MIRA
INFORM REPORT
|
Report Date : |
04.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
BAJAJ HINDUSTHAN LIMITED |
|
|
|
|
Registered
Office : |
Bajaj Bhavan, 2nd Floor, Jamnalal Bajaj Marg, 226, Nariman Point,
Mumbai - 400021, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
30.09.2012 |
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|
|
|
Date of
Incorporation : |
24.11.1931 |
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|
Com. Reg. No.: |
11-001797 |
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Capital
Investment / Paid-up Capital : |
Rs. 639.400 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L15420MH1931PLC001797 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB11307C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB4351J |
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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
: |
Manufacturer of Sugar and Ethanol. |
|
|
|
|
No. of Employees
: |
7259 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
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Litigation : |
Clear |
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Comments : |
Subject is a part of the ‘Bajaj Group’ It is India’s number one sugar
and ethanol manufacturing company. It is an old, well established and reputed company having a
satisfactory track record. There seems some dip in the sales turnover during
2012 and the company has incurred loss from its operation. However, financial position of the company seems to be sound. The directors are reported as well experienced, knowledgeable and respectable
businessmen. Trade relations are reported to be trustworthy. Business is active.
Payment terms are reported to be usually correct and as per commitments. The company can be considered good for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of the
global e-commerce giant Amazon. The company raised $ 210 million from Russian
Investment firm DST Global which has also invested in companies like Facebook,
Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB+ (Long term bank facilities) |
|
Rating Explanation |
Have moderate degree of safety and carry
moderate credit risk. |
|
Date |
October 11, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A2 (Short term bank facilities) |
|
Rating Explanation |
Have strong degree of safety and carry low
credit risk. |
|
Date |
October 11, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non Co-Operative (91-22-22049056)
LOCATIONS
|
Registered Office : |
Bajaj Bhavan, 2nd Floor, Jamnalal Bajaj Marg, 226, Nariman
Point, Mumbai - 400021, |
|
Tel. No.: |
91-22-22023626 |
|
Fax No.: |
91-22-22022238 |
|
E-Mail : |
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|
Website : |
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|
|
|
Corporate Office : |
Bajaj Bhawan, B-10, Sector 3, Jamnalal Bajaj Marg, Noida - 201 301,
NCR |
|
Tel. No.: |
91-120-2543939 / 40, 2543942-48, 4045555 |
|
Fax No.: |
91-120-2543949 |
|
|
|
|
Regional Offices : |
B-2/355, Vishal Khand – 2, Gomti Nagar, |
|
Tel. No.: |
91-522-2303712 / 2396529 |
|
Fax No.: |
91-522-2396489 |
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|
|
|
Factory : |
Sugar Mills ·
Golagokarannath, District Lakhimpur Kheri, Uttar
Pradesh, India ·
Palia Kalan, District Lakhimpur Kheri, Uttar
Pradesh, India ·
Kinauni, District Meerut, Uttar Pradesh, India ·
Thanabhawan, District Muzaffarnagar, Uttar
Pradesh, India ·
Budhana, District Muzaffarnagar, Uttar Pradesh,
India ·
Bilai, District Bijnor, Uttar Pradesh, India ·
Barkhera, District Pilibhit, Uttar Pradesh, India ·
Khambarkhera, District Lakhimpur Kheri, Uttar
Pradesh, India ·
Gangnauli, District Saharanpur, Uttar Pradesh,
India ·
Maqsoodapur, District Shahjahanpur, Uttar
Pradesh, India ·
Pratappur, District Deoria, Uttar Pradesh, India ·
Rudauli, District Basti, Uttar Pradesh, India ·
Utraula, District Balrampur, Uttar Pradesh, India ·
Kundarkhi, District Gonda, Uttar Pradesh, India Distillery ·
Golagokarannath, District Lakhimpur Kheri, Uttar
Pradesh, India ·
Palia Kalan, District Lakhimpur Kheri, Uttar
Pradesh, India ·
Kinauni, District Meerut, Uttar Pradesh, India ·
Khambarkhera, District Lakhimpur Kheri, Uttar
Pradesh, India ·
Gangnauli, District Saharanpur, Uttar Pradesh,
India ·
Rudauli, District Basti, Uttar Pradesh, India Co-Generation ·
Golagokarannath, District Lakhimpur Kheri, Uttar
Pradesh, India ·
Palia Kalan, District Lakhimpur Kheri, Uttar
Pradesh, India ·
Kinauni, District Meerut, Uttar Pradesh, India ·
Thanabhawan, District Muzaffarnagar, Uttar Pradesh,
India ·
Budhana, District Muzaffarnagar, Uttar Pradesh,
India ·
Bilai, District Bijnor, Uttar Pradesh, India ·
Barkhera, District Pilibhit, Uttar Pradesh, India ·
Khambarkhera, District Lakhimpur Kheri, Uttar
Pradesh, India ·
Gangnauli, District Saharanpur, Uttar Pradesh,
India ·
Maqsoodapur, District Shahjahanpur, Uttar
Pradesh, India ·
Pratappur, District Deoria, Uttar Pradesh, India ·
Rudauli, District Basti, Uttar Pradesh, India ·
Utraula, District Balrampur, Uttar Pradesh, India ·
Kundarkhi, District Gonda, Uttar Pradesh, India |
DIRECTORS
As on: 30.09.2012
|
Name : |
Mr. Shishir Bajaj |
|
Designation : |
Chairman and Managing Director (Promoter) |
|
DIN No.: |
00017612 |
|
|
|
|
Name : |
Mr. Kushagra Bajaj |
|
Designation : |
Vice Chairman and Joint Managing Director (Promoter) |
|
DIN No.: |
00017575 |
|
|
|
|
Name : |
Mr. D. S. Mehta |
|
Designation : |
Non-Executive Director (Independent) |
|
DIN No.: |
00038366 |
|
|
|
|
Name : |
Mr. M. L. Apte |
|
Designation : |
Non-Executive Director (Independent) |
|
DIN No.: |
00003656 |
|
|
|
|
Name : |
Mr. R. V. Ruia |
|
Designation : |
Non-Executive Director (Independent) |
