MIRA
INFORM REPORT
|
Report Date : |
08.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
CHETTINAD CEMENT CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
Rani Seethai Hall Building, 603, Anna Salai, Chennai – 600006,
Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
11.12.1962 |
|
|
|
|
Com. Reg. No.: |
18-4947 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.382.890 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L93090TN1962PLC004947 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEC00061F |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of Cement. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 35000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track. Financial
position of the company appears to be sounds. Trade relations are reported as
fair. Business is active. Payments are reported to be regular as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES:
Any query related to this report can be made on
e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
Rani Seethai Hall Building, No.603, Anna Salai, Chennai – 600006,
Tamilnadu, India |
|
Tel. No.: |
91-44-28292727/42149955 |
|
Fax No.: |
91-44-28291558 |
|
E-Mail : |
|
|
Website : |
http://www.chettinadcement.com
|
|
|
|
|
Plant 1 : |
Kumrarajah Muthiah Nagar, Puliyur Cement Factory Post, Karur District,
Tamil Nadu -639114 |
|
|
|
|
Plant 2 : |
Rani Meyyammai Nagar, |
DIRECTORS
(AS ON 31.03.2010)
|
Name : |
Dr. M A M Ramaswamy |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. M A M R Muthiah |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Ramanathan Palaniappan |
|
Designation : |
Director |
|
Date of Birth/Age : |
24.10.1932 |
|
Qualification : |
B.E., M.I.E. |
|
|
|
|
Name : |
Mr. R Krishnamoorthy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. SP. ST. Palaniappan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K Ganapthy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Sheela Rani Chunkath |
|
Designation : |
Director (TIIC Nominee) |
KEY EXECUTIVES
|
Name : |
Mr. S Hariharan |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.03.2011)
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
22,297,011 |
58.37 |
|
|
11,485,566 |
30.07 |
|
|
33,782,577 |
88.44 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
33,782,577 |
88.44 |
|
|
|
|
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
2,200 |
0.01 |
|
|
1,236,410 |
3.24 |
|
|
34,000 |
0.09 |
|
|
2,100 |
0.01 |
|
|
1,274,710 |
3.34 |
|
|
|
|
|
|
|
|
|
|
1,513,657 |
3.96 |
|
|
|
|
|
|
1,280,963 |
3.35 |
|
|
326,748 |
0.86 |
|
|
|
|
|
|
20,343 |
0.05 |
|
|
19,743 |
0.05 |
|
|
600 |
-- |
|
|
3,141,711 |
8.22 |
|
|
|
|
|
Total
Public shareholding (B) |
4,416,421 |
11.56 |
|
|
|
|
|
Total
(A)+(B) |
38,198,998 |
100.00 |
|
|
|
|
|
(C) Shares
held by Custodians and against which Depository Receipts have been issued |
-- |
-- |
|
|
|
|
|
Total
(A)+(B)+(C) |
38,198,998 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cement |
||||||
|
|
|
||||||
|
Products : |
·
Sulphate Resistant Portland Cement ·
|
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Annual Licensed /Installed Capacity |
Actual Production |
|
|
|
|
|
|
Cement |
MT |
6500000 |
4003468 |
|
Clinker |
MT |
-- |
3029280 |
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
South Indian Bank Limited ·
Indian Bank |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
· P. B. Vijayaraghavan
and company Chartered Accountant · V. Soundarajan
and Company Chartered Accountant · Krishaan and
Company Chartered Accountant |
|
|
|
|
Associates/Subsidiaries : |
· South India
Corporation Limited · Chettinad Structural
and Engineering Limited · Chettinad
Logistics Private Limited · Chettinad
Builders Private Limited · Chettinad Port
Services Private Limited · Chettinad
International Coal Terminal Private Limited · Chettinad
Financial Management Services Private Limited · Chettined
Software Services Private Limited · Haaciendaa
Infotech and Realtors Private Limited · Chettinad
Hospitals Private Limited · Chettinad
Corporation Private Limited · Chettinad
Plantations Private Limited · SIC Travancore
Private Limited · Chettinad Morimura
Semiconductor Material Private Limited · Chettinad Quartz
Product Private Limited · Chettinad
Lignite Transport Services Private Limited · Chettinad
Realtors Private Limited · Chettinad Energy
Private Limited · Chettinad
Pharmaceuticals Private Limited · Chettinad
