MIRA INFORM REPORT
|
Report Date : |
30.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
PRISM CEMENT LIMITED H & R JOHNSON (INDIA) – A DIVISION OF PRISM CEMENT LIMITED |
|
|
|
|
Registered
Office : |
305, Laxmi Nivas Apartments, Ameerpet, |
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Country : |
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|
|
Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
26.03.1992 |
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Com. Reg. No.: |
01-014033 |
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Capital
Investment / Paid-up Capital : |
Rs.5033.600
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26942AP1992PLC014033 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP04712B |
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|
|
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PAN No.: [Permanent Account No.] |
AAACP6224A |
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|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Portland Cement. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 45943000 |
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|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having a satisfactory track record. The company has incurred
a loss in the current financial year i.e. 2012. However, networth of the
company appears to be satisfactory. Trade relations are reported as decent.
Business is active. Payments are reported to be usually correct and as per
commitments. The company can
be considered normal for 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
A1 (Short Term Loan) |
|
Rating Explanation |
The highest-credit-quality it carry lowest credit risk |
|
Date |
June 7, 2012 |
|
Rating Agency Name |
ICRA |
|
Rating |
A+ (Long Term Loan) |
|
Rating Explanation |
The adequate-credit-quality it carries average credit risk |
|
Date |
June 7, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
305, Laxmi Nivas Apartments, Ameerpet, |
|
Tel. No.: |
91-40-23319208/ 23396082 |
|
Fax No.: |
91-40-23319135/ 26100179 |
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E-Mail : |
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|
Website : |
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Corporate Office : |
‘Rahejas’, |
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Tel. No.: |
91-22-66754142/ 3/ 4/ 5 |
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Fax No.: |
91-22-26001304/ 26001304 |
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|
|
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Factory 1 : |
Cement
Manufacturing Facilities Village Mankahari, Tehsil Rampur Baghelan, Satna – 485 111, |
|
Tel. No.: |
91-7672-275622/ 1/ 410260 |
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Fax No.: |
91-7672-275303 |
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Factory 2 : |
Village: Khardevli, Taluka-Pen, District Raigad - 402 107,
Maharashtra, India |
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|
|
Factory : |
v Coal Block is located
at Chhindwara, Madhya Pradesh v Tile
manufacturing facilities are located at Pen, (RMC Readymix
(India) Division currently operates 87 concrete plants and 9 aggregate
crushers spread across 35 locations in the country). |
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Sales and
Marketing Office: |
16/1/6A, |
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|
|
|
Marketing Office : |
Also located at:
v v v v v v Satna v v v |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Rajesh G.
Kapadia |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Rajan B.
Raheja |
|
Designation : |
Director |
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Date of Birth/ Age : |
17.06.1954 |
|
Qualification : |
B.Com |
|
List of outside
Company Directorships held : |
v
EIH Associated Hotels Limited v
EIH Limited v
Exide Industries Limited v
Hathway Cable and Datacom Limited v
ING Vysya Life Insurance Company Limited v
Juhu Beach Resorts Limited v
Supreme Petrochem Limited |
|
|
|
|
Name : |
Mr. Manoj Chhabra |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. Vijay
Aggarwal |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Satish B.
Raheja |
|
Designation : |
Director |
|
Date of Birth/ Age : |
03.01.1964 |
|
Qualification : |
B. Sc., BM |
|
List of outside
Company Directorships held : |
v
Exide Industries Limited v
ING Vysya Life Insurance Company Limited v
Supreme Petrochem Limited |
|
|
|
|
Name : |
Mr. Akshay R.
Raheja |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ganesh Kaskar |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. James Arthur
Brooks |
|
Designation : |
Director |
|
Date of Birth/ Age : |
10.06.1948 |
|
Qualification : |
ACMA (Inter) |
|
|
|
|
Name : |
Ms. Ameeta A.
Parpia |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Aneeta S. Kulkarni |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Category of Shareholders |
No.
of Shares |
Percentage
of holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
68250423 |
13.56 |
|
|
308630246 |
61.31 |
|
|
376880669 |
74.87 |
|
|
|
|
|
|
500 |
0.00 |
|
|
500 |
0.00 |
|
Total shareholding of Promoter and Promoter Group (A) |
376881169 |
74.87 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
15305776 |
3.04 |
|
|
79756 |
0.02 |
|
|
4385941 |
0.87 |
|
|
19771473 |
3.93 |
|
|
|
|
|
|
40245104 |
8.00 |
|
|
|
|
|
|
33082938 |
6.57 |
|
|
19399684 |
3.85 |
|
|
13976212 |
2.78 |
|
|
1550487 |
0.31 |
|
|
4200 |
0.00 |
|
|
12364600 |
2.46 |
|
|
56925 |
0.01 |
|
|
106703938 |
21.20 |
|
Total Public shareholding (B) |
126475411 |
25.13 |
|
Total (A)+(B) |
503356580 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
503356580 |
0.00 |
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%20-%20A%20DIVISION%20OF%20PRISM%20CEMENT%20LIMITED%20-%20219314%2030-Apr-2013_files/image010.gif){kind=small}
%20-%20A%20DIVISION%20OF%20PRISM%20CEMENT%20LIMITED%20-%20219314%2030-Apr-2013_files/image011.gif){kind=small}
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Portland Cement. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed Capacity per Annum [Note (i)] |
Installed Capacity Per Annum [Note (ii)] |
Actual Production [Note (iii)] |
|
Cement |
Tonnes |
N.A. |
5600000 |
3156312 |
|
Ceramic Tiles |
Tonnes |
N.A. |
332720 |
224477 |
|
Readymixed Concrete |
Cubic Meter |
N.A. |
6041250 |
2995751 |
Notes:
i. Not applicable
due to the abolition of Industrial Licenses as per notification issued under the
Industries (Development and Regulation) Act, 1951.
