metal industry in india sources:ICC

1. Mining and Metals
industry

2. Introduction
 Minerals and Metals sector have always been in the forefront of a
nation's economy and India is no exception.
 Both ferrous and non ferrous metals are equally important
towards building up the country's future

3. Global Distribution of Bauxite & Copper
Reserves

4. Domestic Bauxite and Copper
Concentrate Production

5. Domestic Zinc and Lead Concentrate
Production

6. SWOT Analysis of Indian Non Ferrous Metal Industry

7. SWOT Analysis of Indian Ferrous Metal
Industry

8. HINDALCO

9. INTRODUCTION
 Metals flagship company of the Aditya irla group is the world's largest aluminium rolling company.
 One of the biggest producers of primary aluminium in Asia
 Established in 1958
 Global footprint in 13 countries
 Turnover of USD 14.8 billion (RS. 80,193 crore).

10. MANAGEMENT
BOARD OF DIRECTORS
• Mr. Kumar Mangalam Birla, Chairman
• Mrs.Rajashree Birla
• Mr. C. M. Maniar
• Mr. M. M. Bhagat
• Mr. K. N. Bhandari
• Mr. A. K. Agarwala
• Mr. N. J. Jhaveri
• Mr. Ram Charan
• Mr. JagdishKhattar
• Mr. M. Damodaran
• Mr. D. Bhattacharya, Managing Director
• Mr. SatishPai, Whole time Director

11. GROUP COMPANIES
 Novelis Inc
 Aditya Birla Minerals Ltd
 Hindalco-Almex Aerospace Ltd

12. BUSINESS
ALUMINIUM
• Aluminas grade and hydrates
• Aluminium ingots
• Billets
• Wire rods
• Flat rolled products
• Extrusions and
• Foil
COPPER
• copper cathodes
• continuous cast copper rods
• precious metals
• sulphuric acid,
• phosphoric acid,
• di-ammonium phospate (DAP)
• phosphoric fertilisers, and
• phospho gypsum.

13. PROJECTS
Greenfield
 Madhya Pradesh: Mahan Aluminium Project
 Orissa: Aditya Alumina and Aluminium Project
 Orissa: Utkal Alumina Project
 Jharkhand: Jharkhand Aluminium Project
Brownfield
 Primary metal: Hirakud
 Alumina capacity: Belgaum
 Alumina capacity: Muri

14. MANAGEMENT

15. SHAREHOLDER PATTERN
Promoters
32%
Mutual funds
and UTI
3%
Banks and Financial
Institutions
12%
FII
27%
Corporates
7%
Individual
shares in transit
9%
NRI
2%
GDRs
8%
Total shares : 1915129317

16. SWOT ANALYSIS
• Global brand image.
• Cost effective producer.
• Sound financial position
• Company has a well-established distribution network, covering a geographically wide and
scattered market.
• A number of Brownfield & Greenfield projects.
• Industrial peace as, there has been no major strike in last 22 year.
• A well focused human resources development.
STRENGTH
• Present production capacity is not adequate to meet the rising high demand.
• Technology is not upgraded to mark as compare to global giants in aluminium industry.
WEAKNESS

17. • R & D collabratation with universities and another research organization.
• More emphasis on downstream production of value added products.
• Recycling should be adopted as routine production.
• Raising more finance from marketing for more acquisition and merger for
consolidating position in the global market.
OPPORTUNITIES
• Strong domestic and global competitors, such as
TATA, POSCO, MITTLE, ESSAR .
• Innovative revolution in plastic and steel industry.
• Reduce in Exide duty.
• Fall in price of Al. In neighbor country.
THREAT

18. FINANCIALS

19. Revenue Parameters

20. DIVIDEND
For the year ended 31st march 2013 the board of director of the company
have recommended dividend of Rs. 1.40 per share ( previous year Rs. 1.55 per
share) to equity holders aggregating to Rs. 313. 60 cr. ( previous year Rs. 346.86
cr.) including dividend distribution tax.

21. Foreign exchange earnings and outgo
A. Activities related to export
 export during the year where Rs. 7571.55 cr.
B. Total foreign exchange used and earned
 foreign exchange used Rs.18555.55 cr.
 foreign exchange earned Rs. 7572.30 cr.

22. BALANCE SHEET

23. PROFIT AND LOSS

24. REASON FOR SLOW DOWN
 Production outages
 Dahej copper extended shutdown
 Increase in coal price and crude oil price
 Global aluminium price remained depressed
 Slow down in manufacturing sector and power sector
 Depreciating rupee

25. QUATERLY RESULT
Parameter JUN'13 (₹Cr.) MAR'13 (₹ Cr.)
Sales Turnover 58,379.30 69,937.50
Other Income 4,279.40 2,312.10
Total Income 62,658.70 72,249.60
Total Expenses 53,594.80 63,505.20
Operating profit 9,063.90 8,744.40
Gross Profit 7,576.70 7,167.70
Interest 1,487.20 1,576.70
PBDT 6,089.50 5,591.00
Depreciation 0.00 0.00
PBT 5,746.00 5,441.50
Tax 1,005.10 621.20
Net Profit 4,740.90 4,820.30
Earnings Per Share 2.48 2.52
Equity 1,914.80 1,914.80
Preference Capital 0.00 0.00
Reserves 0.00 0.00

26. RATIO ANALYSIS
31st march 2013 31st march 2012
Face Value 1.00 1.00
Dividend Per Share 1.40 1.55
Current Ratio 1.26 1.01
Quick Ratio 0.91 0.55
Debt Equity Ratio 0.72 0.46
Dividend Payout Ratio Net Profit 17.63 14.98
Inventory Turnover Ratio 3.38 3.80
Debtors Turnover Ratio 17.71 19.72
Interest Cover 5.69 10.22
Return On Capital Employed(%) 4.27 6.15

27. MAJOR COMPETITORS

28. FUTURE PLANS

29. SAIL

30. INTRODUCTION
 Steel Authority of India Limited (SAIL) is the leading steel-making company in India.
 SAIL is also among the seven Maharatnas of the country's Central Public Sector Enterprises.
 The company, incorporated on January 24, 1973 with an authorized capital of Rs. 2000 crore.
 SAIL has more than 1 lakh employees
 annual turnover of Rs 49,350 crore in 12-13.
 Annually it produces over 13 million tonnes of various steel products
 SAIL’s products have found ready acceptance in about 75 countries the world over