Electronics Private Limited · Chettinad
E-Publishing Private Limited · Chettinad Trucks
and Equipments Private Limited · Chettinad Earth
Movers Private Limited · Chettinad
Computer and Software Services Private Limited · Chettinad
Clearing and Forwarding Private Limited · · Chettinad
Projects Development Private Limited · Chettinad Inland
Water Transport Private Limited · Allied Minerals
and Metals Private Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Share |
Rs.10/- each |
Rs.5000.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38295748 |
Equity Share |
Rs.10/- each |
Rs.382.957
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29593350 |
Equity Share (Included 4215850 Equity Shares of Rs.10/- each allotted as fully paid
Bonus shares by capitalisation of Reserves) |
Rs.10/- each |
Rs.295.934
Millions |
|
8695648 |
Equity Shares |
Rs.10/- each |
Rs.86.956
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.382.890 Millions |
NOTE:
These shares are to be issued to the shareholders
of Allied Mineral and Metals Private Limited. Pursuant to the scheme of
amalgamation approved by the Honorable High Court of Madras dt. 21.06.2010
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
382.000 |
295.000 |
295.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
8255.200 |
3256.500 |
3629.900 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8637.200 |
3551.500 |
3924.900 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
3438.900 |
2820.000 |
376.100 |
|
|
2] Unsecured Loans |
4149.800 |
7150.300 |
3985.800 |
|
|
TOTAL BORROWING |
7588.700 |
9970.300 |
4361.900 |
|
|
DEFERRED TAX LIABILITIES |
73.100 |
75.200 |
650.300 |
|
|
|
|
|
|
|
|
TOTAL |
16299.000 |
13597.000 |
8937.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
11478.000 |
8094.100 |
4924.300 |
|
|
Capital work-in-progress |
954.600 |
3131.600 |
3536.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
5.800 |
5.800 |
5.800 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
7.300 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2240.900
|
2146.100 |
1661.700
|
|
|
Sundry Debtors |
725.100
|
387.000 |
148.700
|
|
|
Cash & Bank Balances |
730.700
|
429.900 |
258.500
|
|
|
Other Current Assets |
0.200
|
0.100 |
0.000
|
|
|
Loans & Advances |
3817.400
|
3298.300 |
1978.000
|
|
Total
Current Assets |
7514.300
|
6261.400 |
4046.900 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
800.500
|
1012.300 |
|
|
|
Other Current Liabilities |
631.900
|
449.700 |
|
|
|
Provisions |
2221.300
|
2433.900 |
2019.700 |
|
Total
Current Liabilities |
3653.700
|
3895.900 |
3583.700
|
|
|
Net Current Assets |
3860.600
|
2365.500 |
463.200
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
16299.000 |
13597.000 |
8937.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
13595.500 |
11374.500 |
11072.000 |
|
|
|
Other Income |
139.400 |
61.400 |
58.000 |
|
|
|
TOTAL (A) |
13734.900 |
11435.900 |
11130.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Stores and Spares Consumed |
483.600 |
609.000 |
|
|
|
|
Packing Charges |
504.400 |
432.800 |
|
|
|
|
Raw Material Consumed |
1721.700 |
1589.000 |
|
|
|
|
Excise Duty |
32.500 |
(2.200) |
|
|
|
|
Increase/(Decrease) in Finished Goods |
99.400 |
(250.900) |
|
|
|
|
Salaries, Wages, Bonus, etc. |
645.400 |
377.000 |
7660.700 |
|
|
|
Repairs and Maintenance |
320.900 |
246.800 |
|
|
|
|
Loading and Transport Charges |
1371.300 |
1124.700 |
|
|
|
|
Advertisement and Sales Promotion |
91.500 |
35.000 |
|
|
|
|
Commission |
18.800 |
16.000 |
|
|
|
|
Power & Fuel |
3105.700 |
2433.700 |
|
|
|
|
Other Expenditure |
218.800 |
118.600 |
|
|
|
|
TOTAL (B) |
8614.000 |
6729.500 |
7660.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5120.900 |
4706.400 |
3469.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
767.900 |
507.800 |
185.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4353.000 |
4198.600 |
3283.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3080.800 |
4290.000 |
815.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1272.200 |
(91.400) |
2468.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
305.900 |
(49.300) |
830.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
966.300 |
(42.100) |
1637.700 |
|
|
|
|
|
|
|
|
|
|
Provision for
Taxation no longer required |
200.000 |
13.900 |
-- |
|
|
|
|
|
|
|
|
|
|
Prior Period
Adjustment |
(88.000) |
0.000 |
