MIRA
INFORM REPORT
|
Report Date : |
21.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
LAFARGE AGGREGATES AND CONCRETE INDIA PRIVATE LIMITED |
|
|
|
|
Registered Office
: |
1004, ‘B’ Wing, 10th Floor, Crescenzo, G-Block,
Bandra-Kurla Complex, Bandra (East), Mumbai-400051, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2010 |
|
|
|
|
Date of
Incorporation : |
29.10.2007 |
|
|
|
|
Com. Reg. No.: |
11-175495 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.11358.415
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74900MH2007PTC175495 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML06871E |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of manufacturer and sale of Ready
Mixed Concrete and Trading of Aggregates. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 40000000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The management
have failed to file the current year financial detail with government
department from the previous year record company recorded accumulated losses.
However, trade relations are reported to be fair. Business is active.
Payments are unknown. The company can be considered for business dealing 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.
INFORMATION DECLINED BY
|
Name : |
Mr. Siddharth Shah |
|
Designation : |
Treasury Manager |
|
Contact No.: |
91-22-66306511 |
|
Date : |
20.07.2012 |
LOCATIONS
|
Registered / Head Office : |
1004, ‘B’ Wing, 10th Floor, Crescenzo, G-Block,
Bandra-Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India |
|
Tel. No.: |
91-22-66306511 /67692500 |
|
Fax No.: |
91-22-66306510 / 67692517 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Regional Sales Office: |
Located At: ·
Kolkata ·
·
·
·
·
Chennai |
DIRECTORS
As on 28.03.2011
|
Name : |
Mr. Bradley Peter Mulroney |
|
Designation : |
Director |
|
Address : |
21, Route Dela Faisanderie 78110, Levesinet, Levesinet 78110 |
|
Date of Birth/Age : |
02.12.1962 |
|
Date of Appointment : |
31.03.2008 |
|
Din No.: |
02072508 |
|
|
|
|
Name : |
Mr. Michael Paul Glover |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 2, Harshjyot 13, Vithal Nagar Society, NHS Road 10, JVPO
Scheme, Vile Parle West, Mumbai-400049, Maharashtra, India |
|
Date of Birth/Age : |
12.02.1965 |
|
Date of Appointment : |
31.01.2008 |
|
Din No.: |
02039426 |
|
|
|
|
Name : |
Mr. Robert Clayton Mccurdy |
|
Designation : |
Director |
|
Address : |
Flat No. 81, 8th Flor, Jesmine CHS, Madhusudan Kalelkar
Marg, Bandra West, Mumbai-400051, |
|
Date of Birth/Age : |
14.05.1957 |
|
Date of Appointment : |
01.03.2010 |
|
Din No.: |
02994361 |
|
|
|
|
Name : |
Mr. Srinivasan Rajagopal Kumar |
|
Designation : |
Director |
|
Address : |
37-2, Old 34, New |
|
Date of Birth/Age : |
22.10.1947 |
|
Date of Appointment : |
29.09.2008 |
|
Din No.: |
01907681 |
KEY EXECUTIVES
|
Name : |
Mr. Ajay Pratap Singh |
|
Designation : |
Company Secretary |
|
Address : |
A-501, Kartikay Apartments, Plot No. 16, Sector-8, Charkop, Kandivali
(West), Mumbai-400067, |
|
Date of Birth/Age : |
10.10.1974 |
|
Date of Appointment : |
11.06.2008 |
|
Pan No.: |
AMDPS9689J |
|
|
|
|
Name : |
Mr. Siddharth Shah |
|
Designation : |
Treasury Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 28.03.2011
|
Names of Shareholders |
|
No. of Shares |
|
Financiere Lafarge, Paris |
|
1411841499 |
|
Uday Khanna and Financiere Lafarge, Paris |
|
1 |
|
|
|
|
|
TOTAL |
|
1411841500 |
As on 28.03.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturer and sale of Ready
Mixed Concrete and Trading of Aggregates. |
PRODUCTION STATUS (AS ON 31.12.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Ready Mix Concrete |
Cum3 |
7928000 |
3388510 |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
v
Standard Chartered Bank, Box 725, Mahatma Gandhi
Road, Fort, Mumbai-400001, Maharashtra, India v
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Parel West, Mumbai -400013, Maharashtra, India v
HDFC Bank- Andheri East, Mumbai, v
State Bank of India- Bandra East, Mumbai,
Maharashtra, India |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company Chartered Accountants |
|
Address : |
Jalan Mill Compound, 95, Ganpatrao Kadam Marg, Lower Parel, Mumbai –
400 013, |
|
Tel. No.: |
91-22-40356300 |
|
Fax No.: |
91-22-40356400 |
|
Pan No.: |
AALFS0506L |
|
|
|
|
Holding Company: |
Financiere Lafarge [Holds 100% of the equity share capital] |
|
|
|
|
Ultimate Holding Company: |
Lafarge SA |
|
|
|
|
Fellow Subsidiaries: |
|
CAPITAL STRUCTURE
After 28.03.2011
Authorised Capital : Rs.18000.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.16758.415 Millions
As on 28.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000000 |
Equity Shares |
Rs.10/- each |
Rs.15000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1411841500 |
Equity Shares |
Rs.10/- each |
Rs.14118.415
Millions |
As on 31.12.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000000 |
Equity Shares |
Rs.10/- each |
Rs.15000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1135841500 |
Equity Shares |
Rs.10/- each |
Rs.11358.415
Millions |
NOTE: All the previous year 1135841500 equity shares
are held by Financiere Lafarge France, the holding company and its nominee.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2010 (12 Months) |
31.12.2009 (15 Months) |
30.09.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
11358.415 |
11358.415 |
4030.900 |
|
|
2] Share Application Money |
2760.000 |
0.000 |
498.700 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
(3890.991) |
(2355.381) |
(41.883) |
|
|
NETWORTH |
10227.424 |
9003.034 |
4487.717 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2500.000 |
5000.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
2500.000 |
5000.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
12727.424 |
