1. Summary Information
|
|
|
Country |
|
|
Company Name |
SRF LIMITED |
Principal Name 1 |
Mr. Arun Bharat Ram |
|
Status |
Good |
Principal Name 2 |
Mr. Ashish Bharat Ram |
|
|
|
Registration # |
55-005197 |
|
Street Address |
C – 8, Commercial Complex, Safdarjung Development Area, |
||
|
Established Date |
09.01.1970 |
SIC Code |
-- |
|
Telephone# |
91-11-26510428 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-11-26857141 |
Business Style 2 |
Distribution |
|
Homepage |
Product Name 1 |
Technical Textiles |
|
|
# of employees |
2500 (Approximately) |
Product Name 2 |
chemicals |
|
Paid up capital |
Rs.615,241,000/- |
Product Name 3 |
Packing Films Industries |
|
Shareholders |
Promoter and Promoter Group-49.95% Public shareholding-50.05% |
Banking |
ICICI Bank
Limited |
|
Public Limited Corp. |
Yes |
Business Period |
41 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
A
(64) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates: |
India |
KAMA Reality (Delhi) Limited |
- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
6,566,539,000 |
Current Liabilities |
5,610,066,000 |
|
Inventories |
4,387,299,000 |
Long-term Liabilities |
8,121,669,000 |
|
Fixed Assets |
18,063,709,000 |
Other Liabilities |
2,334,577,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
16,066,312,000 |
|
Invest& other Assets |
3,448,818,000 |
Retained Earnings |
15,784,812,000 |
|
|
|
Net Worth |
16,400,053,000 |
|
Total Assets |
32,466,365,000 |
Total Liab. & Equity |
32,466,365,000 |
|
Total Assets (Previous Year) |
28,853,379,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
29,860,627,000 |
Net Profit |
4,834,421,000 |
|
Sales(Previous yr) |
21,810,776,000 |
Net Profit(Prev.yr) |
3,094,202,000 |
MIRA
INFORM REPORT
|
Report Date : |
16.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
SRF LIMITED |
|
|
|
|
Registered Office : |
C – 8, Commercial Complex, Safdarjung Development Area, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
09.01.1970 |
|
|
|
|
Com. Reg. No.: |
55-005197 |
|
|
|
|
Capital
Investment/ Paid-up Capital: |
Rs.615.241
Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L18101DL1970PLC005197 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELS33266C |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACS0206P |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange |
|
|
|
|
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. |
|
|
|
|
No. of Employees: |
2500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 66000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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) |
|
|
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 : |
C – 8, Commercial Complex, Safdarjung Development Area, |
|
Tel. No.: |
91-11-26510428 |
|
Fax No.: |
91-11-26857141 |
|
E-Mail : |
srf.corp@srf.sprintrpg.ems.vsnl.net.in ajoshi@srf.com
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Block – C, Sector – 45, Gurgaon -122 003, |
|
Tel. No.: |
91-124-4354400 |
|
Fax No.: |
91-124-4354500 |
|
E-Mail : |
|
|
|
|
|
TECHNICAL TEXTILES BUSINESS |
NATIONAL OPERATIONS |
|
|
|
|
Factory 1 : |
Manali
Industrial Area, Manali, Chennai – 600 068, |
|
Tel. No.: |
91-44-25946000 |
|
Fax No.: |
91-44-25941159 |
|
|
|
|
Factory 2 : |
Industrial Area,
Malanpur, District Bhind – 477 116, |
|
Tel. No.: |
91-7539-283164 |
|
Fax No.: |
91-7539-283427 |
|
|
|
|
Factory 3 : |
Plot No K1,
SIPCOT Industrial Area Complex, Gummidipoondi, District Thiruvallur – 601
201, |
|
Tel. No.: |
91-44-27923212 –
22 |
|
Fax No.: |
91-44-27922718 /
27922888 |
|
|
|
|
Factory 4 : |
Viralimalai,
District Pudukottai – 621 316, |
|
Tel. No.: |
91-4339-220808 |
|
Fax No.: |
91-4339-220284 |
|
|
|
|
Factory 5 : |
