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MIRA INFORM REPORT
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Report No. : |
504292 |
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Report Date : |
14.04.2018 |
IDENTIFICATION DETAILS
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Name : |
VEDANTA LIMITED [w.e.f. 21.04.2015] |
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Formerly Known
As : |
SESA STERLITE LIMITED [w.e.f. 18.09.2013] SESA GOA LIMITED |
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Registered
Office : |
1st Floor, C Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Andheri (East), Mumbai – 400093, Maharashtra |
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Tel. No.: |
91-22-66434500 |
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Country : |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
25.06.1965 |
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Com. Reg. No.: |
11-291394 [New] 24-000044 [Old] |
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Capital
Investment / Paid-up Capital : |
INR 3717.500 Million |
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CIN No.: [Company Identification
No.] |
L13209MH1965PLC291394 [New] L13209GA1965PLC000044 [Old] |
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IEC No.: [Import-Export Code No.] |
1788000234 |
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TIN / CST No.: |
27600831102 |
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GSTN : [Goods & Service Tax
Registration No.] |
27AACCS7101B1ZW |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AACCS7101B |
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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
: |
The Company is a diversified natural resource Company engaged in exploring, extracting and processing minerals and oil and gas. The Company produces copper, aluminium, iron ore, oil and gas and commercial power. The Company has five reportable segments: copper, aluminum, iron ore, power, and oil and gas. The management of the Company is organized by its main products: copper, aluminum, iron ore, oil and gas and power. [Registered Activity] |
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No. of Employees
: |
7452 (Approximately) |
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1965 and it is a diversified natural resources company. It is engaged in mining of zinc, copper, iron ore and aluminum. It also generates power and produces oil and gas. As per the financials of March 2017, the company has reported a growth of 6.99% in its revenue as compared to its previous year’s revenue and maintained a good profit margin of 28.72% during the year. Rating takes into consideration the company’s established track record of business operations marked by healthy net worth base along with comfortable debt coverage indicators and good liquidity position. Rating continuous to reflect its diversified business profile supported by its promoter’s industry experience along with cost leadership in zinc and oil and gas segments. Price is quoted fairly high on Stock Exchanges. (Share are traded at a price of INR 291.90 against its face value of INR 1 on BSE). However, rating strength is partially offset by susceptibility to volatility in commodity prices, regulatory risks in the iron ore business, and project execution risks associated with sizeable capital expenditure programs in its aluminum and power projects. As per quarterly financials of December 2017, the company has achieved a sales turnover of INR 121850 million and reported fair profit margin of 5.56%. Payments terms seems to be regular as per commitments. In view of aforesaid, the company can be considered good 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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long Term Rating= AA |
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Rating Explanation |
High degree of safety and very low credit
risk. |
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Date |
12.04.2018 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Rating= A1+ |
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Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
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Date |
12.04.2018 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 14.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
Management Non Co-operative (91-22-66461000 / 66434500)
91-124-4593000 - Continuously Ringing
LOCATIONS
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Registered Office : |
1st Floor, C Wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Andheri (East), Mumbai – 400093, Maharashtra, India |
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Tel. No.: |
91-22-66434500 |
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Fax No.: |
91-22-66434530 |
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E-Mail : |
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Website : |
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Corporate Office 1 : |
Vedanta 75, Nehru Road, Vile Parle, Mumbai – 400057, Maharashtra,
India |
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Tel. No.: |
91-22-66461000 |
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Corporate Office 2 : |
(Division Cairn Oil and Gas), DLF Atria, Phase 2, Jacaranda Marg, DLF
City, Gurugram – 122002, Haryana, India |
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Head Office 1 : |
Business Square, C Wing 2nd Floor Andheri Kurla Road,
Chakala Andheri East Mumbai – 400096, Maharashtra, India |
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Head Office 2 : |
(Sesa Goa Iron Ore), Sesa Ghor, 20 EDC Complex, Patto
Panaji, Goa – 403001, India |
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Tel. No.: |
91-832-246 0600 |
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Fax No.: |
91-832-246 0690 |
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Plant Locations :
(Division) |
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Copper Anodes
(Smelter), Refinery, Continuous Cast Copper Rods and Captive Power Plant : |
SIPCOT Industrial Complex, Madurai By-pass Road, T.V. Puram PO, Tuticorin – 628002, Tamilnadu, India |
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Copper Cathodes
(Refinery) and Continuous Cast Copper Rods : |
1/1/2 Chinchpada, Silvassa – 396230, Union Territory of Dadra and Nagar Haveli, India |
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Continuous Cast
Copper Rods : |
209-B, Piparia Industrial Estate, Piparia, Silvassa – 396230, Union Territory of Dadra and Nagar Haveli, India |
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Iron Ore - Mining : |
Codli Mine, P.O.
Kirlapale, Dabal – 403706, Goa, India |
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Tel. No.: |
91-832-2617200 |
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Fax No.: |
91-832-2618280 |
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Iron Ore – Mining : |
Madakeritura and other villages in Holakere and Chitradurga District, Karnataka, India |
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Pig Iron/
Metallurgical Coke (Met Coke) : |
Navelim / Amona Village, Bicholim Taluka, Goa, India |
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Aluminium Smelters
(erstwhile Vedanta Aluminium Limited)/ Aluminium
and Power Division Plant (SEZ Unit) : |
Aluminium and Power. PMO Office, Bhurkhamunda, P O: Sripura, District: Jharsuguda – 768202, Orissa, India |
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Alumina Refinery (erstwhile
Vedanta Aluminium Limited) : |
Alumina Refinary Project, At / PO – Lanjigarh, Via – Viswanathpur, Kalahandi, Lanjigarh – 766027, Orissa, India |
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Aluminium
(erstwhile Madras Aluminium Company Limited) : |
Mettur Dam R.S., District: Salem – 636402, Tamilnadu, India |
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Power (erstwhile
Sterlite Energy Limited) : |
PMO Office, Bhurkahamunda PO-Sripura, District- Jharsuguda – 768202, Orissa, India |
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Plant : |
Business Square, Solitaire park, Andheri- Mumbai – 400093, Maharashtra, India |
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Shipping: |
Queeny Elite, 1st Floor Swatantrapath, Vasco Da Gama – 403802, Goa, India |
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Tel. No.: |
91-832-2513053 |
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Fax No.: |
91-832-2511916 |
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Coke Plant: |
Met Coke Division, P.O. Bicholim, Amona, Goa – 403505, India |
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Tel. No.: |
91-832-3981400 |
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Pig Iron Plant: |
P.O. Bicholim, Amona, Goa – 403107, India |
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Tel. No.: |
91-832-2386090 |
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Ship Building: |
Sirsaim, Tivim Bardez Goa – 403502, India |
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Tel. No.: |
91-832-2298357 |
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Fax No.: |
91-832-2298439 |
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Sesa Community: |
Development Foundation - NCM Sesa Technical School, - Sesa Football Academy, P.O. Sanquelim, Goa – 403505, India |
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Tel. No.: |
91-832-2365509 |
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Factory: |
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Iron Ore Division: |
Located at · Shanghai |
DIRECTORS
AS ON 31.03.2018
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Name : |
Mr. Navin Kumar Agarwal |
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Designation : |
Executive Chairman |
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Address: |
Soham 8/738, Behramji Gamadia Road, (Carmichael Road), Mumbai – 400026, Maharashtra, India |
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Date of Birth/ Age: |
53 Years |
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Date of
Appointment: |
17.08.2013 |
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DIN No.: |
00006303 |
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Name : |
Ms. Lalita Dileep Gupte |
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Designation : |
