MIRA
INFORM REPORT
|
Report Date : |
21.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
DALMIA BHARAT
SUGAR AND INDUSTRIES LIMITED (w.e.f.
07.09.2010) |
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Formerly Known
As : |
DALMIA CEMENT (BHARAT) LIMITED |
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Registered
Office : |
Dalmiapuram, District Tiruchirapalli – 621 651, Tamilnadu |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
01.11.1951 |
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Com. Reg. No.: |
18-000640 |
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Capital
Investment / Paid-up Capital : |
Rs.161.900 Millions |
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CIN No.: [Company Identification
No.] |
L26942TN1951PLC000640 |
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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
: |
Manufacturing of Sugar and its downstream products,
Industrial Alcohol and also generation of power. |
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No. of Employees
: |
1701 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 18287000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects healthy financial risk profile marked by sound
liquidity position and fair profitability achieved by the company from its
operation. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor
international report.
There is a $29.34 bn outward foreign direct investment by domestic companies
between April and January of 2013/14 which has seen some signs of recovery
according to a Care Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to
raise $ 500 million via a US initial public offering. Alibaba,
which owns a stake in Weibo is expected to raise
about $ 15 billion New York this year in the highest profile Internet IPO since
Facebook’s in 2012.
Bharti Airtel has raised
Rs.2,453.2 crore (350 million Swiss Francs) by
selling six-year bonds at a coupon rate of three per cent and maturing in 2020.
This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss
Francs by selling five year bonds at 2.98 % coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost
complete Paradip refinery in Odhisha
in three to four years. The company board is set to consider the setting up of
a 700000 tonne per annum polypropylene plant at an
estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye
Labs-Facebook type deals in the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Non-convertible debenture A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
April 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non-fund based limits A1 |
|
Rating Explanation |
Very strong degree of safety and carry
lowest |
|
Date |
April 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (91-4329-235555)
LOCATIONS
|
Registered Office : |
Dalmiapuram, District Tiruchirapalli
– 621 651, |
|
Tel. No.: |
91-4329-235123/ 235555 |
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Mobile No.: |
91-9958989352 (Mr. Anil) |
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Fax No.: |
91-4329-235111 |
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E-Mail : |
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Website : |
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Head Office/ Corporate Office : |
11th and 12th Floors, |
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Tel. No.: |
91-11-23465100/ 23310121/ 23/ 24/ 25 |
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Fax No.: |
91-11-23313303 |
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E-Mail : |
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PLANT LOCATIONS : |
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Plant 1 : |
Magnesite Refractory Products: Dalmia Magnesite Corporation, Vellakkalpatti, P.O. Karuppur, |
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Plant 2 : |
Sugar Plants: Dalmia Chini Mills (Unit: Ramgarh) Village Ramgarh, Tehsil Misrikh, District Sitapur – 261
403, |
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Plant 3 : |
Dalmia Chini Mills (Unit : Jawaharpur) Village Jawaharpur – 261403, Tehsil Sitapur Sadar, District Sitapur, |
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Plant 4 : |
Dalmia Chini Mills (Unit : Nigohi) Village Kuiyan, Post Areli – 242407, Tehsil Tilhar, District Shahjahanpur, Uttar Pradesh) |
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Plant 5 : |
Wind Farm Unit: Dalmia Wind Farm, Muppandal (Tamilnadu),
Aralvaimozhy, District Kanyakumari
– 629 301, |
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Plant 6 : |
Electronics Division: Plot No. 53,
54A, |
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Plant 7 : |
Located at: v
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DIRECTORS
As on 31.03.2013
|
Name : |
Mr. J.S. Baijal |
|
Designation : |
Chairman |
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Name : |
Mr. Jai Hari Dalmia |
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Designation : |
Vice-Chairman |
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Name : |
Mr. Yadu Hari Dalmia |
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Designation : |
Vice-Chairman |
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Name : |
Mr. Gautam Dalmia |
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Designation : |
Managing Director |
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Name : |
Mr. Puneet Yadu Dalmia |
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Designation : |
Managing Director |
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Name : |
Mr. M. Raghupathy |
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Designation : |
Independent Non-Executive Director |
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Name : |
Mr. T. Venkatesan |
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Designation : |
Director |
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Name : |
Mr. B.B. Mehta |
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Designation : |
Director and Business CEO |
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Name : |
Kannan Panchapakesan |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. K. V. Mohan |
|
Designation : |
Company Secretary |
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Name : |
Mr. Anil Kataria |
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Designation : |
Chief Finance Officer |
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Name : |
Mr. Jayesh Doshi |
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Designation : |
Group Finance and Strategy |
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Name : |
Mr. K. P. Singh |
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Designation : |
Head-Operations |
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Name : |
Mr. Pankaj Rastogi |
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Designation : |
Head-Projects |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
13090155 |
16.17 |
|
|
47458302 |
58.63 |
|
|
86665 |
0.11 |
|
|
86665 |
0.11 |
|
|
60635122 |
74.91 |
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|
