RAIN INDUSTRIES LIMITED
RAIN INDUSTRIES LIMITEDRiL/SEs/2021The General ManagerDepartment of Corporate ServicesBSE LimitedPhiroze Jeejeebhoy TowersDalai Street, FortMumbai-400 001April 9, 2021The ManagerListing DepartmentThe National Stock Exchange of India LimitedBandra Kurla ComplexBandra EastMumbai-400 051Dear Sir/Madam,Sub:Ref:Notice and 46th Annual Report of Rain Industries Limited ('Company') - Reg.i) Compliance with Regulation 34 (1) of SEBI (LODR) Regulations, 2015ii) Scrip Code: 500339 (BSE) & Scrip Code: RAIN (NSE)With reference to the above stated subject, we bring to your kind notice that pursuant to theapplicable provisions of SEBI (LODR) Regulations, 2015, as amended from time to time('Listing Regulations'), we wish to inform that the 46th Annual General Meeting ('AGM') of theCompany will be held on Monday, the May 10, 2021 at 11.00 A.M. through VideoConferencing ("VC") / Other Audio Visual Means ("OAVM") without the physical presence ofthe Members at a common venue, in compliance with General Circular No. 14/2020, 17/2020,20/2020 and 02/2021 issued by Ministry of Corporate Affairs (MCA Circulars).In this connection, please find attached herewith 46th Annual Report of the Company for theFinancial Year ended December 31, 2020 along with the Notice of AGM.In terms of Regulation 46 of the Listing Regulations, the said Annual Report and Notice ofAnnual General Meeting and other relevant documents are also uploaded on the website of theCompany at www.rain-industries.com.Further, in terms of Section 108 of the Companies Act, 2013 and Rule 20 of the Companies(Management & Administration) Rules, 2014 (as amended), and Regulation 44 of SEBI LODR,the Company is providing the facility to its Members (holding shares either in physical ordematerialized form) to exercise their right to vote by electronic means through Remote e-votingon the businesses specified in the Notice convening the 46th AGM of the Company.This is for your information and record.Thanking you,Yours faithfully,for Rain Industries LimitedS. Venkat Ramana ReddyCompany SecretaryRegd. Office: Rain Center34, Srinagar ColonyHyderabad 500073Telangana, IndiaPhone: 91 (40) 40401234Fax: 91 (40)40401214Email: secretarial@rain-industries.comWebsite: www.rain-industries.comCIN: L26942TG1974PLC001693
4 6 th A n n u a l R e p o r t2020ROBUSTRESPONSIBLERESPONSIVE
2020 key highlightsROBUSTReinforcing relevance across key ctsAluminiumsmeltingFuel-efficienttyresFinancials 104,647 MnRevenueRESPONSIVEResponding to evolving trends with the introductionof innovative ies 19,892 MnOperating profit Electromobility 476,000*RESPONSIBLEStrengthening our sustainability commitmentsGHG emissions avoided(tonnes of CO2 equivalent)* Based on waste-heat nsCO2 emissionreductionContributing to the United Nations SustainableDevelopment Goals (UN SDGs). In our report, we providereference to the specific SDGs where we create valueincluding electricity generation atheat-recovery steam-generation powerplants in Chalmette, Lake Charles andVizag, and heat-exchanger systemsthat produce steam at Castrop-Rauxel,Duisburg, Norco and Zelzate as wellas waste-heat recovery plants at theKurnool and Suryapet cement plants.Emission savings are calculated frommegawatts based on emission factorsof local electricity grids and combustionof natural gas.Social 199 MnCSR and related expenditure
Contents02-73Corporate overviewBuilding on robust fundamentals04 Developing materials of the future 5,321MnProfit after tax(PAT) 15.82Earnings per share (EPS) 06 Expanding scale and scope08 Delivering steady performance12 ‘Sustainably agile and resilient’– From the Vice Chairman’s desk16 Towards shared value creation18 The R.A.I.N. strategyResponding to emerging opportunitiesand challenges24 Turning the wheel in the right direction26 Carbon Adjustedwith exceptional items30 Advanced Materials34 CementEnvironmental38 Abiding by regulations and policies39 Resilient in the face of challengesBeing responsible towards ESG issues 60,000**42 Creating value from industrial by-productsTrees planted50 Acting today for a greener tomorrow44 Sustainability achievements 202046 Boosting carbon productivity58 B uilding an empowered world for ourcommunities and our people** Includes trees planted in the cement plantsand calcination facilities in India68 Committed to the highest standards of ethics72 Managing risks74-189Statutory reports74 Notice80 Directors' report160 Management discussion and analysis164 Report on corporate governance 0.14#Total recordable injury rate (TRIR)#Carbonand Advanced Materials segments190-333Financial statements190 Standalone financial statements242 Consolidated financial statements
Rain Industries LimitedSustainabilityin action246th Annual Report 2020
