MIRA INFORM REPORT
|
Report Date : |
10.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
DHUNSERI PETROCHEM AND TEA LIMITED |
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|
|
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Formerly Known
As : |
DHUNSERI TEA AND INDUSTRIES |
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Registered
Office : |
Dhunseri House, 4-A, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
11.05.1916 |
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Com. Reg. No.: |
21-002697 |
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Capital
Investment / Paid-up Capital : |
Rs. 350.329 Millions |
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CIN No.: [Company Identification
No.] |
L15492WB1916PLC002697 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALD02820G |
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PAN No.: [Permanent Account No.] |
AABCD1597K |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares
are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Polyethylene
Terephthalate (Pet) Resin and Tea. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
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 |
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Maximum Credit Limit : |
USD 29860000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a flagship company of the Kolkata Based Dhunseri Group,
belonging to Dhanuka Family. It is a well established company having good
track. The company has recorded a healthy growth in its sales during 2011.
Financial position of the company appears to be sound. Trade relations are reported to be trustworthy. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered good 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A+ (Long Term Bank Facilities) |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
26.09.2012 |
|
Rating Agency Name |
CARE |
|
Rating |
A1+ (Short Term Facilities) |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
26.09.2012 |
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 : |
Dhunseri House, 4-A, |
|
Tel. No.: |
91-33-22821950 / 22836128 – 33 |
|
Fax No.: |
91-33-22878350 / 22801956 / 22834216 / 22836056 |
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E-Mail : |
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Website : |
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PET RESIN PLANT |
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Unit I : |
JL-126, Mouza-
Basudevpur, Haldia, District Midnapore (East), Pin - 721 602, West Bengal,
India |
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Unit II : |
JL-126, Mouza -
Basudevpur, PS Durgachak and JL-145 Mouza - Paranchak, PS Bhabanipur, Haldia,
District: Midnapore (East), Pin - 721 602, West Bengal, India |
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TEA ESTATES /
FACTORIES : |
Bahadur Tea
Estate, P.O. Tinsukia-786125, Assam,
India |
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Bahipookri Tea
Estate, P.O. Mazbat-784507, Assam,
India |
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Bettybari Tea Estate,
P.O. Mazbat-784507, Assam, India |
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Dhunseri Tea
Estate, P.O. Mazbat-784507, Assam, |
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Dilli Tea
Estate, P.O. Parbatpur786623, Assam, India |
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Hatijan Tea
Estate, P.O. Hoogrijan-786601, Assam, India |
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Khagorijan Tea
Estate, P.O. Sepekhati-786592, Assam, India |
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Khetojan Tea
Estate, P.O. Tinsukia-786125, Assam, India |
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Namsang Tea
Estate, P.O. Jeypore-786614, Assam, India |
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Orang Tea Estate,
P.O. Mazbat-784507, Assam, India |
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Santi Tea
Estate, P.O. Hoogrijan-786601, Assam, India |
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Primax Tea
Factory, P.O. Borhapjan-786150, Assam, India |
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Shreemoni Tea
Factory, P.O. Tingkhong-786612, Assam, India |
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Sona Assam Tea
Factory, P.O. Makum Junction-786170, Assam, India |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. C K Dhanuka |
|
Designation : |
Executive Chairman |
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|
Name : |
Mr. M Dhanuka |
|
Designation : |
Vice Chairman and Executive Director |
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Name : |
Mr. Bharat Bajoria |
|
Designation : |
Director |
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|
Name : |
Mr. Yvues Frank Lombard |
|
Designation : |
Director |
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|
Name : |
Mr. Joginder Pal Kundra |
|
Designation : |
Director |
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|
Name : |
Mr. Pradip Kumar Khaitan |
|
Designation : |
Director |
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|
Name : |
Mr. Basudeb Sen |
|
Designation : |
Director |
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|
Name : |
Mr. Anurag Bagaria |
|
Designation : |
Director |
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Name : |
Mr. R K Sharma |
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Designation : |
Executive Director (Finance) |
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Name : |
Mr. Biswanath Chhattopadhyay |
|
Designation : |
Managing Director and Chief Executive Officer |
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|
Name : |
Mr. Raj Narain Bharadwaj |
|
Designation : |
Director |
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|
Name : |
Mr. D P Jindal |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. K V Balan |
|
Designation : |
Company Secretary |
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|
Name : |
Mr. P. C. Dhandhania |
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Designation : |
Senior Vice President (Coo-Tea Division) |
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|
Name : |
Mr. R K Sharma |
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Designation : |
Senior Vice President (Finance) and CFO |
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|
Name : |
Mr. K. K. Tibrewalla |
|
Designation : |
Senior Vice President (IT SEZ) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2012
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|||
|
|
|
|
|||
|
(1) Indian |
|
|
|||
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|
907383 |
2.59 |
|||
|
Bodies Corporate |
18513996 |
52.86 |
|||
|
Sub Total |
19421379 |
55.45 |
|||
|
(2) Foreign |
|
|
|||
|
Bodies Corporate |
3795054 |
10.84 |
|||
|
|
3795054 |
10.84 |
|||
|
Total shareholding of Promoter and Promoter Group (A) |
23216433 |
66.29 |
|||
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|
|
|
|||
|
|
|
|
|||
|
Mutual Funds / UTI |
1200 |
0 |
|||
|
Financial Institutions / Banks |
255441 |
0.73 |
|||
|
Central Government / State Government(s) |
1175 |
0 |
|||
|
Insurance Companies |
2922569 |
8.34 |
|||
|
|
2000 |
0.01 |
|||
|
Any Others (Specify) |
2308641 |
6.59 |
|||
|
Foreign Bodies Corporate |
2308641 |
6.59 |
|||
|
Sub Total |
5491026 |
15.68 |
|||
|
(2) Non-Institutions |
|
|
|||
|
Bodies Corporate |
2044090 |
5.84 |
|||
|
Individuals |
|
|
|||
|
Individual shareholders holding nominal share capital up to Rs. 0.100
Million |
3776457 |
10.78 |
|||
|
Individual shareholders holding nominal share capital in excess of Rs.
