MIRA INFORM REPORT
|
Report No. : |
342576 |
|
Report Date : |
28.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
LINDE INDIA LIMITED (w.e.f. 18.02.2013) |
|
|
|
|
Formerly Known
As : |
BOC INDIA LIMITED |
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|
|
Registered
Office : |
Oxygen
House, P-43, Taratala Road, Kolkata –
700088, West Bengal |
|
Tel. No.: |
91-33-66021600 |
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|
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Country : |
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|
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Financials (as
on) : |
31.12.2014 |
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Date of
Incorporation : |
24.01.1935 |
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|
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Com. Reg. No.: |
21-008184 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.852.840 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L40200WB1935PLC008184
|
|
|
|
|
IEC No.: |
0288000889 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALB05091C /
CALB05706B |
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|
|
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PAN No.: [Permanent Account No.] |
AAACB2528H |
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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 primarily engaged in manufacture of industrial and medical gases and Construction of cryogenic and non-cryogenic air separation plants. |
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|
|
|
No. of Employees
: |
832 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
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 : |
USD 40000000 |
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|
|
|
Status : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of The BOC Group Limited, UK (a part of the
Linde Group), incorporated in the year 1935. It is one of the largest players
in the domestic gases business. For the financial year 2014, the company has recorded growth of 4.40%
in its revenue but failed to maintain its profit margin which was as low as
0.36%. However, the company has good networth base and there is favourable
gap between trade payables and receivables. The ratings reflect the company’s established market position in the
industrial gases segment and the strong financial and operational support it
receives from its parent company. Trade relations are fair. Business is active. Payments are reported to
be regular and as per commitments. In view of long established track record and extensive industry
experience of its promoters, the company can be considered for 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= AA |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
04.07.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating= A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
04.07.2015 |
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 DENIED
Management Non Co-operative (91-33-66158392)
LOCATIONS
|
Registered / Corporate Office : |
Oxygen
House, P-43, Taratala Road, Kolkata –
700 088, West Bengal, India |
|
Tel. No.: |
91-33-66021600 / 66158392 |
|
Fax No.: |
91-33-24014206 |
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E-Mail : |
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Website : |
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Location : |
Leased
|
|
|
|
|
Factory : |
·
Ahmedabad Rakhial Road, Ahmedabad – 380023, Gujarat,
India ·
Asansol G T Road (West) Gopalpur, Asansol –
713304, District Burdwan, West Bengal, India ·
Bangalore Plot No. 1 and 2 (Part) , Survey Nos. 59/1
and 60 Sompura Industrial Area Dobaspet, 1st Stage, Bangalore – 562111,
Karnataka, India ·
Bellary Tonnage Plant (1800 TPD) Torunagallu,
Sandur Taluk District Bellary – 583123, Karnataka, India ·
Bhiwadi Plot No. B-821, RIICO Industrial Area
Bhiwadi – 301019, District Alwar, Rajasthan, India ·
Chennai Plot No. G-21, SIPCOT Industrial Park
Irungattukottai, District Kancheepuram – 602105, Tamilnadu, India ·
Howrah Village: Pakuria, P.O. Lakhenpur P.S.
Domjur, Howrah – 711114, West Bengal, India ·
Hyderabad Tonnage Plant (65 tpd) and Packaged Gases and Products Plant Plot No. 178 and 179 IDA
Pashamylaram, Phase III, District Medak – 502307, Hyderabad, India ·
Jamshedpur Tonnage Plant (2550 tpd) Tonnage Plant (1290 tpd) Industrial Gases Plants (500 tpd, 275 tpd
x 2) Long Tom Area, (Behind NML) Burma Mines,
Jamshedpur – 831007, Jharkhand, India Tonnage Plant (225 tpd) Near “L” Town Gate
Opposite Bari Maidan Sakchi, Jamshedpur Mona Road, Burma Mines Jamshedpur – 831007,
Jharkhand, India ·
Jajpur Tonnage Plant (418 tpd) Jindal Stainless
Limited. Kalinganagar Industrial Complex, Duburi,
District Jajpur – 755026, Orissa, India ·
Kolkata Plant Manufacturing Works P-41 Taratala
Road Kolkata – 700088, West Bengal, India 48/1 Diamond Harbour Road Kolkata –
700002, West Bengal, India ·
Taloja Tonnage Plant T-8 MIDC Industrial Area
Taloja, Navi Mumbai – 410208, District Raigad, India Taloja PGP Plant T-25, MIDC Industrial
Area Taloja, Navi Mumbai –
410208, District Raigad, India ·
Pune B 16/2, MIDC Industrial Area Chakan,
Village – Mahalunge, Tal – Khed,
District Pune 410 501 Selaqui Tonnage Plant (221 tpd) Khasara No. 122, MI
Behind Pharma City Selaqui, Dehradun – 248197, Uttarakhand, India ·
Trichy Plot no. 30, 31 and 32 SIDCO Industrial
Estate, Mathur District Pudukkottai – 622515, India ·
Visakhapatnam Plot No. 62, J N Pharma City Thanam
Village, Parwada Mandal Visakhapatnam – 531021, Andhra Pradesh, India |
DIRECTORS
AS ON 31.12.2014
|
Name : |
Mr. Sanjiv Lamba |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
51 years |
|
Qualification: |
CA, B. Com |
|
Date of Appointment: |
15.11.1989 |
|
|
|
|
Name : |
Mr. Moloy Banerjee |
|
Designation : |
Director |
|
Date of Birth/Age : |
49 years |
|
Qualification: |
B Tech (Mechanical) |
|
Experience : |
28 Years |
|
|
|
|
Name : |
Mr. Arun Balakrishnan |
|
Designation : |
Non-Executive Director |
|
Date of Birth/Age : |
65 Years |
|
Qualification: |
BE (Chemical), PGDM |
|
Date of Appointment: |
01.04.2007 |
|
|
|
|
Name : |
Mr. Jyotin Mehta |
|
Designation : |
Non-Executive Director |
|
Date of Birth/Age : |
55 Years |
|
Qualification: |
B.com , FCA, FCS and FICWA |
|
Experience : |
30 Years |
|
|
|
|
Name : |
Mr. Aditya Narayan |
|
Designation : |
Non-Executive Director |
|
Date of Birth/Age : |
63 Years |
|
Qualification: |
B. Tech, LLB, MS |
|
Date of Appointment: |
1996 |
|
|
|
|
Name : |
Mr. Binod Patwari |
|
Designation : |
Non-Executive Director |
|
Date of Birth/Age : |
44 Years |
|
Qualification: |
B.com, CFA, CS, MBA (Finance) |
|
Date of Appointment: |
1997 |
KEY EXECUTIVES
|
Name : |
Mr. Pawan Marda |
|
Designation : |
Assistant Vice President and Company Secretary |
|
|
|
|
Name : |
Mr. Milan Sadhukhan |
|
Designation : |
Chief Financial Officer |
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|
|
|
Name : |
Mr. Sujoy Nag Chowdhury |