14003.034 |
4487.717 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
11835.940 |
13221.653 |
66.824 |
|
|
Capital work-in-progress |
288.690 |
41.207 |
148.081 |
|
|
|
|
|
|
|
|
INVESTMENT |
198.000 |
197.188 |
40.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
131.323
|
93.374 |
1.754 |
|
|
Sundry Debtors |
1582.392
|
1362.384 |
0.370 |
|
|
Cash & Bank Balances |
939.259
|
1195.679 |
4237.175 |
|
|
Other Current Assets |
1.143
|
0.546 |
3.313 |
|
|
Loans & Advances |
343.770
|
575.373 |
86.169 |
|
Total
Current Assets |
2997.887
|
3227.356 |
4328.781 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2330.503
|
2374.803 |
90.383 |
|
|
Other Current Liabilities |
270.366
|
420.172 |
4.791 |
|
|
Provisions |
52.057
|
22.327 |
0.795 |
|
Total
Current Liabilities |
2652.926
|
2817.302 |
95.969 |
|
|
Net Current Assets |
344.961
|
410.054 |
4232.812 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
59.833 |
132.932 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
12727.424 |
14003.034 |
4487.717 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 (12 Months) |
31.12.2009 (15 Months) |
30.09.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10551.700 |
12006.700 |
11.600 |
|
|
|
Other Income |
NA |
NA |
119.425 |
|
|
|
TOTAL (A) |
NA |
NA |
131.025 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
NA |
NA |
168.825 |
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
168.825 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
591.500 |
376.200 |
(37.800) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
572.000 |
760.200 |
0.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
19.500 |
(384.000) |
(38.300) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1558.600 |
1921.600 |
2.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(1539.100) |
(2305.600) |
(40.600) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(3.500) |
7.900 |
1.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(1535.600) |
(2313.500) |
(41.900) |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(1.09) |
(2.04) |
(0.10) |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 (12 Months) |
31.12.2009 (15 Months) |
30.09.2008 |
|
PAT / Total Income |
(%) |
NA
|
NA |
(31.98) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(14.59)
|
(19.20) |
(350.00) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(10.38)
|
(14.02) |
(0.92) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.15)
|
(0.26) |
(0.01) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.50
|
0.87 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13
|
1.15 |
45.11 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
Rs. In Millions
|
Particulars |
31.12.2010 (12 Months) |
31.12.2009 (15 Months) |
30.09.2008 |
|
Total outstanding
dues of micro and small enterprises |
16.103 |
3.912 |
0.000 |
|
Total outstanding
dues of creditors other than above |
2314.400 |
2370.891 |
90.383 |
|
Total |
2330.503 |
2374.803 |
90.383 |
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
No |
|
30) Major Shareholders, if available |
Yes |
OVERVIEW AND REVIEW OF OPERATIONS
With the bounce back
in the real estate industry and other infrastructure projects in the country,
the company in now well positioned to cater to the demand of the construction
industry. The Company is putting more emphasis on the infrastructure projects
by identifying the new potential areas throughout the country by setting
uploperating onsite ready mix concrete plants to meet the demand of the ready
mix concrete of the infrastructure projects. The company is further identifying
various other potential areas for setting up the ready mix concrete plant so as
to meet the demand of ready mix concrete of construction industry and
infrastructure projects.
The company is
pre-dominantly engaged in the business of manufacture and sale of ready mix
concrete. During the year, the company has achieved a turnover of Rs.10551.000
Millions from the sale of the ready mix concrete and aggregates. The company
recorded an EBITDA of Rs.591.000 Millions in comparison to Rs.376.000 Millions
for the previous year. The company reduced the net loss after tax to 1535.000
Millions in comparison to Rs.2313.000 Millions for the previous year. During
the year, the company prepaid part of the term loan to the extent of Rs.
2500.000 Millions fully funded through the capital infusion, resulting into significant
reduction of the interest cost. The period is for a period of 12 months, thus
the figures for the year are not comparable with the previous year.
In the aggregates
space, the Company is aggressively identifying the minor mineral reserves in
strategic locations of the country in order to set up the mining activities and
stone crushing activities.
FUTURE OUTLOOK
With more focus on
the big infrastructure projects, the company expects volumes of the ready mix
concrete division of the company to grow further. In the Aggregates division of
the Company, potential areas for the mining activities are being secured by the
company. With increased focus on the sale of ready mix concrete to
infrastructure and construction projects and planning to set up the mining
activities for the aggregates division, the company expects to cater to the
construction industry in a big way by supplying the various construction
materials to the construction industry and infrastructure projects.
FIXED ASSETS:
Tangible Assets:
- Plant and
Machinery
- Office
Equipments
- Computers
- Furniture and
Fixtures
- Buildings
- Vehicles
Intangible Assets:
- Goodwill
- Software
- Trade Mark
- Non Compete
Agreement
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.55.15 |
|
|
1 |
Rs.86.58 |
|
Euro |
1 |
Rs.67.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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.