|
|
|
MIRA INFORM REPORT
|
Report No. : |
498307 |
|
Report Date : |
17.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTAN ZINC LIMITED |
|
|
|
|
Registered
Office : |
Yashad Bhawan, Yashadgarh, Udaipur – 313004, Rajasthan |
|
Tel. No.: |
91-294-6604000 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
10.01.1966 |
|
|
|
|
Com. Reg. No.: |
17-001208 |
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|
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Capital
Investment / Paid-up Capital : |
INR 8450.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27204RJ1966PLC001208 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
1388011417 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Available |
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|
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACH7354K |
|
|
|
|
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 engaged in exploring, extracting and processing minerals. The
Company produces zinc, lead, silver and commercial power. (Registered
Activity) |
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|
|
|
No. of Employees
: |
4421 (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++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
Maximum Credit Limit : |
USD 880143000 |
|
|
|
|
Status : |
Excellent |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject was incorporated in 1966 as a public sector company. It is engaged into mining and smelting of zinc, lead and silver metal. In 2002-03, Government of India divested 26% of its equity ownership in the company to Sterlite Industries Limited (Now Vedanta), which later made an open offer for a further 20%. In 2003-04, Sterlite Industries acquired an additional 18.92% by exercising an option granted by Government of India to increase the stake to 64.9%. After the restructuring of the Vedanta group in India, the company became a 64.9% subsidiary of Vedanta Limited. The company is among the top five zinc smelting companies globally and accounts for around 5% of the global zinc output. It enjoys a dominant position in the domestic zinc market. As per the unaudited quarterly financial records of December 2017, the company has earned sales turnover of INR 59220.000 Million and has reported a favourable profitability margin of 37.66% For the financial year ended 2017, the company has achieved decent growth in its revenue and has gained satisfactory profitability margin of 44.24%. Rating takes into consideration the company’s favourable earnings per share (EPS) of INR 19.68 against face value (FV) of INR 2. The company possesses healthy financial profile marked by strong net worth base, adequate liquidity position and debt free balance sheet profile. The company reported efficient net cash accruals, despite its capital expenditure plan and its financial profile will remain strong on account of healthy accruals. However, rating strength is partially offset by susceptibility to fluctuation in zinc prices as well as forex movement imparting volatility to profitability and cyclical nature of the sector. The company has its share price trading at around INR 318.55 on BSE as on March 15, 2018 as against the Face Value of INR 2. Business is active. Payments seems to be regular and 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
|
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 |
CRISIL |
|
Rating |
Long Term Loans - AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest
credit risk. |
|
Date |
12.03.2018 |
|
|
|
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Loans - A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
12.03.2018 |
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
31-03-2016.
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 17.03.2018
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.
LOCATIONS
|
Registered / Head/ Corporate Office : |
Yashad Bhawan, Yashadgarh, Udaipur – 313 004, Rajasthan, India |
|
Tel. No.: |
91-294-6604000/ 6604106 |
|
Fax No.: |
91-294-2427734 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Swaroop Sagar Road, Udaipur – 313004, Rajasthan, India |
|
Tel. No.: |
91-294-2529182 |
|
Fax No.: |
91-284-2523522 |
|
|
|
|
Marketing Office 1: |
Scope Complex, 2nd Floor, CGO 7, Lodhi Road, New Delhi – 110003, India
|
|
Tel. No.: |
91-11-24367261/ 4988/ 0577 |
|
|
|
|
Exports / Marketing Office 2: |
1st Floor, C Wing, Unit 103, Corporate Avenue, Atul
Projects, Chakala, Andheri (East), Mumbai – 400093, Maharashtra, India |
|
E-Mail : |
|
|
|
|
|
Power Operations: |
Located at: ·
Chanderiya Smelting Complex ·
Zawar Mines ·
Zinc Smelter Debari ·
Samana Wind Power Plant ·
Gadag Wind Power Plant |
|
|
|
|
Regional Offices 1: |
703-704, 7th Floor, Prestige Meridian II, 30 M. G. Road, Bangalore –
560001, Karnataka, India |
|
|
|
|
Regional Offices 2: |
Chatterjee International Centre, 20th floor, 33A, Chowringhee Road,
