MIRA INFORM REPORT
|
Report No. : |
341091 |
|
Report Date : |
15.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTAN ZINC LIMITED |
|
|
|
|
Registered
Office : |
Yashad Bhavan, Yashadgarh, Udaipur – 313004, Rajasthan |
|
Tel. No.: |
91-294-6604000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
10.01.1966 |
|
|
|
|
Com. Reg. No.: |
17-001208 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 8450.600 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27204RJ1966PLC001208 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JDHH00694B / JDHH00701B / JDH00759D / JDHH00601G |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the mining and smelting of zinc, lead and silver
metal in India |
|
|
|
|
No. of Employees
: |
18000 (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 |
|
Maximum credit limit: |
1200000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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. The rating also take into consideration, an acceptable share price of
Rs. 129.95/- recorded by the company as against a face value of Rs. 2.00 as
on September 12, 2015. 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = “AAA” |
|
Rating Explanation |
Have highest degree of safety and carry lowest credit risk |
|
Date |
11.08.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = “A1+” |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk |
|
Date |
11.08.2015 |
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.
LOCATIONS
|
Registered Office/ Head Office : |
Yashad Bhawan, Yashadgarh, Udaipur – 313
004, Rajasthan, India |
|
Tel. No.: |
91-294-6604000 |
|
Fax No.: |
91-294-2427734 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Swaroop Sagar Road, Udaipur – 313004, Rajasthan, India |
|
Tel. No.: |
91-294-2529182 |
|
Fax No.: |
91-284-2523522 |
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|
|
|
Mining Units: |
Located at:
|
|
|
|
|
Smelting Units: |
Located at:
|
|
|
|
|
Processing and
Refining Units: |
Located at: ·
Haridwar Zinc Plant : Haridwar District (Uttarakhand) ·
Pantnagar Metal Plant : Rudrapur District (Uttarakhand) |
|
|
|
|
Wind Power
Farms: |
Located at:
|
|
|
|
|
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 |
|
|
|
|
Power Operations: |
Located at: ·
Chanderiya Smelting Complex ·
Zawar Mines ·
Zinc Smelter Debari ·
Samana Wind Power Plant ·
Gadag Wind Power Plant |
|
|
|
|
Regional Office: |
Located at : ·
Karnataka ·
New Delhi ·
Bangalore ·
Kolkata ·
Mumbai |
|
|
|
|
Branch Office : |
Located at :
|
DIRECTORS
AS ON: 31.03.2015
|
Name : |
Mr.
Agnivesh Agarwal |
|
Designation : |
Chairman
|
|
|
|
|
Name : |
Mr.
Navin Agarwal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
A.R. Narayanaswamy |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Sujata Prasad |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms.
Sudhakar Shukla |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr.
Arun L. Todarwal |
|
Designation : |
Director
|
|
|
|
|
Name : |
Mr.
