MIRA
INFORM REPORT
|
Report Date : |
27.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
STERLITE INDUSTRIES (INDIA) LIMITED (w.e.f. 1986) |
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Formerly Known
As : |
STERLITE CABLES LIMITED |
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Registered
Office : |
SIPCOT Industrial Complex, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
08.09.1975 |
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Com. Reg. No.: |
18-062634 |
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Capital
Investment / Paid-up Capital : |
Rs.3361.200
Millions |
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|
CIN No.: [Company Identification
No.] |
L65990TN1975PLC062634 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MRIS01730B |
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PAN No.: [Permanent Account No.] |
AABCS4955Q |
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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 Copper Cathode, Continuous Cast Copper Rods and Phosphoric
Acid. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (71) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 989500000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having excellent
track record. Financial position of the company appears to be sound. Directors
are reported to experienced and respected businessman. Trade relations are
reported as decent. Business is active. Payments are reported to be regular
and as per commitments. The company can be considered good for normal business dealings at usual
trade terms and conditions. It can be regarded as a promising business partner in medium to long
run. |
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 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA+ (Long Term Rating) |
|
Rating Explanation |
Having high degree of safety regarding
timely servicing of financial obligation. It carry very low credit risk. |
|
Date |
April 2013 |
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 : |
SIPCOT Industrial Complex, |
|
Tel. No.: |
91-461-4242591 (10 Lines) |
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Fax No.: |
91-461-2340203 |
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E-Mail : |
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RM 2305, Wenshen Center, Wenjin Plaza, No. 1010 North Wenjin Road,
Luohu District, Shenzhen, Guangdong, China |
|
Tel. No.: |
86-755-25609246 |
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Fax No.: |
86-755-25609246 |
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E-Mail : |
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Corporate office : |
Vedanta, 75 Nehru Road, Vile Parle (East), Mumbai -
400099, Maharashtra, India |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Anil Agarwal |
|
Designation : |
Chairman |
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Name : |
Mr. Navin Agarwal |
|
Designation : |
Executive Vice Chairman |
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Name : |
Mr. Gautam Bhailal Doshi |
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Designation : |
Director |
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Name : |
Mr. Berjis Minoo Desai |
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Designation : |
Director |
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Name : |
Mr. Sandeep H. Junnarkar |
|
Designation : |
Director |
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Name : |
Mr. Din Dayal Jalan |
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Designation : |
Whole Time Director |
KEY EXECUTIVES
|
Name : |
Mr. Din Dayal Jalan |
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Designation : |
Chief Finance Office |
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Name : |
Mr. Anshu Goel |
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Designation : |
Head Marketing |
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Name : |
Mr. V. Krishnan |
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Designation : |
Head Copper Concentrate Procurement |
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Name : |
Mr. Mukul Agarwal |
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Designation : |
AGM [Indirect Taxation] |
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Name : |
Mr. P. Ramnath |
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Designation : |
Chief Executive Officer [Copper] |
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Name : |
Mr. Sridhar Narasimhan |
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Designation : |
Associate Vice President [Finance] |
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Name : |
Mr. Pankaj Kumar |
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Designation : |
Associate Vice President [Operations] |
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Name : |
Mr. Suresh Bose |
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Designation : |
Head [Human Resources] |
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Name : |
Mr. Ashok Varghese |
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Designation : |
Head [Commercial] |
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Name : |
Mr. Rajiv Choubey |
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Designation : |
Company Secretary |
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Name : |
M. S. Mehta |
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Designation : |
Chief Executive officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2013
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
834160 |
0.03 |
|
|
119953559 |
4.13 |
|
|
120787719 |
4.16 |
|
|
|
|
|
|
1671144924 |
57.58 |
|
|
1671144924 |
57.58 |
|
Total shareholding
of Promoter and Promoter Group (A) |
1791932643 |
61.75 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
115547311 |
3.98 |
|
|
71592100 |
2.47 |
|
|
2800 |
0.00 |
|
|
118395019 |
4.08 |
|
|
472098728 |
16.27 |
|
|
777635958 |
26.80 |
|
|
|
|
|
|
94064699 |
3.24 |
|
|
|
|
|
|
115014492 |
3.96 |
|
|
34886590 |
1.20 |
|
|
88564140 |
3.05 |
|
|
6158030 |
0.21 |
|
|
72361283 |
2.49 |
|
|
4862682 |
0.17 |
|
|
4547392 |
0.16 |
|
|
72000 |
0.00 |
|
|
9113 |
0.00 |
|
|
3000 |
0.00 |
|
|
550640 |
0.02 |
|
|
332529921 |
11.46 |
|
Total Public shareholding
(B) |
1110165879 |
38.25 |
|
Total (A)+(B) |
2902098522 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
165487852 |
0.00 |
|
|
293621160 |
0.00 |
|
|
459109012 |
0.00 |
|
Total (A)+(B)+(C) |
3361207534 |
0.00 |
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BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Copper Cathode, Continuous Cast Copper Rods and
Phosphoric Acid. |
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Products : |
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PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed Capacity |
|
Continuous Cast Copper Rod |
MT |
268000 |
|
Copper Cathodes |
MT |
405000 |
|
Aluminium Cold Rolled Products |
MT |
20000 |
|
Phosphoric Acid |
MT |
230000 |
|
Sulphuric Acid |
MT |
1300000 |
Actual Production:
|
Particulars |
Unit |
Actual
Production |
|
Continuous Cast Copper Rod# |
MT |
187892 |
|
Copper Cathodes** |
MT |
303991 |
|
Phosphoric Acid |
MT |
968760 |
|
Sulphuric Acid*** |
MT |
154232 |
NOTE:
1.
# (i) Net of 6 MT (Previous Year Nil) loss of material,
(ii) Includes 925 MT produced under Job work.
2.
** (i) Includes 187397 MT (Previous Year 197774 MT)
used for captive consumption,
(ii) Net of 14 MT (Previous Year 28 MT) loss of material.
3. *** Includes 441542
MT (Previous Year 560628 MT) used for captive consumption.
