MIRA INFORM REPORT
|
Report Date : |
25.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHETTINAD CEMENT CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
“Rani Seethai Hall Building”, No.603, Anna Salai, Chennai – 600006,
Tamilnadu |
|
|
|
|
Country : |
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|
|
Financials (as
on) : |
31.03.2012 |
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|
|
|
Date of
Incorporation : |
11.12.1962 |
|
|
|
|
Com. Reg. No.: |
18-4947 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.382.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L93090TN1962PLC004947 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEC00061F |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturing and Sale of Cement. |
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|
|
|
No. of Employees
: |
1532 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 43000000 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having a fine track record.
Financial position of the company appears to be sounds. Trade relations are reported
as fair. Business is active. Payments are reported to be regular 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) |
|
|
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 |
Long Term Rating: A+ |
|
Rating Explanation |
Having adequate degree of safety regarding
timely servicing of financial obligation it carry low credit risk. |
|
Date |
18.06.2011 |
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 : |
“Rani Seethai Hall Building”, No.603, Anna Salai, Chennai – 600006,
Tamilnadu, India |
|
Tel. No.: |
91-44-28292727 / 42149955 / 12951800 (100 lines) |
|
Fax No.: |
91-44-28291558 |
|
E-Mail : |
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Website : |
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Plant 1 : |
Puliyur Works Kumrarajah Muthiah Nagar, Puliyur Cement Factory Post, Karur District,
Tamilnadu – 639 114, |
|
Tel No.: |
91-4324 251354, 251355 |
|
Fax No.: |
91-4324 251320 |
|
Email : |
|
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Plant 2 : |
Karikkali Works Rani Meyyammai Nagar, |
|
Tel No.: |
91-4551 234441, 234431 |
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Fax No.: |
91-4551 234440 |
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Email : |
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Plant 3 : |
Ariyalur Works Keezhapalavur (P.O.), Trichy-Ariyalur Road, Ariyalur District,
Tamilnadu – 621 707, India |
|
Tel No.: |
91-4329-247774 |
|
Fax No.: |
91-4329-247778 |
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Email : |
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Kallur Project : |
Survey No.5, Sangem.K Village, Kallur Works, Bhaktampalli (Post), Chandapur S.O, Chincholi (Taluk), Gulbarga District, Karnataka, India |
|
Tel No.: |
91-8475 - 273029 |
|
Fax No.: |
91-8475 273019 |
|
Email : |
DIRECTORS
(AS ON 31.03.2012)
|
Name : |
Dr. M. A. M. Ramaswamy |
|
Designation : |
Chairman |
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|
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|
Name : |
Mr. M. A. M. R. Muthiah |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Ramanathan Palaniappan |
|
Designation : |
Director |
|
Date of Birth/Age : |
24.10.1932 |
|
Qualification : |
B.E. (Hons.), M.I.E. |
|
Date of Appointment : |
22.09.1984 |
|
|
|
|
Name : |
Mr. R. Krishnamoorthy |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. SP. ST. Palaniappan |
|
Designation : |
Director |
|
Date of Birth/Age : |
25.03.1928 |
|
Qualification : |
B.Com, F.C.A. |
|
Date of Appointment : |
15.12.1992 |
|
|
|
|
Name : |
Mr. K. Ganapthy |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Md. Nasimuddin, IAS |
|
Designation : |
Director (TIIC Nominee) |
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|
