and its research and development. PFB
includes Polyester Films. The Company’s product nylon tyrecord fabric (NTCF) is
used in bias tyres of all categories from tyres for buses and trucks to tyres
for cycles. The Company’s portfolio of refrigerants includes
hydrochlorofluorocarbon-22 (HCFC 22), the new-generation refrigerant
hydrofluorocarbon-134a (HFC-134a), and the refrigerant blend R404a. For the
fiscal year ended 31 March 2010, Subject 's revenues increased 26% to RS25.79B.
Net income totaled RS3.24B, up from RS1.4B. Revenues reflect an increase in
income from Technical textiles business and increased income from Packing film
business segments. Net income also reflects a decrease in contribution to
provident fund and other funds and higher gross profit margin. Subject is an
Indian based Company.
Overview
Subject is engaged in the manufacture and distribution of a wide range
of products in technical textiles, chemicals and packaging films industries.
The company is the second largest manufacturer of both the Nylon 6 tyre cord
and the belting fabrics in the world. The company operates in
Board of Directors
Mr. Arun Bharat
Ram
Executive Chairman
of the Board
Mr. Arun Bharat Ram is an Executive Chairman of the Board of
Subject As past President of CII and the
current President of CII International, ABR as he is popularly known, has been
the principal architect of SRF's growth over the years. But the man who today
presides over the 7th Nylon Tyre Cord manufacturing company in the world, cut
his business teeth through sheer dint of hard work and ambition. After his
schooling at the
Mr.
S. P. Agarwala
Non-Executive
Independent Director
Mr. S. P. Agarwala is Non-Executive Independent Director of Subject . He
is well-known in the business circles of
Mr.
Vinayak Chatterjee
Non-Executive
Independent Director
Mr. Vinayak Chatterjee is Non-Executive Independent Director of Subject
. He is a graduate in Economics from St Stephens College,
Mr.
Piyush Gunwantrai Mankad
Non-Executive
Independent Director
Mr. Piyush Gunwantrai Mankad is Non-Executive Independent Director of
subject . He did his graduation and a Masters Degree from
Mr. Ashish Bharat
Ram
Managing
Director, Executive Director
Mr.
Kartikeya Bharat Ram
Deputy
Managing Director, Executive Director
Mr. Kartikeya Bharat Ram is Deputy Managing Director, Executive Director
of subject . He holds a Masters degree in Business Administration on Corporate
Strategy from
Mr.
K. Ravichandra
Director
- Safety and Environment, Whole Time Director
Mr. K. Ravichandra is Director - Safety and Environment, Whole Time
Director of subject . He is a Chemical Engineer from
PRESS RELEASE
SRF aims to become
USD 1 billion company by 2013
24 September 2011
The
company has embarked upon new projects involving a total investment of around
Rs15000.000 Millions in the last one year.
The
ongoing investment plans also include setting up of two overseas plants in
"I
believe these investments, along with what has already been invested in the
technical textiles business (TTB), will help propel us past the USD 1 billion
number very soon," Subject MD Ashish Bharat Ram said in the company's
house journal.
A
company official later told PTI that a size of USD 1 billion would be attained
by 2013.
SRF
Limited is a USD 761 million company in
terms of revenue.
Ram
said the focus of the company would be on ramping up these investments so that
the company could get adequate returns.
In
the last couple of years, the company's businesses have performed well,
especially the packaging films and the chemicals business.
"As
a company, we continue to invest and grow our businesses. Our committed capex
is now close to Rs14000.000 millions," he said.
In
the last financial year, SRF recorded its highest-ever consolidated net profit
after tax of Rs4840.000 millions, up from Rs3240.00 millions in the previous
fiscal. PTI RR BJ MM ARV ARV 09251453
PROCESSOR NEWS.
01 August 2011
SRF
plans S. Africa BOPP film facility
The
Gurgaon-based company plans to make biaxially oriented polypropylene film at a
20-acre site in
SRF
is investing about $70 million in the 66 million-pound-per-year plant,
according to Prashant Mehra, vice president of marketing and strategic
sourcing. The company plans to start production in the second quarter of 2013.
SRF
believes the South African market offers opportunities for growth, in part because
local customers currently depend on imported film.