Independent Non-executive Director |
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Address: |
153C, Mhaskar Building, Sir Bhalchandra Road, Matunga, Mumbai – 400019, Maharashtra, India |
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Date of Birth/ Age: |
65 Years |
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Date of
Appointment: |
29.03.2014 |
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DIN No.: |
00043559 |
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Name : |
Mr. Tarun Chandmal Jain |
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Designation : |
Whole-time Director |
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Address: |
411 Akshay Giri Kunj, Pali Ram Road, Opposite Andheri Railway Station, Andheri (West), Mumbai – 400058, Maharashtra, India |
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Date of Birth/ Age: |
54 Years |
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Date of
Appointment: |
01.04.2014 |
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DIN No.: |
00006843 |
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Name : |
Mr. Guggilam Rajagopalan Arun Kumar |
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Designation : |
Additional Director |
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Address: |
No 340, 9th Main, 14th Cross, Indiranagar 2nd Stage, Bangalore – 560038, Karnataka, India |
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Date of
Appointment: |
22.11.2016 |
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DIN No.: |
01874769 |
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Name : |
Mr. Ravi Kant |
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Designation : |
Independent Non-executive Director |
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Address: |
A-3, Pallonji Mansion, 43, Cuffe Parade, Near President Hotel. Colaba, Mumbai - 400005, Maharashtra, India |
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Date of Birth/ Age: |
69 Years |
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Date of Appointment: |
28.01.2014 |
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DIN No.: |
00016184 |
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Name : |
Ms. Priya Agarwal |
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Designation : |
Additional Director |
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Address: |
113, Samudra Mahal, Worli, Mumbai – 400018, Maharashtra, India |
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Date of
Appointment: |
17.05.2017 |
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DIN No.: |
05162177 |
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Name : |
Mr. Krishnamurthi Venkataramanan |
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Designation : |
Additional Director |
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Address: |
Varsha, Flat No.401 Janki Kutir, Juhu, Mumbai – 400049, Maharashtra, India |
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Date of
Appointment: |
01.04.2017 |
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DIN No.: |
00001647 |
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Name : |
Mr. Aman Mehta |
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Designation : |
Additional Director |
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Address: |
115A, Jor Bagh, New Delhi – 110003, India |
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Date of Appointment: |
17.05.2017 |
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DIN No.: |
00009364 |
KEY EXECUTIVES
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Name : |
Mr. Guggilam Rajagopalan Arun Kumar |
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Designation : |
Chief Financial Officer |
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Address: |
No 340, 9th Main, 14th Cross, Indiranagar 2nd Stage, Bangalore – 560038, Karnataka, India |
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Date of
Appointment: |
01.10.2016 |
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Name : |
Mr. Kuldipkumar Dayaram Kaura |
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Designation : |
Chief Executive Officer |
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Address: |
1101-1102 Vastu CHS Limited, Dr. Pereira Road, Bandstand, Bandra (West), Mumbai – 400050, Maharashtra, India |
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Date of
Appointment: |
01.09.2017 |
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PAN No.: |
AFVPK8712R |
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Name : |
Ms. Bhumika Sood |
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Designation : |
Company Secretary |
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Address: |
G-12, 1st Floor, Green Park (Main), New Delhi – 110016, India |
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Date of
Appointment: |
22.11.2016 |
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PAN No.: |
BFQPS0828Q |
SHAREHOLDING PATTERN
AS ON December 2017
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Category of
Shareholder |
No. of
Shares |
Percentage
of Holding |
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Promoter &
Promoter Group |
1863618788 |
50.14 |
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Public |
1844123454 |
49.61 |
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Non Promoter-Non
Public |
9451997 |
0.25 |
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Grand Total |
3717194239 |
100.00 |
Statement showing shareholding pattern of the Promoter and Promoter
Group
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Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
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A1) Indian |
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0.00 |
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Individuals/Hindu
undivided Family |
160656 |
0.00 |
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Pravin Agarwal |
18660 |
0.00 |
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Suman Didwania |
87696 |
0.00 |
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Ankit Agarwal |
36300 |
0.00 |
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Sakshi Mody |
18000 |
0.00 |
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Sub Total A1 |
160656 |
0.00 |
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Any Other
(specify) |
1863458132 |
50.13 |
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Westglobe Limited |
44343139 |
1.19 |
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Welter Trading
Limited |
38241056 |
1.03 |
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Finsider
International Company Limited |
401496480 |
10.80 |
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Twin Star
Holdings Limited |
1379377457 |
37.11 |
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Sub Total A2 |
1863458132 |
50.13 |
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A=A1+A2 |
1863618788 |
50.14 |
Statement showing shareholding pattern of the Public shareholder
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Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
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Mutual Funds |
218219371 |
5.87 |
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Aditya Birla Sun Life Trustee Private Limited A/C Aditya
Birla Sun Life Balanced 95 Fund |
50640595 |
1.36 |
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HDFC Trustee
Company Limited - HDFC Infrastructure Fund |
61645859 |
1.66 |
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Alternate
Investment Funds |
2788000 |
0.08 |
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Foreign Portfolio
Investors |
662307290 |
17.82 |
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Financial
Institutions/ Banks |
248687898 |
6.69 |
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Life Insurance Corporation of India |
244880310 |
6.59 |
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Insurance
Companies |
24199811 |
0.65 |
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Sub Total B1 |
1156202370 |
31.10 |
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Individual share
capital upto INR 0.200 million |
174762625 |
4.70 |
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Individual share capital
in excess of INR 0.200 million |
28077435 |
0.76 |
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NBFCs registered
with RBI |
31705 |
0.00 |
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Overseas
Depositories (Holding DRs) (Balancing Figure) |
142955168 |
3.85 |
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Citibank N.A. New
York, Nyadr Department |
142955168 |
3.85 |
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Any Other (specify) |
342094151 |
9.20 |
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Overseas
corporate bodies |
1100 |
0.00 |
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Trusts |
4525553 |
0.12 |
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Investor
Education and Protection Fund |
1060879 |
0.03 |
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NRI – Repat |
3726536 |
0.10 |
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NRI – Non- Repat |
2008515 |
0.05 |
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This represents Foreign
Nationals |
100 |
0.00 |
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Clearing Members |
3826449 |
0.10 |
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Bodies Corporate |
133583207 |
3.59 |
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PTC Cables
Private Limited |
42730200 |
1.15 |
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HUF |
7287415 |
0.20 |
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This Repsents
Foreign Bodies |
184133558 |
4.95 |
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Cairn UK Holdings
Limited |
184125764 |
4.95 |
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This represents
Foreign Bodies -DR |
1940839 |
0.05 |
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Sub Total B3 |
687921084 |
18.51 |
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B=B1+B2+B3 |
1844123454 |
49.61 |
Statement showing shareholding pattern of the Non Promoter- Non Public
shareholder
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Category of Shareholder |
No.
