MIRA
INFORM REPORT
|
Report Date : |
08.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHETTINAD CEMENT CORPORATION LIMITED |
|
|
|
|
Registered
Office : |
“Rani Seethai Hall
Building”, No.603, Anna Salai, Chennai – 600006, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
11.12.1962 |
|
|
|
|
Com. Reg. No.: |
18-004947 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 382.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L93090TN1962PLC004947 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEC00061F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC3130A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the Manufacturing and Sale of Cement. |
|
|
|
|
No. of Employees
: |
Information Decline by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
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 47800000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a fine track record. Financial
position of the company seems 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from
$31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports
and moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs 1,000
denominations, pushing the deadline to January 1, 2015. A day before dates for
the Lok Sabha polls were
announced, the government decided to hike interest rates on fixed deposit
schemes offered by post offices up to 0.2 per cent. The new rates will be
effective April, 1. The Supreme Court will resume hearing on March, 11 Nokia’s
appeal against a ruling over transferring ownership of its local mobile phones
plant which is the subject of a tax dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced. The
defence ministry has ordered a probe into Hindustan
Aeronautics Limited’s contracts from Britain’s
Rolls-Royce Holdings worth at least $ 1.2 billion. The Central Bureau of
Investigation will look into allegations that over $80 million was paid in
kickbacks in a deal signed in 2011. India has asked Boeing Co. to find a
solution for problems with state-owned Air India’s 787 Dreamliners.
The aircraft has experienced a series of malfunctions since its debut in 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.
INFORMATION DECLINED
Management non-cooperative (Tel. No.: 91-44-28292727)
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 : |
|
|
Website : |
|
|
|
|
|
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 : |
|
|
|
|
|
Plant 2 : |
Karikkali Works Rani Meyyammai Nagar, |
|
Tel No.: |
91-4551 234441, 234431 |
|
Fax No.: |
91-4551 234440 |
|
Email : |
|
|
|
|
|
Plant 3 : |
Ariyalur Works Kilapaluvur (P.O.), Trichy-Ariyalur
Road, Ariyalur District, Tamilnadu
– 621 707, India |
|
Tel No.: |
91-4329-247774 |
|
Fax No.: |
91-4329-247778 |
|
Email : |
|
|
|
|
|
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: 09.08.2011
|
Name : |
Dr. Muthiah Annamalai
Muthiah Ramaswamy |
|
Designation : |
Chairman |
|
Address : |
Chettinand House, 17-18, Greenways Road, Ra Puram, Chennai – 600028, Tamilnadu,
India |
|
Date of Birth/Age : |
30.09.1931 |
|
Date of Appointment : |
11.12.1962 |
|
PAN No.: |
AAJPR4449M |
|
DIN No.: |
00826351 |
|
Name : |
Mr. Muthiah Annamalai
Muthiah Ramaswamy Muthiah |
|
Designation : |
Managing Director |
|
Address : |
Chettinand House, 17-18, Greenways Road, Ra Puram, Chennai – 600028, Tamil Nadu,
India |
|
Date of Birth/Age : |
31.05.1971 |
|
Date of Appointment : |
18.09.1998 |
|
PAN No.: |
AAOPM3931C |
|
DIN No.: |
00802807 |
|
|
|
|
Name : |
Mr. Ramanathan Palaniappan |
|
Designation : |
Director |
|
Address : |
Sribhuvaneswari No. 3362 Ax, 11th
Main Road, Annanagar (West), Chennai – 600040,
Tamil Nadu, India |
|
Date of Birth/Age : |
24.10.1932 |
|
Qualification : |
B.E. (Hons.), M.I.E. |
|
Date of Appointment : |
22.09.1984 |
|
DIN No.: |
00624986 |
|
|
|
|
Name : |
Mr. Krishnamoorthy Ramachandran |
|
Designation : |
Director |
|
Address : |
(Old No. 9), New No.15, Masilamani Road, Balaji Nagar, Chennai – 600014,
Tamil Nadu, India |
|
Date of Birth/Age : |
08.12.1930 |
|
Qualification : |
M. A., B.L |
|
Experience: |
Sr. Advocate Madras High Court |
|
Date of Appointment : |
27.08.1990 |
|
DIN No.: |
01099169 |
|
|
|
|
Name : |
Mr. SP. ST. Palaniappan |
|
Designation : |
Director |
|
Address : |
Karumugil, New No. 8, Old No. 42, Maharajah Surya, Rao Road, Alwarpet, Chennai – 600018, Tamil Nadu,
India |
|
Date of Birth/Age : |
25.03.1928 |
|
Qualification : |
B.Com, F.C.A. |
|
Date of Appointment : |
15.12.1992 |
|
DIN No.: |
00959308 |
|
|
|
|
Name : |
Mr. K. Ganapthy |
|
Designation : |
Director |
|
Address : |
12, Kanakasabai Nagar,
Chidambaram, Cuddalore – 608001, Tamil Nadu, India |
|
Date of Birth/Age : |
21.07.1936 |
|
Date of Appointment : |
25.07.1994 |
|
DIN No.: |
00947364 |
|
|
|
|
Name : |
Mr. Thappeta Prabhakara
Rao |
|
Designation : |