-- |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2064.100 |
2530.400 |
-- |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
-- |
100.000 |
-- |
|
|
|
Proposed Dividend |
-- |
295.000 |
-- |
|
|
|
Tax on Proposed Dividend |
-- |
50.200 |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
3142.400 |
2057.000 |
-- |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
276.100 |
141.000 |
63.400 |
|
|
|
Capital Goods |
981.600 |
713.500 |
63.200 |
|
|
TOTAL IMPORTS |
1257.700 |
854.500 |
126.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
30.51 |
60.08 |
-- |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Sales Turnover |
3497.000 |
3314.000 |
4220.700 |
4376.000 |
|
Total Expenditure |
2344.900 |
2823.800 |
2699.600 |
2933.800 |
|
PBIDT (Excl
OI) |
1152.100 |
490.200 |
1521.100 |
1442.200 |
|
Other Income |
1.400 |
640.500 |
12.700 |
(50.900) |
|
Operating
Profit |
1153.500 |
1130.700 |
1533.800 |
1391.300 |
|
Interest |
130.100 |
137.900 |
174.800 |
187.100 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
1023.400 |
992.800 |
1359.000 |
1204.200 |
|
Depreciation |
769.800 |
788.000 |
884.900 |
1186.000 |
|
Profit
Before Tax |
253.600 |
204.800 |
474.100 |
18.200 |
|
Tax |
53.100 |
23.000 |
94.300 |
28.600 |
|
Reported PAT |
200.500 |
181.800 |
379.800 |
(10.400) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
200.500 |
181.800 |
379.800 |
(10.400) |
KEY RATIOS
|
PARTICULARS |
|
30.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.04
|
(0.37) |
14.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.36
|
(0.80) |
22.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.70
|
(0.64) |
27.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
(0.03) |
0.63 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.30
|
3.90 |
2.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.06
|
1.61 |
1.13 |
LOCAL AGENCY FURTHER INFORMATION
MANAGEMENT
DISCUSSION AND ANALYSIS
A)
Industry structure and developments
The worst of the Global economic meltdown seem to be over,
but most of the countries in the world are only in the recuperating stages and
still not ready to get on the move. The European countries are receiving the
aftershocks of the meltdown only a bit late and are reeling under its effects.
The one sector in India that got most affected by the Global economic meltdown
is the real estate and infrastructure sector which has still not stood out on
its own completely. The economy as a whole has registered a decent growth of
just over 7%. The manufacturing sector has performed exceedingly well with a
growth of nearly 9% during the financial year 2009-10, despite the climate and
rains playing hide and seek.
The Cement Industry too performed exceedingly well during
the financial year 2009-10registering a growth of 12% both in production and
dispatch respectively against 8% during the financial year 2008-09.
The Southern region recorded a growth of around 9% in
Production and about 5% in consumption. The main reason for the below par
performance was the excess supply situation mainly due to capacity Increases
not sufficiently supported by demand increase and the deep fall in Andhra
Pradesh market affected by heavy rains and flood during 2009. The Andhra
Pradesh recorded a growth of only 5% and -1% in production and consumption as
against the Tamilnadu which recorded a growth of about 16% and 12% respectively
in production and consumption.
The company has commissioned the Line-2 Greenfield Cement
manufacturing unit with a capacity of 2 million Tonnes at Ariyalur during the
first half of the financial year2009-10 thereby moving strongly in its path to
become a major player In the Cement Industry. The company also crossed 4
million tonnes production and Sales though it is slightly below its capacity
for the financial year.
B)
OPPORTUNITIES, THREATS, RISKS, CONCERNS AND OUTLOOK
Despite the consistent growth of Indian Cement Industry over
the last decade, the precipitin consumption of Cement in India at around 160
kgs. is well below the Global average of around 600 kgs. So there is real
opportunity for growth.
The Cement Industry in South India is going through a
difficult period with a supply excess, and demand not showing any indication of
increasing in the short future. This has resulted in heavy drop in realization
and with no respite in spiraling costs of Raw Material and Fuel, the Cement
companies are now operating in wafer thin margins.
