MIRA INFORM REPORT
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Report No. : |
345598 |
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Report Date : |
17.10.2015 |
IDENTIFICATION DETAILS
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Name : |
ADITYA BIRLA NUVO LIMITED (w.e.f. 27.10.2005) |
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Formerly Known
As : |
INDIAN
RAYON AND INDUSTRIES LIMITED (w.e.f. 23.01.1987) INDIAN
RAYON CORPORATION LIMITED |
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Registered
Office : |
Indian Rayon Compound, Junagadh – Veraval Road,
Veraval - 362266, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
26.09.1956 |
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Com. Reg. No.: |
04-001107 |
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Capital
Investment / Paid-up Capital : |
Rs.1301.400 Million |
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CIN No.: [Company
Identification No.] |
L17199GJ1956PLC001107 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
BRD100317C |
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PAN No.: [Permanent
Account No.] |
AAACI1747H |
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Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is an industrial conglomerate which is engaged in manufacturing
of viscose filament yarn, carbon black, branded garments, textiles and
insulators, it is also involved in life insurance, telecom, business process
outsourcing, information technology services, asset management and financial
services. |
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No. of Employees
: |
21700 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Aaa (89) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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Maximum Credit Limit: |
USD 243400000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of the Aditya Birla group which has interests in the telecom, financial services, fashion, cement, carbon black, and aluminum sectors, among others. It has a diversified portfolio of businesses, including fashion and lifestyle, urea, textiles, rayon yarn, and insulators. It also has significant investments in the life insurance, financial services and telecom sectors. It has excellent track record. Financial position of the company is strong. Overall fundamentals of the company is sound and healthy. The rating continues to reflect company’s diversified business risk profile marked by its strong market position and healthy operating efficiencies in its manufacturing business. The rating also take into consideration, an acceptable share price of Rs. 2176/- recorded by the company as against a face value of Rs.10 as on October 15, 2015. Trade relations are reported as fair. Business is active. Payment are reported to be regular. In view of strong holding, the company can be considered good
for normal business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
Commercial Paper = A1+ |
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Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
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Date |
May, 2015 |
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
31-03-2015.
INFORMATION DECLINED
Management non-cooperative (91-2876-245711)
LOCATIONS
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Registered Office : |
Indian Rayon Compound, Junagadh – Veraval Road,
Veraval - 362266, Gujarat, India |
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Tel. No.: |
91-2876-245711/
245735/ 245758/ 248401 |
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Fax No.: |
91-2876-243220 |
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E-Mail : |
irilsecretarial@adityabirla.com |
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Website : |
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Corporate Office : |
A-4, Aditya Birla
Centre, S K Ahire Marg, Worli, Mumbai – 400030, |
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Tel. No.: |
91-22-66525585 |
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Fax No.: |
91-22-66525821
/ 24995821 |
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Head Office : |
91,
Sakhar Bhawan, 9th Floor, 230 Nariman Point, Mumbai – 400021,
Maharashtra |
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Tel. No.: |
91-22-22045004 |
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Fax No.: |
91-22-22043686 |
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E-Mail : |
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Branch Office : |
Plot No.5B, Regent Gateway, Doddanakundi Village, Bangalore – 560048, Karnataka, India |
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Tel No. |
91-80-67271600 |
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Fax No.: |
91-80-67271616 |
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Unit Indian Rayon (Rayon Division): |
Ahura Centre, B-Wing, Mahakali Caves Road, Andheri (East), Mumbai - 400093, Maharashtra, India |
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Tel No.: |
91-22-29267931 |
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Fax No.: |
91-22-29267945 |
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Factory 1: |
GARMENTS DIVISION: Madura
Garments M G
House, Plot No. 5B, Doddanekkundi Industrial Area, 1 Stage, Krishnaraja Puram
Hobli, Brookefields, Bangalore - 560048, Karnataka, India |
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Tel No. |
91-80-67271600 |
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Fax No.: |
91-80-67272626 |
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E mail: |
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Factory 2: |
RAYON DIVISION Indian
Rayon Division Veraval
- 362266, Gujarat, |
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Tel No. |
91-2876-245711/
248401 |
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Fax No.: |
91-2876-243220 |
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E mail: |
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Factory 3: |
CARBON BLACK DIVISIONS: Hi-Tech
Carbon Murdhwa
Industrial Area, P. O. Renukoot, District Sonbhadra - 231217, |
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Tel No. |
91-5446-252387
to 391 |
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Fax No.: |
91-5446-252502/
252858 |
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E mail: |
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Factory 4: |
Argon Gas Plant: Rajashree
Gases IGFL
Complex, P. O. Jagdishpur Industrial Area, District Sultanpur - 227817, |
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Tel No. |
91-5361-270032
to 38 |
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Fax No.: |
91-5361-270595/
270165/ 270172 |
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E mail: |
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Factory 5: |
HITECH CARBON, GUMMIDIPOONDI K-16,
Phase II, SIPCOT Industrial Complex, Gummidipoondi, District Tiruvallur –
601201, Tamilnadu, |
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Tel No. |
91-4119-223233
to 36 |
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Fax No.: |
91-4119-223129/
223116 |
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E mail: |
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Factory 6: |
Textile Plants: Jaya Shree Textiles P.
O. Prabhasnagar, District Hooghly - 712249, West |
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Tel No. |
91-33-26721146/
26001200 |
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Fax No.: |
91-33-26721683/
26722626 |
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E mail: |
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Factory 7: |
Rajashree
Syntex P.
O. Tantigaria, District Midnapur Paschim - 721102, West Bengal, India |
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Tel No. |
91-3222-263131/
275820/ 263964 |
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Fax No.: |
91-3222-275528 |
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E mail: |
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Factory 8: |
Other Division: Aditya Birla Insulator (Domestic
Marketing) P.
O. Meghasar Taluka Halol, District Panchmahal - 389330, Gujarat, |
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Tel No. |
91-2676-221002 |
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Fax No.: |
91-2676-223375 |
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E mail: |
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Factory 9: |
Fertilizer Plant : P.O.
