MIRA
INFORM REPORT
|
Report Date : |
02.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
LAFARGE INDIA PRIVATE LIMITED (w.e.f. 25.05.1999) |
|
|
|
|
Formerly Known
As : |
INFRA CEMENT |
|
|
|
|
Registered
Office : |
Crescenzo, ‘B’ Wing, 10th Floor, C-38 and C-39, “G” Block,
Bandra-Kurla Complex, Bandra (East), Mumbai – 400 051, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation
: |
08.02.1999 |
|
|
|
|
Com. Reg. No.: |
11-118229 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.3923.630 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26940MH1999PTC118229 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
MUML03158B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL4159L
|
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Cements, Ordinary Portland Cements and Portland Pozzolana
Cements. |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 73000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track. Available
information indicates high financial responsibility of the company. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
and as per commitments. The company can be considered good for business dealing 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA :Cash Credit |
|
Rating Explanation |
High degree of safety, it carry very low
credit risk. |
|
Date |
December, 2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ Short Term Loan |
|
Rating Explanation |
Very strong degree of safety , it carry
lowest credit risk. |
|
Date |
December, 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.
INFORMATION PARTED BY (General Details)
|
Name : |
Mr. Samir |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-66306511 |
|
Date : |
31.12.2012 |
LOCATIONS
|
Registered/ Head Office : |
Crescenzo, ‘B’ Wing, 10th Floor, C-38 and C-39, “G” Block, Bandra-Kurla
Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-66306510/ 11/ 61202633 |
|
Fax No.: |
91-22-66306510/ 67692572 |
|
E-Mail : |
|
|
Website : |
|
|
Location: |
Owned |
|
|
|
|
Regional Operations Office – East |
Block D, 4th Floor, 22, Camac Street, Kolkata – 700016,
West Bengal, India |
|
Tel No.: |
91-33-39832100 |
|
Fax No.: |
91-33-39832133 |
|
|
|
|
Factory : |
Located at: ·
Sonadih, District ·
Jojobera, District Singhbhum, Jharkhand ·
Arasmeta District Janjir – Champa, Chhattisgarh ·
Mejia District Bankura, |
|
|
|
|
Regional Sales Office : |
Locate at: ·
·
Chhattisgarh ·
Jharkhand ·
·
Orissa ·
North East |
DIRECTORS
AS ON 17.08.2011
|
Name : |
Mr. Ujjwal Batria |
|
|
Designation : |
Joint Managing Director |
|
|
Address : |
Flat No. 2C, |
|
|
Date of Birth/Age : |
24.12.1963 |
|
|
Date of Appointment : |
16.11.2010 |
|
|
DIN No.: |
01737515 |
|
|
|
|
|
|
Name : |
Mrs. Priya Mohan Sinha |
|
|
Designation : |
Directors |
|
|
Address : |
B-787, Sushantlok Phase 1 (Near Sushantlok Vyapar Kendra), Gurgaon –
122 002, |
|
|
Date of Birth/Age : |
15.08.1940 |
|
|
Date of Appointment : |
17.09.1999 |
|
|
DIN No.: |
00035257 |
|
|
|
|
|
|
Name : |
Mr. Bruno Marie Joseph Philip Lafont |
|
|
Designation : |
Director |
|
|
Address : |
21, Boulevard, Montrnorency 75116, |
|
|
Date of Birth/Age : |
08.07.1956 |
|
|
Date of Appointment : |
03.10.2003 |
|
|
DIN No.: |
00091521 |
|
|
|
|
|
|
Name : |
Mr. Isidoro Miranda |
|
|
Designation : |
Director |
|
|
Address : |
60 Boulevard Bineau, |
|
|
Date of Birth/Age : |
07.02.1959 |
|
|
Date of Appointment : |
22.11.2007 |
|
|
DIN No.: |
02115277 |
|
|
|
|
|
|
Name : |
Mr. Jean Desazars De Mantgailhard |
|
|
Designation : |
Director |
|
|
Address : |
17, Boulevard, Delessert 75016, |
|
|
Date of Birth/Age : |
26.07.1953 |
|
|
Date of Appointment : |
17.09.1999 |
|
|
DIN No.: |
00067288 |
|
|
|
|
|
|
Name : |
Mr. Marin Kreigner |
|
|
Designation : |
Director |
|
|
Address : |
No.7 |
|
|
Date of Birth/Age : |
06.09.1961 |
|
|
Date of Appointment : |
07.03.2002 |
|
|
DIN No.: |
00077715 |
|
|
|
|
|
|
Name : |
Mrs. Renu Sud Karnad |
|
|
Designation : |
Additional Director |
|
|
Address : |
BB-14, Greater Kailash, Enclave-II, |
|
|
Date of Birth/Age : |
03.09.1952 |
|
|
Date of Appointment : |
17.08.2011 |
|
|
DIN No.: |
00008064 |
|
|
|
|
|
|
Name : |
Mr. Vinayak Chatterjee |
|
|
Designation : |
