RAIN COMMODITIES LIMITED

RAIN COMMODITIES LIMITED

Previous company name
PRIYADARSINI CEMENT LIMITED
Name change date
12/27/2004
Company Overview
Rain Commodities Limited, formerly known as Priyadarsini Cement Limited, is involved in the manufacture and sale of cement in south India. The company was founded in 1984. Its registered business office is based in Hyderabad, India. It is publicly listed on the Bombay Stock Exchange.
Rain offers various cement products such as Priya 53 Gold, Priya 43 Special, Priya P53 Super Grade Cement, and Priya S53 Super Grade Cement products. These products are widely used in a broad range of applications,including residential, commercial, industrial complexes, and multi storied buildings; roads, culverts, flyovers, and bridges; precasted items, such as pipes, manhole covers, slabs, walls, solid/hollow bricks, grills, electric/nonelectric poles, water tanks, and flooring tiles; as well as pre-stressed concrete elements.
Business Summary
The Company is primarily engaged in the manufacture and sale of cement. It has two wholly owned subsidiaries: Rain CII Carbon (India) Limited and Rain Commodities (USA), Inc. Rain CII Carbon (India) Limited is engaged in the manufacture and trading of Calcined Petroleum Coke and generation of power through the waste heat recovery. Rain Commodities (USA), Inc. is primarily an investment vehicle.
Description and history
The Company is primarily engaged in the manufacture and sale of cement. It has two wholly owned subsidiaries: Rain CII Carbon (India) Limited and Rain Commodities (USA), Inc. Rain CII Carbon (India) Limited is engaged in the manufacture and trading of Calcined Petroleum Coke and generation of power through the waste heat recovery. Rain Commodities (USA), Inc. is primarily an investment vehicle.

The Company was incorporated on March 15, 1974 and got its present name on December 27, 2004. The Company produces ordinary portland and blended cements with two locations in Andhra Pradesh at Nalgonda and Kurnool with a combined capacity of 1.6 million MTPA. It currently markets the cement production in South India under the brand name Priya Cement.

In a major transaction, Rain Commodities (USA) Inc. acquired 100% membership interests of AIP/GLC Holdings LLC from American Industrial Capital Partners II LP. A feasibility study was launched by Rain CII early in 2008 to construct, own and operate a petroleum coke calcining plant in China. The planned capacity for the new facility is between 300,000 and 500,000 MTPA, expecting to commence production early in 2010. In a major restructuring exercise, the cement business of Rain Industries was transferred to the Company, and the calcined petroleum coke and power business was transferred from the Company to Rain Industries.

During the year ended December 31, 2007, the Company, through its subsidiaries acquired all of the interests of CII Carbon L.L.C., United States and Rain Commodities (USA), Inc. has made investments in CII Carbon L.L.C. In April 2008, Rain Commodities Limited incorporated two wholly owned subsidiaries: Rain Calciner Ltd, India, engaged in the business of manufacture and sale of calcined petroleum coke (CPC), and cogeneration and supply of power, and Rain Global Services LLC, United States, engaged in the business of trading and sale of green petroleum coke and CPC.

Recent Developments
12 March 2008
The Company announced that Focus India Brands has acquired 4.97% of the Company’s share capital. The board of directors of the Company at its meeting held on March 11, 2008, allotted 3.5 million equity shares to Focus India Brands (Promoter) at a price of Rs 200 each, consequent to the conversion of 3.5 million equity warrants into equity shares.
22-February 2008
Rain CII Carbon LLC, USA (Rain CII), a wholly owned subsidiary company, has launched a feasibility study to construct, own and operate a petroleum coke calcining plant in China. The planned capacity for the new facility is between 300,000 and 500,000 MTPA, with startup in early calendar 2010. The proposed facility will be located in Eastern China in close vicinity to major oil refineries and port facilities. The location adds raw material sourcing and finished product distribution synergies to their global calcining operations. Rain CII is adopting a strategy focused on adding new facilities to increase capacity and reducing distribution costs for end consumers. With a total capacity of 2.5 million MTPA, Rain CII is currently the largest calciner entity in the world. In 2007, Rain CII produced roughly 2.2 million MT of calcined petroleum coke.
4 January 2008
Consequent to the amalgamation of Rain Calcining with the Company, the board of directors of the Company at their meeting held on January 4, 2008 has allotted 34,861,286 equity shares of Rs.10 each fully paid-up to the shareholders of Rain Calcining (transferor company) in the ratio of 2:7, i.e., two equity shares of the Company were allotted for every seven equity shares held in Rain Calcining as of January 2, 2008 (record date). Post allotment of new shares, the total issued and paid-up equity share capital of the Company will be Rs.669,712,860 divided into 66,971,286 equity shares of Rs.10 each.
26 November 2007
On November 23, 2007, the board of directors took on record the order dated October 25, 2007 of the high court of Andhra Pradesh, approving the scheme of arrangement consisting the transfer of cement business from Rain Industries to the Company with effect from July 1, 2006. It also approved the amalgamation of Rain Calcining with the Company with effect from April 1, 2007 and transfer of Calcined Petroleum Coke (CPC) and power business from the Company to Rain Industries with effect from April 1, 2007.
The certified true copy of the court order has been filed with the registrar of companies on November 23, 2007.
Accordingly, the scheme of arrangement has become effective from November 23, 2007 and Rain Calcining stands amalgamated with the Company, the cement business has been transferred from Rain Industries (wholly owned subsidiary company) to the Company; and Calcined Petroleum Coke (CPC) and power business has been transferred from the Company to Rain Industries.

Formerly known as Priyadarsini Cement Limited

Business Line
Involved in the manufacture and sale of cement in south India
Subsidiary
JUNIPER INVESTMENTS LLC
Advisor
DELOITTE HASKINS & SELLS
IPO date
9/25/2000
US SIC Code
3241
Company Address
Rain Center
34, Srinagar Colony
City province or state postal code
500 073, HYDERABAD
Phone: +91 040-40401234
Fax: +91 040-40401214
Country address: INDIA
Website url: