1. Summary Information
|
|
|
Country |
|
|
Company Name |
STERLITE TECHNOLOGIES LIMITED |
Principal Name 1 |
Mr. Anil Agarwal |
|
Status |
Good |
Principal Name 2 |
Mr. Arun Todarwal |
|
|
|
Registration # |
|
|
Street Address |
Survey No. 68 / 1, Rakholi Village, Madhuban Dam Road, Silvassa – 396 230, Dadra and Nagar Haveli |
||
|
Established Date |
24.03.2000 |
SIC Code |
54-000340 |
|
Telephone# |
91-260-6612000 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-260-6612013 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Power and Telecom Products and Solutions |
|
|
7# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs.786,600,000 |
Product Name 3 |
-- |
|
Shareholders |
Shareholding of Promoter and Promoter Group
– 53.17% Public shareholding – 45.29% |
Banking |
Axis Bank |
|
Public Limited Corp. |
No |
Business Period |
14 Years |
|
IPO |
No |
International Ins. |
-- |
|
Public |
No |
Rating |
Ba (52) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding Company |
Mauritius |
Twin Star Overseas Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2014 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
17,728,500,000 |
Current Liabilities |
10,522,400,000 |
|
Inventories |
2,994,100,000 |
Long-term Liabilities |
12,431,600,000 |
|
Fixed Assets |
10,225,000,000 |
Other Liabilities |
326,300,000 |
|
Deferred Assets |
0000 |
Total Liabilities |
23,280,300,000 |
|
Invest& other Assets |
4,515,600,000 |
Retained Earnings |
11,395,300,000 |
|
|
|
Net Worth |
12,182,900,000 |
|
Total Assets |
35,463,200,000 |
Total Liab. & Equity |
35,463,200,000 |
|
Total Assets (Previous Year) |
32,864,500,000 |
|
|
|
P/L Statement as of |
31.03.2014 |
(Unit: Indian Rs.) |
|
|
Sales |
27,263,400,000 |
Net Profit |
502,000,000 |
|
Sales(Previous yr) |
33,537,100,000 |
Net Profit(Prev.yr) |
474,600,000 |
MIRA INFORM REPORT
|
Report Date : |
05.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
STERLITE TECHNOLOGIES LIMITED (w.e.f. 14.07.2007) |
|
|
|
|
Formerly Known As
: |
STERLITE OPTICAL TECHNOLOGIES LIMITED |
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|
|
|
Registered
Office : |
Survey No. 68 / 1, Rakholi Village, Madhuban Dam Road, Silvassa – 396230, Dadra and Nagar Haveli |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
24.03.2000 |
|
|
|
|
Com. Reg. No.: |
54-000340 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.786.600 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31300DN2000PLC000340 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
SRTS01199C |
|
|
|
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PAN No.: [Permanent Account No.] |
AAECS8719B |
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|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
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Line of Business
: |
Manufacturer of Power and Telecom Products and Solutions. |
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|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 49000000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a well-established company having fine track record. Sales turnover of the company has declined during financial year 2014. However, the rating reflects company’s sound financial risk profile
marked by adequate liquidity position and leadership position in the power
transmission conductors (PTC) and telecommunications (Telecom) cable
segments. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
03.10.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1 |
|
Rating Explanation |
Very strong degree of safety and lowest credit
risk. |
|
Date |
03.10.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-20-66235700)
LOCATIONS
|
Registered Office/Factory 1 : |
Survey No. 68 / 1, Rakholi Village, Madhuban Dam Road, Silvassa – 396 230, Dadra and Nagar Haveli, India |
|
Tel. No.: |
91-260-6612000 |
|
Fax No.: |
91-260-6612013 |
|
E-Mail : |
