MIRA
INFORM REPORT
|
Report Date : |
12.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
THE ANDHRA SUGARS LIMITED |
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|
|
|
Registered
Office : |
Venkatarayapuram, West Godavari District, Tanuku - 534 215, Andhra
Pradesh, |
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Country : |
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|
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Financials (as
on) : |
31.03..2012 |
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|
|
|
Date of
Incorporation : |
11.08.1947 |
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Com. Reg. No.: |
01-000326 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.271.101 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15420AP1947PLC000326 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
VPNT00201F |
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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
: |
Manufacture and |
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|
|
No. of Employees
: |
2321 (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 18700000 |
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|
|
Status : |
Good |
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|
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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 records. Financial
position of the company appears to be sound. Trade relations are fai. Business
is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
A – (Fund Based Limit) |
|
Rating Explanation |
The adequate credit quality it carries average credit risk. |
|
Date |
November 2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Venkatarayapuram, West Godavari District, Tanuku - 534 215, |
|
Tel. No.: |
91-8819-224911 (8 Lines) |
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Fax No.: |
91-8819-224168 |
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E-Mail : |
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Factory 1 : |
Venkatarayapuram, Tanuku, West Godavari Dist., |
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Factory 2: |
Kovvur, West Godavari Dist., |
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Factory 3 |
Saggonda, Gopalapuram Mandal, West Godavari Dist., |
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Factory 4 |
Taduvai, Jangareddygudem Mandal, West Godavari Dist., |
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Factory 5 |
Bhimadole, West Godavari Dist., |
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Factory 6 |
Perecherla, |
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|
Wind Power Units |
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Factory 7 |
RAMGIRI, Ananthapur Dist., Andhra Pradesh |
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Factory 8 |
a) b) c)Kundadam Village, d) |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Dr. Mullapudi Harischandra Prasad |
|
Designation : |
Chairman and Managing Director (upto 3.9.2011) |
|
Date of Birth/Age |
91 Years |
|
Experience |
65 Years |
|
|
|
|
Name : |
Mr. Dr. B. B. Ramaiah |
|
Designation : |
Chairman and Managing Director |
|
Qualification: |
B.Sc., (Hons), Sugar Technology M.Sc., (Chemical Technology) M.Sc., ( |
|
Date of Birth/Age |
86 Years |
|
Experience |
58 Years |
|
Date of Appointment: |
01.04.1998 |
|
|
|
|
Name : |
Mr.
Justice G. Ramanujam (Retd.) |
|
Designation : |
Director |
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|
Name : |
Mr. A. Ranga Rao |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. P. Narendranath Chowdary |
|
Designation : |
Managing Director |
|
Date of Birth/Age |
63 Years |
|
Qualification: |
B.Sc |
|
Experience |
45 Years |
|
Date of Appointment: |
01.04.2012 |
|
|
|
|
Name : |
Mr. M. Narendranath |
|
Designation : |
Joint Managing Director |
|
Date of Birth/Age |
63 Years |
|
Qualification: |
B.Sc (Agriculture) |
|
Experience |
38 Years |
|
Date of Appointment: |
01.01.1998 |
|
Particular of last employment: |
Managing Director Sree Satyanarayana Spinning Mills
Limited, Tanuku. |
|
|
|
|
Name : |
Mr. M. Thimmaraja |
|
Designation : |
Joint Managing Director |
|
Date of Birth/Age |
61 Years |
|
Qualification: |
B.Tech., M.B.A.( |
|
Experience |
37 Years |
|
Date of Appointment: |
01.08.1978 |
|
|
|
|
Name : |
Mr. P. Achuta Ramayya |
|
Designation : |
Joint Managing Director |
|
Qualification: |
B.Com., M.B.A.( |
|
Date of Appointment: |
01.04.2012 |
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|
|
|
Name : |
Mr. A.V. Rama Rao |
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Designation : |
Director |
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|
|
|
Name : |
Mr. P. Kotaiah |
|
Designation : |
Director |
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|
|
Name : |
Mr. V. S. Raju |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Alapaty Appa Rao |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Anumolu Ramakrishna |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. P.A.Chowdary, I.R.S. (Retd.) |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. P.S.R.V.K. Ranga Rao |
|
Designation : |
Executive Director |
|
Qualification: |
B.Com. |
|
Date of Birth: |
42 Years |
|
Experience |
13 Years |
|
Date of Appointment: |
01.05.1999 |
KEY EXECUTIVES
|
Name : |
Mr. Mr.
M. Palachandra |
|
Designation : |
Company Secretary |
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Qualification : |
M.Com., A.C.S. |
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|
|
|
Name : |
Mr.
P.V.S.Viswanadha Kumar |
|
Designation : |
General Manager (Finance) and Asst.
