MIRA
INFORM REPORT
|
Report Date : |
07.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
D C W LIMITED |
|
|
|
|
Registered
Office : |
No.2, Guest House, Dhrangadhra – 363315, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
28.01.1939 |
|
|
|
|
Com. Reg. No.: |
04-000748 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 419.582
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24110GJ1939PLC000748 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMD02579D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACD0559N |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Trader of Chemicals and also Sale of Power. |
|
|
|
|
No. of Employees
: |
2174 (Approximately) |
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 20000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. Financial position of the company appears to be sound. Directors are
reported to be experienced and respectable businessmen. Trade relations are reported to be 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.
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non-compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus on providing payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
Long Term Issuer Rating : A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
January 7, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-22-22871914)
LOCATIONS
|
Registered Office/ Factory 1 (Soda Ash Division) : |
No.2, Guest House, Dhrangadhra – 363315, Gujarat, India |
|
Tel. No.: |
91-2754-282967/ 283244 |
|
Fax No.: |
91-2754-283245 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head/ Corporate Office : |
“Nirmal”, 3rd Floor, Nariman Point, Mumbai – 400021,
Maharashtra, India |
|
Tel. No.: |
91-22-22871914/ 16 |
|
Fax No.: |
91-22-22028838 |
|
E-Mail : |
|
|
|
|
|
Factory 2 (Caustic Soda
Division and PVC Division) : |
Arumuganeri P.O., Sahupuram – 628202, Tamilnadu, India |
|
Tel. No.: |
91-4639-280231/ 280439 |
|
Fax No.: |
91-4639-280611/ 280016 |
|
E-Mail : |
|
|
|
|
|
Factory 3 (Salt Works) : |
Kuda Gujarat, India |
|
|
|
|
Branch Office 1 : |
Indra Palace, 1st Floor, H – Block, Connaught Circus, New
Delhi – 110001, India |
|
Tel. No.: |
91-11-23714956/ 23320392 |
|
Fax No.: |
91-11-23731141 |
|
E-Mail : |
|
|
|
|
|
Branch Office 2 : |
358, Anna Salai, Thousand Lights, Chennai – 600006, Tamilnadu, India |
|
Tel. No.: |
91-44-28292082/ 28292752 |
|
Fax No.: |
91-44-28295766 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Dr. Shashi Chand Jain |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
80 Years |
|
Qualification : |
Ph. D (Economics) |
|
Experience : |
57 Years |
|
Date of Appointment : |
01.04.1969 |
|
|
|
|
Name : |
Mr. Pramod Kumar Jain |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
75 Years |
|
Qualification : |
B.A. (Hon.) Economics |
|
Experience : |
54 Years |
|
Date of Appointment : |
01.04.1969 |
|
|
|
|
Name : |
Mr. Bakul Jain |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
58 Years |
|
Qualification : |
B.Com., MBA |
|
Experience : |
29 Years |
|
Date of Appointment : |
01.09.1984 |
|
|
|
|
Name : |
Mr. Mudit Jain |
|
Designation : |
Executive Director |
|
Date of Birth/Age : |
49 Years |
|
Qualification : |
B. Com, MBA |
|
Experience : |
23 Years |
|
Date of Appointment : |
01.04.1989 |
|
|
|
|
Name : |
Mr. F. H. Tapia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sushil Kumar Jalan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sodhsal Singh Dev of Dharnagadhra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Berjis Desai |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. V. Ruia |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Sujata Rangnekar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D. Ganapathy |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Amitabh Gupta |
|
Designation : |
Sr. Vice President – Marketing |
|
Date of Birth/Age : |
61 Years |
|
Qualification : |
M.Sc. |
|
Experience : |
40 Years |
|
Date of Appointment : |
15.07.1971 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
38781929 |
18.73 |
|
|
53694486 |
25.94 |
|
|
92476415 |
44.67 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
92476415 |
44.67 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
18705 |
0.01 |
|
|
255927 |
0.12 |
|
|
8516415 |
4.11 |
|
|
21282877 |
10.28 |
|
|
42225 |
0.02 |
|
|
42225 |
0.02 |
|
|
30116149 |
14.55 |
|
|
|
|
|
|
8827857 |
4.26 |
|
|
|
|
|
|
53948668 |
26.06 |
|
|
13186525 |
6.37 |
|
|
8461589 |
4.09 |
|
|
616657 |
0.30 |
|
|
5760218 |
2.78 |
|
|
96850 |
0.05 |
|
|
1987864 |
0.96 |
|
|
84424639 |
40.78 |
|
Total Public shareholding (B) |
114540788 |
55.33 |
|