"We
find a decent BOPP market in
The
new unit will mark SRF's entry into BOPP film. The company currently has two
plants in
SRF
also has plans to set up a PET film plant in
Mehra
said SRF is open to the idea of making BOPP film in
"We
know the packaging market is growing rapidly in
Pacific
Plastics sees pickup in electronics
"The
products include an iPhone accessory and several for the recreational golf
market," said Jae English, president.
Pacific
has projects "coming down the pipeline," high interest in tooling and
indications that "people are fed up with
The
firm offers product design and development, in addition to tooling and molding.
It operates 10 injection presses of 28-500 tons, including a vertical press for
overmolding, in 18,000 square feet of space.
Formed
in 1980, Pacific Plastics employs 25, including seven mold makers. The company
had 2010 sales of $2 million.
Japan'sDaiei
to open molding plant in
The
Daiei
Daiei
has produced injection molded auto parts since 1964.
Tokyo-based
Nissan is expanding production in
Inteva
Products opens
The
Vandalia,
Private
investors created Inteva in 2008 when they bought most of the interiors
operations of Delphi Automotive LLP.
Vandalia
will be one of three Inteva technical centers globally, joining sites in
Inteva
designs, molds and assembles cockpits, headliners, door trim, instrument panels
and other interior parts.
Inteplast
acquires Vibac's US BOPP unit
Terms
were not disclosed.
Morristown,
Tenn.-based Vifan will continue to operate its
According
to Ticineto, Italy-based Vibac Group SpA's website, it formed its BOPP unit in
1980 in
Vibac
will continue to serve European markets from its BOPP film plants in
Before
selling Vifan to Livingston-based Inteplast, Vibac had a combined worldwide
production capacity of 380 million pounds per year of clear, metalized and
cavitated white opaque BOPP.
SRF Q1 PAT at Rs.830.000 Millions 51% growth
Gurgaon, 28th July 2011
SRF Limited, a multi-business entity engaged
in the manufacture of chemical based industrial intermediates, reported 51%
growth in net profit after tax (PAT) at Rs.830.000 Millions over net sales of
Rs.8350.000 Millions, which grew by 35% during the first quarter of 2011-12.
SRF’s profit before tax improved by 41%, from Rs.810.000 Millions to
Rs.1140.000 millions during April-June 2011. The financial results of SRF were
taken on record by SRF’s Board in a meeting held this afternoon.
NEW CAPEX APPROVED
The Board also approved a proposal to set up
one BOPET Line with capacity of 28,500
tonnes per annum (TPA) and one Metallizer with a capacity of 7,050 TPA in
Another project the Board approved today was
an upward revision in the capital investment for Multipurpose Chemical Plant at
Dahej from around Rs.970.000 millions to Rs.1320.000 millions. The board had
earlier approved the project on 29th March 2010. The revision was necessitated
mainly due to significant changes in the plant design, equipment and
material.
BUYBACK
As per the board’s earlier approval, the
company commenced the buy-back of fully paid up equity shares from the open
market. An aggregate of 4,93,527 equity shares at an average market price of
Rs. 304.53 per share were bought back absorbing a total amount of Rs.150.300
Millions till 27th July 2011.
The buyback of shares to a maximum extent of Rs.900.000 millions at a price not
exceeding Rs. 380 per share may remain open up to 25th February
2012.
MD’s COMMENTS
Reflecting on the financial performance of the
company, Mr. Ashish Bharat Ram, Managing Director, SRF Limited , explained:
“The Chemicals Business had a very good quarter which helped the company post
excellent results. The other businesses have performed as per expectations.
Going forward the outlook is a bit muted due to signs of a slowdown.”
PERFORMANCE OVERVIEW
The segment revenue of all the businesses
improved recording a growth of 83% for the Chemicals and Polymers Business at
Rs.2350.000 Millions, 24% for the Technical Textiles Business at Rs.4180.000
millions and 21% for the Packaging Films Business at Rs.1870.000 millions
during April-June 2011. While the operating profit of Chemicals and Polymers
Business recorded a growth of 56% at Rs.770.000 millions, the same for the
Technical Textiles Business declined marginally by 1% at Rs.390.000 Millions
over CPLY. Affected by the adverse demand-supply situation due to Supreme Court
ban on use of plastic for packaging of chewing tobacco, the operating profit
for the Packaging Films also decreased by 28% at Rs.220.000 millions during the
period.