|
Total shareholding of Promoter and Promoter Group (A) |
60635122 |
74.91 |
|
(B) Public Shareholding |
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|
|
|
|
|
|
|
2500 |
0.00 |
|
|
3994758 |
4.94 |
|
|
128155 |
0.16 |
|
|
185110 |
0.23 |
|
|
4310523 |
5.33 |
|
|
|
|
|
|
2820182 |
3.48 |
|
|
|
|
|
|
9485692 |
11.72 |
|
|
3267921 |
4.04 |
|
|
419863 |
0.52 |
|
|
136597 |
0.17 |
|
|
188303 |
0.23 |
|
|
59070 |
0.07 |
|
|
9978 |
0.01 |
|
|
19655 |
0.02 |
|
|
6260 |
0.01 |
|
|
15993658 |
19.76 |
|
Total Public shareholding (B) |
20304181 |
25.09 |
|
Total (A)+(B) |
80939303 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
80939303 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Sugar and its downstream products,
Industrial Alcohol and also generation of power. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity* |
Actual
Production |
|
Cement |
(‘000 Tonnes) |
-- |
-- |
-- |
|
Refractory products |
(‘000 Tonnes) |
N.A. |
79.50 |
21.12 |
|
Sugar |
(‘000 Tonnes) |
N.A. |
22.50 |
204.56 |
|
Multilayer Ceramic Chip Capacitors |
(Lakh Nos.) |
N.A. |
1200.00 |
55.56 |
|
Chip Resistors |
(Lakh Nos.) |
N.A. |
1000.00 |
0.30 |
|
Refractories etc. |
(‘000 Tonnes) |
N.A. |
-- |
-- |
|
Power |
(Million Units) |
N.A. |
79.00 |
308.86 |
|
Industrial Alcohol |
(‘000 KL) |
-- |
80.00 |
-- |
*As certified by the management
GENERAL INFORMATION
|
No. of Employees : |
1701 (Approximately) |
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Bankers : |
Ø State Bank of India Ø Canara Bank Ø Corporation Bank Ø Punjab National Bank Ø The Hong Kong and Shanghai Ø Banking Corporation Limited Ø Deutsche Bank Ø Axis Bank Limited |
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Facilities : |
NOTE: LONG TERM
BORROWINGS (1)
Debentures referred to in A above to the extent
of : 10.26%, Series
XII Rs.1000.000 millions (Rs.1000.000 millions) are secured by mortgage and
charge on first pari-passu basis on all the
immovable and movable assets excluding current assets both present and future
of the Company’s sugar unit at Jawaharpur and Nigohi and redeemable in three yearly equal instalments commencing from September 30, 2014. (2)
Term Loans from Banks referred to in B (i) above to the extent of : Rs. 2000.000 millions (Rs. 2000.000 millions)
is secured by subservient charge on entire fixed assets excluding vehicles of
sugar units at Jawaharpur and Nigohi
and subservient charge on plant and machinery at Ramgarh
Sugar unit. The same is repayable in five yearly unequal installments in the
range of Rs.10 crore to Rs.600.000 millions each
commencing from December 2013, carrying interest @ Base rate + 1% (Present
11.25%). (3)
Term Loan from others referred to in B (ii) above
to the extent of : Rs.737.300 millions (Rs.839.800 millions)
which consist of various loans and are secured by second exclusive charge on
movable and immovable properties of the sugar unit at Ramgarh,
Jawaharpur and Nigohi.
The same is repayable in unequal installments in the range of Rs.13.300
millions to Rs.200.800 millions per year till FY 2018-19 and carry interest
in the range of 4% to 7.50%. SHORT TERM
BORROWINGS
i.
Working capital Loan from Banks are secured by
hypothecation of Inventories and other assets in favour
of the participating banks ranking pari passu on inter se-basis, repayable during next one year
and carrying interest in the range of 10.50% to 11.50%. ii.
Short term Loans from Banks of Rs. 1500.000 millions are secured by hypothecation of
receivables and Rs. 300.000 millions secured
against mutual fund securities. It is repayable during next one year and
carry interest in the range of 9.65% to 10.50%. iii.
Short term Loans from Related Parties are
repayable during next one year and carry interest @ 10%.
iv.
Unsecured loans include Rs.
190.000 millions secured against mutual fund investments of one of the Group
company. |
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Banking
Relations : |
-- |
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Auditors : |
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Statutory Auditors : |
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|
Name : |
S.S. Kothari Mehta and Company Chartered Accountants
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|
Address : |
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Subsidiaries : |
Himshikhar Investment Limited Dalmia Solar Power Limited Dalmia Sugar Ventures Limited |
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Enterprises
controlled by the Key Management Personnel of the Company : |
² Rama Investment Company Private Limited ² Puneet Trading and Investment Company Private
Limited ² Kavita Trading and Investment Company Private
Limited ² Sita Investment Company Limited ² Mayuka Investment Limited ² Ankita Pratisthan
Limited ² Himgiri Commercial Limited ² Valley Agro Industries Limited ² Shri Nataraj Ceramic
and Chemical Industries Limited ² Shri Chamundeswari
Minerals Limited ² Shree Nirman Limited ² Keshav Power Limited ² Avanee and Ashni
Securities Private Limited ² ZipAhead.Com Limited ² Alirox Abrasives Limited ² Shri Investments ² Sukeshi Trust ² Vaidehi Trust ² Sumana Trust ² Shrutipriya Dalmia Trust ² Priyang Trust ² Avanee Trust ² New Habitat Housing Finance and Development
Limited ² Dalmia Bharat Limited ² Dalmia Power Limited ² Kanika Investment Limited ² Arjuna Brokers and Minerals Limited ² Dalmia Cement Ventures Limited ² D.I. Properties Limited ² Dalmia Minerals and Properties Limited ² Geetee Estates Limited ² Hemshila Properties Limited ² Ishita Properties Limited ² Shri Radha Krishna
Brokers and Holdings Limited ² Shri Rangam
Properties Limited ² Sri Dhandauthapani
Mines and Minerals Limited ² Sri Madhusudana
Mines and Properties Limited ² Sri Shanmugha
Mines and Minerals Limited ² Sri Subramanya
Mines and Minerals Limited ² Sri Swaminatha
Mines and Minerals Limited ² Sri Trivikrama
Mines and Properties Limited ² Adhunik Cement Limited ² Calcom Cement India Limited Adhunik ² MSP Cement (Assam) Limited ² Vinay Cements Limited ² RCL Cements Limited ² SCL Cements Limited ² Golden Hills ² Resort Private Limited ² Rajputana Properties Private Limited ² Cosmos Cements Limited ² Sutnga Mines Private Limited ² DCB Power Ventures Limited ² OCL India Limited and Dalmia
Cement (Bharat) Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
114726820 |
Ordinary Shares |
Rs.2/- each |
Rs.229.500 Millions |
|
85273180 |
Unclassified Shares |
Rs.2/- each |
Rs.170.500 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
80939303 |
Ordinary Shares |
Rs.2/- each |
Rs.161.900 Millions |
|
|
|
|
|
Reconciliation of Ordinary Shares outstanding at the beginning and at
the end of the reporting period
|
Particulars |
2012-13 |
|
|
No. of Shares |
Amount (Rs. In millions) |
|
|
At the beginning of the period |
80939303 |
161.900 |
|
Issued during the period |
-- |
-- |
|
At the end of the period |
80939303 |
161.900 |
Terms/ rights attached to Ordinary shares
The Company has
only one class of ordinary shares having a face value of `2 per share. Each ordinary
shareholder is entitled to one vote per share.