Unit 2, Plot No. 12, Rampura, |
|
Tel. No.: |
91-5947-275604 / 05 |
|
Fax No.: |
91-5947-275606 |
|
|
|
|
Factory 6 : |
Villages Navaneethakrishnapuram,
Melakalangal, Thiruvambalapuram, District Tirunelveli, |
|
|
|
|
|
INTERNATIONAL OPERATIONS |
|
Factory 7 : |
SRF Overseas
Limited |
|
Tel. No.: |
+97-14-8836717 |
|
Fax No.: |
+97-18-4480341 |
|
|
|
|
Factory 8 : |
SRF Industex Belting
(Pty) Limited |
|
Tel. No.: |
+2741- 4068700 |
|
Fax No.: |
+2741-4511558 / 4514012 |
|
|
|
|
Factory 9 : |
SRF Technical Textiles ( 3, Map Ta Phut Industrial Estate, I-1 Road, Amphur Muang, P.O. Box 61, Rayong Province, Thailand. |
|
Tel. No.: |
+66-(38)-683600 - 7 |
|
Fax No.: |
+66-(38)-683609 |
|
|
|
|
|
CHEMICALS
BUSINESS |
|
|
|
|
Factory 10 : |
Village and PO - Jhiwana, Tehsil Tijara, Dist. Alwar – 301 018, |
|
Tel. No.: |
91-1493-220288 /
517838 / 517839 |
|
Fax No.: |
91-1493-221125/517837 |
|
|
|
|
Factory 11 : |
D. 2/1, Dahej - II, Dahej Industrial Estate: District –
Dahej - 392 130,, |
|
|
|
|
PACKAGING FILMS BUSINESS |
|
|
|
|
|
Factory 12 : |
Plot No 12,
Rampura, |
|
Tel. No.: |
91-5947-275604 |
|
Fax No.: |
91-5947-275606 |
|
|
|
|
Factory 13 : |
Plot No. C –
1-8, C-21-30,Sector – 3, |
|
Tel. No.: |
91-7292-400526 |
|
Fax No.: |
91-7292-401745 |
|
|
|
|
|
ENGINEERING PLASTICS BUSINESS |
|
|
|
|
Factory 14 : |
Manali Industrial Area,
Manali, Chennai - 600 068, |
|
Tel. No.: |
91-44-25941073 |
|
Fax No.: |
91-44-25943073 |
|
|
|
|
Factory 15 : |
Plot No. 14 C, Sector 9, Industrial
Estate, Pant Nagar, District U S Nagar – 244 713, Uttranchal, India |
|
Tel. No.: |
91-9219409449 |
|
Fax No.: |
91-5944-250098 |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Arun Bharat Ram |
|
|
Designation : |
Chairman |
|
|
Date of Birth/Age : |
70 Years |
|
|
Qualification : |
B.SC (Indl. Engineering) |
|
|
Experience : |
44 Years |
|
|
Date of Appointment : |
01.05.1972 |
|
|
|
|
|
|
Name : |
Mr. Ashish Bharat Ram |
|
|
Designation : |
Managing Director |
|
|
Date of Birth/Age : |
42 Years |
|
|
Qualification : |
MBA |
|
|
Experience : |
20 Years |
|
|
Date of Appointment : |
02.09.2002 |
|
|
|
|
|
|
Name : |
Mr. Kartikeya Bharat Ram |
|
|
Designation : |
Deputy Managing Director |
|
|
Date of Birth/Age : |
40 Years |
|
|
Qualification : |
MBA |
|
|
Experience : |
17 Years |
|
|
Date of Appointment : |
05.07.1989 |
|
|
|
|
|
|
Name : |
Mr. S. P. Agarwala |
|
|
Designation : |
Director |
|
|
|
|
|
|
Name : |
Mr. K. Ravichandra |
|
|
Designation : |
Director (Safety and Environment) |
|
|
|
|
|
|
Name : |
Mr. M. V. Subbiah |
|
|
Designation : |
Director |
|
|
|
|
|
|
|
|
|
|
Name : |
Mr. Satish K. Kaura |
|
|
Designation : |
Director |
|
|
|
|
|
|
Name : |
Mr. Vinayak Chatterjee |
|
|
Designation : |
Director |
|
|
|
|
|
|
Name : |
Mr. Subodh Bharagava |
|
|
Designation : |
Director |
|
|
|
|
|
|
Name : |
Mr. Piyush G Mankad |
|
|
Designation : |
Director |
|
KEY EXECUTIVES
|
Name : |
Mr. Anoop K. Joshi |
|
Designation : |
Company Secretary |
|
Qualification : |
FCA, FCS |
|
|
|
|
Name : |
Mr. Rajdeep Anand |
|
Designation : |
President and Chief Executive Officer
(Project and R and D) |
|
Date of
Birth/Age : |
59 Years |
|
Qualification : |
B.Tech (Hons) |
|
Experience : |
39 Years |
|
Date of
Appointment : |
29.03.1993 |
|
|
|
|
Name : |
Mr. Sushil Kapoor |
|
Designation : |
President and Chief Executive Officer (Technical
Textiles Business) |
|
Date of
Birth/Age : |
51 Years |
|
Qualification : |
B.Tech |
|
Experience : |
28 Years |
|
Date of
Appointment : |
1.07.1982 |
|
|
|
|
Name : |
Mr. Roop Salotra |
|
Designation : |
President and Chief Executive Officer (CB and
PFB) |
|
Date of
Birth/Age : |
60 Years |
|
Qualification : |
B.E. |
|
Experience : |
39 Years |
|
Date of