Kolkata – 700071, West Bengal, India |
|
|
|
|
Regional Offices: |
Also Located at
: ·
Karnataka ·
New Delhi ·
Bangalore
|
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|
Branch Offices : |
Located at :
|
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|
Plant Locations: |
Located at : Mining Units (all in
Rajasthan) Rampura
Agucha Mine : Bhilwara District Sindesar
Khurd Mine : Rajsamand District Zawar
Mines : Udaipur District Rajpura
Dariba Mine : Rajsamand District Kayad
Mine : Ajmer District Maton
Mine : Udaipur District Smelting Units (all in
Rajasthan) Chanderiya
Lead Zinc Smelter : Chittorgarh District Dariba
Smelting Complex : Rajsamand District Debari
Zinc Smelter : Udaipur District Captive Power Plants (all
in Rajasthan) Chanderiya
Lead Zinc Smelter : Chittorgarh District Dariba
Smelting Complex : Rajsamand District Zawar
: Udaipur District Processing and Refining
Units Haridwar
Zinc Plant : Haridwar District, (Uttarakhand) Pantnagar
Metal Plant : Rudrapur District (Uttarakhand) Discontinued Units Vizag
Zinc Smelter : Visakhapatnam District (Andhra Pradesh) Tundoo
Lead Smelter : Dhanbad District (Jharkhand) Wind Power Farms Samana
: Jamnagar District (Gujarat) Gadag
: Gadag District (Karnataka) Gopalpura
: Hassan District (Karnataka) Mokal
: Jaisalmer District Rajasthan) Osiyan
: Jodhpur District (Rajasthan) Chakala
: Nandurbar District (Maharashtra) Muthiyampatti
: Tirpur District (Tamil Nadu) |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Navin Kumar Agarwal |
|
Designation : |
Director |
|
Address : |
Soham, 8/738, Behramji Gamadia Road, (Carmichael Road),
Mumbai – 400026, Maharashtra, India |
|
Experience : |
31 Years |
|
Date of Appointment : |
11.04.2002 |
|
DIN No.: |
00006303 |
|
|
|
|
Name : |
Mr. Arun Lalchand Todarwal |
|
Designation : |
Director |
|
Address : |
81, Shivner 84, Nepean Sea Road, Mumbai-400006,
Maharashtra, India |
|
Date of Appointment : |
11.03.2015 |
|
DIN No.: |
00020916 |
|
|
|
|
Name : |
Mr. Agnivesh Agarwal |
|
Designation : |
Director |
|
Address : |
113/114, Samudra Mahal, Dr. A.B. Road, Mumbai-400018,
Maharashtra, India |
|
Date of Appointment : |
15.11.2005 |
|
DIN No.: |
00038950 |
|
|
|
|
Name : |
Mr. Sudhir Kumar |
|
Designation : |
Director |
|
Address : |
8022, ATS, One
Hamlet Plot - GH001, Sector-104, Noida – 201304, Uttar Pradesh, India |
|
Date of Appointment : |
30.11.2015 |
|
DIN No.: |
00267742 |
|
|
|
|
Name : |
Mr. Allam Pallam Ramakrishnan Narayanaswamy |
|
Designation : |
Director |
|
Address : |
A-12, Archana CHS, Juhu Versova Link Road, Andheri (West),
Mumbai-400053, Maharashtra, India |
|
Date of Appointment : |
30.03.2009 |
|
DIN No.: |
00818169 |
|
|
|
|
Name : |
Ms. Farida Mahmood Naik |
|
Designation : |
Nominee Director |
|
Address : |
Flat No -9478, Sector C-9, Vasant Kunj, Delhi-110070, India |
|
Date of Appointment : |
14.03.2017 |
|
DIN No.: |
07612050 |
|
|
|
|
Name : |
Ms. Reena Sinha Puri |
|
Designation : |
Nominee Director |
|
Address : |
E-801 Central Government Residential Complex Deen Dayal Upadhyay Marg, Minto Road, Central Delhi – 110002, India |
|
Date of Appointment : |
29.12.2016 |
|
DIN No.: |
07753040 |
|
|
|
|
Name : |
Mr. Sunil Duggal |
|
Designation : |
Whole-time Director |
|
Address : |
D-2, Ambav Garh, Udaipur 313001, Rajasthan, India |
|
Experience : |
33 Years |
|
Date of Appointment : |
01.10.2015 |
|
DIN No.: |
07291685 |
|
PAN No.: |
AAMPD1109M |
KEY EXECUTIVES
|
Name : |
Mr. Amitabh Gupta |
|
Designation : |
Chief Finance Officer |
|
Address : |
Block No.18, Apartment No. 906, Heritage City, Gurugram-Mehrauli Road, Gurugram – 122001, Haryana, India |
|
Experience : |
30 Years |
|
Date of Appointment : |
19.01.2015 |
|
PAN |
AERPG5453Q |
|
|
|
|
Name : |
Mr. Rajendra Pandwal |
|
Designation : |
Company Secretary |
|
Address : |
855, Pooja Nagar, Sector-4, Hiran Magri, Udaipur-313002, Rajasthan, India |
|
Date of Appointment : |
28.01.2005 |
|
PAN |
ABOPP8051H |
|
|
|
|
Name : |
Mr. Sunil Duggal |
|
Designation : |
Chief Executive Officer |
|
Address : |
D-2, Ambav Garh, Udaipur – 313001, Rajasthan, India |
|
Date of Appointment : |
01.10.2015 |
|
PAN |
AAMPD1109M |
|
|
|
|
Name : |
Mr. Laxman Singh Shekhawat |
|
Designation : |
Chief Operating Officer - Mines |
|
Experience : |
27 Years |
|
|
|
|
Name : |
Mr. Pankaj Kumar |
|
Designation : |
Chief Operating Officer – Smelters |
|
Experience : |
25 Years |
|
|
|
|
Name : |
Mrs. Sonal Shrivastava |
|
Designation : |
Chief Financial Officer |
|
Experience : |
23 Years |
|
|
|
|
Name : |
Mr. Ramakrishnan Kasinath |
|
Designation : |
Chief Commercial Officer |
|
Experience : |
25 Years |
|
|
|
|
Name : |
Mr. Dilip Pattariayak |
|
Designation : |
Head HR |
|
Experience : |
25 Years |
|
|
|
|
Name : |
Mr. V Jayaraman |
|
Designation : |
Head HSE |
|
Experience : |
25 Years |
|
Name : |
Mr. R P Dashora |
|
Designation : |
Site President-Agucha IBU |