Jagdishpur Industrial Area, District Sultanpur - 227817, |
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Tel No. |
91-5361-270032-38 |
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Fax No.: |
91-5361-270165/
270595 |
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E mail: |
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Factory 10 : |
Financial Services Division Appejay,
2nd Floor, Shahhid Bhagat Singh Road, Fort, Mumbai - 400001,
Maharashtra, India |
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Tel No. |
91-22-22880660 |
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Fax No.: |
91-22-22881088 |
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E mail: |
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Factory 11: |
Insulator Plants P.O.
Meghasar, Taluka: Halol, District Panchmahal - 389330, |
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Tel No. |
91-2676-221002 |
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Fax No.: |
91-2676-223375 |
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E mail: |
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Factory 12: |
Aditya Birla Insulators, Rishra P.O.
Prabhas Nagarl, Rishra, District Hoogly S- 712249, West |
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Tel No. |
91-33-26723535 |
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Fax No.: |
91-33-26722705 |
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E mail: |
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Factory 13 : |
Hi-Tech Carbon, Patalganga Village: Lohop,
Talavali, Patalganga, Taluka: Khalapur, District Raigad - 410207, |
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Website : |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Lalitkumar Shantaram Naik |
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Designation : |
Deputy Managing Director |
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Address: |
2 Pujari Apartments, Off Sion Trombay Road, Deonar, Mumbai - 400088, Maharashtra, India |
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Date of Birth/Age : |
18.10.1961 |
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Qualification : |
IIT (Kanpur), IIM |
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Date of Appointment : |
01.01.2013 |
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DIN No.: |
02943588 |
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Name : |
Mr. Kumar Mangalam Birla |
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Designation : |
Non-Executive Chairman |
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Address: |
Mangal Adityayan, 20 Carmichel Road, Behind Jaslok Hosital, Mumbai - 400026, Maharashtra, India |
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Date of Birth/Age : |
14.06.1967 |
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Qualification : |
B.Com, A.C.A, M.B.A (London) |
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Date of Appointment : |
23.09.1992 |
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DIN No.: |
00012813 |
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Name : |
Mrs. Rajashree Birla |
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Designation : |
Non-Executive Director |
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Address: |
Mangal Adityayan, 20 Carmichel Road, Behind Jaslok Hospital, Mumbai - 400026, Maharashtra, India |
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Date of Birth/Age : |
15.09.1945 |
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Qualification : |
B.A. |
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Date of Appointment : |
14.03.1996 |
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DIN No.: |
00022995 |
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Name : |
Ms. Tarjani Vakil |
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Designation : |
Independent Director |
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Address: |
A-1, Ishwardas Mansion, Nana Chowk, Mumbai - 400007, Maharashtra, India |
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Date of Birth/Age : |
30.10.1936 |
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Qualification : |
M.A. |
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Date of Appointment : |
27.07.2000 |
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DIN No.: |
00009603 |
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Name : |
Mr. Subhash Chandra Bhargava |
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Designation : |
Independent Director |
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Address: |
1305 Dosti Aster (Dosti Acres), New Uphil, Link Road Off S.M.Road, Antop Hill, Wadala, East, Mumbai - 400037, Maharashtra, India |
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Date of Birth/Age : |
20.07.1945 |
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Qualification : |
B.Com.
(Hons.), F.C.A. |
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Date of Appointment : |
29.04.2004 |
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DIN No.: |
00020021 |
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Name : |
Mr. Baldev Raj gupta |
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Designation : |
Independent Director |
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Address: |
HNO_ 1180, Urban Estate, Phase 1, Jalandhar - 144022,
Punjab, India |
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Date of Birth/Age : |
15.02.1940 |
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Qualification : |
M.A. (English), LL.B., FIIII |
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Date of Appointment : |
28.01.2000 |
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DIN No.: |
00020066 |
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Name : |
Mr. Tapasendra Chattopadhyay |
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Designation : |
Nominee Director |
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Address: |
Flat No. 408, C Block, Pasha Court, Somajiguda,, Hyderabad - 500082, Andhra Pradesh, India |
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Date of Birth/Age : |
31.03.1951 |
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Qualification : |
M. Sc (Chemistry) |
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Date of Appointment : |
30.05.2011 |
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DIN No.: |
00041581 |
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Name : |
Mr. Murari Pejavar |
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Designation : |
Director |
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Address: |
2, Gilchrist Avenue, Harrington Road, Chetpet, Chennai - 600031, Tamil Nadu, India |
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Date of Appointment : |
28.01.2000 |
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DIN No.: |
00020437 |
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Name : |
Mr. Gianprakash dharamprakash gupta |
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Designation : |
Director |
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Address: |
101, Kaveri 'B' Wing, Neelkanth Valley, Rajawadi, Ghatkopar (E), Mumbai, 400077, Maharashtra, India |
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Date of Appointment : |
27.04.2005 |
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DIN No.: |
00017639 |
KEY EXECUTIVES
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Name : |
Mr. Ashok Malu |
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Designation : |
Company Secretary |
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Address: |
5 / 702, Meridian Apartment, Veera Desai Road, Andheri (West), Mumbai - 400053, Maharashtra, India |
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Date of Appointment : |
01.03.2015 |
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PAN No.: |
ACAPM5528R |
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Name : |
Ms. Pinky Atul Mehta |
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Designation : |
CFO |
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Address: |
602, Shree Vishwas, 6th Floor Sir P.M. Road, Near, Kunku Wadi Hanuman Mandir, Vile Parle (East), Mumbai - 400057, Maharashtra, India |
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Date of Appointment : |
01.07.2015 |
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PAN No.: |
AAHPM2967P |
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Senior
Management Team : |
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Name : |
Mr. Sushil Agarwal |
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Designation : |
Whole-Time Director and Chief
Financial Officer |
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Aditya Birla Financial Services : |
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Name : |
Mr.
Ajay Srinivasan |
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Designation : |
Chief
Executive Officer |
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Name : |
Mr.
Pankaj Razdan |
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Designation : |
Dy. Chief Executive Officer MD and CEO, Birla Sun Life
Insurance Company Limited |
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TELECOM : |
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Name : |
Mr. Himanshu Kapania |
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Designation : |
Business Head |
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MANUFACTURING: |
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AGRI AND INSULATORS :
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Name : |
Mr.
