MIRA
INFORM REPORT
|
Report Date : |
08.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
BOMBAY BURMAH TRADING CORPORATION LIMITED |
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Registered
Office : |
9, Wallace Street, Fort, Mumbai – 400 001, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
09.04.1863 |
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Com. Reg. No.: |
11-000002 |
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Capital Investment
/ Paid-up Capital : |
Rs.139.627 Millions |
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CIN No.: [Company Identification
No.] |
L99999MH1863PLC000002 |
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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 cover a wide range such as plantations of tea,
coffee, cardamon, cocoa, rubber and palm oil; manufacture of starch from
tapioca; manufacture of asbestos cement and concrete products; extraction of timber
and boat building and repairs. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 10790000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having fine track
record. Financial position of the company appears to be sound. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed legislative
work. India's medium-term growth outlook is positive due to a young population
and corresponding low dependency ratio, healthy savings and investment rates,
and increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A1+ (Short Term Bank facilities) |
|
Rating Explanation |
Very strong degree of safety it carry lowest
credit risk. |
|
Date |
September, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management non-cooperative
(Tel. No.: 91-22-22079351)
LOCATIONS
|
Registered Office : |
9, Wallace Street, Fort, Mumbai – 400 001, Maharashtra, India |
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Tel. No.: |
91-22-22079351-54 |
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Fax No.: |
91-22-22071612 |
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E-Mail : |
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Website : |
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SOUTH INDIA
ESTATES |
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Mudis Group Office |
Mudis P.O., Coimbatore District – 642 117, Tamilnadu, India |
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Tel. No.: |
91-4253-234244 / 234245 |
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Fax No.: |
91-4253-234231 |
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E-Mail : |
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Marketing Office |
Subramaniam Road, Wellingdon Island,
Kochi – 682 003, Kerala, India |
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Tel. No.: |
91-484-2666645/ 2666251 |
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Fax No.: |
91-484-2668321 |
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E-Mail : |
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WEIGHING
PRODUCTS DIVISION |
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Factory : |
Plot No.04, New G.I.D.C., Valsad – 396 034, Gundlav, Gujarat, India |
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E-Mail : |
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Marketing Office : |
Plot No.2, Kanjur Village Road, Kanjur Marg (East), Mumbai – 400 042,
Maharashtra, India |
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Tel. No.: |
91-22-25785651/ 25782852/ 25787529 |
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Fax No.: |
91-22-25784389 |
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E-Mail : |
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HEALTH CARE
DIVISION |
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Factory 1 : |
DPI – PLot No. 2, Kanjur Village Road, Kanjur Marg (East), Mumbai – 400
042, Maharashtra, India |
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Tel. No.: |
91-22-25785651/ 25782303 |
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Fax No.: |
91-22-25784389 |
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E-Mail : |
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Factory 2 : |
MMT – C-1B/ 909, New GIDC, Gundlav, Valsad – 39 6035, Gujarat, India |
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Tel. No.: |
91-2632-36519 |
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Fax No.: |
91-2632-36684 |
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E-Mail : |
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Dental Products
: |
Sector 5, II E,
Pant Nagar Industrial Estate, Rudrapur, Udhamsingh Nagar – 263 153,
Uttarakhand, India |
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Marketing Office : |
Plot No.2, Kanjur Village Road, Kanjur Marg (East), Mumbai – 400042,
Maharashtra, India |
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Tel. No.: |
91-22-25785651/ 25782852/ 25787529 |
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Fax No.: |
91-22-25784389 |
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E-Mail : |
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Tea and Coffee
Estates : |
Ø Mudis Group of
Estates, Mudis P.O.- 642 117, Coimbatore District, Tamilnadu, India Ø Singampatti
Group of Estates — Manjolai P.O., Tirunelveli District - 627 420, Tamilnadu,
India Ø Dunsandle Estate
— Dunsandle P.O., Ootacamund – 643 005, Nilgiri District, Tamilnadu, India Ø Elk Hill Group
of Estates — Post Box No.12, Sidapur, P. and T.O – 571 253, South Coorg,
Karnataka, India Ø Usambara Group,
Marvera and Herkulu Estates, P.O. Box 22, Soni, Tanzania |
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Malaysian Branch
Office : |
Suite 628, 6th
Floor, Pan Global Plaza, Jalan Wong Ah Fook 80000, Johor Bahru, Malaysia |
DIRECTORS
As on 31.03.2012
|
Name : |
Nusli N. Wadia |
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Designation : |
Esq., Chairman |
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Name : |
A. K. Hirjee |
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Designation : |
Esq., Vice Chairman |
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Name : |
A. Panjwani |
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Designation : |
Esq., Managing Director |
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Name : |
Ness Wadia |
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Designation : |
Esq., Managing Director |
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Name : |
Keshub Mahindra |
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Designation : |
Esq. Director |
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Name : |
M. L. Apte |
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Designation : |
Esq. Director |
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Name : |
D. E. Udwadia |
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Designation : |
Esq. Director |
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Name : |
P. K. Cassels |
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Designation : |
Esq. Director |
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Name : |
B. N. B. Tao |
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Designation : |
Esq. Director |
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Name : |
JEH Wadia |
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Designation : |