The company having installed two Cement manufacturing units of
2 Million Tonnes each in Keelapazhavur Village, Ariyalur District, Tamilnadu,
has embarked on setting up another Cement manufacturing unit of 2 Million
Tonnes at Karikkali adjacent to its existing plant at the same place, with a
view to take advantage of reduction in prices of steel in the face of the
Global meltdown and also cost of procurement and installation, having given the
suppliers continuous orders for machinery for the three manufacturing units.
The company is now best placed to take full advantage of the situation when the
infrastructure and construction industry picks up.
C)
SEGMENT WISE OR PRODUCT WISE PERFORMANCE
The Company has only one business segment and that is
manufacturing and Sale of Cement. The only other segment namely Generation and
Sale of Power revolves around the Cement segment and is mainly used for Captive
consumption by the Cement segment. Given below are the Segment-wise and
Product-wise production figures for the financial year 2009-10.
D) INTERNAL
CONTROL SYSTEM AND THEIR ADEQUACY
The Company has got an adequate system of internal control in place
commensurate with the size of its operation and is properly designed to protect
and safeguard the assets of the Company. There is a proper system for recording
all the transactions which ensures that every transaction is properly
authorized and executed according to the norms.
The Company has developed an in-house Internal Audit Department which is
contributing to the continuous process of sharpening the Internal Control mechanism
by introduction of various concurrent audit systems and facilitating regular
evaluation of the system by the management.
E) DISCUSSION ON
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE.
The Production and Sale of Cement during the financial year 2009-10 was
4003468 and4010806 respectively thereby achieving a growth of 27% compared to
previous year. The Sales Turnover increased by 15% to Rs.15226.800 Millions
during the financial year 2009-10.The Gross Profit for the financial year 2009-10
was Rs.5120.900
Millions, showing a growth of 9%.
WINDMILL
OPERATIONS
The Power Generation from the company's Windmills for the
financial year 2009-10 was 2.26 crore units. The entire generation has been
sold to TNEB for Rs.62.000
Millions.
CAPTIVE
THERMAL POWER PLANTS
KARIKKALI
FACTORY
The Gross power generation from the 15 MW Captive Thermal
Power Plant during the year was 12.24 Crore Units, with an auxiliary
consumption of 0.95 crore units. The Net generation of 11.28 crore Units were
entirely consumed by the Cement Plant thereat.
PULIYUR
WORKS
The Gross power generation from the 15 MW Captive Thermal
Power Plant during the year was 8.29 Crore Units, with an auxiliary consumption
of 0.79 crore units. The Net generation of 7.50 crore Units were entirely
consumed by the Cement Plant thereat.
ARIYALUR
WORKS
The Gross power generation from the 15 MW X 3 Captive
Thermal Power Plants during the year was 15.62 Crore Units, with an auxiliary
consumption of 1.62 crore units. The Net generation was 14.00 crore Units. Out
of the total net generation, 13.29 crore units were consumed captivity by the
Cement Plants thereat and the remaining 0.71crore units were sold under Power
Purchase Agreements.
PROGRESS
REPORT ON ONGOING PROJECTS
Cement
Plant - Line-ll and third Captive Power Plant at Ariyalur Works
The company has commissioned the Line- II Cement
manufacturing unit at Keez Kapalavur Village, Ariyalur District, Tamilnadu with
a capacity of 2 MTPA during the second quarter of the Financial Year 2009-10.
The company also commissioned its third Captive Power Plant
at Ariyalur Works during the last quarter of the Financial Year 2009-10 and
commenced generation.
CEMENT
GRINDING UNIT AT PULIYUR
The additional Cement Grinding Unit at Puliyur with a
capacity of 0.5 MTPA was commissioned during the last quarter of the Financial
Year 2009-10. The Grinding Unit was being installed to make use of the
additional Clinkerisation capacity available at the Unit.
PROPOSED
CEMENT PLANT PROJECT AT KARNATAKA
The company has completed its entire land acquisition for
mining and factory site at Chincholi Taluk, Gulbarga District, Karnataka State
for setting up a Greenfield Cement Plant with a capacity of 2.5 MTPA along with
30 MW Captive Thermal Power Plant. The company has obtained MOEF clearance for
the Project and the approvals relating to Mining Lease and are awaiting further
clearances.
AMALGAMATION
M/s Allied Minerals and Metals (Private) Limited (AMMPL), an
unlisted company had owned substantial Limestone bearing lands at Guntur
District, Andhra Pradesh. The said company had offered to amalgamate with the
company.