|
DIN No.: |
00035853 |
|
|
|
|
Name : |
Mr. D. K. Shukla |
|
Designation : |
Non-Executive Director (Independent) |
|
DIN No.: |
00025409 |
|
|
|
|
Name : |
Mr. Alok Krishna Agarwal |
|
Designation : |
Non-Executive Director (Independent) |
|
DIN No.: |
00127273 |
|
|
|
|
Name : |
Dr. Sanjeev Kumar |
|
Designation : |
Director (Corporate and Legal Affairs) |
|
DIN No.: |
00364416 |
|
|
|
|
Name : |
Mr. Manoj Maheshwar |
|
Designation : |
Director and Group CFO (w.e.f. October 01, 2012) |
|
|
|
|
Name : |
Mr. Ashok Kumar Gupta |
|
Designation : |
Director (Group Operations) (w.e.f. October 01, 2012) |
KEY EXECUTIVES
|
Name : |
Mr. Pradeep Parakh |
|
Designation : |
Group President (GRC) and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2014
|
Category
of Shareholders |
No. of Shares |
Percentage |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
29654338 |
4.64 |
|
|
191343955 |
29.94 |
|
|
73932473 |
11.57 |
|
|
73932473 |
11.57 |
|
|
294930766 |
46.16 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
294930766 |
46.16 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
10743 |
0.00 |
|
|
47927968 |
7.50 |
|
|
4500 |
0.00 |
|
|
43470216 |
6.80 |
|
|
20393754 |
3.19 |
|
|
111807181 |
17.50 |
|
|
|
|
|
|
50445256 |
7.89 |
|
|
|
|
|
|
121315849 |
18.99 |
|
|
23015173 |
3.60 |
|
|
37485686 |
5.87 |
|
|
33818900 |
5.29 |
|
|
191650 |
0.03 |
|
|
3475136 |
0.54 |
|
|
232261964 |
36.35 |
|
Total Public
shareholding (B) |
344069145 |
53.84 |
|
Total (A)+(B) |
638999911 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
400000 |
0.00 |
|
|
400000 |
0.00 |
|
Total (A)+(B)+(C) |
639399911 |
0.00 |
Shareholding belonging to the category
"Promoter and Promoter Group"
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
Total shares (including underlying shares assuming full
conversion of warrants and convertible securities) as a % of diluted share
capital |
|
|
No. of Shares held |
As a % of grand total
(A)+(B)+(C) |
|
||
|
1 |
Shishirkumar Bajaj |
83,96,341 |
1.31 |
1.31 |
|
2 |
Kushagra Bajaj |
1,28,97,036 |
2.02 |
2.01 |
|
3 |
Minakshi Bajaj |
42,54,556 |
0.67 |
0.66 |
|
4 |
Apoorva Bajaj |
2,31,751 |
0.04 |
0.04 |
|
5 |
Shishir Bajaj (As Karta of Shishir Bajaj HUF) |
38,74,654 |
0.61 |
0.60 |
|
6 |
Shishir Bajaj, Minakshi Bajaj and Kaushagra Bajaj ( As Trustee of Kushagra Trust No 2) |
60,623 |
0.01 |
0.01 |
|
7 |
Shishir Bajaj, Minakshi Bajaj and Kushagra Bajaj ( As Trustees of Shishir Bajaj Family Trust) |
6,49,48,632 |
10.16 |
10.12 |
|
8 |
Shishirkumar Bajaj and Kushagra Bajaj ( As Trustees of Bajaj Hindusthan Limited Employeees General Medical Aid Fund) |
20,78,120 |
0.33 |
0.32 |
|
9 |
Shishirkumar Bajaj and Kushagra Bajaj ( As Trustees of Bajaj Hindusthan Limited Employees Family Planning Welfare Fund) |
17,53,100 |
0.27 |
0.27 |
|
10 |
Shishirkumar Bajaj and Kushagra Bajaj ( As Trustees of Bajaj Hindusthan Limited Employees Sports and Cultural Activities Welfare Fund) |
17,43,600 |
0.27 |
0.27 |
|
11 |
Shishirkumar Bajaj and Kushagra Bajaj ( As Trustees of Bajaj Hindusthan Limited Managerial Staff Medical Aid Fund) |
17,39,100 |
0.27 |
0.27 |
|
12 |
Shishirkumar Bajaj and Kushagra Bajaj ( As Trustees of Bajaj Hindusthan Limited Employees Education Welfare Fund |
16,09,298 |
0.25 |
0.25 |
|
13 |
Bajaj Capital Ventures Private Limited |
22,47,142 |
0.35 |
0.35 |
|
14 |
Bajaj Resources Limited |
8,19,44,455 |
12.82 |
12.77 |
|
15 |
A N Bajaj Enterprises Private Limited |
1,83,07,954 |
2.86 |
2.85 |
|
16 |
KNB Enterprises Private Limited |
110 |
0.00 |
0.00 |
|
17 |
SKB Roop Commercial LLP |
110 |
0.00 |
0.00 |
|
18 |
Global World Power Proj P Limited |
4,11,11,121 |
6.43 |
6.41 |
|
19 |
Bajaj Inter Realty Private Limited |
2,77,77,484 |
4.34 |
4.33 |
|
20 |
Bajaj Infrastructure Development Company Limited |
1,99,55,469 |
3.12 |
3.11 |
|
21 |
Bajaj Power Ventures Private Limited |
110 |
0.00 |
0.00 |
|
|
Total |
29,49,30,766 |
46.13 |
45.95 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full
conversion of warrants and convertible securities) as a % of diluted share
capital |
|
|
1 |
Life Insurance Corporation of India |
41026922 |
6.42 |
6.39 |
|
|
2 |
Jayakumar Narayanswami Nirad Dhirajlal Mehta and Pankaj Inderchand Jain ( As Trustees of BHL Securities Trust) |
31100000 |
4.86 |
4.85 |
|
|
3 |
IDBI Bank Limited |
18993081 |
2.97 |
2.96 |
|
|
4 |
Bajaj Holdings and Investment Limited |
13068511 |
2.04 |
2.04 |
|
|
5 |
Indian Overseas Bank |
9828834 |
1.54 |
1.53 |
|
|
6 |
Canara Bank - Mumbai |
8000000 |
1.25 |
1.25 |
|
|
7 |
Central Bank of India |
7384012 |
1.15 |
1.15 |
|
|
8 |
Yusuf Kasam |
6640310 |
1.04 |
1.03 |
|
|
|
Total |
136041670 |
21.28 |
21.20 |
Shareholding belonging to the category
"Public" and holding more than 5% of the Total No. of Shares
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons Acting in
Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full
conversion of warrants and convertible securities) as a % of diluted share
capital |
|
|
1 |
Life Insurance Corporation of India |
41026922 |
6.42 |
6.39 |
|
|
|
Total |
41026922 |
6.42 |
6.39 |
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 as % of Total No. of
Shares |
|
1 |
GDRs |
4,00,000 |
4,00,000 |
0.06 |
|
|
Total |
4,00,000 |
4,00,000 |
0.06 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Sugar and Ethanol. |
PRODUCTION STATUS (As on 30.09.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Sugar |
Kilo Litres |
NA |
136000 |
1037882 |
|
Alcohol |
Kilo Litres |
235000 |
800# |
89059 |
|
Power* |
M.W. |
NA |
362 |
556578 |
|
Molasses** |
M.Tonnes |
NA |
NA |
519391 |
Notes:
* 1. Sales Include inter unit transfer 369,838 MW (Previous year 308,883 MW) at nil value.