ii. As certified
by Management and being a technical matter, relied upon by the Auditors.
iii. Out of the
above production of cement, 4,028 tonnes have been used for captive consumption
including 3,506 tonnes for capital jobs. Out of above production of Readymixed
Concrete, rejection/wastage/slurry is 6,953 cubic meter. Captive consumption of
Concrete is 2,961 cubic meter. Out of above production of Ceramic tiles captive
consumption is 37 Tonnes.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
v Axis Bank Limited v HDFC Bank Limited v ICICI Bank Limited v IDBI Bank Limited v Indian Overseas Bank v ING Vysya Bank Limited v State
Bank of v State
Bank of v Standard Chartered Bank Limited v Syndicate Bank v Vijaya Bank v Yes
Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Statutory Auditors : |
|
|
Name : |
N.M. Raiji and Company Chartered Accountants |
|
Address : |
Mumbai, |
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|
|
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Branch Auditors : |
|
|
Name : |
Borkar and Muzumdar Chartered Accountants |
|
Address : |
Mumbai, |
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|
|
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Cost Auditors : |
|
|
Name : |
N.I. Mehta and Company Chartered Accountants |
|
Address : |
Mumbai, |
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|
|
|
Subsidiaries : |
v
Raheja QBE General Insurance Company Limited v
RMC Readymix Porselano ( v
H. and R. Johnson ( v
Lifestyle Investment Private Limited v
Silica Ceramica Private Limited v
Milano Bathroom Fitting Private Limited |
|
|
|
|
Joint Ventures/ Associates: |
v
Ardex Endura ( v
Sentini Cermica Private Limited v
Antique Marbonite Private Limited v
Spectrum Johnson Tiles Private Limited v
TBK Samiyaz Tile Bath Kitchen Private Limited v
TBK Shriram Tile Bath Kitchen Private Limited v
Small Tiles Private Limited v
TBK Deziner’s Home Private Limited v
TBK Unique Jalgaon Tile Bath Kitchen Private
Limited v
TBK PB Shah Tile Bath Kitchen Private Limited v
TBK Deepgiri Tile Bath Kitchen Private Limited v
TBK Pratap Tile Bath Kitchen Private Limited v
TBK Rangoli Tile Bath Kitchen Private Limited v
TBK Bansal Ceramics Private Limited v
TBK Venkataramiah Tile Bath Kitchen Private
Limited v
TBK Rathi Sales Agencies Private Limited v
TBK Florance Ceramics Private Limited v
TBK Sanitary Sales Private Limited v
TBK Tile Home Private Limited v
TBK Krishna Tile Bath Kitchen Private Limited v
TBK Reddy Tile Bath Kitchen Private Limited v
TBK Kadakia’s Tile Bath Kitchen Private Limited v
Prism Power and Infrastructure Private Limited |
|
|
|
|
Firm/Enterprise in which Directors and/or relatives have significant
influence : |
v
R and S Business Centre v
Windsor Realty Private Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
505000000 |
Equity Shares |
Rs.10/- each |
Rs.5050.000 Millions |
|
20000000 |
Preference Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
Total |
|
Rs.5250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
503356580 |
Equity Shares |
Rs.10/- each |
Rs.5033.600
Millions |
|
|
|
|
|
Note:
- Out of the above
Equity shares, 205106580 shares were issued pursuant to a scheme of
amalgamation of erstwhile H. and R. Johnson (India) Limited and RMC Readymix (India)
Private Limited with the Company without payments being received in cash.
- As per scheme of
amalgamation 12351600 shares of the Company are held in a Trust for the benefit
of the Company.
