MIRA
INFORM REPORT
|
Report Date : |
06.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
D C W LIMITED |
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Registered
Office : |
No.2, Guest House, Dhrangadhra – 363 315, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
28.01.1939 |
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Com. Reg. No.: |
04-000748 |
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Capital
Investment / Paid-up Capital : |
Rs.406.200 millions |
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CIN No.: [Company Identification
No.] |
L24110GJ1939PLC000748 |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the manufacture, sale, and export of
chemicals. |
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No. of Employees
: |
2122 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
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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 17061000 |
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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 an old and well established company having a fine track
record. The company has achieved a significant growth in its sales turnover as
well as net profitability during 2013. Fundamentally, the company appears to be good. Financial position is
strong and healthy. Trade relations are fair. Business is active. Payment terms are
regular and as per commitment. The company can be considered good for business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
They are living in a
world where volatility and uncertainty have become the New Normal. They
saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. They
have taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years to
double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
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.
INFORMATION DECLINED
Management non-cooperative
(Contact No.: 91-22-22871914)
LOCATIONS
|
Registered Office/ Factory 1 (Soda Ash Division) : |
No.2, Guest House, Dhrangadhra – 363 315, Gujarat, India |
|
Tel. No.: |
91-2754-282967/ 283244 |
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Fax No.: |
91-2754-283245 |
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E-Mail : |
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Website : |
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Head Office/ Corporate Office : |
“Nirmal”, 3rd Floor, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
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Tel. No.: |
91-22-22871914/ 16 |
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Fax No.: |
91-22-22028838 |
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E-Mail : |
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Factory 2 (Caustic Soda
Division and PVC Division) : |
Arumuganeri P.O., Sahupuram – 628 202, Tamilnadu, India |
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Tel. No.: |
91-4639-280231/ 280439 |
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Fax No.: |
91-4639-280611/ 280016 |
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E-Mail : |
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Factory 3 (Salt Works) : |
Kuda Gujarat, India |
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Branch Office 1 : |
Indra Palace, 1st Floor, H – Block, Connaught Circus, New
Delhi – 110 001, India |
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Tel. No.: |
91-11-23714956/ 23320392 |
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Fax No.: |
91-11-23731141 |
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E-Mail : |
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Branch Office 2 : |
358, Anna Salai, Thousand Lights, Chennai – 600 006, Tamilnadu, India |
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Tel. No.: |
91-44-28292082/ 28292752 |
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Fax No.: |
91-44-28295766 |
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E-Mail : |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Dr. Shashi Chand Jain |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Pramod Kumar Jain |
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Designation : |
Managing Director |
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Name : |
Mr. Bakul Jain |
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Designation : |
Managing Director |
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Name : |
Mrs. Vandana Jain |
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Designation : |
Executive Director (Resigned w.e.f. 6th August, 2012) |
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Name : |
Mr. Mudit Jain |
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Designation : |
Executive Director (Appointed w.e.f. 6th August, 2012) |
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Name : |
Mr. F. H. Tapia |
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Designation : |
Director |
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Name : |
Mr. Sushil Kumar Jalan |
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Designation : |
Director |
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Name : |
Mr. Sodhsal Singh Dev of Dharnagadhra |