Total (A)+(B) |
207017203 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
2773750 |
0.00 |
|
|
2773750 |
0.00 |
|
Total (A)+(B)+(C) |
209790953 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Foreign BankShareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the
Shareholders |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Pramod Kumar Jain |
774100 |
0.37 |
|
2 |
Pramod Kumar Jain |
1990875 |
0.95 |
|
3 |
Ashish Jain |
3611318 |
1.72 |
|
4 |
Usha P Jain |
3409585 |
1.63 |
|
5 |
Bakul Jain |
960447 |
0.46 |
|
6 |
Sonalika Jain |
871941 |
0.42 |
|
7 |
Namita P Jain |
1361945 |
0.65 |
|
8 |
Durgavati Jain |
2113159 |
1.01 |
|
9 |
Bakul Jain |
117025 |
0.06 |
|
10 |
Vandana Jain |
4689206 |
2.24 |
|
11 |
Varsha Jain |
1144580 |
0.55 |
|
12 |
Shashi Chand Jain |
1618648 |
0.77 |
|
13 |
Samarth Jain |
34000 |
0.02 |
|
14 |
Nitish Jain |
221568 |
0.11 |
|
15 |
Vivek Jain |
1832449 |
0.87 |
|
16 |
Bharati Jain |
119335 |
0.06 |
|
17 |
Meeta Jain |
22335 |
0.01 |
|
18 |
Vivek Jain |
623935 |
0.30 |
|
19 |
Meeta Jain |
756385 |
0.36 |
|
20 |
Bharati Jain |
501135 |
0.24 |
|
21 |
Mudit Jain |
2500498 |
1.19 |
|
22 |
Neera Jain |
1923960 |
0.92 |
|
23 |
Vivek Jain |
88020 |
0.04 |
|
24 |
Saatvik Jain |
252255 |
0.12 |
|
25 |
Saatvik Jain |
1148363 |
0.55 |
|
26 |
Shivantika Jain |
4835 |
0.00 |
|
27 |
Pramod Kumar Jain |
1976000 |
0.94 |
|
28 |
Malti Bhindi |
50000 |
0.02 |
|
29 |
Satyawati Jain |
109,000 |
0.05 |
|
30 |
Premchand Jain |
1920540 |
0.92 |
|
31 |
Ashish Jain |
254750 |
0.12 |
|
32 |
Bakul Jain |
170820 |
0.08 |
|
33 |
Durgavati Jain |
1128832 |
0.54 |
|
34 |
Paulomi Jain |
480085 |
0.23 |
|
35 |
Sahu Brothers Private Limited |
5,0148156 |
23.90 |
|
36 |
Dhrangadhra Trading Company Private Limited |
1158,50 |
0.55 |
|
37 |
Sahu Cylinders & Udyog Private Limited |
1103250 |
0.53 |
|
38 |
Cashco Holdings Private Limited |
17750 |
0.01 |
|
39 |
B J Holdings Private Limited |
16000 |
0.01 |
|
40 |
Crescent Holdings & Enterprises Private Limited |
1137000 |
0.54 |
|
41 |
Florida Holdings And Trading Private Limited |
76750 |
0.04 |
|
42 |
Canvas Shoe Co. (Goa) Private Limited
|
830 |
0.00 |
|
43 |
DPB Holdings Private Limited |
13,500 |
0.01 |
|
44 |
Kalpataru Botanical Gardens Private Limited |
22,500 |
0.01 |
|
|
Total |
92476415 |
44.08 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Sl. No. |
Name of the
Shareholders |
No. of Shares held |
Shares as % |
|
|
1 |
Life Insurance Corporation of India |
8366415 |
3.99 |
|
|
2 |
Lotus Global Investments Limited |
8377877 |
3.99 |
|
|
3 |
Mavi Investment Fund Limited |
9805000 |
4.67 |
|
|
4 |
Cresta Fund Limited |
3100000 |
1.48 |
|
|
5 |
Quincy Overseas Limited |
5753250 |
2.74 |
|
|
|
Total |
35402542 |
16.88 |
|
Details of Locked-in Shares
|
Sl. No. |
Name of the
Shareholders |
No. of Shares |
Locked-in Shares |
|
1 |
Sahu Brothers Private Limited |
6363636 |
3.03 |
|
2 |
Vivek Jain |
1148364 |
0.55 |
|
3 |
Saatvik Jain |
1148363 |
0.55 |
|
4 |
Usha Jain |
1578909 |
0.75 |
|
5 |
Durgavati Jain |
1578909 |
0.75 |
|
6 |
Vandana Jain |
909091 |
0.43 |
|
7 |
Mudit Jain |
909091 |
0.43 |
|
|
Total |
13636363 |
6.50 |
Details of Depository Receipts (DRs)
|
Sl. No. |
Type of Outstanding
DR (ADRs, GDRs, SDRs, etc.) |
No. of Outstanding DRs |
No. of Shares Underlying |
Shares Underlying Outstanding DRs |
|
1 |
GDR |
554750 |
2773750 |
1.32 |
|
|
Total |
554750 |
2773750 |
1.32 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Trader of Chemicals and also Sale of Power. |
||||||||
|
|
|
||||||||
|
Products/ Services : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
DHARANGADHRA
UNIT: |
|
|
|
|
|
Soda Ash |
MT |
96000 |
96000 |
83621 |
|
Soda Bicarbonate |
MT |
12000 |
12000 |
20340 |
|
Amonium Bicarbonate |
MT |
5000 |
-- |
612 |
|
Detergent - Green |
MT |
-- |
-- |
17174 |
|
Detergent - Active |
MT |
-- |
-- |
14675 |
|
SAHUPURAM UNIT: |
|
|
|
|
|
Caustic Soda Lye |
MT |
100000 |
100000 |
81684 |
|
Caustic Soda Solid |
MT |
-- |
-- |
123 |
|
Caustic Soda Flakes |
MT |
-- |
-- |
20265 |
|
Sodium Hypochlorine |
MT |
-- |
-- |
2769 |
|
Hydrochloric Acid 100% |
MT |
90000 |
66000 |
51803 |
|
Liquid Chlorine |
MT |
36000 |
36000 |
20748 |
|
Trichloroethylene |
MT |
7200 |
7200 |
7006 |
|
Upgraded llmenite |
MT |
72000 |
48000 |
45046 |
|
Utox |
MT |
No Licence
Required |
600 |
1683 |
|
Ferrie Chloride |
MT |
-- |
10000 |
3925 |
|
Yellow Iron oxide |
MT |
-- |
-- |
334 |
|
PVC Resin |
MT |
90000 |
90000 |
89943 |
Notes:
1. Licensed
capacity is not applicable in view of the company's products having been
delicensed as per the new liberalised licensing policy announced by the
Government of India.
