MIRA
INFORM REPORT
|
Report Date : |
15.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
DCM SHRIRAM LIMITED |
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Formerly Known
as: |
DCM SHRIRAM CONSOLIDATED LIMITED FINPRO SOLUTIONS PRIVATE LIMITED |
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Registered
Office : |
5th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
06.02.1989 |
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Com. Reg. No.: |
55-034923 |
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Capital
Investment / Paid-up Capital : |
Rs.333.400 Millions |
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CIN No.: [Company Identification
No.] |
L74899DL1989PLC034923 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELD04602D DELD08433F |
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PAN No.: [Permanent Account No.] |
AAACD0097R |
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Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on
stock exchange. |
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Line of Business
: |
The company is engaged
in manufacturing of Fertilisers, Urea, Ammonia,
Cement, Caustic Soda, Chlorine, HCI, PAC, SBP, Hydrochloric Acid, Calcium
Carbide, PVC Resin, Textile Products, Sugar and Energy Management Services. |
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No. of Employees
: |
Information declined
by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 56000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track. The rating reflects decent financial risk profile supported by sound
liquidity position and fair profitability achieved by the company during
financial year 2013. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for 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 |
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Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’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 |
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Rating |
Term loans A |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
February 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term debt A1 |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
February 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 DENIED
Management Non Co-operative
Contact No.: 91-11-23316801
LOCATIONS
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Registered / Corporate Office : |
5th Floor, |
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Tel. No.: |
91-11-23316801 |
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Fax No.: |
91-11-23318072/23357803 |
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E-Mail : |
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Website : |
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Factory 1 : |
Shriram Fertilizers and Chemicals Shriram Nagar,
Kota-324004, |
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Factory 2 : |
Shriram Alkali and Chemicals 749, GIDC Industrial Estate, District Bharuch,
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Factory 3 : |
DSCL Sugar Village Ajbadpur, P.O. Munder,
District Hardoi-241123, |
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Factory 4 : |
DSCL Sugar Village Loni, P.O. Anjhi
Shahbad, District Hardoi-241124, |
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Factory 5 : |
DSCL Sugar Village and P O Hariwan, District
Hardoi-241405, |
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Sales Office : |
Located At : ·
New Delhi ·
Mumbai ·
Kolkata ·
Chennai ·
Indore ·
Hyderabad ·
Jaipur ·
Ludhiana ·
Kota ·
Meerut ·
Sriganganagar |
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Market Office : |
·
Kirti Mahal, 19, Rajendra Place, New Delhi - 110 008 Tel. No. 91-11-25713442/25722296 Fax. No. 91-11-25768135 ·
Shivaji Marg, New Delhi - 110 015 Tel. No. 91-11-25104410/25747836 Fax. No. 91-11-25455362/25739816 ·
5th Floor, Kanchenjunga
Building, 18, Barakhamba Road, New Delhi - 110 001 Tel. No. 91-11-23316801-9 Fax. No. 91-11-23318072 |
DIRECTORS
|
Name : |
Mr. Ajay S Shriram |
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Designation : |
Chairman and Senior Managing Director |
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Address: |
'SHIVAM', A 37, Vasant Marg, Vasant Vihar, New Delhl-110057, India |
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Date of Birth/Age: |
04.03.1954 |
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Date of Appointment: |
24.07.1989 |
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Name : |
Mr. Vikram S Shriram |
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Designation : |
Vice Chairman and Managing Director |
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Address: |
5/16, Shanti Niketan, New Delhi - 110 021, India |
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Date of Birth/Age: |
06.12.1958 |
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Date of Appointment: |
22.05.1990 |
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Name : |
Mr. Rajiv Sinha |
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Designation : |
Deputy Managing Director |
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Address: |
A-14/14, Ground Floor, Vasant Vihar, Delhi - 11 0057, India |
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Date of Birth/Age: |
05.06.1950 |
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Date of Appointment: |
01.11 1998 |
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Name : |
Mr. Ajit S Shriram |
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Designation : |
Director (Sugar) |
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Address: |
5/20, Shanti Niketan, New Delhl-110021, India |
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Date of Birth/Age: |
03.10.1967 |
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Date of Appointment: |
02.05.2001 |
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Name : |
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Designation : |
Whole Time Director (EHS) |
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Address: |
A-22, Mahaveer Nagar-II, |
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Date of Birth/Age: |
29.11.1953 |
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Date of Appointment: |
20.11.2007 |
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|
Name : |
Dr. Satguru Sharan
Baijal |
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Designation : |
Director |
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Address: |
B 4 Sector 30, Gautam Budh Nagar, Noida
- 210303 |
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Date of Birth/Age: |
06.09.1929 |
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Date of Appointment: |
