MIRA
INFORM REPORT
|
Report Date : |
24.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
RELIANCE CEMENT COMPANY PRIVATE LIMITED |
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Formerly Known
As : |
RELIANCE CEMENTATION PRIVATE LIMITED |
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Registered
Office : |
H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi
Mumbai-400710, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.08.2007 |
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Com. Reg. No.: |
11-173458 |
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Capital Investment
/ Paid-up Capital : |
Rs. 221.100 Millions |
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CIN No.: [Company Identification
No.] |
U26940MH2007PTC173458 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR23337G |
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PAN No.: [Permanent Account No.] |
AADCR6967R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Cement |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Yet to commence business |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Though the company was incorporated in the year 2007, the company is
yet to commence it’s commercial operations. The project of the company is still
under its implementation stage. Payments are unknown. The company can be considered for business dealings with some caution.
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC Classification |
|
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
|
Registered Office : |
H Block, 1st Floor, Dhirubhai Ambani Knowledge City, Navi Mumbai-400710,
Maharashtra, India |
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Tel. No.: |
91-22-30386290 |
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Fax No.: |
91-22-30376622 |
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E-Mail : |
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Factory : |
Located At ·
Maihar, Madhya Pradesh ·
Mukutban, Maharashtra |
DIRECTORS
AS ON 30.09.2010
|
Name : |
Mr. Madhukar Khanchand Moolwaney |
|
Designation : |
Director |
|
Address : |
B-402, 4th Floor, BSES Apartments, Plot No.91/94, Prabhat Colony,
Santacruz (East), Mumbai-400055, Maharashtra, India |
|
Date of Birth/Age : |
14.10.1953 |
|
Date of Appointment : |
06.09.2007 |
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DIN No.: |
00279435 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U45200MH2003PLC140946 |
SONATA
INVESTMENTS LIMITED |
Director |
17-06-03 |
17-06-03 |
- |
Active |
NO |
|
2 |
U74899MH1992PLC168789 |
NIS
SPARTA LIMITED |
Director |
23-07-05 |
23-07-05 |
- |
Active |
NO |
|
3 |
U64201MH2001PTC131624 |
RELIANCE
COMMUNICATIONS HARYANA PRIVATE LIMITED |
Director |
10-08-05 |
10-08-05 |
01-09-07 |
Active |
NO |
|
4 |
U40108TN2005PLC055475 |
SOUTHERN
WIND FARMS LIMITED |
Director |
30-06-06 |
30-06-06 |
- |
Active |
NO |
|
5 |
U31101UP1994PLC016865 |
ROSA
POWER SUPPLY COMPANY LIMITED |
Additional
director |
01-11-06 |
01-11-06 |
16-10-10 |
Active |
NO |
|
6 |
U40105KL1996PLC010257 |
BSES
KERALA POWER LIMITED |
Director |
17-03-07 |
17-03-07 |
- |
Active |
NO |
|
7 |
U51909MH2005PLC158349 |
RELIANCE
INFRAPROJECTS LIMITED |
Director |
30-03-07 |
30-03-07 |
- |
Amalgamated |
NO |
|
8 |
U45201MH2006PTC162951 |
RELIANCE
PROJECTS FINANCE PRIVATE LIMITED |
Director |
30-03-07 |
30-03-07 |
- |
Amalgamated |
NO |
|
9 |
U45201MH2006PLC162603 |
RELIANCE
INFRAVENTURES LIMITED |
Director |
30-03-07 |
30-03-07 |
06-05-09 |
Active |
NO |
|
10 |
U74140MH2007PLC168146 |
RELIANCE
PROPERTY DEVELOPERS LIMITED |
Additional
director |
19-04-07 |
19-04-07 |
04-05-09 |
Active |
NO |
|
11 |
U26940MH2007PTC173458 |
RELIANCE
CEMENT COMPANY PRIVATE LIMITED |
Director |
18-08-08 |
06-09-07 |
- |
Active |
NO |
|
12 |
U40102MH2007PTC175897 |
WESTERN
REGION TRANSMISSION (MAHARASHTRA) PRIVATE LIMITED |
Director |
02-09-08 |
29-03-08 |
- |
Active |
NO |
|
13 |
U40102MH2007PTC175896 |
WESTERN
REGION TRANSMISSION(GUJARAT) PRIVATE LIMITED |
Director |
02-09-08 |
29-03-08 |
- |
Active |
NO |
KEY EXECUTIVES
|
Name : |
Mr. Rajive K Bansal |
|
Designation : |
Manager and Secretary |
|
Address : |
A-1/146, Safdarjung Enclave, New Delhi-110029, India |
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Date of Birth/Age : |
11.10.1962 |
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Date of Appointment : |
01.09.2009 |
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PAN No.: |
ACSPB6237G |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
|
Ramesh Shenoy Jointly with Reliance Infrastructure Limited, India |
100 |
|
Reliance Infrastructure Limited, India |
22109900 |
|
Total |
22110000 |
AS ON 30.09.2010
|
Equity Shares
Break Up |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cement |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
ICICI Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Bhandari Dastur Gupta and Associates Chartered Accountant |
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Address : |
163-164, 2nd Floor, Ashoka Shopping Centre, G T Hospital Complex, LT
Road, Mumbai-400001, Maharashtra, India |
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PAN No.: |
AADCR6967R |
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Holding Company : |
Reliance Infrastructure Limited (w.e.f. 05.09.2009) CIN No.: L99999MH1929PLC001530 Reliance Natural Resources Limited (up to 05.09.2009) |
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Subsidiaries : |
Reliance Cement And Infra Private Limited CIN No.: U45201GJ2008PTC053935 Reliance Cement Corporation Private Limited CIN No.: U26940GJ2008PTC053967 Reliance Cement Works Private Limited CIN No.: U26943GJ2008PTC053948 Reliance Cement Resources Private Limited (Up to 31.03.2009) |
CAPITAL STRUCTURE
AFTER 30.09.2010
Authorised Capital : Rs. 500.000
