MIRA
INFORM REPORT
|
Report Date : |
03.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
DHUNSERI PETROCHEM AND TEA LIMITED |
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|
|
|
Formerly Known
As : |
DHUNSERI TEA AND INDUSTRIES |
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|
Registered
Office : |
Dhunseri House, 4-A, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
11.05.1916 |
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|
Com. Reg. No.: |
21-002697 |
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Capital
Investment / Paid-up Capital : |
Rs. 350.329 Millions |
|
|
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|
CIN No.: [Company Identification
No.] |
L15492WB1916PLC002697 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALD02820G |
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PAN No.: [Permanent Account No.] |
AABCD1597K |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares
are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Polyethylene
Terephthalate (Pet) Resin and Tea. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
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 28610000 |
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|
Status : |
Fine |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track record. But in the
current year there is some dip in the profitability of the company. However,
trade relations are reported to be fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered for normal business dealing at usual
trade terms and condition. |
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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Dhunseri House, 4-A, |
|
Tel. No.: |
91-33-22821950 / 22836128 – 33 |
|
Fax No.: |
91-33-22878350 / 22801956 / 22834216 / 22836056 |
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E-Mail : |
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Website : |
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PET RESIN PLANT |
|
|
Unit I : |
JL-126, Mouza- Basudevpur,
Haldia, District Midnapore (East), Pin - 721 602, West Bengal, India |
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|
|
|
Unit II : |
JL-126, Mouza -
Basudevpur, PS Durgachak and JL-145 Mouza - Paranchak, PS Bhabanipur, Haldia,
District: Midnapore (East), Pin - 721 602, West Bengal, India |
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|
TEA ESTATES /
FACTORIES : |
Bahadur Tea
Estate, P.O. Tinsukia-786125, Assam,
India |
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Bahipookri Tea
Estate, P.O. Mazbat-784507, Assam,
India |
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Bettybari Tea Estate,
P.O. Mazbat-784507, Assam, India |
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Dhunseri Tea
Estate, P.O. Mazbat-784507, Assam, |
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Dilli Tea
Estate, P.O. Parbatpur786623, Assam, India |
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Hatijan Tea
Estate, P.O. Hoogrijan-786601, Assam, India |
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Khagorijan Tea
Estate, P.O. Sepekhati-786592, Assam, India |
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Khetojan Tea
Estate, P.O. Tinsukia-786125, Assam, India |
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Namsang Tea
Estate, P.O. Jeypore-786614, Assam, India |
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|
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Orang Tea Estate,
P.O. Mazbat-784507, Assam, India |
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Santi Tea
Estate, P.O. Hoogrijan-786601, Assam, India |
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Primax Tea
Factory, P.O. Borhapjan-786150, Assam, India |
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Sonaguri Tea
Factory, P.O. Letekujan-785613, Assam, India |
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Shreemoni Tea
Factory, P.O. Tingkhong-786612, Assam, India |
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Sona Assam Tea
Factory, P.O. Makum Junction-786170, Assam, India |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. C K Dhanuka |
|
Designation : |
Executive Chairman |
|
|
|
|
Name : |
Mr. M Dhanuka |
|
Designation : |
Vice Chairman and Executive Director |
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|
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|
Name : |
Mr. Bharat Bajoria |
|
Designation : |
Director |
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|
Name : |
Mr. Yvues Frank Lombard |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Joginder Pal Kundra |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Pradip Kumar Khaitan |
|
Designation : |
Director |
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|
Name : |
Mr. Basudeb Sen |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Anurag Bagaria |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Sanjay Kumar Pai |
|
Designation : |
Director (Nominee of IDBI Bank Limited) |
|
|
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|
Name : |
Mr. Biswanath Chhattopadhyay |
|
Designation : |
Executive Director and Chief Executive Officer |
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|
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|
Name : |
Mr. Raj Narain Bharadwaj |
|
Designation : |
Director |
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|
Name : |
Mr. B. K. Biyani |
|
Designation : |
Executive Director (Corporate) |
KEY EXECUTIVES
|
Name : |
Mr. K V Balan |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. P. C. Dhandhania |
|
Designation : |
Senior Vice President (Coo-Tea Division) |
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|
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|
Name : |
Mr. R K Sharma |
|
Designation : |
Senior Vice President (Finance) and CFO |
