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Tuesday, October 13, 2009
Annual Report - TTK Prestige - 2008-2009
TTK PRESTIGE LIMITED
ANNUAL REPORT 2008-2009
DIRECTOR'S REPORT
Your Directors have pleasure in presenting their Fifty Third Annual Report,
together with the Audited Accounts of the Company, for the year ended 31st
March 2009 as follows:
Annual Report - Deccan Chronicle - 2008-2009
DECCAN CHRONICLE HOLDINGS LIMITED
ANNUAL REPORT 2008-2009
DIRECTOR'S REPORT
Dear Shareholders,
Your Directors take pleasure in presenting the 7th Annual Report and the
Audited Accounts of your Company for the year ended March 31, 2009 together
with the Auditors' Report thereon.
Financial Results:
Your Company's summarized financial results for the year under review is as
under:
(Rs. in Lakhs)
Particulars 2008-09 2007-08
Total Revenue 85761.52 82025.15
Profit before interest, tax and depreciation (PBIDT) 31092.54 52549.28
Less: Interest and financial charges 7093.11 7678.89
Profit before depreciation & tax (PBDT) 23999.43 44870.39
Less: Depreciation 3206.13 2965.18
Profit before tax 20793.30 41905.21
Tax Provision (current, fringe and deferred) 6786.21 14711.06
Net profit for the year 14007.09 27194.15
Appropriations
Dividend (including dividend tax thereon) 5729.89 8585.09
Transfer to debenture redemption reserve (8371.77) 2389.29
Transfer to general reserve 1400.00 5500.00
Balance carried forward to next year 15248.97 10719.77
Annual Report - TTML - 2008-2009
TATA TELESERVICES (MAHARASHTRA) LIMITED
ANNUAL REPORT 2008-2009
DIRECTORS' REPORT
Dear Members,
The Directors have pleasure in presenting the 14th Annual Report together
with the audited financial statements of the Company for the year ended
March 31, 2009 and other accompanying reports, notes and certificates.
Financial Results
The financial results of the Company's operations during the year are given
below:
(Rs. in crores)
Particulars 2008-09 2007-08
Telecom Revenue 1,941.68 1,707.19
Other Income 112.28 82.41
Total Income 2,053.96 1,789.60
Expenditure 1,460.78 1,304.05
Earnings Before Interest,
Depreciation, Tax and Amortisation 593.18 485.55
(EBIDTA)
Finance & Treasury Charges (Net) 304.78 171.01
Depreciation 446.79 439.35
Loss before tax 158.39 124.81
Extraordinary item - -
Loss before tax 158.39 124.81
Fringe Benefit tax 1.21 0.93
Loss after tax 159.60 125.74
The total revenue grew by 14.77% to Rs. 2,053.96 crores. The subscriber
base grew by 48% to cross 74 lakhs (in March 2009), mainly through the
increased additions to the Prepaid Mobile subscriber base. A significant
portion of this increase took place in semi-urban and rural Maharashtra,
where income levels were lower than the urban centres; this, accompanied by
competitive pressures which pulled tariffs down, resulted in lower Average
Revenue per User (ARPU) compared to the previous year. Cost optimization
efforts, however, ensured a lower rate of increase of 12.02% in operating
expenses, compared with 14.77% increase in revenues.The Company reported a
positive EBIDTA of Rs.593.18 crores, representing a significant improvement
over the previous year's EBI DTA of Rs. 485.55 crores.
During the year, the Company consolidated its position in the market by
increasing its share of new additions in the wireless market
(i.e.fixedwirelessand mobile).
India today has the second largest telecom network in the world after
China. As of May 2009, there were more than 452 million telephone
connections in the country. Approximately 10-15 million mobile connections
are being added every month. The national mobile tele-density is about 39
per hundred, while it is 75 per hundred in cities like Mumbai and about 13
per hundred in rural areas. Telephone connections are expected to touch the
500 million mark by the year 2010. Major growth will come from rural and
semi-urban areas.
Annual Report - Mundra Port and SEZ - 2008-2009
MUNDRA PORT AND SPECIAL ECONOMIC ZONE LIMITED
ANNUAL REPORT 2008-2009
DIRECTOR'S REPORT
Dear Shareholders,
Your Directors have pleasure in presenting the Tenth Annual Report and the
Audited Statement of Accounts for the financial year ended 31st March,
2009.