Kannan R. |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Akhilesh Joshi |
|
Designation : |
Whole
Time Director |
KEY EXECUTIVES
|
Name : |
Mr. Rajendra Pandwal |
|
Address: |
Yashad Bhawan, Yashadgarh, Udaipur – 313
004, Rajasthan, India |
|
Designation : |
Secretary |
|
Tel No.: |
91-294-6604015 |
|
Email: |
rajendra.pandwal@vedanta.co.in |
|
|
|
|
Name : |
Mr. Amitabh Gupta |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
Holding of % |
|
(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 |
||
|
|
|
|
|
|
39909849 |
0.94 |
|
|
1105263 |
0.03 |
|
|
1247950590 |
29.54 |
|
|
23095953 |
0.55 |
|
|
102206091 |
2.42 |
|
|
1414267746 |
33.47 |
|
|
|
|
|
|
22904239 |
0.54 |
|
|
|
|
|
|
35786384 |
0.85 |
|
|
2661312 |
0.06 |
|
|
6545009 |
0.15 |
|
|
2145833 |
0.05 |
|
|
1250 |
0.00 |
|
|
4397926 |
0.10 |
|
|
67896944 |
1.61 |
|
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 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the mining and smelting of zinc, lead and silver
metal in India |
|
|
|
|
Products/Services : |
·
Exploration ·
Mining and Concentration Of Zinc ·
Lead Silver ·
Cadmium ·
Sulphuric Acid ·
Phosphoric Acid ·
Cobalt |
|
|
|
|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
18000 (Approximately) |
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Bankers : |
·
State Bank of Bikaner and Jaipur ·
IDBI Bank Limited ·
ICICI Bank Limited ·
HDFC Bank Limited ·
Citi Bank ·
Credit Agricole CIB ·
Development Bank of Singapore ·
Kotak Mahindra Bank Limited ·
Yes Bank Limited |
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Auditors : |
|
||||||||||||||
|
Name : |
Deloitte Haskins and Sells LLP Chartered Accountants |
||||||||||||||
|
Address : |
Indiabulls Finance Center, Tower 3, 27th to 32nd
Floor, Elphinstone Mill Compound, Senapati Bapat Marg, Elphinstone (West),
Mumbai - 400013, Maharashtra, India |
||||||||||||||
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Tel No: |
91-22-61854000 |
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Fax No.: |
91-22-61854501/4601 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Companies: |
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Fellow subsidiaries: |
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Joint Venture |
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CAPITAL STRUCTURE
AS ON: 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000000 |
Equity Shares |
Rs. 2/- each |
Rs.10000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4225319000 |
Equity Shares |
Rs. 2/- each |
Rs. 8450.600 Million |
|
|
|
|
|
i.
Reconciliation of the number of shares
|
|
31.03.2015 |
|
|
Equity Shares |
Number of Shares |
Rs. In Million |
|
|
|
|
|
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) 2743154310 Equity Shares (2014: 2,743,154,310 ) are held by Sesa Sterlite 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.
ii.
Details of equity shares held by shareholders
holding more than 5% shares:
|
|
31.03.2015 |
|
|
Name of
Shareholder |
Number of Shares |
% holding |
|
|
|
|
|
Sesa Sterlite Limited |
2743154310 |
64.92% |
|
Government of India- President of India |
1247950590 |
29.54% |
|
|
|
|
iii.
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 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 |
8450.600 |
8450.600 |
8450.600 |
|
(b) Reserves & Surplus |
425080.100 |
365725.500 |
314306.800 |
|
(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) |
433530.700 |
374176.100 |
322757.400 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
25186.200 |
16581.100 |
12798.600 |
|
(c) Other long term
liabilities |
1320.800 |
563.700 |
282.300 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
26507.000 |
17144.800 |
13080.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
6307.900 |
5103.200 |
4034.700 |
|
(c) Other current liabilities |
10459.100 |
10184.800 |
6532.400 |
|
(d) Short-term provisions |
13115.300 |
10157.800 |
8248.700 |
|
Total
Current Liabilities (4) |
29882.300 |
25445.800 |
18815.800 |
|
|
|
|
|
|
TOTAL |
489920.000 |
416766.700 |
354654.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
93290.500 |
90234.300 |
84736.900 |
|
(ii) Intangible Assets |
1171.200 |
1238.200 |
100.500 |
|
(iii) Capital work-in-progress |
20047.100 |
15409.400 |
10818.500 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
28.100 |
27.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
43373.200 |
29393.600 |
18982.900 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
2391.900 |
|
Total
Non-Current Assets |
157882.000 |
136303.600 |
117057.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
272535.900 |
225035.800 |
145371.800 |
|
(b) Inventories |
12117.500 |
11982.400 |
11110.900 |
|
(c) Trade receivables |
6588.200 |
3995.100 |
4028.700 |
|
(d) Cash and cash equivalents |
