1. Summary Information
|
Country |
India |
||
|
Company Name |
Company Limited |
Principal Name 1 |
Mr. Virendra Sinha |
|
Status |
Good |
Principal Name 2 |
Mr. VLVSS Subba Rao |
|
Registration # |
21-004835 |
||
|
Street Address |
Balmer Lawrie House, 21, Netaji Subhas Road, Kolkata –
700001, West Bengal, India |
||
|
Established Date |
18.02.1924 |
SIC Code |
-- |
|
Telephone# |
91-33-2222-5322 |
Business Style 1 |
Manufacture |
|
Fax # |
91-33-2248-3768 |
Business Style 2 |
|
|
Homepage |
Product Name 1 |
Industrial
Packaging |
|
|
# of employees |
1465 (Approximately) |
Product Name 2 |
Barrels and Drums |
|
Paid up capital |
Rs.162,861,000/- |
Product Name 3 |
LPG Cylinders |
|
Shareholders |
Total
Public shareholding = 100% |
Banking |
Allahabad Bank |
|
Public Limited Corp. |
Yes |
Business Period |
90 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
A (64) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Wholly
owned subsidiary |
-- |
Balmer Lawrie (UK) Limited |
-- |
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
8,234,801,000 |
Current Liabilities |
4,191,040,000 |
|
Inventories |
1,195,974,000 |
Long-term Liabilities |
0,000 |
|
Fixed Assets |
2,634,883,000 |
Other Liabilities |
1,309,883,000 |
|
Deferred Assets |
21,992,000 |
Total Liabilities |
5,500,923,000 |
|
Invest& other Assets |
643,216,000 |
Retained Earnings |
7,067,082,000 |
|
|
|
Net Worth |
7,229,943,000 |
|
Total Assets |
12,730,866,000 |
Total Liab. & Equity |
12,730,866,000 |
|
Total Assets (Previous Year) |
11,618,211,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
25,806,831,000 |
Net Profit |
1,627,703,000 |
|
Sales(Previous yr) |
22,859,546,000 |
Net Profit(Prev.yr) |
1,380,727,000 |
MIRA INFORM REPORT
|
Report Date : |
04.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
BALMER LAWRIE AND COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Balmer Lawrie House, 21, Netaji Subhas Road, Kolkata – 700
001, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
18.02.1924 |
|
|
|
|
Com. Reg. No.: |
21-004835 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.162.861 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15492WB1924GOI004835 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALB00200E |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufactures
industrial packaging, barrels and drums, LPG cylinders, greases and
lubricants, leather chemicals, functional additives and marine freight
containers. |
|
|
|
|
No. of Employees
: |
1465 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 28000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having good track
record. Financial position of the company is sound. Trade relations are fair.
Business is active. Payments are regular and as per commitment. The company can be considered good for business dealing 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a
slower-than-expected 4.7 % annually in the three months through December. The
HSBC Manufacturing Purchasing Managers’ Index which gauges the business
activity of India’s factories but not its’ utilities, rose to 52.5 in February,
its highest in a year from 51.4 in January. Overall new orders for factory
goods which rose to a one-year high of 54.9 contributed to the surge. China has
emerged as India’s biggest trading partner in the current financial year
replacing the United Arab Emirates and pushing it to the third spot.
India-China trade has reached $49.5 billion with a 8.7 % share in India’s total
trade. The US comes second at $46 billion with 8.1 % share during the first
nine months of the current financial year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Cash Credit Limit=AA |
|
Rating Explanation |
High degree of safety. It carry very low
credit risk. |
|
Date |
September, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Limits=A1+ |
|
Rating Explanation |
Highest degree of safety. It carry lowest
credit risk. |
|
Date |
September, 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.
INFORMATION DENIED
Management Non Co-operative (91-33-22225322)
LOCATIONS
|
Registered Office : |
Balmer Lawrie House, 21, Netaji Subhas Road, Kolkata – 700
001, West |
|
Tel. No.: |
91-33-22225322 / 5314 / 2222 5218 |
|
Fax No.: |
91-33-2248 3768 / 4558 / 2243 4477 / 4478 / 4479 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
SBU-Industrial Packaging : |
149, |
|
Tel. No.: |
91-22-2413 2421 |
|
|
|
|
SBU-Performance
Chemicals : |
32, Sattangadu Village, Thiruvottiyur, Manali Road, Chennai-600088, Tamilnadu, India |
|
|
|
|
SBU-Greases and
Lubricants : |
P-43, Hide Road
Extension, Kolkata-700088, West Bengal, India |
|
Tel. No.: |
91-33-24505306 |
|
|
|
|
SBU-Tours and
Travel : |
4th Floor, Core
8, Scope Complex, 7 Lodhi Road, New Delhi - 110 003, India |
|
Tel. No.: |
91-11-46412240/
46412248/ 46412254 |
|
|
|
|
City Office : |
5, J N Herdia Marg, Ballard Estate Mumbai – 400001, Maharashtra, India
|
|
|
|
|
OFFICE AND PLANT
LOCATIONS |
|
|
|
|
|
Industrial
Packaging: |
Located at ·
Mumbai ·
·
Silvassa ·
Chennai ·
Kolkata ·
Asaoti ·
·
Chittoor |
|
|
|
|
Greases and Lubricants |
Located at ·
Chennai ·
Kolkata ·
Silvassa ·
Mumbai ·
Kolkata ·
Kolkata ·
Mumbai ·
·
Secund- erabad ·
Vadodara ·
Bengaluru ·
·
Chennai ·
Pune ·
Jaipur ·
|
|
|
|
|
Travel and |
Located at ·
Ahmedabad ·
Bengaluru ·
Vadodara ·
Hubaneswar ·
Chennai ·
·
Kolkata ·
·
Mumbai ·
Thiruvanan- thapuram ·
Pune ·
·
Deharadun ·
Bokaro ·
Port Blair ·
·
|
|
|
|
|
Logistics Services |
Located at ·
Kolkata ·
Mumbai ·
·
Bengaluru ·
Chennai ·
·
Ahmedabad ·
·
·
Karur ·
·
Pune ·
Thiruvanan- thapuram ·
Tuticorin ·
Vlsakha- patnam ·
·
Mangalore ·
Bhuban- eswar ·
·
|
|
|
|
|
Performance Chemical: |
Located at ·
Chennai ·
·
·
Ranipet ·
Kolkala ·
Ambur ·
Vaniyambad |
|
|
|
|
Tea: |
Kolkata, West Bengal, India |
|
|
|
|
Logistics Infrastructure: |
Located at ·
Kolkata ·
Mumbai ·
Chenna ·
|
|
|
|
|
Refinery and
Oilfield Services: |
Kolkata, West Bengal, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Virendra Sinha |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