31. MANAGEMENT
 Mr. Chandra Shekar Verma current chairman
Other Board members include
 Shri S Machendranathan (Additional Secretary & Financial Adviser to the Government of India)
 Prof. Deepak Nayyar
 Shri AK Goswami,
 Dr. Jagdish Khattar
 Prof. Subrata Chaudhuri
 Shri Shuman Mukherjee
 Shri PC Jha
 Shri PK Sengupta

32. PRODUCTS
 SEMIs
 Structurals
 Bars, rods and rebars
 Hot rolled product
 Plate, cold rolled product
 Galvansed product
 PET products
 Railway products
 Stainless steel
 Special steel
 Pig iron

33. JOINT VENTURE
 NTPC SAIL Power Company Pvt. Limited (NSPCL)
 Bokaro Power Supply Company Pvt. Limited (BPSCL)
 Mjunction Services Limited
 SAIL-Bansal Service Centre Limited
 Bhilai JP Cement Limited
 Bokaro JP Cement Limited
 SAIL & MOIL Ferro Alloys (Pvt.) Limited
 S & T Mining Company Pvt. Limited
 International Coal Ventures Private Limited
 SAIL SCI Shipping Pvt. Limited
 SAIL RITES Bengal Wagon Industry Pvt. Limited
 SAIL SCL Limited

34. NEW INITIATIVES INCLUDING JVs OF SAIL
Merger & Acquisition (M&A)
 Merger of Maharashtra Elecktosmelt Limited (MEL) with SAIL
 Transfer of Salem Refractory Unit of Burn Standard Company Limited to SAIL
Joint Ventures
 Revival of Sindri unit of Fertiliser Corporation of India Ltd. (FCIL)’s
 Joint Venture with M/s RITES
 Joint Venture with Government of Kerala for revival of Steel Complex Limited
Strategic Alliances:
 Hajigak Iron Ore Deposits Owned by Government of Afghanistan
 Kobe Steel
 POSCO
 Expansion of Captive Power Plants of SAIL

35. SHAREHOLDING PATTERN
80%
11%
5%
3%
1%0%
0% 0%
promoters
financial institute
foreign institute
general public
mutual funds
other companies
foreign NRIs
others

36. SWOT ANAYSIS
• The diversified product mix and multi location production
• Customer base is another major strength for SAIL as it offers steel at subsidised rates and hence caters to high
volume of clients
• Financial Resources ,it can use Govt funds for ventures.
• it uses all possible channels for promotion and Sales.
• Low overall borrowings
STRENGTH
• dependency on the market purchase for a key input
• Another weakness is that higher profit margins arepossible but not allowed since being a Govt venture.
• include private players with better quality manpower, strategies and policies.
• skill depletion
• largely in the technical areas.
• At present around 20% of the products are in the form of semi-finished
• steel, resulting in lower value addition
WEAKNESS

37. • SAIL also can adopt globalisation with ease using Govt. Support.
• Also SAIL being financially sound can undertake merger and acquisition projects with weaker counterparts.
• Rapidly expanding domestic market particularly infrastructure sector.
• Focus on infrastructure projects
OPPORTUNITIES
• Threats would include change in Govt Policies and Economy trend which can have a direct impact on the
functioning of SAIL.
• Subdued domestic demand for steel could result in excess steel
• capacity in the country
• intensification of competition from domestic as well as foreign steel producers
• Adverse movement in prices of imported coking coal.
THREAT

38. FINANCIALS

39. Revenue Parameters
PRODUCT WISE

40. PLANT WISE

41. Dividend policy
Annual Dividends
12/2008 12/2009 12/2010 12/2011 12/2012
Dividend Amount 3.70 2.60 3.30 2.40 2.00
Year-end Yield % 233.05 50.41 80.85 156.38 120.88

42. EXPORTS AND IMPORTS
31st march 2013 31st march 2012
Total export 1158.23 1230.10
Total import 14763.83 17725.89

43. Balance sheet

44. Profit and loss

45. REASON FOR SLOW DOWN
 Higher usage of external inputs (BF coke & pellets)
 Higher salary and wages
 Higher input price of items (limestones, ferro alloys)
 Increase in value added production
 Lower depreciation and
 Foreign exchange variations

46. Quarterly result
Parameter JUN'13 (₹ Cr.) MAR'13 (₹ Cr.)
Sales Turnover 1,02,679.00 1,23,304.00
Other Income 2,261.70 2,089.50
Total Income 1,04,941.00 1,25,394.00
Total Expenses 93,006.50 1,14,066.00
Operating profit 11,934.30 11,328.10
Gross Profit 9,137.30 9,347.10
Interest 1,918.20 2,145.90
PBDT 7,219.10 7,201.20
Depreciation 0.00 0.00
PBT 5,208.80 7,410.90
Tax 699.70 2,945.60
Net Profit 4,509.10 4,465.30
Earnings Per Share 1.09 1.08
Equity 41,305.30 41,305.30

47. Ratio analysis
31st march 2013 31st march 2012
Face Value 10.00 10.00
Dividend Per Share 2.00 2.00
Return On Capital Employed(%) 6.67 10.91
Return On Net Worth(%) 5.29 8.89
Current Ratio 1.01 1.22
Quick Ratio 0.68 0.82
Debt Equity Ratio 0.52 0.40
Interest Cover 5.59 9.00
Inventory Turnover Ratio 2.79 3.71
Debtors Turnover Ratio 9.71 10.30
Investments Turnover Ratio 2.79 3.71
Dividend Payout Ratio Net Profit 44.29 27.10

48. Major competitors

49. FUTURE PLANS
 SAIL, is in the process of modernizing and expanding its production units, raw material resources and
other facilities to maintain its dominant position in the Indian steel market
Item Actual Production Capacity
Production Capacity after
Expansion
Hot Metal 14.6 Mtpa 26.2 Mtpa
Crude Steel 13.5 Mtpa 24.6 Mtpa
Saleable Steel 12.6 Mtpa 23.1 Mtpa
The following table shows the increased production of various items prior to and post expansion.