35315.100 |
30314.200 |
6942100 |
|
(e) Short-term loans and
advances |
3641.400 |
2838.300 |
3733.200 |
|
(f) Other current assets |
1839.900 |
6297.300 |
3930.800 |
|
Total
Current Assets |
332038.000 |
280463.100 |
237596.400 |
|
|
|
|
|
|
TOTAL |
489920.000 |
416766.700 |
354654.100 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
147883.900 |
136360.400 |
126998.400 |
|
|
Other Income |
28210.500 |
18993.900 |
20321.500 |
|
|
TOTAL
|
176094.400 |
155354.300 |
147319.900 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
4684.500 |
5012.600 |
7930.600 |
|
|
Purchases of Stock-in-Trade |
523.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1454.500) |
(1551.600) |
(1125.400) |
|
|
Exceptional Item |
28.100 |
0.000 |
175.300 |
|
|
Employees benefits expense |
8689.100 |
7417.300 |
6499.100 |
|
|
Other expenses |
61246.000 |
56483.600 |
48877.700 |
|
|
TOTAL |
73716.200 |
67361.900 |
62357.300 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
102378.200 |
87992.400 |
84962.600 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
235.100 |
449.400 |
291.000 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
102143.100 |
87543.000 |
84671.600 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
6441.900 |
7845.900 |
6470.400 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
95701.200 |
79697.100 |
78201.200 |
|
|
|
|
|
|
|
Less |
TAX |
13921.200 |
10650.900 |
9206.400 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
81780.000 |
69046.200 |
68994.800 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
267985.900 |
217241.700 |
170519.200 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed
dividend to equity shareholder |
10563.300 |
8028.100 |
6338.00 |
|
|
Tax
on proposed dividend |
2112.000 |
1364.400 |
1077.100 |
|
|
Interim dividend to equity
shareholder |
8028.100 |
6760.500 |
6760.500 |
|
|
Ta on interim dividend |
1364.400 |
1149.000 |
1096.700 |
|
|
Transfer to general reserve |
0.000 |
7000.000 |
7000 |
|
|
Total
|
22067.800 |
24302.000 |
22272.300 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
327698.100 |
261985.900 |
217241.700 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export of goods on F.O.B. basis |
38255.900 |
28576.100 |
27119.000 |
|
|
TOTAL
EARNINGS |
38255.900 |
28576.100 |
27119.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
4078.800 |
3428.200 |
9132.400 |
|
|
Components and Stores parts |
8721.200 |
7303.600 |
7370.700 |
|
|
Capital Goods |
1021.400 |
4719.000 |
3251.900 |
|
|
TOTAL
IMPORTS |
13821.400 |
15450.800 |
19755.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
19.35 |
16.34 |
16.33 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
N.A |
N.A |
N.A |
|
Cash generated from operations |
75641.400 |
71156.800 |
63963.300 |
|
Net cash flow from operating activity |
55307.000 |
54711.600 |
47850.100 |
QUARTERLY RESULTS
|
Particulars |
30.06.2015 |
|
UnAudited |
(1st Quarter) |
|
Net Sales |
36301.700 |
|
Total Expenditure |
19698.200 |
|
PBIDT (Excl OI) |
16603.500 |
|
Other Income |
5637.200 |
|
Operating Profit |
22240.700 |
|
Interest |
16.100 |
|
Exceptional Items |
NA |
|
PBDT |
22224.600 |
|
Depreciation |
1729.200 |
|
Profit Before Tax |
20495.400 |
|
Tax |
1287.400 |
|
Provisions and contingencies |
NA |
|
Profit After Tax |
19208.000 |
|
Extraordinary Items |
NA |
|
Prior Period Expenses |
NA |
|
Other Adjustments |
NA |
|
Net Profit |
19208.000 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
55.30 |
50.64 |
54.33 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
69.23 |
64.53 |
66.90 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.37 |
19.86 |
22.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.21 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
11.11 |
11.02 |
12.63 |
STOCK
PRICES
|
Face Value |
Rs. 2.00/- |
|
Market Value |
Rs.129.95/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
8450.600 |
8450.600 |
8450.600 |
|
Reserves & Surplus |
314306.800 |
365725.500 |
425080.100 |
|
Net
worth |
322757.400 |
374176.100 |
433530.700 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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 |
126998.400 |
136360.400 |
147883.900 |
|
|
|
7.372 |
8.451 |
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 |
126998.400 |
136360.400 |
147883.900 |
|
Profit |
68994.800 |
69046.200 |
81780.000 |
|
|
54.33% |
50.64% |
55.30% |
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
RAJASTHAN HIGH COURT Case Status
: PENDING
|
COMPANY OVERVIEW
Company was
incorporated on January 10, 1966 under the laws of the Republic of India and
has its registered office at Udaipur (Rajasthan). Subject shares are listed on
National Stock Exchange and Bombay Stock Exchange. Subject is mainly engaged in
the mining and smelting of zinc, lead and silver metal in India.