** 2. Sales include inter unit transfer 363,116 MT (Previous year 411,997 MT) at nil value. Closing Stock include stock at Distillery units 16,377 MT (Previous year 21,571 MT) .
# 3. Installed capacity of alcohol includes Distillery having 60 KL capacity given on lease w.e.f. 30th May, 2006.
GENERAL INFORMATION
|
No. of Employees : |
7259 (Approximately) |
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|
Bankers : |
· Allahabad Bank · Central Bank of India · Corporation Bank · HDFC Bank Limited · IDBI Bank Limited · Oriental Bank of Commerce · Punjab National Bank · State Bank of India · State Bank of Patiala ·
Yes Bank Limited |
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|
Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors
: |
|
|
Name : |
Chaturvedi and Shah Chartered Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name : |
B.J.D. Nanabhoy and Company Chartered Accountants |
|
|
|
|
International Accountants
: |
|
|
Name : |
B S R and Company Chartered Accountants |
|
|
|
|
Enterprises over
which key management personnel and their relatives are able to exercise
significant influence: |
· Bajaj Capital Ventures Private Limited · Bajaj Holding and Investment Limited · Bajaj Infrastructure Development Company Limited |
|
|
|
|
Subsidiary : |
· Bajaj Aviation Private Limited · Bajaj Eco-tec Products Limited (up to March 31, 2012) · Bajaj Internacional Participaçoes Ltda., Brazil (up to January 26, 2012) · Bajaj Hindusthan (Singapore) Pte Limited, Singapore · Lalitpur Power Generation Company Limited · Bajaj Power Generation Private Limited ·
Bajaj Energy Private Limited |
CAPITAL STRUCTURE
As on: 30.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1800000000 |
Equity Shares |
Rs.1/- each |
Rs.1800.000 Millions |
|
|
|
|
|
Issued :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
685071333 |
Equity Shares |
Rs.1/- each |
Rs.685.100 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
639399911 |
Equity Shares |
Rs.1/- each |
Rs.639.400 Millions |
|
|
|
|
|
(i) Detail of shares allotted without payment being received in cash during five years immediately preceding the
Balance Sheet date are given below:
37000000 (37000000) Equity Shares have been issued, for consideration other than cash to the members of erstwhile Bajaj Hindusthan Sugar and Industries Limited pursuant to Scheme of Amalgamation.
(ii) The
reconciliation of the number of shares outstanding at the beginning and at the
end of the reporting period:
|
Particulars |
As at Sept. 30, 2012 |
|
|
No. of Shares |
|
Equity Shares (with voting rights) at the beginning of the year |
228357111 |
|
Add: Shares issued on exercise of rights (rights issue) |
411042800 |
|
Add: Shares issued pursuant to Scheme of Amalgamation |
-- |
|
Equity Shares at
the end of the year |
639399911 |
(iii) Terms/Rights of
Equity Shares:
The company has one class of equity shares having par value of Rs.1/- per share. All equity shares are ranking pari passu in all respects including dividend. In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive the realised value of the assets of the Company, remaining after payment of all preferential dues. The distribution will be in proportion to the number of equity shares held by the shareholders.
(iv) The details of
Shareholders holding more than 5% shares:
|
|
As at Sept. 30, 2012 |
|
|
Name of
Shareholders |
No. of Shares |
% held |
|
1. Bajaj Resources Limited |
81944455 |
12.82% |
|
2. Trustees - Shishir Bajaj Family Trust |
64948632 |
10.16% |
|
3. Global World Power Projects Private Limited |
41111121 |
6.43% |
|
4. Trustees - BHL Securities Trust * |
- |
|
|
5. Life Insurance Corporation of India |
41026922 |
6.42% |
|
6. Bajaj Holdings and Investment Limited * |
- |
|
|
7. Janus Overseas Fund |
36276761 |
5.67% |
* During the current year, the percentage of holding is less than 5%.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
30.09.2012 |
30.09.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
639.400 |
228.400 |
|
(b) Reserves & Surplus |
|
40303.400 |
31170.700 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
40942.800 |
31399.100 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
15006.900 |
22397.400 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
877.400 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
318.400 |
268.600 |
|
Total Non-current
Liabilities (3) |
|
15325.300 |
23543.400 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
|
32863.000 |
14243.300 |
|
(b) Trade payables |
|
2364.000 |
2848.200 |
|
(c) Other current liabilities |
|
10349.600 |
25748.900 |
|
(d) Short-term provisions |
|
128.300 |
148.400 |
|
Total Current
Liabilities (4) |
|
45704.900 |
42988.800 |
|
|
|
|
|
|
TOTAL |
|
101973.000 |
97931.300 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
54195.000 |
53891.200 |
|
(ii) Intangible Assets |
|
3.500 |
5.200 |
|
(iii) Capital work-in-progress |
|
74.000 |
242.900 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
16003.600 |
13437.900 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
921.100 |
748.700 |
|
(e) Other Non-current assets |
|
16.800 |
13.200 |
|
Total Non-Current
Assets |
|
71214.000 |
68339.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.500 |
|
(b) Inventories |
|
5582.400 |
4678.200 |
|
(c) Trade receivables |
|
1920.200 |
2482.000 |
|
(d) Cash and cash equivalents |
|
1803.000 |
5837.700 |
|
(e) Short-term loans and advances |
|
17358.200 |
12272.600 |
|
(f) Other current assets |
|
4095.200 |
4321.200 |
|
Total Current
Assets |
|
30759.000 |
29592.200 |
|
|
|
|
|
|
TOTAL |
|
101973.000 |
97931.300 |
|
SOURCES OF FUNDS |
|
|
30.09.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
191.400 |
|
|
2] Equity share suspense |
|
|
37.000 |
|
|
3] Stock Options Outstanding |
|
|
153.000 |
|
|
4] Reserves & Surplus |
|
|
30988.200 |
|
|
5] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
31369.600 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
44297.700 |
|
|
2] Unsecured Loans |
|
|
11133.600 |
|
|
TOTAL BORROWING |
|
|
55431.300 |
|
|
DEFERRED TAX LIABILITIES |
|
|
834.300 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