|
Designation : |
Manager – Business Development |
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|
|
|
Audit Committee : |
Ø Jyotin Mehta, Chairman Ø Arun Balakrishnan Ø Sanjiv Lamba Ø Aditya Narayan |
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|
|
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Stakeholders Relationship
Committee : |
Ø Aditya Narayan, Chairman Ø Jyotin Mehta Ø Moloy Banerjee |
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|
|
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Nomination and
Remuneration Committee : |
Ø Arun Balakrishnan, Chairman Ø Sanjiv Lamba Ø Jyotin Mehta |
|
|
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Corporate Social
Responsibility Committee : |
Ø Arun Balakrishnan, Chairman Ø Binod Patwari Ø Moloy Banerjee |
SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
|
|
|
|
63963167 |
75.00 |
|
|
63963167 |
75.00 |
|
Total shareholding of Promoter and Promoter Group (A) |
63963167 |
75.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
6656806 |
7.81 |
|
|
14942 |
0.02 |
|
|
29 |
0.00 |
|
|
765692 |
0.90 |
|
|
7049878 |
8.27 |
|
|
14487347 |
16.99 |
|
|
|
|
|
|
385850 |
0.45 |
|
|
|
|
|
Individual shareholders holding nominal share capital up
to Rs.0.100 million |
4045633 |
4.74 |
|
Individual shareholders holding nominal share capital in excess
of Rs.0.100 million |
1677558 |
1.97 |
|
|
724668 |
0.85 |
|
|
428634 |
0.50 |
|
|
7348 |
0.01 |
|
|
8822 |
0.01 |
|
|
8690 |
0.01 |
|
|
118039 |
0.14 |
|
|
153135 |
0.18 |
|
|
6833709 |
8.01 |
|
Total Public shareholding (B) |
21321056 |
25.00 |
|
Total (A)+(B) |
85284223 |
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) |
85284223 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in manufacture of industrial and medical gases and Construction of cryogenic and non-cryogenic air separation plants. |
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Products : |
·
Gaseous / Liquid / Compressed Oxygen ·
Gaseous / Liquid / Compressed Nitrogen ·
Gaseous / Liquid / Compressed Argon |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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 |
PRODUCTION DETAILS (AS ON 31.12.2014)
|
Particulars |
Installed
Capacity |
|
Liquid Oxygen |
1366 tpd |
|
Liquid Nitrogen |
480 tpd |
|
Liquid Argon |
324 tpd |
|
Gaseous Oxygen |
8725 tpd |
|
Gaseous Nitrogen |
5217 tpd |
|
Gaseous Argon |
53 tpd |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
832 (Approximately) |
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Bankers : |
· Citibank N.A. · HSBC Bank · ICICI Bank Limited · Punjab National Bank · Standard Chartered Bank · State Bank of India · United Bank of India |
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Auditors : |
|
||||
|
Name : |
BSR and Company Chartered
Accountants |
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|
Address : |
Building No. 10, 8th
Floor, Tower-B DLF Cyber City, Phase-II Gurgaon – 122002, Haryana, India |
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Tel No.: |
91-124-2549191 |
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Fax No.: |
91-124-2549101 |
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Solicitors : |
Khaitan and Company LLP |
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Collaborators : |
Not Divulged |
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Membership : |
Not Divulged |
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Sister Concern (As on 31.12.2014) : |
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Ultimate Holding
Company (entity having control over the Company) (As on
31.12.2014) : |
Linde AG, Germany |
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Holding Company
(entity having control over the Company) (As on 31.12.2014) : |
The BOC Group Limited, United Kingdom (Wholly owned Subsidiary of Linde AG) |
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Joint Venture (As on
31.12.2014) : |
Bellary Oxygen Company Private Limited |
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Fellow Subsidiary
(Located in India) (As on 31.12.2014) : |
· Linde Global Support Services Private Limited · Linde Engineering India Private Limited |
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|
Fellow Subsidiary
(Located outside India) (As on 31.12.2014) : |
· BOC Limited (Australia), Australia · Linde Bangladesh Limited, Bangladesh · Chemogas N.V., Belgium · BOC (China) Holdings Company Limited, China · Linde Electronics & Speciality Gases (Suzhou) Company Limited, China · Linde Engineering (Dalian) Co. Limited, China · Cryostar SAS, France · Linde HKO Limited, Hong Kong · Linde Gáz Magyarország Zrt., Hungary · PT. Linde Indonesia, Indonesia · Linde Japan Limited, Japan · Linde Malaysia Holdings Berhad, Malaysia · Linde Malaysia Sdn. Bhd., Malaysia · Linde ROC Sdn. Bhd., Malaysia · Linde Philippines Inc, Philippines · Linde Gas Singapore Pte Limited, Singapore · Linde Gas Asia Pte Limited, Singapore · Ceylon Oxygen Limited, Srilanka · Cryo Aktiebolag, Sweden · AGA Aktiebolag, Sweden · BOC Lienhwa Industrial Gases Company Limited, Taiwan · Linde (Thailand) Public Company Limited, Thailand · Linde CryoPlants Limited, United Kingdom · BOC Limited, United Kingdom · Linde North America, Inc., United States of America · Linde Gas North America LLC, United States of America · Linde Process Plants, Inc., United States of America · Linde Engineering North America Inc., United States of America · Linde Gas Vietnam Limited, Vietnam |
CAPITAL STRUCTURE
AS ON 31.12.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
86000000 |
Equity Shares |
Rs.10/- each |
Rs.860.000 Million |
|
|
|
|
|
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
85286209 |
Equity Shares |
Rs.10/- each |
Rs.852.862 Million |
|
|
|
|
|
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
85284223 |
Equity Shares |
Rs.10/- each |
Rs. 852.840 Million |
|
|
|
|
|
Reconciliation of shares outstanding at the beginning and at the end of
the reporting period
|
Particular |
No. of Shares |
Rs in Million |
|
|
|
|
|
At the commencement and at the end of the period |
85286209 |
852.860 |
Shares held by
holding/ultimate holding company and/or their subsidiaries/associates
|
Particular |
No. of Shares |
Rs in Million |
|
Equity shares of Rs. 10 each fully paid up held by |
|
|
|
The BOC Group Limited, U.K., holding company |
63963167 |
639.630 |
Particulars of
shareholders holding more than 5% shares of a class of shares
|
Particular |
No. of Shares |
% of Holding |
|
Equity shares of Rs. 10 each fully paid up held by |
|
|
|
The BOC Group Limited, U.K., holding company* |
63963167 |
75.00 |
Rights,
preferences and restrictions attached to equity shares
Subject has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the Company’s residual assets. The equity shares are entitled to receive dividend as declared from time to time. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the Company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.