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|
Website : |
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Location : |
Owned |
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Corporate Office : |
4th Floor Godrej Millenium 9, |
|
Tel. No.: |
91-20-30514000/ 66235700 |
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Fax No.: |
91-20-26138083 |
|
E-Mail : |
|
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Factory 2 : |
Optical Fiber, E2, E3, MIDC, Waluj, Aurangabad - 431136, |
|
Tel. No.: |
91-240-2564599 |
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Fax No.: |
91-240-2564598 |
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|
|
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Factory 3 : |
Optical Fiber, AL-23, Shendra MIDC SEZ, Aurangabad – 431201,
Maharashtra, India |
|
Tel. No.: |
91-240-2622020 |
|
Fax No.: |
91-240-2564598 |
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|
|
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Factory 4 : |
Copper Telecom Cables and Structured Data Cables, Survey No. 33 / 1 /
1, |
|
Tel. No.: |
91-260-6452959 |
|
Fax No.: |
91-260-6612122 |
|
|
|
|
Factory 5 : |
Power Transmission Conductors, Survey No. 99, Rakholi Village, Madhuban
Dam Road, Silvassa – 396230, Union Territory of Dadra and Nagar Haveli, India |
|
Tel. No.: |
91-260-6612200 |
|
Fax No.: |
91-260-6612260 |
|
|
|
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Factory 6: |
Plot 2D, Sector 10, IIE SIDCUL, Haridwar – 249403, |
|
Tel. No.: |
91-1334-239463 |
|
Fax No.: |
91-1334-239375 |
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|
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Factory 7: |
Burkhamunda, Jharsuguda - 768 202, |
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Factory 8 : |
Power Cables, No. 5, Vardhaman Industrial Estate, Haridwar – 249 402, |
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Sales Office : |
Unit No 202, 2nd Floor, Pentagon Tower 2 Magarpatta
Township, Hadapsar, Pune – 410028, Maharashtra, India |
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Sales, Marketing and Representative Offices: |
Located at: · China · India · Netherlands · Russia · South Africa · Turkey · United Arab Emirates · United Kingdom ·
United States of America ·
Vietnam |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Anil Agarwal |
|
Designation : |
Non - Executive Chairman |
|
Date of Birth/Age : |
16.06.1957 |
|
|
|
|
Name : |
Mr. Arun Todarwal |
|
Designation : |
Non – Executive and Independent Director |
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|
Name : |
Mr. A. R. Narayanaswamy |
|
Designation : |
Non – Executive and Independent Director |
|
Date of Birth/Age : |
22.12.1951 |
|
|
|
|
Name : |
Mr. Haigreve Khaitan |
|
Designation : |
Non – Executive and Independent Director |
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Name : |
Mr. Pravin Agarwal |
|
Designation : |
Whole Time Director |
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|
16.10.1954 |
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|
|
Name : |
Mr. Anand Agarwal |
|
Designation : |
Chief Executive Officer and Whole Time Director |
|
Date of Birth/Age : |
07.08.1967 |
|
|
|
|
Name : |
Mr. C V
Krishnan |
|
Designation : |
Director |
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|
|
Name : |
Mr. Pratik
Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pravin
Agarwal |
|
Designation : |
Whole-time
Director |
KEY EXECUTIVES
|
Name : |
Mr. Anupam Jindal |
|
Designation : |
Chief Financial Officer |
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|
Name : |
Mr. Sandeep Deshmukh |
|
Designation : |
Company Secretary |
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Name : |
Mr. K. S. Rao |
|
Designation : |
Chief Operating Officer (Telecom) |
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|
Name : |
Mr. Rajendra Mishra |
|
Designation : |