Nominee director |
|
Address : |
The Tiic Limited, 692, Annasalai
Nandanam, Chennai – 600035, Tamil Nadu, India |
|
Date of Birth/Age : |
25.12.1955 |
|
Date of Appointment : |
09.08.2011 |
|
DIN No.: |
03545300 |
KEY EXECUTIVES
|
Name : |
Mr. Subramanian Hariharan |
|
Designation : |
Secretary |
|
Address : |
“Shrusti” Flat ‘B’ No. 77, Natarajan Street, Dhanalakesh Mico Colony Extension, Vadapalani,
Chennai – 600026, Tamil Nadu, India |
|
Date of Birth/Age : |
28.11.1969 |
|
Date of Appointment : |
16.02.2002 |
|
PAN No.: |
AAVPH8700M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 09.08.2011
SHAREHOLDERS DETAILS FILE ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on: 09.08.2011
|
Category |
|
Percentage |
|
|
|
|
|
Public financial companies |
|
3.32 |
|
Nationalised or other banks |
|
0.01 |
|
Mutual funds |
|
0.01 |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
0.17 |
|
Bodies corporate |
|
4.03 |
|
Directors or relatives of directors |
|
88.44 |
|
Other top fifty shareholders |
|
1.25 |
|
Others |
|
2.77 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the Manufacturing and Sale of Cement. |
||||
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Products : |
|
PRODUCTION STATUS (AS ON 31.03.2013)
|
Particulars |
Unit |
Annual Licensed/ Installed Capacity |
Actual Production |
|
|
|
|
|
|
Cement |
MT |
-- |
4766369 |
|
Cement |
MT |
-- |
6160875 |
|
Clinker |
MT |
-- |
6188277 |
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 : |
Information Decline by the management |
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Bankers : |
· Indian Bank, Thousand Lights Branch, Kannammai Buliding, 611, Anna Salai, Chennai - 600006, Tamil Nadu, India · Central Bank of India, Mid Corporate Branch, 48/49 Montieth Road, Chennai - 600008, Tamil Nadu, India · HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai - 400013, Maharashtra, India · Canara Bank, Prime Corporate Branch, 770, Anna Salai, Chennai - 600002, Tamil Nadu, India |
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Facilities : |
(Rs. In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1: |
|
|
Name : |
P. B. Vijayaraghavan and company Chartered Accountants |
|
Address : |
27, Cathedral, Garden Road, Nungambakkam, Chennai 600034 India |
|
PAN No.: |
AAAFV3332L |
|
|
|
|
Auditors 2: |
|
|
Name : |
Krishaan and Company Chartered Accountants |
|
Address : |
Flat No 10, C-Wing VI, Floor Parsn, Manere 442, (602) Anna Salai, Chennai 600006 India |
|
PAN No.: |
AAAFK0459P |
|
|
|
|
Auditors 3: |
|
|
Name : |
V. Soundarajan and Company Chartered Accountants |
|
Address : |
Ground Floor, Rear Emerald, Estate New No. 6/3, II Canal, Cross Road, Gandhi Nagar, Adyar, Chennai 600020 India |
|
PAN No.: |
AAAFV0357M |
|
|
|
|
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: 09.08.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Shares |
Rs.10/- each |
Rs. 5000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38198998 |
Equity Shares |
Rs.10/- each |
Rs. 382.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
382.000 |
382.000 |
|
(b) Reserves & Surplus |
|
11574.000 |
10422.100 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
11956.000 |
10804.100 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
4953.900 |
3916.600 |
|
(b) Deferred tax liabilities (Net) |
|
101.200 |
128.400 |
|
(c) Other long
term liabilities |
|
270.000 |
203.700 |
|
(d) long-term
provisions |
|
52.500 |
63.400 |
|
Total Non-current
Liabilities (3) |
|
5377.600 |
4312.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
3886.700 |
5976.200 |
|
(b)
Trade payables |
|
2540.700 |
1654.800 |
|
(c)
Other current liabilities |
|
2407.500 |
2175.400 |
|
(d) Short-term
provisions |
|
259.200 |
387.000 |
|
Total Current
Liabilities (4) |
|
9094.100 |
10193.400 |
|
|
|
|
|
|
TOTAL |
|
26427.700 |
25309.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
17266.300 |
17428.900 |
|
(ii)
Intangible Assets |
|
5.500 |
7.300 |
|
(iii)
Capital work-in-progress |
|
1092.300 |
1530.600 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
5.800 |
|
(c) Deferred tax
assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
92.700 |
103.700 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
18456.800 |
19076.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
4887.600 |
3748.500 |
|
(c)
Trade receivables |
|
2132.000 |
1739.100 |
|
(d) Cash
and cash equivalents |
|
45.800 |
19.400 |
|
(e)
Short-term loans and advances |
|
905.500 |
726.300 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
7970.900 |
6233.300 |
|
|
|
|
|
|
TOTAL |
|
26427.700 |
25309.600 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
382.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
8875.100 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
