DALMIA BHARAT

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 CHAPTER-I
PROFILE OF THE COMPANY

1.DRL
Dalmia Refractories Limited (DRL) is a part of one of India’s oldest business conglomerates,
Dalmia Bharat Group. Set up in 1973, DRL (previously Shri Nataraj Ceramics and Chemical
Industries Ltd.) is a pioneer in High Alumina refractory bricks for the Indian cement industry.
DRL enjoys over 50% market share in High Alumina refractory bricks and provides complete
line of services including refractory design and layout for green field projects, refractory
application and maintenance.
Dalmia Refractories is a preferred partner to major Indian cement manufacturers. The Company
also executes supply and installation projects for various green and brown field projects for
customers across India.
The company is headquartered in New Delhi and operates two manufacturing plants located at
Dalmiapuram (Tamil Nadu) and Khambalia (Gujarat).

1.1 DALMIA GROUP

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1.1.1 This is Dalmia

A merger of experience and expertise, Dalmia is the pioneer and leader in innovation for the last
seven decades. Our growth story is the effort of our people and our management. We believe in
providing a friendly and open-door culture with the opportunity to work in the best areas as well
as explore the capacity of the organization and ones own potential.
1.1.2 HISTORY
Founded in 1935 by Jaidayal Dalmia; the cement division of Dalmia Cement Bharat Limited
(DCBL) (formerly known as Odisha Cement Limited) CIN: L14200TN2013PLC112346 was
established in 1939 and enjoys a heritage of 70 years of expertise and experience. We are
headquartered in New Delhi with cement, sugar, travel agency, magnesite, refractory and
electronic operations spread across the country.
The Dalmia Bharat Group had established four cement plants in pre-independence years, two of
which were affected by the partition and Independence. The two remaining plants operate as
Dalmia Cement and we have an associate company which is Orissa Cement Limited (OCL).
Managed by a professional team, we have sustained the path to innovation and growth for seven
decades.
Early on in our history we learnt that a strong business is an amalgamation of strong relationships.
The key to establishing such relationships is to learn from each other, to enjoy a spirit of
camaraderie, and to recognize and identify with their needs of the people we work with. Today
with their rich experience, we have been able to broaden our horizons to include a holistic approach
to the best practices in the industry.
Dalmia Cement Bharat Limited (formerly known as Odisha Cement Limited) CIN:
L14200TN2013PLC112346 prides itself on having been at the forefront of pioneering and
introducing many new technologies, which exist today, which are followed by others in the
industry. Dalmia Cement Bharat Limited (formerly known as Odisha Cement Limited) CIN:
L14200TN2013PLC112346 has been and continues to be an industry leader in the niche market
segments.
This timeline highlights some of the significant moments that took place over the years and shows
how our business has evolved.
1.1.3 VISION & MISSION
OUR UNIQUENESS

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 A Vast Knowledge Bank of the industry which gives us an edge in offering solutions to our
customers; whether for greenfield projects or for operating plants.
 Capability to execute turnkey projects
 A national footprint which helps us to respond to customers faster
 R&D Center dedicated to develop value added products/services for our customers
 A highly experienced team

Vision
To unleash the potential of everyone we touch
Mission
To be in top 2 in all our businesses on the strength of our people and innovation
1.1.4 OUR FOOTPRINT/LOCATIONS
Dalmia Bharat Group has substantial presence in entire South India through its cement business,
and in the northern part of the country as a result of its sugar business. The group is headquartered
in Delhi.
1.1.5 OUR REGIONAL OFFICES & CUSTOMER CARE CENTRES
 REGIONAL OFFICE FOR ANDHRA PRADESH

o Anantapur

o Chittoor

o Guntur

o Hyderabad

o Kadapa

o Krishna

o Kurnool

o Mahboob Nagar

o Nadyala

o Nellore

o Prakasam

o Proddutur

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o Tirupati

o Vijaywada

o West Godavari

 REGIONAL OFFICE FOR KARNATAKA

 REGIONAL OFFICE FOR KERALA

 REGIONAL OFFICE FOR TAMIL NADU

 REGIONAL OFFICE FOR EAST

 REGIONAL OFFICE FOR NORTH- EAST

1.1.6 CEMENT MANUFACTURING PLANTS

 DALMIAPURAM

 KADAPA

 ARILAYUR

 ADHUNIK CEMENT LIMITED,

A SUBSIDIARY OF DALMIA CEMENT (BHARAT) LIMITED

 CALCOM CEMENT INDIA LIMITED,

A SUBSIDIARY OF DALMIA CEMENT (BHARAT) LIMITED

 BOKARO PLANT (EAST)

 BELGAUM

1.1.7 SUGAR MANUFACTURING PLANTS

 DALMIA CHINI MILLS UNIT: RAMGARH

 DALMIA CHINI MILLS UNIT: JAWAHARPUR

 DALMIA CHINI MILLS UNIT – NIGOHI

 DALMIA CHINI MILLS UNIT – KOLHAPUR

1.1.8 PROMOTERS

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 Name of the Director Designation Address

Shri Deepak Thombre Director Titanium Park, Building A, Flat No. 604, Park
Street,
Wakad, Pune-57

Shri C. Nagaratnam Director 5/1209 Vijytha Colony, Nandavanapatti (near Karur

Bye pass road), Dindigul 624001

Shri M. K. Doogar Director B-515, Sarita Vihar, Mathura Road,

New Delhi-110044

Smt. Leena Rawal Director G-172, Dilshad Garden, New Delhi-110095

Shri Sameer Nagpal Managing House No. 104, Tower 3,The Palms, South City-1,
Director Gurgaon-122001.

1.1.9 NEWTHINK!
Innovation is the ability to improvise, to craft a new and better from a given sub-set of variables.
In life initiative we have internalized innovation for over 70 years in processes and systems; and
our businesses and mindsets. We began our first cement plant 1939. A first in southern India. We
pioneered the craft and production of oil well and railway sleeper cement in India, besides
introducing substantial product improvements for Portland/ generic cement. We institutionalized
innovation in the our companies through a dedicated Cement and Concrete R&D lab, with state-
of-the-art concrete technology, research experts and high end infrastructure : building blocks for
the next stage of our innovation story.
Our efforts to innovate are not limited to products; it is manifest across everything we do. The
Japanese concept of continuous improvement - Kaizen, is followed for our packaging as well
where we try to optimize bag sizes, compositions, strengths, bio-degradability and design in
accordance with the weekly cement batches from our plants. Our newly commissioned plants –
Ariyalur (Tamil Nadu) and Kadapa (Andhra Pradesh) have been identified and acknowledged as
one of the best in Asia for best-in-class technology and robotics which allows us to automate
cement sampling and testing. This enables us to conduct a 24X7 monitoring on the quality of our
cement with zero error margins. In the field of supply chain and billing we have introduced
Enterprise Mobility Solutions that help us keep our inventory database updated on real time basis
and enable us to act with speed and priority. Our alliance with Kohlberg Kravis Roberts (KKR), a

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leading global investment firm helped us Cenable operational optimization and achieving
sustainable business.
We cherish our legacy and seek to evolve day-by-day through fresh ideas, perspectives, questions
and imagination. Therefore, our motto: newthink!
1.1.10 PHILOSOPHY
Social responsibility and commitment to sustainable development is a high priority with the 5000-
plus professionals, pushing the limits of innovation and excellence, at Dalmia. The Company is
actively involved in organizing social welfare programs, which provide health and other amenities.
These programs are intended both for the public in the surrounding villages and the employees'
families. These include running schools for the employees' children, providing scholarships to
outstanding students, operating milk distribution schemes and organizing various cultural
activities, tournaments and games.
CSR Mission

To facilitate the stakeholders hasten their social, economic and environmental progress through
effective management of human and natural capital.

MDs' Message

Dalmia Bharat Group, with its legacy of over seven decades of conscientious corporate Citizenship
focuses on positive growth and development in social and economic aspects of people's lives. Our
CSR had a history of integrating sustainability strategies with planning and implementation.
Today, we find ourselves in familiar territory with a wealth of experience from our own
programmes, as companies join and expand the dialogue on sustainable development. We are in
constant engagement with project partners, stakeholders, beneficiaries and local communities,
studying the potential impact of alternative and new technologies and indigenous knowledge. We

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would continue with the same zeal to facilitate the stakeholders hasten their social, economic and
environmental progress through effective management of human and natural capital.
1.2 CSR MISSION
To facilitate the stakeholders hasten their social, economic and environmental progress through
effective management of human and natural capital.

1.3DALMIA CEMENT
We have cement plants in southern states of Tamil Nadu (Dalmiapuram & Ariyalur) and Andhra
Pradesh (Kadapa), with a capacity of 9 million tonnes per annum. A leader in cement
manufacturing since 1939, DCBL is a multi-spectrum Cement player with double digit market
share and a pioneer in super specialty cements used for Oil wells, Railway sleepers and Air strips.
We also hold a stake of 45.4 % in OCL India Ltd., a major cement Player in the Eastern Region.
Recently we have acquired the brands Adhunik Cement & Calcom Cement in the North East and
the group now controls an expandable cement capacity of 21.8 million tonnes including the new
project incubated at Belgaum in Karnataka.
What makes us unique is our constant ability to innovate. On the key efficiency parameters, we
rank right up there with the best in the industry. We have set up over 53 windmills in Muppandal
(Tamil Nadu) to generate inexpensive and eco-friendly captive power for our plant. This power is
wheeled through the State utility transporter for consumption at the plant.
With the plant located close to its source of raw materials, we keep our freight and transport costs
low, giving it an edge over competition. Over 65 per cent of the cement consumption in India is
catered to by the retail segment where branding and distribution are the critical drivers for
leadership. And it is in this that we enjoy an edge over our competitors. We are the only single
unit cement manufacturer to successfully market our brands in core markets at prices on par with
those of large consolidated/national players. In our focus area of Tamil Nadu and Kerala, which
are among the fastest growing in cement consumption, we enjoy a significant market share today.
Our brands enjoy a very high recall among consumers and influencers while our relationships with
our dealers are very strong. In fact, in some cases these relationships go back three generations.
Our USP is innovation, which has given us a leadership position in niche but fast-growing market
segments.
1.4 DALMIA SUGAR

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What we believe in

Sugar sector holds immense potential in providing food & energy security for the country which
is going to be one of the most important developmental prerequisites in next 5-10 years. This
potential can only be realized with the right mix of regulations, connect with the farmers,
modernization and professionalization of the industry. We are working towards making this
happen.

