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  • Binani Cement Limited
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  Financial Info

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Quarterly Financial Statement for quarter ended -  December 31, 2009
 
  Quarter Ended Corresponding Quarter in previous year Year to date figures for current period Year to date figures for previous year Previous accounting year
  Dec 31, 2009 Dec 31, 2008 Dec 31, 2009 Dec 31, 2008 Mar 31, 2009
Net Sales  4,033.20     13,626.50  6,362.40  0.00
Other Income  29.40     79.10  26.30  53.70
Expenditure  -3,120.10     -9,866.60  -5,145.10  -12,766.20
Interest  -190.20     -382.70      
Profit (+)/ Loss (-) from Ordinary Activities before Tax  752.30     3,255.70  905.40  1,545.50
Tax  -180.60     -605.60  -104.30  -458.90
Net Profit  571.70     2,650.10  801.10  1,086.60
Equity Capital  2,031.00     2,031.00  2,031.00  2,031.00
Reserves  0.00     0.00  0.00  2,733.00
Depreciation  0.00     0.00  0.00  0.00
EPS  2.81     13.04  3.94  5.35

(in Rs. million)
 

Notes
Status of Investor Complaints for the quarter

Complaints Pending at the beginning of the quarter Nil

Complaints Received during the quarter 08

Complaints disposed off during the quarter 08

Complaints unresolved at the end of the quarter Nil

1. Consolidated Unaudited Financial Results of the Company for the nine months ended December 31, 2009 are as follows:- (Rs. In Lakhs)

Net Sales : 173606
EBIDTA : 51965
Interest : 8984
Depreciation : 7944
PBT : 35037

For the purpose of consolidation, the financial statements of the overseas subsidiaries for the nine months ended 30th Sept, 2009 have been considered (their Financial Year ends on 31st December).

2. Additional cement grinding and packing plants at Binanigram have been commissioned on 31.12.09 and 7.1.10 respectively. Consequently, the Company´s cement manufacturing capacity has gone up from 6 MTPA to 6.25 MTPA.

3. Approval for mines for the proposed greenfield project in Gujarat having 2.5 Million Tonne Clinker/Cement production capacity is awaited from the Government of Gujarat.

4. The Board of Directors has approved investment of US $ 30 million in its overseas subsidiaries for their ongoing projects and creating marketing infrastructure in East African countries to widen their operations geographically consistent with the Company´s proactive strategy.

5. Shandong Binani Rong´An Cement Co. Ltd., China, a Subsidiary of BCL, has started implementation of its expansion project for increasing Cement manufacturing capacity from 0.50 Million MT to 3.00 Million MT. The project is expected to go into production by mid 2011.

6. The Company has incorporated Bhumi Resources(Singapore) Pte Ltd., a wholly owned subsidiary in Singapore for its coal venture in Indonesia and an additional investment of US $ 10 million has been approved by the Board of Directors..

7. Reduction in interest of Rs.1361 Lakhs for the period October 01, 2004 to March 31, 2005, converted to Zero Coupon Loan (ZCL) as per the Restructuring Package (RP) of the Industrial Development Bank of India Ltd (IDBI) approved during the Financial Year 2004-05 is payable in four annual instalments commencing from March 31, 2010 and ending on March 31, 2013. The Company has approached IDBI for waiver of the same since as per restructuring, the Company became eligible for waiver as it has complied with all the terms & conditions of the restructuring package. The matter is still pending.

8. Provision for current tax is net of excess provision for earlier year(s) and MAT credit available. Deferred Tax will be provided at the end of the year.

9. The Company operates in a single segment i.e. "Production and sales of Cement and Clinker in India". During the period, the Company has exported Cement & Clinker amounting to Rs.1098 Lakhs ( Previous Year Rs.3,700 Lakhs) which is less than 10% of the total revenue of the Company and therefore does not constitute a separate geographical reportable segment. Except this, the Company´s entire Cement and Clinker sales are in India. Hence no additional disclosure under Accounting Standard- 17,"Segment Reporting" is required.

10. The Statutory Auditors have conducted limited review of the above standalone results of the Company as required by clause 41 of the listing agreement.

11. The above results were reviewed by the Audit Committee and were taken on record and approved by the Board of Directors.

12. Previous period/year figures have been regrouped / recast, wherever necessary.

Braj Binani
Chairman
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