MIRA
INFORM REPORT
|
Report Date : |
08.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
TRIVENI ENGINEERING AND INDUSTRIES LIMITED |
|
|
|
|
Formerly Known
As : |
GANGESHWAR LIMITED (w.e.f.
03.04.1973) THE GANGA SUGAR CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
Deoband, District Saharanpur – 247554, Uttar Pradesh |
|
|
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|
Country : |
India |
|
|
|
|
Financials (as
on) : |
30.09.2012 |
|
|
|
|
Date of
Incorporation : |
27.07.1932 |
|
|
|
|
Com. Reg. No.: |
20-022174 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.257.882
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15421UP1932PLC022174 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MRTT00200E/ LKNT05445G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCT6370L |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Sale of Sugar, Sugar Plant and Machinery Products and
Turnkey Projects Turbines – Steam Turbines, Hydel
Turbines, Packaging of Gas Turbines, Gears and Gearboxes and Surface
Pollution Control –Turnkey Projects. |
|
|
|
|
No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45)
|
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 38000000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. The management has failed to file its financial with government
department for the year 2013. As per available financial of 2012, the company has incurred loss from
its operation. However, general financial position of the company seems to be sound
and healthy. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for 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 – 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 |
A (Non-Convertible Debenture) |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
March 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
A1 (Short Term Debts) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
March 2014 |
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 PARTED BY
|
Name : |
Mr. Shukla |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-9759600251 |
|
Date : |
05.04.2014 |
LOCATIONS
|
Registered
Office / Deoband sugar unit / Co-generation Deoband : |
Deoband, District |
|
Tel. No.: |
91-1336-222497 / 222185 / 222866 / 223791 |
|
Mobile No.: |
91-9759600251 (Mr. Shukla) |
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Fax No.: |
91-1336-222220 |
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E-Mail : |
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|
Website : |
|
|
|
|
|
Head/ Corporate
Office/ Fixed Deposit Section Accounts
Department/ Share Department/Investors’ Grievances / Branded sugar business : |
‘ |
|
Tel. No.: |
91-120-4308000 |
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Fax No.: |
91-120-4311010-11 |
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E-Mail : |
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|
|
|
|
Factory 1 : |
Turbine business
group 12-A, Peenya Industrial Area, Peenya, |
|
Tel. No.: |
91-80-22164000 |
|
Fax No.: |
91-80-28395211 |
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|
|
|
Factory 2 : |
Gear business
group 1,2,3 Belagola Industrial Area, Metagalli Post, |
|
Tel. No.: |
91-821-4280502 / 4280501 |
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Fax No.: |
91-821-2582694 |
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|
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|
Factory 3 : |
Khatauli sugar unit P.O. Box No.28, Khatauli, District- Muzaffarnagar - 251 201, Uttar Pradesh, India |
|
Tel. No.: |
91-1396-272561 / 272562 |
|
Fax No.: |
91-1396-272309 |
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|
|
|
Factory 4 : |
Ramkola sugar unit Ramkola, District-Kushinagar
- 247 305, |
|
Tel. No.: |
91-5567-256021 / 256071-2 / 256182 |
|
Fax No.: |
91-5567-256248 |
|
|
|
|
Factory 5 : |
Sabitgarh sugar unit P.O. Karora, Tehsil
Khurja, District-Bulandshahar,
|
|
Tel. No.: |
91-5738-228894 |
|
Fax No.: |
91-5738-228893 |
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|
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|
Factory 6 : |
Rani Nangal sugar unit Rani Nangal, Thakurdwara, District- Moradabad,
|
|
Tel. No.: |
91-595-2564350 / 2564627 |
|
Fax No.: |
91-595-2565002 |
|
|
|
|
Factory 7 : |
Milak Narayanpur sugar unit Milak Narayanpur,
P.O. Dadiyal, District-Rampur
- 244 925, |
|
Tel. No.: |
91-595-2564350 / 2564627 / 2564215 |
|
Fax No.: |
91-595-2565002 |
|
|
|
|
Factory 8 : |
Chandanpur sugar unit P.O. Chhapna, Tehsil-Hasanpur,
District- J.P. Nagar – 244 255, |
|
Tel. No.: |
91-5924-295040 |
|
Fax No.: |
91-5924-254006 |
|
|
|
|
Factory 9 : |
Water business
group Plot No.44, Block-A, Phase II Extension, Hosiery Complex, Noida, District Gautam Budh Nagar, Uttar Pradesh,
India |
|
Tel. No.: |
91-120-4748000 |
|
Fax No.: |
91-120-4243049 |
|
|
|
|
Factory 10 : |
Co-generation Khatauli Khatauli, District- Muzaffarnagar
- 251 201, |
|
Tel. No.: |
91-1396-272561 /
272562 |
|
Fax No.: |
91-1396-272309 |
|
|
|
|
Factory 11 : |
Alco-chemical
Unit Village Bhikki Bilaspur, Jolly Road,
District- Muzaffarnagar - 251 001, |
|
Tel. No.: |
91-131-2600659 /
2600684 |
|
Fax No.: |
91-131-2600569 |
DIRECTORS
As on: 30.09.2012
|
Name : |
Mr. Dhruv M. Sawhney |
|
Designation : |
Chairman and Managing Director |
|
Date of Appointment : |
01.10.2011 |
|
DIN No.: |
00102999 |
|
|
|
|
Name : |
Mr. Tarun Sawhney |
|
Designation : |
Joint Managing Director |
|
Date of Appointment : |
10.05.2011 |
|
DIN No.: |
00382878 |
|
|
|
|
Name : |
Mr. Nikhil Sawhney |
|
Designation : |
Executive Director |
|
Date of Appointment : |
10.05.2011 |
|
DIN No.: |
00029028 |
|
|
|
|
Name : |
Dr. F.C. Kohli |
|
Designation : |
Director |
|
DIN No.: |
020102878 |
|
|
|
|
Name : |
Lt. Gen. K.K. Hazari (Retired) |
|
Designation : |
Director |
|
Date of Appointment : |
03.04.2000 |
|
DIN No.: |
00090909 |
|
|
|
|
Name : |
Mr. M.K. Daga |
|
Designation : |
Director |
|
Date of Appointment : |
27.05.2000 |
|
DIN No.: |
00062503 |
|
|
|
|
Name : |
Mr. Shekhar Datta |
|
Designation : |
Director |
|
Date of Appointment : |
29.12.2009 |
|
DIN No.: |
00045591 |
|
|
|
|
Name : |
Mr. R.C. Sharma |
|
Designation : |
Director |
|
Date of Appointment : |
03.04.2000 |
|
DIN No.: |
00107540 |
KEY EXECUTIVES
|
Name : |
Ms. Geeta Bhalla |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Shukla |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2013
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
93261173 |
36.16 |
|
|
82696056 |
32.07 |
|
|
175957229 |
68.23 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
175957229 |
68.23 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
37936687 |
14.71 |
|
|
37936687 |
14.71 |
|
|
|
|
|
|
7765568 |
3.01 |
|
|
|
|
|
|
24435627 |
9.48 |
|
|
7383886 |
2.86 |
|
|
4401153 |
1.71 |
|
|
2673306 |
1.04 |
|
|
1530077 |
0.59 |
|
|
187770 |
0.07 |
|
|
10000 |
0.00 |
|
|
43986234 |
17.06 |
|
Total Public
shareholding (B) |
81922921 |
31.77 |
|
Total (A)+(B) |
257880150 |
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) |
257880150 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Sale of Sugar, Sugar Plant and Machinery Products
and Turnkey Projects Turbines – Steam Turbines, Hydel
Turbines, Packaging of Gas Turbines, Gears and Gearboxes and Surface
Pollution Control –Turnkey Projects. |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
Pakistan |
|
|
|
|
Imports : |
|
|
Products : |
Machinery |
|
Countries : |
Germany |
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Credit |
|
|
|
|
Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
3000 (Approximately) |
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Bankers : |
· Axis Bank Limited · Canara Bank · Central Bank of India · IDBI Bank Limited · Indusind Bank Limited · Oriental Bank of Commerce · Punjab National Bank · State Bank of India · State Bank of Patiala · Yes Bank Limited |
||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
|
Facilities : |
(Rs. In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditor : |
|
|
Name : |
J. C. Bhalla and Company Chartered Accountants |
|
|
|
|
Branch Auditor : |
|
|
Name : |
Virmani and Associates Chartered Accountants |
|
|
|
|
Wholly owned
Subsidiaries : |
· Triveni Energy Systems Limited (TESL) · Triveni Engineering Limited (TEL) |
|
|
|
|
Associates : |
· Triveni Turbine Limited (TTL) · TOFSL Trading and Investments Limited (TOFSL) · The Engineering and Technical Services Limited (ETS) · Triveni Entertainment Limited (TENL) · Aqwise-Wise Water Technologies Limited (AWTL) |
|
|
|
|
Other Related Parties: |
· Kameni Upaskar Limited (KUL) · Tirath Ram Shah Charitable Trust (TRSCT) |
CAPITAL STRUCTURE
As on: 30.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Shares |
Rs.1/- each |
Rs.500.000 Millions |
|
|
|
|
|
|
20000000 |
Preference shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
Total |
|
Rs.700.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
257880150 |
Equity Shares |
Rs.1/- each |
Rs.257.880
Millions |
|
|
Forfeited Shares |
|
Rs.0.002
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.257.882 Millions |
Reconciliation of the
shares outstanding at the beginning and at the end of the year
|
Particulars |
As at 30.09.2012 |
|
|
At the beginning of
the year |
No of Shares |
Rs. in Millions |
|
Changes during the year |
- |
- |
|
Outstanding at the end of the year |
25,78,88,150 |
257.888 |
Terms/rights attached
to equity shares
The Company has only one class of equity shares with a par value of Rs. 1/- per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares are entitled to receive the remaining assets of the Company, after meeting all liabilities and distribution of all preferential amounts, in proportion to their shareholding.
