MIRA
INFORM REPORT
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Report Date : |
24.05.2014 |
IDENTIFICATION DETAILS
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Name : |
ADITYA
BIRLA NUVO LIMITED (w.e.f. 27.10.2005) |
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Formerly Known
As : |
INDIAN
RAYON AND INDUSTRIES LIMITED (w.e.f. 23.01.1987) INDIAN
RAYON CORPORATION LIMITED |
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Registered
Office : |
Indian Rayon Compound, Veraval - 362266, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
26.09.1956 |
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Com. Reg. No.: |
04-001107 |
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Capital
Investment / Paid-up Capital : |
Rs. 1203.100 Millions |
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CIN No.: [Company Identification
No.] |
L17199GJ1956PLC001107 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRD100317C |
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PAN No.: [Permanent Account No.] |
AAACI1747H |
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Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on the
Stock Exchanges. |
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Line of Business
: |
Manufacturer and Marketing of Fashion and Lifestyle,
Agri-business, Rayon Yarn (Including Viscose Filament Yarn, Caustic Soda and
Allied Chemicals), Insulators, Textiles (Spun Yarn and Fabrics) and Carbon Black |
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No. of Employees
: |
19000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (68) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 270000000 |
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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 diversified business risk profile, marked by its strong
market position and healthy operating efficiencies in its manufacturing, and
fashion and lifestyle businesses. Further rating also reflects adequate
liquidity positions and sound profitability levels. 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
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
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
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Rating Agency Name |
CRISIL |
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Rating |
Long Term Rating = AA+ |
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Rating Explanation |
High degree of safety and very low credit risk. |
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Date |
31.01.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
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Registered Office : |
Indian Rayon Compound, Veraval - 362 266, |
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Tel. No.: |
91-2876-245711
/ 245735 / 245758 / 248401 |
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Fax No.: |
91-2876-243220 |
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E-Mail : |
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Website : |
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Corporate Office : |
A-4, Aditya Birla
Centre, S K Ahire Marg, Worli, Mumbai – 400 030, |
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Tel. No.: |
91-22-66525585 |
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Fax No.: |
91-22-66525821
/ 24995821 |
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Head Office : |
91
Sakhar Bhawan, 9th Floor, 230 Nariman Point, Mumbai – 400 021, |
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Tel. No.: |
91-22-2204
5004 |
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Fax No.: |
91-22-2204
3686 |
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E-Mail : |
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Factory 1: |
GARMENTS DIVISION: Madura
Garments M G House,
Plot No. 5B, Doddanekkundi Industrial Area, 1 Stage, Krishnaraja Puram Hobli,
Brookefields, Bangalore-560048, |
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Tel No. |
91-80-67271600 |
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Fax No.: |
91-80-67272626 |
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E mail: |
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Factory 2: |
RAYON DIVISION Indian
Rayon Division Veraval
362 266, Gujarat, |
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Tel No. |
91-2876-245711 /
248401 |
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Fax No.: |
91-2876-243220 |
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E mail: |
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Factory 3: |
CARBON BLACK DIVISIONS: Hi-Tech
Carbon Murdhwa
Industrial Area, P. O. Renukoot 231 217, District Sonbhadra, |
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Tel No. |
91-5446-252387
to 391 |
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Fax No.: |
91-5446-252502
/ 252858 |
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E mail: |
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Factory 4: |
Argon Gas Plant: Rajashree
Gases IGFL
Complex, P. O. Jagdishpur Industrial Area - 227 817, District Sultanpur, |
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Tel No. |
91-5361-270032
to 38 |
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Fax No.: |
91-5361-270595
/ 270165 / 270172 |
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E mail: |
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Factory 5: |
HITECH CARBON, GUMMIDIPOONDI K-16,
Phase II, SIPCOT Industrial Complex, Gummidipoondi - 601 201District
Tiruvallur - Tamil |
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Tel No. |
91-4119-223233
to 36 |
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Fax No.: |
91-4119-223129/223116 |
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E mail: |
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Factory 6: |
Textile Plants: Jaya Shree Textiles P.
O. Prabhasnagar - 712 249, District Hooghly, West |
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Tel No. |
91-33-26721146
/ 26001200 |
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Fax No.: |
91-33-26721683
/ 26722626 |
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E mail: |
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Factory 7: |
Rajashree
Syntex P.
O. Tantigaria, District Midnapur Paschim, PIN: 721 102, (West Bengal), |
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Tel No. |
91-3222-263131
/ 275820 / 263964 |
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Fax No.: |
91-3222-275528 |
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E mail: |
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Factory 8: |
Other Division: Aditya Birla Insulator (Domestic
Marketing) P.
O. Meghasar Taluka Halol, District Panchmahal, Gujarat - 389 330, |
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Tel No. |
91-2676-221002 |
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Fax No.: |
91-2676-223375 |
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E mail: |
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Factory 9: |
Fertilizer Plant : P.O.
Jagdishpur Industrial Area, District Sultanpur - 227 817, |
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Tel No. |
91-5361-270032-38 |
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Fax No.: |
91-5361-270165
and 270595 |
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E mail: |
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Factory 10 : |
Financial Services Division Appejay,
2nd Floor, |
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Tel No. |
91-22-22880660 |
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Fax No.: |
91-22-22881088 |
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E mail: |
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Factory 11: |
Insulator Plants P.O.
Meghasar, Taluka: Halol, District Panchmahal-389330, |
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Tel No. |
91-2676-221002 |
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Fax No.: |
91-2676-223375 |
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E mail: |
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Factory 12: |
Aditya Birla Insulators, Rishra P.O.
Prabhas Nagarl, Rishra, District Hoogly-712249, West |
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Tel No. |
91-33-26723535 |
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Fax No.: |
91-33-26722705 |
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E mail: |
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Factory 13 : |
Hi-Tech Carbon, Patalganga Village: Lohop,
Talavali, Patalganga, Taluka: Khalapur, Dist. Raigad - 410 207, |
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Website : |
DIRECTORS
As on 31.03.2013
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Name : |
Mr. Kumar Mangalam Birla |
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Designation : |
Chairman |
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Date of Birth/Age : |
14.06.1967 |
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Qualification : |
B.Com, A.C.A, M.B.A (London) |
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Date of Appointment : |
23.09.1992 |
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Name : |
Mrs. Rajashree Birla |
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Designation : |
Non-Executive Director |
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Name : |
Dr. Rakesh Jain |
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Designation : |
Managing Director |
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Name : |
Mr. Lalit Naik |
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Designation
: |
Deputy Managing Director |
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Name : |
Mr. Sushil Agarwal |
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Designation : |
Whole-Time Director and Chief Financial Officer |
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Name : |
Mr. B. L. Shah |
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Designation : |
Non-Executive Director |
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Name : |
Mr. G. P. Gupta |
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Designation : |
Independent Director |
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Date of Birth/Age : |
11.01.1941 |
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Qualification : |
M.Com |
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Date of Appointment : |
27.04.2005 |
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Name : |
Ms. Tarjani Vakil |
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Designation : |
Independent Director |
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Name : |
Mr. S. C. Bhargava |
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Designation : |
Independent Director |
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Name : |
Mr. Tapasendra Chattopadhyay |
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Designation : |
Independent Director |
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Date of Birth/Age : |
31.03.1951 |
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Qualification : |
M. Sc (Chemistry) |
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Date of Appointment : |
30.05.2011 |
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Name : |
Mr. B. R. Gupta |
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Designation : |
Independent Director |
KEY EXECUTIVES
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Name : |
Mr. Devendra Bhandari (upto 31st July, 2013) |
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Designation : |
Company Secretary |
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Name : |
Mrs. Hutokshi Wadia (w.e.f 1st August, 2013) |
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Designation : |
Company Secretary |
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Aditya Birla Financial Services : |
·
Mr. Ajay Srinivasan (Chief Executive Officer) ·
Mr. Pankaj Razdan (Deputy Chief Executive
Officer) |
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Rayon : |
·
Mr. Lalit Naik (Business Head) ·
Dr. Bir Kapoor (President) |
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Telecom : |
Mr. Himanshu
Kapania (Managing Director) |
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IT-ITeS : |
·
Dr. Rakesh Jain (Business Director) ·
Mr. Deepak Patel (Chief Executive Officer) |
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Fashion and Lifestyle And Textiles : |
·
Mr. Pranab Barua (Chief Executive Officer) ·
Mr. S. Krishnamurthy (President - Jaya Shree
Textiles) ·
Mr. Ashish Dikshit (President - Madura Garments) ·
Mr. Thomas Varghese (Chief Executive - Textiles) ·
Mr.
Shital Mehta (Chief Executive Officer (Pantaloons Fashion)) |
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Agri and Insulators : |
·
Dr. Rakesh Jain (Business Director) ·
Mr. J. C Laddha (Chief Executive Officer) ·
Mr. Ravi Sinha (President) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
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Category of
Shareholder |
Total
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
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(A) Shareholding of Promoter and Promoter Group |
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136203 |
0.11 |
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74308494 |
58.56 |
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74444697 |
58.66 |
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Total shareholding of Promoter and Promoter Group (A) |
74444697 |
58.66 |
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(B) Public Shareholding |
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5757944 |
4.54 |
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8374538 |
6.60 |
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1503031 |
1.18 |
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20054937 |
15.80 |
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6276 |
0.00 |
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6276 |
0.00 |
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35696726 |
28.13 |
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3240195 |
2.55 |
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11789334 |
9.29 |
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419140 |
0.33 |
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1312828 |
1.03 |
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251096 |
0.20 |
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1052965 |
0.83 |
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8767 |
0.01 |
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16761497 |
13.21 |
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Total Public shareholding (B) |
52458223 |
41.34 |
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Total (A)+(B) |
126902920 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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1425000 |
0.00 |
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1757052 |
0.00 |
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3182052 |
0.00 |
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Total (A)+(B)+(C) |
130084972 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Marketing of Fashion and Lifestyle,
Agri-business, Rayon Yarn (Including Viscose Filament Yarn, Caustic Soda and
Allied Chemicals), Insulators, Textiles (Spun Yarn and Fabrics) and Carbon Black |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
19000 (Approximately) |
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Bankers : |
· State Bank of India · Corporation Bank · Standard Chartered Grindlays Bank Limited · United Bank of India · UCO Bank · Canara Bank · Punjab National Bank · Bank of America NT and SA · HDFC Bank Limited · Citibank NIA. · American Express Bank Limited · Central Bank of India · The Hongkong and Shanghai Banking Corporation Limited · Allahabad Bank · State Bank of Saurashtra · Standard Chartered Bank |
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Facilities : |
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In Millions)
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
· Khimji Kunverji and Company Chartered Accountants Address : Mumbai, Maharashtra, India · S.R. Batliboi and Company LLP Chartered Accountants |
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Branch Auditors: |
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Name : |
· K. S. Aiyar and Company Chartered Accountants Address : Mumbai, Maharashtra, India · Deloitte Haskins and Sells Chartered Accountants |
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Solicitors : |
· Amarchand and Mangaldas and Suresh A. Shroff and Company · Mulla and Mulla and Craigie, Blunt and Caroe |
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Subsidiaries : |
Aditya Birla Financial
Services Private Limited (ABFSPL) (100% Subsidiary) · Aditya Birla Capital Advisors Private Limited (ABCAPL) (100%Subsidiary of ABFSPL) · Aditya Birla Customer Services Private Limited (ABCSPL) (100% Subsidiary of ABFSPL) · Aditya Birla Trustee Company Private Limited (ABTCPL) (100% Subsidiary of ABFSPL) · Aditya Birla Money Limited (ABML) (75% Subsidiary of ABFSPL) · Aditya Birla Commodities Broking Limited (ABCBL) (100% Subsidiary of ABML) · Aditya Birla Financial Shared Services Limited (ABFSSL) (100% Subsidiary of ABFSPL) · Aditya Birla Finance Limited (ABFL) (100% Subsidiary of ABFSPL) · Aditya Birla Securities Private Limited (ABSPL) (100% Subsidiary of ABFL) · Aditya Birla Insurance Brokers Limited (ABIBL) (50.01% Subsidiary of ABFSPL) Birla Sun Life
Asset Management Company Limited (BSAMC) (51% Subsidiary of ABFSPL) (w.e.f.
10th Oct., 2012, earlier was a Joint Venture) · Birla Sun Life AMC (Mauritius) Limited (100% Subsidiary of BSAMC) · Aditya Birla Sun Life AMC Limited, Dubai (100% Subsidiary of BSAMC) · Aditya Birla Sun Life AMC Pte. Limited, Singapore (100% Subsidiary of BSAMC) · India Advantage Fund Limited (Subsidiary of BSAMC) Birla Sun Life
Trustee Company Private Limited (BSTPL) (50.85% Subsidiary of ABFSPL)(w.e.f.
10th Oct., 2012, earlier was a Joint Venture) Aditya Birla
Housing Finance Limited (ABHFL)
(100% Subsidiary of ABFSPL) (formerly known as LIL Investment Limited) Aditya Birla Money
Mart Limited (ABMML) (100% Subsidiary of ABFSPL) · Aditya Birla Money Insurance Advisory Services Limited (ABMIASL) (100% Subsidiary of ABMML) ABNL IT and ITES
Limited (IT and ITES) (100% Subsidiary) · Aditya Birla Minacs Worldwide Limited (ABMWL) (99.85% Subsidiary of IT and ITES) · Aditya Birla Minacs Philippines Inc. (ABMPI) (100% Subsidiary of ABMWL) · Aditya Birla Minacs BPO Private Limited (ABMBPL) (100% Subsidiary of ABMWL) · AV TransWorks Limited. (AVTL) (100% Subsidiary of ABMWL) · Aditya Birla Minacs Worldwide Inc. (ABMWI) (100% Subsidiary of AVTL) · Aditya Birla Minacs BPO Limited (ABMBL) (100% Subsidiary of ABMWI) · Minacs Worldwide SA de CV (MWSC) (100% Subsidiary of ABMWI) · The Minacs Group (USA) Inc.(MGI) (100% Subsidiary of ABMWI) · Bureau of Collections Recovery, LLC (BCR) (100% Subsidiary of ABMWI) · Bureau of Collections Recovery (BCR) Inc. (100% Subsidiary of ABMWI) · Minacs Limited (ML) (100% Subsidiary of ABMWI) · Minacs Worldwide GmbH (MWGH) (100% Subsidiary of ABMWI) · Minacs Kft. (100% Subsidiary of MWGH) Aditya Vikram Global Trading House Limited (AVGTHL) (100% Subsidiary) Birla Sun Life Insurance Company Limited (BSLICL) (74% Subsidiary) ABNL Investment Limited (ABNLInv) (100% Subsidiary) Shaktiman Mega Food Park Private Limited (94% Subsidiary) Madura Garments Lifestyle Retail Company Limited. (MGLRCL) (100% Subsidiary) Indigold Trade and Services Limited (ITSL) (100% Subsidiary) ·
Pantaloons Fashion and Retail Limited
(Formerly Peter England Fashions and Retail Limited) (PFRL) (50.09%
Subsidiary of ITSL) |
|
|
|
|
Joint Ventures : |
· IDEA Cellular Limited (IDEA) · Birla Sun Life Asset Management Company Limited (BSAMC) (ceased to be a joint venture from 10th Oct., 2012 on becoming Subsidiaries) ·
Birla Sun Life Trustee Company Private Limited
(BSTPL) (ceased to be a joint venture from 10th Oct., 2012 on becoming
Subsidiaries |
|
|
|
|
Associates |
Birla Securities Limited. (BSL) |
CAPITAL STRUCTURE
AFTER 06.09.2013
Authorised Capital: Rs.
