Professional Documents
Culture Documents
Shares Held
31.12.02
% of Share
Holding
Change
18261212
8543697
1430500
1621850
6419666
18015713
2163000
1375000
788000
28.30
13.24
2.22
2.51
9.95
27.92
3.35
2.13
1.22
19815123
30.71
8381768
7944546
11189327
3483924
1560192
1924997
1692192
818190
774783
2800
19571717
12.99
12.31
17.34
5.40
2.42
2.98
2.62
1.27
1.20
0.00
30.33
3577857
5.54
20758116
1158422
190809
1200
24527982
64526089
32.17
1.80
0.30
0.00
38.01
100.00
Shares Held
31.03.03
% of Share
Holding
Change
0.9
18261212
28.30
0.0
8543697
13.24
(0.0)
1430500
2.22
0.0
1621850
2.51
0.9
6419666
9.95
0.9
18015713
27.92
0.0
2163000
3.35
0.0
1375000
2.13
0.0
788000
1.22
(0.0)
19815123
30.71
(0.0)
2494193
3.87
0.0 figure not available.
0.0
17063872
26.44
(0.0)
3483924
5.40
(0.0)
1560192
2.42
0.0
1924997
2.98
0.0
1692192
2.62
(0.0)
818190
1.27
0.0
774783
1.20
0.0
2800
0.00
0.0
19571717
30.33
(0.9)
3634485
5.63
(0.0)
20681086
32.05
(0.0)
1158422
1.80
(0.0)
190818
0.30
0.0
1200
0.00
(0.9)
24527982
38.01
64526089
100.00
(9.1)
9.1
0.1
(0.1)
0.0
-
Note: In share holding pattern submitted to Mumbai Stock Exchanges as on 31.03.03 ,UTI and Mutual Fund holding
came down remarkably by 9.1% and bank /FI/Insurance companies gross holding increased with same .
Individual increase is not available at the same time UTIs holding is also not given separately.
200203
12M
200206
3
200209
3
200212
3
200212
9
200112 % Change
9
9
200303
3(Est.)
200303
12(Est.)
403.12
157.83
72.71
633.66
16.12
617.54
113.33
53.85
20.79
187.97
9.98
177.99
127.54
40.32
22.41
190.27
9.75
180.52
123.01
30.65
23.64
177.30
4.01
173.29
352.65
124.82
66.83
544.30
12.50
531.80
293.93
117.95
52.20
464.08
11.63
452.45
19.98
5.82
28.03
17.29
7.48
17.54
126.00
25.00
24.00
175.00
4.00
171.00
478.65
149.82
90.83
719.30
16.50
702.80
60.49
15.01
53.65
33.99
3.67
5.05
117.81
18.59
12.82
11.31
23.40
43.45
1.44
6.93
37.66
21.16
20.47
16.05
14.76
36.61
0.58
2.59
35.81
19.84
17.68
14.37
7.23
23.59
0.53
2.24
25.44
14.68
50.97
14.45
45.39
36.36
2.55
3.82
98.91
18.60
43.13
14.67
41.58
35.25
4.69
8.98
89.40
19.76
18.18
(1.50)
9.16
3.15
(45.63)
(57.53)
10.64
(5.87)
18.50
14.68
5.00
20.00
0.60
2.50
24.10
14.09
69.47
29.14
50.39
56.36
3.15
6.32
123.01
17.50
54.72
26.05
80.77
37.04
10.81
7.29
18.10
19.56
11.57
5.12
16.69
19.12
10.11
4.41
14.52
10.92
32.50
16.83
49.33
49.58
43.49
22.89
66.38
23.02
(25.27)
(26.47)
(25.69)
115.38
9.80
2.50
12.30
11.80
42.30
19.33
61.63
61.38
200303
Qtr
189.1
163.25
25.85
13.67
5.53
31.38
9.72
12.31
9.35
4.94
0.71
8.64
2.9
5.74
20.95
65.54
5.3
12.8
200306
Qtr
209.48
170.53
38.95
18.59
2.94
41.89
7.13
12.18
22.58
10.78
1.57
21.01
7.33
13.68
33.19
65.54
12.8
20.3
200303
12M
720.9
588.3
132.61
18.4
12.6
145.3
42.2
48.1
55.0
7.6
3.8
51.2
19.3
31.9
99.3
65.54
7.8
15.1
200403
12M(Est)
770.00
637.00
133.00
17.27
12.00
145.00
28.00
48.08
68.92
8.95
5.00
63.92
19.31
44.61
112.00
65.54
9.75
17.09
SEGMENTAL ANALYSIS
(PERIOD)
Revenue
Tyre Cord Fabric
Chemicals
Others
Total
Less: Inter segmental
Net Revenue
EBIT
Tyre Cord Fabric
% of sales
Chemical
% of sales
Others
% of sales
Total -EBIT
% of sales
Less:
Interest
Other Exp.