22.05.1990 |
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|
Name : |
Mr. Arun Bharat
Ram |
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Designation : |
Director |
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Address: |
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Date of Birth/Age: |
15.11.1940 |
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Date of Appointment: |
22.05.1990 |
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Name : |
Mr. Pradeep Dinodia |
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Designation : |
Director |
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Address: |
A-9-A, Maharani Bagh, New Delhi – 110065, India |
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Date of Birth/Age: |
15.11.1940 |
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Date of Appointment: |
22.05.1990 |
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Name : |
Mr. Vimal Bhandari |
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Designation : |
Director |
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Address: |
Flat N0.164. 16th Floor, |
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Date of Birth/Age: |
23.08.1958 |
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Date of Appointment: |
13.05.2003 |
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Name : |
Mr. Sunil Kant Munjal |
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Designation : |
Director |
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Address: |
l-A, Friends, Colony (West), New Delhi – 110065, India |
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Date of Birth/Age: |
14.12.1957 |
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Date of Appointment: |
13.05.2003 |
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Name : |
Mr. D Sengupta |
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Designation : |
Director |
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Address: |
Sector-B, Pocket, 8, Flat N0.6145, Vasant
Kunj, Delhi – 110070, India |
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Date of Birth/Age: |
20.06.1942 |
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Date of Appointment: |
11.08.2003 |
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|
Name : |
Mr. Rajesh Kandwal |
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Designation : |
LIC Nominee |
KEY EXECUTIVES
|
Name : |
Mr. B L Sachdeva |
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Designation : |
Company Secretary |
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Audit Committee : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of Shareholder |
Total No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
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(A) Shareholding
of Promoter and Promoter Group |
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|
5461050 |
3.29 |
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|
98282744 |
59.24 |
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|
103743794 |
62.53 |
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Total
shareholding of Promoter and Promoter Group (A) |
103743794 |
62.53 |
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(B) Public
Shareholding |
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|
1027895 |
0.62 |
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|
42330 |
0.03 |
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|
29640 |
0.02 |
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|
17126792 |
10.32 |
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|
935192 |
0.56 |
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|
19161849 |
11.55 |
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|
4508406 |
2.72 |
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|
16172752 |
9.75 |
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Individual shareholders holding nominal
share capital in excess of Rs. 0.100 Million |
6286930 |
3.79 |
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|
16029589 |
9.66 |
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|
405908 |
0.24 |
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|
15105550 |
9.11 |
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|
87001 |
0.05 |
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|
431130 |
0.26 |
|
|
42997677 |
25.92 |
|
Total Public
shareholding (B) |
62159526 |
37.47 |
|
Total (A)+(B) |
165903320 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
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Total
(A)+(B)+(C) |
165903320 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to 
BUSINESS DETAILS
|
Line of Business : |
The company is engaged
in manufacturing of Fertilisers, Urea, Ammonia,
Cement, Caustic Soda, Chlorine, HCI, PAC, SBP, Hydrochloric Acid, Calcium
Carbide, PVC Resin, Textile Products, Sugar and Energy Management Services. |
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Products : |
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PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Urea |
MT |
330000 |
404040 |
|
Calcium carbide |
MT |
112000 |
33920 ** |
|
PVC resins |
MT |
70000 |
34200 |
|
Caustic soda |
MT |
274670 |
209768 |
|
Chlorine |
MT |
203986 |
149917 |
|
Hydrochloric acid(100%) |
MT |
73850 |
36515 |
|
Compressed Hydrogen |
MT |
1657 |
1007 |
|
Stable Bleaching Powder |
MT |
13200 |
10194 |
|
Cement |
MT |
400000 |
369075 |
|
Yarn |
Spindles Nos. |
14544 |
3718 |
|
Sugar |
MT *** |
33000 |
267445 |
|
UPVC Windows |
Nos. |
406098 |
164944 |
|
PVC Compounds |
MT |
29700 |
19723 |
NOTE:
- * Delicensed/Not applicable
·
** Production of Marketable Calcium carbide only
·
*** Crushing of sugarcane
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
NOTE: SECURED Long term borrowings
from banks:
Long term borrowings
from others:
Short Term Borrowing Short term working
capital borrowings from banks: 1.
Loans from banks on cash credit account of Rs.
1794.500 millions (2011-12 – Rs. 367.700 millions) are secured by first pari
passu charge on whole of the current assets of the
company (except Shriram Bioseed
Genetics, Hyderabad), both present and future. These loans are further
secured by a third charge by way of mortgage/ hypothecation of all the
immovable/movable properties (other than current assets) of the Company’s
undertakings at Kota in Rajasthan and Ajbapur, Rupapur, Loni and Hariawan in Uttar Pradesh. Amount of Rs.
16.300 millions (2011-12–Rs. 13.600 millions) is
secured by exclusive charge by way of hypothecation on current assets and
mortgage/hypothecation on the immovable and movable properties, both present
and future of the Company’s undertakings at Shriram
Bioseed Genetics, Hyderabad. 2.