87635.200 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
54799.100 |
|
|
Capital work-in-progress |
|
|
912.800 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
11133.900 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
19213.600 |
|
|
Sundry Debtors |
|
|
1631.000 |
|
|
Cash & Bank Balances |
|
|
4792.000 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
14242.100 |
|
Total
Current Assets |
|
|
39878.700 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
16668.000 |
|
|
Other Current Liabilities |
|
|
501.500 |
|
|
Provisions |
|
|
1919.800 |
|
Total
Current Liabilities |
|
|
19089.300 |
|
|
Net Current Assets |
|
|
20789.400 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
87635.200 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2012 |
30.09.2011 |
30.09.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
42626.300 |
49038.000 |
28736.000 |
|
|
|
Other Income |
1061.500 |
153.500 |
1553.800 |
|
|
|
TOTAL (A) |
43687.800 |
49191.500 |
30289.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases and materials consumed |
33660.100 |
27393.800 |
|
|
|
|
Changes in inventories of finished goods and work-in-progress |
(579.700) |
8884.700 |
|
|
|
|
Employee benefits expense |
1919.300 |
1703.500 |
|
|
|
|
Other expenses |
3049.000 |
2551.500 |
|
|
|
|
TOTAL (B) |
38048.700 |
40533.500 |
24151.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5639.100 |
8658.000 |
6138.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5364.100 |
5159.500 |
3013.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
275.000 |
3498.5000 |
3124.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3488.200 |
3309.100 |
2574.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(3213.200) |
189.400 |
550.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(867.500) |
69.400 |
32.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(2345.700) |
120.000 |
517.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2338.700 |
1785.800 |
790.000 |
|
|
|
|
|
|
|
|
|
|
Dividend paid of earlier year |
|
(25.900) |
(10.200) |
|
|
|
Corporate Dividend Tax on Dividend paid |
|
(4.300) |
(1.700) |
|
|
|
Debenture Redemption Reserve (No longer required) |
(183.600) |
662.500 |
750.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to reserve for molasses storage tank |
3.700 |
3.100 |
3.300 |
|
|
|
Transfer to general reserve |
0.000 |
90.100 |
100.300 |
|
|
|
Transfer from general reserve |
2555.800 |
0.000 |
0.000 |
|
|
|
Proposed dividend |
63.900 |
91.400 |
134.000 |
|
|
|
Corporate dividend tax on proposed dividend |
10.400 |
14.800 |
22.200 |
|
|
|
Amount pursuant to scheme of amalgamation |
(2294.200) |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
-- |
2338.700 |
1785.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on F.O.B. basis |
304.300 |
6439.500 |
|
|
|
|
Others |
0.000 |
6.000 |
|
|
|
TOTAL EARNINGS |
304.300 |
6445.500 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Spares and components |
|
|
0.000 |
|
|
|
Raw Materials |
0.000 |
|
12089.800 |
|
|
|
Others |
13.300 |
|
0.000 |
|
|
TOTAL IMPORTS |
16.200 |
NA |
12089.800 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(3.87) |
0.53 |
2.51 |
|
QUARTERLY RESULTS
(Rs. In Millions)
|
PARTICULARS |
|
31.12.2012 Unaudited |
31.03.2013 Unaudited |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
6357.300 |
12971.600 |
|
Total Expenditure |
|
5048.400 |
10555.300 |
|
PBIDT (Excl OI) |
|
1308.900 |
2416.300 |
|
Other Income |
|
11.500 |
26.500 |
|
Operating Profit |
|
1320.400 |
2442.800 |
|
Interest |
|
1265.400 |
1540.800 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
55.000 |
902.000 |
|
Depreciation |
|
901.500 |
882.500 |
|
Profit Before Tax |
|
(846.500) |
19.500 |
|
Tax |
|
(295.100) |
0.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
(551.400) |
19.500 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
(551.400) |
19.500 |
KEY RATIOS
|
PARTICULARS |
|
30.09.2012 |
30.09.2011 |
30.09.2010 |
|
PAT / Total Income |
(%) |
(5.37) |
0.24
|
1.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(7.54) |
0.39
|
1.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.74) |
0.22
|
0.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.08) |
0.01
|
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.17 |
1.17
|
1.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.67 |
0.69
|
2.08 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.09.2011 |
30.09.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
228.400 |
639.400 |
|
Reserves & Surplus |
31170.700 |
40303.400 |
|
Net
worth |
31399.100 |
40942.800 |
|
|
|
|
|
long-term borrowings |
22397.400 |
15006.900 |
|
Short term borrowings |
14243.300 |
32863.000 |
|
Total
borrowings |
36640.700 |
47869.900 |
|
Debt/Equity
ratio |
1.167 |
1.169 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.09.2010 |
30.09.2011 |
30.09.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
28736.000 |
49038.000 |
42626.300 |
|
|
|
70.650 |
(13.075) |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.09.2010 |
30.09.2011 |
30.09.2012 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
28736.000 |
49038.000 |
42626.300 |
|
Profit |
517.500 |
120.000 |
(2345.700) |
|
|
1.80% |
0.24% |
(5.50%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG TERM BORROWINGS
(Rs. In Millions)
|
Particular |
30.09.2012 |
30.09.2011 |
30.09.2010 |
|
Current maturities of Long term borrowings |
9210.100 |
15326.600 |
NA |
|
|
|
|
|
|
Total |
9210.100 |
15326.600 |
NA |
|
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 |
No |
|
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 30.09.2012 |
As on 30.09.2011 |
|
LONG TERM
BORROWINGS |
|
|
|
From others* |
801.400 |
742.700 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loan from banks |
4199.900 |
575.000 |
|
|
|
|
|
Total |
5001.300 |
1317.700 |
Notes:
* Includes FCCB’s of US$ 1.50 Millions amounting to
Rs.790.400 Millions (P.Y. Rs.733.900 Millions) issued in the month of June 2007
and can be converted at the option of the bond holder into one equity share at
Rs.250 per equity share, at a pre determined exchange rate of US$ 1= Rs.42.42
at any time up to 26.04.2014.