13.07.1955 |
|
Qualification : |
BA, MBA |
|
Experience : |
35 Years |
|
Date of Appointment : |
01.12.2006 |
|
|
|
|
Name : |
Mr. VLVSS Subba Rao |
|
Designation : |
Govt. Nominee Director |
|
|
|
|
Name : |
Mr. Partha S. Das |
|
Designation : |
Govt. Nominee Director |
|
|
|
|
Name : |
Mr. Prem Prakash Sahoo |
|
Designation : |
Director (Human Resource and Corporate Affairs) |
|
Date of Birth/Age : |
07.05.1954 |
|
Qualification : |
BA (Hons), MA (PM and IR), LL,B |
|
Experience : |
35 Years |
|
Date of Appointment : |
17.07.1987 |
|
|
|
|
Name : |
Mr. Niraj Gupta |
|
Designation : |
Director (Service Business) |
|
Date of Birth/Age : |
17.07.1955 |
|
Qualification : |
B.Com (H) ACA |
|
Experience : |
33 Years |
|
Date of Appointment : |
03.03.1980 |
|
|
|
|
Name : |
Mr. Anand Dayal, |
|
Designation : |
Director (Manufacturing Business) |
|
Date of Birth/Age : |
13.12.1954 |
|
Qualification : |
BA Dip in Marketing Management |
|
Experience : |
37 Years |
|
Date of Appointment : |
01.01.2008 |
|
|
|
|
Name : |
Mr. Prabal Basu |
|
Designation : |
Director (Finance) |
|
Date of Birth/Age : |
18.10.1963 |
|
Qualification : |
B.Com (Hons), ACA, ACMA, ACS |
|
Experience : |
27 Years |
|
Date of Appointment : |
04.04.1988 |
|
|
|
|
Name : |
Mr. Hari Kishan Bhoklay |
|
Designation : |
Executive Director (Corporate Affairs) |
|
Date of Birth/Age : |
04.02.1955 |
|
Qualification : |
B.Sc (Hons), Agri PG Dip in Management |
|
Experience : |
35 Years |
|
Date of Appointment : |
02.05.1978 |
KEY EXECUTIVES
|
Name : |
Mr. S Ravikumar |
|
Designation : |
Chief Operating Officer |
|
Date of Birth/Age : |
01.05.1954 |
|
Qualification : |
B. Tech (Chem), ME (Chem) |
|
Experience : |
34 Years |
|
Date of Appointment : |
18.11.1983 |
|
|
|
|
Name : |
Mr. Ananda Sengupta |
|
Designation : |
Chief Oprating Officer (Logistics Infrastructure) |
|
Date of Birth/Age : |
26.02.1956 |
|
Qualification : |
BME, PGDBM, PGDHRM |
|
Experience : |
33 Years |
|
Date of Appointment : |
16.07.2001 |
|
|
|
|
Name : |
Mr. Murthy Ramakrishna |
|
Designation : |
Chief Operating Officer (Industrial Packaging) |
|
Date of Birth/Age : |
10.10.1954 |
|
Qualification : |
B.SC (Hons), MA in Social Sc, Dip PM and IR, LL.B |
|
Experience : |
35 Years |
|
Date of Appointment : |
09.06.1980 |
|
|
|
|
Name : |
Mr. G N Mattoo |
|
Designation : |
Senior Vice President (Human Resource) |
|
Date of Birth/Age : |
25.02.1954 |
|
Qualification : |
B. SC, PG Dip in SW, PG Dip Banking Admin MBA |
|
Experience : |
35 Years |
|
Date of Appointment : |
09.06.1980 |
|
|
|
|
Name : |
Mr. Manash Mukhopadhyay |
|
Designation : |
Senior Vice President (Information Technology) |
|
Date of Birth/Age : |
06.01.1955 |
|
Qualification : |
B.SC (Hons), M. Stat Dip in Comp SC |
|
Experience : |
35 Years |
|
Date of Appointment : |
01.06.1993 |
|
|
|
|
Name : |
Mr. Biswarup Chakraborti |
|
Designation : |
Senior Vice President (New Initiatives) |
|
Date of Birth/Age : |
14.02.1957 |
|
Qualification : |
BE (Metallurgical), PGD in SQC Dip in Management |
|
Experience : |
32 Years |
|
Date of Appointment : |
04.05.1985 |
|
|
|
|
Name : |
Mr. Pukhraj Sabharwal |
|
Designation : |
Chief Operating Officer (Tours and Travel) |
|
Date of Birth/Age : |
30.09.1954 |
|
Qualification : |
B.SC (Hons), MA Dip in Business Admin TVl course On IATA-UFTAA |
|
Experience : |
36 Years |
|
Date of Appointment : |
01.03.1977 |
|
|
|
|
Name : |
Mr. Abhijit Roy |
|
Designation : |
Chief Operating officer |
|
Date of Birth/Age : |
19.11.1958 |
|
Qualification : |
B.SC (Chemistry), M.SC (Organic) |
|
Experience : |
31 Years |
|
Date of Appointment : |
01.07.1982 |
|
|
|
|
Name : |
Mr. Manoj Lakhanpal |
|
Designation : |
Senior Vice President (Finance) |
|
Date of Birth/Age : |
15.08.1958 |
|
Qualification : |
B.Com, ACA |
|
Experience : |
32 Years |
|
Date of Appointment : |
15.04.1988 |
|
|
|
|
Name : |
Mr. Sanjiban Dhar |
|
Designation : |
Senior Vice President (Asset Rationalization and New Initiatives) |
|
Date of Birth/Age : |
01.01.1954 |
|
Qualification : |
BE (MECH) |
|
Experience : |
37 Years |
|
Date of Appointment : |
25.01.1984 |
|
|
|
|
Name : |
Mr. Amrit Mukhopadhyay |
|
Designation : |
Senior Vice President (Technical) |
|
Date of Birth/Age : |
11.12.1957 |
|
Qualification : |
BE (Civil), ME (Collaborative), In Proj Engg, MBA |
|
Experience : |
34 Years |
|
Date of Appointment : |
03.12.1984 |
|
|
|
|
Name : |
Mr. Amit Ghosh |
|
Designation : |
Company Secretary |
|
Date of Birth/Age : |
21.10.1954 |
|
Qualification : |
B.Com (Hons), ACA, ACS, LL.B |
|
Experience : |
32 Years |
|
Date of Appointment : |
13.08.2007 (On Deputation 01.05.2012 on Absorption) |
SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1103671 |
3.87 |
|
|
15964 |
0.06 |
|
|
13098 |
0.05 |
|
|
2044024 |
7.17 |
|
|
426513 |
1.50 |
|
|
3603270 |
12.64 |
|
|
|
|
|
|
18607817 |
65.29 |
|
|
|
|
|
|
4683845 |
16.43 |
|
|
1264259 |
4.44 |
|
|
341450 |
1.20 |
|
|
967 |
0.00 |
|
|
49631 |
0.17 |
|
|
11039 |
0.04 |
|
|
279813 |
0.98 |
|
|
24897371 |
87.36 |
|
Total Public shareholding (B) |
28500641 |
100.00 |
|
Total (A)+(B) |
28500641 |
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) |
28500641 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures
industrial packaging, barrels and drums, LPG cylinders, greases and
lubricants, leather chemicals, functional additives and marine freight
containers. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
||||||||||||
|
|
|
||||||||||||
|
Brand Name : |
BALMEROL |
PRODUCTION STATUS [As on 31.03.2011]
|
Particulars |
|
Unit |
Installed
Capacity |
Actual
Production |
|
Greases
and Lubricating Oils |
|
M.T. / K.L. |
58080 |
45486 |
|
Barrels
and Drums |
|
Nos. |
4200000 |
3608719 |
|
Blended
Tea including Bulk, Packets and Tea Bags |
|
M.T. |
3000 |
71 |
|
Leather
Auxiliaries |
|
M.T. |
3498 |
6994 |
Note :
(i) Under the Industrial Policy Statement dated 24th July, 1991 and the notifications issued there under, no licensing is required for the Company’s products.