Short Term Loan of Rs.3090.200 millions (2011-12- Rs. 5291.100 millions) are secured by first pari passu charge on whole of
the current assets of the Company (except Shriram Bioseed Genetics, Hyderabad) both present and future and
a third charge by way of mortgage/hypothecation of all the immovable/movable
properties (other than current assets) of the Company’s undertakings at Kota
in Rajasthan and Ajbapur, Rupapur,
Loni and Hariawan in
Uttar Pradesh. |
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Banking
Relations : |
-- |
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Statutory Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
7th Floor, Tower B,
Building 10, DLF Cyber City Complex, DLF City Phase II, Gurgaon,
Haryana, India |
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Cost Auditors: |
|
|
Name : |
M/s. Bahadur Murao
and Company |
|
Address : |
New Delhi, India |
|
|
|
|
Name : |
M/s. J.P. Sarda and Associates |
|
Address : |
Kota, Rajasthan |
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Subsidiaries : |
·
DCM Shriram
Credit and Investments Limited ·
Bioseed
India Limited ·
DCM Shriram
Infrastructure Limited ·
DCM Shriram ·
Thermal Energy Limited ·
Hariyali
India Limited ·
DCM Shriram
Aqua Foods Limited ·
Hariyali
Rural Foundation ·
Hariyali
Rural Ventures Limited ·
Hariyali
Insurance Broking Limited ·
DCM Shriram
Energy and Infrastructure Limited ·
DCM Shriram
Hydro Energy Limited ·
Shriram
Vinyl Poly Tech Limited (formerly SBM Yarn Limited) ·
Fenesta
India Limited ·
Shri Ganpati Fertilizers Limited ·
Shriram Bioseed (Thailand) Limited ·
Bioseeds
Limited ·
Bioseed
Research Philippines Inc. ·
Bioseeds
Holdings PTE. Limited ·
Bioseed
Vietnam Limited ·
Bioseed
Research India Limited (formerly Bioseed Research
India Private Limited) ·
Shriram Bioseed Ventures Limited ·
Shriram Bioseeds Limited ·
Zeus Investments Limited ·
Shridhar Shriram Foundation ·
PT Shriram
Seed Indonesia ·
Bioseed
Research USA Inc. |
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|
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Holding
company: |
Sumant
Investments Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
284950000 |
Equity Shares |
Rs.2/- each |
Rs.569.900 Millions |
|
6501000 |
Cumulative Redeemable Preferences Shares |
Rs.100/- each |
Rs.650.100 Millions |
|
|
Total |
|
Rs.1220.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
169803320 |
Equity Shares |
Rs.2/- each |
Rs.339.600
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
165903320 |
Equity Shares |
Rs.2/- each |
Rs.331.800
Millions |
|
|
Add: Forfeited Shares |
|
Rs.1.600
Millions |
|
|
|
|
Rs.333.400 Millions |
NOTE:
(i) There is no change in
issued, subscribed and paid up share capital during the current year and
corresponding previous year
(ii) Shares held by the holding
company:
|
|
As
at 31.03.2013 |
|
|
Particulars |
No.
of shares |
% |
|
Sumant
Investments Private Limited |
97,868,812 |
58.99% |
(iii) The shareholders holding more than 5% equity shares
are as under:
|
|
As
at 31.03.2013 |
|
|
Particulars |
No.
of shares |
% |
|
Sumant
Investments Private Limited |
97,868,812 |
58.99% |
|
Life Insurance Corporation of India |
12,863,749 |
7.75% |
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 |
333.400 |
333.400 |
333.400 |
|
(b) Reserves & Surplus |
13,671.200 |
12,064.100 |
12,283.900 |
|
(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) |
14,004.600 |
12,397.500 |
12,617.300 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
6,604.200 |
7,878.500 |
7,619.400 |
|
(b) Deferred tax liabilities
(Net) |
1,592.700 |
1,554.600 |
1,588.500 |
|
(c) Other long term
liabilities |
329.800 |
277.300 |
62.600 |
|
(d) long-term provisions |
1,150.700 |
1,086.000 |
991.200 |
|
Total
Non-current Liabilities (3) |
9,677.400 |
10,796.400 |
10,261.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
6,938.600 |
8,278.900 |
7,514.700 |
|
(b) Trade payables |
10,481.300 |
8,660.800 |
3,768.200 |
|
(c) Other current liabilities |
4,370.400 |
4,898.100 |
3,622.300 |
|
(d) Short-term provisions |
412.400 |
251.700 |
230.500 |
|
Total
Current Liabilities (4) |
22,202.700 |
22,089.500 |
15,135.700 |
|
|
|
|
|
|
TOTAL |
45,884.700 |
45,283.400 |
38,014.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
14,570.100 |
17,909.800 |
19,032.300 |
|
(ii) Intangible Assets |
45.600 |
99.200 |
109.300 |
|
(iii) Capital work-in-progress |
158.500 |
270.300 |
274.000 |
|
(iv) Intangible assets under
development |
1.700 |
3.900 |
8.200 |
|
(b) Non-current Investments |
453.700 |
504.400 |
500.800 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1,820.500 |
1,730.900 |
1,556.600 |
|
(e) Other Non-current assets |
84.800 |
44.500 |
3.200 |
|
Total
Non-Current Assets |
17,134.900 |
20,563.000 |
21,484.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
12.700 |
0.000 |
0.000 |
|
(b) Inventories |
13,394.200 |
13,018.800 |
9,828.000 |
|
(c) Trade receivables |
9,105.800 |
6,605.400 |
3,640.000 |
|
(d) Cash and cash equivalents |