GENERAL INFORMATION
|
Bankers : |
· Australia and New Zealand Banking Group Limied · CITI Bank · Credit Agricole · DBS Bank Limited · Deutsche Bank AG · HDFC Bank Limited · ICICI Bank Limited · IDBI Bank Limited · JP Morgan Chase Bank ·
Royal Bank of · Standard Chartered Bank ·
State Bank of · Syndicate Bank ·
The Hong Kong and ·
Corporation Limited |
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Facilities : |
NOTE: a) Debentures are Secured by first charge on Pari passu basis in favour of the Trustees for the Debentures on the Immovable properties situated at Tuticorin in the State of Tamilnadu, at Lonavala and at Pune in the State of Maharastra, Chinchapada in the Union Territory of Dadra and Nagar Haveli and Mouje Chatrai of Kalol Taluka, District Gandhi Nagar, Gujarat. 8.24% debentures will be redeemed on April 10, 2013. b) a) Secured by way of first charge by hypothecation on the entire stock of raw materials, work in process and all Semi-finished, finished, Manufactured articles together with all Stores, components and spares, both present and future book debts, outstanding monies, receivables, claims and bills arising out of sale etc. and such charge in favor of the banks ranking pari pasu inter se, without any preferences or priority to one over other(s) in any manner. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
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|
Name : |
Chaturvedi and Shah Chartered Accountants |
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Entities Controlling the Company (Holding Companies): |
·
Twinstar Holding Limited ·
Vedanta Resources Holdings Limited ·
Vedanta Resources Plc. ·
Volcan Investments Limited |
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|
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|
Fellow Subsidiary: |
·
Sesa Goa Limited ·
The Madras Aluminium Company Limited ·
Konkola Copper Mines Plc. ·
Sesa Industries Limited ·
V S Dempo and Company Private Limited ·
Dempo Mining Corporation Private Limited ·
Sterlite Iron and Steel Company Limited |
|
|
|
|
Subsidiaries: |
·
Bharat Aluminium Company Limited ·
Sterlite Infra Limited ·
Copper Mines of Tasmania Pty Limited ·
Thalanga Copper Mines Pty Limited ·
Monte Cello B.V. ·
Sterlite Opportunities and Ventures Limited ·
Hindustan Zinc Limited ·
Sterlite Energy Limited ·
·
Talwandi Sabo Power Limited ·
Sterlite ( ·
THL Zinc Holding B.V. (w.e.f. 15 February 2011) ·
THL Zinc Namibia Holdings (Proprietary) Limited
(w.e.f. 03 December 2010) ·
Skorpion Zinc (Pty) Limited (w.e.f. 03 December
2010) ·
Skorpion Mining Company (Pty) Limited (w.e.f. 03
December 2010) ·
Namzinc (Proprietary) Limited (w.e.f. 03 December
2010) ·
Amica Guesthouse (Proprietary) Limited (w.e.f. 03
December 2010) ·
Rosh Pinah Health Care (Proprietary) Limited
(w.e.f. 03 December 2010) ·
Malco Power Company Limited (w.e.f. 19 February
2011, fellow Subsidiary from 16 April 2010 to 18 February 2011) ·
Malco Industries Limited (w.e.f. 04 March 2011
fellow Subsidiary from 22 April 2010 to 03 March 2011) ·
Black Mountain Mining (Proprietary) Limited
(w.e.f. 04 February 2011) ·
Vedanta Lisheen Finance Limited (w.e.f. 15
February 2011) ·
Vedanta Base Metals ( ·
Vedanta Lisheen Mining Limited (w.e.f. 15
February 2011) ·
Killoran Lisheen Mining Limited (w.e.f. 15
February 2011) ·
Killoran Lisheen Finance Limited (w.e.f. 15
February 2011) ·
Lisheen Milling Limited (w.e.f. 15 February 2011) ·
Killoran Concentrates Limited (w.e.f. 15 February
2011) ·
Killoran Lisheen Limited (w.e.f. 15 February
2011) ·
Azela Limited (w.e.f. 15 February 2011) ·
Killoran Lisheen Holdings Limited (w.e.f. 15
February 2011) ·
THL Zinc Ventures Limited (w.e.f. 19 November
2010) ·
THL Zinc Limited (w.e.f. 19 November 2010) ·
Vizag General Cargo Berth Private Limited (w.e.f.
20 April 2010) ·
Paradip Multi Cargo Berth Private Limited (w.e.f.
08 February 2011) ·
Pecvest 17 Proprietary Limited (w.e.f. 26
November 2010) ·
Lisheen Mine Partnership (w.e.f. 15 February
2011) ·
THL Zinc Co-Operative U.A (w.e.f. 01 December
2010) |
|
|
|
|
Associates: |
Vedanta Aluminium Limited (Fellow Subsidiary and associate) |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000000 |
Equity Shares |
Re.1/- each |
Rs.5000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3361207534 |
Equity Shares |
Re.1/- each |
Rs.3361.200
Millions |
|
|
|
|
|
i) Reconciliation of
number of Equity Shares and amount outstanding
|
Particulars |
As at March 31, 2012 |
|
|
|
Number |
Rs. In Millions |
|
Shares outstanding at April 1, 2011 |
3361207534 |
3361.200 |
|
Shares Issued during the year - Split |
-- |
-- |
|
Shares Issued during the year - Bonus |
-- |
-- |
|
Shares outstanding at March 31, 201 |
3361207534 |
3361.200 |
ii) 1,671,144,924 (Previous year 1,671,144,924) equity Shares are held by Twinstar Holdings Limited, the holding company (Excluding shares against which ADRs are issued).
119,750,659 Equity Shares (Previous year 102,453,600) are held by The Madras Aluminium Company Limited, fellow subsidiary. Vedanta Resources Plc is the ulitmate holding company and does not hold any equity shares of the company.
iii) Details of
Shareholders holding more than 5% shares in the company
|
Particulars |
As at March 31, 2012 |
|
|
|
No. of Shares held |
% of Holding |
|
Twinstar Holdings Limited |
1671144924 |
49.72% |
|
CITI Bank N.A. New York (American depository shares held as depository) |
418419208 |
12.45% |
iv) Aggregate number of
bonus shares allotted during the period of five years immediately preceeding
March 31, 2012
|
Particulars |
2010-11 |
|
Equity shares alloted as fully paid up by way of bonus shares |
1680406690 |
v) Other disclosures
(a) The company has one class of equity shares having a par value of Rs.1 per share. 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 case of interim dividend. In the event of liquidation of company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts, in proportion to their shareholding.
(b) ADS shareholders do not have right to attend the General meeting in person and also do not have right to vote. They are represented by depository, CITI Bank N.A. New York.
(c) For terms of conversion of 4% Convertible Senior Notes of $1000 each,
vi) In terms of Scheme of Arrangement (Scheme) as approved by the Hon’ble High Court of Judicature at Mumbai, vide its order dated April 19, 2002 the company during 2002-2003 reduced its paid up share capital by Rs. 100.300 Millions. There are 3,75,544 equity shares of Rs. 1 each (Previous year 3,75,544 equity shares of Rs. 1 each) pending clearance from NSDL/CDSL. A Special Leave Petition filled in the Hon’ble Supreme Court of India against the judgement of Hon’ble High Court of Mumbai by SEBI and Department of Company Affairs has been inter-alia dismissed. The Company has filed application in Hon’ble High Court of Mumbai to cancel these shares, the decision on which is pending.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
3361.200 |
3361.200 |
|
(b) Reserves & Surplus |
|
244012.600 |
228927.800 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
247373.800 |
232289.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
22809.800 |
21336.500 |
|
(b) Deferred tax liabilities (Net) |
|
3207.600 |
4328.600 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
26017.400 |
25665.100 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
|
30492.500 |
36057.600 |
|
(b) Trade payables |
|
24536.200 |
29302.400 |
|
(c) Other current liabilities |
|
8787.100 |
3532.000 |
|
(d) Short-term provisions |
|
5813.400 |
5939.700 |
|
Total Current
Liabilities (4) |
|
69629.200 |
74831.700 |
|
|
|
|
|
|
TOTAL |
|
343020.400 |
332785.800 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
13893.200 |
14557.600 |
|
(ii) Intangible Assets |
|
97.600 |
114.500 |
|
(iii) Capital work-in-progress |
|
8014.400 |
4194.800 |
|
(iv) Intangible assets under development |
|
22.700 |
7.400 |
|
(b) Non-current Investments |
|
68108.500 |
31424.100 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
9804.700 |
10891.300 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