On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.
*Consequent upon the offer for sale through the stock exchange mechanism on 17 May 2013 made by The BOC Group Limited, a member of The Linde Group, the promoter shareholding in the Company was reduced from 89.48% to 75% in compliance with minimum public shareholding requirement under the Listing Agreement.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
852.840 |
852.840 |
852.840 |
|
(b) Reserves & Surplus |
13039.380 |
13420.430 |
12486.280 |
|
(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) |
13892.220 |
14273.270 |
13339.120 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
11024.000 |
11156.870 |
8504.170 |
|
(b) Deferred tax liabilities (Net) |
1828.860 |
1992.050 |
1439.520 |
|
(c) Other long term
liabilities |
272.770 |
253.490 |
228.130 |
|
(d) long-term provisions |
2813.240 |
2657.780 |
2409.650 |
|
Total Non-current
Liabilities (3) |
15938.870 |
16060.190 |
12581.470 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1500.000 |
1320.000 |
1600.000 |
|
(b) Trade
payables |
2508.360 |
3104.840 |
2577.770 |
|
(c) Other
current liabilities |
4249.480 |
4178.720 |
3059.470 |
|
(d) Short-term
provisions |
706.220 |
722.910 |
982.860 |
|
Total Current
Liabilities (4) |
8964.060 |
9326.470 |
8220.100 |
|
|
|
|
|
|
TOTAL |
38795.150 |
39659.930 |
34140.690 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
21879.220 |
16492.460 |
16782.710 |
|
(ii)
Intangible Assets |
128.550 |
156.210 |
58.420 |
|
(iii)
Capital work-in-progress |
3560.920 |
7437.320 |
5761.750 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
150.070 |
150.070 |
150.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5424.650 |
5159.780 |
3219.300 |
|
(e) Other
Non-current assets |
1438.930 |
2929.890 |
1409.990 |
|
Total Non-Current
Assets |
32582.340 |
32325.730 |
27382.170 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
708.630 |
762.890 |
714.900 |
|
(c) Trade
receivables |
3073.850 |
2908.340 |
3095.640 |
|
(d) Cash
and cash equivalents |
571.700 |
583.430 |
462.950 |
|
(e)
Short-term loans and advances |
1231.580 |
1532.290 |
2098.470 |
|
(f) Other
current assets |
627.050 |
1547.250 |
386.560 |
|
Total
Current Assets |
6212.810 |
7334.200 |
6758.520 |
|
|
|
|
|
|
TOTAL |
38795.150 |
39659.930 |
34140.690 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
14913.460 |
14284.600 |
13244.400 |
|
|
|
|
Other Income |
108.140 |
83.350 |
34.260 |
|
|
|
|
TOTAL (A) |
15021.600 |
14367.950 |
13278.660 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
931.600 |
2310.970 |
2339.770 |
|
|
|
|
Purchase of Stock-in-trade |
752.530 |
394.530 |
663.920 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
7.740 |
(33.730) |
31.250 |
|
|
|
|
Employee Benefits Expenses |
909.140 |
815.190 |
822.860 |
|
|
|
|
Other Expenses |
9542.690 |
8182.680 |
7355.100 |
|
|
|
|
Exceptional Item |
0.000 |
(502.700) |
(718.620) |
|
|
|
|
TOTAL (B) |
12143.700 |
11166.940 |
10494.280 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2877.900 |
3201.010 |
2784.380 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
1028.660 |
744.500 |
404.170 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
1849.240 |
2456.510 |
2380.210 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
1813.460 |
1290.430 |
1125.210 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
35.780 |
1166.080 |
1255.000 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
(18.220) |
392.800 |
360.200 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
54.000 |
773.280 |
894.800 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5149.730 |
4564.780 |
3863.400 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Proposed Equity Dividend |
127.930 |
127.930 |
127.930 |
|
|
|
|
Tax on Proposed Equity Dividend |
25.580 |
21.740 |
20.750 |
|
|
|
|
Transfer to General Reserve |
2.700 |
38.660 |
44.740 |
|
|
|
BALANCE CARRIED
TO THE B/S |
5047.520 |
5149.730 |
4564.780 |
||
|
|
|
|
|
|
||
|
|
Earnings in Foreign
Currency (F.O.B. basis) |
242.160 |
771.140 |
1425.770 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Components Stores & Spares |
234.250 |
410.400 |
853.040 |
|
|
|
|
Capital Goods |
750.080 |
247.120 |
5741.770 |
|
|
|
TOTAL IMPORTS |
984.330 |
657.520 |
6594.810 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
0.63 |
9.07 |
10.49 |
||
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Current Maturities of Long term debt |
3120.300 |
2801.240 |
885.400 |
|
Cash generated from operations |
2930.010 |
2423.530 |
1365.740 |
|
Net cash generated from operating activities |
2714.360 |
2287.200 |
962.540 |
QUARTERLY
RESULTS
(Rs.