0.100 Million |
398690 |
1.14 |
|||
|
Any Others (Specify) |
98058 |
0.28 |
|||
|
|
90566 |
0.26 |
|||
|
Foreign Nationals |
1348 |
0 |
|||
|
Custodian |
1134 |
0 |
|||
|
Clearing Members |
3855 |
0.01 |
|||
|
Trusts |
1155 |
0 |
|||
|
Sub Total |
6317295 |
18.04 |
|||
|
Total Public shareholding (B) |
11808321 |
33.71 |
|||
|
Total (A)+(B) |
35024754 |
100 |
|||
|
|
0 |
0 |
|||
|
(1) Promoter and Promoter Group |
0 |
0 |
|||
|
(2) Public |
0 |
0 |
|||
|
Sub Total |
0 |
0 |
|||
|
Total (A)+(B)+(C) |
35024754 |
0 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Polyethylene
Terephthalate (Pet) Resin and Tea. |
||||||
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||||||
|
Products : |
|
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity ** |
Actual
Production |
|
Tea |
Kgs. In Lacs |
-- |
103.03 |
|
Packet Tea |
Kgs. In Lacs |
-- |
27.72 |
|
Polyester Chips |
MT |
200000.00 |
200980.78 |
** Installed
Capacity as certified by the management.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
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|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountant |
|
|
|
|
Cost Auditors |
|
|
Name : |
Mani and Company Cost Accountant |
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|
|
|
Subsidiaries : |
|
|
|
|
|
Group Companies : |
|
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
351220000 |
Equity Shares |
Rs.10/- each |
Rs. 3512.200 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35024754 |
Equity Shares |
Rs.10/- each |
Rs. 350.248
Millions |
|
Add |
Shares Forfeited |
|
Rs. 0.081
Millions |
|
|
TOTAL |
|
Rs. 350.329 Millions |
NOTES
|
|
AS ON 31.03.2012 |
|
|
|
No. of Shares |
Rs. In Millions |
|
(a)
Reconciliation of number of shares Balance at the beginning of the year |
35,024,754 |
350.329 |
|
Issued pursuant
to a scheme of arrangement without payment being received in cash |
-- |
-- |
|
Balance as at the end of the year |
35,024,754 |
350.329 |
(b) The Company
has one class of equity share having a par value of Rs. 10 each. Each
shareholder is eligible for one vote per share held. The dividend proposed by the
Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting except in the case of interim dividend. In the
event of liquidation the equity shareholders are eligible and receive the
remaining assets of the Company after distribution of all preferential amounts,
in proportion to their shareholding.
|
SHARE CAPITAL |
As at 31 March, 2012 |
|
(c) List of shareholders holding more than 5% of Issued, Subscribed
and Paid-up share. |
|
|
Dhunseri Investments Limited |
11,988,252 34.23% |
|
Naga Dhunseri Group Limited |
3,078,759 8.79% |
|
Yves Lombard Asset Management A G |
3,795,054 10.84% |
|
International Finance Corporation |
2308641 6.59% |
(d) Terms of
securities/other liabilities convertible into equity shares :
(e) Shares
allotted as fully paid pursuant to contracts without payment being received in
cash (during five years immediately preceding 31st March, 2012).
(i) During the
year 2010-11- 23,313,859 Equity Shares of Rs. 10/- each were issued as fully
paid up, issued pursuant to the scheme of arrangement without payment being
received in cash.
(ii) During the
year 2008-09- 4,727,095 Equity Shares of Rs. 10/- each were issued as fully
paid up, issued pursuant to the scheme of amalgamation without payment being received
in cash.
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 |
350.329 |
350.329 |
117.190 |
|
|
2] Share Application Money |
0.000 |
0.000 |
233.139 |
|
|
3] Reserves & Surplus |
7115.849 |
6804.169 |
5715.408 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
7466.178 |
7154.498 |
6065.737 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5912.242 |
2976.047 |
3042.334 |
|
|
2] Unsecured Loans |
1518.084 |
629.147 |
933.294 |
|
|
TOTAL BORROWING |
7430.326 |
3605.194 |
3975.628 |
|
|
DEFERRED TAX LIABILITIES |
723.762 |
671.104 |
382.750 |
|
|
|
|
|
|
|
|
TOTAL |
15620.266 |
11430.796 |
10424.115 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5741.126 |
5745.553 |
5370.120 |
|
|
Capital work-in-progress |
3504.131 |
467.546 |
435.658 |
|
|
|
|
|
|
|
|
INVESTMENT |
2225.320 |
1407.487 |
815.622 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.0000 |
|
|
OTHER NON CURRENT ASSETS |
16.487 |
18.707 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2274.013
|
1823.723
|
760.730 |
|
|
Sundry Debtors |
2516.800
|
1721.830
|
1491.152 |
|
|
Cash & Bank Balances |
2763.200
|
2603.517
|
2381.979 |
|
|
Other Current Assets |
437.513
|
1122.648
|
6.549 |
|
|
Loans & Advances |
1530.147
|
1012.701
|
1128.610 |
|
Total
Current Assets |
9521.673
|
8284.419 |
5769.020 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4411.806
|
3213.332
|
1274.027 |
|
|
Other Current Liabilities |
748.798
|
968.574
|
524.634 |
|
|
Provisions |
227.867
|
311.010
|
167.644 |
|
Total
Current Liabilities |
5388.471
|
4492.916 |
1966.305 |
|
|
Net Current Assets |
4133.202
|
3791.503
|
3802.715 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
15620.266 |
11430.796 |
10424.115 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
19794.475 |
15939.482 |
11401.042 |
|
|
|
Other Income |
250.823 |
1091.113 |
633.950 |
|
|
|
TOTAL (A) |
20045.298 |
17030.595 |
12034.992 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
15601.058 |
11469.291 |
0.000 |
|
|
|
Purchases of Stock In Trade |
118.240 |
0.000 |
0.000 |
|
|
|
Employees Benefits Expenses |
543.148 |
482.998 |
0.000 |
|
|
|
Other Expenses |
2693.189 |
2667.985 |
10236.817 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(242.908) |
(101.156) |
105.348 |
|
|
|
TOTAL (B) |
18712.727 |
14519.118 |
10342.165 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1332.571 |
2511.477 |
1692.827 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
412.156 |
258.891 |
232.979 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
920.415 |
2252.586 |