|
Experience : |
29 Years |
|
|
|
|
Name : |
Mr. K C Meena |
|
Designation : |
Site President - Dariba IBU |
|
Experience : |
26 Years |
|
|
|
|
Name : |
Mr. P S Jaitawat |
|
Designation : |
Site President - Zawar IBU |
|
Experience : |
29 Years |
|
|
|
|
Name : |
Mr. Rajesh Kundu |
|
Designation : |
Site President - Chanderia IBU |
|
Experience : |
26 Years |
SHAREHOLDING PATTERN
As on 31.12.2017
|
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 % of |
|
|
(A) Promoter and Promoter
Group |
2743154310 |
64.92 |
|
|
(B) Public |
1482164690 |
35.08 |
|
|
Grand
Total |
4225319000 |
100.00 |
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 % of |
|
|
A1) Indian |
0.00 |
||
|
Any Other (specify) |
2743154310 |
64.92 |
|
|
Vedanta Limited |
2154912690 |
51.00 |
|
|
Vedanta Limited |
376975670 |
8.92 |
|
|
Vedanta Limited |
211265950 |
5.00 |
|
|
Sub Total A1 |
2743154310 |
64.92 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
2743154310 |
64.92 |
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 % of |
|
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
50444455 |
1.19 |
|
|
Foreign Portfolio
Investors |
91683644 |
2.17 |
|
|
Financial Institutions/
Banks |
2404183 |
0.06 |
|
|
Insurance Companies |
17329037 |
0.41 |
|
|
Any Other (specify) |
1250 |
0.00 |
|
|
Sub Total B1 |
161862569 |
3.83 |
|
|
B2) Central Government/
State Government(s)/ President of India |
0 |
0.00 |
|
|
Central Government/ State
Government(s)/ President of India |
1250073054 |
29.59 |
|
|
President of India |
1247950590 |
29.54 |
|
|
Sub Total B2 |
1250073054 |
29.59 |
|
|
B3) Non-Institutions |
0 |
0.00 |
|
|
Individual share capital
upto INR 0.200 Million |
44231132 |
1.05 |
|
|
Individual share capital
in excess of INR 0.200 Million |
1205936 |
0.03 |
|
|
NBFCs registered with RBI |
15418 |
0.00 |
|
|
Any Other (specify) |
24776581 |
0.59 |
|
|
Sub Total B3 |
70229067 |
1.66 |
|
|
B=B1+B2+B3 |
1482164690 |
35.08 |
BUSINESS DETAILS
|
Line of Business : |
The
Company is engaged in exploring, extracting and processing minerals. The Company
produces zinc, lead, silver and commercial power. (Registered
Activity) |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
4421 (Approximately) |
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Bankers : |
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Statutory Auditors : |
|
|
Name : |
SR Batliboi and Company LLP Chartered Accountants |
|
Address : |
Golf View Corporate Tower – B, Sector 42, Near DLF Golf Course, Gurugram
– 122002, Haryana, India |
|
Tel. No.: |
91-124-4644000 |
|
Fax No.: |
91-124-4644050 |
|
|
|
|
Memberships : |
Not Available |
|
|
|
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Collaborators : |
Not Available |
|
|
|
|
Holding Companies : |
·
Vedanta
Limited (Immediate Holding Company) ·
Vedanta
Resources Plc. (Intermediate Holding Company) ·
Volcan
Investments Limited (Ultimate Holding Company) |
|
|
|
|
Fellow Subsidiaries (with
whom transactions have taken place): |
·
Bharat
Aluminium Company Limited ·
Sterlite
Technologies Limited ·
Sterlite
Power Transmission Limited ·
Malco
Energy Limited ·
Talwandi
Sabo Power Limited ·
Copper
Mines of Tasmania Pty Limited ·
Konkola
Copper Mines Plc. ·
Fujairah
Gold FZC ·
Skorpion
Zinc (Pty) Limited ·
Namzinc
(Pty) Limited ·
Black
Mountain Mining (Pty) Limited ·
Lisheen
Milling Limited |
|
|
|
|
Related Party having a
Significant Influence: |
Government of India -
President of India |
|
|
|
|
Other Related Parties |
·
Vedanta
Foundation ·
Madanpur
South Coal Company Limited (jointly controlled entity) ·
Hindustan
Zinc Limited Employee’s Contributory Provident Fund Trust |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
[In Crore] |
|
|
|
|
500 |
Equity Shares |
INR 2/- each |
INR 10000.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
[In Crore] |
|
|
|
|
423 |
Equity Shares |
INR 2/- each |
INR 8450.000
Million |
|
Particulars |
31.03.2017 |
|
|
Equity shares held by
holding Company |
Number of Shares [In Crore] |
% of Holding |
|
Vedanta Limited |
274 |
64.92 |
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
Equity
shares allotted as fully paid up by way of bonus shares without payment being
received in cash in financial year 2010-11
iii) Details of Shareholders holding more
than 5% shares in the Company
|
Name of Shareholder |
31.03.2017 |
|
|
|
No. of Shares held [In Crore] |
% of Holding |
|
Vedanta Limited |
274 |
64.92 |
|
Government of India- President of India |
125 |
29.54 |
Terms/Rights attached to
equity shares
The
Company has one class of equity shares having a par value of INR 2 per share. Each equity
shareholder is eligible for one vote per share held. Each equity shareholder is
entitled to dividend as and when declared by the Company. Interim dividend is
paid as and when declared by the Board. Final dividend is paid after obtaining
shareholders' approval.