2 Ammonium
Bicarbonate production is out of part of Soda ash plant.
3 Self consumption
quantity mentioned includes quantity lost in handling, lost in transit, wash
loss, samples, etc.
4. Previous year
figures are given in bracket.
5. Lye sales quantity excludes 197.00 MT being excess as per survey.
GENERAL INFORMATION
|
No. of Employees : |
2174 (Approximately) |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
Punjab National Bank State Bank of India City Union Bank Limited ING
Vysya Bank Limited State Bank Of Patiala State Bank Of Travancore ICICI Bank Limited Laxmi Vilas Bank Limited Exim
Bank |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
V. Sankar Aiyar And Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Subsidiary Company
: |
DCW
Pigments Limited |
|
|
|
|
Where control
exists : |
· Double Dot Finance Limited Crescent Finstock Limited Sahu Brothers Private Limited Jain Sahu Brothers Properties Private Limited Dhrangadhra Trading Company Private Limited Kishco Limited Crescent Holdings Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
325000000 |
Equity Shares |
Rs. 2/- each |
Rs. 650.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
209790953 |
Equity Shares |
Rs. 2/- each |
Rs. 419.582
Millions |
|
|
|
|
|
23610000 Shares
were issued and allotted on preferential basis to the Promoters of the company
and FII’s during 2007–2008.
13636363 Shares
were issued and allotted to the promoters on conversion of warrants issued on preferential
basis to Promoters group during 2011–2012 (P. Y. 6945455)
|
Name of Shareholder |
31.03.2013 |
|
|
|
No. of Shares |
% held |
|
Sahu Brothers Private Limited |
50148156 |
23.90 |
The reconciliation of the number of shares outstanding is set out below
|
Particulars |
31.03.2013 |
|
|
No. of Shares |
|
Equity Shares at the beginning of the year |
203100045 |
|
Add : Shares
issued on conversion of warrants to Promoters on preferential basis |
6690908 |
|
Equity Shares at the end of the Year |
209790953 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
419.582 |
406.200 |
392.309 |
|
(b) Reserves & Surplus |
4858.738 |
3840.585 |
3558.945 |
|
(c) Money received against share warrants |
0.000 |
18.400 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5278.320 |
4265.185 |
3951.254 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3877.176 |
2997.010 |
2464.399 |
|
(b) Deferred tax liabilities (Net) |
1109.522 |
918.172 |
768.272 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
86.001 |
64.912 |
59.255 |
|
Total Non-current
Liabilities (3) |
5072.699 |
3980.094 |
3291.926 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
731.720 |
731.801 |
145.144 |
|
(b)
Trade payables |
2130.803 |
2093.206 |
2268.330 |
|
(c)
Other current liabilities |
2074.802 |
1603.495 |
1175.690 |
|
(d) Short-term
provisions |
192.034 |
93.655 |
111.991 |
|
Total Current
Liabilities (4) |
5129.359 |
4522.157 |
3701.155 |
|
|
|
|
|
|
TOTAL |
15480.378 |
12767.436 |
10944.335 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
6635.802 |
6868.963 |
6068.581 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
4416.699 |
2142.680 |
1780.928 |
|
(iv)
Intangible assets under development |
0.000 |
19.302 |
0.000 |
|
(b) Non-current Investments |
3.239 |
3.239 |
3.239 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
126.457 |
332.226 |
65.927 |
|
(e) Other
Non-current assets |
110.900 |
186.539 |
114.658 |
|
Total Non-Current
Assets |
11293.097 |
9552.949 |
8033.333 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2310.600 |
1581.913 |
1272.563 |
|
(c)
Trade receivables |
927.974 |
737.674 |
928.100 |
|
(d) Cash
and cash equivalents |
52.319 |
64.231 |
19.090 |
|
(e)
Short-term loans and advances |
882.906 |
830.669 |
691.249 |
|
(f)
Other current assets |
13.482 |
0.000 |
0.000 |
|
Total
Current Assets |
4187.281 |
3214.487 |
2911.002 |
|
|
|
|
|
|
TOTAL |
15480.378 |
12767.436 |
10944.335 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (net) |
