|
|
|
%20-%20497376%2013-Mar-2018_files/image015.jpg){kind=small}
%20-%20497376%2013-Mar-2018_files/image016.jpg)
%20-%20497376%2013-Mar-2018_files/image018.gif)
MIRA INFORM REPORT
|
Report No. : |
497376 |
|
Report Date : |
13.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
DCM SHRIRAM LIMITED (w.e.f. 21.02.2014) SHRIRAM VINYL AND CHEMICAL INDUSTRIES (A DIVISION OF DCM SHRIRAM LIMITED) |
|
|
|
|
Formerly Known
As : |
DCM SHRIRAM CONSOLIDATED LIMITED |
|
|
|
|
Registered
Office : |
1st Floor, Kanchenjunga Building, 18, Barakhamba Road, New Delhi – 110 001 |
|
Tel. No.: |
91-11-23316801 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
06.02.1989 |
|
|
|
|
Com. Reg. No.: |
55-034923 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 326.400 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1989PLC034923 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
TIN No.: |
07410144631 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACD0097R |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax Registration
No.] |
07AAACD0097R1Z9 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The Company’s business segments include: Fertilisers (manufacturing of urea), Chloro-Vinyl (manufacturing of poly-vinyl chloride, carbide and chlor alkali products), Shriram Farm solutions (trading of di-ammonium phosphate, muriate of potash, super phosphate, other fertilisers, seeds and pesticides), Sugar (manufacturing of sugar products and co-generation of Power), Bioseed (production of hybrid seeds), Others (UPVC window systems, Cement, Rural retail and plaster of paris). (Registered Activity) |
|
|
|
|
No. of Employees
: |
9870 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1989 and is a business conglomerate operating through three segments which includes agri-rural business (urea, sugar, seeds and trading of agri-inputs), chlor-vinyl business (chlor-alkali and PVC), and value added business (Fenesta Building Systems). As per financial record of 2017, the company has registered a marginal decline in its revenue as compared to the previous year’s revenue and has reported a fair net profit margin of 9.11%. Rating takes into consideration the company’s established track record of business operations marked by strong financial base along with low debt balance sheet and favourable liquidity position. The company is listed on BSE and NSE. Face value of the share is INR 2 and the market value is INR 481.75 on BSE as on March 12, 2018. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered for business dealing 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Rating : AA- |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
01.06.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Rating : A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
01.06.2017 |
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
31-03-2016.
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 13.03.2018
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-cooperative (Tel No.: 91-11-23316801/ 91-744-2480011)
LOCATIONS
|
Registered Office/ Corporate Office 1: |
1st Floor, Kanchenjunga Building, 18, Barakhamba Road, New Delhi – 110 001, India |
|
Tel. No.: |
91-11-23316801 |
|
Mobile No.: |
91-9555000147 (Mr. Deepak Gupta) |
|
Fax No.: |
91-11-23318072 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office 2/ Marketing Office 1:: |
5th Floor, Kanchenjunga Building, 18, Barakhamba Road, New Delhi – 110 001, India |
|
Tel. No.: |
91-11-23316801-9 |
|
Fax No.: |
91-11-23318072 |
|
|
|
|
Factory 1 : |
Shriram Fertilisers and Chemicals Shriram Nagar, |
|
|
|
|
Factory 2 : |
Shriram Alkali and
Chemicals 749, G.I.D.C. Industrial Estate, District: Bharuch, Gujarat, India |
|
|
|
|
Factory 3 : |
DSCL Sugar Village Ajbapur, P.O. Mullapur, Lakhimpur Kheri – 261 505,
|
|
|
|
|
Factory 4 : |
DSCL Sugar Village Rupapur, P.O. Munder, District Hardoi – 241 123, |
|
|
|
|
Factory 5 : |
DSCL Sugar Village and P.O. Hariawan, District Hardoi – 241 405, |
|
|
|
|
Factory 6 : |
DSCL Sugar Village Loni, P.O. Anjhi Shahbad, District Hardoi – 241
124, |
|
|
|
|
Sales Office : |
Located At : · New Delhi · Mumbai · Kolkata · Chennai · Indore · Hyderabad · Jaipur · Ludhiana · Kota · Meerut · Sriganganagar |
|
|
|
|
Marketing Office 2 : |
Kirti Mahal, 19, Rajendra Place, New Delhi - 110 008, India |
|
Tel. No.: |
91-11-25713442/25722296 |
|
Fax No.: |
91-11-25768135 |
|
|
|
|
Marketing Office 3 : |
Shivaji Marg, New Delhi - 110 015, India |
|
Tel. No.: |
91-11-25104410/25747836 |
|
Fax No.: |
91-11-25455362/25739816 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Ajay Shridhar Shriram |
|
Designation : |
Managing Director |
|
Address : |
A-37, Vasant Vihar, New Delhi – 110057, India |
|
Date of Birth/Age : |
04.03.1954 |
|
Date of Appointment : |
24.07.1989 |
|
DIN No.: |
00027137 |
|
|
|
|
Name : |
Mr. Vikram Shridhar Shriram |
|
Designation : |
Managing Director |
|
Address : |
5/16,Shanti Niketan, New Delhi – 110021, India |
|
Date of Birth/Age : |
06.12.1958 |
|
Date of Appointment : |
22.05.1990 |
|
DIN No.: |
00027187 |
|
|
|
|
Name : |
Mr. Ajit Shridhar Shriram |
|
Designation : |
Managing Director |
|
Address : |
5/20, Shanti Niketan, New Delhi – 110021, India |
|
Date of Birth/Age : |
03.10.1967 |
|
Date of Appointment : |
02.05.2011 |
|
DIN No.: |
00027918 |
|
|
|
|
Name : |
Mr. Kuldeep Kumar Kaul |
|
Designation : |
Whole-time Director |
|
Address : |
6-A, Vallabh Nagar, Kota – 324007, Rajasthan, India |
|
Date of Appointment : |
02.07.2014 |
|
DIN No.: |
00980318 |
|
|
|
|
Name : |
Mr. Vimal Bhandari |
|
Designation : |
Director |
|
Address : |
164, 16th Floor, Kalpataru Horizon, Tower A, S K Ahire Marg, Worli, Mumbai -400018, Maharashtra, India |
|
Date of Birth/Age : |
23.08.1958 |
|
Qualification : |
|
|
Experience : |
Finance, Human Resources and General Management |
|
Date of Appointment : |
13.05.2003 |
|
DIN No.: |
00001318 |
|
|
|
|
Name : |
Mr. Sunil Kant Munjal |
|
Designation : |
Director |
|
Address : |
Kothi No. 1-A, Friends Colony, New Delhi – 110065, India |
|
Date of Birth/Age : |
14.12.1957 |
|
Qualification : |
B.Com, Training in Mechanical Engineering |
|
Experience : |
Corporate Planning, Finance, Manufacturing, Customer Relationship, Information
Technology and Insurance |
|
Date of Appointment : |
13.05.2003 |
|
DIN No.: |
00003902 |
|
|
|
|
Name : |
Ms. Ramni Nirula |
|
Designation : |
Director |
|
Address : |
A-14, Anand Niketan, New Delhi – 110021, India |
|
Date of Appointment : |
18.08.2015 |
|
DIN No.: |
00015330 |
|
|
|
|
Name : |
Mr. Pradeep Dinodia |
|
Designation : |
Director |
|
Address : |
A-9A, Maharani Bagh, New Delhi – 110065, India |
|
Date of Birth/Age : |
15.11.1940 |
|
Date of Appointment : |
18.07.1994 |
|
DIN No.: |
00027995 |
|
|
|
|
Name : |
Mr. Vikramajit Sen |
|
Designation : |
Additional Director |
|
Address : |
E - 13, Kalindi Colony, Delhi – 110065, India |
|
Date of Appointment : |
09.08.2016 |
|
DIN No.: |
00866743 |
|
|
|
|
Name : |
Mr. Pravesh Sharma |
|
Designation : |
Director |
|
Address : |
Flat C-2/303, Asian Games, Village Complex, New Delhi – 110049, India |
|
Date of Appointment : |
09.08.2016 |
|
DIN No.: |
02252345 |
|
|
|
|
Name : |
Mr. Sharad Shrivastva |
|
Designation : |
Nominee Director |
|
Address : |
7, Jeevan Anand, Opposite Breach Candy Hospital, Bhula Bhai Desai Road, Mumbai – 400026, Maharashtra, India |
|
Date of Appointment : |
02.07.2014 |
|
DIN No.: |
01271854 |
|
|
|
|
Name : |
Krishan Kumar Sharma |
|
Designation : |
Additional Director |
|
Address : |
Flat No.806, Tower 3, Purvanchal Royal Park Sector-137, Noida Gautam Budh Nagar-201301, Uttar Pradesh, India |
|
Date of Appointment : |
20.11.2017 |
|
DIN No.: |
07951296 |
KEY EXECUTIVES
|
Name : |
Mr. Sameet Gambhir |
|
Designation : |
Company Secretary |
|
Address : |
F/ D 35, New Kavi Nagar, Ghaziabad – 210002, Uttar Pradesh, India |
|
Date of Appointment : |
01.04.2015 |
|
PAN No.: |
ACGPG5389Q |
|
|
|
|
Name : |
Mr. Jitendra Kumar Jain |
|
Designation : |
Chief Financial Officer |
|
Address : |
424, Sector Xv-A, Noida – 201301, Uttar Pradesh, India |
|
Date of Appointment : |
12.11.2014 |
|
PAN No.: |
AALPJ6440Q |
|
|
|
|
Audit Committee : |
· Mr. Pradeep Dinodia · Mr. Sunil Kant Munjal · Ms. Ramni Nirula · Mr. Pravesh Sharma |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on September, 2017
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares (calculated as per SCRR, 1957)As a % |
|
|
(A) Promoter & Promoter
Group |
103754784 |
63.88 |
|
|
(B) Public |
56010179 |
34.49 |
|
|
(C) Non Promoter-Non Public |
2651174 |
1.63 |
|
|
Grand Total |
162416137 |
100.00 |
%20-%20497376%2013-Mar-2018_files/image020.gif)
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
5472040 |
3.37 |
|
|
LALA SHRIDHAR (HUF) (KARTA -
PRABHA SHRIDHAR) |
1100 |
0.00 |
|
|
PRABHA SHRIDHAR |
218900 |
0.13 |
|
|
VIKRAM S. SHRIRAM (HUF) |
550200 |
0.34 |
|
|
AJIT S. SHRIRAM (HUF) |
500000 |
0.31 |
|
|
VANDANA A. SHRIRAM |
78340 |
0.05 |
|
|
AJAY S. SHRIRAM |
493780 |
0.30 |
|
|
AJAY S. SHRIRAM (HUF) |
559330 |
0.34 |
|
|
NAINIKA V. SHRIRAM |
297900 |
0.18 |
|
|
AMBIKA JAIPAL SINGH (JOINTLY WITH
JAYANT JAIPAL SINGH) |
16500 |
0.01 |
|
|
ANAND A. SHRIRAM |
298070 |
0.18 |
|
|
CHARNI VINOD KUMAR |
35700 |
0.02 |
|
|
RICHA A. SHRIRAM |
34900 |
0.02 |
|
|
KAVITA V. SHRIRAM |
78680 |
0.05 |
|
|
ADITYA A. SHRIRAM |
297760 |
0.18 |
|
|
AJIT S. SHRIRAM |
595580 |
0.37 |
|
|
VIKRAM S. SHRIRAM |
503310 |
0.31 |
|
|
TARA A. SHRIRAM |
299900 |
0.18 |
|
|
VARUN A. SHRIRAM |
296900 |
0.18 |
|
|
PRANAV V. SHRIRAM |
297190 |
0.18 |
|
|
OM PRAKASH JHALANI (Jointly
with Anoop Jhalani and Pradeep Jhalani) |
5000 |
0.00 |
|
|
KAUSHIK DEVA |
13000 |
0.01 |
|
|
Any
Other (specify) |
98282744 |
60.51 |
|
|
SHRIUDYOG MARKETING PRIVATE
LIMITED |
460 |
0.00 |
|
|
SUMANT INVESTMENTS PRIVATE
LIMITED |
98282284 |
60.51 |
|
|
Sub
Total A1 |
103754784 |
63.88 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
103754784 |
63.88 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR,
1957 As a % |
|
|
B1)
Institutions |
|
|
|
|
Mutual
Funds/ |
1670935 |
1.03 |
|
|
Foreign
Portfolio Investors |
5214930 |
3.21 |
|
|
Financial
Institutions/ Banks |
49752 |
0.03 |
|
|
Insurance
Companies |
13991799 |
8.61 |
|
|
LIFE INSURANCE CORPORATION OF
INDIA |
12197332 |
7.51 |
|
|
Sub
Total B1 |
20927416 |
12.89 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
Central
Government/ State Government(s)/ President of India |
656992 |
0.40 |
|
|
Sub
Total B2 |
656992 |
0.40 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual
share capital upto INR 0.200 Million |
15379394 |
9.47 |
|
|
Individual
share capital in excess of INR 0.200 Million |
437797 |
0.27 |
|
|
NBFCs
registered with RBI |
70496 |
0.04 |
|
|
Any
Other (specify) |
18538084 |
11.41 |
|
|
Bodies Corporate |
1566879 |
0.96 |
|
|
Trusts |
103866 |
0.06 |
|
|
NRI – Repat |
527851 |
0.32 |
|
|
Overseas corporate bodies |
15105550 |
9.30 |
|
|
STEPAN HOLDINGS LIMITED |
7085000 |
4.36 |
|
|
RISTANA SERVICES LIMITED |
4804550 |
2.96 |
|
|
SAL PERTON LIMITED |
1650000 |
1.02 |
|
|
NRI – Non- Repat |
141998 |
0.09 |
|
|
Unclaimed or Suspense or
Escrow Account |
660810 |
0.41 |
|
|
Enemy Property |
431130 |
0.27 |
|
|
Sub
Total B3 |
34425771 |
21.20 |
|
|
B=B1+B2+B3 |
56010179 |
34.49 |
Statement showing shareholding
pattern of the Non-Promoter- Non Public shareholder
|
Category & Name of the
Shareholders(I) |
No. of shareholder(III) |
No. of fully paid up equity shares
held(IV) |
Total no. shares held(VII = IV+V+VI) |
Shareholding % calculated as per SCRR,
1957 As a % of (A+B+C2)(VIII) |
Number of equity shares held in
dematerialized form(XIV)(Not Applicable) |
|
|
||||||
|
C1)
Custodian/DR Holder |
0 |
0 |
0.00 |
|||
|
C2)
Employee Benefit Trust |
0 |
0 |
0.00 |
|||
|
Employee
Benefit Trust |
2 |
2651174 |
2651174 |
1.63 |
2651174 |
|
|
Sub
Total C2 |
2 |
2651174 |
2651174 |
1.63 |
2651174 |
|
|
C=
C1+C2 |
2 |
2651174 |
2651174 |
1.63 |
2651174 |
BUSINESS DETAILS
|
Line of Business : |
The Company’s business segments include: Fertilisers (manufacturing of urea), Chloro-Vinyl (manufacturing of poly-vinyl chloride, carbide and chlor alkali products), Shriram Farm solutions (trading of di-ammonium phosphate, muriate of potash, super phosphate, other fertilisers, seeds and pesticides), Sugar (manufacturing of sugar products and co-generation of Power), Bioseed (production of hybrid seeds), Others (UPVC window systems, Cement, Rural retail and plaster of paris). (Registered Activity) |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Brand Names : |
Not Available |
||||||||
|
|
|
||||||||
|
Agencies Held : |
Not Available |
||||||||
|
|
|
||||||||
|
Exports : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Imports : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS : NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Customers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees
: |
9870 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|
Statutory Auditors |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
7th Floor, Tower B,
Building 10, DLF Cyber City Complex, DLF City Phase II, Gurugram, Haryana, India |
|
Tel. No.: |
91-124-6792000 |
|
Fax No.: |
91-124-6792012 |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Bahadur Murao and Company Cost Accountants |
|
Address : |
New Delhi, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Sumant Investments Private Limited |
|
|
|
|
Subsidiaries : |
· DCM Shriram Credit and Investments Limited · Bioseed India Limited · DCM Shriram Infrastructure Limited · DCM Shriram Aqua Foods Limited · Hariyali Rural Ventures Limited · Fenesta India Limited · Shri Ganpati Fertilizers Limited · Shriram Bioseed Ventures Limited · Bioseeds Limited · Shriram Bioseed (Thailand) Limited · Bioseed Research Philippines Inc. · Bioseeds Holdings Pte. Limited · Bioseed Vietnam Limited · PT Shriram Seed Indonesia · Bioseed Research USA Inc. · PT Shriram Genetics Indonesia · DCM Shriram Foundation · Shridhar Shriram Foundation · Hariyali Services Limited # |
|
|
#dissolved during financial year 2016-17 |
|
|
|
|
Joint Venture : |
Shriram Axiall Private Limited |
|
|
|
|
Trust : |
· Sir Shriram Foundation, · DCM Shriram Employees' Provident Fund Trust · DCM Shriram Officers' Superannuation Fund Trust |
|
|
|
|
Other Related
Parties : |
· Ajay S. Shriram (HUF) · Vikram S. Shriram (HUF) · Ajit S. Shriram (HUF) |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
294950000 |
Equity Shares |
INR 2/- each |
INR 589.900 Million |
|
6501000 |
Cumulative redeemable preference shares shares |
INR 100/- each |
INR 650.100
Million |
|
|
Total |
|
INR 1240.000 Million |
Issued, Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
169803320 |
Equity Shares |
INR 2/- each |
INR 339.600
Million |
|
|
|
|
|
Subscribed & Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
162416137 |
Equity Shares |
INR 2/- each |
INR 324.800
Million |
|
|
Forfeited shares - Amount originally paid up |
|
INR 1.600
Million |
|
|
Total |
|
INR 326.400 Million |
NOTES:
(i)
Reconciliation of number of shares
and amount outstanding at the beginning and at the end of the reporting period:
|
Subscribed and fully paid up Equity Shares: |
No. of shares |
Value (In Million) |
|
As at March 31, 2015 |
162416137 |
324.800 |
|
As
at March 31, 2016 |
162416137 |
324.800 |
|
As at March 31, 2017 |
162416137 |
324.800 |
The Company had bought back/extinguished 3487183 equity shares of INR 2 each during financial years 2013-14 and 2014-15
(ii)
Rights, preferences and restrictions on equity shares:
Voting rights and dividend shall be in the proportion to the
capital paid upon equity shares. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the Company in
proportion to the capital paid upon equity share after distribution of all
preferential amount.