Secretary |
|
Qualification : |
F.C.A., F.I.C.W.A.,A.C.S. |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
11446507 |
42.23 |
|
|
350868 |
1.29 |
|
|
890320 |
3.28 |
|
|
890320 |
3.28 |
|
|
12687695 |
46.81 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
12687695 |
46.81 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5500 |
0.02 |
|
|
21248 |
0.08 |
|
|
183031 |
0.68 |
|
|
40000 |
0.15 |
|
|
249779 |
0.92 |
|
|
|
|
|
|
1985262 |
7.32 |
|
|
|
|
|
|
6128120 |
22.61 |
|
|
5223473 |
19.27 |
|
|
832749 |
3.07 |
|
|
2232 |
0.01 |
|
|
453864 |
1.67 |
|
|
38198 |
0.14 |
|
|
338305 |
1.25 |
|
|
150 |
0.00 |
|
|
14169604 |
52.27 |
|
Total Public shareholding (B) |
14419383 |
53.19 |
|
Total (A)+(B) |
27107078 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
27107078 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and |
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|
|
GENERAL INFORMATION
|
No. of Employees : |
2321 (Approximately) |
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Bankers : |
·
Andhra Bank ·
State Bank of ·
State Bank of ·
Bank of ·
Indian Bank |
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Facilities : |
NOTE: LONG-TERM BORROWINGS:
(The above loans are secured by Exclusive First Charge on Assets
created out of the loan) SHORT-TERM BORROWINGS: Cash Credit is secured by hypothecation of inventories and
receivables, and collaterally secured by a Second Charge on the fixed assets
of the Company except those at the COP division and Wind power divisions in
Tamilnadu and Ramagiri, ranking pari passu among the members of the
consortium of working capital lending banks. Foreign Currency Exposure that
are not hedged by derivative Instruments as on 31st March 2012 is amounting
to Rs. 290.007 Millions (As at 31st
March 2011: Nil). |
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|
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Banking
Relations : |
|
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|
|
|
Statutory Auditors : : |
|
|
Name : |
M/s. Brahmayya and Company |
|
Address : |
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|
|
|
|
Cost Auditors |
|
|
Name : |
M/s. Narasimha Murthy and Company |
|
Address : |
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|
|
|
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Subsidiary Companies: |
·
JOCIL Limited ·
The Andhra Farm Chemicals Corpn. Limited ·
|
|
|
|
|
Enterprises in which Key Management Personnel
and/or their relatives have significant influence : |
·
Jaya Industries ·
Jayalakshmi Fertilisers ·
Jayalakshmi Estates ·
Jaya Agro Chemicals ·
Sree Akkamamba Textiles Limited ·
Sree Satyanarayana Spinning Mills Limited ·
Sree Sarvaraya Sugars Limited ·
Royal Printing Works ·
·
Sugarfield Constructions Pvt. Limited ·
Sri Pendyala Venkata Krishna Rao Memorial Trust ·
Sree Mullapudi Kamala Devi Cardio Vascular Centre ·
Sree Mullapudi Thimmaraju Memorial Library and
Cultural Centre |
|
|
|
|
Associate Company: |
·
The Andhra Petrochemicals Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28750000 |
Equity Shares |
Rs.10/- each |
Rs. 287.500 Millions |
|
30000 |
First Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.3.000 Millions |
|
95000 |
Second Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.9.500 Millions |
|
|
Total |
|
Rs. 300.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27113091 |
Equity Shares |
Rs.10/- each |
Rs.271.131
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27107078 |
Equity Shares |
Rs.10/- each |
Rs.271.071
Millions |
|
6013 |
Forfeited shares |
Rs. 5/- each |
Rs.0.030
Million |
|
|
Total |
|
Rs.271.101 Millions |
Reconciliation of the shares outstanding at the beginning and at the end
of the reporting period
|
|
As on
31.03.2012 |
|
|
Equity Shares |
Number |
Amount |
|
At the beginning of the period |
27107078 |
271.071 |
|
Add: Fresh Issue during the year |
- |
- |
|
Less: Buy Back of Shares during the year |
- |
- |
|
Outstanding at the end of the period |
27107078 |
271.071 |
Shareholders holding more than 5% shares
|
Equity Shares |
31.03.2012 |
31.03.2011 |
|
Details of shareholders holding more than |
Nil |
Nil |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
271.101 |
271.101 |
271.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4411.030 |
3694.164 |
3502.200 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4682.131 |
3965.265 |
3773.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1303.179 |
1181.389 |
682.100 |
|
|
2] Unsecured Loans |
1343.673 |
1250.005 |
1419.600 |
|
|
TOTAL BORROWING |
2646.852 |
2431.394 |
2101.700 |
|
|
DEFERRED TAX LIABILITIES |
820.138 |
789.734 |
0.00 |
|
|
|
|
|
|
|
|
TOTAL |
8149.121 |
7186.393 |
5875.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4871.615 |
4835.064 |
4457.200 |
|
|
Capital work-in-progress |
68.638 |
53.466 |
366.800 |
|
|
|
|
|
|
|
|
INVESTMENT |
747.226 |
752.178 |
740.900 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3014.104
|
2502.460 |
1311.600 |
|
|
Sundry Debtors |
905.217
|
524.365 |
442.000 |
|
|
Cash & Bank Balances |
223.764
|
227.969 |
113.700 |
|
|
Other Current Assets |
3.651
|
3.600 |
24.900 |
|
|
Loans & Advances |
1206.789
|
943.566 |
1126.100 |
|
Total
Current Assets |
5353.525
|
4201.960 |
3018.300 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
218.485
|
|
1856.000 |
|
|
Other Current Liabilities |
1476.212
|
1530.607 |
|
|
|
Provisions |
1197.186
|
908.317 |
852.200 |
|
Total
Current Liabilities |
2891.883
|
2656.275 |
2708.200 |
|
|
Net Current Assets |
2461.642
|
1545.685 |
310.100 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8149.121 |
7186.393 |
5875.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7575.955 |
5049.992 |
5771.100 |
|
|
|
Other Income |
136.832 |
148.714 |
73.900 |
|
|
|
TOTAL |
7712.787 |
5198.706 |