SRF posts 23% growth in Q4 profit at Rs.1360.000 millions
Gurgaon, 9th May 2011:
- SRF
standalone Q4 net sales at Rs.8460.000 millions, a growth of 25%
- SRF standalone
Q4 EBIDTA at Rs.2460.000 millions, a growth of 13%
- FY
consolidated PAT at Rs.4840.000 millions, a growth of 49%
- FY
consolidated net sales at Rs.33910.000 millions, a growth of 36%
- FY
consolidated PBT at Rs.6870.000 millions, a growth of 44%
SRF Limited , a multi-business entity engaged
in the manufacture of chemical based industrial intermediates, reported a
growth of 23% in its net profit after tax (PAT) at Rs.1360.000 millions for the
fourth quarter of 2010-11. SRF ’s net
sales during Q4 improved by 25% to Rs.8460.000 millions as against Rs.6760.000
millions over the corresponding period last year (CPLY). The topline growth was attributable to higher sales
mainly due to full year impact of doubling of capacity for BOPET film line and
commissioning of new units such as Polyester Industrial Yarn and Laminated
Fabrics. The company’s audited results were taken on record by the Board of Directors this
afternoon.
Reflecting on the results, Ashish Bharat Ram,
Managing Director, SRF , said, “It has been a good year for the company as a
whole. The Packaging Films Business has had an outstanding year but going
forward the margins in this business are likely to come under pressure due to
changed business environment. We are hopeful that our other businesses will
help us bridge the gap.”
Annual Financials
Riding on the overall improvement in its
business performance, SRF consolidated
recorded 49% growth in the full year PAT at Rs.4840.000 million for the fiscal
ended on March 2011. The annual profit of SRF
consolidated included a gain of around Rs.330.000 millions on account of
gain from exchange currency fluctuation during 2010-11.The net sales of
SRF consolidated grew by 36%, from
Rs.24990.000 millions to Rs.33910.000 millions during 2010-11. In particular,
the company’s Packaging Film Business recorded 159% growth in segment revenue
at Rs.8710.000 millions during the period. The segment revenue of the company’s
Chemicals and Polymers Business increased by 14% at Rs.7470.000 millions and
SRF ’s consolidated Technical Textiles Business recorded a 22% growth in
segment revenue at Rs.18610.000 millions during the year.
Financial Ratios
The improved financial performance of SRF standalone resulted in an improvement in
multiple performance parameters. The Debt-Equity ratio improved from 0.78 to
0.51 during the year and the Earning Per Share (EPS) of the company improved from previous year’s
figure of Rs.51.14 to Rs.79.90 per share for 2010-11. The Net Debt to as on 31
March 2011 has improved to 0.39 times as against 0.72 times as on 31 March
2010.
Dividend
Earlier, Subject had paid two interim
dividends, each of Rs.7 per share aggregating to Rs.14 per share during the
year. In today’s meeting, the board recommended NIL final dividend for the year
2010-11.
Buyback
Following the Board approval on 26th February
2011, SRF commenced buyback of the fully
paid up equity shares from the open market through the stock exchanges on 6th
April 2011. An aggregate of 58,851 equity shares at an average market price of
Rs.334.38 per share were bought back absorbing a total amount of Rs.19.700
millions till 6Th May 2011.
Capexes
The SRF
Board had earlier during the year approved several projects to be set up
at a total investment of around Rs.15000.000 millions. Some of the important projects approved during the
year included setting up of the company’s second HFC-134a plant, Flexible Multipurpose
Plant, Mutipurpose Chemical Plant, Intermediate Speciality Plant and Captive
Power Plant at the Dahej Chemical Complex in Gujarat and Capacity Enhancement
of Coated Fabrics at a new plant in Gummidipoondi. The Board had also approved
setting up of two overseas plants for manufacturing Biaxially Oriented
Polypropylene (BOPP) films and Biaxially Oriented Poly Ethylene Terephthalate
(BOPET) films.
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 :
The market survey
revealed that the amount of compensation sought by the subject is fair an
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.49.71 |
|
|
1 |
Rs.78.09 |
|
Euro |
1 |
Rs.68.05 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
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.