13277.996 |
11841.196 |
10583.044 |
|
|
|
Other Income |
28.883 |
58.003 |
153.419 |
|
|
|
TOTAL |
13306.879 |
11899.199 |
10736.463 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
6068.089 |
5900.565 |
7028.494 |
|
|
|
Purchase of stock–in–trade |
2.344 |
4.930 |
9.384 |
|
|
|
Changes in inventories of finished goods, work–in progress
and stock–in–trade |
(350.556) |
(10.664) |
55.320 |
|
|
|
Excise duty on inventory differential |
(15.847) |
(4.675) |
0.888 |
|
|
|
Employee benefits expense |
890.848 |
601.757 |
520.643 |
|
|
|
Other expenses |
4198.515 |
4101.451 |
1987.428 |
|
|
|
TOTAL |
10793.393 |
10593.364 |
9602.157 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2513.486 |
1305.835 |
1134.306 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
321.276 |
339.519 |
299.843 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2192.210 |
966.316 |
834.463 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
529.088 |
509.729 |
475.579 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL ITEMS –
LOSS ON SALE OF ASSET |
(59.020) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1604.102 |
456.587 |
358.884 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
555.217 |
149.900 |
69.782 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1048.885 |
306.687 |
289.102 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export on FOB basis |
4176.148 |
2532.887 |
1506.880 |
|
|
|
Other Earnings |
1.199 |
2.470 |
1.427 |
|
|
TOTAL EARNINGS |
4177.347 |
2535.357 |
1508.307 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
6282.942 |
4346.840 |
3867.689 |
|
|
|
Fuel Oil/ Coal |
1506.688 |
1756.070 |
1219.285 |
|
|
|
Stores & Spares |
81.952 |
53.544 |
43.513 |
|
|
|
Capital Goods |
392.517 |
4.127 |
26.466 |
|
|
TOTAL IMPORTS |
8264.099 |
6160.581 |
5156.953 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.05 |
1.55 |
1.47 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
3362.800 |
3016.600 |
|
Total Expenditure |
|
2994.500 |
2712.100 |
|
PBIDT (Excl OI) |
|
368.300 |
304.500 |
|
Other Income |
|
16.200 |
3.400 |
|
Operating Profit |
|
384.500 |
308.000 |
|
Interest |
|
75.700 |
83.100 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
308.800 |
224.900 |
|
Depreciation |
|
126.600 |
126.300 |
|
Profit Before Tax |
|
182.100 |
98.600 |
|
Tax |
|
52.000 |
30.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
130.100 |
68.600 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
130.100 |
68.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.88
|
2.58 |
2.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.08
|
3.86 |
3.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.50
|
4.31 |
3.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.11 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.87
|
0.87 |
0.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.82
|
0.71 |
0.79 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
Current maturities of long term borrowings |
|
|
|
|
– From Banks |
656.671 |
590.692 |
599.500 |
|
– From Financial Institutions |
170.556 |
152.300 |
97.600 |
|
– From NBFC |
0.162 |
0.000 |
0.424 |
|
|
|
|
|
|
Total |
827.389 |
742.992 |
697.524 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION NOTE: Matter converted
to SCA/4573/2007.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10466531 |
19/12/2013 |
400,000,000.00 |
DCB BANK LIMITED |
CREDIT ADMINISTRATION
DEPARTMENT, RELIEF RD. BRANCH, RELIEF ROAD, AHMEDABAD - 380001, GUJARAT,
INDIA |
B92112390 |
|
2 |
10448917 |
06/09/2013 |
750,000,000.00 |
ICICI BANK
LIMITED |
LANDMARK, RACE
COURSE CIRCLE, ALKAPURI, BARODA - 390007, GUJARAT, INDIA |
B84951565 |
|
3 |
10448104 |
05/09/2013 |
400,000,000.00 |
STATE BANK OF
TRAVANCORE |
112-115,
TULSIANI CHAMBERS, WEST WING, 1ST FLOOR, FREE PRESS JOURNAL MARG, NARIMAN
POINT, MUMBAI - 400021, |
B84603695 |
|
4 |
10411467 |
18/03/2013 |
1,250,000,000.00 |
PUNJAB NATIONAL
BANK |
PNB HOUSE, SIR
