MIRA
INFORM REPORT
|
Report Date : |
21.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTAN ZINC LIMITED |
|
|
|
|
Registered
Office : |
Yashad Bhawan, Yashadgarh, |
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Country : |
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Financials (as on)
: |
31.03.2014 |
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Date of
Incorporation : |
10.01.1966 |
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|
Com. Reg. No.: |
17-001208 |
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Capital
Investment / Paid-up Capital : |
Rs. 8450.600
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27204RJ1966PLC001208 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JDHH00663F |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Mining and Smelting of Non Ferrous Metal and Generating Wind Energy. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (81) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 1496700000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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|
Comments : |
Subject is a “VEDANTA GROUP COMPANY”. It is an established company
having fine track record. Financial position of the company seems to be sound. Overall fundamental
of the company seems to be strong and healthy. Directors are reported to be
experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
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 |
CRISIL |
|
Rating |
Long Term Rating = “AAA” |
|
Rating Explanation |
Highest degree of safety and carry lowest
credit risk |
|
Date |
12.11.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = “A1+” |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk |
|
Date |
12.11.2013 |
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.
LOCATIONS
|
Registered / Corporate Office : |
Yashad Bhawan, Yashadgarh, Udaipur – 313004, Rajasthan, India |
|
Tel. No.: |
91-294-2529182/ 2529183/ 2529184/ 2529185/ 181/ 2529102/ 103/ 104/ 6604000-02/
6604015 |
|
Fax No.: |
91-294-2526443/ 2523522/ 2525763/ 2427734 |
|
E-Mail : |
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|
Website : |
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Mining Units: |
Located at:
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Smelting Units: |
Located at:
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Processing and
Refining Units: |
Located at:
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|
Wind Power
Farms: |
Located at:
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|
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|
Branch Offices : |
Located at : · 301-302, Dohil Chambers, 46, Nehru Place, New Delhi – 110019, Delhi, India Tel. No.: 91-11-26280570/ 26463711/ 26419426 Fax No.: 91-11-26484614 Chatterjee International Centre, 20th Floor, 33-A,
Chowringhee Road, Kolkata – 700071, West Bengal, India Tel. No.: 91-33-22421761/ 22262627/ 22495413 Fax No.: 91-33-22457354 47, Mittal Chambers, Nariman Point, Mumbai – 400021,
Maharashtra, India Tel. No.: 91-22-22025903/ 22049317 Fax No.: 91-22-22833341 B-II, 403, Kamal Apartment, Bani Park, Near Ram Mandir,
Jaipur – 302006, Rajasthan, India Tel. No.: 91-141-2200723 Block No. 205, II Floor, 5-9-13, Tara Mandal Complex,
Saifabad, Hyderabad – 500004, Andhra Pradesh, India Tel. No.: 91-40-2241712/ 2233516/ 2230307 102, 8th Garden Colony, New Surya Apartment, C-G Road,
Panchawati, Ahmedabad – 380008, Gujarat, India Tel. No.: 91-79-26561161 No. 6, Amar Jyoti House, Building Co-operative Society,
Near Cordial School, Vijay Nagar, Bangalore – 560040, Karnataka, India Tel. No.: 91-80-3300292/ 3305036 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr.
Agnivesh Agarwal |
|
Designation : |
Chairman
|
|
|
|
|
Name : |
Mr.
Akhilesh Joshi |
|
Designation : |
Chief
Executive Officer and Whole time
Director |
|
DIN No.: |
01920024 |
|
|
|
|
Name : |
Mr.
Navin Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A.R.
Narayanaswamy |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Sujata Prasad |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Durga Shankar Mishra |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms.
Shaukat Ara Tirmizi |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr.