In Million)
|
Particulars |
31.03.2015 (Unaudited) |
30.06.2015 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
3720.970 |
3752.090 |
|
Total Expenditure |
3176.940 |
3268.320 |
|
PBIDT (Excluding Other
Income) |
544.030 |
483.770 |
|
Other Income |
54.840 |
195.980 |
|
Operating Profit |
598.870 |
679.750 |
|
Interest |
236.380 |
221.280 |
|
Exceptional Items |
(95.000) |
NA |
|
PBDT |
267.490 |
458.470 |
|
Depreciation |
391.760 |
396.260 |
|
Profit Before Tax |
(124.270) |
62.210 |
|
Tax |
(268.140) |
22.800 |
|
Provisions and
contingencies |
NA |
NA |
|
Profit After Tax |
143.870 |
39.410 |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
143.870 |
39.410 |
KEY
RATIOS
|
PARTICULARS |
|
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
0.36 |
5.41 |
6.76 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
19.30 |
22.41 |
21.02 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
0.10 |
3.64 |
4.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00 |
0.08 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.13 |
1.07 |
0.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.69 |
0.79 |
0.82 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.304.00/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
852.840 |
852.840 |
852.840 |
|
Reserves & Surplus |
12486.280 |
13420.430 |
13039.380 |
|
Net
worth |
13339.120 |
14273.270 |
13892.220 |
|
|
|
|
|
|
long-term borrowings |
8504.170 |
11156.870 |
11024.000 |
|
Short term borrowings |
1600.000 |
1320.000 |
1500.000 |
|
Current Maturities of Long term debt |
885.400 |
2801.240 |
3120.300 |
|
Total
borrowings |
10989.570 |
15278.110 |
15644.300 |
|
Debt/Equity
ratio |
0.824 |
1.070 |
1.126 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs. In
Million |
|
Sales |
13244.400 |
14284.600 |
14913.460 |
|
|
|
7.854 |
4.402 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
13244.400 |
14284.600 |
14913.460 |
|
Profit |
894.800 |
773.280 |
54.000 |
|
|
6.76% |
5.41% |
0.36% |
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 |
(AS
ON 31.12.2014)
COMPANY OVERVIEW
Subject
is a public company. It is incorporated under the Companies Act, 1956 and its
shares are listed on the National Stock Exchange of India Limited (NSE), Bombay
Stock Exchange Limited (BSE) and Calcutta Stock Exchange Limited (CSE). Subject
is primarily engaged in manufacture of industrial and medical gases and
construction of cryogenic and non-cryogenic air separation plants.
FINANCIAL PERFORMANCE
Subject
recorded a subdued performance during the year, amidst weak economic conditions
and contraction of demand in most of the end user industry segments. While
inflation showed some signs of abatement during the year, the slowdown in
manufacturing and industrial activity across the country and deferment of new
capital expenditure in most segments made market conditions very challenging.
Besides,
higher depreciation related to recently commissioned plants and higher finance
cost on borrowings severely impacted the financial performance for the year.
The
sluggish demand faced by most of the end user industry segments and many of our
customers through the year and over supply position in the markets resulted in
significant under utilisation of installed capacities, further impacting the
financial performance. Revenue from operations during the year stood at
Rs.16148.670 million reflecting a growth of 6% compared to last year. This
growth was primarily achieved by revenues realized from the newly commissioned
plants, while the base gases and engineering business remained subdued.
Gases
business grew by 22% during the year mainly driven by commissioning of 2X 853
tonnes per day (tpd) - air separation units (ASU) at Steel Authority of India
Ltd’s works at Rourkela. The incremental revenues from ramping up of the newly
commissioned plants in the previous year, viz. 2,550 tpd ASU at Tata Steel in
Jamshedpur and 330 tpd merchant ASU at Taloja also contributed to higher
revenues in the Gases business. The Project Engineering Division (PED) achieved
a turnover of Rs.2001.580 million during the year compared to Rs.3676.660
million last year due to significantly lower number of new projects. The PED’s
business is primarily driven by capacity expansion in steel and refinery
segments.
These
sectors witnessed restrained capex spend by major customers due to adverse
market conditions, high interest rates and policy bottlenecks in mining and
other core sectors. However, the Division managed to improve overall profit
margin through cost savings and efficient project management in ongoing
projects.
The
operating profit for the year amounted to Rs.2877.900 million, which grew by
around 7% as compared to Rs.2698.310 million in the previous year. This
includes a profit of Rs.66.400 million shown as other income arising from
disposal of right to use an apartment at Kolkata. This growth in operating
profit has been achieved through focus on application development and promoting
value added products like shielding gases and helium. Subject also initiated
cost control measures on various administrative fronts and focused on
delivering operational efficiency including by using Six Sigma.
The
Profit before exceptional items and taxes for the year amounted to Rs.35.780
million as against Rs.663.380 million in previous year. The decrease is on
account of significantly higher depreciation charge of Rs.1813.460 million as
compared to Rs.1290.430 million in the previous year mainly due to
capitalization of new ASUs at SAIL, Rourkela and impairment in value of certain
assets under capital work in progress.
The
steep increase in finance cost from Rs.744.500 million to Rs.1028.660 million
further impacted the profits for the year. The significant increase in the
finance cost during the year is mainly on account of interest on ECB availed
for SAIL Rourkela ASUs, which has been fully charged to revenue during the year
following the capitalisation of the ASUs.
Net
profit for the year stood at Rs.54.000 million as against Rs. 773.280 million
in the previous year, which included exceptional income of Rs.502.700 million
from sale of land at Ahmedabad.
INDUSTRY DEVELOPMENTS
The
gases business is capital intensive by nature as it requires large investments
in setting up of air separation units as well new packaged gases sites. The supply
chain in the gases business also requires significant investments in the form
of distribution assets and storage networks to service bulk volumes as well as
in the form of cylinders to service relatively smaller volumes in packaged
gases business. The industry comprises of major users in steel, chemicals and
refinery sectors and a large number of merchant liquid customers primarily in
metal, glass, automobile, petrochemicals and pharmaceutical sectors, besides
customers for medical gases. New applications continue to provide growth
opportunities. This growth is also supported by the increasing outsourcing of
gases requirement under a “Build Own Operate“(BOO) type of supply scheme
opportunities mainly in steel and refinery sectors.
