DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

CHAPTER 1 INTRODUCTION

DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

Introduction:

Mergers and Acquisitions in Indian Industry

In Indian industry, the pace for mergers and acquisitions activity picked up in response to various economic reforms introduced by the Government of India since 1991, in its move towards liberalization and globalization. The Indian economy has undergone a major transformation and structural change following the economic reforms, and size and competence" have become the focus of business enterprises in India. Indian companies realised the need to grow and expand in businesses that they understood well, to face growing competition; several leading corporates have undertaken restructuring exercises to sell off non-core businesses, and to create stronger presence in their core areas of business interest. Mergers and acquisitions emerged as one of the most effective methods of such corporate restructuring, and became an integral part of the long-term business strategy of corporates in India. Over the last decade, mergers and acquisitions in the Indian industry have continuously increased in terms of number of deals and deal value. A survey among Indian corporate managers in 2006 by Grant Thornton 2 found that Mergers & Acquisitions are a significant form of business strategy today for Indian Corporates. The three main objectives behind any M&A transaction, for corporates today were found to be:

Improving Revenues and Profitability Faster growth in scale and quicker time to market Acquisition of new technology or competence

DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

OBJECTIVE BEHIND THE M&A TRANSACTION RESPONSES (IN %)

1. To improve revenues & Profitability 33% 2. Faster growth in scale and quicker time to market 28% 3. Acquisition of new technology or competence 22% 4. To eliminate competition & increase market share 11% 5. Tax shields & Investment savings 3%

Source: Grant Thornton (India), The M&A and Private Equity Scenario, 2006

Given this context, the present study has attempted to examine the performance of company that have gone through mergers in India, in the post-reforms period, and see if mergers had a significant impact on operating financial performance of merging companies.

Research objective To compare the financial performance of MCF pre and post merger periods. To know the measures that the company has taken after its merger to improve the overall performance.

Scope of the study The data used for analysis are collected from the financial records from MCF during the pre and post merger period. The variables used for the analysis are taken from the pre and post merger financial statements. RESEARCH METHODOLOGY
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DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

This study is a descriptive study which aims to compare the financial performance of Mangalore chemicals and fertilizers pre and post merger period. This is based on the primary and secondary data published by the companys annual report. The primary data is collected by interviewing method.

Literature Review:

In a paper, published by, Abid Usman, Mehboob & Aziz Ullah, they analyzed the financial performance of sample-merged manufacturing companies of Pakistan by using the accounting ratios for pre- and post-merger three years period relative to their industrial peers. The paired sample t-test was used to see any significant change between the control adjusted three years pre- and control adjusted three years post- merger periods. A sample of 14 merged firms (14 acquirers & 19 acquirees) and 14 matched firms (14 acquirers control & 19 acquirees control firms) was used. The relative test shows that the merged firms during the post-merger three years period insignificantly outperformed their control firms for the control adjusted NPM, ROTA, and GR measures. The control adjusted ROE, ROCE, EPS, and TATO shows insignificant decreasing trend during the three years post-merger period. They explain that, Growth is considered to be a necessary element in corporate sector. Companies that are on the growth path generate profits and provide satisfactory returns to shareholders while those that do not grow lose their market share and destroy shareholders value. Corporations can achieve growth by two ways, firstly by investing in real assets as reported in the balance sheet like inventory, plant and equipment etc also called as organic growth and secondly companies can grow through mergers and acquisitions of existing business
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DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