|
|
Name : |
Mr. L. Muthukrishnan |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. C. Sudhkar |
|
Designation : |
Technical Director |
|
Date of Birth/ Age : |
63 years |
|
Qualification : |
M.Sc., (Chemistry) |
|
Experience : |
37 years |
KEY EXECUTIVES
|
Name : |
Mr. S. Hariharan |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. A. Subramanian |
|
Designation : |
Joint President (Finance and Admin.) |
|
Date of Birth/ Age : |
63 years |
|
Qualification : |
M.Com |
|
Experience : |
44 years |
|
|
|
|
Name : |
Mr. A. Sekar |
|
Designation : |
Senior Vice President (Proj.) |
|
Date of Birth/ Age : |
59 years |
|
Qualification : |
B.E (Mech.), PGDIPM |
|
Experience : |
35 years |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.12.2012)
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
22297011 |
58.37 |
|
|
11485566 |
30.07 |
|
|
33782577 |
88.44 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
33782577 |
88.44 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
2200 |
0.01 |
|
|
1236010 |
3.24 |
|
|
2581 |
0.01 |
|
|
|
|
|
|
400 |
0.00 |
|
|
400 |
0.00 |
|
|
1241191 |
3.25 |
|
|
|
|
|
|
|
|
|
|
1944438 |
5.09 |
|
|
|
|
|
|
|
|
|
|
1034366 |
2.71 |
|
|
182071 |
0.48 |
|
|
|
|
|
|
14355 |
0.04 |
|
|
14355 |
0.04 |
|
|
3175230 |
8.31 |
|
|
|
|
|
Total Public
shareholding (B) |
4416421 |
11.56 |
|
|
|
|
|
Total (A)+(B) |
38198998 |
100.00 |
|
|
|
|
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total
(A)+(B)+(C) |
38198998 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Sale of Cement. |
||||
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||||
|
Products : |
·
Sulphate Resistant Portland Cement ·
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Annual Licensed/ Installed Capacity |
Actual Production |
|
|
|
|
|
|
Cement |
MT |
8500000 |
4562416 |
|
Clinker |
MT |
-- |
3474372 |
GENERAL INFORMATION
|
Customers : |
· APR Projects Limited · Arun Excello Group · Aster Infratek Private Limited · BGR Energy Systems (Mettur Thermal Power Plant) · Bridge and Roof Company (India) Limited · Consolidated Construction Consortium Limited · Coromandel Engg. Company Limited · Director General of Supplies and Disposals, New Delhi · East Coast Construction Company Limited · ETA Construction India Limited · Gammon India Limited · Indu Projects, Hyderabad · ISRO, Trivandrum · ITD Cementation · IVRCL Infrastructure and Projects Limited · JMC Projects · JSW Steel and Power Limited · KGISL Trust, Coimbatore · Larsen and Toubro Limited · Lafarge Aggregates Private Limited · Madhucon Projects Limited (Nhai Road Project) · Marg Limited · Meytas Properties and Developers · NAPC Limited · Navayuga Engg. Company · NCC Limited · NLC Thermal Power Plant Limited (NTPL) · Nuclear Power Corporation Limited (Kudankulam) · Oriental Structural Engineers Private Limited (Road proj) · P and C Constructions Private Limited · Parsn Group · RayMix Concrete India Private Limited · RDC Ready Mix Concrete · REC, Calicut · RMC Ready Mix Concrete · Sahyatri Industries Limited · SEW Infrastructure Limited · Shapoorji and Pallonji · Simplex Infrastructures · Sintex Industries Limited · SPIC SMO Limited, Tuticorin · SPL Infrastructure · Sterlite Industries Limited · Tata Projects · Transstroy India Limited · UEM Group · Ultratech RMC · URC Constructions. · UST Global, Trivandrum · Vijay Nirman Construction |
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No. of Employees : |
1532 (Approximately) |
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|
Bankers : |
·
South Indian Bank Limited ·
Central Bank of India, ·
Canara Bank and ·
Indian Bank |
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Facilities : |
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|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
· P. B.
