MIRA
INFORM REPORT
|
Report Date : |
06.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTAN ZINC LIMITED |
|
|
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Registered
Office : |
Yashad Bhavan, Yashadgarh, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
10.01.1966 |
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Com. Reg. No.: |
17-001208 |
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Capital
Investment / Paid-up Capital : |
Rs. 8450.600 Millions |
|
|
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CIN No.: [Company Identification
No.] |
L27204RJ1966PLC001208 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
JDHH00694B/ JDHH00701B/ JDH00759D/ JDHH00601G |
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|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing, selling, exploration, mining and concentration of zinc,
lead silver, cadmium, sulphuric acid, phosphoric acid and cobalt. |
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No. of Employees
: |
5599 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (81) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a “Vedanta Group Company”. It is an established company
having fine track record. Financial position of the company seems to be sound. Overall
fundamentals of the company seems to be strong and healthy. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payment
terms 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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 |
Long Term Rating = “AAA” |
|
Rating Explanation |
Highest degree of safety and carry lowest
credit risk |
|
Date |
12.11.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = “A1+” |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk |
|
Date |
12.11.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
Management Non-cooperative. (Tel. No.: 91-294-6604000)
LOCATIONS
|
Registered Office/ Head Office : |
Yashad Bhawan, Yashadgarh, Udaipur – 313
004, Rajasthan, India |
|
Tel. No.: |
91-294-2529182/2529183/2529184/2529185/181/2529102/103/104/225854/
225853 |
|
Fax No.: |
91-294-2526443/2523522/2525763/229012/225826 |
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E-Mail : |
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Website : |
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Corporate Office : |
Swaroop Sagar Road, Udaipur – 313004, Rajasthan, India |
|
Tel. No.: |
91-294-2529182 |
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Fax No.: |
91-284-2523522 |
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Mining Units: |
Located at:
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Smelting Units: |
Located at:
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Processing and
Refining Units: |
Located at:
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Wind Power
Farms: |
Located at:
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Exports / Marketing Office: |
Solitaire Corporate Park Business Square ‘C’ Wing, 2nd Floor, Andheri Kurla
Road, Chakala, Andheri (East), Mumbai – 400 093, Maharashtra, India Email: exportzinc@vedanta.co.in |
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|
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|
Power Operations: |
Located at: ·
Chanderiya Smelting Complex ·
Zawar Mines ·
Zinc Smelter Debari ·
Samana Wind Power
Plant ·
Gadag Wind Power
Plant |
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|
|
|
Regional Office: |
·
Northern Regional Office Scope Office Complex, Core – 6