1459.848 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
330.079 |
311.423 |
278.780 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
590.336 |
1941.163 |
1181.068 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
95.477 |
668.070 |
290.530 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
494.859 |
1273.093 |
890.538 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
490.286 |
2031.669 |
84.913 |
|
|
|
|
|
|
|
|
|
|
Balance
added pursuant to the scheme of arrangement |
-- |
-- |
1308.677 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
49.500 |
2630.644 |
89.054 |
|
|
|
Proposed Dividend |
157.600 |
157.648 |
140.131 |
|
|
|
Tax on Dividend |
25.600 |
26.184 |
23.274 |
|
|
BALANCE CARRIED
TO THE B/S |
752.445 |
490.286 |
2031.669 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
5470.006 |
4937.332 |
3842.666 |
|
|
|
Interest Income On FD |
4.279 |
5.789 |
15.386 |
|
|
|
Service Charges Received |
14.655 |
40.484 |
80.561 |
|
|
TOTAL EARNINGS |
5488.940 |
4983.605 |
3938.613 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
6666.282 |
4791.952 |
2945.795 |
|
|
|
Stores & Spares |
177.842 |
10.160 |
19.905 |
|
|
|
Capital Goods |
1239.417 |
9.851 |
1.583 |
|
|
|
Traded Goods |
134.137 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
8217.678 |
4811.963 |
2967.283 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
14.13 |
36.35 |
25.45 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 4870.680 |
|
|
1st
Quarter |
|
Net Sales |
4870.680 |
|
Total Expenditure |
4934.310 |
|
PBIDT (Excl OI) |
(63.630) |
|
Other Income |
195.100 |
|
Operating Profit |
131.470 |
|
Interest |
89.770 |
|
Exceptional Items |
0.000 |
|
PBDT |
41.700 |
|
Depreciation |
82.400 |
|
Profit Before Tax |
(40.690) |
|
Tax |
26.650 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
(67.340) |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
(67.340) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.47
|
7.48 |
7.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.98
|
12.18 |
10.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.87
|
13.84 |
10.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.27 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.81
|
1.23 |
1.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.77
|
1.84 |
2.93 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
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 |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
PERFORMANCE
PETROCHEM DIVISION
The PET plant at Haldia
operated at 105% capacity utilisation. The production of PET resin increased
from 2,00,981 MT in 2010-11 to 2,08,975 MT in 2011-12.
Although the plant
operated in excess of 100% capacity utilization the margins remained under
pressure throughout the year. Further the unexpected and steep decline in the
value of Indian Rupee against other foreign currencies also affected the
bottomline.
The Directors take
satisfaction to inform that all the term loans pertaining to the first PET
project of the Company have been fully repaid in the financial year 2011-12.
The pledge of 53,04,700 shares in the Company held by Dhunseri Investments
Limited, provided as a security in respect of the aforesaid term loans, have
since been released on 3rd April 2012.
As reported in
last year’s Directors’ Report in respect to the unfortunate incidence of fire
due to electrical short circuit in the raw materials godown at Haldia plant on
14th March 2011, the Directors wish to inform that the claims under the “Stock
Policy” towards destruction of raw materials and packing materials and
reimbursement of expenses aggregating to Rs. 518.200 Millions have been settled
by the insurance company to the tune of Rs. 362.600 Millions (net of salvage of
Rs. 53.200 Millions) in the current year. The shortfall on this account
amounting to Rs. 102.400 Millions has been charged off in the books of accounts
for the year ended 31st March 2012.
Further, during
the current year the Company restored to operation some fire damaged fixed
assets valuing Rs. 28.900 Millions in the books and as on 31st March 2012 is
carrying Rs. 98.200 Millions in the books of accounts towards amount receivable
from insurance company on account of loss incurred on damage/ destruction of
fixed assets and spares under “Industrial All Risk” (IAR) policy. The Company
expects to receive the claim amount under IAR policy shortly.
TEA DIVISION
Crop in Assam was
affected due to early close of season due to no rain from end September 2011
till first week of April 2012 resulting in severe drought. There was increased
pest activity due to very unfavourable weather condition.
The production of
the Company increased from 103.03 lac kgs tea made to 134.81 lac kgs tea made
mainly due to addition from new bought leaf factories. However, price
realisation was substantially lower due to poor market condition for medium
quality teas especially from new bought leaf factories where quality parameters
could not be stabilised in the first year. Orthodox market was also
substantially lower by Rs. 20/- due to fall in prices of orthodox teas as
compared with Rs. 17.16 lower for their teas.
PROSPECTS
PETROCHEM DIVISION
The existing plant
is running at full capacity utilisation and is expected to operate likewise in
the coming year.
The project for
expansion of the PET plant capacity in Haldia to 4,10,000 TPA from 2,00,000 TPA
is progressing satisfactorily. Mechanical completion is expected to be achieved
around middle of May 2012. Start up of trial run is expected around middle of June
2012. Delay in the project completion is due to delay in civil construction
caused by heavy rains during construction.
With this the
capacity of the Company’s total production will increase to around 3,50,000
tonnes for the financial year 2012-13. The Company appointed marketing
representatives in various international markets and is gearing up to meet
marketing challenges to sell enhanced production.
