MIRA INFORM REPORT
|
Report Date : |
02.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
TATA CHEMICALS LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
23.01.1939 |
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Com. Reg. No.: |
11-002893 |
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Capital
Investment / Paid-up Capital : |
Rs.2548.200 Millions |
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CIN No.: [Company Identification
No.] |
L24239MH1939PLC002893 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT00053E MRTT00425F |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Inorganic
Chemicals and Fertilizers. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (70) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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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. Profit of the company has declined during financial year 2014. However, the rating reflects TCL’s strong business risk profile
supported by diverse revenue streams and adequate liquidity position of the
company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to influence
each other in ways that could be very complex and far-reaching. The prospects
of the India’s economy have been seriously compromised due to political
corruption. High inflation, poor standard of living are to a great extent a
result of rampant corruption in the country. China on the other hand, seems to
be facing diametrically opposite challenge. American hedge fund manager Jim
Chanos has been keenly following the political and economic development in the
dragon economy and has figured out something that is quite worrying. He is of
the view that the Chinese economy could be heading toward trouble on account of
new Chinese President Xi Jingping’s very aggressive anti-corruption drive.
Chanos believes tat many things such as apartment sales, luxury products, etc.
were largely bought with dirty money. And it is now beginning to impact
consumption. This may indeed be bad news for an economy that is struggling to
transition from an investment-driven export-oriented economy to a domestic
consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Debt Programme = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
11.08.2014 |
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
31-03-2014.
INFORMATION DECLINED
Management Non-Cooperative (91-22-22049131)
LOCATIONS
|
Registered/ Corporate
Office : |
Bombay House, 24, Homi Modi Street, Fort, Mumbai – 400001,
Maharashtra, India |
|
Tel. No.: |
91-22-22049131/ 1529 / 4359/ 22867407/ 66658282 |
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Fax No.: |
91-22-22042947/ 5359 / 66658143 / 44 |
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E-Mail : |
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Website : |
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Chemicals Division
: |
Mithapur, Okhamandal, Jamnagar - 361345, Gujarat, India |
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Tel. No.: |
91-2892-665991 / 665992 / 665508 |
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Fax No.: |
91-2892-223 471 |
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Fertiliser Division
: |
Indira Dham, P.O. Box No.1, Babrala - 202 521, District Budaun, |
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Tel. No.: |
91-5836-664990 / 664777/ 664888 / 664999 |
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Fax No.: |
91-5836-664218 |
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Haldia Works : |
P.O. Durgachak, Haldia, District Purba, East Midnapore - 721602, West
Bengal, India |
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Tel. No.: |
91-3224-251001 |
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Fax No.: |
91-3224-252220 / 252223 |
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Overseas Office : |
Located at: · USA · UK ·
Kenya |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Cyrus P. Mistry |
|
Designation : |
Chairman |
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Date of Birth/Age : |
04.07.1968 |
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Date of Appointment : |
28.12.2012 |
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Qualification : |
B.E. (Civil) - Imperial College, UK, M.Sc. (Management - London Business School |
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Name : |
Mr. R. Gopalakrishnan |
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Designation : |
Vice Chairman |
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Date of Birth/Age : |
25.12.1945 |
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Qualification : |
B.Sc., (Hons), B.Tech (Hons) in Electronic from IIT Khargpur |
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Date of Appointment : |
30.10.1998 |
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Name : |
Mr. Nusli Wadia |
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Designation : |
Director |
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Date of Birth/Age : |
15.02.1944 |
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Qualification : |
Educated in |
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Date of Appointment : |
26.06.1981 |
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Name : |
Mr. Prasad R. Menon |
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Designation : |
Director |
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Qualification : |
B.E. (Chem) IIT Kharagpur |
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Date of Birth/Age : |
23.01.1946 |
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Date of Appointment : |
30.10.2006 |
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Expertise in specific
functional areas : |
Wide experience in Chemicals, Agro- Chemicals, Paints and Fertiliser Industry |
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|
|
Name : |
Mr. Nasser Munjee |
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Designation : |
Director |
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Date of Birth/ Age : |
18.11.1952 |
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Qualification : |
Masters in Economics from London School of Economics, UK |
|
Date of Appointment : |
25.09.2006 |
|
Expertise in
specific functional areas : |
Eminent Economist, Banker and Consultant on infrastructure |
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|
Name : |
Mr. Eknath A. Kshirsagar |
|
Designation : |
Director |
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Date of Birth/Age : |
11.09.1941 |
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Date of Appointment : |
26.11.2008 |
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Qualification : |
Fellow Member of the Institute of Chartered Accountants in England and Wales |
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|
Name : |
Dr. Y. S. P. Thorat |
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Designation : |
Director |
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Date of Birth/Age : |
11.11.1947 |
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Qualification : |
Ph. D-Shivaji University, Degree in Political Science, Degree in Law |
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Date of Appointment : |
08.01.2010 |
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Expertise in
specific functional areas : |
Wide experience in banking, rural credit co-operatives, micro finance |
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|
Name : |
Dr. Vijay Kelkar |
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Designation : |
Director |
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Date of Birth/Age : |
15.05.1942 |
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Date of Appointment : |
30.05.2012 |
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Qualification : |
Ph. D from University of California |
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|
Name : |
Mr. R. Mukundan |
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Designation : |
Managing Director and Chief Executive Officer |
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Name : |
Mr. P. K. Ghose |
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Designation : |
Executive Director and Chief Finance Officer |
KEY EXECUTIVES
|
Name : |
Mr. Rajiv Chandan |
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Designation : |
General Counsel and Company Secretary |
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SENIOR MANAGEMENT |
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Corporate : |
· R. Mukundan - Managing Director and Chief Executive Officer · P. K. Ghose - Executive Director and Chief Finance Officer · R. Nanda - Vice President and CHRO ·