IInd Floor,7, Lodi Road,New Delhi – 110003, India Tel - 91 11-24364988/24367261 Fax 91 11-24365421 Email sanjay.khanna@vedanta.co.in ·
Southern Regional Office #705, 7th Floor, Manipal
Centre, North Block, Rear Wing Dickenson Road, Bangalore – 560001, India Tel 91 80- 25590918 Fax 91 80- 25590917 Email: sundeep.prasanna@vedanta.co.in ·
Eastern Regional Office Flat No. 9/10, Chatterjee International Centre, Jawaharlal
Nehru Road, Kolkata – 700071, India Tel 91 33-2217763/22262627 Fax 91 33-22262627 Email: mohammed.azmatulla@vedanta.co.in ·
Western Regional Office Solitaire Corporate Park
Business Square ‘C’ Wing, 2nd Floor, Andheri Kurla Road, Chakala, Andheri
(East), Mumbai – 400 093, Maharashtra, India Tel 91-22-56434500 Fax 91-22-56434640 Email: Anuj.lal@vedanta.co.in |
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|
|
|
Branches : |
Located at : ·
301-302, Dohil Chambers, 46, Nehru Place, New
Delhi – 110 019, Delhi, India Tel. No.: 91-11-26280570 / 26463711 /
26419426 Fax No.: 91-11-26484614 ·
Chatterjee International Centre, 20th Floor, 33-A,
Chowringhee Road, Kolkata – 700 071, West Bengal, India Tel. No.: 91-33-22421761 / 22262627 /
22495413 Fax No.: 91-33-22457354 ·
47, Mittal Chambers, Nariman Point, Mumbai – 400
021, Maharashtra, India Tel. No.: 91-22-22025903 / 22049317 Fax No.: 91-22-22833341 ·
B-II, 403, Kamal Apartment, Bani Park, Near Ram
Mandir, Jaipur – 302 006, Rajasthan, India Tel. No.: 91-141-2200723 ·
Block No. 205, II Floor, 5-9-13, Tara Mandal
Complex, Saifabad, Hyderabad – 500 004, Andhra Pradesh, India Tel. No.: 91-40-2241712 / 2233516 /
2230307 ·
102, 8th Garden Colony, New Surya Apartment, C-G
Road, Panchawati, Ahmedabad – 380 008, Gujarat, India Tel. No.: 91-79-2656 1161 ·
No. 6, Amar Jyoti House, Building Co-operative
Society, Near Cordial School, Vijay Nagar, Bangalore – 560040, Karnataka,
India Tel. No.: 91-80-3300292 / 3305036 |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr.
Agnivesh Agarwal |
|
Designation : |
Chairman
|
|
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|
Name : |
Mr.
Akhilesh Joshi |
|
Designation : |
Chief
Executive Officer and Whole time
Director |
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|
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|
Name : |
Mr.
Durga Shankar Mishra |
|
Designation : |
Director |
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|
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|
Name : |
Mr.
Navin Agarwal |
|
Designation : |
Director |
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|
Name : |
Ms.
Shaukat Ara Tirmizi |
|
Designation : |
Director
|
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|
Name : |
Mr.
A.R. Narayanaswamy |
|
Designation : |
Director |
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|
Name : |
Mr.
Rajib Sekhar Sahoo |
|
Designation : |
Director |
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|
Name : |
Ms. Sujata Prasad |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Amitabh Gupta |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Names of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2743154310 |
64.92 |
|
|
2743154310 |
64.92 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
2743154310 |
64.92 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
39132372 |
0.93 |
|
|
2528631 |
0.06 |
|
|
1247950590 |
29.54 |
|
|
22597826 |
0.53 |
|
|
89736352 |
2.12 |
|
|
1401945771 |
33.18 |
|
|
|
|
|
|
31949029 |
0.76 |
|
|
|
|
|
|
41081510 |
0.97 |
|
|
4858943 |
0.11 |
|
|
2329437 |
0.06 |
|
|
1474686 |
0.03 |
|
|
830000 |
0.02 |
|
|
6251 |
0.00 |
|
|
18500 |
0.00 |
|
|
80218919 |
1.90 |
|
Total Public
shareholding (B) |
1482164690 |
35.08 |
|
Total (A)+(B) |
4225319000 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
4225319000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, selling, exploration, mining and concentration of zinc,
lead silver, cadmium, sulphuric acid, phosphoric acid and cobalt. |
GENERAL INFORMATION
|
No. of Employees : |
5599 (Approximately) |
|
|
|
|
Bankers : |
·
State Bank of Bikaner and Jaipur ·
IDBI Bank Limited ·
ICICI Bank Limited ·
HDFC Bank Limited ·
Citi Bank ·
Calyon Bank ·
Development Bank of Singapore ·
Kotak Mahindra Bank Limited ·
Yes Bank Limited |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. Annie Besant Road , Opposite Shiv Sagar Estate, Worli, Mumbai
- 400 018, Maharashtra, India |
|
Tel. No.: |
91-22-66679000 |
|
Fax No.: |
91-22-66679100 |
|
|
|
|
Holding Companies : |
·
Sterlite Industries (India) Limited (Immediate
and Ultimate in India) ·
Vedanta Resources
Plc. U. K. (Ultimate in U. K) |
|
|
|
|
Fellow subsidiaries : |
Bharat Aluminium Company Limited MALCO Energy Limited (Earlier Vedanta Aluminium Limited) Monte Cello BV* Copper Mines of Tasmania Pty Limited Thalanga Copper Mines Pty Limited* Sterlite Infra Limited (SIL)* Konkola Copper Mines Plc Sterlite (USA) Inc.* Fujairah Gold* Talwandi Sabo Power Limited THL Zinc Ventures Limited* THL Zinc Limited* THL Zinc Holding BV* THL Zinc Namibia Holdings (pty) Limited* Skorpion Zinc (Proprietary) Limited* Skorpion Mining Company (Proprietary) Limited* Namzinc (Proprietary) Limited* Amica Guesthouse (Proprietary) Limited* Rosh Pinah Health Care (Proprietary) Limited* Black Mountain Mining (Proprietary) Limited Vedanta Lisheen Holdings Limited* Vedanta Lisheen Mining Limited Killoran Lisheen Mining Limited* Killoran Lisheen Finance Limited* Sterlite Ports Limited* Sesa Mining Corporation Private Limited Sesa Resources Limited Sterlite Infraventures Limited* Paradip Multi Cargo Berth Private Limited* Pecvest 17 Proprietary Limited* Lisheen Mine Partnership* Vizag General Cargo Berth Private Limited.* Lakomasko BV.* Lisheen Milling Limited Bloom Fountain Limited* Western Clusters Limited* Goa Energy Limited* Twin Star Energy Holdings Limited* Twin Star Mauritius Holdings Limited * Vedanta Exploration Ireland Limited (Date of Incorporation - 16.05.2013)* Maritime Ventures Private Limited* Cairn India Limited* *No transactions during the year. |
|
|
|
|
Joint Venture - Jointly controlled entity : |
·
Madanpur South Coal Company Limited |
|
|
|
|
Others : |
·
Vedanta Foundation |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000000 |
Equity Shares |
Rs. 2/- each |
Rs.10000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4225319000 |
Equity Shares |
Rs. 2/- each |
Rs. 8450.600 Millions |
|
|
|
|
|
i.
Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
Equity shares of Rs. 2/- each outstanding
at the beginning of the year |
4225319000 |
8450.600 |
|
Equity Shares outstanding at the end of the year |
4225319000 |
8450.600 |
ii.
2,743154310 Equity Shares are held by M/s. Sterlite
Industries (India) Limited the holding company. The ultimate holding company is
Vedanta Resourses PLC, United Kingdom (VRPLC). No shares are held by VRPLC or
its other subsidiaries or associates.
iii.
Details of equity shares held by shareholders
holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Sesa Sterlite Limited |
2743154310 |
64.92% |
|
Government of India- President of India |
1247950590 |
29.54% |
iv.