200306
3
PBT
200203
12M
200303
12M
200206
3
200209
3
200212
3
200303
3
403.12
157.83
72.71
633.66
16.12
617.54
480.40
168.13
88.54
737.07
16.17
720.90
113.33
53.85
20.79
187.97
9.98
177.99
127.54
40.32
22.41
190.27
9.75
180.52
123.01
30.65
23.64
177.30
4.01
173.29
127.75
43.31
21.71
192.77
3.67
189.10
131.31
57.02
22.43
210.76
1.28
209.48
60.49
15.01
53.65
33.99
3.67
5.05
117.81
18.59
68.99
14.36
52.04
30.95
(2.25)
(2.54)
118.78
16.48
12.82
11.31
23.40
43.45
1.44
6.93
37.66
21.16
20.47
16.05
14.76
36.61
0.58
2.59
35.81
19.84
17.68
14.37
7.23
23.59
0.53
2.24
25.44
14.68
18.02
14.11
6.65
15.35
(1.72)
(7.92)
22.95
12.14
16.40
12.49
17.00
29.81
(0.42)
(1.87)
32.98
15.74
54.72
26.05
80.77
37.04
42.22
21.61
63.83
54.95
10.81
7.29
18.10
19.56
11.57
5.12
16.69
19.12
10.11
4.41
14.52
10.92
9.72
3.88
13.60
9.35
7.13
3.27
10.40
22.58
Sales Break up
Product
Nylon Tyre Cord Fabric
Refrigerant Gases
Chloromethane
Others
Total
SEGMENTAL ANALYSIS
(PERIOD)
Revenue
Tyre Cord Fabric
Chemicals
Others
Total
Less: Inter segmental
Net Revenue
EBIT
Tyre Cord Fabric
% of sales
Chemical
% of sales
Others
% of sales
Total -EBIT
% of sales
Less:
Interest
Other Exp.
PBT
Value
(Rs.in crs)
554.52
125.77
38.67
31.74
750.70
% of
sales
73.87
16.75
5.15
4.23
100.00
200203
12M
200303
12M
200206
3
200209
3
200212
3
200303
3
200306
3
403.12
157.83
72.71
633.66
16.12
617.54
480.40
168.13
88.54
737.07
16.17
720.90
113.33
53.85
20.79
187.97
9.98
177.99
127.54
40.32
22.41
190.27
9.75
180.52
123.01
30.65
23.64
177.30
4.01
173.29
127.75
43.31
21.71
192.77
3.67
189.10
131.31
57.02
22.43
210.76
1.28
209.48
60.49
15.01
53.65
33.99
3.67
5.05
117.81
18.59
68.99
14.36
52.04
30.95
(2.25)
(2.54)
118.78
16.48
12.82
11.31
23.40
43.45
1.44
6.93
37.66
21.16
20.47
16.05
14.76
36.61
0.58
2.59
35.81
19.84
17.68
14.37
7.23
23.59
0.53
2.24
25.44
14.68
18.02
14.11
6.65
15.35
(1.72)
(7.92)
22.95
12.14
16.40
12.49
17.00
29.81
(0.42)
(1.87)
32.98
15.74
54.72
26.05
80.77
37.04
42.22
21.61
63.83
54.95
10.81
7.29
18.10
19.56
11.57
5.12
16.69
19.12
10.11
4.41
14.52
10.92
9.72
3.88
13.60
9.35
7.13
3.27
10.40
22.58
199903
200003
200103
200203
200303
Sales Turnover
Excise Duty
Net Sales
Cost of goods sold
Operating Profit
% of sales
Other Income
EBIDTA
689.63
119.37
570.26
426.56
143.7
25.20
12.07
155.77
802.27
137.17
665.1
516.82
148.28
22.29
11.64
159.92
795.37
123.26
672.11
536.62
135.49
20.16
17.37
152.86
750.7
133.16
617.54
487.1
130.44
21.12
9.5
139.94
879.1
158.2
720.9
588.31
132.59
18.39
12.64
145.23
104.14
51.63
36.61
15.02
1.49
13.53
0
13.53
50.14
62.7
2.16
8.00
0
91.17
68.75
37.5
31.25
4.45
26.8
0.00
26.8
64.3
64.66
4.14
9.94
15
75.13
77.73
40.29
37.44
2.29
35.15
0.00
35.15
75.44
65.54
5.36
11.51
20
56.46
83.48
46.44
37.04
1.93
35.11
7.82
27.29
81.55
65.54
5.36
12.44
20
42.22
103.01
48.07
54.94
3.75
51.19
19.31
31.88
99.26
65.54
7.81
15.14
20
BALANCE SHEET
199903
200003
200103
200203
200303
62.7
217.25
142.08
0
422.03
431.08
33.28
464.36
886.39
64.66
243.9
129.41
0
437.97
354.6
37.15
391.75
829.72
65.54
235.63
87.24
0
388.41
362.91
39.82
402.73
791.14
65.54
235.16
79.55
44.62
424.87
314.76
35.4
350.16
775.03
65.54
263.91
71.13
63.91
464.49
246.92
20.84
267.76
732.25
815.14
255.69
559.45
17.5
108.3
830.61
303.96
526.65
5.2
124.62
892.59
320.36
572.23
39.67
91.23
949.11
370.27
578.84
4.11
99.44
966.1
423.26
542.84
2.86
94.65
61.53
89.36
16.7
163.07
73.93
98.42
20.36
175.64
85.81
81.63
20.88
53.89
76.4
87.97
18.72
45.23
103.96
74.35
25.58
49.13
127.05
2.47
201.14
0
886.39
181.3
13.8
173.25
0
829.72
139.14
15.06
88.01
0
791.14
118.22
19.03
91.07
1.57
775.03
143.54
18.24
91.23
0.67
732.25
199903
200003
200103
200203
200303
25.20
2.16
8.00
0.64
13.44
3.21
1.10
47.30
67.31
-
22.29
4.14
9.94
0.80
14.75
6.12
0.89
44.78
67.73
15.00
20.16
5.36
11.51
0.85
14.23
9.05
1.04
37.46
59.26
20.00
21.12
5.36
12.44
0.80
12.06
8.26
0.82
42.77
64.83
20.00
18.39
7.81
15.14
0.98
13.27
11.02
0.58
30.87
70.87
###
199903
200003
200103
200203
SOURCES OF FUNDS :
Share Capital
Reserves & Surplus
Revalution Reserve
Deff.Tax Liab.