Dividends
are paid in Indian Rupees. In the event of liquidation, the equity shareholders
are eligible to receive the
remaining
assets of the Company after distribution of all preferential amount in
proportion to their shareholding. The Company has a dividend policy to pay a
minimum dividend of 30% of profit after tax or 5% of opening net worth which
ever is higher.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
8450.000 |
8450.000 |
8450.600 |
|
(b) Reserves &
Surplus |
299600.000 |
365400.000 |
425080.100 |
|
(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) |
308050.000 |
373850.000 |
433530.700 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
25186.200 |
|
(c) Other long term
liabilities |
6490.000 |
6640.000 |
1320.800 |
|
(d) long-term provisions |
1110.000 |
190.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
7600.000 |
6830.000 |
26507.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
79080.000 |
0.000 |
0.000 |
|
(b) Trade payables |
12050.000 |
9310.000 |
6307.900 |
|
(c) Other current
liabilities |
111000.000 |
141660.000 |
10459.100 |
|
(d) Short-term provisions |
170.000 |
300.000 |
13115.300 |
|
Total Current Liabilities
(4) |
202300.000 |
151270.000 |
29882.300 |
|
|
|
|
|
|
TOTAL |
517950.000 |
531950.000 |
489920.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
98650.000 |
102650.000 |
93290.500 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
1171.200 |
|
(iii) Capital
work-in-progress |
30710.000 |
24280.000 |
20047.100 |
|
(iv) Intangible assets
under development |
1280.000 |
1200.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
27480.000 |
24980.000 |
0.000 |
|
(d) Long-term Loan and Advances |
190.000 |
190.000 |
43373.200 |
|
(e) Other Non-current
assets |
13150.000 |
9520.000 |
0.000 |
|
Total Non-Current Assets |
171460.000 |
162820.000 |
157882.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
237830.000 |
352210.000 |
272535.900 |
|
(b) Inventories |
19360.000 |
10580.000 |
12117.500 |
|
(c) Trade receivables |
1360.000 |
1070.000 |
6588.200 |
|
(d) Cash and cash equivalents |
83800.000 |
530.000 |
35315.100 |
|
(e) Short-term loans and
advances |
10.000 |
20.000 |
3641.400 |
|
(f) Other current assets |
4130.000 |
4720.000 |
1839.900 |
|
Total Current Assets |
346490.000 |
369130.000 |
332038.000 |
|
|
|
|
|
|
TOTAL |
517950.000 |
531950.000 |
489920.000 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
187980.000 |
154630.000 |
147883.900 |
|
|
Other Income |
24740.000 |
27630.000 |
28210.500 |
|
|
TOTAL |
212720.000 |
182260.000 |
176094.400 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
260.000 |
510.000 |
4684.500 |
|
|
Purchases of Stock-in-Trade |
3360.000 |
0.000 |
523.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(6760.000) |
1840.000 |
(1454.500) |
|
|
Exceptional Item |
7220.000 |
7740.000 |
298.700 |
|
|
Employees benefits expense |
10600.000 |
14040.000 |
8418.500 |
|
|
Other expenses |
22690.000 |
16340.000 |
0.000 |
|
|
Power and Fuel |
53220.000 |
47640.000 |
0.000 |
|
|
Mining Royalty |
0.000 |
300.000 |
61246.000 |
|
|
TOTAL |
90590.000 |
88410.000 |
73716.200 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
122130.000 |
93850.000 |
102378.200 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
2020.000 |
170.000 |
235.100 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
120110.000 |
93680.000 |
102143.100 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
18110.000 |
7450.000 |
6441.900 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
102000.000 |
86230.000 |
95701.200 |
|
|
|
|
|
|
|
Less |
TAX |
18840.000 |
4480.000 |
13921.200 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
83160.000 |
81750.000 |
81780.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
19.68 |
19.33 |
19.35 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
99150.000 |
82730.000 |
75641.400 |
|
Net cash flow from (used in) operation Activity |
75770.000 |
64510.000 |
55307.000 |
QUARTERLY
RESULTS
|
PARTICULARS |
30.06.2017 1st
Quarter |
30.09.2017 2nd
Quarter |
31.12.2017 3rd
Quarter |
|
Unaudited |
|
|
|
|
Net Sales |
50130.000 |
53090.000 |
59220.000 |
|
Total Expenditure |
26290.000 |
22850.000 |
26780.000 |
|
PBIDT (Excl OI) |
23840.000 |
30240.000 |
32440.000 |
|
Other Income |
5300.000 |
4870.000 |
2980.000 |
|
Operating Profit |
29140.000 |
35110.000 |
35420.000 |
|
Interest |
1370.000 |
840.000 |
170.000 |
|
Exceptional Items |
NA |
2910.000 |
NA |
|
PBDT |
27770.000 |
37180.000 |
35250.000 |
|
Depreciation |
3600.000 |
3940.000 |
4810.000 |
|
Profit Before Tax |
24170.000 |
33240.000 |
30440.000 |
|
Tax |
5410.000 |
7790.000 |
8140.000 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
18760.000 |
25450.000 |
22300.000 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
18760.000 |
25450.000 |
22300.000 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days [Sundry Debtors / Income *
365] |
2.64 |
2.53 |
16.26 |
|
|
|
|
|
|
Account Receivables Turnover [Income / Sunday Debtors] |
138.22 |
144.51 |
22.45 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
1214.99 |
6663.04 |
442.13 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
6.31 |
8.87 |
8.45 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.93 |
0.73 |
0.89 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.39 |
0.28 |