Lalit Naik |
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Designation : |
Business
Director |
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Name : |
Mr.
Raj Narayanan |
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Designation : |
Chief
Executive Officer |
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Name : |
Dr.
Rakesh Jain |
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Designation : |
Business Director [upto 30th June, 2014] |
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RAYON : |
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Name : |
Mr.
Lalit Naik |
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Designation : |
Business
Director |
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Name : |
Dr.
Bir Kapoor |
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Designation : |
President |
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FASHION AND LIFESTYLE : |
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Name : |
Mr.
Pranab Barua |
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Designation : |
Business
Head (Branded Apparels) |
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Name : |
Mr.
Thomas Varghese |
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Designation : |
Business
Head (Textiles) |
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Name : |
Mr.
Ashish Dikshit |
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Designation : |
Chief
Executive Officer (Madura Fashion and Lifestyle) |
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Name : |
Mr.
Shital Mehta |
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Designation : |
Chief
Executive Officer (Pantaloons Fashion) |
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Name : |
Mr.
S. Krishnamoorthy |
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Designation : |
President - Jaya Shree Textiles |
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CORPORATE FINANCE DIVISION |
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Name : |
Mr.
Shriram Jagetiya |
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Designation : |
President
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SHAREHOLDING PATTERN
As on 30.06.2015
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Category of Shareholder |
Total No. of Shares |
As a % of (A+B) |
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(A) Shareholding of Promoter and Promoter Group |
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136203 |
0.11 |
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74308494 |
58.52 |
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74444697 |
58.63 |
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Total shareholding of Promoter and Promoter Group (A) |
74444697 |
58.63 |
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(B) Public Shareholding |
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|
6626357 |
5.22 |
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|
7484821 |
5.89 |
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|
1419172 |
1.12 |
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19310501 |
15.21 |
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|
6257 |
0.00 |
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|
6257 |
0.00 |
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|
34847108 |
27.44 |
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|
3769937 |
2.97 |
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|
11275007 |
8.88 |
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|
1284994 |
1.01 |
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|
1355457 |
1.07 |
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|
377334 |
0.30 |
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|
950923 |
0.75 |
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|
1441 |
0.00 |
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|
25759 |
0.02 |
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|
17685395 |
13.93 |
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Total Public shareholding (B) |
52532503 |
41.37 |
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Total (A)+(B) |
126977200 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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|
1425000 |
0.00 |
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|
1740126 |
0.00 |
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|
3165126 |
0.00 |
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Total (A)+(B)+(C) |
130142326 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is an industrial conglomerate which is engaged in
manufacturing of viscose filament yarn, carbon black, branded garments,
textiles and insulators, it is also involved in life insurance, telecom,
business process outsourcing, information technology services, asset
management and financial services. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
21700 (Approximately) |
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Bankers : |
· State Bank of India · Kotak Mahindra Bank Limited · Mizuho Bank Limited
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Facilities : |
NOTES: (Rs.
In Million)
- Effective cost has been calculated with hedged cost in
terms of foreign currency loan and net of interest subsidy in case of TUF
loans. - Foreign Currency Loans have been fully hedged for foreign exchange and interest rate fluctuation by way of Currency & Interest Rate swaps, Interest swaps and Long Term Forward Contracts. - Effective cost has been calculated with hedged cost in terms of foreign currency loan and net of interest subsidy in case of TUF loans |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Auditors : |
|
|
Name 1 : |
Khimji Kunverji and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Name 2 : |
S.R. Batliboi and Company LLP Chartered Accountants |
|
|
|
|
Branch Auditors: |
|
|
Name 1 : |
K. S. Aiyar and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Name 2 : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
|
Solicitors : |
|
|
|
|
|
Subsidiaries: |
|
|
|
|
|
Joint Ventures : |
|
|
|
|
|
Associates : |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175000000 |
Equity Shares |
Rs.10/- each |
Rs.1750.000 Million |
|
500000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs.50.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs.1800.000
Million |
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
130279180 |
Equity Shares |
Rs.10/- each |
Rs.1302.800 Million |
|
|
|
|
|
|
|
Total |
|
Rs.1302.800
Million |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
130137193 |
Equity Shares |
Rs.10/- each |
Rs.1301.400 Million |
|
|
|
|
|
|
|
|
|
|
NOTES:
- Reconciliation
of the number of shares outstanding at the beginning and at the end of the
period
|
Equity Shares |
Equity
Shares |
Preference
Shares |
|
No. of Shares Outstanding at the beginning of the period @ Rs.10/-
each |
130084972 |
10000 |
|
Allotment of Rights Shares kept in abeyance on various dates @ Rs.10/-
each |
-- |
-- |
|
Allotment of Shares on exercise of option by employee under ESOS-2006 |
52221 |
-- |
|
Conversion of Warrants into Equity Shares by the Promoter Group |
9820000 |
-- |
|
No. of Shares Outstanding at the end of the period @ Rs.10/- each |
130137193 |
10000 |
- Term/Right Attached to Equity Shares
The Company has only one class of equity shares having a
par value of Rs.10 per share. Each holder of equity shares is entitled to one
vote per share. The Company declares and pays dividend in Indian rupees. The
dividend proposed by the Board of Directors is subject to the approval of the
shareholders in the Annual General Meeting. In the event of liquidation of the
Company, the holders of equity shares will be entitled to receive remaining
assets of the Company, after distribution to all preferential holders. The
distribution will be in proportion to the number of equity shares held by the
shareholders.
The Board of Directors has recommended Equity Dividend of
Rs.7.00 per share for the year ended 31st March, 2015 (Previous Year: Rs.7.00
per share). The total cash outflows on account of the Equity Dividend would be
Rs.910.600 Million (Previous Year: Rs.910.600 Million) and Dividend
Distribution Tax thereon (Net of Tax Credit on dividend from subsidiary
companies) would Rs.185.500 Million (Previous Year: Rs.66.700).
- During the year, 10,000-6% Redeemable Cumulative
Preference Shares of ` 100/- each of the Company have been redeemed out of
the profits of the Company, on 29th September 2014. These preference
shares carry cumulative dividend @6% p.a. An Interim Dividend of ` ß has
been declared and paid on these preference shares on pro-rata basis and
Dividend Distribution Tax thereon of ` ß has been paid.