Total Shareholders Funds
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
APPLICATION OF FUNDS :
Gross Block
Less : Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Current Assets, Loans & Advances
Inventories
Sundry Debtors
Cash and Bank Balance
Loans and Advances
Less : Current Liab. & Prov.
Current Liabilities
Provisions
Net Current Assets
Miscellaneous Expenses not w/o
Total Assets
KEY INDICATORS
OPM%
EPS
CEPS
Capital Employed Turnover ratio
RoCE( PBIT/CE)%
RoNW(PAT/Networth)%
Debt / Equity Ratio
Debt Collection period
BV
Div.paid %
Sources of funds
Cash profit
Increase in equity
Increase in other networth-Share Prem.
Increase in loan funds
Decrease in gross block
Decrease in investments
Decrease in working capital
Others
Total
Application of funds
Decrease in networth
Decrease in loan funds
Increase in gross block
Increase in investments
Increase in working capital
Dividend
Others
Total
50.14
22.63
24.65
0
4.92
0
6.76
0
109.1
64.3
1.96
10.18
0
0
0
27.89
0
104.33
75.44
0.88
0
10.98
0
33.39
85.24
0
205.93
81.55
0
0
0
0
0
0
17.73
99.28
0
88.75
0
15.48
0
0.15
4.72
109.1
0
72.61
3.17
16.32
0
10.33
1.9
104.33
71.41
0
96.45
0
0
14.18
23.89
205.93
0
52.57
20.96
8.21
3.06
12.91
1.57
99.28
200203
Consolidated
843.51
133.16
710.35
567.8
142.55
20.07
8.41
150.96
57.32
93.64
57.02
36.62
2.11
7.82
26.69
91.53
65.54
4.07
13.97
200203
Consolidated
65.54
193.52
79.55
44.61
383.22
346.93
35.4
382.33
765.55
1038.66
404.98
633.68
4.23
13.73
93.29
96.23
21.58
47.26
126.21
19.81
112.34
1.57
765.55
200203
Consolidated
20.07
4.07
13.97
0.93
12.27
9.01
1.00
41.64
58.47
199903
689.63
119.37
570.26
426.56
143.7
25.20
12.07
155.77
200003
802.27
137.17
665.1
516.82
148.28
22.29
11.64
159.92
200103
795.37
123.26
672.11
536.62
135.49
20.16
17.37
152.86
200203
750.7
133.16
617.54
487.1
130.44
21.12
9.5
139.94
104.14
51.63
36.61
15.02
1.49
0
13.53
50.14
62.7
2.16
8.00
199903
91.17
68.75
37.5
31.25
4.45
0.00
26.8
64.3
64.66
4.14
9.94
200003
75.13
77.73
40.29
37.44
2.29
0.00
35.15
75.44
65.54
5.36
11.51
200103
56.46
83.48
46.44
37.04
1.93
7.82
27.29
81.55
65.54
4.16
12.44
200203
62.7
217.25
142.08
0
422.03
431.08
33.28
464.36
886.39
64.66
243.9
129.41
0
437.97
354.6
37.15
391.75
829.72
65.54
235.63
87.24
0
388.41
362.91
39.82
402.73
791.14
65.54
235.16
79.55
44.62
424.87
314.76
35.4
350.16
775.03
815.14
255.69
559.45
17.5
108.3
830.61
303.96
526.65
5.2
124.62
892.59
320.36
572.23
39.67
91.23
949.11
370.27
578.84
4.11
99.44
61.53
89.36
16.7
163.07
73.93
98.42
20.36
175.64
85.81
81.63
20.88
53.89
76.4
87.97
18.72
45.23
127.05
2.47
201.14
0
886.39
199903
25.20
2.16
8.00
0.64
13.44
3.21
1.10
47.30
67.31
-
181.3
13.8
173.25
0
829.72
200003
22.29
4.14
9.94
0.80
14.75
6.12
0.89
44.78
67.73
15.00
139.14
15.06
88.01
0
791.14
200103
20.16
5.36
11.51
0.85
14.23
9.05
1.04
37.46
59.26
20.00
118.22
19.03
91.07
1.57
775.03
200203
21.12
4.16
12.44
0.80
12.06
8.26
0.82
42.77
64.83
20.00
199903
200003
200103
200203
Sources of funds
Cash profit
58.5
75.07
51.55
77.2
Increase in equity
22.63
1.96
0.88
24.63
9.16
10.98
4.92
Decrease in investments
33.39
6.76
27.89
85.24
41.56
117.44
114.08
182.04
118.76
Cash loss
Decrease in networth
30.55
14.85
85.37
72.61
52.57
3.17
96.45
20.96
Increase in investments
15.48
16.32
8.21
0.15
9.31
12.87
12.91
16.44
12.67
42.17
9.26
117.44
114.08
182.04
118.76
Subsidairy Name
Year
No Of Shares
Face Value (Unit Curr.)
Investment Cost
Holding (%)
Subsidiary's Year end
NP in Holding Co a/cs (PY)
NP not in Holding Co a/cs (PY)
NP in Holding Co a/cs (CY)
NP not in Holding Co a/cs (CY)
Equity Subscribed
Subsidiary 's Reserves
Fixed Assets
Net Current Assets
Sales Turnover
Profit After Tax
Product
Product
Product
Product
FY
FY
2000
2001
Net Sales
PBIDT
Finance Charges
Depreciation
PAT
72.91
-21.39
0.5
16.64
-38.53
44.5
0.05
0.36
16.39
-16.7
Equity
Reserves-share premium a/c
Accumulated loss
Total Loans
Total Capital Employed
Fixed Assets (Net)
Net Current Assets
Installed capacity(in MT.)