Rajib Sekhar Sahoo |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Amitabh Gupta |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Rajendra Pandwal |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2743154310 |
64.92 |
|
|
2743154310 |
64.92 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
2743154310 |
64.92 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
39132372 |
0.93 |
|
|
2528631 |
0.06 |
|
|
1247950590 |
29.54 |
|
|
22597826 |
0.53 |
|
|
89736352 |
2.12 |
|
|
1401945771 |
33.18 |
|
|
|
|
|
|
31949029 |
0.76 |
|
|
|
|
|
|
41081510 |
0.97 |
|
|
4858943 |
0.11 |
|
|
2329437 |
0.06 |
|
|
1474686 |
0.03 |
|
|
830000 |
0.02 |
|
|
6251 |
0.00 |
|
|
18500 |
0.00 |
|
|
80218919 |
1.90 |
|
Total Public
shareholding (B) |
1482164690 |
35.08 |
|
Total (A)+(B) |
4225319000 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
4225319000 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million 
BUSINESS DETAILS
|
Line of Business : |
Mining and Smelting of Non Ferrous Metal and Generating Wind Energy. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
· State Bank of Bikaner and Jaipur IDBI Bank Limited ICICI Bank Limited HDFC Bank Limited Citi Bank Credit Agricole CIB Development Bank of Singapore Kotak Mahindra Bank Limited Yes Bank Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
Address : |
Indiabulls Finance Centre, Tower 3, 27th to 32nd Floor, Elphinstone Mill Compound, Senapati Bapat Marg, Elphinstone (West), Mumbai - 400013, Maharashtra, India |
|
|
|
|
Holding
companies : |
· Immediate and Ultimate in India: Sesa Sterlite Limited Ultimate in U. K: Vedanta Resources Plc. U. K. |
|
|
|
|
Fellow
subsidiaries : |
· Bharat Aluminium Company Limited MALCO Energy Limited (Earlier Vedanta Aluminium Limited) Monte Cello BV* Copper Mines of Tasmania Pty Limited Thalanga Copper Mines Pty Limited* Sterlite Infra Limited (SIL)* Konkola Copper Mines Plc Sterlite (USA) Inc.* Fujairah Gold* Talwandi Sabo Power Limited THL Zinc Ventures Limited* THL Zinc Limited* THL Zinc Holding BV* THL Zinc Namibia Holdings (Pty) Limited* Skorpion Zinc (Proprietary) Limited* Skorpion Mining Company (Proprietary) Limited* Namzinc (Proprietary) Limited* Amica Guesthouse (Proprietary) Limited* Rosh Pinah Health Care (Proprietary) Limited* Black Mountain Mining (Proprietary) Limited Vedanta Lisheen Holdings Limited* Vedanta Lisheen Mining Limited Killoran Lisheen Mining Limited* Killoran Lisheen Finance Limited* Sterlite Ports Limited* Sesa Mining Corporation Private Limited Sesa Resources Limited Sterlite Infraventures Limited* Paradip Multi Cargo Berth Private Limited* Pecvest 17 Proprietary Limited* Lisheen Mine Partnership* Vizag General Cargo Berth Private Limited.* Lakomasko BV.* Lisheen Milling Limited Bloom Fountain Limited* Western Clusters Limited* Goa Energy Limited* Twin Star Energy Holdings Limited* Twin Star Mauritius Holdings Limited * Vedanta Exploration Ireland Limited (Date of Incorporation
- 16.05.2013)* Maritime Ventures Private Limited* Cairn India Limited* |
|
|
|
|
Joint Venture -
Jointly controlled entity : |
Madanpur South Coal Company Limited |
|
|
|
|
Others : |
Vedanta Foundation |
* No transactions during the year.