- The Company
does not have any Holding Company.
- Shares in the
Company held by each shareholder holding more than 5 per cent shares and
the number of shares held are as under:
EQUITY SHARES
|
Name of
Shareholder |
Number of Shares
|
% holding |
|
IGH Holdings Private Limited |
16352102 |
12.57% |
|
TGS Investment and Trade
Private Limited |
13506736 |
10.38% |
|
Umang Commercial Company
Limited* |
12494935 |
9.60% |
|
Trapti Trading and
Investments Private Limited |
9423935 |
7.24% |
|
Hindalco Industries Limited |
8650412 |
6.65% |
|
Life Insurance Corporation
of India |
7759191 |
5.96% |
*During the year Mangalam Services Limited merged with
Umang Commercial Company Limited.
PREFERENCE
SHARES
|
Name of
Shareholder |
Number of Shares
|
% holding |
|
|
|
|
|
Naman Finance and Investment
Private Limited |
-- |
-- |
|
Infocyber (India) Private
Limited |
-- |
-- |
- Share reserved for
issue under options and contracts, including the terms and amounts:
For details of Shares reserved for issue under the Employee
Stock Options Plan (ESOP) of the Company refer Note: 41.
- There are no Equity and Preference Shares
issued as fully paid-up pursuant to any contract in consideration of other
than cash or bought back during the preceding last five years except issue
of 10,000 6% Redeemable Cumulative Preference Shares of Rs.100 each
pursuant to a Scheme of Composite Arrangement to shareholders of
Pantaloons Fashion and Retail Limited.
- Pursuant to the
provisions of Section 206A of Companies Act, 1956, the issue of following
equity shares are kept in abeyance.
|
Name of
Shareholder |
Number of Shares
|
|
Rights Issue (1994) |
12575 |
|
Bonus Share on Above |
6288 |
|
Rights Issue (2007) |
22460 |
- In the year 1997, the Company had forfeited 4,487
shares held by 299 holders on account of non-payment of call money with
interest on shares issued against each detachable warrant.
- 3,182,052 Equity Shares are represented by
Global Depository Receipts.
- During the last five years, preceding 31st March,
2015, there were 80 Bonus Shares (Previous Year: 420 Bonus Shares) issued
out of shares kept in abeyance.
- Figures in brackets
represent the corresponding number of shares for Previous Year.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1301.400 |
1301.800 |
1203.100 |
|
(b) Reserves & Surplus |
83888.500 |
79775.600 |
65096.900 |
|
(c) Money received against share
warrants |
0.000 |
0.000 |
2236.200 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
85189.900 |
81077.400 |
68,536.200 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
14804.600 |
13921.900 |
14179.100 |
|
(b) Deferred tax liabilities (Net) |
1063.800 |
878.900 |
1553.300 |
|
(c) Other long term
liabilities |
1145.900 |
968.300 |
854.900 |
|
(d) long-term
provisions |
64.900 |
52.200 |
53.600 |
|
Total Non-current
Liabilities (3) |
17079.200 |
15821.300 |
16640.900 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
19593.700 |
21340.000 |
20883.900 |
|
(b) Trade
payables |
17028.500 |
15054.400 |
15262.800 |
|
(c) Other
current liabilities |
4944.500 |
4532.700 |
8929.600 |
|
(d) Short-term
provisions |
2661.100 |
2087.800 |
1902.300 |
|
Total Current
Liabilities (4) |
44227.800 |
43014.900 |
46978.600 |
|
|
|
|
|
|
TOTAL |
146496.900 |
139913.600 |
132155.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
18675.800 |
14932.300 |
19134.900 |
|
(ii)
Intangible Assets |
0.000 |
484.500 |
530.400 |
|
(iii)
Capital work-in-progress |
0.000 |
3065.900 |
2096.600 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
10.300 |
|
(b) Non-current Investments |
86949.900 |
79523.400 |
58566.600 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1966.300 |
1924.00 |
2863.200 |
|
(e) Other
Non-current assets |
7.400 |
7.800 |
8.100 |
|
Total Non-Current
Assets |
107599.400 |
99937.900 |
83210.100 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
300.000 |
156.500 |
2780.000 |
|
(b)
Inventories |
12470.000 |
11037.200 |
13932.800 |
|
(c) Trade
receivables |
22511.400 |
20457.00 |
28072.600 |
|
(d) Cash
and cash equivalents |
450.500 |
391.300 |
555.200 |
|
(e)
Short-term loans and advances |
2736.200 |
7206.800 |
2897.000 |
|
(f) Other
current assets |
429.400 |
726.900 |
708.000 |
|
Total
Current Assets |
38897.500 |
39975.700 |
48945.600 |
|
|
|
|
|
|
TOTAL |
146496.900 |
139913.600 |
132155.700 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
89382.600 |
80203.500 |
97545.000 |
|
|
|
Other Income |
1715.100 |
3714.200 |
2092.500 |
|
|
|
TOTAL (A) |
91097.700 |
83917.700 |
99637.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost
of Materials Consumed |
33224.900 |
29441.200 |
43275.000 |
|
|
|
Purchase
of Stock-in- |
12833.100 |
11913.800 |
16362.500 |
|
|
|
Changes
in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade) |
(434.400) |
(2044.300) |
(123.400) |
|
|
|
Employee
Benefits Expenses |
7416.000 |
6386.900 |
5967.300 |
|
|
|
Power
and Fuel |
8430.100 |
9550.000 |
8685.000 |
|
|
|
Other Expenses |
17772.100 |
16212.000 |
14310.400 |
|
|
|
Exceptional Items |
0.000 |
(240.600) |
0.000 |
|
|
|
TOTAL (B) |
79241.800 |
71219.000 |
88,476.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
11855.900 |
12698.700 |
11160.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2633.000 |
2665.600 |
3600.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9222.900 |
10033.100 |
7560.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1893.600 |
1990.200 |
2191.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7329.300 |
8042.900 |
5368.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2052.400 |
1303.400 |
1138.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
5276.900 |
6739.500 |
4230.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2225.600 |
1673.400 |
513.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
5000.000 |