Millions
Issued, Subscribed & Paid-up Capital : Rs. 386.240 Millions
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22110000 |
Equity Shares |
Rs.10/- each |
Rs. 221.100
Millions |
|
|
|
|
|
Note: 22110000 Equity Shares held for Reliance
Infrastructure Limited the holding company
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 |
221.100 |
0.100 |
0.100 |
|
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2] Share Application Money |
301.500 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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|
4] (Accumulated Losses) |
(0.030) |
(0.008) |
0.000 |
|
|
NETWORTH |
522.570 |
0.092 |
0.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
188.400 |
3.000 |
|
|
TOTAL BORROWING |
0.000 |
188.400 |
3.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
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TOTAL |
522.570 |
188.492 |
3.100 |
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|
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|
|
|
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APPLICATION OF FUNDS |
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|
|
|
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|
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FIXED ASSETS [Net Block] |
278.878 |
9.749 |
0.000 |
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|
Capital work-in-progress |
229.043 |
177.214 |
1.980 |
|
|
|
|
|
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INVESTMENT |
0.300 |
0.400 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
20.173
|
0.471 |
1.033 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
6.130
|
1.548 |
0.450 |
|
Total
Current Assets |
26.303
|
2.019 |
1.483 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.087
|
0.099 |
0.166 |
|
|
Other Current Liabilities |
9.008
|
0.576 |
0.205 |
|
|
Provisions |
2.859
|
0.215 |
0.000 |
|
Total
Current Liabilities |
11.954
|
0.890 |
0.371 |
|
|
Net Current Assets |
14.349
|
1.129 |
1.112 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.008 |
|
|
|
|
|
|
|
|
TOTAL |
522.570 |
188.492 |
3.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
0.000 |
0.000 |
|
|
|
Income on Fixed Deposit |
|
0.001 |
0.000 |
|
|
|
TOTAL |
|
0.001 |
0.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Preliminary Expenses Written Off |
|
0.000 |
0.008 |
|
|
|
TOTAL |
|
0.000 |
0.008 |
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
|
0.001 |
(0.008) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
|
0.001 |
(0.008) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
(0.008) |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
BALANCE OF LOSS
TRANSFERRED ON AMALGAMATION |
|
(0.023) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
|
(0.030) |
(0.008) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
0.00 |
(0.76) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
100.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.00
|
(0.07) |
0.00 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.00
|
0.09 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.02
|
2057.50 |
33.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.20
|
2.27 |
4.00 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL
HIGHLIGHTS
Since the Company is
setting up a Cement Grinding and Ready-Mix Concrete unit in Maharashtra and has
just commenced prospecting activities at a few locations, the entire expenses
are accounted as pre-operative expenses. During the year, the total
pre-operative expenses were Rs 229.043 millions (previous year Rs 175.234
millions), which shall be duly amortized after commencement of the project.
OPERATIONS
The Company is in
the process of setting up two plants, one in Maihar, Madhya Pradesh and the
other in Mukutban, Maharashtra.
During the year it
has in line with its vision to set up cement plants across India applied for
various Mining Leases (ML) / Prospecting Licences (PL) in the states of
Karnataka, Meghalaya, Andhra Pradesh and Gujarat.
Further, updates
at the project site for both the plants are as under:
MADHYA PRADESH
·
Land Acquisition in mines area and plant area
underway
·
Project was appraised and sanctioned by IDBI as a
lead banker to the project and syndication of the entire loan was completed
with 9 other banks
·
Company has completed prospecting operations in all
the PL granted areas
MAHARASHTRA
·
Company signed Memorandum of Understanding with
Government of Maharashtra for setting up 5 million tonnes cement plants in
Yavatmal and Butibori.
·
It also acquired land in Butibori MIDC near Nagpur
for proposed Cement Grinding and Ready-Mix Concrete unit.
·
Acquisition of Plant land at Mukutban has been
initiated
HOLDING COMPANY
AND SUBSIDIARY COMPANIES
During the year,
the Company ceased to be a wholly owned subsidiary of Reliance Natural
Resources Limited and became a wholly owned subsidiary of Reliance
Infrastructure Limited, a constituent of the Reliance Anil Dhirubhai Ambani
Group.
As of March 31,
2010, the Company has three wholly owned subsidiary companies viz., Reliance
Cement Works Private Limited, Reliance Cement and Infra Private Limited and
Reliance Cement Corporation Private Limited.
AMALGAMATION
During the year,
the Scheme of Amalgamation of the Company and its wholly owned subsidiary,
Reliance Cement Resources Private Limited, was approved by the Hon’ble High
Court of Judicature at Bombay by an order dated June 12, 2009. The said Scheme
became effective from July 14, 2009.
FIXED ASSETS
·
Plant and Machinery
·
Furniture and Fixtures
·
Motor Vehicles
·
Office Equipments
·
Software’s
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 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. 53.10 |
|
|
1 |
Rs. 81.30 |
|
Euro |
1 |
Rs. 70.07 |
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.