Details of
shareholders holding more than 5% equity shares in the Company
|
Particulars |
As at 30.09.2012 |
|
|
|
No of Shares |
% holding |
|
Dhruv M. Sawhney |
3,83,91,756 |
14.89 |
|
Nalanda India Fund Limited |
2,57,88,000 |
10.00 |
|
Umananda Trade & Finance Limited |
2,09,91,589 |
8.14 |
|
Rati Sawhney |
2,03,58,164 |
7.89 |
|
Tarnik Investments and Trading Limited |
1,86,80,527 |
7.24 |
|
Subhadra Trade and Finance Limited |
1,69,07,375 |
6.56 |
|
Nikhil Sawhney |
1,52,77,653 |
5.92 |
|
Dhankari Investments Limited |
1,47,14,901 |
5.71 |
|
Tarun Sawhney |
1,46,95,375 |
5.70 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
30.09.2012 |
30.09.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
257.882 |
257.882 |
|
(b) Reserves & Surplus |
|
9358.137 |
10058.481 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
9616.019 |
10316.363 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
4328.653 |
4035.009 |
|
(b) Deferred tax liabilities (Net) |
|
660.857 |
964.081 |
|
(c) Other long term liabilities |
|
36.143 |
44.400 |
|
(d) long-term provisions |
|
215.833 |
154.898 |
|
Total Non-current Liabilities (3) |
|
5241.486 |
5198.388 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
4235.309 |
2928.327 |
|
(b) Trade payables |
|
1022.363 |
1041.514 |
|
(c) Other current
liabilities |
|
2426.668 |
2115.204 |
|
(d) Short-term provisions |
|
361.791 |
461.413 |
|
Total Current Liabilities (4) |
|
8046.131 |
6546.458 |
|
|
|
|
|
|
TOTAL |
|
22903.636 |
22061.209 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
10164.786 |
10685.285 |
|
(ii) Intangible Assets |
|
30.740 |
35.757 |
|
(iii) Capital
work-in-progress |
|
73.538 |
150.571 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
410.324 |
110.253 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
2524.885 |
2581.648 |
|
(e) Other Non-current assets |
|
76.165 |
259.879 |
|
Total Non-Current Assets |
|
13280.438 |
13823.393 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
5382.962 |
3936.242 |
|
(c) Trade receivables |
|
2096.478 |
1709.635 |
|
(d) Cash and cash
equivalents |
|
104.898 |
111.258 |
|
(e) Short-term loans and
advances |
|
402.672 |
338.852 |
|
(f) Other current assets |
|
1636.188 |
2141.829 |
|
Total Current Assets |
|
9623.198 |
8237.816 |
|
|
|
|
|
|
TOTAL |
|
22903.636 |
22061.209 |
|
SOURCES OF FUNDS |
|
|
30.09.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
257.880 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
9651.660 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
9909.540 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
8509.750 |
|
|
2] Unsecured Loans |
|
|
831.820 |
|
|
TOTAL BORROWING |
|
|
9341.570 |
|
|
DEFERRED TAX LIABILITIES |
|
|
1068.700 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
20319.810 |
|
|
|
|
|
|
|
|
APPLICATION OF
FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net
Block] |
|
|
12145.520 |
|
|
Capital
work-in-progress |
|
|
223.240 |
|
|
Intangible
Assets |
|
|
72.850 |
|
|
Discarded
Fixed Assets Pending Disposal/Sale |
|
|
3.010 |
|
|
Plant
& Machinery acquired under Lease |
|
|
133.560 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
111.650 |
|
|
DEFERREX TAX
ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS,
LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
4911.620
|
|
|
Sundry Debtors |
|
|
2789.730
|
|
|
Cash & Bank
Balances |
|
|
190.740
|
|
|
Other Current
Assets |
|
|
457.550
|
|
|
Loans &
Advances |
|
|
4020.750
|
|
Total Current Assets |
|
|
12370.390
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
2351.290
|
|
|
Other Current Liabilities |
|
|
1623.500
|
|
|
Provisions |
|
|
765.620
|
|
Total Current Liabilities |
|
|
4740.410
|
|
|
Net
Current Assets |
|
|
7629.980
|
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
20319.810 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2012 |
30.09.2011 |
30.09.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
18594.514 |
17077.588 |
22595.340 |
|
|
|
Other Income |
184.131 |
196.370 |
252.980 |
|
|
|
TOTAL (A) |
18778.645 |
17273.958 |
22848.320 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material and components consumed |
14312.471 |
|
19917.980 |
|
|
|
Purchase of traded goods |
111.567 |
405.797 |
|
|
|
|
(Increase)/decrease in inventories of finished goods and work-in-progress |
(1345.794) |
115.702 |
|
|
|
|
Employee benefit expenses |
1340.785 |
1297.542 |
|
|
|
|
Other expenses |
2398.873 |
2136.051 |
|
|
|
|
Prior period items (net) |
6.226 |
5.465 |
|
|
|
|
Exceptional items |
789.580 |
(41.565) |
|
|
|
|
TOTAL (B) |
17613.708 |
15431.757 |
19917.980 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1164.937 |
1842.201 |
2930.340 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
1227.685 |
948.060 |
849.640 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(62.748) |
894.141 |
2080.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
815.506 |
812.453 |
907.540 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(878.254) |
81.688 |
1173.160 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(211.132) |
(48.894) |
264.750 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(667.122) |
130.582 |
908.410 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
182.242 |
175.280 |
220.120 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend Paid - Equity Shares |
0.000 |
0.000 |
103.150 |
|
|
|
Tax on Interim Dividend on Equity Shares |
0.000 |
0.000 |
17.130 |
|
|
|
Final Dividend Proposed on Equity shares |
29.972 |
59.948 |
90.260 |
|
|
|
Provision for Tax on Final Dividend on Equity Shares |
0.000 |
0.000 |
14.990 |
|
|
|
Transfer to Molasses Storage Fund Reserve |
2.725 |
3.872 |
2.720 |
|
|
|
Transfer to Debenture Redemption Reserve |
0.000 |
50.000 |
75.000 |
|
|
|
Transfer to General Reserve |
(517.575) |
9.800 |
650.000 |
|
|
BALANCE CARRIED
TO THE B/S |
(0.002) |
182.242 |
175.280 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
41.896 |
182.920 |
720.690 |
|
|
|
Sale of Certified Emission Reductions (CERs) |
55.582 |
0.000 |
0.000 |
|
|
|
Service Charges |
0.000 |
0.000 |
54.370 |
|
|
|
Others |
0.000 |
0.000 |
99.860 |
|
|
TOTAL EARNINGS |
97.478 |
182.92 |
874.920 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
342.748 |
385.650 |
446.000 |
|
|
|
Stores & Spares |
2.445 |
6.268 |
7.580 |
|
|
|
Capital Goods |
4.756 |
68.441 |
119.440 |
|
|
TOTAL IMPORTS |
349.949 |
460.359 |
573.020 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(2.59) |
0.51 |
3.52 |
|
|
Particulars |
|
|
30.09.2013 |
|
Sales Turnover (Approximately) |
|
|
22350.000 |
|
|
|
|