P. M. ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B70665898 |
|
5 |
10412009 |
14/03/2013 |
3,000,000.00 |
AXIS BANK
LIMITED |
RAC AHMEDABAD, CV/
CE DEPARTMENT, 4TH FLOOR, SHIVALIK ISHAN, NR. C. N. VIDHYALAYA, AMBAWADI,
AHMEDABAD - 380006, GUJARAT, INDIA |
B70825344 |
|
6 |
10386950 |
02/11/2012 |
1,267,184.00 |
AXIS BANK
LIMITED |
RAC AHMEDABAD, CV/
CE DEPARTMENT, 4TH FLOOR, SHIVALIK ISHAN, NR. C. N. VIDHYALAYA, AMBAWADI,
AHMEDABAD - 380006, GUJARAT, INDIA |
B62203484 |
|
7 |
10369079 |
20/06/2012 |
2,940,000.00 |
AXIS BANK
LIMITED |
TRISHUL 3RD FLOOR
OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD - 380006,
GUJARAT, INDIA |
B45104627 |
|
8 |
10344885 |
12/02/2013 * |
400,000,000.00 |
LAKSHMI VILAS
BANK LIMITED |
42-46, PLOT NO.427,
SHANTHINATH BHUVAN NO.2, DR. AMBEDKAR ROAD, MATUNGA (CR), MUMBAI - 400019,
MAHARASHTRA, INDIA |
B69684009 |
|
9 |
10340251 |
12/02/2013 * |
750,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B69357457 |
|
10 |
10340283 |
06/03/2012 |
750,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
B34167700 |
|
11 |
10312325 |
12/02/2013 * |
2,000,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI -
400005, MAHARASHTRA, INDIA |
B68845353 |
|
12 |
10288278 |
21/04/2012 * |
250,000,000.00 |
ING VYSYA BANK
LIMITED |
MITTAL TOWERS, A-WING,
GROUND FLOOR, 210 NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
B39416383 |
|
13 |
10269311 |
10/02/2011 |
802,500,000.00 |
INDIAN RENEWABLE
ENERGY DEVELOPMENT AGENCY LIMITED |
INDIA HABITAT CENTRE1ST
FLOOR EAST COURT CORE, 4A LODHI ROAD, NEW DELHI - 110003, INDIA |
B06264386 |
|
14 |
10215515 |
07/04/2010 |
1,651,000.00 |
L & T
FINANCE LIMITED |
L&T HOUSE,
BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
A84262179 |
|
15 |
10066811 |
13/06/2008 * |
850,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
A40969305 |
|
16 |
10060117 |
03/07/2007 * |
600,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE BUILDING,
FLOOR 21,, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005,
MAHARASHTRA, INDIA |
A19349836 |
|
17 |
10032970 |
29/06/2007 * |
750,000,000.00 |
STATE BANK OF
PATIALA |
ATLANTA, 1ST FLOOR,
JAMNALAL BAJAJ MARG, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
A18944702 |
|
18 |
10028295 |
29/06/2007 * |
1,050,000,000.00 |
STATE BANK OF
INDIA |
CORPORATE
ACCOUNTS GROUP BRANCH, 23, J. N. H. MARG, VOLTAS HOUSE, BALLARD ESTATE, MUMBAI
- 400001, MAHARASHTRA, INDIA |
A18960328 |
|
19 |
90102853 |
16/06/2005 * |
200,000,000.00 |
ING VYSYA BANK
LIMITED |
MITTAL TOWER 'A'
WING, GROUND FLOOR 210 ; NARIMAN POINT, MUMBAI - 400052, MAHARASHTRA, INDIA |
- |
|
20 |
90103799 |
23/02/2004 |
200,000,000.00 |
ING VYSYA BANK
LIMITED |
MITTAL TOWER 'A'
WING, GROUND FLOOR 210 ; NARIMAN POINT, MUMBAI - 400052, MAHARASHTRA, INDIA |
- |
|
21 |
90102829 |
16/06/2005 * |
66,500,000.00 |
CITY UNION BANK
LIMITED |
402 ; JAIN ARCADE
; 1 FLOOR, 14 ROAD JUNCTION KHAR, MUMBAI - 400052, MAHARASHTRA, INDIA |
- |
|
22 |
90320745 |
13/06/1997 |
429,600,000.00 |
ING BANK |
193 BACKBAY
RECL, NARIMAN POINT, MUMBAI, MAHARASHTRA, INDIA |
- |
|
23 |
90102794 |
16/06/2005 * |
332,000,000.00 |
STATE BANK OF
INDIA |
CORPORATE A/C ;
GROUP - CENTRAL, CENTRAL OFFICE ; EXPRESS TOWER ; 20 FLOOR NARIMAN, MUMBAI -
400021, MAHARASHTRA, INDIA |
- |
|
24 |
90103686 |
16/06/2005 * |
111,000,000.00 |
STATE BANK OF
SAURASHTRA |
SHARDA SADAN ; 11
; S.A. BRELVI ROAD ; FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
- |
|
25 |
90320419 |
25/07/1995 |
150,000,000.00 |
INDUSIND BANK
LIMITED |
DADA SAHEB
BHADKAMKAR MARG, MUMBAI, MAHARASHTRA, INDIA |
- |
|
26 |
80003986 |
19/06/2013 * |
4,463,800,000.00 |
PUNJAB NATIONAL
BANK (LEAD BANK) |
PNB HOUSE, SIR
P. M. ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B78994092 |
* Date of charge modification
NATURE OF OPERATIONS
DCW
Limited [“Parent Company”], a public limited company, together with its
subsidiary, operates as an integrated Chemical Manufacturing organization.