Details of Shareholders holding more than 5% of the issued shares
|
Name of the
Shareholder |
As at 31.03.2012 |
|
|
Total Shares Held |
As a % of Total Shares |
|
|
Manali Investment and Finance Private Limited |
67817992 |
13.47% |
|
Hathway Investments Limited |
64113400 |
12.74% |
|
Coronet Investments Private Limited |
57949394 |
11.51% |
|
Rajan B. Raheja |
51402627 |
10.21% |
|
Bloomingdale Investment and Finance Private Limited |
31289300 |
6.22% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
5033.600 |
5033.600 |
5033.600 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6452.100 |
7044.700 |
6661.400 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11485.700 |
12078.300 |
11695.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
11130.500 |
9254.700 |
7432.000 |
|
|
2] Unsecured Loans |
(741.000) |
(939.800) |
583.700 |
|
|
TOTAL BORROWING |
10389.500 |
8314.900 |
8015.700 |
|
|
DEFERRED TAX LIABILITIES |
1156.600 |
1321.100 |
975.900 |
|
|
|
|
|
|
|
|
TOTAL |
23031.800 |
21714.300 |
20686.600 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
19131.500 |
18867.900 |
9911.300 |
|
|
Capital work-in-progress |
664.200 |
286.200 |
6212.300 |
|
|
Other non-current assets |
3.800 |
1.100 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
3900.000 |
3543.000 |
3266.700 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4272.800
|
3712.900 |
2742.400
|
|
|
Sundry Debtors |
3463.300
|
2644.100 |
2110.800
|
|
|
Cash & Bank Balances |
565.100
|
598.900 |
525.000
|
|
|
Other Current Assets |
730.600
|
150.000 |
0.000
|
|
|
Loans & Advances |
3540.900
|
2897.700 |
1457.100
|
|
Total
Current Assets |
12572.700
|
10003.600 |
6835.300 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
6159.200
|
4400.600 |
2936.000
|
|
|
Other Current Liabilities |
6391.000
|
6027.200 |
2116.400
|
|
|
Provisions |
690.200
|
559.700 |
486.600
|
|
Total
Current Liabilities |
13240.400
|
10987.500 |
5539.000 |
|
|
Net Current Assets |
(667.700)
|
(983.900) |
1296.300
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
23031.800 |
21714.300 |
20686.600 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Total Revenue from Operations |
45047.100 |
33873.000 |
28465.800 |
|
|
|
Other Income |
49.900 |
44.200 |
134.500 |
|
|
|
TOTAL (A) |
45097.000 |
33917.200 |
28600.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials consumed |
11746.900 |
8708.100 |
|
|
|
|
Purchase of Stock-in-trade |
9087.000 |
7347.500 |
|
|
|
|
Changes in
inventories of finished goods, traded goods and work-in-progress |
(334.900) |
(337.800) |
|
|
|
|
Employees benefit expenses |
2229.900 |
1728.000 |
|
|
|
|
Other expenses |
19691.800 |
13044.400 |
|
|
|
|
Exceptional Items |
28.000 |
(9.600) |
|
|
|
|
TOTAL (B) |
42448.700 |
30480.600 |
23594.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2648.300 |
3436.600 |
5006.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1635.400 |
997.000 |
525.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1012.900 |
2439.600 |
4481.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1472.800 |
1133.000 |
898.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(459.900) |
1306.600 |
3582.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(159.800) |
348.700 |
1072.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(300.100) |
957.900 |
2510.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
5318.000 |
4997.200 |
3584.000 |
|
|
|
|
|
|
|
|
|
Add |
Dividend on own shares held through trust |
0.000 |
12.400 |
18.500 |
|
|
Add |
Surplus on Amalgamation |
0.000 |
0.000 |
484.900 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
260.000 |
|
|
|
Transfer to Capital Redemption Reserves |
0.000 |
0.000 |
107.500 |
|
|
|
Transfer to Debenture Redemption Reserve |
270.000 |
62.500 |
0.000 |
|
|
|
Preference Dividend |
0.000 |
0.000 |
0.800 |
|
|
|
Interim Dividend |
0.000 |
503.400 |
1053.300 |
|
|
|
Proposed Dividend |
251.700 |
0.000 |
0.000 |
|
|
|
Distribution Tax on dividend |
40.800 |
83.600 |
179.100 |
|
|
BALANCE CARRIED
TO THE B/S |
4455.400 |
5318.000 |
4997.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Export |
281.000 |
179.100 |
160.800 |
|
|
|
Sales of Carbon Credits |
8.900 |
25.100 |
11.400 |
|
|
|
Interest Income |
0.000 |
0.000 |
6.300 |
|
|
TOTAL EARNINGS |
289.900 |
204.200 |
178.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Spares |
396.700 |
202.400 |
271.300 |
|
|
|
Raw Materials |
440.100 |
245.200 |
122.800 |
|
|
|
Capital Goods |
192.000 |
1480.900 |
1308.400 |
|
|
|
Traded Goods |
290.000 |
89.500 |
80.400 |
|
|
TOTAL IMPORTS |
1318.800 |
2018.000 |
1782.900 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(0.61) |
1.95 |
5.11 |
|
%20-%20A%20DIVISION%20OF%20PRISM%20CEMENT%20LIMITED%20-%20219314%2030-Apr-2013_files/image005.gif){kind=small}
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 (1st
Quarter) |
30.09.2012 (2nd
Quarter) |
31.12.2012 (3rd
Quarter) |
|
Net Sales |
11371.600 |
10690.400 |
11793.000 |
|
Total Expenditure |
10405.700 |
10299.600 |
11687.700 |
|
PBIDT (Excl OI) |
965.900 |
390.800 |
105.300 |
|
Other Income |
5.900 |
13.400 |
15.800 |
|
Operating Profit |
971.800 |
404.200 |
121.100 |
|
Interest |
434.500 |
478.700 |
498.800 |
|
Exceptional Items |
0.000 |
16.200 |
0.000 |
|
PBDT |
537.300 |
(58.300) |
(377.700) |
|
Depreciation |
377.100 |
392.300 |
407.600 |
|
Profit Before Tax |
160.200 |
(450.600) |
(785.300) |
|
Tax |
50.300 |
(141.800) |
(246.700) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
109.900 |
(308.800) |
(538.600) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
109.900 |
(308.800) |
(538.600) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(0.67)
|
2.82 |
8.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.02)
|
3.86 |
12.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.45)
|
4.53 |
21.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04)
|
0.11 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.90
|
0.69 |
0.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.95
|
0.09 |
1.23 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
10) Designation of contact person |
No |
|
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
involved in |
-- |
|
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 |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
|
Unsecured Loans |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
- Term Loans from banks |
750.000 |
1500.000 |
|
- Inter Corporate Deposits |
7.900 |
7.900 |
|
- 10.42%
Non-convertible Debentures (150 Nos. debentures of Rs.1.000 million each allotted on September 17,
2010 and repayable at the end of fifth year) |
150.000 |
150.000 |
|
- 10.00%
Non-convertible Debentures (150 Nos. debentures of Rs.1.000 million each allotted on September
17, 2010 and repayable at the end of fourth year) |
150.000 |
150.000 |
|
- 9.60%
Non-convertible Debentures (200 Nos. debentures of Rs.1.000 million each allotted on September
17, 2010 and repayable at the end of third year) |
200.000 |
200.000 |
|
- Fixed Deposits |
286.700 |
273.800 |
|
Less : Disclosed under Other Current Liabilities : |
|
|
|
- Current maturities of long-term borrowings |
(2569.400) |
(3374.300) |
|
- Unclaimed fixed deposits |
(16.200) |
(9.200) |
|
SHORT TERM BORROWINGS |
|
|
|
From Banks |
300.000 |
162.000 |
|
Total
|
(741.000) |
(939.800) |
OPERATIONS
The gross sales
and other income for the year ended March 31, 2012 was Rs.48506.000 millions as
against Rs.35934.200 millions for the previous year. The Company incurred a loss
before tax of Rs.459.900 millions and net loss of Rs.300.100 millions during
the year ended March 31, 2012 as against profit before tax of Rs.1306.600
millions and net profit of Rs.957.900 millions during the year ended March 31,
2011, primarily due to higher interest expense, increased input costs and lower
realisations.
