MIRA
INFORM REPORT
|
Report Date : |
19.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTAN ZINC LIMITED |
|
|
|
|
Registered
Office : |
Yashad Bhawan,
Yashadgarh, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
10.01.1966 |
|
|
|
|
Com. Reg. No.: |
17-001208 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 8450.600
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27204RJ1966PLC001208 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JDHH00694B/
JDHH00701B/ JDH00759D/ JDHH00601G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing, selling, exploration,
mining and concentration of zinc, lead silver, cadmium, sulphuric acid,
phosphoric acid and cobalt. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
AA (81) |
|
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 |
|
Maximum Credit Limit : |
USD 1300000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a subsidiary of Vedanta Resources PLC. It is an established
company having fine track record. Financial position of the company appears to be sound. Overall
fundaments of the company to be strong and healthy. Directors are reported to
be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = AAA |
|
Rating Explanation |
Highest degree of safety and lowest credit
risk |
|
Date |
06.09.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very string degree of safety and lowest
credit risk |
|
Date |
06.09.2013 |
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/ Head Office : |
Yashad Bhawan, Yashadgarh, |
|
Tel. No.: |
91-294-2529182/2529183/2529184/2529185/181/2529102/103/104/225854/
225853 |
|
Fax No.: |
91-294-2526443/2523522/2525763/229012/225826 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
|
|
Tel. No.: |
91-294-2529182 |
|
Fax No.: |
91-284-2523522 |
|
|
|
|
Mining Units: |
Located at:
|
|
|
|
|
Smelting Units: |
Located at:
|
|
|
|
|
Processing and
Refining Units: |
Located at: ·
Haridwar
Zinc Plant : Haridwar District (Uttarakhand) ·
Pantnagar
Metal Plant : Rudrapur District (Uttrakhand) |
|
|
|
|
Wind Power Farms: |
Located at:
|
|
|
|
|
Exports / Marketing Office: |
Solitaire Corporate Email: exportzinc@vedanta.co.in |
|
|
|
|
Power Operations: |
Located at: ·
Chanderiya Smelting Complex ·
Zawar Mines ·
Zinc Smelter
Debari ·
Samana Wind
Power Plant ·
Gadag Wind
Power Plant |
|
|
|
|
Regional Office: |
·
Northern
Regional Office Scope Office
Complex, Core – 6 IInd Floor,7, Lodi Road,New Delhi – 110003, India Tel - 91
11-24364988/24367261 Fax 91 11-24365421 Email sanjay.khanna@vedanta.co.in ·
Southern
Regional Office #705, 7th Floor,
Manipal Centre, North Block, Rear Wing Dickenson Road, Bangalore – 560001,
India Tel 91 80- 25590918 Fax 91 80- 25590917 Email: sundeep.prasanna@vedanta.co.in ·
Eastern
Regional Office Flat No. 9/10, Chatterjee International Centre, Jawaharlal
Nehru Road, Kolkata – 700071, India Tel 91 33-2217763/22262627 Fax 91 33-22262627 Email: mohammed.azmatulla@vedanta.co.in ·
Western
Regional Office Solitaire Corporate
Park Business Square ‘C’ Wing, 2nd Floor, Andheri Kurla Road, Chakala,
Andheri (East), Mumbai – 400 093, Maharashtra, India Tel 91-22-56434500 Fax 91-22-56434640 Email: Anuj.lal@vedanta.co.in |
|
|
|
|
Branches : |
Located at : ·
301-302, Dohil Chambers, 46, Tel. No.: 91-11-26280570 / 26463711 /
26419426 Fax No.: 91-11-26484614 ·
Chatterjee International Centre, 20th Floor,
33-A, Tel. No.: 91-33-22421761 / 22262627 /
22495413 Fax No.: 91-33-22457354 ·
47, Mittal Chambers, Nariman Point, Mumbai – 400
021, Tel. No.: 91-22-22025903 / 22049317 Fax No.: 91-22-22833341 ·
B-II, 403, Kamal Apartment, Tel. No.: 91-141-2200723 ·
Block No. 205, II Floor, 5-9-13, Tara Mandal
Complex, Saifabad, Tel. No.: 91-40-2241712 / 2233516 /
2230307 ·
102, 8th Garden Colony, New Surya Apartment, Tel. No.: 91-79-2656 1161 ·
No. 6, Amar Jyoti House, Building Co-operative
Society, Near Cordial School, Vijay Nagar, Bangalore – 560040, Karnataka,