The dividend
proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting. During the year ended March
31, 2013 the amount of dividend per share recognised
as distribution to ordinary shareholders was Rs. 0.25
(Rs. Nil).
In the event of
winding-up of the company, the ordinary shareholders shall be entitled to be
repaid remaining assets of the company, in the ratio of the amount of capital
paid up on such ordinary shares.
Details of Shareholders holding more than 5% shares in the Company
|
Ordinary Shares of Rs.2/- each fully paid up |
2012-13 |
|
|
No. of Shares |
% holding |
|
|
Mayuka Investment
Limited |
17736537 |
21.91 |
|
Sita Investment Company Limited |
5876800 |
7.26 |
|
Ankita Pratisthan Limted |
5829070 |
7.20 |
|
Yadu Hari Dalmia |
4541880 |
5.61 |
|
Dalmia Bharat Limited |
14829764 |
18.32 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
161.900 |
161.900 |
161.900 |
|
(b) Reserves & Surplus |
4410.000 |
4238.100 |
4232.800 |
|
(c) Money
received against share warrants |
0.000 |
|
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4571.900 |
4400.000 |
4394.700 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3430.400 |
3639.000 |
3746.900 |
|
(b) Deferred tax liabilities (Net) |
793.600 |
787.400 |
767.800 |
|
(c) Other long term liabilities |
47.700 |
1.500 |
10.900 |
|
(d) long-term provisions |
19.200 |
17.800 |
14.200 |
|
Total Non-current Liabilities (3) |
4290.900 |
4445.700 |
4539.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4120.800 |
3264.000 |
2556.800 |
|
(b) Trade payables |
2498.900 |
1936.700 |
982.500 |
|
(c) Other current
liabilities |
1153.300 |
680.000 |
743.800 |
|
(d) Short-term provisions |
49.800 |
21.300 |
34.900 |
|
Total Current Liabilities (4) |
7822.800 |
5902.000 |
4318.000 |
|
|
|
|
|
|
TOTAL |
16685.600 |
14747.700 |
13252.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
6352.100 |
5739.100 |
5959.400 |
|
(ii) Intangible Assets |
1.400 |
0.900 |
0.100 |
|
(iii) Capital
work-in-progress |
165.100 |
10.200 |
65.800 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
165.200 |
46.000 |
46.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1253.700 |
1099.300 |
971.100 |
|
(e) Other Non-current assets |
2.300 |
5.800 |
1.500 |
|
Total Non-Current Assets |
7939.800 |
6901.300 |
7043.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
439.700 |
365.400 |
340.500 |
|
(b) Inventories |
7200.000 |
5837.400 |
4932.300 |
|
(c) Trade receivables |
704.600 |
762.200 |
196.600 |
|
(d) Cash and cash
equivalents |
268.400 |
765.800 |
547.200 |
|
(e) Short-term loans and
advances |
131.400 |
113.700 |
192.000 |
|
(f) Other current assets |
1.700 |
1.900 |
0.000 |
|
Total Current Assets |
8745.800 |
7846.400 |
6208.600 |
|
|
|
|
|
|
TOTAL |
16685.600 |
14747.700 |
13252.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
9998.500 |
7347.200 |
6690.000 |
|
|
|
Other Income |
140.300 |
74.300 |
226.200 |
|
|
|
TOTAL |
10138.800 |
7421.500 |
6916.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
8177.000 |
5980.100 |
4982.700 |
|
|
|
(Increases) / Decreases
in inventories of finished goods, work-in-progress and Stock-in-Trade |
(1310.100) |
(897.300) |
(377.200) |
|
|
|
Employees benefits expense |
534.100 |
410.300 |
390.400 |
|
|
|
Other expenses |
1075.400 |
1001.600 |
1041.800 |
|
|
|
Exceptional Item |
89.200 |
0.000 |
0.000 |
|
|
|
TOTAL |
8565.600 |
6494.700 |
6037.700 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1573.200 |
926.800 |
878.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
655.500 |
502.500 |
480.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
917.700 |
424.300 |
397.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
728.000 |
418.200 |
394.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
189.700 |
6.100 |
3.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
6.200 |
(2.900) |
(27.300) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
183.500 |
9.000 |
30.900 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3999.000 |
4021.300 |
8067.200 |
|
|
|
|
|
|
|
|
|
Less |
DEDUCTION
PURSUANT TO SCHEME OF ARRANGEMENT |
0.000 |
0.000 |
4021.200 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
4.600 |
0.000 |
0.800 |
|
|
|
Transfer to Debenture Redemption Reserve |
31.200 |
31.300 |
31.300 |
|
|
|
Proposed Dividend on ordinary shares |
20.200 |
0.000 |
20.200 |
|
|
|
Tax on Dividend |
3.400 |
0.000 |
3.300 |
|
|
BALANCE CARRIED
TO THE B/S |
4123.100 |
3999.000 |
4021.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods at FOB value |
8.400 |
34.800 |
18.800 |
|
|
TOTAL EARNINGS |
8.400 |
34.800 |
18.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
0.200 |
88.200 |
|
|
|
Components & Spares Parts, Coal etc. |
0.000 |
3.700 |
79.300 |
|
|
TOTAL IMPORTS |
0.000 |
3.900 |
167.500 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
2.27 |
0.11 |