GASES AND RELATED PRODUCTS
The
Gases and Related Products segment comprises of pipeline gas supplies (On-site)
to very large industrial customers – mainly primary steel production and
refining industry, supply of liquefied gases through cryogenic tankers (Bulk)
to cater to mid-size demands across a wide range of industrial sectors and
compressed gas supply in cylinders (Packaged Gases) for meeting smaller demand
for gases mainly across fabrication and manufacturing and construction
industry. The primary production of gases (oxygen, nitrogen and argon) is
mostly achieved through cryogenic distillation of air in Air Separation Units
(ASU).
Oxygen,
Nitrogen and Argon may be produced in the gaseous state and supplied through
pipeline to the on- site customers, or produced in liquid form and stored in
insulated cryogenic tanks for supply to bulk customers or further processed in
the Packaged Gas plants to bottle compressed gas in cylinders. The strategy of
the bulk and packaged gas business continues to be building and sustaining
market leadership through application led gas sales and enhanced service
levels.
The
Healthcare business provides high quality gases for pharmaceutical use such as
medical oxygen, synthetic air, nitrous oxide in addition to providing state of
the art medical gas distribution systems to major hospitals. Subject also
provides total gas management solutions to private hospital chains and has
ambitious plans to expand beyond its current footprint in metro cities. The
strategy of the healthcare business is to sustain its leadership position in
the large hospitals in metro cities and increase penetration in tier 2 cities
with particular focus on supporting private hospital chains in providing total
gas management solutions.
The
turnover of subject’s gases business for the year 2014 recorded a growth of
about 22% over 2013 despite general slowdown in industrial activities in
several sectors. As explained earlier, this growth was primarily achieved by
revenues realized from the newly commissioned plants, while the base gases
remained subdued.
The
delay in commissioning of some of the projects impacted the gases business.
Merchant and packaged gases business however benefited from cyclical upturn in
the automobile industry, which helped Subject in achieving highest ever argon
volumes even in these difficult conditions. During the year, subject was
successful in converting a number of its gases application leads into business
with customers including wins in new sectors like cement and aluminium. This
further reinforces the strength of Linde’s technology solutions that is helping
subject to differentiate itself in the markets. As a result, your Company
managed to secure higher oxygen volumes during the year.
Higher
sale of helium was achieved due to demand from customers in fibre optic cable
segment and Government agencies in defense and space research.
Operations
played a critical role in a difficult year with focus in the areas of power
cost reduction, loss reduction, reliability improvement and plant mode optimization
with the help of the Remote Operating Centre (ROC). During the year, subject
commissioned its 2X853 tpd ASUs at SAIL Rourkela works. The Hyderabad 65 tpd
ASU was not operational following an optimisation programme with product being
outsourced from other plants.
Subject
continues its development towards positioning itself as a solutions provider on
the back of gases applications, technologies and services. During 2014, despite
a challenging business climate, a large number of business wins were achieved
on the back of this strategy. Linde’s REBOX® technology for steel reheating has
been installed at a number of steel mills in India. The first contract in India
for Linde’s world leading technology for aluminium melting was also signed.
Activities in the cement, heat treatment, foundry, chemistry, and pharma
industries are developing at a high pace with successful installations of
Linde’s technical solutions. Opportunities are also being pursued in the food
industry, particularly relating to freezing. Subject has a strong focus on the
automotive industry and its ancillaries. A technology centre with focus on
welding technologies and the automotive industry has been established in Pune.
Besides, a number of opportunities are being pursued in the water treatment and
clean energy sectors, including involvement in an algae-to-oil project.
The
Packaged Gases Business (industrial) grew by about 6% in an intensely
competitive market dominated by smaller retailers and refillers. The packaged
gases consist of compressed industrial oxygen, argon, nitrogen, electronic and
special gases. During the year, your Company created differentiation in its
product and service offerings by launch of 230 bar oxygen and argon cylinders
in key market zones such as Bangalore, Pune and Dahej. By leveraging its
technical know-how and creating the right value proposition, your Company has
been successful in stepping up the shielding gases volumes by more than 13% in
2014.
The
Special Products and Chemicals (SP&C) business grew significantly by almost
58% on the strength of helium supplies for manufacture of optic fibre as well
as in areas of space research and technologically advanced fields of medicine.
Since commissioning of Helium Trans filling operation at Taloja in 2012, the
Company has penetrated successfully into the packaged helium as well as Dewar
business. Business in XL grade gases, calibration and process gas mixtures also
witnessed good growth – mainly from the Lighting and Automotive Industry. The
chemicals and electronics gases business remained subdued due to weak demand
from the industry.
The
Healthcare segment continues to provide another growth lever for your Company.
However, the business is challenged by intense competition and lack of adequate
standards that creates an uneven playing field, where the Company has to
compete against a lower standard of compliance by local players. This has an
impact on the profitability of the Healthcare segment. In this back drop, your
Company is focusing on reducing cost, getting out of low margin accounts, and
creating differentiated Product and Service Offers (PSOs) including Total Gas
Management, where Linde India becomes an integrated part of the Hospital by
managing the Gas Supply to patients. Another initiative being pursued in
Healthcare business is the introduction of best in class lightweight cylinders
with Linde Integrated Valve (LIV), which sets a new benchmark in medical oxygen
packaging for use within the hospital wards.
During
the year, the National Pharmaceutical Pricing Authority (NPPA) Ministry of
Chemicals, Government of India, fixed a ceiling price for medical oxygen and
nitrous oxide by classifying them as emergency drugs. This has created a new
challenge for these products in the Healthcare markets and your Company has
taken adequate steps to address the same. Subject has also made necessary
representation to the Government Authorities in this regard.
Subject
also continues to work on developing the gases pipeline network at Dahej in Gujarat
by adding new customers that can be served from the ASU under construction.
Subject is also focusing to develop a pipeline scheme in the Kalinganagar
industrial area in Odisha with a long term strategy to grow the gases business
in this prominent steel industry cluster.