(ii) Installed Capacities are as certified by the
Management.
GENERAL INFORMATION
|
No. of Employees : |
1465 (Approximately) |
|
|
|
|
Bankers : |
· Allahabad Bank ·
Bank of · Canara Bank · HDFC Bank Limited · Indusind Bank Limited · Standard Chartered Bank ·
State Bank of · The Hongkong and Shanghai Banking Corporation Limited ·
United Bank of ·
Vijaya Bank |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Messrs Vidya and Company |
|
Address : |
Centre Point, 21 Hemanta Basu Sarani Kolkata - 700 001, West Bengal,
India |
|
|
|
|
Branch Auditors
: |
|
|
Name : |
Messrs Suri and Company. |
|
Address : |
No. 4(Old No. 55A) |
|
|
|
|
Name : |
Messrs Om Prakash S. Chaplot and Company |
|
Address : |
101 Vatsalya Co-operative Society, Vatsalya Building, Nr. RTO Office
RTO Road, Andheri(W) Mumbai 400 053, |
|
|
|
|
Name : |
Messrs H. S. Rustagi and Company |
|
Address : |
4654/21, Daryaganj, II Floor |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Messrs Haribhakti and Company |
|
Address : |
Geetanjali Apartments Flat No. 7G, 7th Floor 8B, |
|
|
|
|
Wholly owned Subsidiary : |
·
Balmer Lawrie ( |
|
|
|
|
Holding Company: |
·
Balmer Lawrie Investments Limited |
|
|
|
|
Joint Venture: |
· Transafe Services Limited Balmer Lawrie (UAE) LLC · Balmer Lawrie-Van Leer Limited ·
Balmer Lawrie (UAE) Llc. ·
Avi – Oil ·
Balmer Lawrie Hind Terminals Private Limited · Balmer Lawrie Hind Terminals Private Limited |
|
|
|
|
Subsidiary of
Balmer Lawrie Van Leer Limited: |
· Proseal Closures Limited |
|
|
|
|
Joint Venture of
Balmer Lawrie ( |
·
PT Balmer Lawrie |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16286081 |
Equity Shares |
Rs.10/- each |
Rs.162.861 Millions |
|
|
|
|
|
·
Rights, Preferences and Restrictions attached to Shares
The Company has one
class of equity shares having a par value of ` 10 per share. Each shareholder
is eligible for one vote per share held. The dividend proposed by the Board of
Directors is subject to the approval of shareholders in the ensuing Annual
General Meeting. 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.
·
Details of Equity Shares held by the Holding Company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Balmer Lawrie Investments Ltd. |
10064700 |
61.80 |
·
There are no other individual shareholders holding
5% or more in the issued share capital of the company.
·
There has been no movement in the no. of shares
outstanding during the year. Further, there has been no change in the number
and class of shares issued by the company in the past five years.
·
The Board of Directors have approved the issue of
additional 1,22,14,560 bonus equity shares of Rs.10 each at its meeting held on
March 26, 2013, which have been allotted on May 25, 2013, after obtaining the
assent of the members. Pursuant to this change, the potential equity shares
outstanding for the purpose of calculation of diluted earnings per share stands
at 2,85,00,641 equity shares of Rs.10 each.