0.06 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.26 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.66 |
0.40 |
0.07 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.42 |
0.34 |
0.26 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
60.46 |
552.06 |
435.47 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT / Sales) * 100) |
% |
44.24 |
52.87 |
55.30 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
16.06 |
15.37 |
16.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
27.00 |
21.87 |
18.86 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
1.71 |
2.44 |
11.11 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
1.62 |
2.37 |
10.71 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.59 |
0.70 |
0.88 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
9.36 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
1.71 |
2.44 |
11.11 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 2.00/- |
|
Market Value |
INR 318.55/- |
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 |
8450.600 |
8450.000 |
8450.000 |
|
Reserves & Surplus |
425080.100 |
365400.000 |
299600.000 |
|
Net worth |
433530.700 |
373850.000 |
308050.000 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
79080.000 |
|
Total borrowings |
0.000 |
0.000 |
79080.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.257 |
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
|
147883.900 |
154630.000 |
187980.000 |
|
|
|
4.562 |
21.568 |
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
|
147883.900 |
154630.000 |
187980.000 |
|
Profit |
81780.000 |
81750.000 |
83160.000 |
|
|
55.30% |
52.87% |
44.24% |
LEGAL CASES
Senior Civil Judge cum RC, Central, THC
Case Details
|
Case Type |
CS SCJ - CIVIL SUIT FOR CIVIL JUDGE |
||
|
Filing Number |
57933/2008 |
Filing Date |
16-04-2008 |
|
Registration Number |
598964/2016 |
Registration Date |
22-08-2014 |
|
CNR Number |
DLCT030003752008 (Note the CNR number for future reference) |
||
Case Status
|
First Hearing Date |
25th July 2008 |
|
Next Hearing Date |
29th January 2018 |
|
Stage of Case |
Misc. cases/purpose |
|
Court Number and Judge |
593-Civil Judge |
Petitioner and Advocate
|
1) H. DOHIL CONSTRUCTION CO. (PRIVATE) LIMITED |
Respondent and Advocate
|
1) HINDUSTAN ZINC LIMITED |
Acts
|
Under Act(s) |
Under Section(s) |
|
Civil Cases |
--- |
|
History of Case Hearing |
|
Judge |
Business On Date |
Hearing Date |
Purpose of hearing |
|
25-07-2008 |
18-11-2008 |
Misc. cases/purpose |
|
|
18-11-2008 |
16-12-2008 |
Misc. cases/purpose |
|
|
16-12-2008 |
13-02-2009 |
Misc. cases/purpose |
|
|
13-02-2009 |
13-05-2009 |
Misc. cases/purpose |
|
|
13-05-2009 |
21-10-2009 |
Misc. cases/purpose |
|
|
21-10-2009 |
11-02-2010 |
Misc. cases/purpose |
|
|
11-02-2010 |
02-08-2010 |
Misc. cases/purpose |
|
|
02-08-2010 |
06-09-2010 |
Misc. Arguments |
|
|
06-09-2010 |
08-12-2010 |
Misc. Arguments |
|
|
08-12-2010 |
22-03-2011 |
Misc. Arguments |
|
|
22-03-2011 |
06-09-2011 |
Misc. Arguments |
|
|
06-09-2011 |
04-01-2012 |
Misc. Arguments |
|
|
04-01-2012 |
06-03-2013 |
Misc. cases/purpose |
|
|
06-03-2013 |
02-05-2013 |
Misc. cases/purpose |
|
|
02-05-2013 |
04-07-2013 |
Misc. cases/purpose |
|
|
04-07-2013 |
07-08-2013 |
Misc. cases/purpose |
|
|
07-08-2013 |
12-09-2013 |
Issues |
|
|
12-09-2013 |
03-10-2013 |
Issues |
|
|
03-10-2013 |
08-11-2013 |
Issues |
|
|
08-11-2013 |
06-12-2013 |
Issues |
|
|
06-12-2013 |
22-01-2014 |
Issues |
|
|
22-01-2014 |
17-09-2014 |
Misc. cases/purpose |
|
|
17-09-2014 |
25-09-2014 |
Misc. cases/purpose |
|
|
25-09-2014 |
01-12-2014 |
Misc. Arguments |
|
|
01-12-2014 |
21-01-2015 |
Misc. Arguments |
|
|
21-01-2015 |
10-02-2015 |
Judgement |
|
|
10-02-2015 |
11-03-2015 |
Judgement |
|
|
11-03-2015 |
26-05-2015 |
Misc. cases/purpose |
|
|
26-05-2015 |
04-09-2015 |
Plaintiff/Petitioner Evidence |
|
|
04-09-2015 |
02-12-2015 |
Plaintiff/Petitioner Evidence |
|
|
02-12-2015 |
21-01-2016 |
Plaintiff/Petitioner Evidence |
|
|
21-01-2016 |
31-03-2016 |
Plaintiff/Petitioner Evidence |
|
|
Civil Judge |
31-03-2016 |
25-05-2016 |
Misc. Arguments |
|
Civil Judge |
25-05-2016 |
20-07-2016 |
Plaintiff/Petitioner Evidence |
|
Civil Judge |
20-07-2016 |
21-09-2016 |
Plaintiff/Petitioner Evidence |
|
Civil Judge |
21-09-2016 |
14-12-2016 |
Plaintiff/Petitioner Evidence |
|
Civil Judge |
14-12-2016 |
15-02-2017 |
Plaintiff/Petitioner Evidence |
|
Civil Judge |
15-02-2017 |
26-04-2017 |
Misc. Arguments |
|
Civil Judge |
26-04-2017 |
29-05-2017 |
Order on Misc. Application |
|
Civil Judge |
29-05-2017 |
17-07-2017 |
Misc. cases/purpose |
|
Civil Judge |
17-07-2017 |
29-08-2017 |
Misc. cases/purpose |
|
Civil Judge |
29-08-2017 |
12-10-2017 |
Misc. cases/purpose |
|
Civil Judge |
12-10-2017 |
15-11-2017 |
Misc. cases/purpose |
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 |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
COMPANY OVERVIEW:
The
Company was incorporated on January 10, 1966 and has its registered office at
Yashad Bhawan, Udaipur (Rajasthan). HZL’s shares are listed on National Stock
Exchange and Bombay Stock Exchange. The Company is engaged in exploring,
extracting and processing of minerals. 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
Matoon 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, Tamil Nadu and Maharashtra and
solar power plants in the state of Rajasthan.