1,199.100 |
2,283.100 |
528.500 |
|
(e) Short-term loans and
advances |
2,225.200 |
2,517.300 |
2,229.200 |
|
(f) Other current assets |
2,812.800 |
295.800 |
304.600 |
|
Total
Current Assets |
28,749.800 |
24,720.400 |
16,530.300 |
|
|
|
|
|
|
TOTAL |
45,884.700 |
45,283.400 |
38,014.700 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
53,999.300 |
49,557.000 |
40819.900 |
|
|
Other Income |
461.200 |
298.900 |
167.200 |
|
|
TOTAL
(A) |
54,460.500 |
49,855.900 |
40,987.100 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
19,178.700 |
17,286.700 |
12,895.800 |
|
|
Purchases of Stock-in-Trade |
14,848.300 |
17,272.100 |
15,098.900 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(624.400) |
(3,278.10)0 |
(2,189.000) |
|
|
Employees benefits expense |
3,630.100 |
3,555.400 |
3,229.000 |
|
|
Exceptional items |
535.800 |
380.600 |
0.000 |
|
|
Other expenses |
11,887.400 |
11,699.400 |
9,871.500 |
|
|
TOTAL
(B) |
49,455.900 |
46,916.100 |
38,906.200 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
5,004.600 |
2,939.800 |
2,080.900 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1,526.500 |
1,575.600 |
1,013.700 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3,478.100 |
1,364.200 |
1,067.200 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1,438.200 |
1,540.700 |
1575.9 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
2,039.900 |
(176.500) |
(508.700) |
|
|
|
|
|
|
|
Less |
TAX
(I) |
134.500 |
(33.900) |
(202.100) |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
1,905.400 |
(142.600) |
(306.600) |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
4,538.000 |
4,759.100 |
5,050.600 |
|
|
|
|
|
|
|
Add |
Earlier
year excess proposed dividend and dividend distribution tax (L) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
750.000 |
0.000 |
0.000 |
|
|
Dividend |
265.400 |
66.400 |
66.4 |
|
|
storage fund for molasses
account |
1.300 |
1.300 |
6.400 |
|
|
Tax on Dividend |
33.200 |
10.800 |
10.800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
6,443.400 |
4,616.500 |
4,759.100 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
131.400 |
205.400 |
281.700 |
|
|
Freight |
0.000 |
0.000 |
0.000 |
|
|
Insurance |
6.500 |
7.800 |
5.200 |
|
|
TOTAL
EARNINGS |
137.900 |
213.200 |
286.900 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
375.900 |
619.400 |
567.400 |
|
|
Components and Stores parts |
125.300 |
173.700 |
128.500 |
|
|
Others |
6,005.700 |
3,048.000 |
3,921.000 |
|
|
Capital Goods |
871.500 |
940.200 |
62.500 |
|
|
TOTAL
IMPORTS |
7,378.400 |
4,781.300 |
4,679.400 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(14.55) |
0.99 |
(1.85) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.50
|
(0.29)
|
(0.75)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.78
|
(0.36)
|
(1.25)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.49
|
(0.40)
|
(1.37)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
(0.01)
|
(0.04)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.97
|
1.30
|
1.19
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29
|
1.12
|
1.09
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
333.400 |
333.400 |
333.400 |
|
Reserves & Surplus |
12,283.900 |
12,064.100 |
13,671.200 |
|
Net
worth |
12,617.300 |
12,397.500 |
14,004.600 |
|
|
|
|
|
|
long-term borrowings |
7,619.400 |
7,878.500 |
6,604.200 |
|
Short term borrowings |
7,514.700 |
8,278.900 |
6,938.600 |
|
Total
borrowings |
15,134.100 |
16,157.400 |
13,542.800 |
|
Debt/Equity
ratio |
1.199 |
1.303 |
0.967 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Sales |
40,819.900 |
49,557.000 |
53,999.300 |
|
|
|
21.404 |
8.964 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Sales |
40,819.900 |
49,557.000 |
53,999.300 |
|
Profit After Tax |
(306.600) |
(142.600) |
1,905.400 |
|
|
(0.75%) |
(0.29%) |
3.53% |
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 |
---- |
|
8] |
No. of
employees |
No |
|
9] |
Name of
person contacted |
No |
|
10] |
Designation
of contact person |
No |
|
11] |
Turnover of
firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons for
variation <> 20% |
No |
|
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 |
Yes |
|
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 |
No |
|
30] |
Major
Shareholders, if available |
No |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
UNSECURED LOANS
|
Particulars |
As
on 31.03.2013 [Rs. in Millions] |
As
on 31.03.2012 [Rs. in Millions] |
|
LONG-TERM
BORROWINGS |
|
|
|
Deposits |
|
|
|
Fixed |
70.600 |
30.800 |
|
Others |
65.200 |
181.800 |
|
|
|
|
|
SHORT-TERM
BORROWINGS |
|
|
|
Loans repayable on demand |
|
|
|
Banks |
2004.000 |
2576.500 |
|
Others |
20.000 |
30.000 |
|
Loan from subsidiary company |
13.600 |
0.000 |
|
|
|
|
|
Total |
2173.400 |
2819.100 |
Note
Long Term
Borrowing
Deposits received under Section 58A of the Companies Act,
1956 are repayable up to March 2015 based on the maturity dates. (Rs. 159.000 Millions due within 1
year; 2011-12 Rs. 87.600 Millions).