1.4.1 About our sugar business

Our foray into sugar business was made in mid-Nineties and first unit of 2500 TCD was set up at
Village Ramgarh in Sitapur district of U.P. in 1994. During 2006-07, company embarked on a
major growth path by setting up two Greenfield plants at Jawaharpur (Dist. Sitapur, U.P.) and
Nigohi (Dist. Shahjahanpur, U.P.) and expanding existing facilities at Ramgarh unit. The total
cane crushing capacity of the company is now 22500 TCD which makes us one of the leading
sugar producers in the country. We are now a fully integrated player with 79 MW of
cogeneration capacity & a distillery of 80 KLPD. We also have facilities for processing of raw
sugar.

These state-of-the-art facilities serve as a role model for the industry and have achieved
excellence in plant operational metrics and also have a technological leadership position in the
industry. We have robust quality systems and have also embarked upon 5S & TPM initiatives to
create world-class systems & processes.

Due to this emphasis on world class systems, we produce sugar of high quality which has found
wide acceptance in markets in U.P. & eastern India and institutional buyers such as Pepsi, Coke,
Britannia, Bharati Wal-Mart, Parle etc. who have stringent quality norms.

The team has taken a number of initiatives to drive sustainable growth, lasting competitive
advantage & efficiencies in all aspects of operations. It has also taken on a proactive role at
industry level and has been instrumental in driving many policy & regulatory changes in the

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sugar and renewable energy sector.

1.5 Sustainable development

This is our guiding principal in the sugar business driving our vision, strategy and actions.

We continue contributing to income & employment creation opportunities in the local economy,
infrastructure development, promotion of sustainable farming techniques, improvement of
sugarcane yields, propagation of higher recovery sugarcane varieties etc. For improving service
delivery to farmers we have leveraged technology - IVRS, SMS based information dissemination
systems, Hand-held Terminals at cane purchasing centers and GPS devices for cane survey being
a few of these.

We are also credited with pioneering achievements in registration of our cogeneration power
projects under CDM (Clean Development Mechanism). All our plants are registered under this
mechanism and are helping in global efforts to mitigate impact of greenhouse gas emissions. We
produce ethanol which is a green fuel from the sustainable molasses route. From the distillery
waste, we produce bio-compost which is organic manure.

At the plant level the constant focus is on energy conservation and energy efficient operations. A
bio-methanation plant is being installed at the distillery for energy generation from distillery
waste. Water re-use & recycling to minimize fresh water usage is a constant focus area.
1.6 DALMIA POWER

The power business of Dalmia Bharat Group started with the need to meet power requirements of
our cement and sugar plants reliably and cost effectively. Accordingly the company developed
captive power projects with a total generating capacity of 151 MW, that are supplying power not
only to our cement and sugar plants, but also exporting to the State Grid. In a bid to encourage
green energy, the group also developed wind power project of 17 MW capacity in the state of
Tamil Nadu.

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 The group has aimed at creating a sizeable asset portfolio in conventional as well as renewable
power generation. Accordingly two companies namely, Dalmia Power Limited and Dalmia Solar
Power Limited were formed to undertake the development of thermal and solar power generating
projects respectively. The Group is aggressively pursuing its expansion plan in power business
through incubation of new projects and also through acquisitions.
1.7 CONVENTIONAL POWER:
Existing Projects

 Captive Thermal Power Plants - 72 MW

o Two units totaling 45 MW at Dalmiapuram (Tamil Nadu) and 27 MW at Ariyalur (Tamil Nadu),
supporting the cement plants of 6.5 MnT in Tamil Nadu
Under Development Projects

 Captive Thermal Power Plants - 27 MW

o Developing a 27 MW power plant in Kadappa (A.P.) to support our cement plant (2.5 MnT)
 Nearly 4000 MW of coal based thermal power projects are under incubation in various states in
India
RENEWABLE POWER:
Existing Projects

 Cogen Plant (Bagasse based, multi fuel) - 79 MW

o 25 MW in Ramgarh (U.P.), 27 MW each at Jawaharpur (U.P.) and Nigohi (U.P.); all supporting
our Sugar plants in the same location
o Exporting 2/3rd of power produced to the State Grid
 Wind Farm - 16.5 MW
o Located in Tamil Nadu and
o Selling 100% power to State Grid (TNEB)
Under Development Projects

 Solar Power Projects with a total capacity of 60 MW are under development in Rajasthan
 Repowering Existing Wind farm - incremental capacity ~20 MW
o Location : Tamil Nadu
o Detailed study has been completed to evaluate feasibility of repowering Wind farm and
estimating potential

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o Initiating the next level discussions with State power authorities on policy and approval.

1.8 DALMIA-OCL REFRACTORIES

Dalmia-OCL is India's second largest manufacturer of high-grade refractory products. Part of the
INR 10,000 crore Dalmia Bharat group, Dalmia-OCL represents two entities Dalmia Refractories
and OCL Refractories that together cater to a wide range of industries including Iron & Steel,
Cement, Glass, Non-ferrous metals, amongst others.
With five raw material mines, four manufacturing plants and a specialized refractory R&D Center
in India supplemented by a manufacturing unit in China, Dalmia-OCL offers the most
comprehensive range of refractory products covering almost every application.
Over 4500 man-years of refractory experience in the team and dedicated specialists at customer
locations enables Dalmia-OCL to deliver unparalleled solutions and services in India and across
the world.

1.9 DALMIA NEWTHINK!

Dalmia Cement, a pioneer in the Indian Cement Industry has consistently innovated and offered
customers best-in-class products for more than 70 years.
The Quality of our products and Innovation is what has made us unique in the Indian Cement
Industry. We have given India several vital projects from dams to critical defence installations and
created special cements for special applications with new and innovative technologies. This spirit
of innovation has fuelled the development of specialty cements for special needs, which includes
strengthening Airstrips, concretizing Railway Sleepers, cementing Oil Wells, etc. In this journey
of success we have always been the benchmark of the latest and best technology with an endurance
to achieve noteworthy milestones.

SOIL AND WATER CONSERVATION

Land and water support all life on earth. Our communities, wherever they may be settled, depend
on both to carry out the activities of daily life, to look after their homes, to take care of cattle and
livestock and to irrigate their fields. Healthy landscapes and water systems are essential if we are
to secure livelihoods and wellbeing of future generations and our environment.

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 With 97% of the total water available on earth being in oceans and another 2% in glaciers, we
are left with only about 1% of fresh water for usage. It is therefore, a challenge and necessity to
conserve fresh water. True to the fact many of our program locations face this challenge having
water table as low as 500 feet below the ground level mainly because of unchecked withdrawal
for agricultural purposes. Therefore we work both on water harvesting and on water usage with
the neighboring communities. We are expanding our partnerships with Institutions like
NABARD to scale-up the program intensifying at locations and adding on new geographies. The
program also aims at checking fast soil erosion in the program areas.

 Water harvesting projects

 Micro-irrigation projects

1.10 ORGANIZATIONAL CULTURE

Dalmia Bharat Foundation, popularly known as DBF, is a registered not-for profit organization
set up under the Income Tax Act, 1961. It is committed to carry forward the seven-decade long
legacy of Dalmia Bharat Group through conscientious corporate citizenship. The Foundation
started its journey in the year 2009, as the Corporate Social Responsibility (CSR) arm of the
Group companies, along the lines with UN Millennium Development Goals (MDGs).

As we get closer to achieving the goals related to MDGs set earlier, we have started to calibrate
the focus on issues which are more material, both to the communities and to us. One such issue is
Water. Therefore, we are working both on water harvesting and on water usage with the

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 neighbouring communities. The other critical issue that is relevant to us and that’s critically
needed in our programme villages is energy conservation. Therefore, we are concentrating on
this issue as well and as a spin-off, are offsetting communities’ carbon foot-prints. We are also
focusing on skill development and growing that extensively as the 3rd vertical of our program, as
we continue to work on MDGs till we achieve the goals in a year or so.

The geographical footprint of the Foundation covers vast regions in the South, North, East,
North-east and some initiatives in the West as well. We are working in 18 districts across 12
states.

1.11 Our Vision

Creating opportunity for every stakeholder to reach their potential

Our Mission

To facilitate the stakeholders hasten their social, economic and environmental progress through
effective management of human and natural capital.