2000.000 |
|
|
|
Debenture Redemption Reserve |
NA |
209.800 |
288.900 |
|
|
|
Proposed Dividend on Preference Shares |
NA |
0.100 |
0.100 |
|
|
|
Proposed Dividend on Equity Shares |
NA |
910.600 |
781.400 |
|
|
|
Corporate Tax on Dividend |
NA |
66.700 |
0.000 |
|
|
|
Equity Dividend relating to Previous Period |
NA |
0.100 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
2225.600 |
1673.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
On Export of Goods (F.O.B. Basis) |
728.59 |
7480.700 |
8742.100 |
|
|
|
On Export of Traded Goods (F.O.B. Basis) |
21.400 |
34.300 |
91.900 |
|
|
|
Service Charge |
NA |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
749.990 |
7515.000 |
8834.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
11475.200 |
11372.800 |
23754.600 |
|
|
|
Stores & Spares |
148.400 |
195.100 |
196.200 |
|
|
|
Capital Goods |
700.800 |
1606.400 |
1055.000 |
|
|
|
Purchase of Finished Goods |
701.500 |
1141.700 |
7267.600 |
|
|
TOTAL IMPORTS |
13025.900 |
14316.000 |
32273.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
40.56 |
54.30 |
37.23 |
|
|
|
Diluted |
40.49 |
53.74 |
36.56 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
248.240 |
2271.800 |
4768.400 |
|
Cash generated from operations |
(614.600) |
5769.900 |
(6659.700) |
|
Net Cash Flow From operations |
788.00 |
988.000 |
20.000 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2015 |
|
(Unaudited) |
1ST
Quarter |
|
Net Sales |
767.800 |
|
Total Expenditure |
783.600 |
|
PBIDT (Excl OI) |
(15.800) |
|
Other Income |
68.900 |
|
Operating Profit |
53.100 |
|
Interest |
33.400 |
|
Exceptional Items |
- |
|
PBDT |
19.700 |
|
Depreciation |
77.900 |
|
Profit Before Tax |
(58.200) |
|
Tax |
0.900 |
|
Provisions and
contingencies |
NA |
|
Profit After Tax |
(59.100) |
|
Extraordinary Items |
NA |
|
Prior Period Expenses |
NA |
|
Other Adjustments |
NA |
|
Net Profit |
(59.100) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
5.90 |
8.40 |
4.34 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
13.26 |
15.83 |
11.44 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.31 |
14.03 |
7.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.10 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.41 |
0.46 |
0.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.88 |
0.93 |
1.04 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
Market Value |
Rs.2176.00/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
1203.100 |
1301.800 |
1301.400 |
|
Reserves & Surplus |
65096.900 |
79775.600 |
83888.500 |
|
Money received against share
warrants |
2236.200 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
68536.200 |
81077.400 |
85189.900 |
|
|
|
|
|
|
long-term borrowings |
14179.100 |
13921.900 |
14804.600 |
|
Short term borrowings |
20883.900 |
21340.000 |
19593.700 |
|
Current maturities of
long-term debts |
4768.400 |
2271.800 |
248.240 |
|
Total
borrowings |
39831.400 |
37533.700 |
34646.540 |
|
Debt/Equity
ratio |
0.581 |
0.463 |
0.407 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
97545.000 |
80203.500 |
89,382.600 |
|
|
|
(17.778) |
11.445 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
97545.000 |
80203.500 |
89382.600 |
|
Profit |
4230.500 |
6739.500 |
5276.900 |
|
|
4.34% |
8.40% |
5.90% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity -Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
No |
|
8] |
Designation of contact person |
No |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
STANDALONE
UNAUDITED RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2015
(Rs. In Million)
|
Sr. No |
Particulars |
Standalone |
|
|
|
|
Quarter Ended |
|
|
|
|
30.06.2015 |
|
|
1 |
Income From
Operations |
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
22523.900 |
|
|
|
b. Other Operating Income |
156.000 |
|
|
|
Total Income from
Operations (Net) |
22679.900 |
|
|
2 |
Expenditure |
|
|
|
|
a. Cost of material Consumed |
8787.400 |
|
|
|
b. Purchase of Stock-in trade |
2502.500 |
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
497.900 |
|
|
|
d. Employees Benefit Expenses |
1933.300 |
|
|
|
e. Power and Fuel |
1842.300 |
|
|
|
f. Depreciation and Amortisation Expenses |
458.700 |
|
|
|
g. Other expenses |
4629.000 |
|
|
|
Total Expenses |
20651.100 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
2028.800 |
|
|
4 |
Other Income |
98.000 |
|
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
2126.800 |
|
|
6 |
Finance Costs |
706.800 |
|
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
1420.000 |
|
|
8 |
Exceptional items |
0.000 |
|
|
9 |
Profit before tax |
1420.000 |
|
|
10 |
Tax Expense |
452.600 |
|
|
11 |
Net Profit After
Tax |
967.400 |
|
|
12 |
Paid-up equity share capital (face value of Rs.10 per share) |
1301.400 |
|
|
13 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
- |
|
|
14 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
Basic EPS |
7.43 |
|
|
|
Diluted EPS |
7.42 |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
17 |
Public Shareholding |
|
|
|
|
- No. of shares |
52532503 |
|
|
|
- Percentage of shareholding |
40.37% |
|
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- No. of shares |
Nil |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
Nil |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
Nil |
|
|
|
b) Non-encumbered |
|
|
|
|
- No. of shares |
74444697 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
57.20% |
|
|
|
Particulars |
3 months ended 30th June 2015 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
-- |
|
|
Received during the quarter |
7 |
|
|
Disposed off during the quarter |
7 |
|
|
Remaining unresolved at the end of the
quarter |
- |
STATEMENT OF STANDALONE UNAUDITED RESULTS FOR
THE QUARTER ENDED 30TH JUNE 2015
(Rs. In Million)
|
Particulars |
Quarter
Ended (
Unaudited) |
|
|
30.06.2015 |
|
1.
