MIRA INFORM REPORT

 

 

Report Date :

11.03.2013

 

IDENTIFICATION DETAILS

 

Name :

SHREE CEMENT LIMITED

 

 

Registered Office :

Bangur Nagar, Bewar – 305901, District Ajmer, Rajasthan, India

 

 

Country :

India

 

 

Financials (as on) :

30.06.2012

 

 

Date of Incorporation :

25.10.1979

 

 

Com. Reg. No.:

001935

 

 

Capital Investment / Paid-up Capital :

Rs.348.400 millions

 

 

CIN No.:

[Company Identification No.]

L26943RJ1979PLC001935

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

JDHS01295A

 

 

PAN No.:

[Permanent Account No.]

AACCS8796G

 

 

Legal Form :

A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.

 

 

Line of Business :

Manufacturing and Marketing of Cement

 

 

No. of Employees :

3778 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (71)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

USD 100000000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exists

 

 

Comments :

Subject is a well-established and reputed company having an exellent track. Financial position of the company appears to be sound. Fundamental are strong and healthy. Directors are reported to be experienced and respectable businessman. Trade relations are reported to be trustworthy. Business is active. Payments are reported to be regular and as per commitments.

 

The company can be considered good for normal 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

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

CARE

Rating

AA+ (Long Term Bank Facilities)

Rating Explanation

High degree of safety and very low credit risk

Date

October 1, 2012

 

 

Rating Agency Name

CARE

Rating

A1+ (Short Term Bank Facilities)

Rating Explanation

Very strong degree of safety and lowest credit risk

Date

October 1, 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 :

Bangur Nagar, Bewar – 305901, District Ajmer, Rajasthan, India

Tel. No.:

91-1462-228101/ 06

Fax No.:

91-1462-228117/ 19

E-Mail :

sclbwr@shreecementltd.com

shreebwr@shreecementltd.com

Website :

www.shreecement.in

 

 

Corporate Office :

21, Strand Road, Kolkata-700001, West Bengal, India

Tel. No.:

91-33-22390601/ 05

Fax No.:

91-33-22434226

E-Mail :

sclcal@shreecementltd.com

 

 

Factory 1 :

Unit I and II

 Bangur Nagar, Bewar – 305901, District Ajmer, Rajasthan, India

Tel. No.:

91-1462-228101/ 06

Fax No.:

91-1462-228117/ 228119

E-Mail :

shreebwr@shreecementltd.com

 

 

Factory 2 :

Unit III to VII

Bangur City, Ras, Tehsil jaitaran-306107, District Pali, Rajasthan (India)

Tel. No.:

91-1462-228101-06

Fax No.:

91-1462-228117/ 228119

E-Mail :

shreebwr@shreecementltd.com

 

 

Factory 3 :

Khushkhera Cement Grinding Units

Plot No. SP 3-II, A-1, RIICO Industrial Area, Khushkhera (Bhiwandi) – 301707, District Alwar, Rajasthan, India

Tel. No.:

91-1493-250521/ 22/23/ 24

Fax No.:

91-1493-517227

 

 

Factory 4 :

Suratgarh Cement Grinding Units

Near N.H. 15, Udaipur Udasar, Tehsil: Suratgarh, Distt.: Sriganganagar, Rajasthan, India

 

 

Factory 5 :

Jobner (Jaipur) Cement Grinding Units

Mahela - Jobner Road, Village: Aslapur, Distt.: Jaipur, Rajastha, India

 

 

Factory 6 :

Laksar (Roorkee) Cement Grinding Units

Akbarpur – Oud, Distt.: Haridwar, Uttrakhand, India

 

 

Marketing Office :

Shree Ultra Cement

122-123, Hans Bhawan, 1, Bhadur Shah Zafar Marg, New Delhi-110002

Tel. No.:

91-11-23370828/ 23379218/ 23370776

Fax No.:

91-11-23370499

E-Mail:

scldel@shreecementltd.com

 

 

Marketing Office :

A-6, Yudhisther Marg, Opposite Yojana Bhawan, C Scheme, Jaipur-302005, Rajasthan, India

Tel. No.:

91-141-2223918/ 2225950

Fax No.:

91-141-2381091

E-Mail :

Sclipr_jp1@shreecementltd.com

 

 

Marketing Office :

Bangur Cement

6B, 6 Floor, Hansalaya Building, 15, Barakhamba Road, New Delhi-110001, India

Tel. No.:

91-11-23702794/ 96

E-Mail :

sharmaps@bangurcement.com

 

 

Marketing Office :

91, Dulheshwar Garden, C Scheme, Jaipur-302005, Rajasthan, India

Tel. No.:

91-141-2361735/ 2361696

Fax No.:

91-141-2360891

E-Mail :

jhanwara@bangurcement.com

 

 

Marketing Office :

Rockstrong Cement

10-A, DCM  Building, 16 - Barakhamba Road, Connaught Place, New Delhi - 110 001, India

Tel. No.:

91-11-23731084/ 85

Fax No.:

91-11-23731084

 

 

Marketing Office :

Plot No 17, Flat No. 101, Ground Floor, Jeevan Enclave, Mission Compound, Ajmer Road, Jaipur - 302 001 Rajasthan, India

Tel. No.:

91-141-2371477/ 9141/ 9198

Fax No.:

91-141-2371477

 

 

Marketing Office :

14 E, 14 Floor, Hansalaya Building, 15-Barakhamba Road, New Delhi-110001, India

Tel. No.:

91-11-23731085/ 61512430

Fax No.:

91-11-23731084

 

 

Marketing Office :

14-15, Indira Plaza, Hawa Sarak, Sodala, Jaipur-302001, Rajasthan, India

Tel. No.:

91-141-2222032/ 6455692

Fax No.:

91-141-2222031

 

 

DIRECTORS

 

As on  30.06.2012

 

Name :

Mr. B. G. Bangur

Designation :

Executive Chairman

Date of Birth/Age :

78 Years

Qualification :

B. Com

Experience :

59 Years

Date of Appointment :

13.08.1992

 

 

Name :

Mr. H. M. Bangur

Designation :

Managing Director

Date of Birth/Age :