Our Values

 Integrity
 Humility
 Trust & Respect
 Commitment

1.12 OUR PARTNERS

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 SOIL AND WATER CONSERVATION

ENERGY CONSERVATION AND CLIMATE CHANGE MITIGATION

LIVELIHOOD SKILL TRAINING

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SOCIAL DEVELOPMENT

.
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 CHAPTER 2
ENVIRONMENTAL ANALYSIS

INDUSTRY OVERVIEW & OUTLOOK

Steel, Power, and Cement Companies are primary consumers of Refractories. Global
Refractories Market demand is witnessing a steady growth owing to rising demand of high
performance refractories along with the increasing production of steel, cement, and glass
materials across the globe. Among the aforementioned types, steel & iron is the most dominating
end-use industry accounting for more than 70% of the overall consumption. The consolidation in
steel & cement industry is likely to gain pace with the takeover of financially weak companies by
the strong players with advent of the Insolvency and Bankruptcy Code enacted in India. This is
likely to lead to increase in capacity utilization and consequently increase in refractory demands.

Asia-Pacific has the highest share in the market, accounting for nearly 59% of the global market
share in 2017. The large consumer base and the cheaper manufacturing costs in the Asia-Pacific
region are drawing in high FDIs, with India and China being the major players. Long term
outlook for cement industry to which we mainly cater is likely to be relatively more favorable
given the government’s focus on revival of infrastructure and investment spending. The pace of
recovery in the steel & cement industry is likely to mirror the trends in economic recovery. In the
meantime, the Company is also continuously exploring opportunities in new markets and
developing new improved products through in-house R&D and by improved technologies.

DALMIA REFRACTORIES LIMITED

Opportunities The Government taking steps in several areas including amendments in policy
legislations and with likely increase on infrastructure expenditure, refractory installation activity
is expected to pick up there by leading to better growth prospects for the Refractory Industry.
Currently, our Company is supplying Alumina based refractories particularly for the cement
plants and efforts are being made for technical collaborations and in-house research and
development for producing wider and better range of products to become a complete refractory
solution provider. The Company is also looking for opportunities in other markets.

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Threats,

Risks & Concerns India’s refractory industry sources almost half of its raw material from China
and is now bracing for a shortage that could adversely impact the refractory industry. Due to
intensified pollution control measures in China, most bauxite and magnesite mines have shut
down which has led to a sharp increase in prices of raw material from China, leaving domestic
refractory makers struggling to manage this uncertainty of availability of material & volatility in
the prices. Hence, High dependence on imports for major raw materials like bauxite and
magnesite and adverse foreign exchange fluctuations and inability to pass on the increase in the
cost to the customers, continues to be a cause of concern.

Human Resources

The Company believes that human resource is the most important and valuable resources of an
organization. It fosters a culture that is performance oriented, promotes rewards for results and
helps its people grow. The Company believes in the development of employees at professional
and personal level by providing necessary training and taking care of employee welfare. During
the year, the industrial relations continued to be cordial.

INTERNAL CONTROLS AND THEIR ADEQUACY

The Company has an appropriate internal control system commensurate with the size of the
Company. The internal auditor of the Company conducts regular internal audits and the Audit
Committee conducts periodic reviews to adjudge the adequacy and effectiveness of internal
control systems and undertakes corrective measures whenever required.

Segment wise Performance

The Company is primarily engaged in manufacture and supply of refractories and is managed
organizationally as a single unit. Accordingly, the company is a single business segment
company.

PROJECTS & SERVICES TEAM

The company believes in providing complete solution to its customers. This has inspired the
company to not only offer a range of products that caters to every need, but also to provide
associated and ancillary services that fulfill need-gaps in the refractory industry. We not only

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 manufacture refractory products but also provide end to end turnkey solution for projects and
have a dedicated team of projects and services experts to deliver this.
Our projects team work involves,
 Thoroughly going through the drawing of the machinery which has to be refractory lined.
 Expertise solution providing on selection of proper refractory material needed to be installed
(which gives optimal thermal efficiency and long lasting life of lining)
 Proper Scheduling and timely completion of projects.
Mr. Puneet Dalmia, Promoter - Dalmia Bharat Group, has taken the refractories business to the
next level, setting Dalmia Bharat Refractories as a role model for its peers in the industry. He
hasn’t only guided the company to come up with better refractory products for the user
industries, but also the associated and ancillary services to make Dalmia Bharat Refractories a
complete refractory solutions provider in the country.
Employee Benefits

Expenses and liabilities in respect of employee benefits are recorded in accordance with Indian
Accounting Standard (Ind AS)-19 - ‘Employee Benefits’.

 Short-term employee benefits

Short-term employee benefits in respect of salaries and wages, including non-monetary benefits
are recognised as an expense at the undiscounted amount in the Statement of Profit and Loss for
the year in which the related service is rendered

 Defined contribution plan

Retirement benefits in the form of provident fund , pension scheme and superannuation scheme
and ESI are a defined contribution plan and the contributions are charged to the statement of
profit and loss of the year when the contributions to the respective funds are due. There are no
other obligations other than the contribution payable to the provident fund.

R&D
In our quest to innovate and develop the very best in refractory products, we have established
state-of-the-art research and development institutions - the Dalmia Institute of Scientific and
Industrial Research (DISIR), one in Tamil Nadu and another at Orissa.

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An important part of the group, these two R & D and training institutions are independent
entities dedicated to the continuous up gradation of quality refractory products.

Refractory industry overview

The global refractory market is forecast to grow at a CAGR of 0.7%, reaching 39.8 million
tonnes by 2017, according to an independent study. Although growth has slowed in recent years,
refractory demand and value is still very significant. In the present scenario, acquiring overseas
interests, whether at raw material sources, processing plants, or clients to export to, could
become vital for refractory companies especially in developed countries.
The principal applications of refractories are in iron and steel industries, cement, glass, non-
ferrous metals, petro-chemicals and fertilizer industry, chemicals, ceramics and even thermal
power stations and incinerators. Steel is the largest market for refractories, both historically and
at present.
Indian refractories industry boasts of a capacity of nearly 2.4 million tonnes. It is catering to the
steel industry in India, majorly apart from the demand from glass, cement and other allied
industries. Refractory industry also faces some profound challenges which are: Fall in demand
from steel industry – Being the biggest customer for refractories, the fortune of the refractory
industry in India have invariably been influenced by the growth and technological changes in the
Steel industry. The sector contributes to nearly 2% of the gross domestic product (GDP). At
present, with the domestic consumption of steel soaring high, steel makers are relying on imports
from outside (mainly China) for their refractory needs. China being a major supplier has imposed
restrictions on exports of raw materials to support its local market. This in turn acts as an
impediment to Indian refractory makers as steel producers directly import refractories as finished
products from China. Low capacity utilizations - As alike cement, the refractories also face low
utilizations as the products are imported from outside by the final consumers.
Growth of Cement Industry - Since Cement industry is another consumer of refractories, all
the challenges for the cement industry are shared by the refractories as well.
The Road Ahead: - With the growth of the factors mentioned below, refractory industry is
poised for a better future.
National Economic Growth – The overall economic growth of the country has been dismal this
year. However, there is a huge potential of growth due to the fiscal and monetary reforms being

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employed. There are concerted efforts being taken to revive the economy, which have started
showing some signs. Particularly for the refractory sector, the dismal performance of the mining
sector acted as an impediment to the demand due to low production of raw materials. This
translated to a low production and hence infrastructural development. With due actions being
taken, there is huge scope of increase in demand going forward.
Steel Industry Upsurge: Going forward, the refractory market is set up for a global turnaround
due to spurt in demand for steel in lieu of more demand for infrastructure as a response to
urbanization. As per a NASDAQ study, the overall scenario is expected to improve in FY14.
World steel demand is expected to increase by 3.3% to 1,523 MnT driven by a further pickup in
global steel demand with the developed economies increasingly contributing to growth. Also, it
is believed that most of the exports to the World would go from Asian countries including India
and China due to low cost manufacturing.

In India, the situation at hand is not dependent only on urban growth. The rural sector, which has
a low per capita consumption of steel, at 12 kgs, shows a huge potential going forward. The
overall Indian average per capita consumption is 59 kgs. Thus, even if urbanization is restricted,
India is open for a steel demand from its rural sector. This is a positive sign for the refractory
manufacturers in India as the Government and private sector of the country are significantly
investing into infrastructure and other allied industries, which require steel as a basic input.
Global market penetration: Indian refractory industry has established technology of the
products, therefore, ample opportunity lies for export, particularly those refractories which are
manufactured by domestic raw materials.
Low cost manufacturing: With the advantage of low cost manufacturing, India is bestowed
with a huge potential from industries like copper (smelting), aluminum, zinc and production of
ceramic wares and glass. These industries also use refractories in the furnaces.
OCL India Ltd. – A review With a strong presence across the four states – Odisha, West
Bengal, Bihar and Jharkhand-- OCL India today is one of the oldest names in the industry. It is
engaged in the manufacture of cement and refractories.
OCL India has cemented the foundation for many famous monuments and other significant sites
in India since its inceptionthe Jagannath Temple, Puri and TISCO/Jamshedpur Plant and Jindal
Steel and power plants at Angul, to name a few

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Operational Overview –Moving towards self-sufficiency The Company has had a considerably
well-off year compared to the industry. Operationally, OCL India made few significant
developments during the year, which include:
Completion of West Bengal Cement plant 6 months ahead of time – OCL has added an
additional capacity to its kitty by bringing in an additional plant at Midnapur, West Bengal. This
brings the total capacity of OCL to 6.7 million TPA from 5.35 million TPA earlier. The plant has
already started functioning.
Lanji Berna mines issue resolution restoring raw materials security- The Company also restored
itself a security for a longer period ahead in time by acquiring license for its limestone mines at
Lanji Berna. The Company had to temporarily shut down two kilns at Rajgangpur as it had
already exhausted the limit of limestone production at Lanji Berna limestone and Dolomite
mines to the extent of 1.7 million TPA during 2012-13. Now with the issue resolved with a
renewed license, there is a lot of positivity surrounding OCL’s smooth functioning in the area.