OPERATIONAL
PERFORMANCE
Production
Mined
metal production was 906984 MT, up 2% from a year ago and the highest ever. The
underground mines ramped up significantly during the year to achieve a
substantial 44% y-o-y increase in ore production and 32% y-o-y increase in
mined metal production.
Integrated
refined zinc and saleable lead production this year were a record 670078 MT and
139009 MT, down 12% and 1% respectively. The total refined zinc was 671988 MT,
down 11% from a year ago, while total saleable lead production was 139009 MT,
which is lower by 4% compared to FY 2016. The decrease was on account of low
availability of mined metal in first half due to the cyclical pattern of the
Rampura Agucha open cast mine and as per plan.
During
the year, production of integrated saleable silver increased by 7% to an
all-time high of 453 MT on account of higher volume and grades from Sindesar
Khurd mine. Their total power generation in FY 2017 was 3,345 million units,
down 3.5% from last year. Their wind power generation was up 8% at 448 million
units.
OUTLOOK
Projects: The
Company’s transition to underground mining is progressing well and they expect
the share of mined metal to increase from 52% in FY 2017 to 80% in FY 2018.
Both, Rampura Agucha and Sindesar Khurd shafts are on track for completion in
FY 2019. The capex on the on-going mine expansion projects, fumer and smelter
debottlenecking will be around $350-360 million in FY 2018.
Operations: In FY 2018, mined metal
production is expected to be higher than FY 2017. Refined zinc-lead metal
production will be around 950 kt, which will be evenly spread through the year.
Silver production will be over 500 MT.
Financial: Dollar COP (excluding
royalty) is expected to be marginally higher based on current levels of coal
and input commodity prices. Treasury income is expected to be lower due to
reduction in investment corpus and current softening in rates while tax rate
for FY 2018 is expected to be slightly higher than MAT.
BUSINESS REVIEW /
OPERATIONS
Produced
435666 MT of zinc and 51759 MT of lead as compared to 488470 MT of zinc and
51219 MT of lead
Last
year, in-line with the reduced availability of mined metal in first half of the
year.In the year gone by, steps were taken to increase recoveries from waste
and improve the performance of the smelters. One of the key initiatives taken
this year is commencement of 160000 million MT per annum Zinc Residue Fuming
Project with scheduled commissioning in mid FY 2019. Zinc fuming is a process
that recovers valuable metals from zinc residue and will help in higher
recovery of zinc, lead and silver. The process takes us closer to achieving our
goal of zero solid waste and is also one of the key sustainability initiatives
which will favourably impact Company's land and waste footprint.
Further,
at the Hydro plant, the Hydro-2 cell house was upgraded from 192 kA to 200 kA
enhancing zinc output. Several cost initiatives were put in place this year.
The usage of limestone in place of hydrated lime saves approximately INR
40.000 Million per
annum. The implementation of copper circuit in Hydro-1 for removal of copper is
also resulting in added revenue. ISF bath burners were switched from HSD to
furnace oil.
In
October 2016, a new zinc alloy value added product, 'HZDA' or Hindustan Zinc
Die-cast Alloy, was added to the Company's portfolio from Chanderiya Lead-Zinc
Smelter. Several safety and environment related activities were undertaken
during the year, which includes online monitoring of air quality to ensure safe
breathing environment, conducting Nukkad Nataks, themed Safety Chaupals and
awareness camps at various nearly villages with a focus to inculcate safety
culture etc.
Dariba
Smelting Complex (DSC) includes hydrometallurgical zinc smelter, lead smelter
and captive power plants and is located in the Dariba complex which includes
Sindesar Khurd and Rajpura Dariba mines. Also the residue from the lead smelter
is sent to Pantanagar for recovery of silver. In FY 2017, Dariba Smelting
Complex achieved a production of 189882 MT of refined zinc metal and 92535 MT
of refined lead metal as compared to 203704 MT of zinc and 100357 MT of lead
last year. Improved operational efficiency and reduction in production costs
were achieved due to implementation of KAIZEN. The smelter recorded a major
cost reduction in lead production with record zinc oxide production through
fuming furnace (2.5 MT/h against design of 2.1 MT/h) and improved recoveries of
by-products and residues.
There was marked improvement in furnace availability as well as in blast furnace campaign life. The Dariba Smelting Complex lead plant steam was utilised in Dariba Smelting Complex Captive Power Plant (CPP) for reducing the auxiliary steam consumption. At the lead smelting furnace, highest ever feed rate of 16 MT per hour (mined metal) was achieved in January 2017 against the designed 14.64 MT per hour (mined metal) feed rate. The lead plant is now a global benchmark smelter.
