MIRA INFORM REPORT
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Report Date : |
25.08.2014 |
IDENTIFICATION DETAILS
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Name : |
ADITYA
BIRLA NUVO LIMITED (w.e.f. 27.10.2005) |
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Formerly Known
As : |
INDIAN
RAYON AND INDUSTRIES LIMITED (w.e.f. 23.01.1987) INDIAN
RAYON CORPORATION LIMITED |
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Registered
Office : |
Indian Rayon Compound, Veraval - 362266, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
26.09.1956 |
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Com. Reg. No.: |
04-001107 |
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Capital
Investment / Paid-up Capital : |
Rs.1301.800 Millions |
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CIN No.: [Company
Identification No.] |
L17199GJ1956PLC001107 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
BRD100317C |
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PAN No.: [Permanent
Account No.] |
AAACI1747H |
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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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Line of Business
: |
Subject is engaged in the financial services, telecom, fashion and lifestyle, IT-ITeS, and manufacturing of Agri-business, Rayon Yarn, Insulators, Carbon Black etc. |
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No. of Employees
: |
20250 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (66) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 324310000 |
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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 record. The rating reflects company’s diversified business risk profile, marked
by its strong market position and healthy operating efficiencies in its
manufacturing, fashion and lifestyle businesses. Trade relations are reported as fair. Business is active. Payment 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) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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
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 |
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Rating |
Long Term Rating = AA+ |
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Rating Explanation |
High degree of safety and very low credit
risk. |
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Date |
31.01.2014 |
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
31-03-2014.
LOCATIONS
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Registered Office : |
Indian Rayon Compound, Veraval - 362 266, |
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Tel. No.: |
91-2876-245711
/ 245735 / 245758 / 248401 |
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Fax No.: |
91-2876-243220 |
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E-Mail : |
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Website : |
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Corporate Office : |
A-4, Aditya Birla
Centre, S K Ahire Marg, Worli, Mumbai – 400 030, |
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Tel. No.: |
91-22-66525585 |
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Fax No.: |
91-22-66525821
/ 24995821 |
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Head Office : |
91
Sakhar Bhawan, 9th Floor, 230 Nariman Point, Mumbai – 400 021, |
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Tel. No.: |
91-22-2204
5004 |
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Fax No.: |
91-22-2204
3686 |
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E-Mail : |
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Branch Office : |
Plot No.5B, Regent Gateway, Doddanakundi Village, Bangalore – 560048, Karnataka, India |
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Tel No. |
91-80-67271600 |
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Fax No.: |
91-80-67271616 |
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Factory 1: |
GARMENTS DIVISION: Madura
Garments M G
House, Plot No. 5B, Doddanekkundi Industrial Area, 1 Stage, Krishnaraja Puram
Hobli, Brookefields, Bangalore-560048, |
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Tel No. |
91-80-67271600 |
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Fax No.: |
91-80-67272626 |
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E mail: |
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Factory 2: |
RAYON DIVISION Indian
Rayon Division Veraval
362 266, Gujarat, |
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Tel No. |
91-2876-245711 /
248401 |
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Fax No.: |
91-2876-243220 |
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E mail: |
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Factory 3: |
CARBON BLACK DIVISIONS: Hi-Tech
Carbon Murdhwa
Industrial Area, P. O. Renukoot 231 217, District Sonbhadra, |
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Tel No. |
91-5446-252387
to 391 |
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Fax No.: |
91-5446-252502
/ 252858 |
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E mail: |
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Factory 4: |
Argon Gas Plant: Rajashree
Gases IGFL
Complex, P. O. Jagdishpur Industrial Area - 227 817, District Sultanpur, |
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Tel No. |
91-5361-270032
to 38 |
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Fax No.: |
91-5361-270595
/ 270165 / 270172 |
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E mail: |
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Factory 5: |
HITECH CARBON, GUMMIDIPOONDI K-16,
Phase II, SIPCOT Industrial Complex, Gummidipoondi - 601 201District Tiruvallur
- Tamil |
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Tel No. |
91-4119-223233
to 36 |
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Fax No.: |
91-4119-223129/223116 |
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E mail: |
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Factory 6: |
Textile Plants: Jaya Shree Textiles P.
O. Prabhasnagar - 712 249, District Hooghly, West |
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Tel No. |
91-33-26721146
/ 26001200 |
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Fax No.: |
91-33-26721683
/ 26722626 |
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E mail: |
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Factory 7: |
Rajashree
Syntex P.
O. Tantigaria, District Midnapur Paschim, PIN: 721 102, (West Bengal), |
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Tel No. |
91-3222-263131
/ 275820 / 263964 |
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Fax No.: |
91-3222-275528 |
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E mail: |
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Factory 8: |
Other Division: Aditya Birla Insulator (Domestic
Marketing) P. O.
Meghasar Taluka Halol, District Panchmahal, Gujarat - 389 330, |
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Tel No. |
91-2676-221002 |
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Fax No.: |
91-2676-223375 |
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E mail: |
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Factory 9: |
Fertilizer Plant : P.O.
Jagdishpur Industrial Area, District Sultanpur - 227 817, |
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Tel No. |
91-5361-270032-38 |
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Fax No.: |
91-5361-270165
and 270595 |
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E mail: |
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Factory 10 : |
Financial Services Division Appejay,
2nd Floor, |
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Tel No. |
91-22-22880660 |
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Fax No.: |
91-22-22881088 |
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E mail: |
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Factory 11: |
Insulator Plants P.O.
Meghasar, Taluka: Halol, District Panchmahal-389330, |
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Tel No. |
91-2676-221002 |
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Fax No.: |
91-2676-223375 |
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E mail: |
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Factory 12: |
Aditya Birla Insulators, Rishra P.O.