Vijayaraghavan and company Chartered Accountants · V. Soundarajan
and Company Chartered Accountants · Krishaan and
Company Chartered Accountants |
|
|
|
|
Associates : |
·
South India Corporation Limited ·
South India Corporation (Travancore) Private
Limited ·
Chettinad Corporation Private Limited ·
Chettinad Plantations Private Limited ·
Cheetinad Structural and Engineering Limited ·
Chettinad Logistics Private Limited ·
Chettinad Lignite Transport Services Private
Limited ·
Chettinad Financial Management Services Private
Limited ·
Chettlnad Software Services Private Limited ·
Chettinad Builders Private Limited ·
Chettinad Realtors Private Limited ·
Chettinad Hospitals Private Limited ·
Chettinad Pharmaceuticals Private Limited ·
Chettinad Electronics Private Limited ·
Chettinad e-Publishing Private Limited ·
Chettinad Trucks and Equipments Private Limited ·
Chettinad Earth Movers Private Limited ·
Haaciendaa Infotech and Realtors Private Limited ·
Chettinad International Coat Terminal Private
Limited ·
Chettinad Clearing and Forwarding Private Limited ·
·
Chettinad Projects Development Private Limited ·
Chennai Computer and Software Services Private
Limited ·
Chettinad Inland Water Transport Services Private
Limited ·
Chennai Organic Chemicals and Fertilizers Private
Limited ·
Chettinad Morimura Semi Conductor Material
Private Limited ·
Chettinad Engineering arid Allied Services
Private Limited ·
Chettinad Apparels Private Limited ·
Chettinad Packers and Movers Private Limited ·
Chettinad Power Corporation Private Limited ·
Chettinad TV Network Private Limited ·
Chettinad Radio Network Private Limited ·
Chettinad Electric Company Private Limited ·
Durandel Foods Private Limited ·
Chettinad Container Terminal Private Limited ·
Chettinad Energy Resource Private Limited ·
Chettinad Enterprises Private Limited ·
Chettinad Dairy and Poultry Farms Private Limited ·
Chettinad Coal Washeries Private Limited ·
Chettinad Hitech Semi Conductor Materials Private
Limited · Chettinad Developers Private Limited · Chettinad Security Services Private Limited · Chettinad Properties Private Limited · Chettinad Refineries Private Limited · Chettinad Oil and Gas Enterprises Private Limited · Chettinad Natural Resources Private Limited · Chettinad Oil Corporation Private Limited · Belaire Apartments Private 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 |
|
|
|
|
|
|
38295748 |
Equity Shares |
Rs.10/- each |
Rs.383.000
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38198998 |
Equity Shares |
Rs.10/- each |
Rs.382.000
Millions |
|
|
|
|
|
NOTE-A
Reconciliation
of the shares outstanding at the beginning and at the end of the reporting
period
|
Particulars |
Equity
Shares as
at 31st March 2012 |
|
|
|
Number |
(Rs. In millions) |
|
|
|
|
|
Shares outstanding at the beginning of the year |
38198998 |
382.000 |
|
Shares Issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding
at the end of the year |
38198998 |
382.000 |
NOTE-B
The Company has not issued any shares with differential rights
NOTE-C
The company is not a subsidiary Company; hence disclousre of share
holding by Holding Company is not applicable
NOTE-D
Details of
shareholders holding more than 5% shares in the Company
|
Particulars |
As at 31st March
2012 |
|
|
|
No. of Shares
held |
% of Holding |
|
|
|
|
|
M. A. M.Ramaswamy |
9183834 |
24% |
|
Geetha Muthiah |
6953690 |
18% |
|
M. A. M. R.Muthiah |
5586709 |
15% |
|
Chettinad Logistics Private Limited |
3695652 |
10% |
|
Chettinad Software Services Private Limited |
2616535 |
7% |
NOTE-E
The company has not reserved any shares for issue under options and contracts/commitments
for the sale of shares/disinvestment
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
382.000 |
382.000 |
382.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10422.100 |
8875.100 |
8255.200 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10804.100 |
9257.100 |
8637.200 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2495.000 |
2979.200 |
3438.900 |
|
|
2] Unsecured Loans |
7397.800 |
4897.800 |
4149.800 |
|
|
TOTAL BORROWING |
9892.800 |
7877.000 |
7588.700 |
|
|
DEFERRED TAX LIABILITIES |
128.400 |
77.100 |
73.100 |
|
|
|
|
|
|
|
|
TOTAL |
20825.300 |
17211.200 |
16299.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
17436.200 |
13737.800 |
11478.000 |
|
|
Capital work-in-progress |
1530.600 |
1620.800 |
954.600 |
|
|
|
|
|
|
|
|
INVESTMENT |
5.800 |
5.800 |
5.800 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3748.500
|
2316.200
|
2240.900
|
|
|
Sundry Debtors |
1739.100
|
1065.700
|
745.000
|
|
|
Cash & Bank Balances |
19.400
|
207.300
|
730.700
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.200
|
|
|
Loans & Advances |
943.300
|
1804.400
|
3797.500
|
|
Total
Current Assets |
6450.300
|
5393.600
|
7514.300
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
1654.800
|
1151.700
|
800.500
|
|
|
Other Current Liabilities |
2379.100
|
2048.500
|
631.900
|
|
|
Provisions |
563.700
|