|
PARTICULARS |
As at March 31, 2017 |
|
|
No. of shares |
% |
|
|
(iii) Shares held by the holding company: |
|
|
|
Sumant Investments Private Limited |
98282284 |
60.51% |
|
(iv) The shareholders holding more than 5% equity shares are as under: |
|
|
|
Sumant Investments Private Limited |
98282284 |
60.51% |
|
Life Insurance Corporation of India |
12863749 |
7.92% |
FINANCIAL DATA
[all figures are
in 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 |
326.400 |
326.400 |
326.400 |
|
(b) Reserves & Surplus |
25074.900 |
21043.500 |
18244.200 |
|
(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) |
25401.300 |
21369.900 |
18570.600 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4719.400 |
2571.500 |
3006.900 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
1288.200 |
|
(c) Other long term liabilities |
49.400 |
72.700 |
364.700 |
|
(d) long-term provisions |
1835.500 |
1646.800 |
1466.000 |
|
Total
Non-current Liabilities (3) |
6604.300 |
4291.000 |
6125.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
5079.800 |
7233.400 |
3242.000 |
|
(b) Trade payables |
11542.100 |
11268.700 |
10757.700 |
|
(c) Other current liabilities |
6282.700 |
5511.000 |
4418.900 |
|
(d) Short-term provisions |
402.900 |
286.300 |
341.100 |
|
(e) Liabilities associated with
assets classified as held for sale |
82.500 |
31.200 |
0.000 |
|
Total
Current Liabilities (4) |
23390.000 |
24330.600 |
18759.700 |
|
|
|
|
|
|
TOTAL |
55395.600 |
49991.500 |
43456.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
18958.900 |
13089.600 |
13422.600 |
|
(ii) Intangible Assets |
274.900 |
267.000 |
38.700 |
|
(iii) Capital work-in-progress |
282.900 |
3253.000 |
278.500 |
|
(iv) Intangible assets under
development |
42.500 |
0.300 |
27.000 |
|
(b) Non-current Investments |
328.300 |
988.500 |
446.800 |
|
(c) Deferred tax assets (net) |
855.300 |
82.900 |
0.000 |
|
(d) Long-term Loan and Advances |
1279.700 |
1249.000 |
3140.000 |
|
(e) Other Non-current assets |
1050.300 |
1452.300 |
105.500 |
|
Total
Non-Current Assets |
23072.800 |
20382.600 |
17459.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
15821.100 |
12775.500 |
10798.000 |
|
(c) Trade receivables |
9793.000 |
12573.500 |
10073.900 |
|
(d) Cash and cash equivalents |
1960.100 |
306.400 |
834.500 |
|
(e) Short-term loans and
advances |
610.200 |
363.300 |
2497.500 |
|
(f) Other current assets |
2987.100 |
2545.700 |
1793.100 |
|
(g) Assets classified as held
for sale |
1151.300 |
1044.500 |
0.000 |
|
Total
Current Assets |
32322.800 |
29608.900 |
25997.000 |
|
|
|
|
|
|
TOTAL |
55395.600 |
49991.500 |
43456.100 |
PROFIT
& LOSS ACCOUNT – (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
57324.600 |
57353.900 |
55001.600 |
|
|
Other Income |
542.000 |
559.400 |
565.700 |
|
|
TOTAL |
57866.600 |
57913.300 |
55567.300 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
20992.700 |
17182.000 |
17607.200 |
|
|
Purchases of
Stock-in-Trade |
11724.800 |
18886.600 |
15609.600 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(2492.800) |
(2104.000) |
229.600 |
|
|
Employees benefits
expense |
5034.000 |
4607.200 |
4197.400 |
|
|
Other expenses |
14007.000 |
13393.000 |
13189.600 |
|
|
Exceptional Item |
851.200 |
0.000 |
0.000 |
|
|
TOTAL |
50116.900 |
51964.800 |
50833.400 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
7749.700 |
5948.500 |
4733.900 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
728.900 |
848.700 |
1093.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
7020.800 |
5099.800 |
3640.900 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1110.700 |
949.000 |
1070.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
5910.100 |
4150.800 |
2570.900 |
|
|
|
|
|
|
|
Less |
TAX |
689.400 |
620.900 |
151.600 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
5220.700 |
3529.900 |
2419.300 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
NA |
9513.400 |
7624.800 |
|
|
|
|
|
|
|
Less |
Adjustment of
depreciation |
NA |
NA |
109.200 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Interim dividend on equity shares |
NA |
NA |
292.300 |
|
|
Proposed final dividend on equity shares |
NA |
NA |
65.000 |
|
|
Corporate dividend tax |
NA |
NA |
62.900 |
|
|
Storage fund for molasses account |
NA |
NA |
1.300 |
|
|
Total |
NA |
NA |
421.500 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
NA |
NA |
9513.400 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
2663.800 |
8883.100 |
4944.800 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
NA |
269.700 |
|
|
Components and Stores parts |
NA |
NA |
354.300 |
|
|
Capital Goods |
NA |
NA |
24.800 |
|
|
Others |
NA |
NA |
4241.000 |
|
|
TOTAL IMPORTS |
NA |
NA |
4889.800 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Before exceptional items |
37.06 |
21.73 |
14.89 |
|
|
After exceptional items |
32.14 |
21.73 |
14.89 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current
Maturities of Long term debt |
|
|
|
|
Current maturities of long-term debt
(Secured) |
|
|
|
|
From banks |
613.800 |
620.100 |
416.700 |
|
From others |
107.700 |
168.800 |
771.200 |
|
Current maturities of long-term debt
(Unsecured) |
|
|
|
|
From others |
210.900 |
0.700 |
5.700 |
|
Total
|
932.400 |
789.600 |
1193.600 |
|
Cash generated from operations |
9379.200 |
2079.700 |
2422.100 |
|
Net cash flow from operating activity |
7905.000 |
1282.600 |
1861.100 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
20247.600 |
15768.600 |
17610.200 |
|
Total Expenditure |
16962.800 |
12878.200 |
14290.300 |
|
PBIDT (Excl OI) |
3284.800 |
2890.400 |
3319.900 |
|
Other Income |
132.800 |
162.500 |
206.400 |
|
Operating Profit |
3417.600 |
3052.900 |
3526.300 |
|
Interest |
250.700 |
198.900 |
164.300 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
3166.900 |
2854.000 |
3362.000 |
|
Depreciation |
310.100 |
352.300 |
361.000 |
|
Profit Before Tax |
2856.800 |
2501.700 |
3001.000 |
|
Tax |
526.800 |
777.300 |
789.600 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
2330.000 |
1724.400 |
2211.400 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
2330.000 |
1724.400 |
2211.400 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
62.35 |
80.02 |
66.85 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
5.85 |
4.56 |
5.46 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
128.76 |