5845.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw materials and components consumed |
3377.137 |
|
|
|
|
|
Purchase of Traded goods |
6.112 |
5.080 |
|
|
|
|
Employee Benefits Expense |
714.624 |
607.676 |
|
|
|
|
Other Expenses |
2218.066 |
1909.177 |
|
|
|
|
[Increase]/ Decrease in Inventories of Finished goods, Work in Progress and Traded goods |
(575.932) |
(999.025) |
|
|
|
|
TOTAL |
5740.007 |
4112.298 |
4280.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1972.780 |
1086.408 |
1564.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
201.133 |
190.466 |
216.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1771.647 |
895.942 |
1348.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
393.237 |
380.475 |
349.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1378.410 |
515.467 |
999.100 |
|
|
|
|
|
|
|
|
|
Add |
INCOME TAX
EXCESS PROVISION CREDITED BACK |
1.221 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
Extra ordinary
items |
0.000 |
0.000 |
3.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
445.404 |
153.377 |
335.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
934.227 |
362.090 |
667.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
704.420 |
1012.437 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
500.000 |
500.000 |
NA |
|
|
|
Proposed Dividend on Equity Shares at
Rs.7.00 per share |
189.750 |
149.089 |
NA |
|
|
|
Tax on distributable profits |
27.611 |
21.018 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
921.286 |
704.420 |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
71.970 |
22.642 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
744.907 |
|
|
|
|
|
Components and Spare parts |
88.096 |
33.730 |
NA |
|
|
|
Capital Goods |
1.522 |
0.883 |
|
|
|
TOTAL IMPORTS |
834.525 |
694.890 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
34.46 |
13.36 |
24.63 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
30.06.2012 1st
Quarter |
30.09.2012 2nd
Quarter |
|
Audited / UnAudited |
|
UnAudited |
UnAudited |
|
Net Sales |
|
2157.330 |
2138.440 |
|
Total Expenditure |
|
1730.310 |
1707.810 |
|
PBIDT (Excl OI) |
|
427.020 |
430.630 |
|
Other Income |
|
15.650 |
49.230 |
|
Operating Profit |
|
442.670 |
479.860 |
|
Interest |
|
60.370 |
50.110 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
382.300 |
429.750 |
|
Depreciation |
|
102.770 |
102.180 |
|
Profit Before Tax |
|
279.530 |
327.570 |
|
Tax |
|
90.000 |
104.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
189.530 |
223.570 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
12.11 |
6.96 |
11.42 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.19 |
10.20 |
17.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.48 |
5.70 |
13.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29 |
0.12 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.18 |
1.28 |
1.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.85 |
1.58 |
1.11 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report [Yes/No] |
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the firm |
Yes |
|
Premises details |
No
|
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoters background |
Yes
|
|
No. of Employees |
Yes |
|
Name of Person Contacted |
No
|
|
Designation of contact
person |
No
|
|
Turnover of firm for last
three years |
Yes |
|
Profitability for last
three years |
Yes
|
|
Reasons for variation
<> 20% |
- |
|
Estimation for coming
financial year |
No
|
|
Capital the business |
Yes |
|
Details of sister
concerns |
Yes
|
|
Major Suppliers |
No
|
|
Major Customers |
No
|
|
Payment Terms |
No |
|
Export / Import Details
[If Applicable] |
No
|
|
Market Information |
- |
|
Litigations that the firm
/ promoter involved in |
- |
|
Banking Details |
Yes |
|
Banking Facility Details |
Yes
|
|
Conduct of the banking
account |
- |
|
Buyer visit details |
- |
|
Financials, if provided |
Yes
|
|
Incorporation details, if
applicable |
Yes
|
|
Last accounts filed at
ROC |
Yes
|
|
Major Shareholders, if
applicable |
No
|
|
Date of Birth of Proprietor/Partner/Director, if
available |
Yes
|
|
PAN of
Proprietor/Partner/Director, if available |
No |
|
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
External Agency Rating, if available |
Yes
|
PERFORMANCE:
2011-12 has been a
significant year for the Company. Profit of Rs. 1378.400 Millions (after
depreciation) has been the highest in the history of the Company. Profit after
tax is Rs. 934.200 Millions against Rs. 362.100 Millions of last year. Sales
increased to Rs. 7575.900 Millions against Rs. 5050.000 Millions of last year.
The overall performance of the Company has been impressive.
REVIEW OF OPERATIONS:
SUGAR UNITS:
The three Sugar Units in aggregate crushed 8,78,167 MTs of cane during
the 2011-12 season against 7,54,635
MTs crushed last year. The crushing operations and cane price paid to
cane suppliers for the 2011-12 season
are:
|
|
SUGAR UNIT – I TANUKU |
SUGAR UNIT – II TADUVAI |
SUGAR UNIT – III BHIMADOLE |
|||
|
|
Fin -Year 2011-12 |
Fin -Year 2010-11 |
Fin -Year 2011-12 |
Fin -Year 2010-11 |
Fin -Year 2011-12 |
Fin -Year 2010-11 |
|
(A) Crushing details: |
|
|
|
|
|
|
|
Total cane crushed (MT) |
220481 |
226653 |
391839 |
330730 |
265847 |
197252 |
|
Total No. of days crushed |
90 |
95 |
114 |
112 |
96 |
88 |
|
Total Sugar produced (MT) |
20003 |
22235 |
43805 |
35448 |
25514 |
109046 |
|
Average Recovery |
9.22% |
9.45% |
11.26% |
10.72% |
9.70 % |
9.58 % |
|
(B) Cane price: |
|
|
|
|
|
|
|
Fair and Remunerative price (per M.T.) |
1450.00 |
1391.00 |
1636.66 |
1537.20 |
1462.24 |
1405.80 |
|
Cane price paid (per M.T)* |
2000.00 |
1900.00 |
2000.00 |
1900.00 |
2000.00 |
1900.00 |
|
|
|
|
|
|
|
|
inclusive of purchase tax incentive price @ Rs. 60/- per MT.
·
Cane crush at Sugar Unit-I was marginally less
compared to last year as the number of days of crush were lower than last year.