India Tel. No.: 91-80-3300292 / 3305036 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Agnivesh Agarwal |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Akhilesh Joshi |
|
Designation : |
Chief Executive Officer and Whole time Director |
|
|
|
|
Name : |
Mr. Durga Shankar Mishra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Navin Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Shaukat Ara Tirmizi |
|
Designation : |
Director |
|
|
|
|
Name : |
|
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajib Sekhar Sahoo |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Anjali Anand Srivastava |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Amitabh Gupta |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Rajendra Pandwal |
|
Designation : |
Secretary |
SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2743154310 |
64.92 |
|
|
2743154310 |
64.92 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
2743154310 |
64.92 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
46800260 |
1.11 |
|
|
2149051 |
0.05 |
|
|
1247950590 |
29.54 |
|
|
33358827 |
0.79 |
|
|
77152053 |
1.83 |
|
|
1407410781 |
33.31 |
|
|
|
|
|
|
29832084 |
0.71 |
|
|
|
|
|
|
39530401 |
0.94 |
|
|
3235128 |
0.08 |
|
|
2156296 |
0.05 |
|
|
1301545 |
0.03 |
|
|
830000 |
0.02 |
|
|
6251 |
0.00 |
|
|
18500 |
0.00 |
|
|
74753909 |
1.77 |
|
Total
Public shareholding (B) |
1482164690 |
35.08 |
|
Total
(A)+(B) |
4225319000 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
4225319000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is mainly engaged in the mining and smelting of non-ferrous
metals in India. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
State
Bank of ·
IDBI
Bank Limited ·
ICICI
Bank Limited ·
HDFC
Bank Limited ·
Citi
Bank ·
Calyon
Bank ·
Development
Bank of Singapore ·
Kotak Mahindra Bank Limited ·
Yes Bank Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, |
|
Tel. No.: |
91-22-66679000 |
|
Fax. No.: |
91-22-66679100 |
|
|
|
|
Holding
Companies : |
·
Sterlite Industries (India) Limited (Immediate
and Ultimate in India) ·
Vedanta
Resources Plc. U. K. (Ultimate in U. K) |
|
|
|
|
Fellow
subsidiaries : |
·
Vedanta Resources Plc. U. K. ·
Bharat
Aluminium Company Limited ·
Monte Cello
BV* ·
Copper Mines
of Tasmania Pty Limited ·
Thalanga
Copper Mines Pty Limited* ·
Konkola
Copper Mines Plc ·
Sterlite
Energy Limited* ·
Sterlite
(USA) Inc.* ·
Fujairah
Gold* ·
Talwandi
Sabo Power Limited ·
Sesa Goa
Limited ·
The Madras
Aluminium Company Limited ·
Vedanta
Aluminium Limited ·
THL Zinc
Ventures Limited* ·
THL Zinc
Limited* ·
THL Zinc
Holding BV* ·
THL Zinc
Namibia Holdings (pty) Limited* ·
Skorpion
Zinc (Pty) Limited* ·
Skorpion
Mining Company (Pty) Limited* ·
Namzinc
(Pty) Limited ·
Amica
Guesthouse (Pty) Limited* ·
Rosh Pinah
Health Care (Pty) Limited* ·
Black
Mountain Mining (Pty) Limited ·
Vedanta
Lisheen Holdings Limited* ·
Vedanta
Lisheen Mining Limited* ·
Killoran
Lisheen Mining Limited* ·
Killoran
Lisheen Finance Limited* ·
Sterlite
Ports Limited* ·
Konkola
Resources Plc* ·
Sesa Mining
Corporation Private Limited ·
Sesa
Resources Limited ·
Sterlite
Infraventures Limited* ·
Paradip
Multi Cargo Berth Private Limited* ·
Pecvest 17
Proprietary Limited* ·
Lisheen Mine
Partnership* ·
Vizag
General Cargo Berth Private Limited.* ·
Lakomasko
BV.* ·
Sterlite
Infra Limited.* ·
Lisheen
Milling Limited* ·
Sterlite
Technologies Limited ·
Bloom
Fountain Limited* ·
Western
Clusters Limited* ·
Goa Energy
Private Limited* * No transactions during the year. |
|
|
|
|
Joint Venture
-Jointly controlled entity |
·
Madanpur South Coal Company Limited |
|
|
|
|
Others : |
·
Vedanta Foundation |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000000 |
Equity Shares |
Rs. 2/- each |
Rs.10000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4225319000 |
Equity Shares |
Rs. 2/- each |
Rs. 8450.600 Millions |
|
|
|
|
|
|
|
|
|
|
i.
Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
Equity shares of Rs. 2/- each
outstanding at the beginning of the year |
4225319000 |
8450.600 |
|
Equity Shares outstanding at the end of the year |
4225319000 |
8450.600 |
ii.
2,743154310 Equity Shares are held by M/s. Sterlite
Industries (India) Limited the holding company. The ultimate holding company is
Vedanta Resourses PLC, United Kingdom (VRPLC). No shares are held by VRPLC or its
other subsidiaries or associates.
iii.
Details of equity shares held by shareholders
holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Sterlite Industries (India) Limited |
2743154310 |
64.92% |
|
Government of India- President of India |
1247950590 |
29.54% |
|
Total |
3991104900 |
94.46% |
iv.
Number of bonus shares allotted during the period
of five years immediately preceding
|
Particulars |
Number
of Shares |
|
Equity shares allotted as fully paid up by way of bonus shares without payment being received in
cash |
2112659500 |
v.
The Company has one class of equity shares having a
par value of Rs. 2 per share. Each
equity shareholder is eligible for one vote per share held. Each equity
shareholder is entitled to dividends as and when declared by the Company.
Interim Dividend is paid as and when declared by the Board. Final dividend is
paid after obtaining shareholder’s approval. Dividends are paid in Indian
Rupees. In the event of liquidation, the equity shareholders are eligible to
receive the remaining assets of the company after distribution of all
preferential amounts in proportion to their shareholding. During the year ended
March 31, 2013, the amount of per share final dividend recognized as
distribution to equity shareholders was Rs.
1.50 Per share.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
8450.600 |
8450.600 |
8450.600 |
|
(b) Reserves & Surplus |
314306.800 |
260362.000 |
216881.300 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
322757.400 |
268812.600 |
225331.900 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
12798.600 |
11088.100 |
9447.000 |
|
(c) Other long term liabilities |
282.300 |
171.500 |
237.900 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
13080.900 |
11259.600 |
9684.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3.900 |
3.900 |
3.900 |
|
(b) Trade payables |
4842.000 |
4102.900 |
3682.400 |
|
(c) Other current
liabilities |
5721.200 |
5631.500 |
6155.700 |
|
(d) Short-term provisions |
8248.700 |
5039.400 |
5670.800 |
|
Total Current Liabilities (4) |
18815.800 |
14777.700 |
15512.800 |
|
|
|
|
|
|
TOTAL |
354654.100 |
294849.900 |
250529.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
84736.900 |
84657.200 |
71997.000 |
|
(ii) Intangible Assets |
100.500 |
471.000 |
545.100 |
|
(iii) Capital
work-in-progress |
10818.500 |
4449.600 |
5948.200 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
27.000 |
25.900 |
20.800 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
18982.900 |
8758.000 |
6167.300 |
|
(e) Other Non-current assets |
2391.900 |
146.100 |
1297.700 |
|
Total Non-Current Assets |
117057.700 |
98507.800 |
85976.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
145371.800 |
126922.600 |
93325.100 |
|
(b) Inventories |
11110.900 |
7979.400 |
7623.800 |
|
(c) Trade receivables |
4028.700 |
3324.500 |
2088.900 |
|
(d) Cash and cash equivalents |
69421.000 |
52553.200 |
56329.100 |
|
(e) Short-term loans and
advances |
3733.200 |
2334.300 |
2862.200 |
|
(f) Other current assets |
3930.800 |
3228.100 |
2324.400 |
|
Total Current Assets |
237596.400 |
196342.100 |
164553.500 |
|
|
|
|
|
|
TOTAL |
354654.100 |
294849.900 |
250529.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
126998.400 |
114053.100 |
100391.700 |
|
|
|
Other Income |
20321.500 |
15428.300 |
8660.200 |
|
|
|
TOTAL (A) |
147319.900 |
129481.400 |
109051.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
7930.600 |
2176.900 |
1692.300 |
|
|
|
Changes in inventories of finished goods and work-in-progress |
(1125.400) |
944.400 |
-1556.400 |
|
|
|
Employee benefits expense |
6499.100 |
5346.400 |
5107.800 |
|
|
|
Other expenses |
48877.700 |
44890.800 |
39070.900 |
|
|
|
Exceptional items |