Captive power plants in operation in full swing – The Company has also got its two captive
power plants of 27 MW each functioning smoothly from this year. With both the plants now
stabilized, the Company is now self-sufficient in terms of its power needs.

Financial Overview – Self-sufficiency through cost optimization OCL India has implied a
continuous focus on the four markets it operates in this year. There has been an aggressive focus
to penetrate even deeper into these markets.

There have been several moves made towards self-sufficiency during the year, which have added
to the costs of the Company but are seen as necessary investments into the future.

• Cost reduction measures through commencement of captive power units and strong prices in
the eastern region promises strong outlook for the Company. The Company has actually reduced
its power and fuel expenses in the year by 10.33 % to `284.44 crores from `317.22 crores last
year.

• The Company has put an aggressive focus on marketing and brand improvement through
concerted efforts.

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• Significant reduction in finance cost by 11.63% due to measures like interest cost
rationalization.

Segmental Overview - The two segments of the Company have been contributing consistently
to the growth of the Company in eastern India. Out of the two divisions, Cement division of the
Company contributes ~80-83% of its revenues every year. The ‘Konark’ brand of the Company
is a leading brand in Odisha with 51% sales and is gaining ground in other markets of OCL.

The refractory division, in spite of being of a fragmented nature, is building a strong repute of its
own with each passing day. Globally, OCL India is one of the very few producers of Coke Oven
Silica bricks apart from other refractory products.

Cement division The cement division of the Company has been performing well over the years
and the Company has been putting in conscious efforts to retain its strong position in East India.

Cement - Operational Highlights

Completion of the new plant: The Medinipur (West Bengal) plant was completed 6 months
ahead of time. It has added 1.35 MnT to add to Company’s existing cement manufacturing
capacity of 5.35 MnT through existing plants in Rajgangpur and Kapilas

Raw material security: With the resumption of work at the Lanji Berna mines, the Company
has assured itself raw material security

Power self-sufficiency: Both the captive power plants of the Company are up and running,
which provides self-sufficiency to the Company by catering to the need of the cement division.

Refractory Division

This division of the Company boasts of a distinct international presence in terms of sales. It
spans through five continents with strong presence amongst its global peers. The Company also
boasts of a state-of-the-art R&D facility, which is continuously engaged into adapting to latest
technologies and improving upon the existing practices. The strong hold of 92 patents is itself a
proof of the consistent performance over the years.

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Operational Highlights

OCL India has achieved a self-attained goal of being more resource efficient through the practice
of bringing in the most cost-effective strategies.

Repeated orders: This year, the Company enjoyed yet another stream of repeated orders from
clients from steel, glass and copper industry segments domestically and globally. The installed
capacity of 0.106 million tonnes per annum justifies its existence well for the Company.

REASONS FOR VARIATION IN THE CONSUMPTION OF POWER AND FUEL FROM

STANDARDS OR PREVIOUS YEAR: CEMENT:

1) In Financial Year 2014 there has been improvement in specific heat and power consumption
of both kilns.

2) Raw mix optimization

3) Reduction in degree of calcinations

4) Reduction in residue of raw meal

5) Some of the energy and fuel saving proposals have been:

i. Kiln inlet seal replacement.

ii. Arrest of false air in raw mill circuit and Pre heater circuit

iii. Coal mix optimization

iv. VFD installation at various circuits.

v. Optimization of CVRM and internal modifications

vi. PPC intermixing instead of inter grinding.

vii. Maximizing kiln and cooler hot air utilization in CVRM by arresting false air in the circuit.
viii. Line 1 kiln outlet seal modification

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 Dalmia Bharat Group looks to acquire refractory units in Europe to push
exports

Exports currently account for 10% of group’s ₹500-crore refractory business

The ₹10,000-crore Dalmia Bharat Group is looking for acquisitions overseas, specifically in
Europe, as part of growing its refractory business.

Plans are also afoot to appoint representatives in Bangladesh, West Asia, Africa and Russia to
grow exports.

According to Sameer Nagpal, CEO - Refractories, Dalmia Bharat Group, exports currently
account for nearly 10 per cent (₹50 crore) of its ₹500-crore refractory business.

The plan is to double it over the next 1-2 years.

“We are actively looking for acquisitions in Europe as it is the hub of refractory business. This
will help us tap the European market,” Nagpal told BusinessLine.

Sources say many smaller companies are up for acquisition in Europe, in contrast to larger ones.

The refractory industry has over the past 10 years, gone through consolidation, leading to lesser
scope in the segment.

Nagpal however refused to divulge any details on the size of such acquisitions.

“It is only the smaller ones (where acquisition opportunities are available), and where we are in a
position to fund them. They are not huge investments. Rather, I would call them critical
investments,” he said.

Dalmia Bharat Group is currently present in Europe through a network of agents — primarily,
smaller refractory service companies, for addressing local customers’ needs. International
acquisition will help the company upgrade its technology.

The group’s refractory business comprises Dalmia Refractories and OCL Refractories.

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Dalmia-OCL has four manufacturing plants in India and one in China.

REFRACTORY:

1) FURNACE OIL:-Furnace oil consumption in 13-14 is less than 12-13 because of running the
BTK at its optimum speed by clubbing temperature schedule production volume in different
batches.

2) COAL:-Coal consumption per unit production in 13-14 is less than 12-13 due to a) Payload
for silica bricks/bench in chamber kiln has been increased by maintaining solid loading pattern
and removing silica partition walls and benching materials in two kilns. b) Two nos of Hot air
generators running by producer gas for drying concast product were stopped after using waste
heat from bell kilns and FB Chamber Kiln.

3) The electricity consumption KWH/MT has come down from 301 to 294 as hot airfrom
chamber kiln to dryer was utilised for drying green CC products. Flue gas from bell kiln to dryer
was utilized for drying finish CC products. Further, all the panel Air conditioners of CNC
machines have been interlocked with the operating control of machines to reduce energy
consumption due to idle running of air conditioners.

Better capacity utilization

According to Nagpal, higher exports will lead to better capacity utilisation.

Capacity utilisation in India has been under pressure due to low demand from the domestic steel
industry.

The capacity utilisation for the refractory industry as a whole has been close to 50-55 per cent.
Refractory products are used in high-temperature processes that go into the making of metals,
cement, glass and ceramics.

The steel industry is one of the biggest consumers, accounting for nearly 60-70 per cent of the
segment’s total production.

“In India, the refractory industry is going through a lot of churn. It will take time to recover. So
we are focussing on West Asia, Africa and Russia for better capacity utilisation of our products,”
he said.

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Product diversification
Meanwhile, for its domestic market, the company will work on readjusting its product portfolio.

Focus will be on high-performance bricks for cement kilns, looking for alternatives for magnesia
bricks to hedge against uncertainties in raw material availability, and producing special-quality
bricks for making high-purity steel.

Product diversification and plant modernisation will entail an investment of ₹80-100 crore in the
next couple of years.

2.4 Consolidated financial

2.4.1 performance
Revenues: Revenues stood at Rs. 8,581 crore, increasing by 15%, compared to Rs. 7,447 crores a
year back Operating profit: Operating profit increased by 7% during FY2017-18 to Rs. 2,014
crores from Rs. 1,895 crores a year back Finance costs: Finance costs for the year under review
decreased by 20% from Rs. 856 crores to Rs. 690 crores mainly because of repayment of loans
Tax expenses: Tax expenses for the year stood at Rs. 98 crores as compared to Rs. 75 crores in
FY2016-17 Net profit: Net profit for the year under review stood at Rs. 292 crore
as compared to Rs. 44 crores in the previous year
2.4.2 Operations and Business Performance
Sustained value creation is rooted in our core values and we have always attempted to integrate
needs of our people, customers, community and the environment into our operating and
governance model. This report reflects our efforts towards mnakig our business a sustainable one
while creating a better environment for our talents, customers, shareholders, suppliers and
communities at large. Our aim is to be the best amongst our peers while delivering returns to
all our stakeholders. The net revenue of the Company for the financial year 2017-18

has increased by 21.36% which is Rs. 125 crore as compared to Rs. 103 crore in financial year
2016-17 and the profit before tax for financial year 2017-18 has increased by 64.91% which
is Rs. 94 crore as compared to Rs. 57 Crore in financial year 2016-17.
The performance of the Company along with its subsidiaries, associates and joint venture
companies during financial year 2017-18 is a showcase of how cement companies that have
invested in the right strategy can grow across industry cycles. The Group has focused on
improving all the efficiencies parameter which in turn has helped to improve the margins.

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The result is that we have been successful in increasing gross revenue of the Group for the
financial year 2017-18 by 5.85% which is Rs. 8828 crore as compared to Rs. 8340 crore in
financial year 2016-17 and the profit before tax for financial year 2017-18 has increased by
260% which is Rs. 389 crore as compared to Rs. 108 crore in financial year 2016-17.
Management Discussion and Analysis for the year under review, as stipulated in the Securities
and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015, giving detailed analysis of the performance of the Company and the group is
presented in a separate section forming part of this Annual Report. The Company is engaged in
the business of, inter alia, providing management services.
2.5 SWOT ANALYSIS OF DALMIA
The four key elements of SWOT analysis are - Strengths, Weaknesses, Opportunities &
Threats. Dalmia Bharat can use strengths to create niche positioning in the market, can strive to
reduce & remove weaknesses so that it can better compete with competitors, look out to leverage
opportunities provided by industry structure, regulations and other development in external
environment, and finally make provisions and develop strategies to mitigate threats that can
undermine the business model of Dalmia Bharat.