99941.100 |
61189.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
17261.200 |
30954.400 |
|
(b) Inventories |
|
25290.700 |
31898.700 |
|
(c) Trade receivables |
|
5198.600 |
7979.800 |
|
(d) Cash and cash equivalents |
|
19759.800 |
18912.800 |
|
(e) Short-term loans and advances |
|
174475.200 |
180827.200 |
|
(f) Other current assets |
|
1093.800 |
1023.200 |
|
Total Current
Assets |
|
243079.300 |
271596.100 |
|
|
|
|
|
|
TOTAL |
|
343020.400 |
332785.800 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1680.800 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
221000.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
222680.800 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1000.000 |
|
|
2] Unsecured Loans |
|
|
52222.000 |
|
|
TOTAL BORROWING |
|
|
53222.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
3638.100 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
279540.900 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
15608.200 |
|
|
Capital work-in-progress |
|
|
2658.100 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
109841.700 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
19940.400 |
|
|
Sundry Debtors |
|
|
3851.100 |
|
|
Cash & Bank Balances |
|
|
22849.100 |
|
|
Other Current Assets |
|
|
1139.100 |
|
|
Loans & Advances |
|
|
121361.500 |
|
Total
Current Assets |
|
|
169141.200 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
8989.100 |
|
|
Other Current Liabilities |
|
|
2059.000 |
|
|
Provisions |
|
|
6660.200 |
|
Total
Current Liabilities |
|
|
17708.300 |
|
|
Net Current Assets |
|
|
151432.900 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
279540.900 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
180920.600 |
|
|
|
Other Income |
|
|
22476.800 |
|
|
|
TOTAL (A) |
|
|
203397.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
|
|
160944.000 |
|
|
|
Purchases of Stock-in-Trade |
|
|
120.700 |
|
|
|
Changes in inventories of Finished goods, work-in-process and stock-in-trade |
|
|
(689.700) |
|
|
|
Employee benefits expense |
|
|
920.900 |
|
|
|
Other expenses |
|
|
10190.700 |
|
|
|
Exceptional Items |
|
|
4233.200 |
|
|
|
TOTAL (B) |
|
|
175719.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
27677.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
5974.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
21703.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
1624.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
20078.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
|
3503.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
|
|
16574.800 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
30894.800 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
|
4000.000 |
|
|
|
Interim Dividend |
|
|
3361.200 |
|
|
|
Debenture Redemption Reserve |
|
|
15.000 |
|
|
|
Proposed dividend on Equity shares(incl Dividend distribution tax) |
|
|
3501.500 |
|
|
BALANCE CARRIED
TO THE B/S |
|
|
36591.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
|
|
82746.800 |
|
|
|
Management Fees |
|
|
9.500 |
|
|
|
Gain on fair valuation of Embedded Derivatives |
|
|
2455.300 |
|
|
|
Other Earnings |
|
|
91.500 |
|
|
TOTAL EARNINGS |
|
|
85303.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
144652.000 |
|
|
|
Components and spare parts |
|
|
152.900 |
|
|
|
Capital Goods |
|
|
27.900 |
|
|
TOTAL IMPORTS |
|
|
144832.800 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
4.93 |
|
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
152950.000 |
131142.800 |
|
|
|
Other Income |
|
16240.900 |
11355.800 |
|
|
|
TOTAL (A) |
|
169190.900 |
142498.600 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Traded Goods |
|
172.000 |
932.200 |
|
|
|
Manufacturing and Other Expenses |
|
146061.300 |
125475.900 |
|
|
|
Personnel |
|
885.700 |
772.800 |
|
|
|
Selling & Distribution |
|
868.300 |
919.000 |
|
|
|
Administration & General |
|
1119.700 |
1444.400 |
|
|
|
Exceptional Items |
|
0.000 |
2735.300 |
|
|
|
Variation in Stock |
|
(2960.000) |
(3397.900) |
|
|
|
TOTAL (B) |
|
146147.000 |
128881.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
23043.900 |
13616.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
2774.600 |
2632.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
20269.300 |
10984.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
1526.500 |
1506.400 |
|
|
|
|
|
|
|
|
|
Add |
EXTRA ORDINARY
ITEMS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
18742.800 |
9478.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
4545.700 |
1163.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
14197.100 |
8315.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
25909.800 |
26834.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer (from)/ to Debenture Redemption
Reserve |
|
(85.000) |
29.000 |
|
|
|
General Reserve |
|
5000.000 |
5000.000 |
|
|
|
Proposed Dividend on Equity Shares |
|
3697.300 |
3151.500 |
|
|
|
Tax on Proposed Dividend |
|
599.800 |
523.400 |
|
|
|
Additional dividend for previous year |
|
0.000 |
461.700 |
|
|
|
Tax on additional dividend for previous
year |
|
0.000 |
73.700 |
|
|
BALANCE CARRIED
TO THE B/S |
|
30894.800 |
25909.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
|
62890.300 |
59210.700 |
|
|
|
Management Fees |
|
9.100 |
172.300 |
|
|
|
Others |
|
3636.500 |
816.900 |
|
|
TOTAL EARNINGS |
|
66535.900 |
60199.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
143578.300 |
120738.800 |
|
|
|
Stores & Spares |
|
339.200 |
371.100 |
|
|
|
Capital Goods |
|
13.100 |
57.100 |
|
|
TOTAL IMPORTS |
|
143930.600 |
121167.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) (Basic) |
|
4.22 |
2.60 |
|
|
|
Earnings Per
Share (Rs.) (Diluted) |
|
3.81 |
2.46 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
30.06.2013 |
|
Type |
UnAudited 1st
Quarter |
UnAudited 2nd
Quarter |
UnAudited 3rd
Quarter |
UnAudited 4th
Quarter |
UnAudited 5th
Quarter |
|
Net Sales |
45610.800 |
48636.400 |
45363.700 |
49599.400 |
11862.000 |
|
Total Expenditure |
46529.400 |
46180.200 |
44990.300 |
46577.900 |
14831.400 |
|
PBIDT (Excl OI) |
(918.600) |
2456.200 |
373.400 |
3021.500 |
(2969.400) |
|
Other Income |
3481.200 |
7728.900 |
7875.900 |
4073.100 |
8566.800 |
|
Operating Profit |
2562.600 |
10185.100 |
8249.300 |
7094.600 |
5597.400 |
|
Interest |
1506.000 |
1150.400 |
1448.100 |
2049.400 |
2667.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
(1000.000) |
0.000 |
|
PBDT |
1506.000 |
9034.700 |
6801.200 |
4045.200 |
2930.100 |
|
Depreciation |
360.400 |
366.800 |
435.200 |
465.000 |
443.000 |
|
Profit Before Tax |
696.200 |
8667.900 |
6366.000 |
3580.200 |
2487.100 |
|
Tax |
242.800 |
1620.200 |
947.600 |
727.000 |
251.100 |
|
Provision for contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
453.400 |
7047.700 |
5418.400 |
2853.200 |
2236.000 |
|
Extra ordinary items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expense |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
453.400 |
7047.700 |
5418.400 |
2853.200 |
2236.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
8.15
|
8.39
|
5.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.10
|
12.25
|
7.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.52
|
6.31
|
5.13 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.08
|
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.22
|
0.25
|
0.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.49
|
3.63
|
9.55 |
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) |
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 |
Yes |
UNSECURED LOAN
[Rs.
in Millions]
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
LONG TERM
BORROWINGS |
|
|
|
Term loans (a) |
0.000 |
31.300 |
|
Convertible Senior Notes (b) |
21366.800 |
19921.900 |
|
Deferred Sales Tax Liability |
843.000 |
783.300 |
|
SHORT TERM
BORROWINGS |
|
|
|
Buyers credit from banks |
8464.100 |
9217.800 |
|
Commercial papers (c) |
4977.200 |
11745.400 |
|
|
|
|
|
Total
|
35651.100 |
41699.700 |
Note:
(a) The amount outstanding in previous year were repayable in two installments of Rs.15.600 Millions each on May 2012 and August 2012.
(b) In Financial Year 2009-10, US$500 Million was raised by issue of 4% Convertible Notes of $1,000 each. Subject to certain exceptions, the note holders have an option to convert these Convertible Notes into ADSs (each ADS represents four equity shares) at any time prior to business day immediately preceding the maturity date at a conversion rate of 42.8688 ADSs per $1,000 principal amount of notes which is equal to a conversion price of approximately $23.33 per ADS . The conversion price could be subject to adjustments should certain events occur. Further, at any time after November 4, 2012, company have a right to redeem in whole or parts of the Convertible Notes, subject to meeting certain conditions. The amount which the company is required to pay contractually on October 30, 2014 is US$500 Million, unless the notes are converted, redeemed or purchased and cancelled.
As per AS 30 at inception, the issue proceeds of the same has been allocated to the conversion option (which is an embedded derivative) with the residual value allocated to the Notes to establish its initial carrying cost. Subsequently, the conversion option has been measured at fair value through profit and loss with changes in fair value to be recognised in the Statement of profit and Loss, and the Notes been carried at amortised cost. As on March 31, 2012, conversion option amounting to Rs.301.800 profit (Previous year Rs. 2757.100 profit) is included above.
(c) Maximum amount outstanding at any time during the year was Rs.24775.800 Millions (Previous year Rs. 24745.400 Millions)
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10437388 |
25/06/2013 |
25,000,000,000.00 |
Axis Trustee Services Limited |
AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B79466058 |
|
2 |
10421231 |
22/03/2013 |
1,200,000,000.00 |
Credit Agricole Corporate and Investment Bank |
11TH, 12TH AND 14TH FLOOR, HOECHST HOUSE, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B73615924 |
|
3 |
10403083 |
21/01/2013 |
20,000,000,000.00 |
Axis Trustee Services Limited |
AXIS HOUSE, 2ND FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B67744896 |
|
4 |
10024200 |
22/03/2013 * |
2,100,000,000.00 |
Citi Bank N.A. |
CITIBANK CENTER, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI, MAHARASHTRA - 400051, INDIA |
B72499650 |
|
5 |
10024856 |
22/03/2013 * |
5,000,000,000.00 |
HDFC Bank Limited |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
B72499031 |
|
6 |
10026057 |
22/03/2013 * |
17,000,000,000.00 |
ICICI Bank Limited |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B72487580 |
|
7 |
10027283 |
22/03/2013 * |
2,700,000,000.00 |
Standard Chartered Bank |
19, RAJAJI SELAI, CHENNAI, TAMILNADU - 600001, INDIA |
B72486723 |
|
8 |
10033069 |
22/03/2013 * |
4,000,000,000.00 |
State Bank of India |
CORPORATE ACCOUNTS GROUP BRANCH, NEVILLE HOUSE, J.N. HEREDIA MARG, MUMBAI, MAHARASHTRA - 400001, INDIA |
B73025850 |
|
9 |
10033074 |
22/03/2013 * |
174,500,000.00 |
The Royal Bank of Scotland N.V |
4 NORTH AVENUE, MAKER MAXITY, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI - 400051, MAHARASHTRA, INDIA |
B72817687 |
|
10 |
10033075 |
22/03/2013 * |
2,000,000,000.00 |
Deutsche Bank AG |
HAZARIMAN SOMANI MARG, MUMBAI- 400001, MAHARASHTRA, INDIA |
B72933484 |
|
11 |
10020828 |
22/03/2013 * |
8,000,000,000.00 |
IDBI Bank Limited |
IDBI TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B72463979 |
|
12 |
90144569 |
05/07/2003 |
2,500,000,000.00 |
Western India Trustee and Executor Company Limited |
161/C MITTAL COURT, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
13 |
90144006 |
15/07/2002 |
2,500,000,000.00 |
ICICI Bank Limited |
RACE COURSE CIRCLE, VADODARA, MAHARASHTRA - 390007, INDIA |
- |
Note: * Date of charge modification
CHARGES
|
ENTITY |
PERSON |
COMPETENT AUTHORITY |
REGULATORY CHARGES |
REGULATORY
ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
|
STERLITE INDUSTRIES (INDIA) LIMITED |
ANIL AGGARWAL HARSHAD MEHTA SHASHIKANT TARUN JAIN |
SEBI |
VIOLATED SECTION 24 (1) OF SEBI ACT, 1992 |
PROSECUTION LAUNCHED |
|
|
STERLITE INDUSTRIES (INDIA) LIMITED |
VINAY GAOKAR |
SEBI |
DELAY IN MAKING DISCLOSURE OF SHAREHOLDING/CHANGES IN
SHAREHOLDING TO STOCK EXCHANGES AS REQUIRED UNDER REGULATION 8(3) OF SEBI
TAKEOVER CODE, 1997 |
IMPOSED PENALTY RS.1,00,000 |
|
|
STERLITE INDUSTRIES (INDIA) LIMITED |
|
SEBI |
PAID CONSIDERATION AMOUNT TO 8 NRI/FII/OCB SHAREHOLDERS VIZ.THE
INDIA FUND, INC., METDIST INDIA HOLDINGS LIMITED, KRISHNA KUMAR RAJAMANI, LAL
TOLANI, NAZIR GHULAMHUSAIN, SUURIN J. SHAH, ANUJA ROHIT WARIAWALLA ALIAS
ANUJA KAUSHIK SHETH AND MERLYN LEE ON SEPTEMBER 04, 2002 I.E. AFTER A DELAY
OF 40 DAYS AND TO SOCIETE GENERALE ON OCTOBER 3,2002 I.E. AFTER A DELAY OF 69
DAYS WHICH IS NOT WITHIN THE STIPULATED TIME LIMIT OF 30 DAYS FROM THE DATE
OF CLOSURE OF OFFER |
DIRECTED ACQUIRER TO PAY INTEREST FOR LOSS CAUSED TO
SHAREHOLDERS |
SAT: IMPUGNED ORDER SET ASIDE AND APPEAL ALLOWED |
|
STERLITE INDUSTRIES (INDIA) LIMITED |
|
SEBI |
MANIPULATED PRICE IN SCRIP OF STERLITE INDUSTRIES LIMITED
IN 1998 |
DEBARRED / RESTRAINED FROM ASSOCIATING WITH / ACCESSING CAPITAL
MARKET / INTERMEDIARIES FROM 19-APR-2001 TO 18-APR-2003 |
SAT: IMPUGNED ORDER SET ASIDE AND APPEAL ALLOWED |
|
STERLITE INDUSTRIES (INDIA) LIMITED |
|
SEBI |
DID NOT COMPLY WITH SEBI TAKEOVER REGULATIONS, 1997 |
DIRECTED ACQUIRER TO MAKE PAYMENT IN CASH TO SHAREHOLDERS INTEREST FOR LOSS CAUSED TO SHAREHOLDERS. 29-OCT-1998 |
|
Financial performance
During the year, the
gross turnover of the Company increased by 18.85% from Rs.136764.700 Millions
to Rs.162538.800 Millions. The increase in turnover by 18.85% was primarily due
to the increase in the average Copper LME prices from US$ 6,112 / MT to US$
8,138 / MT.
TC / RC (Treatment
Charges and Refining Charges) realisation in the financial year 2011 was 11.90
USC / lb, as compared to the 13.54 USC / lb in the previous year due to
suppressed spot TC / RCs market. The earnings before interest, tax depreciation
and amortization for the same period increased by 40.92% from Rs.16352.200
Millions to Rs.23043.900 Millions and the Net Profit increased by 70.74% from
Rs.8315.000 Millions to Rs.14197.100 Millions in the current year.
Operational Performance
The year was very
challenging due to lower TC / RC and higher input costs, thereby reducing the
product margin. Sulphuric acid and phosphoric acid realisation was higher as
compared to the previous year in line, with the increasing sulphur prices.
Production was also affected due to planned bi-annual maintenance shutdown and
also due to temporary stoppage of the Tuticorin copper smelter as per the
Honourable Madras High Court order, dated 28 September 2010 for closure of
Tuticorin copper unit.