346.600
|
2221.300
|
|
Total
Current Liabilities |
4597.600
|
3546.800
|
3653.700
|
|
|
Net Current Assets |
1852.700
|
1846.800
|
3860.600
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
20825.300 |
17211.200 |
16299.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
20599.000 |
15441.700 |
13595.500 |
|
|
|
Other Income |
87.500 |
603.700 |
139.400 |
|
|
|
TOTAL (A) |
20686.500 |
16045.400 |
13734.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of
Material Consumed |
2707.100 |
2097.100 |
|
|
|
|
Changes in inventories of
finished goods work-in-progress and Stock-in-Trade |
(407.000) |
60.000 |
8614.000 |
|
|
|
Employee benefits expense |
1030.600 |
800.000 |
|
|
|
|
Other expenses |
10450.800 |
7879.000 |
|
|
|
|
TOTAL (B) |
13781.500 |
10836.100 |
8614.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6905.000 |
5209.300 |
5120.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
924.900 |
629.900 |
767.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5980.100 |
4579.400 |
4353.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3468.100 |
3628.700 |
3080.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2512.000 |
950.700 |
1272.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
632.000 |
199.000 |
305.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1880.000 |
751.700 |
966.300 |
|
|
|
|
|
|
|
|
|
|
Provision for
Taxation no longer required |
0.000 |
0.000 |
200.000 |
|
|
|
|
|
|
|
|
|
|
Prior Period
Expenses |
0.000 |
0.000 |
(88.000) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3586.400 |
3142.400 |
2057.000 |
|
|
|
|
|
|
|
|
|
|
Profit of
Amalgamating company brought forward |
0.000 |
0.000 |
7.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
200.000 |
85.000 |
0.000 |
|
|
|
Proposed Dividend on Equity Shares |
286.500 |
191.000 |
0.000 |
|
|
|
Tax on Dividend |
46.500 |
31.700 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
4933.400 |
3586.400 |
3142.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Cement Value |
19.600 |
24.200 |
0.000 |
|
|
TOTAL EARNINGS |
19.600 |
24.200 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
257.700 |
92.800 |
0.000 |
|
|
|
Spares and Components |
68.900 |
71.400 |
276.100 |
|
|
|
Capital Goods |
826.900 |
17.500 |
981.600 |
|
|
TOTAL IMPORTS |
1153.500 |
181.700 |
1257.700 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
49.21 |
19.68 |
30.51 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd Quarter |
|
Net Sales |
6401.900 |
6280.900 |
5747.000 |
|
Total Expenditure |
4440.900 |
4509.600 |
4529.700 |
|
PBIDT (Excl OI) |
1961.000 |
1771.300 |
1217.300 |
|
Other Income |
3.700 |
34.300 |
7.400 |
|
Operating Profit |
1964.700 |
1805.600 |
1224.700 |
|
Interest |
270.400 |
268.900 |
267.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
1694.300 |
1536.700 |
957.000 |
|
Depreciation |
841.300 |
933.600 |
971.400 |
|
Profit Before Tax |
853.000 |
603.100 |
(14.400) |
|
Tax |
204.800 |
109.300 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
648.200 |
493.800 |
(14.400) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
648.200 |
493.800 |
(14.400) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
30.03.2010 |
|
PAT / Total Income |
(%) |
9.09
|
4.68
|
7.04
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.19
|
6.16
|
9.36
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.52
|
4.97
|
6.70
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.10
|
0.15
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debts/Networth) |
|
0.92
|
0.85
|
0.88
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40
|
1.52
|
2.06
|
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 |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY
STRUCTURE AND DEVELOPMENTS
The financial year
2011-12 has been one of great challenges to the Indian Economy. The challenge
of sustaining the economic growth amid constraints of price stability
ultimately resulted in the slowdown in growth to less than 7 % after nearly
five years of consistent growth. The Agriculture and Services sector continued
to show healthy growth and the slowdown can be fully attributed to the
Industries sector. But considering the turmoil in major world economies, India
still can be said to be in a more healthy scenario poised for an upward
movement in growth.
The Cement
Industry showed a reduced growth of around 7 % in tune with the reduced
Industrial growth. Cement production and dispatches during the financial year
2011-12 grew by about 6.50%. The capacity grew by about 2.5%, but the capacity
utilization was again less than 80%.
The company
reached another landmark in its history, when it recorded Production and
despatch of Cement in excess of 5 Million Tonnes during the Financial Year
2011-12.
The company
commissioned its 2.5 Million Tonnes Cement manufacturing Unit at Sangam. K
Village, Gulbarga District, Karnataka, during the financial year 2011-12. With
this the total installed capacity of the company stands at 11.0 Million Tonnes.