Prabhas Nagarl, Rishra, District Hoogly-712249, West |
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Tel No. |
91-33-26723535 |
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Fax No.: |
91-33-26722705 |
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E mail: |
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Factory 13 : |
Hi-Tech Carbon, Patalganga Village: Lohop,
Talavali, Patalganga, Taluka: Khalapur, Dist. Raigad - 410 207, |
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Website : |
DIRECTORS
As on 31.03.2014
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Name : |
Mr. Kumar Mangalam Birla |
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Designation : |
Non-Executive Chairman |
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Date of Birth/Age : |
14.06.1967 |
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Qualification : |
B.Com, A.C.A, M.B.A (London) |
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Date of Appointment : |
23.09.1992 |
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Name : |
Mrs. Rajashree Birla |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Lalit Naik |
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Designation
: |
Deputy Managing Director |
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Name : |
Mr. Sushil Agarwal |
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Designation : |
Whole-Time Director and Chief Financial Officer |
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Name : |
Dr. Rakesh Jain |
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Designation : |
Managing Director |
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Name : |
Mr. B. L. Shah |
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Designation : |
Non-Executive Director |
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Name : |
Mr. G. P. Gupta |
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Designation : |
Independent Director |
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Date of Birth/Age : |
11.01.1941 |
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Qualification : |
M.Com |
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Date of Appointment : |
27.04.2005 |
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Name : |
Ms. Tarjani Vakil |
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Designation : |
Independent Director |
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Name : |
Mr. P. Murari |
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Designation : |
Independent Director |
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Name : |
Mr. S. C. Bhargava |
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Designation : |
Independent Director |
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Name : |
Mr. B. R. Gupta |
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Designation : |
Independent Director |
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Name : |
Mr. Tapasendra Chattopadhyay |
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Designation : |
Independent Director |
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Date of Birth/Age : |
31.03.1951 |
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Qualification : |
M. Sc (Chemistry) |
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Date of Appointment : |
30.05.2011 |
KEY EXECUTIVES
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Name : |
Mrs. Hutokshi Wadia |
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Designation : |
Company Secretary |
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Senior
Management Team : |
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Name : |
Mr. Lalit Naik (w.e.f. 1st July, 2014) |
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Designation : |
Managing Director |
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Name : |
Dr. Rakesh Jain (upto 30th June, 2014) |
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Designation : |
Managing Director |
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Name : |
Mr. Lalit Naik (upto 30th June, 2014) |
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Designation : |
Deputy Managing Director |
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Name : |
Mr. Sushil Agarwal |
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Designation : |
Whole-Time Director and Chief
Financial Officer |
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Aditya Birla Financial Services : |
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Name : |
Mr.
Ajay Srinivasan |
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Designation : |
Chief
Executive Officer |
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Name : |
Mr.
Pankaj Razdan |
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Designation : |
Dy. Chief Executive Officer MD and CEO, Birla Sun Life
Insurance Company Limited |
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Telecom : |
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Name : |
Mr. Himanshu Kapania |
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Designation : |
Business Head |
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MANUFACTURING: |
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Agri and Insulators :
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Name : |
Mr.
Lalit Naik |
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Designation : |
Business
Director |
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Name : |
Mr.
Raj Narayanan |
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Designation : |
Chief
Executive Officer |
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Name : |
Dr.
Rakesh Jain |
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Designation : |
Business Director [upto 30th June, 2014] |
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Rayon : |
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Name : |
Mr.
Lalit Naik |
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Designation : |
Business
Director |
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Name : |
Dr.
Bir Kapoor |
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Designation : |
President |
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Fashion and Lifestyle : |
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Name : |
Mr.
Pranab Barua |
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Designation : |
Business
Head (Branded Apparels) |
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Name : |
Mr.
Thomas Varghese |
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Designation : |
Business
Head (Textiles) |
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Name : |
Mr.
Ashish Dikshit |
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Designation : |
Chief
Executive Officer (Madura Fashion and Lifestyle) |
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Name : |
Mr.
Shital Mehta |
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Designation : |
Chief
Executive Officer (Pantaloons Fashion) |
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Name : |
Mr.
S. Krishnamoorthy |
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Designation : |
President - Jaya Shree Textiles |
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IT-ITeS (Divested
w.e.f. 9th May, 2014) : |
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Name : |
Dr.
Rakesh Jain |
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Designation : |
Business
Director |
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Name : |
Mr. Deepak Patel |
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Designation : |
Chief Executive Officer |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholder |
No. of Shares |
Percentage
of Holding |
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(A)
Shareholding of Promoter and Promoter Group |
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|
136203 |
0.11 |
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|
74308494 |
58.55 |
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|
74444697 |
58.66 |
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Total
shareholding of Promoter and Promoter Group (A) |
74444697 |
58.66 |
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(B)
Public Shareholding |
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|
5167025 |
4.07 |
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|
8414152 |
6.63 |
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|
1523031 |
1.20 |
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|
20603287 |
16.23 |
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|
6276 |
0.00 |
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|
6276 |
0.00 |
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|
35713771 |
28.14 |
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|
3434811 |
2.71 |
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|
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|
11556272 |
9.11 |
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|
462686 |
0.36 |
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|
1295514 |
1.02 |
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|
280679 |
0.22 |
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|
1006068 |
0.79 |
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|
8767 |
0.01 |
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|
16749283 |
13.20 |
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Total
Public shareholding (B) |
52463054 |
41.34 |
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Total (A)+(B) |
126907751 |
100.00 |
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(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
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|
1425000 |
0.00 |
|
|
1752221 |
0.00 |
|
|
3177221 |
0.00 |
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Total (A)+(B)+(C) |
130084972 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the financial services, telecom,
fashion and lifestyle, IT-ITeS, and manufacturing of Agri-business, Rayon
Yarn, Insulators, Carbon Black etc. |
GENERAL INFORMATION
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No. of Employees : |
20250 (Approximately) |
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Bankers : |
· State Bank of India · Corporation Bank · Standard Chartered Grindlays Bank Limited · United Bank of India · UCO Bank · Canara Bank · Punjab National Bank · Bank of America NT and SA · HDFC Bank Limited · Citibank NIA. · American Express Bank Limited · Central Bank of India · The Hongkong and Shanghai Banking Corporation Limited · Allahabad Bank · State Bank of Saurashtra · Standard Chartered Bank |
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Facilities : |
Notes:
- Effective cost has been calculated with hedged cost in
terms of foreign currency loan and net of interest subsidy in case of TUF
loans. |
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Banking
Relations : |
-- |
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Auditors : |
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Name 1 : |
Khimji Kunverji and Company Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Name 2 : |
S.R. Batliboi and Company LLP Chartered Accountants |
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Branch Auditors: |
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Name 1 : |
K. S. Aiyar and Company Chartered Accountants |
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Address : |
Mumbai, Maharashtra, India |
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Name 2 : |
Deloitte Haskins and Sells Chartered Accountants |
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Solicitors : |
· Amarchand and Mangaldas and Suresh A. Shroff and Company · Mulla and Mulla and Craigie, Blunt and Caroe |
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Subsidiaries : |
·
Aditya Birla Financial Services
Private Limited (ABFSPL) ·
Aditya Birla Capital Advisors
Private Limited (ABCAPL) ·
Aditya Birla Customer Services
Private Limited (ABCSPL) ·
Aditya Birla Trustee Company
Private Limited (ABTCPL) ·
Aditya Birla Money Limited (ABML) ·
Aditya Birla Commodities Broking
Limited (ABCBL) ·
Aditya Birla Financial Shared
Services Limited (ABFSSL) ·
Aditya Birla Finance Limited (ABFL) ·
Aditya Birla Securities Private
Limited (ABSPL) ·
Aditya Birla Insurance Brokers
Limited (ABIBL) ·
Birla Sun Life Asset Management
Company Limited (BSAMC) ·
Birla Sun Life AMC (Mauritius)
Private Limited ·
Aditya Birla Sun Life AMC Private
Limited , Dubai ·
Aditya Birla Sun Life AMC Pte.