For the year ended
March 31, 2012, the consolidated net loss of the Company and its subsidiary
companies amounted to Rs.184.400 millions as against a net profit of
Rs.1049.500 millions for the previous year.
FINANCE
During the year,
the Company privately placed Secured Redeemable Non-convertible Debentures of
Rs.2250.000 millions to fund, inter
alia, its ongoing capital expenditure and long term working capital
requirement. The Non-convertible Debentures (NCDs) are listed on The Bombay
Stock Exchange Limited.
The Company has
repaid loans of Rs.7811.300 millions during the year and tied-up fresh term
loans of Rs.8994.300 millions (inclusive of NCDs of Rs.2250.000 millions) at
competitive rates to finance its, long term working capital and inter alia, capital expenditure
during the year. The total borrowings of the Company stood at Rs.12958.900
millions as on March 31, 2012.
The loans were
used for the purpose that they were sanctioned for by the respective
banks/financial institutions.
SUBSIDIARY AND
JOINT VENTURE COMPANIES
During the year,
the Company’s subsidiaries and joint venture companies performed
satisfactorily.
Subsidiaries
Raheja QBE General
Insurance Company Limited (RQBE): The general insurance subsidiary spread
its operations to other major cities in the country and continued to
introduce new products in the market during the year. RQBE booked
a gross written premium of Rs.228.300 millions and earned an investment income
of Rs.161.100 millions for the year ended March 31, 2012. After
requisite adjustments and tax provisions, the profit for the year
ended March 31, 2012 was Rs.58.000 millions.
Silica Ceramica
Private Limited: Silica Ceramica Private Limited (SCPL), performed satisfactorily
during the year. The Company increased its stake in this Joint Venture from
92.6% to 97.5%. SCPL achieved 100% capacity installation, i.e. 27,500 m2 per
day for manufacture of vitrified/glazed ceramic tiles with effect from March 25,
2012.
H. and R. Johnson
(
H. and R. Johnson
(
Milano Bathroom
Fittings Private Limited: Milano Bathroom Fittings Private Limited (MBF), the
wholly-owned subsidiary of the Company manufacturing bathroom fittings and
accessories, performed satisfactorily during the year. MBF put up a plant in
Samba,
Lifestyle
Investments Private Limited: Lifestyle Investments Private Limited (LIPL) is an
overseas wholly-owned subsidiary. During the year, LIPL received a dividend
income of Ł656,288 from Norcros Plc.,
RMC Readymix
Porselano (
Joint Ventures (JV)
Ardex Endura
(India) Private Limited : Ardex Endura (India) Private Limited (AEIPL), Joint
Venture with the German group Ardex which manufactures and markets tile
adhesives, grouts, flooring, waterproofing and allied products, performed
satisfactorily during the year. AEIPL is in the process of setting-up another
manufacturing plant in Ramanagara District in Karnataka which is likely to be
operational by FY 2014.
Sentini Cermica
Private Limited: Sentini Cermica Private Limited, the mid-segment glazed floor tile JV
Company in Andhra Pradesh performed satisfactorily during the year.
Antique Marbonite
Private Limited: Antique Marbonite Private Limited, the vitrified tile JV Company in
Spectrum Johnson
Tiles Private Limited: Spectrum Johnson Tiles, mid-segment wall tiles JV
Company in
Small Tiles
Private Limited: The Company entered into a Joint Venture with Small Tiles Private
Limited and acquired a 50% stake in Small Tiles during the year. This
Joint Venture manufactures glazed floor tiles and has a capacity of 2.3
million m2 per annum. The Joint Venture acquired a Company having a manufacturing
plant of wall tiles and converted it to manufacture floor tiles of size
12” x 12” with a capacity of 2.6 million m2 per annum. The plant is now
operational.
MANAGEMENT DISCUSSION AND ANALYSIS
Business
Environment
The Indian economy
grew at the rate of about 6.9% in 2011-12, as against a rate of 8.5% in
2010-11, primarily due to deceleration in industrial growth. Although the GDP
growth was muted given the overall pressure of global uncertainties and high
inflation, the growth is still a reflection of the sound fundamentals of the
Indian economy.