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Designation : |
Director |
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Name : |
Mr. Berjis Desai |
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Designation : |
Additional Director |
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Name : |
Mr. R. V. Ruia |
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Designation : |
Director |
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Name : |
Dr. V. H. Joshi |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
Category of Shareholders
|
No. of shares
|
Percentage of holding
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
37225391 |
17.98 |
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|
53694486 |
25.94 |
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|
90919877 |
43.92 |
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|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
90919877 |
43.92 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
18705 |
0.01 |
|
|
212487 |
0.10 |
|
|
8516415 |
4.11 |
|
|
22657877 |
10.94 |
|
|
42225 |
0.02 |
|
|
42225 |
0.02 |
|
|
31447709 |
15.19 |
|
|
|
|
|
|
11114173 |
5.37 |
|
|
|
|
|
|
51911620 |
25.08 |
|
|
14248836 |
6.88 |
|
|
7374988 |
3.56 |
|
|
171486 |
0.08 |
|
|
5760218 |
2.78 |
|
|
96850 |
0.05 |
|
|
1346434 |
0.65 |
|
|
84649617 |
40.89 |
|
Total Public shareholding (B) |
116097326 |
56.08 |
|
Total (A)+(B) |
207017203 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
2773750 |
0.00 |
|
|
2773750 |
0.00 |
|
Total (A)+(B)+(C) |
209790953 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Foreign BankShareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
Details of warrants |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
||
|
No. of Shares held |
As a % of grand total |
Number of warrants held |
As a % total number of warrants of the same class |
|
||
|
1 |
Pramod Kumar Jain |
7,74,100 |
0.37 |
0 |
0.00 |
0.37 |
|
2 |
Pramod Kumar Jain |
19,90,875 |
0.95 |
0 |
0.00 |
0.95 |
|
3 |
Ashish Jain |
36,11,318 |
1.72 |
0 |
0.00 |
1.72 |
|
4 |
Usha P Jain |
28,84,174 |
1.37 |
0 |
0.00 |
1.37 |
|
5 |
Bakul Jain |
9,60,447 |
0.46 |
0 |
0.00 |
0.46 |
|
6 |
Sonalika Jain |
6,95,814 |
0.33 |
0 |
0.00 |
0.33 |
|
7 |
Namita P Jain |
13,11,445 |
0.63 |
0 |
0.00 |
0.63 |
|
8 |
Durgavati Jain |
21,13,159 |
1.01 |
0 |
0.00 |
1.01 |
|
9 |
Bakul Jain |
1,17,025 |
0.06 |
0 |
0.00 |
0.06 |
|
10 |
Vandana Jain |
40,34,706 |
1.92 |
0 |
0.00 |
1.92 |
|
11 |
Varsha Jain |
11,44,580 |
0.55 |
0 |
0.00 |
0.55 |
|
12 |
Shashi Chand Jain |
16,18,648 |
0.77 |
0 |
0.00 |
0.77 |
|
13 |
Samarth Jain |
34,000 |
0.02 |
0 |
0.00 |
0.02 |
|
14 |
Nitish Jain |
2,21,568 |
0.11 |
0 |
0.00 |
0.11 |
|
15 |
Vivek Jain |
18,32,449 |
0.87 |
0 |
0.00 |
0.87 |
|
16 |
Bharati Jain |
1,19,335 |
0.06 |
0 |
0.00 |
0.06 |
|
17 |
Meeta Jain |
22,335 |
0.01 |
0 |
0.00 |
0.01 |
|
18 |
Vivek Jain |
6,23,935 |
0.30 |
0 |
0.00 |
0.30 |
|
19 |
Meeta Jain |
7,56,385 |
0.36 |
0 |
0.00 |
0.36 |
|
20 |
Bharati Jain |
5,01,135 |
0.24 |
0 |
0.00 |
0.24 |
|
21 |
Mudit Jain |
25,00,498 |
1.19 |
0 |
0.00 |
1.19 |
|
22 |
Neera Jain |
19,23,960 |
0.92 |
0 |
0.00 |
0.92 |
|
23 |
Vivek Jain |
88,020 |
0.04 |
0 |
0.00 |
0.04 |
|
24 |
Saatvik Jain |
1,02,255 |
0.05 |
0 |
0.00 |
0.05 |
|
25 |
Saatvik Jain |
11,48,363 |
0.55 |
0 |
0.00 |
0.55 |
|
26 |
Shivantika Jain |
4,835 |
0.00 |
0 |
0.00 |
0.00 |
|
27 |
Pramod Kumar Jain |
19,76,000 |
0.94 |
0 |
0.00 |
0.94 |
|
28 |
Malti Bhindi |
50,000 |
0.02 |
0 |
0.00 |
0.02 |
|
29 |
Satyawati Jain |
1,09,000 |
0.05 |
0 |
0.00 |
0.05 |
|
30 |
Premchand Jain |
19,20,540 |
0.92 |
0 |
0.00 |
0.92 |
|
31 |
Ashish Jain |
2,54,750 |
0.12 |
0 |
0.00 |
0.12 |
|
32 |
Bakul Jain |
1,70,820 |
0.08 |
0 |
0.00 |
0.08 |
|
33 |
Durgavati Jain |
11,28,832 |
0.54 |
1236363 |
44.67 |
1.13 |
|
34 |
Paulomi Jain |
4,80,085 |
0.23 |
0 |
0.00 |
0.23 |
|
35 |
Sahu Brothers Private Limited |
5,01,48,156 |
23.90 |
0 |
0.00 |
23.90 |
|
36 |
Dhrangadhra Trading Company Private Limited |
11,58,750 |
0.55 |
0 |
0.00 |
0.55 |
|
37 |
Sahu Cylinders and Udyog Private Limited |
11,03,250 |
0.53 |
0 |
0.00 |
0.53 |
|
38 |
Cashco Holdings Private Limited |
17,750 |
0.01 |
0 |
0.00 |
0.01 |
|
39 |
B J Holdings Private Limited |
16,000 |
0.01 |
0 |
0.00 |
0.01 |
|
40 |
Crescent Holdings and Enterprises Private Limited |
11,37,000 |
0.54 |
0 |
0.00 |
0.54 |
|
41 |
Florida Holdings and Trading Private Limited |
76,750 |
0.04 |
0 |
0.00 |
0.04 |
|
42 |
Canvas Shoe Co. (Goa) Private Limited |
830 |
0.00 |
0 |
0.00 |
0.00 |
|
43 |
DPB Holdings Private Limited |
13,500 |
0.01 |
0 |
0.00 |
0.01 |
|
44 |
Kalpataru Botanical Gardens Private Limited |
22,500 |
0.01 |
0 |
0.00 |
0.01 |
|
|
Total |
9,09,19,877 |
43.34 |
0 |
0.00 |
43.34 |
Shareholding of securities (including shares, warrants, convertible securities)
of persons belonging to the category Public and holding more than 1% of the
total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming
full conversion of warrants and convertible securities) as a % of diluted
share capital |
|
|
1 |
Life Insurance Corporation of India |
8366415 |
3.99 |
3.99 |
|
|
2 |
Lotus Global Investments Limited |
9402877 |
4.48 |
4.48 |
|
|
3 |
Mavi Investment Fund Limited |
9805000 |
4.67 |
4.67 |
