MIRA INFORM REPORT
|
Report Date : |
29.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT SIDHEE CEMENT LIMITED |
|
|
|
|
Registered
Office : |
“Sidheegram”, Off Veraval- Kodinar Highway, Junagadh-362276, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
29.03.1973 |
|
|
|
|
Com. Reg. No.: |
04-002245 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 1446.684 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26940GJ1973PLC002245 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s shares are listed on
Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of Cement |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 4200000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a part of “Mehta Group”. It is an established company having a moderate track record. There
appear some accumulated losses recorded by the company. However, the capital base of the company seems to be strong. The
performance capacity of the company seems to be improving and slowly wiping
its losses. Trade relations are reported to be fair. Business is active. Payments
are slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 DECLINED BY
Management non co-operative
LOCATIONS
|
Registered Office / Factory : |
“Sidheegram”, Off Veraval- Kodinar Highway, Junagadh-362276, Gujarat,
India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
N. K. Mehta
International House, 2nd Floor, 178, Backbay Reclamation Mumbai 400 020,
Maharashtra, India |
|
Tel. No.: |
91-22-66365444 |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. M. N. Mehta |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Jay M. Mehta |
|
Designation : |
Executive Vice Chairman |
|
|
|
|
Name : |
Mr. Sanat M. Mehta |
|
Designation : |
Nominee of The Mehta International Limited |
|
|
|
|
Name : |
Mr. A. B. Shah |
|
Designation : |
Nominee of GIIC Limited |
|
|
|
|
Name : |
Mr. M. S. Gilotra |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. S. V. S. Raghavan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P. K. Behl |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M. L. Tandon |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bimal Thakkar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Hemnabh Khatau |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. (Ms) Kala S. Pant |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Venkatesh Mysore |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. A. M. Fadia |
|
Designation : |
Director (Legal) and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|||
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|||
|
|
|
|
|||
|
Individuals / Hindu Undivided Family |
1152600 |
3.19 |
|||
|
Central Government / State Government(s) |
2063174 |
5.71 |
|||
|
Bodies Corporate |
5033710 |
13.92 |
|||
|
|
8249484 |
22.82 |
|||
|
(2) Foreign |
|
|
|||
|
Bodies Corporate |
4659129 |
12.89 |
|||
|
Sub Total |
4659129 |
12.89 |
|||
|
|
12908613 |
35.70 |
|||
|
(B) Public Shareholding |
|
|
|||
|
(1) Institutions |
|
|
|||
|
Mutual Funds / UTI |
31256 |
0.09 |
|||
|
|
867832 |
2.40 |
|||
|
Insurance Companies |
350 |
0.00 |
|||
|
Foreign Institutional Investors |
23175 |
0.06 |
|||
|
Any Others (Specify) |
375 |
0.00 |
|||
|
|
375 |
0.00 |
|||
|
Sub Total |
922988 |
2.55 |
|||
|
(2) Non-Institutions |
|
|
|||
|
Bodies Corporate |