·
Sugar Units II and III crushed for more number of days
compared to last year consequently crushing a quantity higher than last year.
·
Recovery achieved and sugar produced were
marginally lower at Sugar Unit-I while it was higher at
·
Sugar Units II and III compared to last year.
·
To have the cane farmers continue to plant cane,
the Company opted to pay a cane price higher than the Fair and Remunerative
Price fixed by the Government.
·
Sugar sales realisation has been better compared to
last year.
POWER GENERATION :
During the year under report the Co-generation Unit at Taduvai generated
1,80,64,480 Units of Power against 1,67,65,420 Units generated last year.
PERFORMANCE OF CHEMICAL DIVISION:
During the year
under report the Chemical Divisions put up in an impressive performance. The Caustic
Soda Division at Saggonda achieved a turnover of Rs.3549.300 Millions compared
to Rs.2636.900 Millions achieved last year. Profit after depreciation achieved
by this division this year was Rs.1054.700 Millions against Rs.454.600 Millions
achieved last year. Performance of the Sulphuric Acid and Superphosphate plants
is also better compared to last year.
WIND POWER UNITS:
The Power
generated at Ramagiri Wind Mills during the year is 22,90,800 Units against
19,24,800 Units generated last year.
The Power
generation at the Tamil Nadu Wind Mill operations during the year under report
is 2,15,13,009 Units
against
2,52,48,980 Units of last year. This Power is being fed into Tamil Nadu State
Electricity Board grid.
PROJECTS:
Due to the
advantage of economy of scale and diversification, the Company continues to
focus its strategy on
Expansion and Diversification Programmes.
A 400 TPD Caustic
Soda Plant using Energy Efficient Technology is in operation at Saggonda.This
Plant produces Caustic Soda which is converted into Caustic Soda Flakes and Lye
as per the market requirement. At present a 60 TPD Caustic Soda Flaking Plant
is in operation which is unable to fully meet the increased demand. Keeping
this in view, a new 70 TPD Caustic Soda Flaking Plant is proposed to be set up
at Saggonda. The new Plant will use an Energy Efficient design which would
consume lesser energy. Orders for equipment have been placed and the Plant is
expected to be in operation during the current Financial Year.
The Company owns 42.28
acres of land in Jawaharlal Nehru Pharmacity Non SEZ area, Parawada,
As domestic market
for Aspirin is not encouraging, the Company focus is to widen the International
market base. Keeping this in view the present 1000 TPA Aspirin Plant is being
expanded to 2000 TPA. The Committee of AP State Pollution Control Board has
conveyed it’s preliminary approval of their application. Formal approval is
awaited after which necessary steps will be taken to obtain other approvals
required.
In addition to
Wind Mills established at Kundadam, Annaikulam, Kurichampatti and Surandai in
Tamil Nadu and Ramagiri in Andhra Pradesh, 5 MW Wind Turbine Generators at four
locations at Palladam in
These Projects are expected to strengthen the Company’s product range
and improve revenue generation.
AWARD:
The Directors are happy to inform that in appreciation of the
achievements in Energy Conservation in the Chlor-
Alkali Sector for the year 2011, Government of India, Ministry of Power,
was pleased to award the First Prize to
the Company’s Chemicals and Fertilizers Division at Saggonda.
CERTIFICATION:
The Company’s
Chemicals and Fertilisers Division at Saggonda has received ISO 14001:2004 and ISO
9001L:2008 Certification pertaining to Manufacture and Sale of Caustic Soda Lye
and Flakes, Chlorine, Hydrochloric Acid, Sodium Hypochlorite, Hydrogen Gas,
Poly Aluminum Chloride and Sulphuric Acid at this Division.
SUBSIDIARY COMPANIES:
JOCIL LIMITED:
For the Financial
Year ending 31-3-2012, the subsidiary Company, JOCIL Limited, posted a profit
of Rs. 186.042 Millions (before taxation) against Rs.284.533 Millions (before
taxation) last year. The Board of this Subsidiary has recommended a Dividend of
Rs.5/- per share on the Enhanced Capital of 88,81,150 Equity Shares resulting
out of the allotment of Bonus Shares in the ratio 1:1 during the year. Dividend
paid last year was Rs.8/- per share on 44,40,575 Equity Shares.
THE ANDHRA FARM CHEMICALS CORPORATION LIMITED:
During the year
under report 81 MTs of Hydrazine Hydrate was produced against 87 MTs last year.
The Company achieved a sales of Rs. 60.620 Millions against Rs. 72.575 Millions
and incurred a loss of Rs.3.356 Millions against the loss of Rs. 4.763 Millions
last year.
A. Conservation of Energy:
TANUKU UNITS:
1. Energy conservation measures taken.
The following energy conservation measures were taken up at Sugar Unit –
I, during the financial year ended by 31-03-2012.
a) Vapour line juice heater was installed on “Set – A” evaporators for
primary juice 1st
stage
heating.
b) Liquid – Liquid heater was installed for primary juice 2nd stage heating with
condensate.
c) Installed two stage heating for press juice with 3rd vapour and 2nd vapour.
d) Clear juice heating with 1st vapour instead of exhaust.
e) Pan washing with 1st
vapour instead of exhaust.
f) R.O. water heating with 2nd vapour.
2. Additional investments and proposals, if any, being implemented for
reduction of consumption of
energy.