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|
Name : |
Mr. K. K. Tibrewalla |
|
Designation : |
Senior Vice President (IT SEZ) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2012
|
Category of
Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
907,383 |
2.59 |
|
Bodies Corporate |
17,543,204 |
50.09 |
|
Sub Total |
18,450,587 |
52.68 |
|
(2) Foreign |
|
|
|
|
3,795,054 |
10.84 |
|
Sub Total |
3,795,054 |
10.84 |
|
Total shareholding of Promoter and Promoter Group (A) |
22,245,641 |
63.51 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
Mutual Funds / UTI |
6,100 |
0.02 |
|
Financial Institutions / Banks |
255,441 |
0.73 |
|
Central Government / State Government(s) |
175 |
- |
|
|
2,922,569 |
8.34 |
|
Foreign Institutional Investors |
2,000 |
0.01 |
|
Any Others (Specify) |
2,308,641 |
6.59 |
|
Foreign Bodies Corporate |
2,308,641 |
6.59 |
|
|
5,494,926 |
15.69 |
|
(2) Non-Institutions |
|
|
|
Bodies Corporate |
2,961,684 |
8.46 |
|
Individuals |
|
|
|
|
3,785,945 |
10.81 |
|
Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
428,806 |
1.22 |
|
Any Others (Specify) |
107,752 |
0.31 |
|
Non Resident Indians |
101,689 |
0.29 |
|
Foreign Nationals |
1,348 |
- |
|
|
1,134 |
- |
|
Clearing Members |
2,581 |
0.01 |
|
Trusts |
1,000 |
- |
|
Sub Total |
7,284,187 |
20.8 |
|
Total Public shareholding (B) |
12,779,113 |
36.49 |
|
Total (A)+(B) |
35,024,754 |
100 |
|
(C) Shares held by Custodians and against which Depository Receipts have
been issued |
- |
- |
|
(1) Promoter and Promoter Group |
- |
- |
|
(2) Public |
- |
- |
|
Sub Total |
- |
- |
|
Total (A)+(B)+(C) |
35,024,754 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Polyethylene
Terephthalate (Pet) Resin and Tea. |
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Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity ** |
Actual
Production |
|
Tea |
Kgs. In Lacs |
-- |
103.03 |
|
Packet Tea |
Kgs. In Lacs |
-- |
27.72 |
|
Polyester Chips |
MT |
200000.00 |
200980.78 |
** Installed
Capacity as certified by the management.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Allahabad Bank ·
Bank of Baroda ·
Bank of India ·
Canara Bank ·
Deutsche Bank ·
Development Credit Bank ·
Export-Import Bank of India ·
ICICI Bank Limited ·
IDBI Bank Limited ·
International Finance Corporation, Washington ·
Punjab National Bank ·
State Bank of India ·
State Bank of Travancore ·
Syndicate Bank ·
United Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Lovelock and Lewes Chartered Accountant |
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Subsidiaries : |
·
Egyptian Indian Polyester Company
S.A.E. |
|
|
|
|
Group Companies : |
·
Madhuting Tea Private Limited ·
Naga Dhunseri Group Limited ·
Trimplex Investment Private Limited ·
Mint Investments Limited ·
Plenty Valley Intra Limited ·
Dhunseri Investments Limited
(formerly DI Marketing Ltd.) |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
351220000 |
Equity Shares |
Rs.10/- each |
Rs. 3512.200 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11710895 |
Equity Shares |
Rs.10/- each |
Rs. 117.109
Millions |
|
Add |
Shares Forfeited |
|
Rs. 0.081
Million |
|
23313859 |
Equity Shares |
Rs.10/- each |
Rs. 233.139
Millions |
|
|
TOTAL |
|
Rs. 350.329 Millions |
NOTES:
Of
Above Shares
(i)
49,50,896 Equity Shares of Rs. 10/-
each allotted as fully paid up for consideration other than cash.
(ii)
18,28,000 Equity Shares of Rs. 10/-
each allotted as fully paid up Bonus Shares by Capitalization of General
Reserve.
AS ON 04.08.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
351220000 |
Equity Shares |
Rs.10/- each |
Rs. 3512.200 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35024754 |
Equity Shares |
Rs.10/- each |
Rs. 350.248
Millions |
|
|
|
|
|
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 |
350.329 |
117.190 |
117.190 |
|
|
2] Share Capital Suspense |
0.000 |
233.139 |
0.000 |
|
|
3] Reserves & Surplus |
6804.169 |
5715.408 |
1311.786 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
7154.498 |
6065.737 |
1428.976 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3468.853 |
3042.334 |
217.383 |
|
|
2] Unsecured Loans |
629.426 |
933.294 |
194.375 |
|
|
TOTAL BORROWING |
4098.279 |
3975.628 |
411.758 |
|
|
DEFERRED TAX LIABILITIES |
671.104 |
382.750 |
58.542 |
|
|
|
|
|
|
|
|
TOTAL |
11923.881 |
10424.115 |
1899.276 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5745.553 |
5370.120 |
505.921 |
|
|
Capital work-in-progress |
467.546 |
435.658 |
5.583 |
|
|
|
|
|
|
|
|
INVESTMENT |
1407.487 |
815.622 |
1533.708 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.0000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1823.723
|
760.730 |
127.601 |
|
|
Sundry Debtors |
1721.830
|
1491.152 |
107.373 |
|
|
Cash & Bank Balances |
2603.517
|
2381.979 |
88.120 |
|
|
Other Current Assets |
14.084
|
6.549 |
8.880 |
|
|
Loans & Advances |
2139.973
|
1128.610 |
74.457 |
|
Total
Current Assets |
8303.127
|
5769.020 |
406.431 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3252.501
|
1274.027 |
44.889 |
|
|
Other Current Liabilities |
435.991
|
524.634 |
453.696 |
|
|
Provisions |
311.340
|
167.644 |
53.782 |
|
Total
Current Liabilities |
3999.832
|
1966.305 |
552.367 |
|
|
Net Current Assets |
4303.295
|
3802.715 |
(145.936) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11923.881 |
10424.115 |
1899.276 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15565.942 |
11401.042 |
1058.387 |
|
|
|
Other Income |
1464.653 |
633.950 |
124.644 |
|
|
|
TOTAL (A) |
17030.595 |
12034.992 |
1183.031 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing, Administrative and Other Expenses |
14620.274 |
10236.817 |
898.709 |
|
|
|
(Increase) / Decrease in Stock |
(101.156) |
105.348 |
(0.531) |
|
|
|
TOTAL (B) |
14519.118 |
10342.165 |