60 Years

Qualification :

Chemical Engineer

Experience :

34 Years

Date of Appointment :

01.01.1992

 

 

Name :

Mr. R. L. Gaggar

Designation :

Director

Qualification :

B. A (Hons.)

 

 

Name :

Mr. O. P. Setia

Designation :

Director

Qualification :

M. Com

 

 

Name :

Mr. Shreekant Somany

Designation :

Director

Qualification :

Bachelor of Science

 

 

Name :

Mr. Y. K. Alagh

Designation :

Director

Qualification :

Doctoral and Master Degree in Economics

 

 

Name :

Mr. Nitin Desai

Designation :

Director

Qualification :

Economist

 

 

Name :

Mr. Mahendra Singhi

Designation :

Executive Director

Date of Birth/Age :

60 Years

Qualification :

B. Sc., L.L.B., F.C.A.

Experience :

34 Years

Date of Appointment :

17.01.1995

 

 

Name :

Mr. Prashant Bangur

Designation :

Whole Time Director

Qualification :

Graduate

 

 

KEY EXECUTIVES

 

Name :

Mr. Prashant Bhangur

Designation :

Executive President

Address :

B.Sc. and MBA

Date of Birth/Age :

32 Years

Experience :

8 Years

Date of Appointment :

22.06.2004

 

 

Name :

Mr. Ashok Bhandari

Designation :

Chief Finance Officer

Date of Birth/Age :

59 Years

Qualification :

B.Sc, (Hons) FCA

Experience :

34 Years

Date of Appointment :

01.04.1990

 

 

Name :

Mr. Diwarkar Payal

Designation :

Joint President (Shree and Rockstrong Marketing)

Date of Birth/Age :

54 Years

Qualification :

B.Tech, PGDM

Experience :

30 Years

Date of Appointment :

23.10.2001

 

 

Name :

Mr. Prakash. Narayan. Chhangani

Designation :

Joint President (Works)

Date of Birth/Age :

52 Years

Qualification :

B. Sc (Chemical Engineer)

Experience :

29 Years

Date of Appointment :

03.04.2006

 

 

Name :

Mr. Kuldeep Verma

Designation :

Senior Vice President (Bangur Marketing)

Date of Birth/Age :

55 Years

Qualification :

B. Com and M.B.A

Experience :

31 Years

Date of Appointment :

20.07.2009

 

 

Name :

Mr. Arun Bhalla

Designation :

Chief Executive (Power Business)

Date of Birth/Age :

61 Years

Qualification :

PGD (Marketing and Sales Management)

Experience :

37 Years

Date of Appointment :

15.02.2010

 

 

Name :

Mr. Shrinath Savoor

Designation :

Senior Vice President (Strategy)

Date of Birth/Age :

54 Years

Qualification :

F.C.A., M.M.S. (Finance)

Experience :

32 Years

Date of Appointment :

01.12.2009

 

 

Name :

Mr. Sanjay Mehta

Designation :

Senior Vice President (Commercial)

Date of Birth/Age :

47 Years

Qualification :

B. Com, F.C.A.

Experience :

24 Years

Date of Appointment :

11.11.1995

 

 

Name :

Mr. Gopal Daga

Designation :

Senior Vice President (Project Management)

Date of Birth/Age :

60 Years

Qualification :

B. Com

Experience :

42 Years

Date of Appointment :

07.09.1994

 

 

Name :

Mr. K. C. Gandhi

Designation :

Senior Vice President (Material Management)

Date of Birth/Age :

56 Years

Qualification :

B. Sc

Experience :

34 Years

Date of Appointment :

01.07.1991

 

 

Name :

Mr. M. M. Sharma

Designation :

Senior Vice President (Projects)

Date of Birth/Age :

62 Years

Qualification :

B. Sc (Mechanical Engineer)

Experience :

39 Years

Date of Appointment :

15.06.1992

 

 

Name :

Mr. Bhatnager Vikas Rai

Designation :

Chief People and Wellness Officer

Date of Birth/Age :

47 Years

Qualification :

B. Sc., M.B.A.

Experience :

24 Years

Date of Appointment :

11.06.2012

 

 

Name :

Mr. Surinder Kumar Gupta

Designation :

Advisor (Commercial)

 

 

Name :

Mr. Arvind Khicha

Designation :

Vice President (Commercial)

 

 

Name :

Mr. Ravi Kant Tiwari

Designation :

Joint Vice President (Liaison)

 

 

Name :

Mr. Himanshu Dewan

Designation :

Joint Vice President (Rockstrong Marketing)

 

 

Name :

Mr. Manmohan Rathi

Designation :

Joint Vice President (Shree Mega Power Project)

 

 

Name :

Mr. Shyam Sunder Khandelwal

Designation :

Assistant Vice President (Secretarial)

 

 

Name :

Mr. Anil Kumar Gupta

Designation :

Assistant Vice President (Civil project)

 

 

Name :

Mr. Surendra Kumar Soni

Designation :

Assistant Vice President (ERP and I.T)

 

 

Name :

Mr. Yogesh Mehta

Designation :

Assistant Vice President (Logistics)

 

 

Name :

Mr. Rajendra Kumar Srivasrava

Designation :

Assistant Vice President (I.T)

 

 

Name :

Mr. Suresh Chandra Maheshwari

Designation :

Assistant Vice President (Taxation)

 

 

Name :

Mr. Shanti Lal Bhansali

Designation :

Assistant Vice President (Legal)

 

 

Name :

Mr. Goverdhan Lal Nandwana

Designation :

Assistant Vice President (Land Acquisition)

 

 

Name :

Mr. Prakash Chand Jhawar

Designation :

Vice President (P and A)

 

 

Name :

Mr. Subhash Chandra Suthar

Designation :

Vice President (Mines)

 

 

Name :

Mr. Mool Chandra Gupta

Designation :

Advisor (Technical)

 

 

Name :

Mr. Rakesh Bhargava

Designation :

Joint Vice President (R and D and Environment)

 

 

Name :

Mr. Vinay Saxena

Designation :

Joint Vice President [Operations (Beawar) ]

 

 

Name :