of Shares |
Percentage
of Holding |
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Employee Benefit
Trust |
9451997 |
0.25 |
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Sub Total C2 |
9451997 |
0.25 |
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C= C1+C2 |
9451997 |
0.25 |
BUSINESS DETAILS
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Line of Business : |
The Company is a diversified natural resource Company engaged in exploring, extracting and processing minerals and oil and gas. The Company produces copper, aluminium, iron ore, oil and gas and commercial power. The Company has five reportable segments: copper, aluminum, iron ore, power, and oil and gas. The management of the Company is organized by its main products: copper, aluminum, iron ore, oil and gas and power. [Registered Activity] |
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Products / Services
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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 : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
7,452 (Approximately) |
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Bankers : |
·
DBS Bank India, DLF Capitol Point, Ground
Floor and First Floor, Baba Kharak Singh Marg, Connaught Place, New Delhi –
110001, India |
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Facilities : |
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Financial Institution : |
· Axis Trustee Services Limited, Axis House, Bombay Dyeing Mills, Compound, Pandurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India · IDBI Trusteeship Services Limited, Asian Building, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
Tower 3, 27th-32nd Floor, Indiabulls Finance
Centre, 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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Ultimate Holding
Company : |
· Volcan Investments Limited |
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Intermediate
Holding Company : |
· Finsider International Company Limited · Richter Holdings Limited · Twin Star Holdings Limited · Vedanta Resources Cyprus Limited · Vedanta Resources Finance Limited · Vedanta Resources Holdings Limited · Vedanta Resources Plc · Welter Trading Limited · Westglobe Limited |
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Fellow Subsidiaries (with whom
transactions have taken place) : |
· Konkola Copper Mines Plc · Sterlite Grid Limited · Sterlite Iron and Steel Company Limited · Sterlite Technologies Limited · Sterlite Power Transmission limited |
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Associates : |
· Gaurav Overseas Private Limited · Raykal Aluminium Company Private Limited · Roshskor Township (Proprietary) Limited |
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Subsidiaries
: |
· Amica Guesthouse (Proprietary) Limited · Bharat Aluminium Company Limited · Black Mountain Mining (Proprietary) Limited · Bloom Fountain Limited · Cairn Energy Australia Pty Limited* · Cairn Energy Discovery Limited · Cairn Energy Gujarat Block 1 Limited · Cairn Energy Holdings Limited* · Cairn Energy Hydrocarbons Limited · Cairn Energy India Pty Limited · Cairn Exploration (No. 2) Limited · Cairn Exploration (No. 6) Limited*** · Cairn Exploration (No. 7) Limited* · Cairn India Holdings Limited · Cairn Lanka (Private) Limited · Cairn South Africa (Pty) Limited · CIG Mauritius Holdings Private Limited · CIG Mauritius Private Limited · Copper Mines of Tasmania Pty Limited · Fujairah Gold FZC · Hindustan Zinc Limited · Killoran Lisheen Finance Limited · Killoran Lisheen Mining Limited · Lakomasko B.V. · Lisheen Milling Limited · Malco Energy Limited · Maritime Ventures Private Limited · Monte Cello B.V. (MCBV) · Namzinc (Proprietary) Limited · Paradip Multi Cargo Berth Private Limited · Pecvest 17 Proprietary Limited * · Rosh Pinah Health Care (Proprietary) Limited · Sesa Mining Corporation Limited · Sesa Sterlite Mauritius Holdings Limited# · Sesa Resources Limited · Skorpion Mining Company (Proprietary) Limited · Skorpion Zinc (Proprietary) Limited · Sterlite (USA) Inc. · Sterlite Infraventures Limited ** · Sterlite Ports Limited · Talwandi Sabo Power Limited · Thalanga Copper Mines Pty Limited · THL Zinc Holding B.V. · THL Zinc Limited · THL Zinc Namibia Holdings (Proprietary) Limited · THL Zinc Ventures Limited · Twin Star Energy Holdings Limited · Twin Star Mauritius Holdings Limited · Vedanta Exploration Ireland Limited · Vedanta Lisheen Holdings Limited · Vedanta Lisheen Mining Limited · Vizag General Cargo Berth Private Limited · Western Cluster Limited · Goa Sea Port Private Limited * Dissolved during the year ** Sold during the year *** Dissolved during the previous year # Became indirect subsidiary of the Company during the current year. In the previous year, it was a fellow subsidiary of the Company. |
|
|
|
|
Others : |
· Anil Agarwal Foundation Trust · Vedanta Foundation · Sesa Community Development Foundation · Rampia Coal Mines and Energy Private Limited · Sesa Group Employees Provident Fund · Vedanta Limited ESOS Trust · Cairn Foundation (formerly known as ‘Cairn Enterprise Centre’) |
CAPITAL STRUCTURE
AS ON 31.03.2017
(A)
Authorised Capital :
|
No. of Shares (In Crore) |
Type |
Value |
Amount |
|
|
|
|
|
|
5127.01 |
Equity shares |
INR 1/- each |
INR 51270.100 Million |
|
(725.00) |
Less: Pursuant to the scheme of merger |
|
INR 7250.000 Million |
|
|
Total [A] |
|
INR 44020.100
Million |
|
|
|
|
|
|
3.50 |
Preference share |
INR 10/- each |
INR 350.000 Million |
|
297.50 |
Add: Pursuant to the scheme of merger |
|
INR 29750.000 Million |
|
|
Total [B] |
|
INR 30100.000
Million |
|
|
|
|
|
|
|
TOTAL [A+B] |
|
INR 74120.100
Million |
(B)
Issued, Subscribed & Paid-up Capital :
|
No. of Shares (In Crore) |
Type |
Value |
Amount |
|
|
|
|
|
|
296.50 |
Equity shares |
INR 1/- each |
INR 2965.000 Million |
|
|
|
|
|
|
(C)
To
Be Issued Pursuant to Merger |
|||
|
75.25 |
[Equity
shares] |
|
INR 752.500 Million |
|
|
|
|
|
|
|
Total |
|
INR 3717.500
Million |
(a) Includes 310,632 (March 31, 2016: 310,632 and April 01, 2015: 310,632) equity shares kept in abeyance. These shares are not part of listed equity capital.
(b) Includes 39,84,256 (March 31, 2016: Nil and April 01, 2015: Nil) equity shares held by Vedanta Limited ESOS Trust.
(c) Voting rights exercisable upon issuance.
(D)
Shares
held by ultimate holding company and its subsidiaries/associates*
|
Particulars |
March 31, 2017 |
|
|
Number of Shares held (In Crore) |
% of Holding |
|
|
Twinstar Holdings Limited |
128.01 |
43.18 |
|
Twin Star Holdings Limited (2) |
9.93 |
3.35 |
|
Finsider International Company Limited |
40.15 |
13.54 |
|
West Globe Limited |
4.43 |
1.50 |
|
Welter Trading Limited |
3.82 |
1.29 |
|
Total |
186.34 |
62.86 |
* The % of holding has been calculated on the issued and subscribed share capital as at respective balance sheet date
(1) All the above entities are subsidiaries of Volcan Investments Limited, the ultimate holding company.
(2) Represented by 24,823,177 American Depository Shares (“ADS”).
(E) Aggregate number of bonus shares issued,
shares issued for consideration other than cash and shares bought back during
the period of five years immediately preceding the reporting date
|
Particulars |
As at March 31, 2017 |
|
Equity shares issued pursuant to Schemes of Amalgamation (in FY 2013-14) |
209.59 |
(F) Details of shareholders holding more than
5% shares in the Company*
|
Particulars |
March 31, 2017 |
|
|
Number of Shares held (In Crore) |
% of Holding |
|
|
Twinstar Holdings Limited |
128.01 |
43.18 |
|
Twin Star Holdings Limited # |
9.93 |
3.35 |
|
Finsider International Company Limited |
40.15 |
13.54 |
* The % of holding has been calculated on the issued and subscribed share capital as at respective balance sheet date
# 24,823,177 ADS, held by CITI Bank N.A. New York as a depository.
As per the of the Company, including its register of shareholders/members, the above shareholding represents legal ownership of shares.
(G) Other disclosures
(1) The Company has one class of equity shares having a par value of INR 1 per share. Each shareholder is eligible for one vote per share held and dividend as and when declared by the Company. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend which is paid as and when declared by the Board of Directors. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive any of the remaining assets of the Company, after distribution of all preferential amounts, in proportion to their shareholding.
(2) The Company has one class of 7.5% noncumulative redeemable preference shares having a par value of INR 10 per share. Each preference shareholder is eligible for one vote per share as per terms of Section 47(2) of the Companies Act 2013 and dividend as and when declared by the Company. As per the terms of preference shares, these shares are redeemable at par on expiry of 18 months from the date of their allotment. In the event of winding up of Vedanta Limited, the holders of Preference Shares shall have a right to receive repayment of capital paid up and arrears of dividend, whether declared or not, up to the commencement of winding up, in priority to any payment of capital on the equity shares out of the surplus of Vedanta Limited.
(3) ADS shareholders do not have right to attend General meetings in person and also do not have right to vote. They are represented by depository, CITI Bank N.A. New York. As on March 31, 2017, 217,019,900 equity shares were held in the form of 54,254,975 ADS.