Subject operations
include five zinc-lead mines, four zinc smelters, one lead smelter, one
zinc-lead smelter, seven sulphuric acid plants, a silver refinery plant and
five captive power plants in the state of Rajasthan. In addition, Subject also
has a rock-phosphate mine in Maton near Udaipur in Rajasthan and zinc, lead
& silver processing and refining facilities in the State of Uttarakhand.
The Company also has wind power plants in the States of Rajasthan, Gujarat,
Karnataka, Tamilnadu and Maharashtra.
In view of the
scheme of amalgamation and arrangement amongst the group companies and made
effective during the previous year with the effective date of August 17, 2013,
Sesa Sterlite Limited became the holding Company of HZL
OPERATIONAL
PERFORMANCE
Mined metal
production was 887,082 MT, marginally higher from a year ago and the highest
ever. The increase was as per the mine plan of Rampura Agucha and Sindesar
Khurd mines, driven by higher ore production.
Integrated refined
zinc and saleable lead production this year were 720,793 MT and 105,236 MT, a
decrease of 3% and 5% respectively. The decrease was due to lower mined metal
production in the first half. However, higher mined metal production volumes
were achieved in the second half resulting in accretion to mined metal
inventory. The total refined zinc was 733,803MT, lower by 2% compared to
previous year, while total saleable lead production was 127,143 MT, an increase
of 4% compared to FY 2014.
During the year,
production of integrated saleable silver declined by 11% to 266 MT due to
temporarily lower grades at Sindesar Khurd mine. Total saleable silver
production was 328 MT, down 6% from FY 2014. The total power generation in FY
2015 was Rs. 3,380.000 Million units, almost same as last year. The wind power
generation was down 1% at Rs. 444.000 Million units.
SALES
The refined zinc metal sales in the domestic market during the year was 483,361
MT, while export sales accounted for 252,422 MT. Global concerns around
European economy and cheaper imports of steel and related value added products
from China, especially in the second and third quarter of the fiscal, contained
growth in domestic demand. As a result, this year we exported higher tonnages.
Lead metal sales in the domestic market during the year was stable at 107,888
MT, with export sales being higher at 20,864 MT. Silver sales were 327 MT in FY
2015, all in the domestic market. Reserve and Resource the Company's
exploration activity has consistently added to its reserve and resource base
over the last several years. Additionally, there is an active green field
exploration strategy to add new tenements. The Company has added Rs.19.400
Million MT to our reserve and resource this year, prior to a depletion of Rs.
9.400 Million MT during the period. Total reserve and resource on March 31,
2015 were Rs. 375.100 Million MT containing Rs. 35.300 Million MT of zinc-lead
metal and Rs. 970.000 Million ounces of silver.