175.300 |
431.300 |
211.600 |
|
|
|
TOTAL (B) |
62357.300 |
53789.800 |
44526.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
84962.600 |
75691.600 |
64525.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
291.000 |
139.500 |
182.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
84671.600 |
75552.100 |
64342.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6470.400 |
6106.700 |
4747.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
78201.200 |
69445.400 |
59595.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
9206.400 |
14185.000 |
10590.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
68994.800 |
55260.400 |
49004.900 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
170519.200 |
138044.700 |
98950.600 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend to Equity shareholders |
6338.000 |
3802.800 |
4225.300 |
|
|
|
Tax on proposed dividend |
1077.100 |
616.900 |
685.500 |
|
|
|
Interim dividend to Equity shareholders |
6760.500 |
6338.000 |
0.000 |
|
|
|
Tax on interim dividend |
1096.700 |
1028.200 |
0.000 |
|
|
|
Transfer to general reserves |
7000.000 |
11000.000 |
5000.000 |
|
|
BALANCE CARRIED
TO THE B/S |
217241.700 |
170519.200 |
138044.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on F.O.B. basis |
27119.000 |
35703.100 |
36860.900 |
|
|
TOTAL EARNINGS |
27119.000 |
35703.100 |
36860.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
9132.400 |
1953.600 |
1847.900 |
|
|
|
Components, stores and spare parts |
7370.700 |
9367.700 |
7233.900 |
|
|
|
Capital Goods |
3251.900 |
1731.500 |
1724.600 |
|
|
TOTAL IMPORTS |
19755.000 |
13052.800 |
10806.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.33 |
13.08 |
11.60 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 (Unaudited) |
|
|
1st
Quarter |
|
Net sales |
29841.600 |
|
Total Expenditure |
14811.100 |
|
Profit before interest, depreciation and
tax (Excluding Other Income) |
15030.500 |
|
Other income |
6202.800 |
|
Operating Profit |
21233.300 |
|
Interest |
109.400 |
|
Exceptional Items |
(5.200) |
|
Profit before depreciation and tax |
21118.700 |
|
Depreciation |
1843.300 |
|
Profit before tax |
19275.400 |
|
Tax |
2670.900 |
|
Profit after tax |
16604.500 |
|
Extraordinary items |
0.000 |
|
Prior period expenses |
0.000 |
|
Other adjustments |
0.000 |
|
Net Profit |
16604.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
46.83 |
42.68 |
44.94
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
61.57 |
60.89
|
59.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
30.20 |
33.84
|
34.64 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.26
|
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
12.63 |
13.29
|
10.61 |
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 |
Yes |
|
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 |
Yes |
|
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:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Short Term
Borrowings |
|
|
|
From others (Repayable on demand based on fulfillment of certain conditions
stipulated in contract) The Company has not defaulted in repayment of loans and interest, as
applicable |
3.900 |
3.900 |
|
Total |
3.900 |
3.900 |
COMPANY OVERVIEW
The Company was incorporated
on January 10, 1966 under the laws of the Republic of India and has its
registered office at Udaipur (Rajasthan). Subject’s shares are listed on
National Stock Exchange and Bombay Stock Exchange. Subject is mainly engaged in
the mining and smelting of non-ferrous metals in India.
Subject’s
operations include four lead zinc mines, four zinc smelters, two lead smelters,
one lead zinc smelter, six sulphuric acid plants, a silver refinery plant and
five captive power plants in the state of Rajasthan, one zinc smelter and a
sulphuric acid plant in the state of Andhra Pradesh. In addition Subject also
has a rock-phosphate mine in Maton near Udaipur in Rajasthan and Zinc, Lead and
Silver processing and refining facilities in the state of Uttarakhand. The
Company also has wind power plants in the State of Rajasthan, Gujarat,
Karnataka, Tamilnadu and Maharashtra.
PERFORMANCE REVIEW
We reported net
revenue from operations of Rs.