50. JSW STEELS

51. INTRODUCTION
 Owned by the JSW Group based in Mumbai, Maharashtra, India.
 The company has been growing at a CAGR of 25.37% over the last five years.
 JSW Steel has plants in 6 locations in India — Vijayanagar in Karnataka, Salem
in Tamil Nadu, and Tarapur, Vasind, Kalmeshwar and Dolvi in Maharashtra.
 The total workforce of Steel and Iron industry is currently estimated at about
404,575

52. MANAGEMENT

53. PRODUCTS
Products
 Hot Rolled Products
 HR Plates
 Cold Rolled Products
 Galvanised Products
 Pre-painted Products
 Galvalume
 TMT Bars
 Special Steel and Wirerods
Brands
 JSW Vishwas
 JSW TMT PLUS
 JSW Colouron
 JSW Colouron Plus
 JSW Pragati

54. SUBSIDIARIES, JVS AND ASSOCIATES
 JSW Steel Coated Products
 Jindal Praxair Oxygen Company Ltd
 JSW Severfield Structures Ltd
 Vijayanagar Minerals Pvt Ltd.
 JSW MI Service Centre Pvt Ltd
 Toshiba JSW
 JSW Steel USA
 Iron Ore mines in Chile
 Coking Coal Mine in USA
 Mozambique LDA
 Geo Steel LLC

55. SHAREHOLDING PATTERN
promoters
27%
public
shareholding
47%
FIIs
13%
pledge shares
13%
Total no. ofshares 241722044

56. SWOT ANALYSIS
• Produces economical and efficient steel and power through backward
and forward integration.
• Caters to varied needs in the steel market.
• Continuously expanding its production capacities.
• The company shows a good CAGR of 25.37% over the last five years
STRENGTH
• Power and fuel costs have increased a lot in India which increases cost
for the company.
• Depreciating rupee against dollar creates translational risk when the
assets are valued in rupees to know consolidated performance.
WEAKNESS

57. •Increase production capacity to meet the global steel demand.
•JSW diversifies investments in many areas to reduce business risk.
•Weaker rupee gives a boost to steel exports to countries like USA where
economy is recovering. (ET, Aug 13)
•The availability of inexpensive, good-quality iron ore.
•Automobile and power sectors offer opportunity for specialized steel.
OPPORTUNITIES
•Issues related to land acquisition, raw material linkages(Karnataka) and
environmental clearances.
•Ban on mining iron ore in Karnataka’s Bellary, Chitradurga and Tumkur
districts.
•Shortage of coking coal lead to increased imports.
•Hike in the export duty on iron ore fines and lumps.
•Insufficient infrastructure and logistics.
THREATS

58. FINANCIALS

59. REVENUE CONTRIBUTION

60. FOREIGN EXCHANGE EARNINGS AND OUTGO
FY 2012-13 FY 2011-12
Foreign exchange earned 7167.30 5406.42
Foreign exchange used 13279.74 14376.58

61. BALANCE SHEET

62. PROFIT AND LOSS

63. Reason for growth
Focus on
retail
market
Better
product mix
Focus on
infrastructure
and
construction
sector
Signed more
MOUs
leading to
increase in
shares

64. QUARTERLY RESULT
Parameter JUN'13
(₹ Cr.)
MAR'13
(₹ Cr.)
Sales Turnover 93,581.50 92,908.60
Other Income 722.60 537.40
Total Income 94,304.10 93,446.00
Total Expenses 76,090.10 75,935.90
Operating profit 18,214.00 17,510.10
Gross Profit 3,266.80 14,383.80
Interest 6,418.00 4,425.00
PBDT -3,151.20 9,958.80
Depreciation 0.00 0.00
PBT -3,172.60 9,109.50
Tax -965.00 3,377.20
Net Profit -2,207.60 5,732.30
Earnings Per Share -9.47 25.33
Equity 2,417.20 2,231.20

65. RATIO ANALYSIS
Ratios 2013 2012
Current ratio 0.92:1 0.81:1
Quick ratio 061:1 0.51:1
DTO 22.56 times 29.19 times
CTO 2.4 times 2.58 times
TA turnover ratio 0.91: times 0.97 times
Stock turnover ratio 4.48 times 4.22 times
DER 0.96:1 0.79:1
ISCR 2.45 times 2.76:1
GP ratio 36.98% 38.77%
NP ratio 5.07% 5.06%
ROCE 10.83% 9.90%
ROE 9.03% 8.79%
Operating ratio 87.61% 84.44%
Operating profit 12.65% 15.56%

66. DIVIDEND
Financial Year Dividend Declaration Date Dividend Rate (%)
2011-12 25.07.2012 75
2010-11 25.07.2011 122.5

67. MAJOR COMPETITORS

68. FUTURE PLANS
 The Company aims to achieve 40 MTPA production capacities in the next decade, which will
garner a 15-20% share of India’s steel basket.
 The Salem plant aims to develop the Kanjamalai, Kavuthimalai and Vediappanmalai iron ore
mines in Tamil Nadu on receipt of requisite approvals to improve raw material security.
 The company also plans to build a steel plant in Jharkhand.
 JSW Steel signed a development arrangement with Government of West Bengal, to build a
10 MTPA steel plant in phases at Salboni, West Midnapur District.

70. OVERVIEW
 HISTORY
Maithan Alloys was established in 1997 with the objective of meeting the varied needs of
Ferro-alloy users. The Maithan Alloy's product-quality is definitely superior and this fact is
proven time and again by the overwhelming loyalty of the clients. The company has
earned accolades for itself and enjoys an enormous trust from the clients. The
company is based in Kolkata, India. Maithan Alloys specializes in ferro alloy and
silicons. The company provides coal-based power projects.
 BUSINESS
Maithan Alloys is one of India’s largest manufacturers and exporters of customized
Ferro-alloys (ferromanganese, Ferro-silicon and silicomanganese). The Company also
generates & supply of wind turbines in Maharashtra and Rajasthan secured by power
purchase agreements (PPAs) with respective State Electricity Boards.