1800.000 Millions
Issued, Subscribed & Paid-up Capital: Rs. 1301.850
Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175000000 |
Equity Shares |
Rs.10/- each |
Rs. 1750.000 Millions |
|
500000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs. 50.000 Millions |
|
|
TOTAL |
|
Rs. 1800.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120254529 |
Equity Shares |
Rs.10/- each |
Rs. 1202.500
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120213187 |
Equity Shares |
Rs.10/- each |
Rs. 1202.100
Millions |
|
10000 |
6% Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs. 1.000 Millions |
|
|
TOTAL |
|
Rs. 1203.100 Millions |
NOTES
1.
Reconciliation of the number of Shares Outstanding
at the beginning and at the end of the period
|
Description |
As At 31.03.2013 |
|
|
Equity Shares |
Preference
Shares |
|
|
No. of Shares
Outstanding at the beginning of the period @ Rs. 10/- each |
113,515,242 |
10,000 |
|
Allotment of
Equity Shares upon conversion of Preferential Warrants to Promoter and
Promoter Group on 20th December 2010@
Rs. 10/- each |
-- |
-- |
|
Allotment of
Rights Shares kept in abeyance on various dates @ Rs. 10/- each |
181 |
-- |
|
Allotment of
Shares on exercise of options by employee under ESOS-2006 |
17,764 |
-- |
|
Conversion of Warrants into Equity Shares by the Promoter
Group |
6,680,000 |
|
|
No. of Shares
Outstanding at the end of the period @ Rs. 10/- each |
120,213,187 |
10,000 |
2.
Term/Right attached to Equity Shares
The Company has
only one class of equity shares having a par value of Rs. 10/- per share. Each
holder of equity shares is entitled to one vote per share. The Company declares
dividend in Indian rupees. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the Annual General Meeting.
In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive remaining assets of the Company, after distribution to all Preference
Shareholders. The distribution will be in proportion to the number of the
equity shares held by the shareholders.
3.
Term of Conversion/Redemption of Preference Shares
In accordance with
the Composite Scheme of Arrangement, 10,000 6% Redeemable Cumulative Preference
Share of Rs. 100/- each fully paid-up (Previous Year: 10,000) were issued to
preference shareholders (other than the Company) of Peter England Fashions and
Retail Limited.
Preference shares
carry cumulative dividend @6% p.a. The Company declares and pays dividend in
Indian rupees. The dividend proposed by the Board of Directors is subject to
the approval of the shareholders in the Annual General Meeting.
These preference
shares are redeemable by the Company at any time after completion of one year
and on or before completion of five years from the 1st January, 2010, at the
face value. In the event of liquidation of the Company before
conversion/redemption of preference shares, the holders of Preference Shares
will have priority over Equity Shares in the payment of dividend and repayment
of capital.
4.
The Company does not have any holding Company.
5.
Shares in the Company held by each shareholder
holding more than 5 percent shares and the number of shares held are as under:
i)
Equity Shares
|
Name of
Shareholder |
As At 31st
March 2013 |
|
|
No. of Shares Held |
% of Total Paid-Up Equity Share Capital |
|
|
TGS Investment and Trade Private Limited |
13,506,736 |
11.90% |
|
Trapti Trading and Investments Private Limited |
9,423,935 |
7.84% |
|
IGH Holdings Pvt. Limited |
9,132,102 |
7.60% |
|
Hindalco Industries Limited |
8,650,412 |
7.20% |
|
Mangalam Services Limited |
7,546,111 |
6.28% |
|
Turquoise Investment
And Finance Private Limited |
6,441,092 |
5.36% |
|
Life Insurance Corporation of India |
6,146,744 |
5.44% |
|
HSBC Global
Investment Funds A/c HSBC Global Investment Funds Mauritius Limited |
4,552,368 |
3.79% |
ii)
Preference Share Capital
|
Name of
Shareholder |
As At 31st
March 2013 |
|
|
No. of Shares Held |
% of Total Paid-Up Preference Share Capital |
|
|
Naman Finance and Investment Private Limited |
5,000 |
50.00% |
|
Infocyber (India) Private Limited |
5,000 |
50.00% |
6.
Share reserved for issue under options and
contracts, including the terms and amounts:
For details of Shares reserved for issue
under the Employee Stock Option (ESOP) Plan of the Company
7.
There are no Preference Shares issued as fully paid-up
pursuant to any contract in consideration of other than cash or bought back
during the preceding last five years except issue of 10,000 6% Redeemable
Cumulative Preference Shares of Rs. 100/- each pursuant to a Scheme of
Composite Arrangement to shareholders of Peter England Fashions and Retail
Limited.
8.
Pursuant to the provisions of Section 206A of the
Companies Act, 1956, the issue of following Equity Shares are kept in Abeyance
|
Name of
Shareholder |
No. of Shares |
|
31.03.2013 |
|
|
Right Issue (1994) |
12,635 |
|
Bonus Share on Above |
6,318 |
|
Right Issue (2007) |
22,570 |
9.
In the year 1997, the Company had forfeited 4,487
shares held by 299 holders on account of non-payment of call money with
interest on shares issued against each detachable warrant.
10.
3,191,794 equity shares (Previous Year: 3,222,993)
are represented by Global Depository Receipts.
11.
During the last five years preceding 31.03.2012,
there were 1,048 Bonus Shares (Previous Year: 1,048 Bonus Shares) issued out of
shares kept in abeyance.
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 |
1203.100 |
1136.200 |
1136.100 |
|
(b) Reserves & Surplus |
65096.900 |
55649.700 |
52871.400 |
|
(c) Money
received against share warrants |
2236.200 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
68536.200 |
56785.900 |
54007.500 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
14179.100 |
14064.200 |
14817.900 |
|
(b) Deferred tax liabilities (Net) |
1553.300 |
1582.200 |
1736.100 |
|
(c) Other long term liabilities |
854.900 |
690.400 |
522.400 |
|
(d) long-term provisions |
53.600 |
55.800 |
61.800 |
|
Total Non-current Liabilities (3) |
16640.900 |
16392.600 |
17138.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
20883.900 |
26703.800 |
11017.300 |
|
(b) Trade payables |
15262.800 |
12272.900 |
9437.100 |
|
(c) Other current
liabilities |
8929.600 |
8129.500 |
8936.300 |
|
(d) Short-term provisions |
1902.300 |
1577.000 |
1480.800 |
|
Total Current Liabilities (4) |
46978.600 |
48683.200 |
30871.500 |
|
|
|
|
|
|
TOTAL |
132155.700 |
121861.700 |
102017.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
19134.900 |
17119.900 |
17283.100 |
|
(ii) Intangible Assets |
530.400 |
351.800 |
412.700 |
|
(iii) Capital
work-in-progress |
2096.600 |
2008.700 |
646.500 |
|
(iv)
Intangible assets under development |
10.300 |
1.500 |
0.000 |
|
(b) Non-current Investments |
58566.600 |
55979.500 |
54244.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2863.200 |
4102.100 |
1940.400 |
|
(e) Other Non-current assets |
8.100 |
12.100 |
18.100 |
|
Total Non-Current Assets |
83210.100 |
79575.600 |
74544.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2780.000 |
0.000 |
530.000 |
|
(b) Inventories |
13932.800 |
13206.900 |
12032.400 |
|
(c) Trade receivables |
28072.600 |
16898.800 |
11092.900 |
|
(d) Cash and cash
equivalents |
555.200 |
5969.500 |
209.000 |
|
(e) Short-term loans and
advances |
2897.000 |
3704.200 |
2730.400 |
|
(f) Other current assets |
708.000 |
2506.700 |
877.600 |
|
Total Current Assets |
48945.600 |
42286.100 |
27472.300 |
|
|
|
|
|
|
TOTAL |
132155.700 |
121861.700 |
102017.200 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
97545.000 |
84334.800 |
64472.400 |
|
|
|
Other Income |
2092.500 |
1895.400 |
748.600 |
|
|
|
TOTAL (A) |
99637.500 |
86230.200 |
65221.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
43275.000 |
39826.400 |
31892.100 |
|
|
|
Purchase of Stock-in-Trade |
16362.500 |
11084.100 |
4671.100 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade |
(123.400) |
(925.400) |
(1632.800) |
|
|
|
Employee Benefits Expenses |
5967.300 |
5455.700 |
4808.200 |
|
|
|
Other Expenses |
22995.400 |
20288.800 |
15883.000 |
|
|
|
Exceptional Items |
0.000 |
1038.800 |
0.000 |
|
|
|
TOTAL (B) |
88476.800 |
76768.400 |
55621.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
11160.700 |
9461.800 |
9599.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
3600.000 |
3128.200 |
2708.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7560.700 |
6333.600 |
6891.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2191.800 |
2030.600 |
1940.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5368.900 |
4303.000 |
4950.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1138.400 |
849.100 |
1153.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4230.500 |
3453.900 |
3796.900 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
513.300 |
281.900 |
171.800 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2000.000 |
2000.000 |
2500.000 |
|
|
|
Debenture Redemption Reserve |
288.900 |
541.300 |
461.100 |
|
|
|
Proposed Dividend on Preference Shares |
0.100 |
0.100 |
0.100 |
|
|
|
Proposed Dividend on Equity Shares |
781.400 |
681.100 |
624.300 |
|
|
|
Corporate Tax on Dividend |
0.000 |
0.000 |
101.300 |
|
|
BALANCE CARRIED
TO THE B/S |
1673.400 |
513.300 |
281.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
On Export of Goods (F.O.B. Basis) |
8834.000 |
10244.000 |
8250.400 |
|
|
|
Sale of Certified Emission Reduction |
0.000 |
15.900 |
60.300 |
|
|
|
Service Charge |
0.000 |
0.200 |
0.800 |
|
|
TOTAL EARNINGS |
8834.000 |
10260.100 |
8311.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
23754.600 |
24616.500 |
19252.100 |
|
|
|
Stores & Spares |
196.200 |
242.100 |
226.800 |
|
|
|
Capital Goods |
1055.000 |
724.000 |
109.400 |
|
|
|
Purchase of Finished Goods |
7267.600 |
4003.300 |
451.100 |
|
|
TOTAL IMPORTS |
32273.400 |
29585.900 |
20039.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
37.23 |
30.43 |
35.84 |
|
|
|
Diluted |
36.56 |
30.41 |
34.98 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.25
|
4.01 |
5.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.50
|
5.10 |
7.68 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.51
|
6.74 |
10.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.08 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.51
|
0.72 |
0.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04
|
0.87 |
0.89 |
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 |
1136.100 |
1136.200 |
1203.100 |
|
Reserves & Surplus |
52871.400 |
55649.700 |
65096.9 |
|
Money received against share
warrants |
0.000 |
0.000 |
2236.200 |
|
Net
worth |
54,007.500 |
56,785.900 |
68,536.200 |
|
|
|
|
|
|
long-term borrowings |
14817.900 |
14064.200 |
14179.100 |
|
Short term borrowings |
11017.300 |
26703.800 |
20883.900 |
|
Total
borrowings |
25,835.200 |
40,768.000 |
35,063.000 |
|
Debt/Equity
ratio |
0.478 |
0.718 |
0.512 |
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 |
64472.400 |
84334.800 |
97545.000 |
|
|
|
30.808 |
15.664 |
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 |
64472.400 |
84334.800 |
97545.000 |
|
Profit |
3796.900 |
3453.900 |
4230.500 |
|
|
5.89% |
4.10% |
4.34% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATIONS DETAILS
HIGH COURT OF GUJARAT
COMPANY PETITION No. 151 of 2013
|
Status : PENDING |
( Converted from : O/ST/1456/2013 ) |
CCIN No : 001058201300151 |
|
Next Listing Date: |
24/06/2014 |
|
|
Coram |
HONOURABLE MS.JUSTICE HARSHA DEVANI |
Not Before : |
HONOURABLE MR.JUSTICE R.M.CHHAYA HONOURABLE MR.JUSTICE S.R.BRAHMBHATT |
|
S.NO. |
Name of the
Petitioner |
Advocate On Record |
|
1 |
COLOURFUL VACATIONS PRIVATE LIMITED |
MR TEJAS P SATTA for: Petitioner(s) |
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S.NO. |
Name of the
Respondant |
Advocate On Record |
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ADITYA BIRLA NUVO LIMITED |
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Presented On |
: 10/05/2013 |
Registered On |
: 13/06/2013 |
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Bench Category |
: SINGLE BENCH |
District |
: AHMEDABAD |
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Case Originated From |
: THROUGH ADVOCATE |
Listed |
: 19 times |
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StageName |
: FOR ADMISSION - COMPANY PETITION |
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Office Objection
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Filing Stage |
WHETHER INDEX-CUM-CHRONOLOGY OF DOCUMNETS AND EVENTS FILED ? WHETHER PROPER & FULL COURT FEE IS PAID ? WHETHER PAGING IS DONE ? WHETHER COPIES ARE LEGIBLE AND WHETHER TYPED COPIES OF HAND WRITTEN ANNEXURES FILED ? WHETHER COPIES ARE TRUE COPIES SO SIGNED BY ADVOCATE ? WHETHER EXTRA COPY OF THE FULL EITLE (WITH NAMES AND ADDRESSES OF ALL PARTIES) FURNISHED ? |
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Classification |
SJ - OJ - COMPANY PETITION - COMPANIES ACT, 1956 - WINDING UP - 433 AND 434 |
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Act |
COMPANIES ACT, 1956 |
Office Details
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S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
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1 |
15/07/2013 |
VAKALATNAMA |
MR TEJAS P SATTA ADVOCATE |
5 |
MR TEJAS P SATTA(3149), for P:1 |
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2 |
15/07/2013 |
ADDITIONAL FEE ON MEMO OF APPEAL/PETITION/SUIT |
MR TEJAS P SATTA ADVOCATE |
100 |
MR TEJAS P SATTA(3149), for P:1 |
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1 |
MISC. CIVIL APPLICATION/148/2013 |
DISPOSED |
01/10/2013 |
RULE ABSOLUTE/ALLOWED @ F.H HONOURABLE MR.JUSTICE K.M.THAKER |
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27/05/2013 |
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14/06/2013 |
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17/06/2013 |
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09/10/2013 |
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HONOURABLE MR.JUSTICE G.B.SHAH |
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HONOURABLE MR.JUSTICE S.R.BRAHMBHATT |
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13/03/2014 |
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HONOURABLE MS.JUSTICE HARSHA DEVANI |
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Available Orders
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S. No. |
Case Details |
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Order Date |
CAV |
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Questions |
Transferred |
Download |
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1 |
COMPANY PETITION/151/2013 |
HONOURABLE MR.JUSTICE S.R.BRAHMBHATT |
11/03/2014 |
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ORDER |
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Y |
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COMPANY PETITION/151/2013 |
HONOURABLE MS.JUSTICE HARSHA DEVANI |
27/03/2014 |
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UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
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LONG-TERM
BORROWINGS |
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Debentures |
3000.000 |
2000.000 |
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Foreign Currency Loans from Banks |
3038.300 |
3227.200 |
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SHORT-TERM
BORROWINGS |
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Loan Repayable on Demand from Banks |
18206.300 |
21537.100 |
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Other Loans and Advances Commercial Papers* |
995.000 |
3481.600 |
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Total |
25239.600 |
30245.900 |
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STANDALONE FINANCIAL
PERFORMANCE
Revenue grew by 16% to Rs. 97540.000 Millions and EBITDA grew by 6% to Rs. 11160.000 Millions. While earnings in the Carbon Black and Insulators businesses were constrained due to cheaper imports, volume growth and higher realisation in the linen segment and in the Rayon business supported the earnings growth. Profitability in the Agri-Business was impacted due to planned maintenance shutdown for 20 days. Dividend income of Rs. 1460.000 Millions received from Birla Sun Life Insurance also added to the bottom-line. Net profit surged by 22% to Rs. 4230.500 Millions.
