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MIRA
INFORM REPORT
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Report Date : |
13.05.2011 |
IDENTIFICATION DETAILS
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Name : |
DALMIA CEMENT (BHARAT) LIMITED (w.e.f. 01.01.2011) |
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Formerly Known
As : |
AVNIJA PROPERTIES LIMITED |
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Registered
Office : |
Dalmiapuram, District Tiruchirapalli, Trichy – 621 651, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.07.1996 |
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Com. Reg. No.: |
18-035963 |
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CIN No.: [Company Identification
No.] |
U65191TN1996PLC035963 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHEA16405E/ CHEA16419E |
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PAN No.: [Permanent Account No.] |
AADCA9414C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
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Manufacturer and Marketers of Cement. |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 870000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track records. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow. The company can be considered for business dealings with some caution.
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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
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Dalmiapuram, District Tiruchirapalli, Trichy – 621 651, |
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Tel. No.: |
91-4329-235123 |
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Fax No.: |
91-4329-235111 |
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E-Mail : |
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Head Office : |
Hansalaya, 11th Floor, 15, |
DIRECTORS
As on 27.08.2010
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Name : |
Mr. Narender Mantri |
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Designation : |
Director |
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Address : |
52, Tarun Vihar, Plot No.3, Sector-13, Rohini, |
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Date of Birth/Age : |
07.07.1966 |
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Date of Appointment : |
27.05.2009 |
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Name : |
Mr. K.V. Mohan |
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Designation : |
Director |
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Address : |
C-73, Sector 27, Noida, Gautam Budh Nagar, Noida – 201 301, |
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Date of Birth/Age : |
29.01.1951 |
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Date of Appointment : |
04.07.1996 |
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Name : |
Mr. Sanjay Mittra |
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Designation : |
Director |
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Address : |
B-1/ 610, Janakpuri, |
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Date of Birth/Age : |
10.04.1961 |
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Date of Appointment : |
04.07.1996 |
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Name : |
Mr. Venkatesan Thyagarajan |
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Designation : |
Additional Director |
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Address : |
B-1, Tamira Niketan SIPCOT Industrial Area, |
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Date of Birth/Age : |
04.10.1952 |
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Date of Appointment : |
01.09.2010 |
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Name : |
Mr. Sanjay Nayar |
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Designation : |
Additional Director |
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Address : |
18d IL Palazzo, Little |
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Date of Birth/Age : |
13.10.1960 |
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Date of Appointment : |
03.09.2010 |
KEY EXECUTIVES
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Name : |
Mr. Shatrughan Singh |
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Designation : |
Secretary |
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Address : |
G-9, Laxmi Nagar, Near Subhash Chowk, |
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Date of Birth/Age : |
10.01.1984 |
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Date of Appointment : |
01.08.2008 |
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Name : |
Mr. Shatrughan Singh |
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Designation : |
Manager |
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Address : |
G-9, Laxmi Nagar, Near Subhash Chowk, |
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Date of Birth/Age : |
10.01.1984 |
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Date of Appointment : |
25.05.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.08.2010
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Names of Shareholders |
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No. of Shares |
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Dalmia Cement (Bharat) Limited, |
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214999994 |
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Sundaesan S. |
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1 |
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Sundararaj V. |
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1 |
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Gopal V.K. |
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1 |
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Gururajan R. |
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1 |
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Ganesan M. |
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1 |
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Santhanam N. |
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1 |
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Total
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215000000 |
As on 27.08.2010
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Marketers of Cement. |
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GENERAL INFORMATION
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Bankers : |
Landesbank
Baden-Wurttemberg, Am Hauptbahnhof 2, 70173 |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Batra Kapur and Associates Chartered Accountants |
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Address : |
C-39, Anand Niketan, |
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Holding Company : |