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 |
162.861 |
162.861 |
162.861 |
|
(b) Reserves & Surplus |
7067.082 |
6026.239 |
5175.499 |
|
(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) |
7229.943 |
6189.100 |
5338.360 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
12.508 |
76.508 |
|
(c) Other long term
liabilities |
414.966 |
432.742 |
406.617 |
|
(d) long-term
provisions |
2.000 |
5.579 |
7.527 |
|
Total Non-current
Liabilities (3) |
416.966 |
450.829 |
490.652 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
2146.615 |
2252.266 |
2198.476 |
|
(c) Other
current liabilities |
1629.459 |
1488.200 |
1631.118 |
|
(d) Short-term
provisions |
1307.883 |
1237.816 |
978.202 |
|
Total Current
Liabilities (4) |
5083.957 |
4978.282 |
4807.796 |
|
|
|
|
|
|
TOTAL |
12730.866 |
11618.211 |
10636.808 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2612.661 |
2268.339 |
1872.358 |
|
(ii)
Intangible Assets |
22.222 |
12.068 |
12.558 |
|
(iii)
Capital work-in-progress |
81.424 |
49.602 |
325.812 |
|
(iv)
Intangible assets under development |
10.082 |
7.595 |
0.000 |
|
(b) Non-current Investments |
551.710 |
454.225 |
572.412 |
|
(c) Deferred tax assets (net) |
21.992 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
215.734 |
307.216 |
415.699 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3515.825 |
3099.045 |
3198.839 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1195.974 |
1233.509 |
1193.163 |
|
(c) Trade
receivables |
3610.298 |
3537.294 |
3091.899 |
|
(d) Cash
and cash equivalents |
3703.875 |
3163.699 |
2669.750 |
|
(e)
Short-term loans and advances |
655.298 |
531.989 |
450.015 |
|
(f) Other
current assets |
49.596 |
52.675 |
33.142 |
|
Total
Current Assets |
9215.041 |
8519.166 |
7437.969 |
|
|
|
|
|
|
TOTAL |
12730.866 |
11618.211 |
10636.808 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
25806.831 |
22859.546 |
20090.793 |
|
|
|
Other Income |
589.178 |
531.111 |
408.009 |
|
|
|
TOTAL (A) |
26396.009 |
23390.657 |
20498.802 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
20492.849 |
17952.731 |
15897.594 |
|
|
|
Purchase of Stock-in-trade |
3.429 |
3.343 |
31.901 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(27.890) |
(1.320) |
(101.591) |
|
|
|
Employee Benefits Expenses |
1588.006 |
1408.223 |
1311.350 |
|
|
|
Other Expenses |
1895.912 |
1926.272 |
1382.821 |
|
|
|
TOTAL (B) |
23952.306 |
21289.249 |
18522.075 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2443.703 |
2101.408 |
1976.727 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
42.170 |
46.920 |
45.062 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2401.533 |
2054.488 |
1931.665 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
166.330 |
151.761 |
121.277 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2235.203 |
1902.727 |
1810.388 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
607.500 |
522.000 |
599.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1627.703 |
1380.727 |
1210.888 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2626.016 |
2075.276 |
1656.518 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
300.000 |
300.000 |
300.000 |
|
|
|
Proposed Final Dividend |
501.611 |
456.010 |
423.438 |
|
|
|
Corporate Tax on Dividend |
85.249 |
73.977 |
68.692 |
|
|
BALANCE CARRIED
TO THE B/S |
3366.859 |
2626.016 |
2075.276 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Goods and components [FOB Basis] |
134.729 |
109.304 |
103.170 |
|
|
|
Interest and Dividend |
80.972 |
91.876 |
57.675 |
|
|
|
Services |
50.458 |
64.721 |
64.901 |
|
|
|
Freight, Insurance, Exchange Gain and
Miscellaneous items |
1.705 |
1.296 |
1.962 |
|
|
TOTAL EARNINGS |
267.864 |
267.197 |
227.708 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
233.385 |
271.330 |
199.809 |
|
|
|
Stores & Spares |
0.794 |
3.454 |
1.066 |
|
|
|
Capital Goods |
69.798 |
7.940 |
16.078 |
|
|
TOTAL IMPORTS |
303.977 |
282.724 |
216.953 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
99.94 |
84.78 |
74.35 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
6825.300 |
6496.000 |
6364.200 |
|
Total Expenditure |
6417.100 |
6145.200 |
6076.200 |
|
PBIDT (Excluding Other Income) |
408.200 |
350.800 |
288.000 |
|
Other income |
160.200 |
135.500 |
109.200 |
|
Operating Profit |
568.400 |
486.300 |
397.200 |
|
Interest |
15.900 |
15.300 |
20.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
552.500 |
471.000 |
377.200 |
|
Depreciation |
46.900 |
45.600 |
48.100 |
|
Profit Before Tax |
505.600 |
425.400 |
329.100 |
|
Tax |
159.300 |
133.400 |
110.500 |
|
Profit after tax |
346.300 |
292.000 |
218.600 |
|
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 |
346.300 |
292.000 |
218.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.17 |
5.90 |
5.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.66 |
8.32 |
9.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.53 |
17.13 |
18.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31 |
0.31 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.81 |
1.71 |
1.55 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
162.861 |
162.861 |
162.861 |
|
Reserves & Surplus |
5175.499 |
6026.239 |
7067.082 |
|
Net
worth |
5338.360 |
6189.100 |
7229.943 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
20090.793 |
22859.546 |
25806.831 |
|
|
|
13.781 |
12.893 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
20090.793 |
22859.546 |
25806.831 |
|
Profit |
1210.888 |
1380.727 |
1627.703 |
|
|
6.03% |
6.04% |
6.31% |
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 |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
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 |
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRIAL PACKAGING [SBU-IP]
Industry Structure
and Developments
SBU-Industrial
Packaging is the manufacturer of an extensive product range of 165, 200 and 210
litre capacity mild steel drums and barrels from its six manufacturing
locations viz., Asaoti, Chennai, Chittoor, Kolkata, Mumbai, and Silvassa. The
SBU is the largest manufacturer of 200 litre steel barrels in the Industrial
Packaging segment. The product has its major market in the Petroleum, Chemicals
and Food Industry.
The Company
manufactures and markets these products through its pan-India marketing network
to cater to consumers in the lubricating oils & greases, transformer oil,
agrochemicals, fine chemicals, paint, fruit pulp & food products and
bitumen industry segments. The consumers are leading manufacturers in their
respective industry segment and belong to both public and private sectors and
the containers provided by the SBU are used mainly for safe packaging,
transport and storage of their products.
Competition has
become intense in the Industrial Packaging industry with the emergence of
Medium & Small scale players, which has had the effect of depressing
margins in the market. During the year under review, there was a steep fall in
the market demand especially in the fruit segment but overall the SBU succeeded
in maintaining its previous year volume. The year witnessed stability in the
price of cold rolled steel, which is the main input material used in the
manufacture of the containers, which was indeed a positive development for the
SBU.
During 2012-13 the
SBU continued to retain its lead position in terms of market share.
Segment wise or
Product wise Performance
2012-13 witnessed
a severe fall in demand from the fruit segment. Despite this the SBU achieved
higher level of sale than the previous year with the fall in demand in the
fruit segment being compensated by the increased sale in other segments.
Outlook
The indicators for
the SBU point towards a reasonable 2013-14 with the fruit segment expected to
recover significantly, which will partially offset the loss of PSU and
Government
business as consequence of reservation of steel drums and barrels from MSEs.
Based on the country achieving targeted GDP growth, the SBU expects to retain
its market share in 2013-14. It would be relevant to mention that following
up-gradation of equipment during the year, there has been augmentation of
production capacity in the SBU. The proposed High Throughput Plant at Navi
Mumbai is expected to give a further competitive edge to the SBU.
GREASES & LUBRICANTS [SBU-G&L]
Industry Structure
and Developments
The Lubricant
industry in India has an estimated annual turnover of around Rs.150000.000
Millions with consumption estimated at around 1.50 million tonnes in 2012-13.