AMALGAMATION
OF BAJAJ ECO-TEC PRODUCTS LIMITED
The Scheme of Amalgamation of wholly-owned subsidiary Bajaj
Eco-Tec Products Limited (BEPL) with the Company in terms of the provisions of
Sections 391 and 394 of the Companies Act, 1956 (“the scheme”) with the
Appointed Date as April 01, 2012 was unanimously approved by the Equity Shareholders
of the Company, and also by the Secured Creditors and Unsecured Creditors of
the Company and BEPL at their respective court convened meetings held on June
16, 2012.
Subsequently, upon sanction of the Scheme vide Orders passed by the Hon’ble High Court of Judicature at Bombay on September 14, 2012 and completion of other formalities in this regard on October 01, 2012 by both the Companies, the Scheme has become effective from October 01, 2012.
Financial Results
On a stand-alone basis, the Company achieved a turnover of Rs. 43687.800 Millions as compared to Rs. 49191.500 Millions in the previous year mainly due to lower volume of sugar sales in 2011-12 and sale of raw sugar in 2010-11 inspite of higher production and higher sales realization as compared to the previous year. The loss after tax stood at Rs. 2345.700 Millions as compared to the profit of Rs. 120.000 Millions in the previous year. On a consolidated basis, the turnover including other income was Rs. 44513.000 Millions compared to Rs. 50819.000 Millions in the previous year. The loss after tax and minority interest is Rs. 3201.100 Millions as against profit of Rs. 214.500 Millions in the previous year.
The financial and operating results for current financial year are not strictly comparable with those of previous financial year 2010-11 to the extent that current financial year includes figures pertaining to the erstwhile subsidiary Bajaj Eco-Tec Products Limited for half year viz. from Appointed Date as April 01, 2012 to September 30, 2012 consequent upon the merger of BEPL with the Company whereas in the previous year these were for the Company only.
Operations
The Company continues to be the number one sugar and ethanol manufacturing company in India with its fourteen sugar plants having an aggregate sugarcane crushing capacity of 1,36,000 TCD, six distilleries having aggregate capacity to produce Industrial Alcohol of 800 kilolitres per day and fourteen co-generation plants having a total power generation capacity of 443 MW, two MDF manufacturing plants having capacity of 1,20,000 MT per annum and one PB manufacturing plant having capacity of 35,000 MT per annum.
Sugar
The operations during the financial year ended September 30, 2012 at all the fourteen sugar plants were satisfactory.
During the financial year 2011-12, the Company crushed 12.756 MMT of sugarcane and processed 671.2 MT of raw sugar. The recovery of sugar from sugarcane was at 9.14% as against 9.31% in the previous year.
The Company produced 11,65,761 MT sugar from sugarcane and 611 MT sugar from raw sugar and 6,47,585 MT molasses during the financial year 2011-12. The Company sold 11,38,494 MT of sugar as against 13,74,407 MT during the previous year, registering a decline of 17%. The Company also sold 95,407 MT of molasses as against 96,497 MT in the previous year.
Distillery
During the year, Industrial Alcohol / Ethanol production was higher at 1,45,156 KL as compared to 89,059 KL in the previous year. Alcohol / Ethanol sale during the year was higher at 1,48,835 KL as against 1,24,366 KL during the previous year, reporting an increase of 20%.
Power
The operations of power generation were smooth at all of their fourteen sugar plants. While most of the power generated by us continued to be used captively to run their plants, the surplus power was sold to the Uttar Pradesh State grid.
Power generation was substantially higher at 8,21,215 MW as compared to 5,56,578 MW in the previous year recording a growth of 48%. This was achieved primarily out of higher quantum of bagasse available from the crushing of sugarcane and optimum utilisation of co-gen capacities resulting from efficient planning. The Company exported 3,46,180 MW of power during the year as against 1,75,842 MW during the previous year, an increase of 97%.
Bagasse Boards
During the period from April 01, 2012 (Appointed Date of Amalgamation) to September 30, 2012, the Company manufactured 4,905 MT of Particle Board (PB) and 10,118 MT of Medium Density Fibre Board (MDF) at its two plants at Kinauni and Palia Kalan, respectively. Operations at the Kundarkhi plant remained suspended due to non-availability of adequate quantity of sugarcane bagasse in and around that area.
The Company sold 5,513 MT of PB and 14,415 MT of MDF during the period.
MANAGEMENT
DISCUSSION AND ANALYSIS
Global Scenario
In the third consecutive year, Sugar Year (SY) 2012 has seen spurt in the production of sugar across all major sugar producing and consuming countries. This trend is likely to continue in SY2013 despite reduction in sugar output from EU, Thailand and other countries. Major contributors to surplus sugar production will be Russia followed by China and Australia. Late revival of Indian monsoon has waned the threat of prolonged drought in the major sugar producer states and will contribute to a wider surplus sugar scenario than anticipated. Rains kept sugar mills in Brazil away from crushing at full capacity earlier this year but eased in early July and the industry has produced an impressive show since then.
During SY2013, the World sugar output has been estimated by ISO, Kingsman, ABARES, Czarnikow, Sucden and other leading sugar research agencies in the range of 175-180 MMT and consumption in the range of 166 to 171 MMT and this will lead to surplus sugar scenario globally.
Given the increasing trend of sugar production and an estimated 177 MMT production in SY2012, it is unlikely that sugar prices will have any upward buoyancy over the next year. The main reason for spurt in sugar production has been attributed to the two years of big deficit during 2008-09 and 2009-10 when world sugar market witnessed high sugar prices. This motivated millers and farmers across the world to increase cane cultivation, sugar production. From the year 2008-09, there has been excellent recovery in countries like Russia, Thailand, India and China.
Outlook
Given the much faster glut of production, global stock to consumption ratio (a key indicator of health of the sugar industry) is expected to rise in the near term impacting global prices with a negative bias.