9257.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
2979.200 |
|
|
2] Unsecured Loans |
|
|
4897.800 |
|
|
TOTAL BORROWING |
|
|
7877.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
77.100 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
17211.200 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
13737.800 |
|
|
Capital work-in-progress |
|
|
1620.800 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
5.800 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2316.200
|
|
|
Sundry Debtors |
|
|
1065.700
|
|
|
Cash & Bank Balances |
|
|
207.300
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
1804.400
|
|
Total
Current Assets |
|
|
5393.600
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
1151.700
|
|
|
Other Current Liabilities |
|
|
2048.500
|
|
|
Provisions |
|
|
346.600
|
|
Total
Current Liabilities |
|
|
3546.800
|
|
|
Net Current Assets |
|
|
1846.800
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
17211.200 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
24507.800 |
20599.000 |
15441.700 |
|
|
|
Other Income |
64.700 |
87.500 |
603.700 |
|
|
|
TOTAL (A) |
24572.500 |
20686.500 |
16045.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4145.100 |
2707.100 |
2097.100 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(236.900) |
(407.000) |
60.000 |
|
|
|
Employee benefit expense |
1136.100 |
898.400 |
800.000 |
|
|
|
Other expenses |
13180.600 |
10583.000 |
7879.000 |
|
|
|
TOTAL (B) |
18224.900 |
13781.500 |
10836.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6347.600 |
690.500 |
5209.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1060.500 |
924.900 |
629.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5287.100 |
5980.100 |
4579.400 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3714.900 |
3468.100 |
3628.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1572.200 |
2512.000 |
950.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
196.800 |
632.000 |
199.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1375.400 |
1880.000 |
751.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4933.400 |
3586.400 |
3142.400 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
150.000 |
200.000 |
85.000 |
|
|
|
Proposed Dividend on Equity Shares |
190.900 |
286.500 |
191.000 |
|
|
|
Tax on Dividend |
32.600 |
46.500 |
31.700 |
|
|
BALANCE CARRIED
TO THE B/S |
5935.300 |
4933.400 |
3586.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Cement Value |
41.500 |
19.600 |
24.200 |
|
|
TOTAL EARNINGS |
41.500 |
19.600 |
24.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
647.700 |
257.700 |
92.800 |
|
|
|
Stores & Spares |
70.500 |
68.900 |
71.400 |
|
|
|
Capital Goods |
94.900 |
826.900 |
17.500 |
|
|
TOTAL IMPORTS |
813.100 |
1153.500 |
181.700 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
36.01 |
49.21 |
19.68 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.60 |
9.09 |
4.68
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.41 |
12.20 |
6.16
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.21 |
10.57 |
4.97
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.23 |
0.10
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth)
|
|
0.73 |
0.91 |
0.86
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.88 |
0.61 |
1.52
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
382.000 |
382.000 |
|
Reserves & Surplus |
10,422.100 |
11,574.000 |
|
Net
worth |
10,804.100 |
11,956.000 |
|
|
|
|
|
long-term borrowings |
3,916.600 |
4,953.900 |
|
Short term borrowings |
5,976.200 |
3,886.700 |
|
Total
borrowings |
9,892.800 |
8,840.600 |
|
Debt/Equity
ratio |
0.916 |
0.739 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
15,441.700 |
20,599.000 |
24,507.800 |
|
|
|
33.399 |
18.976 |
NET PROFIT MARGIN
|
Net Profit
Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
15,441.700 |
20,599.000 |
24,507.800 |
|
Profit |
751.700 |
1,880.000 |
1,375.400 |
|
|
4.87% |
9.13% |
5.61% |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs. In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long term
borrowings |
|
|
|
Loans repayable on demand |
2147.800 |
2147.800 |
|
Loans repayable on demand |
500.000 |
0.000 |
|
|
|
|
|
Total |
2647.800 |
2147.800 |
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMY AND
DEVELOPMENTS
The Slowdown in the economy that began in the financial year 2011-12 continued to trouble the country during the financial year 2012-13 also. The stimulus for growth brought about after the Global meltdown during the financial year 2010- 12 also brought about strong demand for consumption, but the lack of supply strength to cater to the demand for goods led to double digit inflation during the financial year 2012-13. This affected the Annual Growth rate which hovered around 5% for the financial year 2012-13.