(4) In terms of Scheme of Arrangement as approved by the Hon’ble High Court of Judicature at Mumbai, vide its order dated April 19, 2002 the erstwhile Sterlite Industries (India) Limited (merged with the Company during 2013-14) during 2002- 2003 reduced its paid up share capital by INR 10.03 Crore There are 199,026 equity shares (March 31, 2016: 198,900 equity shares) of INR 1 each pending clearance from NSDL/CDSL. The Company has filed application in Hon’ble High Court of Mumbai to cancel these shares, the final decision on which is pending. Hon’ble High Court of Judicature at Mumbai, vide its interim order dated September 06, 2002 restrained any transaction with respect to subject shares.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
3717.500 |
3717.500 |
2965.000 |
|
(b) Reserves & Surplus |
793963.500 |
788656.900 |
337613.700 |
|
(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) |
797681.000 |
792374.400 |
340578.700 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
222479.800 |
232167.300 |
217706.300 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
57489.800 |
106321.400 |
2025.900 |
|
(d) long-term
provisions |
8080.400 |
9062.500 |
18.100 |
|
Total Non-current
Liabilities (3) |
288050.000 |
347551.200 |
219750.300 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
143093.000 |
74020.100 |
131137.200 |
|
(b) Trade
payables |
149751.700 |
134588.900 |
28788.100 |
|
(c) Other
current liabilities |
282442.900 |
476869.700 |
55291.900 |
|
(d) Short-term
provisions |
819.700 |
839.800 |
9797.800 |
|
Total Current Liabilities
(4) |
576107.300 |
686318.500 |
225015.000 |
|
|
|
|
|
|
TOTAL |
1661838.300 |
1826244.100 |
785344.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
360417.700 |
336973.200 |
219877.000 |
|
(ii)
Intangible Assets |
1557.000 |
1556.600 |
1381.600 |
|
(iii)
Capital work-in-progress |
122151.500 |
164104.000 |
174221.600 |
|
(iv)
Intangible assets under development |
50276.700 |
47471.400 |
0.000 |
|
(b) Non-current Investments |
664167.400 |
863702.400 |
260883.000 |
|
(c) Deferred tax assets (net) |
19583.000 |
16930.500 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
33192.200 |
|
(e) Other
Non-current assets |
44397.600 |
40689.200 |
703.900 |
|
Total Non-Current
Assets |
1262550.900 |
1471427.300 |
690259.300 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
196684.500 |
146769.900 |
3762.700 |
|
(b)
Inventories |
55403.700 |
52286.600 |
54420.700 |
|
(c) Trade
receivables |
20802.000 |
19265.300 |
11576.900 |
|
(d) Cash
and cash equivalents |
14139.100 |
18908.900 |
4641.400 |
|
(e)
Short-term loans and advances |
2858.800 |
3979.300 |
17195.100 |
|
(f) Other
current assets |
109399.300 |
113606.800 |
3487.900 |
|
Total
Current Assets |
399287.400 |
354816.800 |
95084.700 |
|
|
|
|
|
|
TOTAL |
1661838.300 |
1826244.100 |
785344.000 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
385404.200 |
360225.700 |
325024.100 |
|
|
|
|
Other Income |
97049.200 |
99256.300 |
20088.600 |
|
|
|
|
TOTAL |
482453.400 |
459482.000 |
345112.700 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
187877.200 |
171627.900 |
188496.900 |
|
|
|
|
Purchases of Stock-in-Trade |
5797.900 |
7146.700 |
9984.600 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(4174.100) |
1169.500 |
2638.000 |
|
|
|
|
Employees benefits expense |
7843.500 |
7062.600 |
6501.300 |
|
|
|
|
Power and Fuel |
45816.700 |
43590.900 |
44330.500 |
|
|
|
|
Share of expenses in producing oil & gas blocks |
10001.200 |
11275.600 |
0.000 |
|
|
|
|
Other expenses |
46955.800 |
41165.500 |
26786.400 |
|
|
|
|
Excise duty in sales |
18771.600 |
19282.900 |
0.000 |
|
|
|
|
Exceptional item |
(13241.000) |
255880.200 |
24.300 |
|
|
|
|
TOTAL |
305648.800 |
558201.800 |
278762.000 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
176804.600 |
(98719.800) |
66350.700 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
38961.600 |
36004.400 |
36559.300 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
137843.000 |
(134724.200) |
29791.400 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION |
29862.900 |
42871.300 |
10116.700 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX |
107980.100 |
(177595.500) |
19674.700 |
||
|
|
|
|
|
|
||
|
Less |
TAX |
(2706.900) |
(58533.200) |
402.700 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX |
110687.000 |
(119062.300) |
19272.000 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
|
|
144238.000 |
|
|
|
|
Management fees |
|
|
23.500 |
|
|
|
|
Others (ADS Reimbursement from CITI) |
|
|
30.300 |
|
|
|
TOTAL EARNINGS |
211375.800 |
164539.900 |
144291.800 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
|
|
176602.300 |
|
|
|
|
Components and spare parts |
|
|
939.800 |
|
|
|
|
Fuel (including in transit) |
|
|
13123.300 |
|
|
|
|
Capital Goods |
|
|
113.000 |
|
|
|
TOTAL IMPORTS |
193220.200 |
162069.100 |
190778.400 |
||
|
|
|
|
|
|
||
|
|
Earnings /
(Loss) Per Share (INR) |
29.04 |
(32.76) |
6.50 |
||
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
66758.100 |
28490.800 |
27594.400 |
|
Cash generated from operations |
81758.500 |
98762.700 |
43310.800 |
|
Net cash generated from operating activities |
81391.700 |
98450.600 |
42404.400 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Operating Income * 365 Days) |
42.94 |
(71.23) |
63.69 |
|
|
|
|
|
|
Account Receivables Turnover (Operating Income / Sundry Debtors) |
8.50 |
(5.12) |
5.73 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
282.22 |
274.79 |
52.94 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
3.19 |
(1.89) |
1.22 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.33 |
(0.18) |
0.17 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.52 |
0.52 |
0.60 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.54 |
0.42 |
1.11 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.72 |
0.87 |
0.66 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.67 |
0.69 |
1.16 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
4.54 |
(2.74) |
1.81 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
28.72 |
(33.05) |
5.93 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
6.66 |
(6.52) |
2.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
13.88 |
(15.03) |
5.66 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.69 |
0.52 |
0.42 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.60 |
0.44 |
0.18 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.48 |
0.43 |
0.43 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
116.30 |
90.03 |
126.96 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.69 |
0.52 |
0.42 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 1.00/- |
|
Market Value |
INR 291.90/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
2965.000 |
3717.500 |
3717.500 |
|
Reserves & Surplus |
337613.700 |
788656.900 |
793963.500 |
|
Net
worth |
340578.700 |
792374.400 |
797681.000 |
|
|
|
|
|
|
Long-Term Borrowings |
217706.300 |
232167.300 |
222479.800 |
|
Short Term Borrowings |
131137.200 |
74020.100 |
143093.000 |
|
Current Maturities of Long term debt |
27594.400 |
28490.800 |
66758.100 |
|
Total
borrowings |
376437.900 |
334678.200 |
432330.900 |
|
Debt/Equity
ratio |
1.105 |
0.422 |
0.542 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
325024.100 |
360225.700 |
385404.200 |
|
|
|
10.830 |
6.990 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
325024.100 |
360225.700 |
385404.200 |
|
Profit/(Loss) |
19272.000 |
(119062.300) |
110687.000 |
|
|
5.93% |
(33.05%) |
28.72% |
BALANCE
SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
3717.500 |
2965.000 |
|
(b) Reserves &
Surplus |
|
601283.600 |
437426.700 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
0.000 |
0.000 |
|
- Non-controlling interests |
|
139279.300 |
365610.900 |
|
Total Shareholders’ Funds
(1) + (2) |
|
744280.400 |
806002.600 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
302551.400 |
493784.100 |
|
(b) Deferred tax
liabilities (Net) |
|
20836.700 |
32507.500 |
|
(c) Other long term
liabilities |
|
75339.900 |
56100.300 |
|
(d) long-term provisions |
|
20535.000 |
20513.900 |
|
Total Non-current
Liabilities (3) |
|
419263.000 |
602905.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
322448.700 |
122895.600 |
|
(b) Trade payables |
|
184591.100 |
161623.700 |
|
(c) Other current
liabilities |
|
316781.900 |
255373.700 |
|
(d) Short-term provisions |
|
2930.900 |
3509.600 |
|