Private Limited , Singapore ·
India Advantage Fund Private
Limited ·
Birla Sun Life Trustee Company
Private Limited (BSTPL) ·
Aditya Birla Housing Finance
Limited (ABHFL) ·
Aditya Birla Money Mart Limited
(ABMML) ·
Aditya Birla Money Insurance
Advisory Services Limited (ABMIASL) ·
ABNL IT and ITES Limited
(ITandITES) ·
Aditya Birla Minacs BPO Private
Limited (ABMBPL) ·
Aditya Birla Minacs Worldwide
Limited (ABMWL) ·
Aditya Birla Minacs Philippines
Inc. (ABMPI) ·
AV TransWorks Limited (AVTL) ·
Aditya Birla Minacs Worldwide Inc.
(ABMWI) ·
Aditya Birla Minacs BPO Limited
(ABMBL) ·
Minacs Worldwide SA de CV (MWSC) ·
The Minacs Group (USA) Inc. (MGI) ·
Bureau of Collections Recovery, LLC
(BCR) ·
Bureau of Collections Recovery
(BCR) Inc. (upto February 20, 2014) ·
Minacs Limited (ML) ·
Minacs Worldwide GmbH (MWGH) ·
Minacs Kft. ·
Aditya Vikram Global Trading House
Limited (AVGTHL) ·
Birla Sun Life Insurance Company
Limited (BSLICL) ·
ABNL Investment Limited (ABNL Inv) ·
Shaktiman Mega Food Park Private
Limited (SMFP) ·
Madura Garments Lifestyle Retail
Company Limited (MGLRCL) ·
Indigold Trade and Services Limited
(ITSL) ·
Pantaloons Fashion and Retail
Limited (PFRL) |
|
|
|
|
Joint Ventures : |
·
IDEA Cellular Limited (IDEA) ·
Birla Sun Life Asset Management
Company Limited (BSAMC) (Joint Venture of ABFSPL) (Upto October 10, 2012) ·
Birla Sun Life Trustee Company Private
Limited (BSTPL) (Joint Venture of ABFSPL) (Upto October 10, 2012) |
|
|
|
|
Associates : |
·
Birla Securities Limited (BSL) |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175000000 |
Equity Shares |
Rs.10/- each |
Rs.1750.000 Millions |
|
500000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs.50.000 Millions |
|
|
Total |
|
Rs.1800.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
130126295 |
Equity Shares |
Rs.10/- each |
Rs.1301.300 Millions |
|
10000 |
6% Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs.1.000 Millions |
|
|
Total |
|
Rs.1302.300
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
130084972 |
Equity Shares |
Rs.10/- each |
Rs.1300.800 Millions |
|
10000 |
6% Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs.1.000 Millions |
|
|
Total |
|
Rs.1301.800
Millions |
1.
Reconciliation
of the number of shares outstanding at the beginning and at the end of the
period
|
Equity Shares |
Equity
Shares |
Preference
Shares |
|
No. of Shares Outstanding at the beginning of the period @ Rs.10/-
each |
120213187 |
10000 |
|
Allotment of Rights Shares kept in abeyance on various dates @ Rs.10/-
each |
19 |
-- |
|
Allotment of Shares on exercise of option by employee under ESOS-2006 |
51766 |
-- |
|
Conversion of Warrants into Equity Shares by the Promoter Group |
9820000 |
-- |
|
No. of Shares Outstanding at the end of the period @ Rs.10/- each |
130084972 |
10000 |
2.
Term/Right Attached to Equity Shares
The Company has only one class of equity shares having a
par value of Rs.10 per share. Each holder of equity shares is entitled to one
vote per share. The Company declares and pays dividend in Indian rupees. The
dividend proposed by the Board of Directors is subject to the approval of the
shareholders in the Annual General Meeting. In the event of liquidation of the
Company, the holders of equity shares will be entitled to receive remaining
assets of the Company, after distribution to all preferential holders. The
distribution will be in proportion to the number of equity shares held by the
shareholders.
The Board of Directors has recommended Equity Dividend of
Rs.7.00 per share for the year ended 31st March, 2014 (Previous Year: Rs.6.50
per share). The total cash outflows on account of the Equity Dividend would be
Rs.910.600 Millions (Previous Year: Rs.781.400 Millions) and Dividend
Distribution Tax thereon (Net of Tax Credit on dividend from subsidiary
companies) would Rs.66.700 Millions (Previous Year: Rs.Nil).
3.
Term of Conversion/Redemption of
Preference Shares
In accordance with the Composite Scheme of Arrangement,
10,000 (Previous Year: 10,000) 6% Redeemable Cumulative Preference Shares of
Rs.100/- each, fully paid-up, were issued to preference shareholders (other
than the Company) of Pantaloons Fashion and Retail Limited.
Preference shares carry cumulative dividend @6% p.a. The
Company declares and pays dividend in Indian rupees. The dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the
Annual General Meeting. These preference shares are redeemable by the Company
at any time after completion of one year and on or before completion of five
years from the 1st January, 2010, at the face value. In the event of
liquidation of the Company before conversion/redemption of preference shares,
the holders of Preference Shares will have priority over Equity Shares in the
payment of dividend and repayment of capital.
The Board of Directors has recommended Preference Dividend
of Rs.6.00 per share for the year ended 31st March, 2014 (Previous Year:
Rs.6.00 per share). The total cash outflows on account of the Preference
Dividend would be Rs.0.100 Million (Previous Year: Rs.0.100 Million) and
Dividend Distribution Tax thereon (Net of Tax Credit on dividend from
subsidiary companies) would be Rs.Nil (Previous Year: Rs.Nil). There are no
arrears of Dividend relating to Preference Shares.