114.03 |
118.21 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.49 |
0.47 |
0.44 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.40 |
0.36 |
0.34 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.52 |
0.55 |
0.53 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.42 |
0.50 |
0.40 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities
/ Net Worth) |
0.92 |
1.14 |
1.01 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.77 |
0.78 |
0.74 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
10.63 |
7.01 |
4.33 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
9.11 |
6.15 |
4.40 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
9.42 |
7.06 |
5.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
20.55 |
16.52 |
13.03 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.38 |
1.22 |
1.39 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.71 |
0.69 |
0.81 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.46 |
0.43 |
0.43 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
32.88 |
32.46 |
22.80 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.38 |
1.22 |
1.39 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 2.00/- |
|
Market Value |
INR 481.75/- |
FINANCIAL ANALYSIS
[all figures are
in 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 |
326.400 |
326.400 |
326.400 |
|
Reserves & Surplus |
18244.200 |
21043.500 |
25074.900 |
|
Net worth |
18570.600 |
21369.900 |
25401.300 |
|
|
|
|
|
|
long-term borrowings |
3006.900 |
2571.500 |
4719.400 |
|
Short term borrowings |
3242.000 |
7233.400 |
5079.800 |
|
Current Maturities of
Long term debt |
1193.600 |
789.600 |
932.400 |
|
Total borrowings |
7442.500 |
10594.500 |
10731.600 |
|
Debt/Equity ratio |
0.401 |
0.496 |
0.422 |
%20-%20497376%2013-Mar-2018_files/image022.gif)
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 |
55001.600 |
57353.900 |
57324.600 |
|
|
|
4.277 |
(0.051) |
%20-%20497376%2013-Mar-2018_files/image024.gif)
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 |
55001.600 |
57353.900 |
57324.600 |
|
Profit/ (Loss) |
2419.300 |
3529.900 |
5220.700 |
|
|
4.40% |
6.15% |
9.11% |
%20-%20497376%2013-Mar-2018_files/image026.gif)
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
326.400 |
326.400 |
|
(b) Reserves &
Surplus |
|
24950.900 |
20582.700 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
(d) Non-controlling
interest |
|
20.800 |
22.100 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
0.000 |
0.000 |
|
(3) Minority Interest |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
|
|
25298.100 |
20931.200 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
4722.000 |
2575.400 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
49.400 |
72.700 |
|
(d) long-term provisions |
|
1836.500 |
1647.400 |
|
Total Non-current
Liabilities |
|
6607.900 |
4295.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
5082.900 |
7271.000 |
|
(b) Trade payables |
|
11758.600 |
11491.900 |
|
(c) Other current
liabilities |
|
6505.700 |
5723.600 |
|
(d) Short-term provisions |
|
403.100 |
286.400 |
|
(e) Liabilities associated with assets classified as held for sale |
|
82.500 |
70.900 |
|
Total Current Liabilities
|
|
23832.800 |
24843.800 |
|
|
|
|
|
|
TOTAL |
|
55738.800 |
50070.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
19155.700 |
13287.900 |
|
(ii) Intangible Assets |
|
286.000 |
275.500 |
|
(iii) Capital
work-in-progress |
|
602.800 |
3571.600 |
|
(iv) Intangible assets
under development |
|
42.500 |
0.300 |
|
(v) Goodwill |
|
705.500 |
719.300 |
|
(b) Non-current
Investments |
|
309.000 |
352.600 |
|
(c) Deferred tax assets
(net) |
|
801.100 |
144.700 |
|
(d) Long-term Loan and Advances |
|
112.400 |
102.900 |
|
(e) Other Non-current
assets |
|
1131.600 |
1462.500 |
|
Total Non-Current Assets |
|
23146.600 |
19917.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
16156.700 |
13200.000 |
|
(c) Trade receivables |
|
10063.500 |
12892.800 |
|
(d) Cash and cash
equivalents |
|
2115.200 |
398.200 |
|
(e) Short-term loans and
advances |
|
74.800 |
107.100 |
|
(f) Other current assets |
|
2953.700 |
2372.900 |
|
(g) Assets
classified as held for sale |
|
1228.300 |
1182.200 |
|
Total Current Assets |
|
32592.200 |
30153.200 |
|
|
|
|
|
|
TOTAL |
|
55738.800 |
50070.500 |
PROFIT
& LOSS ACCOUNT – (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
57884.600 |
57804.600 |
|
|
Other Income |
|
467.700 |
406.900 |
|
|
TOTAL
|
|
58352.300 |
58211.500 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
21375.100 |
17529.600 |
|
|
Purchases of Stock-in-Trade |
|
11460.100 |
18646.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(2406.500) |
(2082.400) |
|
|
Employees benefits expense |
|
5325.900 |
4876.600 |
|
|
Other expenses |
|
14419.100 |
13785.300 |
|
|
TOTAL
|
|
50173.700 |
52755.100 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
8178.600 |
5456.400 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
714.300 |
854.100 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
7464.300 |
4602.300 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
1137.300 |
979.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
6327.000 |
3622.800 |
|
|
|
|
|
|
|
Less |
TAX |
|
803.700 |
618.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
5523.300 |
3004.300 |
|
|
|
|
|
|
|
Add |
SHARE OF PROFIT OF JOINT
VENTURE (NET OF TAX) |
|
0.300 |
7.100 |
|
|
|
|
|
|
|
Add |
NON-CONTROLLING
INTEREST |
|
(6.800) |
6.100 |
|
|
|
|
|
|
|
|
NET PROFIT/
(LOSS) ATTRIBUTABLE TO EQUITY
SHAREHOLDERS OF THE COMPANY |
|
5516.800 |
3017.500 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
33.97 |
18.58 |
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 |
No |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
NOTE: The
registered office of the company has been shifted from 5th
Floor,
Kanchenjunga Building, 18, Barakhamba Road, New Delhi – 110001, India to the present address w.e.f. 02.02.2016
COMPANY OVERVIEW
The Company is a public limited company incorporated in India. The Holding company, Sumant Investments Private Limited owns 60.51% of equity share capital of the Company. The registered office of the Company is at 1 Floor, Kanchenjunga Building, 18 Barakhamba Road, New Delhi -110001, India. The financial statements are approved by Board of Directors in their board meeting dated May 1, 2017.