898.178 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2511.477 |
1692.827 |
284.853 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
258.891 |
232.979 |
42.583 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2252.586 |
1459.848 |
242.270 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
311.423 |
278.780 |
25.890 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1941.163 |
1181.068 |
216.380 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
668.070 |
290.530 |
49.825 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1273.093 |
890.538 |
166.555 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2031.669 |
84.913 |
97.635 |
|
|
|
|
|
|
|
|
|
|
Balance
added pursuant to the scheme of arrangement |
-- |
1308.677 |
-- |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2630.644 |
89.054 |
150.000 |
|
|
|
Proposed Dividend |
157.648 |
140.131 |
29.277 |
|
|
|
Tax on Dividend |
26.184 |
23.274 |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
490.286 |
2031.669 |
84.913 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4937.332 |
3842.666 |
0.000 |
|
|
|
Interest Income On FD |
5.789 |
15.386 |
0.000 |
|
|
|
Service Charges Received |
40.484 |
80.561 |
0.000 |
|
|
TOTAL EARNINGS |
4983.605 |
3938.613 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4791.962 |
2945.795 |
0.000 |
|
|
|
Stores & Spares |
10.160 |
19.905 |
0.000 |
|
|
|
Capital Goods |
9.851 |
1.583 |
0.000 |
|
|
TOTAL IMPORTS |
4811.973 |
2967.283 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
36.35 |
25.45 |
14.22 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
4871.100 |
4580.570 |
5375.680 |
4967.130 |
|
Total Expenditure |
4543.530 |
4094.820 |
4964.930 |
4646.09 |
|
PBIDT (Excl OI) |
327.570 |
485.750 |
410.750 |
321.040 |
|
Other Income |
78.570 |
59.640 |
74.210 |
53.990 |
|
Operating Profit |
406.140 |
545.390 |
484.960 |
375.030 |
|
Interest |
80.590 |
94.920 |
109.820 |
126.830 |
|
Exceptional Items |
0.000 |
(434.440) |
(44.500) |
0.000 |
|
PBDT |
325.550 |
16.030 |
330.630 |
248.200 |
|
Depreciation |
78.750 |
80.020 |
91.330 |
79.980 |
|
Profit Before Tax |
246.800 |
(63.990) |
239.300 |
168.220 |
|
Tax |
29.230 |
24.390 |
36.560 |
5.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
217.570 |
(88.380) |
202.740 |
162.920 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
217.570 |
(88.380) |
202.740 |
162.920 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
7.47
|
7.40 |
14.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.47
|
10.36 |
20.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.82
|
10.60 |
23.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.19 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.23
|
1.04 |
0.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.08
|
2.93 |
0.74 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
No |
|
8. No. of Employees |
No |
|
9. Name of person contacted |
No |
|
10. Designation of contact person |
No |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
Yes |
|
13. Reasons for variation <> 20% |
------ |
|
14. Estimation for coming financial year |
No |
|
15. Capital in the business |
Yes |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
No |
|
20. Export / Import details |
Yes |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
Yes |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
Yes |
|
28. Incorporation details, if applicable |
Yes |
|
29. Last accounts filed at ROC |
Yes |
|
30. Major Shareholders, if available |
No |
PERFORMANCE
PETROCHEM DIVISION
The PET plant at Haldia is operating at 100% capacity utilisation. The
production of PET resin increased from 168179 MT in 2009-10 to 200981 MT in
2010-11. Production could have been higher if the plant did not shut down due
to a fire at its raw material store.
TEA DIVISION
As reported last
year, the crop in Assam was affected due to incessant rain and increased pest
activity. Tea production decreased from 104.77 lac kgs to 103.03 lac kgs. However,
the sale price increased by Rs. 11.17 per kg as compared to previous year.
Revenue increased by 5.97% i.e from Rs. 1297.500 Millions in 2009-10 to
Rs.1375.000 Millions in 2010-11 in spite of a decrease in volume by 2.86%.
SUBSIDIARY COMPANY
1) EGYPTIAN INDIAN POLYESTER COMPANY S.A.E (EIPET):
As informed in the
last report, the EIPET’s project in Egypt is being set up at Ain Sokhna. The
25th January Revolution of 2011 in Egypt, delayed the signing of the loan agreements.
This has resulted in delay in the project start up date. The IFC loan agreement
was signed in May’11 and the loan agreements with the Egyptian lenders is
expected to be signed shortly. Once the agreements are signed with the Egyptian
lenders, the construction will begin at the project site and the same is
expected to be completed by June 2013.
All major
clearances have been received. As at 31st March 2011, an amount of Rs. 795.100
Millions has been paid as equity contribution to M/s Egyptian Indian Polyester
Company, S.A.E.
2) DOWAMARA TEA COMPANY PRIVATE LTD. (DTCPL):
As informed
earlier, the Company has acquired 100% shares of Dowamara Tea Company Private
Limited (DTCPL) in May 2011. Consequently, DTCPL has become a wholly-owned
subsidiary of the Company.
AWARDS
The Directors have
the pleasure to inform that the following awards have been received:
PETROCHEM DIVISION
AWARD FOR BEST EOU:
The Company’s
Petrochem division has received the award for the best EOU (Other than MSME:
Plastic Products) for outstanding export performance for the year 2008-09 from
Export Promotion Council for EOUs and SEZs, Ministry of Commerce and Industry,
Government of India.
TEA DIVISION
HATIJAN TEA ESTATE
Hatijan Tea Estate
has surpassed the earlier record and achieved a yield of 3,806 kgs per hect,
the highest yield in Assam and is eligible for the Tea Board award for the
same.