UNSECURED LOANS:
|
Particulars |
31.03.2017 INR In Million |
31.03.2016 INR In Million |
|
SHORT TERM BORROWINGS |
|
|
|
Commercial Paper |
79080.000 |
0.000 |
|
Total |
79080.000 |
0.000 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G09394560 |
10544321 |
STATE BANK OF BIKANER and JAIPUR |
05/01/2015 |
- |
05/08/2016 |
200000000.0 |
CHETAK CIRCLE, UDAIPUR – 313001, RAJASTHAN, INDIA |
|
2 |
B91771808 |
80002852 |
IDBI BANK LIMITED |
04/05/2005 |
16/10/2007 |
10/12/2013 |
2000000000.0 |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI – 400005, MAHARASHTRA, INDIA |
|
3 |
B91748731 |
90263201 |
IDBI BANK LIMITED |
04/05/2005 |
10/02/2006 |
10/12/2013 |
400000000.0 |
JAIPUR BRANCH, JAIPURRJ, RAJASTHAN, INDIA |
STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017
(INR In Million)
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
|
|
|
|
|
Revenue from operations (net of excise duty) |
59220.000 |
53090.000 |
49870.000 |
|
Add: Excise duty |
0.0000 |
0.000 |
4040.000 |
|
Revenue from operation |
59220.000 |
53090.000 |
53910.000 |
|
Other income |
2980.000 |
4870.000 |
5840.000 |
|
Total
Income |
62200.000 |
57960.000 |
59750.000 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
0.000 |
0.000 |
0.000 |
|
Purchase of Stock in Trade |
0.000 |
0.000 |
0.000 |
|
Changes in inventories of finished goods and
work-in-progress |
2310.000 |
1240.000 |
4800.000 |
|
Employee benefits expense |
1950.000 |
2250.000 |
5940.000 |
|
Depreciation and Amortization expenses |
4810.000 |
3940.000 |
12350.000 |
|
Power and Fuel |
4290.000 |
3950.00 |
12110.000 |
|
Mining Royalty |
7020.000 |
5670.000 |
18180.000 |
|
Finance costs |
170.000 |
840.000 |
2380.000 |
|
Excise Duty |
0.000 |
0.000 |
4370.000 |
|
Other Expenditure |
11210.000 |
9740.000 |
30520.000 |
|
Total
Expenses |
31760.000 |
27630.000 |
90650.000 |
|
|
|
|
|
|
Profit
before Tax and Exceptional income |
30440.000 |
30330.000 |
84940.000 |
|
Exceptional gain |
0.000 |
2910.000 |
2910.000 |
|
Profit
before tax |
30440.000 |
33240.000 |
87850.000 |
|
Tax Expenses |
|
|
|
|
-Current Tax |
6420.000 |
6970.000 |
18550.000 |
|
-Deferred Tax |
1720.000 |
820.000 |
2790.000 |
|
Net profit
for the period |
22300.000 |
25450.000 |
66510.000 |
|
A.i. Items that will not be reclassified to profit or loss |
(10.000) |
(70.000) |
(90.000) |
|
ii. Income tax relating to above |
0.000 |
30.000 |
30.000 |
|
B.i. Items that will be reclassified to profit or loss |
(2780.000) |
(990.000) |
(3520.000) |
|
ii. Income tax relating to above |
890.000 |
360.000 |
1220.000 |
|
Other comprehensive
income |
(1900.000) |
(670.000) |
(2360.000) |
|
Total comprehensive
income for the period |
20400.000 |
24780.000 |
64150.000 |
|
Paid-up Equity Share Capital (Face value INR 2/- per
share) |
8450.000 |
8450.000 |
8450.000 |
|
Reserves as shown in the Audited Balance Sheet of the
previous year |
-- |
-- |
-- |
|
Earnings per Share (EPS) - INR |
|
|
|
|
Basic
|
5.28 |
6.02 |
15.74 |
|
Diluted
|
5.28 |
6.02 |
15.74 |
REPORTING OF SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(INR In Million)
|
Sr. No. |
Particular |
Quarter Ended |
Nine Months Ended |
|
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1. |
Segment Revenue |
|
|
|
|
|
a) Zinc, Lead and Silver |
|
|
|
|
|
i) Zinc, Lead and others |
53060.000 |
46180.000 |
143880.000 |
|
|
ii) Silver Metal |
5190.000 |
5570.000 |
15110.000 |
|
|
Total |
58250.000 |
51750.000 |
158990.000 |
|
|
b) Wind Energy |
210.000 |
570.000 |
1400.000 |
|
|
Net Sales / Income
from Operations |
58460.000 |
52320.000 |
160390.000 |
|
|
|
|
|
|
|
2. |
Segment Result |
|
|
|
|
|
a) Zinc, Lead and Silver |
|
|
|
|
|
i) Zinc, Lead and others |
23600.000 |
21630.000 |
62060.000 |
|
|
ii) Silver Metal |
4490.000 |
4850.000 |
12750.000 |
|
|
Total |
28090.000 |
26480.000 |
74810.000 |
|
|
b) Wind Energy |
(20.000) |
370.000 |
810.0000 |
|
|
Total |
28070.000 |
26850.000 |
75620.000 |
|
|
|
|
|
|
|
|
Less : i. Interest |
170.000 |
840.000 |
2380.000 |
|
|
ii. Exceptional Items |
0.000 |
2910.000 |
2910.000 |
|
|
Add : Other unallocable income net of unallocable expenditure |
2540.000 |
4320.000 |
11700.000 |
|
|
Total Profit/(Loss)
before tax |
30440.000 |
33240.000 |
87850.000 |
|
|
|
|
|
|
|
3. |
Segment Assets |
|
|
|
|
|
a) Zinc, Lead and Silver |
168080.000 |
163270.000 |
168080.000 |
|
|
b) Wind Energy |
7080.000 |
7470.000 |
7080.000 |
|
|
c) Unallocated |
225180.000 |
232910.000 |
225180.000 |
|
|
Total |
400340.000 |
403650.000 |
400340.000 |
|
|
|
|
|
|
|
4 |
Segment Liabilities |
|
|
|
|
|
a) Zinc, Lead and Silver |
38020.000 |
41340.000 |
38020.000 |
|
|
b) Wind Energy |
180.000 |
170.000 |
180.000 |
|
|
c) Unallocated |
130.000 |
10340.000 |
130.000 |
|
|
Total |
38330.000 |
51850.000 |
38330.000 |
|
|
|
|
|
|
|
|
Total |
362010.000 |
35180.000 |
362010.000 |
Notes:
- The above results for the quarter and nine months ended December 31, 2017 have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on January 18, 2018. The statutory auditors have carried out a Limited Review of the same.