Financial Highlights:
The bird eye view of the summarized financial highlights is depicted below:
(Rs. in Lacs)
Particulars For the For the
year ended year ended
31/03/2009 31/03/2008
Income from operations 1,13,512.25 81,820.67
Other Income 4,432.41 2,790.35
Total Income 1,17,944.66 84,611.02
Operating & Administrative Expenses 37,348.06 28,279.79
Operating Profit before Interest, 80,596.60 56,331.23
Depreciation and Tax
Interest and Financial Charges 13,295.02 10,621.89
Depreciation/Amortization 13,723.50 10,063.84
Profit Before Tax and Prior Period Adjustment 53,578.08 35,645.50
Less: Prior Period Adjustments (2,174.98) (129.51)
Add: Extraordinary Items - 1,166.13
Provision for tax (including deferred tax) 5,294.58 15,340.94
Profit after tax 46,108.52 21,341.18
Surplus brought forward from previous year 23,753.54 9,503.65
Balance available for appropriation 69,862.06 30,844.83
Appropriations:
Interim Dividend on Equity Shares 8,015.69 -
Dividend on Preference Shares 0.03 0.03
Proposed Final Dividend on Equity Shares 4,006.79 6,010.18
Transfer to Capital Redemption Reserve 14.06 14.02
Transfer to General Reserve 4,610.85 1,067.06
Balance carried to Balance Sheet 53,214.64 23,753.54
Operational Highlights:
Your Company has scaled new heights during the financial year 2008-09 and
has turned out with highly promising results in all segments despite the on
going turbulence in the world economy.
The key aspects of your Company's performance during the financial year
2008-09 are as follows:
* There is significant growth in Cargo volumes. Cargo volume increased by
24.03% from 28.80 million tons in 2007-08 to 35.72 million tons in 2008-09.
* Total number of vessels handled at Mundra Port increased by 33.68% from
1624 vessels in 2007-08 to 2171 in 2008-09.
* Turnover increase by 38.73% from Rs. 81,820.67 Lacs in 2007-08 to
Rs.1,13,512.25 Lacs in 2008-09.
* Standalone Profit Before Tax increased by 40.13% from Rs.36,682.12 Lacs
in 2007-08 to Rs. 51,403.10 Lacs in 2008-09.
* Standalone Profit After Tax increased by 116.05% from Rs. 21,341.18 Lacs
in 2007-08 to Rs. 46,108.52 Lacs in 2008-09.
* Earning Per Share (EPS) for the year increased by 102.28% from Rs.5.69 in
2007-08 to Rs.11.51 in 2008-09.
The detailed Operational Performance of the Company has been
comprehensively discussed in the Management Discussion and Analysis Report
which forms part of Directors' Report.
Dividend:
During the year under review your Company had declared and paid Interim
Dividend of Rs. 2 per share (20%) on 400,678,820 Equity shares of Rs. 10
each and 0.01% Dividend on 0.01% Non-cumulative Redeemable Preference
shares of Rs.10 each for the Financial Year 2008-09 in the month of
February, 2009. The Board of Directors are pleased to recommend a Final
Dividend of Re. 1 per share (10%) on 400,678,820 Equity shares of Rs.10/-
each for the Financial Year 2008-09. The total outgo on dividend would be
Rs. 12,022.51 Lacs.
Utilization of Proceeds of IPO:
The statement of proposed utilization of the IPO proceeds & its actual
utilization as on 31st March, 2009 is as follows:
(Rs. in Lacs)
Objects of the Issue Proposed utilization Actual Utilization
to be made out of as on 31st March,
the IPO proceeds 2009
a) SEZ Project 50,000.00 19,128.47
b) Coal Terminal Project 45,000.00 31,770.08
c) Investment in Adani Petronet 20,946.00 4,147.00
(Dahej) Port Pvt. Ltd.
d) Investment in Adani 4,800.00 2,468.00
Logistics Ltd.
e) Investment in Inland Conware 10,878.00 4,508.00
Pvt. Ltd.
f) General Corporate Purpose 40,476.00 32,319.18
g) Issue Expense 5,000.00 4,154.84
Sub-Total 1,77,100.00 98,495.57
h) Interim usage of funds - 78,604.43
Total 1,77,100.00 1,77,100.00
Holding Company:
During the year under review, Adani Port Infrastructure Pvt. Ltd. has been
merged with Adani Infrastructure Services Pvt. Ltd. (AISPL). Pursuant to
merger the shareholding of AISPL in the Company had increased to 55.94%.