NEW INITIATIVES/MAJOR
ACTIVITIES
Brownfield Expansion
A. Viscose Filament
Yarn (VFY)
Indian Rayon has commissioned its additional unit of Viscose Filament Yarn using Spool technology imported from ENKA, Germany in the existing premises at Veraval at a capex of about Rs. 2700.000 Millions. This will help Indian Rayon to manufacture premium quality yarn, especially in the superfine segment.
B. Fertilisers
In January 2013, the Board of Directors of the Company approved brownfield expansion of Urea capacity by 3,850 tons per day at the existing fertiliser complex in Jagdishpur, U.P. The Company is awaiting requisite approvals from the Government
FINANCE
During the year 2012-13, the Company,
– Raised long-term loans, aggregating to Rs. 1616.400 Millions by way of foreign currency borrowings, Rs. 350.000 Millions by way of Rupee Term Loan and Rs. 3000.000 Millions by way of issue of Non-Convertible Debentures (NCD).
– Repaid term loans aggregating to Rs. 2926.400 Millions and NCDs of Rs. 2000.000 Millions.
AWARDS AND
RECOGNITION
The Company has been the proud recipient of the following awards and recognitions:
INDIAN RAYON DIVISION
· Environment Excellence Award-2012 in Chemical Sector, Awarded by Greentech Foundation, New Delhi.
· 11th Greentech Safety Award-2012, Awarded by Greentech Foundation, New Delhi.
· 2nd Annual Greentech CSR Award-2012 in Chemical Sector, Awarded by Greentech Foundation, New Delhi.
JAYA SHREE TEXTILE
DIVISION
·
CII
(ER) Quality Award for most significant improvement in TQM category.
·
CII
(ER) Productivity Award for Sustained Level of High Productivity Category.
·
Linen
Fabric Division - IR and HRD, received the 3-Star Outstanding Award in the International
Convention of Quality Circle Concept held at Kuala Lumpur, Malaysia, in October
2012.
· Wool Combing Division - IR and HRD, received the 3-Star Outstanding Award in the International Convention of Quality Circle Concept held at Kuala Lumpur, Malaysia, in October 2012.
CARBON BLACK
DIVISION, Gummidipoondi
“Best Supplier – 2012” from Fenner India Limited. (customer).
CARBON BLACK
DIVISION, Patalganga
· Patalganga Unit has been selected for Certificate of Appreciation for CSR in Chemical Sector by Greentech Foundation, New Delhi.
· Certificate of Appreciation by Jan Shikshan Sanstha Raigad for Tribal Livelihood of Tribes.
MADURA FASHION AND
LIFESTYLE
· Peter England - The winner of IAA Olive Crown Awards 2013 (GOLD) Promoting Water Conservation through PE Oxygens.
ADITYA BIRLA
INSULATORS – RISHRA DIVISION
· Performance Excellence Trophy-2011 from IMC RAMKRISHNA BAJAJ NATIONAL QUALITY AWARD.
MANAGEMENT DISCUSSION
AND ANALYSIS
Indian Economy: GDP
Growth slows down
The year gone by was challenging for economies across the world. Global GDP growth contracted from 4% in 2011 to 3.2% in 2012. Indian economy was not insulated from the global slowdown. India’s GDP growth rate slipped to a decade low of 5% in 2012-13. Reserve Bank of India cut key lending rates thrice during the year to support slowing economy, however, sluggish domestic consumption and slack in investments impacted growth.
While a high Current Account Deficit, which peaked at 6.7% during the year, has been the main driver of slowdown in growth, other factors have also contributed. Fiscal deficit reached to 5.2% in 2012-13 on account of higher imports bill, weakening of Indian Rupee and increased subsidy burden. Persistently high inflation and interest rates affected savings growth, consumption and the investment cycle. Wholesale Price Index-based inflation eased to 4.9% in April 2013. Consumer Price Index-based inflation, though declined from earlier highs, remained high at 9.4% in April 2013.
While a high Current Account Deficit, which peaked at 6.7% during the year, has been the main driver of slowdown in growth, other factors have also contributed. Fiscal deficit reached to 5.2% in 2012-13 on account of higher imports bill, weakening of Indian Rupee and increased subsidy burden. Persistently high inflation and interest rates affected savings growth, consumption and the investment cycle. Wholesale Price Index-based inflation eased to 4.9% in April 2013. Consumer Price Index-based inflation, though declined from earlier highs, remained high at 9.4% in April 2013.
The long-term growth prospects of the Country remain strong, however, in the short term the economy is expected to witness gradual improvement. India's GDP growth is projected to grow at 6% in 2013-14
Aditya Birla Nuvo:
Strong earnings growth
Given the testing macro-economic scenario and despite earnings pressure in some of its businesses, Aditya Birla Nuvo ('ABNL' or 'the Company') has posted strong earnings growth. This reflects the strength of its conglomerate model. The Company outperformed the industry and strengthened market positioning in most of the businesses.
The business-wise key achievements and highlights during 2012-13 are as under:
> Aditya Birla Financial Services
· Aditya Birla Financial Services (ABFS) ranked among the top 5 fund managers in India, excluding LIC.
· Its funds under management crossed Rs.1000000.000 Millions.
· ABFS reported revenue at Rs.63900.000 Millions (USD 1.2 billion).
· It gained market share across most of the businesses.
· Lending book in the NBFC business more than doubled to Rs.80000.000 Millions.
· Life Insurance business recorded strong growth in profit and distributed interim dividend.
· ABFS generated return on average capital employed of 31%.
> Fashion and Lifestyle
· ABNL's Fashion and Lifestyle business is the largest branded apparel player in India selling one apparel every second.
· With the acquisition of Pantaloons Fashion business, the annual revenue of Fashion and Lifestyle business reached USD 1 billion.
· The nation-wide reach of Madura, Pantaloons and Jaya Shree Textiles, combined together, expanded to 1,443 exclusive brand outlets/stores spanning across 3.7 million square feet besides more than 4,750 departmental stores and multi-brand outlets.
· The business generated return on operating capital employed of 25% driven by strong earnings and working capital management.
> Telecom
· Idea has been the biggest revenue market share gainer since past four years.
· It ranks among the top 10 cellular operators in the world with 1.6 billion minutes of voice usage per day.
· It ranks 3rd in India in terms of revenue market share, which grew from 14.4% to 14.8%1 in past one year.
· It was serving a large customer base of about 122 million subscribers as on 31st March, 2013.
· Idea is a USD 8 billion company by market cap (as on 29th May, 2013) and USD 4 billion company by revenue size.
· Idea is generating strong cash profit and has a sound balance sheet to support its growth plans.
· The Board of Directors of Idea proposed a maiden dividend.
> IT-ITeS:
· Aditya Birla Minacs ranks among the top six Indian BPO companies by revenue size (Source: NASSCOM).
· During 2012-13, its revenue reached near to Rs.25000.000 Millions mark (USD 457 million).
· It is generating steady cash profit to fund its capex and working capital requirements
> Considering the Carbon Black Business scenario, both in the Indian and the global context, ABNL has decided to divest its Carbon Black Business, subject to the requisite approvals, on a going-concern basis, by way of slump sale for a lump sum consideration of Rs.14510.000 Millions as an enterprise value, subject to the adjustment for net working capital. Having received the shareholders' approval, the Company is in the process of divesting the Carbon Black business, effective from 1st April, 2013. The cash inflow from the divestment will strengthen the Company's balance sheet.
> Manufacturing Businesses:
· The combined revenue of Agri, Rayon and Insulators businesses rose by 28% to Rs.41550.000 Millions. EBITDA is up by 10% to Rs.4460.000 Millions despite lower profitability in the Agri business on account of planned maintenance shutdown. Rayon business contributed strongly to the earnings led by higher volumes and improved realisation in both the VFY and Chemicals segments.
· Rayon business has commissioned an additional unit of VFY using Spool Technology imported from ENKA, Germany, at a capex of about Rs.2700.000 Millions. This will help business to manufacture premium quality yarn especially in the superfine segment. The new VFY plant has been commissioned and is currently under ramp up.
> Capital Infusion:
Aditya Birla Nuvo, as a premium conglomerate, is progressing well on the growth path to tap sector opportunities. To meet its growth capital requirements, the Company had issued 16.5 million warrants in May 2012 to Promoters/Promoter Group on a preferential basis after being approved by the shareholders. Of the planned equity infusion of about Rs.15000.000 Millions, a sum of Rs.3760.000 Millions has already been received as 25% application money in May 2012 itself. A sum of Rs.4560.000 Millions was received towards the balance 75% amount payable on conversion of 6,680,000 warrants, in March 2013. In terms of the Issue, the balance 9,820,000 warrants are to be converted for Rs.6710.000 Millions on or before 9th November, 2013. The equity infusion will not only strengthen the financial position of the Company but also act as a seed capital for capturing the next level of growth.
FINANCIAL SERVICES
(ADITYA BIRLA FINANCIAL SERVICES)
The economic environment of the Country during 2012-13 was characterised by persistently high interest rates and inflation, coupled with decline in GDP growth rate. This adversely impacted the demand and growth of the financial services and products in the Country. Lower consumer confidence along with weak financial markets affected the customer's ability to commit for the long term. The volatility in the macro-economic scenario may continue in the short-run. However, long term growth prospects of the financial services sector remain intact.
India has one of the highest household savings rate in the world. Household savings in India as a percentage of GDP have been rising. Over 90% of household savings are invested in bank deposits and only 10% in other financial asset classes. This offers a huge potential market size for non-bank financial services and products. Besides this, favourable demographics, viz., a large growing young population, expanding middle class segment and rising per capita income signals robust long-term growth prospects ahead for Indian financial services sector. The high savings rate of Indian households at over 25% and a low level of financial products penetration, make this vast market for mutual funds, portfolio and wealth management services, insurance and a variety of other products.
Life Insurance (Birla
Sun Life Insurance Company Limited)
Industry Overview
The Indian Life Insurance industry currently comprises of 23 life insurers and one public sector life insurer - LIC.
In 2012-13, the industry's new business premium1 de-grew by 15% to Rs.574660.000 Millions. LIC de-grew by 21% while private players contained de-growth to 4%. Consequently, share of private players in total pie increased from 35% to 40%. In terms of Individual Life new business1, private life insurers posted a positive 2% growth while LIC de-grew by 4%.
Industry growth was impacted on account of moderation of GDP growth, high inflation, high interest rates and uncertainty on other macro economic and regulatory parameters. Sluggish capital markets and high interest rates affected the consumer's appetite for long-term investment products, thereby affecting growth of both unit-linked as well as traditional life insurance products.
The top 7 out of 23 private players contributed to 75% of the private sector's total new business premium1. Individual new business premium growth for non-bank backed life insurers remained affected.
Performance Review
Birla Sun Life Insurance ("BSLI") completed its 13th year of successful operations amidst the challenging sector environment. It ranked 5th among private players with 8% market share in terms of new business premium1 for 2012-13 As of 31st March, 2013, BSLI's nationwide reach encompassed over 600 branches, an agency force of over 105,000 empanelled agents, tie-ups with more than 150 non-bank corporate agents and brokers, and 4 key bancassurance partners.
BSLI recorded gross premium income at Rs.52160.000 Millions vis-a-vis Rs.58850.000 Millions earned in the previous year. New business premium income de-grew by 5% to Rs.18370.000 Millions. While new business premium income from Group segment witnessed a growth of 17%, individual life segment de-grew by 16%. Renewal premium at Rs.33800.000 Millions de-grew year-on-year by 15%.