Additional Director |
|
|
Address : |
E-2278, Palam Vihar, Gurgaon – 122 017, |
|
|
Date of Birth/Age : |
30.09.1959 |
|
|
Date of Appointment : |
17.08.2011 |
|
|
DIN No.: |
00008933 |
|
|
|
|
|
|
Name : |
Mr. Danilo Buscaglia |
|
|
Designation : |
Joint Managing Director |
|
|
Address : |
Flat Nos. 341 and 351, Tower 1, South City Tower, 375, Prince Anwar
Shah Road, Kolkata – 700 068, West Bengal, India |
|
|
Date of Birth/Age : |
20.06.1965 |
|
|
Date of Appointment : |
18.05.2011 |
|
|
DIN No.: |
03519085 |
|
|
|
|
|
|
Name : |
Mr. Deepak Shantilal Parekh |
|
|
Designation : |
Chairman |
|
|
Date of Appointment : |
17.08.2011 |
|
|
DIN No.: |
00009078 |
|
|
|
|
|
|
Name : |
Mr. Uday Chander Khanna |
|
|
Designation : |
Director |
|
|
Date of Appointment : |
17.08.2011 |
|
|
DIN No.: |
00079129 |
|
KEY EXECUTIVES
|
Name : |
Mr. Samir |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 17.08.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
|
|
392363001 |
|
Societe Financiere Immobiliere et |
|
1 |
|
|
|
|
|
Total |
|
392363002 |
AS ON 17.08.2011
|
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 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Cements, Ordinary |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Cash and Credit |
||||
|
|
|
||||
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Cement |
Metric Tonnes |
NA |
6550000 |
6780078 |
Licensed capacity
per annum not indicated due to abolition of Industrial Licences as per notification
no. 477(E) dated July 25, 1991 issued under Industries (Development and
Regulation), Act, 1951.
*As certified by
the management and relied upon by the Auditors.
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
No. of Employees : |
500 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
· Deutsche Bank Ag, Deutsche Bank House, Hazariman Somani Marg, Fort, Mumbai – 400 001, Maharashtra, India · State Bank of India, Cag Branch Killick House, Charanjit Rai Marg, Mumbai – 400 001, Maharashtra, India Tel No: 91-22-22017262 |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
NOTES Term Loans from Banks
were secured by immovable and movable assets related to Sonadih cement plant
(Line 1) and movable assets related to Jojobera cement plant. Secured by
movable and immovable assets of clinkerisation unit at Sonadih cement plant
(Line 2)and immovable and movable assets of cement grinding unit at Mejia
cement plant Secured by hypothecation of the Company's inventory and receivables. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S R Batliboi and Associates Chartered Accountants |
|
Address : |
22, Camac Street, Block C, 3rd Floor, Kolkata - 700 016,
West Bengal |
|
Tel. No.: |
91-33-66153400 |
|
Fax No.: |
91-33-22817750 |
|
PAN No.: |
AABFS3421N |
|
|
|
|
Ultimate Holding
Company : |
Lafarge SA |
|
|
|
|
Holding Company
: |
Financiere Lafarge |
|
|
|
|
Subsidiaries : |
·
LI Eastern Private Limited ·
LI Cement Private Limited ·
Arasmeta Coal Mining Company Private Limited . ·
Lafarge Rajasthan Cement Limited (Formerly known
as GKW Cement Limited) |
|
|
|
|
Fellow
Subsidiaries : |
·
Lafarge North ·
PT Semen Andalas ·
Lafarge - Aggregates and Concrete Division ·
Lafarge Umium Mining Private Limited ·
Lafarge Asia Sdn Bhd ·
Lafarge Surma ·
Lafarge Cement Joint Venture Company, ·
Lafarge Cement Services ( ·
Iligan Cement Corporation, ·
Lafarge Canada Inc. ·
Lafarge Boral Gypsum India Private Limited ·
Lafarge-Aggregates and Concrete India Private
Limited ·
Centre Technique Inter-Unites Du Groupe Lafarge ·
Lafarge Cement ·
Lafarge Chongging Cement Company Limited ·
Lafarge International Services Singapore Pte
Limited ·
Lafarge Beiging Representative office ·
Lafarge Sui on cement, ·
Lafarge A and C ·
Lafarge ·
Cementia Trading AG ·
Heracles Cement Company Limited |
|
|
|
|
Associate : |
· Arasmeta Captive Power Company Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2000000000 |
Equity Shares |
Rs.10/- each |
Rs.20000.000 millions |
|
1000000000 |
Equity Shares |
Rs.10/- each |
Rs.10000.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs.30000.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
392363002 |
Equity Shares |
Rs.10/- each |
Rs.3923.630
millions |