Opportunities Threats
Strengths Strength Opportunities (SO) Strength Threats (ST) Strategies
Strategies
Dalmia Bharat can use two approaches -
Using Dalmia Bharat strengths to building on present strengths, or analyze
consolidate and expand the market the trend and build processes to two
position. pronged market penetration approach.
Weaknesses Weakness Opportunities (WO) Weaknesses Threats (WT) Strategies
Strategies
Dalmia Bharat should just get out of
Building strategies based on these business areas and focus on
consumer oriented product strength and threats box , or on weakness
development and marketing and opportunities box.
approach.

2.5.1 Strengths - Dalmia Bharat: Social Return on Investment

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Strengths are the Dalmia Bharat capabilities and resources that it can leverage to build a
sustainable competitive advantage in the marketplace. Strengths come from positive aspects of
five key resources & capabilities - past experiences and successes, activities & processes, human
resources, physical resources such as land, building, and financial resources .

- Diverse Product Portfolio of Dalmia Bharat – The products and brand portfolio of Dalmia
Bharat is enabling it to target various segments in the domestic market at the same time. This has
enabled Dalmia Bharat to build diverse revenue source and profit mix.

- Strong relationship with existing suppliers – As an incumbent in the industry, Dalmia Bharat
has strong relationship with its suppliers and other members of the supply chain. According to
Utkarsh Majmudar, Namrata Rana , the organization can increase products and services by
leveraging the skills of its suppliers and supply chain partners.

- Managing Regulations and Business Environment – Dalmia Bharat operates in an environment

where it faces numerous regulations and government diktats. In Manufacturing, Social
responsibility, Sustainability areas, the firm needs to navigate environment by building strong
relationship with lobby groups and political network.

- Strong Brand Equity and Brand Awareness – Dalmia Bharat has some of the most recognized
brands in the domestic market it operates in. According to Utkarsh Majmudar, Namrata Rana ,
brand recognition plays a significant role in attracting new customers looking for solutions in
Manufacturing, Social responsibility, Sustainability adjacent industries.

- First Mover Advantage – Dalmia Bharat has first mover advantage in number of segments. It
has experimented in various areas Manufacturing, Social responsibility, Sustainability. The
Global Business solutions & strategies has helped Dalmia Bharat in coming up with unique
solution to tap the un-catered markets.

- Robust Domestic Market that Dalmia Bharat Operates in - The domestic market in which
Dalmia Bharat is operating is both a source of strength and roadblock to the growth and
innovation of the company. Based on details provided in the Dalmia Bharat: Social Return on
Investment case study – Dalmia Bharat can easily grow in its domestic market without much

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innovation but will require further investment into research and development to enter
international market. The temptation so far for the managers at Dalmia Bharat is to focus on the
domestic market only.

- Superior product and services quality can help Dalmia Bharat to further increase its market
share as the current customer are extremely loyal to it. According to Utkarsh Majmudar, Namrata
Rana in Dalmia Bharat: Social Return on Investment study – there are enough evidences that
with such a high quality of products and services, Dalmia Bharat can compete with other global
players in international market.

2.5.2 Weakness- Dalmia Bharat: Social Return on Investment

Weaknesses are the areas, capabilities or skills in which Dalmia Bharat lacks. It limits the ability
of the firm to build a sustainable competitive advantage. Weaknesses come from lack or absence
of five key resources & capabilities - past experiences and successes, financial resources,
activities & processes, human resources, and physical resources such as land, building .

- Dalmia Bharat business model can be easily replicated even with the number of patents and
copyrights the company possess. The intellectual property rights are very difficult to implement
in the industry that Dalmia Bharat operates in. According to Utkarsh Majmudar, Namrata Rana ,
Intellectual Property Rights are effective in thwarting same size competition but it is difficult to
stop start ups disrupting markets at various other levels.

- Lack of Work force diversity – I believe that Dalmia Bharat is not diverse enough given that
most of its growth so far is in its domestic market. According to Utkarsh Majmudar, Namrata
Rana , this can reduce the potential of success of Dalmia Bharat in the international market.

- Low Return on Investment – Even though Dalmia Bharat is having a stable balance sheet, one
metrics that needs reflection is “Return on Invested Capital”. According to Utkarsh Majmudar,
Namrata Rana in areas Manufacturing, Social responsibility, Sustainability that Dalmia Bharat

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operates in the most reliable measure of profitability is Return on Invested Capital rather than
one favored by financial analysts such as – Return on Equity & Return on Assets.

- Track record on environment consideration is not very encouraging – Dalmia Bharat track
record on environmental issues is not very encouraging. According to Utkarsh Majmudar,
Namrata Rana , this can lead to consumer backlash as customers are now considering
environmental protections as integral to part of doing business.

- Organization Culture – It seems that organization culture of Dalmia Bharat is still dominated by
turf wars within various divisions, leading to managers keeping information close to their chests.
According to Utkarsh Majmudar, Namrata Rana of Dalmia Bharat: Social Return on Investment
case study, this can lead to serious road blocks in future growth as information in silos can result
can lead to missed opportunities in market place.

- Inventory Management – Based on the details provided in the Dalmia Bharat: Social Return on
Investment case study, we can conclude that Dalmia Bharat is not efficiently managing the
inventory and cash cycle. According to Utkarsh Majmudar, Namrata Rana , there is huge scope
of improvement in inventory management.

2.5.3 Opportunities- Dalmia Bharat: Social Return on Investment

Opportunities are macro environment factors and developments that Dalmia Bharat can leverage
either to consolidate existing market position or use them for further expansion. Opportunities
can emerge from various factors such as - political developments & policy changes,
technological innovations, increase in consumer disposable income, economic growth, and
changes in consumer preferences .

- Increasing Standardization – Dalmia Bharat can leverage this trend to reduce the number of
offerings in the market and focus the marketing efforts on only the most successful products.

- Increase in Consumer Disposable Income – Dalmia Bharat can use the increasing disposable
income to build a new business model where customers start paying progressively for using its
products. According to Utkarsh Majmudar, Namrata Rana of Dalmia Bharat: Social Return on

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Investment case study, Dalmia Bharat can use this trend to expand in adjacent areas
Manufacturing, Social responsibility, Sustainability.

- Lucrative Opportunities in International Markets – Globalization has led to opportunities in the

international market. Dalmia Bharat is in prime position to tap on those opportunities and grow
the market share. According to Utkarsh Majmudar, Namrata Rana , growth in international
market can also help Dalmia Bharat to diversify the risk as it will be less dependent on the
domestic market for revenue.

- Growing Market Size and Evolving Preferences of Consumers – Over the last decade and half
the market size has grown at brisk pace. The influx of new customers has also led to evolution of
consumer preferences and tastes. This presents Dalmia Bharat two big challenges – how to
maintain loyal customers and how to cater to the new customers. Dalmia Bharat has tried to
diversify first using different brands and then by adding various features based on customer
preferences.

- Developments in Artificial Intelligence – Dalmia Bharat can use developments in artificial

intelligence to better predict consumer demand, cater to niche segments, and make better
recommendation engines.

- Opportunities in Adjacent Markets – Dalmia Bharat can explore adjacent industries

Manufacturing, Social responsibility, Sustainability to further market growth especially by
extending the features of present products and services.

2.5.4 Threats- Dalmia Bharat: Social Return on Investment

Threats are macro environment factors and developments that can derail business model of
Dalmia Bharat. Threats can emerge from various factors such as - political developments &
policy changes, increase in consumer disposable income, economic growth, technological
innovations, and changes in consumer preferences .

- Culture of sticky prices in the industry – Dalmia Bharat operates in an industry where there is a
culture of sticky prices. According to Utkarsh Majmudar, Namrata Rana of Dalmia Bharat:

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Social Return on Investment case study, this can lead to inability on part of the organization to
increase prices that its premium prices deserve.

- Government Regulations and Bureaucracy – Dalmia Bharat should keep a close eye on the fast
changing government regulations under the growing pressure from protest groups and non
government organization especially regarding to environmental and labor safety aspects.

- Increasing costs component for working in developed market because of environmental

regulations – Dalmia Bharat has to deal with these costs as governments are trying to levy higher
environmental taxes to promote cleaner options. For Dalmia Bharat it may result into higher
logistics costs and higher packaging costs.

- Increasing bargaining power of buyers – Over the years the bargaining power of customers of
Dalmia Bharat has increased significantly that is putting downward pressure on prices. The
company can pursue horizontal integration to consolidate and bring efficiencies but I believe it
will be a short term relief. According to Utkarsh Majmudar, Namrata Rana , Dalmia Bharat
needs fundamental changes to business model rather than cosmetic changes.

- Threats of New Entrants because of Reducing Costs and Increasing Efficiencies – As Dalmia
Bharat can leverage low cost of reaching customers using social media and e-commerce, so can
the competitors – both local and international competitors.

- International Geo-Political Factors – Since the Trump election, geo-political factors have taken
a turn for growing protectionism. Developments such as Brexit, Russian sanctions, foreign
exchange crisis & inflation in Venezuela, lower oil prices etc are impacting international
business environment. Dalmia Bharat should closely focus on these events and make them
integral to strategy making.

2.6 PESTEL ANALYSIS

2.6.1 Political Factors that Impact Dalmia Bharat: Social Return on Investment

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- Political Governance System – Based on the information provided in the Dalmia Bharat: Social
Return on Investment case study, it seems that the country have a stable political system. Dalmia
Bharat can make strategies based on the stable political environment.