Number of bonus shares allotted during the period of
five years immediately preceding
|
Particulars |
Number
of Shares |
|
Equity shares allotted as fully paid up by way of bonus shares without payment being received in
cash |
2112659500 |
The Company has one class of equity shares having a par value of Rs. 2 per share. Each equity shareholder is eligible for one vote per share held. Each equity shareholder is entitled to dividends as and when declared by the Company. Interim Dividend is paid as and when declared by the Board. Final dividend is paid after obtaining shareholder’s approval. Dividends are paid in Indian Rupees. In the event of liquidation the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amount in proportion to their shareholding.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
EQUITY AND
LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
8450.600 |
8450.600 |
8450.600 |
|
(b) Reserves & Surplus |
365725.500 |
314306.800 |
260362.000 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
374176.100 |
322757.400 |
268812.600 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
16581.100 |
12798.600 |
11088.100 |
|
(c) Other long term liabilities |
563.700 |
282.300 |
171.500 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
17144.800 |
13080.900 |
11259.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
3.900 |
|
(b) Trade payables |
5103.200 |
4034.700 |
4102.900 |
|
(c) Other current liabilities |
10184.800 |
6532.400 |
5631.500 |
|
(d) Short-term provisions |
10157.800 |
8248.700 |
5039.400 |
|
Total Current
Liabilities (4) |
25445.800 |
18815.800 |
14777.700 |
|
|
|
|
|
|
TOTAL |
416766.700 |
354654.100 |
294849.900 |
|
|
|
|
|
|
I. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
90234.300 |
84736.900 |
84657.200 |
|
(ii) Intangible Assets |
1238.200 |
100.500 |
471.000 |
|
(iii) Capital work-in-progress |
15409.400 |
10818.500 |
4449.600 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
28.100 |
27.000 |
25.900 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
29393.600 |
18982.900 |
8758.000 |
|
(e) Other Non-current assets |
0.000 |
2391.900 |
146.100 |
|
Total Non-Current
Assets |
136303.600 |
117057.700 |
98507.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
225035.800 |
145371.800 |
126922.600 |
|
(b) Inventories |
11982.400 |
11110.900 |
7979.400 |
|
(c) Trade receivables |
3995.100 |
4028.700 |
3324.500 |
|
(d) Cash and cash equivalents |
30314.200 |
69421.000 |
52553.200 |
|
(e) Short-term loans and advances |
3349.300 |
3733.200 |
2334.300 |
|
(f) Other current assets |
5786.300 |
3930.800 |
3228.100 |
|
Total Current Assets |
280463.100 |
237596.400 |
196342.100 |
|
|
|
|
|
|
TOTAL |
416766.700 |
354654.100 |
294849.900 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
136360.400 |
126998.400 |
114053.100 |
|
|
|
Other Income |
18993.900 |
20321.500 |
15428.300 |
|
|
|
TOTAL (A) |
155354.300 |
147319.900 |
129481.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
5012.600 |
7930.600 |
2176.900 |
|
|
|
Changes in inventories of finished goods and work-in-progress |
(1551.600) |
(1125.400) |
944.400 |
|
|
|
Employee benefits expense |
6800.600 |
6499.100 |
5346.400 |
|
|
|
Other expenses |
56483.600 |
48877.700 |
44890.800 |
|
|
|
Exceptional items |
616.700 |
175.300 |
431.300 |
|
|
|
TOTAL (B) |
67361.900 |
62357.300 |
53789.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
87992.400 |
84962.600 |
75691.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
449.400 |
291.000 |
139.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
87543.000 |
84671.600 |
75552.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7845.900 |
6470.400 |
6106.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
79697.100 |
78201.200 |
69445.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10650.900 |
9206.400 |
14185.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
69046.200 |
68994.800 |
55260.400 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
217241.700 |
170519.200 |
138044.700 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend to Equity shareholders |
NA |
6338.000 |
3802.800 |
|
|
|
Tax on proposed dividend |
NA |
1077.100 |
616.900 |
|
|
|
Interim dividend to Equity shareholders |
NA |
6760.500 |
6338.000 |
|
|
|
Tax on interim dividend |
NA |
1096.700 |
1028.200 |
|
|
|
Transfer to general reserves |
NA |
7000.000 |
11000.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
217241.700 |
170519.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on F.O.B. basis |
28576.100 |
27119.000 |
35703.100 |
|
|
TOTAL EARNINGS |
28576.100 |
27119.000 |
35703.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3428.200 |