Brazil is expected to consolidate its position as the leading global exporter and will account for over 55% of global trade and over 63% of all additional sugar exports by the close of the projection period. While the bulk of Brazil’s exports will continue to comprise high quality raw sugar, which is likely to increase to 21 million MT in 2020-21, the composition of trade will also start to favour white sugar shipments which grow by 50% and amount to over 12 million MT in the same period. The growing concentration of global sugar exports is not without risks for sugar users as world export supplies depend increasingly on the growing conditions of a single country. This may be another factor, in addition to production cycles in Asia, which contributes to future market volatility. A possible counterweight is that a majority of Brazil’s sugarcane will continue to be used for ethanol production and many mills have the capacity to produce both sugar and ethanol. Brazil also remains the only exporter that can switch 5-10% of milling capacity between sugar and ethanol production within a year in response to changes in relative profi tability between the two end uses. This fl exibility should help assure sugar production and export availabilities, when relative prices periodically favour sugar over ethanol production. A signifi cant recent development was that China exceeded for the fi rst time the TRQ of 1.95 MT established on sugar imports at the time of its entry to the WTO in 1998. Rapid economic growth and urbanisation trends are promoting the industrial use of sugar in food manufacture and preparations. Along with low per capita sugar consumption levels of only 11 kg per person in the population at large and tightening government controls on the production and use of artifi cial sweeteners, these are expected to lead collectively to strong growth in sugar use in China in coming years. Sugar disappearance is projected to grow by over 3% p.a., exceeding the growth of production which is increasingly limited by tightening water availability and boosting sugar imports to over 5 MT by 2020-21. This will make China the largest importer exceeding that of the EU, US and the Russian Federation. In terms of other leading exporters, Thailand plays a unique role in Asia as the only consistent producer of a large sugar surplus and with a natural trade advantage, along with Australia, to service the large and ballooning sugar defi cit in that region. Exports from Thailand, which is ranked number two in the world, are projected to grow to around 5.8 MT by 2020- 21, exceeding the 2003 record. In the case of Australia, increased production over the projection period should support exports of around 3.8 MT by 2020-21. Strong demand for HFCS in Mexico, which is expected to grow to 75% of total sweetener consumption and similar to the situation in the US, will substitute for sugar used in beverage manufactures, releasing surplus sugar for export to the US market. Mexican exports to the preferred US market are projected to exceed 1.8 MT by 2020-21.
INDIAN SCENARIO
A typical feature of the sugar market in India is the cyclical nature of production, where 2-3 years of surplus are followed by 2-3 years of defi cit. In recent years, the cycle has been more pronounced, with larger swings in production and trade.
After an increase in 2006-07 to 30.1 MT, 33% over the record 2002-03 crop, sugar output declined to 15.2 MT in 2008-09 and is currently estimated at 26 MT for 2011-12. Trade generally follows a similar trend, with imports exceeding 2 MT during the deficit phase of the cycle, replaced by large exports during the surplus phase. Weather patterns of course are a key factor as sugarcane yields are greatly affected by the level of rainfall, notably during the critical monsoon season. But, domestic sugar polices amplify the cycle through\ their effect on incentives along the sugar value chain, including for farmers and sugar factories. There are four broad areas of public intervention that regulate the sugar market in India. First, both the Central and the State Governments set a price support for sugarcane. In general, the Central Government announces a price level, referred to as the Fair and Remunerative Price (FRP) for sugar at which sugar factories are legally required to pay farmers for their sugarcane. On the other hand certain State Governments announces sugarcane price for its respective states known as State Advised Price (SAP) which is substantially higher than the FRP. The second area of intervention is through restrictions on sugar quantities to be sold on the market, as well as imposing on the sugar factories a so-called sugar levy, by which they are required to sell at below market price to the public distribution centres. In addition, the government regulates sugar trade via export limitations and marketing restrictions, such as limits on private stockholdings.
Initially, the government introduced these polices to sustain the income of sugarcane farmers while at the same time protecting consumers from sugar price inflation. Reconciling these objectives is a challenge as fixed sugarcane prices are disconnected from the relatively market-based sugar prices.
Against a backdrop of recurrent large swings in production, sugar demand in India has been growing steadily at about 4% per year over the past 10 years.
Therefore, the domestic production and consumption balance moves from periods of surpluses and deficits, leading to often significant changes in the trade position. For instance, in 2007-08, exports reached 4.7 MT (9.7% of world exports), but in 2009-10, these were replaced by imports of about 4 MT (7% of world imports). These changes in trade channel the swings in domestic production to the international sugar markets, contributing to its volatility, especially during periods of global market tightness.
The potential for expanding sugar production in India exists and can be fully exploited if adjustments were introduced to ensure a market driven relationship between sugar and sugarcane prices. Also, relaxing some of the existing measures, such as the monthly releases, could provide sugar factories with some cash flow fl exibility. The use and valorisation of sugarcane by-products, such as ethanol, electric power and other derivatives, can cushion against low sugar prices and other market risks. The liberalisation of the sugar industry can only be undertaken within the context of broader domestic reforms, because of the linkages on both demand and supply sides that prevail in agricultural commodity markets.