The business
portfolio of the Company comprises of:
a. Chloro-Vinyl
b. Sugar
c. Shriram Farm Solutions
d. Bioseed
e. Fertlisers
f. Others: (Fenesta, Cement and Hariyali Kisaan Bazaar)
STATE OF COMPANY'S
AFFAIRS/PERFORMANCE
The Company recorded a healthy financial performance in FY17 driven by Sugar and Chemicals Business. Other businesses witnessed stable performance. The Company's total revenues from operations stood at INR 61170.000 Million in FY17 vs. INR 60300.000 Million last year.
This was despite suspension of trading in imported bulk fertilisers (DAP/MOP) for FY17, which had a revenue of INR 6880.000 Million in FY16. Excluding this, the revenue increased by about 14.6% over last year. EBITDA for FY17 stood at INR 8179.000 Million, a significant improvement from INR 5456.000 Million recorded last year.
This improvement was lead by better volumes and margins in Sugar business and higher volumes in Chemicals business. Other businesses except Shriram Farm Solutions also recorded improvement in earnings.
Our Agri-input businesses of Shriram Farm Solutions and Bioseed were impacted by lower demand and change in sowing patterns towards lower value inputs, a result of two consecutive years of poor and erratic monsoons leading to weak farmer economics. Overall EBIDTA margins improved to 13% from 9% last year.
n the Standalone accounts (no impact on Consolidated financials), the Company has taken a write-down of INR 85.12 Million in the value of investments in Bioseed International Business, keeping in view the longer gestation period and higher losses over last few years due to one time inventory write offs.
Net Profit for FY17 was up by 83% to INR 5520.000 Million from INR 3020.000 Million in FY16
Net Debt stood at INR 9280.000 Million vs. INR 10570.000 Million last year. Debt equity ratio stood at 0.37x vs 0.51x last year
The Company completed capacity expansion projects for Chlor-Alkali (incl. captive power) at Bharuch and Power Cogeneration at Sugar business at total investments of INR 7000.000 Million. These plants have stabilised and have started contributing to the earnings of the Company.
During the year, the Company has announced new capital expenditure projects at an investment of INR 3000.000 Million aimed at setting up a Distillery in Sugar Business to manufacture ethanol, Increase Chemicals capacity at Kota and to increase the fabrication capacity at Fenesta Business. These projects are expected to be completed by Q4 FY18 and will start adding to Company's growth from FY19 onwards.
MANAGEMENT DISCUSSION
AND ANALYSIS
PERFORMANCE REVIEW
During the year the Company witnessed growth in financial as well as operating performance. The healthy performance was led by Sugar and Chemicals business. Bioseed India, Fenesta, Cement and Fertilizer businesses also contributed to higher earnings. The Company completed capacity expansion projects for Chlor-Alkali (incl. captive power) at Bharuch and Power Cogeneration at Sugar business at total investments of INR 7000.000 Million. These plants have stabilised and have started contributing to the earnings of the Company. Our cash generation and Balance sheet are comfortable which enables us to look at further growth initiatives
Total Revenue from operations stood at INR 611720.000
Million vs INR 60302.000 Million last year
Sugar Business revenue
was up 65% to INR 16010.000 Million with higher volumes and realizations.
Chemicals business revenue
grew by 22% to INR 10115.000 Million driven by higher volumes from expanded
capacity at the Bharuch (Gujarat) plant.
Agri Input
businesses' revenues (excluding DAP/MOP) were down ~7% YoY at INR 22360.000
Million led by lower volumes
Bulk Fertliser - DAP / MOP – trading activity was suspended in the current year. Last year revenue from DAP/MOP stood at INR 6880.000 Million. Excluding DAP / MOP, overall revenues grew by 14.6% YoY
Profit before depreciation, interest and tax improved to INR 8179.000 Million up 50%, driven by
Sugar Business PBDIT stood at INR 3422.000 Million an increase of INR 2293.000 Million over last year. This was achieved by higher volumes of sugar and power and better margins
Chemicals Business PBDIT stood at INR 3283.000 Million an increase of INR 537.000 Million over last year, led by higher volumes from expanded capacity at Bharuch (Gujarat) plant. Rising cost of captive power due to higher coal prices and low prices of Chlorine restricted the improvements.
Bioseed India, Fenesta, Cement and Fertilizer businesses also contributed to improvement in earnings
Overall PBDIT margins improved to ~13% ~9% last year
Finance Costs Finance costs during FY 17 declined by 16% to INR 710.000 Million.
PAT increased to INR 5517.000 Million, up 83% from INR 3018.000 Million in FY 16.
EPS for the year at INR 34.0 up from INR 18.6 in FY 16
Net Debt as on March 31, 2017 stood at INR 9280.000 Million vis-à-vis INR 10570.000 Million as on March 31, 2016. Net Debt to equity stood at 0.37x as on March 31, 2017 vs 0.51x as on March 31, 2016.
In the Standalone accounts (no impact on Consolidated financials), the company has taken a write-down of INR 85.12 Million in the value of investments in Bioseed International business, keeping in view the longer gestation period and higher losses over last few years due to one time inventory write offs
The Board of directors have recommended a of 290% for FY 17 as compared to 160% in previous year
Projects Completed in FY 17 at an investment of ~ INR 7000.000 Million.