The Indian lubricant market is the seventh largest in the world and second
largest in Asia after China. The size of Grease market is about 87,000 tonnes
and 40% of this volume is outsourced from grease processors.
The lubricant
market has traditionally been dominated by PSU Oil Companies on account of their
brand value and reach. With the advent of Multinationals, the nature of the
lubricant business has changed radically from a seller’s to a buyer’s market
with brands playing a very important role. The market comprises two segments -
Automotive grades, which constitute about 60% of the market and Industrial
& Marine Grades, which represent the balance. The industry is very
competitive with a large number of players. MNCs and PSU Oil Companies together
control about 74% of the market share with the balance being shared by several
organized and unorganized players. The market share of the Company in
Lubricants stands at 2.9%. In the Greases segment, however, the Company is a
major player having a market share of around 24%.
The automotive
lubricant market is highly price sensitive and volume growth is slow on account
of longer drain intervals of lubricants due to upgraded version of engines used
in 4- wheelers & 2-wheelers. The recent steep hike in the petrol prices has
significantly affected the sale of 4-wheelers prompting car manufacturers to
scale down their production resulting in a decline in the business volume of
automotive lubricants.
Segment wise or
Product wise Performance
The business of
SBU: G&L comprises two broad segments viz.,[a] Processing Business and [b]
Direct Sales. The Direct Sales segment can be further categorized into (a)
Institutional / Industrial Sales, (b) Retail Sales and (c) Export. In the
institutional / industrial sales category, the major customers are Railways,
Defence, Steel Sector, Coal Sector, Jute Sector, Sponge Iron Sector and Auto
OEMs, etc.
The Processing
business during 2012-13 was down by around 15% compared to the previous year as
the PSU oil companies traditionally using the Company’s grease manufacturing
facility, have been increasingly developing and using their own facility.
Nevertheless, during the year under report, the SBU earned a major
break-through by securing a substantial order from Hindustan Petroleum
Corporation, regaining the business after a lapse of several years.
In the ambit of
Direct Sales, the SBU recorded a growth of 10% in retail sales and 3.2% in
sales volume of ‘Balmerol’ branded products in 2012-13 over the previous year.
Notwithstanding severe price competition from Oil PSUs & major MNCs, and
sharp hike in the prices of base oil & additive, etc., the SBU achieved
higher profitability with 3.7% growth as compared to the previous year. The SBU
closed the financial year 2012-13 receiving a lucrative order from the Railways
for supply of lubricant products.
To further
accelerate its growth, the SBU proposes to lay additional thrust on Retail
Sales by way of various promotional campaigns and incentive schemes.
Outlook
The Company is
scanning opportunities for pioneering entry into manufacture and supply of
eco-friendly / biodegradable lubricants in the Indian market. The SBU is also
considering introduction of value-added specialty products for niche markets
especially for the steel and the automobile industry, which are poised for
major takeoff. The SBU expects to maintain its growth rate in the Retail
segment with a target of achieving an improved market share of 6% or so in the
next few years. Also on the anvil are plans to enter into tieup with major
Automobile companies / OEMs to cater their factory fill as well as their after
sales market.
PERFORMANCE CHEMICALS [SBU-PC]
Industry Structure
and Developments
In the year 2011,
the Union Commerce Ministry set an export target of USD 9 Billion for 2013-14 for
leather and leather products and directed the leather industry to diversify the
export range by increasing quantum of value added, high value products
especially top-end shoes and leather garments. Industry players know that
exports can go up only if producers successfully penetrate the US market.
The Indian Leather
Exports today primarily consists of finished leather footwear and footwear
components, leather garments, leather goods and accessories, upholstery,
saddlery and bags. About 70% of the leather and leather products are exported
to European nations.
Over a decade ago
India and China were at par in terms of their leather exports. However, this
scenario has changed completely and today China’s share in the global leather
trade is about 22% with exports of $25 Billion whereas, India’s share is a mere
3% valued at around $ 3.5 Billion.
In the
International market, Indian leather industry faces big competition from
Bangladesh besides China, Vietnam and Indonesia. This is because a substantial
chunk of overseas buyers look at Bangladesh as an additional supplier of
leather footwear at economic value owing to availability of cheap labour and
lower cost of production compared to India.
Despite the above
and India’s over dependence on the Eurozone countries, the Indian Leather
industry achieved export growth of 2.5% in 2012-13 over the preceding year as
reported by Council of Leather Exports. The industry increasingly sought to
enhance its market penetration into non-traditional areas.
Focusing on the
Leather Chemicals Industry, it is observed that the industry in India is led by
MNCs like BASF, Clariant, Lanxess and Stahl. Their strategy centres on a policy
of offering a very wide range of products but at the same time focussing on
products that fetch better margin. However, in the absence of sustained demand,
the industry is fraught with fierce competition on account of overcapacity and
the existence of large number of players in the sector.
SBU: Performance
Chemicals is essentially in the business of manufacturing and marketing of
Syntans and Synthetic Fat Liquors in the Leather industry having a market share
of 9% in Syntans and 25% in Fat Liquor in India. The SBU is focused on
augmentation of its capacity and expanding its product basket for attaining
growth. The SBU also aims to foray into Finishing Segment of Leather industry,
a niche area offering relatively higher margins.
Segment wise or
Product wise Performance
In the Fat Liquor
segment, the Company has had a volume growth of 15% over the last year, whereas
in the Syntans segment there is a marginal decline in the volume. Overall, the
SBU has achieved 14% turnover increase as compared to the last financial year.
Outlook
The SBU continues
to witness a difficult phase with respect to the growth prospects in terms of
volume of business in Leather Chemicals, as the Euro zone crisis still
persists. The way forward is to increase the sales volume of Fat Liquor in the
domestic and export markets. To push its sales into new avenues and to enhance its
market reach, the SBU is in the process of appointing dealers at various
locations.
As stated, the SBU
has diversified its product portfolio into the area of Construction Chemicals,
which has significant manufacturing synergies with the Leather Chemicals
production set-up and also has a potential market for growth.
To make its foray
into Construction Chemicals successful, the SBU has initiated discussion with
Infrastructure
Companies, Ready Mix
Concrete Plants [RMCs], builders and consulting civil engineers.
In the Admixture
segment of Construction Chemicals, the SBU has developed a premium range of
Poly Carboxylate Ether based admixture and will soon be the first indigenous
manufacturer to launch the product in India. The Company is hopeful that in the
long-term it would have significant payoff from the Construction Chemicals
business.