The
Parent Company’s shares are listed for trading on the National Stock Exchange
and the Bombay Stock Exchange in India and its Global Depository Receipts
[covering equity shares of Parent Company] are listed on the Luxembourg Stock
Exchange.
OPERATIONS:
The sales for the year are Rs.14373.100 Millions during the year
compared to Rs. 12806.400 Millions in the previous year, registering an
increase of 12%. The Gross Profit for the year (before depreciation) is Rs.
2133.100 Millions against Rs. 966.300 Millions in previous year. The profit
before tax amounted to Rs.1604.100 Millions as against Rs. 456.600 Millions in
the previous year. The profit after provision of current tax is Rs. 1240.200
Millions against Rs. 456.600 crores, of last year and profit after deferred tax
is Rs.1048.900 Millions against Rs.306.700 Millions of last year, Deferred Tax
is only a provision as per accounting guidelines and not an outflow. Better
realization on export of Synthetic Rutile has largely helped in increase of
profits.
EXPORTS:
The Company’s exports are Rs.4195.000 Millions as compared to Rs. 2558.200
Millions in the previous year. On account of better realisation on Synthetic
Rutile value of exports has gone up.
DIVISIONWISE
PERFORMANCE:
A) PVC DIVISION:
The turnover of the division is Rs.4862.800 Millions as compared to Rs.
5241.500 Millions in the previous year. The demand for PVC continues to show
positive growth. The Government has identified irrigation, power and
infrastructure, as thrust areas and increased activity in these sectors are
likely to boost demand of PVC Resin.
B) CAUSTIC SODA
DIVISION:
The turnover of the division is Rs. 7253.400 Millions as compared to Rs.
5523.000 Millions in the previous year, an increase of 31%. The turnover of the
division has gone due to better relisation.
C) SODA ASH
DIVISION:
The turnover of the division is Rs.2081.200 Millions as compared to Rs.
1947.900 Millions in the previous year registering an increase of 7%. The
increase in turnover is due to better realization and increase in sale of both
Soda Ash and
Soda bicarbonate.
PROJECTS UNDER
IMPLEMENTATION
CALCIUM CHLORIDE
PLANT
The Calcium Chloride project is having technical problem. It may not be
possible to produce calcium chloride, the plant and the equipment erected for
this plant will be used in the soda ash manufacture.
SYNTHETIC IRON
OXIDE PIGMENT AND CALCIUM CHLORIDE PROJECT
The work on Synthetic Iron Oxide Pigment (SIOP) project is in advanced
stage of implementation. The company has appointed UDHE India Limited, to
provide engineering services. The mechanical completion of the plant is
expected to be completed by the third quarter of 2013–14. The facility once
established will enable the company to utilise its waste and produce a
commercially viable product. This plant is expected to start commercial
production by fourth quarter of 2013–14. Calcium Chloride will be produced from
the effluent of Synthetic Iron Oxide Pigment Plant.
Both Synthetic Iron Oxide Pigment and Calcium Chloride facility have
been given 100% EOU status. Besides employing DCW’s in–house developed
technology, the company has made an agreement with Rockwood Italia (Group
Company of Rockwood Pigments’ USA) for manufacture of both yellow and red iron
oxide pigment. Waste stream of Iron Oxide plant will produce Calcium Chloride
and Pure Water.
An off take agreement has been signed with Rockwood Italia for sale of
50% Iron Oxide Pigment to them. Balance 50% of the product can be sold at
company’s option.
PVC AUTOMATION
–CUM–BALANCING EQUIPMENT PROGRAM
The company’s PVC Automation–Cum–Balancing Equipment program is under
progress, which will increase PVC capacity from existing 90000 TPA to 140000
TPA. The expansion is expected to be completed by Third Quarter of 2013–14.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
OUTLOOK
The Company has diversified operations with three business segments viz.
PVC, Chloro Alkali and Soda Ash. It is thus reasonably protected from the
vagaries of individual business cycles of these products.
PVC DIVISION:
The Company, one of the country’s five producers of PVC resin, has
maintained its market share of nearly 7%. On 10th May’13, the government has
increased import duty on PVC from 5% to 7.5%. This will reduce competition from
imported PVC.
CAUSTIC SODA
DIVISION:
The Company continues to be a major player in South India with a market
share of approximately 15%. The demand for caustic soda is expected to grow at
a steady rate, specially with increased demand from alumina manufacturers. Use
of HCL and Chlorine to maintain Caustic Production at full level is in place.
SODA ASH DIVISION:
The Soda Ash Industry continues to grow at a compounded rate of 4% – 5%
per annum and this trend is expected to continue. Imposition of Antidumping
duty on import of Soda Ash from countries like Iran, Pakistan, China, Ukraine,
Kenya, European Union and the US by Govt., of India, will protect the industry
against dumping of Soda Ash from these countries.