Accordingly, by virtue of Section 4 of Companies Act, 1956; AISPL had
become the Holding Company.
Consolidated Financial Statements:
Consolidated Financial Statements pursuant to Clause 41 of the Listing
Agreement entered into with the Stock Exchanges and prepared in accordance
with the Accounting Standards prescribed by the Institute of Chartered
Accountants of India, in this regard is attached herewith.
Subsidiary Companies:
Your Company had 8 Subsidiaries at the beginning of the year which are as
follows:
1. Mundra SEZ Textile and Apparel Park Pvt. Ltd.
2. MPSEZ Utilities Pvt. Ltd.
3. Karnavati Aviation Pvt. Ltd. (Formerly, Gujarat Adani Aviation Pvt.
Ltd.)
4. Rajasthan SEZ Pvt. Ltd.
5. Adani Logistics Ltd.
6. Inland Conware Pvt. Ltd.
7. Inland Conware (Ludhiana) Pvt. Ltd.
8. Mundra Aviation Ltd.
During the year under review in order to consolidate logistics business
under common roof the Subsidiary Companies; Adani Logistics Ltd. (ALL),
Inland Conware (Ludhiana) Pvt. Ltd. (ICLPL) and Inland Conware Pvt. Ltd.
(ICPL) has filed petition for Merger before the High Court of Gujarat. The
merger between these three Companies has several benefits such as Common
administrative control, Up-scaling of the Planning Activities, Synergies in
Activities, Marketing / Operations, Taxation, Statutory and Accounting.
During the year under review, Mundra Aviation Ltd., a wholly owned
subsidiary of company in Cayman Islands has been dissolved.
During the year under review Gujarat Adani Aviation Pvt. Ltd., a wholly
owned subsidiary company carrying on Aviation business had changed its name
to Karnavati Aviation Pvt. Ltd.
The Statement pursuant to Section 212(1)(e) of the Companies Act, 1956,
containing details of subsidiaries of the Company, forms part of the Annual
Report.
In terms of approval granted by the Central Government vide letter no.
47/344/2009-CL-III dated 13th May, 2009 under Section 212(8) of the
Companies Act, 1956, copies of the Balance Sheet, Profit & Loss Account,
report of the Board of Directors and report of the auditors of each of the
Subsidiary Companies have not been attached to the accounts of the Company
for the year ended 31st March, 2009. The annual accounts of the
subsidiaries and the related detailed information will be made available to
any Member of the Company/its subsidiaries seeking such information at any
point of time and are also available for inspection by the Member of the
Company/its subsidiaries at the Registered Office of the Company on any
working day during business hours.
Fixed Deposits:
During the year under review, your Company has not accepted any deposits
from Public under Section 58A of Companies Act, 1956.
Conservation of Energy, Technology Absorption and Foreign Exchange Earnings
& Outgo:
The particulars relating to energy conservation, technology absorption,
foreign exchange earnings and outgo, as required to be disclosed under
Section 217(1)(e) of the Companies Act, 1956 read with the Companies
(Disclosure of Particulars in the Report of Board of Directors) Rules, 1988
are appended herewith as Annexure-I and forms part of this Annual Report.
'Group' For Inter-Se Transfer of Shares:
As required under Clause 3(1)(e) of the Securities and Exchange Board of
India (Substantial Acquisition of Shares and Takeovers) Regulations, 1997,
persons constituting 'Group' (within the meaning as defined in the
Monopolies and Restrictive Trade Practices Act,1969) for the purpose of
availing exemption from applicability of the provisions of Regulations 10
to 12 of the aforesaid SEBI Regulations are given in Annexure II attached
herewith and forms part of this Annual Report.