LITIGATION DETAILS
IN THE HIGH COURT OF DELHI AT NEW DELHI
09.11.2009
Present: Ms. P.L. Bansal, Advocate for
the Appellant.
Mr. V.P. Gupta and Mr. Basant Kumar,
Advocates for the Respondent.
ITA No. 1023/2008
Admit.
The following substantial question of law arises for
consideration: ?Whether the ITAT was correct in law in holding that there
were no errors in the order of assessment passed by the Assessing Officer
under Section 143(3) of the Act and, therefore, CIT was not
justified in exercising the powers conferred under Section 263 of the Act??
Paper
book be filed within three months.
A.K.
SIKRI, J.
SIDDHARTH
MRIDUL, J.
November
09, 2009
Dn
5
Performance
The
Company has delivered a healthy performance during the year. The Net Revenues were
up by 10% at Rs. 55390.000 Millions as against Net
Revenue of Rs.50390.000 Millions in the previous year. The growth in revenues
were driven by growth in Sugar (up by 48%), Shriram
Farm Solutions (up by 20%) and Chloro-Vinyl (up
by15%) businesses.
On
the earnings, EBITDA of the company recorded a growth of 57% at Rs.5740.000
Millions. PBIT (before exceptional items) grew by 106% at Rs.4270.000 Millions.
The key drivers of the growth for PBIT (before exceptional items) during the
year were higher earnings in the Chloro-Vinyl
business, driven by cost savings and better product prices, higher earnings in
the Sugar business along with lower losses from the Hariyali
business. Lower losses in the Hariyali business was
result of the implementation of restructuring and rationalization plan which
involved restricting activities to profitable ones only.
The
Company, however, also faced challenges in businesses like Shriram
Farm Solutions and Bioseed due to adverse weather
conditions in some regions of operations. The Company also faced challenges in
the Government controlled businesses like Sugar and Fertilizers.
The
Company, during the year had to account for an exceptional item of Rs.536.000
Millions which is a charge on account of losses on sale of surplus assets and
expenses, consequent to company's decision to restructure and rationalize Hariyali Kisaan Bazaar's
operations to restrict its activities to profitable lines only.
The
Company's finance costs were lower by 3% at Rs.1550.000 Millions due to lower Net
Debt. Net Debt stood at Rs.13860.000 Millions as compared to Rs.15210.000
Millions. The debt could have been lower, however, higher subsidy outstanding
from the Government on account of Fertilizer subsidy and higher Sugar stocks
led to higher requirement of working capital.
Profit
before tax (before exceptional item) was higher at Rs.2720.000 Millions in FY13
as compared to Rs.480.000 Millions in the previous year.Net Profit for FY 13
was higher at Rs.203 Crores as compared to Net profit
of Rs.120.000 Millions in the previous period.
The
improved financial performance of the company has led to Short term debt rating
being upgraded fromA2+ to A1 and Long term rating being upgraded from A- to A.
Both these ratings are from ICRA.
Management
Discussion and Analysis
Performance Review
The
company delivered healthy performance during the year with EBITDA of over Rs. 570.000 Millions and Net Profit of over Rs. 2000.000 Millions. This improved performance was driven
by higher earnings in Chloro-Vinyl business driven by
cost savings and better product prices, higher earnings in the Sugar
business(primarily due to better margins on last year's stock)along with lower
losses from the Hariyali business. The Company's
interest cost was also lower by about3% due to lower Net debt.
Some
of the challenges that the company faced during the year were increase in Sugar
Cane prices, i.e. SAP
(State
Advised Price) by Uttar Pradesh Government by 17% at a time when Sugar prices
went down, adverse weather conditions in some of the regions which affected our
Bioseed and Shriram Farm
Solutions businesses and continued increase in uncompensated costs in the
Fertilizer business due to non-finalization of the New Urea pricing policy
which is now delayed by over 3 years.