Subject
sees several opportunities in the Gases business in the medium to long term,
which include projected increase in India’s steelmaking capacity to 200 million
metric tonnes by 2020, decaptivation and outsourcing of gases demand by
refineries and the Government’s ambitious “Make in India“ campaign, with an aim
to turn the country into a global manufacturing hub. On the other hand, rising
power costs in West and unreliable power supply faced at some of the tonnage
plants such as Hyderabad and Selaqui, over capacity in the markets resulting in
pricing pressure in merchant business are considered as some of the threats.
PROJECT ENGINEERING
The
Project Engineering Division engages in the business of engineering,
procurement, supply, construction and commissioning of Air Separation Units
(ASU), nitrogen generators, hydrogen Pressure Swing Adsorption (PSA) plants,
compressed air systems and gas distribution and storage systems. The Project
Engineering Division (PED) is engaged for in house Gases Division projects, as
well as for sale of plants to third party customers.
The
market condition remained extremely challenging for PED in 2014 as well, when
the Division order intake reduced significantly, which is also reflected in the
decrease in its revenues. PED achieved revenue of Rs.2001.580 million as
compared to Rs.3676.660 million recorded in 2013. During the year, PED executed
projects involving air separation plants, nitrogen plants, compressor air
stations in steel industry both in public and private sectors. The Division has
expanded its global reach during the year with a number of export orders under
execution including nitrogen generator revamp for PT. Indo Rama Ventures
(Indonesia), liquid nitrogen plant sale (LINIT 50) to Medipharm East Africa
Limited (Nairobi). In a difficult year, the Division also managed to recover
fixed costs by providing engineering supervision and commissioning services to
Linde Engineering Taiwan.
Major
projects executed during the year include Cryogenic N2 Generator for GAIL
(India) Limited, Pata, Inert Gas and Air Compressor system for ONGC Petro
Additions Ltd. Other than these projects, the Division has also completed
execution of Cryogenic Nitrogen Generator at OMPL, Mangalore and MRPL Phase
III, Mangalore. The Division has thus, maintained its leadership in Cryogenic
Nitrogen Plant market. Besides, the Division is also constructing 2X1,250 tpd
ASU for NMDC, 1,000 tpd ASU for Bhushan Steel at Meramandali in Odisha
utilising technology from Linde Engineering. The execution activities for new
compressed air station for RINL‘s Visakhapatnam Steel Plant and Nitrogen
generation package for GSPC LNG Ltd. at Mundra, Gujarat is at its initial
stages. The execution of these and several other projects is progressing well.
As a
part of the ongoing support to the growth of Gases Business, PED completed
commissioning of 2x853 TPD ASUs at SAIL, Rourkela. PED is currently also
executing another large in house project for the Gases Division for the
commissioning of 2x1,000 scale Oxygen plants at Tata Steel’s 3 MTPA steelworks
at Kalinganagar in Odisha, which is expected to be completed in 2015. PED is
also engaged in dismantling and relocating the 110 tpd ASU from Taloja and its
commissioning at a new site at Dahej. The project is in advanced stage of
completion and is expected to be on line by H1 2015.
While
PED is responsible for execution of in-house ASU projects for the Gases
Division, it also continues to remain focused to strengthen its product
offerings leveraging on the technological support from Linde Engineering. The
Division continues to endeavour to improve its competitiveness through several
initiatives by increasing the indigenous component in its plants. The
Division’s total third party orders in hand stood at Rs.2420.000 million as on
31 December 2014.
FINANCE
As on
31 December 2014, your Company had three loan facilities by way of External
Commercial Borrowing (ECB) aggregating EUR 199.6 million from Linde AG. The
facilities were executed for funding of large air separation units (ASU) at
Tata Steel Jamshedpur (2,550 tpd ASU), SAIL Rourkela (2X853 tpd ASU), Tata
Steel Kalinganagar (2X1,000 scale Plants) and Hydrogen SMR unit at Asian
Peroxide. Out of the three facilities, two EUR facilities aggregating EUR 122
million are fully drawn down. The third facility is a fixed rate INR facility
equivalent to EUR 77.6 million and is partly drawn. During the course of the
year, INR equivalent of EUR 29.4 million was drawn down and EUR 21.2 million
was repaid leaving a net outstanding position of EUR 155.4 million as at the
end of the year. The ECBs are fully hedged both with regard to the principal
and interest payments.
During
the year, the Company has also negotiated and fully drawn down three-year
floating rate, two term loan facilities aggregating to USD 24.90 million
equivalent of Rs. 1,500 million from Citibank. The term loan facility was
executed to fund ongoing small capital expenditure requirement. This facility
is in addition to the two-year USD 16.8 million equivalent of Rs. 1,000 million
term loan executed in the previous year.
All the three facilities are fully hedged with regard to the
principal and interest payments. The overall Working Capital Demand Loan (WCDL)
as on 31 December 2014 was Rs. 1,500 million. During the year, the Company
transferred a sum of Rs. 0.81 million of unpaid / unclaimed dividend for the
year ended 31 March 2007 to the Investor Education and Protection Fund.
OUTLOOK
India’s
economy grew by about 6.2% through 2014. For 2015, the projections show
optimism, which is largely due to expectation of policy reforms by the new
Government at the Centre, recovery in the global economy, easing liquidity,
speed on policy reforms and normal monsoons. The economy is projected to
achieve a GDP growth of about 8% during 2015-16 driven by service sector and
industrial growth on the back of policy reforms and lower interest rates.
Steel
Production capacity in the country is set to increase to 200 million MT in 2020
as compared to a production capacity of 102 million MT in 2013. Majority of the
expansion in steelmaking capacity is driven by country’s major steel players
like Tata Steel, SAIL, Jindal Steel, etc. This increase in capacity will make
India the second largest steel producing nation. The Steel industry is set to
grow at a CAGR of 8-9% over the next five years.
The
industrial gases business is expected to have a strong double digit growth in
the medium to long term with demand coming in from Steel, Chemicals, Energy,
Automobile, etc. Increase in steel production capacity in the country is likely
to lead to more on-site gas plants. Besides, the “Make in India” campaign of
the Government is expected to attract major investments in capital goods,
infrastructure and pharma sector, which augurs well for the growth of Gases
industry. Subject is also focusing on increasing its footprint in food and
beverage and the oil and gas markets.