- Role of Non-Government Organization, Civil Society & Protest Groups – The country has a
vibrant civil society community and Dalmia Bharat should build bridges with them and seek out
areas of co-operations. Civil society groups are influential not only in policy making but also in
building a society wide narrative.

- Judiciary Independence – In the matter of commercial and business decisions, judiciary of the
country is independent to a large extent. Business do face problem when the conflict is between
public interest and proprietary technology similar to ruling in South Africa where government &
judiciary allowed generic AIDS drug irrespective of patents of global companies.

- Unrest within the Country & Chances of Civil Unrest – We don’t think that Dalmia Bharat
business operations are facing any dangers from any kind of civil unrest or internal militant
operations in the country.

- Likelihood of Entering into an Armed Conflict – From the information in the Dalmia Bharat:
Social Return on Investment case study, I don’t think there is a likelihood of country entering
into an armed conflict with a neighboring country.

- Segregation of Political Responsibilities between Different Government Agencies – There are

numerous government agencies which reduces the risk of overwhelming pressure by one agency.
But on the flip side it does increases both time and cost of doing business and getting
certifications and clearances.

- Government Regulations and Deregulations – The government is adhering to all the rules and
regulations under World Trade Organization norms. There is consistency in both policy making
and implementations of those policies.

- Democracy & Other Democratic Institutions – According to Utkarsh Majmudar, Namrata Rana
the democratic institutions are needed to be strengthened further so that business such as Dalmia

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Bharat can thrive in an open, transparent and stable political environment. Strengthening of
democratic institution will foster greater transparency and reduce the level of corruption in the
country.

2.6.2 Economic Factors that Impact Dalmia Bharat: Social Return on Investment

- Fiscal and Monetary Policies – The Republican government tax break culture has increased the
deficit and it can lead to fiscal trouble for the economy in coming years.

- Consumer Disposable Income – The household income of the country has increased constantly
in the last decade and half, compare to the USA market where household income is still below
2007 levels and not increased in real terms since early 1980’s. Dalmia Bharat can leverage this
trend to expand the market beyond its traditional customers by employing a differentiated
marketing campaign.

- Foreign Exchange Rate – Number of companies have incurred losses in past few years because
of forex risk in – Venezuela, Brazil, and Argentina. Dalmia Bharat should be careful about the
history of forex risk before entering new market. Many US companies have incurred losses in
Mexico in regular forex crisis in that country.

- Price Fluctuations in both Local and International Markets – Compare to the level of
quantitative easing in last decade the prices of Dalmia Bharat products and prices of overall
products have remained sticky in the US market. Dalmia Bharat should consider the fact that at
deficit levels of United States in an emerging economy can lead to rampant inflation and serious
risks of currency depreciation.

- GDP Trend & Rate of Economic Growth – The higher GDP growth rate signals growing
demand in the economy. Dalmia Bharat can leverage this trend by expanding its product range
and targeting new customers. One way to start is by closely mapping the changes in – consumer
buying behavior and emerging value proposition.

- Inequality Index / Ranking on Gini Index – Gini Index and level of inequality are a great
barometer for harmony and development of a society. If there is huge income inequality in the

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society then the likelihood of conflict and crime increases. It can lead to uncertainty and
suppression of consumption in both short term and long term.

- Level of Household Income and Savings Rate – Increasing consumption and stagnant
household income in United States had led to credit binge consumption. It has decimated the
culture of savings as people don’t have enough to save. Dalmia Bharat needs to be careful about
building marketing strategy that is dependent on “Purchase on Credit” consumer behavior.

2.6.3 Social Factors that Impact- Dalmia Bharat: Social Return on Investment

- Attitude towards Leisure – Dalmia Bharat should conduct an ethnographic research to

understand both attitude towards leisure activities and choice of leisure activities. Experience
economy is one of the fastest growing segments both among millennials and among baby-
boomers.

- Attitude towards Savings – The culture of saving in US and China is totally different where
savings rate in China is around 30% , it is well below 15% in United States. This culture of
consumption and savings impact both type of consumption and magnitude of consumption.

- Demographic Trend – The demographic trend is one of the key factors in demand forecasting
of an economy. For example as the population of USA and EU is growing old the demand for
products mostly catering to this segment will grow. Dalmia Bharat should consider demographic
trends before new product developments and integrate features that cater to this segment. As
population is ageing it will require less tech intensive products.

- Attitude towards Authority – Various cultures in different part of the world have different
attitude towards authority. In Asia authority is respected while in west it is something to rebel
against. Dalmia Bharat should carefully analyze the attitude towards authority before launching a
marketing campaign for its products and services.

- Education Level in Society – Education level of the society impacts both the quality of jobs and
level of income. High level of education often results in better jobs, higher income and higher
spending on complex and aspirational products.

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- Gender Composition in Labor Market Dalmia Bharat can use gender composition of labor
market to understand the level of liberal nature of the society, women rights, and women’s say in
matter of societal issues and consumption decisions. The gender composition of labor market is a
good indicator of disposal income of household, priorities of the households, and related needs.

- Types of Immigration & Attitude towards Immigrants – Given the latest developments such as
Brexit and Immigrant detention on Southern border of United States. Attitude towards
immigration has come under sharp focus. Dalmia Bharat should have capabilities to navigate
under this hyper sensitive environment.

- Birth Rate – Birth rate is also a good indicator of future demand. USA has avoided the
European Union style stagnant economy on the back of slightly higher birth rate and higher level
of immigration.

2.6.4 Technological Factors that Impact Dalmia Bharat: Social Return on Investment

- Transparency & Digital Drive – Dalmia Bharat can use digitalization of various processes to
overcome corruption in the local economy.

- Level of Acceptance of Technology in the Society – Dalmia Bharat has to figure out the level
of technology acceptance in the society before launching new products. Often companies enter
the arena without requisite infrastructure to support the technology oriented model.

- Integration of Technology into Society & Business Processes – Uber failed in China because it
tried to enter before smartphone were widespread in China. Dalmia Bharat should build a
strategy that can integrate societal values, infrastructure, and Dalmia Bharat business model.

- Likelihood of Technology Disruption – If the country is hub of technology companies then

there is a high chance of technology disruption among various industries. Dalmia Bharat has to
assess whether it can live with the fast pace of technology disruption in its industry.

- Technology transfer and licensing issues for Dalmia Bharat – laws and culture of licensing of
IPR and other digital assets should be analyzed carefully so that Dalmia Bharat can avoid
shakedowns and IPR thefts.

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- Mobile Phone & Internet Penetration – Dalmia Bharat should assess the level of internet and
mobile phone penetration in the country as it will it in building a requisite business model based
on local needs and realities.

- Cost of Production and Trends – Dalmia Bharat should assess - What are the cost of production
trends in the economy and level of automatization. We at EMBA Pro believe that in near future
the sector most disrupted by technological innovation is manufacturing and production.

- Intellectual Property Rights and Patents Protection – Before entering new market Dalmia
Bharat should focus on the environment for intellectual property rights.

2.6.5 Environmental Factors that Impact Dalmia Bharat: Social Return on Investment

- Environmental Standards and Regulations both at National & Local Levels – Often the
environment policy at national and local level can be different. This can help Dalmia Bharat in
numerous decisions such as plant location, product development, and pricing strategy.

- Level of Consumer Activism Regarding Environmental Concerns – Dalmia Bharat needs to

know the level of consumer activism regarding environmental concerns is. It will help Dalmia
Bharat in both developing environmentally friendly products and thwarting PR stumble blocks.

- Recycle Policies – What are the recycle policies in prospective market and how Dalmia Bharat
can adhere to those policies.

- Per Capita and National Carbon Emission – What is the per capita carbon emission of the
country and what is the overall level of carbon emissions of the country. This will help in better
predicting the environment policy of the country.

- Paris Climate Agreement and Commitment of National Government under the Agreement –
What are the commitments of the country under the Paris Agreement and what is the general

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level of consensus regarding Paris Climate Agreement in the country. For example Trump not
standing by US commitments created an environment of uncertainty.

- Environmental Regulation Impacting Absolute Cost Advantage Dynamics in the Industry.

- Waste Management – What is the policy of waste management in the prospective market and
how Dalmia Bharat can adhere to the waste management requirements in that market.

2.6.6 Legal Factors that Impact Dalmia Bharat: Social Return on Investment

- Health & Safety Laws – What are the health and safety laws in the country and what Dalmia
Bharat needs to do to comply with them. Different countries have different attitude towards
health and safety so it is better for Dalmia Bharat to conduct a thorough research before entering
the market.

- Securities Law – What are the securities law in the country and what are the conditions to list
the company on national or regional stock exchange.

- Adherence to Common Law – Is the country following common law which is uniform for all
parties – whether domestic or international. If there is arbitrariness in the judicial process then
Dalmia Bharat can’t be sure of the judgments.

- Data Protection Laws – Dalmia Bharat needs to assess what are the data laws in the country and
what it needs to do to comply with them. For example most of EU countries now want the EU
citizen data to be saved in EU countries only.

- Independence of Judiciary and Relative Influence of Government – The judiciary independence

often reflect both strength and credibility of the institutions in the country.

- Business Laws – Before entering into new market – Dalmia Bharat has to assess what are the
business laws and how they are different from home market.

- Time Taken for Court Proceedings – Even if the country has best of the laws, it doesn’t mean
much if they can’t be enforced in a timely manner. Dalmia Bharat should do a primary research

39 | P a g e
regarding how much time it often takes to conclude a court case in the country given the sort of
legal challenges Dalmia Bharat can face.