As already
reported in the last report, the Company plans to produce and market barrier
resins using M and G’s state of the art BicoPET technology, after carrying out
necessary modifications in the existing plant. All the equipments for this
purpose have been procured. The erection of these equipments will be done after
the commissioning of the new plant. After the erection of the plant and
machinery, the commissioning will be synchronised with the maintenance shutdown
of the existing plant.
TEA DIVISION
Tea garden
received some useful rain in the second week of April (after prolonged drought
for the past six months) and now crop prospects appears to be good from the
month of May 2012 onwards. The Company mitigated the ill effect of drought to a
large extent by continuous use of sprinkler irrigation. Some gardens in South
Bank also suffered this year due to less rainfall up to February 2012 where
irrigation facilities are provided only for
newly planted tea
areas.
Continued emphasis
given on manufacturing quality teas yielded favourable results in some gardens.
However, all the gardens have been brought under similar manufacturing process
to improve the quality as well as grade mix and there should be substantial
improvement in overall quality of teas to be produced by the Company in the
Season 2012.
Company’s packet
tea brands LAL GHORA and KALA GHORA continued to receive good response from
consumers due to overall improvement in quality and also packaging which helped
in achieving the targeted sale quantity and it is expected that there should be
substantial increase in sale quantity in 2012-13 as the trend shows for the
month of April 2012.
The tea market is
expected to remain good during the year and difference in prices would be
maintained for quality teas.
The Company has
sold and handed over one tea factory in Assam and negotiation for another tea factory
is under progress and expected to be completed shortly.
The operations of
the remaining two bought leaf factories are being stabilised and is expected to
achieve the targeted quantity of 3 mn kg tea made depending on availability of
quality green leaf at competitive rates in the area. A new factory at Hatijan
Tea Estate is being constructed having an annual capacity of 1.5 mn kg
production and commercial production will start from the first week of May
2012.
Further subsequent
to the end of financial year 2011-12, the Company has entered into an agreement
for sale of one of the tea estates namely Namsang Tea Estate, having around 5%
of the production of the Company, at a consideration of Rs. 282.900 Millions
The Company’s
current tea production is 13.5 mn kg and is expected to reach 20 mn kg in the
next 2/3 years if negotiations to acquire tea gardens abroad fructifies.
IT-SEZ Division
The construction
work of ‘Dhunseri IT Park’ at Bantala is progressing gradually. In respect of
the first phase having a built up area of 3,70,000 sq. ft., the construction is
expected to be completed in the last quarter of financial year 2012-13.
Barring unforeseen
circumstances, the Company’s performance for the coming year is expected to be
satisfactory.
SUBSIDIARY COMPANY
1)
EGYPTIAN INDIAN
POLYESTER COMPANY S.A.E (EIPET):
EIPET’s project in
Egypt is progressing satisfactorily. Start up of trial run is expected to be
achieved by fourth quarter of financial year 2012-13.
2)
DOWAMARA TEA
COMPANY PRIVATE LIMITED (DTCPL):
Dowamara Tea
factory belonging to Dowamara Tea Company Private Limited (DTCPL), which is a
wholly – owned subsidiary of the Company, produced 5.25 lac kgs during the year
ended 31st March 2012. DTCPL suffered a loss of Rs. 11.264 Millions during the
current year.
3)
DHUNSERI PETROCHEM
AND TEA PTE LIMITED (DPTPL):
The Directors wish
to inform that a wholly owned subsidiary has been incorporated in Singapore on
28th December, 2011 under the name and style of Dhunseri Petrochem and Tea Pte
Limited for the purpose of transferring the investment of the Company in
Egyptian Indian Polyester Company S.A.E.(EIPET) to the aforesaid
subsidiary in
Singapore.
Upon receipt of the
approvals and other statutory permissions, the investment of the Company in
EIPET would be transferred to DPTPL.
BUSINESS SEGMENT REVIEW
PETROCHEMICALS
OVERVIEW
The Company
embarked on manufacturing polyethylene terephthalate resins owing to the growing
demand for clear, strong, lightweight unbreakable packaging material. The
Company’s domestic sales volumes accounted for 68% of total PET sales, whereas
the rest is exported across around 40 countries. The Company’s product is
approved by global health and safety agencies for use in foods and beverages.
ADVANTAGES OF PET
n PET resin
production process is environment-friendly over aluminium and glass manufacture
n PET offers
significant convenience advantages over glass – it is lightweight, transparent,
convenient while travelling, and recyclable
n PET offers
superior shelf life with low permeability to oxygen, carbon dioxide and water,
protecting content integrity
HIGHLIGHTS, 2011-12
FINANCIAL HIGHLIGHTS
n Increased sales
26% from Rs. 14190.900 Millions in 2010-11 to Rs. 17855.900 Millions. Despite
this, margins were under pressure due to fluctuating raw material prices and
the volatile foreign exchange scenario.
OPERATIONAL HIGHLIGHTS
n Achieved highest
PET resin production of 2,08,975 MT
n Accelerated
construction works at the Haldia plant for expansion (210,000 TPA) and
setting-up a new PET resin plant in Egypt (420,000 TPA) with their respective
commercial operations to start in June 2012 and Q4 FY 2012-13
n Achieved capacity
utilisation of 105% through preventive and predictive plant maintenance to
minimise downtime
n Commenced the
import of MEG (raw material) from internationally reputed producers to reduce
dependence on a single supplier
n Developed a fire
handling system through the following:
- Installed a 16,000 m3 water reservoir
- Procured additional fire tenders
- Installed sprinklers in raw material warehouse
- Installed LED lights in raw material warehouse
to enhance safety and lower power cost
n Optimised resource
utilisation at Haldia Plant 1 and 2 to reduce overheads
n Received SA 8000
certification for social accountability
MARKETING HIGHLIGHTS
n PET resin sales
increased from 200,680 tonnes in 2010-11 to 206,857 tonnes in 2011-12
n Domestic sales
increased 12% from 1,24,404 tonnes in 2010-11 to 1,39,673 tonnes in 2011-12,
resulting in better margins and improved working capital flow
n Hired
representatives in various countries to market added volumes in their
respective regions
n Increased product
packaging sizes to reduce logistics cost
OUTLOOK
n Undertake
technological advancements to enter new industry segments like beer, paints,
pharmaceutical, hot-filled beverages, ketchup and juices where shelf life is
higher
n Stabilise new
plant production, improve operational efficiency and achieve competitive cost
following commissioning
n Undertook pipeline
installation to transport MEG (raw material) directly from the port to the
plant, thereby reducing logistics cost
n Started
construction of a 10 MW coalbased power plant expected to be commissioned in Q2
FY13
n Undertook
construction of additional MEG tanks for storage at the plant site
n Undertook
installation of a coal-based 15 mn kcal/hr HTM heater for effective energy
competitiveness
TEA
OVERVIEW
The Company enjoys
a five-decade presence in the tea industry. Dhunseri’s tea estates are located
in Eastern Himalayas in Assam, with warm and wet climatic conditions that are
conducive to tea production.