PETROCHEMICALS
OVERVIEW
Dhunseri’s
petrochem division manufactures PET resin, a key input in the manufacture of
PET bottles. Domestic sales volume accounted for 62% of the Company’s total
sales of PET resin; the rest was exported to 27 countries, including those in
Europe and the Americas, the world’s largest PET resin markets.
The PET advantages
comprise the following:
n PET food packaging
continues to grow among major food container types. Performance advantages of
PET include improved resin and processing technologies, improved heat
resistance, and advances in panel-less, hot-fill bottle design. Combined, these
developments enhance the look of the container, while achieving glass bottle
appearance.
n PET can be
semi-rigid or rigid, depending on its thickness and weight. It provides
resistance to mineral oils, solvents and acids, but not to bases. It is strong
and impact-resistant. It is naturally colourless and transparent.
n PET is a good
choice for product packaging. PET is available in a wide range of colours,
shapes and sizes. Darker coloured PET plastic containers may be used for
blocking UV rays from light-sensitive materials. PET is resistant to dilute
acids, oils and alcohol.
n PET has good
strength, ductility, stiffness and hardness. PET has better heat resistance,
barrier to moisture and
n gas in comparison
to other packaging polymers.
n While all
thermoplastics are technically recyclable, PET bottle recycling is more
practical than many other plastic applications. The primary reason is that
plastic carbonated soft drink and water bottles are almost exclusively PET,
making them more easily identifiable in a recycle stream.
KEY DEVELOPMENTS, 2010-11
OPERATIONAL
n Achieved highest
ever production in 2010-11
n Commissioned an
8-MW, coal-fired captive power plant in June 2010 to address captive
requirements
n Signed an exclusive
agreement with M and G (Italy) to produce and market barrier resins in India
and Bangladesh; production expected to start by the first quarter of 2012-13
n Installed and
commissioned a new coal-based 13.5 mn kcal/hr HTM heater, which can used low F-grade
coal, leading to cost reduction.
MARKETING
n Enhanced domestic
PET resin sales from 1,00,474 tonnes in 2009-10 to 1,24,404 tonnes in 2010-11
n Maintained Indian
market share as last year
n Seeded M and G
resins (granules) through outsourcing with the objective to develop a strong
buyer base, until the Company’s commercial barrier resin production begins
FINANCIAL
n Grew net sales
40.46% from Rs. 10103.500 Millions in 2009-10 to Rs. 14190.900 Millions in
2010-11
n Embarked on a capital
investment to manufacture barrier resins
TEA
OVERVIEW
Assam tea is a
superior tea variety grown in the Eastern Himalayas, where the Indian mountains
meet China and
Myanmar. Assam’s
climate is warm and wet, conducive for producing best quality tea.
Dhunseri's tea
division produced 10.29 mn kgs of CTC and orthodox tea in 2010-11. The Company
is among the top ten in India, accounting for more than 1% of the Indian tea
production. Dhunseri has seven gardens in upper Assam (South Bank) and four
gardens in lower Assam (North Bank), with a cumulative 10.5 mn kg production
capacity. Its packet tea brands (Lal Ghora and Kala Ghora) are well known in
Western India. It is the packet tea market leader in Rajasthan.
KEY DEVELOPMENTS, 2010-11
OPERATIONAL
n Achieved tea
production of 10.29 mn kg in 2010-11 against 10.47 mn kg in 2009-10, marginally
lower due to adverse weather conditions, leading to lower green leaf
availability
n Increased average
realisations to Rs. 134.07 per kg in 2010-11 against Rs. 122.90 per kg in
2009-10
n Purchased four
bought leaf factories in Assam with a capacity of 4.2 mn kg
n In the process of
enhancing the acquired factories’ capacity from 4.2 mn kg to 6 mn kg through
additional infrastructure like withering shed with troughs, CTC machines,
driers, fermenting area and additional captive power generation capacity
n Commenced
construction of a new factory at Hatijan Estate with an annual capacity of 1.5
mn kg
MARKETING
n Strengthened marketing
to increase market share of tea packet brands in Rajasthan
n Increased packet
tea sales from 2.35 mn kg in 2009-10 to 2.77 mn kg, constituting 27% of total
sales in 2010-11 against 22% in 2009-10
n Increased
advertisement expenditure from Rs. 6.903 Millions in 2009-10 to Rs. 11.656
Millions in 2010-11, for more brand visibility and improving our dealer network
throughout Rajasthan.
n Marketed around
45% tea from its gardens through auctions
FINANCIAL
n Net sales grew 6%
from Rs. 1297.500 Millions in 2009-10 to Rs. 1375.000 Millions in 2010-11
n Capital investment
of Rs. 180.500 Millions was made in new factory acquisitions up to 31st March
2011
OUTLOOK
n The Company
expects to double its tea output in the next two to three years, emerging among
the ten largest tea producers in India and within the five largest in Assam.
n The Company is in
the process of installing closed-circuit television sets in all its factories.
n The Company will consider
acquiring more factories to enhance its production, once the new factories
production stabilises.
n The Company is
making all efforts to increase packet tea sales in Rajasthan to achieve 3 mn
kgs in 2011-12.
IT SEZ
DHUNSERI IT PARK AT BANTALA (RATIONALE)
n Kolkata IT Park,
Bantala, received SEZ status
n Info-tech majors
and infrastructure developers reserved space at the IT Park, including
Cognizant, Patni, Tech Mahindra and space developers like Forum Projects and
Kolkata IT SEZ Private Limited
n Bantala offers
comparatively lower rentals among commercial office spaces in Kolkata.