PROPOSED PROJECT
CHLORINATED
POLYVINYL CHLORIDE (C–PVC)
The Company has signed Technology License agreement with Arkema of
France for putting up Chlorinated Poly Vinyl Chloride (C–PVC) Plant at its
Sahupuram Facility, in Tamilnadu. The UHDE India Limited, will do detailed
engineering for the project. This project is estimated to take 12–15 months for
implementation.
PRODUCER GAS PLANT
The Producer Gas Plant to produce gas from coal is expected to be
operational by June’2013. This will replace high cost Furnace Oil resulting in
lower cost of heating in various units of the company.
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2013
(RS.
IN MILLIONS)
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
1. INCOME FROM OPERATIONS |
|
|
|
|
(a) Net
sales/Income from operations (Net of excise duty) |
2973.216 |
3369.145 |
6342.361 |
|
(b)
Other operating income |
43.399 |
6.936 |
50.335 |
|
TOTAL
INCOME FROM OPERATIONS (NET) |
3016.615 |
3376.081 |
6392.696 |
|
|
|
|
|
|
2. EXPENDITURE : |
|
|
|
|
a. Cost
of materials consumed |
1828.168 |
1793.281 |
3620.014 |
|
b.
Purchase of stock-in-trade |
16.253 |
1.854 |
18.107 |
|
c. Power
and Fuel |
493.655 |
579.427 |
1074.517 |
|
d.
Changes in inventories of finished goods |
(508.743) |
(95.057) |
(603.800) |
|
e.
Employee benefits expense |
182.325 |
210.424 |
392.749 |
|
f.
Depreciation |
126.294 |
126.609 |
252.903 |
|
g. Other
expenses |
700.408 |
504.562 |
1204.970 |
|
TOTAL
EXPENSES |
2838.360 |
3121.100 |
5959.460 |
|
3. Profit / (Loss) from operations before
other income, finance costs and exceptional items (1 - 2) |
178.255 |
254.981 |
433.236 |
|
4. Other income |
3.431 |
2.868 |
6.299 |
|
5. Profit / (Loss) from ordinary activities
before tax (3 + / - 4) |
181.686 |
257.849 |
439.535 |
|
6. Finance costs |
83.054 |
75.707 |
158.761 |
|
7. Profit / (Loss) from ordinary activities
after finance costs but before exceptional items (5 + / - 6) |
98.632 |
182.142 |
280.774 |
|
8. Exceptional items |
0.000 |
0.000 |
0.000 |
|
9. Profit / (Loss) from ordinary activities
before tax (7 + / - 8) |
98.632 |
182.142 |
280.774 |
|
10. Tax
expense |
30.000 |
52.000 |
82.000 |
|
11. Net Profit
/ (Loss) from ordinary activities after tax (9 +/-10) |
68.632 |
130.142 |
198.774 |
|
12.
Extraordinary items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13. Net
Profit/(Loss) for the period (11 +/-12) |
68.632 |
130.142 |
198.774 |
|
14. Paid-up
equity share capital (Face value of Rs. 2/- each) |
419.582 |
419.582 |
419.582 |
|
15.
Reserve excluding Revaluation Reserves as per Balance sheet of previous
accounting year |
|
|
|
|
16.
i Earnings per share (before
extraordinary items) (Face
value of Rs.2/- each) (not annualised) : |
|
|
|
|
Basic
and Diluted |
0.33 |
0.62 |
0.95 |
|
ii Earnings per share (after extraordinary
items) (Face
value of Rs.2/- each) (not annualised) : |
|
|
|
|
Basic
and Diluted |
0.33 |
0.62 |
0.95 |
|
PART – II |
|
|
|
|
A.
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1.
Public shareholding |
|
|
|
|
- Number
of shares |
118721076 |
118871076 |
118721076 |
|
-
Percentage of shareholding |
56.59% |
56.66% |
56.59% |
|
2.
Promoters and Promoter Group Shareholding |
|
|
|
|
a)
Pledged / Encumbered |
|
|
|
|
- Number
of shares |
NIL |
NIL |
NIL |
|
-
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
NIL |
NIL |
NIL |
|
- Percentage
of shares (as a % of the total share capital of the company) |
NIL |
NIL |
NIL |
|
b) Non -
encumbered |
|
|
|
|
- Number
of shares |
91069877 |
90919877 |
91069877 |
|
-
Percentage of shares (as a % of the total shareholding of promoter and promoter
group) |
100% |
100% |
100% |
|
-
Percentage of shares (as a % of the total share capital of the company) |
43.41% |
43.34% |
43.41% |
|
Particulars |
3
months ended 30.09.2013 |
|
INVESTOR COMPLAINTS (Nos.) |
|
|
Pending at the beginning of the Quarter |
Nil |
|
Received during the quarter |
12 |
|
Disposed of during the Quarter |
12 |
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENT
REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
i. Segment
Revenue : (Net Income) |
|
|
|
|
a.
Soda Ash |
328.475 |
402.749 |
731.224 |
|
b.
Caustic Soda |
1170.690 |
1431.442 |
2602.132 |
|
c.
PVC |
1426.755 |
1471.939 |
2898.694 |
|
d.
Others |
47.296 |
63.015 |
110.311 |
|
Net Sales from
operation |
2973.216 |
3369.145 |
6342.361 |
|
ii. Segment Results : (Profit
before Interest and Tax) |
|
|
|
|
a.
Soda Ash |
85.579 |
39.711 |
125.290 |
|
b.
Caustic Soda |
116.636 |
296.714 |
413.350 |
|
c.
PVC |
(48.373) |
(126.168) |
(174.541) |
|
d.
Others |
27.844 |
47.592 |
75.436 |
|
Total |
181.686 |
257.849 |
439.535 |
|
Less : Interest |
83.054 |
75.707 |
158.761 |
|
Exceptional
Items - (Profit) / Loss |
0.000 |
0.000 |
0.000 |
|
Total
Profit Before tax |
98.632 |
182.142 |
280.774 |
|
iii.
Capital Employed
(Segment assets - Segment Liabilities) |
|
|
|
|
a.
Soda Ash |
1838.182 |
1787.825 |
1838.182 |
|
b.
Caustic Soda |
8617.469 |
7092.679 |
8617.469 |
|
c.
PVC |
(7.120) |
392.007 |
(7.120) |
|
d.
Others |
1518.534 |
1082.799 |
1518.534 |
|
Total |
11967.065 |
10355.310 |
11967.065 |
NOTES
1.
The above results, which have been subjected to a
limited review by the statutory auditors of company were reviewed by the audit
committee of the Board and approved by the Board of Directors of the Company at
their meeting held on 8th November, 2013 and have been prepared in accordance
with clause 41 of the listing agreement.
2.
Exceptional items for the half year ended 30th
September, 2012 and year ending 31st March, 2013 includes Rs. 60.000 Millions
being loss on assets disposed.
3.
Previous period's figures have been regrouped
wherever necessary.
STATEMENT
OF ASSETS AND LIABILITIES
|
PARTICULARS |
30.09.2013 [Unaudited] |
|
EQUITY AND LIABILITIES |
|
|
1.
Shareholders' funds |
|
|
(a)
Share Capital |
419.582 |
|
(b)
Reserves and Surplus |
5052.319 |
|
Subtotal - Shareholders' funds |
5471.901 |
|
2. Money
received against share warrants |
|
|
3. Non -
Current liabilities |
|
|
(a)
Long-Term borrowings |
5237.648 |
|
(b)
Deferred Tax Liability (net) |
1156.522 |
|
(c) Long
term provisions |
91.501 |
|
Sub total - Non Current
liabilities |
6485.671 |
|
4.
Current liabilities |
|
|
(a)
Short term borrowings |
521.193 |
|
(b)
Trade payables |
3424.980 |
|
(c)
Other current liabilities |
1414.011 |
|
(d)
Short term provisions |
9.456 |
|
Sub total - Current liabilities |
5369.640 |
|
|
|
|
TOTAL - EQUITY AND LIABILITIES |
17327.212 |
|
|
|
|
ASSETS |
|
|
1. Non
Current Assets |
|
|
(a)
Fixed Assets |
12444.486 |
|
(b) Non Current
Investments |
3.239 |
|
(c) Long
term loans and advances |
14.738 |
|
(d)
Other non current assets |
101.234 |
|
Sub total - Non current assets |
12563.697 |
|
2.
Current assets |
|
|
(a)
Current Investments |
0.000 |
|
(b)
Inventories |
2814.386 |
|
(c)
Trade receivables |
817.997 |
|
(d) Cash
and Bank balances |
77.978 |
|
(e)
Short term loans and advances |
1062.487 |
|
(f) Other current assets |
(9.333) |
|
Sub total - Current assets |
4763.515 |
|
|
|
|
TOTAL ASSETS |
17327.212 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Disputed Sales Tax Demands |
219.202 |
86.003 |
|
Disputed Excise / Service tax Demands |
34.451 |
34.451 |
|
Disputed Customs Demands |
15.961 |
15.961 |
|
Disputed Income tax Demand (Paid Rs. 8.000 Million against the demand
and appeals pending before the appeallate authority) |
8.608 |
8.584 |
|
Company’s contribution to ESI not made pursuant to petitions for
exemption pending before High Court. |
291.125 |
306.857 |
|
Lease Rent, Local Cess, Octroi, Interest on Octroi, Surcharge, Stamp
Duty, Water and Electricity duty |
291.125 |
306.857 |
|
Disputed Industrial relations matters |
51.874 |
49.592 |
|
Claims not acknowledged as debts |
0.000 |
0.000 |
|
|
|
|
|
Total |
912.346 |
808.305 |
|
GUARANTEE AS A MEMBER OF THE ALKALI MFG ASSN. ( A Company Limited by Guarantee) |
0.001 |
0.001 |
FIXED ASSETS:
Land
Building
Plant
& Machinery
Vehicle
Office
Equipments
Furniture
and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No 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. 62.50 |
|
|
1 |
Rs. 101.90 |
|
Euro |
1 |
Rs. 84.50 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
DEFAULTERS |
|
|
|
--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.