4524004 |
12.51 |
|||
|
|
|
|
|||
|
Individual shareholders holding nominal share capital up to Rs. 0.100
Million |
14090416 |
38.97 |
|||
|
|
2786283 |
7.71 |
|||
|
Any Others (Specify) |
921548 |
2.55 |
|||
|
|
421079 |
1.16 |
|||
|
|
489419 |
1.35 |
|||
|
Overseas Corporate Bodies |
11050 |
0.03 |
|||
|
Sub Total |
22322251 |
61.74 |
|||
|
Total Public shareholding (B) |
23245239 |
64.30 |
|||
|
Total (A)+(B) |
36153852 |
100 |
|||
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0 |
|||
|
|
0 |
0 |
|||
|
(2) Public |
0 |
0 |
|||
|
Sub Total |
0 |
0 |
|||
|
Total (A)+(B)+(C) |
36153852 |
0 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
No. |
Name of the
Shareholder |
Details of
Shares held |
Encumbered
shares (*) |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|||
|
No. of Shares
held |
As a % of grand
total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
|
||
|
grand total |
|||||||
|
(A)+(B)+(C) of
sub-clause (I)(a) |
|||||||
|
1 |
Hopgood Investments Limited |
14,05,593 |
3.89 |
0 |
0 |
0 |
3.89 |
|
2 |
Mehta International Limited |
15,12,900 |
4.18 |
0 |
0 |
0 |
4.18 |
|
3 |
Sumraj Holding Private Limited |
6,36,923 |
1.76 |
0 |
0 |
0 |
1.76 |
|
4 |
Sumraj Holding Private Limited |
3,53,850 |
0.98 |
0 |
0 |
0 |
0.98 |
|
5 |
Sunnidhi Trading Private Limited |
8,75,000 |
2.42 |
0 |
0 |
0 |
2.42 |
|
6 |
Ria Holdings Limited |
7,42,500 |
2.05 |
325000 |
43.77 |
0.9 |
2.05 |
|
7 |
Prachit Holdings Limited |
7,42,500 |
2.05 |
325000 |
43.77 |
0.9 |
2.05 |
|
8 |
Pranay Holdings Limited |
7,40,000 |
2.05 |
325000 |
43.92 |
0.9 |
2.05 |
|
9 |
Sameta Exports Private Limited |
275 |
0 |
0 |
0 |
0 |
0 |
|
10 |
Sameta Exports Private Limited |
475 |
0 |
0 |
0 |
0 |
0 |
|
11 |
Shree Anandeya Investments Private Limited |
8,80,000 |
2.43 |
880000 |
100 |
2.43 |
2.43 |
|
12 |
Villa Trading Company Private Limited |
25 |
0 |
0 |
0 |
0 |
0 |
|
13 |
Reeti Investments Limited |
60,912 |
0.17 |
60912 |
100 |
0.17 |
0.17 |
|
14 |
Gujarat Industrial Investments Corporation Limited |
20,63,174 |
5.71 |
0 |
0 |
0 |
5.71 |
|
15 |
J Chawla Mehta |
11,52,600 |
3.19 |
0 |
0 |
0 |
3.19 |
|
16 |
Pallor Trading Company Private Limited |
1,250 |
0 |
0 |
0 |
0 |
0 |
|
17 |
Treasurers Trading Limited |
1,01,750 |
0.28 |
0 |
0 |
0 |
0.28 |
|
18 |
Arj Investment Limited |
16,38,886 |
4.53 |
0 |
0 |
0 |
4.53 |
|
|
Total |
1,29,08,613 |
35.7 |
1915912 |
14.84 |
5.3 |
35.7
|
(*) The term encumbrance has the same meaning as assigned to
it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares
held |
Shares as % of
Total No. of Shares |
|
1 |
State Bank of India Stressed Assets
Management |
723077 |
2 |
|
|
Total |
723077 |
2 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cement |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity * |
Installed
Capacity ** |
Actual
Production |
|
Cement |
MT / PA |
1200000 |
1200000 |
-- |
|
Cement (MT) (including reprocessed 616 MT, Previous Year 805 MT) |
MT |
-- |
-- |
1211754 |
|
Clinker (MT) to the exent of quantity dispatched |
MT |
-- |
-- |
29725 |
* The Company’s
product is exempt from Licensing requirements under Industrial Policy in terms
of Notification No. S.O. 477 (E) dated 25th July, 1991.
** As certified by
the management and relied upon by Auditors, being technical matter.