127000.000 Millions, an increase of 11% compared to FY 2012. The
increase was primarily on account of increased silver sales and INR
depreciation, partially offset by lower metal prices. The Company achieved
profit before depreciation, interest and tax (PBDIT) of Rs. 84960.000 Millions In FY 2013, up 12%,
benefiting from higher sales and other income, partially offset by higher
operating costs.
Mined metal
production during the year was 870,200 MT compared to 830,432 MT in the
previous year. The higher mined metal production was primarily due to higher
output at Rampura Agucha.
Integrated refined
zinc production this year was 659,971 MT, compared to 752,265 MT in FY 2012.
The decline in zinc metal production was mainly on account of uneven
distribution of mined metal production during the year with the second half
much stronger than the first half, as per the mine plan. We addressed it by
selling 61,097 MT of zinc mined metal in the second half. The total refined
zinc production was 676,921 MT in FY 2013, compared to 758,716 MT in FY 2012.
We performed
extremely well in total refined lead and silver production, which are the
highest ever at 124,816 MT and 408 MT – up 26% and 69% – respectively. Of this,
integrated refined lead production was 106,753 MT and integrated silver
production was 322 MT, up 20% and 36%, respectively. Production of refined lead
and silver was boosted significantly by higher contribution from Sindesar Khurd
mine and full year of production at Dariba lead smelter and the new refineries
in the state of Uttarakhand.
There generation
from captive power plants in FY 2013 declined by % to 3,363 million units, compared to that in
FY 2012. There wind power generation was up 52% at 511 million units, compared
to that in FY 2012, boosted by addition of new wind mills.
FINANCIAL
PERFORMANCE
The Company
reported record profits of Rs. 68990.000
Millions for the year, up 25% from the previous year. This was primarily on
account of higher sales and other income, partially offset by higher operating
costs.
The Company’s
financial performance has been discussed in detail in ‘Management Discussion
and Analysis’, which forms a part of this Annual Report
PROJECTS
During the year,
we announced their plan for next phase of growth to position the Company to deliver
superior performance in future. Based on long-term evaluation of assets and in
consultation with mining experts, this growth plan will involve sinking of
underground shafts and developing underground mines. These growth projects will
result in an increase in mined metal production capacity from 1.0 million MT
per annum to 1.2 million MT per annum. The growth plan includes:
·
Development of 3.75 million MT per annum
underground mine at Rampura Agucha
·
Expansion of
Kayad mine, an extension of Rampura Agucha block to 1.0 million MT per annum,
·
Expansion of
Sindesar Khurd mine from 2.0 million MT per annum to 3.75 million MT per annum
·
Expansion of
Rajpura Dariba mine from 0.9 million MT per annum to 1.2 million MT per annum
·
Expand Zawar
Mine from 1.2 million MT per annum to 5.0 million MT per annum
·
Development of
0.5 million MT per annum underground mine at Bamnia Kalan, an extension of
Sindesar Khurd block
The mines will be
developed using best-in-class technology and equipment and in consultation with
leading global mine experts, ensuring the highest level of productivity at the
lowest cost. The projects will be completed in six years. The benefits of
expansion projects will start flowing in from the third year, even as projects
will continue till FY 2019. Annual capital expenditures for these projects will
average US$ 250 million a year over the next six years
INDEX OF CHARGE:
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
80002852
|
16/10/2007
* |
2,000,000,000.00
|
INDUSTRIAL
DEVELOPMENT BANK OF INDIA LIMITED |
IDBI
TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
A25519406
|
|
2 |
90263201
|
10/02/2006
* |
400,000,000.00
|
INDUSTRIAL
DEVELOPMENT BANK OF INDIA LIMITED |
JAIPUR
BRANCH, JAIPUR, Rajasthan, INDIA |
- |
* Date of modification charge
FIXED ASSETS:
·
Land
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Railway siding
·
Plant and
Equipment
·
Furniture and
Fixtures
·
Vehicles
·
Office
Equipment
·
Computer
software
PRESS
RELEASE:
VEDANTA
HOPEFUL OF GOVT TAKING RS 216000.000 MILLIONS DIVESTMENT BAIT
October 15, 2013
Vedanta Group currently holds
64.9 percent stake in HZL and 51 percent in Balco. It proposed the government
on January 2012 to acquire the entire residual stake for Rs. 172000.000
Millions valuing the combined stake at USD 3.2 billion at the then currency
rate.