Vice President – Strategic Business Initiatives and Head
Power Cables Business |
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|
Name : |
Mr. Vijay Jain |
|
Designation : |
Chief Operating Officer – Networks Business |
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|
Name : |
Mr. Pratik Agarwal |
|
Designation : |
Head – Infrastructure Business |
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Name : |
Mr. Prasanth Puliakottu |
|
Designation : |
Chief Information Officer |
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|
Name : |
Mr. Pankaj Priyadarshi |
|
Designation : |
CCO |
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|
Name : |
Mr. Ajay Bhardwaj |
|
Designation : |
Chief Operating Officer – Grid Business |
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Name : |
Mr. Kamal Sehgal |
|
Designation : |
Leader – Business Excellence |
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|
Name : |
Mr. Vimal Malhotra |
|
Designation : |
Head – Human Resources |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1283556 |
0.33 |
|
|
4764295 |
1.21 |
|
|
6047851 |
1.54 |
|
|
|
|
|
|
209402750 |
53.17 |
|
|
209402750 |
53.17 |
|
Total shareholding of Promoter and Promoter Group (A) |
215450601 |
54.71 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
10579027 |
2.69 |
|
|
21717383 |
5.51 |
|
|
500 |
0.00 |
|
|
914737 |
0.23 |
|
|
4734915 |
1.20 |
|
|
37946562 |
9.64 |
|
|
|
|
|
|
24343656 |
6.18 |
|
|
|
|
|
|
86815839 |
22.04 |
|
|
23159961 |
5.88 |
|
|
6107662 |
1.55 |
|
|
4050665 |
1.03 |
|
|
200 |
0.00 |
|
|
11705 |
0.00 |
|
|
1643337 |
0.42 |
|
|
85550 |
0.02 |
|
|
203605 |
0.05 |
|
|
112600 |
0.03 |
|
|
140427118 |
35.66 |
|
Total Public shareholding (B) |
178373680 |
45.29 |
|
Total (A)+(B) |
393824281 |
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) |
393824281 |
100.00 |
Individual shareholders holding nominal
share capital up to Rs.0.100 million
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Power and Telecom Products and Solutions. |
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|
Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Power Transmission Line –
Distribution Conductor ** |
MT |
N.A. |
160000 |
|
Copper Telecom Cables |
CKM |
9500000 |
2828400 |
|
Fiber Optic cables* |
FKM |
5309059 |
4500000 |
|
Optical Fiber |
KM |
12000000 |
12000000 |
|
Broadband Access Networks |
NOS. |
1500000 |
1000000 |
* Based on Average Fibre KM.
** N.A. – Delicenced vide notification no. 477 (E)
Dated 27th July, 1991.
|
Particulars (including for captive
consumption) |
Unit |
Actual
Production |
|
Copper Telecom Cables |
CKM |
720524 |
|
Fiber Optic cables |
FKM |
3775878 |
|
Optical Fibre* |
KM |
9130523 |
|
Power Transmission Line –
Distribution Conductor (AAC/ACSR) ** |
MT |
125530 |
* It includes 3,742,671 KM (2,906,150 KM) produced
for captive consumption
** Current Year 140,952 KM (129,036 KM)
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
· Axis Bank · Bank of Baroda · Bank of India · Bank of Maharashtra · Citibank · Corporation Bank · EXIM Bank · HDFC Bank · ICICI Bank · Kotak Mahindra Bank · Oriental Bank of Commerce · Punjab National Bank · State Bank of India ·
Union Bank ·
Yes Bank ·
Deutsche Bank |
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Facilities : |
Notes: Long Term Borrowings a) Indian rupee term
loan from bank amounting to Rs.850.000 Millions carries interest @ BPLR +
1.35% p.a. loan amount is repayable in 20 quarterly equated installments of
Rs. 42.500 Millions (excluding interest) from the end of moratorium period.
The term loan is secured by first charge on the movable fixed assets (both
present and future). b) Indian rupee
term loan from bank amounting to Rs.1500.000 Millions carries interest @ BPLR
+ 1% p.a. loan amount is repayable in 16 quarterly equated installments of
Rs.93.800 Millions (excluding interest) from the end of moratorium period.