RESERVE AND RESOURCE
The Company's exploration activity has consistently added to its reserve and resource base over the last several years. Additionally, there is an active green field exploration strategy to add new tenements. The Company has added 19.4 Million MT to the reserve and resource this year, prior to a depletion of Rs. 9.400 Million MT during the period. Total reserve and resource on March 31, 2015 were 375.1 Million MT containing Rs. 35.300 Million MT of zinc lead metal and Rs. 970.000 Million ounces of silver
OUTLOOK
Significant
progress is expected in terms of mine development and ore production from the
underground mine projects. Rampura Agucha will continue to provide majority of
mined metal in FY 2016, although overall production from this mine will be less
than in FY 2015. The gap in production will be made up primarily by higher
volumes from Sindesar Khurd.
In FY 2016, mined
metal production is expected to be higher from FY 2015, while integrated
refined metal production, including silver, will be significantly higher as
available mined metal inventory will also be processed. The cost of production
excluding royalty is expected to remain stable. There would be an additional
outflow towards DMF and National Mineral Exploration Trust in accordance with
the MMDR (Amendment) Act 2015
STATEMENT
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2015
Standalone statement of profit and loss
(Rs. In Million)
|
|
|
Quarter Ended |
|
|
Sr. No |
Particulars |
30.06.2015 |
|
|
|
|
Unaudited |
|
|
1 |
Income From
Operations |
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
35958.000 |
|
|
|
b. Other Operating Income |
343.700 |
|
|
|
Total Income from
Operations (Net) |
36301.700 |
|
|
2 |
Expenditure |
|
|
|
|
a. Cost of material Consumed |
411.300 |
|
|
|
b. Purchase of Stock-in trade |
0.000 |
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(2694.900) |
|
|
|
d. Power and Fuel |
5369.200 |
|
|
|
e. Employees Benefit Expenses |
1900.200 |
|
|
|
f. Depreciation and Amortisation Expenses |
1729.200 |
|
|
|
g. Other expenses |
1344.200 |
|
|
|
h. Mining Royalty |
6290.800 |
|
|
|
i. Other Mining and Manufacturer Expenses |
4578.400 |
|
|
|
Total Expenses |
21427.400 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
14874.300 |
|
|
4 |
Other Income |
5637.200 |
|
|
5 |
Profit from ordinary
activities before finance cost & exceptional items |
20511.500 |
|
|
6 |
Finance Costs |
16.400 |
|
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
20495.400 |
|
|
8 |
Exceptional items |
- |
|
|
9 |
Profit from ordinary
activities before tax |
20495.400 |
|
|
10 |
Tax Expense |
1287.400 |
|
|
11 |
Net Profit from
ordinary activity after tax |
19208.000 |
|
|
12 |
Extraordinary Items |
- |
|
|
13 |
Net Profit After
Tax |
19208.000 |
|
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
8450.600 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
- |
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
Basic EPS |
4.55 |
|
|
|
Diluted EPS |
4.55 |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
17 |
Public Shareholding |
|
|
|
|
- No. of shares |
1482164690 |
|
|
|
- Percentage of shareholding |
35.08 |
|
|
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 |
2743154310 |
|
|
|
- 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) |
64.92% |
|
|
|
Particulars |
Quarter ended 30.06.2015 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
5 |
|
|
Disposed off during the quarter |
5 |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
UNAUDITED SEGMENT WISE REVENUE, RESULTS AND
CAPITAL EMPLOYED
(Rs. In Million)
|
Particulars |
Quarter
Ended (
Unaudited) |
|
|
30.06.2015 |
|
1.
Segment Revenue |
|
|
a)
Zinc, Lead and Silver |
|
|
i) Zinc and Lead |
32856.400 |
|
ii) Silver Metal |
2592.300 |
|
Total |
35448.700 |
|
b) Wind Energy |
509.300 |
|
Net
Sales |
35958.000 |
|
|
|
|
2.