Chemical capacity increased from 780 tpd to 1343 tpd
Coal based captive power capacity increased from 188 MW to 248 MW
Bagasse based co-gen power expansion from 94.5 MW to 110.9 MW
New Projects The following projects currently underway, progressing as per schedule, to be completed by Q4 FY 18
Chlor-Alkali – Expansion project at Kota plant at an investment of INR 975.000 Million
Sugar – 150 KLD distillery at Hariawan unit, at an investment of INR 1850.000 Million
Fenesta – Expansion of fabrication capacity at an investment
of INR 185.000 Million.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Deposits |
102.200 |
304.000 |
|
Short-term
borrowings |
|
|
|
Loans repayable on demand - other than banks |
20.000 |
20.000 |
|
Other loans from banks |
995.000 |
2994.600 |
|
Loan from subsidiary company |
14.500 |
14.500 |
|
Total |
1131.700 |
3333.100 |
INDEX
OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G49184542 |
100112342 |
Government of India-Represented by IFCI |
07/07/2017 |
- |
387615000.0 |
MINISTRY OF CONSUMER AFFAIRS FOOD AND PUBLIC DISTRIBUTION- KRISHI BHAWAN NEW DELHI 110001 INDIA |
|
2 |
G49708571 |
100090890 |
HDFC BANK LIMITED |
24/03/2017 |
07/07/2017 |
540000000.0 |
HDFC BANK HOUSE, SENAPATI BAPAT MARG,LOWER PAREL WEST MUMBAI MAHARASHTRA 400013 INDIA |
|
3 |
G34581660 |
100067583 |
ST HELEN'S NOMINEES INDIA PRIVATE LIMITED |
14/12/2016 |
13/01/2017 |
1340000000.0 |
1ST FLOOR, CRESCENZO BUILDING, C-38/39,"G" BLOCK, BANDRA KURLA COMPLEX,BANDRA (EAST) MUMBAI MA 400051 INDIA |
|
4 |
G49115694 |
100041157 |
INTERNATIONAL FINANCE CORPORATION |
18/07/2016 |
07/07/2017 |
1350000000.0 |
MARUTI SUZUKI BUILDING, 3RD AND 4TH FLOORPLOT NO. 1 NELSON MANDELA ROAD, VASANT KUNJ NEW DELHI 110070 INDIA |
|
5 |
G00918136 |
10614462 |
ST HELEN'S NOMINEES INDIA PRIVATE |
14/01/2016 |
07/04/2016 |
1780000000.0 |
1ST FLOOR, CRESCENZO BUILDING, C-38/39,"G" BLOCK, BANDRA KURLA COMPLEX,BANDRA (EAST) MUMBAI MA 400051 INDIA |
|
6 |
C57130957 |
10576316 |
BIOTECHNOLOGY INDUSTRY RESEARCH ASSISTANCE COUNCIL |
01/06/2015 |
- |
13752000.0 |
MTNL BUILDING, 1ST FLOOR,9 CGO COMPLEX, LODI ROADNEW DELHI 110003 INDIA |
|
7 |
C42312736 |
10495242 |
Punjab National Bank |
20/03/2014 |
15/01/2015 |
968600000.0 |
LARGE CORPORATE BRANCHTOLSTOY HOUSE,TOLSTOY MARG,NEW DELHI 110001 INDIA |
|
8 |
C56451149 |
10336978 |
BIOTECHNOLOGY INDUSTRY RESEARCH ASSISTANCE COUNCIL |
30/12/2011 |
01/06/2015 |
8797000.0 |
MTNL BUILDING, 1ST FLOOR,9 CGO COMPLEX, LODI ROADNEW DELHI 110003 INDIA |
|
9 |
C17340183 |
10322865 |
ING VYSYA BANK LIMITED |
06/12/2011 |
28/07/2014 |
500000000.0 |
23, BARAKHAMBA ROAD,NARAIN MANZIL NEW DELHI 110001 INDIA |
|
10 |
B95508263 |
10253888 |
Government of India-Represented by IFCI |
22/10/2010 |
09/12/2013 |
107500000.0 |
MINISTRY OF CONSUMER AFFAIRS FOOD AND PUBLIC DISTRIBUTION- KRISHI BHAWAN NEW DELHI 110001 INDIA |
CONTINGENT
LIABILITIES:
(INR in Million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims (excluding claims by employees where amount not
ascertainable) not acknowledged as debts: |
|
|
|
Sales tax matters |
13.300 |
13.300 |
|
Service tax matters |
325.400 |
316.600 |
|
Additional premium on land |
81.100 |
81.100 |
|
Interest/other charges on cane purchases for earlier years |
716.600 |
0.000 |
|
Others |
56.300 |
58.000 |
|
Total |
1192.700 |
469.000 |
STATEMENT
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS
ENDED 31.12.2017
(INR In Million)
|
PARTICULARS |
Standalone |
||
|
Quarter Ended |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
Income From
Operations |
|
|
|
|
a. Revenue from operations |
17610.200 |
15768.600 |
53626.400 |
|
b. Other Income |
206.400 |
162.500 |
501.700 |
|
Total Income from Operations
(Net) |
17816.600 |
15931.100 |
54128.100 |
|
Expenditure |
|
|
|
|
Cost of material Consumed |
8629.100 |
2241.800 |
15421.500 |
|
Purchase of Stock-in trade |
3306.000 |
1877.500 |
7819.300 |
|
Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
-2953.600 |
4004.800 |
4998.800 |
|
Excise Duty expenses |
0.000 |
365.517 |
1060.800 |
|
Employees Benefit Expenses |
1458.600 |
1381.100 |
4220.900 |
|
Finance Cost |
164.300 |
198.900 |
613.900 |
|
Depreciation and Amortization Expenses |
361.000 |
352.300 |
1023.400 |
|
Power, Fuel etc. |
2278.900 |
2128.100 |
6587.700 |
|
Other expenses |
1571.300 |
1244.900 |
4022.300 |
|
Total Expenses |
14815.600 |
3330.344 |
45768.600 |
|
Profit / (Loss)
before exceptional item and tax |
3001.000 |
2501.700 |
8359.500 |
|
Exceptional Item |
0.000 |
0.000 |
0.000 |
|
Profit / (Loss)
before tax |
3001.000 |
2501.700 |
8359.500 |
|
Tax Expense |
|
|
|
|
- Current Tax |
568.900 |
638.900 |
1554.600 |
|
- Deferred Tax |
194.500 |
138.400 |
512.900 |
|
- Tax adjustment related to earlier year |
26.200* |
0.000 |
26.200* |
|
- Total |
789.600 |
777.300 |
2093.700 |
|
Net Profit After
Tax |
2211.400 |
1724.400 |
6265.800 |
|
Other comprehensive income |
|
|
|
|
(i) Items that will not be reclassified to profit or loss |
(20.000) |
(20.000) |
(60.000) |
|
(ii) Income tax relating to items that will not be reclassified
to profit or loss |
7.000 |
6.900 |
20.800 |
|
|
|
|
|
|
(i) Items that may be reclassified to profit or loss |
0.200 |
3.400 |
12.500 |
|
(ii) Income tax relating to items that will not be
reclassified to profit or loss |
(0.100) |
(1.100) |
(4.300) |
|
Total Other comprehensive income, After tax |