Appointment : |
1.06.1989 |
|
|
|
|
Name : |
Mr. Suresh Dutt Tripathi |
|
Designation : |
President (Corporate HR) |
|
Date of
Birth/Age : |
50 Years |
|
Qualification : |
M.Sc, PGDSW |
|
Experience : |
28 Years |
|
Date of
Appointment : |
11.02.2002 |
|
|
|
|
Name : |
Mr. Rajendra Prasad |
|
Designation : |
President and Chief Finance Officer |
|
Date of
Birth/Age : |
53 Years |
|
Qualification : |
CA, DISA, CISA ( |
|
Experience : |
29 Years |
|
Date of
Appointment : |
20.03.2006 |
|
|
|
|
Name : |
Assem Mehrotra |
|
Designation : |
Vice President |
|
Date of
Birth/Age : |
50 Years |
|
Qualification : |
B.E. |
|
Experience : |
28 Years |
|
Date of Appointment
: |
16.03.1990 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
28682494 |
49.95 |
|
Sub Total |
28682494 |
49.95 |
|
|
|
|
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
28682494 |
49.95 |
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5050916 |
8.80 |
|
|
604981 |
1.05 |
|
|
1734154 |
3.02 |
|
Foreign Institutional
Investors |
6014696 |
10.47 |
|
Sub Total |
13404747 |
23.34 |
|
|
|
|
|
|
|
|
|
|
2537209 |
4.42 |
|
|
|
|
|
|
|
|
|
|
10976822 |
19.12 |
|
|
1439187 |
2.51 |
|
|
|
|
|
|
380041 |
0.66 |
|
|
353024 |
0.61 |
|
|
16379 |
0.03 |
|
|
10588 |
0.02 |
|
|
50 |
- |
|
|
|
|
|
Sub Total |
11533259 |
26.70 |
|
|
|
|
|
Total Public
shareholding (B) |
28738006 |
50.05 |
|
Total (A)+(B) |
57420500 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total
(A)+(B)+(C) |
57420500 |
- |
(1)
Indian
Bodies
Corporate
Individual
shareholders holding nominal share capital up to Rs. 0.100 MillionNote:
1. For determining public shareholding for the
purpose of Clause 40A
2. For definitions of Promoter and Promoter
Group, refer to Clause 40A.
3. Public shareholding
4. Bodies Corporate include 619 equity shares registered
in the name of skylark Investments and Trading Private Limited (Promoter Group
Company) which had been sold by it but not lodged for transfer by the buyer of
the shares
BUSINESS DETAILS
|
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. |
||||||||
|
|
|
||||||||
|
Products : |
|
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. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
|
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
After 28.07.2011
Authorised Capital : Rs.3360.000
Millions
Issued Capital : Rs.600.101 Millions
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 |
30.09.2011 |
30.12.2011 |
31.03.2012 |
|
Type |
1st
Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
|
Net Sales |
8388.000 |
9139.200 |
9490.500 |
8284.800 |
|
Total Expenditure |
6748.200 |
6960.600 |
7321.800 |
6804.900 |
|
PBIDT (Excl OI) |
1639.800 |
2178.600 |
2168.700 |
1479.900 |
|
Other Income |
90.700 |
39.100 |
71.900 |
506.400 |
|
Operating Profit |
1730.500 |
2217.700 |
2240.600 |
1986.300 |
|
Interest |
202.900 |
209.600 |
209.800 |
277.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
1527.600 |
2008.100 |
2030.800 |
1708.900 |
|
Depreciation |
385.400 |
390.100 |
418.000 |
423.300 |
|
Profit Before Tax |
1142.200 |
1618.000 |
1612.800 |
1285.600 |
|
Tax |
314.100 |
547.600 |
507.300 |
415.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
828.100 |
1070.400 |
1105.500 |
869.800 |
|
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 |
828.100 |
1070.400 |
1105.500 |
869.800 |
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
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
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% |
No |
|
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 (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
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 |
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.