BSLI posted a strong growth in profitability. Earnings before tax and Net Profit soared by 18% from Rs.46.100 Millions to Rs.5420.000 Millions. Key drivers of the growth in profitability include strong in-force business, reduction in operating expenses and change in product mix.
Assets under Management grew by 9% to Rs.229290.000 Millions. Equity and Debt assets contributed to 41% and 59% of the total AUM respectively. BSLI continued to deliver superior investment returns to its policyholders.
The 13th month premium persistency ratio as on 31st March, 2013 is 81.3% vis-a-vis 82.1% last year.
For the third year in a row, BSLI has achieved zero percent claim outstanding ratio at the end of the year, a testimony to its continued focus on customer satisfaction.
With the strong emergence of profitability, BSLI is returning surplus funds to the shareholders. It declared an interim dividend amounting to Rs.1970.000 Millions (Previous Year: Rs.9850.000 Millions) @ 10% of its paid-up capital. Aditya Birla Nuvo received Rs.1460.000 Millions for its 74% shareholding. BSLI plans to distribute surplus funds of about Rs.4000.000 Millions in 2013-14.
No capital infusion has been required since past three years as the business is generating adequate internal accruals to fund its requirements.
Post regulatory changes over last couple of years, product mix at industry level has shifted towards non-unit-linked insurance plans (non-ULIPs). In line with the trend in the industry, during the past three years, contribution of non-ULIP portfolio in Individual new business sales of BSLI has increased from about 5% to 56%. During the year, BSLI launched several new products to augment its product portfolio.
BSLI has focused on a multi-distribution strategy to offer its wide range of life insurance products to numerous customer segments. Agency continues to be the largest distribution channel for BSLI, contributing to 67% of its individual life new business sales. Over the past few years, a strong franchise network has been created in the Corporate Agent and Broker segment.
Outlook
The life insurance industry has been under a changing, volatile and uncertain regulatory and macro-economic environment. However, life insurance will continue to command a large share of financial investment by retail investors and dominate long-tenure investments. Furthermore, the life insurance industry is most likely to benefit from the robust structural and demographical drivers offered by the country in the long-term. BSLI is well positioned to face the challenges and tap the sector growth opportunity. It has identified the following focus areas to strengthen its competitive and financial position in ensuing years.
· Achieving sales growth through balanced channel mix, optimal capacities, complete product range and improved distribution efficiencies.
· Augmenting product offerings and achieving a balanced mix of ULIPs and Non-ULIPs.
· Higher focus on customer satisfaction through need-based selling and better customer service.
· Increasing efforts towards retaining customers and maintaining high persistency.
· Leveraging the full potential of the brand.
Asset Management
(Birla Sun Life Asset Management Company Limited)
Industry Overview
The Indian mutual fund industry comprises 43 asset management companies. Top 10 asset management companies command 77% of the industry's domestic AAUM1. After declining in past two years, the AAUM1 of mutual fund industry grew strongly by 23% from about Rs.6648000.000 Millions (~USD 123 billion) in 2011-12 to around Rs.8167000.000 Millions (~USD 151 billion) in 2012-13. The growth was largely driven by Debt and Liquid assets which recorded strong inflows and grew by 31% on account of liquidity and high interest rates during the year. Industry's equity AAUM1 grew by 2.3% to USD 38 billion on account of market action as net sales remained negative. Share of equity AAUM in industry's AAUM de-grew from 30% to 25%.
Performance Review
Birla Sun Life Asset Management Company ("BSAMC") completed 18 years of its journey towards offering wealth creation solutions to its customers. During the year, BSAMC outperformed the industry and registered 26% year on year growth in domestic AAUM1 - second highest among the top 5 players. This led to market share expansion from 9.2% to 9.4%. BSAMC maintained its market positioning as the 4th largest asset management company in India.
Total AAUM1 of BSAMC, including domestic, offshore, real estate fund and PMS AUM, surged year-on-year by 26% to reach Rs.834510.000 Millions (USD 15.5 billion). Debt segment was the largest contributor to the growth followed by offshore AAUM. Offshore AAUM is gaining momentum and rose by 37% to over USD 850 million
Led by strong growth in assets under management, BSAMC posted sound earnings growth. Revenue grew by 29% from Rs.3150.000 Millions to Rs.4050.000 Millions. Earnings before tax rose by 21% from Rs.890.000 Millions to Rs.1070.000 Millions. Net profit surged by 24% to Rs.730.000 Millions.
Led by strong growth in assets under management, BSAMC posted sound earnings growth. Revenue grew by 29% from Rs.3150.000 Millions to Rs.4050.000 Millions. Earnings before tax rose by 21% from Rs.890.000 Millions to Rs.1070.000 Millions. Net profit surged by 24% to Rs.730.000 Millions.
BSAMC is serving its large investor base through a strong distribution network of 95 branches and about 35,700 financial advisors.
The fund performance of BSAMC remained strong across the asset classes. As an acknowledgement of its investment performance and customer service, the following awards and recognitions were conferred on BSAMC at various forums:
· "The Best Debt Fund House of the Year 2012" by CNBC TV 18 - CRISIL, UTV Bloomberg
· "International Service Excellence Award" by Customer Service Institute of Australia
· "Golden Peacock Award, 2012" for Business Excellence.
Outlook
The long-term outlook for the mutual fund industry remains attractive backed by lower mutual fund penetration, growing incomes and savings level. Mutual fund AUM as a percentage of Indian GDP was 14% in 2012-13. Yet, it is very low compared to 50%-90% in the developed countries. With furthermore regulatory changes and an increasing focus of asset management companies on enhancing retail participation in smaller cities will help in higher retail share in the mutual fund industry.
With a target of profitable growth, BSAMC will focus on enhancing distribution capacity and productivity across the channels, improving customer engagement and costs rationalisation. Having a strong brand name, experienced management and proven track record of investment performance, BSAMC is well positioned as a leading player in the Indian mutual fund industry.
NBFC (Aditya Birla
Finance Limited)
Industry Overview
The activities of non-banking financial companies (NBFCs) in India have undergone qualitative changes over the years through functional specialisation. The role of NBFCs as effective financial intermediaries has been well recognised as they have inherent ability to take quicker decisions, assume greater risks, and customize their services according to the needs of the clients. While these features, as compared to the banks, have contributed to the proliferation of NBFCs, their flexible structures allow them to unbundle services provided by banks and market the components on a competitive basis.
Aditya Birla Finance Limited (ABFL) is one of the leading NBFCs in India. Incorporated in 1991, ABFL offers specialised solutions in areas of Capital Market, Corporate Finance, Project and Structured Finance and Mortgages. Headquartered in Mumbai, ABFL has a wide network through its branches and associates across the country.
Performance Review
Lending book portfolio of ABFL more than doubled year-on-year to cross Rs.80000.000 Millions as on 31st March, 2013. All the business segments contributed significantly to the growth. The Capital market book, comprising promoter funding, loan against shares, broker funding, etc., is the largest component of ABFL's lending book. It rose by 70% from Rs.16250.000 Millions to Rs.27500.000 Millions. Corporate Finance book has almost doubled to Rs.16500.000 Millions. Infra financing, which was commenced in the previous year, is growing much faster. It reached Rs.21000.000 Millions and became the second largest book in the portfolio. Mortgages book, comprising loan against property and lease rental discounting, was also commenced in the previous year. It has expanded significantly in the past one year from Rs.650.000 Millions to Rs.14000.000 Millions. The Syndication team, which was formed in the mid of the year 2012-13, was able to mobilise funds over Rs.30000.000 Millions and contributed to the earnings.
Driven by strong growth in the lending book and fee-based income, revenue of ABFL doubled from Rs.3480.000 Millions to Rs.7130.000 Millions. Its earnings before tax rose by 76% to Rs.1470.000 Millions absorbing the rise in operating costs due to team build-up and addition of new lines of business. Net profit surged by 78% to Rs.1000.000 Millions.
ABFL received a capital infusion of Rs.3500.000 Millions during the year. This supported the growth while keeping leverage at optimum levels. Its net worth increased from Rs.6280.000 Millions to Rs.10790.000 Millions led by capital infusion and internal accruals. The business is growing at a good pace and will require further capital for future growth.
Outlook
The outlook for the NBFC sector remains positive backed by the lower credit penetration and huge capital formation requirement of the country. However, in the short term, the sector may found the macro-economic environment challenging for growing quality book on account of slowing economy, volatile capital markets and high interest rates.
ABFL aims at scaling up its book size in the existing segments as well through extension of portfolio, while keeping risk under control. Strong parent brand and an experienced team having seen more than two decades of business cycles will aid ABFL in reaching towards its goal.
Private Equity
(Aditya Birla Private Equity)
Industry Overview
Private Equity ("PE") industry witnessed sluggish activities during the year. The fund-raising during the calendar year (CY) 2012 for investments into India remained depressed due to regulatory uncertainties and depreciating Indian rupee. The total PE investments in India (excluding Realty Funds and Infrastructure Funds) de-grew by about 15% from USD 10.4 billion in CY 2011 to USD 8.9 billion in CY 2012. The industry also witnessed growing trend of secondary deals. [Source: Venture Intelligence].
Performance Review
Aditya Birla Private Equity (ABPE) is managing Rs.11790.000 Millions of corpus under two sector-agnostic funds, i.e., Aditya Birla Private Equity - Fund I, (providing growth capital to the established companies across sectors) and Aditya Birla Private Equity - Sunrise Fund (providing growth capital to emerging companies in sunrise sectors).
ABPE-Fund I, is managing Rs.8810.000 Millions corpus and has invested in Anupam Industries, Bombay Stock Exchange, Credit Analysis and Research Limited, GEI Industrial Systems, Alphion India Private Limited, Trimax IT Infrastructure and Services Limited and Ratnakar Bank Limited.
ABPE-Sunrise Fund, is managing Rs.2990.000 Millions corpus and has invested in SMS Paryavaran Limited, Olive Bar and Kitchen Private Limited and Tree House Education and Accessories Limited.
Combined together, both funds have already deployed/committed about 58% of the deployable corpus. Both the funds have strong pipeline of deals to deploy the balance corpus.
Aditya Birla Capital Advisors Private Limited ("ABCAP") provides the investment management and advisory services to Aditya Birla Private Equity Trust, a venture capital fund registered with SEBI.
During 2012-13, revenue of ABCAP grew by 11% to Rs.240.000 Millions. It posted net profit of Rs.60.000 Millions, a 55% rise over the previous year.
Outlook
According to a new study by Venture Intelligence, a leading research firm focused on Private Equity and Mergers and Acquisition activities in India, PE and Venture Capital backed companies are growing significantly faster compared to non-backed peers as well as market indices. This underscores the importance and growth potential of PE industry in India.
Backed by its strong investment management team and salient parentage brand, Aditya Birla Private Equity is well positioned to tap the opportunity offered by the private equity space.
Broking (Aditya Birla
Money Limited)
Industry Overview
The Indian retail broking industry is highly fragmented. During 2012-13, the capital markets remained volatile leading to decline in participation of retail investors. The daily cash volumes decreased by 6% year-on-year to Rs.132350.000 Millions while daily Futures and Options (F and O) volumes remained flat at Rs.1284750.000 Millions. The product mix in equities market continued to favour low yielding derivative segment. The share of derivatives in exchange volumes is more than 90%. The structural shift from high yield cash delivery to low yield derivatives market is resulting in prolonged earnings pressure in the broking industry.
The subdued primary market activities and muted retail participation also resulted in slow down in the demat account openings. Only 1 million new demat accounts were added during 2012-13. The Indian commodity markets saw decrease in volumes by about 3%, quite in line with the trends of global commodity markets. The currency futures market did show improvement; however, currently the overall volumes are much lower compared to the equity and commodity markets.
Performance Review
Aditya Birla Money Limited (ABML) continued to focus on retail investor segment, cost reduction and improvement in market share. Its market share grew across the segments - from 1.16% to 1.50% in retail cash equity segment, from 0.73% to 0.94% in retail equity F and O segment and from 0.38% to 0.48% in commodity broking segment.
ABML has also launched mobile trading platform and entered into a strategic alliance with Allahabad Bank to offer broking services to their clients.
While ABML has shown improvement in its market share, de-growth in overall market volumes has affected its earnings growth. Revenue of ABML de-grew by 5% to Rs.840.000 Millions. Driven by cost rationalisation initiatives, net Loss has reduced year on year from Rs.180.000 Millions to Rs.150.000 Millions.
Outlook
The overall growth in the market size in short to medium term will be dependent on the direction of the financial markets and confidence in equities as an asset class. This, in turn, is partially going to be dependent on global factors, viz. foreign inflows, liquidity, etc., and partially on corporate earnings. However, the highly under penetrated Indian securities market will provide an ample growth opportunity in the long run.
ABML's thrust is on increasing its market share by creating product and service differentiators across all the segments. Efficient use of technology to become a cost efficient player will also be a key focus area. It will continue to drive client acquisition and cost rationalisation, besides providing efficient trading tools and value added research advice to its clients.
Wealth Management
(Aditya Birla Money Mart Limited)
Industry Overview
While there are a few large wealth management players in India; mutual fund distribution industry is very fragmented. Aditya Birla Money Mart Limited (ABMM) is a significant player in the wealth management space having Assets under Advisory of about Rs.112000.000 Millions as on 31st March, 2013.
Performance Review
During 2012-13, revenue of ABMM grew year on year by 27% from Rs.600.000 Millions to Rs.760.000 Millions. Net loss significantly reduced from Rs.210.000 Millions to Rs.20.000 Millions led by revenue growth and cost rationalisation initiatives.
Outlook
High savings growth in India implies a huge opportunity for financial intermediation services. The long-term fundamental growth for the manufacturing and distribution of life insurance, mutual funds and equity broking products and services remains strong. Besides, increasing preference towards investment with the help of professional advisors portrays a positive outlook for the wealth management sector in the longer run.
ABMM's thrust will be to provide quality wealth management solutions to its client through product innovation and technology support.
General Insurance
Advisory (Aditya Birla Insurance Brokers Limited)
Industry Overview
Gross premium, underwritten in the general Insurance segment, has grown by 13% from USD 11.2 billion to USD 12.6 billion Aditya Birla Insurance Brokers Limited ("ABIBL") is one of the leading general insurance brokers in India with a large and diverse client base spread across geographies.