Corporate overviewStatutory reportsFinancial statements‘Sustainability’ is a powerful word – one that inspires us tocontinue being the best at what we do while maintainingan ecological balance. At RAIN Industries Limited (RAIN),it implies working towards changing for the better.To Improve. Innovate. Reinvent.To be sustainable.Sustainability is embedded in our DNA – in our products, values and commitmenttowards the environment and the society.WE STRIVE FOR IT IN EVERYTHING WE DO BY1Buildingon robustfundamentalsRead more on howwe are continuouslystrengthening ourfoundationson page 04.2Respondingto emergingopportunitiesand challengesRead more on how weequip our three businesssegments to leverageopportunities andmitigate riskson page 26.3BeingresponsibletowardsEnvironmental,Social andGovernance(ESG) issuesRead more on how weidentify, analyse andrespond to matters relatedto ESG on page 44.With our unwavering focus on these three pillars, we hope to inspire sustainable changethat will benefit people and the planet.Now, more than ever, we are acting to build a better world for future generations.Sustainability i n action3
Rain Industries LimitedBuilding on robust fundamentalsDeveloping materials of the futureRAIN operates in threesegments – Carbon,Advanced Materialsand Cement – andis one of the leadingproduct manufacturersin these segments. Ourwide array of productsserve as raw materialsfor a broad range ofindustries such asaluminium, carbon black,refractory, specialtychemicals, coatingsand construction.We produce vital high-grade andvalue‑added raw materials, supported byour world-class manufacturing practicesand operational excellence. We supplyto some of the largest global aluminium,graphite and specialty chemicalproducers. Also, we are key customersof the world’s leading oil refiners andsteel producers.Our suppliers provide key raw materialsto our calcination, distillation andadvanced materials businesses andwe are self-sufficient with regard tolimestone for our cement operations.decision-making enable us to leverageopportunities, mitigate risks, meetcustomer requirements and embedsustainability across our organisation.#1Global producer of CTP#2Global producer of CPCOur experience of over four decades isbacked by: 2,600 Industry-leading production capacitiesEmployees Prudent decision-making Diligent quality checks and productapproval processesOur scale, innovative processes,high-grade products and prudent17Production facilities across Asia,North America and EuropeSTRONG AND SUSTAINABLEBusiness-wisecapacitiesCommitted tosustainability2.1 MTPA0.7 MTPA 116 MW 59 MWCalcinationAdvanced MaterialsWaste-heat recoverypower generationcapacityWaste-heat recoverysteam generationcapacity1.3 MTPA4.0 MTPA2 MW4Coal Tar DistillationCementSolar-generated electricityat Kurnool and Suryapetcement plantsFlue-gasdesulphurisationplants446th Annual Report 2020
Corporate overviewStatutory reportsFinancial statementsOUR THREE BUSINESSES: INNOVATING FOR SUSTAINABILITYCarbonAdvanced MaterialsCementThrough our Carbon business segment,we transform the by-products of otherindustries into high-value carbon-basedproducts that are critical raw materials forthe aluminium, graphite, carbon black,wood preservation, titanium dioxide,refractory and other industries. We arethe world’s largest producer of coal tarpitch (CTP) and second-largest producerof calcined petroleum coke (CPC).Our Advanced Materials businesssegment produces raw materialsdesigned for cleaner, lighter andenvironment-friendly 21st-centuryapplications in specialty chemicals,coatings, construction, petroleum andother global industries.Our Cement segment comprises twointegrated cement plants in South Indiathat are self-sufficient in limestone.Products CPC CTP Other carbon products (OCP) Energy (electricity and steamgenerated from the waste-heatrecovery process)Products Resins Derivates Petrochemical intermediates Engineered products (designed forspecific customer requirements)Products Ordinary portland cement (OPC) Portland pozzolana cement (PPC)Learn more about how our Carbon productsare used in specialty industrial applicationson page 26.Learn more about how our Advanced Materialsproducts' serve critical industries on page 30.Learn more about how we are helping strengthenthe infrastructure and providing a foundation forthe growth of South India on page 34.RECOGNITIONS9*Waste-heat recoveryplants generatingelectricity and steam* Waste-heat recovery includes heatrecovery steam-generation powerplants and heat-exchanger systems.EcoVadis Gold sustainabilityrating – Zelzate carbondistillation and advancedmaterials facility in BelgiumEcoVadis Silversustainability rating –Castrop-Rauxel and Duisburgcarbon distillation andadvanced materials facilitiesin GermanyPresident’s Award and Spiritof Southwest Louisiana Awardfrom United Way of SouthwestLouisiana – Lake Charlescalcination and energy facilityTMS Electrode TechnologyBest Paper Award –Anhydrous Carbon Pellets– An Engineered CPCRaw MaterialICSOBA* Carbon BestPaper Award – SustainableCPC Production at theVizag Calciner* The International Committee for Study of Bauxite, Alumina & Aluminium, an independent non-profit association thatunites industry professionalsSustainability i n action5