CONTINGENT
LIABILITIES
(Rs. In Millions)
|
Particular |
30.09.2012 |
30.09.2011 |
|
In respect of disputed
demands/claims against the Company not acknowledged as debts: |
|
|
|
Central excise matters |
332.800 |
320.400 |
|
Trade tax matters |
294.900 |
85.000 |
|
Other claims |
332.100 |
462.400 |
|
Guarantees The Company has furnished guarantees / securities on behalf of subsidiary / associate company |
30400.400 |
24093.300 |
STATEMENT OF
STANDALONE AUDITED RESULTS FOR THE QUARTER AND PERIOD ENDED MARCH 31, 2014
(Rs. In Millions)
|
|
Particulars |
3 Months ended |
Receding 3 Months ended |
Corresponding 3 Months ended |
Year to date Current Period ended |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2013 |
31.03.2014 (18 months) |
|
|
|
|
|
|
|
|
1. |
Income from
operations |
|
|
|
|
|
|
(a) Net Sales / income from operations (Net of excise duty) |
13248.500 |
7772.200 |
12869.500 |
65996.400 |
|
|
(b) Other operating income |
50.700 |
52.300 |
102.100 |
446.100 |
|
|
Total Income from operations (net) |
13299.200 |
7824.500 |
12971.600 |
66442.500 |
|
2. |
Expenses |
|
|
|
|
|
|
a) Purchases and materials consumed @ |
26833.800 |
7039.100 |
25608.500 |
78153.300 |
|
|
b) Changes in inventories of finished goods, work in progress and stock in trade |
(14230.700) |
1334.300 |
(17690.200) |
(20758.800) |
|
|
c) Employee benefits expense |
674.200 |
439.400 |
688.700 |
3162.400 |
|
|
d) Depreciation and amortisation expense |
872.100 |
894.600 |
882.500 |
5317.200 |
|
|
e) Increase/(decrease) of excise duty on inventories |
545.800 |
(13.800) |
660.900 |
770.700 |
|
|
f) Other expenses |
1273.100 |
704.800 |
1287.400 |
5890.700 |
|
|
Total expenses |
15968.300 |
10398.400 |
11437.800 |
72535.500 |
|
3. |
Profit/ (Loss) from
operations before other income, finance costs and exceptional items (1-2) |
(2669.100) |
(2573.900) |
1533.800 |
(6093.000) |
|
4. |
Other income |
219.300 |
210.100 |
26.500 |
498.100 |
|
5. |
Profit/ (Loss) from
ordinary activities before finance costs and exceptional items (3+4) |
(2449.800) |
(2363.800) |
1560.300 |
(5594.900) |
|
6. |
Finance costs (net) |
1668.400 |
1526.900 |
1540.800 |
9485.700 |
|
7 |
Profit/ (Loss) from
ordinary activities after finance costs but before exceptional items (5-6) |
(4118.200) |
(3890.700) |
19.500 |
(15080.600) |
|
8 |
Exceptional items |
- |
- |
- |
- |
|
9. |
Profit / (Loss)
from ordinary activities before tax (7-8) |
(4118.200) |
(3890.700) |
19.500 |
(15080.600) |
|
10. |
Tax expense |
120.800 |
- |
- |
250.600 |
|
11. |
Net Profit / (Loss)
from ordinary activities after tax (9-10) |
(4239.000) |
(3890.700) |
19.500 |
(15331.200) |
|
12. |
Extraordinary items (net of tax expense Rs. Nil) |
- |
- |
- |
- |
|
13. |
Net Profit / (Loss)
for the period (11-12) |
(4239.000) |
(3890.700) |
19.500 |
(15331.200) |
|
14. |
Paid-up equity share capital (Face Value - Re.1/- per share) |
639.400 |
639.400 |
639.400 |
639.400 |
|
15. |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year |
|
|
|
249530 |
|
16 (i) |
Earnings per share
(EPS) ( before extraordinary items) (of Re.1/- each) (not annualised) |
|
|
|
|
|
|
(a) Basic |
(6.63) |
(6.08) |
0.03 |
(23.98) |
|
|
(b) Diluted |
(6.63) |
(6.08) |
0.03 |
(23.98) |
|
16 (ii) |
Earnings per share
(EPS) ( after extraordinary items) (of Re.1/- each) (not annualised) |
|
|
|
|
|
|
(a) Basic |
(6.63) |
(6.08) |
0.03 |
(23.98) |
|
|
(b) Diluted |
(6.63) |
(6.08) |
0.03 |
(23.98) |
|
A. |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
1. |
Public shareholding |
|
|
|
|
|
|
- Number of shares |
344069145 |
344069145 |
342893545 |
344069145 |
|
|
- Percentage of Shareholding |
53.81% |
53.81% |
53.63% |
53.81% |
|
2. |
Promoters and
Promoter Group Shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number of shares |
- |
- |
- |
- |
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
- |
- |
- |
- |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
- |
- |
- |
- |
|
|
b) Non-encumbered |
|
|
|
|
|
|
- Number of Shares |
|
|
|
|
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
294930766 |
294930766 |
294930766 |
294930766 |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
100.00% |
100.00% |
100.00% |
100.00% |
|
|
Particulars |
3 Months ended 31.03.2014 |
|
B. |
INVESTOR COMPLAINTS Pending at the beginning of the quarter Received during the quarter Disposed off during the quarter Remaining unresolved at the end of the quarter |
- 2 2 - |
SEGMENT- WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND PERIOD ENDED MARCH 31, 2014
(Rs. In Millions)
|
|
Particulars |
3 Months ended |
Receding 3 Months
ended |
Corresponding 3 Months ended |
Year to date
Current Period ended |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2013 |
31.03.2014 (18 months) |
|
Audited |
Unaudited |
Unaudited |
Audited |
||
|
1. |
Segment Revenue |
|
|
|
|
|
|
a. Sugar |
11489.900 |
7159.500 |
11244.300 |
55666.000 |
|
|
b. Distillery |
1551.200 |
936.100 |
1624.800 |
7647.600 |
|
|
c. Power |
2204.200 |
584.000 |
2230.900 |
6757.800 |
|
|
d. Others |
621.600 |
14.100 |
108.100 |
4142.300 |
|
|
Total |
15866.900 |
8693.700 |
15208.100 |
74213.700 |
|
|
Less : Inter- segment Revenue |
2618.400 |
921.500 |
2338.600 |
8217.300 |
|
|
Net Sales / Income from operations |
13248.500 |
7772.200 |
12869.500 |
65996.400 |
|
2. |
Segment Results (Profit/(Loss) before tax and interest) |
|
|
|
|
|
|
a. Sugar |
(4684.200) |
(2707.700) |
(689.200) |
(12131.900) |
|
|
b. Distillery |
487.900 |
179.300 |
542.100 |
2251.400 |
|
|
c. Power |
1712.100 |
128.800 |
1961.000 |
5106.800 |
|
|
d. Others |
(77.800) |
(61.700) |
(104.700) |
(240.500) |
|
|
Total |
(2562.000) |
(2461.300) |
1709.200 |
(5014.200) |
|
|
Less: (i) Finance costs (net) |
1668.400 |
1526.900 |
1540.800 |
9485.700 |
|
|
(ii) Other Un-allocable Expenditure net off Un-allocable Income |
(112.200) |
(97.500) |
148.900 |
580.700 |
|
|
Total Profit / (Loss) before Tax |
(4118.200) |
(3890.700) |
19.500 |
(15080.600) |
|
3. |
Capital Employed (Segment Assets-Segment Liabilities) |
|
|
|
|
|
|
a. Sugar |
44198.700 |
47872.500 |
61140.000 |
44198.700 |
|
|
b. Distillery |
5215.600 |
4561.500 |
5288.700 |
5215.600 |
|
|
c. Power |
5265.000 |
5197.300 |
6338.900 |
5265.000 |
|
|
d. Others |
2415.300 |
2470.800 |
2827.300 |
2415.300 |
|
|
e. Unallocated |
31244.500 |
27670.300 |
31576.100 |
31244.500 |
|
|
Total |
88339.100 |
87772.400 |
107171.000 |
88339.100 |
Notes:
1. Given the seasonal nature of Industry, the results of any quarter may not be a true and/or proportionate reflection of the annual performance of the Company.