Mr. R. K. Agarwal

Designation :

Joint Vice President [Mechanical (All Griding Units)]

 

 

Name :

Mr. Narip Bajwa

Designation :

Joint Vice President (Shree Marketing)

 

 

Name :

Mr. Rajni Kant Manawat

Designation :

Joint Vice President [Operation (Ras) ]

 

 

Name :

Mr. Gajraj jain

Designation :

Joint Vice President (Power Plant O and M)

 

 

Name :

Mr. Manoj Kr Mahla

Designation :

Joint Vice President [P and A (Ras) ]

 

 

Name :

Mr. Surendra Raj Singhvi

Designation :

Joint Vice President (Human Resources)

 

 

Name :

Mr. Anand Kr Jain

Designation :

Assistant Vice President (Civil)

 

 

Name :

Mr. Anil Kaushik

Designation :

Assistant Vice President (Shree Marketing)

 

 

Name :

Mr. Ram Narayan Dani

Designation :

Assistant Vice President (Costing and MIS)

 

 

Name :

Mr. Nemi Chand jain

Designation :

Assistant Vice President (Finance)

 

 

Name :

Mr. Rakesh Dalmia

Designation :

Assistant Vice President

 

 

Name :

Mr. Vivek Mathur

Designation :

Assistant Vice President (Shree Marketing)

 

 

Name :

Mr. Kamlesh Kumar Jain

Designation :

Assistant Vice President (Accounts and Sales Accounts)

 

 

Name :

Mr. Kamal Kishore Talwar

Designation :

Assistant Vice President (Shree Marketing)

 

 

Name :

Mr. Sunil Kumar Gupta

Designation :

Assistant Vice President [Project Accounts (Raipur) ]

 

 

Name :

Mr. Arun Kumar Srivastav

Designation :

Assistant Vice President (Project)

 

 

Name :

Mr. Prem Swaroop Sharma

Designation :

Assistant Vice President (Bangur Marketing)

 

 

Name :

Mr. Vijay Barthwal

Designation :

Assistant Vice President (Power Business Development)

 

 

Name :

Mr. Sharad Rajvanshi

Designation :

Assistant Vice President (Shree Marketing)

 

 

Name :

Mr. S. S. Khandelwal

Designation :

Company Secretary

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on  31.12.2012

 

Names of Shareholders

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

1074684

3.08

Bodies Corporate

21495313

61.70

Sub Total

22569997

64.79

(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

22569997

64.79

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

2125359

6.10

Financial Institutions / Banks

14276

0.04

Insurance Companies

10863

0.03

Foreign Institutional Investors

2377668

6.83

Sub Total

4528166

13.00

(2) Non-Institutions

 

 

Bodies Corporate

2819736

8.09

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 million

1046849

3.00

Individual shareholders holding nominal share capital in excess of Rs. 0.100 million

60505

0.17

Any Others (Specify)

3811972

10.94

Non Resident Indians

149272

0.43

Overseas Corporate Bodies

3500

0.01

Foreign Corporate Bodies

3600000

10.33

Directors & their Relatives & Friends

4461

0.01

Clearing Members

27938

0.08

Trusts

26801

0.08

Sub Total

7739062

22.21

Total Public shareholding (B)

12267228

35.21

Total (A)+(B)

34837225

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

-

-

(1) Promoter and Promoter Group

-

-

(2) Public

-

-

Sub Total

-

-

Total (A)+(B)+(C)

34837225

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Marketing of Cement

 

 

Products :

Generic name of principle product of the company

Product Description

Item Code (ITC Code No.)

Cement

2523.29

 

 

Brand Names :
  • Shree Ultra
  • Bangur Cement
  • Rockstrong Cement

 

 

GENERAL INFORMATION

 

No. of Employees :

3778 (Approximately)

 

 

Bankers :

·         State Bank of Bikaner and Jaipur

·         State Bank of India

·         ICICI Bank Limited

·         IDBI Bank Limited

·         Axis Bank Limited

·         DBS Bank Limited

·         Standard Chartered Bank

·         HDFC Bank Limited

·         BNP Paribas

·         The Bank of Tokyo-Mitsubishi UFJ Limited

·         J P Morgan Chase Bank

 

 

Facilities :

Secured Loan

30.06.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

Redeemable Non Convertible Debentures

 

 

2,000 (Previous year 2,000 ) 8.42% NCDs of Rs. 1.000 millions

2000.000

2000.000

3,000 (Previous year 3,000) 8.10% NCDs of Rs. 1.000 millions

0.000

3000.000

Term Loans from Banks

5539.400

9079.100

Loan Repayable on Demand from Banks

1178.500

1795.600

Bank and Book Overdraft

254.800

379.200

Total

8972.700

16253.900

 

NOTES :

 

Non Convertible Debentures

 

These debentures are secured by joint equitable mortgage over all the immovable assets and by way of hypothecation of all the movable assets (save & except book debts) of the Company both present and future subject to prior charge(s) created and / or to be created in favour of the Company’s bankers on inventories of stock-in-trade, stores & spares, book debts and other current assets of the Company for Working Capital facilities. The charges rank pari passu with the charge created / to be created in favour of various banks for their respective Term Loans. These debentures are also secured by a legal mortgage over immovable property of the Company situated at Jamnager (Gujarat).

 

Term Loans

 

These all Term loans are secured by joint equitable mortgage on all the immovable assets and by way of hypothecation of all the movable assets ranking subsequent and subservient to the prior mortgages and charges created/ to be created in favour of banks and institutions for their various term loans and working capital facilities.

 

These all Term loans from Banks are secured by joint equitable mortgage on all the immovable assets and by way of hypothecation of all the movable assets ranking pari passu with the Debenture holders (save & except book debts) of the Company both present and future subject to prior charge(s) created and/or to be created in favour of the Company’s bankers on inventories of stock-in-trade, stores & spares, book debts and other current assets of the Company for working capital facilities. The above charge(s) rank pari passu interse among these Lenders.

 

Secured by joint equitable mortgage on all the immovable fixed assets and hypothecation of all movable fixed assets on pari pasu basis with other term lenders and by way of pari pasu second charge on stock and book debts of the company.