71. B K Agarwalla: Chairman & Wholetime Director
SubodhAgarwalla: Whole Time Director
Raj Kumar Agarwal: Director
Vikash Kumar Jewrajka :Director
P K Venkatramani :Additional Director
S C Agarwalla :Managing Director & CEO
Shrigopal Jhunjhunwala :Director
Nand Kishore Agarwal :Director
Biswajit Choudhuri :Director
GOALS
Raw material: Strengthen mining reserves to 10 mn tonnes by 2015
Power: Enhance power generation to 250 MW in five years
End product: Increase downstream production capacity from 150,000 TPA to 500,000 TPA by 2015
MANAGEMENT

72. MILESTONES
1997 - Commenced commercial production with 10 MVA
2000 - Added 7.5 MVA
2004 - Added 8.25 MVA
2007 - Added 24 MVA
2009 - Commenced Meghalaya operations with 15 MVA and Captive Power Generation
2010 – Acquisition of manganese ore mines (reserves of 2 million tons).
 PRODUCT
Ferro silicon
Ferro manganese
Silico Manganese
 CUSTOMERS
Domestic customers: Clients in Andhra Pradesh, West Bengal, Haryana, Maharashtra, Odisha, Jharkhand, Chhattisgarh
and Karnataka
International customers: Clients in Japan, Taiwan, Korea, the US and countries from the Middle East, the European Union
and Africa

73. PARTICULARS 2012-13
Market cap (Rs cr.) 95.34
Face value(Rs.) 10.00
Dividend yield (%) 3.23
Year of Incorporation 1985
52-week high/low (Rs) 126.90/50.00
Industry P/E 7.84
Book value 185.91
COMPANY DATA
PARTICULARS 2012-13
(%)
Promoters 74.36
FIIs -
Banks & FIs -
Public 25.64
PARICULARS 2012-13 2011-12
Amount (Rs. Lacs)
% of total
sales
Amount (Rs. Lacs)
% of total
sales
Domestic sales 60,057.79 70.27 42,602.51 68.24
Export sales 25,413.30 29.73 19,823.36 31.76
SHAREHOLDING PATTERN
REVENUE PARAMETERS

74. COMPETITION
Name Last Price
Market Cap.
(Rs. cr.)
Sales
Turnover
Net Profit Total Assets
Coal India 278.10 175,658.09 352.25 9,794.32 20,738.29
Sesa Goa 180.85 53,616.14 2,187.92 120.77 17,525.33
NMDC 121.50 48,171.30 10,704.27 6,342.37 24,406.36
MOIL 212.70 3,573.36 967.12 431.72 2,765.63
Guj Mineral 83.90 2,668.02 1,676.68 600.84 2,045.72
Orissa Minerals 1,910.00 1,146.00 4.87 12.86 802.35
Indian Metals & 250.00 649.43 1,273.25 53.89 1,499.65
Ashapura Mine 39.85 330.70 478.47 32.39 -51.03
Shirpur Gold 44.50 129.66 4,046.71 2.28 305.56
Rohit Ferro Tec 10.50 119.46 2,258.54 28.92 2,088.27
20 Microns 30.40 96.25 277.10 3.24 184.15
Maithan Alloys 65.50 95.34 858.41 43.70 237.31
Parrys Sugar 19.40 38.73 100.73 -12.93 669.33
Impex FerroTech 3.65 24.63 641.76 3.97 345.36
Hira Ferro 9.65 18.90 443.92 3.84 198.46
Resurgere Mines 0.60 11.93 0.75 -68.02 768.66
Oswal Minerals 12.00 9.30 137.96 0.67 -

75. PARICULARS
2012-13 2011-12
Amount (Rs. Lacs) % of total sales Amount (Rs. Lacs) % of total sales
Domestic sales 60,057.79 70.27 42,602.51 68.24
Export sales 25,413.30 29.73 19,823.36 31.76
REVENUE PARAMETERS
SUBSIDIARY COMPANY
Anjaney alloys limited a subsidiary company has became ‘wholly owned subsidiary company’ of Maithan alloys limited during the year 2012-13
consequent upon acquisition of 1,53,75,000 equity shares of rs. 10/- each by Maithan alloys limited.
BONUS SUMMARY
The last bonus that Maithan Alloys had announced was in 2010 in the ratio of 1:2.The share has been quoting ex-bonus from June 17, 2010.
DIVIDEND
dividend of Rs.2 per share (i.e@ 20%) on 1,45,55,775 equity shares of Rs. 10 each of the Company for the financial year 2012-13. The
dividend on the equity shares, if approved by the shareholders, would involve an outflow of Rs.291 lacs towards dividend and Rs. 49 lacs
towards dividend tax,(i)resulting in a total outflow of Rs. 340 Lacs
CAPEX
PARTICULARS (LACS) 2012-13 2011-12
Gross Block 37,810.15 28,786.50
LESS: Depreciation 8,107.90 6,259.79
Net Block 29,702.24 22,526.70

76. SWOT ANALYSIS
STRENGTH
1. Conversion of commoditized alloys into differentiated product
2. Access to secure energy
3. Strong research and development to produce specialized grades
4. Port proximity of locations – Supports exports
WEAKNESSES
1. Weak foothold outside India
2. Limited bargaining power with integrated steel plants
OPPPORTUNITY
1. Backward integration to own manganese ore mines
2. Selling to growing number of mini plants producing DRI
3. Growth in other countries with the help of mergers and tie-ups
THREATS
1. Threat of new entrants – others can enter specialized grade manganese segment
2. Nationalization of resources – limited manganese ore in India
3. Threat of substitutes to steel