Dhunseri is among
the top 10 tea producers in India, owning 10 tea estates and three bought leaf
factories. Seven gardens are located in upper Assam (South Bank) and four
gardens in lower Assam (North Bank). The Company produces CTC tea (marketed in
India through auctions and in packets under the brand name LAL GHORA and KALA
GHORA) and orthodox tea (100% sold through auctions). Packet tea is sold in
Rajasthan where the Company is a market leader.
Nine gardens with
tea factories are ISO 22000:2005-certified from DNV Business Assurance for food
safety systems. The said certification for Hatijan Tea Estate will be taken up
after commencement of commercial production.
HIGHLIGHTS, 2011-12
FINANCIAL HIGHLIGHTS
n Net sales
increased 14.33% from Rs. 1375.000 Millions in 2010-11 to Rs. 1572.100 Millions
OPERATIONAL HIGHLIGHTS
n Increased tea
production from 10.29 mn kgs in 2010-11 to 13.47 mn kgs, following the
acquisition of four bought leaf factories
n Operations being
stabilised at two bought leaf factories; sold one factory with a capacity of
1.8 mn kg and is in advanced stages of selling another with a capacity of 1 mn
kg, owing to regional and operational difficulties
n Suffered crop loss
due to severe drought and pest attacks
n Received ISO
22000:2005 certification (Food safety system) from DNV Business Assurance for
seven tea estates during the year
n Minimised
reprocessing by installing a machine (Santoor) to further improve the quality
of its produce
n Improved quality
by installing cooling dryers at all factories
n Converted open
troughs into enclosed ones for achieving better withering of leaves as well as
reducing power consumption
n Tiling of
fermenting floors for better hygiene and eliminate bacterial contamination
n Installed
humidification plants in the fermentation room in all factories to induce
humidity inside the factories for achieving better fermentation thereby
improving the quality
n Installed monorail
conveyer system to carry withered leaves from withering trough to processing
room to reduce labour and enhance productivity
n Undertook
automisation at factories to enhance productivity and mitigate labour shortage
to some extent
MARKETING HIGHLIGHTS
n Entered into an
agreement with famous actor, Hema Malini as the brand ambassador to promote
packet tea brands – LAL GHORA and KALA GHORA
n Increased average blended
tea realisations from Rs. 162.64 per kg in 2010-11 to Rs. 166.41 per kg through
increased focus on packet tea sales
n Maintained packet
tea sales at around the same level as last year, accounting for 29.25% of total
tea sales
OUTLOOK
n Increase sale of
packet tea by at least 10%
n Achieve tea
production levels of 13.5 million kg in 2012-13
n Commercialise
operations of the new factory at Hatijan estate in Q1FY 2012- 13 with an annual
capacity of 1.5 mn kg
n Improve quality of
loose tea to fetch better realisations
n Undertake
improvement in tea packaging for enhanced sales
n Develop tea blends
suitable for the Rajasthan market to further improve sales and margins
IT SEZ
OVERVIEW
The Company
initiated IT park development in Bantala on the outskirts of Kolkata. Bantala
being a SEZ, provides an attractive opportunity for IT companies to set-up
their base here. Moreover, the location being a developed one, offers
commercial office spaces at economical rates in Kolkata.
Major IT companies
like Patni Computers and Tech Mahindra have reserved space at the IT Park.
Cognizant Technology Solutions has already started operations at the location
with an employee base of 4,000. Infrastructure developers like Forum Projects
and Infinity Group have booked space within the facility.
HIGHLIGHTS, 2011-12
n Constructed nine
out of 12 floors of the Phase 1 tower
n Appointed Voltas
for mechanical, electrical and plumbing works
n Civil construction
expected to be completed by September, 2012 and entire Phase I project work to
be completed by Q4 FY 2012-13
n Appointed
international consultants Jones Lang LaSalle and Cushman and Wakefield to
market the commercial space
n The Company
expects to generate rentals of Rs. 30-35 per square foot
n Applied for LEED
India Certification with Indian Green Building Council
KOLKATA, A PREFERABLE IT DESTINATION
n Around 500 IT and
ITeS companies operate in West Bengal
n IT sector is
recognised as the priority focus area by the state government
n Empowered WEBEL
(West Bengal Electronics Industry Development Corporation) – a single-window
support centre for IT investors in the state to ease operations
n Literacy rate of
77% with a huge affordable talent reservoir
n One of the lowest-cost
metropolitan cities in India, making operations profitable for companies
n Possesses three
successful IT parks, creating an appetite for Dhunseri IT Park
MANAGEMENT DISCUSSION AND ANALYSIS
PETROCHEM DIVISION
OVERVIEW
Polyethylene
terephthalate (PET) is a versatile plastic used as a packaging material for
beverages, food, personal
and home care,
pharmaceuticals, consumer and industrial products. The material gained global
acceptance as a preferred packaging material on account of hygiene, strength,
lightness, durability, inertness, economy, attractiveness and
freshness-retention. Global food and health-safety agencies approved PET as
perfectly safe for food and beverage packaging.