entities referred to as inorganic growth

Examining the characteristics of the acquirer and the target firms for 227 acquiring and 215 target firms of India, merged during 1993-2004 were looked into by Kumar and Rajib (2007). The study suggests that the smaller firms with low P/E ratio may also become target for acquisition. The empirical analysis of fifty Greek companies listed on the Athens stock exchange that were involved in M&A during the period 1998-2002 was looked into by Pazarskis, Vogiatzogloy, Christodoulou and Drogolas (2006). Using financial and non-financial variables, they found that the earnings before tax to net worth (EBT/Net worth) and return on asset (ROA) for the sample were decreased after M&A event, the liquidity ratios do not show any important decrease in value for the post-M&A period, and the solvency analysis were observed to be decreased slightly in values. The acquisitions impact on the operating performance of Australian companies was investigated by Sharma and Ho (2002) from the final sample of 36 acquisitions during the years from 1986 to 1991. Based on four accrual and four cash flow performance variables, the authors concluded that acquisition did not bring any improvement in performance of combined the operating

companies in Australian market. The efficiency

improvement and market power enhancement effect of mergers during 1980-1994 in the Australian petroleum industry was analyzed by Hyde (2002). The author found no merger that has increased the profitability of merging or rival firms; in fact most of the mergers have significantly negative impact. Thus the results reject the hypothesis that increase in market power or that the efficiency enhancement was the primary reasons for mergers in the industry. Andrade, Mitchell, and Stafford (2001) report remarkably stable target firm returns for their sample of more than 4,000 mergers completed during the 1973-1998 period. They conclude from their analysis that mergers do not seem to benefit acquirer. An attempt to investigate the impact of M&As on the shareholders wealth and corporate performance of the merged firms
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DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

among the Taiwan companies was made by Tsung-Ming and Hoshino (2000). The sample used for the study comprised of 20 firms that took M&As during the period 1987 to 1992. The study used both the accounting data and stock return data to examine the M&As and its impacts among the Taiwanese listed firms. The industry adjusted post merger return on equity (ROE) and return on assets (ROA) for acquiring companies were found to be decreased relative to the premerger period. The authors conclude that the accounting measures of performance revealed that the Taiwanese acquiring companies failed to come up to the shareholders expectations from the acquisition. The analysis of merged firms in Japanese manufacturing industry during the period 1964-1975 was considered by Ikeda and Doi (1983). The authors conclude that mergers typically resulted in the

performance improvement in terms of profitability in the Japanese manufacturing. Hoshino (1982) compared first the financial ratios before and after merger and secondly by comparing the financial performances between merged and non-merged firms in the same industry before and after merger for fifteen firms merged during 1972. Concluding from the findings, the author comments that there was no difference in financial performance before and after mergers of 15 merged firms and that there was no clear difference between the merged and the non-merged firms in the same industry except for one firm in the chemical industry whose performance worsened and another from the automobile industry whose debt-equity ratio was higher over other firms in automobile industry. Hogarty (1978) attempted to find some of the sources of mergers and the profitability of merging firms by comparing the investment performance and Earnings per Share (EPS) growth for forty three firms engaged in M&A transactions during 1953-1964. The author

concludes that the investment performance of heavily merging firms is generally worse as compared to the average investment performance of their rivals in the industry.

DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

In a paper, published by Pramod Mantravadi & Vidyadhar Reddy, The research study was aimed to study the impact of mergers on the operating performance of acquiring corporates in different industries, by examining some premerger and post-merger financial ratios, with the sample of firms chosen as all mergers involving public limited and traded companies in India between 1991 and 2003. The results suggest that there are minor variations in terms of impact on operating performance following mergers, in different industries in India. In particular, mergers seem to have had a slightly positive impact on profitability of firms in the banking and finance industry, the pharmaceuticals, textiles and electrical equipment sectors saw a marginal negative impact on operating performance (in terms of profitability and returns on investment). For the Chemicals and Agri-products sectors, mergers had caused a significant decline, both in terms of profitability margins and returns on investment and assets. The research on post-merger performance following mergers and acquisitions in India thus far has been limited. When compared the pre and post-takeover performance for a sample of 20 acquiring companies during 1997-2000, using a set of eight financial ratios 3, during a 3-year period before and after merger, using t-test. The study concluded that both profitability and efficiency of targeted companies declined in post- takeover period, but the change in post-takeover performance was statistically not significant. It was also analysed the pre and post-merger performance of a sample of 115 acquiring firms in the manufacturing sector in India, between 1995-2000, using a set of financial ratios and t-test. The study could not find any evidence of improvement in the financial ratios during the post-merger period, as compared to the pre-Merger period, for the acquiring firms. It was analysed that the pre-merger and post-merger operating performance of 36 acquiring firms during 1992-95, using ratios of

DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

profitability, growth, leverage, and liquidity, and found that the acquiring firms performed better than industry average in terms of profitability. Regression Analysis however, showed that there was no increase in the post-merger profits compared to main competitors of the acquiring firms. Thus, empirical testing of corporate performance following mergers of Indian companies has been quite limited so far, with some studies that were focused on mergers in manufacturing sector, and study of mergers during short time intervals. The pre-merger and post-merger averages for a set of key financial ratios were computed for 3 years prior to, and 3 years after, the year of merger completion (or the year of approval when the time of merger completion is not available). The merger completion year was denoted as year 0. For the years prior to a merger, the operating ratios of the acquiring firm alone are considered. Post the merger, the operating ratios for the combined firm are taken. The post-merger performance was compared with the pre-merger performance and tested for significant differences, using paired t test. Only mergers where equity stock of acquiring firm was issued to acquired firm (target) shareholders, as consideration for the acquisition / merger have been considered for the study. Instances where there have been only cash acquisitions are excluded from this study, to ensure comparability of results across the sample. Also deleted from the list were mergers where the relative size7 was less than 10%, as it was felt that such low-size acquisition cannot make a significant impact on operating performance of the acquiring company. Also eliminated from the sample were cases where sick (BIFR) companies have been taken over by companies for getting tax credits, as it could reflect in lower operating performance post the merger due to write-offs of depreciation and losses. Further, companies in the sample should not have been engaged in further mergers/acquisitions within four years after the merger under study. A list of companies involved in mergers during 1991-2003 was compiled from

DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

several sources like newspapers, magazines, investment web sites, web sites of the BSE and NSE (for names of delisted companies), SEBIs web site (for details of companies making open offers for takeovers), and databases of Capitaline and Prowess. The screening criteria described earlier were applied to such a list to arrive at the final sample. Merger cases where at least two years of data for pre-merger period and at least four years data for post-merger period was not available were removed from the study sample. The final sample included 118 cases of mergers, in the defined period of study

In a paper, published by Alias Radam1, A H Baharom2, A M Dayang-Affizzah3 and Farhana Ismail4 Effect of Mergers on Efficiency Their study investigates the extent to which mergers lead to efficiency. The data covers the period 1993-2004, which includes the pre- and post-merger years. This study attempts to evaluate technical efficiency, efficiency change, technical change, and productivity of commercial banks, finance companies, and merchant banks by using a non-parametric Data Envelopment Analysis (DEA) and Malmquist Index approach as the framework for the analyses. It is found that: (i) on an average, productivity across banking institutions increased at an annual rate of 5.8% over the study period; (ii) the results also indicate that almost all of the productivity growth comes from technical change rather than improvement in efficiency change, which contributes to 6.1% of productivity growth, while the latter accounted for 0.2% decline; and (iii) the merger process led to productivity improvements whereby it is observed that the productivity of few sector has been improved after the implementation of merger program.

This paper, published by JB Baker and Timothy Bresnahan, they asks how market shares should be computed for analysis of a consummated merger. It is argued that premerger market shares adjusted for the direct effects of the merger should be used. The
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DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

actual post merger market shares (which are available only for consummated mergers) should not form the basis of an analysis of the competitive effects of the merger because they may reflect confounding factors, such as entry, exit, or a change in capacity of third-party rivals, unrelated to the merger. A MERGER in an industry' with differentiated products increases the market power of the merging firms to the extent that their products are close substitutes and that other firms produce only more distant substitutes.' Such a merger makes the residual demand cur\e of each partner steeper, by shifting each in the direction of the industry demand curve. The extent of this increase in market power depends upon the ownelasticity of demand for each merging.