0.38 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.81 |
0.12 |
0.45 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.90 |
0.08 |
0.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.16 |
0.04 |
0.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.65 |
1.57 |
1.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12 |
1.33 |
1.44 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
161.900 |
161.900 |
161.900 |
|
Reserves & Surplus |
4232.800 |
4238.100 |
4410.000 |
|
Net
worth |
4394.700 |
4400.000 |
4571.900 |
|
|
|
|
|
|
long-term borrowings |
3746.900 |
3639.000 |
3430.400 |
|
Short term borrowings |
2556.800 |
3264.000 |
4120.800 |
|
Total
borrowings |
6303.700 |
6903.000 |
7551.200 |
|
Debt/Equity
ratio |
1.434 |
1.569 |
1.652 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
6690.000 |
7347.200 |
9998.500 |
|
|
|
9.824 |
36.086 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
6690.000 |
7347.200 |
9998.500 |
|
Profit |
30.900 |
9.000 |
183.500 |
|
|
0.46% |
0.12% |
1.84% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
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
CHENNAI COURT
CASE STATUS INFORMATION SYSTEM
|
Case Status: |
Pending |
||||||
|
Status Of: |
|
||||||
|
Case No.: |
171 |
||||||
|
Year : |
2011 |
||||||
|
Petitioner : |
THE STATE OF TAMILNADU |
||||||
|
Respondent : |
DALMIA BHARAT SUGAR AND |
||||||
|
Pet's Advocate : |
SPL. GOVT. PLEADER |
||||||
|
Res's Advocate : |
|
||||||
|
Category : |
NO CATEGORY MENTIONED |
||||||
|
|
Last Listed on: No Date Mentioned |
||||||
|
Case Updated on : |
Dec 13 2011 |
||||||
|
Connected
Application(s)
|
|||||||
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs. In Millions) |
31.03.2012 (Rs. In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Short term loan from Related parties |
640.000 |
500.000 |
|
|
|
|
|
Total |
640.000 |
500.000 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10429275 |
21/03/2014 * |
2,348,500,000.00 |
Allahabad Bank |
Industrial Finance Branch, Hazratganj, Lucknow, Uttar Pradesh - 226001, INDIA |
C00738732 |
|
2 |
10409842 |
12/02/2013 |
1,500,000,000.00 |
Punjab National Bank |
74, Jan Path, New delhi, Delhi - 110001,
INDIA |
B70024807 |
|
3 |
10280324 |
20/04/2011 |
54,000,000.00 |
IFCI LIMITED ACTING AS AN AGENT OF GOVERNMENT OF INDIA |
IFCI TOWER, 61, HEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA |
B10725562 |
|
4 |
10258400 |
06/01/2011 * |
54,000,000.00 |
IFCI LIMITED ACTING AS AN AGENT OF GOVERNMENT OF INDIA |
IFCI TOWER, 61, HEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA |
B03435724 |
|
5 |
10258442 |
06/01/2011 * |
54,000,000.00 |
IFCI LIMITED ACTING AS AN AGENT OF GOVERNMENT OF INDIA |
IFCI TOWER, 61, HEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA |
B03451549 |
|
6 |
10192231 |
28/01/2010 * |
2,000,000,000.00 |
CANARA BANK |
PRIME CORPORATE BRANCH - II, 2ND FLOOR, WORLD TR |
A78086568 |
|
7 |
10194262 |
22/11/2013 * |
5,108,000,000.00 |
Punjab National Bank |
74, Janpath, NEW DELHI, Delhi - 110001,
INDIA |
B91792606 |
|
8 |
10185857 |
25/11/2009 * |
25,000,000.00 |
IFCI LIMITED ACTING AS AN AGENT OF GOVERNMENT OF INDIA |
IFCI TOWER, 61, HEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA |
A73737157 |
|
9 |
10185885 |
25/11/2009 * |
20,000,000.00 |
IFCI LIMITED ACTING AS AN AGENT OF GOVERNMENT OF INDIA |
IFCI TOWER, 61, HEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA |
A73738049 |
|
10 |
10185888 |
25/11/2009 * |
25,000,000.00 |
IFCI LIMITED ACTING AS AN AGENT OF GOVERNMENT OF INDIA |
IFCI TOWER, 61, HEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA |
A73738635 |
|
11 |
10185949 |
25/11/2009 * |
25,000,000.00 |
IFCI LIMITED ACTING AS AN AGENT OF GOVERNMENT OF INDIA |
IFCI TOWER, 61, HEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA |
A73739393 |
|
12 |
10136035 |
02/01/2009 |
3,120,000,000.00 |
State Industries Promotion Corporation of Tamil Nadu
Ltd |
19-A, Rukmani Lakhsmipathy
Road, Egmore, Chennai, Tamil Nadu
- 600008, INDIA |
A53407821 |
|
13 |
10128145 |
02/01/2009 * |
1,000,000,000.00 |
IL & FS TRUST COMPANY LIMITED |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX
BANDRA EAST, MUMBAI, Maharashtra |
A54116900 |
|
14 |
10120746 |
26/09/2008 * |
232,320,000.00 |
IFCI LIMITED ACTING AS AN AGENT OF GOVERNMENT OF INDIA |
IFCI TOWER, 61, HEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA |
A46771200 |
|
15 |
10103747 |
11/06/2008 * |
232,320,000.00 |
IFCI LIMITED ACTING AS AN AGENT OF GOVERNMENT OF INDIA |
IFCI TOWER, 61, HEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA |
A40504664 |
|
16 |
10103895 |
11/06/2008 * |
199,880,000.00 |
IFCI LIMITED ACTING AS AN AGENT OF GOVERNMENT OF INDIA |
IFCI TOWER, 61, HEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA |
A40350183 |
|
17 |
10099345 |
23/04/2008 |
228,700,000.00 |
IFCI LIMITED |
IFCI TOWER, 61, HEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA |
A36846616 |
|
18 |
10099684 |
11/06/2008 * |
38,500,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE BRANCH, 16/10, FIRST FLOOR, MAIN ARYA SAMAJ ROAD, KAROL
BAGH, NEWDELHI - 110005, INDIA |
A40476319 |
|
19 |
10053175 |
22/05/2007 * |
1,000,000,000.00 |
UTI BANK LTD |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE,
AHMEDABAD, Gujarat - 380006, INDIA |
A16876245 |
|
20 |
10034871 |
09/04/2007 * |
1,000,000,001.00 |
IL & FS TRUST COMPANY LIMITED |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX
BANDRA EAST, MUMBAI, Maharashtra |
A13640875 |
|
21 |
10028657 |
13/12/2006 |
134,489,200.00 |
IFCI LIMITED |
IFCI TOWER61 NEHRU PLACE, NEW DELHI, Delhi - 110019, INDIA |
A07902539 |
|
22 |
90291245 |
05/12/2005 * |
1,001,000,000.00 |
IL&FS COMPANY LIMITED |
REGD. OFF. THE IL&FS FIKNANCIAL CENTRE; PLOT-C 22;, BANDRA KURLA COMPLEX;
BANDRA(EAST), MUMBAI, Maharashtra - 400051, INDIA |
- |
|
23 |
90288091 |
05/12/2005 * |
500,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH; UNION BANK BHAWAN, 239; VIDHAN BHWAVAN
MARG; NARIMAN POINT, MUMBAI, Maharashtra - 400021,
INDIA |
- |
|
24 |
90291219 |
05/12/2005 * |
801,000,000.00 |
IL&FS COMPANY LIMITED |
REGD. OFF. THE IL&FS FIKNANCIAL CENTRE; PLOT-C 22;, BANDRA KURLA COMPLEX;
BANDRA(EAST), MUMBAI, Maharashtra - 400051, INDIA |
- |
|
25 |
90290487 |
05/12/2005 * |
750,000,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE BRANCH ; 10TH FLOOR, H.T. HOUSE; K.G MARG, NEW
DELHI - 110001, INDIA |
- |
|
26 |
90287908 |
05/12/2005 * |
750,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH; UNION BANK BHAWAN, 239; VIDHAN BHWAVAN
MARG; NARIMAN POINT, MUMBAI, Maharashtra - 400021,
INDIA |
- |
|
27 |
80049338 |
18/11/2003 |
77,100,000.00 |
CORPORTION BANK |
INDUSTRIAL FINANCE BRANCH, HINDUSTAN TIMES HOUSE |
- |
|
28 |
80050343 |
08/04/1999 |
1,500,000.00 |
INDUSTRIAL FINANCE CORPORATION OF INDIA LTD |
IFCI TOWERS, 61 NEHRU PLACE, NEW DELHI - |
- |
|
29 |
80050344 |
07/12/1998 |
4,950,000.00 |
INDUSTRIAL FINANCE CORPORATION OF INDIA LIMITED |
IFCI TOWERS, 61 NEHRU PLACE, NEW DELHI - 110049, INDIA |
- |
|
30 |
80049340 |
13/03/1997 |
42,600,000.00 |
UNITED BANK OF INDIA |
72 JANPATH, NEW DELHI - 110001, INDIA |
- |
* Date of charge modification
PROFILE
Subject, with a total operating revenue of Rs.10330.000 millions, is engaged in manufacturing of Sugar and its downstream products – Co-generation power and Industrial Alcohol. It is one of the leading integrated sugar manufacturers of the country with a capacity of 25,000 TCD.
OPERATIONS
Ø Improved cane crushing
by 18% from 23.6 lakh tonnes,
to 27.9 lakh tonnes in FY13
Ø Registered a
growth of 33% in sugar production, 15% in power generation and 94% in
distillery production
Ø Entitled to
receive REC benefits from National Load Dispatch Center (NLDC), which is the
designated central agency for REC mechanism
Ø Completed the
installation of steam saving devices at Jawaharpur
and Nigohi
Ø Received QMS
(Quality Management System), FSMS (Food Safety Management System), EMS
(Environmental Management System) and OHSAS (Occupational Health and Safety
Assessment Series) certification for all the three units of U.P.
EXPANSION
Expanding the Kolhapur capacity by 2,300 TCD, along with a co-generation
plant and a distillery unit for manufacturing industrial alcohol
INTEGRATION
Ø Acquired,
integrated and turned around the non-operational Kolhapur
plant in a record time of three months
Ø Implemented ERP
and integrated the HR team at Kolhapur within
demanding timelines
OUTCOME
Ø Achieved sales volume
growth of 22% in sugar, 16% in power and 249% in ethanol
Ø Improved revenues
from operations by 36% from Rs.7620.000 millions to Rs.10330.000 millions
Ø Reported the
highest ever EBITDA at Rs.1520.000 millions as compared to Rs.
850.000 millions in the previous year, an increase of 79%
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMY
During
the year in review, India’s macroeconomics stood at the crossroads. Slowing GDP
growth at 5% and a huge fiscal deficit at 5.75% of GDP were major worries. The average
annual inflation rate was at 7.8%, while industrial growth was a mere 3.1%.
Industrial growth has declined significantly in the last two years owing to
monetary tightening. This has caused borrowing costs to rise and investments to
fall. The capital expenditure growth for FY13 as per the revised estimates is
at 7% while the projected capex growth as per
budgeted estimates for FY14, is at 36.6%, forecasting robust economic growth.
Trade
deficit during FY13 was at $188 billion, a slight 0.7% lower than FY12. Current
Account Deficit for FY13 is estimated at $70 billion, 3.7% of GDP. There was a
slump in exports by 6% and in import by 4%. The decline of growth in exports in
the last few months of the previous year had continued through FY13 mainly due
to global slowdown.