|
|
4 |
Cresta Fund Limited |
3450000 |
1.64 |
1.64 |
|
|
5 |
Quincy Overseas Limited |
5753250 |
2.74 |
2.74 |
|
|
|
Total |
36777542 |
17.53 |
17.53 |
Details of Locked-in Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares |
Locked-in Shares as % of |
|
1 |
Sahu Brothers
Private Limited |
63,63,636 |
3.03 |
|
2 |
Vivek Jain |
11,48,364 |
0.55 |
|
3 |
Saatvik Jain |
11,48,363 |
0.55 |
|
4 |
Usha Jain |
15,78,909 |
0.75 |
|
5 |
Durgavati Jain |
15,78,909 |
0.75 |
|
6 |
Vandana Jain |
9,09,091 |
0.43 |
|
7 |
Mudit Jain |
9,09,091 |
0.43 |
|
|
Total |
1,36,36,363 |
6.50 |
Details of Depository Receipts (DRs)
|
Sl. No. |
Type of Outstanding DR (ADRs, GDRs, SDRs, etc.) |
No. of Outstanding DRs |
No. of Shares Underlying |
Shares Underlying Outstanding DRs as % of Total
No. of Shares |
|
1 |
GDR |
5,54,750 |
27,73,750 |
1.32 |
|
|
Total |
5,54,750 |
27,73,750 |
1.32 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacture, sale, and export of
chemicals. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
DHARANGADHRA
UNIT: |
|
|
|
|
|
Soda Ash |
MT |
96000 |
96000 |
83621 |
|
Soda Bicarbonate |
MT |
12000 |
12000 |
20340 |
|
Amonium Bicarbonate |
MT |
5000 |
-- |
612 |
|
Detergent - Green |
MT |
-- |
-- |
17174 |
|
Detergent - Active |
MT |
-- |
-- |
14675 |
|
SAHUPURAM UNIT: |
|
|
|
|
|
Caustic Soda Lye |
MT |
100000 |
100000 |
81684 |
|
Caustic Soda Solid |
MT |
-- |
-- |
123 |
|
Caustic Soda Flakes |
MT |
-- |
-- |
20265 |
|
Sodium Hypochlorine |
MT |
-- |
-- |
2769 |
|
Hydrochloric Acid 100% |
MT |
90000 |
66000 |
51803 |
|
Liquid Chlorine |
MT |
36000 |
36000 |
20748 |
|
Trichloroethylene |
MT |
7200 |
7200 |
7006 |
|
Upgraded llmenite |
MT |
72000 |
48000 |
45046 |
|
Utox |
MT |
No Licence
Required |
600 |
1683 |
|
Ferrie Chloride |
MT |
-- |
10000 |
3925 |
|
Yellow Iron oxide |
MT |
-- |
-- |
334 |
|
PVC Resin |
MT |
90000 |
90000 |
89943 |
Notes:
1. Licensed
capacity is not applicable in view of the company's products having been
delicensed as per the new liberalised licensing policy announced by the
Government of India.
2 Ammonium
Bicarbonate production is out of part of Soda ash plant.
3 Self consumption
quantity mentioned includes quantity lost in handling, lost in transit, wash
loss, samples, etc.
4. Previous year
figures are given in bracket.
5. Lye sales quantity excludes 197.00 MT being excess as per survey.
GENERAL INFORMATION
|
No. of Employees : |
2122 (Approximately) |
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Bankers : |
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Facilities : |
Notes: LONG–TERM
BORROWINGS LOANS –
Security: Banks/ Institutions Term Loans and
External Commercial Barrowings from Banks and Institutions are secured by a
pari–passu first charge by way of hypothecation of movable fixed assets of
the Company, including movable machinery spares, stores and further secured by
mortgage on all the immovable properties of the Company situated in the
states of Tamilnadu and Gujarat on first pari passu charge basis. Institutions: The term loans
from Institutions are secured by first charge on moveable properties and assets
pertaining to windmill assets in the state of Rajasthan on specific charge
basis. NBFC: Term loan from
NBFC are secured by creation of charge on all the assets purchased under the
loan.
Notes: SHORT–TERM
BORROWINGS LOANS – Security Working Capital Loans from Banks
Working Capital facilities are secured by a first charge by way of
hypothecation and/or pledge of current assets, namely, stocks of materials, semi–finished
and finished goods, consumable stores and spares including machinery spares
not capitalized, bills receivable and book debts and further secured by a
second charge by way of hypothecation over all of movable plant and machinery
and by way of mortgage by deposit of title deeds over the immovable
properties, both present and future, such mortgage to rank second to the
mortgages created/to be created in favour of Term Loan Lenders viz., Banks /
Financial Institutions. |
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Banking Relations
: |
-- |
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Auditors : |
|
|
Name : |
V. Sankar Aiyar and Company Chartered Accountants |
|
Address : |
Mumbai, |
|
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Subsidiaries : |
DCW Pigments Limited |
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Company where control exists : |
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CAPITAL STRUCTURE
AS ON 28.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
325000000 |
Equity Shares |
Rs.2/- each |
Rs.650.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
209790953 |
Equity Shares |
Rs.2/- each |
Rs.419.582 millions |
|
|
|
|
|
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
325000000 |
Equity Shares |
Rs.2/- each |
Rs.650.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
203100045 |
Equity Shares |
Rs.2/- each |
Rs.406.200 millions |
|
|
|
|
|
Notes:
23610000 Shares were
issued and allotted on preferential basis to the Promoters of the company and
FII’s during 2007–08.
6945455 Shares
were issued and allotted to promoters on conversion of warrants issued on
preferential basis to promoters group during 2011–12.