The following Energy Saving Measures were proposed with an estimated
investment of Rs. 11.600 Millions and
are being implemented during this off-season.
a) Vapour line juice heater on “Set – B” evaporators for primary juice 1st stage heating.
b) An ejector heat filtrate with clarifier flash.
c) Tubular heaters for syrup heating with 2nd vapour instead of 1st vapour.
d) Molasses conditioning with 1st vapour instead of live
steam.
e) Melting B-seed, C-seed and Rori and Powder using syrup and2nd
vapour
f) Heating the condensate in Liquid-Liquid heater using exhaust
condensate to as super heated
wash water.
Impact of the measures at (a) and (b) above for reduction of energy
consumption and consequent
impact on the cost of production of goods.
a) Energy Saving Measures taken in 2011 off-season have given
good results.
·
Comparing to earlier season, about 4768 MTs of
extra steam (which is equal to 2649 MTs of bagasse) was supplied to their
chemical units.
·
About 735 MTs of bagasse was sent to Sugar Unit-II,
Taduvai.
·
M – grade sugar production was increased to 74.35%
from 61.23%, which requires 2-3% extra steam.
(@ 2% steam, bagasse saving
shall be 1% i.e., for 2.2 lakh tonnes cane, bagasse saving is 2200 MTs).
Total bagasse saving is 5584 MTs which generated a revenue of Rs. 61.42
lakhs @ Rs. 1100/- per MT of bagasse.
The reduction in cost of production is nearly about Rs. 21.85 per
quintal of sugar produced in 2011-2012 season.
b) With the steam
saving measures proposed for 2012 off-season, the steam saving could be 3.23%
on cane. The bagasse saving could be around 1.6% on cane. For the expected cane
crush of 2.25 lakhs tonnes in the ensuing season, the net bagasse saving could
be 3600 MTs valued at about Rs. 3.960 Millions considering the bagasse rate @
Rs. 1100/- per
SUGAR UNIT – III, BHIMADOLE:
Conservation of Energy:
1. Energy conservation measures taken
The Following Steam Economy Measures were taken up during 2011
off-season to reduce steam % Cane.
a) Press juice heating with 1st and 2nd vapour condensate.
b) Utilising the heat from the Clarifier flash.
c) Condensate flash system
d) Use of 1st vapour for pan washing instead of exhaust
e) 1st and 2nd body Ammonia
ventings for Sugar Drier.
f) Clear juice heating with 1st vapour and Exhaust.
With the above measures, there was a saving of Bagasse around 6000 MTs.
During the last cane crushing
season 2,65,847 MTs of cane crushed.
2. Additional investments and proposals, if any, being implemented for
reduction of consumption
of energy.
The following Steam Economy Measures are being taken up during the
present off-Season to reduce the
Steam % Cane.
a) Tubular heater for syrup heating from 60 to 75°C using 2 nd vapour.
b) Scalding juice heating from 74 to 85°C b y using 3rd vapour.
c) Condensates flash system from exhaust condensate in two stages.
d) Melting B-Seed and C-Seed and Rori and Powder, using syrup and 2nd vapour.
e) Conversion of evaporator set Quad to Quintuple by adding 1000 m2 evaporator bodies
(2 Nos.) to have
extensive vapour bleeding.
3. Impact of the measures at (a) and (b) for reduction of energy
consumption and consequent impact
on the cost of production of goods.
With the above
proposed steam reduction measures, we expect the steam requirement to get
reduced by about
6.95% on Cane. For
an expected cane crush of 2.80 Iakhs MTs for the ensuing season, the net
bagasse saving
would be about
9,700 MTs which could generate a revenue of about Rs. 106.70 lakhs @ Rs. 1100/-
per MT of
bagasse. There could be a reduction in cost of production by Rs. 38.00
per Quintal of Sugar.
CHEMICAL COMPLEX, KOVVUR:
VFDs are proposed to be installed for pumps and compressors for reducing
Auxiliary Power consumption, as the
plant is operating at reduced capacity.
CHEMICAL COMPLEX, SAGGONDA:
1. Installation of latest technology Caustic Soda Flaking Plant of 70
TPD capacity.
2. Renovation of existing Evaporation plant to reduce steam.
3. 7 Nos of VFDs proposed for various Brine and other pumps.
4. Re-coating of one Electrolyser to reduce power consumption.
5. Membrane replacement with high performance Membranes.
MANAGEMENT DISCUSSION AND ANALYSIS:
The Company is
engaged in the manufacture and Sale of Sugar, Organic and Inorganic Chemicals,
at Plants located at Tanuku, Kovvur, Taduvai, Saggonda, and Bhimadole.
Non-conventional Wind Power is being generated at Ramagiri in Andhra Pradesh
and at the villages of Karichampatti, Navanteetha Krishnapuram, Annaikulam,
Ayan Surandai, Kuruchimpatti in Tirunalvelli District and at Thoppampatti,
Eragampatti, Gethelrev, Marathur, Palladam and Kundadam in Tirpur District in
Tamil Nadu.
SUGAR INDUSTRY:
Sugar is
manufactured at Sugar Unit-I (Tanuku), Sugar Unit-II (Taduvai) and Sugar
Unit–III (Bhimadole). Molasses which is a by-product from these Sugar Plants is
the raw material for the Company’s Distillery located at Tanuku. Industrial
Alcohol and Ethanol are produced at this Distillery. Industrial Alcohol is the
raw material for Ethanol and other organic chemicals manufactured at the
Chemical Plants at Tanuku. Bagasse which is a residue at the Sugar Plants after
extraction of juice is being used to fuel the Co-generation operation.
Carbondioxide which is a by-product of fermentation at the Distillery is
purified and used as one of the raw materials to produce Salicylic Acid which
goes into the manufacture of Aspirin.
