MIRA
INFORM REPORT
|
Report Date : |
24.3.2007 |
IDENTIFICATION
DETAILS
|
Name : |
LAFARGE INDIA PRIVATE LIMITED |
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Registered Office : |
Bakhtawar, 14th Floor, 229, Nariman Point, Mumbai –
400021. Maharastra |
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Country : |
India |
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Financials (as on) : |
31.12.2004 |
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Date of Incorporation : |
08.02.1999 |
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Com. Reg. No.: |
11-118229 |
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CIN No.: [Company
Identification No.] |
U26940MH1999PTC118229 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUML03158B |
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PAN No.: [Permanent
Account No.] |
AAACL4159L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Produces and sells Portland Slag Cement, Ordinary Portland Cement and Portland
Pozzolana Cement. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 28500000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Directors are reported as experience and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal business dealings at usual trade
terms and conditions. |
LOCATIONS
|
Registered Office : |
Bakhtawar 14th Floor, 229, Nariman Point, Mumbai-400021,
Maharashtra, India. |
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Tel. No.: |
91-22-66306510 |
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Fax No.: |
91-22-66306511 |
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Website : |
DIRECTORS
|
Name : |
Mr Sharadchandra Damodar Abhyankar |
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Designation : |
Director |
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Address : |
16, Prabhukripa, Nariman Road, Vile Parle (E), Mumbai – 400057 |
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Name : |
Mr Nikhilesh Natvarlal Panchal |
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Designation : |
Director |
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Address : |
502, Ajay Apartment, T.H. Kataria Marg, Matunga (W). |
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Name : |
Mr. Thomas Thomas |
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Designation : |
Chairman |
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Address : |
Revills, 45, Cuffe
Parade, Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
21.11.1927 |
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Date of Appointment : |
16.04.2003 |
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Date of Ceasing : |
21.10.2005 |
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Name : |
Mr. V. Narayanan |
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Designation : |
Director |
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Address : |
Flat No. 19, The Manor,
1 Cenotaph Road, 2nd Street, Teynampet, Chennai – 600018,
Tamilnadu |
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Date of Birth/Age : |
29.01.1938 |
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Date of Appointment : |
16.04.2003 |
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Name : |
Ms. Shobha Singh
Thakur |
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Designation : |
Director |
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Address : |
1161, Abdul Court,
Flat No. 20, 7th Floor, Suryavanshi Marg, Dadar, Mumbai – 400028,
Maharashtra, India |
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Date of Birth/Age : |
26.08.1929 |
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Date of Appointment : |
16.04.2003 |
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Name : |
Ms. Priya Mohan
Sinha |
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Designation : |
Director |
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Address : |
B – 787, Sushant
Lok – I, Gurgaon, Haryana – 122002 |
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Date of Birth/Age : |
15.08.1940 |
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Date of Appointment : |
16.04.2003 |
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Name : |
Mr. Michel Rose |
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Designation : |
Director |
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Address : |
8, Bis Rue Denfert
Rochereau, 92100 Boulogne, France |
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Date of Birth/Age : |
27.02.1943 |
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Date of Appointment : |
16.04.2003 |
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Date of Ceasing : |
02.05.2006 |
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Name : |
Mr. Jean Dcsazars
de Montgailhard |
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Designation : |
Director |
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Address : |
17, Boulevard,
Delessert 75016, Paris – France |
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Date of
Birth/Age : |
26.07.1952 |
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Date of
Appointment : |
16.04.2003 |
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Name : |
Mr. Martin
Kriegner |
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Designation : |
Director |
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Address : |
18th
& 19th Floor, Gharonda Towers, Opposite White House,
Walkeshwar, Mumbai – 400006, Maharashtra, India |
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Date of
Birth/Age : |
06.09.1961 |
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Date of
Appointment : |
07.03.2002 |
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Name : |
Mr. Kumarapuram
Venkitachalaiyer Ganesan |
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Designation : |
Director |
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Address : |
Flat No. 3, 1A,
Palm Place, Ballygunge Park Road, Kolkata – 700019, West Bengal, India |
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Date of
Birth/Age : |
15.11.1938 |
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Date of
Appointment : |
08.03.2004 |
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Name : |
Mr. Bruno Lafont |
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Designation : |
Director |
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Address : |
21, Boulevard,
Montmorency – 75116, Paris – France |
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Date of
Birth/Age : |
08.06.1956 |
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Date of
Appointment : |
03.10.2003 |