During the year,
the Company consolidated its leadership position in domestic copper with record
sales of 2,06,653 MT. Production of cathodes was 3,03,991 MT in the financial
year 2011, lower by 9% year on year reflecting both the impact of the planned
maintenance undertaken, the effect of lower copper grades in concentrate on
production and temporary stoppage following the High Court order in end
September 2010. On the Special Leave Petition (SLP) filed by the Company,
Honourable Supreme Court of India stayed the operation of the order of Madras
High Court directing closure of Copper Smelter at Tuticorin. The unit is
currently operational at it's full capacity. The Company also exported 96,674
MT of copper, including exports of 31,377 MT of copper rods.
Projects
Copper Smelter - Four
Lakh Tonnes Per Annum (4 LTPA) and 2 x 80 - 160 MW Captive Power Plant The
construction of the Captive Power Plant at Tuticorin is in progress and the
first unit is now scheduled for commissioning in Q4 of the financial year
2011-12. While the Ministry of Environment and
MANAGEMENT DISCUSSION AND ANALYSIS
General Economic Outlook
Global economic
growth exceeded their expectation in the financial year 2010-11, although the
global economy remained volatile. Commodity prices declined at the start of the
year but recovered in the second half as European Sovereign debt concerns
receded and developed economies started to stabilise. Demand from Asian
Economies remained robust and was key driver of growth.
The strong growth
story in
The strong growth
story in
SUBSIDIARY COMPANIES
The Company had 36
subsidiary companies as on 31 March 2011. The shareholders may refer to the
statement under Section 212 of the Companies Act, 1956 and information on the
financial statements of subsidiaries appended to the above Statement under
Section 212 of the Companies Act, 1956 in this Annual Report for further
information on these subsidiaries. The Company undertakes that annual accounts
of the subsidiary companies and the related detailed information be made
available to shareholders of the holding and subsidiary companies seeking such
information at any point of time. The annual accounts of the subsidiary
companies are also kept for inspection by any shareholders at the registered
office of the holding company and of the subsidiary companies
concerned at the
respective companies’ registered offices. A hard copy of details of accounts of
subsidiaries to any shareholder shall be provided on demand. Members may write
to the Company Secretary at Subject Industries (
dated 07 December 2006.
Commercial Energy
Business
The Subject Group
has set up and operating captive power plants since 1997. Subject is currently
developing a commercial power generation business in
Ports and
Infrastructure Business
The Company was
the successful bidder for mechanisation of the coal handling facilities at the
outer harbour of
Vishakapatnam port
on the east coast of
Overview
Global economy growth
exceeded most expectations in the financial year although the global economy
remained volatile. Commodity prices declined at the start of the year but
recovered in the second half as European sovereign debt concerns receded and
developed economies started to stabilise. Demand from Asian economies remained
robust and was the key driver of growth. Growth story in
During the year
2010-11, they completed the acquisition of Zinc assets of Anglo- American Plc.
(Anglo Zinc) comprising its Skorpion mines in Namibia, Lisheen mines in Ireland
and 74% owned Black Mountain mines in South Africa, which includes the Black
Mountain mine and the Gamsberg project. Subject is the world’s largest
integrated zinc-lead producer and has significant operating expertise with
zinc. The acquired zinc assets is an excellent operational and strategic fit
with their existing business and is expected to create significant long term
value.
During the year all
their businesses delivered volume growth, with significant increase in zinc and
commercial power production. Their ongoing cost reduction measures have helped
to contain the impact of higher input prices while higher volumes have also
benefited unit operating costs. Stronger commodity prices for copper, aluminium
and zinc have also
contributed to the increase in PBDIT during the year.
They have made
excellent progress during the year in executing their project led organic
growth programme. Their focus on continued asset optimisation and reduction of
controllable costs remains key to delivery excellent results and long term
value.
Performance – Copper
Market Overview
Global refined
copper production in 2010 was reported as 19.1 million tonnes, an increase of
about 4%, over the 2009 figure of 18.4 million tonnes. Global refined
consumption exceeded supply by about 2,50,000 tonnes. Global mine production
growth slowed to 0.8% in 2010, hampered by falling copper grades and labour
disputes. Global copper consumption is estimated to increase by about 5% during
2011. Similar to last year, overall Indian copper consumption grew by 4% in the
financial year 2011, constrained by increased imports of finished electrical
machinery. They sold 68% of production in their local market and the remaining
32% was exported to
Growth in the
power sector in
Production Performance
Production of
cathodes at their Copper—
Financial Performance
PBDIT for the
financial year 2010-11 was Rs.10430.000 Millions, 40% higher than the PBDIT of
Rs.7440.000 Millions for the financial year 2009-10. This was primarily due to
higher LME prices and lower unit costs at Copper India and with the improved
byproduct realisation.
Outlook
The global market
is expected to grow at around 5% in current year with higher demand from
developing countries to support the infrastructure growth. They expect stable
operating performance at their smelter in
Performance - Zinc and Lead
Market Overview
Global zinc demand
rebounded strongly in 2010, growing by 14.8% following a fall of 9.4% in 2009,
at 11.6 MT. Urbanisation and increased spending on infrastructure in developing
countries have continued to be the key driver for demand. While long-term
global demand is expected to grow at 3-4% per annum, the near term demand
growth in Asia (excluding
Production
Performance
Zinc
Improved
operational performance and ramp up of enhanced capacity at their mines
contributed to an increase in mined metal production of zinc and lead in the
financial year 2010-11, up 9.0% to 840 kt. The new mill at the mine achieved
84% capacity utilisation in March 2011. Refined zinc production also rose substantially
to 712 kt, an increase of 23.2%, primarily due to additional volumes from the
newly commissioned zinc smelter at Dariba. Lead production was 57 kt, a
decrease of 7 kt over the previous year. Higher silver content in the
Financial
Performance
Increased
production volumes, higher prices and by-product credit contributed to a strong
increase in PBDIT for the financial year 2010-11, up 18% to Rs.55560.000
Millions, compared with the financial year 2009-10. This increase was partially
off-set by increased net operating costs and royalties. The positive impact of
higher volumes, rupee appreciation against US dollar and stable operating cost,
contributed significantly to company’s operating margins.
Outlook
Zinc
Performance – Aluminium
Market Overview
The global aluminium
industry recorded a 12.8% growth in production and 16.7% growth in consumption
during the year after a turbulent period. Globally the industry is facing the
challenge of rise in costs and other input costs. This is also re
ected in the increase in aluminium LME prices. Their aluminium facilities are
located in
Financial
Performance
PBDIT for the
financial year 2010-11 was Rs.6160.000 Millions, 3% higher than the financial
year 2009-10. This improved performance was primarily driven by LME prices,
partially off-set by higher carbon and coal costs, which were further increased
by around 30% by Coal
Outlook
They expect to
increase volumes at their alumina refinery in Lanjigarh and improve operating
performance at the new Jharsuguda smelter post stabilisation. They will
continue to focus on value added products to optimise returns.
Performance – Energy
Operational
Performance
During the
financial year 2011, they sold 2,035 million units of power, compared with
1,416 million units in the previous year. This growth in volume was mainly on
account of surplus power sales from 270 MW power plant at BALCO and
commissioning of first unit of 600 MW commencing power generation at
Jharsuguda, SEL.
Financial
Performance
Revenue (net of
inter-segment transfers) for the financial year 2011 was Rs.7280.000 Millions,
compared with Rs.6570.000 Millions in the previous year and PBDIT for the FY
2010-11 was Rs.3350.000 Millions as against Rs.4180.000 Millions in the
previous year. PBDIT was lower primarily due to higher operating costs,
primarily coal and lower sales prices.