 

Secured by Hypothecation of all movable fixed assets of the company on first charge basis, pari passu with other term lenders.

 

Demand loans from banks are secured by hypothecation of inventories of stockin-trade, stores & spares, book-debts and other current assets of the Company on First charge basis and on whole of movable fixed assets of the Company on second charge basis and also secured by joint equitable mortgage on all the immovable assets of the company on second charge basis.

 

Bank Overdraft is secured against pledge of Fixed Deposit.

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

B. R Maheswari and Company

Chartered Accountant

Address :

M-118, Con Circus, New Delhi – 110 001, India

Tel. No.:

91-11-43402222 / 23416341 / 8130 / 5870

Fax No.:

91-11-23415796

Email :

brmc@brmco.com

 

 

Cost Auditors:

 

Name :

K G Goyal and Associates

Chartered Accountant

Address :

Jaipur, India

 

 

Internal Auditors:

 

Name :

P K Ajemera and Company

Chartered Accountant

Address :

Ahmedabad, Gujarat, India

 

 

Enterprises over which Key Management Personnel (KMP) are able to exercise significant influence :
  • The Kamla Company Limited
  • Shree Capital Services Limited
  • Aqua Infra Project Limited
  • Shri Venkatesh Ayurvedic Aushadhalaya
  • Asish Creations Private Limited
  • Alpha Buildhome Private Limited

 

 

Subsidiaries Companies :
  • Raipur Cement Company Private Limited

 

 

CAPITAL STRUCTURE

 

As on 30.06.2012

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

60000000

Equity Shares

Rs.10/- each

Rs.             600.000

Millions

1500000

Cumulative Preference Shares

Rs.100/- each

Rs. 150.000 Millions

 

Total

 

Rs. 750.000        Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

 34837225

Equity Shares

Rs.10/- each

Rs. 348.400 Millions

 

 

 

 

 

Details of shareholders' holding more than 5% shares in the company :

 

Name of Shareholders

No. of Shares

% Of Holding

Shree Capital Services Limited

8984155

25.79

Digvijay Finlease Limited

4234780

12.16

FLT Limited

3600000

10.33

Mannakrishna Investment Private Limited

2042824

5.86

 

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity share is entitled to one vote per share.

 

In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

 

 The Board of Directors, in its meetings held on 23rd January, 2012 and 15th May, 2012 declared two interim dividend of Rs. 6 each per equity share. The Final dividend proposed by Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.          

 

 As no fresh issue of shares or reduction in capital was made during the current year as well as during the previous year, hence there is no change in the opening and closing capital. Accordingly, reconciliation of capital has not been given.

 

 The Equity Shares of the Company are listed at Bombay Stock Exchange Limited and National Stock Exchange of India Limited and the annual listing fee has been paid for the year.

 

 

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

30.06.2012

(15 Months )

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

348.400

348.400

348.372

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

26990.900

19513.400

17984.025

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

27339.300

19861.800

18332.397

LOAN FUNDS

 

 

 

1] Secured Loans

8972.700

16253.900

17885.325

2] Unsecured Loans

638.000

638.000

3177.052

TOTAL BORROWING

9610.700

16891.900

21062.377

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

36950.000

36753.700

39394.774

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

  15210.600

  11670.600

7519.538

Capital work-in-progress

967.300

7290.200

9674.159

 

 

 

 

INVESTMENT

 25352.000

11964.600

15922.404

DEFERRED TAX ASSETS

697.400

722.600

124.038

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
5033.200
4042.300

3581.330

 

Sundry Debtors
1810.800
1082.100

824.179

 

Cash & Bank Balances
4589.700
4987.300

4163.742

 

Other Current Assets
385.200
273.000

112.784

 

Loans & Advances
5679.800
7371.100

7139.703

Total Current Assets
17498.700

17755.800
15821.738

Less : CURRENT LIABILITIES & PROVISIONS
 

 
 

 

Sundry Creditors
5842.900
1847.200

1714.675

 

Other Current Liabilities
14979.500
7975.300

2953.778

 

Provisions
1953.600
2827.600

4998.650

Total Current Liabilities
22776.000

12650.100
9667.103

Net Current Assets
(5277.300)

5105.700
6154.635

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

36950.000

36753.700

39394.774

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

30.06.2012

(15 Months)

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

58981.200

34535.300

36321.230

 

 

Other Income

1627.800

1251.000

758.379

 

 

TOTAL                                     (A)

60609.000

35786.300

37079.609

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of material consumed

5790.400

3723.400

 

 

 

Purchase of stock-in-Trade

1.800

41.700

 

 

 

Changes in inventories of Finished Goods and Work-in-progress

186.900

(348.100)

 

 

 

Employee Benefit Expense

3194.900

1985.400

 

 

 

Power and Fuel

14998.700

9048.100

 

 

 

Freight and Forwarding Expenses

10063.500

6022.500

 

 

 

Captive consumption of cement

(52.500)

(120.900)

 

 

 

Other Expenses

8339.900

5334.900

 

 

 

Assets Constructed at Others Premises Written Off

123.400

484.700

 

 

 

TOTAL                                     (B)

42647.000

26171.700

21930.375

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

17962.000

9614.600

15149.234

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

2353.600

1753.500

765.807

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

15608.400

7861.100

14383.427

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

8730.900

6757.600

5704.298

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

6877.500

1103.500

8679.129

 

 

 

 

 

Less

TAX                                                                  (I)

692.500

993.500

1918.126

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

6185.000

2097.000

6761.003

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

11390.900

11361.500

8079.318

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Interim Dividend

418.100

209.000

174.186

 

 

Proposed Final dividend

278.700

278.700

278.698

 

 

Dividend Distribution Tax

 

 

 

 

 

Interim Dividend

67.800

34.700

29.603

 

 

Proposed Final dividend

45.200

45.200

46.288

 

 

Transfer to General Reserve

2850.000

250.000

750.000

 

 

Transfer to debenture Redumption Reserve

3000.000

1250.000

2200.000

 

BALANCE CARRIED TO THE B/S

10916.100

11390.900

11361.500

 

 

 

 

 

 

Earnings Per Share (Rs.)