KOLKATA, THE IT HUB OF EASTERN INDIA
West Bengal is
positioned as a prime IT hub for the following reasons:
n Kolkata has a huge
talent reservoir with one of the lowest operation costs. The attrition rate is
the lowest in India, as certified by NASSCOM; power availability and quality is
acceptable according to Gartner.
n Kolkata has three
software technology parks (fourth coming up).
n Kolkata has
attracted major software and telecom firms across India and abroad to set up
their development centres in the city.
n Many international
giants (IBM, Texas Instruments, Cisco Systems, Intel Asia Electronics Inc, Deloitte,
Sun Microsystems, Honeywell, HSBC Global Technology, Capgemini, Siemens and
AIG, among others) set up their offices in Kolkata.
n Indian software
firms such as Wipro, TCS, Tech Mahindra, ITC Infoech, HCL Technologies,
Cognizant, Genpact, Tata Interactive Systems and NIIT Technologies made Kolkata
their operations, for the eastern India.
DEVELOPMENTS, 2010-11
n Applied for
certification as Green building to the Leadership in Energy and Environmental
Design (LEED)
n Construction of
the first phase of the project is in progress
OUTLOOK
n Rs. 250.000
Millions is projected as annual income from both phases.
MANAGEMENT DISCUSSION AND ANALYSIS
PETROCHEM DIVISION
INDUSTRY STRUCTURE AND DEVELOPMENTS
Polyethylene
terephthalate (PET) is a versatile plastic used in packaging beverages, food,
personal and home care products, pharmaceuticals, consumer and industrial
products. This material is preferred on account of hygiene, strength, light
weight, unbreakable, non-reactive, economical and freshness-retaining
properties. Global health-safety agencies approve PET as safe for packaging
foods and beverages.
SEGMENT-WISE OR PRODUCT-WISE PERFORMANCE
During the year
under review, the PET division of the Company generated 64% of its revenues from
within India and 36% of its revenues from exports. The domestic sales volume of
the division, as a percentage of total division sales, increased from 58% in
2009-10 to 62% in 2010-11, due to a redefinition of the Company’s manufacturing
facility from 100% export orientation to a domestic tariff area unit from April
2010.
OUTLOOK
The upcoming plant
in Haldia (2,10,000 TPA, expected commencement April 2012 and Egypt project
(capacity 4,20,000 TPA, expected commencement June 2013) will do justice to the
growth of national and international markets.
TEA DIVISION
INDUSTRY STRUCTURE AND DEVELOPMENTS
India is the
second-largest tea producer in the world after China, accounting for over 30%
of the global production, and perhaps the only industry where the country has
retained its global leadership in the past 150 years. India offers the widest
range of tea in the world: from orthodox to CTC to green tea with each regions
specialty teas like Darjeeling, Assam and Nilgiri. India is the world’s largest
producer and one of the largest consumers of black tea.
The turnover of
India’s tea industry is estimated at around Rs. 100000.000 Millions; since
independence, tea production has grown over 250%, while land area under tea
grew just 40%. The production of tea increased from 878 mn kg in 2002-03 to 966
mn kg in 2009-10.
India’s tea
consumption grew 1.8% CAGR in four years in spite of prices having increased
14.68% CAGR during the period, which indicates its price inelasticity.
According to the Indian Tea Association (ITA), domestic tea consumption is
expected to grow at a rate of 3% per annum, in line with historical consumption
growth in the last decade.
The market for
high quality loose leaf tea is experiencing strong growth and is expected to
continue in the foreseeable future. The growth of revenue and profits in the
value-added retail sector of the market is also strong, particularly when tea
is prepared and presented as part of a total offering in tea rooms, fine dining
establishments and hotels.
There are a number
of factors influencing growth in loose leaf tea demand:
n The taste of tea
and blends
n Perceived health
benefits
n A growing
awareness about the enjoyment benefits of loose leaf tea
n Expansion of
value-added reseller network for quality loose tea
n Many consumers
looking for an alternative to coffee as a hot tea and cold (iced tea) beverage
of choice
2010 PERFORMANCE:
India's tea output
declined by 1.3% to 966 mn kg in 2010 against 979 mn kg in the previous year,
due to adverse weather and pest attack in Assam, (accounts for 50% of country's
total tea production). Total tea produced in Assam in 2010 was 480 mn kgs
compared to 499 mn kgs in 2009. India’s shipments declined 2.4% from 198 mn kg
in 2009 to 193.3 mn kg in 2010
Indian tea prices
strengthened in 2010-11, on account of lower tea production of 966.40 mn kgs in
2010 in comparison to 978.99 mn kgs in 2009. Between 2006 and 2010, Indian tea
production dropped at a CAGR of 0.39%, however realizations increased at a CAGR
of 13.6% for the benefit of tea producers. Over the foreseeable future, India’s
tea output may only marginally increase primarily on account of new land not
being available for tea cultivation and also because any new plantation takes
minimum seven years to reach the full bravery production stage.
OUTLOOK
Tea prices are
expected to remain firm in 2011, as global tea deficit may rise to 120-130 mn
kg by April 2011, compared with 110 mn kg forecasted in September 2010.
Depletion of carry forward stock is estimated at 80-100 mn kg in the new
season, beginning April 2011.