SEGMENT
WISE OR PRODUCT WISE PERFORMANCE
The Company has
only one business segments and that is manufacturing and Sale of Cement. The
only other segment namely Generation and Sale of Power revolves around the
Cement segment and is mainly used for Captive consumption by the Cement
segment. Given below are the Segment-wise and Product-wise production figures
for the financial year 2011-12.
|
Grades
of Cement |
Quantity
in M.T. |
|
OPC -43 Grade & 53 Grade |
1354284 |
|
SRC - PC |
30600 |
|
PPC |
3560468 |
|
Slag – PSC |
194023 |
|
|
|
|
Total |
5139375 |
|
|
|
|
Power |
Generation (in
Units) |
|
|
|
|
Captive Thermal Power Plant |
536714770 |
DISCUSSION ON
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE.
The financial year
2011-12 again saw the company re-write its history when it recorded Production
and despatch of Cement in excess of 5 Million Tonnes. The Cement Production
during the financial year was 5.13 Million Tonnes while the dispatch of Cement
was 5.12 Million Tonnes, a growth of 13% over the previous year. The company
recorded a Gross Turnover of Rs.23470.000 Millions, an increase of 33% over the
previous year. The Profit before Tax of the company stood at Rs. 2512.000
Millions, a record 164% increase contributed equally by increase in volume and
Realisations.
CAPTIVE THERMAL POWER PLANTS
KARIKKALI WORKS
The Gross power
generation from the 1 x 15 MW and 1 x 30 MW Captive Thermal Power Plants during
the year was 19.08 Crore Units, with an auxiliary consumption of 1.75 crore
units. Out of the Net Generation of 17.33 crore Units, 15.11 crore units were
captively consumed by the Cement Plant thereat and the remaining 2.22 crore
units were sold under Power Purchase Agreements.
PULIYUR WORKS
The Gross power
generation from the 15 MW Captive Thermal Power Plant during the year under
review was 11.63 Crore Units, with an auxiliary consumption of 0.91 crore
units. The Net generation was 10.72 crore Units. Out of the total net
generation, 10 crore units were consumed captively by the Cement Plant thereat
and the remaining 0.72 crore units were sold under Power Purchase Agreements.
ARIYALUR WORKS
The Gross power
generation from the 3 x 15 MW Captive Thermal Power Plants during the year was
22.95 Crore Units, with an auxiliary consumption of 1.99 crore units. Out of
the Net Generation of 20.96 crore Units, 14.71crore units were captively
consumed by the Cement Plant thereat and the remaining 6.25 crore units were
sold under Power Purchase Agreements.
PROGRESS REPORT ON ONGOING PROJECTS
INTEGRATED CEMENT PLANT PROJECT AT KARNATAKA
The company has
commissioned the Greenfield Integrated Cement manufacturing Unit at Sangam. K
Village, Chincholi Taluk, Gulbarga District, Karnataka with a capacity of 2.5
MTPA during the financial year 2011-12.
FIXED ASSETS
· Goodwill
·
·
· Buildings
· Plant and Machinery
· Furniture and Fittings
· Earth Moving Equipments and Vehicles
· Railway Sidings
WEBSITE DETAILS:
Core
Values of Chettinad Group
The House of Chettinad began its journey in a humble way in the year 1912 by its founder Dr. Raja Sir Annamalai Chettiar, who was a Visionary, Idealist, Entrepreneur, Educationist and Philanthropist of 19th century, who envisioned that the future of his group is to improve the society economically by providing industrial and business development. The core values of the House of Chettinad Strive, Save and Serve continue to remain the same since 1912 with its dynamic vision changing according to times. The group continued the legacy, made the dreams of our beloved founder into reality and reached further heights by another Visionary, Idealist, Entrepreneur, Educationist and Philanthropist by Dr. Raja Sir Muthiah Chettiar, the son of the founder. The growth of Chettinad Group was taken forward with the untiring efforts by the grandson of the founder, Dr. M.A.M. Ramaswamy, a multi-faceted personality an Entrepreneur, Educationist, Philanthropist, Sportsman and his love towards protecting the arts, culture and values of Tamil, is the present Chairman of the group.