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
Tuesday, May 01, 2012
06:42 PM IST (01:12 PM GMT)
SRF Posts Q4 Net
Profit after Tax of Rs. 870.000 Millions
·
FY
consolidated net sales at Rs. 39810.000 Millions, a growth of 17%
·
FY consolidated
PAT at Rs. 3790.000 Millions, a decline of 22%
·
FY
consolidated EBIDTA at Rs. 8630.000 Millions a decline of 9%
·
SRF
standalone Q4 net sales at Rs. 8220.000 Millions, a decline of 3%
·
SRF
standalone Q4 EBIDTA at Rs. 1990.000 Millions, a decline of 19%
Quarterly Results – SRF standalone
Hit by combined factors of higher input costs,
higher energy costs and adverse demand-supply situation, SRF Limited, a
multi-business entity engaged in the manufacture of chemical based industrial
intermediates, posted a decline of 36% in its net profit after tax (PAT) at Rs.
870.000 Millions during the fourth quarter of 2011-12 as against Rs. 1360.000
Millions reported during the corresponding period last year (CPLY). The company
had earlier recorded a PAT of Rs. 1110.000 Millions in the previous quarter
ended 31st December 2011. SRF’s net sales also declined marginally from Rs.
8460.000 Millions to Rs. 8220.000 Millions during the fourth quarter of 2011-12
over CPLY. The company’s audited results were approved by the Board of
Directors this afternoon.
Except for the Chemicals and Polymers
Business, the profitability declined for both the Technical Textiles and
Packaging Films Businesses. The operating profit of the Chemicals and Polymers
Business grew by 12% at Rs. 1140.000 Millions on a revenue of Rs. 2660.000
Millions that also grew by 12% during the period over CPLY. In the Technical
Textiles Business, while the segment revenue improved by 5% to Rs. 4100.000
Millions, its operating profit decreased by 56% to Rs. 180.000 Millions during
the period. Having reported a decline of 31% in its segment revenue at Rs.
1550.000 Millions, the Packaging Films Business posted a net operating loss of
Rs. 40.000 Millions during the period.
MD’s Comments
Reflecting on the results, Ashish Bharat Ram,
Managing Director, SRF, said, “The year 2011-12 was certainly a tough year for
the company, as we struggled to maintain our profitability. Unfortunately, the
outlook for the year ahead is not much better with the economic sentiment at a
low. The silver lining, if any, will come from the start up of the Chemical
Complex in Dahej.”
Annual Financials – SRF consolidated
For the fiscal ended 31st March 2012, the PAT
for SRF consolidated declined by 22% to Rs. 3790.000 Millions as against Rs.
4840.000 Millions recorded previous year. The annual profit of SRF consolidated
included a loss of around Rs. 220.000 Millions on account of exchange currency
fluctuation during 2011-12, as against a gain of around Rs. 340.000 Millions
during 2010-11.
The net sales of SRF consolidated grew by 17%,
from Rs. 33910.000 Millions during 2010-11 to Rs. 39810.000 Millions during
2011-12. The top line growth of the company was largely driven by the Chemicals
and Polymers Business, which recorded 61% growth in its segment revenue at Rs.
12050.000 Millions and partially by the Technical Textiles Business, which grew
by 15% at Rs. 21480.000 Millions during the year. The segment revenue of the
company’s Packaging Films Business declined by 24% at Rs. 6610.000 Millions
during the year.
Financial Ratios
While the Debt-Equity ratio for SRF Limited
increased marginally from 0.51 to 0.56 during the year, the Net Debt to Equity
as on 31 March 2012 has been maintained at the same level at 0.41 times as against
0.39 times as on 31 March 2011. The Earning Per Share (EPS) of the company
declined from previous year’s figure of Rs. 79.90 to Rs. 65.55 for 2011-12.
Dividend
In November 2011 and in February 2012, the SRF
Board had approved two interim dividends, each at the rate of 70% aggregating
to total of Rs.14 per share. In today’s meeting, the board recommended NIL
final dividend for the year 2011-12.
Buyback
SRF completed the buyback of it’s fully paid
up equity shares from the open market through the stock exchanges on 15th
February 2012. The company that commenced the buy-back process on 6th April
2011, bought back an aggregate of 30,83,080 equity shares at an average market
price of Rs. 291.89 per share absorbing a total amount of Rs. 899.900 Millions.
SRF, thus, deployed 100% of the maximum buy-back size of Rs. 900.000 Millions.
Capexes
The work on the new BOPET line in Thailand and
the new BOPP line in South Africa is progressing as per schedule. In addition,
the company has also sanctioned an investment for debottlenecking its Laminated
Fabrics facility in Kashipur. The investment in the new HFC 134a plant in
Dahej has started and the plant is expected to be operational by 3rd quarter of
2013-14.