Rain Industries LimitedBuilding on robust fundamentalsExpanding scaleand scopeCANADAHamilton, OntarioWith our strategically locatedmanufacturing facilities acrossthe world, we are in goodstead to capitalise on emergingmarket opportunities. We willcontinue to grow throughprudent capacity expansions,mergers and acquisitionsacross the world, thusimproving our capabilities toserve global markets.World-classmanufacturing plants12Carbon plants3USAAdvanced Materials plantsLake Charles, Louisiana2Chalmette, LouisianaGramercy, LouisianaNorco, LouisianaCement plants6Robinson, Illinois46th Annual Report 2020Purvis, Mississippi
Corporate overviewGERMANYStatutory reportsFinancial statementsPOLANDCastrop–RauxelK dzierzyn – Ko leDuisburgRUSSIACherepovetsINDIAVisakhapatnam, Andhra PradeshSuryapet, TelanganaKurnool, Andhra PradeshBELGIUMZelzateCalcined petroleum coke (CPC) plantCoal tar pitch (CTP) plantAdvanced materialsCement plantWaste-heat recovery power plantWaste-heat recovery steam plantFlue-gas desulphurisation (FGD) plantSolar power plantSustainability i n action7
Rain Industries LimitedBuilding on robust fundamentalsDelivering steady 15.3)%2.6%14.1%5-year CAGRy-o-y5-year CAGRy-o-y17.405-year average5-year 70EARNINGS PER SHARE (EPS)( )7,977PROFIT AFTER TAX( in million)3,45746th Annual Report 202020162.0%2016817,485104,647202021,4115-year average23,70619,9845-year average123,607115,637140,490OPERATING PROFIT( in million)114,496REVENUE FROM OPERATIONS( in million)19,892Profit-and-loss metrics94,945At RAIN, we consistentlystrive to achieve growthand create value. Over theyears, our performancehas demonstrated ourability to face the marketheadwinds and ourprudence in planning forthe future. It strengthensour resolve to becomemore agile and resilientto overcome disruptions,maintain momentumand capitalise onemerging 2.1%9.0%2.1%5-year CAGRy-o-y5-year CAGRy-o-y2020
Corporate overviewStatutory reportsFinancial statementsBalance-sheet metrics20192020201720162017201920191652020NET DEBT TO OPERATING PROFIT(in 7NET DEBT TO NET WORTH(in multiples)928999927201720163.242020NET DEBT(US in million)201666220196172018BOOK VALUE PER SHARE( )4662,27820172,5032,2682016NET WORTH(US in million)2,2771,927TOTAL ASSETS(US in million)202020162017201820192020Sustainability i n action9
Rain Industries LimitedBuilding on robust fundamentalsBusiness segment-wise metricsREVENUE(%)2020201910826266466OPERATING PROFIT(%)20202019911181970Business segmentCarbon10Advanced Materials46th Annual Report 2020Cement73
Corporate overviewStatutory reportsFinancial statementsREVENUE BY END INDUSTRY(%)3816737148658443433232222222 1 11 1212020620198IndustriesAluminiumWood preservationAdhesivesEnergy arbon blackTitanium dioxideRubberPrintingGraphiteSpecialty chemicalsGypsumOthersProfit reported during the year( in million)ParticularsReported amountOperating profitProfit after tax21,0085,5821,3501,350AdjustmentsInventory adjustments due to extraordinary fall in commodity pricesRe-organisation costs on account of closing of certain facilities in EuropeExpenses towards strategic projects and other non-recurring itemsRepairs and other costs incurred on account of 139Tax impact on above adjustments-(190)Deferred tax adjustments-Gain on divestment of superplasticiser businessAccelerated depreciation due to plant closure in the NetherlandsAdjusted amount19,8929065,321Note:Operating profit Profit before depreciation and amortisation, impairment loss, interest and taxes adjusted with exceptional items, if anySustainability i n action11
Rain Industries LimitedBuilding on robust fundamentals‘Sustainably agileand resilient’From the Vice Chairman’s deskDear Shareholders,Like many companies, we entered2020 with high expectations andambitious goals.In fact, during the first 10 weeks of theyear, our businesses were on a trajectoryto return to near-normal performancelevels. Just as important, 2020 wasshaping up to be a good year for RAIN,with the pending completion of multiplemajor projects that would strengthenour ability to produce materials forcountless everyday products and helpto satisfy society’s growing appetite forthe cleaner, lighter and faster productsof the 21st century. These projectsand products would not only solidifyour presence in the existing marketsbut also enable us to create newopportunities in the coming years. Wewere also excited about their potentialto enhance our sustainability efforts andability to help our customers meet theirsustainability goals.But that was back in 2020 B.C. – BeforeCOVID-19.While the impact of coronavirus hasbeen widespread and tragic, we havebeen relatively fortunate. Since theWorld Health Organisation (WHO)declared a global pandemic on March11, 2020, in most countries, wherestay‑at‑home orders were implemented,our plants were designated as ‘essentialbusinesses’. Except for a brief periodof shutdown in India, our plants hadreceived the required approvals tocontinue operations, since they supportcritical industries such as aluminium,steel and petroleum refining.Employee safety: Our top priorityAs the pandemic raged, we quicklyrecognised our immense responsibilityto keep RAIN’s employees safe andproduction facilities running, so that wecould remain an unbroken link in theglobal supply chain.Our prompt response helped minimisethe pandemic’s impact on RAIN duringmuch of the first quarter.1246th Annual Report 2020