|
|
|
|
|
NOTE
The entire share capital is held by Financiere
Lafarge, the Holding Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2011 (12 Months) |
31.03.2010 (15 Months) |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
3923.630 |
4156.963 |
4156.963 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
14423.174 |
12816.785 |
5881.119 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
18346.804 |
16973.748 |
10038.082 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
7442.755 |
7532.198 |
9595.871 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
7442.755 |
7532.198 |
9595.871 |
|
|
DEFERRED TAX LIABILITIES |
1721.926 |
1581.596 |
1047.000 |
|
|
|
|
|
|
|
|
TOTAL |
27511.485 |
26087.542 |
20680.953 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
16371.307 |
16525.494 |
9520.498 |
|
|
Capital work-in-progress |
6488.062 |
4285.225 |
7672.785 |
|
|
|
|
|
|
|
|
INVESTMENT |
2434.525 |
391.405 |
717.225 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1659.799
|
1412.215
|
1447.740 |
|
|
Sundry Debtors |
1176.876
|
403.953
|
395.259 |
|
|
Cash & Bank Balances |
1249.425
|
6109.914
|
6298.573 |
|
|
Other Current Assets |
2.071
|
171.749
|
94.645 |
|
|
Loans & Advances |
5198.796
|
3630.026
|
3642.045 |
|
Total
Current Assets |
9286.967
|
11727.857
|
11878.262 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3896.046 |
4044.092 |
3388.702 |
|
|
Other Current Liabilities |
2415.801
|
2218.036
|
1881.048 |
|
|
Provisions |
757.529
|
580.311
|
3838.067 |
|
Total
Current Liabilities |
7069.376
|
6842.439
|
9107.817 |
|
|
Net Current Assets |
2217.591
|
4885.418
|
2770.445 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
27511.485 |
26087.542 |
20680.953 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 (12 Months) |
31.03.2010 (15 Months) |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales (net of excise duty) |
25.713 |
30.422 |
23.474 |
|
|
|
Other Income |
0.823 |
0.686 |
0.426 |
|
|
|
TOTAL |
26.536 |
31.108 |
23.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
18.405 |
19.478 |
14.967 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
8.131 |
11.630 |
8.933 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST AND
FINANCE CHARGES |
0.742 |
0.595 |
0.455 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7.389 |
11.035 |
8.478 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1.145 |
1.240 |
0.940 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
6.244 |
9.795 |
7.538 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.110 |
3.252 |
2.581 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
4.134 |
6.543 |
4.957 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components
& Spares |
268.600 |
150.031 |
103.368 |
|
|
|
Capital Goods |
208.832 |
679.088 |
549.894 |
|
|
|
Raw Materials |
108.031 |
26.395 |
0.000 |
|
|
TOTAL IMPORTS |
585.463 |
855.514 |
653.262 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.01 |
0.02 |
0.01 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 (12 Months) |
31.03.2010 (15 Months) |
31.12.2008 |
|
PAT / Total Income |
(%) |
15.58
|
21.03
|
20.74 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
24.28
|
32.20
|
32.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.03
|
0.03
|
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.79
|
0.85
|
1.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31
|
1.71
|
1.30 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
|
Particulars |
31.03.2011 (12 Months) Rs. in millions |
31.03.2010 (15 Months) Rs. in millions |
31.12.2008 Rs. in millions |
|
|
|
|
|
|
Creditors due small micro enterprises |
3.631 |
0.560 |
0.011 |
|
Creditors due others |
3892.415 |
4043.532 |
3388.691 |
|
|
|
|
|
|
Total |
3896.046 |
4044.092 |
3388.702 |
|
Sr. No. |
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 |
Yes |
|
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 |
Yes |
|
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 |
No |
|
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 |
NOTE:
The Registered Office of the company has been
shifted from Bakhtawar, 14th Floor, 229 Nariman Point, Mumbai – 400 021,
Maharashtra, India to the present address w.e.f. 01.10.2011.