The term loan is secured by first charge on the movable fixed assets (both
present and future). Short Term Borrowings Cash credit and working
capital demand loans from banks are secured by hypothecation of raw
materials, work in progress, finished goods and trade receivables. The cash credit is repayable on demand and carries interest @ 9.5-10% Working capital demand loans from banks are secured by first charge on
current assets (both present and future) and second charge on movable fixed
assets (both present and future) and carry interest @ 9.5-11%. |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S. R. Batliboi and Company LLP Chartered Accountants |
|
Address : |
C-401, 4th Floor, Panchasil Tech Park, Yerwada (Near Din
Bosco School), Pune – 411066, Maharashtra, India |
|
Tel. No.: |
91-20-66036000 |
|
Fax No.: |
91-20-66015900 |
|
|
|
|
As on 31.03.2013 : |
|
|
|
|
|
Holding Company : |
·
Twin Star Overseas Limited, Mauritius |
|
|
|
|
Ultimate Holding Company: |
·
Volcan Investments Limited, Bahamas |
|
|
|
|
Subsidiaries : |
·
Sterlite Grid Limited ·
E ast North Interconnection Company Limited ·
Jabalpur Transmission Company Limited ·
Bhopal Dhule Transmission Company Limited ·
Sterlite Global Ventures (Mauritius) Limited ·
Jiangsu Sterlite Tongguang Fiber Company Limited ·
Sterlite Networks Limited ·
Sterlite Display Technologies Private Limited ·
Sterlite Technologies Americas LLC ·
Sterlite Technologies Europe Ventures Limited ·
Maharashtra Transmission Communication
Infrastructure Limited |
|
|
|
|
Other Related Parties : |
·
Sterlite Industries (India) Limited ·
Fujairah Gold FZE ·
Bharat Aluminium Company Limited ·
Hindustan Zinc Limited ·
Sterlite Energy Limited ·
Vedanta Aluminium Limited ·
Vedanta Resources PLC |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.786.600 Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
750000000 |
Equity Shares |
Rs.2/- each |
Rs.1500.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
393439135 |
Equity Shares |
Rs.2/- each |
Rs.786.900
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
787.600 |
786.900 |
786.500 |
|
(b) Reserves & Surplus |
11,395.300 |
11,043.000 |
10,702.300 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
12,182.900 |
11,829.900 |
11,488.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
6,834.400 |
2,066.800 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
866.400 |
872.100 |
735.200 |
|
(c) Trade Payables |
0.000 |
15.900 |
194.200 |
|
(d) long-term provisions |
51.800 |
153.100 |
397.100 |
|
Total Non-current Liabilities (3) |
7,752.600 |
3,107.900 |
1,326.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
5,597.200 |
8,323.500 |
6,643.700 |
|
(b) Trade payables |
6,194.600 |
6,192.500 |
5,211.700 |
|
(c) Other current
liabilities |
3,461.400 |
3,238.400 |
3,142.700 |
|
(d) Short-term provisions |
274.500 |
172.300 |
151.700 |
|
Total Current Liabilities (4) |
15,527.700 |
17,926.700 |
15,149.800 |
|
|
|
|
|
|
TOTAL |
35,463.200 |
32,864.500 |
27,965.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
10,225.000 |
9,934.900 |
9,530.100 |
|
(ii) Intangible Assets |
0.000 |
77.600 |
59.500 |
|
(iii) Capital
work-in-progress |
0.000 |
289.700 |
410.800 |
|
(iv) Fixed
Assets Held for Sale |
0.000 |
0.000 |
80.500 |
|
(b) Non-current Investments |
2,286.500 |
1,891.000 |
1,763.400 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term Loan and Advances |
8,840.300 |
6,764.500 |
2,251.500 |
|
(e) Other Non-current assets |
123.200 |
0.000 |
0.000 |
|
(f) Trade receivables |
|
691.200 |
1,172.200 |
|
Total Non-Current Assets |
21,475.000 |
19,648.900 |
15,268.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2,050.000 |
0.000 |
0.000 |
|
(b) Inventories |
2,994.100 |
2,915.400 |
2,727.000 |
|