Esq. Director |
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Name : |
Mrs. Vinita Bali |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Nitin H Datanwala |
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Designation : |
Vice President Corporate and Company Secretray |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2012
|
Category
of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
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|
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|
17000 |
0.02 |
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|
39827240 |
57.08 |
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|
39844240 |
57.11 |
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|
|
|
|
|
6141505 |
8.80 |
|
|
6141505 |
8.80 |
|
Total shareholding of Promoter and Promoter Group (A) |
45985745 |
65.91 |
|
(B) Public Shareholding |
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|
|
|
|
|
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|
1283550 |
1.84 |
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|
94475 |
0.14 |
|
|
675400 |
0.97 |
|
|
144658 |
0.21 |
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|
2198083 |
3.15 |
|
|
|
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|
1856830 |
2.66 |
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|
|
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|
12096323 |
17.34 |
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|
1362815 |
1.95 |
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|
6272104 |
8.99 |
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|
48250 |
0.07 |
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|
493054 |
0.71 |
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|
5660700 |
8.11 |
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|
100 |
0.00 |
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|
70000 |
0.10 |
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|
21588072 |
30.94 |
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Total Public shareholding (B) |
23786155 |
34.09 |
|
Total (A)+(B) |
69771900 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
69771900 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject cover a wide range such as plantations of tea, coffee,
cardamon, cocoa, rubber and palm oil; manufacture of starch from tapioca;
manufacture of asbestos cement and concrete products; extraction of timber
and boat building and repairs. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Tea/Green Leaf |
Kgs. |
Not Applicable |
15,810,320 |
|
Coffee |
M. Tonnes |
Not Applicable |
Not Applicable |
|
Other Plantation Products |
|
Not Applicable |
Not Applicable |
|
(i) Pepper |
Kgs. |
Not Applicable |
Not Applicable |
|
(ii) Cardamom, Coffee Husk, Arecanuts, etc. |
Kgs. |
Not Applicable |
Not Applicable |
|
(iii) Timber |
C. Feet |
Not Applicable |
Not Applicable |
|
Phenolic Laminates (Industrial Laminates including Copperclad Laminates and Surfacing Laminates) |
M.Tonnes |
Not Applicable |
12,400 |
|
Precision Springs |
Kgs. |
Not Applicable |
10,968,000 |
|
Weighing Products |
Nos. |
Not Applicable |
2,000 |
|
Consumable Dental Goods |
M.Tonnes/Litres |
Not Applicable |
Not Applicable |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Ø
HDFC Bank Limited Ø Axis Bank
Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
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Address : |
Lodha Excelus, 1st
Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalakshmi, Mumbai – 400 011,
Maharashtra, India |
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Solicitors : |
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Name : |
Crawford Bayley and Company Chartered Accountants |
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Address : |
State Bank
Building, 4th Floor, Hutatma Chowk, Fountain, Mumbai – 400 001,
Maharashtra, India |
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Solicitors : |
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|
Name : |
Udwadia Udeshi and Argus Partners Chartered Accountants |
|
Address : |
Elphinstone
House, 1st Floor, 17, Murzban Road, Fort, Mumbai – 400 001,
Maharashtra, India |
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Subsidiaries : |
Ø Afco Industrial
and Chemicals Limited Ø DPI Products and
Services Limited Ø Sea Wind
Investments and Trading Company Limited Ø PT Indo Java
Rubber Planting Company (till 17th March, 2011) Ø Leila Lands
Senderian Berhad Ø Electromags
Automotive Products Private Limited |
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|
|
|
Sub-Subsidiaries : |
(a) Subsidiary
of DPI Products and Services Limited: Ø Subham Viniyog
Private Limited (b) Subsidiaries
of Leila Lands Senderian Berhad: Ø Naira Holdings
Limited Ø Island
Horti-Tech Holdings Pte. Limited Ø Leila Lands
Limited Ø Restpoint
Investments Limited (c) Subsidiaries
of Island Horti-Tech Holdings Pte. Limited: Ø Island Landscape
and Nursery Pte. Limited Ø ILN Investments
Pte. Limited Ø Innovative
Organics Inc. (d) Subsidiaries
of Leila Lands Limited: Ø ABI Holding
Limited Ø Britannia Brands
Limited Ø Associated
Biscuits International Limited Ø Dowbiggin
Enterprises Pte. Limited Ø Nacupa
Enterprises Pte. Limited Ø Spargo
Enterprises Pte. Limited Ø Valletort
Enterprises Pte. Limited Ø Bannatyne
Enterprises Pte. Limited Ø Britannia
Industries Limited (e) Subsidiaries
of Britannia Industries Limited: Ø Boribunder
Finance and Investments Private Limited Ø Flora Investments
Company Private Limited Ø Gilt Edge
Finance and Investments Private Limited Ø Ganges Valley
Foods Private Limited Ø International
Bakery Products Limited Ø J. B. Mangharam
Foods Private Limited Ø Manna Foods
Private Limited Ø Sunrise Biscuit
Company Private Limited Ø Britannia and
Associates (Mauritius) Private Limited Ø Britannia and
Associates (Dubai) Private Company Limited Ø Al Sallan Food
Industries Company SAOG Ø Strategic Food
International Company LLC Ø Strategic Brands
Holding Company Limited Ø Britannia Lanka
Private Limited Ø Daily Bread
Gourmet Foods (India) Private Limited Ø Britannia Dairy
Private Limited (formerly known as Britannia New Zealand Foods Private
Limited) Ø Britannia New
Zealand Holdings Private Limited Ø Britannia
Employees General Welfare Association Private Limited Ø Britannia
Employees Medical Welfare Association Private Limited Ø Britannia
Employees Educational Welfare Association Private Limited (f) Subsidiary
of Island Landscape and Nursery Pte. Limited: Ø Peninsula
Landscape and Nursery Sdn. Bhd. (g) Subsidiary
of ILN Investments Pte. Limited: Ø Saikjaya
Holdings Sdn. Bhd. (h) Subsidiaries
of Restpoint Investments Limited: Ø Restpoint
International Technology Corporation Ø Island
Telesystems Pte. Limited (i) Subsidiary
of Innovative Organics Inc.: Ø Granum Inc. |
|
|
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|
Associates : |
Ø Lotus Viniyog
Private Limited Ø Inor Medical
Products Limited Ø
Medical Microtechnology Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13954380 |
Equity Shares |
Rs.10/- each |
Rs.139.544
Millions |
|
|
Forfeited shares amount paid-up |
|
Rs.0.083
Million |
|
|
Total |
|
Rs.139.627 Millions |
(a) The
Corporation has only one class of equity share having par value of Rs.10/- per
share.
(b) Each holder of
equity shares is entitled to one vote per share.
(c) The
Corporation declares and pays dividends in Indian rupees. The dividend proposed
by the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting.
(d) During the
year ended 31st March, 2012, the amount of per share dividend recognised as
distribution to equity shareholders was Rs.7/- (Previous Year - Rs.7). The total dividend appropriation
for the year ended 31st March, 2012 amounted to Rs. 113.527 Millions (Previous
Year Rs. 113.527 Millions) including corporate dividend tax of Rs. 15.846 Millions (Previous Year Rs. 15.846 Millions).
(e) In the event
of liquidation of the Company, the holders of equity shares will be entitled to
receive the remaining assets of the Company, after distribution of all
preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders.
(f) Reconciliation of the shares outstanding at the beginning and at the
end of reporting period.
|
Equity shares |
No. of shares |
Amount in
millions |
|
At the beginning of the period |
13954380 |
139.544 |
|
Add: Issued during the period |
-- |
-- |
|
Outstanding at the end of the period |
13954380 |
139.544 |
(g) Details of shares held by each shareholder holding more than 5% shares:
|
Name of Shareholders |
No. of shares |
% holding |
|
1. Archway Investment Company Limited |
2607720 |
18.69 |
|
2. N.W. Exports Limited |
1075455 |
7.71 |
|
3. Damascus
Investment and Trading Company Limited |
888000 |
6.36 |
|
4. Naperol Investments Limited |
841680 |
6.03 |
|
5. Nusli N. Wadia |
1228301 |
8.80 |
|
6. Wallace Bros.
Trading and Industrial Limited, U.K. |
1132140 |
8.11 |
|
|
7773296 |
55.70 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
139.627 |
139.627 |
139.627 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2557.297 |
1298.360 |
647.930 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2696.924 |
1437.987 |
787.557 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1384.348 |
1868.983 |
2437.198 |
|
|
2] Unsecured Loans |
0.500 |
0.500 |
301.329 |
|
|
TOTAL BORROWING |
1384.848 |
1869.483 |
2738.527 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
16.848 |
28.928 |
|
|
|
|
|
|
|
|
TOTAL |
4081.772 |
3324.318 |
3555.012 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
592.200 |
1086.815 |
995.647 |
|
|
Capital work-in-progress |
4.553 |
23.558 |
36.860 |
|
|
|
|
|
|
|
|
INVESTMENT |
1118.344 |
1067.706 |
1067.322 |
|
|
Foreign Currency Monetary Item Translation Difference Account |
0.000 |
0.000 |
12.745 |
|
|
DEFERRED TAX ASSETS |
5.058 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
611.230
|
961.545 |
859.241 |
|
|
Sundry Debtors |
138.219
|
537.629 |
560.299 |
|
|
Cash & Bank Balances |
969.179
|
130.241 |
146.403 |
|
|
Other Current Assets |
35.652
|
33.763 |
3.126 |
|
|
Loans & Advances |
1242.472
|
1081.756 |
491.997 |
|
Total
Current Assets |
2996.752
|
2744.934 |
2061.066 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
86.176
|
98.509 |
486.330 |
|
|
Other Current Liabilities |
385.313
|
1299.971 |
47.049 |
|
|
Provisions |
163.646
|
200.215 |
85.249 |
|
Total
Current Liabilities |
635.135
|
1598.695 |
618.628 |
|
|
Net Current Assets |
2361.617
|
1146.239 |
1442.438 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4081.772 |
3324.318 |
3555.012 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2603.017 |
3189.102 |
2938.816 |
|
|
|
Other Income |
194.741 |
877.755 |
194.290 |
|
|
|
TOTAL |
2797.758 |
4066.857 |
3133.106 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
969.531 |
1275.646 |
1211.181 |
|
|
|
Purchases of stock-in-trade |
127.287 |
107.290 |
91.392 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(40.507) |
(82.269) |
(143.225) |
|
|
|
Employee benefits expense |
548.145 |
531.597 |
513.536 |
|
|
|
Other expenses |
816.728 |
934.236 |
971.861 |
|
|
|
Cost relating to Real estate under development |
1.290 |
1.292 |
2.002 |
|
|
|
TOTAL |
2422.474 |
2767.792 |
2646.747 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
375.284 |
1299.065 |
486.359 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
185.232 |
187.767 |
198.314 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
190.052 |
1111.298 |
288.045 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
71.556 |
88.559 |
80.578 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX |
118.496 |
1022.739 |
207.467 |
|
|
|
|
|
|
|
|
|
|
PROFIT ON SALE
OF UNDERTAKING |
1647.058 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
LOSS ON EXCHANGE
(NET)/ DERIVATIVE LOSS |
0.000 |
62.246 |
84.837 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1765.554 |
960.493 |
122.630 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
400.657 |
195.073 |
(13.925) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
1364.897 |
765.420 |
136.555 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
637.496 |
65.603 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
140.000 |
80.000 |
14.000 |
|
|
|
Proposed Dividend |
97.681 |
97.681 |
48.840 |
|
|
|
Corporate Dividend Tax |
15.846 |
15.846 |
8.112 |
|
|
BALANCE CARRIED
TO THE B/S |
1748.866 |
637.496 |
65.603 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Tea, Coffee & Others on F.O.B. basis |
390.478 |
349.332 |
291.015 |
|
|
|
Export of laminates on F.O.B. basis |
7.609 |
32.538 |
21.136 |
|
|
|
Export of Precision Springs on F.O.B. basis |
17.860 |
24.850 |
14.494 |
|
|
|
Export of Dental Products |
4.442 |
1.138 |
4.638 |
|
|
|
Dividend |
11.327 |
47.678 |
126.950 |
|
|
TOTAL EARNINGS |
431.716 |
455.536 |
458.233 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
249.573 |
319.785 |
259.554 |
|
|
|
Components and Spare Parts |
2.771 |
2.318 |
4.150 |
|
|
|
Capital Goods |
5.898 |
59.599 |
0.129 |
|
|
|
Traded Goods – Dental |