Overall Business
Outlook
The medium and
long term outlook for the resource sector remains positive. They have a strong
growth pipeline and all their expansion projects are on track to deliver
industry leading organic growth. They remain confident that they are on track
to deliver superior results going forward.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / YEAR ENDED 30 JUNE, 2012
(Rs. In Millions)
|
Particulars |
|
|
|
30.06.2012 |
|
|
Unaudited |
|
Net Sales/ Income from Operations |
45581.300 |
|
1. (b) Other Operating Income |
29.500 |
|
Total Income
From operations |
45610.800 |
|
2. Expenditure |
|
|
a. Cost of Raw Materials consumed |
41457.000 |
|
b. Purchases of stock in trade |
0.000 |
|
c. Changes in inventories of finished goods , work in progress and
stock in trade |
223.200 |
|
d. Employee benefit expenses |
261.600 |
|
e. Depreciation and amortisation expense |
360.400 |
|
g. Exchange loss |
2194.600 |
|
h. Other Expenditure |
2393.00 |
|
Total
Expenditure |
46889.800 |
|
3. Profit from Operations
before Other Income, Interest and Exceptional Items (1-2) |
(1279.000) |
|
4. Other Income |
3481.200 |
|
5. Profit before Interest and Tax
|
2202.200 |
|
6. Interest |
1506.000 |
|
7. Profit from Ordinary
Activities before Tax and exceptional
items |
696.200 |
|
8. Exceptional items |
- |
|
9. Profit from Ordinary Activities
before Tax but before exceptional
items |
696.200 |
|
10. Tax Expenses |
242.800 |
|
11. Net profit/(loss) for the
period |
453.400 |
|
12. Paid-up Equity Share Capital (face value Rs.2 per share) |
3361.200 |
|
13. Reserves excluding revaluation reserve as per balance sheet of
previous accounting year |
- |
|
14. Earning Per Share |
|
|
a. Basic and b. Diluted |
0.13 |
|
15. Public shareholding |
|
|
- No. of shares |
1143523659 |
|
- % of holding (to total shareholding) |
34.02 |
|
Promoters And Promoter Group Shareholding a) Pledged/ Encumbered |
- |
|
-Number of Shares |
- |
|
-% of Shares (As a % of the total Shareholding of Promoter and
Promoter Group) |
- |
|
-% of Shares (as a % of the total share capital of the Company) |
- |
|
b) Non Encumbered |
|
|
- Number of Shares |
1791932643 |
|
-% of Shares (As a % of the total Shareholding of Promoter and
Promoter Group) |
100.00 |
|
-% of Shares (as a % of the total share capital of the Company) |
53.31 |
|
INVESTOR COMPLAINTS |
30.06.2012 |
|
Pending at the beginning of the quarter |
- |
|
Received during the quarter |
10 |
|
Disposed if during the quarter |
10 |
|
Remaining unresolved the end of the quarter |
- |
(Rs. In Millions)
|
Particulars |
Quarter Ended |
|
|
30.06.2012 |
|
1.
SEGMENT REVENUE |
|
|
Copper |
43829.600 |
|
Phosphoric Acid |
1897.800 |
|
Others |
- |
|
Total Segment Revenue |
45727.400 |
|
Less: Inter Segment Revenue |
146.100 |
|
Net Sales/Income
from Operations |
45581.300 |
|
|
|
|
2.
SEGMENT RESULTS |
|
|
Copper |
1244.200 |
|
Phosphoric Acid |
91.800 |
|
Others |
(0.700) |
|
Total Segment Results |
1355.300 |
|
Less: Finance Cost |
1506.000 |
|
Add:- Other unallocable income net of |
866.900 |
|
unallocable expenditure |
- |
|
Total Profit before tax |
696.200 |
|
|
|
|
3.
CAPITAL EMPLOYED |
|
|
Copper |
31547.600 |
|
Phosphoric Acid |
2151.100 |
|
Others |
50.100 |
|
Unallocated |
213710.300 |
|
Total Capital Employed |
247459.100 |
·
The above results have been reviewed by Audit
Committee. The Board of Directors at its meeting held on July 26, 2012 approved
the above results and its release.
·
The above results are prepared in accordance with
the recognition and measurement principles laid down in Accounting Standard 25
(AS 25 – Interim Financial Reporting) and have been subjected to "Limited
Review" by the statutory auditors of the Company.
·
As a part of the overall Vedanta Group
consolidation and simplification exercise, the Board of Directors had approved
the amalgamation of the Company into Sesa Goa Limited with the appointed date
as April 1, 2011, subject to necessary approvals from various statutory
authorities and the Jurisdictional Hon'ble High Courts. In the Court convened
meeting of the equity shareholders of the Company held on June 21, 2012, the
Scheme has been approved by the Company's shareholders with requisite majority.
The petitions for merger have been filed and admitted by the Hon'ble High Court
of Madras
·
Arising from the announcement of the Institute of
Chartered Accountants of India (ICAI) on March 29, 2008, the Company had
adopted Accounting Standard (AS) 30 – ‘Financial Instruments: Recognition and
Measurement’ effective from accounting year ended March 31, 2008. Accordingly 4
% Convertible Senior Notes, issued in October 2009, has been accounted for as
per AS 30 wherein the conversion option has been measured at the fair value
through profit and loss account and the Notes carried at amortised cost. If AS
30 had not been adopted for this transaction, for the quarter ended June 30,
2012 other income would have been lower by Rs 101.900 Millions, finance costs
would have been lower by Rs 320.600 Millions and profit after tax would have
been higher by Rs. 176.400 Millions
Vedanta Aluminium Limited (VAL), an associate of the Company, is in the
process of expanding its alumina refinery and its aluminium smelter in the
state of Orissa. Ministry of Environment and Forests ("MOEF") denied
issue of final stage forest clearance for Niyamgiri Mining lease of Orissa
Mining Corporation (OMC) which is one of the sources of supply of bauxite to
the alumina refinery of VAL. As an in-principle forest diversion was earlier
allowed by the Hon’ble Supreme Court, OMC has filed a petition in the Hon’ble
Supreme Court which is pending for disposal.
·
Pursuant to the Hon’ble Orissa High Court's
observation that the clarification issued by MoEF earlier with regard to grant
of environmental clearance for refinery expansion lacked statutory authority,
VAL had applied afresh for environmental clearance and the application is under
process.MoEF has now sought certain clarification from Govt. of Orissa based on
which it will advise on the public hearing for the proposed expansion project.
In the meantime, VAL has put the expansion activity on hold. The management of
the Company has evaluated and considered good, its loan granted and investment
made in VAL, aggregating Rs. 105050.000 Millions
·
The unaudited figures in respect of the results for
preceding quarter ended March 31, 2012 are the balancing figures between the
audited financial results in respect of the full financial year ended March 31,
2012 and the published year to date figures upto the third quarter ended
December 31, 2011.
·
Consequent to the merger of the Company's wholly
owned subsidiary Sterlite Opportunities and Ventures Limited (SOVL) with the
Company with effect from April 1, 2011, and approved by Hon'ble High Court of
Madras vide its order dated March 29, 2012 the figures for the corresponding
quarter ended June 30, 2011 have been restated to make them comparable.