Name of Share
Holders holding more than 5% shares
|
Name of Shareholder |
As at 31st March, 2012 |
|
|
No. of Shares |
% held |
|
|
Sahu Brothers Private Limited |
48911793 |
24.08 |
|
Mavi Investment Fund Limited |
-- |
-- |
The reconciliation
of the number of shares outstanding is set out below
|
Particulars |
No. of Shares |
|
Equity Shares at the beginning of the year |
196154590 |
|
Add :Shares issued on conversion of warrants to Promoters on
preferential basis |
6945455 |
|
Equity Shares at the end of the Year |
203100045 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
406.200 |
392.309 |
|
(b) Reserves & Surplus |
|
3840.586 |
3558.945 |
|
(c) Money received against share warrants |
|
18.400 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
4265.186 |
3951.254 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
2997.010 |
2464.399 |
|
(b) Deferred tax liabilities (Net) |
|
918.172 |
768.272 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) Long-term
provisions |
|
64.912 |
59.255 |
|
Total Non-current
Liabilities (3) |
|
3980.094 |
3291.926 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
731.801 |
145.144 |
|
(b)
Trade payables |
|
2093.196 |
2268.330 |
|
(c)
Other current liabilities |
|
1618.490 |
1175.690 |
|
(d) Short-term
provisions |
|
93.655 |
111.991 |
|
Total Current
Liabilities (4) |
|
4537.142 |
3701.155 |
|
|
|
|
|
|
TOTAL |
|
12782.422 |
10944.335 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible
assets |
|
6868.963 |
6068.581 |
|
(ii)
Intangible Assets |
|
19.302 |
0.000 |
|
(iii)
Capital work-in-progress |
|
2142.680 |
1780.928 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
3.239 |
3.239 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
340.537 |
65.927 |
|
(e) Other
Non-current assets |
|
186.539 |
114.658 |
|
Total Non-Current
Assets |
|
9561.260 |
8033.333 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1581.914 |
1272.563 |
|
(c)
Trade receivables |
|
737.674 |
928.100 |
|
(d) Cash
and cash equivalents |
|
64.231 |
19.090 |
|
(e) Short-term
loans and advances |
|
837.343 |
691.249 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
3221.162 |
2911.002 |
|
|
|
|
|
|
TOTAL |
|
12782.422 |
10944.335 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
392.309 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
3354.480 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
3746.789 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
3127.291 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
3127.291 |
|
|
DEFERRED TAX LIABILITIES |
|
|
834.490 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7708.570 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
6421.144 |
|
|
Capital work-in-progress |
|
|
898.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
8.115 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1499.940 |
|
|
Sundry Debtors |
|
|
1017.260 |
|
|
Cash & Bank Balances |
|
|
17.118 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
565.289 |
|
Total
Current Assets |
|
|
3099.607 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
834.200 |
|
|
Other Current Liabilities |
|
|
1716.152 |
|
|
Provisions |
|
|
167.944 |
|
Total
Current Liabilities |
|
|
2718.296 |
|
|
Net Current Assets |
|
|
381.311 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
7708.570 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from
Operations, net |
11841.196 |
10583.044 |
10268.031 |
|
|
|
Other Income |
58.003 |
153.419 |
23.402 |
|
|
|
TOTAL (A) |
11899.199 |
10736.463 |
10291.433 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of
materials consumed |
7495.027 |
7028.494 |
|
|
|
|
Purchase of
stock–in–trade |
4.930 |
9.384 |
|
|
|
|
Changes in
inventories of finished goods, work–in progress and stock–in–trade |
(10.664) |
55.320 |
|
|
|
|
Excise duty on
inventory differential |
(4.675) |
0.888 |
|
|
|
|
Employee
benefits expense |
601.757 |
520.643 |
|
|
|
|
Other expenses |
2506.988 |
1987.428 |
|
|
|
|
TOTAL (B) |
10593.363 |
9602.157 |
8470.524 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1305.836 |
1134.306 |
1820.909 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
339.519 |
299.843 |
387.009 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
966.317 |
834.463 |
1433.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
509.729 |
475.579 |
489.271 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
456.588 |
358.884 |
944.629 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
149.900 |
69.782 |
268.325 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
306.688 |
289.102 |
676.304 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
207.470 |
400.436 |
206.746 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
200.000 |
400.000 |
400.000 |
|
|
|
Proposed Dividend on Equity Shares |
73.116 |
70.616 |
70.616 |
|
|
|
Tax on Dividend |
11.861 |
11.456 |
12.001 |
|
|
BALANCE CARRIED
TO THE B/S |
229.181 |
207.466 |
400.433 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export on FOB basis |
2532.887 |
1506.880 |
943.703 |
|
|
|
Other Earnings |
2.470 |
1.427 |
1.330 |
|
|
TOTAL EARNINGS |
2535.357 |
1508.307 |
945.033 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4346.840 |
3867.689 |
4409.018 |
|
|
|
Fuel Oil/ Coal |
1756.070 |
1219.285 |
|
|
|
|
Stores & Spares |
53.544 |
43.513 |
42.738 |
|
|
|
Capital Goods |
4.127 |
26.466 |
15.283 |
|
|
TOTAL IMPORTS |
6160.581 |
5156.953 |
4467.039 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.55 |
1.47 |
3.45 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
3587.600 |
3345.900 |
3635.000 |
2709.500 |
|
Total Expenditure |
2996.000 |
2557.400 |
2974.200 |
2265.800 |
|
PBIDT (Excl OI) |
591.600 |
788.400 |
660.900 |
443.700 |
|
Other Income |
7.300 |
6.100 |
10.700 |
4.800 |
|
Operating Profit |
598.900 |
794.500 |
671.500 |
448.500 |
|
Interest |
80.400 |
74.700 |
79.900 |
86.300 |
|
Exceptional Items |
(60.000) |
0.000 |
0.600 |
0.400 |
|
PBDT |
458.600 |
719.800 |
592.200 |
362.600 |
|
Depreciation |
133.400 |
130.900 |
125.800 |
139.000 |
|
Profit Before Tax |
325.200 |
588.800 |
466.500 |
223.700 |
|
Tax |
90.000 |
230.000 |
185.000 |
50.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
235.200 |
358.900 |
281.500 |
173.400 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
235.200 |
358.900 |
281.500 |
173.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.58 |
2.69
|
6.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.86 |
3.39
|
9.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.29 |
3.92
|
9.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.09
|
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.87 |
0.66
|
0.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.71 |
0.79
|
1.14 |
LOCAL AGENCY FURTHER INFORMATION
Details of Current
maturities of long term borrowings:
|
Particulars |
31.03.2012 (Rs.
in millions) |
31.03.2011 (Rs.
in millions) |
31.03.2010 (Rs.