|
The above information has been parted by Mr. Shukla
QUARTERLY RESULTS
|
PARTICULARS |
31.12.2012 |
31.03.2013 |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
5th Quarter |
|
Net Sales |
5334.40 |
5844.700 |
4231.400 |
5648.200 |
5905.400 |
|
Total Expenditure |
4898.30 |
5814.700 |
3936.900 |
5716.800 |
5915.300 |
|
PBIDT (Excl OI) |
436.10 |
30.000 |
294.500 |
(68.600) |
(9.900) |
|
Other Income |
38.30 |
34.600 |
50.300 |
82.900 |
42.900 |
|
Operating Profit |
474.40 |
64.600 |
344.800 |
14.300 |
33.000 |
|
Interest |
256.10 |
294.400 |
408.900 |
375.600 |
247.500 |
|
Exceptional Items |
0.000 |
95.000 |
0.000 |
343.200 |
0.000 |
|
PBDT |
218.30 |
(134.800) |
(64.100) |
(18.100) |
(214.500) |
|
Depreciation |
201.40 |
196.200 |
197.600 |
199.200 |
196.800 |
|
Profit Before Tax |
16.90 |
(331.000) |
(261.700) |
(217.300) |
(411.300) |
|
Tax |
04.40 |
(117.600) |
(49.500) |
(48.200) |
(88.400) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
12.500 |
(213.400) |
(212.200) |
(169.100) |
(322.900) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
12.500 |
(213.400) |
(212.200) |
(169.100) |
(322.900) |
KEY RATIOS
|
PARTICULARS |
|
30.09.2012 |
30.09.2011 |
30.09.2010 |
|
PAT / Total Income |
(%) |
(3.55)
|
0.76 |
3.96 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(4.72)
|
0.48 |
5.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.92)
|
0.37 |
4.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.09)
|
0.01 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.89
|
0.67 |
0.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20
|
1.26 |
2.61 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.09.2011 |
30.09.2012 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
257.882 |
257.882 |
|
Reserves & Surplus |
10058.481 |
9358.137 |
|
Net
worth |
10316.363 |
9616.019 |
|
|
|
|
|
long-term borrowings |
4035.009 |
4328.653 |
|
Short term borrowings |
2928.327 |
4235.309 |
|
Total
borrowings |
6963.336 |
8563.962 |
|
Debt/Equity
ratio |
0.675 |
0.891 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.09.2010 |
30.09.2011 |
30.09.2012 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
22595.340 |
17077.588 |
18594.514 |
|
|
|
(24.420) |
8.883 |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.09.2010 |
30.09.2011 |
30.09.2012 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
22595.340 |
17077.588 |
18594.514 |
|
Profit |
908.410 |
130.582 |
(667.122) |
|
|
4.02% |
0.76% |
(3.59%) |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last four 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 |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 LOAN:
(Rs. In Millions)
|
Particulars |
As
on 30.09.2012 |
As
on 30.09.2011 |
|
LONG TERM BORROWINGS |
|
|
|
Term loans from others (Sugar Development Fund, Govt. of India) |
289.261 |
450.107 |
|
From Others |
7.313 |
7.313 |
|
|
|
|
|
Total |
296.574 |
457.420 |
PERFORMANCE
SUGAR BUSINESS GROUP
The year has been most challenging for the sugar operations. Prior to the State elections, cane prices were raised by as much as 17%. The mismatch between cane price and sugar prices caused substantial losses in the sugar operations, and could not be fully compensated by the profitable operations of the co-generation and distillery units. While total crush improved by 12%, the sugar recovery was affected by adverse weather conditions and declined 12 basis points. They expect a good improvement in both crush and recovery in the coming 2012-13 sugar season.
In January'12, the Supreme Court delivered a judgment on the cane price for 2007-08 and directed sugar mills in Uttar Pradesh to pay the differential between the declared SAP for that year and the interim price declared earlier by the Supreme Court. Further, in view of two earlier conflicting Supreme Court judgments, it referred the issue to the Constitutional Bench to adjudicate on whether the Government of U.P. (GoUP) has the powers to declare State Advised Cane Price (SAP). Consequently, an amount of Rs. 789.580 Millions was paid by their Company (shown as an exceptional charge) towards the differential cane price for 2007-08 and it resulted in further losses to the Company for the year.
Under the directions of the Prime Minister, another report on the sugar industry was prepared by Dr. C. Rangarajan and his committee, and it has again advocated the liberalisation of the industry. The report is in two parts - decontrol of sugar by doing away with levy sugar and the monthly release mechanism, and the gradual decontrol of cane through linking cane price to sugar price and the de-reservation of cane areas. While the latter may require political consensus, there is no reason for the Government not to implement sugar decontrol. This would stop the industry fulfilling Government's role in subsidising the weaker sections of society.
GEAR AND WATER
BUSINESS GROUPS
The economic slowdown in the country has been acutely felt in the capital goods industry and particularly the power sector. Both the Gear and Water business groups have a large exposure to this sector. Revival is taking time but they expect a turnaround by April 2013. With their concentration on refurbishment of gears, and the municipal sector for water and wastewater treatment, both the divisions are expecting a better financial performance in FY 13, though margins may be lower in the Water business group.
During the year under report, the Company has made a strategic investment in the share capital of Aqwise Wise Water Technologies Limited, Israel (Aqwise), a leader in development and implementation of wastewater treatment solutions for the industrial and municipal markets, by way of subscribing/ acquiring 25.04% of the equity share capital of Aqwise. As a part of this strategic investment in Aqwise, the Company has secured access to their technology for projects in India.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDIAN SUGAR INDUSTRY
The Indian sugar industry registered a moderate growth of 7% in sugar production during 2011-12 season in comparison to 2010-11 season. This has been significantly lower in comparison to the previous two seasons wherein the growth has been around 29- 30%. The year also saw an increase both in the area under cane cultivation and yield per hectare which resulted in an increase in sugarcane production by 4% at 358 million tonnes. A marginal increase in recovery and an improved drawl rate of cane to sugar mills resulted in increased sugar production in the country to 26.3 million tonnes during 2011-12 from 24.4 million tonnes in 2010-11.
The overall yield of sugar cane in India has shown an improvement during the year at 70.3 tonnes per hectare. Major sugar producing states - Karnataka, Tamil Nadu and Maharashtra have shown a decline in comparison to the previous season whereas states such as Uttar Pradesh, Andhra Pradesh, and Uttaranchal recorded a higher yield during 2011-12 season.
Even though the overall recovery of sugar from cane in the country has gone up to 10.25% from 10.17% during the year, the largest sugarcane producing state of Uttar Pradesh, recorded a marginal decline in recovery at 9.07% as against 9.14% during the previous season. The recovery varies between region to region with East and Central U.P. showing a higher recovery in comparison to West U.P. The lower recovery of sugar from cane in the state of U.P. has to do with the agronomical factors including crop related diseases. The recovery of sugar in the states of Maharashtra and Karnataka has shown improvement over the previous year.
Indian Sugar Outlook
2012-13
Based on the preliminary estimates, the sugar production for 2012-13 season is to be around 24.0 million tonnes. This is in-spite of the fact that the estimated sugarcane acreage for this season has gone up by over 0.2 million hectares. This has been primarily due to erratic and uneven rainfall across the country especially in the early part of the monsoon season. The drought like situation in Maharashtra during the early part of the monsoon season resulted in diversion of sugarcane for fodder. Considering these factors, it is estimated that the highest sugar producing state of Maharashtra may have a lower production during 2012-13 at around 6.5 million tonnes, which will be a decline of around 28%. Similar is the expectation from Karnataka, where the estimates are 3.0 million tonnes as against 3.8 million tonnes in the previous season. Most of Uttar Pradesh received adequate rain and the condition of crop is healthy - the production in U.P. is expected to be around 10-15% higher.
The sugarcane pricing announced by the Central Government (FRP) for 2012-13 season is Rs. 170 per quintal (increase of 17% over previous year) linked to a basic recovery rate of 9.5% subject to a premium of Rs. 1.79 per quintal for every 0.1 percentage point increase in recovery above that level. The Uttar Pradesh Government is yet to announce the SAP for 2012-13 season, even though the crushing of cane has been started by a large number of mills.
Currently, the import of white /raw sugar is subject to levy obligation as applicable to the sugar mills and custom duty of 10%. At the current price (both at international and domestic) levels, the imports as well as the exports are not viable. The consumption figures have inexplicably remained stagnant or even declined since 2008-09. It is felt that partly it could be due to the pipeline inventories which may have been liquidated to meet the incremental demand subsequent to the introduction of stock holding limits in 2009, thereby suppressing the consumption figures. Hence, they estimate normal consumption of 23.5 million tonnes for the year 2012-13. In view of production and the consumption being almost matching, firm sugar prices are expected. It is hoped that some recommendations by Dr. C. Rangarajan Committee on sugar decontrol will be implemented during the current season. This will also be a positive factor in maintaining a healthy sugar pricing scenario in the country.
Global Sugar Outlook
2012-13
Several analysts have started to revise upwards their earlier forecasts of surplus for 2012-13 that as per the latest forecast, it could be substantial, albeit much lower than in 2011-12. The global sugar production for 2012-13 is estimated to reach 177 million tonnes with the sugar surplus at around 4.9 million tonnes. In view of higher production, lower imports are estimated from China and Russia. China, the world's second-biggest consumer, is unlikely to import sugar in the year that starts on 1st October as local production is expected to rise due to high domestic prices and favourable weather for cane. Due to a surplus from last year's crop, Russia may not require sugar imports to meet its domestic demand. Australia, the third-biggest raw sugar exporter, is expected to have increased production by around 20% at 4.6 million tonnes in 2012-13. Sugar output in Brazil's centre-south region, which accounts for 90% of the country's cane output, is
SUGAR BUSINESS
Triveni is one of the largest sugar manufacturers in India having seven sugar units located across Uttar Pradesh. It has an installed co-generation capacity with exportable power in two of its major facilities while it operates one of the largest single stream distilleries in Muzaffarnagar.
Operational
Performance
Sugarcane acreage has increased during the season 2011-12 in the state of U.P. by 2% at 21.62 lacs hectares. The increase in cane area was predominantly due to increase in cane area under ratoon, which was due to better planting in the previous year on account of attractive cane prices paid by the Industry.
The area under Triveni's catchment area also witnessed increase in line with the State's average. In Triveni unit areas, around 1,500 kolhus were operational last year and crushed around 30% of the available cane. The paying capacity of the Kolhus was at par with the sugar factories as there was a negligible difference in price of gur and sugar.
Triveni crushed 5.12 million tonnes of sugarcane, an increase of 12% over the previous season. At an average recovery of 9.09%, the Company produced 0.46 million tonnes of sugar, an increase of 11% as compared to last year.
Four new sugar units of the Company, where intensive cane development efforts were made in the past couple of years, yielded good results with a 33% growth in cane crush and 25 basis point improvement in recovery year-on-year. Ramkola unit achieved a recovery of 10.29%, which is the highest recovery recorded by any sugar unit in the State of Uttar Pradesh.
However, in line with other sugar mills, two old sugar mills in West U.P. registered decline in both crush and recovery. The underperformance of these mills was due to abnormally low yield due to climatic factors as well as due to some crop diseases.
Two of their sugar units, Chandanpur and Rani Nangal, have received the Food Safety System Certification FSSC - 22000:2010, which helped the Company to supply to major corporates. In order to improve the performance and value addition, the Company has set up sugar refining capacity at its Sabitgarh sugar unit which will be operational in the season 2012-13. This will help the unit to have better realisation of its sugar. Further, the Company is implementing incidental co-generation plants at its existing Chandanpur and Milak Narayanpur sugar units to export surplus power to UPPCL for which PPAs have already been signed. The revenues from these shall start from FY 13.
Recognising that the raw material and output prices are rather beyond the control of the Company, Triveni focuses on improving manufacturing efficiencies, logistics rationalisation, cost controls and undiluted attention on cane development.
Cane Development
The Company continued its efforts to improve the quality and availability of cane through its Cane Development Programme. Bringing additional area under promising high yield and high sugared varieties plantation, yield enhancement, plant protection and reducing cane cultivation costs are the focus areas of its cane development activities. The area under promising new high yield and high sugared varieties has increased by 25% in their catchment areas indicating its wide acceptance by farmers.
Outlook
As per the initial estimates, the area under sugarcane in U.P. has gone up by around 10% for 2012-13 season helped by adequate rainfall across the state. The sugarcane production for the current year is estimated at around 140 million tonnes, a growth of 11%. With diversion expected to be in the normal range, the sugarcane crush in U.P. is expected to exceed last year's crush commensurately. The overall crop condition is better. As per the preliminary estimates, there has been less number of Kolhus in the beginning of this season, which in turn results in more cane availability to sugar mills. In line with the overall improvement in yield and higher production of sugarcane in the state, Triveni also expects to crush higher volume of cane through its seven units and is estimated to produce around 10% more sugar during the 2012-13 season. The increase in crush is expected to be higher than the previous year's crush in the new units, where the Company continues its intensive cane development initiatives. Initial trends also suggest a better recovery of sugar from the cane in the season 2012-13. Further, the operationalisation of refinery in Sabitgarh during the year will help the Company to supply refined sugar, which in turn will have a positive impact both on the realisation and profitability of the unit.
CO-GENERATION BUSINESS
Triveni presently operates three co-generation power plants, one at Deoband and two at Khatauli with combined capacity of 68 MW. Company's co-generation plants are regarded amongst the most efficient co-generation plants in India.