4.
The Company does not have any Holding
Company.
5.
Shares in the Company held by each
shareholder holding more than 5 per cent shares and the number of shares held
are as under:
Equity Shares
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
IGH Holdings Private Limited |
16352102 |
12.57% |
|
TGS Investment and Trade
Private Limited |
13506736 |
10.38% |
|
Umang Commercial Company
Limited* |
12494935 |
9.60% |
|
Trapti Trading and
Investments Private Limited |
9423935 |
7.24% |
|
Hindalco Industries Limited |
8650412 |
6.65% |
|
Life Insurance Corporation
of India |
7759191 |
5.96% |
|
Turquoise Investment and
Finance Private Limited |
6441092 |
4.95% |
|
Mangalam Services Limited* |
-- |
-- |
*During the year Mangalam Services Limited merged with Umang
Commercial Company Limited.
Preference
Shares
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Naman Finance and Investment
Private Limited |
5000 |
50.00% |
|
Infocyber (India) Private
Limited |
5000 |
50.00% |
6. Share reserved for issue under options and
contracts, including the terms and amounts:
For details of Shares reserved for issue under the
Employee Stock Options Plan (ESOP) of the Company refer Note: 41.
7.
There are no Equity and Preference
Shares issued as fully paid-up pursuant to any contract in consideration of
other than cash or bought back during the preceding last five years except
issue of 10,000 6% Redeemable Cumulative Preference Shares of Rs.100 each
pursuant to a Scheme of Composite Arrangement to shareholders of Pantaloons
Fashion and Retail Limited.
8. Pursuant
to the provisions of Section 206A of Companies Act, 1956, the issue of
following equity shares are kept in abeyance.
|
Name of
Shareholder |
Number
of Shares |
|
Rights Issue (1994) |
12575 |
|
Bonus Share on Above |
6288 |
|
Rights Issue (2007) |
22460 |
9.
In the year 1997, the Company had
forfeited 4,487 shares held by 299 holders on account of non-payment of call
money with interest on shares issued against each detachable warrant.
10.
3,182,052 Equity Shares (Previous
Year: 3,182,052) are represented by Global Depository Receipts.
11.
During the last five years, preceding
31st March, 2014, there were 80 Bonus Shares (Previous Year: 420 Bonus Shares)
issued out of shares kept in abeyance.
12. Figures
in brackets represent the corresponding number of shares for Previous Year.
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 |
1,301.800 |
1,203.100 |
1,136.200 |
|
(b) Reserves & Surplus |
79,775.600 |
65,096.900 |
55,649.700 |
|
(c) Money
received against share warrants |
0.000 |
2,236.200 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
81,077.400 |
68,536.200 |
56,785.900 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
13,921.900 |
14,179.100 |
14,064.200 |
|
(b) Deferred tax liabilities (Net) |
878.900 |
1,553.300 |
1,582.200 |
|
(c) Other long term liabilities |
998.700 |
854.900 |
690.400 |
|
(d) long-term provisions |
52.200 |
53.600 |
55.800 |
|
Total Non-current Liabilities (3) |
15,851.700 |
16,640.900 |
16,392.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
21,340.000 |
20,883.900 |
26,703.800 |
|
(b) Trade payables |
15,056.200 |
15,262.800 |
12,272.900 |
|
(c) Other current
liabilities |
4,530.900 |
8,929.600 |
8,129.500 |
|
(d) Short-term provisions |
2,087.800 |
1,902.300 |
1,577.000 |
|
Total Current Liabilities (4) |
43,014.900 |
46,978.600 |
48,683.200 |
|
|
|
|
|
|
TOTAL |
139,944.000 |
132,155.700 |
121,861.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
14,932.300 |
19,134.900 |
17,119.900 |
|
(ii) Intangible Assets |
484.500 |
530.400 |
351.800 |
|
(iii) Capital
work-in-progress |
3,065.900 |
2,096.600 |
2,008.700 |
|
(iv)
Intangible assets under development |
0.000 |
10.300 |
1.500 |
|
(b) Non-current Investments |
79,523.400 |
58,566.600 |
55,979.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1,924.000 |
2,863.200 |
4,102.100 |
|
(e) Other Non-current assets |
7.800 |
8.100 |
12.100 |
|
Total Non-Current Assets |
99,937.900 |
83,210.100 |
79,575.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
156.500 |
2,780.000 |
0.000 |
|
(b) Inventories |
11,037.200 |
13,932.800 |
13,206.900 |
|
(c) Trade receivables |
20,457.000 |
28,072.600 |
16,898.800 |
|
(d) Cash and cash
equivalents |
391.300 |
555.200 |
5,969.500 |
|
(e) Short-term loans and
advances |
7,235.500 |
2,897.000 |
3,704.200 |
|
(f) Other current assets |
728.600 |
708.000 |
2,506.700 |
|
Total Current Assets |
40,006.100 |
48,945.600 |
42,286.100 |
|
|
|
|
|
|
TOTAL |
139,944.000 |
132,155.700 |
121,861.700 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
80,203.500 |
97,545.000 |
84,334.800 |
|
|
|
Other Income |
3,714.200 |
2,092.500 |
1,895.400 |
|
|
|
TOTAL (A) |
83,917.700 |
99,637.500 |
86,230.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost
of Materials Consumed |
29,441.200 |
43,275.000 |
39,826.400 |
|
|
|
Purchase
of Stock-in- |
11,913.800 |
16,362.500 |
11,084.100 |
|
|
|
Changes
in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade) |
(2,044.300) |
(123.400) |
(925.400) |
|
|
|
Employee
Benefits Expenses |
6,386.900 |
5,967.300 |
5,455.700 |
|
|
|
Power
and Fuel |
9,550.000 |
8,685.000 |
20,288.800 |
|
|
|
Other Expenses |
16,212.000 |
14,310.400 |
1,038.800 |
|
|
|
Exceptional Items |
(240.600) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
71,219.000 |
88,476.800 |
76,768.400 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12,698.700 |
11,160.700 |
9,461.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2,665.600 |
3,600.000 |
3,128.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10,033.100 |
7,560.700 |
6,333.600 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1,990.200 |
2,191.800 |
2,030.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
8,042.900 |
5,368.900 |
4,303.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1,303.400 |