77. Financial highlights
INCOME STATEMENT
PARTICULARS 2009-10 2010-11 2011-12 2012-13
Net Sales & other income 47,798.93 59,441.96 64,516 86,285
-Operating Expenses 42,245.64 52,377.58 54,570.45 86978.13
EBIDTA 5,173.89 6,397.43 7,210 6,650
EBIDTA Margins (%) 14.56 19.12 11.27 7.7
-Interest(lacs) 1,368.39 694.49 419.92 1,593.35
-Depreciation 1,198.42 1,020.60 953.20 1,853.72
-Tax 1,371.21 2,365.76 1,513.45 999.09
PAT 3,023.91 7,283.40 4705 4371
DPS(Rs/share) 1 2 2 2
PARTICULAS 2009-10 2010-11 2011-12 2012-13
Share Capital 970.70 1,455.89 1,455.89 1,455.89
Reserves & Surplus 10,664.26 17,112.31 21,308.23 25,416.41
Shareholder’s Fund 11,634.96 18,568.20 22,764.12 26,872.30
Minority Interest 20.00 2,560.17 2,558.98 289.06
Capital Employed 13,850.06 14,968.40 24,273.70 29,911.38
Fixed Assets 12,814.06 12,117.40 29,030.07 29,762.38
Investment - 1,201.00 0.15 0.15
Cash 3,052.00 1,981.00 7,829.00 3,463.00
Current liabilities 13,888.00 12,464.00 22,739.00 25,570.00
Current assets 14,924.00 15,315.00 32,494.00 33,720.00
No. Of Shares 97.07 145.59 145.59 145.59
BALANCE SHEET

78. CASH FLOW
PARTICULARS (Rs. In lacs) 2009-10 2010-11 2011-12 2012-13
CASH FLOW FROM OPERATING ACTIVITIES 7,174.23 9,165.32 4,778.68 3,046.70
CASH FLOW FROM INVESTING ACTIVITIES (808.46) (2,802.08) (12,064.85) (4,976.29)
CASH FLOW FROM FINANCING ACTIVITIES (3,922.04) (6,794.97) 11,421.74 (2,436.55)
Net Increase / (Decrease) in Cash & Bank Balances 2,443.73 (431.73) 4,135.56 (4,366.13)
Cash & Bank Balance (opening balance) 876.54 3,320.27 3,693.92 7,829.49
Cash & Bank Balance (closing balance) 3,320.27 2,888.54 7,829.49 3,463.36
PARTICULARS JUNE’13 MAR’13 DEC’12 SEPT’12
Sales 221.35 217.62 197.88 244.70
Operating Profit 9.03 7.00 8.69 24.56
Interest 1.77 1.59 1.54 0.77
Gross Profit 8.36 6.76 8.30 24.80
EPS (Rs.) 3.75 1.81 4.88 12.68
Net Profit 5.46 2.63 7.10 18.46
Gross Profit Margine % 3.76 3.09 4.17 10.09
Net Profit Margine % 2.46 1.20 3.57 7.51
QUARTERLY RESULT

79. PARTICULARS 2009-10 2010-11 2011-12 2012-13
Profitability & Return ratios (%)
EBITDA margin 14.56 19.12 11.27 7.70
EBIT margin 9.83 16.42 8.33 6.78
PAT margin 6.33 12.25 7.29 5.06
ROE 29.38 47.94 22.57 17.45
ROCE 26.11 47.25 27.57 22.13
Working Capital & Liquidity ratios
Debtors turnover 9.59 11.45 10.27 9.03
Inventory turnover 8.45 7.32 4.37 5.62
Current ratio (x) 1.06 1.44 1.56 1.54
Quick ratio (x) 1.37 0.88 1.07 0.98
Turnover & Leverage ratios (x)
Fixed asset turnover
Total asset turnover 1.88 1.97 1.48 2.03
Interest coverage ratio 3.54 11.58 15.21 4.47
Debt equity ratio 0.97 0.46 0.89 0.75
Valuation ratios (x)
EV/Sales 0.06 0.31 0.15 0.13
EV/EBIT 3.74 1.76 1.42 1.79
P/E 3.30 2.43 2.94 2.59
P/BV 1.28 0.95 0.60 0.42
RATIOS

80. 20 MICRONES

81. overview
HISTROY:
20 Microns was founded in 1987 in the bustling industrial city of Vadodara to manufacture White
Minerals of supreme quality. Ever since then, 20 Microns sustained efforts towards excellence and
innovation has made it a prominent name in the industrial arena.
 BSUSINESS:
20 Microns is India’s largest producer of white minerals offering innovative products in the field
of Functional fillers, Extenders and Speciality chemicals. Based on a profound understanding of diverse
industrial requirements, the company has empowered its clients with customized products based on their
specific requirements. Our exceptional product quality is equally matched with our excellence in problem
solving capabilities and technical customer service.
LOCATED IN:
Vadodara / Waghodia, Bhuj, Mumbai, Hosur, Kolkata, Haldwani, Chennai, Swaroopgunj, Hyderabad,
Udaipur, Delhi, Kanpur, Alwar, Tirunelveli.

82. PRODUCTS:
Calcite, Dolomite, Barities, Talc, Calcined Kilin, Silica, Mica, Feldspar & Lithomer.The company’s
products are principally used in plastic, paints and powder coatings, paper, rubber, electrical
insulation, textile, ceramics, inorganic pigments and ink, agro chemicals, industrial, and
construction applications.
MANAGEMENT
Name Designation
Chandresh S Parikh Chairman & Managing Director
Rajesh C Parikh Managing Director
Atil C Parikh Joint Managing Director
Sudhir R Parikh WTD & Director (Finance)
Anuja Muley Company Secretary
Pravinchandra M Shah Director
Atul Patel Director
Naresh S Makhija Nominee (IDBI)
Ram A Devidayal Director

83. CATEGORIES NO. OF SHARES % SHAREHOLDING
Promoter & Promoter Group 2,01,88,621 63.76
Bodies Corporate 33,48,127 10.57
Clearing Members 59,825 0.19
Non Resident Indians 18,06,703 5.71
Trusts 78,168 0.25
Other Individuals 61,80,612 19.52
TOTAL 3,16,62,056 100.00
SHAREHOLDING PATTERN
Market Cap (Rs. in Cr.) 97.99
Book Value 21.84
EPS (TTM) 3.30
Price/Book 1.39
Face value 5.00
P/E 9.38
52-Week high/LOW 86.20/ 29.70
Div Yield(%) 2.63
KEY POINTS