Capacity utilisation
Product -Nylon Tyre Cord fabric
280.62
24.11
-96.72
0
208.01
187.55
20.46
6500
280.62
24.11
-113.42
14.75
206.06
174.53
31.52
6500
nil
nil
Investments Details
Quoted
DCM Shriram Consolidated
IFCI
HDFC
Unquoted
Subsidiaries & JVs
SRF Overseas Ltd.,Dubai
SRF Americas,Inc.
Essilor SRF Optics Limited
Indian Ophthalmic Lenses
SRF Properties Pvt.Ltd
Others
SBL Industries LtdSBI
Canara bnk.
Sanghi Spinners Ltd.
US 64
Grand Total ( Rs. In crs.)
Quantity
Equity Shares
Equity Shares
Equity Shares
40000
500000
1490
100%
100%
JV
JV
Sub.
Pref.Shares
Bonds of Rs.1000/-each
Bonds of Rs.1000/-each
Units
Value
0.20
0.31
0.08
0.59
85.15
2.42
0.49
0.58
5.90
94.54
2500
100
670000
2453524
2.50
0.25
0.01
0.12
2.88
1.43
99.44
SUBSIDIARIES
NAMES
Investment
Holding
Currency Revenue
31
Rs. In Crs.
100%
Accumulated
Profit/
Profit /Loss
Loss
till 31.03.01
31.03.02
85.15
Rs. In Crs.
85.15 mln.
87.08
4.12
-32.63
1744210
-88428
-9.26
44.5
-16.7
-113.42
33
470974
-2.33
0.68
0.38
-2.17
dirhams
SRF Americas,Inc.
100%
5.62
100%
33.26
100%
1.57
100%
14.73
Pref.
2.42 In US $
0 Rs in Crs
0 In US $
0 Rs in Crs
24.75
Shares
SBL Industries Ltd-
Pref.Shares
JV
1.3
0.49
JV
3.25
0.58
Sub.
5.9
Total
2.5
169.63
Sales Breakup
Sr. Year ( In Rs.Crs.)
Mar-99 % of
No. Product Name
total sales
1 Nylon Tyre Cord / Industrial Yarn Fabric
Installed Capacity
21055
Production Quantity (In MT)
19032
Capacity utilisation In %
90.4
Sold Quantity
18660
Sales Amount
430.72
62.46
% growth YOY
Unit Realisation rate ( Rs. Per MT.)
2,30,832
2 Flurocarbon Refrrigerant Gas
Installed Capacity
25000
Production Quantity (In MT)
10544
Capacity utilisation In %
42.2
Sold Quantity
10957
Sales Amount
129.52
18.78
% growth YOY
Unit Realisation rate ( Rs. Per MT.)
1,18,212
3 Synthetic filament Yarn Industrial/Tyre
Installed Capacity
21500
Cord
Production Quantity (In MT)
3226
Capacity utilisation In %
15.2
Sold Quantity
3126
Sales Amount
6.65
45.83
% growth YOY
Unit Realisation rate ( Rs. Per MT.)
1,46,611
4 Polyster Films
Installed Capacity
3840
Production Quantity (In MT)
2349
Capacity utilisation In %
61.2
Sold Quantity
2340
Sales Amount
20.74
3.01
% growth YOY
Unit Realisation rate ( Rs. Per MT.)
88,630
5 Nylon Moulding Powder
Installed Capacity
2580
Production Quantity (In MT)
1976
Capacity utilisation In %
76.6
Sold Quantity
1979
Sales Amount
23.22
3.37
% growth YOY
Unit Realisation rate ( Rs. Per MT.)
1,17,332
6 Chloromethanes
Installed Capacity
18550
Production Quantity (In MT)
17284
Capacity utilisation In %
93.17
Sold Quantity
8012
Sales Amount
3.47
23.95
% growth YOY
Unit Realisation rate ( Rs. Per MT.)
29894
TOTAL SALES
673.98
7 Other Sales ( By Products /Wastes ) etc
14.12
2.05
8 Traded Goods
0.22
1.51
9 Conversion Income
TOTAL SALE
689.61 100.00
Mar-00
% of
Mar-01 % of
total sales
total sales
21055
21214
100.8
21484
489.98
13.76
2,28,071
61.07
25000
11396
45.6
11076
132.17
2.05
1,19,334
16.47
21500
2862
13.3
3424
62.56
36.50
1,82,709
7.80
3840
3268
85.1
3277
33.85
63.21
1,03,306
4.22
2580
2760
107
2748
38.89
67.48
1,41,496
4.85
18750
10770
57.44
10606
26.78
11.82
25249
784.23
18.04
0.00
55.45
25000
11145
44.6
11490
133.84
1.26
1,16,487
16.40
21500
4250
19.8
6596
94.58
51.18
1,43,395
11.59
4150
3532
85.1
3546
35.85
5.91
1,01,093
4.39
2580
2980
115.5
3014.41
41
5.43
1,36,013
2.25
0.00
22500
14553
64.68
13223
37.06
38.39
28028
794.74
15.88
5.33
100.00
815.95
3.34
802.27
21055
20758
98.6
21005
452.41
-7.67
2,15,390
5.02
4.54
1.95
0.65
100.00
0.0
% of
% of
purch.
sales
Mar.00
% of
% of
purch.
sales
Mar.01
% of
purch.