1775.400

601.900

194.07

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

       30.09.2012

31.12.2012

Type

1st Quarter

2ND Quarter

Net Sales

13237.900

14280.300

Total Expenditure

9300.000

10563.400

PBIDT(Excl OI)

3937.900

3716.900

Other Income

292.000

323.000

Operating Profit

4229.900

4039.900

Interest

543.100

562.900

Exceptional Items

(9.700)

(119.700)

PBDT

3677.100

3357.300

Depreciation

941.500

818.300

Profit Before Tax

2735.600

2539.000

Tax

454.300

364.600

Profit After Tax

2281.300

2174.400

Net Profit

2281.300

2174.400

 

KEY RATIOS

 

PARTICULARS

 

 

30.06.2012

(15 Months)

31.03.2011

31.03.2010

PAT / Total Income

(%)
10.20

5.86

18.23

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
11.66

3.20

23.89

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
21.02

3.75

37.18

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.25

0.06

0.47

 

 
 

 

 

Debt Equity Ratio

(Total Debt/Networth)

 
0.35

0.85

1.68

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
0.77

1.40

1.64

 

 

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

Yes

8]

No. of employees

Yes

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

Yes

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

 

LITIGATION DETAILS :

 

Date of query

06.03.2013

Time

12:10:35 PM

CMA’1861’ of 2012 - R

5948/2012

Petitioner

RAJ RAJYA VIDYUT UTPADAN NIGAM LIMITED

Respondent

SHREE CEMENT LIMITED

Petitioner Advocate

G C GARG / ALOK GARG

Respondent Advocate

ANUROOP SINGHI

Class Code

1200

Registered on

10.05.2012

Bench

SB

Stage

FOR ADMOSSION-NOTICE SERVED

DATE GIVEN BY

PESHI CLERK DATE

Peshi Date

09.04.2013

Listing in court No. 7 on 06.12.2012

 

DEPARTMENT DETAILS :

 

Dept Type

Dept Code

Dept Name

S

70

R.S.E.B

 

 

LOWER COURT DETAILS :

 

Case No.

Judgeship

Place

Court

Decision Date

ARBC-439/2011

JAIPUR METRO

JAIPUR

ADDL.DISTRICT JUDGE 9

18.02.2012

 

 

ECONOMIC SCENARIO AND OUTLOOK :

 

India's growth faced a three-year low with the GDP growing at just 6.5 percent in 2011-12 (April 11- March 12), as compared to 8.4 per cent in the previous two years. With services continuing to perform well, the economic slowdown can be attributed mainly to weakening industrial growth and to some extent to agriculture. The Index of Industrial Production (IIP) grew at 3.4 per cent for the period April 11 - March 12 as against 7.2 per cent during 2010-11. During April - May 2012, IIP growth further plummeted to 0.8 per cent which is not a good sign for industrial growth. Within industry, the manufacturing sector grew by 2.5 per cent during April 11 - March 12 compared to 7.6 per cent recorded in 2010-11. The weak performance of industrial sector is partly attributed to declining investment rates, high inflation and interest rates. Inflation was high at around 9 per cent during April 11 - March 12. Though, during quarter ended June 12, inflation softened a little, to around 7.50 per cent, it still remained higher than comfort level of Reserve Bank of India. Food inflation has been particularly of concern. In order to curb inflationary pressures, RBI has kept the policy rates high which kept the interest rates high and slowed down the growth especially of industrial sector of the country. The inflationary conditions and resulting high interest cost are still continuing. The monsoon has been poor this year so far, which will add further pressure on food inflation. Accordingly, the year 2012-13 is also likely to end with low economic growth. This does not augur well both for cement industry as well as the power sector.

 

CEMENT INDUSTRY DEVELOPMENTS AND OUTLOOK :

 

During first six months of 2011-12 (April 11- June 12), the general economic slowdown, high interest rates, less government spending coupled with good monsoon impacted real estate, infrastructure and other construction projects resulting in moderation in cement demand growth to around 3 per cent. Construction activity however picked up subsequently resulting in cement demand recording healthy growth. Overall the cement industry clocked a growth of around 7.5 per cent during 2011-12 (15 months) which is better than 4.8 per cent recorded in

the previous year. Costs especially power & fuel and freight have increased during 2011-12. This was mainly driven by international fuel prices which remained high during most of 2011-12 although showing some moderation towards end of the year. Sharp depreciation of rupee at the same time has added to the cost of imported fuel. The general inflation and high interest cost have caused rise in costs of other inputs and overheads also. In order to give much needed impetus to the slackening infrastructure space, the Planning Commission has projected an investment of over Rs 45 lakh crore (about US $ 1 trillion) during the Twelfth Plan (2012-17). Infrastructure projects such as the dedicated freight corridors, upgraded and new airports and ports, large number of highway projects are expected to enhance the scale of economic activity, leading to increase in cement demand. Based on Report of a Working Group on Rural Housing formed by the Planning Commission for Twelfth Plan, a shortage of 40 million dwelling units has been estimated in rural areas. A similar report of a Working Group formed for Financing Urban Infrastructure has estimated shortage of 29 million units for affordable housing in urban area during Twelfth Plan. These shortages are expected to drive housing demand both in rural and urban areas which, in turn, will help in driving cement demand. The cement industry is thus likely to grow in tandem with the national economic growth in the medium to long term. This is corroborated by the recommendations of the Working Group on Cement Industry constituted by the Planning Commission for the Twelfth Plan.