3.217 |
5.932 |
7.248 |
|
|
TOTAL IMPORTS |
261.459 |
387.634 |
271.081 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
92.79 |
54.85 |
9.79 |
|
|
|
Diluted |
97.81 |
54.85 |
9.79 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 (1st
Quarter) |
30.09.2012 (2nd
Quarter) |
31.12.2012 (3rd
Quarter) |
|
Net Sales |
415.800 |
673.300 |
550.400 |
|
Total Expenditure |
386.300 |
617.600 |
501.100 |
|
PBIDT (Excl OI) |
29.500 |
55.700 |
49.300 |
|
Other Income |
21.900 |
34.100 |
50.100 |
|
Operating Profit |
51.400 |
89.800 |
99.400 |
|
Interest |
30.300 |
34.000 |
40.400 |
|
Exceptional Items |
0.000 |
73.700 |
0.000 |
|
PBDT |
21.000 |
129.400 |
59.000 |
|
Depreciation |
10.900 |
15.100 |
17.300 |
|
Profit Before Tax |
10.100 |
114.300 |
41.700 |
|
Tax |
4.600 |
24.600 |
20.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
5.500 |
89.700 |
21.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
5.500 |
89.700 |
21.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
48.79 |
18.82 |
4.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
67.83 |
30.12 |
4.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
49.19 |
25.07 |
4.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.65 |
0.67 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.51 |
1.30 |
3.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.72 |
1.72 |
3.33 |
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
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 Loans |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
From Others – Intercorporate deposits |
0.500 |
0.500 |
|
Total |
0.500 |
0.500 |
OPERATIONS:
The Corporation has,
during the year, significantly recast its business portfolios. As part of the
planned restructuring, Sunmica Division engaged in Laminate business was sold
as a going concern with effect from close of working hours on 31st
October, 2011 for a lumpsum consideration of Rs.1003.000 Millions. BCL Springs
Division engaged in manufacturing Springs was sold as a going concern with
effect from close of working hours on 30th November, 2011 for a
lumpsum consideration of Rs.1805.000 Millions.
The results presented
include the profit of Rs.1647.100 Millions arising out of the sale of these two
undertakings.
The Profit before
tax from operations in the current year is Rs.118.500 Millions. However, this
is not comparable with that of the previous year due to the mid-term
discontinuation of two businesses viz. BCL Springs and Sunmica. With regard to
the continuing businesses viz. Plantation, there was a decline in the
performance of tea due to erratic weather conditions which impacted production
and sales volume. The Coffee output was also impacted by adverse weather
conditions but with favourable prices and increased volume due to production
from outsourced beans, profits were significantly better than the previous year.
Pepper production and its pricing have both shown improvement.
The Healthcare
Division performed satisfactorily. Successful launch of new Dental products
helped to improve both turnover and profits.
DIVISIONWISE PERFORMANCE:
(A) SOUTH INDIA
ESTATES:
(I) TEA –
The production for
the year was lower at 84.65 Lakh kgs. as against 92.37 Lakh kgs. for 2010-11.
As a result, sales were Rs.751.500 Millions compared to Rs. 811.200 Millions
for the previous year. The selling price per kg. remained at the same level as
previous year.
(II) COFFEE –
The production for
the year including production from outsourced beans was at 1,640 Tonnes which
is marginally lower than the 1,712 Tonnes of 2010-11. Sales were at Rs. 243.700
Millions as against Rs.183.600 Millions in the previous year due to higher
selling price per tonne and higher sale volume at 1,683 Tonnes compared to
1,385 Tonnes in 2010-11. Coffee produced by the Corporation continues to enjoy
a premium position in Europe and US market.
(b) TANZANIAN
ESTATES:
The crop for the
year was 9.22 Lakh kgs. as against 9.21 Lakh kgs. for 2010-11. Sales were at
Rs.51.900 Millions as against Rs.49.200 Millions in previous year. Results were
however impacted due to substantial increase in wage costs.
(c) HEALTHCARE
DIVISION:
The turnover for
the year was Rs.154.300 Millions as against Rs.130.600 Millions for 2010-11.
Although the turnover from traded products declined due to discontinuation of
some of the products, sale of Alloys made up for decline. Further, successful
launch of new dental products helped to improve the turnover and profitability
of the Division as compared to previous year.
(d) WEIGHING
PRODUCTS DIVISION:
Sale of balances
for the year was Rs.23.000 Millions as against Rs.21.100 Millions for 2010-11.
The Division continued to operate profitably.
(e) REAL ESTATE
DEVELOPMENT:
There was no
progress in development of the properties at Kanjur Marg in Mumbai and at
Coimbatore under Real Estate Division.
RESTRUCTURING OF BUSINESS:
The implementation
of the restructuring plan reported last year began with the divestment of
Sunmica Laminates and BCL Springs Divisions, which has resulted in significant
debt reduction and corresponding strengthening of the Corporation’s Balance
Sheet. The Corporation is now better placed to pursue growth options in value
added businesses.
The other major
action initiated by the Corporation, i.e. the amalgamation of its whollyowned
subsidiary Electromags Automotive Products Private Limited (EAPL) is in
process. The petition filed before the Hon’ble High Court of Judicature at
Chennai for the amalgamation w.e.f. 1/4/2011 has been part heard. Pending
disposal of the said petition, effects of amalgamation have not been given in the
results of the Corporation for the year. The results of EAPL have however been
included as a part of the Consolidated Accounts.