in millions) |
|
Current maturities of long term borrowings |
|
|
|
|
– From Banks |
581.393 |
599.500 |
NA |
|
– From Financial Institutions |
158.968 |
97.600 |
NA |
|
– From NBFC |
2.631 |
0.424 |
NA |
|
|
742.992 |
697.524 |
NA |
|
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 |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
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 |
Yes |
|
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 |
No |
INDEX OF CHARGES
|
S.No. |
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address |
Service
Request Number (SRN) |
|
1 |
10411467 |
18/03/2013 |
1,250,000,000.00 |
PUNJAB
NATIONAL BANK |
PNB
HOUSE, SIR P. M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B70665898 |
|
2 |
10412009 |
14/03/2013 |
3,000,000.00 |
AXIS
BANK LIMITED |
RAC AHMEDABAD,
CV/ CE DEPARTMENT, 4TH FLOOR, SHIVALIK ISHAN, NEAR C. N. VIDHYALAYA,
AMBAWADI, AHMEDA |
B70825344 |
|
3 |
10386950 |
02/11/2012 |
1,267,184.00 |
AXIS
BANK LIMITED |
RAC
AHMEDABAD, CV/ CE DEPARTMENT, 4TH FLOOR, SHIV |
B62203484 |
|
4 |
10369079 |
20/06/2012 |
2,940,000.00 |
AXIS
BANK LIMITED |
TRISHUL
3RD FLOOR OPPOSITE SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT
- 380006, INDIA |
B45104627 |
|
5 |
10344885 |
12/02/2013
* |
400,000,000.00 |
LAKSHMI
VILAS BANK LIMITED |
42-46,
PLOT NO.427, SHANTHINATH BHUVAN NO.2, DR. |
B69684009 |
|
6 |
10340251 |
12/02/2013
* |
750,000,000.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B69357457 |
|
7 |
10340283 |
06/03/2012 |
750,000,000.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B34167700 |
|
8 |
10312325 |
12/02/2013
* |
2,000,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE
ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA
- 400005, INDIA |
B68845353 |
|
9 |
10288278 |
21/04/2012
* |
250,000,000.00 |
ING
VYSYA BANK LIMITED |
MITTAL
TOWERS,A-WING,GROUND FLOOR, 210 NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021,
INDIA |
B39416383 |
|
10 |
10269311 |
10/02/2011 |
802,500,000.00 |
INDIAN
RENEWABLE ENERGY DEVELOPMENT AGENCY LIMITED |
INDIA
HABITAT CENTRE1ST FLOOR EAST COURT CORE, 4 |
B06264386 |
|
11 |
10215515 |
07/04/2010 |
1,651,000.00 |
L
& T FINANCE LIMITED |
L&T
HOUSE, BALLARD ESTATE, MUMBAI, MAHARASHTRA |
A84262179 |
|
12 |
10066811 |
13/06/2008
* |
850,000,000.00 |
ICICI
BANK LIMITED |
LANDMARK,
RACE COURSE CIRCLE, VADODARA, GUJARAT - 390007, INDIA |
A40969305 |
|
13 |
10060117 |
03/07/2007
* |
600,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE
ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE |
A19349836 |
|
14 |
10032970 |
29/06/2007
* |
750,000,000.00 |
STATE
BANK OF PATIALA |
ATLANTA,
1ST FLOOR, JAMNALAL BAJAJ MARG, NARIMAN |
A18944702 |
|
15 |
10028295 |
29/06/2007
* |
1,050,000,000.00 |
STATE
BANK OF INDIA |
CORPORATE
ACCOUNTS GROUP BRANCH, 23, J. N. H. MARG, VOLTAS HOUSE, BALLARD ESTATE, MUMBAI,
MAHARASHTRA - 400001, INDIA |
A18960328 |
|
16 |
90102853 |
16/06/2005
* |
200,000,000.00 |
ING
VYSYA BANK LTD. |
MITTAL
TOWER 'A' WING, GROUND FLOOR 210 ; NARIMAN POINT, MUMBAI, MAHARASHTRA -
400052, INDIA |
- |
|
17 |
90103799 |
23/02/2004 |
200,000,000.00 |
ING
VYSYA BANK LTD. |
MITTAL
TOWER 'A' WING, GROUND FLOOR 210; NARIMAN POINT, MUMBAI, MAHARASHTRA -
400052, INDIA |
- |
|
18 |
90102829 |
16/06/2005
* |
66,500,000.00 |
CITY
UNION BANK LTD. |
402;
JAIN ARCADE ; 1 FLOOR, 14 ROAD JUNCTION KHAR, MUMBAI, MAHARASHTRA - 400052,
INDIA |
- |
|
19 |
90320745 |
13/06/1997 |
429,600,000.00 |
ING
BANK |
193
BACKBAY RECL, NARIMAN POINT, MUMBAI, MAHARASHTRA, INDIA |
- |
|
20 |
90102794 |
16/06/2005
* |
332,000,000.00 |
STATE
BANK OF INDIA |
CORPORATE
A/C ; GROUP - CENTRAL, CENTRAL OFFICE; |
- |
|
21 |
90103686 |
16/06/2005
* |
111,000,000.00 |
STATE
BANK OF SAURASHTRA |
SHARDA
SADAN; 11; S.A. BRELVI ROAD; FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
22 |
90320419 |
25/07/1995 |
150,000,000.00 |
INDUSIND
BANK LTD. |
DADA
SAHEB BHADKAMKAR MARG, MUMBAI, MAHARASHTRA, INDIA |
- |
|
23 |
80003986 |
19/06/2013
* |
4,463,800,000.00 |
PUNJAB
NATIONAL BANK (LEAD BANK) |
PNB
HOUSE, SIR P. M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B78994092 |
* Date of charge modification
OPERATIONS:
Sale during the
year was Rs.12806.400 millions
as compared to Rs.11462.600 millions
recorded in the previous year, registering an increase of 12%. The Gross Profit
for the year (before depreciation) is Rs.966.300 millions against Rs.834.500 millions in previous year. The profit before tax amounted to
Rs.456.600 millions as against
Rs.358.900 millions in the
previous year. The profit after provision of current tax is Rs.456.600 millions against previous years Rs.289.100 millions, an increase of 58%
and profit after deferred tax is Rs.306.700 millions against previous years Rs.289.200 millions an increase of 6%. Deferred Tax is only a provision as
per accounting guidelines and not an outflow.