GENERAL INFORMATION
|
Customers : |
Ø Patel
Infrastructure Limited
Ø Simplex Infrastructure
Limited
Ø AFCONS
Infrastructure Limited
Ø Gammon India
Limited
Ø Sarjan
Construction Company Ø Adani Port Nirma
Limited Ø Backone
Enterprises Limited
Ø Limak Soma JV
Utilities Ø IVRCL
Ø Sardar Sarovar
Project Ø UP State Bridge
Corporation Limited
Ø Sadbhav
Engineers Limited
Ø Reliance
Industries Limited
Ø Essar Oil
Limited
Ø Gujarat Heavy
Chemicals Limited
Ø IFFCO
Limited
Ø Nirma
Limited
Ø Indian Rayon |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
Information denied by the management |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
Ø State Bank of
India Ø State Bank of
Bikaner and Jaipur Ø Union Bank of
India Ø HDFC Bank
Limited |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Messrs. Manubhai and Company Chartered Accountant |
|
Address : |
Ahmedabad, Gujarat, India |
|
|
|
|
Holding Company : |
Ø Industrial
Construction Limited Ø Sampson Limited |
|
|
|
|
Subsidiaries : |
Ø Clarence
Investments Limited Ø Glenn
Investments Limited Ø Aber Investment
Limited Ø Monza Limited |
|
|
|
|
Related Parties : |
Ø Ria Holdings
Limited Ø Pranay Holdings
Limited Ø Reeti
Investments Limited Ø Prachit Holdings
Limited Ø Sumaraj Holdings
Private Limited Ø Villa Trading
Company Private Limited Ø Sunnidhi Trading
Private Limited Ø Shree Anandeya Investment
Private Limited Ø Sameta Export
Private Limited Ø Pallor Trading
Company Private Limited Ø The Mehta
International Limited Ø The Arj
Investments Limited Ø Hopgood
Investments Limited Ø Treasurer's
Trading Limited Ø Gujarat
Industrial Investment Corporation Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Shares |
Rs.10/- each |
Rs. 5000.000 Millions |
|
|
|
|
|
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
144816075 |
Equity Shares |
Rs.10/- each |
Rs. 1448.161
Millions |
|
|
|
|
|
Subscribed Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
144815725 |
Equity Shares |
Rs.10/- each |
Rs. 1448.157
Millions |
|
|
|
|
|
Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
144615408 |
Equity Shares |
Rs.10/- each |
Rs. 1446.154
Millions |
|
ADD |
Forfeited Shares |
|
Rs. 0.530 Million |
|
|
TOTAL |
|
Rs. 1446.684
Millions |
NOTES
Rights, preferences and restrictions :
(i)
The Company has only one class of equity shares
referred to as Equity shares having a par value of Rs. 10/-. Each holder of
equity share is entitled to one vote per share.
(ii)
Dividends, if any, is declared and paid in Indian
Rupees. The dividend, if any, proposed by the Board of Directors is subject to
the approval of the shareholders in the ensuing Annual General Meeting.
(iii)
In the event of liquidation of the company, the
holders of equity shares will be entitled to receive any of the remaining
assets of the company, after distribution of all preferential amounts. However,
no such preferential amounts exist currently. The distribution will be in
proportion to the number of equity shares held by the shareholders.
Details of shares in the company held by each
shareholder holding more than 5 per cent shares :
|
SR. NO. |
NAME OF THE
SHAREHOLDER |
NO OF SHARES |
% OF
SHARE-HOLDING |
NO. OF SHARES |
% OF
SHAREHOLDING |
|
|
|
|
|
|
|
|
1 |
Gujarat
Industrial Investment Corporation Limited |
8,252,698 |
5.71 |
8,252,698 |
5.71 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1446.684 |
1446.684 |
|
(b) Reserves & Surplus |
|
(389.753) |
(444.912) |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
1056.931 |
1001.772 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
26.601 |
29.117 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
48.507 |
49.007 |
|
(d) long-term
provisions |
|
159.787 |
146.374 |
|
Total Non-current
Liabilities (3) |
|
234.895 |
224.498 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
38.991 |
26.433 |
|
(b) Trade payables |
|
739.529 |
598.167 |
|
(c) Other current
liabilities |
|
276.222 |
332.515 |
|
(d) Short-term
provisions |
|
14.205 |
7.813 |
|
Total Current
Liabilities (4) |
|
1068.947 |
964.928 |
|
|
|
|
|
|
TOTAL |
|
2360.773 |
2191.198 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
784.515 |
773.507 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
7.703 |
23.743 |
|
(b) Non-current Investments |
|
0.014 |
0.054 |
|
(c) Deferred tax assets (net) |
|
130.337 |
192.114 |
|
(d) Long-term Loan and Advances |
|
106.804 |