WADIA BRAND EQUITY
AND BUSINESS PROMOTION AND SHARED SERVICES AGREEMENT:
The Wadia Group
has several companies in diverse sectors like the airlines, food, textiles,
chemicals etc and employs various subject matter experts in areas such as
Legal, Finance, Information Technology, Treasury, Taxation, Human Resources,
Procurement, Risk Management etc. With a view to maximizing the efficiency and
effectiveness of these specialized resources, a formal structure has been
created under Nowrosjee Wadia and Sons Limited (NWS) to serve the common
interests of all the Group Companies. The combined skills, knowledge and
expertise of this structure will benefit all the group companies availing of
this arrangement.
In order to
formalize this structure of common services and avail of the standing of the
Wadia Group Brand, the board of the Corporation, during the year, approved an
agreement between NWS and the Corporation to enter into the ‘WADIA Brand Equity
and Business Promotion and Shared Services Scheme.’
MANAGEMENT DISCUSSION AND ANALYSIS
BUSINESS SEGMENT
(A) TEA:
INDUSTRY STRUCTURE AND DEVELOPMENTS:
Indian crop was
higher by 24.4 million kgs. in Calendar Year ’11, with crops from Assam
increasing by 28.5 million kgs. South Indian crop was marginally lower at 240.9
million kgs.; a decline of 2.5 million kgs. as compared to the previous year.
Kerala recorded an increase of 1.6 million kgs. during the year on account of
revival of some sick plantations in the state. All other planting regions
showed a declining trend in crop with Tamilnadu and West Bengal being lower by
3.5 and 3.4 million kgs. respectively.
The higher Indian
Crop was offset by decline in other Tea producing regions resulting in the
Global Tea crop being lower by 18.4 million in Calendar Year ’11. The crops in
Kenya, Sri Lankan and Indonesia were lower by 21.2 million kgs., 3.1 million
kgs. and 10.7 million kgs. respectively. Indian exports in Calendar Year ’11
were lower by 6.6 million kgs. At 186.7 million kgs., a decline of 3.4%. South
Indian exports were even lower at 83.5 million kgs. as against 90.8 million
kgs. recorded in the previous year; a decline of 8%. North Indian Exports
averaged Rs. 19.36/ kg. higher realisations than last year. However South
Indian realizations increased by Rs.2.95/kg. only. This was primarily due to
lesser off-take of South Indian teas owing to political conditions in the
Middle East and North African regions, the traditional markets for South Indian
Teas. Imports in Calendar Year ’11 (upto Nov. ’11) were lower by 1.99 million
kgs. at 16.35 million kgs., a decline of 10.9%. The average price of imports
stood at Rs. 94.64/kg. as against Rs.90.55/kg. during the previous year.
Imports of tea from Vietnam declined whilst larger quantities came in from
Kenya and Iran during the year. Internal consumption was approximately 852
million kgs. In Calendar Year ’11.
Larger availability
of teas from Assam and the recent increase in packet prices tend to polarize
the market, with domestic market supporting well made teas. Major packers
operated strongly on quality lines. The price concertina between good liquoring
teas and the plainer verities widened with large quantities of the plainer
types failing to get buyer support.
OUTLOOK:
Lower inventories
in the domestic market, coupled with higher sales of packaged teas during the
coming year, will increase the demand for Good liquoring teas. Political
conditions in major tea drinking countries in the Middle East and northern
Africa can put considerable pressure on Indian exports, particularly from South
India, though price competitiveness could improve because of a weaker Rupee. Ocean
Freights are expected to be weak and this could help in making Exports more
competitive. The ongoing quality upgradation program of the Corporation will
help in tapping the quality sensitive markets ensuring better returns.
PERFORMANCE
HIGHLIGHTS:
Erratic weather
with long spells of rain lead to lower crops. Their production in FY ’12 was
lower by 8.8% as compared to FY ’11. Their teas averaged Rs.0.87 lower per kg.
whilst the prices at the South Indian Auctions declined by Rs.1.41/kg. Demand
for Organic Teas showed a decline owing to recession in Europe resulting in
weakening of demand.
SEGMENT WISE /
PRODUCT WISE PERFORMANCE:
Exports: The overall export
quantities of teas increased by 8.95% whilst price realization was lower by
5.50%; Average of South Indian exports, in the first 10 months of FY ’12, was
higher by 3.0%. Organic quantity exported was lower by 19.3% whilst price
average was lower by 5.9%. Non-Organic sales were higher by 12.8% in volume and
0.1% on average prices respectively. Tea exports increased the Foreign exchange
earnings of the Corporation by 2.95%.
Domestic Sales: Lower crops
resulted in lower quantities available for sale within the country and volumes
declined by 17.7%. However, price realization was higher by 4.3%. The sales
through their Depots reduced by 24.6% by volume and increased by 5.3% on
average price realised. Quantity sold through auctions reduced by 9.2% and the
price averages were lower by 1.3%. The South Indian auction averages during the
period were higher by 2.4%. The Corporation’s Tea production declined by 8.4%
and consequently the overall tea sales were lower by 6.6% on volumes at an
average price realization that was 0.87% lower.
(B) COFFEE:
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
Crop year 2011/12
is under way in most exporting countries. In Brazil, Indonesia
and a few other producing countries, crop year 2012/13 will
commence in the very near future.
On the basis of
the latest information received from Member countries, total production in crop
year 2011/12 is estimated at around 132.4 million bags compared with 134.2
million bags in 2010/11, a fall of 1.3%. Adverse weather conditions during crop
year 2011/12, would have negative impacts on production and post-harvest
activities, in many exporting countries, particularly in Central America,
Colombia and Indonesia.
Speculation on
estimated production for crop year 2011/12 continues to put pressure on coffee
prices. Preliminary information on world consumption in Calendar Year 2011
indicates that it has remained resilient despite the economic turbulence seen
in many importing countries.
On the basis of
information currently available, world consumption in Calendar Year 2011 was
provisionally estimated at 136.5 million bags compared with 135 million bags in
2010.
Their production
for 2011-12 is 26,483 bags consisting of 4,284 bags of Arabica and 22,199 bags
of Robusta.