(c) Trade receivables |
6,712.800 |
6,403.700 |
6,667.500 |
|
(d) Cash and cash
equivalents |
441.200 |
1,957.500 |
1,847.700 |
|
(e) Short-term loans and
advances |
1,734.200 |
1,930.900 |
1,371.400 |
|
(f) Other current assets |
55.900 |
8.100 |
83.500 |
|
Total Current Assets |
13,988.200 |
13,215.600 |
12,697.100 |
|
|
|
|
|
|
TOTAL |
35,463.200 |
32,864.500 |
27,965.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
27,263.400 |
33537.100 |
27274.700 |
|
|
|
Other Income |
169.500 |
145.400 |
236.700 |
|
|
|
TOTAL (A) |
27,432.900 |
33682.500 |
27511.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material and components consumed |
17,768.600 |
22737.400 |
19050.000 |
|
|
|
Purchase of traded goods |
281.200 |
708.300 |
545.700 |
|
|
|
Increase (decrease) in finished
goods, stock in trade and WIP |
(180.500) |
60.300 |
(560.200) |
|
|
|
Staff Cost |
1,223.900 |
0.000 |
0.000 |
|
|
|
Employee benefits expense |
0.00 |
1177.000 |
987.000 |
|
|
|
Other expenses |
5,627.300 |
6396.200 |
5256.600 |
|
|
|
TOTAL (B) |
24,720.500 |
31079.200 |
25279.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2,712.400 |
2603.300 |
2232.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
952.800 |
1055.700 |
951.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1,759.600 |
1547.600 |
1281.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1,028.800 |
859.500 |
713.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
730.800 |
688.100 |
567.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
228.800 |
213.500 |
129.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
502.000 |
474.600 |
438.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
NA |
9529.900 |
8132.500 |
|
|
|
FOB Value of Deemed Exports |
NA |
1436.700 |
2051.400 |
|
|
TOTAL EARNINGS |
NA |
10966.600 |
10183.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
7008.800 |
5406.700 |
|
|
|
Stores & Spares |
NA |
137.700 |
120.000 |
|
|
|
Capital Goods |
NA |
469.200 |
255.800 |
|
|
TOTAL IMPORTS |
NA |
7615.700 |
5782.500 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
Basic |
1.21 |
1.12 |
3.95 |
|
|
|
Diluted |
1.20 |
1.11 |
3.72 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
1.83 |
1.41 |
1.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.68 |
2.05 |
2.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.80 |
4.10 |
4.76 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.06 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.02 |
0.88 |
0.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.00 |
0.00 |
0.01 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
786.500 |
786.900 |
787.600 |
|
Reserves & Surplus |
10702.300 |
11043.000 |
11395.300 |
|
Net
worth |
11488.800 |
11829.900 |
12182.900 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
2066.800 |
6834.400 |
|
Short term borrowings |
6643.700 |
8323.500 |
5597.200 |
|
Total
borrowings |
6643.700 |
10390.300 |
12431.600 |
|
Debt/Equity
ratio |
0.578 |
0.878 |
1.020 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
27,274.700 |
33,537.100 |
27,263.400 |
|
|
|
22.960 |
(18.707) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
27,274.700 |
33,537.100 |
27,263.400 |
|
Profit |
438.400 |
474.600 |
502.000 |
|
|
1.61% |
1.42% |
1.84% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2013 Rs.
In Millions |
|
Long-Term Borrowings |
|
|
|
Deferred payment liabilities |
|
|
|
Sales tax loan (interest free) |
|
0.000 |
|
Short-Term Borrowings |
|
|
|
Other loan from banks |
|
5832.300 |
|
Total |
NA |
5832.300 |
Notes
Short Term Borrowings
Other loans from banks include buyer’s credit arrangements and export
bill discounting. They are repaid / rolled over after a period of six months
and carry interest @0.95-2% (excluding hedging premium).