- 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 the Companies (Indian Accounting Standards) Rules, 2015, as amended.
- Exceptional gain of INR 2910.000 Million in the previous quarter ended September 30, 2017, represents reversal of royalty provision towards zinc, lead and silver related to District Mineral Foundation pursuant to Supreme Court ruling.
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against the Company
not acknowledged as debts |
|
|
|
-Suppliers
and contractors |
430.000 |
430.000 |
|
-Ex-employees
and others |
90.000 |
90.000 |
|
-Land
acquisition |
60.000 |
60.000 |
|
-Mining
cases |
3340.000 |
3340.000 |
|
Government : Electricity Duty |
90.000 |
90.000 |
|
Renewable
Energy |
-- |
- |
|
Road
Tax |
150.000 |
150.000 |
|
Environmental
Cess |
1420.000 |
1280.000 |
|
Guarantees
issued by the banks (excluding Financial guarantee) |
650.000 |
510.000 |
|
Sales
tax demands |
260.000 |
110.000 |
|
Entry tax demands |
1990.000 |
1280.000 |
|
Income tax demands |
42670.000 |
21100.000 |
|
Excise Duty demands |
4240.000 |
3690.000 |
|
|
|
|
Future cash out flows in respect of the above
matters are determinable only on receipt of judgments or decisions pending at
various forums. Accordingly interest and penalty where applicable will be
additionally payable.
The Department of Mines and Geology of the State of
Rajasthan issued several show cause notices in August, September and October
2006 to HZL, amounting to INR 3340.000 Million. These notices alleged unlawful
occupation and unauthorised mining of associated minerals other than zinc and
lead at HZL’s Rampura Agucha, Rajpura Dariba and Zawar mines in Rajasthan
during the period from July 1968 to March 2006. HZL believes that the
likelihood of this claim is not probable and thus no provision has been made in
the financial statements. HZL had filed writ petitions in the High Court of
Rajasthan in Jodhpur and had obtained a stay in respect of these demands. The
High Court restrained the Department of Mines and Geology from undertaking any
coercive measures to recover the penalty. In January 2007, the High Court
issued another order granting the Department of Mines and Geology additional
time to file their reply and also ordered the Department of Mines and Geology
not to issue any orders cancelling the lease. The Company is currently awaiting
listing of the said case in Rajasthan High Court.
The State of Rajasthan issued a notification in
June 2008 notifying the Rajasthan Environment and Health Cess Rules, 2008,
imposing environment and health cess on major minerals including lead and zinc.
HZL and other mine operators resisted this notification and the imposition
thereunder before the High Court of Rajasthan on the ground that the imposition
of such cess and all matters relating to the environment fall under the
competence of the Central government as opposed to the State government. In
October 2011, the High Court of Rajasthan disposed the writ petitions and held
the Rajasthan Environment and Health Cess Rules, 2008 that imposes a levy of
cess on minerals, as being constitutionally valid. An amount of 150 per metric
ton of ore produced would be attracted under the Statute if it is held to be
valid. HZL challenged this order by a special leave petition in December 2011
before the Supreme Court of India. The Supreme Court of India issued a notice
for stay. Further direction was issued by the Supreme Court on March 23, 2012
not to take any coercive action against HZL for recovery of cess. During the
current year, the above mentioned notification has been rescinded via
notification dated January 6, 2017, with immediate effect and thus the Company
is not recognising any amount after the notified date as a contingent
liability.
The Company challenged the constitutional validity
of the local statutes and related notifications in the state of Rajasthan
pertaining to the levy of entry tax on the entry of goods brought into the
state from outside. Post some contradictory orders of High Courts across India
adjudicating on similar challenges, the Supreme Court referred the matters to a
nine judge bench. Post a detailed hearing, although the bench rejected the
compensatory nature of tax as a ground of challenge, it maintained status quo
with respect to all other issues which have been left open for adjudication by
regular benches hearing the matters. The total claims on the Company as at
March 31, 2017, March 31, 2016 and April 1, 2015 is INR 1990.000
Million, INR 128.000 Million and INR 1220.000 Million respectively.
Post the order of the nine judge bench, the regular bench of the Supreme Court proceeded
with hearing the matters. The regular bench remanded the entry tax matters
relating to the issue of discrimination against domestic goods from other
States to the respective High Courts for final determination but retained
The
issue of jurisdiction on levy on imported goods, for determination by Supreme
Court. The Company is looking to file writ petition before the Rajasthan High
Court.
As
of March 31, 2017, the Company has open tax demands of contingent nature of INR 42670.000 million for relevant assessment years 1989-90
through 2013-14. The demand is raised mainly on account of disallowance of
certain benefits under section 80IA and 80IC of the Indian Income Tax Act and
on account of depreciation disallowances and interest thereon.
Although,
the Company has paid an amount of INR 5260.000
million in relation to these demands, which are pending at various levels of
appeals, management considers these disallowances as not tenable against the
Company, and therefore no provision for tax contingencies has been established.
(6) Contingent liability towards excise duty of INR 4240.000 million includes various demands raised on the Company towards CENVAT, service tax and excise for FY 1991-92 to 2015-16. These demands include an amount of INR 2710.000 million towards reverse credit on inputs used for manufacture of silver cleared without payment of duty during the period Oct 2008 to Feb 2013. The Company has paid an amount of INR 430.000 million against these demands under protest and is confident of the liability not devolving on the Company.
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
Intangible Assets
·
Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 64.87 |
|
|
1 |
INR 90.48 |
|
Euro |
1 |
INR 79.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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.
·