TIDMNAND
RNS Number : 5127C
Nandan Cleantec plc
18 March 2014
18 March 2014
Nandan Cleantec plc
("Nandan Cleantec," "Nandan" or the "Company")
Interim Results for the six month period ended 31st December
2013
Nandan Cleantec plc (LSE AIM: NAND), a scaled vertically
integrated biofuel producer, announces
unaudited interim results for the period ended 31(st) December
2013.
All financials are in INR'm. The current INR-GBP exchange rate,
used for the comparison of the Group's
trading results and assets and liabilities, is INR 101.854:
GBP1.
Financial Highlights
-- Total revenue of INR 8 million (equivalent to GBP0.07
million) as against Half year ended 31 December 2012 INR 1261
million (GBP12.38 million)
-- Loss before interest, depreciation and amortization of INR 11
million (equivalent to GBP0.10 million) as against the Profits for
Half year ended 31 December 2012 INR 474.03 million (equivalent to
GBP4.65 million)
-- Net current assets of INR 554 million (equivalent to GBP5.43 million)
-- Cash balance of INR 19 million (equivalent to GBP0.18 million)
-- Positive net assets of INR 1862 million (equivalent to GBP18.37 million)
Commenting on the results, Srinivas Prasad Moturi, Chairman and
Managing Director of Nandan
Cleantec plc said:
"During the period, we have focused our efforts on resolving the
issues with the SEZ authorities and clearing the necessary hurdles
for the resumption of our processing refinery operations. The
knock-on effect of zero operations in the last year at refinery has
severely impacted the availability of working capital funds for the
smooth operation of the group during the period. Existing secured
contracts have the good potential to generate substantial revenues
and margins for the group upon securing the requisite funds for
execution. The group is focusing all its energies into securing
these funds for the execution of the contracts in the near
future."
For further information please contact:
Nandan Cleantec plc
Srinivas Prasad Moturi +91 40 6550 7799
Arden Partners plc
Steve Douglas +44 (0)20 7614 5917
About Nandan Cleantec plc
Nandan Cleantec plc is a scaled vertically integrated biofuel
producer. It has developed a number of revenue streams geared
towards the ultimate provision of commercially refined biofuel
derived from Jatropha plants or other suitable feedstocks.
The Company's current activities are concentrated in India and
include innovative plant breeding and genetic improvement of
Jatropha, a 275,000 MT per annum biofuel processing plant which
sells biodiesel to end customers and a Jatropha feedstock
plantation base of approximately 70,000 ha. In addition, the
Company has initiated activities in India, Africa and Southeast
Asia in order to further develop its land bank.
Nandan's strategy is to maximise the potential of its position
as a pioneer in Jatropha biofuel sciences. This will involve
exploiting the Company's position as a market leader in the Indian
biofuel industry.
www.ncp.uk.com
Chairman's Statement
Introduction
I am pleased to present Nandan's interim results for the six
month period ended 31(st) December 2013. The Group did not make any
material progress during the period on the contracts secured in the
last year due to a shortage of working capital funds.
During the period the Group's income was generated from receipts
for the sale of the Biodiesel, Jatropha Plantlets and Nutraceutical
products sold to various classes of customers.
Operational Review
Land bank expansions within India
During the period, India witnessed a good monsoon and, as a
consequence, the company delivered the planting material extended
monsoon period up to October 2013. In line with the strategy
adopted by the company of moving the business from a niche player
operating in an environment of promoting the plantation with
farmers spread across the country, to a company focused on
institutional sales with strong controls of the feed stock,
contractually bound customers and protected IP rights, the company
has sold the Jatropha plantlets during the period to only the CHPCL
and Government of Rajasthan. During the period the company has
delivered plantlets as per the delivery instructions of their
customers.
Considering the company's shortage of working capital funds for
the execution of the existing contracts, the company did not pursue
any new contracts in spite of various governments mandating bio
fuel plantations in their respective states.
Due to the shortage of working capital funds, the company did
not make any material progress with respect to its Rwandan
operations even though the nursery for 100 hectares is fully grown
and ready for transplantation. The company has not taken any
further initiation with respect to the projects in Botswana.
Nandan 18
In line with our strategy to promote plantation activity at
institutional and corporate level the Group has
laid down the roadmap for commercialization of the Nandan -18,
super Jatropha hybrid. Further steps are being taken for the
multiplying of the hybrid material for commercialization.
Refining Facility
Non availability of sufficient working capital funds has badly
impacted the operations at our refining facility. During the period
the company recommenced its operations after obtaining the
necessary permissions form the SEZ authorities by processing the
material available at the premises and this material is ready for
sale.The company has also got a further permission to sell 1500 mt
either into the export or domestic market.
Further to the information provided in the previous year's
annual report, regarding the ongoing legal dispute with the SEZ
authorities the company has made considerable progress. Arguments
with respect to the case were put before the Honorable High Court
of Delhi and the company is expecting a final order on the issue
during the first quarter 2014. The company's legal counsel and
management are confident that the issue will be fully resolved in
favor of the company.
Financial review
For the six months ended 31st December 2013, Nandan recorded
gross revenue of INR 8 million (equivalent to GBP0.07 million).
This compares to INR 1261 million (GBP12.38 million) for the half
year period ended on 31 December 2012. The Group's revenue declined
in the period as a result of the shortage of working capital, the
group could not carry out its full operations.
The Company recorded a loss before interest, depreciation and
amortization of INR 11 million (equivalent to GBP0.10 million)
compared to INR 474.03 (GBP4.65million) for the half year period
ended on 31 December 2012.
The Group has net current assets of INR 554 million (GBP5.43
million) as compared to INR 1402.46 million (GBP13.76 million) for
the period ended 31(st) December 2012. The movement in the current
assets is predominantly a result of the significant write off of
bad debts which was carried out in financials as at 30 June 2013..
The Group has net assets of INR 1862. million (GBP18.37) million
and a cash balance of INR 19 million (GBP0.18 million).
Further to the information provided in the previous annual
report with respect to bad debts write off, the company has
initiated steps to ascertain the reasons for these becoming
non-recoverable receivables by reviewing all the transaction trails
which have resulted in bad debts. Management is in the process of
appointing legal counsel to deal with recovery of these amounts
through legal process. In addition, Management has also taken the
decision to pursue possible receivables from defaulters through
legal process , even though the company has written off these bad
debts in the previous financials. In the event they are recovered,
they will be considered as income in the accounts and the necessary
accounting treatment will be carried out to that extent.
Dividend
The Directors do not recommend the payment of an interim
dividend for the period to 31st December 2013.
Prospects and Outlook
The Company remains focused on its objective to enhance value
for Shareholders. With this in mind, Nandan aims to expand into
related fields of business and into new geographies whilst also
penetrating deeper into established markets. Nandan is well placed
to take advantage of these opportunities. However, the prospects of
the group will entirely depend upon the timely securing of
necessary working capital funds for the execution of the existing
contracts which are in hand. As informed in our previous annual
report, the company has unexecuted contracts in place, which are
sufficient to utilize more than 50% of the installed capacity of
the company's refinery and other assets. These contracts have the
potential to generate substantial revenues and margins to the
group. Upon securing the requisite funds and by executing these
existing contracts, the company's revenues and margins would
increase.
The board is putting all its best efforts into securing the
requisite funds for retaining and executing these contracts.
I would like to thank all of our employees, management and
fellow directors for their hard work, encouragement and dedication
throughout this period.
M. Srinivas Prasad
Chairman
Nandan Cleantec Plc
Interim Condensed Consolidated Statement of Financial position
Millions
in INR.