As the Indian
economy grows, so also will the construction and infrastructure industry as it
is one of the essential engines of growth. The building materials sector in
As one of the
leading building materials company with a wide array of products from cement,
ready mixed concrete, tiles, bath products to kitchens, the Company is well
poised to benefit from the growing market opportunities and cater to the varied
needs of the customers.
Cement Division
Overview
The first two
quarters of the year saw a sluggish growth due to slowdown in construction
activities. However, cement demand started picking up during the third and
fourth quarters of the year on the back of increased rural and semi urban
housing and other construction and infrastructure activities. The industry was
however affected by increase in costs of all inputs and services and the year
ended with a growth of around 7% y-o-y.
Per capita cement
consumption in
500 kg. and
With the
Government’s financial impetus on thrust areas like faster implementation of
infrastructure and irrigation projects, pushing rural housing development
programmes, promotion of concrete highways and other roads, particularly
concrete roads in rural areas, enhanced level of consumption of cement is
expected which therein will help the cement industry. Propelled with the huge
latent demand for housing units in
Performance
The year ended
March 31, 2012 was one of challenges for the Cement Division of the Company.
The Company’s Unit II at Satna commenced production during the last quarter of
the previous year and was under stabilization during the year. Net price
realizations were subdued due to the depressed market conditions and
demand-supply mismatch existed in the markets of their interest, namely Madhya
Pradesh, Uttar Pradesh and
Depressed market
conditions, Unit II still being in the stabilisation stage, interest costs and
increased cost of inputs squeezed the margins of the cement business during FY
2011-12. Furthermore, in March 2012, clinker production in Unit II at Satna was
temporarily suspended as there was damage to the Blending Silo. Work on the intermediate solution
to restart clinker production is in full swing and is expected to be completed
in June 2012.
The construction
of a new Silo will commence shortly.
|
|
Year ended 31.03.2012 |
Year ended 31.03.2011 |
|
Production - Lakh Tonnes |
47.52 |
31.56 |
|
Sales volume
(Cement) - Lakh Tonnes |
47.12 |
31.10 |
|
Net Revenue – Rs. in millions |
17140.000 |
10610.000 |
|
PBDIT – Rs. in millions |
1310.000 |
1710.000 |
Expansions
The Company
received the approval for land alienation from the State Government for its
cement plant at Kurnool District, Andhra Pradesh and has completed necessary formalities
for taking over possession. Further project activity shall commence in due
course.
At the Company’s
Coal Block at Chhindwara, Madhya Pradesh, the Mine Development Operator
appointed has commenced survey, basic infrastructure work and work on the
incline. Barring unforeseen circumstances, it is expected that the MDO shall
complete the incline and reach coal by the third quarter of FY 2013-14. The
mined coal will be used for captive consumption in the cement plant located at
Satna, Madhya Pradesh.
Future Outlook
With the increase
in its capacity, Subject plans to
penetrate deeper into the existing markets and cover major parts of Madhya Pradesh, Uttar Pradesh and Bihar through its strong network of
dealers and also enter into new
markets of Chhattisgarh, Jharkhand, Uttarakhand, West Bengal, Delhi NCR and
While the Indian
economy is poised for moderate growth, cement demand is also expected to grow
at about 8-10% during FY 2012-13. Semi-urban and rural housing, which comprises
the main market segment, are not impacted by real estate slowdown in urban
areas and mainly due to a bumper harvest would continue to boost cement demand.
Moreover, with developers likely to complete pending construction contracts
before the onset of the monsoons, cement demand has already begun to see a
healthy growth in the current year.
H and R Johnson (
Overview
H and R Johnson (
Tiles
The global ceramic
tiles industry is estimated to be 9.5 billion m2. During 2010, global
production grew by 11.7% which was much higher than the historical annual
average growth rate of 6-7%. Global imports/exports of ceramic tiles also saw
comparable growth of 10.4% after the severe decline witnessed in 2008-09.
In terms of
consumption,
The per capita
consumption of ceramic tiles in
The size of bath
products industry is approximately Rs.65000.000 millions comprising sanitary
ware, faucets, taps, bath fittings, etc. As in case of tiles, there is a huge
potential for growth in
The growth of bath
products is at a healthy rate of approximately 15% per annum and this growth
rate is likely to continue in future also.
Kitchen
Modular Kitchens is
a nascent industry in
Performance
|
|
Year ended 31.03.2012 |
Year ended 31.03.2011 |
|
Net Revenue – Rs. in millions |
17290.000 |
14680.000 |
|
PBDIT – Rs. in millions |
1180.000 |
1560.000 |
The performance of
In the above
backdrop, the profitability of HRJ Division was adversely impacted. Increase in
raw material, power and fuel costs resulted in reduced profitability for the
Division during the year. Although some price increases were done during the
year, they were not sufficient to offset the increase in costs. Fuel cost is a
major component in the cost of manufacture of Ceramic Tiles. Natural gas is the
cleanest and most cost efficient fuel. However, due to pipeline constraints and
uni-directional flow of Natural gas in the pipe-line, three of HRJ Division’s
and its Joint Ventures’ plants were unable to procure Natural Gas and were thus
running on high cost fuel (Propane/LPG) adding pressure to the profitability.