The
presence of a large domestic population, along with the increase in its per
capita income is expected to provide enough of a demand stimulus to ensure
continued economic growth for India. All macroeconomic fundamentals will have
positive impact on industrial gases and engineering business.
Subject
has been able to develop itself by leveraging the strengths of its parent- both
in the gases and engineering segment and putting best commercial practices in
place to win large tonnage gas supply contracts and grow the merchant and
packaged gases business. Subject is thus poised to become the leading
industrial gases company in the country.
UNSECURED LOAN:
|
Particulars |
31.12.2014 Rs.
In Million |
31.12.2013 Rs.
In Million |
|
Long Term
Borrowings |
|
|
|
Foreign currency loan from Linde AG, ultimate holding company |
4209.710 |
6984.040 |
|
Rupee loan from Linde AG, ultimate holding company |
5241.570 |
3132.260 |
|
Foreign currency term loan from bank |
1572.720 |
1040.570 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Short term loan from bank (The above loan is repayable on demand and it carries an interest rate in the range of 9.70% to 10.20% per annum payable monthly.) |
1500.000 |
1320.000 |
|
|
|
|
|
Total |
12524.000 |
12476.870 |
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH
JUNE 2015
(Rs. In Million)
|
Particulars |
Quarter Ended (Unaudited) |
Quarter Ended (Unaudited) |
|
|
30.06.2015 |
31.03.2015 |
|
Gross income# |
4279.810 |
4089.080 |
|
Gross Sales |
4062.850 |
3915.610 |
|
Excise duties |
331.740 |
313.270 |
|
Income from operations |
|
|
|
Net
sales (Net of excise duty) |
3731.110 |
3602.340 |
|
Other
operating Income |
20.980 |
118.630 |
|
Total Income From
Operations (Net) |
3752.090 |
3720.970 |
|
2.Expenditure |
|
|
|
a) Cost of material consumed |
227.590 |
201.360 |
|
b) Purchases of stock in trade |
125.950 |
173.080 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
24.000 |
(7.010) |
|
d) Employees benefit expenses |
246.960 |
249.160 |
|
e) Depreciation and amortization expenses |
396.260 |
391.760 |
|
e) Power and Fuel |
1845.010 |
1736.510 |
|
f) Contract Job Expenses |
81.310 |
49.350 |
|
g) Contract Job Expenses |
289.290 |
308.500 |
|
f) Other expenditure |
428.210 |
465.990 |
|
Total expenses |
3664.580 |
3568.700 |
|
3. Profit from operations before other income and
financial costs |
87.510 |
152.270 |
|
4. Other income |
195.980 |
54.840 |
|
5. Profit from ordinary activities before finance costs |
283.490 |
207.110 |
|
6. Finance costs (net) |
221.280 |
236.380 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
62.210 |
(29.270) |
|
8. Exceptional item |
0.000 |
(95.000) |
|
9. Profit from ordinary activities before tax
Expense: |
62.210 |
(124.270) |
|
10.Tax expenses |
|
|
|
--Current tax |
23.510 |
(19.030) |
|
--MAT Credit entitlement |
(23.510) |
19.030 |
|
--Deferred tax |
22.800 |
(268.140) |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
39.410 |
143.870 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
39.410 |
143.870 |
|
14.Paid-up
equity share capital (Nominal value Rs. 10 per share) |
852.860 |
852.860 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
16.Earnings per share (before extraordinary items)
of Rs. 10/- each) (not annualised): |
|
|
|
(a) Basic and diluted |
0.46 |
1.69 |
|
ii) Earnings per share (after extraordinary items) |
|
|
|
(a) Basic and diluted |
0.46 |
1.69 |
SELECT
INFORMATION FOR THE QUARTER ENDED 30TH
JUNE 2015
(Rs. In Million)
|
Particulars |
Quarter Ended (Unaudited) |
Quarter Ended (Unaudited) |
|
|
30.06.2015 |
31.03.2015 |
|
PART-II |
|
|
|
A. Particulars of shareholding |
|
|
|
1. Public Shareholding |
|
|
|
- Number of shares |
21321056 |
21321026 |
|
- Percentage of shareholding |
25.00 |
25.00 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
a) Pledged /Encumbered |
|
|
|
Number of shares |
- |
- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
- |
- |
|
Percentage of shares (as a % of total share capital of the
company) |
- |
- |
|
|
|
|
|
b) Non Encumbered |
|
|
|
Number of shares |
63963167 |
63936167 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
75.00 |
75.00 |
|
|
|
|
|
B.
Investor Complaints |
Quarter Ended 30.06.2015 |
|
|
Pending at the beginning of the quarter |
0 |
|
|
Receiving during the quarter |
3 |
|
|
Disposed of during the quarter |
3 |
|
|
Remaining unreserved at the end of the quarter |
0 |
|
SEGMENT WIE REVENUE, RESULTS AND CAPITAL
EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT
(Rs. In Million)
|
Particulars |
Quarter
Ended (Unaudited) |
Quarter
Ended (Unaudited) |
|
|
30.06.2015 |
31.03.2015 |
|
1. Segment revenue |
|
|
|
a. Gases and related products |
3324.700 |
3281.380 |
|
b. Project engineering |
531.700 |
562.160 |
|
Total |
3856.400 |
3843.540 |
|
Less: Intersegment revenue |
100.610 |
128.570 |
|
Add : Other unallocable income |
192.280 |
60.840 |
|
Total income |
3948.070 |
3775.810 |
|
2. Segment results |
|
|
|
a. Gases and related products |
129.420 |
158.390 |
|
b. Project engineering |
85.010 |
107.220 |
|
Total segment profit before interest, tax and exceptional item |
214.430 |
265.610 |
|
Less: i) Interest Expense |
221.280 |
236.380 |
|
ii) Exceptional items |
-- |
95.000 |
|
iii) Other unallocable expenditure (net of unallocable income) |
(69.060) |
58.500 |
|
Total Profit before tax |
62.210 |
(124.270) |
|
3. Capital employed (Segment assets - Segment liabilities ) |
|
|
|
a. Gases and related products |
28686.390 |
28870.110 |
|
b. Project engineering |
344.710 |
80.110 |
|
c. Unallocated |
(15083.200) |
(14972.760) |
|
Total |
13947.900 |
13977.460 |
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 30.06.2015
Rs. In Million
|
SOURCES OF FUNDS |
30.06.2015 (Unaudited) |
|
I.