Tea production in
the world's three major producing nations - namely India, Kenya and Sri Lanka -
is not expected to rise significantly in the next year, while the consumption
of black tea in the global market is expected to increase. In India alone,
black tea consumption is expected to grow 3%, strengthening the prices and
overall realizations.
FIXED ASSETS
· Freehold Land
· Leasehold Land
· Estate Development
· Building
· Non Factory
Building
· Plant and
Machinery
· Furniture and
Fixtures
· Motor Vehicles
· Computer Software
STATEMENT OF
STANDALONE AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31.03.2012
(Rs. in millions)
|
Sr. No. |
Particular |
3 Months Ended |
Year Ended |
|
|
|
|
31.03.2012 (Unaudited) |
31.12.2011 (Unaudited) |
31.03.2012 (Audited) |
|
1. |
Net Sales/Income
from Operations |
4967.130 |
5376.982 |
19794.475 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of
materials consumed |
3951.761 |
4025.914 |
15601.058 |
|
|
Purchases of stock
-in-trade |
0.073 |
0.201 |
118.240 |
|
|
Changes in
inventories of finished goods, work-in progress and stock-in-trade |
33.821 |
217.399 |
(242.908) |
|
|
Employee
benefits expense |
145.475 |
125.679 |
543.148 |
|
|
Depreciation and
amortization expense |
79.984 |
91.325 |
330.079 |
|
|
Other expenses |
514.956 |
595.746 |
2693.189 |
|
|
Total Expenses |
4726.070 |
5056.264 |
19042.806 |
|
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and Exceptional
Items (1-2) |
241.060 |
320.718 |
751.669 |
|
|
|
|
|
|
|
4. |
Other Income |
53.988 |
76.212 |
250.823 |
|
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
295.048 |
396.930 |
1002.492 |
|
|
|
|
|
|
|
6. |
Interest |
(126.827) |
(113.136) |
(412.156) |
|
|
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
168.221 |
283.794 |
590.336 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
(44.493) |
-- |
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
168.221 |
239.301 |
590.336 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
|
|
|
|
|
a) Current tax |
(24.646) |
(28.642) |
(71.898) |
|
|
b) Deferred tax |
16.141 |
(21.036) |
(52.659) |
|
|
c) Adjustment of earlier years |
3.209 |
13.118 |
29.080 |
|
|
Total |
(5.296) |
(36.560) |
(95.477) |
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
162.925 |
202.741 |
494.859 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
162.925 |
202.741 |
494.859 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
350.329 |
350.329 |
350.329 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic |
4.65 |
5.79 |
14.13 |
|
|
b) Diluted |
4.43 |
5.52 |
13.46 |
NOTES:
1.
The above results were reviewed by the Audit
Committee and approved by the Board of Directors at their respective meetings
held on 2nd May, 2012.
2.
The figures for the quarter ended 31st March, 2012 are
balancing figures between audited figures in respect of full financial year
ended 31st March, 2012 and the published year to date figures up to the third
quarter ended 31st December, 2011, which have been regrouped / rearranged
wherever necessary, to conform to formats prescribed by SEBI vide its circular
dated 16th April, 2012 in line with Revised Schedule VI.
3.
Erstwhile SAPL (since merged with Dhunseri
Petrochem and Tea Limited) had issued 200 Zero Percent Unsecured Foreign
Currency Convertible Bonds (FCCB) of US$ 100,000 each aggregating to US$ 20
million in the year 2007-08. After buyback, bonds amounting to US $ 7500000 are
outstanding as on date. The company is of the view that the balance outstanding
bonds may not ultimately be redeemed as the same may be converted into equity
shares within the assigned date and hence has not considered the effect of
realignment of the bond value as prescribed in the Accounting Standard (AS 11)
on ' Effects of Changes in Foreign Exchange Rates' notified in the Companies
(Accounting Standards) Rules 2006 and also not provided for premium on
redemption of the said bonds.
4.
A major fire broke out in the raw material store at
company’s Haldia plant on 14.03.2011 leading to destruction/ damage of certain
fixed assets, spares, raw materials and packing materials. As the items damaged
were adequately insured and accordingly claims were filed by the company. Items
destroyed were written-off and the amount receivable from the insurance company
for damaged / destroyed fixed assets, spares, raw materials and packing
materials had been duly accounted as Income amounting to Rs 646.293 Millions
during the year 2010-11. The company lodged claims with the insurance company
under “Stock Policy” and “Industrial All Risk (IAR) Policy”. After submission
of the Surveyor’s report, the insurance company had settled the claims under
“Stock Policy” i.e. claims raised by the company towards loss suffered on
account of destruction of raw materials and packing materials and also on
account of re-imbursement of expenses incurred mainly towards salvage disposal.
The company received Rs 362.669 Millions from the insurance company and
recovered Rs 53.291 Millions (net of tax) through salvage disposal of burnt raw
materials. The company debited Rs 102.392 Millions in the Statement of Profit
and Loss on account of short settlement of amount by the insurance company
(after adjusting the net salvage value) towards claims under “Stock Policy”.
Claims on account of destruction / damage of fixed assets and spares and Loss
of Profit during the period of disruption under IAR policy are yet to be
settled by the insurance company.
5.
The company is carrying Rs 98.208 Millions (net of
salvage value and value of assets reinstated in books on restoration of some
assets- Rs 29.733 Millions) towards amount receivable on account of loss
incurred on damage / destruction of fixed assets and spares. The auditors have
qualified the account on this count in their report for the year ended
31.03.2012.