Segment Revenue |
|
|
Branded Apparels and Accessories |
8368.700 |
|
Textiles |
4029.000 |
|
Agri-Business (Fertilizers, Agro-Chemicals
and seeds) |
6717.100 |
|
Rayon Yarn (including Caustic soda and
allied chemicals) |
2216.200 |
|
Insulator |
1372.900 |
|
Total |
22703.900 |
|
Less : Inter Segment Revenue |
(24.000) |
|
Total
Income from Operation (Net) |
22679.900 |
|
|
|
|
2.
Segment Result |
|
|
Branded Apparels and Accessories |
500.500 |
|
Textiles |
444.900 |
|
Agri-Business (Fertilizers, Agro-Chemicals
and seeds) |
513.900 |
|
Rayon Yarn (including Caustic soda and allied
chemicals) |
493.100 |
|
Insulator |
208.600 |
|
Total |
2161.000 |
|
Less : Interest |
(706.800) |
|
Add: Interest Income |
63.800 |
|
Less: Other Un allocated
(Expenditure)/Income - net |
(98.000) |
|
Profit
after Finance Cost But Before Exceptional Items |
1420.000 |
|
Exceptional Items |
0.000 |
|
Profit
Before Tax |
1420.000 |
|
3. Capital
Employed (Segment Assets-Segment Liabilities) |
|
|
Branded Apparels and Accessories |
4634.800 |
|
Textiles |
3453.000 |
|
Agri-Business (Fertilizers, Agro-Chemicals
and seeds) |
13871.800 |
|
Rayon Yarn (including Caustic soda and
allied chemicals) |
72.33.800 |
|
Insulator |
3842.300 |
|
Total
Segment Capital Employed |
33035.700 |
|
Add: In allocated Corporate Assets |
86201.200 |
|
Total Capital
Employed |
119236.900 |
Notes:
1. The Board of Directors of Aditya Birla Nuvo
Limited (the Company) at its meeting held on May 03, 2015, have considered a Composite
Scheme of Arrangement between the Company, Madura Garments Lifestyle Retail
Company Limited ('MGLRCL' 100% subsidiary) and Pantaloons Fashion and Retail
Limited ('PFRL' 72.62% subsidiary) and their respective shareholders and
creditors under Sections 391 to 394 of the Companies Act,
1956 ["Composite Scheme"].
Pursuant to the said scheme, a branded apparel
retailing division of the Company (Madura Fashion) and a luxury branded apparel
retailing division of MGLRCL (Madura Lifestyle) will be demerged from
respective compares and will be merged into PFRL. Shareholders to the Company
will get 26 new equity shares of PFRL for every 5 equity shares held in the
Company pursuant to demerger of Madura Fashion. Shareholders of MGLRCL will get
7 new equity shares of PFRL for every 500 equity shares held in MGLRCL and
Preference shareholder of MGLRCL will get 1 new equity share of PFRL pursuant
to demerger of Madura Lifestyle. After the scheme of arrangement, the
shareholding of the Company (directly and through other subsidiaries) in PFRL
would be 9.06%.
The Scheme is subject to the necessary
regulatory approvals including approvals of the respective High Courts, the
Stock Exchanges, SEBI, the respective Shareholders and lenders/ creditors of
each of the companies involved in the Composite Scheme. The appointed date of
the Scheme will be April 01, 2015.
2. During the quarter ended 30th June, 2014.
(a) Operation of Urea Plant at Jagdishpur (U.P.)
remained impacted for a period of 15 days due to shutdown.
(b) Operation of one unit of Insulator Business
at Rishra remained suspended for a period of 42 days due to illegal stoppage of
work affecting entire line of manufacturing process. This was settled
subsequently following wage settlement.
3. During the quarter ended March 31, 2015, the
Company's Ammonia/ Urea Plant at Jagdishpur (U.P.) had been shut down from
February 27, 2015. The shutdown of the Plant was necessitated due to policy of
the Government of India for production beyond 100% quantity as permissible under
the Pricing mechanism, during the financial year 2014-15. The Company carried
out various maintenance jobs during the shutdown period. The Company had
restarted its Ammonia / Urea Plants at Jagdishpur (U.P.) to produce Urea on
April 02, 2015.
4. During the quarter, the Company floated
wholly owned subsidiary, Aditya Birla Health Insurance Company Limited. The
main objects of the Company is to develop, manage, and market health insurance
products, subject to IRDA approval.
5. The figures for the quarter ended March 31,
2015 are the balancing figures between the audited figures in respect of the
full financial year ended March 31, 2015 and the unaudited published year to
date figures upto December 31, 2014 which were subjected to limited review.
6. The previous periods figures have been
regrouped or rearranged wherever necessary.
7. The above results have been reviewed by the
Audit Committee of the Board and taken on record at the meeting of the Board of
Directors held on August 12, 2015.