•
Net Revenues were higher by 10% at Rs.55390.000 Millions as compared to
Rs.50390.000 Millions in the previous year. Net Revenues (excluding Hariyali Business) grew by 20%. The growth in revenues were
driven by growth in Sugar (up by 48%),Shriram Farm
Solutions (up by 20%) and Chloro-Vinyl (up by 15%)
businesses.
a.
Sugar: Revenues were higher by 48% atRs.13460.000 Millions due to higher sales
of free sugar (up by 34%) at better realizations (up by 15%), in the first half
of the year.
b. Shriram Farm Solutions: Revenues for FY 13 were higher by
20% at Rs.13020.000 Millions. The Value Added Inputs Segment of the business
grew by 15%. The business could not sell Cotton seeds in March 13 due to delay
in receipt of licenses from State Government in Northern States. On comparable
basis, it grew by ~ 30%. The business was also impacted due to adverse weather
conditions especially in Kharif-12.
c. Chloro-Vinyl: Revenues were up by 15% atRs.11620.000
Millions driven by higher volumes of Chloro-Vinyl
products especially Chlor-Alkaliand PVC Resins at
improved realizations.
Profit
before interest, exceptional items and tax (PBIT) at Rs.
4270.000 Millions was up by 106%.
BUSINESS – WISE PERFORMANCE REVIEW AND OUTLOOK
Agri-Businesses Fertilizer (Urea) DSCL's Fertilizer Plant is one of the oldest plants in the
country with a reassessed capacity of 3,79,500TPA of Urea at its integrated
manufacturing complex at Kota, Rajasthan. The company markets urea underthe "Shriram Urea"
brand. "Shriram Urea" is a trusted name and
enjoys high brand equity amongst the farmers. The Company has an extensive
distribution network over the entire Northern and Central India. The plant has
been operating fully on Gas since May2009, post the conversion from Naphtha to
LNG/Natural gas in 2006-07.
During
the year FY13, the company had undertaken a maintenance shutdown of 21 days. In
spite of the maintenance shutdown, the production of Urea during the year
2012-13 was 3,85,360 MT as against reassessed capacity of 3,79,500 MT. The
production was higher by 5860 MT than the reassessed capacity.
This
higher production was made keeping in line with the government policy on
production of additional Urea over reassessed capacity under NPS-III.PBIT in FY
13 were lower due to continued uncompensated cost increases due to delay in
non-finalization of New Urea pricing policy. The Stage III of NPS was effective
from 1st October, 2006 till 31stMarch,2010 and the same has been extended till
any new policy is decided. This has meant a delay of over3 years. The other
factor impacting the performance of this business has been higher levels of
subsidy outstanding from the Government.
INDUSTRY OVERVIEW AND OUTLOOK
India
is the second largest producer and consumer of Urea in the world. Urea is most
preferred fertilizer and constitutes about 72% of entire fertilizer consumption
in the country. Low farm gate price (fixed by government) and high nitrogen
content has made it preferred choice of farmers. The demand and consumption of
Urea has been growing and the gap in demand/supply is currently being met by
imports. During 2012-13, the total Urea production in the country stood at ~
22.6 million MT and India imported more than 8 Million MT of Urea to meet its
demand. On the policy front, the new policy has been delayed now by over 3
years. This has negatively impacted the earnings and margins of this business.
They hope that Government will take steps at the earliest to correct this
situation and this will also provide confidence to the industry to take steps
to enhance capacity levels which will help in reducing the country’s dependence
on imports.
PLASTICS
The company
produces range of PVC Resins suitable for most end-use markets. The company
manufactures PVC Resin through Carbide/Acetylene route as against ethylene
route which is being followed by most of the company’s manufacturing PVC
worldwide except in China. PVC Resin business is an integral part of the Chloro- Vinyl business with complete integration in terms
of Power, Chlorine and Calcium Carbide. The calcium carbide manufactured by us
is partly used for PVC manufacture and partly sold in the market. DSCL has an
annual capacity of ~1,12,000 MT of Calcium Carbide. This capacity is used for
the production of PVC Resin/Calcum Carbide depending
upon which product gives better return on every unit of power consumed. This
year, they marketed ~34,000 MT of Packed Carbide.
INDUSTRY OVERVIEW AND OUTLOOK
The Year
2012-13 has been a challenging year for the Agri-Inputs
industry. The industry was affected by adverse weather conditions due to delay
and deficit in South West Monsoons along with drought like conditions in
certain areas which affected the performance of Kharif
Crops. Also impacting the industry were lower North east Monsoons. This
resulted in decline in the overall demand for Agricultural inputs. The industry
was also negatively impacted by the challenging business environment in Bulk
Fertilizers like DAP/MOP.
In
the Bulk Fertilizers, the industry started FY13 with high inventory in the
system in anticipation of higher demand. The demand, however, was impacted by
adverse weather conditions and steep rise in the prices of these Fertilizers.