The cost difference between Natural Gas and Propane/LPG increased during the
year thereby further impacting the profitability as HRJ Division was not able
to fully pass on the increase in difference to the market. There were severe
power shortages in Andhra Pradesh where the manufacturing plants of 2 Joint
Ventures are located exerting pressure on profitability. Increased competition
from imports in the coastal markets in South and
HRJ Division
continued to strengthen its brands and build its distribution network. The
Division participated in ACETECH exhibitions at Mumbai, Chennai and
Innovation being
one of its core values, HRJ Division had launched a slew of innovative
value-added products. The Division launched Marbonite GVT (Glazed Vitrified
Tiles). These tiles are the latest offering which combine the strength of
vitrified tiles with the flexibility and aesthetics of glazed products.
Engineered Marble and Quartz were also launched during the year under the brand
‘Johnson Cristal’. HRJ Division also launched the Stonex wall collection,
Digital collection in new sizes, and Imported collection of Johnson and
Marbonite tiles during the year. Thus, the Division has added significantly to
the products positioned towards the lifestyle segment apart from the affordable
products to its product portfolio. The response from the market has been encouraging
for these new products.
HRJ Division
entered into a Joint Venture with Small Tiles Private Limited by acquiring a
50% stake during the year. Small Tiles has a capacity to manufacture 2.3
million m2 of glazed floor tiles per annum of sizes 16” x 16”, and 24” x 24”.
Joint Ventures have played an instrumental role in the HRJ Division’s growth
and this fifth tile Joint Venture would be supplying floor tiles which would
enable the Division to cater to the growing segment in Northern, Central and
Eastern regions of
Ceramic World
Review, a reputed magazine published from
in the world
during the year. HRJ Division, along with associated companies, has been ranked
as the 7th largest player in the world, being the only Indian entity
to feature in the rankings.
Exports of HRJ
Division recorded a healthy growth of over 100%. The Division’s exports during
the year were in excess of Rs.350.000 millions. The products of the Division
were exported to
HRJ Division has
continued its initiatives of cost savings. During the year, the Division
entered into a gas swapping arrangement for procuring a limited quantity of
RLNG. The Government of India has recently announced the gas swapping policy
wherein the Division is expected to receive higher quantities of RLNG which
would bring down the cost of fuel for the Division. Also, the Division has signed
a Gas Transportation Agreement (GTA) with GAIL. GAIL is in the process of
setting-up a pipe-line to transport gas from Dabhol to
The VAT exemption
of the tile manufacturing plant at Pen ended on March 31, 2012. The Division is
modernising the plant which would increase the mix towards more value-added
tiles.
Expansions
The Company is
enhancing its capacity of vitrified/ glazed ceramic tiles at Dewas, Madhya
Pradesh. The capacity is being increased by 2 million m2 per annum which would
take the plant’s total capacity to 3.4 million m2 per annum. The project is
likely to be completed in FY 2013.
The Company plans
to set-up a tile manufacturing facility in
Future Outlook
With the healthy growth
of the Indian economy and the industries that they operate in, HRJ Division is
well positioned to continue its growth in future also. Moreover, bulk of the
products are targeted towards affordable housing segment which is likely to
continue growing at a healthy rate. The robust distribution network, strong
brand equity, wide-spread manufacturing locations and a comprehensive product
portfolio of tiles, baths and kitchens enable it to enjoy a distinct
competitive advantage over others in the market.
RMC Readymix (
Overview
RMC Division of
the Company is amongst the top three ready mixed concrete manufacturers, with a
pan
Performance
|
|
Year ended 31.03.2012 |
Year ended 31.03.2011 |
|
Sales Volume in Lakh M3 |
32.36 |
29.35 |
|
Net Revenue – Rs in millions |
11340.000 |
9130.000 |
|
PBDIT – Rs. in millions |
580.000 |
560.000 |
The construction
sector is a major demand driver for the RMC Division. Increase in interest rates
over the last two years affected credit availability which subsequently slowed
down growth in the construction sector.
According to
Central Statistics Office,
The RMC Division
registered volume growth of ~10 % and value growth of ~24% y-o-y in FY 2012.
Strict cost control measures helped the Division to withstand spiraling cost of
raw materials as well as other expenses and register ~2% increase in profit
before interest, depreciation, exceptional items and tax in the year.
Expansions
The RMC Division
scaled up operations in its existing markets by adding more capacity. Further
during the year, the Division entered into new markets like
Future Outlook
Anticipated
interest rate decrease by RBI to push economic growth in FY 2013 is expected to
benefit the construction industry and consequently the RMC Division. Government’s
increasing focus on infrastructure, evident from the proposed $1 trillion
investment envisaged by the Twelfth Five Year Plan 2012-17 is expected to open
new growth avenues for the RMC Division. New projects in road, ports and
airports segment are expected to open new expansion opportunities for the Mega
Projects vertical. Government’s push to the housing sector also augurs well for
the Division.
The Aggregates
vertical is implementing latest technologies to manufacture better quality
aggregates and is also stepping up the production of manufactured sand.
Backward integration through this vertical is expected to help in availability
of raw materials for the RMC business at locations where both the verticals
co-exist. This will help to supply ready mixed concrete to customers without
any hindrance.
Increasing
awareness about quality is also resulting in greater penetration of ready mixed
concrete in the construction industry. The RMC Division is further
concentrating on Tier 2 and Tier 3 cities for expanding its market reach. All
these factors are expected to benefit the Division to pursue its long term
growth plan.
CONTINGENT
LIABILITIES: (AS ON 31.03.2012)
(i) Guarantees
given by the Company’s bankers and counter guaranteed by the Company Rs.782.900
Millions
(ii) Claims
against the Company not acknowledged as debts:
(a) Dispute in
respect of exemption of Central Sales Tax on coal purchases Rs.75.600 Millions.