The Sugar Industry which is a major segment of the Agricultural economy
continues to reel under the pressure of various Government controls. Mandatory
stipulation to supply 10% of Sugar output at levy price below cost, release
mechanism as per the directions of the Government, fixation of Minimum Cane
Price by the Government,
imposition of limit on Sugar stock holding by buyers are some of the
major factors of concern that continues to be
affecting the financial health of the Sugar Industry. Inconsistent
export policy, imposition of VAT and acute labour
shortage has compounded the problems further. In this scenario there is
an need for the Government to
initiate necessary measures for the decontrol of the Industry to arrest
the fall in the growth of the Sugar sector.
A Committee has been
constituted by the Government to examine the issues relating to age old
controls over the
Sugar Industry. It
is hoped that the Committee would soon come out with appropriate measures to
free the Industry from the control regime. Ethanol blending programme with
petrol was viewed as a value added business
opportunity to the
Mills. This programme is yet to take off in a big way as the price to be paid
for Ethanol is not yet
finalized. Another
much needed support required from the Government is to provide much needed
financial and other assistance to the farmers to go in for mechanization in a
big way. This would help them to overcome the labour shortage.
The Company has
been giving constant thrust to Sugarcane Research and Development to help
farmers improve the yield per acre and make Cane farming attractive. Research
Farms are maintained by the Company where a number of lines of cane bred under
this programme are under trial, with some lines showing promising results. To
minimize the impact of acute labour shortage, Paved Raw Sugarcane planters are
being developed at the Company’s Research facility. Planting trials with this
plantation on large scale have shown encouraging results. This is the first
step towards mechanical harvesting. Work is in progress on Bed Formers too.
This will facilitate proper output with mechanical harvesters. Keeping in view
the interest of the farmers, the Company has been paying a Cane price higher
than the “Fair Remunerative Price” in addition to Incentives and Subsidies to ensure
that farmers see cane farming as remunerative as other commercial crops.
CHLOR-ALKALI PRODUCTS:
The Company has an integrated Inorganic Chemical Complex at Kovvur and
Saggonda, manufacturing a range
of inorganic Chemicals.
Power constitutes a major input cost in the manufacture of Caustic Soda.
Increased power cost is affecting the
competitiveness of this Industry. This has necessitated the industry to
look at Energy Efficient operation to reduce the Power consumption. The
Company’s Caustic Soda Plant at Saggonda is operated using an Energy Efficient
Technology. Hydrogen and Chlorine, the by-products at Caustic Soda Plant are
used to produce value added products.
To be able to
operate the Caustic Soda Plant at full capacity utilization of Chlorine is a
bottle neck. A Poly Aluminum Chloride Plant is already in operation and a
Sodium Hypochlorite Plant is being set up. Other Chlorine
based products are being considered in order to utilize maximum Chlorine
in-house.
POWER:
The Company’s major
segment is the Chlor-Alkali Division, which is a Power intensive operation. The
Power availability scenario in the State has been dismal. It is therefore
essential to have access to quality and sufficient
Power at a
competitive price. The Company has invested in the Andhra Pradesh Gas Power
Corporation Limited (APGPCL), a gas based Power generating Company located at
Vijjeswaram in West Godavari District. The cost of electricity availed from
APGPCL is cheaper than that from the grid, giving the Company an advantage to
remain competitive in the Chlor Alkali sector. A decision to set up Gas based
Power Project at Saggonda and a Gas Turbine combined Heat Power Plant at Tanuku
has been put on hold in view of the uncertainty in Gas supply
from the
The Co-generation
unit at Taduvai wheeled more power to the Saggonda unit compared to last year
in spite of Power interruption. During the current year the Power generation
unit at Tanuku achieved grid synchronization. Power generated at this location
can now be either exported to the State Electricity Board or could be wheeled
to their other units. Looking ahead and keeping in view the Power availability
scenario in the country, the Company’s efforts would be directed towards
attaining self-sufficiency in Power.
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
The Company has
earned a Gross Profit of Rs. 1968.800 Millions (before interest and
depreciation) against s. 1084.300 Millions (before interest and depreciation)
in last year.
The Fund based
working capital limits remain unchanged at Rs. 1700.000 Millions. The gross
Fixed Assets of the Company as on 31.3.2012 is Rs. 8406.000 Millions compared
to Rs. 8003.300 Millions during the previous year 2010-11. The Company has a
net worth of Rs. 4682.100 Millions.
The Company is
eligible for interest free Sales Tax Deferment Loan of Rs. 820.700 Millions up
to the financial year 2012-13. During the year 2011-12, the Company has availed
a deferment loan of Rs. 35.800 Millions and the aggregate deferment loan
availed as at 31st
March,
2012 was Rs. 456.300 Millions. Repayment will commence from the current
Financial Year 2012-13.The Company has availed interest free loans from the
Consortium of Bankers to an extent of Rs. 190.000 Millions as per the facility
provided by the Government of India to the Sugar Industry. The loan is
repayable in 24 instalments after a moratorium of two years from the date of
availment. With the repayment of final instalment in February, 2012 this loan
has been repaid in full.