1 Caprolactum
Quantity consumed
21250
159.59
75103
24342
58.3
28.0
189.08
23450
56.6
28.4
77677
197.32
49.9
84146
51.27
18.7
9.0
59.3
17.7
8.9
74.29
18.8
62.98
23.0
11.0
85.73
25.7
12.9
123.45
31.2
Total
273.84
100.0
48.0
334.11
100.0
50.2
395.06
100.0
37.14
13.6
6.5
48.09
14.4
7.2
52.76
13.4
236.7
86.4
41.5
286.02
85.6
43.0
342.3
86.6
Revised
Mar-01 % of
total sales
27555
20758
98.6
21832.23
469.16
668.18
214893.30
25000
11145
44.6
11323.74
133.84
712.41
118194.17
21500
4250
19.8
5428.19
77.42
892.83
142625.81
4150
3532
85.1
2520.8
25.34
500.58
100523.64
2580
2980
115.5
23.09
31.04
540.33
13443048.9
58.99
16.83
9.73
3.19
3.90
22500
14553
64.68
13223
4.66
37.06
1010.24
28026.92
773.86
1.16
9.26
0.67
5.33
6.91
795.36 100.00
% of
sales
Mar-02 % of
total sales
34055
28631
84.07
28650.7
554.52
900.11
193545.01
25000
11145
44.6
11266.97
125.76
666.69
111618.30
21500
4250
19.8
1355.39
13.93
20.18
102774.85
4150
3532
85.1
0
0
-100.00
#DIV/0!
2580
2980
115.5
0
0
-100.00
#DIV/0!
73.87
16.75
1.86
0.00
0.00
22500
14553
64.68
14629
5.15
38.67
751.40
26433.43
732.88
0.81
6.06
0.66
4.93
6.81
750.68 100.00
23900
28.5
151.2
63263.60
10.7
17.8
57.0
7.6
49.4
SUPPLY
Unit (KTA)
CAPACITY
DEMAND
Year
2000
2005
2000
2005
Domestic Tyre
46776
52311
50604
Global
1150
1208
913
1118
Export Tyre
9633
10284
Other Asia
341
341
246
314
9360
4335
4552
4800
China
211
211
145
185
India
63
80
62
82
Others
SURPLUS / SHORTFALL
2000-01 1998-99 1999-00 2000-01
Amount
(In Rs.crs.)
6.48
7.48
2.54
32.59
1.97
23.72
5.09
4.27
76.88
8.25
169.27
Management perception
SRF LTD
SALES DATA ANALYSIS
YR.END 03 /98
INSTALLED
YR.END.03/99
QT.
CAP.
REALISATION
IN M.T
UTILISA
PER TON
SALES
TION(%)
IN RS.
AMT
CAPACITY
% OF
NET
QT.
INSTALLED
IN M.T
SALES CAPACITY
21055
18136
86
227831
413
61.14 21055
18660
25000
7838
31
120182
94
13.94 25000
10957
% CHANGE
Flu.Carb.Refrig.Gas
2.89
% CHANGE
Synth.Filament Yarn
39.79
21200
4883
23
161056
79
11.64 21200
% CHANGE
Nylon Mould.Powder
2580
2149
83
128252
28
4.08 2580
% CHANGE
Polyester Film
% CHANGE
1979
-7.91
3840
1595
42
113142
18
2.67 3840
18550
6670
36
33959
23
3.35 18550
% CHANGE
Chloromethanes
3126
-35.98
2340
46.71
654
8012
20.12
NOTE:IN GENERAL SEEN THAT SELLING PRICES FIRMED UP IN YEAR 2000 & CAPCITY UTILISATION ALSO IMPROVED.
IN budget (01-02) custom duty CAPROLACUTM reduced from 25%t to 20%. LAST year's Budget(99-00), the basic customs duty
on nylon tyrecord fabricwas lowered from 40 per cent to 25 per cent and that of nylon tyre yarnfrom 35 per cent to 20 per cent.
YR.END.03/99
YR.END 03/00
CAP.
REALISATION
UTILISA
PER TON
SALES
NET
INSTALLED
TION(%)
IN RS.
AMT
SALES
CAPACITY
89
230832
431
1.32
44
118212
15
146611
130
117331.99
46
88630
23
3.37 2580
-17.40
21
-21.66
43
6.65 21500
-42.87
-8.51
61
18.78 25000
34.72
-8.97
77
62.46 21055
2.16
-1.64
% OF
3.01 3840
12.73
29894
24
-11.97
674
QT.
CAP.
REALISATION
IN M.T
UTILISA
PER TON
SALES
NET
TION(%)
IN RS.
AMT
SALES
21484
102
15.13
11076
44
16
107
10606
3.58
32.38
132
16.47
-2.23
182710
-12.30
63
141496
85
103306
57
25249
7.8
17.29
39
20.59
40.04
3.47 18750
119335
24.62
38.86
3277
61.07
0.95
9.53
2748
490
-1.20
1.09
3424
228071
% OF
4.85
43.92
34
16.56
4.22
40.20
27
-15.54
3.34
-3.75
784.24
NOTES
SELLING RATES ARE STABLE WHILE QT.PRODUCED & SOLD ARE GROWING
REACHED OVER 100% CAPACITY UTILISATION
SELLING RATES ARE STABLE WHILE QT.PRODUCED & SOLD ARE GROWING
CAPACITY UTILISATION IS ONLY 44% WHY ?
SELLING PRICE PICKED UP REMARKABLY 24.62% IN YR 2000 BUT CAPACITY
UTILISATION IS LOWER ONLY 16% WHY?
PRICES FIRMED UP .CAP.UTILISATION UP OVER 100%
PRICES FIRMED UP .CAP.UTILISATION ALSO UP
PRICES ARE UNDER PRESSURE.