The Company’s
profits have been higher during the financial year in spite of increase in price
of raw material for PVC and on account increase in coal prices internationally.
The increase in profits is due to better price realization on Beneficiated
ilmenite which is a export oriented product. The realization on Beneficiated
ilmenite has further improved and the Company is hopeful of achieving improved
profitability in the current year.
DIVISIONWISE
PERFORMANCE:
PVC Division:
The turnover of
the division was Rs.5241.500 millions
as compared to Rs.5176.300 millions in the previous year. The company sold
84961 MT of PVC Resin compared to 90157 MT in the previous year. Though the
sale of PVC Resin in quantity terms has been lower by 6% compared to pervious
year, increase in realization on PVC Resin consequent to increase in raw
material price (VCM) has helped in marginal increase in the turnover. All the
user segments are recording good demand and PVC industry continues to show
positive growth. The Government has identified irrigation, power and
infrastructure, as thrust areas and increased activity in these sectors are
likely to boost demand of PVC Resin.
Caustic Soda
Division:
The turnover of
the division was Rs.5523.000 millions as compared to Rs.4387.200 millions in
the previous year, an increase of 26%. The Company sold 85235 MT of Caustic Soda
during the year as compared to 81355 MT in the previous year, an increase of
5%, by–product chlorine is being used beneficially.
Soda Ash Division:
The turnover of
the division was Rs.1947.900 millions as compared to Rs.1882.800 millions in
the previous year registering an increase of 3%. The increase in turnover is
due to better realization on Soda Ash and Soda Bicarbonate along with increase
in quantity being sold of Soda Ash and Soda Bicarbonate compared to previous
year. The Company sold 75057 MT of Soda Ash, 20354 MT of Soda Bicarbonate and
18078 MT of Detergent during the year as compared to 72658 MT of Soda Ash,
19638 MT of Soda Bicarbonate and 31469 MT of Detergent, in the previous year.
PROJECTS
IMPLEMENTED UNDER IMPLEMENTATION
PROJECTS UNDER
IMPLEMENTATION
CALCIUM CHLORIDE
PLANT
The Calcium
Chloride project is having technical problem. It may not be possible to run the
plant and the equipment erected for this plant will be used in the soda ash
unit of the company.
SOLWAY TOWERS AT
DHRANGADHRA UNIT
Solway towers
installed at the Soda Ash Unit are not commissioned. An assignment was given to
Akzo Noble, Neatherlands, to do basic engineering to utilise the towers and to increase
Soda Ash Production. The necessary steps required to increase the Soda Ash
Production will be taken up in due course of time during which this Solway
Towers will be commissioned. The company will take up the increase in Soda Ash
Production after completion of existing on going projects under implementation
at its Caustic Soda and PVC units.
SYNTHETIC IRON
OXIDE PIGMENT AND CALCIUM CHLORIDE PROJECT
The work on
establishing Synthetic Iron Oxide Pigment (SIOP) plant at the Company’s
Sahupuram facility, in Tamilnadu, India, utilising waste effluent stream which
is rich in iron (Iron Chloride liquor), is under progress and is in advanced
stage of implementation. The company has appointed UDHE India Limited, well
known engineering company to provide engineering services for this plant. The
mechanical completion of the plant is expected to be completed by the first
quarter of 2013-14. The facility once established will enable the company to
utilise its waste and generate a commercially viable product. This plant is
expected to start commercial production by mid 2013–14. Calcium Chloride will
be produced from the effluent generated from the Synthetic Iron Oxide Pigment
Plant.
Both Synthetic
Iron Oxide Pigment and Calcium Chloride facility has been granted 100% EOU
status, by the Government of India.
The facility is
employing DCW’s in-house developed technology, the company has made an
agreement with Rockwood Italia SpA Socio Unico, Divisione Silo, Italy (Group
Company of Rockwood Pigments’ USA) for manufacture of both yellow and red Iron
Oxide Pigment. Annual Synthetic Iron Oxide Pigment capacity will be
approximately 32,000 TPA and waste stream coming out from the Synthetic Iron
Oxide Pigment Plant will be used to manufacture 50000 TPA Calcium Chloride and pure
water.
The Company has
also signed an off take agreement with Rockwood Italia for 50% of the Synthetic
Iron Oxide Pigments. Balance 50% of the product may be sold either to Rockwood
Italia or to other parties at its option.
PVC Automat
ion-Cum-Balancing Equipment Program
The company’s PVC
Automation- Cum-Balancing Equipment program is under progress, which will
increase PVC production from existing 90000 TPA to 140000 TPA. The program is
expected to be completed by First Quarter of 2013–14.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
OUTLOOK
The Company has
diversified operations with three business segments viz. PVC, Chloro Alkali and
Soda Ash. It is thus reasonably protected from the vagaries of individual
business cycles of these products.
PVC Division:
The Company, one
of the country’s five producers of PVC resin, has maintained its market share
of nearly 7%. Also PVC demand is growing at a CAGR of about 10%, with increased
government spending towards infrastructure, agriculture and water management.
Increase in PVC capacity will result to meet demand supply gap.
Caustic Soda
Division:
The Company
continues to be a major player in South India with a market share of
approximately 15%. The demand for caustic soda is expected to grow at a steady
rate of 4% to 5%, specially with increased demand from alumina manufacturers.
The company is able to fully use its HCL and Chlorine to maintain Caustic
Production at full level. The conversion from Mercury Cell to Membrane Cell
technology has not only resulted in substantial capacity addition but also has
brought down the consumption of power which has helped in improving the
bottom–line.