Total Current Liabilities
(4) |
|
826752.600 |
543402.600 |
|
|
|
|
|
|
TOTAL |
|
1990296.000 |
1952311.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
758344.400 |
662983.300 |
|
(ii) Intangible Assets |
|
9204.500 |
9321.800 |
|
(iii) Capital
work-in-progress |
|
176708.900 |
279259.600 |
|
(iv) Intangible assets
under development |
|
98857.900 |
105353.700 |
|
(b) Non-current
Investments |
|
729.300 |
488.000 |
|
(c) Deferred tax assets
(net) |
|
74920.200 |
85186.000 |
|
(d) Long-term Loan and Advances |
|
264.200 |
112.900 |
|
(e) Other Non-current
assets |
|
91613.100 |
80832.000 |
|
Total Non-Current Assets |
|
1210642.500 |
1223537.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
468891.800 |
533371.800 |
|
(b) Inventories |
|
96278.900 |
80116.500 |
|
(c) Trade receivables |
|
34093.100 |
25278.500 |
|
(d) Cash and cash equivalents |
|
141227.400 |
37087.900 |
|
(e) Short-term loans and
advances |
|
792.000 |
819.400 |
|
(f) Other current assets |
|
38370.300 |
52099.600 |
|
Total Current Assets |
|
779653.500 |
728773.700 |
|
|
|
|
|
|
TOTAL |
|
1990296.000 |
1952311.000 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
761712.500 |
679927.100 |
|
|
Other Income |
|
45805.900 |
44435.600 |
|
|
TOTAL |
|
807518.400 |
724362.700 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost
of Materials Consumed |
|
224597.300 |
210122.800 |
|
|
Purchases of Stock-in-Trade |
|
6487.800 |
7807.700 |
|
|
Changes in inventories of finished
goods, work-in-progress and stock-in-trade |
|
(12289.900) |
3189.000 |
|
|
Power & fuel charges |
|
102325.100 |
91822.100 |
|
|
Employee benefits expense |
|
23393.400 |
24582.600 |
|
|
Excise duty on sales |
|
39462.200 |
37309.500 |
|
|
Exceptional items |
|
1144.000 |
337847.200 |
|
|
Other expenses |
|
164417.400 |
153577.800 |
|
|
TOTAL |
|
549537.300 |
866258.700 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
257981.100 |
(141896.000) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
58550.400 |
57781.300 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
199430.700 |
(199677.300) |
|
|
|
|
|
|
|
Less |
DEPRECIATION/ AMORTISATION
|
|
62915.000 |
85724.400 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
136515.700 |
(285401.700) |
|
|
|
|
|
|
|
Less |
TAX |
|
37783.100 |
(106775.500) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
98732.600 |
(178626.200) |
|
|
|
|
|
|
|
Add |
SHARE IN LOSS/(PROFIT) OF JOINTLY CONTROLLED ENTITIES AND ASSOCIATES |
|
26.700 |
2.300 |
|
|
|
|
|
|
|
|
PROFIT FOR THE YEAR
AFTER SHARE IN (LOSS)/PROFIT OF JOINTLY CONTROLLED ENTITIES AND ASSOCIATES |
|
98759.300 |
(178623.900) |
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 |
Yes |
|
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 |
DESCRIPTION OF SEGMENT AND PRINCIPLE
ACTIVITIES
The Company is a diversified natural resource Company engaged in exploring, extracting and processing minerals and oil and gas. The Company produces copper, aluminium, iron ore, oil and gas and commercial power. The Company has five reportable segments: copper, aluminum, iron ore, power, and oil and gas. The management of the Company is organized by its main products: copper, aluminum, iron ore, oil and gas and power. Each of the reportable segments derives its revenues from these main products and hence these have been identified as reportable segments by the Company’s Chief Operating Decision Maker (“CODM”). Earnings before Interest, Tax and Depreciation & Amortization (EBITDA) amounts are evaluated regularly by the Board, which has been identified as the CODM, in deciding how to allocate resources and in assessing performance.
GROUP OVERVIEW
The Company is a public limited company domiciled in India and has its registered office at 1st Floor, ‘C’ wing, Unit 103, Corporate Avenue, Atul Projects, Chakala, Andheri (East), Mumbai-400093, Maharashtra. Vedanta’s equity shares are listed on National Stock Exchange and Bombay Stock Exchange in India and its American Depository Shares (“ADS”) are listed on New York Stock Exchange in United States of America. Each ADS represents four equity shares. Vedanta is majority-owned and controlled subsidiary of Vedanta Resources Plc (holding company), the London listed diversified natural resource company.
The Company and its consolidated subsidiaries (collectively referred as “Group”) are principally engaged in the business of iron ore mining, non-ferrous metals (copper, aluminium and zinc), commercial power generation and oil and gas. The Group’s oil and gas business was held by Cairn India Limited and its subsidiaries. Pursuant to the merger of Cairn India Limited with the Company, interests have been transferred to Vedanta and its subsidiaries.
The Group’s zinc India business is owned and operated by Hindustan Zinc Limited (“HZL”) in which it has a 64.92% interest as at March 31, 2017. The Group’s zinc international business comprises Skorpion mine and refinery in Namibia operated through THL Zinc Namibia Holdings (Proprietary) Limited (“Skorpion”), Lisheen mine in Ireland operated through Vedanta Lisheen Holdings Limited (“Lisheen”) and Black Mountain Mining (Proprietary) Limited (“BMM”), whose assets include the Black Mountain mine and the Gamsberg mine project which is in exploration stage, located in South Africa.
The Group’s iron ore business is wholly owned by Vedanta, Sesa Resources Limited and Sesa Mining Corporation Limited and consists of exploration, mining and processing of iron ore, pig iron and metallurgical coke and generation of power. The Group’s iron ore business also comprises Western Cluster Limited (“WCL”) in Liberia which has iron assets and is wholly owned by the Group. WCL’s assets include development rights to Western Cluster and a network of iron ore deposits in West Africa.
The Group’s copper business is owned and operated by Vedanta, Copper Mines of Tasmania Pty Ltd (“CMT”) and Fujairah Gold FZC and is principally one of custom smelting. The Group’s Aluminium business is owned and operated by Vedanta and Bharat Aluminium Company Limited (“BALCO”) in which it has 51% interest as on March 31, 2017. Aluminium business consists of mining of bauxite, manufacture of alumina and various Aluminium products and generation of power.
The Group’s power business is owned and operated by Vedanta, Talwandi Sabo Power Limited (“TSPL”), 274 MW of wind power plants commissioned by HZL and 600 MW power plant at BALCO. The Group’s other activities include mechanization of coal handling facilities and upgradation of general cargo berth for handling coal at the outer harbor of Visakhapatnam Port on the east coast of India and is handled by Vizag General Cargo Berth Private Limited (“VGCB”) and Paradip Multi Cargo Berth Private Limited (“PMCB”), in which the Group owns 99.99% and 74% interest respectively.
OPERATIONAL HIGHLIGHTS FOR FY 2016-17
In line with Vedanta’s strategic priority to ramp up production at their Zinc, Aluminium, Power and Iron Ore businesses, they achieved strong results on this front during the year. In particular, record production levels at Hindustan Zinc and the ramp-up at Aluminium are well-timed in these strong commodity markets.
They have maintained their commitment to prudent cost management, thereby delivering strong returns for all stakeholders. Some of the key operational highlights for FY 2017 are: Record annual production at Aluminium, Power, Zinc India (Zinc and Silver) and at Copper-India Oil & Gas: Successful ramp up from Mangala EOR with production level of 56,000 boepd in Q4 Iron Ore: Achieved 2.6 million tonnes of the additional production capacity granted in Goa Zinc International: Gamsberg project on track to commence production in mid CY 2018
MERGER OF CAIRN INDIA LIMITED
The Board on July 22, 2016, revised the terms of Scheme of Arrangement between the Company and Cairn India
Limited (‘Cairn India’) and their respective shareholders and creditors (the ‘Scheme’), which was initially announced on June 14, 2015. The Company received all approvals necessary for effecting the merger during the year and merger was made effective on April 11, 2017. This merger consolidates Vedanta’s position as one of the world’s largest diversified natural resources companies, with world-class, low-cost assets in Metals & Mining and Oil & Gas. As on the date of merger, pro forma market cap of the merged Company was US$ 15.6 Bn and a higher free float of 49.9%.