The result is that
PET consumption increased significantly in the last 15 years over other
alternative packaging materials (aluminium, glass, paper and others). This is
best reflected in global PET demand increase for beverage
packaging, which
grew at a CAGR of 7.5% in 15 years compared with 2.2% for aluminium and 1.5%
for glass. As a result, the product is establishing its superiority and
deepening its penetration across products, sectors and countries
GLOBAL PET RESIN INDUSTRY
The global PET
resin industry grew at a 6% CAGR in the five years leading to 2011-12. The
industry experienced an oversupply; global capacity utilization was placed at
79% in 2011, which is expected to improve to 84% in 2015. Global PET packaging
consumption is expected to grow 5.1% annually to 19.1 MT by 2017 with an
estimated value of USD 43.7 bn. Asia is expected to account for 29.4% of the
world’s PET packaging consumption.
The PET packaging
markets have evolved over the years, with demand shifting from Europe and the
US to Asia-Pacific. West Europe and North America accounted for about 24% and
28% respectively of the global PET packaging demand in 2007; they are expected
to account for about 17% and 21% of the demand respectively by
2017. On the other
hand, Asia-Pacific demand is likely to increase from 25% to 34% during the
period
INDIAN PET RESIN INDUSTRY
The Indian
packaging industry (USD 15 billion) grew at a 15% CAGR in the five years
leading to 2011-12; the industry is expected to grow to USD 40 billion by 2015,
driven by a huge consumption growth for products like milk, food, beverages,
food grains and pharmaceuticals as well as a packaging shift from the
conventional to PET. Demand for PET from within India grew at a compounded 35%
in FY06-11 even as the country’s per capita PET consumption remained at a low
0.3 kg (global average 2.3 kg) people over 10 years ending 2011
Youth: Almost 65% of Indians between the age
group of 20-60 years are employed, leading to higher disposable incomes in the
hands of the youth with aspirations for a better lifestyle. An estimated 70
million individuals will enter the workforce over the next five years.
Increasing disposable income: The average
employee remuneration grew 10.8% in 2010-11; per capita income
is estimated to
rise 14.3% to Rs. 0.061 Million in 2011-12
Urbanisation: According to the United Nations, India is
the world’s fastesturbanising country. Nearly 30% of India’s population live in
urban locations; almost 40% could be living in urban areas by 2030
SEGMENT-WISE OR PRODUCTWISE PERFORMANCE
During the year,
the Company’s PET sales revenue increased 26% to Rs. 17855.900 Millions in
2011-12. The Company’s domestic sales grew 35% to Rs. 12207.800 Millions,
accounting for 68% of the total PET sales. Exports grew 9% to Rs. 5648.100
Millions, accounting for 32% of the total PET sales. Domestic sales were higher
given the increased demand in the sub-continent coupled with attractive
margins.
OUTLOOK
The Company
undertook improvements in its existing plant and focused on commissioning its
upcoming Haldia (2,10,000 TPA by June 2012) and Egypt plants (4,20,000 TPA by
Q4 FY 2012-13). The Egypt plant will cater to the growing PET demand in Africa,
the Middle East and Europe, whereas the Indian expansion will cater primarily
to the Asian market (including India) and some demand of Europe and the US. The
Company optimised its existing resources and appointed marketing
representatives to market the material coming out of the expanded capacity.
The outlook for
this division is positive as the global PET resin industry is expected to grow
at a compounded 5% in 5 years whereas Indian consumption is expected to grow at
a compounded 18-20% during the period. The packaging industry in India, a major
consumer of PET resins, is expected to grow at a compounded rate of 15% to USD
40 billion by 2015
TEA DIVISION
OVERVIEW
The global tea
industry is largely dominated by India, the world’s secondlargest producer and
largest consumer. India offers a wide tea range (CTC, orthodox, green tea) compared
with other tea exporting countries. The country’s tea industry accounts for 30%
of the world production, 25% of global consumption and provides employment to
over 35 lac workers across 1,500 tea estates. The Indian tea industry faces
competition from China, Sri Lanka, Kenya and Vietnam.
PRODUCTION
India’s tea
production increased from 966.4 mn kg in 2010 to 988.33 mn kg in 2011. Assam
(509 mn kg of tea in 2011) contributed to over 50% of this production
EXPORTS
India’s tea
exports declined from 193.3 mn kg in 2010 to 186.7 mn kg in 2011, given the
sharp decline (24%) in exports during January-April 2011. Tea exports stood at
Rs. 25950.000 Millions in 2011 compared with Rs. 27860.000 Millions in 2010
IMPORTS
India’s tea
imports declined from 20.04 mn kg in 2010 to 18.6 mn kg in 2011. Imports
declined from Rs. 2144.400 Millions in 2010 to Rs. 1726.900 Millions in 2011
YIELD
The country’s tea
yield per hectare is more or less stagnant in the last few years. India’s yield
per hectare in 2009, 2010 and 2011 stood at 1,662 mn kg, 1,662.9 mn kg and
1,697 mn kg respectively
TEA DEMAND DRIVERS
Preference: India is the world’s largest tea consumer,
accounting for nearly 25% of the global tea production
Health benefits: Tea is perceived as a health drink, helps
to combat cardise ailments, controls cholesterol, protects the skin, keeps
cancer at bay, strengthens bones and teeth and contains no calories, fat or
salt.
Affordability: Nearly 90% of Indian households are regular
tea drinkers, the beverage being cheap and affordable.
National drink: Indian Government finalised to declare tea
as the national beverage with effect from 17th April 2013.
SEGMENT-WISE OR PRODUCTWISE PERFORMANCE
The Company
suffered on account of severe drought and major pest attacks in its gardens
during 2011-12, leading to crop loss and decrease in revenues. Notwithstanding
this, overall tea production increased from 10.29 mn kg in 2010-11 to 13.48 mn
kg in 2011- 12 due to the Company’s acquisition of bought leaf factories.