·
Previous Period/Year figures have been regrouped /
restated wherever necessary to make them comparable
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
(a) Disputed liabilities in appeal: |
|
|
|
(i) Income Tax (No cash outflow is expected in the near future) |
522.500 |
807.000 |
|
(ii) Sales Tax (relating to sale value) |
72.600 |
72.600 |
|
(iii) Custom Duty (No cash outflow is expected in the near future) |
62.300 |
102.000 |
|
(iv) Excise Duty
(Mainly on account of difference in valuation of intermediate products meant
for captive consumption at other locations and clearance of intermediate
products to other locations on job basis. No cash outflow is expected in the
near future). |
383.900 |
383.900 |
|
(v) Claim
against the Company not acknowledged as debt (No outflow is expected in the
near future) |
225.800 |
244.800 |
|
(vi) Service Tax
(On account of credit taken on outward freight paid to goods transport agent
and no outflow is expected in the near future) |
185.700 |
185.700 |
|
(vii) FERA / FEMA (No outflow is expected in the near future) |
599.000 |
599.000 |
|
(viii) Others (No outflow is expected in the near future) |
100.900 |
100.900 |
|
(b) Unexpired Letters of Credit (These are established
in favour of vendors but cargo / material under the aforesaid Letter of
Credit are yet to be received as on year end date. Cash outflow expected on
the basis of payment terms as mentioned in Letter of Credit). |
17081.800 |
11471.200 |
|
(c) Bank Guarantees (Bank guarantees
are provided under contractual / legal obligation. No cash outflow is
expected) |
1857.600 |
1164.800 |
|
(d) Sales Bill Discounted |
12140.400 |
9207.000 |
|
Total |
33232.500 |
24338.900 |
FIXED ASSETS:
·
Land
·
Building
·
Building Leasehold
·
Plant and Machinery
·
Furniture and Fixtures
·
Data Processing
Equipments
·
Office Equipments
·
Electrical Fittings
·
Vehicles
·
Computer Software
·
Technical Know-How
WEBSITE DETAILS:
MANAGEMENT:
Mr. Anil Agarwal – Chairman
Mr. Agarwal, who founded the Vedanta/Subject group in 1976, is their
Chairman and was appointed to their Board of Directors in 1978. Based in the
Mr. Navin Agarwal - Executive Vice-Chairman
Mr. Agarwal was appointed to their Board of Directors in August 2003.
His responsibilities include executing their business strategy and monitoring
the overall performance and growth of their organisation. Mr. Agarwal has been
with the Company since its inception. He is also the Chairman of KCM and MALCO,
Deputy Executive Chairman of Vedanta Resources Plc and Director BALCO, HZL,
VAL.
Mr. Navin Agarwal has over 20 years of experience in strategic
management. He holds a Bachelor of Commerce degree from
Mr. Berjis Minoo Desai - Non - Executive Director
Mr. Desai, is a Non-executive Director and was appointed to their Board
of Directors in January 2003. He holds a Masters Degree in law from the
Mr. Gautam Bhailal Doshi - Non Executive Director
Mr. Doshi, is an Independent Nonexecutive Director and was appointed to
their Board of Directors in December 2001. Since August 2005, he has been
employed with Reliance ADA Group Private Limited. Before that, he was a partner
of RSM and Co. in
Mr. Sandeep H. Junnarkar - Non Executive Director
Mr. Junnarkar, is their Non-executive Director and was appointed to
their Board of Directors in June 2001. He is a solicitor and a partner of
Messrs Junnarkar and Associates. Earlier, he was a partner at Messrs Kanga and
Co. from 1981 to 2002. Mr. Junnarkar specializes in banking and corporate law.
He has a Bachelor of Science (Honours) degree followed by a Bachelor of Law
degree, both from the
Mr. Mahendra Singh Mehta-Chief Executive Officer
Mr. Mahendra Singh Mehta is currently Chief Executive Officer of Vedanta
Resources Plc. He is also designated as the Group CEO. Mr. Mehta joined the
Vedanta Group in April 2000 and held various leadership positions within their
group, including as the CEO and Whole-Time Director of Hindustan Zinc Limited
(HZL) and was also the Commercial Director for base metals. Mr. Mehta has a
Bachelor of Mechanical Engineering from
Mr. Din Dayal Jalan – Whole Time Director and Chief Financial Officer
Mr. Jalan joined Subject in 2001 as President – Australian Operations,
responsible for TCM and CMT mines. He has over 27 years of experience with
various companies in the engineering, mining and non-ferrous metal sectors. Mr
Jalan has been associated with the Aditya Birla Group in various capacities
and, from 1996 to 2000, was in charge of commercial and financial activities at
the copper smelter business of Indo-Gulf Fertiliser Limited Mr Jalan are a
member of the Institute of Chartered Accountants of India.
Press Release
STERLITE INDUSTRIES (INDIA) LIMITED
Production Release for the Fourth Quarter and
Year Ended 31 March 2013
10 April 2013
Mumbai, India: Sterlite Industries (India) Limited today announced its production results for the Fourth Quarter and Year ended 31 March 2013.
Highlights
Ø Full year production growth across Copper, Lead and Silver
Ø Record quarterly and full year production of mined zinc-lead and integrated silver at Zinc India
Zinc - India Business
|
|
Q4 |
Q3 |
Full Year |
|||||
|
Particulars (in'000
tonnes, or as stated) |
FY2013 |
FY2012 |
% change YoY |
FY2013 |
FY2013 |
FY2012 |
% change YoY |
|
|
Mined metal content |
260 |
223 |
16% |
233 |
870 |
830 |
5% |
|
|
Concentrate Sales - Zinc (MIC) |
61 |
- |
|
- |
61 |
- |
|
|
|
Concentrate Sales - Lead (MIC) |
- |
- |
|
- |
- |
5 |
|
|
|
Refined Zinc - Total |
182 |
190 |
(4%) |
171 |
677 |
759 |
(11%) |
|
|
Refined Zinc - Integrated |
181 |
189 |
(4%) |
168 |
660 |
752 |
(12%) |
|
|
Refined Zinc - Custom |
0 |
1 |
|
3 |
17 |
6 |
|
|
|
Refined Lead - Total 1 |
35 |
37 |
(6%) |
32 |
125 |
99 |
26% |
|
|
Refined Lead - Integrated |
32 |
31 |
2% |
22 |
107 |
89 |
20% |
|
|
Refined Lead - Custom |
3 |
6 |
|
10 |
18 |
10 |
|
|
|
Silver - Total (in tonnes) 2 |
117 |
88 |
33% |
117 |
408 |
242 |
69% |
|
|
Silver - Integrated (in tonnes) |
100 |
83 |
20% |
62 |
322 |
237 |
36% |
|
|
Silver - Custom (in tonnes) |
17 |
5 |
|
55 |
86 |
5 |
|
|
1. Includes captive consumption of 1,777 tonnes in Q4 FY2013 vs. 2,156 tonnes in Q4 FY2012, and 6,500 tonnes in FY2013 vs. 6,625 tonnes in FY2012.
2. Includes captive consumption of 9 tonnes in Q4 FY2013 vs. 11 tonnes in Q4 FY2012 and 34 tonnes in FY2013 vs. 35 tonnes in FY2012.
Mined metal production was a record 260,000 tonnes in Q4, 16% higher than the corresponding prior period, and in line with the annual mine plan. Full year production was 870,000 tonnes, 5% higher than the previous year.
The integrated production of refined zinc was 181,000 tonnes in Q4, 8% higher than Q3. Full year production was 660,000 tonnes, in line with the annual plan. Sales of zinc metal-in-concentrate (MIC) were 61,000 tonnes, due to surplus concentrate in Q4. Integrated production of refined lead was 32,000 tonnes in Q4 and 107,000 tonnes for the full year, up 2% and 20% respectively.
Integrated production of silver was a record 100,000 tonnes in Q4 and 322,000 tonnes for the full year, up 20% and 36%, respectively, driven by the continued ramp-up of the SK mine and the Dariba lead smelter.