Performance highlights
Due to lower sugarcane crushed in Khatauli and Deoband units during FY 12, the availability of bagasse (biomass fuel for the co-generation plant) remained low constraining optimum operation of the co-generation plants. The co-generation plants generated 215 Million Units (MU) power, higher by 8% over the previous year and exported 142.7 MU power (65% of the generation) to the grid during the year, an increase of 9% year on year.
Deoband and 'Khatauli Phase-I' co-generation plants of the Company are registered as Clean Development Mechanism (CDM) projects with United Nations Framework Convention on Climate Change (UNFCCC). Carbon credits for the period April 2008 to May 2010 for both Deoband and Khatauli plants were issued and transacted. The Company earned revenue of
Rs.55.600 Millions from the sale of above carbon credits in FY 12. The carbon credits for the period June 2010 to May 2011 and from June 2011 to February 2012 have been issued for Deoband and are to be transacted. Issuance of the carbon credits for the same period pertaining to Khatauli plant is under progress.
Central Electricity Regulatory Commission (CERC) had notified Regulations on Renewable Energy Certificate (REC) aimed at promoting power generation from renewable sources and developing market for such electricity. The Company's Deoband and Khatauli units are eligible to get REC benefits and have been registered with National Load Dispatch Centre (NLDC) as REC projects.
The issuance of the REC for REC projects had not yet started in Uttar Pradesh, pending resolution of certain issues which are expected to be resolved by CERC shortly paving way for start of the issuance of the RECs and which will start the addition of a new revenue stream for the co-generation business.
Outlook
The sugarcane crushing in Deoband and Khatauli units is expected to be higher in the sugar season 2012-13. On account of expected increased bagasse availability, the operational period and capacity utilisation of co-generation plants is also expected to be higher, thereby improving the revenue and profitability.
The Company continues to align its operations towards maximising capacity utilisation and operational efficiencies.
DISTILLERY BUSINESS
With an aim to integrate its sugar operations and to reduce the impact of its cyclicality, Triveni entered the distillery business in 2007 with the commissioning of a 160 KLPD capacity distillery in Muzaffarnagar district in U.P. The distillery is one of the largest single stream molasses based distilleries in India. Strategically located in close proximity to two of its largest sugar units, the distillery procures consistent supply of captive raw material. The unit extracts bio-gas from the effluent and uses it as main fuel in the boiler.
The distillery has a flexible manufacturing process allowing it to produce Extra Neutral Alcohol (ENA), Rectified Spirit (RS), Special Denatured Spirit (SDS) and Ethanol which are renowned for their high quality.
Performance
highlights
The performance of the distillery has been good and it achieved its highest ever production in the year 2011-12. Fermentation and distillation efficiencies of the plant had been excellent and continue to be among the best in class. ENA, which fetches the highest realisation, forms the majority of the product mix. The Company remains a preferred supplier to United Spirits Limited for ENA due to the high quality of its product and service levels. Other customers include the Oil Marketing Companies (OMCs), Jubilant Organosys, India Glycol Ltd. etc. Distillery commands premium for its excellent product quality.
Outlook
The Company is expected to increase its production even higher in the year 2012-13. Distillery business continues to have strong focus on efficiencies, product quality and maintaining excellent relations with its main customers to have premium for its products. The expected announcement by Central Government of the mandatory blending of ethanol in petrol should help strengthen prices of alcohol in other segments also and achieve better financial performance in the coming years.
WATER INDUSTRY
India's finite water resources are depleting and the multi-sectoral demands for water from sustained economic growth is driving the increased demand for water. India has 4% of water resources of the world, while it has to support 16% of world population and 15% of livestock. With increasing population, the per capita water availability has reduced to about one third since 1940's. While the total water availability exceeds the requirement by almost 50%, accessibility to clean usable water is only a fraction of the availability. Consequently, water and wastewater treatment domain will continue to offer huge business potential in India over the coming decades. Country's growing industrialisation coupled with stringent environmental norms is opening up newer possibilities in water treatment as well as wastewater treatment.
The Ministry of Water Resources assists the State Governments in availing external assistance from different funding agencies to fill up the resource gap and state of the art technology for water resources development of the country. The World Bank continues to be the primary source of external assistance in the water resources sector. Assistance is also being availed from multilateral/bilateral agencies and countries.
Beyond the Government's push in the betterment of water sanitation and availability, the country is also attracting supplementary financial and technological contributions from the private sector in the development of sustainable water solutions. Various estimates suggest that there is a 'billion-dollar market' in the construction segment and the equipment market is worth approximately USD 280-470 million, and expected to have double-digit growth rates every year. Industrial and municipal segments account for almost 90% of the water treatment market in India.
The Planning Commission has estimated an investment of USD 26.5 billion in the 12th Five Year Plan (2012-2017) for providing safe water to all urban and rural Indians. To tackle its emanating water challenge, India will require consulting and engineering services across water technology including desalination and environment protection for treatment of wastewater, sewage and solid, liquid and chemical waste.
The water industry can be classified into four categories-Municipal, Industrial, Building/Institutional and Residential. The sector includes treatment and purification, pumping and water transportation, process water treatment and wastewater treatment/recycling. Water scarcity and adherence to environmental standards has led many industries to adopt water-recycling systems.
Wastewater management in India has become an extremely important area of focus due to increasing health awareness and population pressure. Currently, only 60% of industrial water and 26% of domestic water is treated in India. Metros and large cities are treating only about 29.2% of their wastewater; smaller cities treat only 3.7% of their wastewater.
The Indian water treatment market is now evolving from chemical treatment and demineralisation technologies to greater use of membrane technology; thereby enhancing the quality of water available for reuse. India has a long coastline of 7,600 kilometers and is most likely to witness high growth in desalinating water in the future.
The industrial segment uses water for its heating and cooling processes after which 80% of it is discharged as wastewater and effluent. Water availability is critical for power generation as power plants need significant volume of water for steam generation and cooling. Thermal power, petroleum and refinery, textiles, pulp and paper and iron and steel are highly water-intensive sectors where water is primarily used in heat transfer. In power plants, refineries, chemical industries and steel plants, water is the most cost-effective medium to produce steam in boilers to produce electricity. As water availability and quality declines, companies may need to invest in water infrastructure projects to secure supplies, water treatment systems, and/or more advanced cooling systems.
GEAR BUSINESS
Triveni's Gear business group (GBG) manufactures high-speed gears and gearboxes up to 70MW capacity and speed of 70,000 rpm across all applications and market sectors and niche low-speed gears for Hydel, Marine, Steel and Metals, Rubber and Plastics and Thermal sectors. Triveni is the largest one-stop solutions provider in the high speed sector domestically with approximately 70% overall market share. Triveni has technology license agreements with Lufkin Inc, USA for majority of its products.