CORPORATE
INFORMATION
Subject is a
public company domiciled in India and incorporated under the provisions of the
Companies Act, 1956. Its shares are listed on two stock exchanges in India. The
company is primarily engaged in the manufacture and sale of Power and Telecom
products and solutions. Telecom products and solutions mainly include
integrated optical fiber, other Telecom products such as fiber optical cables,
copper Telecom cables, structured data cables, access equipments, fiber
connectivity and system integration solution offerings for Telecom networks and
other service providers. Power products and solutions mainly includes power
transmission conductors and cables.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10401862
|
22/01/2013
|
2,500,000,000.00
|
State
Bank Of India |
State
Bank Bhavan, Madame Cama Road, Mumbai, Maharashtra - 400021, India |
B67457549
|
|
2 |
10402643
|
22/01/2013
|
1,500,000,000.00
|
Export-Import
Bank Of India |
Centre
One Building, 21st Floor, World Trade Centre, Cuffe Parade, Mumbai, Maharashtra
- 400005, India |
B67905901
|
|
3 |
10403684
|
22/01/2013
|
5,730,000,000.00
|
State
Bank Of India |
Neville
House, J.N. Heredia Marg, Ballard Estate, Mumbai, Maharashtra - 400001, India
|
B68308972
|
|
4 |
10403874
|
22/01/2013
|
1,750,000,000.00
|
Yes
Bank Limited |
9th
Floor, Nehru Centre, Discovery Of India, Dr. Annie Besant Road, Worli,
Mumbai, Maharashtra-400018, India |
B68452630
|
|
5 |
10403942
|
22/01/2013
|
1,500,000,000.00
|
Kotak
Mahindra Bank Limited |
36-38
A, Nariman Bhavan, 227,D, Nariman Point, Mumbai, Maharashtra - 400021, India |
B68489483
|
|
6 |
10405909
|
22/01/2013
|
3,000,000,000.00
|
Corporation
Bank |
Corporate
Banking Branch, 104 Bharat House, M S Marg, Fort, Mumbai, Maharashtra - 400023,
India |
B68634260
|
|
7 |
10405941
|
22/01/2013
|
8,920,000,000.00
|
ICICI
Bank Limited |
Landmarkrace
Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
B68594027
|
|
8 |
10406455
|
22/01/2013
|
4,250,000,000.00
|
Bank
Of Maharashtra |
Lokmangal,
1501, Shivajinagar, Pune, Maharashtra- 411005, India |
B68926468
|
|
9 |
10406463
|
22/01/2013
|
3,930,000,000.00
|
Bank
Of Baroda |
Corporate
Financial Services Branch, Mantri Court, 1st Floor, 39 Ramabai Ambedkar Road,
Pune, Maharashtra - 411001, India |
B68906957
|
|
10 |
10406828
|
22/01/2013
|
3,000,000,000.00
|
Axis
Bank Limited |
Trishul
3rd Floor Opp Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad,
Gujarat - 380006, India |
B69045763
|
|
11 |
10406831 |
22/01/2013 |
750,000,000.00 |
Citi
Bank N.A. |
Citigroup
Centre, 7th Floor, Bandra -Kurla Complex, Bandra (East), Mumbai, Maharashtra
- 400051, India |
B69079408 |
|
12 |
10406841 |
22/01/2013 |
2,000,000,000.00 |
Export-Import
Bank Of India |
Centre
One Building, 21st Floor, World Trade Centre, Cuffe Parade, Mumbai,
Maharashtra - 400005, India |
B69101673 |
|
13 |
10406848 |
22/01/2013 |
1,500,000,000.00 |
HDFC
Bank Limited |
HDFC
Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013,
India |
B69045904 |
|
14 |
10406868 |
22/01/2013 |
6,750,000,000.00 |
Oriental
Bank Of Commerce |
F.C.