Rajiv Chandan - General Counsel and Company
Secretary |
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|
|
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India Operations : |
· Dr. Arup Basu - President, New Businesses and Innovation Centre · Zarir Langrana - Chief Operating Officer, Chemicals (India) · Vinay K. Bhatia - Chief Operating Officer (Fertilisers) ·
Richa Arora - Chief Operating Officer,
Consumer Products Business |
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International
Operations : |
· DeLyle Bloomquist – President, Global Chemicals Business · Martin Keighley – Managing Director, Tata Chemicals North America · Dr. Martin Ashcroft – Managing Director, Tata Chemicals Europe ·
Jackson Mbui – Managing Director, Tata
Chemicals Magadi |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholder |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
78751692 |
30.91 |
|
|
374165 |
0.15 |
|
|
374165 |
0.15 |
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|
79125857 |
31.06 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
79125857 |
31.06 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
16427402 |
6.45 |
|
|
517659 |
0.20 |
|
|
73098 |
0.03 |
|
|
43285322 |
16.99 |
|
|
55496202 |
21.78 |
|
|
385128 |
0.15 |
|
|
556 |
0.00 |
|
|
384572 |
0.15 |
|
|
116184811 |
45.61 |
|
|
|
|
|
|
4923531 |
1.93 |
|
|
|
|
|
|
47904201 |
18.80 |
|
|
5715069 |
2.24 |
|
|
902809 |
0.35 |
|
|
902809 |
0.35 |
|
|
59445610 |
23.33 |
|
Total Public shareholding (B) |
175630421 |
68.94 |
|
Total (A)+(B) |
254756278 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
254756278 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
Encumbered shares (*) |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|||
|
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
|
|
1 |
Tata Sons Limited |
4,93,06,423 |
19.35 |
0 |
0.00 |
0.00 |
19.35 |
|
2 |
Tata Investment Corporation Limited |
1,57,53,501 |
6.18 |
0 |
0.00 |
0.00 |
6.18 |
|
3 |
Tata Global Beverage Limited |
1,11,85,522 |
4.39 |
3723648 |
33.29 |
1.46 |
4.39 |
|
4 |
Ewart Investment Limited |
13,69,290 |
0.54 |
0 |
0.00 |
0.00 |
0.54 |
|
5 |
Simto Investment Company Limited |
6,18,000 |
0.24 |
0 |
0.00 |
0.00 |
0.24 |
|
6 |
Sir Dorabji Tata Trust |
2,59,425 |
0.10 |
0 |
0.00 |
0.00 |
0.10 |
|
7 |
Voltas Limited |
2,00,440 |
0.08 |
0 |
0.00 |
0.00 |
0.08 |
|
8 |
Tata Coffee Limited |
1,60,000 |
0.06 |
0 |
0.00 |
0.00 |
0.06 |
|
9 |
Tata Industries Limited |
77,647 |
0.03 |
0 |
0.00 |
0.00 |
0.03 |
|
10 |
Tata Motors Limited |
70,249 |
0.03 |
0 |
0.00 |
0.00 |
0.03 |
|
11 |
Sir Ratan Tata Trust |
68,041 |
0.03 |
0 |
0.00 |
0.00 |
0.03 |
|
12 |
JRD Tata Trust |
46,699 |
0.02 |
0 |
0.00 |
0.00 |
0.02 |
|
13 |
Sheba Properties Limited |
10,060 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
14 |
Titan Industries Limited |
560 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
|
Total |
7,91,25,857 |
31.06 |
3723648 |
4.71 |
1.46 |
31.06 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
|
|
|
|
|
1 |
Life Insurance Corporation of India |
14600489 |
5.73 |
5.73 |
|
2 |
Government Pension Fund Global |
10218513 |
4.01 |
4.01 |
|
3 |
ICICI Prudential Life Insurance Company Limited |
11356667 |
4.46 |
4.46 |
|
4 |
Franklin Templeton Investment Funds |
10324196 |
4.05 |
4.05 |
|
5 |
HDFC Standard Life Insurance Company Limited |
4887884 |
1.92 |
1.92 |
|
6 |
General Insurance Corporation of India |
4400005 |
1.73 |
1.73 |
|
7 |
New India Assurance Company Limited |
4250834 |
1.67 |
1.67 |
|
8 |
Templeton India Equity Income Fund |
3150000 |
1.24 |
1.24 |
|
9 |
Brandes Institutional Emerging Marketd Fund |
2785009 |
1.09 |
1.09 |
|
|
Total |
65973597 |
25.90 |
25.90 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
Sl. No. |
Name(s) of the shareholder(s)
and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
|
|
|
|
|
1 |
Life Insurance Corporation of India |
14600489 |
5.73 |
5.73 |
|
|
Total |
14600489 |
5.73 |
5.73 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Inorganic
Chemicals and Fertilizers. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
· Bank of Baroda · State Bank of India · State Bank of Bikaner and Jaipur · Citibank N.A. · Bank of America · HDFC Bank Limited · Deutsche Bank · Punjab National Bank · Standard Chartered Bank · The Hongkong and Shanghai Banking Corporation Limited · ICICI Bank Limited · Bank of America · Axis Bank Limited · Kotak Mahindra Bank Limited · DBS Bank |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
--- |
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Auditors : |
|
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
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Solicitors : |
· AZB and Partners, Mumbai · Mulla and Mulla and Craigie · Blunt and Caroe, Mumbai · Amarchand and Mangaldas · Suresh A. Shroff and company |
|
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Subsidiaries : |
Direct · Rallis India Limited, India @ · Bio Energy Venture - 1 (Mauritius) Private Limited, Mauritius ·
Homefi eld International Private Limited,
Mauritius@@ Indirect · Homefi eld Private UK Limited, United Kingdom · Tata Chemicals Africa Holdings Limited, United Kingdom · Tata Chemicals South Africa (Proprietary) Limited, South Africa · Tata Chemicals Magadi Limited, United Kingdom · Magadi Railway Company Limited, Kenya · Homefi eld 2 UK Limited, United Kingdom · Tata Chemicals Europe Holdings Limited, United Kingdom · Cheshire Salt Holdings Limited, United Kingdom · Cheshire Salt Limited, United Kingdom · British Salt Limited, United Kingdom · Brinefi eld Storage Limited, United Kingdom · Cheshire Cavity Storage 2 Limited, United Kingdom · Cheshire Compressor Limited, United Kingdom · Irish Feeds Limited, United Kingdom · New Cheshire Salt Works Limited, United Kingdom · Brunner Mond Group Limited, United Kingdom · Tata Chemicals Europe Limited, United Kingdom · Winnington CHP Limited, United Kingdom # · Brunner Mond B.V., Netherland · Brunner Mond Generation Company Limited, United Kingdom · Brunner Mond Limited, United Kingdom · Northwich Resource Management Limited, United Kingdom · GUSIUTE Holdings (UK) Limited, United Kingdom · Valley Holdings Inc., United States of America · Tata Chemicals North America Inc., United States of America · General Chemical International Inc., United States of America · General Chemical Great Britain Limited, United Kingdom · NHO Canada Holdings Inc., United States of America · General Chemical Canada Holding Inc., Canada · Tata Chemicals (Soda Ash) Partners Holdings, United State of America ** · TCSAP LLC, United State of America · Tata Chemicals (Soda Ash) Partners (TCSAP), United State of America ** · GCSAP Canada Inc., Canada · Tata Chemicals International Pte. Limited, Singapore · Grown Energy Zambeze Holdings Private Limited, Mauritius · Grown Energy (Pty) Limited, South Africa · Grown Energy Zambeze Limitada, Mozambique · Rallis Chemistry Exports Limited, India · Metahelix Life Sciences Limited (Metahelix), India $ ·
Zero Waste Agro Organics Limited (ZWAOL),
India |
|
|
|
|
Joint Ventures |
Direct · Indo Maroc Phosphore S. A., Morocco Indirect · Alcad, United State of America · Kemex B.V., Netherlands · JOil (S) Pte. Limited, Singapore · The Block Salt Company Limited, United Kingdom ·
Natronx Technologies LLC, United States of
America |
|
|
|
|
Associate : |
EPM Mining Venture Inc., Canada |
|
|
|
|
Promoter Group : |
Tata Sons Limited, India Holding more than 20% shares alongwith its subsidiary) |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
270000000 |
Equity Shares |
Rs.10/- each |
Rs.2700.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
254842598 |
Equity Shares |
Rs.10/- each |
Rs.2548.400 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
254756278 |
Equity Shares |
Rs.10/- each |
Rs.2547.600 Millions |
|
86320 |
Forfeited Shares |
|
Rs.0.600
Million |
|
|
|
|
|
|
|
Total |
|
Rs.2548.200 Millions |
Notes:
(a) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:
|
Issued share
capital: |
Number of shares |
Rs. In Millions |
|
Ordinary shares: |
|
|
|
At the beginning of the year |
254842598 |
2548.400 |
|
Outstanding at the end of the year |
254842598 |
2548.400 |
|
Subscribed and paid up: Ordinary shares: |
|
|
|
At the beginning of the year |
254756278 |
2547.600 |
|
Outstanding at the end of the year |
254756278 |
2547.600 |
(b) The equity shares of the Company have voting rights and are subject to the preferential rights as prescribed under law or those of the preference shareholders, if any. The equity shares are also subject to restrictions as prescribed under the Companies Act, 1956.