The combined entity is uniquely positioned to unlock India’s wealth of world-class energy and mineral resources. The merged company is committed to enhance oil & gas production, and preserving the ’Cairn’ brand. As per the terms of the merger, public shareholders of Cairn India received for each equity share held by them in erstwhile Cairn India Limited, one equity share of face value of INR 1 each and four 7.5% Non-Convertible Non-Cumulative Redeemable Preference shares of INR 10 each in Vedanta. Cairn India shareholders, who became shareholders of Vedanta, also received the second interim dividend of INR 17.70 per equity share as approved by the Board on March 30, 2017.
MANAGEMENT DISCUSSION
AND ANALYSIS
The company, a world-class, diversified natural resource powerhouse anchored in India is the only global player with significant operations, expertise and majority sales in the Indian market – the fastest growing G-20 economy. As the 6th largest diversified resources company in the world (as per CY 2016 EBITDA), the Company benefits from a low-cost, diversified commodity basket, with sector leading growth and a strong balance sheet. The Company operates in the Zinc, Lead, Silver, Aluminium, Copper, Iron Ore, Oil & Gas, and Commercial
Power sectors and has a presence across three continents.
The Company’s zinc business in India is operated by Hindustan Zinc Limited (HZL) with the Company owning 64.9%, and 29.54% owned by Government of India. HZL's operations include five zinc-lead mines, four zinc smelters, one lead smelter, one zinc-lead smelter, seven sulphuric acid plants, one silver refinery plant and six captive power plants in the state of Rajasthan. In addition, HZL 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.
The Company’s zinc international business comprises the Skorpion mine and refinery in Namibia operated through THL Zinc Namibia Holdings (Proprietary) Limited (Skorpion) and Black Mountain Mining (Proprietary) Limited (BMM), whose assets include the Black Mountain mine and the Gamsberg mine project located in South Africa. The Company has 100% interest in Skorpion and 74% interest in BMM.
Vedanta Limited and Cairn India Limited announced the merger of Cairn India with Vedanta with effect from March 27, 2017, pursuant to the Scheme of Arrangement. The Company’s oil and gas business was earlier owned and operated by Cairn India Limited (Cairn) in which Vedanta Ltd. had 59.9% interest before merger. Cairn has a world-class resource base, with interest in seven blocks in India and one in South Africa. Cairn India’s resource base is located in four strategically focused areas namely one block in Rajasthan, two on the west coast of India, four on the east coast of India and one in South Africa.
The Company’s iron ore business is wholly owned by Vedanta Limited and Sesa Resources Limited and consists of exploration, mining and processing of iron ore, pig iron and metallurgical coke and power generation. The mining operations are carried out at the Codli group and the Sonshi group of mines in Goa; the Narrain mines at Karnataka, a Met Coke and a Pig Iron plant at Goa. The iron ore business also has a power plant at Goa in India for captive use.
The Company’s copper business is owned and operated by Vedanta Ltd., Copper Mines of Tasmania Pty Ltd. (‘CMT‘), Australia, and Fujairah Gold FZE in the UAE. Its custom smelting assets include a copper smelter, a refinery, a phosphoric acid plant, a sulphuric acid plant, a copper rod plant and two captive power plants at Tuticorin in Southern India, and a refinery and two copper rod plants at Silvassa in Western India. In addition, the
Company owns and operates the Mt. Lyell copper mine in Tasmania, Australia through its subsidiary, CMT, which is currently under care & maintenance, and a precious metal refinery and copper rod plant in Fujairah through its subsidiary Fujairah Gold FZE.
The Company’s aluminium business is owned and operated by Vedanta Ltd. and Bharat Aluminium Company Limited (BALCO) in which it has a 51% interest and balance is owned by the Government of India. Vedanta Ltd. Aluminium operations include a alumina refinery, a 90 MW captive power plant at Lanjigarh, two smelters (500 kt & 1,250 kt) and power plants (Captive Power Plants (CPPs) 1,215 MW & 1,800 MW, Independent Power Plant (IPP) 600 MW) ) at Jharsuguda, at Odisha in Eastern India. BALCO’s operations include two bauxite mines, four power plants 3 CPPs- 270 MW, 540 MW and 600 MW; and 1 IPP of 600 MW), smelters (570 kt) and fabrication facilities in Central India. Vedanta Ltd. Power operations include 600 MW thermal coalbased commercial power facility at Jharsuguda which is committed to the grid.
The Company’s power business is owned and operated by Vedanta Ltd. and Talwandi Sabo Power Limited (TSPL), a wholly-owned subsidiary of the Vedanta Ltd. TSPL had signed a power purchase agreement with the Punjab State Power Corporation Limited (PSPCL) for the establishment of 1,980 MW (three units of 660 MW each) thermal coal-based commercial power facilities and all three units are operational.
The power business also includes 274 MW of wind power plants commissioned by HZL and 100 MW power plant at MALCO Energy Limited situated at Mettur Dam in Tamil Nadu in Southern India.
The Company’s other activities include operation of its Vizag General Cargo Berth Private Limited (‘VGCB‘) in which the Company owns a 100% interest. The Vizag port business includes coal handling facilities and general cargo berth at the outer harbour of Visakhapatnam port on India’s east coast.
OUTLOOK
During FY 2017-18, they will remain focused on increasing the plant availability and increased sales from fully commissioned capacities at BALCO and TSPL plant availability above 75%.