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Name : |
Mr. Yongngai Chan |
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Designation : |
Director |
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Address : |
House No. 35, Road
No. 24, Gulshan, Dhaka – 1212, Bangladesh |
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Date of
Birth/Age : |
24.12.1946 |
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Date of
Appointment : |
03.10.2003 |
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Name : |
Mr. Deepak Parekh |
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Designation : |
Chairman |
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Address : |
9, Darbhanga Mansion 12, Carmichael Road, Mumbai – 400026. |
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Date of Birth/Age : |
18.10.1944 |
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Date of Appointment : |
01.07.2005 |
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Name : |
Mr. Uday Khanna |
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Designation : |
Chief Executive Officer & Director |
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Address : |
Flat # 502, 5th Floor, Bakhtawar, Opp Colaba Post Office,
Mumbai – 400005 |
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Date of Birth/Age : |
01.12.1949 |
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Date of Appointment : |
01.07.2005 |
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Name : |
Mr. Guillaume Roux |
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Designation : |
Director |
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Address : |
14, Ruc De La Vieille Butte, St Germain En Laye, France – 78100 |
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Date of Birth/Age : |
08.08.1959 |
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Date of Appointment : |
21.10.2005 |
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Name : |
Mr. Rajiv Chandan |
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Designation : |
Vice President
[Legal] and Company Secretary |
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Address : |
Flat No. 301, E –
Wing, Dheeraj Regency, W. E. Highway, Borivli [East], Mumbai – 400066,
Maharashtra, India |
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Date of
Birth/Age : |
01.06.1965 |
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Date of
Appointment : |
03.06.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
Percentage of
Holding |
|
Public Financial Companies |
|
5.61 |
|
Foreign Holding (Foreign Institutional Investor(s), Foreign Companie(s),
Foreign Financial Institution(s), Non-resident India(s) or Overseas Corporate
Bodies |
|
35.69 |
|
Directors or Relatives of Directors |
|
58.70 |
BUSINESS DETAILS
|
Line of Business : |
Produces and sells Portland Slag Cement, Ordinary Portland Cement and
Portland Pozzolana Cement. |
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Products : |
Cement |
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PRODUCTION STATUS
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Cement |
Metric Tons |
NA |
5,000,000 |
4,288,619 |
GENERAL
INFORMATION
|
No. of Employees : |
1589 |
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Bankers : |
Citi Bank Kanak Building, 41 Chowringhee Road, Kolkata – 700071, West Bengal, India E-mail : kumar.neeraj@citigroup.com |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
C. C. Chokshi & Co. Chartered
Accountants |
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Holding Company : |
Lafarge SA |
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Immediate
Holding Company : |
Lafarge India Holding Private Limited. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
700,000,000 |
Equity Shares |
Rs. 10/- each |
7000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
415,696,338 |
Equity Shares |
Rs. 10/-
each |
4156.963
Millions |
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
4156.963 |
4156.963 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
2992.436 |
2600.000 |
|
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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|
NETWORTH |
|
7149.399 |
6756.963 |
|
|
LOAN FUNDS |
|
|
|
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1] Secured Loans |
|
4212.205 |
5054.484 |
|
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2] Unsecured Loans |
|
49.177 |
476.616 |
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TOTAL BORROWING |
|
4261.382 |
5531.100 |
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DEFERRED TAX LIABILITIES |
|
1771.000 |
1646.000 |
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TOTAL |
|
13181.781 |
13934.063 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
11157.267 |
11693.245 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
83.780 |
120.387 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
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Inventories |
|
857.588
|
763.899 |
|
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Sundry Debtors |
|
648.885
|
751.702 |
|
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Cash & Bank Balances |
|
460.546
|
326.679 |
|
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Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
421.336
|
303.858 |
|
Total
Current Assets |
|
2388.355
|
2146.138 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
2462.793
|
2040879 |
|
|
Provisions |
|
0.000
|
0.000 |
|
Total
Current Liabilities |
|
2462.793
|
2040.879 |
|
|
Net Current Assets |
|
(74.438)
|
105.259 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
13181.781 |
13934.063 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2004 |
31.03.2003 |
|
|
Sales Turnover |
|
9095.712 |
7451.403 |
|
|
Other Income |
|
0.000 |
0.000 |
|
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Total Income |
|
9095.712 |
7451.403 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
562.536 |
22.072 |
|
|
Provision for Taxation |
|
170.100 |
242.820 |
|
|
Profit/(Loss) After Tax |
|
392.436 |
(220.748) |
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Expenditures : |
|
|
|
|
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Interest |
|
509.376 |
653.694 |
|
|
Depreciation & Amortization |
|
667.869 |
681.504 |
|
|
Other Expenditure |
|
7355.931 |
6067.261 |
|
Total Expenditure |
|
8533.176 |
7402.459 |
|
LOCAL AGENCY
FURTHER INFORMATION
In order to reduce
costs & increase capacity in line with market share, the Co will be
expanding capacity at Jojobera & converting OPC to PPC at Sonadin
Proparty –
Freehold Land,
Buildings & Roads, Plants & Machinery, Vehicles, Furniture &
Fixtures.