Road,, 917-20/20a, OBC Tower, Pune, Maharashtra - 411004, India |
B69045854 |
|
15 |
10406870 |
22/01/2013 |
2,750,000,000.00 |
Union
Bank Of India Limited |
Union
Bank Bhavan, 239, Vidhan Bhavan Marg, Mumbai, Maharashtra - 400021, India |
B69078129 |
|
16 |
90141388 |
09/11/2004 |
2,240,500,000.00 |
Housing
Development Finance Corporation Limited |
Raman
House; H.T Parakh Marg, Backbay Reclamation; Churchgate, Mumbai, Maharashtra
- 400020, India |
- |
|
17 |
90144133 |
19/10/2002 |
457,700,000.00 |
Il
And Fs Trust Company Limited |
Il And
Fs Centre, C-22;Block G; Bandra Kurla, Mumbai, Maharashtra - 400051, India |
- |
FIXED ASSETS:
·
Freehold land
·
Leasehold land
·
Buildings
·
Plant and machinery
·
Furniture and fixtures
·
Data processing equipment
·
Office equipment
·
Electric fittings
·
Vehicles
NEWS
STERLITE GRID WINS
TWO MORE POWER TRANSMISSION PROJECTS
... Projects valued at Rs 650 Crore
... The RAPP-Unit 7, 8 transmission project involves establishment of 400 kV double circuit line; to further strengthen power transfer capability from Northern Grid to Western Grid
... The ERRS-7 project will transmit power using two 400 kV double circuit lines as well as 400 kV Multi-circuit towers a first in private sector in India
... Forms a part of the transmission systems strengthening project awarded to Sterlite Grid Limited on a 'Build, Own, Operate and Maintain' (BOOM) basis
...Transmission lines to be commissioned in 28 months; Sterlite Grid Limited Company would thereafter operate and maintain the same for a minimum tenure of 35 years thereafter.
Pune, India – September 20, 2013: Sterlite Grid Limited, a subsidiary of Sterlite Technologies Limited, has secured two major projects with a total project outlay of about Rs 6500.000 Millions. Both the transmission projects will be developed on BOOM basis, and has been awarded by Power Finance Corporation of India – the nodal agency.
The first project – Rajasthan Atomic Power Project “RAPP-Unit 7, 8” transmission project – will transfer power from the atomic power plant near Kota in Rajasthan to Shujalpur in Madhya Pradesh. The transmission systems will evacuate and transmit power through a network of about 200 km long 400 kV double circuit line. This line, when commissioned, will further strengthen power transfer capability from Northern Grid to Western Grid.
The second project, namely “ERRS-7” will include establishment of two 400 kV double circuit lines between Ranchi and Chaibasa in Jharkhand; besides Kharagpur and Purulia in West Bengal. The total line length is around 450 km and the project will include 400 kV Multi-circuit towers near Ranchi substation. This is considered to be the first of its kind private sector transmission projects in India. The project will further strengthen Sterlite’s presence in the Eastern region after the recent commissioning of the Purnia-Bihar Sharif line in Bihar
“These projects strengthen our presence in Eastern and Western regions and will also mark our entry into the states of Rajasthan and Jharkhand. Further, in terms of growth potential in the transmission sector, these states have significant growth potential and fit well in our future growth plans,” said Pravin Agarwal, Director, Sterlite Technologies Limited.
About Sterlite
Technologies Limited
Sterlite Technologies Limited (“Sterlite”) [BSE: 532374, NSE: STRTECH], is a leading global provider of transmission solutions for the power and telecom industries. Equipped with a product portfolio that includes power conductors, optical power ground wire, EHV/HV power cables, optical fibers, telecommunication cables and a comprehensive telecom systems / solutions portfolio, Sterlite's vision is to 'Connect every home on the planet'.