CONTINGENT
LIABILITY NOT PROVIDED FOR IN RESPECT OF:
(Rs. In Millions )
|
Particular |
31.03.2012 |
31.03.2011 |
|
a) Estimated amount of contracts remaining to be executed in capital account |
648.676 |
103.141 |
|
b) Uncalled liability on partly paid shares held as investments |
2.466 |
4.204 |
|
c) Liability on account of membership in Alkali Manufacturers Association of India, a Company Limited by guarantee |
1.000 |
1.000 |
|
d) Claim against the Company not admitted |
126.043 |
2.466 |
|
e) Guarantees issued for obligations arising out of events occurred at the Balance Sheet date |
156.304 |
9.500 |
|
f) On letter of credit opened with banker for purchase of Material |
476.205 |
327.068 |
|
g) Claims not acknowledged by the Company relating to the following area |
|
|
|
i) Income Tax |
14.189 |
6.773 |
|
ii) Excise2945.41 |
168.048 |
0.000 |
|
iii) Service Tax |
2.122 |
9.231 |
|
iv) Sales Tax |
2.600 |
2.600 |
|
v) State Levies |
19.241 |
17.125 |
|
vi) Suppliers and Service contract |
17.359 |
14.656 |
|
vii) Labour related |
0.500 |
0.500 |
|
vii) Others |
0.348 |
0.336 |
|
|
|
|
STATEMENT OF STANDALONE UNAUDITED RESULTS FOR
THE QUARTER ENDED 30.09.2012
Rs in Millions
|
|
|
|
|
Year
to date |
|
|
|
3
months |
Preceding |
figures
for |
|
|
Particulars |
ended |
3
months |
the current |
|
|
|
(30/09/2012) |
ended (30/06/2012) |
period ended (30/09/2012) |
|
|
(Refer Notes
Below) |
(UNAUDITED) |
(UNAUDITED) |
(UNAUDITED) |
|
1. |
Income from Operations |
|
|
|
|
|
(a) Net Sales/Income from Operations |
|
|
|
|
|
(Net of Excise duty) |
2043.737 |
2082.456 |
4126.193 |
|
|
(b) Other Operating Income |
94.703 |
74.876 |
169.579 |
|
|
Total Income from Operations (Net) |
2138.440 |
2157.332 |
4295.772 |
|
2. |
Expenses |
|
|
|
|
|
a) Cost of
Material Consumed |
462.589 |
439.398 |
901.987 |
|
|
b)
Purchase of stock in trade |
0.000 |
0.000 |
0.000 |
|
|
c) Changes
in inventories of finished goods, |
|
|
|
|
|
work-in-progress and stock-in-trade |
588.977 |
629.940 |
1218.917 |
|
|
d)
Employee benefits expense incl. Mang. Remn. |
177.979 |
168.987 |
346.966 |
|
|
e)
Depreciation and amortisation expense |
102.176 |
102.773 |
204.949 |
|
|
f) Other Expenditure
(Any item exceeding 10% of the |
|
|
|
|
|
total expenses relating to continuing operations |
|
|
|
|
|
to be shown separately) |
177.823 |
246.981 |
424.804 |
|
|
g) Power
and Fuel |
300.441 |
245.005 |
545.446 |
|
|
Total Expenditure |
1809.985 |
1833.084 |
3643.069 |
|
3. |
Profit from Operations before Other Income,
finance |
|
|
|
|
|
cost and Exceptional Items(1-2) |
328.455 |
324.248 |
652.703 |
|
4. |
Other Income |
49.229 |
15.651 |
64.880 |
|
5. |
Profit from ordinary activities before finance
costs and |
|
|
|
|
|
Exceptional Items (3+4) |
377.684 |
339.899 |
717.583 |
|
6. |
Finance costs |
50.114 |
60.367 |
110.481 |
|
7. |
Profit from ordinary activities after finance
costs but |
|
|
|
|
|
before Exceptional Items (5+6) |
327.570 |
279.532 |
607.102 |
|
8. |
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
9. |
Profit (+) / Loss (-) from Ordinary Activities
before |
|
|
|
|
|
tax (7+8) |
327.570 |
279.532 |
607.102 |
|
10. |
Tax expenses (including Deferred Tax) |
104.000 |
90.000 |
194.000 |
|
11. |
Net Profit (+) / Loss (-) from Ordinary Activities
after |
|
|
|
|
|
tax (9-10) |
223.570 |
189.532 |
413.102 |
|
12. |
Extraordinary Items (net of tax expenses Rs. nil) |
0.000 |
0.000 |
0.000 |
|
13. |
Net Profit (+) / Loss (-) for the period (11+12) |
223.570 |
189.532 |
413.102 |
|
14. |
Paid-up equity share capital (Rs.10/- per share) |
271.071 |
271.071 |
271.071 |
|
15. |
Reserves
Excluding Revaluation reserves (as per balance sheet of previous accounting
year) |
|
|
|
|
16. |
Earnings per share (EPS) (Rs.) |
|
|
|
|
16. i |
a) Basic and Diluted EPS before Extraordinary |
|
|
|
|
|
items for the period, for the year to date |
8.25 |
6.99 |
15.24 |
|
|
and for the previous year |
|
|
|
|
16. ii |
b) Basic and Diluted EPS after Extraordinary |
|
|
|
|
|
items for the period, for the year to date |
8.25 |
6.99 |
15.24 |
|
|
and for the previous year |
|
|
|
|
PART II |
|
|||
|
A |
PARTICULARS OF SHARE
HOLDING |
|
|
|
|
1. |
Public shareholding |
|
|
|
|
|
-Number of shares |
14419383 |
14407083 |
14419383 |
|
|
-Percentage of shareholding |
53.19 |
53.15 |
53.19 |
|
2. |
Promoters and promoter group Shareholding a) Pledged/Encumbered |
|
|
|
|
|
-Number of shares |
Nil |
Nil |
Nil |
|
|
-Percentage of shares (as a % of the total |
|
|
|
|
|
shareholding of promoter and promoter group) |
— |
|
— |
|
|
-Percentage of shares (as a % of the total |
|
|
|
|
|
share capital of the company) |
— |
|
— |
|
|
b) Non encumbered |
|
|
|
|
|
-Number of shares |
12687695 |
12699995 |
12687695 |
|
|
-Percentage of shares (as a % of the total |
|
|
|
|
|
shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
-Percentage of shares (as a % of the total |
|
|
|
|
|
share capital of the company) |
46.81 |
46.85 |
46.81 |
|
|
PARTICULARS |
3 months ended
(30/09/2012) |
|
A |
INVESTOR COMPLAINTS |
|
|
|
Pending at the begining of the quarter |
Nil |
|
|
Received during the quarter |
28 |
|
|
Disposed of during the quarter |
28 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
|
|
|
|
Notes:
·
Previous period figures are regrouped to make it
comparable.