CONTINGENT
LIABILITIES
(Rs. In Millions)
|
Sr. No. |
Particulars |
30.09.2012 |
30.09.2011 |
||||||||||||||||||||||||||||
|
i) |
Claims which are being contested by the company and in respect of which the company has paid amounts aggregating to Rs. 61.376 Millions (previous year : Rs. 65.139 Millions) under protest pending final adjudication of the cases: |
256.629 |
268.215 |
||||||||||||||||||||||||||||
|
|
|
|
|
||||||||||||||||||||||||||||
|
ii) |
The Company is contingently liable in respect of short provision against disputed income tax liabilities of Rs. 458.750 Millions (previous year: Rs. 458.750 Millions) against which Rs. 388.193 Millions (previous year: Rs. 367.290 Millions) stands paid and the balance amount has been stayed till disposal of first appeal. The disputed income tax liability includes Rs. 373.321 Millions towards unrealised incentives. In the event such liability finally materializes, Rs. 352.420 Millions will be adjusted against the corresponding capital reserve. |
458.750 |
458.750 |
||||||||||||||||||||||||||||
|
iii) |
Statutory levies against which remission has been availed under U.P. Sugar Industry Promotion Policy 2004 issued by the State Government of Uttar Pradesh [refer note - 40(a)] |
332.027 |
247.919 |
||||||||||||||||||||||||||||
|
iv) |
Liability arising from claims / counter claims/ Interest in arbitration/ Court cases, claims of certain employees/ex-employees and in respect of service tax, if any, on certain activities of the Company which are being contested by the Company. |
Indeterminate |
Indeterminate |
||||||||||||||||||||||||||||
|
v) |
Differential cane price for the sugar season 2007-08 pending disposal of the matter by the Hon'ble Supreme Court. As against price of Rs. 1,250/MT advised by the State Govt. of Uttar Pradesh, the Company had accounted for and discharged its liability at Rs. 1,100/ MT in accordance with the interim order passed by the Supreme Court. |
|
789.580 |
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED 30TH JUNE, 2013
(Rs. in Millions)
|
|
|
Quarter Ended |
Half Year Ended |
|
|
Sr. No. |
Particulars |
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1. |
Income from operations |
|
|
|
|
(a) |
Net sales/income from operations |
5647.500 |
4229.500 |
21053.800 |
|
(b) |
Other operating income |
0.700 |
1.900 |
4.900 |
|
|
Total Income from operation (net) |
5648.200 |
4231.400 |
21058.700 |
|
2. |
Expenditure : |
|
|
|
|
a. |
Cost of materials consumed |
498.500 |
13440.200 |
18386.300 |
|
b. |
Purchases of stock-in-trade |
21.400 |
33.200 |
15.100 |
|
c. |
(Increase)/decrease in inventories of finished goods, work-in-progress and stock-in- trade |
4852.700 |
1980.100 |
(2094.400) |
|
d. |
Employee benefits expense |
340.200 |
197.600 |
794.400 |
|
e. |
Depreciation and amortisation expense |
199.200 |
197.600 |
794.400 |
|
f. |
Off Season expenses charged/ (Differed) Net |
(524.800) |
(308.200) |
41.900 |
|
g. |
Other expenses (Net of cost of manufactured products capitalised) |
528.800 |
567.600 |
2505.100 |
|
|
Total expenses (a+b+c+d+e+f) |
5916.000 |
4134.500 |
21161.100 |
|
3 |
Profit from operations before other income, finance costs and
exceptional items (1-2) |
(267.800) |
96.900 |
(102.400) |
|
4. |
Other income (Note 1) |
82.900 |
50.300 |
206.100 |
|
5. |
Profit from ordinary activities before finance costs and exceptional
items (3 + 4) |
(184.900) |
147.200 |
103.700 |
|
6. |
Finance costs |
375.600 |
408.900 |
1335.000 |
|
7. |
Profit from ordinary activities after finance costs but before
exceptional items (5 - 6) |
(560.500) |
(261.700) |
(1231.300) |
|
8. |
Exceptional items |
343.200 |
-- |
438.200 |
|
9. |
Profit from ordinary activities before tax (7 + 8) |
(217.300) |
(261.700) |
(793.100) |
|
10 |
Provision for tax expenses |
(48.200) |
(49.500) |
(210.900) |
|
11. |
Net Profit from ordinary activities after tax (9 - 10) |
(169.100) |
(212.200) |
(582.200) |
|
12. |
Paid-up equity share capital (Face value Rs. 5 per share) |
257.900 |
257.900 |
257.900 |
|
13. |
Reserves and Surplus excluding Revaluation Reserve |
-- |
-- |
700.000 |
|
14 a |
Basic Earnings per share on Net Profit from ordinary activities after tax Rs |
(0.66) |
(0.82) |
(2.26) |
|
14 b. |
Diluted Earnings per share on Net Profit from ordinary activities after tax Rs * not annualized |
(0.66) |
(0.82) |
(2.26) |
|
|
Debt Equity Ratio |
-- |
-- |
1.25 |
|
|
Debt service coverage ratio |
-- |
-- |
0.30 |
|
|
Interest service coverage ratio |
-- |
-- |
0.67 |
SELECT INFORMATION FOR THE QUARTER ENDED 30TH JUNE, 2013
|
|
Quarter Ended |
Half Year Ended |
||
|
Particulars |
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
|
A. |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1. |
Aggregate of public
shareholdings |
|
|
|
|
|
Number of shares. |
81922921 |
81922921 |
81922921 |
|
|
Percentage of shareholding |
31.77 |
31.77 |
31.77 |
|
2. |
Promoters and
Promoter Group Shareholding# : |
|
|
|
|
|
a.
Pledged/Encumbered |
|
|
|
|
|
-Number of shares |
Nil |
105000 |
Nil |
|
|
-Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
0.00 |
0.06 |
0.00 |
|
|
-Percentage of shares (as a % of the total share capital of the company) |
0.00 |
0.04 |
0.00 |
|
|
b. Non-encumbered |
|
|
|
|
|
-Number of shares |
175957229 |
175852229 |
175957229 |
|
|
-Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00 |
99.94 |
100.00 |
|
|
-Percentage of shares (as a % of the total share capital of the company) |
68.23 |
68.19 |
68.23 |
|
Particulars |
30.09.2013 |
|
B. INVESTOR COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
4 |
|
Disposed of during the quarter |
4 |
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENT WISE REVENUES, RESULTS AND CAPITAL EMPLOYED
(Rs. in Millions)
|
|
Quarter Ended |
Half Year Ended |
||
|
|
Particulars |
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1. |
Segment Revenue :
(Net Sales / income from each segment) |
|
|
|
|
(a) |
Sugar and Allied
Business |
|
|
|
|
|
Sugar |
4408.600 |
3207.600 |
16615.900 |
|
|
Co-Generation |
72.200 |
209.500 |
1466.800 |
|
|
Distillery |
361.800 |
413.900 |
1457.400 |
|
|
|
4842.600 |
3831.000 |
19540.100 |
|
(b) |
Engineering |
|
|
|
|
|
Gears |
368.400 |
170.700 |
1000.100 |
|
|
Water |
416.900 |
380.200 |
1643.300 |
|
|
|
785.300 |
550.900 |
2643.400 |
|
(c) |
Others |
109.900 |
183.900 |
969.500 |
|
|
Total |
5737.800 |
4565.800 |
23153.000 |
|
|
Less: Intersegment Revenues |
89.600 |
334.400 |
2094.300 |
|
|
Net Sales / income
from operations and other operating income |
5648.200 |
4231.400 |
21058.700 |
|
2. |
Segment Results
(After Exceptional item) |
|
|
|
|
(a) |
Sugar and Allied
Business |
|
|
|
|
|
Sugar |
(438.800) |
(75.800) |
(971.700) |
|
|
Co-Generation |
10.800 |