(c) Details of shares held by each shareholder more than 5 % of shares:
|
Ordinary shares
with voting rights |
Number of shares |
% |
|
(i) Tata Sons Limited |
49306423 |
19.35 |
|
(ii) Tata Investment Corporation Limited |
15753501 |
6.18 |
|
(iii) Life Insurance Corporation of India |
16151552 |
6.34 |
(d) Aggregate number and class of shares allotted as fully paid up pursuant to contract(s) without payment being received in cash, bonus shares and pursuant to schemes of amalgamation #
|
|
Number of shares |
|
Ordinary shares with voting rights |
|
|
(i) Scheme of amalgamation |
|
|
Hind Lever Chemicals Limited |
34464000 |
|
Tata Fertilisers Limited |
4249864 |
|
(ii) Contract without payment being received in cash |
37000 |
|
(iii) Bonus Shares by way of capitalisation of Securities premium account |
92970000 |
|
General reserve |
12432144 |
# No such shares have been issued during the previous five years.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2548.200 |
2548.200 |
2548.200 |
|
(b) Reserves & Surplus |
54464.100 |
50525.000 |
46806.900 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
57012.300 |
53073.200 |
49355.100 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
17355.100 |
10730.000 |
22025.700 |
|
(b) Deferred tax liabilities (Net) |
2156.100 |
1247.500 |
886.700 |
|
(c) Other long term liabilities |
36.000 |
60.700 |
823.500 |
|
(d) long-term provisions |
785.700 |
748.100 |
928.600 |
|
Total Non-current Liabilities (3) |
20332.900 |
12786.300 |
24664.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
12991.800 |
13841.400 |
2568.600 |
|
(b) Trade payables |
13730.000 |
12558.300 |
17197.300 |
|
(c) Other current
liabilities |
3880.400 |
15328.500 |
10900.800 |
|
(d) Short-term provisions |
3387.700 |
3402.400 |
3242.300 |
|
Total Current Liabilities (4) |
33989.900 |
45130.600 |
33909.000 |
|
|
|
|
|
|
TOTAL |
111335.100 |
110990.100 |
107928.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
18720.600 |
19116.700 |
18100.300 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
1586.200 |
1373.000 |
2653.800 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
42576.400 |
39620.800 |
46136.200 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3323.200 |
2650.200 |
1943.100 |
|
(e) Other Non-current assets |
161.400 |
27.800 |
63.100 |
|
Total Non-Current Assets |
66367.800 |
62788.500 |
68896.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2.500 |
2.500 |
2.500 |
|
(b) Inventories |
8105.600 |
9274.700 |
12532.200 |
|
(c) Trade receivables |
24017.800 |
24848.800 |
14904.500 |
|
(d) Cash and cash
equivalents |
9768.500 |
10919.800 |
8918.500 |
|
(e) Short-term loans and
advances |
2469.900 |
2957.600 |
2293.100 |
|
(f) Other current assets |
603.000 |
198.200 |
381.300 |
|
Total Current Assets |
44967.300 |
48201.600 |
39032.100 |
|
|
|
|
|
|
TOTAL |
111335.100 |
110990.100 |
107928.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
86896.400 |
83820.600 |
79962.500 |
|
|
|
Other Income |
2029.200 |
3656.000 |
3085.700 |
|
|
|
TOTAL (A) |
88925.600 |
87476.600 |
83048.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
31942.400 |
29887.900 |
28649.100 |
|
|
|
Purchases of Stock-in-Trade |
16141.000 |
14043.900 |
21676.600 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
1301.900 |
2737.800 |
(4093.600) |
|
|
|
Employees benefits expense |
2670.500 |
2735.600 |
2397.500 |
|
|
|
Other expenses |
25561.900 |
23951.700 |
21095.400 |
|
|
|
Compensation on Voluntary
Retirement |
0.000 |
0.900 |
23.800 |
|
|
|
Loss on Sale/Provision for
Diminution in the Value of Long-term Investments |
0.000 |
17.200 |
123.800 |
|
|
|
Impairment of Assets |
593.000 |
0.000 |
340.000 |
|
|
|
Exchange Loss (net) on Foreign
Currency Long-term Borrowings including Revaluation thereof |
1584.700 |
1672.500 |
843.400 |
|
|
|
TOTAL (B) |
79795.400 |
75047.500 |
71056.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9130.200 |
12429.100 |
11992.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1853.200 |
2032.500 |
2101.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7277.000 |
10396.600 |
9890.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1588.200 |
2142.900 |
2246.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5688.800 |
8253.700 |
7643.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1328.100 |
1820.500 |
1777.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4360.700 |
6433.200 |
5866.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
24635.200 |
21789.900 |
19434.200 |
|
|
|
|
|
|
|
|
|
Add |
Other Adjustments |
1317.400 |
0.000 |
4.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
436.100 |
643.300 |
586.600 |
|
|
|
Dividend |
2547.600 |
2547.600 |
2547.600 |
|
|
|
Tax on Dividend |
409.800 |
397.000 |
380.100 |
|
|
BALANCE CARRIED
TO THE B/S |
26919.800 |
24635.200 |
21789.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on F.O.B. basis |
100.2000 |
285.700 |
560.300 |
|
|
|
Miscellaneous Income |
187.000 |
180.600 |
17.700 |
|
|
|
Dividend |
294.700 |
0.000 |
1002.800 |
|
|
TOTAL EARNINGS |
581.900 |
466.300 |
1580.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials, fuel and traded products |
28742.600 |
28555.500 |
38014.900 |
|
|
|
Stores, components and spare parts |
119.900 |
137.600 |
141.600 |
|
|
|
Capital goods |
331.800 |
273.100 |
874.600 |
|
|
TOTAL IMPORTS |
29194.300 |
28966.200 |
39031.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.12 |
25.25 |
23.03 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
4.90 |
7.35 |
7.06 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.55 |
9.85 |
9.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.47 |
11.79 |
12.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.16 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.53 |
0.46 |
0.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32 |
1.07 |
1.15 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
2548.200 |
2548.200 |
2548.200 |
|
Reserves & Surplus |
46806.900 |
50525.000 |
54464.100 |
|
Net worth |
49355.100 |
53073.200 |
57012.300 |
|
|
|
|
|
|
long-term borrowings |
22025.700 |
10730.000 |
17355.100 |
|
Short term borrowings |
2568.600 |
13841.400 |
12991.800 |
|
Total borrowings |
24594.300 |
24571.400 |
30346.900 |
|
Debt/Equity ratio |
0.498 |
0.463 |
0.532 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
79962.500 |
83820.600 |
86896.400 |
|
|
|
4.825 |
3.670 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
79962.500 |
83820.600 |
86896.400 |
|
Profit |
5866.000 |
6433.200 |
4360.700 |
|
|
7.34% |
7.67% |
5.02% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
Current maturities of long-term debt |
|
|
|
|
Debentures (Secured) |
0.000 |
2400.000 |
0.000 |
|
Other loans and advances |
|
|
|
|
External Commercial Borrowings (Unsecured) |
0.000 |
10192.600 |
9076.600 |
|
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
|
LITIGATION DETAILS |
||||||||||
|
Bench:- Bombay |
||||||||||
|
Presentation Date: 30/04/2013 |
||||||||||
|
Lodging No. : |
RPAL/38/2013 |
Failing Date:- |
30/04/2013 |
Reg. No.:- |
RP/47/2013 |
Reg. Date:- |
15/10/2013 |
|||
|
|
||||||||||
|
Main Matter |
||||||||||
|
Lodging No. : |
AAPL/43/2012 |
Reg. No.:- |
APP/72/2012 |
|||||||
|
|
||||||||||
|
Petitioner:- |
M/A. DAVE AND COMPANY AND ORS. |
Respondent:- |
TATA CHEMICALS LIMITED |
|||||||
|
Petn.Adv:- |
JECINTA D’SILVA |
Resp. Adv.: |
M/S. MULLA AND MULLA AND CRAIGIE BLUNT |
|||||||
|
District:- |
MUMBAI |
|||||||||
|
|
||||||||||
|
Bench:- |
DIVISION |
|
|
|||||||
|
Status:- |
Pre-Admission |
Stage:- |
FOR REJECTION [ORIGINAL SIDE MATTERS] |
|||||||
|
Last Date:- |
29/08/2013 |
|
||||||||
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER |
|||||||||
|
|
|
|||||||||
|
Act. : |
Arbitration and Conciliation Act 1996 |
|
||||||||