The
overall growth rate of GDP is expected to be over 6% in 2013-14. The Union
Budget has targeted a lower fiscal deficit of 4.8% of GDP for FY14 based on
certain assumptions made in the budget: high GDP growth rate, receipts from disinvestment
and telecom spectrum sale. Demand compression
and easing of supply-side constraints are
likely to lower inflation, which might result
in lowering of interest rates by Central Bank, to
boost investments and growth. The central bank has already
eased the policy rates with a 125-bps cut in the repo rate and a 200-bps cut in the CRR since January’12.
WPI inflation in April’13 eased to a 41-month
low of 4.9% led by a sharp softening in
manufactured products inflation. Core inflation
slipped to 2.8%.
SUGAR INDUSTRY OVERVIEW
GLOBAL SUGAR SCENARIO
According to the
International Sugar Organization, in the period from October 2012 to September
2013 world production will stand at a new record of 180.4 MnT,
up 5.5 MnT, or 3.2% compared to the previous season.
World consumption is expected to grow to 171.8* MnT
by a healthy 2.07%, which is generally in line with the long term average.
Due to the
expectations of surplus sugar availability in the world market, international
sugar prices followed a downward trend. After declining to USD 488.60/tonne
(22.2 cents/lb) during February’13, white sugar prices further dropped down to
USD 339.3/tonne (16.8 cents/lb) in May’13.
INDIAN SUGAR SCENARIO
The country’s total
sugar production is expected to decrease by 5% in SY13 to 25 MnT compared to 26.3 MnT in SY12.
The key sugar
producing state of Uttar Pradesh exhibited a growth of 7.6% from 6.97 MnT to 7.5 MnT in SY13, otherstates like Karnataka and Tamil Nadu
recorded lower sugar production due to insufficient rainfall. Karnataka
recorded 3.2 MnT in SY13 against 3.72 MnT in SY12 and Tamil Nadu
witnessed 1.45 MnT in SY13 against 1.65 MnT in SY12.
With an average
recovery of 12% in Maharashtra (one of the major sugar
producing states) contributed 7.95 MnT in SY13, a
decrease of 12% from 8.95 MnT in SY12.
OUTLOOK- SUGAR
SEASON 2013-14
Sugar
production is expected to drop due to drought conditions in Karnataka, Maharashtra and up to a certain extent in Tamil Nadu. A marginal increase in sugar production is expected
in Uttar Pradesh and other northern states. With a carry forward stock surplus
of 1 MnT in SY12-13, sugar availability in India will
be healthy.
Sugar
prices are expected to be subdued and remain range bound for the coming season
also, unless increase of import duty from existing 10% to 30% is not mandated
by the Government.
As
foreseen last year we have seen increased cane production this sugar year.
Considering farmers being paid high remuneration for cane this season year
also, they again expect better cane crop going forward in the next sugar
season, especially in U.P. and other northern states.
BUSINESS OVERVIEW
The
Company is one of the leading producers of sugar in Uttar Pradesh, the second
largest sugar producing state in the country. It has four integrated sugar
plants, with a total cane crushing capacity of 25,000 TCD (tonnes
crushed per day), located at Ramgarh, Jawaharpur, Nigohi in U.P. and Kolhapur in Maharashtra. The
Company has distillery capacity of 80 KLPD at Jawaharpur.
The Company also have a co-generation capacity of 79 MW, out of which two third
is exportable.
All
the three units in U.P. are certified under Environmental Management System
(EMS), Quality Management System (QMS), Food Safety Management System (FSMS)
and Occupational Health and Safety Assessment Series (OHSAS).
The
Company also has a wind farm capacity of 16.5 MW, located at Muppandal, Tamil Nadu, taking the
total renewable energy capacity to 96 MW.
SUGAR - BUSINESS OVERVIEW
BREAKTHROUGH
ACQUISITION
During
FY13, the Company acquired a sugar mill, Shree Datta SSK Co-Operative, located in the district of Kolhapur, Maharashtra with a cane
crushing capacity of 2,500 TCD. The geographical location of Maharashtra is extremely favorable for cane production and
higher sugar recovery. This acquisition has enabled the company to mark its
entry into a newer geography. This acquisition also reinforces the aspiration of the
Company to become a pan-India sugar producer.
The operations of
this sugar mill were re-commenced in a very short period of time after its
acquisition; they crushed 3.45 lakh tonnes of sugar cane during the year and produced 47,160 tonnes with an above industry average recovery of 13.7%,
which is recorded as highest in the industry during the current sugar season.
The Company is
also planning to expand the newly acquired unit, by increasing its sugar
crushing capacity to 4,800 TCD, installing a co-generation unit and an
industrial Alcohol distillery unit. This expansion is expected to be
operational in two phases.
Engineering
consultants for the expansion have been appointed and preliminary site
activities have commenced. Pollution clearances are under progress. Orders for
major equipment have already been placed. Civil work for the project has
commenced in December 2012.
OPERATIONAL
HIGHLIGHTS
Ø
Achieved our highest ever cane crush of
27.9 lakh MnT in FY13,
increase of 18% from 23.6 lakh MnT
in FY12.
Ø
Overall average recovery of the
Company’s units improved to 9.9 %, as compared to 9.1% in the previous year.
Ø
UP Mills recovery stood at 9.4% in FY13
from 9.1% in FY12.
Ø
Maharashtra Mill
recovery stood at 13.7% in FY13.
Ø
Sugar production increased by 29% to
2.78 lakh MT compared to 2.15 lakh
MT in the previous year, owing to higher cane crushing due to acquisition and
improved recoveries
FINANCIAL
HIGHLIGHTS
The
sugar segment’s contribution to the net revenue stood at 77% during the
previous year
The
net revenue from the sugar segment increased by 37% to `774 crore
from `564 crore in the previous year owing to higher
sales volume and higher realisations.