Performance Review
Premium placement by ABIBL more than doubled from Rs.3040.000 Millions to Rs.6340.000 Millions. Its market share in non-life industry premium enhanced from ~0.5% to ~0.9%. Driven by the strong growth in premium placement, ABIBL posted its highest ever earnings. Revenue grew by 77% from Rs.320.000 Millions to Rs.570.000 Millions, which is far higher than industry growth rates. Earnings before tax rose by 84% from Rs.90.000 Millions to Rs.160.000 Millions and net profit almost doubled to Rs.110.000 Millions, despite intense competition.
Outlook
Lower general insurance penetration in India is likely to boost growth of general insurance industry. ABIBL will focus on reaching a larger customer base in a cost effective way to grow the business.
Fashion and Lifestyle (Branded Apparels and Accessories and Textiles)
ABNL's Fashion and Lifestyle business is the largest branded apparel player in India, selling one branded apparel every second. It is also the largest Indian manufacturer in the linen segment.
Its annual revenue size reached USD 1 billion, with the acquisition of Pantaloons. Comprising Madura Fashion and Lifestyle, Pantaloons Fashion and Retail Limited. and Jaya Shree Textiles, the business has an unparalleled nationwide presence through 1,443 exclusive brand outlets / stores spanning across 3.7 million square feet.
It also reaches customers through more than 4,750 multi brand outlets and departmental stores.
Driven by strong earnings and efficient working capital management, the business reported a notable return on operating capital employed of 25%.
Branded Apparels and
Accessories Industry Overview
Apparel Retailing is the second largest contributor to the Indian Retail Market after food and grocery. Interestingly, in the organised sector, apparel retailing is the largest and the most penetrated segment. During, past three years, Indian apparel retail market has grown at a CAGR of 10% to reach Rs.1740000.000 Millions in 2012. The urban ready-to-wear segment is growing at a faster rate than overall apparel retail market. Having grown at a strong CAGR of 12% in the past three years, the size of urban ready-to-wear segment is estimated at Rs.480000.000 Millions in 2012 accounting for 28% of the apparel retail market in India. Categorising the urban ready-to-wear sector by gender, Menswear was the largest category with 53% share, followed by womenswear at 23%.
After recording healthy sales growth in fiscal 2010-11 and 2011-12, the industry has witnessed moderated sales growth during 2012-13. Persistently high inflation and slowing economy affected consumers spending on apparels.
Performance Review
Madura Fashion and
Lifestyle
Madura Fashion and Lifestyle ("Madura") is the largest premium branded apparel player in India. Its premium brands - Louis Philippe, Van Heusen, Allen Solly and its popular brand Peter England -are leaders in respective categories. Louis Philippe and Van Heusen are the best selling apparel brands in India. Madura also retails international brands like Armani Collezioni, Hugo Boss, Versace Collection, and many more under one roof 'The Collective', and has also launched Hackett's mono brand stores. Madura has also launched online shopping portal It is one-stop shopping destination for Madura brands catering to both Men and Women. During the year, Madura exited strategic distribution tie up with Esprit and closed all 22 Esprit stores.
Retail channel comprising 1,272 Exclusive Brand Outlets (EBOs) and spanning across 1.9 million square feet, accounts for 46% of Madura's revenue. Besides these EBOs, Madura is reaching customers through more than 1,750 MBOs and Department Stores which account for 37% of Madura's revenue. Balance 17% revenue is contributed by clearance sale and exports segments.
Madura continued to outperform the industry. In 2012-13, it registered 15% growth in revenue (excluding Esprit) to reach Rs.25000.000 Millions revenue mark. Its retail channel posted 22% sales growth led by stores expansion and 4% like-to-like growth. During the year, Madura added 270 new EBOs.
Driven by the strong sales growth across the brands and channels, EBITDA rose by 25% from Rs.1960.000 Millions to Rs.2450.000 Millions. EBITDA (excluding Esprit) surged by 32% from Rs.2040.000 Millions to Rs.2690.000 Millions. EBITDA margin (excluding Esprit) of the brands enhanced from 10.2% to 11.5%.
Led by sound profitable growth and improved working capital management, return on capital employed grew significantly from 20% to 29%.
Pantaloons Fashion
and Retail Limited
ABNL has acquired a controlling stake in Future Group's 'Pantaloons Fashion' business post its demerger from Pantaloon Retail (India) Limited (PRIL). The demerged Pantaloons Fashion business got transferred to Peter England Fashions and Retail Limited [renamed as Pantaloons Fashion and Retail Limited (PFRL)], a subsidiary of ABNL. The Appointed Date of transfer is 1st July, 2012. Post-demerger, the holding of ABNL, through its wholly owned subsidiary Indigold Trade and Services Limited. (ITSL), in PFRL became 50.09%. An open offer, at a predetermined price of Rs.175 per share, has been made by ITSL to the public shareholders of PFRL. On receipt of necessary approvals, the equity shares of PFRL will be listed on the National Stock Exchange of India and the Stock Exchange, Bombay.
Pantaloons is among the top 2 large format fashion retailers in India. Its acquisition not only expands ABNL's operating market size through extension into womens wear and kidswear, it also compliments ABNL's existing geographical presence and product offerings in the Fashion and Lifestyle business.
Menswear, womenswear, kidswear and Non-apparels account for 35%, 38%, 9% and 18% of Pantaloons' revenue. Private labels and licensed brands contribute to approximately 50% of its sales.
Pantaloons has around 3.8 million loyalty customer base - one of the largest in the country. Pantaloons enjoys a pan India presence across all zones with a strong presence in the Eastern Zone.
As on 31st March, 2013, Pantaloons operated through 70 large format company - owned and company - operated stores and 26 Factory Outlets spanning across 1.7 million square feet.
Financials of Pantaloons Fashion and Retail Limited for 2012-13 include nine months financials of Pantaloons business transferred with effect from the appointed date, i.e., 1st July, 2012.
In 2012-13, PFRL reported revenue at Rs.12850.000 Millions and EBITDA (excluding interest income of Rs.620.000 Millions on current investments) at Rs.670.000 Millions. Gross margin was sustained, however, moderated sales growth and higher retailing costs impacted EBITDA margin. Change in accounting policy also lowered profitability.
Outlook
Some of the macro-economic challenges, for instance, high inflation, may continue in the near term. However, with the inflation projected to stabilise at lower levels and expected improvement in GDP growth, the customer spending is likely to improve in the medium term. The long - term outlook for domestic apparel industry remains positive on the back of favourable demographics, viz., rising disposable income, burgeoning aspiring middle class segment, large young and working population, and increasing shift towards branded apparels. Urban ready-to-wear apparel retail market is expected to grow at a CAGR of 13% to reach Rs.77,000 Crore by 2016. Menswear will continue to dominate the sector, however, womenswear and kidswear are expected to grow faster and enhance their share in overall expanding pie. Madura's thrust will be on leveraging its brand leadership, expanding retail space and strengthening channel relationships. Pantaloons growth strategy includes increasing its customer reach, augmenting its merchandise by adding new product categories, expanding brand portfolio and enhancing loyalty customer base.
Textiles (Jaya Shree
Textiles)
Industry Overview
Jaya Shree Textiles ("JST") operates in two business segments, i.e., Linen and Wool. Linen industry witnessed strong growth in demand. However, wool industry witnessed weak demand from Europe leading to fall in wool prices.
Performance Review
JST is the largest manufacturer of linen yarn and linen fabric in India with spinning and weaving capacities at 16,408 spindles and 106 looms, respectively. JST retails linen fabric under the well-known brand "Linen Club Fabrics".
It is a leading manufacturer of wool tops and worsted yarn in India with a capacity of 8 carding machines and 25,984 spindles, respectively.
JST achieved its highest ever earnings, with revenue at Rs.11440.000 Millions and EBITDA at Rs.1540.000 Millions. Higher volumes and realisation in the linen segment contributed to the earnings growth, absorbing brand promotion costs and lower margin in wool segment.
Linen yarn and linen fabric registered 6% and 11% growth in sales volume, respectively. Revenue from linen segment rose by 20% to Rs.4990.000 Millions. JST's efforts for increasing awareness for linen in domestic market and creating a wide distribution channel of whole-sellers, multi-brand outlets and EBOs are yielding results.
JST is also focusing on high margin Linen Fabric OTC segment, which accounts for 50% of its total linen fabric sales. JST added 19 new EBOs during the year taking the total to 76. Linen Club is also being retailed through more than 3,000 MBOs.
ROACE at 97% is driven by improved earnings and robust working capital management.
To tap growing demand of Linen, JST is expanding its capacity of linen yarn from 2,300 tons per annum (TPA) to 3,400 TPA and linen fabric processing capacity from 7.3 million metres to 10.1 million meters, at a capex of Rs.1000.000 Millions. The expansion is targeted to be completed in mid of 2013-14.
Outlook
Increasing awareness about linen coupled with wider usage will drive volume upward in domestic market. Hence, expansion of in-house capacity of yarn, fabric and processing is under implementation in addition to creation of world class design and development facilities for linen fabric. Demand revival is expected in wool segment.
Telecom (Idea
Cellular Limited)
Industry Overview
The Indian Telecom sector witnessed easing of competitive intensity post the cancellation of licenses in February 2012 and resulting auction of spectrum in November 2012 and March 2013, which met with muted response. Reflecting its strong commitment towards customers, Idea Cellular won back spectrum for all the 7 service areas where its licenses were cancelled. However, some players have either exited the sector or have curtailed their operations to select service areas. With the rationalisation of competition, health of the industry has improved and is expected to improve further.
During 12 months ended 31st December, 2012, upto which the latest industry data is available, gross revenue of the Indian wireless sector grew year-on-year by 11% to Rs.1,476 billion (USD 27.3 billion). Top three cellular operators in India contributed 68% of the industry's wireless revenue market share1. (Source: TRAI)
Performance Review
Idea Cellular is among the top 10 cellular operators in the
world carrying 1.6 billion minutes of voice usage every day. In India, it is the
3rd largest player serving about 122 million subscribers across more than 4,600
census towns and 300,000 villages.
During 2012-13, Idea Cellular continued its journey as the fastest growing large cellular operator in the Country. It has been the biggest revenue market share gainer in India since past four years. Its revenue market share1 has grown to 14.8% compare to 14.4% a year ago. Idea contributed to 20.5% of the industry's incremental mobile revenue during nine months ended 31st December 2012 - growing at one and a half times of the industry growth rate.
Mirroring the brand popularity and quality service experience of its customers, Idea's active subscribers' ratio at 98.4%, as on 28th February, 2013, is the highest in the industry. Idea is the leading net subscribers' gainer in the Mobile Number Portability programme, a strong indicator of the popularity of Idea's mobile services.
Idea generated 532 billion minutes of voice usage during the year, registering a strong 17% year on year growth.
Led by strong growth in minutes of usage, top-line of Idea grew by 15% to USD 4.15 billion (Rs.224070.000 Millions) and EBITDA surged by 19% to USD 1.13 billion (Rs.60910.000 Millions) during the year. Its net profit rose by 40% from Rs.7230.000 Millions to Rs.10110.000 Millions.
Idea generated cash profit of Rs.46970.000 Millions (USD 870 million) - recording a 30% growth over previous year. Its standalone Net Debt/EBITDA improved year on year from 2.65 times to 2.16 times and Net Debt/Equity improved from 0.93 times to 0.82 times.
Supported by the free cash flows and strong balance sheet, Idea is well placed to capitalise on future growth opportunities. Idea has proposed its maiden dividend during the year @ 3% of share capital. Overall payout including dividend distribution tax will be Rs.1160.000 Millions.
Idea continues to strengthen its competitive standing by investing in long-term value creators. It launched about 7,000 2G cell-sites and about 4,300 3G cell-sites during the year to scale up its network capacity to over 90,000 2G sites and more than 17,000 3G sites. Idea also expanded its optical fibre network to 74,000 km and strengthened its presence in NLD, ILD, ISP, Data Services and Smartphone Device business.
Currently, 26.2 million subscribers of Idea use mobile data services, contributing 6.6% of total service revenue during the fourth quarter ended 31st March, 2013.
Outlook
India is primarily a voice market, and voice will continue to dominate the India mobile sector over next few years. There is still a lot of potential in the voice market as rural penetration is low. Having said that, with the roll of 3G operations, data is growing rapidly and data growth will outpace voice growth in the coming years.
Idea is one of the few companies in the world, which is able to run high quality telecom services at the world's lowest price points and yet deliver stable Cash Profits. The improving capacity utilisation, increasing brand popularity and quality of consumer service with a strong Balance Sheet underscores Idea's ability to benefit from long-term sector opportunities. A large base of about 122 million subscribers provides a huge platform for upgrading pure voice customers to wireless data services in future.
IT-ITeS (Aditya Birla
Minacs Worldwide Limited)
Industry Overview
The global economic conditions in 2012-13, remained challenging, especially in the key markets of the US and the Europe. The IT-ITeS industry did grow and customers did continue to outsource, though at a slower pace. The economic uncertainty has affected the demand for outsourcing, as customers have increased interest in availing broad mix of service delivery options including BPO and ITO, and have increased use of shared services and the e-Cloud as outsourcing alternatives.
Performance Review
Aditya Birla Minacs ranks among the top 6 Indian BPO companies by revenue size (Source: NASSCOM). Aditya Birla Minacs is a business process outsourcing solutions provider that partners with global corporations and works towards enhancing clients' revenue, profitability and quality of customer service. It serves several Fortune 500 clients through 20,500 experts. It has global delivery capabilities across 3 continents and 35 centres spanning Canada, Germany, Hungary, India, Jamaica, Philippines, the UK and the US.
Aditya Birla Minacs won 13 new clients during the year and sold new business Total Contract Value ("TCV") of about USD 230 million. It has witnessed slower conversion of the sales pipeline due to the challenging economic conditions in the US and the Europe. The clients located in the US contributed 77% of the revenue, while Canada, Europe and the Asia Pacific contributed 14%, 3% and 6%, respectively.
In 2012-13, revenue grew year on year by 18% to Rs.24660.000 Millions. Growth in existing accounts, conversion of order book and favourable forex movement contributed to the growth in top-line.