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DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

CHAPTER 2 ABOUT MCFL

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DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

ABOUT MANGALORE CHEMICALS AND FERTILIZERS (MCF)

Mangalore chemicals and fertilizers(MCF) is the only manufacture of the chemical fertilizer in the state of Karnataka with a capacity of 6.15 lakhs tones per annum(TPA) and having a turnover of Rs 2470 crores. The factory is strategically located at panambur, 9 kms, north of Mangalore city, on the banks of gurupura river, in front of new Mangalore port. The company is a part of UB group with groups share holding of 30%. The government of Karnataka(through is agencies), financial institutions and banks own 21%. Dr.Vijay Mallya is the chairman of the board of directors. With an investment over Rs. 400 crores, the company is the only large scale fertilizer project in the state of Karnataka. The plant is well kept, with required safety regulations and is also ISO 14001 & OHSAS 18001 certified company. MCF at present has approximately 200 acres of land out of which 70 acres is used for the present operations. However MCF has to maintain the volumes, in view of its well accepted brand MANGALA, which enjoys preference over other competing brands. MCF has a strong and efficient marketing network with over 1800 dealer networks spread across in the southern states of Karnataka, Tamil nadu and Andhra Pradesh. The company has capacity to manufacture 217,800 MT of ammonia and 380,000 MT of urea annually. The design and engineering of the plant was done by HUMPHREYS and GLASGOW LTD., London, a leading international firm in the fertilizer field and their associates, HUMPHREYS and GLASGOW Consultants Pvt. Ltd., Bombay. The construction work started with the first pile driven on October 15,1972 by the chief minister, Sri D. Devraj Urs.

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DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

CHAPTER 3 DATA ANALYSIS

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DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

DATA ANALYSIS

YEAR

ROCE (%)

ROE (%)

BVPS Rs.

D:E

GROWTH IN PROFITS (%)

GROWTH IN (%)

GROWTH

SALES IN ASSETS (%)

1986-90 1991-94 1995-98 1999-02 2003-06 2007-10

34.32 86.14 28.86 14.32 11.85 16.16

-47.04 -17.65 0.75 15.61 9.29 18.17

23.27 21.33 16.31 14.89 17.37 24.73

6.4 2.05 1.07 0.66 0.43 1.04

-80.82 -34.71 11.3 -31.88 25.48 31.67

11.8 23.45 55.75 -0.41 18.47 20.16

17.02 8.55 20.17 4.33 19.09 5.8

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DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

ROCE

YEAR

ROCE (%)

1986-90 1991-94 1995-98 1999-02 2003-06 2007-10

34.32 86.14 28.86 14.32 11.85 16.16

roce(%)
100 80 60 40 20 0 1986-90 1991-94 1995-98 1999-02 2002-06 2007-10 roce(%)

From the above graph the returns on capital increased drastically after 1990 it is mainly because of the merger between UB Group and GOK. After the post merger the returns on the capital was stable.

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DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

ROE
Years 1986-90 1991-94 1995-98 1999-02 2003-06 2007-10 Roe(%) -47.04 -17.65 0.75 15.61 9.29 18.17

roe(%)
40 20 0 -20 -40 -60 1986-90 1991-94 1995-98 1999-02 2002-06 2007-10 roe(%)

After the post merger period the returns to the shareholders increased with a higher margin it was after the year 1996 the dividends were provided. It was mainly because of the top management change in the company.

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DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

BVPS

Years 1986-90 1991-94 1995-98 1999-02 2003-06 2007-10

Bvps(Rs) 23.27 21.33 16.31 14.89 17.37 24.73

bvps
30 20 10 0 1986-90 1991-94 1995-98 1999-02 2002-06 2007-10 bvps

The bvps was fluctuating until the merger took place after the post merger period a stable bvps is maintained.