** Appointed as CEO and Whole-time Director effective February 1, 2012
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,000,000,000 |
Equity Shares |
Rs. 2/- each |
Rs. 10000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,225,319,000 |
Equity Shares |
Rs. 2/- each |
Rs. 8450.600
Millions |
|
|
|
|
|
i) Reconciliation of number of shares and amounts outstanding
|
Particulars |
Equity Shares |
|
|
|
Number |
Rs. in Millions |
|
Equity shares of
Rs. 2/- each outstanding at the beginning of the year |
4,225,319,000 |
8450.600 |
|
Equity Shares outstanding at the end of the year |
4,225,319,000 |
8450.600 |
|
Issued, subscribed and paid up |
|
|
|
Equity shares of Rs. 2/- each fully paid up |
4,225,319,000 |
8450.600 |
|
Total |
4,225,319,000 |
8450.600 |
ii) 2,743,154,310
Equity Shares (2013: 2,743,154,310) are held by Sesa Sterlite Limited the
holding company (2013: Sterlite Industries (India) Limited). The ultimate holding
company is Vedanta Resourses PLC, United Kingdom (VRPLC). No shares are held by
VRPLC or its other subsidiaries or associates.
iii) Details of Shareholders holding more than 5% shares in the Company
|
Name of
Shareholders |
As at March 31,
2014 |
|
|
|
No. of Shares held |
% of Holding |
|
Sesa Sterlite Limited |
2,743,154,310 |
64.92 |
|
Sterlite Industries (India) Limited |
-- |
-- |
|
Government of India- President of India |
1,247,950,590 |
29.54 |
iv) Number of bonus shares allotted during the period of five years
immediately preceding
|
Particulars |
Aggregate
number of shares |
|
|
As at March 31,
2014 |
|
Equity shares
allotted as fully paid up by way of bonus shares without payment being received
in cash |
2,112,659,500 |
v) Other
disclosures
The Company has
one class of equity shares having a par value of Rs.2 per share. Each equity
shareholder is eligible for one vote per share held. Each equity shareholder is
entitled to dividends as and when declared by the Company. Interim Dividend is
paid as and when declared by the Board. Final dividend is paid after obtaining
shareholder’s approval. Dividends are paid in Indian Rupees. In the event of
liquidation, the equity shareholders are eligible to receive the remaining
assets of the company after distribution of all preferential amount in
proportion to their shareholding.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
8450.600 |
8450.600 |
8450.600 |
|
(b) Reserves & Surplus |
365725.500 |
314306.800 |
260362.000 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
374176.100 |
322757.400 |
268812.600 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
16581.100 |
12798.600 |
11088.100 |
|
(c) Other long
term liabilities |
563.700 |
282.300 |
171.500 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
17144.800 |
13080.900 |
11259.600 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
3.900 |
|
(b)
Trade payables |
5103.200 |
4034.700 |
4102.900 |
|
(c)
Other current liabilities |
10184.800 |
6532.400 |
5631.500 |
|
(d) Short-term
provisions |
10157.800 |
8248.700 |
5039.400 |
|
Total Current
Liabilities (4) |
25445.800 |
18815.800 |
14777.700 |
|
|
|
|
|
|
TOTAL |
416766.700 |
354654.100 |
294849.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
90234.300 |
84736.900 |
84657.200 |
|
(ii)
Intangible Assets |
1238.200 |
100.500 |
471.000 |
|
(iii) Capital
work-in-progress |
15409.400 |
10818.500 |
4449.600 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
28.100 |
27.000 |
25.900 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
29393.600 |
18982.900 |
8758.000 |
|
(e) Other
Non-current assets |
0.000 |
2391.900 |
146.100 |
|
Total Non-Current
Assets |
136303.600 |
117057.700 |
98507.800 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
225035.800 |
145371.800 |
126922.600 |
|
(b)
Inventories |
11982.400 |
11110.900 |
7979.400 |
|
(c)
Trade receivables |
3995.100 |
4028.700 |
3324.500 |
|
(d) Cash
and cash equivalents |
30314.200 |
69421.000 |
52553.200 |
|
(e) Short-term
loans and advances |
3349.300 |
3733.200 |
2334.300 |
|
(f)
Other current assets |
5786.300 |
3930.800 |
3228.100 |
|
Total
Current Assets |
280463.100 |
237596.400 |
196342.100 |
|
|
|
|
|
|
TOTAL |
416766.700 |
354654.100 |
294849.900 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
136360.400 |
126998.400 |
114053.100 |
|
|
|
Other Income |
18993.900 |
20031.900 |
15428.300 |
|
|
|
TOTAL (A) |
155354.300 |
147030.300 |
129481.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5012.600 |
7663.400 |
2176.900 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(1551.600) |
(1125.400) |
944.400 |
|
|
|
Employees benefits expense |
6800.600 |
6499.100 |
5346.400 |
|
|
|
Other expenses |
56483.600 |
48877.700 |
44890.800 |
|
|
|
Exceptional items |
616.700 |
175.300 |
431.300 |
|
|
|
TOTAL (B) |
67361.900 |
62090.100 |
53789.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
87992.400 |
84940.200 |
75691.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
449.400 |
268.600 |
139.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
87543.000 |
84671.600 |
75552.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
7845.900 |
6470.400 |
6106.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
79697.100 |
78201.200 |
69445.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10650.900 |
9206.400 |
14185.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
69046.200 |
68994.800 |
55260.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on F.O.B. basis |
28576.100 |
27119.000 |
35703.100 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3428.200 |
9132.400 |
1953.600 |
|
|
|
Components, Stores and Spare Parts |
7303.600 |
7370.700 |
9367.700 |
|
|
|
Capital Goods |
4719.000 |
3251.900 |
1731.500 |
|
|
TOTAL IMPORTS |
15450.800 |
19755.000 |
13052.800 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.34 |
16.33 |
13.08 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
44.44 |
46.93 |
42.68 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
58.45 |
61.58 |
60.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.86 |
22.75 |
23.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.24 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
11.02 |
12.63 |
13.29 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
8450.600 |
8450.600 |
8450.600 |
|
Reserves & Surplus |
260362.000 |
314306.800 |
365725.500 |
|
Net
worth |
268812.600 |
322757.400 |
374176.100 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
3.900 |
0.000 |
0.000 |
|
Total
borrowings |
3.900 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
114053.100 |
126998.400 |
136360.400 |
|
|
|
11.350 |
7.372 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
114053.100 |
126998.400 |
136360.400 |
|
Profit |
55260.400 |
68994.800 |
69046.200 |
|
|
48.45% |
54.33% |
50.64% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
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 |
LITIGATION DETAILS
RAJASTHAN
HIGH COURT
CASE
STATUS INFORMATION SYSTEM
Case Status: PENDING
|
Status of INTERLOCUTORY APPLI. 524 of 2014 C.I.T. UDAIPUR Vs. M/S HINDUSTAN ZINC LTD. Pet’s Adv. : KK BISSA Res’s Adv. : List Listed On: // Court No.: Category : NO CATEGORY MENTIONED
|
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
COMPANY OVERVIEW
Subject was incorporated on January 10, 1966 under the laws of the
Republic of India and has its registered office at Udaipur (Rajasthan). HZL’s shares
are listed on National Stock Exchange and Bombay Stock Exchange. HZL is mainly
engaged in the mining and smelting of nonferrous metals in India.
HZL’s operations include five zinc lead mines, four zinc smelters, one
lead smelter, one lead zinc smelter, seven sulphuric acid plants, a silver
refinery plant and five captive power plants in the state of Rajasthan. In
addition, HZL also has a rock-phosphate mine in Maton near Udaipur in Rajasthan
and zinc, lead and silver processing and refining facilities in the state of
Uttarakhand. The Company also has wind power plants in the State of Rajasthan,
Gujarat, Karnataka, Tamilnadu and Maharashtra.
The scheme of amalgamation and arrangement amongst, inter-alia Sterlite
Industries (India) Limited (SIIL), and Sesa Goa Limited (SGL) have been
sanctioned by the respective jurisdictional courts and made effective during
the current year. In accordance with the scheme, SIIL merged with SGL with the
effective date of August 17, 2013. SGL was thereafter renamed as Sesa Sterlite
Limited. Accordingly, Sesa Sterlite Limited is the new holding company of HZL.