PERFORMANCE REVIEW
In FY 2010-11,
Company’s total sales volume (Cement + Clinker) recorded a growth of 7% (FY
2010-11: 6,768 Kt vs FY 2009-10: 6,336 Kt).
Company’s sales volume
has gone up by 7% whereas net sales has increased only 2.4%, primarily on
account of de-growth/ subdued growth in various key cement consuming states
driven by lower infrastructure spending, slowdown in realty sector and extended
monsoon. Low cement demand specifically during the second half of the year
adversely impacted the cement prices.
Further EBITDA has
reduced by 12% due to increase in distribution cost, coal prices and other
operating expenses.
FUTURE OUTLOOK
The medium to long
term outlook remains strong; they expect GDP growth for 2011-2012 to be in the
range of 8-8.5% which will sustain the growth momentum of cement demand.
To take advantage
of the industry growth the Company is now accelerating development of green
field projects and has commenced work on building the 2.6 MT new cement plant
in Rajasthan. The ongoing 1.0 MT capacity expansion project at Jojobera is
likely to be commissioned in September 2011.
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF
|
Particulars |
31.03.2011 (12 Months) Rs. in millions |
|
i) Guarantees / Letters of Credit given by Banks on behalf of the
Company |
576.013 |
|
|
|
|
ii) Claims against the Company not acknowledged as debts: - |
|
|
a. Disputed demands in respect of Sales Tax by various sales tax
authorities |
335.887 |
|
b. Disputed demand in respect of Royalty on Limestone by the State of |
722.261 |
|
c. Disputed demand in respect of Entry Tax by various tax authorities |
47.422 |
|
d. Disputed demand in respect of Water cess by the State of |
-- |
|
e. Disputed demand in respect of Excise Duty |
527.409 |
|
f. Disputed demand in respect of Service Tax |
8.651 |
|
g. Dispute relating to Income Tax |
6.885 |
|
h. Claim from an
engineering Company carrying out the project work for the Company for the
delay in the execution of the project. The Company has also filed the
counterclaims of Rs.133.300 millions with the arbitrators. |
45.800 |
|
i. Other claims |
3.351 |
|
Against these, amounts paid under protest or payments or adjustments
not taken cognisance of |
256.922 |
|
|
|
|
iii) Estimated amount of contracts remaining unexecuted on Capital
Account and not provided for |
5623.725 |
|
|
|
|
iv) The State of
District
Registrar and Collector of Stamps; Janjgir -Champa for alleged
under-valuation of the properties, which the Company acquired from Raymond
Limited Against this, Raymond Limited has filed a Special Leave Petition
before the Honourable Supreme Court, which has stayed the proceedings before
the Board of Revenue. The Collector of
Stamps, Indian Stamp Act, 1899 questioning the amount of stamp duty paid by
The Tata Iron and Steel Company Limited (TISCO) on transfer of the immovable
properties at Sonadih from TISCO to the Company. The Company has filed a Writ
Petition in the Honourable High Court of Bilaspur, Chhattisgarh challenging
the enquiry commenced by the Collector of Stamps. The matter is pending
before the High Court. The Company’s liability, if at all arises, in both the
above cases, is restricted to 50% by virtue of business transfer agreement
between Lafarge and Raymond Ltd/TISCO. |
Amount not determinable |
|
v) The Company
had claimed set-off of additional brought forward losses amounting to
Rs.1501.671 millions for the
assessment years 2001-02 to 2011-12, based on a favourable order of the
CIT (Appeals) for the Assessments
Years 2001-02, 2003-04, 2004-05, and 2005-06 in the matter of depreciation/amortisation
of intangible assets acquired upon the acquisition of business from Raymond Limited, which
were treated as Goodwill in the books of accounts. It has also
claimed depreciation on fair value of assets acquired from Raymond Limited
and Tata Iron and Steel Company Limited (TISCO), whereas as per the income
tax department depreciation should have been claimed on the book value of the
assets as appearing in the books of the seller. In respect of
TISCO, Company has received a favourable order from Income Tax Appellate
Tribunal (ITAT). However in respect of Raymond Ltd the department has gone into
appeal against the order of the CIT (Appeals). |
Amount not determinable |
In respect of
items (iv) and (v) mentioned above, the financial effect couldn’t be
ascertained till the matters are finally decided.