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long-Term
Borrowings |
|
|
|
Debentures |
2500.000 |
2500.000 |
|
Unsecured from
banks |
|
|
|
External commercial borrowing |
14854.300 |
8229.200 |
|
From Others |
0.800 |
0.800 |
|
Short-Term
Borrowings |
|
|
|
From banks: Buyer’s credit |
9639.900 |
11961.000 |
|
Total |
26995.000 |
22691.000 |
|
Note: 10% Unsecured Redeemable Non-convertible Debentures of a face value Rs.10 lakh each redeemable at par on 2nd July, 2019. The external commercial borrowing is due for repayments on 21st October, 2016 Rs.3156.600 Millions (USD 60 million), on 23rd October, 2017 Rs.3897.800 Millions (USD 63.27 million), on 22nd October, 2018 Rs.3900.600 Millions (USD 63.27 million) and on 21st October, 2019 Rs.3899.300 Millions (USD 63.46 million). The Company has entered into an agreement with Department of Biotechnology (DBT) for a project on boosting crop health and yield. DBT has approved a loan of Rs.1.500 Millions (previous year Rs.1.500 Millions). The Company has received two instalments of this loan aggregating to Rs.0.800 Millions (previous year Rs.0.800 Millions). The loan is repayable in 10 equal half yearly instalments beginning from 1st July, 2015. |
||
COMPANY‘S PERFORMANCE
The net revenue from the operations of the Company increased from Rs.83820.600 Millions to Rs.86896.400 Millions, registering a growth of 3.7% over the previous year. The earnings before interest, depreciation, tax and amortisation (EBITDA) was at Rs.9278.700 Millions as against Rs.10463.700 Millions, down 11.3% over the previous year. Profit before tax was Rs.5688.800 Millions whereas the profit after tax was at Rs.4360.700 Millions, down 31.1% and 32.2% respectively, over the previous year.
The consolidated net revenue from the operations increased from Rs.147110.200 Millions to Rs.158954.300 Millions, an increase of 8% over the previous year. EBITDA was at Rs.18094.300 Millions as against Rs.21629.100 Millions, down 16.3% over the previous year. The loss before tax was Rs.5188.900 Millions whereas the loss after tax before minority interest and share of loss in associates was at Rs.8076.700 Millions. Loss attributable to the Group after deducting the minority interest and share of loss in associate was at Rs.10320.000 Millions. The reported loss was largely on account of exceptional items aggregating to Rs.14202.100 Millions (net) primarily towards impairment of certain assets, restructuring cost, write down of goodwill and certain investments and exchange loss.
The Company‘s operation is organised under four segments i.e. (1) Inorganic Chemicals comprising soda ash, salt, sodium bicarbonate, marine chemicals, caustic soda and cement; (2) Fertilisers comprising fertilisers and other traded products; (3) Other Agri-inputs including Rallis India Limited’s operations and (4) Others - comprising water purifier, nutritional solutions and pulses. Performance of these businesses are as under:
INORGANIC CHEMICALS
SEGMENT
India Operations:
The Company’s industrial chemicals operation is primarily built around soda ash, sodium bicarbonate, cement and allied traded products. On a macro-economic front, Financial Year (FY) 2013-14 has been a story of two halves; while the first half was about high pipeline inventories and volatile economic conditions, the second half was about rebounding industrial sentiment.
The year also witnessed record volumes of imports from China in the first half. Pricing pressures prevailed in the market, driven by tightening market conditions and increased cost pressures. In line with the existing competencies of customer-connect, quality products and distribution reach, the Company has been actively engaged in trading activities in the inorganic chemicals space. The trading portfolio, consisting of new and allied chemicals, will help the Company in exploring new growth areas while catering to a larger portion of the customer’s basket.
SODA ASH
FY 2013-14 saw a 2% de-growth in the domestic soda ash market. On the back of very strong growth in the previous year, pipeline inventories remained high through the first half of the year. By the end of the second half, stocks had been utilised for most end user sectors.
From a manufacturing perspective, despite unfavourable weather conditions, production was 798,897 tonnes of soda ash at Mithapur. The total sales volume for the year stood at 750,747 tonnes against 714,519 tonnes in the previous year. As a continuation of the Company’s soda ash strategy towards supporting customer specific requirements and servicing market growth, sourcing of material from the subsidiary companies increased for the year.
The first half witnessed high imports at lower price levels in the market. Imports decreased in the second half due to realignment of trade flows, anti-dumping duties and shift in focus towards margins of Chinese producers. A total of 560,000 tonnes imports were recorded for the year; most of these were from Kenya, China, Bulgaria, Romania and Turkey.
Apart from robust continuous improvement programmes and customer partnership initiatives, focus was laid upon leveraging IT for driving customer service levels. The Company’s initiatives around sustainable supply chain continued with increased transportation of bulk material. Initiatives around manufacturing site and employee engagement are showing positive results evidenced by reduced attrition at the site.
SODIUM BICARBONATE
Post a very high market growth in FY 2012-13, FY 2013-14 registered a 2.1% market growth in sodium bicarbonate. Sodium bicarbonate imports touched an all-time high of 29,000 tonnes against 20,000 tonnes in the previous year. Despite this, the Company has been able to maintain more than 50% market share on the back of higher production.
Sodium bicarbonate production for the year stood at 90,331 tonnes against 87,924 tonnes in the previous year. The overall sales volume for sodium bicarbonate was 86,570 tonnes for the year. Imports for the year were skewed with very high import volumes in the first half. A strong dollar and increased Chinese domestic demand substantially decreased imports in the second half. Of the total imports, China accounted for 93% volumes.
During the year, the Company continued to invest in the branded offerings of sodium bicarbonate; branded volumes now account for 23% of the bicarbonate portfolio. This is in line with the Company’s strategy to offer value added branded variants as the domestic market matures and grows over a period of time and is consistent with its global portfolio for this product.
CEMENT
The domestic cement market faced a slump in demand during the year. Sentiment remained very weak in the market with sustained price pressures for a major part of the year. Consolidation in the industry and extended discounts from major players also affected the business. The Gujarat cement market declined by 2.8% to 534,000 tonnes during the year.
Production of 460,275 tonnes Ordinary Portland Cement (OPC) and 79,574 tonnes masonry cement was achieved during the year. The sales volume of OPC and masonry cement were at 454,280 tonnes and 79,513 tonnes respectively during the year. Considering the volumes of cement, evaluations are currently underway to develop niche grades of cement and allied downstream offerings.
SALT AND RELATED PRODUCTS
Salt production of 805,637 tonnes was achieved at Mithapur during the year as against the previous year production of 805,388 tonnes. Overall, branded salt sales marginally grew from 935,579 tonnes in FY 2012-13 to 939,981 tonnes in FY 2013-14. Sales of Tata Salt grew by 4% in volume from 728,829 tonnes in FY 2012-13 to 754,955 tonnes in FY 2013-14. Tata Salt continues to be the largest distributed brand with a reach of 14.5 lakh retail outlets across India.