Average tea realisation decreased from Rs. 134.07 per kg to Rs. 113.38 per kg
mainly on account of tea made in bought leaf factories. The new factory at
Hatijan tea estate is expected to be commissioned shortly having a capacity of
1.5 mn kg. The Company sold one bought leaf factory during the year and another
bought leaf factory is at the final stage of negotiations for sale due to
non-availability of sufficient quantity of good quality green leaf.
OUTLOOK
The Indian tea industry
(six lac hectares under cultivation) is expected to report a CAGR of 15%, its
turnover increasing from Rs. 195000.000 Millions to Rs. 330000.000 Millions by
2015. Volume-wise, production is expected to reach 1,000 mn kgs in 2012. As tea
consumption grows faster than production, tea prices are expected to
progressively strengthen
FIXED ASSETS
- Freehold Land
- Leasehold Land
- Estate Development
- Building
- Non Factory Building
- Plant and Machinery
- Furniture and Fixtures
- Motor Vehicles
- Computer Software
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2012
(Rs. In millions)
|
Particulars |
3 Months Ended
30.06.2012 Unaudited |
|
(a) Net Sales/ Income from
operation |
4810.131 |
|
(b) Other Operating Income |
60.552 |
|
Total Income |
4870.683 |
|
2. Expenditure |
|
|
Cost of
materials consumed |
4176.539 |
|
Purchases of stock
-in-trade |
-- |
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(375.574) |
|
Employee
benefits expense |
148.190 |
|
Depreciation and
amortisation expense |
82.401 |
|
Foreign Exchange
(Gain)/Loss on Monetary items (Refer Note 3) |
444.515 |
|
Other expenses |
540.634 |
|
Total |
5016.705 |
|
3. Profit(+)/
Loss(-) from Operations before other Income Interest and Exceptional
Item(1-2) |
(146.022) |
|
4. Other Income-Foreign Exchange Fluctuation-Gain/(Loss) |
195.095 |
|
5. Profit(+)/ Loss(-) before Interest and Exceptional Item |
49.073 |
|
6. Interest |
(89.767) |
|
7. Profit(+)/ Loss(-) after Interest but before Exceptional Item (5-6) |
(40.694) |
|
8. Exceptional Items |
-- |
|
9. Profit(+)/
Loss (-) from ordinary activities
before Tax (7-8) |
(40.694) |
|
10. Tax Expenses |
(26.647) |
|
11. Net Profit(+)/ Loss (-) from ordinary activities after Tax (9-10) |
(67.341) |
|
12. Extraordinary Items (Net of Tax Expense Rs.________) |
-- |
|
13. Net Profit (+)/ Loss(-) for the period (11-12) |
(67.341) |
|
14. Paid Up Equity Share Capital (Face Value of Rs.10 Per Share) |
350.329 |
|
15. Reserves excluding Revaluation Reserves as per Balance Sheet of
Previous Accounting Year |
-- |
|
16. Earning per
Share (EPS) |
|
|
a) Basic and diluted EPS before extraordinary items for the period,
for the year to date and for the previous year (not annualised) |
(1.92) |
|
b) Basic and diluted EPS after extraordinary items for the period, for
the year to date and for the previous year (not annualised) |
(1.83) |
|
17. Public
Shareholding |
|
|
Number of Shares |
11808321 |
|
% of Share holding |
33.71% |
|
18. Promoters
and promoter group Shareholding |
|
|
a)
Pledged/Encumbered |
|
|
- Number of shares |
-- |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter
group) |
-- |
|
- Percentage of shares (as a %
of the total share capital of the
company) |
-- |
|
b)
Non-encumbered |
|
|
- Number of shares |
23216433 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and
promoter group) |
100.00% |
|
- Percentage of shares (as a %
of the total share capital of the
company) |
66.29% |
* 53,04,700 shares
in the company held by Dhunseri Investments Limited (formerly DI Marketing
Limited) pledged in favour of lending institutions/banks for the project loan
given to erstwhile South Asian Petrochem Limited (SAPL) had been released on
3rd April, 2012.
|
Particulars
|
3 Months ended on 30.06.2012 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES
- Erstwhile SAPL (since merged with Dhunseri
Petrochem and Tea Limited) had issued 200 Zero Percent Unsecured Foreign
Currency Convertible Bonds (FCCB) of US$ 100,000 each aggregating US$ 20
million in the year 2007-08. After buyback, bonds amounting to US $
7500000 are outstanding as on date. The Company is of the view that the
balance outstanding bonds may not ultimately be redeemed as the same may
be converted into equity shares within the assigned date and hence has not
considered the effect of realignment of the bond value as prescribed in
the Accounting Standard ( AS 11 ) on ' Effects of Changes in Foreign
Exchange Rates' notified in the Companies (Accounting Standards) Rules
2006 and also not provided for premium on redemption of the said bonds.
- A major fire broke out in the raw material
store at the Company’s Haldia plant on 14.03.2011 leading to destruction/
damage of certain fixed assets, spares, raw materials and packing
materials. The items damaged being insured, insurance claims were filed by
the Company. The impact of all related losses due to fire had been duly
accounted for and an equivalent amount of Rs. 646.293 Millions recognized
as insurance claim receivables during the year 2010-11.During the year
2011-12, claim pertaining to raw materials and packing materials got
settled. Claims on account of destruction / damage of fixed assets and
spares and Loss of Profit during the period of disruption under IAR policy
are yet to be settled by the insurance company. The Company is carrying
Rs. 98.208 Millions towards amount receivable on account of loss incurred
on damage / destruction of fixed assets and spares. The Company is
actively pursuing the matter with the insurance company for settlement of
the claim at the earliest.
- In view of steep decline in the value of
Indian Rupee against other foreign currencies during the quarter ended
30th June, 2012, the Company incurred foreign exchange net loss amounting
to Rs. 444.515 Millions arising mainly on account of restatement of
Monetary items.