PERFORMANCE REVIEW
They reported total revenue including other income of
Rs.155350.000 Millions, an increase of 5.7% compared to FY 2013. The increase
was driven by higher zinc sales volume and premium supported by rupee
depreciation, partially offset by lower metal prices. The Company achieved
profit before depreciation, interest and tax (PBDIT) of Rs.87990.000 Millions
in FY 2014, up 3.6%, benefiting from higher integrated metal volumes and rupee
depreciation, partially offset by lower metal prices.
Integrated refined zinc production this year was 742,975
MT, compared to 659,971 MT in FY 2013, an increase of 13%. The increase was due
to improved operational efficiencies and higher roaster availability at their
smelters. The total refined zinc production was 749,167 MT in FY 2014, compared
to 676,921 MT in FY 2013.
They increased their integrated refined lead and saleable
silver production, which are the highest ever at 117,763 MT and 301 MT – up 10%
and 4% – respectively. Production of refined lead was helped by improved
utilisation of smelter capacity. The increase in integrated silver metal
production was mainly due to higher ore production during the fiscal, partly
offset by temporarily lower grades especially in Sindesar Khurd mine. Total
refined lead production was 129,858 MT and total silver production was 388 MT,
up 4% and down 5%, respectively.
Their total power generation in FY 2014 was 3,471 million
units, up 5% from FY 2013. Their wind power generation was down 12% at 448
million units, compared to that in FY 2013.
EXPLORATION
Their future growth is contingent upon the success of
their mineral exploration program. They are constantly doing exploration at
their existing mines as well as have an active greenfield exploration strategy
to add new tenements. They have added 26.1 million MT to their reserve and
resource this year, prior to a depletion of 9.3 million MT during the period.
In the same vein, their contained gross zinc-lead metal has increased by 1.1
million MT, prior to a depletion of 0.9 million MT during the period. Total
reserve and resource, on March 31, 2014, were 365.1 million MT containing 35.2
million MT of zinc-lead metal and 926 million ounces of silver. Their
expenditure in exploration was the highest ever this year.
FINANCIAL
PERFORMANCE
The Company reported record profits of Rs.69050.000
Millions for the year, flat from the previous year. The positive impact of
higher EBITDA was partly offset by higher depreciation, lower other income and
higher tax during the year.
PROJECTS
The Kayad and Rampura Agucha underground mine projects
commenced commercial production during the year and are now ramping up well.
Sindesar Khurd expansion project is ahead of schedule.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Claims against the company not acknowledged as debts (matters
pending in court / arbitration. No cash outflow is expected in future) |
|
|
|
- Suppliers and contractors |
1018.000 |
689.200 |
|
- Employees, ex-employees and others |
1235.500 |
1081.500 |
|
- Mining cases |
3339.000 |
3339.000 |
|
Guarantees issued by the banks (Bank guarantees are provided under legal / contractual
obligations. No cash outflow is expected in future) |
638.300 |
659.000 |
|
Sales tax demands (This pertains to disputes in respect of tax rate difference
/ classification, stock transfer matters. No cash outflow is expected in
future) |
646.300 |
687.900 |
|
Entry tax demands (This pertains to disputes in respect of entry tax on
goods. No cash outflow is expected in future) |
480.600 |
274.200 |
|
Income tax demands (This pertains to deduction and allowances claimed under
Chapter VIA, etc. No cash outflow is expected in future) |
11291.800 |
10903.500 |
|
Excise Duty demands (This pertains to Cenvat credit availed on inputs, capital
goods, alleged duty demands on captive use of the goods. No cash outflow is
expected in future) |
1425.400 |
1023.400 |
FIXED ASSETS:
Tangible Assets
· Land
Freehold
Land
Leasehold
Land
Buildings
Railway
siding
Mine
Development expenditure
Plant
and Equipment
Furniture
and Fixtures
Vehicles
Office
equipment
Intangible Assets
· Computer software
Right
to use Asset
Mining
Rights
Investment
in shares
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. 60.33 |
|
|
1 |
Rs. 103.18 |
|
Euro |
1 |
Rs. 81.58 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
81 |
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.