75.109 |
|
(e) Other
Non-current assets |
|
56.900 |
4.811 |
|
Total Non-Current
Assets |
|
1086.273 |
1069.338 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
555.679 |
474.167 |
|
(c) Trade receivables |
|
160.478 |
351.079 |
|
(d) Cash and cash
equivalents |
|
313.107 |
120.293 |
|
(e) Short-term loans
and advances |
|
235.839 |
174.409 |
|
(f) Other current
assets |
|
9.397 |
1.912 |
|
Total Current Assets |
|
1274.500 |
1121.860 |
|
|
|
|
|
|
TOTAL |
|
2360.773 |
2191.198 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1446.684 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
2.695 |
|
|
4] (Accumulated Losses) |
|
|
(417.307) |
|
|
NETWORTH |
|
|
1032.072 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
35.747 |
|
|
2] Unsecured Loans |
|
|
239.973 |
|
|
TOTAL BORROWING |
|
|
275.720 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1307.792 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
658.369 |
|
|
Capital work-in-progress |
|
|
28.738 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.049 |
|
|
DEFERREX TAX ASSETS |
|
|
161.999 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
489.812 |
|
|
Sundry Debtors |
|
|
392.701 |
|
|
Cash & Bank Balances |
|
|
201.161 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
315.758 |
|
Total
Current Assets |
|
|
1399.432 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
668.679 |
|
|
Other Current Liabilities |
|
|
209.046 |
|
|
Provisions |
|
|
63.070 |
|
Total
Current Liabilities |
|
|
940.795 |
|
|
Net Current Assets |
|
|
458.637 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1307.792 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
4389.571 |
3502.130 |
6457.826 |
|
|
|
Other Income |
49.626 |
54.229 |
67.397 |
|
|
|
TOTAL (A) |
4439.197 |
3556.359 |
6525.223 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material
consumed |
546.223 |
442.886 |
0.000 |
|
|
|
Other
manufacturing expenses |
2417.479 |
1942.678 |
5574.838 |
|
|
|
Employee
benefits expenses |
208.071 |
174.153 |
0.000 |
|
|
|
Selling &
other expenses |
900.533 |
898.242 |
0.000 |
|
|
|
Other expenses |
163.131 |
154.842 |
0.000 |
|
|
|
Changes in
inventories of finished goods work-in progress and stock-in-trade |
(3.172) |
(59.520) |
(56.209) |
|
|
|
Exceptional
items |
0.000 |
(17.124) |
0.000 |
|
|
|
TOTAL (B) |
4232.265 |
3536.157 |
5518.629 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
206.932 |
20.202 |
1006.594 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
28.611 |
25.535 |
22.583 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
178.321 |
(5.333) |
984.011 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
61.385 |
55.082 |
73.359 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
116.936 |
(60.415) |
910.652 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
61.777 |
(30.115) |
337.755 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
55.159 |
(30.300) |
572.897 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
NA |
(990.203) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
(417.306) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
29.109 |
12.699 |
493.214 |
|
|
TOTAL EARNINGS |
29.109 |
12.699 |
493.214 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
31.922 |
43.405 |
41.829 |
|
|
|
Capital Goods |
5.769 |
12.522 |
6.626 |
|
|
TOTAL IMPORTS |
37.691 |
55.927 |
48.455 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.38 |
(0.21) |
3.96 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
1331.860 |
1048.900 |
961.300 |
1113.400 |
|
Total Expenditure |
1123.850 |
902.380 |
972.000 |
958.900 |
|
PBIDT (Excl OI) |
208.010 |
146.520 |
(10.700) |
154.600 |
|
Other Income |
10.230 |
16.900 |
19.400 |
30.300 |
|
Operating Profit |
218.240 |
163.420 |
8.700 |
184.900 |
|
Interest |
6.000 |
4.480 |
4.400 |
2.300 |
|
Exceptional Items |
84.680 |
1.060 |
0.000 |
0.000 |
|
PBDT |
296.920 |
160.000 |
4.200 |
182.600 |
|
Depreciation |
15.930 |
15.980 |
16.300 |
17.100 |
|
Profit Before Tax |
280.980 |
144.020 |
(12.000) |
165.500 |
|
Tax |
91.160 |
56.350 |
(1.800) |
29.600 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
189.820 |
87.660 |
(10.200) |
135.900 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
189.820 |
87.660 |
(10.200) |
135.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.24
|
(0.85) |
8.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.63