1,138.400 |
849.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6,739.500 |
4,230.500 |
3,453.900 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1673.400 |
513.300 |
281.900 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
5000.000 |
2000.000 |
2000.000 |
|
|
|
Debenture Redemption Reserve |
209.800 |
288.900 |
541.300 |
|
|
|
Proposed Dividend on Preference Shares |
0.100 |
0.100 |
0.100 |
|
|
|
Proposed Dividend on Equity Shares |
910.600 |
781.400 |
681.100 |
|
|
|
Corporate Tax on Dividend |
66.700 |
0.000 |
0.000 |
|
|
|
Equity Dividend relating to Previous Period |
0.100 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2225.600 |
1673.400 |
513.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
On Export of Goods (F.O.B. Basis) |
7480.700 |
8742.100 |
10244.000 |
|
|
|
Sale of Certified Emission Reduction |
34.300 |
91.900 |
15.900 |
|
|
|
Service Charge |
0.000 |
0.000 |
0.200 |
|
|
TOTAL EARNINGS |
7515.000 |
8834.000 |
10260.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
11372.800 |
23754.600 |
24616.500 |
|
|
|
Stores & Spares |
195.100 |
196.200 |
242.100 |
|
|
|
Capital Goods |
1606.400 |
1055.000 |
724.000 |
|
|
|
Purchase of Finished Goods |
1141.700 |
7267.600 |
4003.300 |
|
|
TOTAL IMPORTS |
14316.000 |
32273.400 |
29585.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
54.30 |
37.23 |
30.43 |
|
|
|
Diluted |
53.74 |
36.56 |
30.41 |
|
QUARTERLY RESULTS
|
Particulars |
|
|
30.06.2014 (Unaudited) |
|
|
|
|
1st Quarter |
|
Net Sales |
|
|
19724.600 |
|
Total Expenditure |
|
|
18022.000 |
|
PBIDT (Excl OI) |
|
|
1702.600 |
|
Other Income |
|
|
331.000 |
|
Operating Profit |
|
|
2033.600 |
|
Interest |
|
|
679.600 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
1354.000 |
|
Depreciation |
|
|
457.100 |
|
Profit Before Tax |
|
|
896.900 |
|
Tax |
|
|
207.400 |
|
Provisions and contingencies |
|
|
0000 |
|
Profit After Tax |
|
|
689.500 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
689.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
8.03 |
4.25 |
4.01 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.03 |
5.50 |
5.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.02 |
7.51 |
6.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.08 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.43 |
0.51 |
0.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93 |
1.04 |
0.87 |
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 |
1136.200 |
1203.100 |
1301.800 |
|
Reserves & Surplus |
55649.700 |
65096.900 |
79775.600 |
|
Net
worth |
56785.900 |
66300.000 |
81077.400 |
|
|
|
|
|
|
long-term borrowings |
14064.200 |
14179.100 |
13921.900 |
|
Short term borrowings |
26703.800 |
20883.900 |
21340.000 |
|
Total
borrowings |
40768.000 |
35063.000 |
35261.900 |
|
Debt/Equity
ratio |
0.718 |
0.529 |
0.435 |
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 |
84,334.800 |
97,545.000 |
80,203.500 |
|
|
|
15.664 |
(17.778) |
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
|
84,334.800 |
97,545.000 |
80,203.500 |
|
Profit |
3,453.900 |
4,230.500 |
6,739.500 |
|
|
4.10% |
4.34% |
8.40% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
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 |
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 |
LITIGATION
DETAILS:
|
HIGH
COURT OF GUJARAT CIVIL
APPLICATION (FOR JOINING PARTY) No. 11846 of 2011 In SPECIAL CIVIL
APPLICATION / 564 / 2011 ( PENDING )
Last Listing Date: 02/07/2013
Office Details
Court Proceedings
Available Orders
|
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2014 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Debentures |
5000.000 |
3000.000 |
|
Foreign Currency Loans from Banks |
2849.300 |
3038.300 |
|
Short Term
Borrowings |
|
|
|
Loan Repayable on Demand from Banks |
|
|
|
Other Loans and Advances |
7413.500 |
18206.300 |
|
Commercial Papers* |
3957.800 |
995.000 |
|
Total |
19220.600 |
25239.600 |
Notes:
|
UNSECURED LONG-TERM BORROWINGS: |
31.03.2014 |
31.03.2013 |
||
|
A) DEBENTURES |
Current |
Non-Current |
Current |
Non-Current |
|
i) 7.90% 28th Series Non-Convertible Debentures
Repayment Terms: Redeemable at par on 11th May, 2013. |
0.000 |
0.000 |
2000.000 |
0.000 |
|
ii) 8.99% 29th Series Non-Convertible Debentures
Repayment Terms: Redeemable at par on 29th January, 2018 |
0.000 |
3000.000 |
0.000 |
3000.000 |
|
iii) 9.00% 30th Series Non-Convertible Debentures
Repayment Terms: Redeemable at par on 10th May, 2023. |
0.000 |
2000.000 |
0.000 |
0.000 |
|
Total
Debenture |
0.000 |
5000.000 |
2000.000 |
3000.000 |
|
B) UNSECURED LONG-TERM FOREIGN
CURRENCY BORROWINGS |
|
|
|
|
|
i)
Foreign Currency Loan from Bank Repayment Terms: 3 instalments of Rs.94.500
Millions, Rs.9.4.500 Millions and Rs.283.300 Millions each on the date
falling on 3rd, 4th and 5th year from 1st June, 2010, and 3 instalments of
Rs.94.500 Millions, Rs.94.500 Millions and Rs.283.400 Millions each on the
date falling on 3rd, 4th and 5th year from 26th July, 2010. |
189.000 |
566.800 |
189.000 |
755.800 |
|
Foreign
Currency Loan from Bank Repayment Terms: Bullet payment on 30th November,
2013. |
0.000 |
0.000 |
975.200 |
0.000 |
|
iii)
Foreign Currency Loan from Bank Repayment Terms: Bullet payment on 24th
August, 2016. |
0.000 |
2282.500 |
0.000 |
2282.500 |
|
iv)
Foreign Currency Loan from Bank Repayment Terms: Bullet payment on 21st
November, 2014 |
333.300 |
0.000 |
0.000 |
0.000 |
|
Total Unsecured Long-term Foreign Currency Borrowings |
522.300 |
2849.300 |
1164.200 |
3038.300 |
|
Effective cost for the above loans are in the range of 6% to 9%
per annum (Previous Year: in the range of 6% to 9% per annum). |
||||
STATEMENT
OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 30TH JUNE 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
1. Income