·
The above results, reviewed by the Audit Committee,
were approved by the Board of Directors at its Meeting held on 03.11.2012.
·
Statutory Auditors have carried out a Limited Review
of the above results.
SEGMENT-WISE REVENUE, RESULTS AND CAPITAL
EMPLOYED, UNDER CLAUSE 41 OF THE LISTING AGREEMENT FOR THE QUARTER ENDED
30.09.2012
Rs in Millions
|
Particulars |
3 months ended (30/09/2012) |
Preceding 3 months ended (30/06/2012) |
Year to date figures for the current period ended (30/09/2012) |
|
|
|
(UNAUDITED) |
(UNAUDITED) |
(UNAUDITED) |
|
|
1) |
Segment
Revenue :- (Net
Sales / Income from Operations) a. SUGAR b. CAUSTIC SODA c. POWER GENERATION d. INDUSTRIAL CHEMICALS e. UNALLOCATED |
679.005 978.093 62.952 382.421 184.147 |
840.166 947.216 75.514 380.964 119.217 |
1519.171 1925.309 138.466 763.385 303.364 |
|
|
TOTAL: Less: Inter
segment revenue |
2286.618 148.178 |
2363.077 205.745 |
4649.695 353.923 |
|
|
Net Sales / Income from
operations |
2138.440 |
2157.332 |
4295.772 |
|
2) |
Segment
Results :- (Profit
(+)/ Loss(-) before Tax and Interest) a. SUGAR b. CAUSTIC SODA c. POWER GENERATION d. INDUSTRIAL CHEMICALS e. UNALLOCATED |
(17.036) 238.498 34.145 90.960 31.117 |
4.399 240.941 18.827 55.303 20.429 |
(12.637) 479.439 52.972 146.263
51.546 |
|
|
TOTAL: Less : Interest |
377.684 50.114 |
339.899 60.367 |
717.583 110.481 |
|
|
Total Profit
Before Tax |
327.570 |
279.532 |
607.102 |
|
3) |
Capital
Employed :- (Segment
Assets- Segment Liabilities) a. SUGAR b. CAUSTIC SODA c. POWER GENERATION d. INDUSTRIAL CHEMICALS e. UNALLOCATED |
2188.140 2781.391 1108.750 305.448 946.130 |
2212.775 2525.387 1075.963 443.946 1100.084 |
2188.140 2781.391 1108.750 305.448 946.130 |
|
|
Total Capital Employed in
the Company |
7329.859 |
7358.155 |
7329.859 |
STANDALONE STATEMENT OF ASSETS AND
LIABILITIES
Rs in Millions
|
Standalone
Statement of Assets and Liabilities Particulars |
As at Current half year end 30/09/2012 |
|
|
|
|
Unaudited |
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders'
Funds |
|
|
|
(a) Share Capital |
271.101 |
|
|
(b) Reserves and Surplus |
4824.130 |
|
|
Sub-Total
- Shareholders' funds |
5095.231 |
|
|
|
|
|
2 |
Non-Current
Liabilities |
|
|
|
(a) Long-term borrowings |
1412.389 |
|
|
(b) Deferred tax liabilities (Net) |
822.239 |
|
|
(c) Other Long term liabilities |
530.381 |
|
|
(d) Long-term provisions |
106.770 |
|
|
Sub-Total
- Non-current liabilities |
2871.779 |
|
3 |
Current
Liabilities |
|
|
|
(a) Short term borrowings |
520.511 |
|
|
(b) Trade payables |
472.196 |
|
|
(c) Other current liabilities |
1058.363 |
|
|
(d) Short-term provisions |
1084.576 |
|
|
Sub-Total
- current liabilities |
3135.646 |
|
|
|
|
|
|
Total
- EQUITY AND LIABILITIES |
11102.656 |
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
4898.708 |
|
|
(b) Non-current investments |
750.294 |
|
|
(2) Long term loans and advances |
283.646 |
|
|
Sub-Total
- Non-current assets |
5932.648 |
|
2 |
Current assets |
|
|
|
(a) Inventories |
1740.327 |
|
|
(b) Trade receivables |
995.459 |
|
|
(c) Cash and cash equivalents |
784.665 |
|
|
(d) Short-term loans and advances |
1634.913 |
|
|
(e) Other current assets |
14.644 |
|
|
Sub-Total
- current assets |
5170.008 |
|
|
|
|
|
|
TOTAL
-ASSETS |
11102.656 |
AS PER WEB SITE
DETAILS
THEIR ACHIEVEMENTS
Their R and D has the
credit for developing many process technologies indigenously. It has developed
the process technologies for the Aspirin, Chlorosulphuric Acid, UDMH and MMH plants
and breeding of new varieties of cane.
First prize of the National
Awards for Energy Conservation in Chlor-Alkali Sector presented by the Dept. of
Power, Ministry of Power and Non-Conventional Energy Sources, Govt. of India.
Award for Best Marketing
Company of the year (Organised sector) presented by
Award for the Best
Technological Development in Research and Development by an Industrial
Organisation in the State presented by Federation of A.P. Chamber of Commerce
and Industry,
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
|
|
1 |
Rs.86.96 |
|
Euro |
1 |
Rs.69.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.