2198.500 |
1713.600 |
6234.800 |
|
|
|
|
|
|
Profit/(Loss) Before interest, Deprecation,
tax exceptional Items |
3526.300 |
3052.900 |
9996.800 |
|
|
|
|
|
|
Paid- up Equity
Share Capital (share – INR 2) |
|
|
|
|
Earning Per Share (of INR 2 each) (not annualized) |
|
|
|
|
Before exceptional Items |
13.62 |
10.62 |
38.58 |
|
After exceptional Items |
13.62 |
10.62 |
38.58 |
STANDALONE SEGMENT-WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR
THE QUARTER ENDED AND HALF YEAR ENDED 31.12.2017
(INR In million)
|
Particulars |
Standalone |
||
|
|
Quarter Ended |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Segment Revenues |
|
|
|
|
Chloro-Vinyl |
5776.500 |
4847.100 |
15637.500 |
|
Sugar |
4319.000 |
5164.900 |
16081.800 |
|
Shriram Farm solutions |
3129.800 |
1494.900 |
7392.000 |
|
Bioseed |
380.800 |
592.500 |
3787.000 |
|
Fertilisers |
2144.600 |
1964.300 |
5792.500 |
|
Others |
1968.400 |
1837.600 |
6156.200 |
|
Total |
17719.100 |
15901.300 |
54847.000 |
|
Less: Inter - Segment Revenue |
108.900 |
132.700 |
1220.600 |
|
Revenue from
operations |
17610.200 |
15768.600 |
53626.400 |
|
|
|
|
|
|
Segment Results |
|
|
|
|
Profit/ (Loss) (Before unallocated expenditure, finance costs and tax) |
|
|
|
|
Chloro-Vinyl |
2417.800 |
1786.800 |
5635.600 |
|
Sugar |
487.600 |
740.800 |
2309.400 |
|
Shriram Farm solutions |
332.900 |
69.800 |
514.500 |
|
Bioseed |
(79.700) |
(29.500) |
669.400 |
|
Fertilisers |
253.400 |
332.400 |
596.000 |
|
Others |
25.900 |
111.100 |
239.600 |
|
Total |
3437.900 |
3011.400 |
9964.500 |
|
Less: |
|
|
|
|
(i) Finance Costs |
164.300 |
198.900 |
613.900 |
|
(ii) Unallocable Expenditure / Income (net) |
272.600 |
310.800 |
991.100 |
|
Total Profit before
Tax |
3001.000 |
2501.700 |
4829.300 |
|
|
|
|
|
|
Segment Assets |
|
|
|
|
Chloro-Vinyl |
13368.700 |
13064.000 |
13368.700 |
|
Sugar |
14277.500 |
10109.400 |
14277.500 |
|
Shriram Farm solutions |
5149.900 |
5075.000 |
5149.900 |
|
Bioseed |
5587.800 |
5461.400 |
5587.800 |
|
Fertilisers |
4768.700 |
4460.000 |
4768.700 |
|
Others |
2871.000 |
2790.900 |
2871.000 |
|
Unallocated |
8367.200 |
11073.500 |
8367.200 |
|
Total Segment
Assets |
54390.800 |
52034.200 |
54390.800 |
|
|
|
|
|
|
Segment Liabilities |
|
|
|
|
Chloro-Vinyl |
3268.800 |
2676.700 |
3268.800 |
|
Sugar |
5591.200 |
5340.300 |
5591.200 |
|
Shriram Farm solutions |
1823.200 |
1552.900 |
1823.200 |
|
Bioseed |
2364.300 |
2284.500 |
2364.300 |
|
Fertilisers |
1072.400 |
1050.700 |
1072.400 |
|
Others |
2040.600 |
1883.400 |
2040.600 |
|
Unallocated |
7530.600 |
7962.100 |
7530.600 |
|
Total Segment
Liabilities |
23691.100 |
22750.600 |
23691.100 |
Notes :
1. In accordance with the accounting policy consistently followed by the Company for interim results, the off-season expenditure aggregating INR 328.000 Million incurred during the nine months ended December 31, 2017 (INR 324.600 Million for nine months ended December 31, 2016) has been deferred for inclusion in the cost of sugar to be produced in the remaining part of the financial year.
2. According to the requirements of Schedule III of the Companies Act 2013,
sales for the period upto June 30, 2017, and earlier periods presented in these
financial results are inclusive of excise duty. Consequent to applicability of
Goods and Service Tax (GST) w.e.f. July 1, 2017, sales are shown net of GST in
accordance with requirements of Ind AS-18 'Revenue'. The Sales net of Excise
Duty/GST for all periods is as given below:
(INR In million)
|
Particulars |
Quarter Ended |
Quarter Ended |
Nine Months Ended |
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Sales (net) |
17461.200 |
15710.300 |
52313.800 |
3. The Department of Fertilizer on January 2, 2018 revised its earlier
notification dated August 11, 2017 relating to claims of SSP subsidy, pursuant
to which the Company recognized INR 552.200 Million (INR 265.600 Million
related to Q2 FY 17-18) under 'Gross Sales' and under 'Purchases and related
cost of stock- in -trade' during the quarter. There is no impact of the same on
the profit.
4. Some of the business segments are of seasonal nature and accordingly impact the results in the respective quarters.
5. The tax charge for the financial year ended March 31, 2017 finalised with
filing of the tax return, has led to additional tax charge of INR 26.200
Million (current tax charge is reduced by INR 329.200 Million and deferred tax
charge increased by INR 355.400 Million).
6. Previous period figures have been regrouped, wherever necessary.
7. The above results were reviewed by Audit Committee and then approved by the
Board of Directors in their meeting held on January 20, 2018.
Limited Review
The statutory auditors have completed the Limited Review for the quarter and
nine months ended December 31, 2017. The Limited Review Report for the quarter
and nine months ended December 31, 2017 does not have any impact on the above
Results and Notes in aggregate except in respect of matter explained in note 1
above.
FIXED ASSETS
- Land
- Buildings
- Leasehold improvements
- Plant and equipment
- Furniture and Fixtures
- Vehicles
- Office equipment
- Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 65.08 |
|
UK Pound |
1 |
INR 89.85 |
|
Euro |
1 |
INR 80.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
JYTK |
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.
·