57.200 |
532.700 |
|
|
Distillery |
79.400 |
192.1400 |
462.800 |
|
(b) |
Engineering |
|
|
|
|
|
Gears |
137.800 |
30.000 |
302.900 |
|
|
Water |
(30.000) |
(21.400) |
(61.900) |
|
(c) |
Others |
2.500 |
4.400 |
33.000 |
|
|
Total |
(238.300) |
186.500 |
297.800 |
|
|
Less : |
|
|
|
|
|
Finance costs |
375.600 |
408.900 |
1335.000 |
|
|
Exceptional Items (Net) – (Gain)/ Loss |
(343.200) |
0.000 |
(438.200) |
|
|
Other un-allocable expenditure net off un-allocable income |
(53.400) |
39.300 |
194.100 |
|
|
Total Profit before
tax |
(217.300) |
(261.700) |
(793.100) |
|
3. |
Capital Employed :
(Segment assets - Segment liabilities) |
|
|
|
|
(a) |
Sugar and Allied Business |
|
|
|
|
|
Sugar |
12791.200 |
16094.000 |
12791.200 |
|
|
Co-Generation |
1773.100 |
2049.200 |
1773.100 |
|
|
Distillery |
1368.500 |
1563.100 |
1368.500 |
|
|
|
15932.800 |
19706.300 |
15932.800 |
|
(b) |
Engineering |
|
|
|
|
|
Gears |
853.100 |
829.700 |
853.100 |
|
|
Water |
1546.900 |
1521.700 |
1546.900 |
|
|
|
2400.000 |
2351.400 |
2400.000 |
|
(c) |
Others |
26.000 |
40.800 |
26.000 |
|
|
Capital Employed in Segments |
18358.800 |
22098.500 |
18358.800 |
|
|
Add: Unallocable Assets less Liabilities (Including Investment) |
2026.400 |
1969.200 |
2026.400 |
|
|
Total Segment
Capital Employed |
20385.200 |
24067.700 |
20385.200 |
|
Particulars |
As at 30.09.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
257.900 |
|
(b) Reserves & Surplus |
8772.600 |
|
Total
Shareholders’ Funds (1) + (2) |
9030.500 |
|
|
|
|
(3)
Non-Current Liabilities |
|
|
(a) long-term borrowings |
3612.100 |
|
(b) Deferred tax liabilities (Net) |
450.000 |
|
(c) Other long term liabilities |
105.300 |
|
(d) long-term provisions |
190.500 |
|
Total Non-current Liabilities (3) |
4357.900 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
5984.300 |
|
(b) Trade payables |
3109.600 |
|
(c) Other current
liabilities |
2194.800 |
|
(d) Short-term provisions |
391.100 |
|
Total Current Liabilities (4) |
11679.800 |
|
|
|
|
TOTAL |
25068.200 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
9839.800 |
|
(b) Non-current Investments |
377.300 |
|
(c) Long-term Loan and Advances |
2568.300 |
|
(d) Other Non-current assets |
373.200 |
|
Total Non-Current Assets |
13158.600 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
7559.000 |
|
(c) Trade receivables |
2340.200 |
|
(d) Cash and cash
equivalents |
196.800 |
|
(e) Short-term loans and
advances |
321.700 |
|
(f) Other current assets |
1491.900 |
|
Total Current Assets |
11909.600 |
|
|
|
|
TOTAL |
25068.200 |
1.
Paid up Debt Capital represents Non convertible
privately placed listed Debentures.
2.
Debt Equity Rtion: Total
Loans fund/ Net worth
3.
Debt services Ration: Profit before Interest, Tax,
Depreciation Amortisation, Exceptional and Extra
Ordinary items/ (Interest Expenses + Amount of long term loans repaid during
the year.
4.
Interest Services Coverage Ratio: Profit before
Interest, Tax, and depreciation, Armotisation,
Exceptional Items and Extra Ordinary Items / Interest Expenses.
NOTES:
1.
In view of the seasonal nature of the company’s
sugar business, the performance results may vary from quarter to quarter.
2.
Exceptional item of the current periods(s)
represent income earned on disposal of stake in certain companies through court
approved capital reduction schemes and through disinvestment.
3.
The financial Year (FY) 2013-13 of the company has,
with the permission of the Registrar of Companies, U. P. (ROC), been extended
by six months so as to end on 31.03.2014. Consequently, the said FY shall be
for a period of 18 months, beginning 1st October 2012 and ending on
31.03.2014.
4.
The figures of previous periods under various heads
have been regrouped to the extent necessary.
5.
The above results were reviewed and recommended for
adopted by the audited committee and approved by the board of directors of the
company at their respective meetings held on November 7, 2013. The statutory
auditors have carried out a limited review of the above financials
results.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10397988 |
18/07/2013 * |
750,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH-I, 1ST FLOOR, NO.1 DDA BUILDING, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
B81271058 |
|
2 |
10367987 |
21/12/2012 * |
710,600,000.00 |
PUNJAB NATIONAL BANK |
DEOBAND, DISTRICT SAHARANPUR, DEOBAND, UTTAR PRADESH - 247554, INDIA |
B65768186 |
|
3 |
10364034 |
21/12/2012 * |
750,000,000.00 |
YES BANK LIMITED |
D-12, SOUTH EXTENSION PART II, NEW DELHI, DELHI - |
B66136359 |
|
4 |
10360285 |
05/06/2012 |
710,600,000.00 |
PUNJAB NATIONAL BANK |
DEOBAND, DISTRICT SAHARANPUR, DEOBAND, UTTAR PRADESH - 247554, INDIA |
B41485954 |
|
5 |
10345342 |
21/03/2012 |
350,000,000.00 |
CENTRAL BANK OF INDIA |
KHATAULI, DISTRICT MUZAFFARNAGAR, KHATAULI, UTTAR |
B36198331 |
|
6 |
10335163 |
02/02/2012 |
750,000,000.00 |
IDBI Bank Limited |
INDIAN RED CROSS SOCIETY BUILDING, 3RD FLOOR, 1 RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA |
B31943210 |
|
7 |
10301391 |
28/05/2012 * |
750,000,000.00 |
ORIENTAL BANK OF COMMERCE |
A-30-33, RAJIV CHOWK, NEW DELHI, DELHI - 110001, |
B41691205 |
|
8 |
10301544 |
28/05/2012 * |
750,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, CHANDRALOK BUILDING, 36 JANPATH, DELHI, DELHI - 110001, INDIA |
B41974262 |
|
9 |
10235670 |
19/12/2012 * |
300,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
15-16 UGF, AMBADEEP BUILDING, K.G. MARG, CONNAUGH T PLACE, NEW DELHI, DELHI - 110001, INDIA |
B65682528 |
|
10 |
10195773 |
27/01/2010 * |
124,560,000.00 |
Government of India |
MINISTRY OF CONSUMER AFFAIRS, FOOD AND, PUBLIC DISTRIBUTION, KRISHI BHAWAN, NEW DELHI, DELHI - 110001, INDIA |
A78725611 |
|
11 |
10165752 |
26/04/2013 * |
1,000,000,000.00 |
Central Bank of India |
KHATAULI, DISTRICT MUZAFFARNAGAR, KHATAULI, UTTAR PRADESH - 251201, INDIA |
B75613323 |
|
12 |
10165189 |
26/06/2009 |
1,000,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, CHANDRALOK BUILDING, JANPATH, |
A65215832 |
|
13 |
10144947 |
20/03/2009 * |
1,000,000,000.00 |
UNIT TRUST OF INDIA INVESTMENT ADVISORY SERVICES L |
UTI TOWER GN BLOCKBANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
A59041459 |
|
14 |
10139742 |
22/03/2013 * |
1,882,500,000.00 |
PUNJAB NATIONAL BANK |
DEOBAND, DISTRICT SAHARANPUR, DEOBAND, UTTAR PRADESH - 247554, INDIA |
B73246795 |
|
15 |
10121626 |
28/08/2008 |
440,900,000.00 |
PUNJAB NATIONAL BANK (LEAD BANK) |
DEOBAND, DISTRICT SAHARANPUR, DEOBAND, UTTAR PRADESH - 247554, INDIA |
A45772340 |
|
16 |
10119969 |
28/08/2008 * |
56,500,000.00 |
CANARA BANK |
CORPORATE SERVICE BRANCH, GROUND FLOOR,, ANSAL TO |
A45569084 |
|
17 |
10103099 |
28/08/2008 * |
67,500,000.00 |