INDEX OF CHARGE:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10543607 |
05/01/2015 |
1,616,400,000.00 |
THE BANK OF TOKYO MITSUBISHI UFJ LIMITED |
Republic Plaza #01-01, 9 Raffles Place, (S)048619, |
C40724734 |
|
2 |
10528977 |
17/10/2014 |
224,400,000.00 |
KOTAK MAHINDRA BANK LIMITED |
27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E),, Mumbai, Maharashtra
- 400051, INDIA |
C32181299 |
|
3 |
10525947 |
17/10/2014 |
1,581,150,000.00 |
MIZUHO BANK LTD. MUMBAI BRANCH |
1st Floor, Maker Chambers III,, Jamnalal Bajaj Road, Nariman Point,
Mumbai, Maharashtra - 400021, I |
C29692555 |
|
4 |
10523826 |
25/09/2014 |
420,000,000.00 |
State Bank of India |
Neville House, 3rd floor, J N Heredia Marg,, Ballard Estate, Mumbai-
400001, Mumbai, Maharashtra - |
C25305962 |
|
5 |
10490699 |
24/03/2014 |
1,162,925,000.00 |
Sumitomo Mitsui Banking Corporation Singapore Branch |
3, Temasek Avenue, #06-01, Centennial Tower, Singapore, - 039190,
SINGAPORE |
C03923794 |
|
6 |
10464370 |
26/11/2013 |
260,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B91200485 |
|
7 |
10421667 |
12/06/2013 * |
350,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNT GROUP, NEVILLE HOUSE, J.N.HERED |
B78470614 |
|
8 |
10129912 |
03/11/2008 |
200,000,000.00 |
HDFC BANK LIMITED |
SALCO CENTRE, RICHMOND ROAD, BANGALORE, Karnataka |
A51014884 |
|
9 |
10115935 |
08/07/2008 |
740,500,000.00 |
State Bank of India |
CAG- Central, 3rd Floor, State Bank Bhavan, , Madame Cama Road,
Nariman Point, , Mumbai, Maharashtra - 400021, INDIA |
A41874926 |
|
10 |
10113548 |
04/07/2008 |
200,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX,, CUFFE PARADE, MUMBAI, Maharashtra - 400005,
INDIA |
A42415869 |
* Date of charge modification
MANAGEMENT DISCUSSION AND ANALYSIS (As
on 31.03.2014)
INDIAN ECONOMY: GDP GROWTH SLOWS DOWN
India’s GDP is estimated to grow at 7.4% in fiscal 2014-15 vis-à-vis 6.9% recorded in the previous year. There was a noteworthy improvement across various parameters. Control on price rise continued and remarkable downfall in inflation was noted led by benign global commodity prices. WPI inflation, at -2.33% in March 2015, touched its lowest level since past nine years. CPI inflation eased to 5.17% in March 2015 after starting the year with 8.6% in April 2014. Year-on-year growth in Index of Industrial Production (IIP) was encouraging at 2.8% compared to negative growth in the previous year. The moderation in inflation prompted the RBI to cut interest rates to spur economic growth.
The Consumer confidence index reported by Nielson touched
its 4-year high level. It rose from 121 in the fourth quarter of 2013-14 to 129
in the third quarter of 2014-2015.
Structural reforms to boost investments remained high on the Government’s agenda. It started with increasing FDI cap to 49% in defence production, to 100% in railway infrastructure and then raising FDI cap in insurance sector from 26% to 49%. The Government is expected to beat its fiscal deficit target of 4.1% of GDP, supported by the coal and spectrum auctions. The Indian Rupee remained relatively stable and the Current Account Deficit (CAD) contracted.
With all the above positive indicators, the Indian economy is becoming a favourable destination for investment. Though the capex cycle and consumer spend on the ground is yet to pick up, the prospects of a stable macro-economic environment has boosted foreign equity inflows in the Country. Net equity inflows from Foreign Institutional Investors (FIIs) grew by 33% to USD 18 billion. Net equity inflows from mutual funds were USD 6.9 billion as compared to net outflow of USD 3.5 billion in the previous year.
The World Bank and the International Monetary Fund forecast India’s GDP to grow at 7.5% in 2015 to become the world’s fastest growing economy, ahead of China. A stable government, RBI’s inflation focus and benign global commodity prices are expected to be the key contributing factors. Furthermore, new initiatives viz. ‘Make in India’, ‘Digital India’ along with a host of financial inclusion measures are expected to help accelerate India’s economic development. Aditya Birla Nuvo Limited (‘ABNL’ or ‘the Company’), is a USD 4.4 billion conglomerate having a leadership position across its Financial Services, Fashion & Lifestyle, Telecom, Linen and Manufacturing businesses.
Guided by its vision “To be a premium conglomerate building leadership in businesses and creating value for all the stakeholders”, ABNL has transformed itself from a small manufacturing company in 2000 to become one of the largest conglomerates in India today. During this transformational journey, ABNL identified growth opportunities in the promising sectors and invested close to USD 2 billion to build and sustain its leadership position in these sectors.
Well recognised for its market leadership and cost management in the industrial businesses till late nineties, the Aditya Birla Group today has a successful and marked presence in the consumer centric service sector space through ABNL. Having promoted and created more than 20 marquee brands, ABNL, touches the lives of more than 160 million Indians and meets their needs for life assurance, investment, financing, fashion, digital communication and agri products.
Business-wise review
Aditya Birla
Financial Services
Aditya Birla Financial Services (ABFS)
ranks among the top five fund managers (excluding LIC) in India. Its funds
under management grew year-on-year by 26 per cent to US$24.6 billion
(Rs.1473880.000 Million). Its quarterly consolidated revenue at Rs.19130.000
Million registered a 30 per cent year-on-year growth and earnings before tax
grew by 10 per cent to Rs.2020.000 Million. ABFS posted an ROACE of 23 per cent
per annum during these nine months. ABFS is ramping up its online and offline
distribution reach and entering into strategic partnerships to tap sector
growth opportunities. A definitive agreement was signed with IFC for strategic
investment in MyUniverse, India’s #1 online money management portal. ABFS is
also planning to enter health insurance business in India through joint venture
with MMI Holdings Ltd, a leading South African insurance-based financial
services group.
The lending book of Aditya Birla Finance expanded year-on-year by 53 per cent to Rs.154750.000 Million. Its loan book continues to be healthy. Its gross NPA stands at 1.22 per cent and net NPA at 0.43 per cent. The new business premium market share of Birla Sun Life Insurance, among the private life insurers, rose year-on-year from 6.6 per cent to 7.5 per cent during April to December 2014. The total AUM of Birla Sun Life Asset Management is up by 27 per cent year-on-year to Rs.1174890.000 Million led by 98 per cent growth in its domestic equity AUM. The broking business improved its market share in retail F&O, commodities and currency segments. My Universe is enjoying trust of 1.3 million registered users and is managing more than Rs.147000.000 Million.
Fashion & Lifestyle
The revenue of the Fashion & Lifestyle Business extended by 8 per cent to
Rs.16760.000 Million. EBITDA de-grew from Rs.1920.000 Million to Rs.1680.000
Million. Soft consumer spending and weak festive sales coupled with pricing
pressure impacted earnings growth across the industry. Led by sound working
capital management, ROACE during these nine months continued to be robust at 32
per cent per annum.