LOGISTICS SERVICES [SBU-LS]
Industry Structure
and Developments
Logistics is one
of the fastest growing industries with an annual growth rate of approximately
10%. India is emerging as one of the major manufacturing hubs for automotive
and pharmaceutical products and this is expected to provide a fillip to the
growth of the Logistics Industry. The total market size of the Logistics
industry in India has been estimated at USD 100 Billion in 2012-13. Much of the
industry is fragmented with a mere 6% with the organized sector. The other key
factors underlying the growth of the Logistics industry are the emergence of
organized retailing in India and increase in foreign trade. Most of the
industries like Automotive, Electronics and Pharmaceutical Sectors are opting
to outsource their logistics requirement to specialized third party Logistics
service providers.
Infrastructure in
the Logistics sector has surfaced as a critical component requiring significant
investment. Large investments are underway to develop logistics parks, free
trade zones, cold chains, Inland Container Depots & Container Freight
Station, etc. apart from developing several airports across the country. These
developments are expected to nurture the growth of Logistics Services industry.
The introduction of Goods & Services Tax [GST] will act as a catalyst
leading to creation of logistically optimal network and generate robust growth
of the industry.
Segment wise or
Product wise Performance
The SBU-Logistics
Services offers a comprehensive array of services including import
consolidation by Air and Ocean, customs clearance at various sea ports, handling
of project cargo through multi-modal transportation, chartering of aircrafts
and vessels besides providing express services. Air cargo handling and
provision of related support services like customs clearance and chartering
continued to form the core revenue generator of the SBU in 2012-13. The growth
in turnover and profit of the SBU from air freight and support services was of
the order of 15% and 19% respectively compared to 2011-12.
Outlook
To capture the
growth opportunities present in the market, besides strengthening its
infrastructure, human resource and extending its services in the value chain,
the SBU is exploring possibilities of realigning its business focus to target
newer and more attractive segments. This will acelerate further growth and also
focus on re-engineering its systems and capabilities to improve its turnaround
time, reliability and customer satisfaction. With the aforesaid objective in
view, the SBU has stretched its activities in and across the country opening
three new branches and more in the pipeline. Currently, the SBU operates with
22 branches across the country.
TOURS & TRAVEL [SBU-T&T]
Industry Structure
and Developments
The government has
implemented certain positive steps during the year, such as permitting 49%
Foreign Direct Investment [FDI] to foreign airlines investing with Indian
domestic carriers, granting license to import Aviation Turbine Fuel directly
and lifting the cap on international routes for domestic carriers. The year
also witnessed the shut-down of Kingfisher Airlines, Paramount Airways, MDLR
and faster growth of low cost Airlines, vis-à-vis the full service carriers.
There has been a
discernible shift in the travel pattern of Indian outbound travelers on account
of reasons such as weakening of the Indian rupee against the American dollar
coupled with increase in international airfares. The shift has resulted in a
fall in demand for long-haul destinations, such as Europe and America from
Indian outbound travelers. Customers, who would have normally taken
international tours, are now opting for domestic destinations.
The current trend
shows that customers are moving beyond the old school thought of just
sight-seeing and shopping, they are more interested in customized packages that
afford luxury yet are economical. The travel industry has thus perforce to
develop packages with requisite appeal factored in. The year also witnessed the
emergence of numerous online travel portals and there has been a 30% increase
in the number of customers visiting such portals. The other major action taken
worldwide by the aviation industry was to cut down incentives/commissions paid
to travel agents.
Air India and Jet
Airways have reduced their commission from 3% to 1% and the transaction fee of
6% that was allowed by the low cost carriers was stopped following the Supreme
Court order dated 23rd January 2013 dampening the industry outlook.
Segment wise or
Product wise Performance
The performance of
the SBU in 2012-13 was an improvement over the previous year and generally at
par with the estimates despite the industry reflecting a bearish trend. British
Airways has awarded the Company a Certificate of Appreciation for outstanding
performance in travel business in 2012.
Outlook
The Airline
industry, to which the SBU is closely linked, is passing through very
challenging times. With competition in the sector at an all-time high and
airlines under margin pressure, because of increasing costs, they have resorted
to various innovative methods to increase their revenue streams and cut costs.
While making air-travel, especially foreign travel cheaper and stimulating
e-business volumes they have been making all efforts to reach the customers
directly and thereby eliminating the need for travel agents. In spite of these
adverse conditions, the SBU expects significant growth in volume of business
from its Corporate Client base, which is still dependent on travel agents as
well as focusing on higher sales through its online portal launched during the
year. The SBU is also focusing on non-ticketing revenue streams. Aggressive
plans have been drawn up to promote its products and services through press and
digital media.
The SBU is in the
process of exploring and evaluating some of the upcoming IT technologies with a
view to further consolidating its backend operations to support future growth
plans. Also under finalisation are plans for implementing modern CRM systems
with smart Business Intelligence [BI] capabilities to support the goal of offering
more sophisticated, tailor-made personalized services.
LOGISTICS INFRASTRUCTURE [SBU-LI]
Industry Structure
and Developments
Logistics
Infrastructure comprises three main segments viz., Container Freight Station
(CFS), Inland Container Depot (ICD) and Warehousing & Distribution
(W&D). CFS / ICD represents common user, custom-bonded facility with public
authority equipped with warehousing space, handling equipment and related IT
infrastructure. It operates as an extension of the Port and helps in reducing
congestion at the Ports. Services of loading / unloading and aggregation /
segregation of export / import cargo are offered at such depots.
During 2012-13,
the growth of container handling at Indian Ports was 5.75%, which was almost in
line with the growth in 2011-12. The total containerized traffic at major ports
in India accounts for only 22% of the total EXIM volume, which is quite low as
compared to the global average of about 65% cargo containerization. The total
container traffic in India during 2012-13 was around 10 million TEU’s
[inclusive of transshipment, empties and coastal movements]. The Warehousing
demand in India is also growing at around 6.8%
CAGR over a period
from 2010-11 to 2012-13; the growth is being driven by growth in production
& consumption, organized retail and logistics. It is likely to receive a
further push as and when Goods & Services Tax (GST) is rolled out.
Presently, the SBU
operates three state-of-the-art CFSs located at Nava Sheva (Navi Mumbai),
Chennai and Kolkata. Incidentally, these ports handle nearly 65% of the total
container traffic handled at the major Indian Ports.
Warehousing &
Distribution has always been a traditionalm activity of the Company and the SBU
operates such warehousing facilities at Kolkata and Coimbatore.
Segment wise or
Product wise Performance
SBU: Logistics
Infrastructure — together with SBU Logistics Services — continues to remain the
prime profit generator of the Company in 2012-13. During the year, the CFS
business recorded a nominal growth, both in volume, topline and bottom-line as
compared to the previous year. Warehousing activity turned in an impressive
performance recording 26% growth in volumes matched by significant growth in
turnover and profit.
Outlook
Through concerted
marketing efforts, the SBU has successfully withstood competitive pressures
during the year. However, the impact of continued economic slow-down is being
felt by the SBU.
The SBU is
pursuing an intense growth strategy. On the anvil is a proposal to set up a
Multi Modal Logistics Hub in Visakhapatnam and another in the hinterland of
Kolkata. Typically, a Multi-Modal Logistics Hub is an integrated Logistics Park
consisting of a Customs notified Inland Container Depot, a facility for
handling Domestic Cargo, a Railhead, a Truck terminal, warehousing facilities,
both general and cold storage and Container Repair facilities. To further
accelerate and add to the growth of the SBU, the Company is in the process of
setting up three Cold Chain Facilities in different parts of the country.
TEA [SBU-TEA]
Industry Structure
and Developments
Tea production
during 2012 touched 1126 Million Kg up by 10 Million Kg from the previous year.
Favourable weather conditions prevailing in North Eastern India and increase in
acreage by small tea growers were the principal reasons behind such enhanced
production. The export volume of the country also went up from 193 Million Kg
in 2011 to about 205 Million Kg in 2012. Domestic consumption of tea also grew
by 2% to touch 890 Million Kg in 2012 as against 873 Million Kg in the previous
year.
Segment wise or
Product wise Performance
Over the last few
years, the SBU has tried to revive its inhouse brands but the efforts at
promoting these brands have not resulted in significant increase in the
business volumes. Export sales of the SBU in 2012-13 were significantly lower
compared to the previous year. However, domestic retail sales increased
substantially, in the chosen markets in the states of West Bengal, Jharkhand
& Maharashtra. During the year under report, the SBU continued its contract
with a major tea producing Company for meeting its blending and packing
requirements.
Outlook
With limited
in-house expertise in the Tea business and considering the macro-factors
narrated herein above, the prospects of the SBU generating revenue and emerging
as a profitable business entity appears quite dim. From a pragmatic standpoint,
therefore, the Company has taken the decision to exit the Tea business and is
in the process of closing down the activity.
REFINERY & OILFIELD SERVICES [SBU-ROFS]
Industry Structure
and Developments
The SBU: Refinery
& Oilfield Services is engaged in the activity of Mechanized Oil
Tank Sludge cleaning and Hydrocarbon Recovery Services. The SBU plans to
expand the portfolio into systems for prevention of vapour loss of
petroleum products from storage tanks as also other technology driven
services such as Composite repair services, non-metallic technology
for repair of pipelines & storage tanks to avoid unplanned
shutdowns. This continues to be a nascent industry with a very limited
number of players and the Company is a pioneer and leader in this
nascent market.
Segment wise or
Product wise Performance
In 2012-13 the SBU
achieved significant growth in the turnover pertaining to oily sludge
processing and it continued to retain its market leadership in hazardous sludge
management. A welcome development has been the entry into the power segment.
Outlook
In the coming
years, the SBU aims to spread its service portfolio — involving processing of
hazardous sludge — into other industries. The SBU also has plans for increasing
market awareness as to the utility of composite repairing services. The SBU is
actively chalking out plans for entry into Environmental Engineering in the
waste management area, which is expected to offer significant growth
opportunities. For the purpose, feasibility study is being initiated.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80049217 |
08/06/2010
* |
120,000,000.00 |
VIJAYA
BANK |
A-1,
GILLANDERS HOUSE, 8, N.S. ROAD, KOLKATA, WEST BENGAL - 700001, INDIA |
A89562318 |
|
2 |
80060744 |
17/08/2010
* |
750,000,000.00 |
INDUSIND
BANK LTD. |
2401
GEN THIMMAYYA ROAD, CONTONMENT, PUNE, MAHARASHTRA - 411001, INDIA |
A93734473 |
|
3 |
90249307 |
27/03/2004 |
200,000,000.00 |
INDUSIND
BANK LTD. |
24;
PARK STREET, CALCUTTA, WEST BENGAL - 700016, INDIA |
- |
|
4 |
90249271 |
11/03/2003 |
150,000,000.00 |
DENA
BANK |
3;
PARK STREET, CALCUTTA, WEST BENGAL - 700016, INDIA |
- |
|
5 |
90252131 |
03/03/2003 |
200,000,000.00 |
DENA
BANK |
3;
PARK STREET, CALCUTTA, WEST BENGAL - 700016, INDIA |
- |
|
6 |
90252063 |
03/05/2002 |
250,000,000.00 |
PUNJAB
NATIONAL BANK |
18A;
BRABOURNE ROAD, KOLKATA, WEST BENGAL - 700001, INDIA |
- |
|
7 |
90252053 |
26/03/2002 |
380,000,000.00 |
BANK
OF BARODA |
4;
INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL - 70 |
- |
|
8 |
90252048 |
21/03/2002
* |
200,000,000.00 |
ALLAHABAD
BANK |
S.
S. HOGG MARKET, PHASE-III; NEW COMPLEX; 3RD FLOOR; 19; MELLI SE GU, CALCUTTA,
WEST BENGAL - 700087, INDIA |
- |
|
9 |
90252041 |
05/03/2002 |
120,000,000.00 |
BANK
OF BARODA |
4;
INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL - 70 |
- |
|
10 |
90250493 |
08/02/2002 |
400,000,000.00 |
CANARA
BNAK |
112;
J.C. ROAD, BANGALORE, KARNATAKA - 560002, INDIA |
- |
|
11 |
90250302 |
11/07/2012
* |
1,800,000,000.00 |
STANDARD
CHARTERED BANK |
19,
NETAJI SUBHAS ROAD, KOLKATA, WEST BENGAL - 700001, INDIA |
B45010279 |
|
12 |
90251843 |
25/02/1997 |
40,000,000.00 |
THE
HONGKONG & SANGHAI BANKING CORPN. LTD. |
31;
B. B. D. B AG, CALCUTTA, WEST BENGAL - 700001, |
- |
|
13 |
90251841 |
24/02/1997 |
40,000,000.00 |
H.