During the year, Rampura Agucha underground mine and Kayad mine achieved the milestone of development ore production as per plan.
Zinc - International
Business
|
|
Q4 |
Q3 |
Full Year |
|||||||
|
Particulars (in'000
tonnes |
FY2013 |
FY2012 |
% change YoY |
FY2013 |
FY201 |
FY2012 |
% change YoY |
|
||
|
Zinc Refined - Skorpion |
36 |
36 |
2% |
36 |
145 |
145 |
0% |
|
||
|
Mined metal content- BMM and Lisheen |
65 |
71 |
(8%) |
68 |
280 |
299 |
(6%) |
|
||
|
Total |
102 |
106 |
(4%) |
104 |
426 |
444 |
(4%) |
|
||
Total production of refined zinc and mined zinc-lead MIC was 102,000 tonnes in Q4 and 426,000 tonnes for the full year, in line with the annual mine plan.
Copper - India
/Australia Business
|
|
Q4 |
Q3 |
Full Year |
||||
|
Particulars (in'000
tonnes, or as stated) |
FY2013 |
FY2012 |
% change YoY |
FY2013 |
FY2013 |
FY2012 |
% change YoY |
|
Copper - Mined metal content |
7 |
5 |
28% |
|
26 |
23 |
15% |
|
Copper - Cathodes |
86 |
80 |
7% |
92 |
353 |
326 |
8% |
|
Tuticorin power sales (million units) |
35 |
- |
|
7 |
42 |
- |
|
Copper cathode production was 86,000 tonnes in Q4, 7% higher than the corresponding prior period, and 8% higher at 353,000 tonnes in FY2013. Mined metal production at Australia was 28% higher at 7,000 tonnes in Q4 and 15% higher at 26,000 tonnes for the full year.
The first 80MW unit of the 160MW captive power plant at Tuticorin has been stabilised during the quarter and is now operating at capacity, with plant load factor (PLF) of 81% during the quarter. Surplus power generated by this plant beyond the captive consumption requirements were sold, and commercial power sales were 35 million units in Q4 and 42 million units for the full year. The second 80MW unit is expected to be synchronized in Q1 FY2014.
Tuticorin Copper Smelter Update
Following a few public complaints of emissions, we had responded to the queries of the Tamil Nadu Pollution Control Board (TNPCB) confirming that all plant parameters were within permitted limits. The District
Administration confirmed that no case of illness was reported on account of the alleged emissions. However, TNPCB ordered closure of the smelter on 29 March 2013.
Separately, on 2 April 2013, the Honourable Supreme Court has upheld our appeal filed in 2010 against the Madras High Court order for smelter closure and ordered us to deposit INR 1 billion (approx. $18mn) with the District Collector, Tuticorin, which will be used to improve the environment, including soil and water, in the vicinity of the plant. Over the two year court process, regulatory bodies had inspected and confirmed that the plant meets the required standards. Some recommendations for improvements had been proposed by them, all of which had been implemented.
This Supreme Court order does not affect the recent closure order issued by TNPCB. We are actively engaged with TNPCB and relevant authorities to obtain permission to restart the operations. We have also filed an appeal with the National Green Tribunal against the closure order by TNPCB and for interim relief to operate the plant, and the matter is being heard.
Aluminium Business -
Balco
|
|
Q4 |
Q3 |
Full Year |
||||
|
|
|
|
% change YoY |
|
|
|
% change YoY |
|
Particulars(in'000
tonnes, or as stated) |
FY2013 |
FY2012 |
FY2013 |
FY2013 |
FY2012 |
||
|
Aluminium |
62 |
62 |
- |
62 |
247 |
246 |
1% |
Aluminium production at 245 ktpa Korba-II smelter was 62,000 tonnes, in line with the corresponding prior quarter. The smelter operated above its rated capacity for the full year.
At the 325ktpa Korba-III aluminium smelter, mechanical and electrical completion and pre-commissioning of the rectifier, potline and related utilities for the first phase of 84 pots out of the total 336 pots have been completed. Further work is in progress, and we plan to tap first metal in Q2 FY2014. The smelter plans to initially draw power from the existing 810MW power plants at BALCO. The first 300MW unit of the BALCO 1,200MW captive power plant is awaiting final stage regulatory approvals.
Having obtained the Stage-II Forest Clearance for the 211mt coal block at BALCO, the process for diversion of forest land has been initiated by the State Government, and we are in the process of signing the mining lease agreement. We expect to commence mining in Q2 FY2014.
Power Business
|
|
Q4 |
Q3 |
Full Year |
||||
|
Particulars (in
million units) |
FY2013 |
FY2012 |
% change YoY |
FY2013 |
FY2013 |
FY2012 |
% change YoY |
|
SEL 1 |
2,073 |
1,674 |
24% |
1,57 |
7,530 |
5,638 |
34% |
|
Balco 270 MW |
282 |
412 |
(32%) |
275 |
1241 |
1605 |
(23%) |
|
HZL Wind Power |
78 |
80 |
(2%) |
62 |
511 |
336 |
52% |
|
Total Power Sales |
2,433 |
2,166 |
12% |
1,915 |
9,282 |
7,579 |
22% |
1. Includes production under trial run of Nil million units in Q4 FY2013 vs. 209 million units in Q4 FY2012, and 795 million units in FY2013 vs. 926 million units in FY2012.
Power sales were 12% higher at 2,433 million units in Q4 and 22% higher at 9,282 million units for the full year, as compared with the corresponding prior periods. The increase in Q4 was primarily due to higher power generation and sales from three units of the Jharsuguda 2,400MW power plant.
The plant load factor (PLF) of three operating units in Q4 was 58%, compared to 31% in Q3. Overall the station delivered an effective PLF of 44% considering all four units. The fourth unit was commissioned on 31 March 2013. The increase in PLF was driven by the commissioning of the new shared 1,000MW Raipur-Wardha transmission line in January 2013, and partial easing of the evacuation restrictions. We expect 50-60% PLF for all four units in the near future with further easing of evacuation restrictions.
Power sales at BALCO 270MW were lower in Q4 and full year due to evacuation constraints.
Work at the Talwandi Sabo power project is progressing well and the first unit is expected to be synchronized in Q2 FY2014.
STERLITE INDUSTRIES
(INDIA) LIMITED - TUTICORIN SMELTER ALLOWED TO RESTART
Tuticorin, May 31,
2013:
The National Green Tribunal (NGT) has today allowed the Tuticorin Copper Smelter of Sterlite Industries to recommence production.
NGT has laid down certain conditions. We welcome the order and will work closely with the regulatory authorities and expect to resume production in approximately one week.
MORGAN STANLEY
UPGRADES INDIA'S STERLITE TO 'OVERWEIGHT'
Jan 11, 2013, 05.23
PM IST
Shares in Sterlite Industries (India) Limited rise 2 percent to 117.90 rupees after Morgan Stanley upgrades the stock to "overweight" from "neutral" and raises its target price to 142 rupees from 110.20 rupees.
The investment bank says Sterlite shares have been "cheap for a while," and adds group restructuring and minority consolidation, improving sentiment in power and aluminum, and a bottoming in China's economic outlook as the key reasons for the upgrade.
Morgan Stanley expects the merger of Sesa Goa Limited and Sterlite to be concluded by the end of March, saying it will lift sentiment due to a simplified holding structure and healthier diversification.
The bank also sees an increased possibility that Sterlite may be able to exercise its call option on the government's remaining stakes in Hindustan Zinc Limited and Bharat Aluminum Company Limited
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.58.91 |
|
|
1 |
Rs.90.68 |
|
Euro |
1 |
Rs.78.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
71 |
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.