|
(1.73) |
14.10 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.26
|
(3.06) |
44.25 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
(0.06) |
0.88 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.06
|
0.06 |
0.27 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19
|
1.16 |
1.49 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
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 |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
No |
|
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 |
No |
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors
|
739.529
|
598.167 |
668.679 |
|
|
|
|
|
|
TOTAL |
739.529
|
598.167 |
668.679 |
YEAR UNDER REVIEW
The all India
Cement consumption during the year was around 223 million tonnes, a growth of 7.4
percent compared to around 208 million tonnes during the previous year. The
total installed capacity at the end of the year was around 300 million tonnes,
an increase of about 5 percent from the previous year.
During the year
ended March 2012, the Cement consumption in Gujarat was 18.1 million tonnes as
compared to 16 million tonnes in the previous year; a growth of 13.4 percent.
In Gujarat,
capacity has increased by 2.4 million tonnes in the last two years and in the same
period by around 5 million tonnes in Maharashtra and Rajasthan. The total
installed capacity in Gujarat at the end of the year was around 24.8 million
tonnes.
PERFORMANCE REVIEW
PRODUCTION AND
DESPATCHES
The production of
Clinker and Cement for the year ended March 2012 was 1.27 million tonnes and
1.35 million tonnes against 1.16 millions and 1.21 million tonnes respectively
in the previous year. The total sale of cement and clinker was 1.41 million
tonnes as compared to 1.24 million tonnes in the previous year. The plant
continue to operate at a capacity utilisation of over 100 percent.
EXPORTS AND
MARKETING
The Company’s
export of cement and clinker for the year ended March 2012 was 0.08 million
tonnes as compared to 0.06 million tonnes in the previous year. Exports
continued to be low on account of unremunerative prices and high cost of
transportation to the available port.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENT
The all India
cement consumption grew by 7.4 percent from around 208 million tonnes to 223
million tonnes during the year. At the same time, around 15 million tonnes
additional capacity has been added during the year. In the State of Gujarat,
there has been an increase in the capacity in the last two years by 2.4 million
tonnes as well as there is an increase in the capacity by 1.39 million tonnes
in the State of Rajasthan. This increase in capacity coupled with lower exports
has resulted in a surplus of supply over demand putting pressure on the profitability
of the cement companies in Gujarat.
FUTURE OUTLOOK
The continued
economic growth, the emphasis on infrastructure building and the housing needs
of the population will continue to fuel cement consumption in the country. The
long-term future of the cement industry continues to be positive. However, due
to additional of new plants with large capacities, the capacity utilization
would continue to be low in the short term. Particularly in Gujarat, there is
likely to be a large surplus of capacity over demand for the near future.
SEGMENT REVIEW AND
ANALYSIS
During the year,
the company has produced and sold mainly cement of different varieties like
Ordinary Portland Cement (OPC) and Portland Pozzolana Cement (PPC). The company
also sold clinker, which is intermediate product for the manufacture of cement.
The bulk of the revenue and profitability comes from the sale of cement.
INTERNAL CONTROL
SYSTEMS AND THEIR ADEQUACY
The company has adequate
internal control system and procedures commensurate with the size of its
operation and nature of its business. The independent Internal Auditors
continuously reviews the adequacy and effectiveness of the Internal Control
systems on the on-going operations of the company, which provides reasonable
assurance of adequacy and effectiveness, control, governance and risk
management procedures to the Audit Committee. The recommendations of the
Internal Auditors and the Audit Committee are followed up effectively for
implementation. Following objectives of the Internal Audit is forming part of
the audit plan as approved by the Audit Committee.