Operating EBITDA grew by 23% to Rs.2470.000 Millions and EBITDA margin improved from 9.6% to 10%. Net profit surged by 80% from Rs.700.000 Millions to Rs.1250.000 Millions.
On constant currency basis (normalising for translation impact of foreign currency movement between Canadian Dollar and Indian Rupee), revenue and EBITDA rose by 8% and 13%, respectively. The business is generating steady cash profits to fund its capex and working capital requirements. Its net debt at Rs.9770.000 Millions stands reduced year on year by Rs.1290.000 Millions. It generated an ROACE of 11.5%.
Outlook
While the global economic outlook seems to remain challenging, outsourcing contracts are expected to grow at a steady rate. In fact, midsized companies, that have been slow adopters of outsourcing, are also expected to enter the market due to cost pressures and their need to access technology and best practices.
Aditya Birla Minacs will endeavour to sustain its sales momentum and optimise operating costs to enhance its margins.
Manufacturing
Business
Aditya Birla Nuvo has a strong market positioning across its manufacturing businesses, viz., Agri, Insulators, and Rayon. All the manufacturing businesses are among the leaders in their respective sectors in terms of size as well as profitability. Aditya Birla Nuvo is:
· The second largest producer and largest exporter of Viscose Filament Yarn in India
· Among the top two energy efficient Urea plants in India
· India's largest and world's fourth largest manufacturer of Insulators
They have a consistent track record of generating steady cash flows, healthy operating margins and strong return on capital employed. Cash flows generated by these manufacturing businesses have historically provided cushion to Aditya Birla Nuvo for meeting the funding requirements of services businesses. At the same time, ABNL continued to invest in the capacity expansion of these manufacturing businesses to tap growth opportunities.
Agri (Indo Gulf
Fertilisers)
Industry Overview
Urea consumption in India grew by 2% from 29.5 million metric tons (MT) in 2011-12 to 30.2 million MT in 2012-13. India is heavily dependent on urea imports for meeting the domestic consumption requirements. Urea imports have surged in the past few years leading to rising subsidy burden on the exchequer. In 2012-13, urea imports at ~8 million MT accounted for 26% of total demand in India. No new urea capacity has come up in the past 13 years and the gap between indigenous production and demand continues to widen. To reduce mounting urea subsidy bill in the national interest, the Government of India notified New Investment Policy (NIP) for Urea on 2nd January, 2013. Objective is to cut down urea imports by promoting indigenous capacity expansion. Industry is awaiting approval from the Department of Fertilizers for brown field projects under the new investment policy. During 201213, the industry witnessed slower recovery of fertiliser subsidy from the Government due to inadequate budgetary provision. This affected the profitability of the industry due to steep rise in working capital.
Performance Review
Indo Gulf Fertilisers is the 8th largest urea manufacturer in India and has 2nd best energy efficient plant. The goal of the business is to become a 'total agri solutions provider' offering a full range of agri inputs - fertilisers, seeds, agrochemicals and specialties from sowing to harvesting.
Birla Shaktiman Urea - Neem-coated and Gold continued to remain the farmers' product of first choice, with market leadership position in the entire zone of Uttar Pradesh, Bihar, Jharkhand and West Bengal, through excellent product quality and customer servicing.
The business continued to expand its product offering to provide a full range of N, P, K fertilisers by offering 'Birla Shaktiman DAP, MOP and SSP'. This helped the business in promoting balanced use of nutrients and strengthening its trade channel.
The business of 'Birla Shaktiman Seeds, Agrochemicals and Specialties' continued to have a healthy growth - a reflection of brand equity, good product quality and in-depth trade channel reach.
Indo-Gulf's customised fertiliser - 'Birla Shaktiman Vardaan' - which is manufactured with in-house patented technology, has been successfully test marketed in wheat, paddy, potatoes and sugarcane. The results have been very encouraging and we look forward to build the business volumes in the coming years.
In 2012-13, Indo Gulf achieved an all time high Urea sales of 1.23 million MT, by supplementing its own production with 0.14 million MT of imported urea.
Revenue rose year on year by 39% to Rs.29240.000 Millions. Revenue from manufacturing operations grew by 19% to Rs.18590.000 Millions. Pass through of rise in natural gas prices reflected in higher urea prices while manufactured urea sales volumes de-grew by 5% due to planned annual maintenance shutdown for 20 days. Trading revenue almost doubled to Rs.10650.000 Millions led by higher sales of imported P and K fertilisers.
EBITDA de-grew by 7% to Rs.1970.000 Millions. Lower manufactured urea sales volume and higher energy costs on account of shutdown strained profitability.
Capital employed has increased year on year due to higher subsidy outstanding on account of slower recovery, rise in natural gas prices and increase in trading sales of imported P and K fertilisers. Subsidy and receivables stood at Rs.16250.000 Millions as on March 2013. A sum of Rs.3760.000 Millions has been realised since then.
The Board of Directors of ABNL approved proposal for Urea brownfield expansion by 3,850 tons per day under the New Investment Policy subject to requisite Government approvals. Land is available at the existing plant location. The proposed plant will be located in the heart of Indo-Gangetic plains, which gives a logistic advantage. Plant will be strategically located near to the urea deficit North Eastern India region. Birla Shaktiman enjoys top of the mind recall among farmers.
Major regulatory approvals are in place, viz., Environment, Pollution Control, Water Supply, etc. Final approval for setting up of the proposed urea plant is awaited from Department of Fertilisers.
Outlook
Agriculture continues to be a key focus area for the Government. The government has taken several initiatives toward providing food security. This renewed focus on the agri economy has opened new business opportunities.
Indo Gulf's plant is strategically well positioned in the Indo-Gangetic plains - the main agricultural heartland of the country. It is uniquely positioned to take advantage of these opportunities to build a sustainable agribusiness, by adding value to the farmers and all stakeholders.
Rayon (Indian Rayon)
Industry Overview
Indian Rayon, a unit of ABNL, manufactures and sells viscose filament yarn, caustic soda and allied chemicals. Viscose filament yarn ("VFY") is a man-made natural filament yarn having comfort of cotton and lustre of silk. It is used in georgette and crepe sarees, home textiles, embroidery, etc. Domestic consumption of VFY de-grew by 2.5% to 55,303 MT in 2012-13. Domestic VFY production has increased by 1% to 42,888 MT. VFY exports grew by 3% to 6,315 MT. Imports decreased by 23% to 17,176 MT owing to extension of anti-dumping duty on VFY imports by Ministry of Finance. In 2012-13, wood-pulp prices softened from the level of USD 1,450/MT to USD 1,220/MT. Lower VFY imports and softening of wood-pulp prices aided domestic Industry. Indian Rayon and Century Textiles and Industries Limited. are the leading domestic VFY manufacturers.
Caustic Soda is a versatile alkali. Its main uses are in the manufacture of pulp and paper, alumina, soaps and detergents, petroleum products and chemical production. Other applications include water treatment, food, textiles, metal processing, mining, glass making, etc. Caustic Soda production in India witnessed de-growth of around 2% during 2012-13, mainly due to lower consumption of chlorine.
Performance Review
Indian Rayon is the second largest manufacturer of VFY in India with 39% production share. It remained the largest Indian exporter of VFY for the eighth consecutive year with 48% share in VFY exports from India.
Revenue from the VFY segment of Indian Rayon grew by 13% to Rs.5690.000 Millions. VFY realisation increased by 5% to Rs.302 per kg led by product mix. VFY sales volumes grew by 4% to 16,806 MT. Caustic soda sales volumes grew by 6% to 87,565 MT. ECU realisation grew by 12% to Rs.26,541 per MT. As a result, revenue from Chemicals segment rose by 18% to Rs.2080.000 Millions.
Total revenue of Indian Rayon grew by 14% to Rs.7770.000 Millions. EBITDA soared by 48% to Rs.1890.000 Millions led by increase in VFY and Caustic Soda volumes, coupled with higher realisation for both VFY and Chemicals segments.
Increase in capital employed is primarily on account of VFY capacity expansion. Indian Rayon has successfully commissioned an additional unit of Viscose Filament Yarn using Spool Technology imported from ENKA, Germany, in the existing premises at Veraval. Out of the planned investment of Rs.2700.000 Millions for the additional unit, a sum of Rs.2430.000 Millions has been spent till 31st March, 2013. The production from the new unit had commenced in the month of March 2013, however, the full benefit shall accrue in the financial year 2013-14. With this, Indian Rayon emphasises its focus on technology upgradation to improve product quality and enhance product range, especially in superfine segment.
Indian Rayon is operating at a sound ROACE of 26%.
Outlook
Growth in the domestic VFY market seems to remain stable. With the commissioning of additional unit of VFY, Indian Rayon is well positioned to improve its earnings.
Caustic soda demand in India is expected to grow on back of growth in Alumina capacities in the East and growth in Textiles and fibre capacities in Western India.
Insulators (Aditya
Birla Insulators) Industry Overview
Power generation, transmission and distribution sector is the key growth driver for the insulators industry. Indian power sector has been affected by multiple factors. Deferment of projects and excessive dumping from China has affected the domestic manufacturers by shrinking the market size as well as pressurising the price levels. Imports from China have gone up by 65% from 39,703 MT in 2011-12 to 65,424 MT in 2012-13. Liquidity crunch in the power sectors is also restricting dispatches. Domestic sales volume of the Indian insulators industry have de-grown year on year by 15% during April 2012- February 2013. Exports markets have also witnessed sluggish demand due to slowdown in global economies. To create a level playing field for the domestic industry, Finance Ministry has imposed safeguard duty of 35% on imports from China of electrical insulators made of glass, ceramic and porcelain for one year starting 20th December 2012 after which it will be reduced to 25% till 31st December 2013.
Performance Review
Aditya Birla Insulators, the India's largest and the world's fourth largest manufacturer of insulators, contained de-growth in its sales volume to 8% and maintained its domestic market leadership.
Its revenue de-grew year on year by 3% to Rs.4540.000 Millions. EBITDA de-grew from Rs.670.000 Millions to Rs.610.000 Millions. Lower capacity utilisation strained profitability. ROACE decreased to 10%.
Outlook
In the short term, investments in the power sector are likely to remain affected owing to liquidity crunch. However, the capacity utilisation and profitability of the domestic manufacturers are likely to improve due to imposition of Safeguard Duty on Chinese imports.
Aditya Birla Insulators will continue to focus on yield improvement and cost rationalisation to enhance its cost competitiveness besides exploring new geographies in the exports market.
Carbon Black (Hi-Tech
Carbon)
Industry Overview
Carbon Black is used in the tyre industry as well as in the non-tyre sector. It is used as reinforcing filler in rubber products and in the printing inks and paints industry. Carbon Black constitutes ~28% of tyre by weight.
Hi-Tech Carbon and Phillips Carbon Black Limited. are the leading carbon black manufacturers in India. During 2012-13, steep rise in imports of Carbon Black from China affected the off-take and capacity utilisation of the domestic carbon black manufacturers. Finance Ministry has imposed safeguard duty of 30% minus anti-dumping duty on Carbon Black imports from China for one year starting 5th October, 2012, after which it will be reduced to 25% minus anti-dumping till 31st December, 2013. The duty will apply on carbon black used in rubber applications including tyres.
Performance Review
Sales volume of Hi-Tech Carbon decreased year on year by 7%, mainly due to dumping from China. Despite imposition of safeguard duty on imports of Carbon Black from China w.e.f. 5th October, 2012, total imports remained at high level due to carbon black imports against advance license. Exports sales of Carbon Black were also impacted due to cheaper exports from China.
Despite lower volumes, revenue of Hi-Tech Carbon grew by 5% to Rs.20360.000 Millions due to higher realisation. Carbon Black realisation increased by 13% to Rs.76,894 per ton on account of rise in raw material costs, which tend to move in line with crude oil prices. Power and Steam sales grew by 2% to Rs.960.000 Millions.
EBITDA de-grew from Rs.2040.000 Millions to Rs.1320.000 Millions. Cheaper imports and lower off-take from tyre manufacturers constrained sales volume and cost pass through. ROACE de-grew to 7%.
Divestment of the
Carbon Black Business
Given that multi-national tyre manufacturers prefer to deal with Carbon Black players having global delivery capabilities, the scale and global positioning in the Carbon Black sector have become increasingly important. ABNL's Carbon Black business contributes to merely 2% of the global industry capacity. Moreover, in view of ABNL's capital commitments towards other businesses, it is challenging for ABNL to become a global Carbon Black player.
Hence, the Company has decided to divest the Carbon Black business, on a going-concern basis, by way of slump sale to SKI Carbon Black (India) Private Limited, an Aditya Birla Group Company, for a lump sum consideration of Rs.14510.000 Millions as an enterprise value, subject to the adjustment for net working capital. This is on the basis of an independent valuation carried out by M/s. Deloitte Touche Tohmatsu India Private Limited, Mumbai. Having received the shareholders' approval, the Company is in the process of divesting the Carbon Black business w.e.f. 1st April, 2013.
The cash inflow from the divestment of Carbon Black business will reduce the debt and strengthen ABNL's balance sheet. This will support ABNL's growth plans and ensure greater focus in the other businesses of the Company.
Standalone revenue grew by 16% to Rs.97540.000 Millions. Sales growth in the Fashion and Lifestyle business, higher trading sales of imported P and K fertilisers coupled with higher volumes and realisation in the Linen and VFY segments contributed.
Standalone EBITDA grew by 6% to Rs.11160.000 Millions. While earnings in the Carbon Black and Insulators businesses were constrained due to cheaper imports, volume growth and higher realisation in the linen segment and in the Rayon business supported the earnings growth. Fashion and Lifestyle business also contributed to the profitability. Planned annual maintenance shutdown for 20 days impacted the profitability of the Agri business. Dividend income of Rs.1460.000 Millions received from Birla Sun Life Insurance added to the bottom-line.
Finance costs increased from Rs.3130.000 Millions to Rs.3600.000 Millions due to rise in the working capital requirement, largely on account of slower recovery of subsidy in the Agri business.
Depreciation grew primarily in the Fashion and Lifestyle business with the opening of new stores.
Standalone Net profit grew by 22% to Rs.4230.500 Millions.
The Board of Directors of the Company have recommended a final equity dividend of 65% (Rs.6.5 per equity share) for the financial year 2012-13 entailing a total outgo of Rs.780.000 Millions.