EQUITY AND
LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
852.840 |
|
(b) Reserves & Surplus |
13095.060 |
|
Sub-total Shareholders’ fund |
13947.900 |
|
|
|
|
(2) Non-Current Liabilities |
|
|
(a) long-term borrowings |
13282.750 |
|
(b) Deferred tax liabilities (Net) |
1516.290 |
|
(c) Other long term liabilities |
285.290 |
|
(d) long-term provisions |
2825.320 |
|
Sub-total of
Non-Current liabilities |
17909.650 |
|
|
|
|
(3)
Current liabilities |
|
|
(a) Short
term borrowings |
1290.000 |
|
(b) Trade
payables |
2189.420 |
|
(c) Other
current liabilities |
1056.940 |
|
(d) Short-term
provisions |
425.780 |
|
Sub-total of Current liabilities |
4962.140 |
|
|
|
|
TOTAL |
36819.690 |
|
|
|
|
II.
ASSETS |
|
|
(1)
Non-current assets |
|
|
(a) Fixed
Assets |
27537.660 |
|
(b)
Non-Current investments |
150.070 |
|
(c) Long
term loans and advances |
3201.320 |
|
(d) Other
non-current assets |
323.390 |
|
Sub-total of
Non-Current Assets |
31212.440 |
|
|
|
|
(2)
Current assets |
|
|
(a) Current
investments |
|
|
(b)
Inventories |
681.630 |
|
(c) Trade
receivables |
3088.890 |
|
(d) Cash
and cash equivalents |
223.050 |
|
(e)
Short-term loans and advances |
900.910 |
|
(f) Other
current assets |
712.770 |
|
Sub-total of
Current Assets |
5607.250 |
|
|
|
|
TOTAL |
36819.690 |
NOTES:
1. This statement was placed before the Board of Directors at their meeting held on August 06, 2015 and has been approved for release.
2. The quarterly results have been subjected to a "Limited Review" by the Auditors of the Company.
3.
(a) Pursuant to the ICAI's announcement in March 2008, the Company had opted for early adoption of Accounting Standard 30 "Financial Instruments: Recognition and Measurement" issued by the ICAI in the year ended December 31, 2009. Accordingly, the Company during the period January 01, 2015 to June 30, 2015 has recognised loss of Rs. 82.15 million (net of deferred tax Rs. 43.19 million) [including Rs. 68.97 million (net of deferred tax Rs. 36.52 million) for the quarter ended June 30, 2015)] under 'Translation and hedging reserves' representing net exchange gain/loss on borrowings and mark to market gain/loss arising from changes In fair value of principal and interest rate swaps, forward contracts against firm commitments, which qualify for hedge accounting being effective hedges.
(b) Further, the Company has cancelled cross currency interest rate swaps during the quarter ended June 30, 2015 on account of restructuring of certain External Commercial Borrowings (ECBs). Net gain of Rs. 86.95 million, on such cancellations, has been transferred from "Translation and hedging reserves" to the Statement of Profit and Loss. The aforesaid gain has been included under "Other Income."
4. "Other Income" also includes a gain of Rs. 95.45 million arising from sale of factory land at Taloja.
5. Figures for the previous period/year have been regrouped/rearranged where necessary.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80023584 |
30/12/2006 * |
661,800,000.00 |
United Bank of India |
Old Court House Street Branch, 11,Hemanta Basu Sarani, Kolkata, West Bengal - 700001, India |
- |
*Date of modification Charges
CONTINGENT
LIABILITIES
(Rs. In Million)
|
Particulars |
Year ended 31.12.2014 |
Year ended 31.12.2013 |
|
Excise duty and service tax matters* |
38.030 |
38.030 |
|
Other excise matters** |
-- |
-- |
|
Sales tax matters* |
111.340 |
107.410 |
|
Guarantee given by the Company |
-- |
64.600 |
|
Sales tax liability transferred to a beneficiary*** |
27.600 |
27.600 |
|
Bills discounted |
59.050 |
34.200 |
|
Other claims |
16.660 |
15.390 |
* Excludes disputed matters in view of favourable appellate decisions on similar issues.
** Cryogenic vessels for gases were cleared from one factory for captive installation to the other factory of the Company. The Company is contesting the Department’s allegation that the assessable value of such inter unit transfer was not calculated as per the principles of Cost Accounting Standards-4 (CAS-4). As per the view of the management based on the facts of the case and document available, the liability would not devolve on the Company.
*** Pursuant to an approved scheme of Government of Maharashtra, certain Sales Tax Liabilities of the Company had been transferred to an eligible beneficiary, at a discount, for which a bank guarantee had been provided by the beneficiary to ensure timely payment to the concerned authorities.
FIXED ASSETS:
·
Land - Freehold
·
Land - Leasehold
·
Buildings
·
Plant and Equipments
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
PRESS RELEASE:
LINDE INDIA Q2 GROSS REVENUE INCREASED BY 7 PERCENT
Kolkata – 6 August, 2015: Linde India Limited, a member of The Linde Group, announced its unaudited financial results for the quarter ending 30 June 2015 which was approved by the Company’s Board of Directors at its meeting held earlier today.
For Q2 2015, the Company reported a gross turnover of Rs 4,063 million, an increase of 7 percent compared against Rs 3,814 million recorded in the same quarter last year. The gases business recorded a growth of 7 percent; while the engineering business revenue was flat compared to the same quarter last year
The Company recorded an operating profit of Rs 680 million, flat as compared to Rs. 685 million for the same quarter in 2014. The Company recorded a net profit of Rs 39 million after taxes compared against a loss of Rs 17 million in same quarter last year.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.10 |
|
|
1 |
Rs.100.89 |
|
Euro |
1 |
Rs.73.96 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
AMR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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.