OUTLOOK:
Due to anticipated
increased crops of Arabica in Brazil, current year’s prices are expected to be 30%
lower than last year’s record high. However, stronger dollar against Rupee is
expected to compensate about 10% of this shortfall. Indian Washed Robustas
continue to be the preferred choice of roasters specializing in espresso in
Europe and no real competition from other countries is noticed in this niche
market.
Shortage of Washed
Robustas wordwide and its lower crop in India is making Washed Robusta a
premium commodity which is expected to yield higher price realization in the
coming year.
Differential on
Indian washed Robusta AB are at +USD 900/Tonne on terminals as compared to +USD
650/tonne last year. In comparison Vietnam Robustas are at a discount of USD
100/Tonne.
PERFORMANCE
HIGHLIGHTS:
PRODUCTWISE
PERFORMANCE:
Record prices were
achieved for Arabicas and Robustas from their estates in the financial year due
to better marketing and follow up in both the export and domestic market.
(C) HEALTH CARE
DIVISION:
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
The total market
for the Dental equipments and materials is estimated at around Rs. 3800.000
Millions annually. However, the market segment in which Dental Products
Division is operating, is estimated at around Rs. 280.000 Millions. The
increase in the number of private dental hospitals and clinics have boosted the
demand for modern equipment, as they focus on higher income Indian consumers
and foreign dental tourists, often providing complete packages including their
stay and treatment facilities.
A number of
foreign companies are investing in the Indian dental market and India is
becoming a manufacturing hub supplying dental equipment and materials.
Moreover, some Indian companies also produce some of such items under license
from foreign manufacturers and run a parallel activity as trade dealers and importers.
PERFORMANCE
HIGHLIGHTS:
Sale of the
manufactured products such as alloys, polymers and impression materials
registered a growth of 25% over previous year. Sale of traded materials was
however lower by 22% in view of discontinuation of some lines in the trading
business. Glass Ionomer Cement introduced during the year was well received.
OUTLOOK:
Despite
competition, new superior products and lower margins, the business is sustainable
with the growing market size and the demand for new products.
UNAUDITED FINANCIAL RESULTS
FOR QUARTER ENDED 31ST DECEMBER, 2012
PART I
(Rs. in millions)
|
|
Particulars |
Three Months ended 31st
December, 2012 |
Three Months ended 30th
September, 2012 |
Year to date from 1st
April, 2012 to 31st December, 2012 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
1. |
Income
from operations |
|
|
|
|
|
la) Net
Sales / Income from Operations (Net of
excise duty) |
521.532 |
631.396 |
1804.939 |
|
|
(b)
Other Operating Income |
28.845 |
41.902 |
89.894 |
|
2. |
Total
income from operations (net) |
550.376 |
673.299 |
1894.833 |
|
|
Expenses |
|
|
|
|
|
a) Cost
of materials consumed |
213.359 |
201.653 |
630.319 |
|
|
b) Purchases
of stock-in-trade |
98.705 |
5.560 |
105.689 |
|
|
c)
Changes in Inventories of finished goods, |
|
|
|
|
|
work-in-progress
and stock-in-trade |
(153.952) |
133.895 |
50.632 |
|
|
d)
Employees benefits expense |
(150.998) |
130.821 |
417.847 |
|
|
e)
Depreciation and amorisation expenses |
17.263 |
15.097 |
48.722 |
|
|
f) Other
Expenses |
191.990 |
145.655 |
522.830 |
|
|
Total
expenses |
518.363 |
632.681 |
1776.039 |
|
3 |
Profit from
operations before other income, finance costs and exceptional items (1-2) |
32.014 |
40.617 |
118.794 |
|
4. |
Other
Income |
50.105 |
34.049 |
117.816 |
|
5. |
Profit
from ordinary activities before finance costs and exceptional Items (3 + 4) |
82.113 |
74.666 |
236.610 |
|
6. |
Finance
costs |
40.413 |
33.994 |
106.200 |
|
7. |
Profit
from ordinary activities after finance costs but before exceptional Items
(5-6) |
41.706 |
40.672 |
130.410 |
|
8. |
Exceptional
Items |
|
|
|
|
|
a) Exchange
difference on foreign currency loans |
- |
- |
- |
|
|
b)
Profit of EAPL for the period 1st April, 2011 to 31st
March, 2012 (Note 3 &4) |
- |
73.672 |
73.672 |
|
|
c)
Profit on sale of Divisions |
- |
- |
- |
|
9. |
Profit from
Ordinary Activities before tax (7+8) |
41.706 |
114.344 |
204.082 |
|
10. |
Profit
from Continuing Operations before tax |
41.706 |
114.344 |
204.082 |
|
11. |
Tax
expense |
20.400 |
12.500 |
51.000 |
|
11a |
Tax expense
relating to Profit of EAPL for a period 1st April, 2011 to 31st
March, 2012 (Note 3 & 4) |
- |
12.120 |
12.120 |
|
12 |
Net
Profit from Ordinary Activities after tax |
21.306 |
89.724 |
140.962 |
|
13 |
Profit
from Discontinued Operations before tax |
- |
- |
- |
|
14. |
Tax
expense / (Credit) |
- |
- |
- |
|
15 |
Profit
from Discontinued Operations after tax |