 

POWER SECTOR DEVELOPMENT AND OUTLOOK :

 

India continued to face high deficit both in terms of peak as well as base energy. The peak and base energy deficit were at 11.1 per cent and 8.5 per cent for 2011-12 (April 11 - March 12) vis a vis 9.8 per cent and 8.5 per cent respectively for the same period last year. During quarter ended June 12, the peak deficit moderated to 8.6 per cent and base energy deficit dropped a little to 8.1 per cent. Greater participation from private sector accelerated new capacity addition, but the issue of fuel availability and transmission bottleneck continued. There are many gas based power projects which are operating at much lower capacity than rated as gas availability has deteriorated. Similarly many coal based power projects are forced to operate on costly imported coal as domestic linkage coal supply is not adequate, leading to high cost of generation. Southern India is facing acute power shortages. Although other regions have surplus power, the same can’t be fully transferred due to transmission constraints resulting in significant mismatch in merchant power prices. Further, because of un-remunerative tariffs, the State Electricity Distribution Companies (Discoms), which are the main buyers of power in India are facing acute financial crisis. They prefer to apply power cuts rather than buy expensive power for which there is very little cost recovery. All the above factors have led to a situation where, while power can be generated (i.e. supply is available), the power plants are required to operate at a low load (as either fuel is not available or Discoms refrain from buying). In fact low plant load factor of power plants has become a norm. As a result of low power purchase by the Distribution Companies, the merchant tariff during the year remained low in the range of Rs. 3.50 - 4.00 per unit. The silver lining is that the RBI and power ministry are forcing Discoms into reforms by regulating bank funding. There are reports that the Ministry of Power is finalizing a loan restructuring programme spread over three-seven years under which the State Governments of the respective Discoms will issue bonds for part of their losses and there will be deferment on some part of the principle repayment obligation. Also filing of Annual Revenue Requirement and consequently tariff increases has become mandatory for all Discoms. Already many of the Discoms have gone in for tariff increases / have proposed increase in their tariffs to Regulatory Agencies. All these measures should lead to much needed increase in tariffs thereby increasing revenues of the Discoms. With improvement in financial position, the Discoms are expected to enhance their power purchases leading to up-tick in power demand.

 

PERFORMANCE HEIGHLIGHTS :

 

On the back of a good momentum in cement demand in the later part of the Year, the performance of cement business of the Company improved during 2011-12. Company’s cement sales volume grew by 21.7 per cent (annualized) during the year to 14.206 millions tons as against overall industry growth of approx. 7.5 per cent. Increased brand visibility and faster delivery practices amongst many other customer focused initiatives helped the Company in achieving this healthy growth. This apart, strong demand helped the Company in improving its overall price realizations. The cement realization improved by about 12 per cent during 2011-12. With higher than industry growth, Company improved its market share on all India basis from approx. 4.5 per cent in 2010-11 to approx. 5.0 per cent during 2011-12.

 

On the cost front, there was increase across all input costs driven by general inflation as well as other specific factors. Fly Ash and Gypsum, both are key bought out raw materials in cement production. Fly Ash cost went up on account of high transportation cost and sourcing from longer distances. Gypsum cost also rose on account of increase in its prices as well as higher incidence of royalty. During 2011-12, the imported fuel prices were up on account of depreciation of the Indian rupee and increase in fuel prices in international markets. As a result, the cost of Power and Fuel which constitute major part of cost of production were up during the year. This impact could be neutralized to some extent by greater efficiency in use of power and fuel in operations. Power Consumption per ton of cement was brought down to 76.86 units from 79.26 units in the previous year. Fuel Consumption was also got reduced from 834 Kcal per kg of Clinker to 794 Kcal in 2011-12.

There was increase observed in freight cost also. The Railway freight cost was up by about 14%. The road freight also went up on account of increase in diesel prices as well as overall inflationary pressures.

 

Power

 

During 2011-12, Company commissioned its 300 MW (2 x 150 MW) capacity Thermal Power Plant at Beawar, Rajasthan. Company also takes pride in sharing the World record breaking accomplishment attained by it by completing the first unit of this plant in 21 months and 20 days as against normal commissioning period of 32 months and best achieved time of 28 months for power plants of such size. This unique feat was achieved through meticulous planning, careful monitoring of project execution against time and budget schedules, and innovative management practices. Team work and high motivation levels of the project execution people as also unstinting support received from vendors and contractors also played a key role. This distinct achievement will serve as a new benchmark for other projects in the power sector.

 

With commissioning of the above 300 MW power plants, Company has been able to ramp up its power generation and sales volumes. The net power generation during the year increased to 2342 Million Units (15 months) vis-à-vis 1240 Million Units in previous year. The power sale also went up from 524 Million Units in 2010-11 to 1322 Million Units in 2011-12 (15 Months) showing an annualized increase of 102 per cent. The power sale was affected because of financial constraints faced by Discoms resulting in lower power procurement by them. Company is making efforts to enter into advance sales arrangements to increase its sales volume during 2012-13. Company has taken several steps to optimize the operations of the 300 MW Power Plant. Already it has achieved one of the lowest auxiliary consumption of 6.26 per cent in a month from this plant against the industry standard of around 9 per cent.

 

Power Trading

 

The power trading activities undertaken by the Company showed all round growth during the year. Company executed several power trading deals for sale and purchase as well as banking of power for third parties. The power trading volume carried out for third parties including banking transactions during the year increased from 418 Million Units to 1283 Million Units during the year. The commission and other income generated from power trading activities rose to Rs. 0.626 millions during 2011-12 (15 months) vis-à-vis Rs. 21.4 millions  during the previous year. Through its regular update on market trends and happenings and timely interactions with the utilities, the Power Trading activities also helped Company in raising its sales volumes from its own power plants.

 

NEW / EXPANSION PROJECTS :

 

Keeping in view the expected growth in cement demand as also for further improving its market share in North India, Company has decided to increase its cement capacity further. Considering that sufficient land is available at its existing plant sites at Beawar, Ras and grinding units as well as looking to the intricate and time-consuming process involved in allotment of land, registration, conversions, clearances from various authorities etc, it has been decided to set up clinker plants at Ras and cement grinding plants at existing and new places. As a first step in this direction, Company has decided to set up two clinker manufacturing units (IX & X) of 2 Million Ton Per Annum (MTPA) each at Ras in Rajasthan. Company has got sufficient limestone reserves to meet its present as well as future needs at Ras. The locations for cement grinding capacity is under finalization based on the demand potential in the relevant markets, logistics optimization, better servicing, cost of production and other factors. The Company has also undertaken setting up a cement grinding unit in the State of Bihar. Company also plans to set up a clinker cum grinding unit (integrated unit) in the State of Chhattisgarh for which necessary pre-project activities are being undertaken. As soon as these activities are completed, the Company shall undertake the project implementation activities. The clinker requirement for Bihar Grinding Unit will also be met through this integrated unit.