The prices increased due to sharp reduction in subsidy by the Government along
with sharp depreciation of the rupee. Along with higher opening stocks, the
companies continued to import resulting in further over supply. All these
factors led to margin pressures and continuation of higher inventory in the
system. Also impacting the performance of bulk fertilizers was the delay in
receipt of subsidy payments from the Government. The initial signs of Monsoon
in FY 14 are encouraging and we expect that industry will witness growth if
monsoons are normal. However, they do believe that this industry will witness
healthy growth in medium long term due to strong demand for food in the next
few years given the macro factors such as population growth, rising per capita
etc. As per one of the industry estimates, the demand for food will touch ~ 330
MnMT by 2020 and supply is projected to be about
280Mn MT, resulting in shortage of ~ 50 Mn MT. With
land area under agriculture stagnant at 140 Mn h.a ,the country would need to improve the levels of
productivity which would include adoption of superior products (Agri-Inputs) along with other initiatives. Their Strategy
The business is taking several steps
FERTILIZER (UREA)
DSCL's Fertilizer Plant is one of the
oldest plants in the country with a reassessed capacity of 3,79,500 TPA of Urea
at its integrated manufacturing complex at Kota, Rajasthan. The company markets
urea under the "Shriram Urea" brand. "Shriram Urea" is a trusted name and enjoys high brand
equity amongst the farmers. The Company has an extensive distribution network
over the entire Northern and Central India. The plant has been operating fully
on Gas since May 2009, post the conversion from Naphtha to LNG/Natural gas in
2006-07.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
in millions) |
31.03.2012 (Rs.
in millions) |
|
Claims*
(excluding claims by employees where amount not ascertainable) not
acknowledged as debts: |
|
|
|
|
|
|
|
Sales tax matters |
13.300 |
13.600 |
|
Excise matters |
21.200 |
21.200 |
|
Additional premium on land |
81.100 |
81.100 |
|
Others |
59.300 |
59.100 |
|
Total |
174.900 |
175.000 |
NOTE: * all the above matters are subject to legal
proceedings in the ordinary course of business. In the opinion of management
the legal proceedings, when ultimately concluded, will not have a material
effect on results of operations or financial position of the Company.
Fixed Assets:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fittings
·
Vehicles
·
Technical Know how
·
Brand
·
Software
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2013
Rs. in Millions
|
PARTICULAR |
QUARTER ENDED |
NINE MONTHS ENDED |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Net
Sales / Income from operations |
13970.000 |
16697.300 |
46205.400 |
|
Other
operation Income |
21.800 |
56.200 |
114.100 |
|
Total |
13991.800 |
16753.500 |
46319.500 |
|
Expenditure |
|
|
|
|
Cost of Materials Consumed |
3219.100 |
1477.200 |
8380.800 |
|
Purchases of Stock-in-Trade |
3059.200 |
5229.600 |
15801.300 |
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
3012.400 |
5715.000 |
7088.200 |
|
Employees benefits expense |
933.700 |
958.700 |
2823.200 |
|
Other expenses |
1221.700 |
1055.300 |
3980.100 |
|
Power, fuel, etc. |
1561.900 |
1470.900 |
4406.700 |
|
Depreciation |
337.500 |
336.500 |
1008.000 |
|
Cost of own manufactured goods capitalised |
(0.200) |
(0.100) |
(0.300) |
|
Total |
13345.300 |
16243.100 |
43488.000 |
|
Profit
from operations before other income, interest and exceptional Items |
646.500 |
510.400 |
2831.500 |
|
Other
income |
128.400 |
87.800 |
339.400 |
|
Profit
before interest and exceptional Items |
774.900 |
598.200 |
3170.900 |
|
Interest |
316.100 |
416.200 |
1186.900 |
|
Profit after Interest but
before Exceptional Items |
458.800 |
182.00 |
1984.000 |
|
Exceptional
Items |
-- |
-- |
-- |
|
Profit (+)/Loss(-) from
Ordinary Activities before tax |
458.800 |
182.00 |
1984.000 |
|
Tax
expense |
3.00 |
14.700 |
122.200 |
|
Net Profit /
(loss) |
455.800 |
167.300 |
1861.800 |
|
Profit before
interest, depreciation, tax and exceptional item (EBIDTA) |
1112.400 |
934.700 |
4178.900 |
|
Cash Profit (before exceptional item) |
755.500 |
496.100 |
2767.700 |
|
Paid up
equity share capital (Face value of Rs.2/- per share) |
333.400 |
333.400 |
333.400 |
|
Reserves
excluding revaluation reserves as per balance sheet of previous accounting
year |
-- |
-- |
-- |
|
Earning
per share (EPS) |
|
|
|
|