STATEMENT OF
UNAUDITED STANDALONE RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017
(INR In Million)
|
Particulars |
Quarter ended |
Nine months ended |
|
|
31.12.2017 (Unaudited) |
30.06.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
Revenue |
|
|
|
|
Revenue from operations
|
121850.000 |
103750.000 |
319380.000 |
|
Other Income |
7030.000 |
3470.000 |
16940.000 |
|
Total
Income |
128880.000 |
107220.000 |
336320.000 |
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
68240.000 |
63370.000 |
180720.000 |
|
Purchase of Stock in Trade |
1450.000 |
0.000 |
2730.000 |
|
Changes in inventories of finished goods and
work-in-progress |
(150.000) |
(2910.000) |
(6130.000) |
|
Employee benefits expense |
2000.000 |
2000.000 |
5940.000 |
|
Depreciation and Amortization expenses |
7520.000 |
7290.000 |
21870.000 |
|
Power and fuel charges |
18650.000 |
14760.000 |
45970.000 |
|
Excise duty on sales |
0.000 |
0.000 |
4500.000 |
|
Share of expenses in producing oi; and gas blocks |
2450.000 |
2340.000 |
7090.000 |
|
Other Expenditure |
11850.000 |
11580.000 |
35720.000 |
|
Finance costs |
8870.000 |
8880.000 |
29540.000 |
|
Total
Expenses |
120880.000 |
107310.000 |
327950.000 |
|
Profit/(Loss) before Exceptional items and tax |
8000.000 |
(90.000) |
8370.000 |
|
Exceptional items |
(380.000) |
4720.000 |
4340.000 |
|
Profit / (Loss) before Tax |
7620.000 |
4630.000 |
12710.000 |
|
Tax Expense |
830.000 |
(80.000) |
870.000 |
|
Profit
/ (Loss) after Tax |
6790.000 |
4710.000 |
11840.000 |
|
Net
Profit / (loss) for the period / year before exceptional items |
6780.000 |
(390.000) |
6730.000 |
|
Other
comprehensive income |
|
|
|
|
(a) |
|
|
|
|
- Items that will not be reclassified to profit or loss |
340.000 |
350.000 |
770.000 |
|
- Tax (benefit)/expense on items that will be reclassified to profit or loss |
(10.000) |
(60.000) |
60.000 |
|
(b) |
|
|
|
|
- Items that will be reclassified to profit or loss |
(500.000) |
(320.000) |
(1260.000) |
|
- Tax (benefit)/expense on items that will not be reclassified to profit or loss |
(340.000) |
(330.000) |
100.000 |
|
Total comprehensive
income |
(510.000) |
420.000 |
(330.000) |
|
Total
Comprehensive income for the quarter / year |
6280.000 |
5130.000 |
11510.000 |
|
Paid-up Equity Share Capital (Face value INR 1/- each) |
3720.000 |
3720.000 |
3720.000 |
|
Reserves excluding Revaluation Reserve as per balance
sheet |
|
|
|
|
Earnings per Share (EPS) - INR |
|
|
|
|
Earnings/(Loss) per Share after exceptional items *(not annualized) Basic and Diluted |
1.83* |
1.27* |
3.14* |
|
Earnings/(Loss) per Share before exceptional items *(not annualized) Basic and Diluted |
1.82* |
(0.10)* |
1.76* |
SEGMENT INFORMATION
(INR In Million)
|
Particulars |
Quarter ended |
Nine months ended |
|
|
31.12.2017 (Unaudited) |
30.06.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1. Segment Revenue |
|
|
|
|
a) Copper |
55220.000 |
52820.000 |
152440.000 |
|
b) Iron Ore |
8430.000 |
5420.000 |
21040.000 |
|
c) Aluminium |
44540.000 |
34130.000 |
107200.000 |
|
d) Power |
210.000 |
100.000 |
1660.000 |
|
e) Oil and Gas |
12700.000 |
11110.000 |
3520.000 |
|
Total |
121100.000 |
103580.000 |
318160.000 |
|
Less: Inter – segment revenue |
50.000 |
50.000 |
120.000 |
|
Sales/Income from operations |
121050.000 |
103530.000 |
318040.000 |
|
Add: other operating revenue |
800.000 |
220.000 |
1340.000 |
|
Revenue from
operations |
121850.000 |
103750.000 |
319380.000 |
|
|
|
|
|
|
2. Segment Results |
|
|
|
|
Profit/ (loss) before tax and interest |
|
|
|
|
a) Copper |
2720.000 |
3410.000 |
7910.000 |
|
b) Iron Ore |
2240.000 |
30.000 |
2260.000 |
|
c) Aluminium |
1950.000 |
690.000 |
3700.000 |
|
d) Power |
(560.000) |
(510.000) |
(1100.000) |
|
e) Oil and Gas |
3670.000 |
2580.000 |
10050.000 |
|
Total |
10020.000 |
6200.000 |
22820.000 |
|
Less: Finance Costs |
8870.000 |
8880.000 |
29540.000 |
|
Add: Other un-allocable income net off
expenses |
6850.000 |
2590.000 |
15090.000 |
|
Total Profit Before Tax and exceptional items |
8000.000 |
(90.000) |
8370.000 |
|
Less: Exceptional (gain)/Loss |
(380.000) |
(4720.000) |
4340.000 |
|
Profit / (Loss) before tax |
7620.000 |
4630.000 |
12710.000 |
|
|
|
|
|
|
3. Segment Assets |
|
|
|
|
a) Copper |
108820.000 |
97220.000 |
108820.000 |
|
b) Iron Ore |
37350.000 |
36180.000 |
37350.000 |
|
c) Aluminium |
434350.000 |
424880.000 |
434350.000 |
|
d) Power |
30720.000 |
31340.000 |
30720.000 |
|
e) Oil and Gas |
97470.000 |
93950.000 |
97470.000 |
|
f) Unallocated |
773950.000 |
780460.000 |
773950.000 |
|
Total |
1482660.000 |
1464030.000 |
1482660.000 |
|
|
|
|
|
|
4. Segment Assets |
|
|
|
|
a) Copper |
122910.000 |
119570.000 |
122910.000 |
|
b) Iron Ore |
13950.000 |
15320.000 |
13950.000 |
|
c) Aluminium |
118430.000 |
100840.000 |
118430.000 |
|
d) Power |
2940.000 |
2730.000 |
2940.000 |
|
e) Oil and Gas |
37320.000 |
30400.000 |
37320.000 |
|
f) Unallocated |
377710.000 |
392190.000 |
377710.000 |
|
Total |
673260.000 |
661050.000 |
673260.000 |
NOTES:
1. The above results of Vedanta Limited ("the Company") for the quarter and nine months ended December 31, 2017 have been reviewed by the Audit Committee on January 30, 2018 and approved by the Board of Directors at its meeting held on January 31, 2018.The statutory auditors have carried out limited review of the same.
2. With effect from July 01, 2017, Goods and Service tax ('GST') has been implemented which has replaced several indirect taxes including excise duty. While Ind-AS required excise duty to be included while computing revenues, GST is required to be excluded from revenue computation. Accordingly 'Revenue from Operations (Net of excise duty)' has been additionally disclosed in these results to enhance comparability of financial information.
3. Till March 31, 2017, proved and probable reserves (or 2P reserves) on entitlement interest basis were being considered for providing depletion on oil and gas assets. As per the Guidance Note on Accounting for Oil and Gas Producing Activities issued by the Institute of Chartered Accountants of India, applicable from April 1, 2017, proved and developed reserves (or 1P reserves) on working interest basis are to be considered for computing depletion. The change has been applied prospectively and as a result, depreciation, depletion and amortization expense is higher by INR 50.000 million and profit after tax is lower by INR 30.000 million for the quarter ended December 31, 2017 and depreciation, depletion and amortization expense is lower by INR 43 Crore and INR 1150.000 million and profit after tax is higher by INR 230.000 million and INR 750.000 million for quarter ended September 30, 2017 and nine months ended December 31, 2017 respectively.
4. Upon implementation of Scheme of Arrangement between Vedanta Limited and erstwhile Cairn India Limited and their respective shareholders’ and Creditors, the Company has issued 75.25 Crore equity shares of INR 1 each and 301 Crore, 7.5% Redeemable Preference Shares with a face value of INR 10 each to non-controlling, i.e. public shareholders of erstwhile Cairn India Limited during the current nine months ended December 31, 2017. No shares were issued to the subsidiaries of Vedanta Limited for their shareholding in erstwhile Cairn India Limited.
5. The financial results of the Company have been prepared in accordance with the Indian Accounting Standards (“Ind AS”) as prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder. The Company had previously issued its unaudited financial results for the quarter and nine months ended December 31, 2016, based on its preliminary selection of exemptions and accounting policies. All such policies and exemptions were finalized during the quarter ended March 31, 2017. Further, during the quarter ended March 31, 2017, the Company received all substantive approvals, necessary for effecting the merger of erstwhile Cairn India Limited with Vedanta Limited. In accordance with Ind AS 103 “Business Combinations”, the financial results for all periods on or after April 1, 2015 were restated.
Accordingly, financial results for the previous periods have been restated to give effect of the same and has resulted in a net decrease in profit before tax by INR 760 Crore and INR 11160.000 million for the quarter and nine months ended December 31, 2016 respectively.
6. Previous period figures have been regrouped/rearranged, wherever necessary, to conform to the current period's presentation.