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DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

DEBT:EQUITY

Years 1986-90 1991-94 1995-98 1999-02 2003-06 2007-10

D:E 6.4 2.05 1.07 0.66 0.43 1.04

D:E
8 6 4 2 0 1986-90 1991-94 1995-98 1999-02 2002-06 2007-10 D:E

The debt ratio of pre merger period was very high, it was after the merger the debt: equity ratio has come down significantly which shows the efficiency of the working of UB Group.

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DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

PROFIT

Years 1986-90 1991-94 1995-98 1999-02 2003-06 2007-10

Profit(%) -80.82 -34.71 11.3 -31.88 25.48 31.67

profit(%)
50 0 1986-90 1991-94 1995-98 1999-02 2002-06 2007-10 -50 -100 profit(%)

The profit of the company increased rapidly after the post merger of MCF then due to the crisis in 1998 the profit margin reduced to a certain extent, at present a stable profit margin is maintained.

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DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

SALES

Years 1986-90 1991-94 1995-98 1999-02 2003-06 2007-10

Sales(%) 11.8 23.45 55.75 -0.41 18.47 20.16

sales(%)
60 40 20 0 -20 1986-90 1991-94 1995-98 1999-02 2002-06 2007-10 sales(%)

Since the fertilizer industry is subsidized the MCF reached its full production capacity during the year 1996, since then a stable sales is maintained.

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DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

ASSETS

Years 1986-90 1991-94 1995-98 1999-02 2003-06 2007-10

Assets(%) 17.02 8.55 20.17 4.33 19.09 5.8

assets(%)
25 20 15 10 5 0 1986-90 1991-94 1995-98 1999-02 2002-06 2007-10

assets(%)

The assets part shows a differential increase and decrease in total assets. The reason for the increase in the assets is mainly due to the expansion of the plant when there is a addition of new product line.

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DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

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DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

From the above financial analysis the post merger period are showing the positive figures when compared to the pre merger period.

Meaures taken by MCF after merger:

Change in HR policies: Before the merger, the labour unions had high power. These unions made unreasonable demand for bonus and increase in salaries, inspite of company suffering loss. Strikes were common in the factory premises. After merger, for next couple of years, labor unions had power. UB Group suspended the operations of MCF due to labour unrest during 1992. Subsequently, MCF became a sick unit. It was then, the management decided to break the union and take the matter seriously. New employees were recruited, who had considerable domain knowledge about chemical industry and its working. Training such employees became much easier and they were motivated to work hard for the given benefits. Better & cleaner working environment was made at the factory. Mangalore chemical and fertilizers limited has taken up to the 5 S techniques i.e. Seiri, Seiton, Seiso, Seiketsu, and Shitsuke, which would help it in the following: Seiri would help in sorting out things so that they can be availed on time. Seiton would help in proper arrangement of things so that they can be used on time. Seiso would help in maintaining clean work area. Seiketsu would help in standardization. Shitsuke would help in self decipline

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DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

Company has received Award for second consecutive year, for "Improvement in Overall Performance of a Company" by Fertilizer Association of India.

All the employees undergo a unique change programme called Mangala Initiative for Change. This programme focuses on a personal change and facilitates improved relationships and increases contribution at home, work and the workers around them. There are various employee development programs to improve the morale of the employees and to motivate them. Point rating methods are used to rank workmen on terms of their performance, Balances Scorecard method is now being introduced for better evaluation, self assessment is also provision given for the staff to rate themselves.

This division of the personnel department deals with transfer, promotion, disciplinary matters such as warning letters, notice, training letters and maintenance of industrial discipline and conduct etc.,

HR Policy: To create learning is constantly and continuously improving skills and competency levels of employees. To enhance involvement and participation of employees in all initiatives for achieving organizational goals. To plan the man power accurately.

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DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

HR development through training and education of employees on: Attitudinal change. Skills development. Quality development. Cost conscious.

The Sr. Vice-president Finance heads the finance departments: this is the department which is involved in maintaining the accounts, preparation of the budgets, payments, cash receivable, financial management, taxes, duties involved. The department is

constant touch with the other departments, mainly purchases where the payment is to be paid, due to the implementation of ERP software SAP the process is simplified and faster. The companys projections, tax payables, excise duties, working capital management, treasury, cash flows, day to day expenditures, subsidies receivables, transaction with FICCI. Since in this industry the role of the government is crucial, as the payment for the subsidy has to be received by the government, any deals in the payment will cause problems in the liquidity and cash management.

Signified accounting policies in MCF: a) Fixed assets: Fixed assets are cost, namely, cost of acquisition and other incidental expenses directly related to their installation less depreciation.

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DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

Finished goods are at lower of cost or net realized value. Work-inprogress, raw materials, stores and spares are valued at cost.

b) Depreciation: Depreciation is charged on straight line method at the rates and in the manner specified in schedule XIV to the companies Act, 1956 on all fixed asset acquired after 01-02-1987 and at the respective rate prescribed under the income tax rules for fixed assets acquired to 01-01-1987. Depreciation on addition to fixed asset costing less than Rs.500 is charged @ 100%. c) Retirement benefit to employees: Liability to gratuity and leave encashment benefit to employees are determined as at the year end and is either funded with the LIC or provided for fixed contribution to PF and superannuating fund are absorbed in. the accounts at actual cost to the company. FUNCTIONS OF ACCOUNTS DEPARTMENT Sales invoice entry. Purchase bill entry. Cash payment entry. Preparing sundry debtors (Receivables) statement. Preparing sundry creditors (Payments) statement. Payment follow- up with the customers.

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DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

Statutory forms to be submitted to various departments such as ESI, PF, Professional Tax, Central Excise Tax, and Income Tax.

Preparation of financial statements such as, trading and profit and loss Account & Balance Sheet. The design and engineering of the Ammonia/Urea plants was done by Humphreys & Glasgow Limited, London, a leading international firm in the fertilizer field and their associates, Humphreys & Glasgow Consultants Pvt. Ltd., Bombay. 10. The Phosphatic plant is designed and engineered by Toyo Engineering Corporation, Japan. PDIL and Furnace Fabrica the Indian firms were involved in the construction of ABC and SAP respectively.

UB Group suspended the operations of MCF due to labour unrest during 1992. Subsequently, MCF became a sick unit and was referred to the BIFR. In 199596, many of the concessions sought in the revival plan prepared by the UB Group including the introduction of SPIC and Emirates Trading Agency as copromoters. This were not accepted by the Government of Karnataka, Banks, and Government of India. BIFR directed IDBI, the operating agency, to issue an advertisement calling for bids. No acceptable bid was, however, recieved and accordingly, BIFR directed the existing promoter to submit its final revival proposal. The proposal is being actively pursued by the UB Group for the revival of the company. In recognition of the vastly improved operations and financial health in the last five years, the BIFR in its order dated Decemeber 1, 2000, circulated a revival scheme for your company. The scheme is based on the acceptance of the offer of one-time settlement to all the lenders. In April, 2000 the company completed the first phase of the revamp of the Ammonia/ Urea plants at a cost of Rs. 53 crores. The second phase is under implementation and completed in May 2002 at a cost of Rs. 52 Crores. In
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DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

addition to the above revamp and modernisation programme the company is also planning to diversify into some other business and therby lower the dependence on just one line of business. Company has received Award for second consecutive year, for "Improvement in Overall Performance of a Company" by Fertilizer Association of India.

Conclusions

This study was undertaken to test whether MCF has an impact on the outcome of merger, in terms of impact on operating performance. The results from the analysis of pre- and post-merger operating performance ratios for the acquiring firms in the sample showed that there was a differential impact of mergers.

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DEPARTMENT OF MANAGEMENT STUDIES, SJCE, MYSORE

Bibliography : www.mangalorechemicalsandfertilizers.com www.wikipedia.com www.mcflindia.com Annual reports from MCFL

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