- The Company is engaged in the business of
manufacture and sale /trading of Polyester Chips and Tea. Tea business is
seasonal in nature and as such the above results is not indicative of the
results for the full year.
- (a) The mechanical completion of the new PET
Resin (Bottle Grade) plant at Haldia with annual capacity of 2,10,000 TPA,
has been achieved on 31st May, 2012. Commissioning is under way.
(b) The Company has entered into a Memorandum of Agreement with M/s
Vardhman Trading Company dated 24th May, 2012 for sale of Sona Assam Tea
Factory at a consideration of Rs. 36.200 Millions. The handing over of the
possession of the factory will be done once the entire consideration amount is
received.
(c) The Company had executed an Agreement for Sale with Rossell India
Limited dated 20th April, 2012 for sale of Namsang Tea Estate at a
consideration of Rs. 282.900 Millions. The possession of the said Tea Estate
has also been handed over on 18th June, 2012. The profit on sale of tea estate
amounting to Rs. 121.500 Millions is included under "Other income".
(d) The Company through its wholly owned subsidiary, Dhunseri Petrochem
and Tea Pte Limited, has agreed to acquire 100% share capital of Makandi Tea
and Coffee Estates Limited (MTCEL) and Kawalazi Estate Company Limited (KECL),
both in Malawi, Africa from Global Tea and Commodities Limited by executing a
Share Purchase Agreement on 27th July. 2012 at a consideration of US$ 22
million (equivalent to Rs. 1219.000 Millions) .MTCEL and KECL are engaged
primarily in production of Tea and also produces Macadamia and Coffee beans.
- The Company has considered business segment as
the primary segment for disclosure. The components of these business segments
are Polyester Chips and Tea.
- Segment Wise Revenue, Results and Capital
Employed for the Quarter ended 30th June, 2012 :
|
Particulars |
3 Months Ended
30.06.2012 Unaudited |
|
Segment Revenue |
|
|
Polyester Chips |
4486.029 |
|
Tea |
324.102 |
|
Net Sales |
4810.131 |
|
|
|
|
Segment Results before tax and interest |
|
|
Polyester Chips
(Refer Note 3) |
(215.165) |
|
Tea [Refer Note
5(c )] |
193.245 |
|
|
|
|
Total |
(21.920) |
|
|
|
|
Interest
(including other finance costs) |
(89.767) |
|
Other
Unallocable ( Expenditure) /Income |
70.993 |
|
|
|
|
Total Profit/(Loss) before tax |
(40.694) |
|
|
|
|
Capital Employed |
13885.383 |
|
Polyester Chips |
7440.580 |
|
Tea |
2592.748 |
|
Unallocable |
3852.055 |
- Figures for the previous periods are
re-classified / re-arranged / re-grouped, wherever necessary, as per the
format revised by SEBI. The figures for the preceding 3 months ended 31st
March, 2012 are the balancing figures between audited figures in respect
of the full financial year ended 31st March, 2012 and the published year
to date figures up to the third quarter of that financial year.
- The above results were reviewed by the Audit
Committee and approved by the Board of Directors at their respective meetings
held on 2nd August, 2012.The statutory auditors of the company have also
carried out limited review of the results.
WEB SITE DETAILS
NEWS
PRESS RELEASE
DHUNSERI PETROCHEM
AND TEA LIMITED (DPTL) POSTED THE FOLLOWING RESULTS FOR THE QUARTER ENDED
30th
June, 2012.
Net Sales, EBITDA
and PBT for the quarter ended 30th June, 2012 are Rs. 4810.100 Millions, Rs.
131.500 Millions and Rs. (40.700) Millions respectively as compared to Rs.
4767.200 Millions, Rs. 408.000 Millions and Rs. 246.800 Millions respectively
for the corresponding quarter in the previous year.
The profit after
tax for the quarter ended 30th June, 2012 is Rs. (67.300) Millions as compared
to Rs. 217.600 Millions in the corresponding quarter of the previous year. The
profits have been affected primarily on account of FOREX. For the quarter ended
30th June, 2012, the Company’s foreign exchange loss was Rs. 444.500 Millions
as compared to gain of Rs. 13.600 Millions in the corresponding quarter of the
previous year.
The production of PET
resin for the quarter ended 30th June, 2012 was 54,006 MT in comparison to
52,889 MT in the corresponding quarter of the previous year. The Haldia plant
produced and operated at an average capacity of 108 % during the current
quarter.
The production of
Tea for the quarter ended 30th June, 2012 was 3 3.36 Lac kgs in comparison to
37.75 Lac kgs in the corresponding quarter of the previous year. In the current
quarter production to the extent of 3.56 lac kgs was from bought leaf
factories.
The mechanical
completion of the new PET Resin (Bottle Grade) plant at Haldia with annual
capacity of 2,10,000 TPA, has been achieved on 31st May, 2012. Commissioning
activities are under way.
In respect of the
Egypt project the start up of trial run is expected to be achieved by fourth
quarter of FY 2012-13.
The Company
through its wholly owned subsidiary, Dhunseri Petrochem and Tea Pte Limited,
has agreed to acquire 100% share capital of Makandi Tea and Coffee Estates
Limited and Kawalazi Estate Company Limited, both in Malawi, Africa from Global
Tea and Commodities Limited by executing a Share Purchase Agreement on
27.7.2012. The said Tea Estates in totality produce 94.50 lac kgs of Tea, 4 lac
kgs of Macadamia nuts and 1 lac kg of Coffee beans.
With the
acquisition of the tea estates in Malawi, Africa, the tea production of the
group is expected to be above 20 mn kgs in 2012-13.
The construction
of the first phase of IT SEZ is expected to be completed by fourth quarter of
FY 2012-13.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 52.37 |
|
|
1 |
Rs. 83.99 |
|
Euro |
1 |
Rs. 67.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
62 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.