from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
19554.400 |
|
b) Other operating income |
170.200 |
|
Total
income from Operations(net) |
19724.600 |
|
2.Expenditure |
|
|
a)
Cost of Material Consumed |
7568.400 |
|
b)
Purchase of Stock-In-Trade |
2610.400 |
|
c)
Change in Inventories of Finished Goods,
Work-In-Progress and Stock-In-Trade |
-255.800 |
|
d)
Employee Benefit Expense |
1674.300 |
|
e)
Power and Fuel |
2116.500 |
|
f) Depreciation and Amortisation Expense |
457.100 |
|
g)
Other Expenditure |
4308.200 |
|
Total expenses |
18479.100 |
|
3. Profit from operations before other income and
financial costs |
1245.500 |
|
4. Other income |
331.000 |
|
5. Profit from ordinary activities before finance costs |
1576.500 |
|
6. Finance costs |
679.600 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
896.900 |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
896.900 |
|
10.Tax expenses |
207.400 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
689.500 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
689.500 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
1300.800 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
-- |
|
16.Earnings per Share of Rs10 each (not annualised) |
|
|
(a) Basic – Rs. |
5.30 |
|
(b) Diluted – Rs. |
5.29 |
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
31.03.2014 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
52455092 |
|
- Percentage of shareholding |
40.32% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
Nil |
|
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 |
|
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
74444697 |
|
Percentage of shares (as a % of total share capital of the
company) |
100.00% |
|
|
57.23% |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
1 |
|
Receiving during the quarter |
5 |
|
Disposed of during the quarter |
5 |
|
Remaining unreserved at the end of the quarter |
1 |
STATEMENT
OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 30TH JUNE 2014
(Rs. In
Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
|
|
31.03.2014 |
|
1.Segment Revenue |
|
|
Fashion and Lifestyle |
|
|
Branded Apparels and Accessories |
7367.200 |
|
Textiles |
3745.800 |
|
Agri - business (Fertilisers, Agro-Chemicals and Seeds) |
5636.500 |
|
Rayon Yarn (including Caustic Soda and Allied Chemicals) |
2121.100 |
|
Insulators |
869.100 |
|
Total Segmental Revenue |
19739.700 |
|
Less: Inter Segment Revenue |
(15.100) |
|
Total Income from Operations (Net) |
19724.600 |
|
|
|
|
2.Segment Results (Profit before Finance Costs and Tax) |
|
|
Fashion and Lifestyle |
|
|
Branded Apparels and Accessories |
440.800 |
|
Textiles |
441.800 |
|
Agri - business (Fertilisers, Agro-Chemicals and Seeds) |
186.000 |
|
Rayon Yarn (including Caustic Soda and Allied Chemicals) |
428.900 |
|
Insulators |
24.700 |
|
Total Segment Result |
1522.200 |
|
Less: Finance Costs |
(679.600) |
|
Add: Interest Income |
108.000 |
|
Less: Other Un-allocable (Expenditure) / Income - net |
(53.700) |
|
Profit after Finance Costs but before Exceptional Items |
896.900 |
|
Exceptional Items (refer note no 2) |
0.000 |
|
Profit before Tax |
896.900 |
|
|
|
|
Capital Employed (Segment Assets - Segment Liabilities) |
|
|
Fashion and Lifestyle |
|
|
Branded Apparels and Accessories |
3725.700 |
|
Textiles |
2782.300 |
|
Agri - business (Fertilisers, Agro-Chemicals and Seeds) |
14277.900 |
|
Rayon Yarn (including Caustic Soda and Allied Chemicals) |
7409.300 |
|
Insulators |
3814.900 |
|
Total Segment Capital Employed |
32010.100 |
|
Add: Unallocated Corporate Assets |
79120.100 |
|
Total Capital Employed |
111130.200 |
Notes:
1.
ABNL IT and ITES
Limited, a wholly owned subsidiary of the Company, had divested its holding in IT-ITeS
subsidiary to a group of investors led by Capital Sqaure Partners and CX
Partners. With this divestment, Aditya Birla Minacs Worldwide Limited and its
subsidiaries ceased to be subsidiaries of the Company, with effect from 9th
May, 2014.
2.
The Company has
accounted for slump sale of Carbon Black business in previous year, accordingly
a gain of Rs.240.600 Millions on the said slump sale had been recognised as an
exceptional item and a net tax credit of Rs.407.000 Millions (including
reversal of deferred tax credit) had been netted off with tax expense in the
quarter ended 30th June 2013 and the year ended 31st March 2014.
3.
Effective from 1st
April, 2014, the Company has provided depreciation on fixed assets based on
useful lives as provided in Schedule II of the Companies Act, 2013 or as
re-assessed by the Company. Based on transitional provision given in Schedule
II, the carrying value of assets whose useful life are already exhausted
amounting to Rs.125.100
Millions (net of deferred tax Rs.64.400 Millions) has been charged to opening balance of retained
earnings.
4.
Had there been no
change in useful lives of fixed assets, the charge to the Statement of Profit
and Loss for the quarter ended 30th June, 2014 would have been higher by Rs.42.400 Millions.
5.
During the period,
operation of one unit of Insulator Business at Rishra remained suspended for a
period of 42 days due to illegal stoppage of work affecting entire line of
manufacturing process. This was settled subsequently following wage settlement.
6.
Other Income for the
quarter ended 30th June 2013 includes profit on account of buyback of
Investment in Equity Shares of Rs.1442.900 Millions by Birla Sun Life Insurance Company Limited.
7.
The figures for the quarter
ended 31st March, 2014 are the balancing figures between the audited figures in
respect of the full financial year ended 31st March, 2014 and the unaudited
published year to date figures up to 31st December, 2013 which were subjected
to limited review.
8.
The previous periods
figures have been regrouped or rearranged wherever necessary.