Anil Agarwal’s Vedanta Resources has sought shareholder
nod to extend the offer to acquire residual government stakes in Hindustan Zinc
Limited and Balco. Vedanta shareholders will meet on October 30 to renew
an enabling resolution that will allow the group cos’ to buy the remaining
stake in HZL and Balco from government of India, reports CNBC-TV18's Sajeet
Manghat
Vedanta Group currently holds 64.9 percent stake in HZL and 51 percent
in Balco. It proposed the government on January 2012 to acquire the entire
residual stake for Rs. 172000.000 Millions valuing the
combined stake at USD 3.2 billion at the then currency rate. It proposed to
acquire HZL stake for USD 2.938 billion and Balco stake for USD 338 million.
In August 2012, it sought from the shareholder enabling powers to spend
up to USD 3.369 billion to acquire the residual stake in both the companies.
These powers lapsed in August this year. And though Vedanta does not have
certainty on whether the government will accept its offer, it is keeping itself
ready to save time in case government relents.
The London Stock Exchange listed parent is seeking shareholder nod to
extend the offer by another year by seeking a spending limit of USD 3.482
billion. This limit includes USD 487 million it plans to pay for Balco. In
rupee terms, Vedanta arm Sesa Goa will spend up to Rs 216350.000 Millions at
current USD-INR rates to acquire these stakes.
This is higher by 15% as compared to August 2012 spending limit and
higher by 26% when compared to its offer to government in January 2012. Vedanta
has reduced the valuation of Balco from USD 550 million last August to USD 487
million this time around.
While the headroom to hike stake in HZL is very limited, since it will
breach the 75% minimum public shareholding regulation, it will have upto 12 months
to divest nearly 19.4% stake to bring the stake back to below 75%. Vedanta says
in case it fails to divest its stake to meet the MPS guideline, it will seek
additional 1 year extension from SEBI.
The entire stake will be bought using internal cash accruals of group
company Sesa Goa. Vedanta had indicated during the group restructuring that
residual stake acquisition will be led by SesaGoa.
The question now is whether the government will take the bait. The offer
is 26.8% higher that the Jan 2012 offer. But it does have a lot of ‘Ifs’ and
‘Buts’ attached. The government will have to seek amendment to Mines and
Minerals (Development and Regulation) Act, 1957 as per the advice of the Law
Ministry before it proceeds on this path of divestment. Both HZL and Balco were
nationalised under the Act of the Parliament in 1960s and hence amendments have
to be made under the Act before residual stake process is completed.
On October 18, 2013, at 10:05 hrs Hindustan Zinc was quoting at Rs
132.65, up Rs 2.20, or 1.69 percent. The 52-week high of the share was Rs
146.80 and the 52-week low was Rs 94.00.
The company's trailing 12-month (TTM) EPS was at Rs 16.52 per share as
per the quarter ended June 2013. The stock's price-to-earnings (P/E) ratio was
8.03. The latest book value of the company is Rs 76.39 per share. At current
value, the price-to-book value of the company was 1.74.
HINDUSTAN ZINC LIMITED RESULTS FOR THE FIRST QUARTER
ENDED 30 JUNE 2013
19
July 2013
"Continued profit growth on higher metal
production; Mined metal production up 27%"
Highlights
for the quarter
·
Mined metal production up 27%
·
Integrated zinc metal production up 10%
·
EBITDA up 6% to Rs 15060.000 Millions
Mumbai: Hindustan Zinc Limited
("HZL" or the "Company") today announced its results for
the first quarter ended 30 June 2013.
Mr. Agnivesh Agarwal (Chairman,
Hindustan Zinc) - "We
delivered growth on all fronts in the quarter and are committed to consistently
deliver superior performance and maintain our leadership position."
Financial Summary
*financial and production
numbers are rounded-off:
(Rs.