30 June
31 Dec 31 Dec
2013 2012 2013
(Half (Half
Year) Year) (Full Year)
Unaudited Unaudited Audited
----------------------------------- ------------ ------------ -------------
Assets
Non-current
Intangible assets 179 175 178
Property, plant and equipment 1,556 1,524 1,563
Other long term financial assets 72 51 70
Goodwill - - -
1,807 1,750 1,811
------------ ------------ -------------
Current
Biological assets 63 173 63
Inventories 300 301 301
Trade and other receivables 172 708 288
Other short term financial assets 711 605 608
Current tax assets 23 13 22
Cash and cash equivalents 19 68 19
1,288 1,868 1,301
------------ ------------ -------------
Total assets 3,095 3,618 3,112
============ ============ =============
Equity and liabilities
Equity
Equity attributable to owners of the parent:
Share capital 4 4 4
Share premium 1,214 1,211 1,214
Capital reserve - - -
Revaluation reserve - - -
Translation reserve 184 (9) 206
Retained earnings 256 827 288
------------ ------------ -------------
1,658 2,033 1,712
Non controlling interest 204 567 206
Total equity 1,862 2,600 1,918
------------ ------------ -------------
Liabilities
Non-current
Pension and other employee
Obligations - 1 -
Borrowings 188 83 170
Other Payables 165 7 165
Deferred tax liabilities 146 123 138
499 214 473
------------ ------------ -------------
Current
Trade and other payables 253 628 238
Borrowings 460 158 460
Current tax liabilities - - -
Other liabilities 21 18 23
734 804 721
------------ ------------ -------------
Total liabilities 1,233 1,018 1,194
------------ ------------ -------------
Total equity and liabilities 3,095 3,618 3,112
============ ============ =============
Nandan Cleantec Plc
Interim Condensed Consolidated Statement of comprehensive income
Millions
in INR
30 June
31 Dec 31 Dec
2013 2012 2013
(Half (Half
Year) Year) (Full Year)
Unaudited Unaudited Audited
---------------------------------------- ------------ ------------ -------------
Revenue 8 1,261 1,298
Other income 1 26 35
Change in inventories (1) (84) (842)
Costs of material (6) (1,141) (538)
Employee expense (4) (18) (33)
Depreciation and amortization
of non-financial assets (8) (9) (16)
Other expenses (9) (48) (41)
Bad Debts Written off (553)
Bargain Purchase gain - 840 901
Impairment of goodwill - (363) (363)
Operating loss (19) 465 (152)
Finance costs (6) (115) (87)
Finance income - 0 1
Loss before tax (25) 350 (238)
Income tax expense (9) (14) (20)
Loss for the year (34) 336 (258)
============ ============ =============
Loss for the year attributable
to:
Non-controlling interest (2) (0) (78)
Owners of the parent (32) 336 (180)
(34) 336 (258)
------------ ------------ -------------
Other comprehensive income
Exchange differences on translating
foreign operations (22) (11) (17)
Other comprehensive income for
the year, net of tax (22) (11) (17)
Total comprehensive income for
the year (56) 325 (275)
Total comprehensive income for
the year attributable to:
Non-controlling interest (2) (0) (78)
Owners of the parent (54) 325 (197)
(56) 325 (275)
============ ============ =============
Earnings per share
Basic and diluted earnings per
share - in INR (0.12) 1.17 (0.65)
------------ ------------ -------------
Interims Condensed Consolidated cash flow
statement
Millions
in INR
30 June
31 Dec 31 Dec
2013 2012 2013
(Half (Half
Year) Year) (Full Year)
Unaudited Unaudited Audited
---------------------------------------- ------------ ------------ -------------
Cash flows from operating activities
Profit before income tax (25) 350 (238)
Adjustments for:
Depreciation 8 9 12
Amortization of Intangible Assets 4
Debtors write off 553
Change in fair value of the Biological
assets - (32)
Changes in fair valuation of Loans (22) 22
Changes in deferred storage charges - 12
Impairment of Goodwill - 363 363
Gain on acquisition - (840) (901)
Share-based payment and increase
in retirement benefit obligations - (2) (3)
Interest income - - (1)
Interest expense 6 (115) 87
Changes in working capital
Inventories including Biological
Assets 1 839 981
Trade and other receivables 116 (237) 195
Other Current assets (103) 56 360
Other Current Liabilities & other
payables (2) 77 163
Trade and other payables 15 (370) (1,018)
Cash generated from operations (6) 130 559