 

AWARDS AND ACCOLADES :

 

Major awards and accolades received by Company during the year are as under:

a. Company's thrust on cost control, cost management techniques and effective Cost Management Systems & Practices were recognized and awarded at ICWAI National Award for Excellence in Cost Management-2010 where it bagged first prize in corporate sector under Private Manufacturing Units (Large) category. No other Company was selected under the said category for this award.

b. Company also bagged the National Award for Excellence in Water Management 2011 instituted by CII in recognition of various initiatives undertaken towards water conservation such as installation of Air Cooled Condensers in power plants, Waste Heat Recovery Projects, construction of water harvesting structures for nearby communities etc.

c. Company also won the Best Environmental Excellence Award in Plant Operation for 2009-10 and Second Best Quality Excellence award 2009-10 & 2010-11 by National Council for Cement and Building Materials (NCCBM), New Delhi.

d. Company was granted “Nirmata Rajya Mitra Award” by Department of Taxes, Govt of Rajasthan for maximum tax payment for the year 2010-11 in “manufacturer” category. The Award was presented by Shri Ashok Gehlot, Hon'ble Chief Minister of Rajasthan.

e. Company has bagged Greentech HR Gold Award 2011-12 for adopting “best strategy” in people management and processes.

f. Commendation Certificate was conferred by CII - ITC on Company for its achievements on the journey towards Sustainable Development for the year 2011.

g. Company won the FE - EVI Green Business Leadership Award, 2011 which is instituted jointly by the Financial Express and Emergent Ventures India (an integrated climate change company). The award was given in recognition of its initiatives and practices towards Climate Change & Environment, Natural Resource Management & Corporate Governance and Stakeholder Engagement & Disclosure.

h. Company won the prestigious Jamnalal Bajaj Award 2010 for fair business practices in the category of large manufacturing enterprises. This was in recognition of its performance in the areas of Customer Satisfaction, Customer Communication, Employee Motivation, Supply Chain Systems, Environment Protection, Corporate Social Responsibility and Compliance with Laws.

 

 

UNSECURED LOAN :

 

Particulars

30.06.2012

(Rs. in Millions)

31.03.2011

(Rs. in Millions)

Deferred Sales Tax

638.000

638.000

Total

638.000

638.000

 

Notes :

 

Deferred sales tax represents sales tax amount which has been accumulated in 11 quarters as per the government scheme and payable after seven years from end of the corresponding quarter. First installment is due on 15th July, 2013 for corresponding first quarter.

 

Fixed Assets:

·         Freehold Land

·         Leasehold Land

·         Land and Site Development

·         Buildings

·         Plant and Machinery

·         Railway Siding

·         Furniture, Fixture and Office Equipments

·         Vehicles

 

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / SIX MONTH PERIOD ENDED 31ST DECEMBER, 2012

 

Quarter Ended

Six Months Ended

PARTICULARS

31.12.2012

(Rs. in Millions)

(Reviewed)

30.09.2012

(Rs. in Millions)

(Reviewed)

31.12.2012

(Rs. in Millions)

(Reviewed)

Income From Operations

 

 

 

(a) Net sales / income from operations

14280.800

13230.000

27510.800

(b) Other operating income

(0.500)

7.900

7.400

Total Income From Operations (net)

14280.300

13237.900

27518.200

Expenses

 

 

 

(a) Cost of material consumed

1283.900

1275.000

2558.900

(b) Changes in inventories of finished goods, work-in-progress and stock-in-trade

(148.200)

25.300

(122.900)

(c) Employee benefit expenses

748.900

704.200

1453.100

(d) Depreciation and amortization expense

818.300

941.500

1759.800

(e) Power and fuel

4227.400

3290.400

7517.800

(f) Freight and forwarding expenses

2284.400

2129.800

4414.200

(g) Other expenses

2167.000

1875.300

4042.300

Total expenses

11381.700

10241.500

21623.200

Profit / (Loss) From Operations Before Other Income, Finance Cost and Exceptional Items

2898.600

2996.400

5895.000

Other Income

323.000

292.000

615.000

Profit / (Loss) From Ordinary Activities Before Finance Cost and Exceptional Items

3221.600

3288.400

6150.000

Finance costs

562.900

543.100

1106.000

Profit / (Loss) From Ordinary Activities Aftear Finance Cost but Before Exceptional Items

2658.700

2745.300

5404.000

Exceptional Items

 

 

 

(a) Impact of decrease in realizable value of inventories

119.700

-

119.700

(b) Assets constructed at others Premises W/Off

-

9.700

9.700

Profit / (Loss) From Ordinary Activities Before Tax

2539.000

2735.600

5274.600

Tax expense

 

 

 

(a) Current Tax

393.100

481.500

874.600

(b) Prior Period Tax

-

-

-

(c) Deferred Tax

(28.500)

(27.200)

(55.700)

(d) MAT Credit Entitlement

-

-

-

Total

364.600

454.300

818.900

Net Profit / (Loss) From Ordinary Activities After Tax

2174.400

2281.300

4455.700

Extraordinary items

-

-

-

Net Profit / (Loss) For The Period

2174.400

2281.300

4455.700

Paid-up Equity Share Capital (Face value Rs. 10 per share)

348.400

348.400

348.400

Reserves excluding Revaluation Reserve as per balance sheet at year ended

-

-

-

Earning Per Share

 

 

 

Cash

850.900

917.300

1768.200

Basic and Diluted

624.200

654.800

1279.000

Debt Service Coverage Ratio

-

-

17.000

Interest Serrvice Coverage Ratio

-

-

88.400

 

 

 

 

 

 

 

SELECT INFORMATION FOR THE QUARTER AND SIX MONTHS ENDED ON 31ST DECEMBER, 2012

 

 

 

Quarter Ended

Six Months Ended

PARTICULARS

31.12.2012

   (Rs. in Millions)

30.09.2012

(Rs. in Millions)

 

31.12.2012

(Rs. in Millions)

 

A. PARTICULARS OF SHAREHOLDING

 