Segment Result |
|
|
i) Zinc and Lead |
12505.800 |
|
ii) Silver Metal |
2090.000 |
|
Total |
14595.800 |
|
b) Wind Energy |
396.700 |
|
Total |
14992.500 |
|
Less : Interest |
16.100 |
|
Less: Exceptional Item |
- |
|
Add: Other unallocable Income net of
unallocable expenditure |
5519.000 |
|
Total
Profit before tax |
20495.400 |
|
|
|
|
3. Capital Employed (Segment Assets-Segment
Liabilities) |
|
|
a) Zinc, Lead and Silver |
116047.500 |
|
b)Wind Energy |
7919.500 |
|
c)Unallocated |
328787.100 |
|
Total |
452754.100 |
1.The above results for the quarter ended 30th June 2015 have been reviewed by Audit Committee and approved by the Board of Directors at their meeting held on 20th July 2015. The auditors have carried out "Limited Review" of the above result.
2. 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.
3.a. Expenses for Mining Royalty for the quarter includes an amount of Rs
2421.600 Million (previous quarter / year ended March 31, 2015 Rs. 1199.800
Million) being additional estimated provision created pursuant to the
introduction of ‘The Mines and Mineral (Development and Regulation) Amendment
Act, 2015’, effective 12th January, 2015, based on management
estimates.
b. Pursuant to the verdict of Hon’ble Supreme Court of India in May 2015
upholding the applicability of Renewable Power Obligations to thermal captive
power plants, the Company has provided a liability of Rs 1761.000 Million
relating to the period till March 31, 2015 and Rs 118.600 Million for the
current quarter, which is included under 'Power and fuel expenses
c. Tax provision for the quarter is lower due to a one time recognition of
deferred tax asset of Rs 1600.000 Million on brought forward short term capital
loss.
4. During the previous year, with effect from April 1, 2014, the Company had
revised the estimated useful lives of fixed assets. The said changes in the
estimates of useful lives of assets with effect from April 1, 2014, was
impacted in the previous quarter ended March 31, 2015 whereby the Company
adjusted excess depreciation of Rs 1805.900 Million. Consequently, the figures
in respect of the depreciation charge for the quarter ended June 30,
2015/previous quarters/year presented are not directly comparable.
5. The figures of the last quarter are the balancing figures between audited
figures in respect of full financial year ended 31st March 2015 and unaudited
published year to date figures up to the third quarter ended 31st December
2014. Figures for the prior year or periods have been regrouped and/or
reclassified wherever considered necessary.
CONTINGENT LIABILITY
|
Particulars |
As on 31.03.2015 (Rs. In Million) |
|
Claims against the
company not acknowledged as debts (matters pending in court / arbitration. No cash outflow is expected in future) |
|
|
- Suppliers and contractors |
420.700 |
|
- Employees, ex-employees and others |
3063.00 |
|
- Mining cases |
3339.000 |
|
Guarantees issued by the banks (bank guarantees are provided under legal / contractual obligations. No cash outflow is expected in future) |
559.200 |
|
Sales tax demands (this pertains to disputes in respect of tax rate difference / classification, stock transfer matters. No cash outflow is expected in future) |
134.600 |
|
Entry tax demands (this pertains to disputes in respect of entry tax on goods. No cash outflow is expected in future) |
1215.200 |
|
Income tax demands (this pertains to deduction and allowances claimed under Chapter VIA, etc. No cash outflow is expected in future) |
1291.800 |
|
Excise Duty demands (this pertains to Cenvat credit availed on inputs, capital goods, alleged duty demands on captive use of the goods. No cash outflow is expected in future) |
4661.700 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10544321 |
05/01/2015 |
200,000,000.00 |
State Bank of Bikaner & Jaipur |
Chetak Circle, Udaipur, Rajasthan - 313001, INDIA |
C41038894 |
FIXED ASSETS:
·
Land
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Railway siding
·
Plant and Equipment
·
Furniture and Fixture
·
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 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.66.38 |
|
|
1 |
Rs.102.59 |
|
Euro |
1 |
Rs.74.89 |
INFORMATION DETAILS
|
Information
Gathered by : |
RKE |
|
|
|
|
Analysis Done by
: |
RSH |
|
|
|
|
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 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
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 |
|
82 |
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.