------------ ------------ -------------
Taxes paid (1) (6) (15)
Net cash generated from operating
activities (7) 124 544
------------ ------------ -------------
Cash flows from investing activities
Purchase of property, plant and
equipment (PPE) (12) (6)
Internal Intangible Development (2) (11)
Acquisition of subsidiary net
of cash (77)
Sale of Assets 3
Long term financial assets acquired (2) (18)
Interest received - - 1
Net cash used in investing activities (4) (12) (108)
------------ ------------ -------------
Cash flows from financing activities
Contribution towards ordinary
shares - - -
Non controlling interest - (904)
Increase in borrowings 18 (142) 307
Opening Reserves on Acquisition - (64) -
Interest Paid (6) 115 (87)
Net cash used in financing activities 12 (91) (684)
------------ ------------ -------------
Net (increase)/decrease in cash
and cash equivalents 1 21 (248)
Effect of exchange rate changes
on cash and cash equivalents (1) 220
Cash and cash equivalents at the
beginning of the period 19 47 47
Cash and cash equivalents at the
end of the period 19 68 19
======================================== ============ ============ =============
Statement of
changes in
equity
Millions
in INR
--------------- -------- -------- -------- ------------ ------------ --------- ------------- ---------------- ---------
31 Dec 2013
---------------------------------------------------------------------------------------------------------------
Total
attributable
Share Share Capital Revaluation Translation Retained to owners of Non-controlling Total
capital premium reserve reserve reserve earnings parent interest equity
--------------- -------- -------- -------- ------------ ------------ --------- ------------- ---------------- ---------
Balance as at
1 July 2012 4 1,211 3 11 3 735 1,967 1,188 3,155
Issue of
Ordinary
Equity Shares - - - - - - -
Acquisition of
the
subsidiaries - - (3) - (12) (244) (259) (621) (880)
4 1,211 - 11 (9) 491 1,708 567 2,275
-------- -------- -------- ------------ ------------ --------- ------------- ---------------- ---------
Profit for the
period - - - - - 336 336 - 336
Other
comprehensive
income:
Exchange
differences
on
translating
foreign
operations - - - (11) - (11) - (11)
Total
comprehensive
income for
the year - - - (11) - 336 325 - 325
-------- -------- -------- ------------ ------------ --------- ------------- ---------------- ---------
Balance as at
31 Dec 2012 4 1,211 - - (9) 827 2,033 567 2,600
Issue of
Ordinary
Equity Shares - - - - - - - - -
Increase in
stake of the
subsidiaries - 3 - - 232 (23) 212 (283) (71)
4 1,214 - - 223 804 2,245 284 2,529
-------- -------- -------- ------------ ------------ --------- ------------- ---------------- ---------
Profit for the
period - - - - - (516) (516) (78) (594)
Other
comprehensive
income:
Exchange
differences
on
translating
foreign
operations - - - - (17) - (17) - (17)
-
Total
comprehensive
income for
the year - - - - (17) (516) (533) (78) (611)
-------- -------- -------- ------------ ------------ --------- ------------- ---------------- ---------
Balance as at
1 July 2013 4 1,214 - - 206 288 1,712 206 1,918
Issue of
Ordinary
Equity Shares - - - - - - - - -
Increase in
stake of the
subsidiaries - - - - - - - - -
4 1,214 - - 206 288 1,712 206 1,918
-------- -------- -------- ------------ ------------ --------- ------------- ---------------- ---------
Profit for the
period - - - - (32) (32) (2) (34)
Other
comprehensive
income:
Exchange
differences
on
translating
foreign
operations - - - - (22) - (22) - (22)
Total
comprehensive
income for
the year - - - - (22) (32) (54) (2) (56)
-------- -------- -------- ------------ ------------ --------- ------------- ---------------- ---------
Balance as at
31 Dec 2013 4 1,214 - - 184 256 1,658 204 1,862
--------------- -------- -------- -------- ------------ ------------ --------- ------------- ---------------- ---------
Notes to the Unaudited Interim Financial Statements for the Six
Months Ended 31 December 2013
1. Corporate information
1.1. Statement of compliance with IFRS
The financial information of Nandan have been prepared in
accordance with International Financial Reporting Standards (IFRS)
as adopted by the European Union.