STERLITE TECHNOLOGIES
POSTS H1SALES OF RS 14000.000 MILLIONS
... Commences Q3 FY14 with confirmed orders of about Rs 25000.000 Millions
Pune, India – October 25, 2013: Sterlite Technologies Limited [BSE: 532374, NSE: STRTECH], a leading global provider of transmission solutions for the telecom and power industries, today announced its second quarter and half year results for Financial Year 2014.
Financial highlights:
• Sterlite closed H1 of FY 14 with EBITDA of Rs 1440.000 Millions over revenues of Rs 14010.000 Millions translating into a profitability margin of 10%
• Net Income for the company has Rs 230.000 Millions in H1 FY 13 to Rs 350.000 Millions in H1, FY14 improved by 120 basis points from
• The company had a healthy flow of orders in the quarter and starts the Q3, FY 14 with a strong open order book of Rs 25000.000 Millions.
• Q2 FY 14 accounted for International revenues of Rs. 2700.000 Millions (42% of total revenues)
Business Highlights
In the Telecom
Segment
• Launch of 3 new products in the Bend-insensitive, BOW-LITE family of fiber, extending the telecom portfolio catering to FTTx applications.
• Global footprints expanded with orders from one of the fastest growing telecom companies in Africa.
• Received one of largest cable orders in the last 3 years from a leading domestic operator which will be using Sterlite’s enhanced fiber.
In The Power segment
• Strengthened global presence with entry in to two new geographies with exports now contributing more than 50% of the open order book
• Secured the largest export order ever (~ 95 M USD) in the Latin America market.
In the Infrastructure
segment
• Successful completion of the first line (Purnia – Bihar Sharif) for the ENICL, India’s first Ultra mega transmission project in a record period of 26 months
• Two new projects won in this Quarter: RAPP 7, 8 and ERSS – 7, with total project outlay of Rs. 6500.000 Millions.
“We continue to see consistent demand visibility for optical fiber and power conductors across geographies driven by trends like National Broadband Plan, 4G and improving regulatory environment in power sector. In a challenging economic environment, we remain committed to our strategy and our customers, and we are encouraged by increasing customer interest in our end-to-end solutions offerings,” says Mr Pravin Agarwal, Whole-time
Director, Sterlite Technologies Limited
STERLITE TECHNOLOGIES
SALES OF RS.6800.000 MILLIONS IN Q3
...Commences Q4 FY14 with order book of Rs. 26000.000 Millions
Pune, India – January 30, 2014: Sterlite Technologies Limited [BSE: 532374, NSE: STRTECH], a leading global provider of transmission solutions for the telecom and power industries, today announced its third quarter results for Financial Year 2014
Financial highlights
for Q3 FY14
Sterlite closed Q3FY14 with total revenue of Rs. 6800.000 Millions and EBITDA of Rs. 540.000 Millions, translating in a profitability margin of 8%
The EBITDA margin for 9M FY 14 at 9.5% shows improvement compared to same period last year
Exports account for 35% of total revenues in Q3 FY14, with addition of six new key customer accounts
Open order book at end of the Q3 FY14 at Rs. 26000.000 Millions with exports constituting close to 50%
Segment Review:
Telecom Segment
• Highest ever sales volumes in a quarter for optical fiber cable at 1.6 million fiber km
• Secured largest share for supply of Optical fiber cables and accessories in the prestigious National Optical Fiber Network (NOFN) project to connect 2,50,000 village panchayat
Power Segment
• Healthy flow of orders supported by addition of new strategic customer accounts in the European and African region. Open order book at end of the Q3 FY14 at Rs. 24000.000 Millions with an exports accounting to around 55%
• Received a certificate of appreciation for best product by an Indian exhibitor at ELECRAMA 2014 for registered product UltraEFF®, low loss power cable that reduces energy loss by 10%.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.61.02 |
|
UK Pound |
1 |
Rs.102.69 |
|
Euro |
1 |
Rs.81.91 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
0 |
|
--BUSINESS SCALE |
1~10 |
|
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
52 |
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.