Quality, Health, Safety and Environment:
Quality, Health, Safety and Environment policies involve implementing
benchmark standards such as ISO 9001-2007 & 14000-2008, identifying hazards
in daily activities of the Company and mitigate their impact on personnel
and environment. Your Company's management approach to Quality, Health,
Safety and Environment involves proactive approach to create safe working
environment, continuous safety education and training, periodic review of
programs and evaluation of incidents. Your company has already received ISO
9001-2007 certification and is in the process of applying for ISO 14000-
2008.
In the year 2008-09 your company has addressed environmental issues by
investing in technologies such as 'Bulk Material Handling Systems such as
conveyors with ground hoppers' replacing highly polluting Diesel fueled
Dumpers, Pay loaders, Excavators.
Your company also invested in Environmental Research studies with support
of 'Center for Environment Education -Ahmedabad' and identified the
following technologies / processes which support the 'Green Port' & 'Clean
Development Mechanism' initiative for Pilot studies.
a) Illumination:
Replacing inefficient luminaries such as Sodium Vapor Lamps, Mercury Vapor
Lamps & Halogens with Light Emitting Diodes which are extremely energy
efficient. Pilot programs are ongoing.
b) Agro Forestry, Reforestation, Afforestation Project:
Our horticulture department has been successful in growing/Planting various
types of fruit and flower bearing plants and ready trees by maintaining
biodiversity in the highly saline sandy desert soil of Mundra by utilizing
the latest Hi-Tech technology in Plantation and in Mechanized-geldar-
Israel Irrigation System by utilizing treated STP/CETP water.
By sustained effort, your Company is working towards achieving the status
of becoming the Greenest Port in South Asia.
c) Regenerative Cranes:
Cranes used for transferring material (dry cargo as well as containers)
onto/off the docks from/to the ships have built in capability of generating
power during the downward motion, a study is in progress to identify
processes and methods of utilising the Regenerated Power for other port
applications whereby reducing consumption of expensive power as well as
assuring a cleaner environment.
Nifty October 2009 futures above 5,000
Turnover surges
Nifty October 2009 futures were near spot price at 5,055, as compared to the spot closing of 5,054.25. Turnover in NSE's futures & options (F&O) segment surged to Rs 72,005.84 crore from Rs 63,622.53 crore on Friday, 9 October 2009.
Tata Steel October 2009 futures were at a slight premium at 547.55 compared to the spot closing of 546.30.
State Bank of India October 2009 futures were at a slight premium at 2,185.10 compared to the spot closing of 2183.
Reliance Industries October 2009 futures were at a slight discount at 2,159.65 compared to the spot closing of 2162.
In the cash market, the S&P CNX Nifty surged 109.05 points or 2.21% at 5,054.25.
Copper climbs back
Red metal registers gains on demand hopes
Copper prices stopped their downward journey and ended higher on Monday, 12 October, 2009 at Comex and LME. Prices rose at Comex and LME following the weak dollar and strong demand hopes in the coming months.
At USA, copper futures for December delivery ended higher by 1.9 cents (0.7%) to 2.857 a pound. Copper gained 5.8% last week. Copper ended September, 2009, lower by 0.3%.
On the London Metal Exchange, copper for delivery in three months ended higher by $43 (0.7%) at $6,278 a metric ton. On 3 July, 2008, prices had touched an all time intra day high of $8,940.
Before September, it was the eight straight monthly gain for copper. On a year to date basis, prices are higher by 91.7%.
The U.S. buys about 13% of the 17 million metric tons of copper sold annually and China buys about 20%.
In the currency market on Monday, the dollar firmed up initially after Fed Chairman, Ben Bernanke said last week that the central bank will tighten monetary policy when the economic outlook shows sufficient improvement. But then, with rally in equities, the dollar lost its ground. The dollar index fell by 0.5% today.
In FY 2008, copper prices dropped by 54%. Prior to 2008, copper prices ended FY 2007 with a gain of mere 5.5% after a whopping 44% gain in FY 2006. The price of copper gained every year since 2002 as global economic growth boosted demand for the metal used in pipes and wires.
At the MCX, copper for November delivery closed at Rs 293.15/Kg. The closing price was Rs 0.1/Kg (0.03%) higher than previous closing price. Prices rose to a high of Rs 295.4/ Kg and fell to a low of Rs 292.7/Kg during the day's trading.