1.2. General information
Nandan is the Group's ultimate parent company and is domiciled
in the UK. The address of Nandan's registered office and its
principal place of business is Ground Floor, 5 Welbeck Street,
London W1G 9YQ, United Kingdom.
2. Summary of significant accounting policies
2.1. Presentation of financial information
The consolidated financial information is presented in
accordance with IAS 1 Presentation of Financial Statements (Revised
2007).
The IFRS financial information has been prepared and presented
for a period of six months up to 31(st) December 2013.
2.2. Basis of preparation
The financial information has been prepared on a historical cost
basis. The financial information has been prepared under "IFRS" as
adopted by the "EU".
The financial information has been presented in Millions of
Indian Rupee (INR), which is the presentation currency of the
Company.
The financial information has been prepared on going concern
basis which assumes the Company will have sufficient funds to
continue its operational existence for the foreseeable future. As
the Company forecasts it will be able to meet its repayment
obligations, and that sufficient funds will be available to
continue with the projects development and operations, the Company
has assumed the going concern basis of preparation for this
financial information is appropriate.
The financial information included in this report does not
constitute statutory accounts as defined in section 435 of the
Companies Act 2006. The financial information for the year ended 30
June 2013 has been extracted from the statutory accounts for that
period which have been delivered to the Registrar of Companies. The
auditors' report on the full statutory accounts for the period
ended 30 June 2013 was qualified on the basis of uncertainty
surrounding the going concern basis. .The financial information for
the six months ended 31 December 2013 and 31 December 2012 has not
been audited.
2.3. Basis of consolidation
The consolidated financial information incorporates the
financial information of Nandan Cleantec Plc and its subsidiaries
for the six months period ended 31st December 2013.
A subsidiary is defined as an entity controlled by the group.
Control is achieved where the group has the power to govern the
financial and operating policies of an entity so as to obtain
benefits from its activities. Subsidiaries are fully consolidated
from the date of acquisition, being the date on which control is
acquired by the group, and continue to be consolidated until the
date that such control ceases.
All intra-group balances, income and expenses and any resulting
unrealized gains arising from intra-group transactions are
eliminated in full on consolidation.
Non-controlling interests in subsidiaries are identified
separately from the group's equity therein. The interests of
non-controlling shareholders may be initially measured at the
non-controlling interests' proportionate share of the fair value of
the acquiree's identifiable net assets.
Changes in the group's interests in subsidiaries that do not
result in a loss of control are accounted for as equity
transactions. The carrying amounts of the group's interests and the
non-controlling interests are adjusted to reflect the changes in
their relative interests in the subsidiaries.
3. Equity
Share capital
31 December 2013
------------------------------------------------------ -----------------
Issued and fully paid up
* 276,839,222 ordinary shares of GBP 0.0002 each GBP 55367.84
------------------------------------------------------ -----------------
The share capital of the Company comprises only of fully paid
ordinary shares of GBP 0.0002 each. All shares are equally eligible
to receive dividends and the repayment of capital and represent one
vote at the shareholders' meeting.
4. Earnings per share
The calculation of basic and diluted earnings per share is based
upon the earnings attributable to the equity shareholders of the
Company. Basic and Diluted Earnings per share is INR (0.12) per
share.
5. Dividend
No dividends were paid or are proposed in respect of the period
ended 31st December, 2013.
6. Copy of half yearly report
A copy of the half yearly report will be available on the
Company's website www.ncp.uk.com and will be available from the
Company's registered office.
This information is provided by RNS
The company news service from the London Stock Exchange
END
IR LLFLTVDIDLIS
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