INDEX OF CHARGES:
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G42304535 |
100085028 |
AXIS TRUSTEE SERVICES LIMITED |
25/01/2017 |
30/03/2017 |
- |
2000000000.0 |
AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, PANDHURANG BUDHKAR MARG, WORLI, MUMBAI MA400025IN |
|
2 |
G33884560 |
100073350 |
ICICI BANK LIMITED |
23/12/2016 |
- |
- |
5000000000.0 |
ICICI BANK TOWER, NEAR CHAKLI CIRCLE, OLD PADRA ROAD VADODARA GU390007IN |
|
3 |
G31033913 |
100066983 |
AXIS TRUSTEE SERVICES LIMITED |
24/11/2016 |
29/11/2016 |
- |
12500000000.0 |
AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI MUMBAI MA400025IN |
|
4 |
G34602375 |
100066986 |
AXIS TRUSTEE SERVICES LIMITED |
24/11/2016 |
06/01/2017 |
- |
3000000000.0 |
AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, PANDHURANG BUDHKAR MARG, WORLI MUMBAI MA400025IN |
|
5 |
G34576298 |
100066982 |
AXIS TRUSTEE SERVICES LIMITED |
24/11/2016 |
06/01/2017 |
- |
3000000000.0 |
AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, PANDHURANG BUDHKAR MARG, WORLI MUMBAI MA400025IN |
|
6 |
G19616713 |
100057906 |
IDBI TRUSTEESHIP SERVICES LIMITED |
05/08/2016 |
- |
- |
15250000000.0 |
ASIAN BUILDING, GROUND FLOOR,17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI MH400001IN |
|
7 |
G07876246 |
100039805 |
DBS BANK LIMITED |
24/06/2016 |
- |
- |
765000000.0 |
DLF CAPITOL POINT, GROUND FLOOR & FIRST FLOORBABA KHARAK SINGH MARG, CONNAUGHT PLACE NEW DELHI DL110001IN |
|
8 |
G08606105 |
100041969 |
AXIS TRUSTEE SERVICES LIMITED |
03/06/2016 |
04/07/2016 |
- |
30000000000.0 |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI MA400025IN |
|
9 |
G31733033 |
10609369 |
SBICAP TRUSTEE COMPANY LIMITED |
28/12/2015 |
29/12/2016 |
- |
30000000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA MUMBAI MH400005IN |
|
10 |
G31734486 |
10609371 |
SBICAP TRUSTEE COMPANY LIMITED |
28/12/2015 |
29/12/2016 |
- |
12500000000.0 |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA MUMBAI MH400005IN |
FIXED ASSETS:
Tangible assets
· Land
· Buildings
· Plant and equipment
· Mining Property
· Cost of Oil and Gas Producing Facilities
· Aircraft
· River Fleet
· Ship
· Furniture and fixtures
· Vehicles
· Office equipment
· Railway Siding
Intangible Assets
·
Computer software
·
Mining Rights
PRESS RELEASE:
NEXT TWO-THREE YEARS
CRUCIAL FOR GROWTH: VEDANTA LIMITED
July 14, 2017
MUMBAI: Even as CEO Tom Albanese prepares to bid farewell to the company, Anil Agarwal's Vedanta Limited, said that in the next two-three years, the company would be 50% larger than what it is now.
The Anil Agarwal -led diversified natural resources major said that the company is in "a sweet spot" in terms of its balance-sheet and management.
Our balance-sheet is one of the strongest in the sector and in all Indian corporates," executive chairman of Vedanta, Navin Agarwal said on the sidelines of the company's AGM on Friday
Agarwal also said that greater efforts are needed for oil and gas exploration in India and the company aspires to meet 50% of the country's oil production.
Vedanta has reduced its gross debt by INR 100000.000 million in the last 15 month and is also beefing up its renewable offering and evaluating projects to diversify into the ferrous metals segment. Agarwal waved off concerns regarding availability of bauxite for the company. "The value lost in terms of having our own bauxite mine versus sourcing from Chhattisgarh as well as importing, is not much. Hence it should not be looked at as the be-all-and-end-all," Agarwal said.
The company also cleared its position in the Cairn Energy tax case saying that it has no liability from the Cairn Energy tax case.
"All segments of Vedanta's businesses are profitable, the only concerns were with Balco, owing to capacity ramp-up, which is now completed," CFO Arun Kumar said.
The company has said that they will find a replacement for Albanese by the end of August and it could be an external or internal candidate.
VEDANTA AMONG TOP 100
COMPANIES IN ASIA300 LIST
JUNE 29, 2017
Kolkata: Vedanta Limited has been featured among the top 100 companies in the Asia300 list released by Nikkei Asian Review. With a selection process based on market capitalization, the Nikkei Asian Review analyzes growth, profitability, efficiency and financial soundness of the companies, based on their earnings for the most recent fiscal year. The Asia300 is Nikkei's exclusive list of the biggest and fastest-growing companies from eleven economies across Asia.
Vedanta is the only company in the natural resources sector to be selected among the top 100. A company's power ranking is a comprehensive assessment of its overall strength, taking into account five key management indicators of the last five years- Revenue, Net profit, Net profit margin, Return on Equity and Equity ratio.
Commenting on it Tom Albanese, CEO, Vedanta Limited said: “It gives us immense pride to represent India’s natural resources sector in Nikkei Asia300 list. Vedanta’s diversified portfolio of low cost and tier-1 assets is at the core of its strong financial performance."
VEDANTA SELLS $1 BN
BONDS AT 6.125%; TO REFINANCE $1.8 BN DEBT
AUGUST 04, 2017
On the current sale,
it received strong investor interest and is favourably priced in comparison to
its previous bond offering in January 2017 at 6.375 percent for a 5.5-year
maturity.
London-headquartered
Anil Agarwal-promoted Vedanta Resources today sold USD 1 billion of 7-year
bonds at 6.125 percent and said the proceeds will be used to refinance USD 1.8
billion of its higher priced existing debt.
"Vedanta
today priced its RegS bonds (dollar debt sold to non-American investors) at
6.125 percent. We intend to use the net proceeds from this offering primarily
to fund its offers to purchase for cash some its outstanding 2019 USD
7,747,72,000 bonds priced at 6 percent and another 2021 USD 9,00,000,000 bonds
priced at 8.25 percent and also to repay other existing debt," Vedanta
said in a statement.
Of this, it has
already received and accepted for purchase USD 5,22,513,000 of the 2019 bonds
and USD 2,29,843,000 of the 2021 bonds.
"This
comprehensive refinancing plan announced earlier is leverage-neutral and is
funded through a mix of bonds and term-loans. It has received commitments from
global and Indian banks for USD840 million of term loans with a final
maturity of five years," the company said.
On the
completion of the bond sale, Vedanta will proactively refinance part of its
2019 and 2021 bond maturities and is expected to have no significant bank loan
repayments due over the next 18 months. These transactions will extend its
average debt maturity by 1.5 years and lower its average cost of borrowing, it
said.
On the current
sale, it received strong investor interest and is favourably priced in
comparison to its previous bond offering in January 2017 at 6.375 percent for a
5.5-year maturity.
The bonds,
which will be traded on the Singapore Stock Exchange, have been rated B3 by
Moody's and B+ by S&P.
"The
transaction is in line with our stated financial strategy to strengthen our
balance sheet. We've taken a number of proactive measures last year to extend
maturities, optimise our funding structure and as a result have created value
for all stakeholders," company chairman Anil Agarwal said on the
completion of the bond sale.
Barclays, Credit Suisse, DBS Bank, First Abu Dhabi
Bank, JP Morgan and Standard Chartered acted as joint global coordinators,
while Axis Bank, Barclays, Credit Suisse, DBS Bank. First Abu Dhabi Bank, ICICI
Bank, JP Morgan and Standard Chartered as joint lead managers and joint book
runners.
VEDANTA LIMITED - RESTART OF POWER PLANTS
AT JHARSUGUDA
15 November,
2017
MUMBAI, Nov. 15,
2017 /PRNewswire/ -- The State Pollution Control Board, Odisha ('SPCB') through
its order dated November 10, 2017 has revoked the closure order on the
remaining two power units that were shut down as directed by them on September
13, 2017.
With this order,
the closure order has been revoked on all five power units that were directed
by SPCB to be temporarily closed. The SPCB has allowed operation of all the
units of 1215 MW and 2400 MW plants up to January 12, 2018 after which further
extension of operation will be considered with a review of progress.
The Company had
earlier announced on September 14, 2017, that consequent to a breach in the ash
dyke wall at Jharsuguda, the SPCB had served a direction resulting in a
temporary closure of three units of 135 MW each of the 1215 MW power plant, and
two units of 600 MW each of the 2400 MW power plant.
We had earlier,
vide our announcement dated September 21, 2017, updated that the SPCB had
directed revocation of closure of three units.
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.35 |
|
|
1 |
INR 92.70 |
|
Euro |
1 |
INR 80.80 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKY |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.