84. SUBSIDIARIES
20 Microns Nano Minerals Limited (Indian)
20 Microns SDN. BHD. (Foreign)
20 Microns FZE (Foreign)
PARTICULARS (LACS) 2012-13 2011-12
Gross Block 18,768.54 11,524.94
LESS: Depreciation 4,826.83 4,124.34
Net Block 14,285.49 10,967.83
CAPEX
PARTICULARS (Rs. in lacs) 2012-13 2011-12
Domestic 25495.05 24180.69
Export 3021.76 2587.72
Product wise
Dry mineral product 21233.98 19,875.48
Wet mineral product 6221.40 6,062.53
Other 166.78 382.47
REVENUE

85. COMPETITORS
Name Last Price
Market Cap.
(Rs. cr.)
Sales
Turnover
Net Profit Total Assets
Coal India 278.10 175,658.09 352.25 9,794.32 20,738.29
Sesa Goa 180.85 53,616.14 2,187.92 120.77 17,525.33
NMDC 121.50 48,171.30 10,704.27 6,342.37 24,406.36
MOIL 212.70 3,573.36 967.12 431.72 2,765.63
Guj Mineral 83.90 2,668.02 1,676.68 600.84 2,045.72
Orissa Minerals 1,910.00 1,146.00 4.87 12.86 802.35
Indian Metals & 250.00 649.43 1,273.25 53.89 1,499.65
Ashapura Mine 39.85 330.70 478.47 32.39 -51.03
Shirpur Gold 44.50 129.66 4,046.71 2.28 305.56
Rohit Ferro Tec 10.50 119.46 2,258.54 28.92 2,088.27
20 Microns 30.40 96.25 277.10 3.24 184.15
Maithan Alloys 65.50 95.34 858.41 43.70 237.31
Parrys Sugar 19.40 38.73 100.73 -12.93 669.33
Impex FerroTech 3.65 24.63 641.76 3.97 345.36

86. SWOT ANALYSIS Strength:
1.Ability to factor client requirements.
2. Diversified market - Strong presence in India and 47 other countries.
3.Ownership of mineral mines as well manufacturing units – no supplier issues.
4. Strong R&D and operational efficiency.
 Weaknesses:
1. Does not own power sources.
2. Government regulations put a lot of restrictions on operations and expansions.
 Opportunities:
1 Expansion of industries targeted.
2.Increasing popularity of synthetic minerals.
3. Expanding geographical locations and international tie-ups.
 Threats:
1.Resource limitation – Limited mineral resources in India.

87. FINANCIAL HIGHLIGHTS
PARTICULARS (in lacs) 2009-10 2010-11 2011-12 2012-13
Total Revenue 17,999.13 24,072.38 26770.17 28123.26
PBDIT 2,300.13 2,555.41 3525.90 3720.38
Interest for the year 804.04 1,061.61 1408.52 1554.68
Depreciation for the year 475.05 533.30 631.80 748.42
Profit before tax and Exceptional item 1,021.04 960.50 1485.58 1417.28
Exceptional items - 39.42 - 851.93
Profit/(loss) for the year 1,021.04 921.08 1485.58 565.35
Tax liability :-
Current Year’s Tax 173.75 245.40 363.25 148.01
MAT Credit (Minimum Alternative Tax) (169.02) 65.21 - 147.00
Deferred Tax Liability/(Asset) 286.57 60.28 44.26 239.97
Net Profit/(loss) for the year 729.74 550.19 1078.08 324.37
INCOME STATEMENT
PARTICULARS (Rs. In lacs) 2009-10 2010-11 2011-12 2012-13
CASH FLOW FROM OPERATING ACTIVITIES 328.81 568.92 1178.44 3906.26
CASH FLOW FROM INVESTING ACTIVITIES (1966.38) (1479.87) (3971.37) (4032.89)
CASH FLOW FROM FINANCING ACTIVITIES 1786.77 967.31 2863.95 (258.21)
Net Increase / (Decrease) in Cash & Bank Balances 149.20 56.36 71.02 (384.84)
Cash & Bank Balance (opening balance) 493.63 642.83 699.19 770.21
Cash & Bank Balance (closing balance) 642.83 699.19 770.21 385.37
CASH FLOW STATEMENT

88. PARTICULARS (RS. IN CR.) MAR 2013 MAR 2012 MAR 2011 MAR 2010
SOURCES OF FUNDS :
Share Capital 15.83 14.33 14.33 14.33
Reserves and Surplus 51.44 43.45 30.19 26.14
Total Shareholders Funds 67.27 57.78 44.52 40.47
Secured Loans 51.42 137.68 105.04 74.45
Unsecured Loans 75.20 21.29 15.65 12.90
Total Debt 126.62 158.97 120.69 87.35
Minority Interest - 0.08 0.08 0.08
Total Liabilities 267.14 216.83 165.29 127.90
APPLICATION OF FUNDS :
Gross Block 187.68 127.54 116.86 99.04
Less: Accum. Depreciation 48.26 43.26 38.70 33.70
Net Block 142.85 84.28 78.16 65.34
Capital Work in Progress 3.43 37.11 4.79 5.87
Investments 7.37 0.69 0.69 0.69
Current Assets, Loans and Advances
Inventories 44.31 52.63 43.09 35.39
Sundry Debtors 44.95 52.77 45.88 30.96
Cash and Bank Balance 3.96 9.15 11.20 7.37
Loans and Advances 20.28 31.97 29.50 15.24
Other Current Assets 1.05 - - -
Less: Current Liab. and Prov.
Current Liabilities 119.17 48.61 45.50 31.21
Provisions 2.05 3.16 2.52 1.83
Net Current Assets 113.47 94.75 81.65 55.92
Total Assets 267.14 216.83 165.29 127.90
BALANCE SHEET