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U26940MH1999PTC118229 |
|
Name of the
company |
LAFARGE INDIA
PRIVATE LIMITED. |
|
Type of charge |
Immovable
Property Floating Charge |
|
Particular of
charge holder |
IL and FS trust
company Limited , IL and FS Financial Centre Plot No. 022 G Block Bandra
Kurla Complex, Bandra (East), Mumbai- 400 051, Maharashtra, India |
|
Date of
instrument Creating the charge |
04.01.2008 |
|
Amount secured by
the charge |
Rs.5518.926
millions |
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest Six Months JPY
LIBOR per annum Terms of Repayment The Borrower
shall repay all the Loans outstanding as at the end of the Availability
period by eight unequal semi-annual installments on repayment dates as per
Facility Agreement dated 07.03.2007. Margin 0.5% per annum Extent and Operation of the charge Interest, additional
interest, compound interest, commitment charges, costs, charges, expenses and
other monies payable by the company to the participating institutions /banks
respectively under their respective loan agreement/ Letters of Sanction/
Memorandum of terms and conditions as amended from time to time. |
|
Short particulars
of the property charged |
Both Moveable and
Immovable properties situated at (a) the second line clinkerisation unit
located at Sonadih Cement Plant, PO Raseda, Via Baloda Bazar, Raipur 493 332,
India; and (b) the cement grinding unit at Mejia, PS- Gangajalghati, PO
Durlavpur, Dist - Bankura, WB, India excluding Bankers' Goods of the Borrower
secured in favour of the Working Capital Facilities lenders as per Facility
Agreement dated 07.03.07. |
FIXED ASSETS
·
Goodwill
·
Land
·
Quarry Development
·
Building and Roads
·
Plant and Machinery
·
Railway sidings and
Locomotives
·
Furniture Fixtures and
office Equipments
·
Vehicles
NEWS
LAFARGE INDIA WINS ANNUAL CLO AWARDS FOR SAFETY
TRAINING PROGRAM
Date 07/11/2012
Lafarge India's
Learning and Development has won the prestigious Annual CLO (Chief Learning
Officers) Award. Lafarge India received the silver trophy in the Best Risk,
Safety and Policy Compliance Training Program category for initiatives taken to
ensure increased safety compliance. The Annual CLO Award is instituted by the
Tata Institute of Social Sciences and International Labour Organization. It is
partnered by the Government of India and the Australian Trade Commission and
supported by the Indian Society of Training and Development.
The evaluation
criteria for the award included degree of difficulty, significance of the
learning and business challenge, innovation in approach delivery methodologies
and content development and demonstration of improvement in organizational/team
performance.
To make Lafarge
India the safest company with zero incidents and occupational health illnesses,
the Learning and Development team partnered with the Health and Safety team to
develop a structured approach to bring about a behavioral change among
employees towards safety. A Safety Induction Module has been developed
and deployed. All new joinees are briefed about Lafarge's safety
standards and also are also provided basic information about Lafarge's H and S
Standards and Advisories, Safety Policy. A set of H and S rules have also been
formulated and employees are mandated to follow these rules. Employee
Safety Matrix is maintained to track number of safety trainings attended by any
employee, topics he has received trainings on, topics of which training is to
be imparted and periodicity of refresher session.
Other initiatives
include field training for senior management members, implementation of the
Safety Observation Tracking System, consistent safety communication in local
languages and development of specific modules like Visible Felt Leadership.
Speaking about
this win Martin Kriegner, Country CEO Lafarge India said, "We are pleased
to have received the Silver Trophy in the Best Risk, Safety and Policy
Compliance Training Program category for initiatives Lafarge has taken to
ensure increased safety compliances. Safety is our priority number one at
Lafarge and this recognition will motivate us to keep Safety as our priority
across all aspects of our professional and personal life and make Lafarge India
the safest company with zero incidents."
Lafarge is a
learning organization and Learning and Development is a key function. The
organization focuses strongly on development opportunities at the organizational,
team and individual level. The Learning and Development team in India has made
its mark by addressing various training needs related to Safety, Technical
trainings, Soft Skills, functional skills and other organizational
competencies. A team of 20 trainers are involved in nurturing talents locally
and globally as trainers and coaches.
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.54.78 |
|
|
1 |
Rs.88.51 |
|
Euro |
1 |
Rs.72.26 |
INFORMATION DETAILS
|
Information Gathered
by : |
PJA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
64 |
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.