9. The above results have been reviewed by the Audit Committee of the Board and taken on record at the meeting of the Board of Directors held on 12th August 2014. The Statutory Auditors of the Company have carried out Limited Review as required under Clause 41 of Listing Agreement and the related report is being submitted to the concerned stock exchanges.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10490699 |
24/03/2014 |
1,162,925,000.00 |
SUMITOMO MITSUI BANKING CORPORATION SINGAPORE BRANCH |
3, TEMASEK AVENUE, #06-01, CENTENNIAL TOWER, SINGAPORE, - 039190, SINGAPORE |
C03923794 |
|
2 |
10464370 |
26/11/2013 |
260,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA |
B91200485 |
|
3 |
10421667 |
12/06/2013 * |
350,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNT GROUP, NEVILLE HOUSE, J.N.HEREDIA MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400080, INDIA |
B78470614 |
|
4 |
10375114 |
01/09/2012 |
1,616,400,000.00 |
THE BANK OF NOVA SCOTIA ASIA LIMITED |
#20-01 NORTH TOWER,
ONE RAFFLES QUAY, SINGAPORE, |
B57529794 |
|
5 |
10129912 |
03/11/2008 |
200,000,000.00 |
HDFC BANK LIMITED |
SALCO CENTRE,
RICHMOND ROAD, BANGALORE, KARNATAKA |
A51014884 |
|
6 |
10115935 |
08/07/2008 |
740,500,000.00 |
STATE BANK OF INDIA |
CAG- CENTRAL, 3RD FLOOR, STATE BANK BHAVAN, , MADAME CAMA ROAD, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A41874926 |
|
7 |
10113548 |
04/07/2008 |
200,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX,, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A42415869 |
|
8 |
10098182 |
14/06/2013 * |
350,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, 21ST FLOOR, WORLD TRADE CENTR, CUFFE PARADE,, MUMBAI, MAHARASHTRA - 400005, INDIA |
B78797586 |
|
9 |
10095110 |
13/03/2008 |
30,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A35422328 |
|
10 |
10095113 |
13/03/2008 |
40,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A35423300 |
|
11 |
10095124 |
13/03/2008 |
50,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A35427319 |
|
12 |
10073018 |
12/10/2007 |
260,000,000.00 |
CITIBANK N A |
CITIGROUP CENTRE, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA |
A25773581 |
|
13 |
10048189 |
27/04/2007 |
910,000,000.00 |
STATE BANK OF INDIA |
CAG - CENTRAL, 3RD
FLOOR, STATE BANK BHAVAN, MADA |
A14404966 |
|
14 |
10048645 |
30/10/2007 * |
510,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMI |
7 M G ROAD,
BANGALORE €“ 560 001,
BANGALORE, KAR |
A25536566 |
|
15 |
10041904 |
17/02/2007 |
1,900,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A11759230 |
|
16 |
10032466 |
24/05/2013 * |
950,000,000.00 |
LIFE INSURANCE CORPORATION OF INDIA |
YOGAKSHEMA,, JEEVAN BEEMA MARG, MUMBAI, MAHARASHTRA - 400021, INDIA |
B77430304 |
|
17 |
10029983 |
24/11/2010 * |
3,100,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, WTC
COMPLEX, CUFFE PARADE, MUMBAI, MA |
B00087684 |
|
18 |
10142393 |
21/08/2006 |
36,500,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTER COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A05239918 |
|
19 |
80011033 |
28/02/2007 * |
4,250,000,000.00 |
CITIBANK N.A. |
CITI GROUP CENTRE, 6TH FLOOR, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA |
A12510764 |
|
20 |
80051763 |
22/01/2009 * |
1,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP, VOLTAS HOUSE, 23,J.N. HERITAGE MARG, MUMBAI, MAHARASHTRA - 400001, INDIA |
A56530603 |
|
21 |
80009231 |
24/05/2013 * |
250,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B76577303 |
|
22 |
80008555 |
24/05/2013 * |
1,000,000,000.00 |
LIFE INSURANCE CORPORATION OF INDIA |
YOGAKSHEMA,, JEEVAN BEEMA MARG,, MUMBAI, MAHARASHTRA - 400021, INDIA |
B77430825 |
|
23 |
80057833 |
23/03/2005 |
10,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMTED |
7, MAHATMA GANDHI ROAD, BANGALORE, KARNATAKA - 560 001, INDIA |
- |
|
24 |
80057832 |
23/03/2005 |
25,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMTED |
7, MAHATMA GANDHI ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
- |
|
25 |
80037678 |
28/09/2007 * |
61,400,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA |
A28835049 |
|
26 |
90192951 |
15/02/2005 |
4,000,000.00 |
HDFC BANK PRIVATE LIMITED |
MG ROAD BRANCH, MG ROAD, BANGLORE, KARNATAKA - 560001, INDIA |
- |
|
27 |
90110559 |
04/09/2006 * |
1,300,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNT
GROUP BRANCH, VOLTAS HOUSE,23 J N HERDIA MARG,BALLARD ESTATE, MUMBAI,
MAHARASHTRA |
- |
|
28 |
90198119 |
29/04/2002 |
12,000,000.00 |
HDFC BANK LIMITED |
SHANKARANARAYANA
BUILDING, M.G. ROAD, BANGALORE, |
- |
|
29 |
90200703 |
29/04/2002 |
12,000,000.00 |
HDFC BANK LIMITED |
SHANKARANARAYANA
BUILDING, M.G. ROAD, BANGALORE, |
- |
|
30 |
80050375 |
29/04/2002 |
9,100,000.00 |
HDFC BANK LIMITED |
M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
- |
|
31 |
80050373 |
29/04/2002 |
15,000,000.00 |
HDFC BANK LIMITED |
MG ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
- |
|
32 |
90200653 |
08/11/2001 |
6,500,000.00 |
HDFC BANK LIMITED |
SHANKARANARAYANA
BUILDING, M.G. ROAD, BANGALORE, |
- |
|
33 |
90198029 |
07/09/2006 * |
300,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
- |
|
34 |
80007923 |
19/03/2010 * |
17,500,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH,, NEVILLE HOUSE, J. N. HEREDIA MARG,, MUMBAI, MAHARASHTRA - 400001, INDIA |
A81569006 |
|
35 |
90197029 |
17/04/2000 * |
2,000,000.00 |
ANZ GRINDLAYS BANK LIMITED |
BANGALORE BRANCH,
RAHEJA TOWERS; M.G. ROAD, BANGA |
- |
|
36 |
90200089 |
17/04/2000 * |
2,000,000.00 |
ANZ GRINDLAYS BANK LIMITED |
BANGALORE BRANCH, RAHEJA TOWERS; NO. 26-27; M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
- |
|
37 |
90190547 |
10/01/1996 * |
600,000.00 |
ANZ GRINDLAYS BANK P.L.C. |
6 - TH FLOOR; RAHEJA TOWERS, NO - 26; MG ROAD, BANGLORE, KARNATAKA - 560001, INDIA |
- |
FIXED ASSETS:
·
Land
·
Railway Siding
·
Buildings
·
Leasehold Improvements
·
Plant and Machinery
·
Furniture, Fixtures and Equipment
·
Vehicles and Aircraft
·
Livestock
·
Goodwill
·
Trademark / Brands / Technical Know-how
·
Specialised Software
PRESS
RELEASE:
ADITYA
BIRLA NUVO REPORTS RESULTS FOR THE QUARTER ENDED 30 JUNE 2014
·
Revenue grew by 8 per cent to Rs.62070.000 Millions
·
EBITDA is up by 8 per cent to Rs.12730.000 Millions
Rs. In Millions
|
Consolidated results |
Quarter 1 |
||
|
|
2013-14 (Previous year) |
2014-15 (Current year) |
|
|
Revenue |
57440.000 |
62070.000 |
|
|
EBITDA |
11740.000 |
12730.000 |
|
|
Normalised
Net Profit (Excluding
IT-ITeS business and before one-off items)1 |
2370.000 |
3000.000 |
|
|
Reported
Net Profit |
3310.000 |
2640.000 |
|
Note1: In Q1 last year, profit is higher by Rs.650.000 Millions on account
of gain on slump sale of Carbon Black Business (including net tax credit of Rs.410.000 Millions). In
Q1FY15, profit is lower by Rs.360.000 Millions account of net loss of
Rs.230.000 Millions from operations of Minacs for the period from 1 April 2014
to 8 May 2014 and exceptional loss of Rs.130.000 Millions pertaining to the
divestment of Minacs. This loss is without considering deferred grant of
Rs.420.000 Millions receivable over the next 3 years, which will be accounted
for on actual receipt basis.