89. PARTICULARS (Rs. In Cr.) JUN 2013 MAR 2013 DEC 2012 SEP 2012
Net Sales Turnover 67.30 62.71 70.51 69.32
Other Income 1.12 1.54 1.47 0.56
Total Income 68.42 64.25 71.98 69.88
Total Expenses 62.16 52.67 72.19 62.73
EBITDA 6.26 11.58 -0.21 7.15
Depreciation 2.43 2.03 2.01 1.80
EBIT 3.83 9.55 -2.22 5.35
Interest 5.15 4.13 3.37 3.97
PBT -1.32 5.42 -5.59 1.38
Tax 0.13 2.53 -1.81 0.41
Net Profit -1.45 2.89 -3.78 0.97
Equity 15.83 15.83 15.83 14.33
Face Value 5.00 5.00 10.00 10.00
QUARTERLY RESULTS
KEY RATIOS MAR 2013 MAR 2012 MAR 2011 MAR 2010
Debt-Equity Ratio 1.88 2.72 2.44 1.92
Current Ratio 0.96 0.81 0.92 1.16
Fixed Assets 2.60 2.52 2.42 2.08
Inventory 6.12 6.43 6.66 6.90
Debtors 5.76 6.24 6.80 6.92
Interest Cover Ratio 1.99 1.98 1.96 2.11
EPS 3.30 7.52 3.84 5.09
PBIDT (%) 13.22 12.43 10.73 11.67
PBIT (%) 10.56 10.18 8.50 9.11
PATM (%) 1.53 3.59 2.49 3.19
ROCE (%) 20.36 16.38 15.15 15.42
RONW (%) 21.60 21.55 15.27 15.75
RATIOS

90. COAL INDIA LIMITED

91. OVERVIEW
 History
In 1951 the Working Party for the coal Industry was set up which included representatives of coal industry, labour unions and
government which suggested the amalgamation of small and fragmented producing units. Thus the idea for a nationalized
unified coal sector was born
 Formation of Coal India Limited
The Coking Coal Mines (Emergency Provisions) Act 1971 was declared by Government on 16 October 1971 under which except
the captive mines of IISCO, TISCO, and DVC, the Government of India took over the management of all 226 coking coal mines
and nationalized them on 1 May, 1972. Bharat Coking Coal Limited was thus born. Further by transmission of Coal Mines (Taking
over of Management) Ordinance 1973 on 31 January 1973 the Central Government took over the management of all 711 non-
coking coal mines. In the next phase of nationalization these mines were nationalized with effect from 1 May 1973 and a public
sector company named Coal Mines Authority Limited (CMAL) was formed to manage these non coking mines.A formal holding
company in the form of Coal India Limited was formed in November 1975 to manage both the companies.
 COMPANY BACKGROUND
Industry Type: Mining/ Minerals
House Name: Public Sector
Year of Incorporation: 1973
District: Kolkata
State: West Bengal
Website: http://www.coalindia.in

92.  MANAGEMENT
Functional Directors:
Shri S.Narsing Rao : Chairman
Shri R. Mohan Das : Personnel & Industrial Relations
Shri N. Kumar : Technical
Shri B.K.Saxena : Marketing
Shri A. Chatterjee : Finance
Independent Directors:
Prof. S. K. Barua
Dr. R. N. Trivedi
Dr.(Smt) Sheela Bhide
Dr. Mohd. Anis Ansari
Shri Kamal R.Gupta
Ms.Sachi Chaudhuri
Company Secretary:
M.Viswanathan

93.  Subsidiary Companies
1. Eastern Coalfields Limited (ECL), Sanctoria, West Bengal
2. Bharat Coking Coal Limited (BCCL), Dhanbad, Jharkhand
3. Central Coalfields Limited (CCL), Ranchi, Jharkhand
4. South Eastern Coalfields Limited (SECL), Bilaspur, Chattisgarh
5. Western Coalfields Limited (WCL), Nagpur, Maharashtra
6. Northern Coalfields Limited (NCL), Singrauli, Madhya Pradesh
7. Mahanadi Coalfields Limtied (MCL), Sambalpur, Orissa
8. Coal India Africana Limitada, Mozambique
9. The consultancy company is Central Mine Planning and Design Institute Limited (CMPDIL), Ranchi, Jharkhand.
 Joint Venture Companies of CIL:
1. CIL NTPC Urja Pvt Ltd.
2. MAMC Industries Limited.
3. International Coal Ventures Private Limited.

94. CORPORATE STRUCTURE

95. PRODUCTS & SERVICES
COKING COAL
SEMI COKING COAL
NLW COKING COAL
NON-COKING COAL
WASHED AND BENEFICIATED COAL
MIDDLINGS
REJECTS
CIL COKE / LTC COKE
COAL FINES / COKE FINES
TAR / HEAVY OIL / LIGHT OIL / SOFT PITCH
KEY FUNDAMENTALS
PARTICULARS 2012-13
Market cap (Rs. In cr.) 1,85,196
P/E 11.16
Dividend yield (%) 4.91
52-week high/low (Rs) 386.00/238.35
B/V per share 76.74
Face value 10
EPS 26.28

96. COMPETITION
Name Last Price
Market Cap.
(Rs. cr.)
Sales
Turnover
Net Profit Total Assets
Coal India 261.10 164,920.27 352.25 9,794.32 20,738.29
NMDC 117.85 46,724.18 10,704.27 6,342.37 24,406.36
Sesa Goa 184.45 16,030.58 2,187.92 120.77 17,525.33
MOIL 207.60 3,487.68 967.12 431.72 2,765.63
Guj Mineral 82.05 2,609.19 1,676.68 600.84 2,045.72
Orissa Minerals 1,752.10 1,051.26 4.87 12.86 802.35
Indian Metals & 216.00 561.10 1,273.25 53.89 1,499.65
Ashapura Mine 38.50 319.50 478.47 32.39 -51.03
Shirpur Gold 45.00 131.12 4,046.71 2.28 305.56
Rohit Ferro Tec 9.90 112.64 2,258.54 28.92 1,610.03
20 Microns 30.50 96.57 277.10 3.24 184.15
Maithan Alloys 65.50 95.34 858.41 43.70 237.31
Parrys Sugar 20.40 40.72 100.73 -12.93 669.33
Impex FerroTech 3.10 20.92 641.76 3.97 345.36
Hira Ferro 10.00 19.59 443.92 3.84 206.14
Resurgere Mines 0.55 10.94 0.75 -68.02 768.66
Oswal Minerals 12.00 9.30 137.96 0.67 -
AML Steel 4.85 3.64 112.45 0.06 126.99