Against this matter, bank guarantee of Rs.77.000 Millions has been provided by
the Company.
(b) Energy
Development Cess disputed Rs.74.400 Millions
(c) Royalty on
limestone disputed Rs.200.800 Millions
(d) Tax on Rural
and Road Development disputed Rs.52.700 Millions
(e) Other Claims
in respect to Income Tax, Sales Tax, Entry Tax, Excise Duty and other claims
Rs.463.300 Millions.
(iii) Corporate
guarantees issued to the bankers of the wholly owned subsidiary company
Rs.736.200 Millions
STATEMENT OF STANDALONE UNAUDITED RESULTS
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2012
(Rs. in millions)
|
Particulars |
Quarter ended |
Half year ended |
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
|
Part I |
|
|
|
|
Sales of products and services |
11445.900 |
12234.500 |
23680.400 |
|
Less : Excise Duty |
823.700 |
885.800 |
1709.500 |
|
Net Sales |
10622.200 |
11348.700 |
21970.900 |
|
Income from Joint Ventures - Dividend |
-- |
-- |
-- |
|
Other Income from operations |
68.200 |
22.900 |
91.100 |
|
Total Income
from operations (net) |
10690.400 |
11371.600 |
22062.000 |
|
Expenses : |
|
|
|
|
Cost of
materials consumed |
2749.000 |
3165.700 |
5914.700 |
|
Purchases of
stock-in-trade |
2270.600 |
2085.000 |
4355.600 |
|
Stores and
spares consumed |
283.200 |
158.200 |
441.400 |
|
Power & fuel
|
1756.200 |
1296.400 |
3052.600 |
|
Employee
benefits expense |
661.500 |
636.900 |
1298.400 |
|
Freight outward |
1246.800 |
1353.900 |
2600.700 |
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(237.200) |
128.400 |
(108.800) |
|
Depreciation and
amortisation expense |
392.300 |
377.100 |
769.400 |
|
Other expenses |
1569.500 |
1581.200 |
3150.700 |
|
Total Expenses |
10691.900 |
10782.800 |
21474.700 |
|
Profit / (Loss)
from operations before Other income, Finance cost and Exceptional items |
(1.500) |
588.800 |
587.300 |
|
Other Income |
13.400 |
5.900 |
19.300 |
|
Profit / (Loss)
from ordinary activities before Finance cost and Exceptional items |
11.900 |
594.700 |
606.600 |
|
Finance cost |
478.700 |
434.500 |
913.200 |
|
Profit / (Loss) from
ordinary activities before Exceptional items |
(466.800) |
160.200 |
(306.600) |
|
Exceptional
items: |
|
|
|
|
Profit / (Loss)
on disposal of assets and investments |
16.200 |
-- |
16.200 |
|
Profit / (Loss)
from ordinary activities before Tax |
(450.600) |
160.200 |
(290.400) |
|
Tax expenses |
(141.800) |
50.300 |
(91.500) |
|
Net Profit /
(Loss) from ordinary activities after Tax |
(308.800) |
109.900 |
(198.900) |
|
Paid-up Equity
Share Capital (Rs.10/- per share) |
5033.600 |
5033.600 |
5033.600 |
|
Reserves
excluding revaluation reserves |
-- |
-- |
-- |
|
EPS - (Basic,
diluted and not annualised) (Rs.) |
(0.63) |
0.22 |
(0.41) |
|
Debt Service
Coverage Ratio (refer Note No. 3[a]) |
-- |
-- |
0.81 |
|
Interest Service Coverage Ratio (refer Note No. 3[b]) |
-- |
-- |
1.52 |
|
|
|
|
|
|
Part II Select
information for the Quarter and Half year ended September 30, 2012 |
|
|
|
|
(A) Particulars
of Shareholding |
|
|
|
|
Public
Shareholding: |
|
|
|
|
Number of Shares
|
126475411 |
126475411 |
126475411 |
|
Percentage of
shareholding |
25.13 |
25.13 |
25.13 |
|
Promoters and
promoter group shareholding: |
|
|
|
|
a) Pledged /
encumbered: |
|
|
|
|
Number of shares
|
-- |
-- |
-- |
|
Percentage of
shares (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of
shares (as a % of the total share capital of the Company) |
-- |
-- |
-- |
|
b)
Non-encumbered: |
|
|
|
|
Number of shares
|
376881169 |
376881169 |
376881169 |
|
Percentage of
shares (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of
shares (as a % of the total share capital of the Company) |
74.87 |
74.87 |
74.87 |
|
(B) Investor Complaints |
|
|
Pending at the beginning of the Quarter |
Nil |
|
Received during the Quarter |
3 |
|
Disposed off during the Quarter |
3 |
|
Remaining unresolved at the end of the Quarter |
Nil |
Notes:
1. Earning Per Share
(EPS) has been computed without considering 12351600 equity shares of the
Company held in a Trust for the benefit of the Company and dividend income
received during the half year ended September 30, 2012, on the said shares.
2 During the
current quarter, expenditure of Rs.196.700 millions (corresponding previous
quarter: Rs. Nil) has been incurred on account of annual shutdown of the
Company's cement unit. Annual shutdown expenditure for the half year ended
September 30, 2012 is Rs.196.700 million (corresponding previous half year:
Rs.246.500 millions).
3 The formula used
for calculation of Ratios are as under:
(a) Debt Service
Coverage Ratio = Profit before Depreciation, Interest and Tax / (Interest +
Principal repayment of long term loans).