Sales of I-Shakti salt in FY 2013-14 was 162,930 tonnes. I-Shakti salt continues to meet the iodisation movement, complimenting Tata Salt. The Company’s market share of its salt portfolio has increased to 67.9% in the National Branded Salt segment, up from 66.8% in FY 2012-13. Sales of Tata Salt Lite grew by 11% in volume from 10,883 tonnes in FY 2012-13 to 12,111 tonnes in FY 2013-14.
I-Shakti cooking soda sales showed an encouraging growth of 73% with sales of 3,302 tonnes during the year as compared to 1,908 tonnes in the previous year.
The business continues to work towards new product introduction through salt variants and development of other categories.
Overseas Operations
Tata Chemicals North
America Inc. (TCNA)
Soda ash production at TCNA during the year were 23,607,000 tonnes as against the previous year volume of 23,316,000 tonnes.
Sales volume for the year increased to 23,899,000 tonnes as against 23,431,000 tonnes in the previous year showing a positive volume of 468,000 tonnes.
TCNA gross revenues (including freight costs) were marginally down at USD 471.87 million (Rs.28535.500 Millions) as against USD 478.73 million (Rs.26046.400 Millions) in the previous year. The average unit selling price was down, driven primarily by decreased exports prices.
EBIDTA, profit before tax and profit after tax were at USD 109.48 million (Rs.6620.700 Millions), USD 69.06 million (Rs.4176.500 Millions) and USD 37.87 million (Rs.2290.100 Millions) respectively. The results were impacted due to increase in cost of goods sold which primarily consists of labour, energy, materials, royalties and depreciation, increased by USD 3.6 million (Rs.217.700 Millions) over the previous year. Interest expense and financing fees were USD 8.13 million (Rs.491.600 Millions) higher than last year driven by refinancing the existing USD 375 million (Rs.22468.100 Millions) Senior syndicated facility, replacing with a USD 340 million (Rs.20371.100 Millions) credit facility.
Tata Chemicals Europe
(TCE)
During the year, TCE ceased operation of its soda ash facilities at Winnington while investing in increased sodium bicarbonate capacity and quality improvements at the same to feed the growing high value sodium bicarbonate sectors. The new sodium bicarbonate plant is now on line. The UK market declined in size somewhat post-recession, but volumes rebounded during the course of the year from lows in the first quarter of 2013. Turnover for the year was at £142.6 million (Rs.13723.500 Millions), 3% lower than in FY 2012-13. TCE continues to supply its soda ash customer base from its operation at Lostock and through a dedicated import facility in the UK.
Meanwhile, TCE‘s salt business saw a challenging environment, but nevertheless continued with strong market share throughout the period. Turnover for the year was at £42.4 million (Rs.408.05 Millions). TCE also acquired the Combined Heat and Power (CHP) plant at Winnington from EON, which is a state-of-the-art facility supplying electricity and steam to the Lostock operations. The power plant operation continues to be operated and maintained by EON under contract to TCE. Energy prices during winter FY 2013-14 made for difficult economics with a mild winter and high wind generation making gas fi red generation marginal at best.
Reconfiguration of the CHP plant will optimize its heat and power efficiency during 2015 and in the meantime regulatory changes and lower gas prices are expected to benefit TCE in FY 2014-15 and beyond.
During FY 2014-15, the final stages of the restructuring programme will be completed in TCE and growth in the high value sodium bicarbonate business is expected to increase significantly from FY 2013-14 levels.
Total turnover of TCE for the year is £191.4 million (Rs.18424.500 Millions), EBITDA stood at loss of £1.77 million (Rs.170.000 Millions). TCE posted a net loss after tax of £36.99 million (Rs.3560.100 Millions) for the year after charging off £25.18 million (Rs.2422.800 Millions) towards exceptional items pertaining to restructuring of Winnington Plant.
Tata Chemicals Magadi
Limited (TCML)
Turnover of TCML for the year ended 31st March, 2014 was USD 105.18 million (Rs.6360.500 Millions) as compared to the previous year’s figure of USD 1057.300 million (Rs.575.24 Millions). TCML incurred the loss of USD 77.66 million (Rs.4696.300 Millions) during the year as against the loss of USD 22.29 million (Rs.1212.700 Millions) during the previous year.
The results were impacted due to missed production targets caused by worsening plant efficiencies, significant decrease in prices during the year and increased costs of sales. The cost of sales increased by 68.8% to USD 116.05 million (Rs.7017.800 Millions) during the year from USD 68.73 million (Rs.3739.400 Millions) in the previous year primarily due to rising energy costs.
High energy costs ultimately led to a downward revision of cash flow projections for the Premium Ash (PAM) plant at Magadi, thus, resulting in a provision towards impairment of assets of USD 50.69 million (Rs.3044.200 Millions) which also contributed to the loss for the year ended 31st March, 2014.
Tata Chemicals
International Pte Limited (TCIPL)
TCIPL commenced trading in April, 2013 and recorded sales of USD 31.4 million (Rs.1898.200 Millions) through the purchase and sale of 135,312 tonnes of soda ash and heavy fuel oil between a mixture of related and third party customers and suppliers. In addition to trading goods, TCIPL is the International Headquarters for Tata Chemicals and holds the investments in the UK, Kenya and USA and provides strategy and business support to its subsidiaries, including raising of finance.
FINANCE
The outstanding balance of External Commercial Borrowing (ECB) of USD 285 million, out of the ECB of USD 475 million raised in March 2008, was fully repaid during the year. Out of the total repayment of USD 285 million, an amount of USD 190 million was pre-paid and refinanced by raising ECB of USD 190 million. In addition to this, the Company had repaid 11.80% secured Non- Convertible Debentures (NCDs) of Rs.2400.000 Millions on the due date.
The pace of subsidy disbursements for fertilisers witnessed a significant slow-down from August 2013. This resulted in high levels of working capital through the second half of the year. The outstanding balance of subsidy receivables as on 31st March, 2014 is Rs.17948.900 Millions as against an amount of Rs.17526.300 Millions outstanding as on 31st March, 2013.
The increased level of working capital has been funded through working capital facilities including buyers’ credit. The zutstanding balance of buyers’ credit as on 31st March, 2014 was USD 160.89 million (Rs.9639.900 Millions). Further, pursuant to the reintroduction of Special Banking Arrangement (SBA) made by The Department of Fertilizers, Government of India, twice during the year, the Company had availed loans against subsidy receivables for an aggregate amount of Rs.4657.100 Millions from the State Bank of India led consortium. Out of this, Rs.1396.100 Millions was liquidated during the month of February 2014 in accordance with the SBA scheme. The brought forward outstanding balance of loan against subsidy receivables of Rs.1796.300 Millions, availed during March 2013, was also liquidated during the month of April 2013 in accordance with the SBA scheme.
The year witnessed elevated levels of interest rates on the back of high inflationary pressure and volatile macro-economic scenario. Amid volatility in financial and capital markets, the Company was able to contain the interest costs as a result of better cash management and repayment of high cost NCDs. The reduction in cost of borrowing resulted in savings in interest cost of Rs.179.300 Millions.
During the year, Rallis India Limited, a subsidiary of the Company and IMACID, a joint venture, have paid dividends of Rs.223.900 Millions and Rs.294.700 Millions respectively to the Company.