Soda Ash Division:
The Soda Ash
Industry continues to grow at a compounded rate of 4% to 5% per annum and this
trend is expected to continue due to strong demand from end user industries.
Imposition of Antidumping duty on import of Soda Ash from countries like Iran,
Pakistan, China, Ukraine, Kenya, European Union and the US by Govt., of India,
will protect the industry against dumping of Soda Ash from this countries and
will go a long way in helping domestic industry.
PROPOSED PROJECT
Chlor inated Poly
Vinyl Chloride (C–PVC)
The Company has
signed Technology License agreement with Arkema France for putting up Chlorinated
Poly Vinyl Chloride (C–PVC) Plant at its Shupuram Facility, in Tamilnadu. The
company has appointed UHDE India Limited, an reputed process engineering
consultants to prepare detailed engineering of the project. This project will
take 12-15 months to go in for commercial production from Zero Date. This
project will help company to manufacture value added product from its in house
products PVC and Chlorine and will go a long way in increasing its captive
consumption of Chlorine, reducing the dependence on sale of chlorine.
Trichloroethylene
Capacity Increase:
The company has
capacity to manufacture 7200 TPA Trichloroethylene. This plant is running at
its full capacity. Trichloroethylene demand is increasing both in local market
as well as in global market. The company now proposes increase its
Trichloroethylene capacity by 5000TPA which will replace the imports of
Trichloroethylene. This will help the company in increasing its captive
consumption of Chlorine, reducing the dependence on sale of chlorine.
CONTINGENT LIABILITIES NOT PROVIDED FOR:
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Disputed Sales
Tax Demands |
86.003 |
125.903 |
|
Disputed Excise
/ Service tax Demands |
34.451 |
29.999 |
|
Disputed Customs
Demands |
15.961 |
15.961 |
|
Disputed Income
tax Demand (Paid Rs.8.000 millions against the demand and appeals pending
before the appeallate authority) |
0.000 |
0.000 |
|
Company’s
contribution to ESI not made pursuant to petitions for exemption pending before
High Court. |
8.584 |
8.736 |
|
Lease Rent,
Local Cess, Octroi, Interest on Octroi, Surcharge, Stamp Duty, Water and
Electricity duty. |
306.857 |
223.014 |
|
Disputed
Industrial relations matters |
49.592 |
44.590 |
|
Claims not
acknowledged as debts |
0.000 |
8.000 |
|
Total |
501.448 |
456.203 |
|
GUARANTEE AS A
MEMBER OF THE ALKALI MFG. ASSN. (A Company Limited by Guarantee) |
50.000 |
50.000 |
AUDITED
FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2013
PART-I
(Rs. in millions)
|
Particulars |
Quarter Ended |
Year Ended |
|
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|
|
Audited |
Unaudited |
Audited |
|
|
1. INCOME FROM OPERATIONS |
|
|
|
|
(a) Net sales/Income from
operations (Net of excise duty) |
2652.616 |
3624.447 |
13189.291 |
|
(b) Other operating
income |
56.881 |
10.568 |
88.706 |
|
TOTAL INCOME FROM
OPERATIONS (NET) |
2709.497 |
3635.009 |
13277.997 |
|
2. EXPENDITURE : |
|
|
|
|
a. Cost of materials consumed |
77.795 |
2006.605 |
6068.089 |
|
b. Purchase of
stock-in-trade |
(0.140) |
(0.001) |
2.344 |
|
c. Power and Fuel |
1603.081 |
237.118 |
2375.555 |
|
d. Changes in inventories
of finished goods |
55.817 |
31.863 |
(366.403) |
|
e. Employee benefits expense |
280.697 |
207.622 |
890.849 |
|
f. Depreciation |
138.966 |
125.790 |
529.088 |
|
g. Other expenses |
248.581 |
490.936 |
1822.960 |
|
TOTAL EXPENSES |
2404.797 |
3099.933 |
11322.482 |
|
3. Profit / (Loss) from operations before other
income, finance costs and exceptional items (1 - 2) |
304.700 |
535.076 |
1955.515 |
|
4. Other income |
4.843 |
10.678 |
28.883 |
|
5. Profit / (Loss) from ordinary activities
before tax (3 + / - 4) |
309.543 |
545.754 |
1984.398 |
|
6. Finance costs |
86.287 |
79.883 |
321.277 |
|
7. Profit / (Loss) from ordinary activities
after finance costs but before exceptional items (5 + / - 6) |
223.256 |
465.871 |
1663.121 |
|
8. Exceptional items |
(0.397) |
(0.583) |
59.020 |
|
9. Profit / (Loss) from ordinary activities
before tax (7 + / - 8) |
223.653 |
466.454 |
1604.101 |
|
10. Tax expense |
50.227 |
185.000 |
555.217 |
|
11. Net Profit / (Loss)
from ordinary activities after tax (9 +/-10) |
173.426 |
281.454 |
1048.884 |
|
12. Extraordinary items
(net of tax expense) |
-- |
-- |
-- |
|
13. Net Profit/(Loss) for
the period (11 +/-12) |
173.426 |
281.454 |
1048.884 |
|
14. Paid-up equity share
capital (Face value of Rs. 2/- each) |
419.582 |
419.582 |
419.582 |
|
15. Reserve excluding
Revaluation Reserves as per Balance sheet of previous accounting year |
-- |
-- |
-- |
|
16. i Earnings per share (before extraordinary
items) (Face value of Rs.2/-
each) (not annualised) : |
|
|
|
|
Basic and Diluted |
0.83 |
1.34 |
5.05 |
|
ii Earnings per share (after extraordinary
items) (Face value of Rs.2/-
each) (not annualised) : |
|
|
|
|
Basic and Diluted |
0.83 |
1.34 |
5.05 |
|
PART - II |
|
|
|
|
A. PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1. Public shareholding |
|
|
|
|
- Number of shares |
118871076 |
118871076 |
118871076 |
|
- Percentage of
shareholding |
56.66% |
56.67% |
56.66% |
|
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) |
NIL |
NIL |
NIL |
|
- Percentage of shares
(as a % of the total share capital of the company) |
NIL |
NIL |
NIL |
|
b) Non - encumbered |
|
|
|
|
- Number of shares |
90919877 |
90919877 |
90919877 |
|
- Percentage of shares
(as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
100% |
|
- Percentage of shares
(as a % of the total share capital of the company) |
43.34% |
43.33% |
43.34% |
|
Particulars |
3 months ended 31.03.2013 |
|
INVESTOR COMPLAINTS |
|
|
Pending at the beginning of the Quarter |
Nil |
|
Received during the quarter |
41 |
|
Disposed off during the Quarter |
41 |
|
Remaining unresolved at the end of the quarter |
Nil |
STATEMENT REVENUE,
RESULTS AND CAPITAL EMPLOYED
(Rs. in millions)
|
Particulars |
Quarter Ended |
Year Ended |
|
|
31.03.2013 Audited |
31.12.2012 Unaudited |
31.03.2013 Audited |
|
|
i.