- |
- |
- |
|
16 |
Net
Profit from Ordinary Activities after tax (12 + 15) |
21.306 |
89.724 |
140.962 |
|
17. |
Extraordinary
items (net of tax expense) |
- |
- |
- |
|
18. |
Net
Profit from Ordinary Activities after tax (16-17) |
21.306 |
89.724 |
140.962 |
|
19. |
Paid-up
equity share capital (Face value of the Share - Rs.2/) (Note 5) |
139.544 |
139.544 |
139.544 |
|
20. |
Reserves
excluding Revaluation Reserves as per balance sheet of previous accounting
year |
- |
- |
- |
|
21. |
Earnings
per share (before extraordinary items] (of Rs.2/ each) (not annualised) (Note
5): |
|
|
|
|
|
a) Basic |
0.31 |
1.29 |
2.02 |
|
|
b) Diluted |
0.31 |
1.29 |
2.02 |
|
21.ii |
Earnings
per share (after extraordinary items) (of Rs.2/- each) (not annualised) (Note
5): |
|
|
|
|
|
a) Basic |
0.31 |
1.29 |
2.02 |
|
|
b)
Diluted |
0.31 |
1.29 |
2.02 |
|
21.ii |
Earnings
per share (continuing operations) (of
Rs.2/- each) (not annualised) (Note 5): |
|
|
|
|
|
a) Basic |
0.31 |
1.29 |
2.02 |
|
|
b)
Diluted |
0.31 |
1.29 |
2.02 |
|
21 iv |
Earnings
per share (total operations) (of
Rs.2/- each) (not annualised) (Note 5): |
|
|
|
|
|
a) Basic |
0.31 |
1.29 |
2.02 |
|
|
b)
Diluted |
0.31 |
1.29 |
2.02 |
PART II
SELECT
INFORMATION FOR THE QUARTER ENDED 31ST DECEMBER, 2012
|
|
|
Three Months ended 31st
December, 2012 |
Three Months ended 30th
September, 2012 |
Year to date from 1st
April, 2012 to 31st December, 2012 |
|
A |
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
Public
shareholding |
|
|
|
|
|
- No. of Shares (Note 5) |
23786155 |
23786155 |
23786155 |
|
|
Percentage
of Shareholding |
34.09 |
34.09 |
34.09 |
|
2 |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged / Encumbered |
|
|
|
|
|
- No. of Shares (Note 5) |
9000000 |
10150000 |
9000000 |
|
|
Percentage
of shares (as a % of the total shareholding of promoter and promoter group) |
19.57 |
22.07 |
19.57 |
|
|
Percentage
of shares (as a % of the total share capital of the company) |
12.90 |
14.55 |
12.90 |
|
|
b) Non -
encumbered |
|
|
|
|
|
- No. of Shares (Note 5) |
36985745 |
35835745 |
36985745 |
|
|
Percentage
of shares (as a % of the total shareholding of promoter and promoter group) |
80.43 |
77.93 |
80.43 |
|
|
Percentage
of shares (as a % of the total share capital of the company) |
53.01 |
51.36 |
53.01 |
|
|
Particulars |
|
|
B |
INVESTOR
COMPLAINTS |
3 months ended 31st
December, 2012 |
|
|
Pending
at the beginning of the quarter |
- |
|
|
Received
during the quarter |
3 |
|
|
Disposed
of during the quarter |
3 |
|
|
Balance
unresolved at the end of the quarter |
- |
SEGMENT-WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED:
(Rs. in millions)
|
|
|
Three Months ended 31st
December, 2012 |
Three Months ended 30th
September, 2012 |
Year to date from 1st April,
2012 to 31st December, 2012 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1. |
Segment Revenue: |
|
|
|
|
|
a)
Plantations |
250.118 |
348.586 |
933.063 |
|
|
b)
Building Products |
- |
- |
- |
|
|
c) Auto
Ancillary (Note 3 & 4) |
241.354 |
240.913 |
750.687 |
|
|
d)
Investments |
0.144 |
29.645 |
40.114 |
|
|
e)
Healthcare |
46.298 |
44.300 |
137.985 |
|
|
f)
Others |
12.462 |
9.855 |
32.984 |
|
|
Total |
550.376 |
673.299 |
1894.833 |
|
|
Less:
inter Segment Revenue |
- |
- |
- |
|
|
Net Sales
/ Income from Operations |
550.376 |
673.299 |
1894.833 |
|
2. |
Segment Results: |
|
|
|
|
|
a)
Plantations |
20.498 |
8.850 |
44.925 |
|
|
b)
Building Products |
- |
- |
- |
|
|
c) Auto
Ancillary (Note 3 & 4) |
28.612 |
30.788 |
94.422 |
|
|
d) Investments |
0.144 |
29.645 |
40.114 |
|
|
e)
Healthcare |
8.180 |
11.182 |
29.698 |
|
|
f)
Others |
6.325 |
4.922 |
16.611 |
|
|
Total |
63.759 |
85.387 |
225.770 |
|
|
Less :T)
Interest |
(40.413) |
(33.994) |
(106.200) |
|
|
ii) Other
Un allocable expenditure net |
(31.745) |
(44.771) |
(106.976) |
|
|
Add: i)
Unallocable income |
50.105 |
34.050 |
117.816 |
|
|
ii)
Results of Auto Ancillary for the year ended 31st March, 2012
(Note 4 & 5) |
- |
73.672 |
73.672 |
|
|
Total Profit
before Tax |
41.706 |
114.344 |
204.082 |
|
3. |
Capital Employed: (Segment Assets - Segment Liabilities) |
|
|
|
|
|
a)
Plantations |
1002.017 |
860.227 |
1002.017 |
|
|
b)
Building Products |
- |
- |
- |
|
|
c) Auto
Ancillary (Note 3 & 4) |
601.604 |
622.741 |
601.604 |
|
|
d)
Investments |
2758.932 |
2784.275 |
2758.932 |
|
|
e)
Healthcare |
94.037 |
83.019 |
94.037 |
|
|
f)
Others |
222.296 |
221.718 |
222.296 |
|
|
g)
Unallocated |
(1798.133) |
(1712.862) |
(1798.133) |
|
|
Sub
Total |
2880.753 |
2859.118 |
2880.753 |
|
|
Less:
Inter Segment Revenue |
- |
- |
- |
|
|
Total |
2880.753 |
2859.118 |
2880.753 |
Notes:
1. The
above results have been reviewed by the Audit Committee and upon its recommendation,
were approved by the Board of Directors at their Meeting held on 12th February,
2013.