9132.400 |
1953.600 |
|
|
|
Components, stores and spare parts |
7303.600 |
7370.700 |
9367.700 |
|
|
|
Capital Goods |
4719.000 |
3251.900 |
1731.500 |
|
|
TOTAL IMPORTS |
15450.800 |
19755.000 |
13052.800 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.34 |
16.33 |
13.08 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
44.44 |
46.93 |
42.68 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
58.45 |
61.58 |
60.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.86 |
22.75 |
23.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.24 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
11.02 |
12.63 |
13.29 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
8450.600 |
8450.600 |
8450.600 |
|
Reserves & Surplus |
260362.000 |
314306.800 |
365725.500 |
|
Net worth |
268812.600 |
322757.400 |
374176.100 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
3.900 |
0.000 |
0.000 |
|
Total borrowings |
3.900 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
114053.100 |
126998.400 |
136360.400 |
|
|
|
11.350 |
7.372 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
114053.100 |
126998.400 |
136360.400 |
|
Profit |
55260.400 |
68994.800 |
69046.200 |
|
|
48.45% |
54.33% |
50.64% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
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 |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
CASE DETAILS
Status of CIVIL
WRIT 284 of 2009
C.T.O. SPL. Circle, Udaipur
Vs. HINDUSTAN ZINC LIMITED
Pet’s Adv.: VK MATHUR
Res’s Adv.: DINESH MEHTA
Last Listed on: 10/01/2012
Court No: 7
Category: FOR HEARING – DUE
COURSE
PERFORMANCE REVIEW
They reported total revenue including other income of ` 15,535 Crores, an increase of 5.7% compared to FY 2013. The increase was driven by higher zinc sales volume and premium supported by rupee depreciation, partially offset by lower metal prices. The Company achieved profit before depreciation, interest and tax (PBDIT) of ` 8,799 Crores in FY 2014, up 3.6%, benefiting from higher integrated metal volumes and rupee depreciation, partially offset by lower metal prices.
Integrated refined zinc production this year was 742,975 MT, compared to 659,971 MT in FY 2013, an increase of 13%. The increase was due to improved operational efficiencies and higher roaster availability at their smelters. The total refined zinc production was 749,167 MT in FY 2014, compared to 676,921 MT in FY 2013.
They increased their integrated refined lead and saleable silver production, which are the highest ever at 117,763 MT and 301 MT – up 10% and 4% – respectively. Production of refined lead was helped by improved utilisation of smelter capacity. The increase in integrated silver metal production was mainly due to higher ore production during the fiscal, partly offset by temporarily lower grades especially in Sindesar Khurd mine. Total refined lead production was 129,858 MT and total silver production was 388 MT, up 4% and down 5%, respectively.
Their total power generation in FY 2014 was 3,471 million units, up 5% from FY 2013. Their wind power generation was down 12% at 448 million units, compared to that in FY 2013.
FINANCIAL
PERFORMANCE
The Company reported record profits of Rs. 69050.000 Millions for the year. The positive impact of higher EBITDA was partly offset by higher depreciation, lower other income and higher tax during the year.
The Company’s
financial performance has been discussed in detail in ‘Management Discussion
and Analysis’, which forms a part of this Annual Report.
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR QUARTER
ENDED 30TH JUNE 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended |
|
|
30.06.2014 |
|
|
(Unaudited) |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
29626.500 |
|
b) Other operating income |
445.400 |
|
Total
income from Operations(net) |
30071.900 |
|
2.
Expenditure |
|
|
a) Cost of material consumed |
1498.900 |
|
b) Purchase of stock in trade |
523.000 |
|
c) Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
729.900 |
|
d) Employees benefit expenses |
1617.400 |
|
e) Depreciation and amortization expenses |
2022.900 |
|
f) Consumption of stores ad Spares |
2962.000 |
|
g) Power and Fuel |
2276.400 |
|
h) Mining Royalty |
1986.800 |
|
i) Other mining and manufacturing expenses |
3665.400 |
|
j) Other expenditure |
1288.000 |
|
Total expenses |
18570.700 |
|
3. Profit from operations before other income and
financial costs |
11501.200 |
|
4. Other income |
7173.700 |
|
5. Profit from ordinary activities before finance costs |
18674.900 |
|
6. Finance costs |
76.000 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
18598.900 |
|
8.