 

 

Public Shareholding

 

 

 

Number of Shares

12267228

12267228

12267228

Percentage of Shareholding

35.21%

35.21%

35.21%

Promoters and Promoter Group Shareholding

 

 

 

(a) Pledged / Encumbered

 

 

 

Number of shares

Nil

Nil

Nil

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

22569997

22569997

22569997

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

64.79%

64.79

64.79

 

 

 

 

B. INVESTOR COMPLAINTS

 

 

 

Pending at the beginning of the quarter

-

-

-

Received during the quarter

6

-

-

Disposed of during the quarter

6

-

-

Remaining unresolved at the end of the quarter

-

-

-

 

 

STATEMENT OF STANDALONE AND LIABILITIES

 

PARTICULARS

31.12.2012

(Reviewed)

EQUITY AND LIABILITIES

 

Shareholders’ Fund

 

(a) Share Capital

348.400

(b) Reserves and Surplus

32293.400

Sub-total-Shareholders’ Fund

32641.800

Non Current Liabilities

 

(a) Long Term Borrowings

6463.700

(b) Other Long Term Liabilities

3888.100

(c) Long Term Provisions

176.700

Sub-total-Non Current Liabilities

10528.500

Current Liabilities

 

(a) Short Term Borrowings

4498.500

(b) Trade Payables

7662.200

(c) Other Current Liabilities

10353.800

(d) Short Term Provisions

2327.300

Sub-total- Current Liabilities

24841.800

TOTAL EQUITY AND LIABILITIES

68012.100

ASSETS

 

Non Current Assets

 

(a) Fixed Assets

17540.100

(b) Non Current Investments

12883.600

(c) Deferred Tax Assets (Net)

753.100

(d) Long Term Loans and Advances

2426.000

Sub-total- Non-Current Assets

33602.800

Current Assets

 

(a) Current Investments

13300.000

(b) Inventories

6988.300

(c) Trade Receivables

3460.500

(d) Cash and Bank Balance

4685.300

(e) Short Term Loans and Advances

5496.700

(f) Other Current Assets

478.500

Sub-total- Current Assets

34409.300

TOTAL ASSETS

68012.100

 

 

SEGMENT REPORTING

 

Quarter Ended

Six Months Ended

PARTICULARS

31.12.2012

(Rs. in Millions)

(Reviewed)

30.09.2012

(Rs. in Millions)

(Reviewed)

31.12.2012

(Rs. in Millions)

(Reviewed)

Segment Revenue

 

 

 

a. Cement

11155.300

11874.200

23029.500

b. Power

4490.200

2600.100

7090.300

Total

15645.500

14474.300

30119.800

Less : Inter Segment Revenue

1365.200

1236.400

2601.600

Total Income From Operations (net)

14280.300

13237.900

27518.200

Segment Results (Profit before Finance Cost, Exceptional Items and Taxes)

 

 

 

a. Cement

1832.300

2397.300

4229.600

b. Power

986.100

602.200

1588.300

Total

2818.400

2999.500

5817.900

a. Finance Costs

562.900

543.100

1106.000

b. Exceptional Items

0.000

9.700

9.700

c. Other Unallocable expenditure / (Income)

(283.500)

(288.900)

(572.400)

Profit before tax

2539.000

2735.600

5274.600

Segment Capital Employed

 

 

 

a. Cement

18954.800

17343.700

18954.800

b. Power

Unallocated Capital Employed (includes Investments of )

6505.000

6633.400

6505.000

c. Rs. 26183.600 millions as on 31.12.12 (As on 31.12.11 Rs. 14112.000 millions)

25338.200

24191.200

25338.200

Total

50798.000

48168.300

50798.000

 

 

NOTES :

 

  1. The above results were taken on record at the meeting of the Board of Directors held on 21st January. 2013. The results have been reviewed by the Statutory Auditors.
  2. As the previous accounting year was of 15 months, the figure for the corresponding six months ended 31st December, 2011 are derived by aggregating the figures for the quarters ended 30th September, 2011.
  3. Customs Department has considered a different classification for levy of custom duty in respect of coal imported by various Companies. According a demand of Rs. 119.700 millions considering net realizable value in the market and thus shown as exceptional item.
  4. Ratios have been calculated as under :

(a)     Debt service coverage Ratio : (Net Profit + Depreciation + Interest expense) / (Interest expense + term Loan Repayment)

(b)      Interest Service Coverage Ratio : (Profit Before Interest, Depreciation and Tax / Interest Expense)

  1. Figures for previous period have been regrouped wherever necessary.

 

 

 

NEWS:

 

Government measures to boost cement demand

 

Date December 18, 2012

 

India's cement industry will witness a sharp recovery incement prices in fiscal 2013-14, on improving supply-demand dynamics and the government action to fast track infrastructure projects, analysts say.

 

Deutsche Bank believes cement companies such as UltraTech Cement and Shree Cement that have potential to increase capacity and have a bigger presence in western and northern India will witness "disproportionate benefits".

 

Bank of America Merrill Lynch upgrades Ultratech Cement and India Cements to 'buy' from 'underperform' in reports dated on Friday.

 

Morgan Stanley maintains an 'attractive' view on the sector, and recommends investors to buy cement stocks on weakness because on expectations of easing capacity addition and pickup in cement demand, in a report dated Friday.

 

Mid-cap cement companies outperform large caps: India Cements gains 0.7 percent, JK Cement is up 1 percent while Madras Cement

 

rises 1.8 percent.       

 

Ultratech Cement shares are down 1.2 percent, ACC  gains 0.1 percent.

 

The Thomson Reuters construction materials index down 0.08 percent as of 1.25 pm.

 

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

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.54.40

UK Pound

1

Rs.81.56

Euro

1

Rs.71.23

 

 

INFORMATION DETAILS

 

Report Prepared by :

RSMK

 

 

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

8

--PROFITABILIRY

1~10

8

--LIQUIDITY

1~10

9

--LEVERAGE

1~10

8

--RESERVES

1~10

8

--CREDIT LINES

1~10

9

--MARGINS

-5~5

--

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--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

 

71

 

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

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.