During the year, the Company’s overseas subsidiary Tata Chemicals North America Inc. (TCNA) had refinanced debt facilities to the tune of USD 340 million. Further, the Company’s overseas subsidiary Tata Chemicals Europe Holdings Limited (TCEHL) had raised term and multicurrency revolving facilities (bridge facilities) aggregating to GBP 140 million to refinance the existing facilities. In addition to this, the Company’s overseas subsidiary Home field Private UK Limited had raised a term loan of USD 28 million to buy back 6.44% United States Private Placement Notes of USD 25 million issued in 2007.
AWARDS AND
RECOGNITIONS
The Company/ its subsidiaries during the year has won many awards some of which are listed below:
· Eco Corporate of the Year Award at the prestigious Natural Capital Awards 2013.
· I.C.C. award for Water Resource Management in Chemical Industry.
· Two awards at the 53rd ABCI awards.
· Council for Fair Business Practices Awards 2013.
· Tata Chemicals Magadi wins the Millennium Development Goals Award.
· Babrala plant wins the prestigious CII - Efficient Energy Management Award.
· TCL Babrala plant wins the prestigious NSCI Suraksha Puraskar.
· Okhai store at Ahmedabad was awarded ‘Alpha One Retail Renaissance Award for Best Store.
· TCL Mithapur plant wins the FICCI Chemicals and Petrochemical Award.
· Three awards at FAI Golden Jubilee Awards.
· Tata Chemicals Magadi received a prestigious HR award from Institute of Human Resource Management.
· Most Admired Knowledge Enterprise (MAKE) Award 2013.
MANAGEMENT DISCUSSION
AND ANALYSIS
BUSINESS ENVIRONMENT
Global
The world economy is expected to grow by 3.6% in 2014. Both advanced and emerging economies are expected to record higher growth in 2014 as indicated by the International Monetary Fund (IMF).
The key to the revival in advanced economies is the upturn in the domestic economies of the US and the UK that are projected to grow by 2.8% and 2.9%, respectively, in 2014. On the other hand, Japan’s economy is witnessing a period of fiscal tightening. Therefore, while Japan’s domestic demand is likely to remain subdued, export demand is expected to support growth through the yen depreciation and an overall recovery in the global demand.
Global economic activity has improved over the last year. However, the economy continues to be in a fragile state, given the high rate of unemployment and inflation. However, the revival of demand from the advanced economies is expected to benefit the emerging and developing economies in the long run.
Although China, the largest among the emerging economies, grew by a steady 7.7% in 2013, it is estimated to record marginally lower growth at 7.5% in 2014. Looking ahead, China’s economic growth could be affected by some downside risks. These include the slowdown in investments and the Government’s focus on restructuring the economy into a consumption-oriented one.
Domestic
As per the Central Statistical Organisation, India’s GDP grew by 4.7% in FY 2013-14 compared to 4.5% in FY 2012-13. Estimates indicate a real GDP growth in FY 2014-15 is in the range of 5-5.5%. The new Government elected in May 2014 is expected to lead to a surge in investor confidence and a subsequent revival of the economy in the second half of FY 2014-15.
The new Government has indicated that its top priority would be to get the economy back to a high growth trajectory and also to control the current inflationary trend. While this will undoubtedly require the introduction of certain fiscal disciplinary measures, the Government is also expected to implement strategies to boost the investment cycle. The areas that are expected to receive attention include irrigation and agricultural productivity, manufacturing and exports.
The recent clearance of a number of stalled projects has boosted the present economic growth to some extent. Additionally, moderate improvement in the global economic activity is expected to bolster the export demand. However, there are some downside risks to growth as well, with the agricultural sector facing the possibility of a sub-normal monsoon due to El Niño. Global Industrial activity continues to remain weak where the stagnation was broad-based. India achieved a fiscal deficit of 4.6% compared to the budget estimate of 4.8% of the GDP in FY 2013-14.
The slowdown in trade deficit, along with a healthy growth in net invisibles led to significant lowering of the Current Account Deficit (CAD) in the third quarter of FY 2013-14. The CAD for FY 2013-14 is expected to settle at 1.7% of the GDP as compared to a share of 4.7% in FY 2012-13.
COMPANY OVERVIEW
Subject operates businesses in the Industrial Chemicals, Agri business and Consumer Products space. Serving a diverse set of customers across five continents, the Company is now an established leader in most of its chosen lines of business. The Company is the world’s second largest soda ash manufacturer and the fourth largest manufacturer of sodium bicarbonate. TCL also reaches out to over 100 million households in the consumer products category and leads the national branded salt market with a market share of over 67.9 percent for Tata Salt and I-Shakti Salt. The Company is also present in the branded pulses and water purifyer categories. Its rural retail Tata Kisan Sansar (TKS) network, agri-brand Paras and its subsidiaries, Rallis India Limited (Rallis) and Metahelix Life Sciences Limited (Metahelix) are established leaders in the agri space.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10007993 |
25/05/2006 |
400,000,000.00 |
STANDARD CHARTERED BANK |
90, MAHATMA GANDHI ROAD,, FORT,, MUMBAI, MAHARASHTRA - 400001, INDIA |
A01569474 |
|
2 |
10006692 |
25/05/2006 |
500,000,000.00 |
ICICI BANK LIMITED |
FREE PRESS HOUSE,, 215, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA |
A01568773 |
|
3 |
10006693 |
25/05/2006 |
500,000,000.00 |
BANK OF AMERICA |
EXPRESS TOWERS,, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA |
A01569151 |
|
4 |
10008799 |
25/05/2006 |
500,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED. |
52/60, MAHATMA GANDHI ROAD,, MUMBAI, MAHARASHTRA - |
A01569813 |
|
5 |
10006975 |
25/05/2006 |
600,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
A01583483 |
|
6 |
10007999 |
25/05/2006 |
750,000,000.00 |
CITI BANK N.A |
293 D N ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A01570696 |
|
7 |
10016030 |
25/05/2006 |
1,250,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCE BRANCH, MUMBAI, MAHARASHTRA - 400001, INDIA |
A01571082 |
|
8 |
10006694 |
25/05/2006 |
3,150,000,000.00 |
STATE BANK OF INDIA |
VOLTAS HOUSE, 23, J.N. HEREDIA MARG,, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
A01570167 |
|
9 |
90232274 |
17/03/2004 |
76,664,296.00 |