RS
YR END 03/99
TOTAL
% OF
VALUE
NET SALE
RS 99
Cr. Rs
NET SALE
Caprolactum
81270
172
573
30.89
% CHANGE
Polyester Chips
1648.76
53555
8.83
1.59
% CHANGE
Chlorine
17626.83
5866
10.34
1.86
% CHANGE
Chloromethanes
3316.35
20927
6.94
1.25
% CHANGE
Fluorospar
7355.49
6702
4.93
0.89
69.87
12.54
% CHANGE
OTHERS
% CHANGE
TOTAL COST OF RAW
% OF
NET SALE
Cr. Rs
557
21168.91
TOTAL
VALUE
21250
75102.66
159.59
0.38
-7.59
-7.24
2687
40565
10.9
62.97
-24.26
23.44
22030
5714.95
12.59
24.98
-2.58
21.76
5610
20462
11.48
69.16
-2.22
65.42
11001
6918
7.61
49.56
3.21
54.36
62.98
-9.9
273
265
27.85
1.90
2.20
2.00
1.33
10.99
YR END 03/00
Qt CONSUME COST / UNIT
MT/00
RS /00
TOTAL
% OF
VALUE
NET SALE
Cr. Rs
669
24342
77677
189
14.55
3.43
18.48
3225
50568
16
20.03
24.66
49.63
23416
5659
13
6.29
-0.99
5.24
7007
17840
13
24.89
-12.81
8.89
10437
8038
-5.12
16.20
10.25
85.72
36.1
325
28.26
2.44
1.98
1.87
1.25
12.81
SRF LTD.
FINANCIAL HIGHLIGHTS:
PERIOD(MONTHS)
IN RS. CRS.
GROSS SALES
Mar-99
% TO
Mar-00
% TO
Mar-01
% TO
Jun-00
% TO
Sep-00
% TO
Dec-00
% TO
12
N.SALE
12
N.SALE
12
N.SALE
N.SALE
N.SALE
N.SALE
692.56
120.83 806.77
120.5
168.81
100
161.77
161.77
EXCISE DUTY
119.37
20.83
137.17
20.5
NET SALES
573.19
100.00
669.6
100.0
168.81
100
6.87
4.07
100 184.14
100
100 184.14
100
12.07
2.11
11.64
1.7
TOTAL INCOME
585.26
102.11
681.24
101.7
COST OF MATERIAL
233.77
40.78
281.51
42.0
EMPLOYEE COST
32.55
5.68
33.35
5.0
8.83
5.23
7.64
53.18
9.28
62.93
9.4
17.81
10.55
17.43
3.83
22.66
3.4
OTHER EXP.*
13.77
175.68 104.07
76.88
45.54
1.83
0.99
0.76
100.99
82.54
85.11
14.85
116.64
17.4
23.6
13.98
22.27
COST OF SALES
426.56
74.42
517.09
77.2
129.7
76.83
129.88
PBIDT
24.5
46
27.24
51.02
82.54
44.82
4.72
9.44
5.13
10.77
17.14
9.31
28.12
15.27
80.29 150.47
81.71
20.18
19.28
158.7
27.69
164.15
###
###
3.43
INTT.&FINANCE CHARG.
104.14
18.17
91.17
13.6
16.76
9.93
19.04
11.77
18.9
10.26
DEPRECIATIONS
36.61
6.39
37.5
5.6
9.62
5.70
9.58
5.92
9.71
5.27
OTHER INCOME
53.07
PBT
17.95
3.13
TAX PROVISION
1.49
PAT
16.46
###
EXTRA ORD.ITEMS
32.65
0.47
-28.99
68.53
27.6
8.73
13.28
16.01
35.48
5.3
0.26
4.45
0.7
2.87
31.03
4.6
###
88.52
0.0
5.74
3.40
2.65
1.64
4.6
12.24
7.25
1.05
0.65
6.3
0.00
2.87
31.03
19.6
35.5
11.61
4.03
2.49
6.89
3.74
1.62
0.96
0.33
0.20
0.59
0.32
17.98
10.65
3.7
2.29
6.3
-79.42
70.27
ADJUSTED PAT
16.46
EQUITY
62.7
64.66
64.69
65.54
65.54
EPS
2.62
4.8
1.89
0.16
0.96
3.42
Mar-01
% TO
N.SALE
COMPANIES
Mkt.
P/E
Price
Cash
Div.
BV/
P/E
Yld
Share
Year End
(Rs in crs.)
Net
OP
OPM
Net
(%)
Profit*
Profit
Sales
Cash
Equity
EPS*
CEPS
Div
(Rs.)
(Rs.)
(%)
Equity
(%)
12.06
8.26
0.82
20
11.74
11.20
0.25
60
2.73
1.13
25.41
6.50
0.00
10.61
19.07
30.17
2.73
40
15.15
11.83
30
NYLON TYRE CORD PEERS (AND % OF NTCF SALES TO THEIR TOTAL SALES
SRF
21.6
(NTCF-74%)
Century Enka
79
(NTCF-19.85%)
Nirlon
4.0
1.7
2.3
1.3
4.5
1.8
3.5
2.2
30.6
9.3
64.8
Dec.02(9)
7.6
153.0 Mar.02
Dec.02(9)
0.0
4.4
(NTCF-90%)
NRC
Mar.02
Mar.02
Dec.02(9)
(NTCF-28.65%)
-2.0
5.2
2.0
0.9
0.0
7.5
Mar.02
Dec.02(9)
618
130
21.04
35
81.5
65.54
5.34
12.44
532.00
112
21.05
46.00
82.00
65.54
9.36
16.68
708
113
15.96
50.52
125.33
28.64
17.64
43.76
558.00
90
16.13
49.14
78.24
28.64
22.88
36.42
91
-14.5
(15.93)
-3.29
0.38
58.22
-0.57
0.07
78.50
-5
(5.96)
-8.15
-5.51
58.22
-1.87
-1.26
318
22.85
7.19
-8.07
3.14
27.35
-2.95
1.15
228.00
27
11.84
6.97
15.43
30.95
3.00
6.65
28
(CFCs-4%)
Guj.Flurochem.