(b) Interest
Service Coverage Ratio = Profit before Depreciation, Interest and Tax /
Interest.
4 During the
current quarter, foreign exchange difference gain of Rs.11.500 millions on long
term foreign currency borrowings utilised for the purpose of acquiring of fixed
assets have been capitalised,
as the Company has
exercised the option given by the MCA notification dated December 29, 2011.
Other foreign exchange difference gain during the quarter of Rs.17.900 millions
(corresponding previous quarter: loss Rs.48.800 millions) has been taken as
other expenses in the above results.
5 Figures of the
previous periods have been regrouped wherever necessary.
6 The Statutory
Auditors have carried out the limited review of the results for the quarter and
half year ended September 30, 2012.
7 The above statement has been reviewed by the Audit Committee at its
meeting held on October 22, 2012 and approved by the Board of Directors at its
meeting held on October 23, 2012.
SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED
For the quarter
and half year ended September 30, 2012
(Rs. in millions)
|
Particulars |
Unaudited
quarter ended |
Unaudited half
year ended |
|
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
Segment
Revenue |
|
|
|
|
a)
Cement |
3702.700 |
4586.500 |
8289.200 |
|
b)
TBK |
4290.700 |
3881.400 |
8172.100 |
|
c)
RMC |
2738.300 |
2949.800 |
5688.100 |
|
Total |
10731.700 |
11417.700 |
22149.400 |
|
|
|
|
|
|
Less
: Inter Segment Revenue |
41.300 |
46.100 |
87.400 |
|
Net
Sales / Income from operations |
10690.400 |
11371.600 |
22062.000 |
|
|
|
|
|
|
Segment
Results |
|
|
|
|
a)
Cement |
(66.000) |
509.800 |
443.800 |
|
b)
TBK |
85.400 |
10.700 |
96.100 |
|
c)
RMC |
(4.700) |
68.300 |
63.600 |
|
Total |
14.700 |
588.800 |
603.500 |
|
|
|
|
|
|
Less
: (i) Finance cost |
478.700 |
434.500 |
913.200 |
|
(ii)
Other unallocable expenditure net of unallocable Income |
(13.400) |
(5.900) |
(19.300) |
|
|
|
|
|
|
Total Profit / (Loss)
Before Tax |
(450.600) |
160.200 |
(290.400) |
|
|
|
|
|
|
Capital
employed |
|
|
|
|
a)
Cement |
14873.300 |
14204.300 |
14873.300 |
|
b)
TBK |
8204.600 |
8259.400 |
8204.600 |
|
c)
RMC |
2341.000 |
2376.000 |
2341.000 |
|
d)
Unallocated |
(14126.000) |
(13238.000) |
(14126.000) |
|
Total |
11292.900 |
11601.700 |
11292.900 |
Notes:
1. The Company has
identified primary segments based on the products and does not have any
secondary segments. The primary reportable segments identified are Cement, TBK
(Tile,
2. Figures of the previous periods have been regrouped wherever
necessary.
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2012
(Rs. in millions)
|
Particulars |
Unaudited Half
year ended |
|
30.09.2012 |
|
|
A EQUITY AND LIABILITIES |
|
|
1.
Shareholders' Funds : |
|
|
(a)
Capital |
5033.600 |
|
(b)
Reserves and Surplus |
6259.300 |
|
Sub-total -
Shareholders' Funds |
11292.900 |
|
|
|
|
3.
Share application money pending allotment |
-- |
|
4.
Non-current liabilities : |
|
|
(a)
Long-term borrowings |
8613.100 |
|
(b)
Deferred tax liabilities (net) |
1065.300 |
|
(c)
Other long-term liabilities |
857.800 |
|
(d)
Long-term provisions |
320.800 |
|
Sub-total -
Non-current liabilities |
10857.000 |
|
|
|
|
4.
Current Liabilities : |
|
|
(a)
Short-term borrowings |
3091.000 |
|
(b)
Trade payables |
5607.200 |
|
(c)
Other current liabilities |
7376.900 |
|
(d)
Short-term provisions |
93.000 |
|
Sub-total - Current
liabilities |
16168.100 |
|
TOTAL - EQUITY
& LIABILITIES |
16168.100 |
|
B
ASSETS |
|
|
Non-current
assets : |
|
|
Fixed
Assets |
20619.200 |
|
Non-current
investments |
3682.400 |
|
Long-term
loans and advances |
1383.100 |
|
Other
non-current assets |
3.900 |
|
Sub-total -
Non-current assets |
25688.600 |
|
Current
Assets : |
|
|
Current
investments |
-- |
|
Inventories |
4625.500 |
|
Trade
receivables |
3647.900 |
|
Cash
and cash equivalents |
752.700 |
|
Short-term
loans and advances |
2795.600 |
|
Other
current assets |
807.700 |
|
Sub-total - Current
assets |
12629.400 |
|
TOTAL - ASSETS |
38318.000 |
Note: Non-current investments includes 12351600 equity shares of the Company
held in a Trust for the benefit of the Company
FIXED ASSETS:
Tangible Assets:
v
Land - Freehold
- Leasehold
v
Buildings
v
Railway siding
v
Plant and machinery
v
Mines Development
v
Furniture, fixtures and computers
v
Vehicles
v
Office Equipments
v
Truck Mixers, Loaders and Truck Dumpers
Intangible Assets:
v
Software
v
Intellectual property rights
v
Mining Lease - surface rights
v Minerals
Procurement rights
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 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.54.27 |
|
|
1 |
Rs.84.23 |
|
Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.