(a) Basic and diluted
EPS before Extraordinary items for the period, for the year
to date and for the previous year (not to be annualised) |
2.75 |
1.01 |
11.22 |
|
(a) Basic and diluted EPS
before Extraordinary items for the period, for the year
to date and for the previous year (not to be annualised) |
2.75 |
1.01 |
11.22 |
|
Public
shareholding |
|
|
|
|
Number of shares |
62159526 |
62159526 |
62159526 |
|
Percentage of shareholding |
37.47 |
37.47 |
37.47 |
|
|
|
|
|
|
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 |
103743794 |
103743794 |
103743794 |
|
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) |
62.53 |
62.53 |
62.53 |
|
INVESTORS COMPLAINTS |
QUARTER ENDED 31.12.2013 |
|
Pending at the
beginning of the quarter |
Nil |
|
Received during
the quarter |
25 |
|
Disposed off
during the quarter |
25 |
|
Remaining
unresolved at the end of the quarter |
Nil |
SEGMENT WISE REVENUE
RESULTS AND CAPITAL EMPLOYED
Rs. in Millions
|
|
QUARTER ENDED |
NINE MONTHS ENDED |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Segment Revenue |
|
|
|
|
Fertiliser |
1697.00 |
1451.500 |
4586.300 |
|
Farm Solutions |
3430.700 |
6598.200 |
14664.400 |
|
Bioseed |
295.300 |
335.900 |
3638.200 |
|
Sugar |
3379.000 |
3783.800 |
10545.500 |
|
Hariyali Kisaan
Bazaar |
1120.600 |
937.200 |
3276.00 |
|
Chloro-Vinyl |
3304.500 |
2861.500 |
9015.600 |
|
Cement |
305.200 |
294.300 |
895.900 |
|
Others |
545.500 |
526.600 |
1602.800 |
|
Total |
14077.800 |
16789.000 |
48224.700 |
|
Less: Inter
segment revenue |
86.00 |
35.500 |
1905.200 |
|
Total |
13991.800 |
16753.500 |
46319.500 |
|
|
|
|
|
|
Segment Results |
|
|
|
|
Profit/(loss) (before unallocated expenditure interest and
tax) |
|
|
|
|
Fertiliser |
51.900 |
28.600 |
149.800 |
|
Farm Solutions |
186.100 |
250.900 |
681.900 |
|
Bioseed |
(109.900) |
(93.200) |
553.200 |
|
Sugar |
(298.500) |
(246.600) |
(555.100) |
|
Hariyali Kisaan
Bazaar |
8.200 |
8.400 |
6.500 |
|
Chloro-Vinyl |
1109.00 |
846.800 |
2769.300 |
|
Cement |
(47.00) |
(13.200) |
(34.700) |
|
Others |
(9.400) |
(7.400) |
(24.900) |
|
Total |
890.400 |
774.300 |
3546.000 |
|
Less: |
|
|
|
|
Interest |
316.100 |
416.200 |
1186.900 |
|
Other unallocable expenditure net off unallocated income |
115.500 |
176.100 |
375.100 |
|
Exceptional Item: Income from sale of Subsidiary |
-- |
-- |
-- |
|
Profit/(loss) before Tax |
458.8010 |
182.000 |
1984.000 |
|
|
|
|
|
|
Segment Capital
Employed |
|
|
|
|
Fertiliser |
3035.900 |
1884.500 |
3035.900 |
|
Farm Solutions |
1566.700 |
4847.800 |
1566.700 |
|
Bioseed |
2976.300 |
2944.900 |
2976.300 |
|
Sugar |
4314.200 |
7741.200 |
4314.200 |
|
Hariyali Kisaan
Bazaar |
2091.700 |
2196.600 |
2091.700 |
|
Chloro-Vinyl |
5126.700 |
5270.200 |
5126.700 |
|
Cement |
181.800 |
206.400 |
181.800 |
|
Others |
1126.500 |
1083.900 |
1126.500 |
|
Total |
20419.800 |
26175.500 |
20419.800 |
NOTES TO
CONSOLIDATED RESULTS :
1. The Board of
Directors has declared an interim dividend of Rs 0.80
per equity share aggregating to
Rs. 155.300 Millions (including dividend tax).
2. In accordance with
the accounting policy consistently followed by the Company for interim results,
the off-season expenditure aggregating Rs. 121.300
Millions and Rs. 468.700 Millions for the quarter and
nine months period ended December 31,
2013 respectively (corresponding quarter and nine months last year – Rs. 35.700 Millions and Rs. 35400
Millions respectively) has been deferred for inclusion in the cost of sugar to
be produced in the remaining part of the
financial year
3. Exceptional items
represents the expenses relating to restructuring and rationalization of Hariyali Kisaan Bazaar operations
during financial year 2012-13
4. Previous period
figures have been recast, wherever necessary.
5. The above results
were approved and taken on record by the Board of Directors in their meeting
held on
February 3, 2014.
Limited Review
The Limited Review,
as required under Clause 41 of the Listing Agreement has been completed by the
Statutory
Auditors. The Limited
Review Report for the quarter and Nine months ended December 31, 2013 does not
have any impact on the above Results and Notes in aggregate except in respect
of matter explained in note 2 above.
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.60.10 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.82.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
NVA |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
54 |
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.