(CFCs-100%)
64
3.3
1.8
4.1
2.2
2.4
2.2
2.3
2.2
14.3
28.3
Mar.02
Dec.02(9)
4.7
222.8 Mar.02
Dec.02(9)
442
84.55
19.13
30
55
35.18
8.53
15.63
330.00
60
18.18
18.00
33.00
35.18
6.82
12.51
120
28.33
23.61
30.54
33.05
11.58
26.37
28.54
90.00
25
27.22
23.83
25.66
11.58
27.44
29.55
Note : Net Profit is before Deferred Tax Prov.EPS/CEPS for Dec.( 9 M) has been annulised .
31.6
Year End
N. Sales
OP
N. Profit* Cash
(Rs in crs.)
Profit
Mar.99
570.26 143.70
13.53
50.14
Mar.00
665.10 148.28
26.80
64.30
Mar.01
672.11 135.49
35.15
75.44
Mar.02
617.54 130.44
35.11
81.55
Mar.03
720.90 132.61
51.20
99.30
Jun.03 (Qtr.)
209.48
38.95
21.01
33.19
Mar.04 (Est.)
770.00 133.00
67.90
112.00
1. Net Profit is before Deferred Tax Prov.
2. EPS /CEPS for June.03 Quarter is annualised.
Equity
EPS*
CEPS
62.70
64.66
65.54
65.54
65.54
65.54
65.54
(Rs.)
2.16
4.14
5.36
5.36
7.81
12.82
10.36
(Rs.)
8.00
9.94
11.51
12.44
15.15
20.26
17.09
31.6
P/E
Cash
OPM
RoCE
RoNW
14.64
7.62
5.89
5.90
4.05
2.46
3.05
P/E
3.95
3.18
2.75
2.54
2.09
1.56
1.85
(%)
25.20
22.29
20.16
21.12
18.40
18.59
17.27
(%)
13.44
14.75
14.23
12.06
13.27
%
3.21
6.12
9.05
8.26
11.02
Debt/
Div
Equity
1.10
0.89
1.04
0.82
0.58
(%)
0
15
20
20
20
SRF LTD
Industry
Promoters
Share Holding(%)
(30.06.03)
Listing
FV
NSE,BSE
Rs.10
Rs.31.60
P/E ( Mar.04 Est.earnings)
Div.Yld.% ( 200303)
BV/Share ( on 31.03.03)
Mkt.Cap
Shares Outstanding
52-Wk H/L
Daily avg.traded volume
Enterprise Value
Enterprise Value / EBIDTA
3.05
6.32%
Rs.70.87
Rs.207.11 Crs
65.54 Million Shares
Rs. 32.5 - 18
70000 shares
Rs.474.87 Crs.
3.39
NTCF
94-95
Major Products
NTCF
Production
Imports
Total
44198
9953.4
54151.4
95-96
50666
10983.8
61649.8
96-97
97-98
98-99
99-2000
April.01
June.01
53421
46914
48864
46514
3457
3747
9882.1
13156.9
14856.7
8296
340.2
85.9
63303.1
60070.9
63720.7
54810
3797.2
3832.9
July.01
Production ( IN MT)
Installed
Cap.
Capacity Util.
in MT
%
39300
72.85
7200
76.26
7500
76.16
13400
65.80
4000
0.00
7300
0.00
78700
61.82
Company
SRF
Nirlon Ltd.
NRC Ltd.
Century Enka
Baroda Rayon
J.K.Synthetic
Domestic Supp.
Consumption
Gap ( Cons. Higher than supp.)
% of consumption
94-95
3921
871.4
4792.4
Production
Imports
Total
44198
9953.4
54151.4
CFC
Company
Production ( in MT)
Chemplast Sanmar Ltd
Gujarat Flourochemicals Ltd
SRF Ltd
DOMESTIC TOTAL
Production
Imports
Total
44198
9953.4
54151.4
3574
759.6
4333.6
Company
94-95
Oct.01
Capacity Capacity
Installed
Util.%
2500
65.08
19000
63.06
25000
45.57
46500
53.77
Capacity
Chloromethane
Production
Chemplast Sanmar Ltd
Gujarat Flourochemicals Ltd
SRF Ltd
Production
22000
21120
22500
65620
Sales
NTCF - GLOBAL SITUATION
(in '000 MT)
America
Europe
Africa
OtherAsia
China
India
GLOBAL TOTAL
1990
Capacity Demand
245
197
375
268
8
22
271
255
62
60
62
35
1023
837
44198
9953.4
54151.4
Production ( IN MT)
Company
FACT
GSFC
94-95
44198
9953.4
54151.4
CONSUMPTION ( IN MT)
Company
Installed
Cap.
Capacity Util.