97. CAPEX
DIVIDEND
The Board of Directors in the meeting held on 20th May,2013 has recommended a final dividend for FY 2012–13 @ ` 4.30 per share which
amounts to ` 2716.04 crores. This is over and above the interim dividend for 2012–13 paid @ ` 9.70 per share amounting to ` 6126.87 crores.
SHAREHOLDING PATTERN
PARTICULARS (Rs. In cr.) 2012-13 2011-12
Gross Block 396.94 276.62
Category Total no. of shares % of Equity
GOI 5684727960 90.00
FIIs 343348109 5.44
Indian Public 77359621 1.23
Banks, Insurance & FI 81137248 1.28
Private Corporate Bodies 77128694 1.22
Mutual Funds 45135023 0.71
NRI/ QFI/FRN’s 1696762 0.03
Others 5830983 0.09
TOTAL 6316364400 100.00

98. PROJECTS
Ongoing Projects
 148 on-going projects, costing Rs. 2 Crs and above.
 Out of this, 85 ongoing projects contributed to the tune of 212.04 Mt. during the terminal year of XIth Five Year Plan, i.e. 2011-12.
 During the 1st year of the XIIth Five Year Plan, 90 ongoing projects contributed 260.80 Mt.
 The envisaged contribution during the terminal year of the XIIth Five Year Plan, i.e. 2016-17, is 335.46 Mt from 134 ongoing
projects.
 Both forestry and environmental clearances have already been received for 90 projects. Environmental and forestry clearances
are awaited for 9 and 34 projects respectively.
Future Projects
 A total of 126 projects, with an estimated capacity of 438.04 Mty, have been identified.
 60 projects are envisaged to contribute about 88 Mt during the terminal year of the XIIth Five Year Plan, i.e. 2016-17.
 Out of these 126 identified projects, PRs for 78 projects have already been formulated.
 Four projects, having an estimated capacity of 12.50 Mty with an investment of ` 2294.79 Crs, have been sanctioned during the
XIIth Five Year Plan.

99. SWOT ANALYSIS
 STRENGTHS:
1. The largest coal producer and reserve holder in the world
2.Well positioned to capitalize on the high demand for coal in India
3.Track record of growth and cost efficient operations
5. Strong capabilities for exploration, mine planning, research and development
 WEAKNESSES:
1.High cost of production in underground (legacy) mines resulting into losses in such mines
2.Evacuation of coal largely dependent on external agencies which is often a constraint.
3.Dominance of low grade coal in available resources
 OPPORTUNITIES:
1.Strong economic growth in India and resultant demand for energy opens huge growth opportunities for CIL
2.Coal is cheapest source of energy and thus demand will continue to remain strong, comparative to alternate energy sources available in
India.
3.Increased business opportunity through the use of imported coal by blending the same with domestic coal to remove mismatch in quantity
and quality.
 THREATS
1.Difficulty in obtaining clearances in respect of coal resources under forest cover & tribal lands.
2.Large tract of coal bearing zones being situated in populated areas & thus prone to operational disruptions.
3.Possibility of negative impact of climate change initiatives on the use of coal.
4.Near total dependence on Indian Railways for evacuation of coal.

100. FINANCIAL HIGHLIGHTS
PARTICULARS (CR.) 2010-11 2011-12 2012-13
Net Sales 461.24 464.29 416.63
Operating Profit 4933.38 8985.89 10718.74
Other Income 5072.50 9115.18 11088.08
Interest 203.93 378.98 375.75
Depreciation 6.08 6.96 4.96
Profit Before Tax 4723.37 8599.95 10338.03
Tax 27.27 534.85 543.71
Profit After Tax 4696.10 8065.10 9794.32
INCOME STATEMENT
PARTICULARS (CR) 2011-12 2012-13
CASH FLOW FROM OPERATING ACTIVITIES 19887.87 9109.41
CASH FLOW FROM INVESTING ACTIVITIES (10410.37) (1832.73)
CASH FLOW FROM FINANCING ACTIVITIES (7382.13) (7851.94)
Net Increase / (Decrease) in Cash & Bank Balances 2095.37 (575.26)
Cash & Bank Balance (opening balance) 10164.82 12260.19
Cash & Bank Balance (closing balance) 12260.19 11684.93
CASH FLOW

101. PARTICULAS 2010-11 2011-12 2012-13
Share Capital 6316.36 6316.36 6316.36
Reserves & Surplus 11693.66 14035.64 17526.65
Net worth 33314.20 40453.02 48471.99
Long term loans & advances 845.35 1017.25 1181.36
Minority Interest (cr) 32.61 53.60 63.60
Capital Employed 54495.72 66599.31 75488.14
Fixed Assets 12843.31 13440.29 13465.76
Investment 850.96 946.99 1400.30
Cash 45806.44 58202.78 62236.00
Current assets 68367.65 87415.00 99692.20
Current liabilities 26,682.64 34,255.98 37,669.82
Deferred Tax Assets 873.23 1194.06 2255.02
Capital Deployed 54495.72 66599.31 75488.14
No. Of Shares 6316364400 6316364400 6316364400
BALANCE SHEET

102. RATIOS
PARTICULARS 2010-11 2011-12 2012-13
Operating Ratio(Sales-Profit/Sales) 0.62 0.66 0.63
EBIT Margin 32.92 34.17 36.64
Net Profit Margin 32.78 34.08 36.57
Return On Net Worth 36.74 40.05 38.98
ROCE 30.21 31.94 33.09
Receivables Turnover 21.56 17.27 10.94
Inventory Turnover 12.06 13.45 15.10
Current Ratio (X) 2.56 2.55 2.65
Quick Ratio (X) 1.84 1.86 1.93
Total Asset Turnover 1.68 2.10 2.29
Interest Coverage Ratio 12.06 13.45 15.10
DPS (Rs) 3.90 10.00 14.00
Debt/Equity 0.21 0.21 0.17