THE PRADESHIYA INDUSTRIAL AND INVESTMENT CO. LIMITED. |
GOMTI NAGAR, LUCKNOW, UTTAR PRADESH, INDIA |
- |
|
10 |
90232273 |
16/03/2004 |
10,000,000.00 |
CENTRAL BANK OF INDIA |
66 FLOOR ;M.G. ROAD, PAREL, MUMBAI, UTTAR PRADESH, INDIA |
- |
|
11 |
90232246 |
24/03/2003 * |
129,689,525.00 |
THE PRADESHIYA INDUSTRIA AND INVESTMENT CORPORATION |
"PICUP BHAWAN"' , GOMTI NAGAR,, LUCKNOW, UTTAR PRADESH - 226010, INDIA |
- |
|
12 |
90232186 |
18/04/2001 |
1,000,000,000.00 |
BANK OF BARODA |
BOMBAY SAMACHAR MARG, MUMBAI, MAHARASHTRA, INDIA |
- |
|
13 |
90232185 |
22/03/2001 * |
150,621,200.79 |
THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORPORATION |
"PICUP BHAWAN", , GOMTI NAGAR,, LACKNOW, UTTAR PRADESH - 226010, INDIA |
- |
|
14 |
90232183 |
26/02/2002 * |
295,320,000.00 |
UTI BANK LIMITED |
CENTRAL OFFICE, MAKER CHAMNBER, BOMBAY, MADHYA PRADESH, INDIA |
- |
|
15 |
80056746 |
27/03/2000 |
137,514,399.27 |
THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORP. OF U. |
'PICUP BHAWAN', GOMTI NAGAR, LUCKNOW, UTTAR PRADESH - 226010, INDIA |
- |
|
16 |
90232136 |
18/08/1999 |
500,000,000.00 |
STTAE BANK OF INDIA |
CAG BRRANCHKILLICK HOUSE, CHARANJIT RAO MARG, MUMBAI, UTTAR PRADESH, INDIA |
- |
|
17 |
80056747 |
24/03/1999 |
37,743,962.70 |
THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORP. OF U. |
'PICUP BHAWAN', GOMTI NAGAR, LUCKNOW, UTTAR PRADESH - 226010, INDIA |
- |
|
18 |
90232107 |
21/12/1998 * |
69,766,127.07 |
THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORP. OF U. |
'PICUP BHAWAN', GOMTI NAGAR, LUCKNOW, UTTAR PRADESH - 226010, INDIA |
- |
|
19 |
90232105 |
02/11/1998 * |
2,000,000,000.00 |
STTAE BANK OF INDIA |
COMMERCIAL BRANCH, G;N. VAIDYA MARG, MUMBAI, MAHA |
- |
|
20 |
90232091 |
12/08/1998 * |
500,000,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF |
163;BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA |
- |
|
21 |
90232075 |
20/03/1998 |
144,194,033.00 |
THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORP. OF U. |
'PICUP BHAWAN', GOMTI NAGAR, LUCKNOW, UTTAR PRADESH - 226010, INDIA |
- |
|
22 |
90232071 |
12/03/1998 * |
4,140,000,000.00 |
THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORP. OF U. |
'PICUP BHAWAN', GOMTI NAGAR, LUCKNOW, UTTAR PRADESH - 226010, INDIA |
- |
|
23 |
90232062 |
27/12/1997 |
16,900,000.00 |
BSNK OF BARODA |
BOMBAY MAIN HOUSE, PATEL STREET ; BARODA HOUSE, MUMBAI, UTTAR PRADESH, INDIA |
- |
|
24 |
90232041 |
26/07/2001 * |
1,400,000,000.00 |
THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORP. OF U. |
'PICUP BHAWAN', GOMTI NAGAR, LUCKNOW, UTTAR PRADESH - 226010, INDIA |
- |
|
25 |
90232027 |
08/07/1997 |
2,868,000.00 |
THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORP. OF U. |
'PICUP BHAWAN', GOMTI NAGAR, LUCKNOW, UTTAR PRADESH - 226010, INDIA |
- |
|
26 |
80056745 |
05/03/1997 |
134,250,715.31 |
THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORP. OF U. |
'PICUP BHAWAN', GOMTI NAGAR, LUCKNOW, UTTAR PRADESH - 226010, INDIA |
- |
|
27 |
90231984 |
18/07/1996 |
60,000,000.00 |
CENTRAL BANK OF INDIA |
66 FLOOR ;M.G. ROAD, PAREL, MUMBAI, UTTAR PRADESH, INDIA |
- |
|
28 |
90231946 |
03/07/1997 * |
977,500,000.00 |
STATE BANK OF INDIA |
CORPORATE ACC.;GROUP BRANCH, KLICK HOUSE, MUMBAI, |
- |
|
29 |
90231943 |
08/09/1995 |
300,000,000.00 |
CITIBANK N.A. |
SAKHAR BHAWAN, NARIMAN POINT, BOMBAY, MAHARASHTRA, INDIA |
- |
|
30 |
90231942 |
28/08/1995 |
300,000,000.00 |
BANK OF AMERICA |
EXPRESS TOWER, NARIMAN POINT, BOMBAY, MAHARASHTRA, INDIA |
- |
|
31 |
90231895 |
08/08/1994 |
2,640,000.00 |
CITIBANK N.A |
SAHKAR BHAWAN, NARIMAN POINT, MUMBAI, MAHARASHTRA, INDIA |
- |
|
32 |
90231892 |
11/07/1994 |
300,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE, MUMBAI, MAHARASHTRA, INDIA |
- |
|
33 |
90231858 |
29/12/1993 |
300,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE V.N. VAIDYA MARG, MUMBAI, MAHARASHTRA, INDIA |
- |
|
34 |
90231847 |
02/11/1993 |
300,000,000.00 |
STTAE BANK OF INDIA |
COMMERCIAL BRANCH, G;N. VAIDYA MARG, MUMBAI, MAHARASHTRA, INDIA |
- |
|
35 |
90231826 |
17/05/1993 * |
30,000,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF |
163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA |
- |
|
36 |
90231816 |
01/02/1993 |
290,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
163; BACKBAY RECLAMATION, 16; SANSAD MARG; P.B. NO; 163, MUMBAI, MAHARASHTRA, INDIA |
- |
|
37 |
90231805 |
21/10/1992 |
200,000,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF |
163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA |
- |
|
38 |
90231790 |
21/10/1992 * |
271,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE, MUMBAI, MAHARASHTRA, INDIA |
- |
|
39 |
90231787 |
17/05/1998 * |
290,000,000.00 |
LIFE INSURANCE CORPORATION OF INDIA |
CHURCHE GATE, 25-27; ASAF ALI ROAD, MUMBAI, MAHARASHTRA, INDIA |
- |
|
40 |
90231781 |
17/05/1993 * |
230,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE, MUMBAI, MAHARASHTRA, INDIA |
- |
|
41 |
90231764 |
30/12/1991 |
290,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
163; BACKBAY RECLAMATION, 16; SANSAD MARG; P.B. NO; 163, MUMBAI, MAHARASHTRA, INDIA |
- |
|
42 |
90231745 |
21/10/1992 * |
50,000,000.00 |
THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORP. OF U. |
'PICUP BHAWAN', GOMTI NAGAR, LUCKNOW, UTTAR PRADESH - 226010, INDIA |
- |
|
43 |
90231735 |
12/03/1998 * |
15,000,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF |
163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA |
- |
|
44 |
90231728 |
21/10/1992 * |
1,230,000,000.00 |
THE PRADESHIYA INDUSTRIAL AND INVESTMENT CORP. OF U. |
'PICUP BHAWAN', GOMTI NAGAR, LUCKNOW, UTTAR PRADESH - 226010, INDIA |
- |
|
45 |
90231629 |
22/06/1990 * |
628,900,000.00 |
BANK OF BARODA |
INDUSTRIAL FINANCE BRANCH,, BARODA HOUSE,C P STREET FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
46 |
90231547 |
08/11/1985 |
465,812.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF |
163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA |
- |
|
47 |
90231459 |
06/05/1981 |
10,331.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF |
163;BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA |
- |
|
48 |
90231455 |
29/01/1981 |
15,000,000.00 |
BANK OF BARODA |
BOMBAY SAMACHAR MARG, MUMBAI, MAHARASHTRA, INDIA |
- |
|
49 |
90231435 |
19/10/1979 |
5,900,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF |
163; BACKBAY RECLAMATION, NARIMAN POINT, BOMBAY, |
- |
|
50 |
90231401 |
20/12/1977 |
709,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF |
163; BACKBAY RECLAMATION, G, MUMBAI, UTTAR PRADESH, INDIA |
- |
|
51 |
90231397 |
24/06/1977 |
10,000,000.00 |
BSNK OF BARODA |
BOMBAY MAIN HOUSE, PATEL STREET ; BARODA HOUSE, MUMBAI, UTTAR PRADESH, INDIA |
- |
|
52 |
90231391 |
02/11/1982 * |
2,033,243.00 |
BANK OF BARODA |