in MT
%
50000
97.73
70000
85.07
120000
90.34
2001-02
28631
5491
5712
8817
0
0
48651
59495
10844
18.23
2001-02
1627
11981
11392.82
25000.82
2001-02
32309
24605
14291.12
71205.12
68999
2000-01
20758
5688
6115
10093
9
0
42663
54779
12116
22.12
2000-01
1999-2000 1998-99
21214
5000
6343
10372
1155
0
44084
62716
18632
29.71
19032
4979
6054
9396
3447
0
42908
58271
15363
26.36
1999-2000 1998-99
2285
2380
2378
11923
13078
10425
11144.86 11396.11 10544.13
25352.86 26854.11 23347.13
2000-01
1999-2000 1998-99
32851
30880
30685
25914
23490
21021
14552.68 10769.85 17283.72
73317.68 65139.85 68989.72
70030
61057
57447
1997 - 98
18081
4359
5732
7794
3920
914
40800
59969
19169
31.96
1997 - 98
2360
9767.53
7521
19648.53
1997 - 98
22328
19260
13223
54811
45667
1995
2000
2001 - 2002
EXP.IN 2005
Capacity Demand Capacity Demand Capacity Demand Capacity Demand
245
243
245
253
248
221
248
292
375
272
274
191
272
192
315
225
16
22
16
16
18
16
18
20
271
276
341
246
341
234
341
314
124
120
211
145
215
135
215
185
62
52
63
62
67
64
80
82
1093
985
1150
913
1161
862
1217
1118
2001-02
48865
59546
108411
2001-02
2000-01
52541
65051
117592
2000-01
1999-2000 1998-99
50723
64647
115370
38783
65987
104770
1999-2000 1998-99
1997 - 98
40451
59501
99952
1997 - 98
1355
16556
6089.53
7156.4
5746
5936
0
0
23900.01
66738.94
41672.06
669
1700
5914
15666
15248
13006
8645.15
8776
8776.5
7988.86
7716.79 6971.88
6310
7117.95 7826.97
6537
68.82
6416
0
3301
4027
0
0
0
23449.67 24341.77 21249.58
69265.68 68270.33 74187.93
48326.32 47099.67 30582.07
5385
10846
1977
6192.9
7624
7696.53
6165
4015
21168.91
71070.34
28881.66
(Rs.per Kg.)N-6
Q1`01
Q2`01
Q3`01
Q4`01
Q1`02
Q2`02
Q3`02
Q4`02
Q1`03
Ap.17`03
CAPACITY UTILISATION
NTCF
2002
86%
2001
80%
DOMESTIC DEMAND
NTCF
1997-98
1998-99
1999-00
2000-01
2001-02
Apr.- Sept.02
%
100
94
92
87
81
77
86
92
102
102
-6
-2.128
-5.435
-6.897
-4.938
11.69
6.977
10.87
Caprolactum
100
95
90
79
73
85
102
109
115
-5
-5.263
-12.22
-7.595
16.44
20
6.863
5.505
120
110
100
90
80
70
60
Q1`01 Q2`01 Q3`01 Q4`01 Q1`02 Q2`02
N-6
4710
4675
5175
5080
5330
5900
Month
Dec.01
Jan.02
Feb.02
Mar.02
April.02
May.02
June.02
Jul.02
Aug.02
Sept.02
Oct.02
Nov.02
Dec.02
Jan.03
Feb.03
Mar.03
Apr.03
Dec. Jan. Feb. Mar. April May Jun Jul.0 Aug Sept Oct. Nov. Dec. Jan. Feb. Mar. Apr.
01 02 02 02 .02 .02 e.02 2
.02 .02 02 02 02 03 03 03 03
Caprolac
FR
Caprolactum
SRF LTD.
PERIOD
Yr.End
in Rs crs
Mar-99
OR
Mar-00
OR
Mar-01
OR
Total Sale
689.63
121
802.27
121
Excise Duty
21
570.26
100
100
665.11
%Of
Q. End
%Of
Jun-00
OR
Sep-00
OR
Dec-00
OR
Mar-01
OR
Jun-01
OR
168.81
100
161.77
100
184.14
100
178.14
100
176.36
100
0
692.86
16.63
4.17
-4.5
-8.61
100
-4.17
13.83
-3.26
-1.00
22.38
-23.81
8.93
-3.47
4.47
Stock adjustment
-3.07
236.7
42
286.01
43
342.29
49.4
94.71
56
60.16
37.2
119.59
65
80.12
45
92.31
52.3
Staff Cost
32.9
5.77
34.16
5.14
36.89
5.32
8.83
5.23
7.64
4.72
9.44
5.13
10.98
6.16
10.54
5.98
53.18
9.33
62.93
9.46
68.25
9.85
17.81
11
17.43
10.8
17.14
9.31
16.58
9.31
17.09
9.69
Other Expenditure
89.96
16
120.89
18
114.33
16.5
24.46
14
22.27
13.8
28.11
15
26.49
14.9
17.34
9.83
Total Expenditure
409.67
72
499.49
75
553.15
79.8
129.7
77
129.88
80.3
150.47
82
143.1
80.3
133.81
75.9
PBDIT
139.71
20.2
39.11
23.2
31.89
19.7
33.67
18.3
35.04
19.7
42.55
24.1
Interest
106.44
19
94.73
14
69.27
10
16.76
9.93
19.04
11.8
18.9
10
14.57
8.18
15.56
8.82
Depreciation
36.61
6.42
37.5
5.64
39.6
5.72
9.62
5.7
9.58
5.92
9.71
5.27
10.69
11.05
6.27
Other income
-2.29
7.11
1.07
11.64
1.68
6.87
4.07
0.76
0.47
1.83
2.18
1.22
0.54
0.31
PBT
15.25
2.67
40.5
6.09
42.48
6.13
19.6
12
4.03
2.49
6.89
3.74
11.96
6.71
16.48
9.34
165.57
25
4.89
0.71
-79.44
-49
70.97
39
73.58
41.3
37.79
21.4
-16.11
Tax
1.49
0.26
4.45
0.67
2.29
0.33
1.62
0.33
0.2
0.59
0.32
-0.25
-0.1
1.26
0.71
PAT
13.76
2.41
36.05
5.42
40.19
5.8
17.98
11
3.7
2.29
6.3
3.42
12.21
6.85
15.22
8.63
-9.18
5.92
APAT
13.76
26.87
34.27
17.98
3.7
6.3
12.21
15.22
Equity
62.7
64.67
65.54
64.69
65.54
65.54
65.54
65.54
EPS
2.19
5.57
6.13
2.78
0.56
0.96
1.86
2.32
6.84
2.69
2.45
5.40
26.57
15.60
8.05
6.46