SRF’S Q3 PAT AT RS. Rs.1110.000 MILLIONS, A REDUCTION OF 35%
·
Q3
Revenue at Rs.9490.000 Millions, a growth of 12%
·
Q3 PAT, a
reduction of Rs. 600.000 Millions
·
Q3
Exchange Currency Fluctuation, a loss of Rs. 510.000 Millions
·
Q3 Net
profit before tax (PBT) at Rs. 1610.000 Millions, a reduction of 32%
·
9M Net
profit after tax (PAT) at Rs. 3000.000 Millions, a reduction of 14%
·
9M
Revenue at Rs. 27020.000 Millions, a growth of 22%
·
Board
approves interim dividend of Rs.7 per share
Q3 FINANCIALS
Gurgaon, 13th February 2012: SRF Limited, a multi-business entity engaged
in the manufacture of chemical based industrial intermediates, posted a net
profit after tax (PAT) of Rs. 1110.000 Millions for the quarter ended December
2011 recording a 35% decrease over the corresponding period last year (CPLY).
However, the Profit before Interest, Depreciation, Exchange Currency
Fluctuations and Tax decreased by only 6% from Rs. 2920.000 Millions to Rs.
2750.000 Millions. The Exchange Currency Fluctuation alone had a negative
impact of Rs. 510.000 Millions to the company during the quarter. The Company’s
revenue during October-December’ 11 improved by 12% to Rs. 9490.000 Millions as
against Rs. 8440.000 Millions during CPLY. The unaudited financial results of
SRF were approved by SRF’s Board in a meeting held today. The Board also
approved an interim dividend at the rate of 70% amounting to Rs.7 per share.
Reflecting on the financial performance of the company, Mr. Ashish
Bharat Ram, Managing Director, SRF Limited, commented: “The last four
months have been extremely difficult for the businesses. The economic
environment remains volatile and uncertain. While the Chemicals Business
performed well, the Technical Textiles and Packaging Films businesses have gone
through a tough period.”
The segment revenue of Chemicals and Polymers Business (CPB) improved by
84% at Rs. 3700.000 Millions over Rs. 201 crore during the CPLY while the
operating profit grew by 201% to Rs. 2200.000 Millions over Rs. 7300.000
Millions in the CPLY. In the Technical Textiles Business, while the segment
revenue improved by 16% to Rs. 4270.000 Millions, the operating profit
decreased by 51% to Rs. 200.000 Millions during the period. The segment revenue
of the Packaging Films Business (PFB) declined by 44% to Rs. 1570.000 Millions.
Notwithstanding the poor demand – supply scenario, PFB incurred an operating
loss of Rs. 40.000 Millions only.
9M Financials
The company’s revenue at Rs. 27020.000 Millions achieved a growth of 22%
over Rs. 22110.000 Millions recorded during the same period last year. The
company’s PBT at Rs. 4370.000 Millions decreased by 11% during the first 9M
over CPLY. For the first nine months of the current financial year, SRF posted
a 14% reduction in its net profit after tax (PAT) at Rs. 3000.000 Millions over
the CPLY.
Buy-Back of Shares
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 up to 25th February, 2012. An aggregate of 30,83,080 equity shares
at an average market price of Rs. 2918.900 Millions per share were bought back
absorbing a total amount of Rs. 899.900 Millions (approx.) till 10th February,
2012.
International Subsidiary
During the quarter, SRF Global BV, a wholly owned subsidiary of the
Company incorporated in the Netherlands had set up SRF Flexipak (South Africa)
(Pty) Limited., a step down subsidiary incorporated in South Africa for setting
up a packaging film line (25,500 TPA) and a metallizer (5400 TPA).
About SRF
Established in 1973, SRF as a group has today grown into a global entity
with operations in 4 countries. Apart from Technical Textiles Business, in
which it enjoys a global leadership position, SRF is a domestic leader in
Refrigerants, Engineering Plastics and Industrial Yarns as well. The company
also enjoys a significant presence among the key domestic manufacturers of
Polyester Films and Fluorospecialities. Building on its in-house R&D
facilities for Chemicals Business and Technical Textiles Business, the company
strives to stay ahead in business through innovations in operations and product
development. A winner of the prestigious Deming Application Prize for its tyre
cord business, SRF continues to redefine its work and corporate culture with
the TQM as its management way.
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
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.55.76 |
|
|
1 |
Rs.86.69 |
|
Euro |
1 |
Rs.70.44 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
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%)
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.