Madura’s revenue augmented by 7 per cent to Rs.9130.000 Million. EDITDA de-grew from Rs.1160.000 Million to Rs.1020.000 Million due to weak customer footfalls and higher discounting. Pantaloons revenues increased year-on-year by 7 per cent to Rs.4500.000 Million. EBITDA de-grew from Rs. 350.000 Million to Rs. 310.000 Million given the moderated sales growth. Jaya Shree reported a marginal uptake in revenues to Rs.3360.000 Million. EBIDTA de-grew from Rs. 500.000 Million to Rs. 350.000 Million constrained by lower linen fabric realisation and wool combing sales owing to weak demand.
Telecom
With a base of 152 million active subscribers, Idea ranks as the sixth largest
cellular operator in the world, in terms of subscribers, based on operations in
a single country. In India, it ranks third with an improved revenue market
share at 17.2 per cent up from 15.8 per cent a year ago. Its consolidated
revenue rose by 21 per cent to Rs.8,009 crore and EBITDA surged by 36 per cent
to Rs.28850.000 Million. With cash profit generation run rate of Rs.2000.000
Million per quarter and equity infusion of Rs.3,7500.000 Million, Idea’s net
debt reduced by more than Rs.8,2500.000 Million during nine months and net debt
to EBIDTA ratio improved to 1.12 times.
Manufacturing (Agri, Rayon and Insulators)
The revenue from the manufacturing businesses at Rs.11860.000 Million expanded
by 7 per cent and EBITDA at Rs.1410.000 Million enhanced by 19 per cent. In the
Agri Business, improved energy efficiency, higher fixed cost reimbursement as
per the Government policy and increased sales of pesticides and seeds augmented
profitability. In the Rayon Business, profitable growth in VFY segment was
offset by lower caustic soda volumes owing to annual maintenance shutdown in
power plant and softening of ECU realisation. In the Insulators Business, a
rise in volumes coupled with higher realisation, mainly to pass on the rise in
operating costs, contributed to the earnings growth.
ABNL’s standalone balance sheet
Net debt reduced to Rs.28360.000 Million led by operating cash profit and lower
net working capital. Net debt to annualised EBITDA improved from 2.6 times in
March 2014 to 2.3 times in December 2014.
Going forward
For fiscal 2014-15, ABNL has a capital expenditure and investment plan of about
Rs.9000.000 Million, towards funding of growth capital requirement in Financial
Services Businesses and capex plan of standalone businesses. Of this, a sum of
Rs.3270.000 Million has been incurred in the first nine months.
About Aditya Birla Nuvo Limited
Aditya Birla Nuvo is a ~US$4 billion conglomerate operating in the services and
the manufacturing sectors, where it commands a leadership position. Its service
sector businesses include Financial Services (Life Insurance, Asset Management,
NBFC, Housing Finance, Private Equity, Broking, Wealth Management, online money
management and general insurance advisory), Fashion and Lifestyle (Branded
apparels and Textiles) and Telecom. Its manufacturing businesses comprise the
Agri, Rayon and Insulators Businesses.
Aditya Birla Nuvo is part of the Aditya Birla Group, a US$40 billion Indian
multinational. The Group operates in 36 countries across the globe, is anchored
by an extraordinary force of about 120,000 employees belonging to 42
nationalities and derives more than 50 per cent of its revenue from its
overseas operations.
UNSECURED LOAN:
(Rs.
In Million)
|
Particulars |
31.03.2015 Rs.
In Million |
31.03.2014 Rs.
In Million |
|
Long Term
Borrowings |
|
|
|
Debentures |
8000.000 |
5000.000 |
|
Foreign Currency Loans from Banks |
2282.500 |
2849.300 |
|
Short Term
Borrowings |
|
|
|
Loan Repayable on Demand from Banks |
|
|
|
Other Loans and Advances |
1,0009.300 |
7413.500 |
|
Commercial Papers* |
3729.000 |
3957.800 |
|
Total |
24020.800 |
19220.600 |
NOTES:
(Unsecured Loan)
|
UNSECURED LONG-TERM BORROWINGS: |
31.03.2015 |
31.03.2014 |
||
|
A) DEBENTURES |
Current |
Non-Current |
Current |
Non-Current |
|
i) 8.99% 29th Series Non-Convertible Debentures Repayment
Terms: Redeemable at par on 29th January, 2018 |
0.000 |
0.000 |
0.000 |
3000.000 |
|
ii) 9.00% 30th Series Non-Convertible Debentures
Repayment Terms: Redeemable at par on 10th May, 2023. |
0.000 |
0.000 |
0.000 |
2000.000 |
|
Total
Debenture |
|
|
0.000 |
5000.000 |
|
B) UNSECURED LONG-TERM FOREIGN
CURRENCY BORROWINGS |
|
|
|
|
|
i)
Foreign Currency Loan from Bank Repayment Terms: 3 instalments of Rs.94.500
Million, Rs.9.4.500 Million and Rs.283.300 Million each on the date falling
on 3rd, 4th and 5th year from 1st June, 2010, and 3 instalments of Rs.94.500
Million, Rs.94.500 Million and Rs.283.400 Million each on the date falling on
3rd, 4th and 5th year from 26th July, 2010. |
0.000 |
0.000 |
189.000 |
566.800 |
|
iii)
Foreign Currency Loan from Bank Repayment Terms: Bullet payment on 24th
August, 2016. |
0.000 |
0.000 |
0.000 |
2282.500 |
|
iv)
Foreign Currency Loan from Bank Repayment Terms: Bullet payment on 21st November,
2014 |
0.000 |
0.000 |
333.300 |
0.000 |
|
Total Unsecured Long-term Foreign Currency Borrowings |
0.000 |
0.000 |
522.300 |
2849.300 |
FIXED
ASSETS:
·
Land
·
Railway Siding
·
Buildings
·
Leasehold Improvements
·
Plant and Machinery
·
Furniture, Fixtures and Equipment
·
Vehicles and Aircraft
·
Livestock
·
Goodwill
·
Trademark / Brands / Technical Know-how
·
Specialised Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.64.96 |
|
UK Pound |
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.73.99 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
10 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
10 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
10 |
|
--LIQUIDITY |
1~10 |
10 |
|
--LEVERAGE |
1~10 |
10 |
|
--RESERVES |
1~10 |
10 |
|
--CREDIT LINES |
1~10 |
10 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
|
89 |
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.