In Millions)
|
|
Q1 |
Q4 |
||
|
Particulars |
2014 |
2013 |
Change |
2013 |
|
|
|
|
|
|
|
Net
Sales/Income from Operations |
|
|
|
|
|
Zinc1 |
19860.000 |
18160.000 |
9% |
26550.000 |
|
Lead |
4020.000 |
3420.000 |
18% |
4430.000 |
|
Silver |
4080.000 |
3880.000 |
5% |
6110.000 |
|
Others |
1430.000 |
1670.000 |
-14% |
1410.000 |
|
Total |
29390.000 |
27130.000 |
8% |
38500.000 |
|
|
|
|
|
|
|
EBITDA |
15060.000 |
14260.000 |
6% |
21270.000 |
|
Profit
After Taxes |
16600.000 |
15810.000 |
5% |
21660.000 |
|
Earnings
per Share (Rs) |
3.93 |
3.74 |
5% |
5.13 |
|
|
|
|
|
|
|
Mined
Metal Production ('000 MT) |
238 |
187 |
27% |
260 |
|
Refined
Metal Production ('000 MT) |
|
|
|
|
|
Total
Refined Zinc |
174 |
161 |
8% |
182 |
|
-
Refined Zinc - Integrated |
173 |
157 |
10% |
181 |
|
Total
Refined Lead2 |
33 |
31 |
5% |
35 |
|
-
Refined Lead - Integrated |
29 |
29 |
1% |
32 |
|
Total
Refined Saleable Silver3 (in MT) |
96 |
73 |
31% |
108 |
|
-
Refined Saleable Silver - Integrated |
77 |
71 |
9% |
91 |
|
Wind
Power (in million units) |
162 |
182 |
-11% |
79 |
|
|
|
|
|
|
|
Zinc
CoP without Royalty (Rs / MT) |
46765 |
45759 |
2% |
44901 |
|
Zinc
CoP without Royalty ( $ / MT) |
836 |
844 |
-1% |
829 |
|
|
|
|
|
|
|
Zinc
LME ($ / MT) |
1840 |
1928 |
-5% |
2033 |
|
Lead
LME ($ / MT) |
2049 |
1974 |
4% |
2301 |
|
Silver
LBMA ($ / oz.) |
23.1 |
28.3 |
-18% |
30.1 |
|
USD-INR |
55.9 |
54.2 |
3% |
54.2 |
(1) Including Zinc concentrate sale of nil in Q1 FY 2014 as compared to nil
in corresponding prior quarter and 61,097 MT MIC in Q4 FY 2013
(2) Including captive consumption of 1,644 MT in Q1, as compared with 1,641
MT in corresponding prior quarter and 1,777 MT in Q4 FY 2013
(3) Excluding captive consumption of 8.8 MT in Q1, as compared with 8.6 MT
in corresponding prior quarter and 9.2 MT in Q4 FY 2011
OPERATIONAL
PERFORMANCE
Mined
metal production was 237,825 MT in Q1, as compared with 186,642 MT in the
corresponding prior period. The increase was in line with our plan to deliver
1.0 million MT mined metal production for the year.
Integrated
production of refined zinc was up 10% y-o-y to 173,000 MT in Q1 on higher
smelter utilization rate. Integrated production of refined lead was flat at
29,110 MT. Integrated saleable silver production was up 9% to 77 MT in Q1 on
higher contribution from Sindesar Khurd and Zawar mines.
FINANCIAL PERFORMANCE
Revenues
were up 8% to Rs. 29390.000
Millions,
compared with the corresponding prior quarter. The increase was driven by
higher sales volume and rupee depreciation, partially offset by lower metal
prices. EBITDA for the quarter was Rs 15060.000 Millions, up 6% on higher sales, partially offset by higher
operating costs. Net profit for the quarter was up by 5% to Rs. 16600.000 Millions.
The
zinc metal cost of production before royalty during the quarter was Rs. 46,800
per MT ($836), 2% higher in Rupee and 1% lower in USD terms from a year ago.
The increase was primarily due to lower sulphuric acid credits and higher
excavation costs, partially offset by lower coal price, lower specific coal
consumption and benefits of higher volume.
LIQUIDITY
AND INVESTMENT
The
Company follows a conservative Investment Policy and invests in high quality
debt instruments and debt mutual funds and fixed deposit with banks. As on 30
June 2013, the Company had cash and cash equivalents of Rs. 223650.000 Millions, out of which Rs. 147430.000 Millions was invested in debt mutual funds, Rs. 22170.000 Millions in bonds and Rs 53980.000 Millions were in fixed deposits with banks.
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. 61.28 |
|
|
1 |
Rs. 99.03 |
|
Euro |
1 |
Rs. 83.80 |
INFORMATION DETAILS
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
81 |
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.