D. F. C. BANK LTD. |
9B;
WOOD STREET, CALCUTTA, WEST BENGAL - 700016, INDIA |
- |
|
14 |
90250175 |
27/08/1996 |
170,000,000.00 |
ABN
-AMRO BANKN N.V. |
RISK
CONTROL DEPT., ITC CENTRE; 4; RUSELSTREET, C |
- |
|
15 |
90250050 |
07/11/1994 |
52,000,000.00 |
EXPORT-
IMPORT BANK OF INDIA |
CENTRE
ONE, CUFFE PARADE, BOMBAY, MAHARASHTRA - 400005, INDIA |
- |
|
16 |
90251753 |
21/06/1993 |
20,000,000.00 |
CANARA
BANK |
2;
HARE STREET, CALCUTTA, WEST BENGAL - 700001, INDIA |
- |
|
17 |
90249964 |
28/04/1993 |
38,000,000.00 |
STANDARD
CHARTERED BANK |
4; N.S.
ROAD, CALCUTTA, WEST BENGAL - 700001, INDIA |
- |
|
18 |
90251748 |
31/03/1993 |
40,000,000.00 |
BANK
OF AMERICA |
8;
INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL - 700001, INDIA |
- |
|
19 |
90249958 |
31/03/1993 |
450,000,000.00 |
ANZ
GRINDLAYS BANK |
19;
NETAJI SUBHAS ROAD, CALCUTTA, WEST BENGAL - 700001, INDIA |
- |
|
20 |
90249918 |
13/01/1992 |
9,300,000.00 |
THE
INDUSTRIAL CREDIT AND INVESTMENT CORP. OF INDI |
163;
BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
21 |
90249874 |
16/10/1990 |
80,700,000.00 |
ALLAHABAD
BANK |
INDUSTRIAL
FINANCER BRANCH, 16; STRAND ROAD, CALCUTTA, WEST BENGAL - 700001, INDIA |
- |
|
22 |
90251698 |
10/04/1992
* |
80,700,000.00 |
ALLAHABAD
BANK |
INDUSTRIAL
FINANCE BRANCH, 16; STRAND ROAD, CALCUTTA, WEST BENGAL - 700001, INDIA |
- |
|
23 |
90251588 |
17/02/1989
* |
40,000,000.00 |
GRINDLAYS
BANK P. L. C. |
19;
N. S. ROAD, CALCUTTA, WEST BENGAL - 700001, INDIA |
- |
|
24 |
90250979 |
15/03/1994
* |
400,000,000.00 |
ANZ
GRINDLAYS BANK |
19;
NETAJI SUBHAS ROAD, CALCUTTA, WEST BENGAL - 70 |
- |
|
25 |
90249568 |
13/11/1980 |
2,000,000.00 |
THE
CHARTERED BANK LTD. |
4;
NETAJI SUBHAS ROAD, CALCUTTA, WEST BENGAL - 700 |
- |
|
26 |
90249529 |
13/11/1978 |
4,000,000.00 |
ALLAHABAD
BANK |
INDUSTRIAL
FINANCER BRANCH, 16; STRAND ROAD, CALCUTTA, WEST BENGAL - 700001, INDIA |
- |
|
27 |
90251574 |
06/11/1978 |
16,900,000.00 |
GRINDLAYS
BANK LTD. |
19;
N. S. ROAD, CALCUTTA, WEST BENGAL, INDIA |
- |
|
28 |
90251568 |
13/10/1977 |
8,500,000.00 |
BANK
OF BARODA |
P.
B. NO. 3162, DUBAI, UNITED ARAB EMIRATES |
- |
* Date of charge modification
FIXED ASSETS:
· Land
· Buildings and Sidings
· Plant and Machinery
· Spares for Plant and Machinery
· Electrical Installation and Equipment
·
Furniture and Fittings
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
6300.300 |
6426.600 |
19523.600 |
|
b) Other operating income |
63.900 |
69.400 |
161.900 |
|
Total
income from Operations(net) |
6364.200 |
6496.000 |
19685.500 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
5214.900 |
5218.700 |
15940.200 |
|
b) Purchases of stock in trade |
0.000 |
0.700 |
0.700 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(40.800) |
(38.400) |
(101.300) |
|
d) Employees benefit expenses |
429.200 |
439.900 |
1300.800 |
|
e) Depreciation and amortization expenses |
48.100 |
45.600 |
140.600 |
|
f) Other expenditure |
472.900 |
524.300 |
1498.100 |
|
Total expenses |
|
|
|
|
3. Profit from operations before other income and
financial costs |
239.900 |
305.200 |
906.400 |
|
4. Other income |
109.200 |
135.500 |
404.900 |
|
5. Profit from ordinary activities before finance costs |
349.100 |
440.700 |
1311.300 |
|
6. Finance costs |
20.000 |
15.300 |
51.200 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
329.100 |
425.400 |
1260.100 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
329.100 |
425.400 |
1260.100 |
|
10.Tax expenses |
110.500 |
133.400 |
403.200 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
218.600 |
292.000 |
856.900 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
218.600 |
292.000 |
856.900 |
|
14.Paid-up
equity share capital (Nominal value Rs.10/- per share) |
285.000 |
285.000 |
285.000 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) of Re. 1/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
7.67 |
10.25 |
30.07 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
10887416 |
10887416 |
10887416 |
|
- Percentage of shareholding |
38.20 |
38.20 |
38.20 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
17613225 |
17613225 |
17613225 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
61.80 |
61.80 |
61.80 |
|
B.
Investor Complaints |
3 Months ended 31.12.2013 |
|
Pending at the beginning of the quarter |
-- |
|
Receiving during the quarter |
-- |
|
Disposed of during the quarter |
-- |
|
Remaining unreserved at the end of the quarter |
-- |
NOTES:
1. Previous period / year’s figures have been re-grouped / re-arranged wherever
necessary.
2. The above results including segment reporting have been approved by the
board of directors at its meeting held on 7 February, 2014.
3. Consequent to the approval of the shareholders, vide the postal ballot,
the company has issued bonus shares in the proportion of three new equity
shares for every four existing equity shares held. Accordingly, a sum of
Rs.122.100 Millions has been capitalized out of general reserve and transferred
to share capital account on allotment of fully paid bonus shares on 25th
May, 2013. The earnings per share of all periods presented have been adjusted
for bonus issue of 3:4.
4. The above results have been
subjected to limited review by the statutory auditors of the company in terms
of clause 41 of the listing agreement.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.12 |
|
UK Pound |
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.82.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
64 |
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.