|
Particular of Charge |
Modification of Charges by a company
registered in India (Pursuant to Section 135) |
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Name of the Company |
LAFARGE INDIA PRIVATE LIMITED |
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Presented by |
Mr. Rajiv Chandan Voce President(Legal) & Company
Secretary |
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1. Date and description of the instrumental
creating the charge |
No instrument was executed but on the 24th
day of April, 2001 joint mortgage was created by the Company jointly in
favour of (a) Deutsche Bank AG in its capacity as
Debenture Trustees (“the Trustees”) for theholders of Secured Redeemable
Non-Convertible Debentures of the aggregate nominal value of Rs. 2500.000
millions (now reduce to 1650.000 millions) (b) Standard Chartered Bank (“SCB”) for its
rupee term loan of Rs.600.000 millions and (c) Credit Lyonnais (“CL”) for its
rupees 500.000 millions By deposit of title deeds with Deutsche
Bank, acting for itself as Trustees and
as agent of SCB and CL in respect of the Company’s immovable
properties pertaining to its cement unit situated at P.O. Gopalnagar, Dist-
Janjgir Champa in the state of Chhatisgarh, more particularly described in
the Annexure to Form 13 field in this regard in order to create security
thereon as and by way of joint equitable mortgage by deposit of title deeds. |
|
2) Security |
Rupee Term Loan of Rs. 600.000 millions (
hereafter referred to as “the Loan”) |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Company’s immovable properties pertaining to
its cement unit situated at Arasmeta P>O. Gopalnagar, Dist-Janjgir Champa
in the state of Chhatisgarh, more particularly described in the Annexure to
Form 13 field in this regard. |
|
4) Gist of the terms and conditions and extent and
operation of the charge. |
The Loan together with all interest,
additional interest, liquidated damages, commitment charges and expenses and
other moneys payable thereon by the company to SCB is now secured by the
joint equitable mortgage by deposit of title deeds in respect of the
Company’s immovable properties pertaining to its cement unit situated at P.O.
Gopalnagar, Dist- Janjgir Champa in the state of Chhatisgarh ( more
particularly described in the Annexure to Form 13 field in this regard )
together with all building and structures thereon and all plant and machinery
attached to the earth or permanently fastened to anything attached to the
earth. |
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5) Name and Address and description of the person entitled to the charge. |
STANDARD CHARTERED BANK 23-25, Mahatma Gandhi Road, Fort, Mumbai – 400001. |
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6) Date and brief description of instrument modifying the charge |
No instrument was executed but the company has
released partially the charge on the land situated at Village “Gondadih”
(more particularly described in the Annexure enclosed herewith) from the
total pari passu charge created in favour of
its Cement unit situated at P.O. Gopalnagar, Dist – Janjgir Champa in
the State of Chhatisgarh. Dated 11th Feb. 2005. |
|
7) Particulars of modifications specifying the terms and
conditions or the extent of operations of the charge in which modification is
made and the details of the modification. |
FIRST MODIFICATION The Company’s immovable properties to its cement unit situated at
Arasemta P.O. Gopalnager, Dist – Janjgir Champa in the state of Chhatisgarh
(more particularly described in the enclosed Annexure ) hitherto mortgaged in
favour of Secured Redeemable Non Convertible Debentures of 2500.000 millions
(now reduced to 1650.000 millions ) SCB for Rupee Term Loan of 600.000
millions & CL for Rupee Term Loan Rs. 500.000 millions now being further
mortgaged by creating a pari passu charge in favour of The Hongkong and
Shanghai Banking Corporation Limited (HSBC) for securing Rupee Term Loan of
Rs. 500.000 millions from HSBC, by deposit of title deeds by way of
constructive delivery with Deutsche Bank
and Deutsche Bank acting for itself as Trustees and as agent for SCB,
CL & HSBC in respect of the aforesaid immovable properties. (Registered vide
serial No. 121 dated 16.8.04) PRESENT
MODIFICATION Dated 11th
Feb, 2005 No instrument was executed, but the company has released partially the
charge on the land situated at Village “Gondadih” (more particularly
described in the Annexure enclosed herewith ) from the total pari passu
charge created in favour of its lenders and debenture holders on its
immovable properties pertaining to its Cement unit situated at P.O. Gopalnagar,
District Jangir Champa in the State of Chattisgarh. |
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.39 |
|
UK Pound |
1 |
Rs.85.16 |
|
Euro |
1 |
Rs.57.60 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
55 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|