Corporate overviewImpact on our businessesFrom an earnings perspective, we alsobenefitted from some unanticipatedspot sales while China’s economy andexports were side-lined during theinitial days of the COVID-19 outbreak.However, by mid-March demandfor our products fell sharply due tothe virtual shutdown of airplane andautomobile manufacturing around theworld, coupled with the broader globaleconomic impact of coronavirus onnearly every aspect of life. At the sametime, China had emerged from peakCOVID-19 conditions by April and hadramped up its production facilities, aswell as exports. In India, the nationwideshutdown temporarily curtailed cementsales as well as calcined petroleumcoke (CPC) and energy productionat our Vizag calcination facility duringthe six-week period from March 22through May 3. Finally, the crash inpetroleum prices in March was anexceptional event that required us totake inventory write-downs in the firstand second quarters.By mid-May, however, things beganto look up. The coronavirus curvehad begun to flatten in much of theworld, and demand for many of ourproducts began to slowly recover asglobal automobile production resumed.Similarly, demand for tyres – whichhelped sales of our carbon black oiland CARBORES resins – improvedas stay-at-home orders were liftedand people around the world resumeddriving. In addition, we benefitted fromincreased demand for creosote in theUnites States as rail companies usedthe period of reduced travel to invest inthe maintenance of their transportationinfrastructure. Cement-segmentrealisations also rebounded once thenational lockdown in India was lifted.This, in part, was aided by the fact thatwe have dedicated transport contractorswith their own fleet of long-haul trucksand drivers. As a result, the scarcityof available drivers throughout thepandemic did not impact our ability totransport cement to our distributorsand customers.As we entered the third quarter, wehoped that the improvements in Mayand June would result into a V-shapedrecovery. While we did see some pickup in activity, it quickly flattened.To make matters worse, the secondhalf of 2020 was an extremely activehurricane season. During the third andfourth quarters, a wave of powerfulstorms battered the U.S. Gulf Coast,impacting our calcination and energyproduction facilities in Louisiana andMississippi. One of them – HurricaneLaura – made a direct hit on ourLake Charles facility in late August.Eight weeks later, we were finallyable to restart the two calcinationkilns and synchronise our waste-heatcogeneration plant to the local powergrid. Despite the heroic efforts of ourLake Charles employees, the damageto the plant resulted in more than 60days of lost operating time, 32,000metric tonnes of CPC sales and twomonths of energy revenue.Finally, during the fourth quarter,our expected decline in sales ofseasonal products was exacerbatedby an unusually high number ofplant turnarounds that had beendelayed to minimise the risk ofCOVID-19 contamination earlier inthe year, resulting in lower total plantthroughput.Resilient performanceDespite the odds, we completed2020 with an adjusted operatingprofit of 19,892 million and adjustedPAT of 5,321 million compared to 17,427 million and 5,211 million,respectively, in 2019.While the impact of COVID-19 on our2020 performance is undeniable,there were a number of bright spotsand accomplishments across RAIN’sglobal footprint during the year.Statutory reportsFinancial statementsINITIATIVES DURING THEPANDEMIC 25%of our non-operationalemployees workedfrom homeHaltedall non-essentialbusiness travelImplementedaggressivehygieneand o cleanse our facilitiesand safeguard localcommunitiesProvidedfinancialsupportto local efforts to combatfood insecurity and otherCOVID-related issuesSustainability i n action13
Rain Industries LimitedBuilding on robust fundamentalsIn terms of our major capital projects,we started production at hydrogenatedhydrocarbon resin plant in Germa
plant at each of our cement plants. A GLANCE AT OUR PRODUCTS Our cement is known for its strength and longevity, making us one of the most reputed cement brands in South India today. Products Ordinary portland cement (OPC) Portland pozzolana cement (PPC) Raw materials used Limestone, g
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