CHAPTER 3
DATA ANALYSIS AND INTERPRETATION
3.1 DATA COLLECTION METHOD:

The data collection method for the study the researcher should keep in the mind the two sources
of data.

• Primary data

• Secondary data.

3.1.1 Primary Data Collection:

Source of primary data:

1. Experimentation

2. Observation

3. Questionnaire schedule

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Primary data has been collected through structured questioner. The questionnaire consisted of a
variety of questions that lay consistent with the objective of the research. .

Questionnaire

The questionnaire was prepared keeping in view the objectives of study.

Questionnaire contains four types of questions

1. Open Ended

2. Dichotomous

3. Fixed Alternative Question

Study Conducted

The primary data was gathered through Tele research. The information was gathered from the
structured questionnaire.

3.1.2 Secondary Data:

Secondary data has been collected from the Company Website, Internet etc.

3.2 LIQUIDITY RATIO’S

3.2.1 CURRENT RATIO

The ratio between all current assets and all current liabilities; another way of expressing
liquidity. It is a measure of the firm’s short-term solvency. It indicates the availability of current
assets in rupees for every one rupee of current liability. A ratio of greater than one means that the
firm has more current assets than current claims against them.

Current Assets
Current ratio = -----------------------------------------
Current Liabilities

Table 5.1.1 Current ratio

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 S. No. Year
CURRENT
CURRENT ASSETS CURRENT RATIO
LIABILITIES
2013‐14 1,612,642,497 638,958,266 2.52
1.

2014‐15 2,280,704,176 1,181,003,846 1.93

2.

2015‐16 3,500,193,294 1,312,272,610 2.67

3.

2016‐17 5,975,961,025 2,020,744,952 2.96

4.

Graph 3.2.1Current ratio

Current Ratio

2.96
2.67
2.52

1.93

2013-14 2014-15 2015-16 2016-17

Current Ratio

Interpretation:

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The standard norm for current ratio is 2:1. During the year 2013 the ratio is 2.52 and it has
decreased to 1.93 during the year 2014 and increased to 2.67 in 2015 and it is increased to 2.67
in the year 2016 and it has increased to 2.96 in the year 2017. The ratio above was standard
except in the year 2008. So the ratio was satisfactory.

3.2.2 QUICK RATIO

Quick ratio establishes a relationship between quick, or liquid, assets and current liabilities. An
asset is liquid if it can be converted into cash immediately or reasonably soon without a loss of
value.

Current Assets - Inventories

Quick ratio = -----------------------------------------
Current Liabilities

Table 5.1.2 Quick Ratio

S.NO Year
QUICK ASSETS CURRENT LIABILITIES QUICK RATIO

1 2013‐14 1,171,683,584 638,958,266 1.83

2 2014‐15 1,708,741,955 1,181,003,846 1.45

2015‐16 2,578,479,879 1,312,272,610 1.96

3.

4,032,625,321 2,020,744,952 1.99

4. 2016‐17

Graph 3.2.2 Quick ratio

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 Quick Ratio

1.96 1.99
1.83

1.45

2013-14 2014-15 2015-16 2016-17

Quick Ratio

Interpretation:
The standard norm for quick ratio is 1:1. Quick ratio is decreased in the year 2014 to 1.83 from
2.45. Then it decreased to 1.45 in the year 2015. And it has increased to 1.96 in the year2016
and then it increased to 1.99 in the year 2017. However the ratio above was above the standard
norm so the ratio was satisfactory.

3.2.3 CASH RATIO: The ratio between cash and marketable securities and current liabilities.

Cash & Bank balances

Cash ratio = -------------------------------
Current liabilities

Table 3.2.3 Cash ratio

S. No. Year CASH&BANK CURRENT

BALANCES LIABILITIES CASH RATIO

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 1.
2013‐14 169,121,827 638,958,266 0.26

2. 205,212,363 1,181,003,846 0.17

2014‐15

3.
2015‐16 256,000,280 1,312,272,610 0.20

4. 2016‐17 511,453,739 2,020,744,952 0.25

Graph 3.2.3Cash ratio

Cash Ratio

0.26
0.25

0.2
0.17

2013-14 2014-15 2015-16 2016-17

Cash Ratio

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Interpretation:
In all the above years the absolute quick ratio is very low. The standard now for absolute quick
ratio is 1:2 the company is failed in keeping sufficient cash & bank balances and marketable
securities.

3.2.4 Net Working Capital ratio: The difference between current assets and current liabilities
excluding short term bank borrowing is called net working capital or net current assets.

Net Working Capital

Net working capital ratio = -----------------------------------------
Net assets

Table 3.2.4 Net Working Capital ratio

S.NO Year NET WORKING NET ASSETS NET WORKING

CAPITAL CAPITAL RATIO
1 2013‐14 973,684,231 1,935,207,714 0.50

2 2014‐15 1,099,700,330 2,191,397,006 0.50

3 2015‐16 2,187,920,684 3,817,892,862 0.57

3,955,216,073 6,501,134,460 0.61

4 2016‐17

Graph 3.2.4 Net working capital ratio

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 Net Working Capita Ratio

0.57

0.5 0.5

0.16

2013-14 2014-15 2015-16 2016-17

Net Working Capita Ratio

Interpretation:
Net working capital ratio is 0.46 in 2013 but increased to 0.50 in the next year i.e. 2014. From
that year the ratio increased to 0.50 in 2015 and followed in 2016 also and increased to 0.16 in
2017 but condition of business working capital is not shortage.

3.2.5 LEVERAGE RATIO’S

3.2.5 DEBT RATIO
If the firm may be Interested in knowing the proportion of the interest bearing debt in the capital
structure.

Total debt
Debt ratio = -----------------------------------------
Total debt + Net worth
+==

Table 3.2.5 Debt ratio

S. No Year TOTAL
TOTAL DEBT DEBT + NET DEBT RATIO
WORTH

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 2013‐14 233,058,880 2,039,907,551 0.11
1.

2014‐15 378,672,427 2,391,525,347 0.16

2.

2015‐16 1,407,083,880 3,843,741,557 0.37

3.

2016‐17 3,162,620,560 3,493,635,030 1.10

4.

Graph 3.2.5 Debt ratio

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 Debt Ratio

1.1

0.37

0.11 0.16

2013-14 2014-15 2015-16 2016-17

Debt Ratio

Interpretation:
This ratio gives result relating to the capital structure of a firm. The debt ratio is 0.08 in the year
2013 it increased to 0.11 & 0.16 in the corresponding years 2014 & 2015. Again it is increased to
0.37 & 1.1 in the year 2016 & 2017. From the above in fluctuation trend we can conclude that
the company’s dependence on debt is increasing. It is not better position is collection of debt.

3.2.6 DEBT EQUITY RATIO

Debt equity ratio indicates the relationship describing the lenders contribution for each rupee of
the owner’s contribution is called debt- equity ratio. Debt equity ratio is computed by dividing
Long term Liabilities divided by Equity. Lower debt – equity ratio higher the degree of
protection. A debt-equity ratio of 2:1 is considered ideal.

Long term liabilities

Debt equity ratio = -----------------------------------------
Equity
+==

Table 5.2.2 Debt equity ratio

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 S. No YEAR TOTAL DEBT NET WORTH D.E.RATIO

2013‐14 233,058,880 1,806,848,671 0.13

1.

2014‐15 378,672,427 2,012,852,920 0.19

2.

2015‐16 1,407,083,880 2,436,657,677 0.58

3.

2016‐17 3,162,620,560 3,331,014,470 0.95

4.

Graph 3.2.6 Debt equity ratio

Debt equity ratio

0.95

0.58

0.19
0.13

2013-14 2014-15 2015-16 2016-17

Debt equity ratio

Interpretation:
The ratio gives results relating to the capital structure of a firm. Debt equity ratio is 0.09 in the
year 2013 and increased to 0.13 & 0.19 in the year 2014 and 2015. In the year 2016 and 2017 the
ratio has increased to 0.58 & 0.95. We can conclude that the company depends on the debt fund
is increasing.

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3.2.7 INTEREST COVERAGE RATIO: The ratio shows the number of times the interest
charges are covered by funds that are ordinarily available for their payment.

EBIT
Interest coverage ratio = -----------------------------------------
Interest
+==

Table 3.2.7 Interest coverage ratio

S. No YEAR EBIT INTEREST I.C.RATIO

2013‐14 137,259,583 1,448,671 94.76

1.

2014‐15 386,899,738 13,435,920 28.80

2.

2015‐16 742,083,880 30,9245,677 24.02

3.

2016‐17 1,588,620,560 129,308,470 12.29

4.

Graph 3.2.7 Interest coverage ratio

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 Interest coverage ratio

94.76

28.8
24.02

12.29

2013-14 2014-15 2015-16 2016-17

Interest coverage ratio

Interpretation:

Interest coverage ratio is 07.56 in year 2013 it automatically increased to 94.76 in the year 2014.
But it decreased to 28.8 in the year 2015 and decreased to 24.02 in the year 2016 and it again
decreased to 12.29 in the year 2017. In this position outside investors is interested to invest in the
company.

3.2.8 TOTAL LIABILITY RATIO

Formula: Total liabilities / Total assets

Total liabilities: Current liabilities + Secured & Unsecured Loans

Total Assets: Fixed Assets + Investments + Current Assets

Table 3.2.8: Total liabilities ratio

S.NO Year TOTAL

TOTAL ASSETS T.L. RATIO
LIABILITIES
1 2013‐14 872,017,146 2,809,793,132 0.3

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 2 1,559,676,273 3,692,541,508 0.4
2014‐15
3 2015‐16 2,719,356,490 5,292,107,128 0.5

2016‐17 5,183,,365,512 8,683,886,037 0.6

4

Graph 3.2.8: Total liabilities ratio

Total liabilites ratio

0.6

0.5

0.4

0.3

2013-14 2014-15 2015-16 2016-17

Total liabilites ratio

Interpretation:

In the year, 2013 & 2014 the total liabilities is 0.2 & 0.3 but in the year 2015 the total liabilities
increased to 0.4 and the ratio increased to 0.5 & 0.6 in the corresponding years of 2016 & 2017.

3.2.9 Activity Ratio’s

3.2.9 Inventory turnover ratio

It indicates the firm efficiency of the firm in producing and selling its product. It is calculated by
dividing the cost of goods sold by the average inventory.

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 Costs of goods sold
Inventory turnover ratio =-----------------------------------------
Average Inventory
+==

Cost of goods sold = Raw materials consumed +payments &benefits to employees +mfr, selling
&admin expenses +duties & taxes

Table 3.2.9 Inventory turnover ratio

S.NO Year
COST OF GOODS
AVG INVENTORY I.T.RATIO
SOLD

1 2013‐14 2,228,549,828 374,102,223 5.96

2 2014‐15 3,499,805,230 506,460,567 6.91

O
2015‐16 5,324,665,192 746,837,818 7.13
3

4
2016‐17 9,782,463,974 1,432,524,559 6.83

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 Graph 3.2.9 Inventory turnover ratio

Inventory Turnover ratio

7.13
6.91
6.83

5.96

2013-14 2014-15 2015-16 2016-17

Inventory Turnover ratio

Interpretation:

Inventory turnover ratio is 5.57 times in the year 2013. But, it is increased to 5.96 in the year
2014. Then, it is increased to 6.91 in the year 2015 and again increased to 7.13 in the year 2016.
But, it is decreased to 6.83 in the year 2017. Inventory turnover ratio increased for year by year
that is company production is also increased. Subsequently sales are also increased.

3.2.10 Debtors Turnover ratio: It is found out by dividing the credit sales by average debtors.
Debtor’s turnover indicate the number of times debtor’s turnover each year.

Sales
Debtors turnover ratio =-----------------------------------------
Average Debtors
+==

Table 3.2.10 Debtors Turnover ratio

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 S.NO Year AVERAGE
SALES D.T.RATIO
DEBTORS

1 2013‐14 2,685,436,096 560,689,881 4.79

2 2014‐15 4,458,295,779 753,113,338 5.92

3 2015‐16 7,451,032,998 1,158,032,767 6.43

13,499,867,499 1,862,113,498 7.25

4 2016‐17

Graph 3.2.10 Debtors Turnover ratio

Debtors turnover ratio

7.25
6.43
5.92

4.79

2013-14 2014-15 2015-16 2016-17

Debtors turnover ratio

Interpretation:

Debtor’s turnover ratio is 4.31 times in year 2013 and it is increased to 4.79 times in the year
2014 and increase to 5.92 times in year 2015 and increased to 6.43 & 7.25 times in year 2016 &
2017.

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OUTCOME OF THE STUDY
 Except in the year 2015, the company is maintaining current ratio as 2 and more, standard
which indicates the ability of the firm to meet its current obligations is more. It shows
that the company is strong in working funds management.

 The company is maintaining of quick assets more than quick ratio. As the company
having high value of quick ratio. Quick assets would meet all its quick liabilities without
any difficulty.

 The company is failed in keeping sufficient cash & bank balances and marketable
securities.
o In above all current assets and liabilities ratios are better that also it is double the
normal position. Observe the absolute & super quick ratio the company cash
performance is down position.

 In the year 2013 debt equity ratio is 0.08 (8%) but it is increased to 0.11 (11%) &
0.16(16%) in 2014 and 2015 increased every year. It shows that the company is losing its
condition.

 Net working capital ratio is 0.45 in 2013 but also 0.50 in 2014. It is increased very high
but condition of business working capital is not shortage.

 Debt Equity ratio is increasing every year. It indicates the company depends on the debt
fund increasing.

 Total liabilities ratio is also increasing year by year.

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  In the year 2013, the interest coverage ratio 7.56 which increased to 94.76 in the year
2014 and high fluctuations in the followed years. In this position, outside investors are
interested to invest their money in this company.

 The company is declining of its coverage ratio to serve long term debts.

 Inventory turnover also increased for year by year that is company production is also
increased. Subsequently sales are also increased.

 The net profit ratio of the company increasing over the study period. Hence the
organization having the good control over the operating expenses.

Suggestion

 The company has to increase the profit maximization and has to decrease the operating
expenses.

 By considering the profit maximization in the company the earning per share, investment
and working capital also increases. Hence, the outsiders are also interested to invest.

 The company should maintain sufficient cash and bank balances; they should invest the
idle cash in marketable securities or short term investments in shares, debentures, bonds
and other securities.

 The company must reduce its debtors collection period from 83 & 84 days to 40 days be
adopting credit policy by providing discounts to the debtors.

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  Return on investment is fluctuates every year. The company has to make efforts in
increasing return on investments by reducing its administration, selling and other
expenses.

 The company should increase its interest coverage ratio to serve long term debts.

 The net profit of the company is increasing over the study period. Hence the organization
maintaining good control on all trees of expenses.

 The dividend per share has observed as raising trend over the study period, hence it may
be suggested Amara Raja Batteries Limited should take key interest to maximize the
shareholder wealth by increasing dividend payout.

59 | P a g e
Conclusion

 Liquidity ratios, both current ratio and quick ratio are showing effectiveness in liquidity
as in all the years current ratio is greater than the standard 2:1 and quick ratio is greater
than the standard 1:1 ratio.

 The firm is maintaining a low cash balance and marketable securities which means they
done cash payments.

 Debt equity ratio, solvency ratio and interest coverage ratio are showing an average
increase in the long term solvency of the firm.

 The proprietary ratio is showing an average increase which means, the shareholders have
contribute more funds to the total assets.

 Average payment period of the firm is showing the credit worthiness of the firm to its
suppliers.

 Fixed assets turnover ratio is showing that the firm needs lesser investment in fixed assets
to generate sales.

 The increasing trend of current assets turnover ratio indicates that the firm needs more
investment in current assets for generating sales.

 The gross profit ratio, net profit ratio is showing the increasing trends. The profitability of
the firm the increasing
 Operating ratio of the company has observed decreasing trend, hence it may be good
control over the operating expenses.

 The interest that has to be paid is very less when compared to the sales. The firm is not
utilizing the debt conservatively.

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  The firm is retaining much of the earnings (based on dividend payout ratio).

 The company financial performance is very good and also they will increase their
business year by year by expanding their branches.

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 BALANCE SHEET

Mar '14 Mar '15 Mar '16 Mar '17 Mar '18

Sources Of Funds

Total Share Capital 140.71 285.15 291.80 292.30 293.00

Equity Share Capital 140.71 285.15 291.80 292.30 293.00

Share Application Money 1.21 7.49 3.50 58.00 1.50

Preference Share Capital 0.00 0.00 0.00 0.00 0.00

Reserves 4,751.73 6,135.30 9,025.10 11,260.40 12,220.50

Revaluation Reserves 0.00 0.00 0.00 0.00 0.00

Net worth 4,893.65 6,427.94 9,320.40 11,610.70 12,515.00

Secured Loans 21.59 45.06 23.20 4.00 0.00

Unsecured Loans 40.50 5.10 214.80 3,818.40 5,013.90

Total Debt 62.09 50.16 238.00 3,822.40 5,013.90

Total Liabilities 4,955.74 6,478.10 9,558.40 15,433.10 17,528.90

Mar '14 Mar '15 Mar '16 Mar '17 Mar '18

Application Of Funds

Gross Block 1,763.49 2,364.53 1,645.90 2,282.20 3,179.60

Less: Accum. Depreciation 855.53 1,246.27 0.00 0.00 0.00

Net Block 907.96 1,118.26 1,645.90 2,282.20 3,179.60

Capital Work in Progress 250.24 612.36 989.50 1,335.00 1,311.80

Investments 2,859.51 3,459.20 4,348.70 4,500.10 6,884.50

Inventories 127.37 148.65 240.40 448.10 459.70

Sundry Debtors 1,406.51 1,968.07 2,582.30 3,646.60 4,409.20

Cash and Bank Balance 536.89 822.42 1,849.20 3,732.10 4,299.20

Total Current Assets 2,070.77 2,939.14 4,671.90 7,826.80 9,168.10

Loans and Advances 602.08 1,136.96 1,666.50 4,231.30 4,408.00

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 Fixed Deposits 0.01 0.58 0.00 0.00 0.00

Total CA, Loans & Advances 2,672.86 4,076.68 6,338.40 12,058.10 13,576.10

Deffered Credit 0.00 0.00 0.00 0.00 0.00

Current Liabilities 1,211.14 1,776.83 2,998.90 3,361.60 5,716.40

Provisions 523.70 1,011.56 765.20 1,380.70 1,706.70

Total CL & Provisions 1,734.84 2,788.39 3,764.10 4,742.30 7,423.10

Net Current Assets 938.02 1,288.29 2,574.30 7,315.80 6,153.00

Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00

Total Assets 4,955.73 6,478.11 9,558.40 15,433.10 17,528.90

Contingent Liabilities 676.65 509.18 661.60 749.90 596.10

Book Value (Rs) 69.54 45.03 63.86 79.05 85.42

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