Exceptional item |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
18598.900 |
|
10.Tax expenses |
2422.200 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
16176.700 |
|
12.Extraordinary Items (net of tax expense) |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
16176.700 |
|
14.Paid-up
equity share capital (Nominal value Re. 1/- per share) |
8450.600 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
16.i) Earnings per share (before extraordinary
items) of Re. 1/- each) (not annualised): |
|
|
(a) Basic and diluted |
3.83 |
|
ii) Earnings per share (after extraordinary items) |
|
|
(a) Basic and diluted |
3.83 |
|
|
|
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
1482164690 |
|
- Percentage of
shareholding |
35.08 |
|
2. Promoters and
Promoters group Shareholding- |
|
|
a) Pledged
/Encumbered |
|
|
Number of shares |
- |
|
Percentage of shares
(as a % of total shareholding of the promoter and promoter group) |
- |
|
Percentage of shares
(as a % of total share capital of the company) |
- |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
2743154310 |
|
Percentage of shares
(as a % of total shareholding of the promoter and promoter group) |
100 |
|
Percentage of shares
(as a % of total share capital of the company) |
64.92 |
|
B.
Investor Complaints |
30.06.2014 |
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
6 |
|
Disposed of during the quarter |
6 |
|
Remaining unreserved at the end of the quarter |
Nil |
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
Quarter Ended |
|
|
30.06.2014 |
|
|
(Unaudited) |
|
1. Segment Revenue (Net sales/income from operations) |
|
|
a. Zinc, Lead and Silver |
|
|
(i) Zinc and Leadb. Jute |
25861.500 |
|
(ii) Silver Metal
|
3176.900 |
|
Total |
29038.400 |
|
b. Wind Energy |
588.100 |
|
Net sales/Income from operations |
29626.500 |
|
|
|
|
2. Segment Result (Profit before
Interest and Tax) |
|
|
a. (i) Zinc and Leadb. Jute |
9454.000 |
|
(ii) Silver Metal
|
1859.200 |
|
Total |
11313.600 |
|
b. Wind Energy |
188.400 |
|
Total |
11502.000 |
|
Less : Interest |
76.000 |
|
Less: Exceptional Items (VRS in respect of
zinc, lead and silver) |
-- |
|
Add: Other un-allocable expenditure net off un-allocable
income. |
7172.900 |
|
Profit before Tax |
18598.900 |
|
|
|
|
3. Capital Employed |
|
|
a) Zinc and Lead |
109211.900 |
|
b. Wind Energy |
8174.200 |
|
c) Unallocate |
273003.200 |
|
Total |
390389.300 |
Note:
The above results for the quarter ended 30th June 2014 have been reviewed by Audit Committee and approved by the Board of Directors at their meeting held on 21st July 2014.The auditors have carried out "Limited Review" of the above results.
The Company has chosen to early adopt Accounting Standard (AS) 30 - Financial Instruments: Recognition and Measurement effective 1st April 2007 along with consequential revisions to other Accounting Standards as have been announced by the Institute of Chartered Accountants of India.
The figures of the last quarter are the balancing figures between audited figures in respect of full financial year ended 31st March 2014 and unaudited published year to date figures up to the third quarter ended 31st December 2013, in the financial year ended 31st March 2014. Figures for the prior year/periods have been regrouped and/or reclassified wherever considered necessary.
FIXED ASSETS:
·
Land
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Railway siding
·
Plant and
Equipment
·
Furniture and
Fixtures
·
Vehicles
·
Office
Equipment
·
Computer
software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.43 |
|
|
1 |
Rs. 98.64 |
|
Euro |
1 |
Rs. 78.20 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
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 |
|
81 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound
financial base with the strongest capability for timely payment of interest
and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate
working capital. No caution needed for credit transaction. It has above average
(strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not
cause fatal effect. Satisfactory capability for payment of interest and principal
sums |
Fairly
Large |
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome
financial difficulties seems comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to
be in default upon maturity |
Limited
with full security |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit
not recommended |
|
-- |
NB |
New
Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.