Excluding
the IT-ITeS Business, which was divested with effect from 9 May 2014, the
revenue of Aditya Birla Nuvo Limited (ABNL) rose year on year by 16 per cent
and net profit (before one-off items) is up by 27 per cent.
Business-wise
review
Aditya Birla Financial Services
Aditya Birla Financial Services (ABFS) ranks among the top five fund
managers (excluding LIC) in India. Its funds under management grew by 21 per
cent to US$22.4 billion (Rs.1342160.000 Millions). Its consolidated revenue at
Rs.16550.000 Millions registered a 21 per cent growth. It posted earnings
before tax of Rs.2200.000 Millions. ABFS gained market share across its Life
Insurance, Asset Management, Broking and General Insurance Advisory Businesses. Growth in its lending book
continues to be robust. The business portfolio of ABFS stands augmented with
the license for housing finance business granted.
Among the private life insurers, new business premium market
share of Birla Sun Life Insurance (BSLI) is up from 6.7 per cent to 9.5 per
cent and its ranking improved from 7 to 5 led by strong growth in the group
business. BSLI reported its embedded value at Rs.32250.000 Millions and value
of new business margin at 16.2 per cent for 2013-14.
Birla Sun Life Asset
Management (BSAMC) cemented its position as the fourth largest player in
India with an improved market share of 9.98 per cent up from 9.42 per cent a
year ago. In terms of domestic equity AUM, BSAMC moved two places up to rank
fifth. Its AUM crossed the Rs.100,0000.000 Millions mark. The lending book of
Aditya Birla Finance expanded by 50 per cent to about Rs.12,6000.000 Millions.
The broking and the wealth
management businesses turned profitable with improvement in market sentiment
coupled with cost control initiatives.
Fashion and Lifestyle
The company’s Fashion and
Lifestyle Business continued to expand its customer reach,
strengthening its leadership position. During
the quarter, 66 stores were opened to reach 1,791 exclusive brand
outlets/stores, spanning nationwide
across 4.4 million square feet. Its revenue rose by 18 per cent to Rs.15280.000
Millions and EBITDA by 53 per cent to Rs.1090.000 Millions led by revenue
growth and margin expansion across formats. Madura achieved all round growth in
earnings. Its revenue surged by 23 per cent to Rs.7870.000 Millions and EBITDA
soared by 66 per cent to Rs.620.000 Millions. EBITDA margin stands expanded by
200 basis points. The revenue of Pantaloons grew by 12 per cent to Rs.3860.000
Millions. Led by execution of portfolio strategy and improved merchandising,
gross margin expanded by over 300 basis points. The annualisation impact of
business building costs and higher accelerated depreciation on account of
stores refurbishment strained its bottom-line. Pantaloons is raising capital through rights issue
to fund its growth capital requirements. Jaya Shree attained its highest ever
quarterly earnings led by expansion in linen segment. To strengthen its market
leadership, it is further expanding its linen yarn
capacity from 3,400 to 6,400 tonnes per annum.
Telecom
Idea ranks as the sixth largest cellular operator in the world, in terms of subscribers
based on operations in a single country. In India, it ranks third with an
improved revenue market share at 16.6 per cent up from 15.7 per cent a year
ago. It posted a strong growth in earnings led by robust voice and data usage,
improved voice realisation, scale benefit and cost efficiency. Its revenue grew
by 16 per cent to Rs.7,5550.000 Millions and EBITDA rose by 20 per cent to
Rs.2,5450.000 Millions. With net debt
to EBITDA at 1.54 times, its balance sheet remained strong. The cash profit generation
of Rs.20.2 billion and equity infusion of Rs.3,0000.000 Millions raised in June
2014 through the QIP were the contributors. In July 2014, Idea raised
Rs.7500.000 Millions through the issue of equity shares on preferential basis
to Axiata.
Manufacturing (Agri, Rayon and Insulators)
The revenue from the manufacturing businesses at Rs.8630.000 Millions grew by
10 per cent and EBITDA at Rs.880.000 Millions is up by 4 per cent. In the Agri
Business, profitability is higher led by energy savings despite the plant
shutdown for 15 days. In the Rayon Business, the new superfine unit is running
at full capacity and contributing to the bottom-line. Earnings were partly
offset by lower caustic soda volumes owing to the maintenance shutdown. The
Insulators Business was impacted by disruption/suspension of work for 42 days at Rishra plant due to labour
unrest. The plant resumed operations on 18 June 2014.
Going forward
For fiscal 2014-15, ABNL has earmarked a capital expenditure plan of around
Rs.5000.000 Millions. The company plans to invest about Rs.3500.000 Millions in
the Financial Services Business besides subscribing to the rights issue of
Pantaloons. The cash flow from operations and proceeds from the divestment of
Minacs will support the growth plans of ABNL.
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 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.60.44 |
|
UK Pound |
1 |
Rs.100.24 |
|
Euro |
1 |
Rs.80.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
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 |
|
66 |
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.