Since the company is on the continuous lookout for Limestone
bearing lands and as the company does not have any strategic land holdings at
Andhra Pradesh, this offer was accepted with long term view of setting up a
Cement manufacturing unit at Andhra Pradesh sometime in the future.
Both companies presented a Scheme of Amalgamation with 1st
January, 2010 as the appointed date for the amalgamation, and after the
approval of the respective Shareholders, filed the same with the Hon'ble High
Court of Madras. The Hon'ble High Court of Madras vide its order dated 21st
June, 2010 sanctioned the scheme of Amalgamation, with the Shareholders of
AMMPL entitled to receive 1 (One) New fully paid up Equity Share of Rs.10/-
each in Chettinad Cement Corporation Limited., for every 46 (Forty Six) Equity
Shares of Rs.10/-
each held by them in AMMPL. 8695648 Equity Shares of Chettinad Cement
Corporation Limited was issued to the Shareholders of Allied Minerals and
Metals (Private) Limited upon amalgamation.
INDUSTRIAL
RELATIONS
The Employees at all ranks of the Company have been
extending their fullest co-operation for the smooth conduct of the affairs of
the Company and maintenance of cordial Industrial relations. The Directors wish
to place on record their appreciation to the employees of the Company at all
levels.
FIXED ASSETS:
· Goodwill
·
·
· Buildings
· Plant and Machinery
· Furniture and Fittings
· Earth Moving Equipments and Vehicles
· Railway Tracks and Sidings
WEBSITE DETAILS
The history of the group "House of Chettinad" is
linked with the 9 decades old saga. In 1912 took birth the House of Chettinad
through a visionary, idealist, born entrepreneur Dr. Rajah Sir Annamalai
Chettiar who believed in Social Transformation through business. The founder of
the House of Chettinad envisioned, his companies providing the stimulus for
Industrial Growth and conceived business as a means of improving the living
standards of people.
The corporate credo of the House of Chettinad - "STRIVE, SAVE and SERVE" is the very thought of our
founder. In order to continue fulfilling his dreams and aspirations, to reach
greater heights the reins were taken over by equally visionary businessmen his
son, Dr. Rajah Sir Muthiah Chettiar and grandson Dr. M.A.M. Ramaswamy. The
House of Chettinad reached New Heights with generations of hard work,
dedications and remains the stamp of Quality, Integrity and Reliability under the Versatile, Pragmatic
and Visionary leaderships.
Today, a 8500 million business group has ventured and diversified in varying
fields including Manufacturing (Cement, Silica, Quartz, Grits), Services
(Construction, Transports, Steel Fabrication, Ship Management and Stevedoring,
Clearing and Forwarding) Trading, Power Generation, Plantation, Farms,
Logistics. Education, Sports Management, Literature, Art and Music fields have
also been contributed vastly. It is a matter of great pride and satisfaction
that the group finds worldwide patronage and earns precious foreign exchange
for the country.
The group aims to broaden its Horizons and reach the zenith in this millennium
under the young, dynamic, enthusiastic, able leadership of Mr. M.A.M.R.
Muthiah.
MILESTONES
A few
important dates in the life of CHC
22.11.2007 MoU Signed - The Chettinad Dental College and
Research Institute (CDC and RI) and the School of Dental Medicine, Tsurumi
University, Japan
15.11.2007 Inauguration of Chettinad Health City by
Dr.Kalaignar M. Karunanidhi, Chief Minister of Tamil Nadu
28.08.2006 Inauguration of MBBS Course 2006
03.08.2006 Inauguration of Labour Ward & Neonatal
Intensive Care Unit
25.07.2006 Inauguration of Blood Bank
18.07.2006 Grant of Provisional Affiliation by the TN
Dr. MGR Medical University
16.05.2006 Issue of Letter of Permission the Ministry
of Health and Family Welfare, GoI
23.01.2006 Inauguration of Operation Theatre
05.01.2006 Inauguration of Radio-Diagnosis Department
19.12.2005 Inauguration of 24 Hr Emergency and Trauma
Care Unit
25.10.2005 Issue of Essentiality Certificate by the
Tamil Nadu state government
02.10.2005 Launch of our first Medical Camp at Kayar
14.09.2005 Inauguration of Outpatient Department
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
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.44.74 |
|
|
1 |
Rs.73.25 |
|
Euro |
1 |
Rs.65.48 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
67 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.