Precious metals rise again
Riding oil and dropping dollar boost prices
Precious metal prices higher on Monday, 12 October, 2009. Prices rose on Monday following rising crude price and depressed dollar which increased the appeal of precious metals as a hedge against inflation.
Generally, a stronger dollar pressures demand for dollar-denominated commodities, such as crude oil and gold, which become more expensive for holders of other currencies and also vice versa.
On Monday, gold for December delivery ended at $1,056.7, higher by $8.9 (0.8%) an ounce on the New York Mercantile Exchange. Last week, gold rose to a high of $1,060.4. For the week, gold ended higher by 4.3% last week. Year to date, gold prices are higher by 19.1%.
Gold ended September, 2009 higher by 5.9%. For the third quarter it ended higher by 8.7%. Before this, for the second quarter, gold ended higher by 0.5%. The metal had gained 4.3% in the first quarter of this year.
On Monday, Comex silver futures for December delivery rose 13 cents (0.7%) to $17.82 an ounce. Last week, silver ended higher by 8.9%.
Silver ended 11.8% higher for September, 2009. Year to date, silver has climbed 58.2% this year. For 2008, silver had lost 24%.
In the currency market on Monday, the dollar firmed up initially after Fed Chairman, Ben Bernanke said last week that the central bank will tighten monetary policy when the economic outlook shows sufficient improvement. But then, with rally in equities, the dollar lost its ground.
In 2008, gold prices ended higher by 5.5%. The dollar index had gained 12% that year.
At the MCX, gold prices for December delivery closed higher by Rs 86 (0.54%) at Rs 15,923 per 10 grams. Prices rose to a high of Rs 15,947 per 10 grams and fell to a low of Rs 15,860 per 10 grams during the day's trading.
At the MCX, silver prices for December delivery closed Rs 118 (0.43%) higher at Rs 27,443/Kg. Prices opened at Rs 27,363/kg and rose to a high of Rs 27,625/Kg during the day's trading.
Crude glides up
Future demand hopes push prices higher
Crude prices rose higher at Nymex on Monday, 12 October, 2009. Future demand hopes in the next couple of years, dropping dollar and rally in equities took crude prices higher today.
On Monday, crude-oil futures for light sweet crude for November delivery closed at $73.27/barrel (higher by $1.5 or 2%). During intra day trading, it rose to a high of $73.86. Last week, crude ended higher by 2.8%.
For the month of September, 2009, crude ended higher by a marginal 0.9%. For the third quarter, crude ended higher by just 1%. Crude prices had rallied 40% and 11.3% in the second and first quarter of 2009 respectively.
Oil prices had reached a high of $147 on 11 July, 2008 but have dropped almost 61.5% since then. Year to date, in 2009, crude prices are higher by 47%.
Last Friday, 9 October, 2009, Paris based, The International Energy Agency raised its forecasts for global oil demand for both this year and 2010, citing more optimistic economic estimates issued by the International Monetary Fund. The agency raised its expectations by 200,000 barrels a day, to average demand of 84.6 million barrels a day, for 2009, and by 350,000 barrels a day, to 86.1 million barrels a day, for 2010. Despite the increased forecasts, global oil demand in 2009 will still be 1.9% below last year's level.
In the currency market on Monday, the dollar firmed up initially after Fed Chairman, Ben Bernanke said last week that the central bank will tighten monetary policy when the economic outlook shows sufficient improvement. But then, with rally in equities, the dollar lost its ground.
Among other energy related products, November reformulated gasoline gained 3.2 cents, or 1.8%, to $1.80 a gallon, and November heating oil rose 3.7 cents, or 1.9%, to $1.89 a gallon.
Also on Monday, November natural-gas futures rose 11 cents, or 2.3%, to $4.88 per million British thermal units.
Crude prices had ended FY 2008 lower by 54%, the largest yearly loss since trading began at Nymex.
At the MCX, crude oil for October delivery closed higher by Rs 53(1.6%) at Rs 3,407/barrel. Natural gas for October delivery closed higher by Rs 4.8 (2.1%) at Rs 227.8/mmbtu.
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