The production of Green Leaf (raw materials consumed by the Company for
the manufacture of the Tea) from the company's own estates involve integrated
process having various stages such as nursery, planting, cultivation etc their
values at the intermediate stage could not be ascertained. The value of
consumption of raw materials of tea division for the quarter and year ended
31-03-2012 includes only green leaf purchased from market worth Rs 24.933
Millions and Rs. 474.776 Millions respectively.
6.
As on 31st March, 2012, the company had incurred Rs
3402.682 Millions towards setting up a new PET Resin (Bottle Grade) plant with
annual capacity of 2,10,000 TPA. The said plant is likely to be operational by
July,2012.
7.
a) The Company has executed a Memorandum of
Understanding with M/s Jalan Golaghat Tea Company (Private) Limited dated
02.02.12 for sale of Sonaguri Tea Factory at consideration of Rs 70.000
Millions. The possession of the factory has also been handed over.
b) The Company has executed an Agreement for sale with M/s Rossell India
Limited dated 20.04.12 for sale of Namsang Tea Estate at consideration of Rs
2829 Lacs. The possession of the estate will be handed over on 01.06.12 after
complying with necessary formalities.
8.
The Board of directors has recommended dividend of
45% (Rs. 4.5 per Equity share of Rs 10 each) for the year 2011-12,subject to
the approval of the shareholders in the Annual General Meeting.
9.
The Company has considered business segment as the
primary segment for disclosure. The components of these business segments are
Polyester Chips and Tea.
10.
Segment Wise Revenue , Results and Capital Employed
for the Quarter ended 31st March, 2012
(Rs. in millions)
|
Sl. No. |
|
Particulars |
Quarter Ended |
Year Ended |
|
|
|
31.03.2012 |
31.12.2011 |
31.03.2012 |
||
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tea |
258.424 |
468.631 |
1572.102 |
|
|
|
Polyester Chips |
4634.141 |
4794.324 |
17855.917 |
|
|
|
|
|
|
|
|
|
|
Net Sales |
4892.565 |
5262.955 |
19428.019 |
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
Tea |
(105.940) |
31.693 |
119.637 |
|
|
|
Polyester Chips |
303.195 |
251.715 |
606.258 |
|
|
|
|
|
|
|
|
|
|
Total |
197.255 |
283.408 |
725.895 |
|
|
|
|
|
|
|
|
|
|
Interest |
(26.235) |
(109.823) |
(311.564) |
|
|
|
|
|
|
|
|
|
|
Other Unallocable (Expenditure) / Income |
(2.800) |
65.716 |
176.004 |
|
|
|
|
|
|
|
|
|
|
Total Profit Before
Tax |
168.221 |
239.301 |
590.336 |
|
|
|
|
|
|
|
|
3 |
|
Capital Employed |
15071.861 |
14822.745 |
15071.861 |
|
|
|
|
|
|
|
|
|
|
Tea |
2654.222 |
2896.246 |
2654.222 |
|
|
|
Polyester Chips |
8042.828 |
8117.944 |
8042.828 |
|
|
|
Unallocable |
4374.811 |
3808.555 |
4374.811 |
|
Sr. No. |
Particular |
3 Months Ended |
Year Ended |
|
|
|
|
31.03.2012 (Unaudited) |
31.12.2011 (Unaudited) |
31.03.2012 (Unaudited) |
|
|
|
|
|
|
|
1. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
12779113 |
12791215 |
12779113 |
|
|
- Percentage of Shareholding |
36.49% |
36.52% |
36.49% |
|
|
|
|
|
|
|
2. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
5304700 |
5304700 |
5304700 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
23.85% |
23.86% |
23.85% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
15.15% |
15.15% |
15.15% |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
16940941 |
16928839 |
16940941 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
76.15% |
76.14% |
76.15% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
46.09% |
48.33% |
46.09% |
53,04,700 shares in
the company held by Dhunseri Investments Limited (formerly DI Marketing
Limited) pledged in favour of lending institutions/banks for the project loan
given to erstwhile South Asian Petrochem Limited (SAPL) had been released on
3rd April, 2012.
|
Particulars
|
3
Months ended on March 31, 2012 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unresolved at the end of the quarter |
Nil |
|
Statement of Assets and Liabilities |
31.03.2012 |
|
Equity and
liabilities |
|
|
Shareholders'
fund |
|
|
Share capital |
350.329 |
|
Reserve &
surplus |
7115.849 |
|
Sub-total - Shareholders' funds |
7466.178 |
|
Non - current
liabilities |
|
|
Long term
borrowings |
3502.870 |
|
Deferred tax
liability (net) |
723.762 |
|
Other Long Term
liability |
5.000 |
|
Long term
provisions |
21.967 |
|
Sub-total - Non-current liabilities |
4253.599 |
|
Current
liabilities |
|
|
Short term
borrowings |
3927.456 |
|
Trade payables |
4411.806 |
|
Other current
liabilities |
743.798 |
|
Short term
provisions |
205.900 |
|
Sub-total - Current liabilities |
9288.960 |
|
|
|
|
Total - Equity & Liabilities |
21008.737 |
|
|
|
|
Assets |
|
|
Non-current
assets |
|
|
Fixed assets |
9245.257 |
|
Non-current
investment |
1635.198 |
|
Long term loans
& advances |
496.432 |
|
Other
non-current assets |
16.487 |
|
Sub-total - Non-current Assets |
11393.374 |
|
Current assets |
|
|
Current
Investments |
590.122 |
|
Inventories |
2274.013 |
|
Trade
receivables |
2516.800 |
|
Cash & bank
balances |
2763.200 |
|
Short term loans
& advances |
1033.715 |
|
Other current
assets |
437.513 |
|
Sub-total - Current Assets |
9615.363 |
|
|
|
|
Total – Assets |
21008.737 |
WEBSITE DETAILS
PRESS RELEASE
Dhunseri Petrochem and Tea Limited (DPTL) posted
the following results for the year ended 31st March, 2012.