Segment Revenue : (Net Income) |
|
|
|
|
a. Soda
Ash |
528.198 |
440.260 |
1833.798 |
|
b. Caustic
Soda |
1204.259 |
1950.119 |
6874.628 |
|
c. PVC |
892.395 |
1214.775 |
4305.259 |
|
d. Others |
27.764 |
19.287 |
175.606 |
|
Net Sales from operation |
2652.616 |
3624.441 |
13189.291 |
|
a. Soda
Ash |
57.264 |
66.704 |
102.951 |
|
b. Caustic
Soda |
240.566 |
510.936 |
1966.628 |
|
c. PVC |
0.284 |
(34.392) |
(192.249) |
|
d. Others |
11.429 |
2.506 |
107.068 |
|
Total |
309.543 |
545.754 |
1984.398 |
|
Less :
Interest |
86.287 |
79.883 |
321.277 |
|
Exceptional Items -
(Profit) / Loss |
(0.397) |
(0.583) |
59.020 |
|
Total
Profit Before tax |
223.653 |
466.454 |
1604.101 |
|
iii.
Capital Employed (Segment assets -
Segment Liabilities) |
|
|
|
|
a. Soda
Ash |
1613.235 |
1617.391 |
1613.235 |
|
b. Caustic
Soda |
7167.148 |
6387.872 |
7167.148 |
|
c. PVC |
442.450 |
397.609 |
442.450 |
|
d. Others |
1216.549 |
1728.536 |
1216.549 |
|
Total |
10439.382 |
10131.408 |
10439.382 |
NOTES:
1.
The above results, which have
been subjected to an audit by the statutory auditor of company were reviewed by
the audit committee of the Board and approved by the Board of Directors of the
Company at their meeting held on 14th May, 2013 and have been
prepared in accordance with clause 41 of the listing agreement.
2. Tax
Expenses for the quarter/year ended 31st March, 2013 and 31st
March, 2012 is net of Deferred tax and is also net of MAT credit available and
Tax adjustment of previous year.
3. The
company has converted 6690908 warrants in to equity shares allocated on
preferential basis to promoters/promoters group during the year. The company
has received total amount of Rs.55.200 millions against the same. The amount
has been utilized for project expenses.
4. The
Board of Directors has proposed a dividend of Rs 0.36 per Equity Share for the
financial year ending 31st March, 2013. The outgo on this account
including dividend Distribution tax is Rs.88.400 millions.
5. The
figures of the last quarter are the balancing figures between audited figures
in respect of the full financial year and the published year to date figures
upto the third quarter of the current financial year.
6. Previous
periods’ figures have been regrouped/rearranged wherever necessary.
STATEMENT OF ASSETS AND
LIABILITIES
(Rs. in millions)
|
PARTICULARS |
Audited As at 31.03.2013 |
|
EQUITY AND LIABILITIES |
|
|
1. Shareholders' funds |
|
|
(a) Share Capital |
419.582 |
|
(b) Reserves and Surplus |
4947.102 |
|
Subtotal - Shareholders'
funds |
5366.684 |
|
2. Money received against
share warrants |
-- |
|
3. Non - Current
liabilities |
|
|
(a) Long-Term borrowings |
3877.176 |
|
(b) Deferred Tax
Liability (net) |
1109.522 |
|
(c) Long term provisions |
86.001 |
|
Sub total - Non Current
liabilities |
5072.699 |
|
4. Current liabilities |
|
|
(a) Short term borrowings |
731.720 |
|
(b) Trade payables |
2130.802 |
|
(c) Other current
liabilities |
2074.801 |
|
(d) Short term provisions |
103.670 |
|
Sub total - Current
liabilities |
5040.993 |
|
TOTAL - EQUITY AND LIABILITIES |
15480.376 |
|
ASSETS |
|
|
1. Non Current Assets |
|
|
(a) Fixed Assets |
11052.501 |
|
(b) Non Current
Investments |
3.239 |
|
(c) Long term loans and
advances |
126.458 |
|
(d) Other non current
assets |
110.900 |
|
Sub total - Non current assets |
11293.098 |
|
2. Current assets |
|
|
(a) Current Investments |
-- |
|
(b) Inventories |
2310.599 |
|
(c) Trade receivables |
927.971 |
|
(d) Cash and Bank
balances |
52.319 |
|
(e) Short term loans and
advances |
882.907 |
|
(f) Other current assets |
13.482 |
|
Sub total - Current
assets |
4187.278 |
|
TOTAL ASSETS |
15480.376 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipments
·
Vehicles
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 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.60.82 |
|
|
1 |
Rs.92.97 |
|
Euro |
1 |
Rs.80.73 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
8 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
65 |
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.