The House of Chettinad is successfully marching towards a centennial year with the hard work and dedication of three generations of the family which stand for its Quality, Integrity and Reliability of the Products, Services and Trading that are being dealt by the group.
In 2000, the present Managing Director, Mr. M.A.M.R. Muthiah took over the management of the group, has further expanded the nature and scope of the group's activities. The group is professionally guided and managed by its ambidextrous and dynamic Managing Director Mr M.A.M.R. Muthiah, a professionally qualified individual, having work experience in the United States by having professionals with rich experience. Visioning for the new millennium, the present Managing Director envisaged Industrial, Infrastructural Development, Education and Health Services are the need of this century in which he wanted his group to participate and contribute. Accordingly, planned and increased the production capacity of the existing cement plant in Puliyur at Karur. The two new green site cement plants were commissioned in Ariyalur and Karikali near Dindigul. A new cement plant is being set up at Kallur in Karnataka. For developing infrastructure, the Ennore Coal Terminal was commissioned under Public Private Partnership with Ennore Port Limited. The group is also in the process of putting up coal power generation plant near Tharangambadi in Tamil Nadu, which will produce 1320 MW of power per annum. The vision of their Managing Director is to take the business forward across India within next 5 years and become an all India player. The Managing Director has been elected unanimously as a president of the cement Manufacturers Association - India in January 2012 and he will continue to hold this position for a term of 2 years. Our Managing Director is the youngest person to be elected to hold this position at the age of 40 years.
Considering the need for quality education, the group established Chettinad College of Engineering and Technology at Puliyur in Karur District and also an institution for higher learning in medical and paramedical sciences under the name of Chettinad Academy and Research Institute (CARE). Hospital attached to the academy is providing world class health care services in the multi-speciality hospital managed by the group. Besides these, the group is also managing schools for children and a special school for differently abled children. Thus the group will accelerate industrial and economic growth, providing quality education, health care especially to Tamilnadu and this country. Our Managing Director is also very much interested in extending the Corporate Social Responsibility to the community around which it operate and better environment management to ensure sustainable development. The Group's turnover is Rs.40000.000 Millions (approx.) the group has provided employment opportunity for more than 5,000 individuals and indirectly for more than 25,000 individuals, thereby lighting lamp in their families.
The future of the House of Chettinad as a corporate is marching towards providing total customer satisfaction providing quality Education, Health and infrastructure facilities to uplift the society, which will continue in the future too.
MILESTONE AND
ACHIEVEMENT
|
Sl. No. |
AWARDS |
YEAR |
|
1 |
0.4 MTPA cement production capacity with
wet process plant installed at Puliyur. |
1967 |
|
1 (a) |
1983-85 Three No. of 1500KVA / each capacity
Yanmar (Japan) DG sets installed to overcome EB power shortage |
1967 |
|
2 |
Modernised into dry process plant to a
capacity of 0.8 MTPA with a kiln capacity of 2000 TPD commissioned with
modern vertical roller mills for fuel & limestone grinding. |
1989 |
|
3 |
2 Nos. of 5.4 MVA Capacity WARTSILA DG set
installed. |
1990 |
|
4 |
66 Nos. of wind electric Generator of
total capacity 17.3 Mw installed at Poolavadi Udumaplet Taluk. |
1994 - 96 |
|
5 |
ISO – 9002 Certificate received. |
1995 |
|
6 |
Stacker and Re-claimer for Limestone
installed. |
1996 |
|
7 |
Belt Elevator for Raw mill and Kiln feed
installed. |
1996 - 97 |
|
8 |
A) Impact Crusher for lime stone crushing
at mines installed. |
1997 |
|
9 |
Vertical roller mill for cement grinding
installed. Additional ESP installed for Kiln/ Raw mill to handle excess
process gases. |
1998 |
|
10 |
CIS/CFG Cooler installed. Low pressure
cyclone installed. Latest Technology LV-Tech classifier installed in
Raw Mill. The plant capacity increased to 1.2 MTPA cement. |
2000 |
|
11 |
Green field Cement plant with capacity of
0.9 MTPA was commissioned at Karikkali. |
2001 |
|
12 |
Rock breaker (Terminator) installed in
mines. |
2001 |
|
13 |
ISO 14001:2004 is implemented . |
2003 |
|
14 |
Environment Management Service Certificate
option. |
2004 |
|
14 (A) |
1 No. 15MW Coal based Captive Power Plant
commissioned in 12 Months at Karikkali. |
2004 |
|
15 |
Fly Ash Silo construction work completed
at Puliyur and Karikkali. |
2005 |
|
16 |
Roller press with ball mill for cement
grinding with capacity 0.7 MTPA installed at Karikkali. |
2006 |
|
17 |
Vertical roller mill for cement grinding installed.