Dalmia Bharat Sugar
and Industries Limited (Formerly known as Dalmia Cement (Bharat) Limited) CIN No.: L26942TN1951PLC000640 |
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Subsidiaries : |
Dalmia Cement
Ventures Limited CIN No.: U10300DL2007PLC171250 Ultimate
Subsidiary Company: Golden Hills Resort
Private Limited CIN No.: U55101RJ2003PTC018766 Rajputana
Properties Private Limited CIN No.: U45201RJ2008PTC025767 |
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Fellow
Subsidiaries : |
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CAPITAL STRUCTURE
As 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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300000000 |
Equity Shares |
Rs.10/- each |
Rs.3000.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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215000000 |
Equity Shares |
Rs.10/- each |
Rs.2150.000
millions |
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(The entire subscribed capital is held by Dalmia Cement (Bharat) Limited
- the Holding Company)
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2150.000 |
1500.000 |
1500.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
42.421 |
45.226 |
27.911 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2192.421 |
1545.226 |
1527.911 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
7.500 |
0.000 |
0.000 |
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TOTAL BORROWING |
7.500 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2199.921 |
1545.226 |
1527.911 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.000 |
8.075 |
9.626 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1631.087 |
1535.337 |
346.823 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
2.118
|
1.811 |
1167.478 |
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Other Current Assets |
0.069
|
0.000 |
4.090 |
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Loans & Advances |
592.772
|
24.840 |
18.242 |
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Total
Current Assets |
594.959
|
26.651 |
1189.810 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
0.010
|
0.005 |
0.006 |
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Other Current Liabilities |
0.00
|
0.004 |
0.000 |
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Provisions |
26.115
|
24.828 |
18.342 |
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Total
Current Liabilities |
26.125
|
24.837 |
18.348 |
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Net Current Assets |
568.834
|
1.814 |
1171.462 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2199.921 |
1545.226 |
1527.911 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
0.000 |
0.000 |
0.000 |
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Other Income |
6.047 |
23.935 |
63.921 |
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TOTAL |
6.047 |
23.935 |
63.921 |
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Less |
EXPENSES |
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Salaries, wages and bonus |
0.000 |
0.070 |
0.080 |
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Payment of auditors |
0.012 |
0.006 |
0.003 |
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Other Expenses |
7.551 |
0.057 |
17.902 |
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TOTAL |
7.563 |
0.133 |
17.985 |
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PROFIT BEFORE
TAX |
(1.516) |
23.802 |
45.936 |
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Less |
TAX |
1.292 |
6.486 |
18.337 |
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PROFIT AFTER TAX
|
(2.808) |
17.316 |
27.599 |
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Excess provision written back |
0.003 |
0.000 |
0.000 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
45.226 |
27.910 |
0.311 |
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BALANCE CARRIED
TO THE B/S |
42.421 |
45.226 |
27.910 |
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Earnings Per
Share (Rs.) |
(0.02) |
0.12 |
0.36 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(46.44)
|
72.35 |
43.18 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
0.00 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
(0.07)
|
1.52 |
2.99 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.02 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.02
|
0.02 |
0.01 |
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Current Ratio (Current Asset/Current Liability) |
|
22.77
|
1.07 |
64.85 |
LOCAL AGENCY FURTHER INFORMATION
SHARE CAPITAL
In terms of the
Resolution passed by the Members at the Extra Ordinary General Meeting of the Company
held on 06th February, 2010, the Authorised Share Capital of the Company was
increased to Rs.3000.000 millions from existing Rs.1500.000 millions by adding
15,00,00,000 Equity Shares of Rs. 10/- each in the Company.
During the year,
the Company expanded its capital base by issuing 6,50,00,000 fresh equity
shares of Rs.10/- each in the capital of the Company to the holding Company,
Dalmia Cement (Bharat) Limited.
SCHEME OF
RESTRUCTURING
The Board of
Directors of the Company have approved a Scheme of Restructuring wherein cement
undertakings of the Holding Company, Dalmia Cement (Bharat) Limited, will stand
demerged into this Company effective 1-4-2010. No shares will be issued by the
Company to the shareholders of the Holding Company, Dalmia Cement (Bharat)
Limited.
DIRECTORATE
Shri K.V. Mohan,
Director, retires by rotation at the ensuing Annual General Meeting and is
eligible for re-appointment.
During the year
Shri H.N Kumar resigned from the Board of Directors of the Company w.e.f.
27-05-2009. The Directors place on record their appreciation for the valuable
services rendered by him during his tenure on the Board.
The Company has
obtained necessary intimation from Shri K.V. Mohan in terms of the Companies
(Disqualification of Directors under Section 274(1) (g) of the Companies Act,
1956) Rules, 2003 to the effect that he has not incurred any disqualification
under section 274(1)(g) of the Companies Act, 1956 and that he is eligible to
be reappointed as Director of the Company.
SUBSIDIARY
The Company has a
Wholly-owned Subsidiary-Dalmia Cement Ventures Limited. The Company is also the
ultimate holding Company of Golden Hills Resort Private Limited and Rajputana
Properties Private Limited, being subsidiaries of Dalmia Cement Ventures
Limited.
As required under
section 212(1) of the Companies Act, 1956, the audited Annual Accounts
alongwith the Auditor’s Report and Director’s Report thereon for the year ended
on 31st March, 2010 of aforementioned subsidiary Companies
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] 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.44.79 |
|
|
1 |
Rs.73.19 |
|
Euro |
1 |
Rs.63.59 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.