2. The Company has extended its current financial year by six months. Consequently the current financial year will comprise of 18 months (six quarters) ended on March 31, 2014. Requisite approval in this regard has been received from the Registrar of Companies on September 18, 2013.
3. The Year to date figures for the current period are for eighteen months, comparative year to date figures for the previous year have not been given.
4. Statement of assets and liabilities as at March 31, 2014 is provided below:-
(Rs. In Millions)
|
Particulars |
As at Current period ended 31.03.2014 |
|
|
|
|
|
|
A. EQUITY AND
LIABILITIES |
|
|
|
1. Shareholders'
funds |
|
|
|
(a) |
Share capital |
639.400 |
|
(b) |
Reserves & surplus |
24953.000 |
|
|
Sub-total-
Shareholders' funds |
25592.400 |
|
|
|
|
|
2. Non-current
liabilities |
|
|
|
(a) |
Long-term borrowings |
25095.700 |
|
(b) |
Other long-term liabilities |
1794.000 |
|
(c) |
Long-term provisions |
413.600 |
|
|
Sub-total-
Non-current liabilities |
27303.300 |
|
|
|
|
|
3. Current
liabilities |
|
|
|
(a) |
Short-term borrowings |
30761.400 |
|
(b) |
Trade payables |
28159.200 |
|
(c) |
Other current liabilities |
13370.400 |
|
(d) |
Short-term provisions |
97.400 |
|
|
Sub-total- Current
liabilities |
72388.400 |
|
|
|
|
|
|
TOTAL- EQUITY AND
LIABILITIES |
125284.100 |
|
|
|
|
|
B. ASSETS |
|
|
|
1. Non-current
assets |
|
|
|
(a) |
Fixed assets |
49949.800 |
|
(b) |
Non-current investments |
24310.500 |
|
(c) |
Deferred tax assets (net) |
0.000 |
|
(d) |
Long-term loans & advances |
605.700 |
|
(e) |
Other non-current assets |
14.000 |
|
|
Sub-total-
Non-current assets |
74880.000 |
|
|
|
|
|
2. Current assets |
|
|
|
(a) |
Current investments |
0.000 |
|
(b) |
Inventories |
26735.000 |
|
(c) |
Trade receivables |
2254.800 |
|
(d) |
Cash and bank balances |
1282.400 |
|
(e) |
Short-term loans and advances |
14911.100 |
|
(f) |
Other current assets |
5220.800 |
|
|
Sub-total- Current
assets |
50404.100 |
|
|
|
|
|
|
TOTAL- ASSETS |
125284.100 |
5. The above results have been reviewed by the audit committee and approved by the Board of Directors at their respective meetings held on May 16, 2014.
6. The figures of the current quarter ended March 31, 2014 are balancing figures after deducting 15 months published figures as on December 31, 2013 from the audited annual figures for the period ended March 31, 2014. Previous periods/year figures have been regrouped/ re-arranged/ reworked/ restated where ever necessary to conform to the classification of current period.
FIXED ASSETS
Tangible Assets
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Office Equipments
· Vehicles and Aircraft
· Land
Intangible Assets
· Computer Software
AS PER WEBSITE DETAILS
Press Release
BAJAJ HINDUSTHAN
LIMITED’S AND SUBSIDIARY - BAJAJ HINDUSTHAN SUGAR AND INDUSTRIES LIMITED’S
BOARDS APPROVE MERGER
Merger to further consolidate leadership position of BHL in India's Sugar Sector
· BHSIL shareholders to receive one share of BHL for every 5 shares of BHSIL
· The appointed date of merger of BHSIL with BHL is April 1, 2010
· Merger to enhance efficiencies from scale and synergies
MUMBAI, 17 June 2010: The Boards of Directors of Bajaj Hindusthan Limited. (BHL) and Bajaj Hindusthan Sugar and Industries Limited (BHSIL) today unanimously approved the merger of BHSIL with BHL, subject to all necessary approvals. The Boards of both the companies have recommended an exchange ratio of one (1) share of BHL for every five (5) shares of BHSIL.
Commenting on Merger, Mr. Kushagra Bajaj, Jt. Managing Director BHL and Chairman BHSIL said: "Post Merger BHL will have sugarcane crushing capacity of 1,36,000 TCD, Distillery capacity of 800 KL per day and surplus bagasse based co-generation thermal power capacity of 105 MW. Upon merger the combined capacities of BHL and BHSIL along with their respective inherent operational strengths will strengthen BHL's position in India's sugar sector and will enable the company to further enhance overall shareholder value"
Mr. Bajaj further added "The amalgamation is a natural consequence and will result in the creation of a single larger entity in place of two smaller entities carrying on similar business under the same management and control; thus, resulting in rationalisation of operations, better profitability, enhanced production capacity and a stronger competitive position."
Benefits of Merger:
The merger will enhance the value for shareholders of both BHL and BHSIL. This merger will lead to a consequential increase in BHL's equity and will be significantly beneficial for post merger BHL's shareholders. There will be further gains and benefits from reduced operating costs arising from the synergies of a combined operation.
The proposed merger will contribute to the substantial benefits for BHL in terms of scale, integration, enhanced financial strength and flexibility, thereby enhancing shareholder value.
Under the proposed terms of the merger, against the stake of BHL in BHSIL, corresponding numbers of BHL shares will be directly issued and allotted to a Trust to be held, for the benefit of BHL.
BHSIL shareholders will benefit from the opportunity to participate in BHL's future growth, by obtaining shares in the No. 1 sugar company in India.
Merger Details:
The appointed date of merger of BHSIL with BHL is 1.4.2010.
Under the terms of the proposed merger, BHSIL shareholders will receive 1 (one) share of BHL for every 5 (five) BHSIL shares held by them.
Against the stake of BHL in BHSIL, corresponding numbers of BHL shares will be held in a Trust, for the benefit of BHL, as Treasury Stock.
The proposed merger is subject to necessary approvals by shareholders, creditors, as may be required pursuant to Section 391 to 394 of the Companies Act, 1956 and also other regulatory and statutory approval including by the Hon'ble High Court of Judicature at Mumbai
Other procedural aspects, and timetable for implementation and developments in this regard will be communicated separately for time to time.
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.59.72 |
|
|
1 |
Rs.102.45 |
|
Euro |
1 |
Rs.81.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUV |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
50 |
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.