Ø Adherence to the
operating system and manual.
Ø Performance of
operating activities in efficient and effective manner.
Ø Compliance with
the risk management procedures.
Ø Compliance with
the legislative and regulatory provisions.
The Audit
Committee reviews the audit reports and also hold discussions with the
Statutory Auditors.
FIXED ASSETS
- Plant and Machinery
- Buildings
- Furniture, fixtures
and office equipments
- Vehicles
- Railway Sidings
AUDITED FINANCIAL
RESULTS FOR THE YEAR ENDED MARCH 31ST, 2013
(Rs. in millions)
|
Sr. No. |
Particular |
Three Month
Ended |
Year Ended |
|
|
|
|
31.03.2013 (Audited) |
31.12.2012 (Unaudited) |
31.03.2013 (Audited) |
|
1. |
Income from
Operations |
|
|
|
|
|
Net Sales |
1260.081 |
1073.528 |
4984.720 |
|
|
Other Operating Income |
155.180 |
115.516 |
546.214 |
|
|
Net Sales/Income
from Operations |
1415.261 |
1189.044 |
5530.934 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of Material Consumed |
146.464 |
127.916 |
532.724 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
(41.376) |
(26.545) |
(19.029) |
|
|
Employee Benefits Expenses |
56.282 |
59.798 |
229.199 |
|
|
Depreciation and Amortization Expenses |
17.108 |
16.260 |
65.276 |
|
|
Stores and Repairs Expenses |
69.111 |
193.478 |
384.350 |
|
|
Freight Expenses |
153.712 |
114.298 |
551.935 |
|
|
Power and Fuel Expenses |
453.189 |
393.865 |
1865.442 |
|
|
Other Expenses |
121.484 |
109.738 |
413.029 |
|
|
f) Total |
975.974 |
988.808 |
4022.926 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
137.447 |
(25.877) |
434.186 |
|
|
|
|
|
|
|
4. |
Other Income |
30.318 |
18.273 |
75.723 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
167.765 |
(7.604) |
509.909 |
|
|
|
|
|
|
|
6. |
Interest |
2.268 |
4.412 |
17.164 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
165.497 |
(12.016) |
492.745 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
85.733 |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
165.497 |
(12.016) |
578.478 |
|
|
|
|
|
|
|
10. |
Tax Expense |
29.642 |
(1.798) |
175.362 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
135.855 |
(10.218) |
403.116 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
135.855 |
(10.218) |
403.116 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
362.069 |
1446.684 |
362.069 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
1099.732 |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
3.76 |
(0.28) |
11.15 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
23245239 |
92980948 |
23245239 |
|
|
- Percentage of Shareholding |
64.30% |
64.30% |
64.30% |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
1915912 |
7663650 |
1915912 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
14.84% |
14.84% |
14.84% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
5.30% |
5.30% |
5.30% |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
10992701 |
43970810 |
10992701 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
85.16% |
85.16% |
85.16% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
30.40% |
30.40% |
30.40% |
|
Particulars
|
For The
Quartered Ended 31.03.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
5 |
|
Disposed of during the quarter |
5 |
|
Remaining unresolved at the end of the quarter |
Nil |
STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
PARTICULARS |
31.03.2013
AUDITED |
|
Equity and
liabilities |
|
|
Shareholders'
fund |
|
|
Share capital |
362.069 |
|
Reserve &
surplus |
1055.681 |
|
Sub-total - Shareholders' funds |
1417.750 |
|
Non - current liabilities |
|
|
Long term
borrowings |
12.840 |
|
Deferred tax
liability (net) |
38.578 |
|
Other long term
liabilities |
49.915 |
|
Long term
provisions |
134.779 |
|
Sub-total - Non-current liabilities |
236.112 |
|
Current
liabilities |
|
|
Short term
borrowings |
2.500 |
|