Net Sales, EBITDA
and PBT for the year ended 31st March, 2012 are Rs. 19428.019 Millions, Rs.
1332.571 Millions and Rs. 590.336 Millions respectively. The Net Sales, EBITDA
and PBT for the year ended 31st March, 2011 were Rs. 15565.942 Millions, Rs.
2511.477 Millions and Rs. 1941.163 Millions respectively. EPS for the year
works out to Rs. 14.13 after providing for deferred tax of Rs. 52.700 Millions.
Further for the year ended 31st March, 2012:
i.
Profit on sale of investment is Rs. 6.800 Millions
as compared to Rs. 193.000 Millions in the previous year.
ii.
in respect of the Company’s claim arising out of
unfortunate fire incident in the previous financial year, the Company debited
Rs. 102.392 Millions in the statement of profit and loss on account of short
settlement of amount by the insurance company (after adjusting the net salvage
value) towards claim under “Stock Policy”.
iii.
The Company has suffered FOREX loss of Rs. 335.367
Millions on account of devaluation in the Indian Rupee against other foreign
currencies.
The Board of Directors
have recommended dividend @ Rs. 4.50/- per Equity Share of Rs. 10/- each for
the year ended 31st March, 2012, maintaining the last year’s rate.
In respect of the Petrochem Division
The PET plant at
Haldia operated at 105% capacity utilisation. The production of PET resin
increased from 200981 MT in 2010-11 to 208975 MT in 2011-12.
Although the plant
operated in excess of 100% capacity utilization the PET prices remained subdued
throughout the year owing to slump in the raw material prices leading to lesser
margin. Further the unexpected and steep decline in the value of Indian Rupee
against other foreign currencies has also affected the bottomline.
The sales quantity
of PET resin increased from 200681 MT in 2010-11 to 206853 MT in the year
2011-12.
In respect of the
Tea Division:
The production of
tea increased from 103.03 lac kgs to 134.81 lac kgs mainly due to addition from
new Bought Leaf Factories. Orthodox market was substantially lower by Rs.20/-
due to fall in prices of orthodox teas.
Crop suffered
badly because of severe pest attack, resulting in heavy revenue loss. Further
the crop was also affected due to early close of season due to no rain from end
September’11 till first week of April’12 resulting in severe drought.
PROSPECTS
PETROCHEM DIVISION
Existing
Operations:
The existing plant
is running at full capacity utilization and is expected to operate likewise in
the coming year.
New Project at
Haldia:
In respect of the
expansion of the PET plant capacity in Haldia to 4,10,000 TPA from 2,00,000
TPA, the project is progressing satisfactorily. Mechanical completion is
expected to be achieved around middle of May’2012. Start up of trial run is
expected around middle of June’2012. With this the capacity of the Company’s
total production will increase to around 3,50,000 tonnes for the financial year
2012-13.
Project at Egypt:
The project in
Egypt is progressing satisfactorily. Start up of trial run is expected to be
achieved by fourth quarter of financial year 2012-13.
TEA DIVISION
Garden received
some useful rain in the 2nd week of April (after prolonged drought for the past
six months) and now crop prospect appears to be good from the month of May’12
onwards.
Company’s packet
tea brands LAL GHORA and KALA GHORA continued to receive good response from
consumers due to overall improvement in quality and also packaging which helped
in achieving the targeted sale quantity and it is expected that there should be
substantial increase in sale quantity in 2012-13 as the trend shows for the
month of April’12.
The Company has
sold and handed over one tea factory in Assam namely Sonaguri Tea Factory at a
consideration of Rs. 70.000 Millions. and negotiation for another tea factory
is under progress and expected to be completed shortly.
New Bought Leaf
factories are now fully operational and will achieve the targeted quantity of 3
million kgs tea made depending on availability of quality green leaf at
competitive rates in the area. A new factory at Hatijan Tea Estate is being
constructed having an annual capacity of 15 lac kgs production and commercial
production will start from the second week of May’12.
Further subsequent
to the end of financial year 2011-12, the Company has entered into an agreement
for sale of one of the Tea Estates namely Namsang Tea Estate, having around 5%
of the production of the Company, at a consideration of Rs. 282.900 Millions.
The Company’s
current tea production is 135 lac kgs and is expected to reach 200 lac kgs in
the next 2/3 years if negotiations to acquire tea gardens abroad fructifies.
IT-SEZ DIVISION
The construction
work of ‘Dhunseri IT Park’ at Bantala is progressing gradually. In respect of
the first phase having a built up area of 3,70,000 sq. ft., the construction is
expected to be completed in the last quarter of financial year 2012-13.
Barring unforeseen
circumstances the Company’s performance for the coming year is expected to be
satisfactory.
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 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. 55.83 |
|
|
1 |
Rs. 87.40 |
|
Euro |
1 |
Rs. 70.42 |
INFORMATION DETAILS
|
Information
Gathered by : |
-- |
|
|
|
|
Report Prepared
by : |
DPT |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
57 |
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.