ORIENTAL BANK OF COMMERCE |
A-BLOCK, RAJIV CHOWK, NEW DELHI, DELHI - 110001, |
A45735685 |
|
18 |
10102387 |
28/08/2008 * |
53,200,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, CHANDRALOK BUILDING, JANPATH, |
A45370608 |
|
19 |
10097711 |
28/08/2008 * |
290,000,000.00 |
CENTRAL BANK OF INDIA |
KHATAULI, DISTRICT MUZAFFARNAGAR, KHATAULI, UTTAR |
A45574654 |
|
20 |
10092502 |
07/03/2008 |
450,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, CHANDRALOK BUILDING, JANPATH, |
A34437517 |
|
21 |
10039118 |
15/02/2007 |
225,000,000.00 |
ORIENTAL BANK OF COMMERCE |
A-BLOCK, RAJIV CHOWK, NEW DELHI, DELHI - 110001, |
A11513652 |
|
22 |
10025857 |
20/03/2009 * |
500,000,000.00 |
CANARA BANK |
CORPORATE SERVICE BRANCH, GROUND FLOOR, ANSAL TOWER, 38 NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
A60144359 |
|
23 |
10024074 |
20/03/2009 * |
750,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, CHANDRALOK BUILDING, JANPATH, |
A59492439 |
|
24 |
10020577 |
20/03/2009 * |
500,000,000.00 |
ORIENTAL BANK OF COMMERCE |
A-BLOCK, RAJIV CHOWK, NEW DELHI, DELHI - 110001, |
A60030913 |
|
25 |
10020368 |
21/08/2006 |
250,000,000.00 |
STATE BANK OF INDORE |
CONNAUGHT CIRCUS,, NEW DELHI, DELHI - 110001, INDIA |
A04971891 |
|
26 |
90276235 |
04/09/2006 * |
142,200,000.00 |
THE PRESIDENT OF INDIA |
MINISTRY OF CONSUMER AFFAIRS, FOOD AND PUBLIC, DIST |
- |
|
27 |
80012352 |
04/09/2006 * |
313,800,000.00 |
THE PRESIDENT OF INDIA |
MINISTRY OF CONSUMER AFFAIRS, FOOD AND PUBLIC, DIST |
- |
|
28 |
80011889 |
11/02/2005 * |
82,000,000.00 |
ORIENTAL BANK OF COMMERCE |
A-BLOCK, 30-33, FIRST FLOOR, CONNAUGHT PLACE, NEW |
- |
|
29 |
90275974 |
18/07/2013 * |
13,379,400,000.00 |
PUNJAB NATIONAL BANK (LEAD BANK) |
DEOBAND, DISTRICT SAHARANPUR, DEOBAND, UTTAR PRADESH - 247554, INDIA |
B81319154 |
|
30 |
90275841 |
31/03/2004 * |
187,900,000.00 |
FOOD AND PUBLIC DISTRIBUTION |
KRISHI BHAWAN, NEW DELHI, DELHI - 110001, INDIA |
- |
|
31 |
80042037 |
16/10/2002 |
14,500,000.00 |
HDFC |
RAMON HOUSE, 169 BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
32 |
90275261 |
17/08/2000 |
5,000,000.00 |
CANARA BANK |
CORPORATE SERVICE BRANCH, NEHRU PLACE, NEW DELHI, |
- |
|
33 |
90275194 |
10/03/2000 |
40,000,000.00 |
CANARA BANK |
GROUND FLOOR; ANSAL TOWERS, 38-NEHRU PLACE, NEW D |
- |
|
34 |
90277045 |
10/03/2000 * |
48,500,000.00 |
BIJNORE ZILA SAHAKARI BANK LTD |
CIVIL LINES, , BIJNORE, UTTAR PRADESH - 226001, INDIA |
- |
|
35 |
90275055 |
16/11/1999 * |
53,700,000.00 |
MUZAFFARNAGAR DISTRICT COOPEATIVE BANK LTD |
COURT ROAD, MUZAFFARNAGAR, UTTAR PRADESH, INDIA |
- |
|
36 |
90274874 |
28/02/2001 * |
50,000,000.00 |
ORIENTAL BANK OF COMMERCE |
BANK ROAD, GORAKHPUR, UTTAR PRADESH, INDIA |
- |
* Date of charge modification
AS PER WEBSITE DETAILS
Press Release
Q5 AND 15M FY
12-14(#) (CONSOLIDATED)* RESULTS ENDED DECEMBER 31, 2013
Net sales at Rs.26964.000 Millions
EBITDA at Rs.1051.000 Millions
PAT at Rs.(1168.000) Millions
· Sugar Businesses
· Cane prices for 2013-14 fixed at the same level as last year; in view of declining sugar prices, some more subsidies possible.
· Cane prices continue to be unviable; fundamental changes required for long term benefit of Industry and Farmers.
· UP and All India production in 2013-14 to be lower than previous year
· Expected announcement of Export subsidy of Rs.3500/MT may push substantial exports of raw sugar.
· Outlook for next sugar season highly dependent on planting and sugarcane price
·
Engineering
Businesses
· Quarterly turnover lower in view of uneven distribution
· Gears Business with good vision of market and potential orders may show growth
· Economic slowdown and deferment of deliveries / execution by customers continue to pose challenges for Water Business
· Outstanding order book of Rs.6340.000 Millions
·
Noida, February 11, 2014: Triveni Engineering and Industries Limited (‘Triveni’), one of the largest integrated sugar producers in the country with seven sugar manufacturing facilities, three cogeneration units and one distillery; a market leader of engineered-to-order high speed gears and gearboxes and a leading player in water and wastewater management business, today announced its performance for the quarter and the 15 months ended 31st December 2013 (Q5 / 15M FY 12-14).
PERFORMANCE OVERVIEW:
15M FY 12-14(#) (Consolidated)* (Oct 2012 – Dec 2013)
· Net Sales at Rs.26964.00 Millions
· EBITDA at Rs.1051.00 Millions
· Profit before tax (PBT) at Rs.(1467.000) Millions
· Profit after tax (PAT) at Rs.(1168.000) Millions
PERFORMANCE OVERVIEW: Oct – Dec 2013 V/S Oct – Dec 2012 (Consolidated)*
· Net Sales at Rs.5905.000 Millions
· EBITDA at Rs.59.000 Millions
· Profit before tax (PBT) at Rs.(386.000) Millions
· Profit after tax (PAT) at Rs.(297.000) Millions
Commenting on the Company’s financial performance, Mr. Dhruv M. Sawhney, Chairman and Managing Director, Triveni Engineering and Industries Limited, said:
“The overall performance of the company during the current quarter and for 15 months period has been disappointing. More so in sugar, where even after a constructive and prolonged interaction with the State Government on the issue of sugarcane pricing, the desired finality could not be achieved. What has been offered to the Industry in the form of subsidies, is too little and adhoc that the viability of the industry continues to be a concern. It is an imperative that the issue of cane pricing is resolved once for all in the mutual benefit of the Industry and those of farmers. The Central Government incentives in the form of interest free loan and export subsidy will provide only one time respite; these must be accompanied with long term measures to create an environment of equity and fair play between the industry and farmers. Sugar co-products have performed well and have been mitigating risks of Sugar operations up to an extent.
The performance of the Engineering Business reflects the business conditions in the aftermath of economic slowdown. While the order position is satisfactory, the water business is affected by delays at the end of customers due to financial conditions or delay in the projects. The Gear Business, even in the adverse business conditions, is targeting growth by product and geographical diversification.
FIXED ASSETS:
·
·
·
Building and Roads
·
Railway Siding
·
Plant and Machinery
·
Furniture and Fixture
·
Computers
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records 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 records 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.59.95 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
0 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
YES/NO |
NO |
|
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.