Led by equity infusion by promoters to the tune of Rs.8320.000 Millions, dividend income and cash flow from operations, standalone Net Worth increased from Rs.56790.000 Millions to Rs.6,854 and net debt reduced from Rs.37500.000 Millions to Rs.36510.000 Millions. Standalone Net Debt to EBITDA at 3.3 times and Net Debt to Equity at 0.53 times improved year on year.
The Company's standalone balance sheet will be further strengthened by proceeds from divestment of Carbon Black business, balance equity infusion of Rs.6710.000 Millions by promoters on conversion of remaining 9.82 million warrants, rationalization of working capital with the realisation of subsidy and dividend inflows from Idea Cellular and Birla Sun Life Insurance.
CONTINGENT
LIABILITIES NOT PROVIDED FOR:
Rs. In Millions
|
Nature of Statute |
Brief Description
of Contingent Liabilities |
As a March 31st 2013 |
As at 31st March, 2012 |
|
|
|
|
|
|
Excise Duty, Central Excise Act, 1944 |
Department issued show cause-cum-demand notice for simultaneous availment of C.E. Not. 29/04 and 30/04 date 09.07.2004 for the period 2004-05 to 2006-07. The matter is pending before the Commissioner of Central Excise, LTU, Mumbai |
108.800 |
108.800 |
|
|
Demand for reversal of cenvat credit on CBFS and other inputs allegedly to be used for manufacturing of electricity sold outside for the period 2006 to Sept. 2011. The matter is pending before the Deputy Commissioner of Central Excise, LTU, Mumbai. |
359.600 |
320.400 |
|
|
Demand of duty for alleged wrong availment of benefit of exemption under Notification 38/2003-CE in respect of readymade garments procured from job workers. |
260.500 |
82.500 |
|
|
Various other cases demanding on removal of refinished imported goods, inclusion of test charges in assessable value and reversal of credit on inputs used for manufacturing dutiable and exempted goods, etc. |
254.000 |
183.700 |
|
Service Tax, Finance Act, 1994 |
Various cases pertaining to disallowance of cenvat credit of Service Tax on commission paid to overseas agents, on GTA services for outward transportation and other services alleging not be classified as input services for availment of cenvat credit. |
97.200 |
68.300 |
|
Customs Duty, Customs Act, 1942 |
Departmental appeal against CESTAT order for deleting demand of payment of duty for non-fulfillment of provision of EXIM policy related to Advance License obtained by Madura Coats Limited Various other cases pertaining to demand of countervailing duty and additional duties on imports, Supplementary Drawback claim. |
113803.500 |
20403.200 |
|
Sales Tax, Commercial Tax Act |
Non-receipt of C and F Forms, disallowance of Input Tax Credit (ITC) on purchases by Power Plant, reversal of ITC, for AY 2006-07. Pending before the Joint Commissioner of Sales Tax (Appeals) Rajkot. |
99.800 |
106.800 |
|
|
Demand against issue of Form C against supply of Natural Gas during the FY 2009-10, FY 2010-11 and FY 2011-12. The Hon'ble Lucknow High Court decided the case in favour of the Company. |
|
746.900 |
|
|
Various other cases in respect of short of Form H, I and C, disallowance of input tax credit, tax demand on freight charges and on exports to Nepal. |
104.300 |
95.700 |
|
Income-tax |
Various Dept. Appeal in ITAT, High Court on various matters. |
377.000 |
522.200 |
|
Act, 1961 |
Cases pertaining to demand in tax assessment for various years. |
43.100 |
18.500 |
|
Other Statutes |
Demand letter issued by UPSIDC for making payment of maintenance charges on land allotted in 1983. The matter is currently pending before the High Court, Lucknow. |
152.600 |
111.700 |
|
|
Demand of water drawl charges by irrigation department. Matter pending before the High Court, Gujarat. |
610.200 |
505.900 |
|
|
Various other cases pertaining to Industrial Disputes, Railways license fee demand, Textile Cess on ready-made garments and Civil cases. |
344.100 |
295.500 |
|
|
Grand Total |
928.500 |
3190.500 |
|
b) |
Bills Discounted with Banks |
758.600 |
1240.200 |
|
c) |
Corporate Guarantees given to Banks for loans taken by Subsidiaries |
19287.900 |
9308.200 |
|
d) |
Corporate Guarantees given in connection with performance obligation of the Subsidiaries |
1068.600 |
997.600 |
c) Under the Jute Packaging Material (Compulsory use of Packing Commodities) Act, 1987, a specified percentage of fertilisers dispatched was required to be supplied in jute bags up to 31st August, 2001. The Company made conscious efforts to use jute packaging material as required under the said Act. However, due to non-availability of material as per the Company's product specifications as well as due to strong customer resistance to use of jute bags, the specific percentage could not be adhered to. The Company has received a show cause notice, against which a writ petition has been filed with the Hon'ble High Court, which is awaiting for hearing. The Jute Commissioner, Kolkata, had filed transfer petition, various writ petitions have been filed in different High Courts by other aggrieved parties, including the Company, before the Hon'ble Supreme Court of India, praying for consolidation of all cases at one Court. The transfer petition is pending before the Hon'ble Supreme Court. The Company has been advised that the said levy is bad in law.
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER 2013
Rs. In Millions
|
|
Particulars |
Quarter Ended (Unaudited) |
Nine Months Ended (Unaudited) |
|
|
1 |
Income from
Operation |
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
(a) Net Sales / Income from Operations (Net of Excise Duty) |
21995.700 |
21152.900 |
60012.900 |
|
|
(b) Other Operating Income |
207.500 |
170.600 |
519.900 |
|
|
Total Income from
Operations (Net) |
22203.200 |
21323.500 |
60532.800 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of Material Consumed |
8186.400 |
7827.100 |
22553.100 |
|
|
(b) Purchase of Stock-In-Trade |
3660.900 |
3317.900 |
8840.900 |
|
|
(c) Change in Inventories of Finished Goods, Work-In-Progress and Stock-In-Trade |
(768.800) |
(678.100) |
(1515.400) |
|
|
(d) Employee Benefit Expense |
1633.600 |
1657.500 |
4717.700 |
|
|
(e) Power and Fuel |
2691.000 |
2613.300 |
7541.600 |
|
|
(f) Depreciation and Amortisation Expense |
485.400 |
510.800 |
1457.800 |
|
|
(g) Other Expenditure |
4185.500 |
3939.400 |
11693.800 |
|
|
Total Expenses |
20074.000 |
19187.900 |
55289.500 |
|
|
|
|
|
|
|
3 |
Profit from Operations
before Other Income, Finance Costs and Exceptional Items (1 - 2) |
2129.200 |
2135.600 |
5243.300 |
|
4 |
Other Income |
107.900 |
1274.200 |
3088.700 |
|
5 |
Profit before
Finance Costs and Exceptional Items (3 + 4) |
2237.100 |
3409.800 |
8332.000 |
|
6 |
Finance Costs |
683.500 |
658.100 |
1977.800 |
|
7 |
Profit after
Finance Costs but before Exceptional Items (5 - 6) |
1553.600 |
2751.700 |
6354.200 |
|
8 |
Exceptional Items (refer note no 1) |
-- |
-- |
240.600 |
|
9 |
Profit before Tax
(7 + 8) |
1553.600 |
2751.700 |
6594.800 |
|
10 |
Tax Expenses (refer note no 1) |
515.000 |
567.100 |
837.500 |
|
11 |
Net Profit for the
Period (9 - 10) |
1038.600 |
2184.600 |
5757.300 |
|
12 |
Paid Up Equity
Share Capital (Face Value of Rs. 10 each) |
1300.800 |
1202.600 |
1300.800 |
|
13 |
Reserve excluding Revaluation Reserve |
|
|
|
|
14 |
Earning per Share of Rs10 each (not annualised) |
|
|
|
|
|
(a) Basic – Rs. |
8.24 |
18.17 |
47.12 |
|
|
(b) Diluted – Rs. |
8.18 |
17.92 |
46.49 |
|
|
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding
* |
|
|
|
|
|
- Number of Shares |
52455092 |
52452990 |
52455092 |
|
|
- Percentage of Shareholding |
40.32% |
43.62% |
40.32% |
|
2 |
Promoter and Promoter
Group Shareholding * (a) Pledged/ Encumbered |
|
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage of shares (as a % of the total Shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
-- |
-- |
-- |
|
|
(b) Non -
encumbered |
|
|
|
|
|
- Number of Shares |
74444697 |
64624697 |
74444697 |
|
|
- Percentage of shares (as a % of the total Shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
57.23% |
53.74% |
57.23% |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
1 |
|
|
|
|
Received during the quarter |
11 |
|
|
|
|
Disposed of during the quarter |
11 |
|
|
|
|
Remaining unresolved at the end of the quarter |
1 |
|
|
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 30TH JUNE 2013
Rs. In Millions
|
|
Particulars |
Quarter Ended (Unaudited) |
Nine Months Ended (Unaudited) |
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1 |
Segment Revenue |
|
|
|
|
|
Fashion and Lifestyle Branded Apparels and Accessories |
7854.600 |
8282.000 |
22159.400 |
|
|
Textiles |
3314.600 |
3110.300 |
9553.300 |
|
|
Agri - business (Fertilisers, Agro-Chemicals and Seeds) |
7541.600 |
6642.200 |
19050.900 |
|
|
Rayon Yarn (including Caustic Soda and Allied Chemicals) |
2196.500 |
2133.900 |
6374.700 |
|
|
Insulators |
1350.900 |
1162.900 |
3464.700 |
|
|
Carbon Black (refer note no 1) |
-- |
-- |
-- |
|
|
Total Segmental
Revenue |
22258.200 |
21331.300 |
60603.000 |
|
|
Less: Inter Segment Revenue |
(55.000) |
(7.800) |
(70.200) |
|
|
Total Income from
Operations (Net) |
22203.200 |
21323.500 |
60532.800 |
|
2 |
Segment Results
(Profit before Finance Costs and Tax) |
|
|
|
|
|
Fashion and Lifestyle |
|
|
|
|
|
Branded Apparels and Accessories |
911.300 |
999.100 |
2057.000 |
|
|
Textiles |
415.400 |
303.100 |
1041.600 |
|
|
Agri - business (Fertilisers, Agro-Chemicals and Seeds) |
311.900 |
399.300 |
860.700 |
|
|
Rayon Yarn (including Caustic Soda and Allied Chemicals) |
435.600 |
429.900 |
1271.900 |
|
|
Insulators |
177.200 |
134.100 |
382.600 |
|
|
Carbon Black (refer note no 1) |
-- |
-- |
-- |
|
|
Total Segment
Result |
2251.400 |
2265.500 |
5613.800 |
|
|
Less: Finance Costs |
(683.500) |
(658.100) |
(1977.800) |
|
|
Add: Interest Income |
66.600 |
65.600 |
344.800 |
|
|
Less: Other Un-allocable (Expenditure) / Income - net |
(80.900) |
1078.700 |
2373.400 |
|
|
Profit after Finance
Costs but before Exceptional Items |
1553.600 |
2751.700 |
6354.200 |
|
|
Exceptional Items (refer note no 1) |
-- |
-- |
240.600 |
|
|
Profit before Tax |
1553.600 |
2751.700 |
6594.800 |
|
|
|
|
|
|
|
|
Capital Employed (Segment Assets - Segment
Liabilities) |
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
Fashion and Lifestyle |
|
|
|
|
|
Branded Apparels and Accessories |
3687.300 |
3820.600 |
3687.300 |
|
|
Textiles |
2304.000 |
2188.300 |
2304.000 |
|
|
Agri - business (Fertilisers, Agro-Chemicals and Seeds) |
14593.900 |
10926.400 |
14593.900 |
|
|
Rayon Yarn (including Caustic Soda and Allied Chemicals) |
7712.200 |
7419.300 |
7712.200 |
|
|
Insulators |
3849.700 |
3706.500 |
3849.700 |
|
|
Carbon Black (refer note no 1) |
-- |
-- |
-- |
|
|
Total Segment
Capital Employed |
32147.100 |
28061.100 |
32147.100 |
|
|
Add: Unallocated Corporate Assets |
77300.600 |
76673.600 |
77300.600 |
|
|
Total Capital
Employed |
109447.700 |
104734.700 |
109447.700 |
NOTES:
The Board of Directors of the Company has approved allotment of 98.20 Lakhs Equity Shares of Rs. 10 each at a premium of Rs. 900.86 each on November 08, 2013 against warrant allotted on a preferential basis to the promoter and promoter group company. The Company has received an amount of Rs. 6708.400 Millions (excluding receipt of Rs. 2236.200 Millions received on allotment of warrant) on exercise of warrants. The receipt from the preferential allotment of the warrants has been fully utilised.
During the quarter, the Company has approved Grant of 104,272 Employee Stock
Options and 101,731 Restricted Stock Units to the eligible Employees of the
Company under "Aditya Birla Nuvo Limited Employee Stock Option Scheme
2013".
ABNL IT and ITeS Limited, a wholly owned subsidiary of the Company, at its
meeting of the Board of Directors held on January 30, 2014, has approved the
divestment of shares held by it in its IT-ITeS subsidiary, Aditya Birla Minacs
Worldwide Limited, and has executed a Share Purchase Agreement with a group of
investors led by Capital Square Partners and CX Partners at an Enterprise Value
of USD 260 Million (including deferred grant), subject to the working capital
adjustment. The transaction is subject to closing conditions, third party
consents and regulatory approvals, which are expected to be consummated in two
to three months. Accordingly, all the consequential financial impacts will be
given upon completion of the transaction.
In accordance with approval given by the shareholders, the Company has
accounted for slump sale of Carbon Black business with effect from April 01,
2013 on a going concern basis to SKI Carbon Black (India) Private Limited
pursuant to Business Transfer Agreement entered into with them and accordingly
a gain of Rs. 240.600 Millions on the said slump sale has been recognised as an
exceptional item and a net tax credit of Rs. 4,07.000 Millions (including
reversal of deferred tax credit) has been netted off with current period tax
expense. The results for the current reporting period do not include the
results of Carbon Black business and hence are not strictly comparable with the
previous periods reported above.