Additional ESP installed for Kiln/ Raw mill to handle excess process gases. |
2006 |
|
18 |
Karikkali plant capacity increased to 2.0
MTPA by increasing of blended cement production. |
2007 |
|
19 |
Bag House installed in Raw Mill/Kiln
Circuit in addition to the existing ESP at Puliyur. |
2007 |
|
20 |
Energy dispersive X-Ray specto meter was
put into service for increasing the out put and economical mines
operation & conservation of minerals. |
2007 |
|
21 |
Advance Research laboratories, Switzerland
make X-Ray Spectrometer - Sequential type was commissioned for
augmenting clinker production and its quality. |
2007 |
|
22 |
Seethainagar Mines crusher capacity was
upgraded for supply of 40% Karikkali plant requirement of
Limestone. |
2007 |
|
23 |
Coal based 15 MW capacity CPP was
commissioned during Feb-2008 at Puliyur Works. |
2008 |
|
24 |
Automation & control sections PLC's OS
software up gradation and PLC's capacity. |
2008 |
|
25 |
KHD make Burner Management System for kiln
operation to improve quality of clinker and to save thermal energy. |
2008 |
|
26 |
Coal based 2 x 15 MW capacity CPP was
commissioned during Sep-2008 at Ariyalur. |
2008 |
|
27 |
Green field Cement plant with capacity
2.75 MTPA was commissioned during Dec-2008 at Ariyalur. |
2008 |
|
28 |
Video conferencing facility was
commissioned between Puliyur, Karikkali, Ariyalur and Head Office for
more effective and faster communications and project monitoring. |
2008 |
|
29 |
Brown field Cement plant with capacity
2.75 MTPA was commissioned at Ariyalur during October-2009. |
2009 |
|
29 (A) |
Coal based 1 x 15 MW capacity CPP was commissioned during
Jan-2010 Erection and Commissioning of 2 Cement Plants in World
Record Time at Ariyalur - 30 Months from Bhoomi Pooja to Commissioning
Highest Production Capacity for Cement in a Single Location at
Ariyalur Three No. 15 MW Coal based Captive Power Plants Commissioned
in 18 months at Ariyalur Chettinad Cement Technical Team rated
No 1 by FLS Denmark at Ariyalur |
2010 |
|
30 |
Roller press with ball mill for
cement grinding with capacity 0.5 million commissioned during
February -2010 at Puliyur. |
2010 |
|
31 |
Brown field Cement Plant with capacity
of 2.5 MTPA was commissioned at Karikkali in March 2011 along
with coal based 30MW captive power plant within the same premises |
2011 |
|
32 |
Work is under progress for a new
Green field production line of 2.5 MTPA cement with 1 No. of
30MW Coal based captive power plant in Kallur Village, Chincholi
Taluk and Gulburga Dist of Karnataka state and expected to be
commissioned in year 2012. |
2011 |
|
33 |
32.Installed Capacity as of now is 11.7 MTPA
Puliyur – 1.7 MTPA |
2011 |
NEWS:
CHETTINAD CEMENT BOARD APPROVES DELISTING;
STK UP 4%
December 31, 2012
Chettinad Cement board has approved delisting of the share, reports
CNBC-TV18.
The promoter
holds 88.44 percent in the company.
At 09:19 hrs
Chettinad Cement was quoting at Rs 1,018.65, up Rs 40.60, or 4.15%. It has
touched a 52-week high of Rs 1,071.75.
It was trading with volumes of 2,424 shares. In the previous trading session,
the share closed up 3.38% or Rs31.95 at Rs 978.05.
The
company's trailing 12-month (TTM) EPS was at Rs19.68 per share. (Sep, 2012).
The stock's price-to-earnings (P/E) ratio was 51.58. The latest book value of
the company is Rs 282.84 per share. At current value, the price-to-book value
of the company was 3.59. The dividend yield of the company was 0.74%
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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.54.34 |
|
|
1 |
Rs.82.56 |
|
Euro |
1 |
Rs.70.10 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
67 |
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.