2. Coffee
season commences from the month of November. Out of the expenditure of
Rs.169.273 millions (Previous period Rs.70.205 millions) incurred for the 9
months ended December, 2012 at the Coffee estates an amount of Rs.48.432
millions (Previous period Rs.48.538 millions) has been carried forward and will
be accounted against the current season's coffee crop. The balance amount of
Rs.121.441 millions (Previous period Rs.21.607 millions) has been absorbed upto
December, 2012 as it relates to the crop of the earlier season.
3 (i) The
Honourable High Court of Judicature at Madras has, vide order dated 24th
August 2012 sanctioned a scheme of amalgamation of the wholly owned subsidiary
of the Corporation viz., Electromags Automotive Products Private Limited (EAPL)
with The Bombay Burmah Trading Corporation, Limited w.e.f. 1st
April, 2011. Accordingly, the results of the Corporation includes the results of
the erstwhile EAPL for the period ended 30th September, 2012 and 31st December,
2012. Further the net profit for the period from 1st April, 2011 to
31st March, 2012 of Rs.73.672 millions has been presented as an exceptional
item.
3 (ii) In
accordance with the Scheme of Amalgamation, all the Assets / Liabilities of
erstwhile EAPL have been taken over at their Book Values, w.e.f 1st
April, 2011. The difference between the Book Value of Assets / Liabilities
taken over, amounting to Rs.50.490 millions, after giving effect to the
adjustments, as proposed in the scheme, has been debited to the General
Reserve.
4. In view
of the effect of Amalgamation of EAPL (classified as Auto Ancillary Division
w.e.f 1st April, 2011) and the divestment of Sunmica Division
(Building Products Division) and Springs Division (Auto Ancillary Division) in
year 2011-12, the figures for the quarter ended and nine months ended
31st December, 2012 are strictly not comparable with those of the
corresponding preceding periods.
5. By a
Postal Ballot held vide notice dated 8th August, 2012, the
shareholders of the Company approved the sub-division of equity shares. A share
of face value of Rs. 10/- each has been sub-divided into 5 equity shares of
face value of Rs.2/- each. The effective date for the sub-division was 9th
November, 2012. The disclosure of number of shares in the Particulars of
Shareholding and the disclosure of Earnings per share (in compliance with
AS-20) for all the reported periods has been arrived at after giving effect to
the above sub-division.
6.
Pursuant to the notification of Revised Schedule VI under the Companies Act,
1956 applicable for preparation and presentation of Financial Statements and
the consequent amendment to the Listing Agreement, the figures for the period
ended 31st December, 2011 have been reclassified/ regrouped /
amended wherever necessary
7. The
Statutory Auditors of the Corporation have carried out a Limited Review of the
Results for the quarter ended 31st December, 2012.
CONTINGENT LIABILITIES NOT PROVIDED FOR (AS ON 31.03.2012)
A. Sundry claims
against the Corporation by employees and others not admitted (amount
indeterminate).
In the opinion of the
management, the outcome of these claims is likely to be immaterial.
B. Disputed demands of Central Excise Department not provided for in
respect of:
|
Particulars |
31.03.2012 (Rs.
in millions) |
|
South India Consolidation (Plantations Division) |
0.147 |
|
BCL Springs (Auto Ancillary Division) |
-- |
|
Sunmica Division (Building Products Division) |
-- |
C. Disputed wage
demands pending with the Industrial Tribunal Rs.23.225 Millions and back wages relief granted by Labour Court Rs.0.058 Million in respect of South India Branches.
D. Damages and
interest on alleged unauthorized occupation of residential premised determined
by the Estate Officer L.I.C. up to 31st March, 2012 and disputed by
the Corporation Rs. 14.096 Millions
E. PF Demand on
allowance paid to workers Rs.9.863
Millions. The
Corporation has created provision against contingencies described in items nos.
B to E as an abundant
precaution.
F. Letter of Credit in respect of erstwhile BCL Springs Rs.32.939 Millions.
FIXED ASSETS:
Tangible Assets:
Ø Freehold
Ø Leasehold
Ø Roads
Ø Development—Plantations
Ø Buildings
Ø Plant and
machinery
Ø Motor vehicles and
tractors
Ø Office equipments
Ø Furniture and
fixtures
Intangible Assets:
Ø Goodwill
Ø Technical know –
how
Ø
Computer software
WEBSITE DETAILS
PROFILE:
Subject is a 142 years old company. The company founded its fortunes on
teak in the year 1863, as a public company, and everything that followed is
history. The company is a leading concern of the Wadia Group, a reputed Indian
business house with interests in plantations, foods, textiles, chemicals,
electronics and light engineering, health care and real estate. The group’s
turnover is around 750 million dollars. Bombay Burmah, Bombay Dyeing and
Britannia are the mastheads of the Group.
Today, Subject is one of the few oldest companies of pre-independence era,
still flourishing with its core values, ethics and above all, the competency in
trade. It is the second oldest publicly quoted company with an annual turnover
of 45 million dollars. After immense success in the business of teak, the
company has diversified its interests in Tea, Coffee, Dental Products and
Laminates.
History
Originally Subject was formed as a public company to encourage teak business by
taking over the assets and rights in Burma (now Myanmar) of William Wallace. At
that time, the company was catering to the domestic demands, then expanded
trading in other Asian regions. It was not until 1913 that the Company turned
its attention to tea plantations and invested in suitable areas in South India
Philosophy
The premier taste of tea at Subject has not changed a bit over more than a
century, neither the confidence of customers in it, though it has taken to
modern machineries, processes and growing procedures. The company believes in providing
the best natural quality products and taking India to the global platform. To
achieve this, it completely relies on product quality and trade competency. Of
course, the present world recognizes the worth of Indian goods and services,
and the country's capacity to meet the global standards.
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.54.74 |
|
|
1 |
Rs.82.14 |
|
Euro |
1 |
Rs.71.13 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
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 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
67 |
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.