Rs. In Millions
|
Particulars |
Quarter Ended (Unaudited) |
Nine Months Ended (Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
Total Income from Operations (Net) |
4531.300 |
15050.900 |
20359.100 |
|
Profit before Tax |
(1362.200) |
(151.400) |
(247.600) |
|
Profit after Tax |
(37.400) |
61.500 |
51.100 |
Other Income for the nine months ended December 31, 2013 includes profit on account of buyback of Investment in Equity Shares of Rs. 1442.900 Millions and Dividend Income of Rs. 874.500 Millions from Birla Sun Life Insurance Company Limited.
The previous periods figures have been regrouped or rearranged wherever
necessary.
The above results have been reviewed by the Audit Committee of the Board and
taken on record at the meeting of the Board of Directors held on February 11,
2014. The Statutory Auditors of the Company have carried out Limited Review as
required under Clause 41 of Listing Agreement and the related report is being
submitted to the concerned stock exchanges.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10438023 |
05/07/2013 |
1,398,600,000.00 |
HSBC BANK (MAURITIUS) LIMITED |
HSBC CENTRE, 18 CYBER CITY, EBENE, - 000000, MAURITIUS |
B80119332 |
|
2 |
10441783 |
05/07/2013 |
1,581,150,000.00 |
BNP PARIBAS |
20 COLLYER QUAY, #01-01 TUNG CENTRE, SINGAPORE, - 049319, SINGAPORE |
B81328403 |
|
3 |
10421667 |
12/06/2013 * |
350,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNT GROUP, NEVILLE HOUSE, J.N.HEREDIA MARG, BALLARD ESTATE, MUMBAI,MAHARASHTRA - 400 080, INDIA |
B78470614 |
|
4 |
10376095 |
17/11/2012 * |
982,800,000.00 |
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED |
#32-00, ONE RAFFLES
PLACE, SINGAPORE, - 048616, |
B63086953 |
|
5 |
10375114 |
01/09/2012 |
1,616,400,000.00 |
THE BANK OF NOVA SCOTIA ASIA LIMITED |
#20-01 NORTH TOWER, ONE RAFFLES QUAY, SINGAPORE, - 048583, SINGAPORE |
B57529794 |
|
6 |
10129912 |
03/11/2008 |
200,000,000.00 |
HDFC BANK LIMITED |
SALCO CENTRE,
RICHMOND ROAD, BANGALORE, KARNATAKA |
A51014884 |
|
7 |
10115935 |
08/07/2008 |
740,500,000.00 |
STATE BANK OF INDIA |
CAG- CENTRAL, 3RD FLOOR, STATE BANK BHAVAN, MADAME CAMA ROAD, NARIMAN POINT, , MUMBAI, MAHARASHTRA - 400021, INDIA |
A41874926 |
|
8 |
10113548 |
04/07/2008 |
200,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A42415869 |
|
9 |
10098182 |
14/06/2013 * |
350,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, 21ST FLOOR, WORLD TRADE CENTR, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B78797586 |
|
10 |
10095110 |
13/03/2008 |
30,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A35422328 |
|
11 |
10095113 |
13/03/2008 |
40,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A35423300 |
|
12 |
10095124 |
13/03/2008 |
50,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A35427319 |
|
13 |
10073018 |
12/10/2007 |
260,000,000.00 |
CITIBANK N A |
CITIGROUP CENTRE, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA |
A25773581 |
|
14 |
10048189 |
27/04/2007 |
910,000,000.00 |
STATE BANK OF INDIA |
CAG - CENTRAL, 3RD FLOOR, STATE BANK BHAVAN, MADAME CAMA ROAD, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A14404966 |
|
15 |
10048645 |
30/10/2007 * |
510,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI |
7 M G ROAD, BANGALORE 560 001, BANGALORE, KARNATAKA - 560001, INDIA |
A25536566 |
|
16 |
10041904 |
17/02/2007 |
1,900,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A11759230 |
|
17 |
10032466 |
24/05/2013 * |
950,000,000.00 |
LIFE INSURANCE CORPORATION OF INDIA |
YOGAKSHEMA,, JEEVAN BEEMA MARG, MUMBAI, MAHARASHTRA - 400021, INDIA |
B77430304 |
|
18 |
10029983 |
24/11/2010 * |
3,100,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, WTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B00087684 |
|
19 |
10142393 |
21/08/2006 |
36,500,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21,, WORLD TRADE CENTER COMPLEX, CUFFE PARADE, MUMBAI,
MAHARASHTRA - 400 |
A05239918 |
|
20 |
80011033 |
28/02/2007 * |
4,250,000,000.00 |
CITIBANK N.A. |
CITI GROUP CENTRE, 6TH FLOOR, BANDRA KURLA COMPLEX, BANDRA (E), MUMBAI, MAHARASHTRA - 400051, INDIA |
A12510764 |
|
21 |
80051763 |
22/01/2009 * |
1,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP, VOLTAS HOUSE,23,J.N. HERITAGE MARG, MUMBAI, MAHARASHTRA - 400001, INDIA |
A56530603 |
|
22 |
80009231 |
24/05/2013 * |
250,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B76577303 |
|
23 |
80008555 |
24/05/2013 * |
1,000,000,000.00 |
LIFE INSURANCE CORPORATION OF INDIA |
YOGAKSHEMA,, JEEVAN BEEMA MARG,, MUMBAI, MAHARASHTRA - 400021, INDIA |
B77430825 |
|
24 |
80057833 |
23/03/2005 |
10,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMT |
7, MAHATMA GANDHI ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
- |
|
25 |
80057832 |
23/03/2005 |
25,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMI |
7, MAHATMA GANDHI ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
- |
|
26 |
80037678 |
28/09/2007 * |
61,400,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
A28835049 |
|
27 |
90192951 |
15/02/2005 |
4,000,000.00 |
HDFC BANK LIMITED. |
MG ROAD BRANCH, MG ROAD, BANGLORE, KARNATAKA - 560001, INDIA |
- |
|
28 |
80008557 |
24/05/2013 * |
500,000,000.00 |
LIFE INSURANCE CORPORATION OF INDIA |
YOGAKSHEMA,, JEEVAN BEEMA MARG, MUMBAI, MAHARASHTRA - 400021, INDIA |
B77429652 |
|
29 |
80008556 |
24/05/2013 * |
300,000,000.00 |
LIFE INSURANCE CORPORATION OF INDIA |
YOGASHEMA, JEEVAN BEEMA MARG, MUMBAI, MAHARASHTRA - 400021, INDIA |
B77431252 |
|
30 |
80051761 |
12/03/2004 |
80,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE, WORLD
TRADE CENTRE, CUFFE PARADE, MUM |
- |
|
31 |
90110559 |
04/09/2006 * |
1,300,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNT
GROUP BRANCH, VOLTAS HOUSE,23 J |
- |
|
32 |
90198119 |
29/04/2002 |
12,000,000.00 |
HDFC BANK LIMITED |
SHANKARANARAYANA BUILDING, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
- |
|
33 |
90200703 |
29/04/2002 |
12,000,000.00 |
HDFC BANK LIMITED |
SHANKARANARAYANA BUILDING, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
- |
|
34 |
80050375 |
29/04/2002 |
9,100,000.00 |
HDFC BANK LIMITED |
M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
- |
|
35 |
80050373 |
29/04/2002 |
15,000,000.00 |
HDFC BANK LIMITED |
MG ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
- |
|
36 |
90200653 |
08/11/2001 |
6,500,000.00 |
HDFC BANK LIMITED |
SHANKARANARAYANA BUILDING, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
- |
|
37 |
90198029 |
07/09/2006 * |
300,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
- |
|
38 |
80007923 |
19/03/2010 * |
17,500,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP
BRANCH, NEVILLE HOUSE, |
A81569006 |
|
39 |
90197029 |
17/04/2000 * |
2,000,000.00 |
ANZ GRINDLAYS BANK LIMITED |
BANGALORE BRANCH, RAHEJA TOWERS; M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
- |
|
40 |
90200089 |
17/04/2000 * |
2,000,000.00 |
ANZ GRINDLAYS BANK LIMITED |
BANGALORE BRANCH,
RAHEJA TOWERS; NO. 26-27; M.G. |
- |
|
41 |
90190547 |
10/01/1996 * |
600,000.00 |
ANZ GRINDLAYS BANK P.L.C. |
6 - TH FLOOR; RAHEJA TOWERS, NO - 26; MG ROAD, BANGLORE, KARNATAKA - 560001, INDIA |
- |
* Date of charge modification
FIXED ASSETS
·
Land
o
Freehold
o
Leasehold
·
Railway Siding
·
Buildings
o
Freehold
o
Leasehold
·
Leasehold Improvements
·
Plant and Machinery
·
Furniture, Fixtures and Equipment
·
Vehicles and Aircraft
·
Livestock
Intangible Assets
·
Goodwill
·
Trademark / Brands / Technical Know-how
·
Specialised Software
AS PER WEBSITE
PRESS RELEASES
ADITYA BIRLA NUVO
INCHES UP AMID VOLATILITY AFTER Q4 RESULTS
May 20, 2014
Aditya Birla Nuvo rose 0.64% to Rs 1240 at 15:16 IST on BSE after consolidated reported net profit declined 11.55% to Rs 1760.000 Millions on 1.65% growth in revenue to Rs 71120.000 Millions in Q4 March 2014 over Q4 March 2013.
The Q4 result was announced during market hours today, 20 May 2014.
Meanwhile, the S&P BSE Sensex was up 28.51 points or 0.12% at 24,391.56.
On BSE, so far 47,000 shares were traded in the counter as against average daily volume of 17,752 shares in the past one quarter.
The stock was volatile. The stock surged as much as 4.19% at the day's high of Rs 1283.85 so far during the day. The stock lost as much as 0.49% at the day's low of Rs 1226 so far during the day. The stock hit a 52-week high of Rs 1290.10 on 4 October 2013. The stock hit a 52-week low of Rs 996.40 on 22 August 2013.
The stock had outperformed the market over the past one month till 19 May 2014, surging 11.72% compared with the Sensex's 7.66% rise. The scrip had, however, underperformed the market in past one quarter, jumping 15.04% as against Sensex's 17.57% rise.
The large-cap company has equity capital of Rs 130.08 crore. Face value per share is Rs 10.
Aditya Birla Nuvo (ABNL)'s consolidated EBITDA rose 19.94% to Rs 12630.000 Millions in Q4 March 2014 over Q4 March 2013.
ABNL's consolidated reported net profit rose 7.93% to Rs 1143 crore on 1.58% growth in revenue to Rs 258930.000 Millions in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013).
BITDA rose 19.19% to Rs 49370.000 Millions in FY 2014 over FY 2013.
ABNL's board of directors at its meeting held today, 20 May 2014, recommended dividend of Rs 7 per share for FY 2014.
Aditya Birla Nuvo is an approximately $4 billion conglomerate operating in the services and the manufacturing sectors.
IDEA CELLULAR BOOSTS
ADITYA BIRLA NUVO’S MARCH QUARTER EARNINGS
Aditya Birla Nuvo Limited defines its core businesses as those in which it could rank in the top 5 in the market. Thus, in the last couple of years it has sold its carbon black and information technology-enabled services (ITES), and bought Pantaloons Fashion and Retail Limited. But a top 5 position in an industry doesn’t necessarily mean that the financials have to be good. However, the very diversified nature of the firm meant that businesses such as Idea Cellular Limited and asset management allowed it to show a 15% increase at operating profit level.
The Pantaloons business continues to struggle. Its revenue for the March quarter grew 2% from a year ago as like-to-like store sales declined 1.6%. The division’s debt stood at Rs.10500.000 Millions at the end of March compared with Rs.9310.000 Millions a year ago; its net worth eroded by Rs.1910.000 Millions to Rs.5790.000 Millions.
Of course, the divestments mean that the company gets money to invest in other businesses. That has also helped keep its debt under check; the net debt-to-equity ratio at the end of March improved to 0.39 from 0.53 times a year ago. Cash flow from the sale of ITES business will further help. The company has earmarked about Rs.1100.000 Millions of investment in Pantaloons this fiscal year. But given the consumption slowdown in the economy, it is going to be a long haul. The management said that the Pantaloons division continues to be in the investment phase and would take 18-24 months to turn around.
That is not the only business to drag down Aditya Birla Nuvo in the fourth quarter. The fertilizer business showed losses in the March quarter owing to a plant shutdown and discontinuation of trading in imported fertilizers. The rayon and insulators business did reasonably well.
Ultimately, the big push to Aditya Birla Nuvo’s operating profit came from Idea Cellular. While the insurance business showed a pick-up in premium collection in March, it showed a decline in earnings before interest and tax.
Overall, while Aditya Birla Nuvo has done reasonably well in the March quarter, the fact remains that its profits have fluctuated over the past two years, owing both to its chopping and changing and a slow economy. That perhaps explains why it continues to underperform the S&P BSE 100 index. Focus on the existing bunch of businesses and sharper increases in earnings are needed for the stock to whet investor appetite.
MADURA F&L GETS
ISO 27001 CERTIFICATION
26 April 2013
The certification covers all its factories, warehouse and regional and corporate offices across all functions
Madura Fashion and Lifestyle (Madura F&L), a division of Aditya Birla Nuvo Limited, one of India's fastest growing branded apparel companies and a premium lifestyle player in the retail sector, has received ISO 27001 certification covering all of its factories, warehouse and regional and corporate offices across all functions.
ISO 27001 is an information security management system (ISMS) standard published in October 2005 by the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC). It is known as ISO/IEC 27001:2005 – Information technology – Security techniques – Information security management systems – Requirements.
ISO/IEC 27001 formally specifies a management system that is intended to bring information security under explicit management control. Being a formal specification means that it mandates specific requirements and organisations who adopt this standard can be formally audited and certified compliant with the standard.
The key reasons to adopt ISO 27001 are:
· It is suitable for protecting critical and sensitive information
· It provides a holistic, risk-based approach to secure information and compliance
· Demonstrates credibility, trust, satisfaction and confidence with stakeholders, partners, and customers
· Demonstrates security status according to internationally accepted criteria
· Creates a market differentiation due to prestige, image and external goodwill
The certification audit was conducted by an external accredited certification agency, the British Standards Institution (BSI) during February-March, 2013. BSI Group is the world’s largest certification body, which audits and provides certification to companies worldwide who implement management systems standards.
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.48 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
68 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.