Trade payables |
784.742 |
|
Other current
liabilities |
262.199 |
|
Short term
provisions |
90.057 |
|
Sub-total - Current liabilities |
1139.498 |
|
Total - Equity & Liabilities |
2793.360 |
|
|
|
|
Assets |
|
|
Non-current
assets |
|
|
Fixed assets |
|
|
Tangible assets |
786.654 |
|
Intangible
assets |
3.434 |
|
Capital work in
progress |
105.361 |
|
Non-current
investment |
0.010 |
|
Long term loans
& advances |
145.847 |
|
Other
non-current assets |
30.965 |
|
Sub-total - Non-current Assets |
1072.271 |
|
Current assets |
|
|
Current
Investments |
0.006 |
|
Inventories |
665.080 |
|
Trade
receivables |
161.117 |
|
Cash & bank
balances |
587.685 |
|
Short term loans
& advances |
280.053 |
|
Other current
assets |
27.148 |
|
Sub-total - Current Assets |
1721.089 |
|
Total – Assets |
2793.360 |
NOTES
- Hon’ble BIFR
vide its order dated 06.12.2012 issued on 16.01.2013 sanctioned the
modified draft rehabilitation scheme of the company inter alia consisting
of following main points.
i) Reduction of paid up capital by 75%.
ii) Fresh infusion of equity capital of Rs. 500.000 Millions consisting of 5
core equity shares of Rs. 10/- each at par to the promoters, associates etc.
iii) To complete the jelly at revised cost of Rs. 597.200 Millions
In compliance with
the a foresaid order, the Company’s paid up share capital was reduced by 75%
from Rs. 1446.154 Millions consisting of 144615408 fully paid up Equity shares
of Rs. 10/- each to Rs. 361.539 Millions consisting of 36153852 fully paid
up Equity Shares of Rs.10/- each as at
25.02.2013 being the Record Date. The amount of reduction in capital of Rs.
1084.616 Millions has been adjusted towards accumulated losses of Rs. 392.448
Millions as on 31.03.2012 and balance amount of Rs. 692.168 Millions is
credited to capital reserve account.
- The
Government of Gujarat had filed the Letters Patent appeal before the
Hon’ble High Court of Gujarat and also filed a claim of Rs. 3460.200
Millions in respect of interest and penal interest on dues to them with
the Hon’ble High Court. The decision is still pending and no interim
relief has been granted by the Hon’ble High Court. In view of this, no provision
has been made in respect thereof. However, the Government of Gujarat vide
its letter no. BFR-102011-127454-GSC-104-P dated June 25, 2012 has agreed
to withdraw the said LPA.
- The Company
has only one business segment i.e. ‘Cement/Clinker’.
- Exceptional
item includes (a) Rs. 42.388 Millions being interest received on deposit
with GSFS Limited. Placed in earlier year and (b) Rs. 43.345 Millions
being reversal of provision for electricity duty exempted by Government of
Gujarat under AAIFR Scheme SS-02 vide Letter of GOG
- Basic and
Diluted Earnings per share for all periods has been adjusted for reduction
in number of shares as per Accounting Standard 20.
- The figures
for the quarter ended March 31, 2013 and quarter ended March 31, 2012 are
the balancing figures between audited figures in respect of the full
financial year and the published year to date figures up to the third
quarter of the relevant financial year.
- The Board of
Directors have recommended a dividend of Rs. 1 per equity share for the
year ended March 31, 2013 subject to approval of shareholders.
- Previous
periods figures have been regrouped and / or rearranged wherever necessary
to make them comparable with current periods figures
- The above
audited Financial Results for the fourth quarter and year ended March 31,
2013 were reviewed by the Audit Committee on May 29, 2013 and approved by
the Board of Directors at their meeting held on May 30, 2013.
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. 59.69 |
|
|
1 |
Rs. 91.14 |
|
Euro |
1 |
Rs. 77.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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.