OUTLOOK
Going
ahead, the Company is expecting to increase the crushing capacity of its Kolhapur sugar plant from 2500 TCD to 4,800 TCD. The
Company is also planning to further integrate the unit by installing a
co-generation plant and a distillery unit.
The
food and beverage industry continues to remain their focus customer. They
strive to increase their institutional sales mix further, as this industry has
been growing at 30% CAGR in India and correspondingly the sugar requirement
from this segment has been growing at 15-20% compared to only 2% for general
consumption. Price realisation from this segment is
also better and fetches premium, but requires significant quality control
mechanism also.
Another
focus area would be to increase the quantity of cane crushed and continuing to
improving its capacity utilisation. The company is
also geared up to pursue every possibility to reduce its costs.
CO-GENERATION - BUSINESS OVERVIEW
OVERVIEW
The
Company has an integrated business model with co-generation plants at all its
units in UP, to de-risk itself from the cyclical nature of the sugar industry
and become self-sufficient in power. The Company operates three co-generation
plants having a total capacity of 79 MW. All the co-generation plants are
certified as CDM (Clean Development Mechanism) projects, enabling the Company
to earn tradable CER credits.
The
Central Electricity Regulatory Commission (CERC) had notified Regulations on
Renewable Energy Certificate (REC) aimed at promoting power generation from
renewable sources for which the Company’s co-generation units are entitled and
eligible for benefits.
OPERATIONAL
HIGHLIGHTS
Ø
The Company generated 364.400 million
units of power in 2012-13 compared to 320.300 million units in 2011-12, an
increase of 14%, owing to increased availability of bagasse
Ø
Higher power production enabled the
Company to increase its power exports by 16% to 260.300 million units from
224.7 million units in the previous year.
FINANCIAL
HIGHLIGHTS
Ø
Despite the same co-generation capacity
and stagnant grid realisation, the net sales revenue
from the co-generation segment increased by 14% to Rs.
1090.000 millions from Rs. 960.000 millions in the
previous year, due to higher cane crushed volumes, which led to abundant bagasse availability.
Ø
Operating profit of the segment
increased to Rs. 1000.000 millions during the year,
from Rs. 700.000 millions in FY12, an increase of
43%, on account of better cost control measures and increased sales volumes.
OUTLOOK
The Company
will continue to align its operations towards maximising
operational efficiencies. It will explore opportunities to procure bio-mass for
generation of electricity, thereby expanding the scale and increasing the
running time for plants. On account of expected increase in bagasse
availability in the coming year, the capacity utilisation
of co-generation plants is also expected to be high, which will improve revenue
and profitability of the segment.
DISTILLERY - BUSINESS OVERVIEW
OVERVIEW
The
Company’s Jawaharpur plant has a distillery capacity
of 80 KLPD (kilo litres per day). It produces
different grades of industrial alcohol. During the year, the Company benefitted on account of the fully integrated model, with
the distillery working at optimum capacity utilisation.
OUTLOOK
Cabinet
Committee on Economic Affairs (CCEA), approved mandatory blending of 5% with
petrol. The Government with effect from 1st December 2012, does not declare any
fixed price and the prices of ethanol is now decided between oil marketing
companies (OMCs) and Ethanol suppliers.
On
account of these changes CCEA has provided a proper platform to bridge the
demand supply gap.
With
the increase in demand, the price of ethanol is expected to remain robust, the
Company will focus on increasing the production of industrial alcohol.
OUTLOOK
The
Company maintains a moderately cautious outlook going forward, as the overall
regulatory environment still needs to improve. Positive changes in the policy
framework would provide much needed impetus to shape the future outlook of the
sugar industry. Their expectation is that the cane price linkage to the sugar
prices should become a reality. Moving forward, business growth and increasing
the quantity of cane crushed continues to be a key focus area for the Company.
Continuous focus and effort to bring in efficiencies would be the key focus
area in execution. The Company will closely focus on every opportunity to
improve its capacity utilisation and pursue every
possibility to reduce its cost per MT of sugar produced. The various food
safety and quality certification initiatives would enable the Company to emerge
as a preferred supplier to global institutional buyers. The Company would also
continue to look at developing new products and efficiency projects for its
existing operations so as to mitigate risks due to cyclical nature of the sugar
industry. Maximising returns from value added revenue
streams like co-generation and distillery would remain to be a priority and optimisation of asset utilisation
to the maximum in the off-season would be the focus.