BOMBAY SAMACHAR MARG, MUMBAI, MAHARASHTRA, INDIA |
- |
|
53 |
90231380 |
16/09/1975 |
36,122,372.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF |
163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA |
- |
|
54 |
90231376 |
22/11/1974 |
441,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF |
163; BACKBAY RECLAMATION, BOMBAY, MADHYA PRADESH, |
- |
|
55 |
90231361 |
13/02/1974 |
2,457,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF |
163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA |
- |
|
56 |
90231328 |
27/02/1969 |
126,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF |
163; BACKBAY RECLAMATION, NARIMAN POINT, BOMBAY, |
- |
|
57 |
90231312 |
15/04/1986 * |
20,000,000.00 |
BANK OF BARODA |
BARODA HOUSE, C.P. STREET, MUMBAI, MAHARASHTRA, INDIA |
- |
|
58 |
90231311 |
05/08/1965 |
1,000,000,000.00 |
BANK OF BARODA |
BOMBAY SAMACHAR MARG, MUMBAI, MAHARASHTRA, INDIA |
- |
|
59 |
90231299 |
30/11/1961 |
628,900,000.00 |
BANK OF BARODA |
BOMBAY SAMACHAR MARG, MUMBAI, MAHARASHTRA, INDIA |
- |
* Date of charge modification
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Machinery
· Furniture and Fittings
· Vehicles
· Office Equipment
· Saltworks, Reservoirs and Pans
· Traction Lines, Railway Sidings and Wagons
· Water Works
Standalone Audited
Financial Results for the quarter ended 30th June, 2014
(Rs. In Millions)
|
|
Particulars |
Quarter ended 30th June 2014 |
|
|
1 |
Income from
operations |
|
|
|
|
a) Sales / income from operations |
21576.400 |
|
|
|
Less : Excise duty |
616.200 |
|
|
|
Net sales/ income from operations |
20960.200 |
|
|
|
b) Other operating income |
201.300 |
|
|
|
Total income from
operations |
21161.500 |
|
|
2 |
Expenses |
|
|
|
|
a) Cost of materials consumed |
8391.400 |
|
|
|
b) Purchase of stock-in-trade |
8031.400 |
|
|
|
c) Changes in inventories of finished goods work-in- progress and stock-in-trade |
(5812.100) |
|
|
|
d) Employee benefits expense |
764.800 |
|
|
|
e) Power and fuel |
2381.900 |
|
|
|
f) Freight and forwarding charges |
1672.000 |
|
|
|
g) Depreciation and amortisation expense |
460.700 |
|
|
|
h) Other expenses |
2939.700 |
|
|
|
Total expenses (2a to 2h) |
18829.800 |
|
|
3 |
Profit from
operations before other income finance costs and exceptional Items (1-2) |
2331.700 |
|
|
4 |
Other income |
430.100 |
|
|
5 |
Profit from ordinary
activities before finance costs and exceptional Items (3+4) |
2761.800 |
|
|
6 |
Finance costs |
447.900 |
|
|
7 |
Profit from
ordinary activities after finance costs but before exceptional Items (5-6) |
2313.900 |
|
|
8 |
Exceptional items : |
|
|
|
|
a) Exchange loss (net) on foreign currency long term borrowings including revaluation thereof (note 3) |
-- |
|
|
|
b) Impairment of assets |
-- |
|
|
|
c) Compensation on voluntary retirement |
-- |
|
|
|
d) Loss on sale/provision for diminution in the value of long term investments |
-- |
|
|
9 |
Profit from
ordinary activities before Tax (7-8) |
2313.900 |
|
|
10 |
Tax expense |
618.600 |
|
|
11 |
Net profit after
Tax (9-10) |
1695.300 |
|
|
12 |
Paid-up equity share capital (Face value : Rs.10 per share) |
2548.200 |
|
|
13 |
Reserves excluding revaluation reserves |
-- |
|
|
14 |
Earnings per share
(in Rs.) |
|
|
|
|
- Basic |
6.65 |
|
|
|
- Diluted |
6.65 |
|
|
|
|
||
|
A |
Particulars of
Shareholding |
|
|
|
1. |
Public Shareholding |
|
|
|
|
- Number of Shares |
17,56,30,421 |
|
|
|
- Percentage of shareholding |
68.94% |
|
|
2. |
Promoters and
promoter group Shareholding a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
37,23,648 |
|
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
4.71% |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
1.46% |
|
|
|
b) Non-encumbered |
|
|
|
|
- Number of Shares |
7,54,02,209 |
|
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
95.29% |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
29.60% |
|
|
|
Particulars |
30.06.2014 |
|
B |
Investor Complaints
(Nos.) |
|
|
|
Pending at the beginning of the quarter |
-- |
|
|
Received during the quarter |
3 |
|
|
Disposed of during the quarter |
1 |
|
|
Remaining unresolved at the end of the quarter |
2 |
Standalone Audited
Segmentwise Revenue Results and Capital Employed
(Rs. In Millions)
|
Particulars |
Quarter ended 30th June 2014 |
|
1 Segment revenue |
|
|
a. Inorganic chemicals |
7908.400 |
|
b. Fertilisers (note 5) |
11118.100 |
|
c. Other agri inputs |
1656.900 |
|
d. Others |
610.400 |
|
Total |
21293.800 |
|
Less: Inter segment |
333.600 |
|
Total segment
revenue |
20960.200 |
|
2 Segment result |
|
|
a. Inorganic chemicals |
1834.500 |
|
b. Fertilisers (note 5) |
914.400 |
|
c. Other agri inputs |
180.800 |
|
d. Others |
(71.800) |
|
Total |
2857.900 |
|
Less : |
|
|
(i) Finance costs |
447.900 |
|
(ii) Net unallocated expenditure /(income) |
96.100 |
|
Profit before Tax |
2313.900 |
|
3 Capital employed |
|
|
a. Inorganic chemicals |
13078.300 |
|
b. Fertilisers (note 5) |
22688.700 |
|
c. Other agri inputs |
1015.200 |
|
d. Others |
911.600 |
|
e. Unallocated |
20771.400 |
|
Total |
58465.200 |
NOTES
1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 5th August, 2014 and the same have been audited by the Statutory Auditors.
2. During the quarter ended 30th June, 2014, the Company has reassessed the useful lives of its fixed assets. The revised useful lives, as assessed by Management, match with those specified in Part C of Schedule II to the Companies Act, 2013 for all classes of assets other than computers, motor cars and certain classes of buildings, roads and plant and machinery. Management believes that the revised useful lives of the assets reflect the periods over which these assets are expected to be used.
As a result of the change, the charge on account of depreciation for the quarter ended 30th June, 2014 is higher by Rs.74.400 Millions compared to useful lives estimated in earlier periods. In case of assets whose useful lives have ended, the carrying value, net of residual value as at 1st April, 2014 amounting to Rs.206.500 Millions (net of tax Rs.106.400 Millions) has been adjusted to the opening reserves as on 1st April, 2014 pursuant to the provisions of Schedule II to the Companies Act, 2013.
3. The figures of the quarter ended 31st March, 2014 are the balancing figures between audited figures in respect of the year ended 31st March, 2014 and the year to date figures upto the nine months ended 31st December, 2013.
4. The previous period figures have been regrouped / rearranged wherever necessary.
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.60.47 |
|
|
1 |
Rs.100.43 |
|
Euro |
1 |
Rs.79.40 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--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 |
|
70 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.