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 2012-13.
OPPORTUNITIES,
THREATS, RISKS, CONCERNS AND OUTLOOK
The Construction Sector contributes to nearly 7%of the country's GDP and nearly 64% of the Cement is being consumed by the Housing sector, still the per capita consumption of Cement in India continues to be among the lowest in the world. The Government is continually bringing out schemes to give impetus to the construction and development of Infrastructure. According to data available, the Foreign Direct Investment in Cement and Gypsum sector since the beginning of the new millennium is around Rs. 120000.000 millions.
The above datas coupled with the forecast that Cement Industry would achieve output levels of over 300 Million Tonnes by the end of Financial Year 2013-14, it would not be long when the Indian Cement sector begin to show double digit CAGR levels.
|
Grades of Cement |
Quantity in M.T. |
|
OPC -43 Grade & 53 Grade |
2548425 |
|
SRC - PC |
11954 |
|
PPC |
3469769 |
|
Slag – PSC |
130727 |
|
|
|
|
Total |
6760875 |
|
|
|
|
Power |
Generation (in Units) |
|
|
|
|
Captive Thermal Power Plant |
543460571 |
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 188.300 millions Units, with an auxiliary consumption of 16.805
millions units. Out of the Net Generation of 171.490 millions Units, 171.182
millions units were captively consumed by the Cement
Plant thereat and the remaining 2.22 millions units were sold under Power
Purchase Agreements.
PULIYUR WORKS
The Gross power
generation from the 15 MW Captive Thermal Power Plant during the year was
107.660 millions Units, with an auxiliary consumption of 8.606 millions units.
The Net generation was 99.053 millions Units and that no sale of power was made
during the year from the captive power plants at Ariyalur.
ARIYALUR WORKS
The Gross power
generation from the 3 x 15 MW Captive Thermal Power Plants during the year was
206.635 millions Units, with an auxiliary consumption of 18.602 millions units.
The Net Generation of 188.031 millions Units and that no sale of power was made
during the year from the captive power plants at Ariyalur.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10444840 |
23/07/2013 |
1,250,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B82992546 |
|
2 |
10423468 |
12/04/2013 |
1,000,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B74316787 |
|
3 |
10413844 |
18/02/2013 |
2,500,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B71453658 |
|
4 |
10265755 |
10/02/2011 |
3,171,500,000.00 |
STATE INDUSTRIES PROMOTION CORPORATION OF TAMILNADU LIMITED (SIPCOT) |
19-A, RUKMANI LAKSHMIPATHY ROAD, EGMORE, CHENNAI, TAMIL NADU - 600008, INDIA |
B06066815 |
|
5 |
80035993 |
02/09/2013 * |
500,000,000.00 |
CENTRAL BANK OF INDIA |
MID CORPORATE BRANCH, 48/49 MONTIETH ROAD, CHENNAI, TAMIL NADU - 600008, INDIA |
B88162383 |
|
6 |
80035994 |
02/09/2013 * |
2,000,000,000.00 |
CENTRAL BANK OF INDIA |
MID CORPORATE BRANCH, 48/49 MONTIETH ROAD, CHENNAI, TAMIL NADU - 600008, INDIA |
B88162201 |
* Date of charge modification
FIXED ASSETS
· Goodwill
·
·
· Buildings
· Plant and Machinery
· Furniture and Fittings
· Earth Moving Equipments and Vehicles
· Railway Sidings
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for
violating money-laundering, anti-corruption or bribery or international
economic or anti-terrorism sanction laws or whose assets were seized, blocked,
frozen or ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.95 |
|
|
1 |
Rs. 99.36 |
|
Euro |
1 |
Rs. 82.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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.