FIXED ASSETS
œ Land (Freehold)
œ Land (Leasehold)
œ Buildings
œ Plant and Equipment
œ Furniture and Fixtures
œ Vehicles
œ Office Equipment
œ Computer Software
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / NINE MONTHS ENDED
31ST
MARCH, 2014
|
|
|
Particulars |
Quarter Ended |
Year
Ended |
|
|
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
1 |
Income from Operations |
|
|
|
|
|
|
a) Net Sales/Income from
Operations (net of excise duty) |
3057.100 |
3799.500 |
11860.500 |
|
|
|
b) Other Operating Income |
27.400 |
9.600 |
54.500 |
|
|
|
Total Income from Operations (Net) |
|
|
|
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials
consumed |
5431.400 |
1423.600 |
8246.900 |
|
|
b) |
Changes in inventories of
finished goods, work-in-progress and stock-in-trade |
(4107.900) |
22.16.400 |
861.400 |
|
|
c) |
Employee benefit expenses |
200.200 |
162.500 |
651.600 |
|
|
d) |
Depreciation and
amortization expense |
141.600 |
117.000 |
493.000 |
|
|
e) |
Power and Fuel |
19.700 |
8.900 |
112.100 |
|
|
f) |
Other expenses |
502.700 |
129.900 |
964.800 |
|
|
Total Expenses |
|
|
|
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items (1-2) |
896.800 |
(249.200) |
585.200 |
|
4 |
Other Income |
62.700 |
66.500 |
197.100 |
|
|
5 |
|
Profit /(Loss) from
ordinary activities before finance costs and exceptional items (3+4) |
959.500 |
(182.700) |
782.300 |
|
6 |
Finance Costs |
174.700 |
170.000 |
756.400 |
|
|
7 |
|
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items (5-6) |
784.800 |
(352.700) |
25.900 |
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
784.800 |
(352.700) |
25.900 |
|
|
10 |
Tax Expense |
22.600 |
(1.500) |
(4.400) |
|
|
11 |
Net Profit /(Loss) from
ordinary activities after tax (9-10) |
762.200 |
(351.200) |
30.300 |
|
|
12 |
Extraordinary items (net
of tax expense) |
-- |
-- |
-- |
|
|
13 |
Net Profit /(Loss) for
the period (11-12) |
762.200 |
(351.200) |
30.300 |
|
|
14 |
Paid up equity share
capital (Eq. shares of Rs.10/- each) |
161.900 |
161.900 |
161.900 |
|
|
15 |
Reserve excluding
revaluation reserves |
-- |
-- |
4401.900 |
|
|
16 |
Debenture Redemption Reserve |
-- |
-- |
250.000 |
|
|
17 |
Debt Equity Ratio |
-- |
-- |
1.76 |
|
|
18 |
Debt Service Coverage Ratio |
-- |
-- |
1.20 |
|
|
19 |
Interest Service Coverage Ratio |
-- |
-- |
1.69 |
|
|
20 |
|
Earnings per share
(before/after extraordinary items) of
Rs.10/- each |
|
|
|
|
|
|
Basic |
9.42 |
(4.34) |
0.37 |
|
|
|
Diluted |
9.42 |
(4.34) |
0.37 |
|
|
|||||
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of Shares |
20304181 |
17304181 |
20304181 |
|
|
|
- Percentage of
Shareholding |
25.09 |
21.38 |
25.09 |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
b) Non- encumbered |
|
|
|
|
|
|
- Number of shares |
60635122 |
63635122 |
60635122 |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
74.91 |
78.62 |
74.91 |
|
|
Particulars |
Quarter
ended 31.03.2014 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at the beginning
of the quarter |
0 |
|
|
|
Received during the
quarter |
52 |
|
|
|
Disposed during the
quarter |
52 |
|
|
|
Remaining unresolved at
the end of the quarter |
0 |
QUARTERLY REPORTING ON SEGMENT WISE REVENUES, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
S. No. |
Particulars |
Quarter Ended |
Year
Ended |
|
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
Segment Revenues
(net of Excise Duty) |
|
|
|
|
|
(a) Sugar |
2940.100 |
3562.100 |
10991.700 |
|
|
(b) Power |
1037.800 |
372.900 |
2079.100 |
|
2 |
(c) Others |
295.200 |
292.500 |
1007.600 |
|
|
|
4273.100 |
4227.500 |
14078.400 |
|
|
Less: Inter Segment Revenue |
1216.000 |
428.000 |
2217.900 |
|
|
Net Segment Revenue |
3057.100 |
3799.500 |
11880.500 |
|
2 |
Segment Results |
|
|
|
|
|
(a) Sugar |
362.900 |
(346.400) |
(302.600) |
|
|
(b) Power |
470.100 |
99.000 |
768.300 |
|
|
(c) Others |
126.600 |
64.700 |
316.600 |
|
|
|
959.600 |
(182.700) |
782.300 |
|
|
Less : Finance Cost |
174.70 |
170.000 |
756.400 |
|
|
Total Profit before
Tax |
784.900 |
(352.700) |
25.900 |
|
3 |
Segment Capital
Employed |
|
|
|
|
|
(a) Sugar |
7706.100 |
5155.100 |
7706.100 |
|
|
(b) Power |
3120.100 |
1941.600 |
3120.100 |
|
|
(c) Others |
929.900 |
869.900 |
929.900 |
|
|
Total |
11756.100 |
7966.600 |
11756.100 |
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
Particular |
31.03.2014 |
|
EQUITY AND
LIABILITIES |
|
|
Shareholders’ funds |
|
|
(a) Share capital |
161.900 |
|
(b) Reserves and surplus |
4445.200 |
|
Sub-total
- Shareholders' funds |
4607.100 |
|
|
|
|
Non-current
liabilities |
|
|
(a) Long-term borrowings |
5266.600 |
|
(b) Deferred Tax Liabilities (Net) |
788.000 |
|
(c) Other Long-term Liabilities |
63.600 |
|
(d)long-term Provision |
23.900 |
|
Sub-total
- Non-current liabilities |
6142.100 |
|
|
|
|
Current
liabilities |
|
|
(a) Short Term Borrowing |
2231.500 |
|
(b) Trade payables |
2827.500 |
|
(c) Other current liabilities |
1332.100 |
|
(d) Short-term provision |
24.500 |
|
Sub-total
- Current liabilities |
6415.600 |
|
TOTAL
- EQUITY AND LIABILITIES |
17164.800 |
|
|
|
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed assets |
7807.400 |
|
(b) Non-current investments |
144.500 |
|
(c) Long-term loans and advances |
1125.700 |
|
(d) Other non-current assets |
22.900 |
|
Sub-total
- Non-current assets Current assets |
910.500 |
|
Current assets |
|
|
(a) Current investment |
634.800 |
|
(b) Inventories |
6293.100 |
|
(c) Trade receivables |
181.800 |
|
(d) Cash and cash equivalents |
476.900 |
|
(e) Short-term loans and advances |
316.400 |
|
(f) Other current assets |
161.300 |
|
Sub-total
- Current assets |
8064.300 |
|
TOTAL
- ASSETS |
17164.800 |
NOTE:
1. Figures for corresponding previous period have been regrouped and rearranged wherever considered necessary.
2. The above results have been approved and taken on record by the Board of Directors in their meeting held on 16-05-2014
3. The figures for the fourth quarter is the difference between the audited results for the year and the revised figure upto the third quarter.
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.58.74 |
|
|
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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 |
5 |
|
--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 |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.