MIRA
INFORM REPORT
|
Report Date : |
28.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT SIDHEE CEMENT LIMITED |
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Registered
Office : |
“Sidheegram”, Off |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
29.03.1973 |
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Com. Reg. No.: |
04-002245 |
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Capital
Investment / Paid-up Capital : |
Rs.362.069 millions |
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CIN No.: [Company Identification
No.] |
L26940GJ1973PLC002245 |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of manufacturing
and selling of cement and clinker. |
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No. of Employees
: |
443 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5671000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an
established company having satisfactory track record. The company has
successfully wiped out its accumulated losses and it has achieved decent
profit during the financial year 2013. Trade relations
are fair. Business is active. Payment terms are reported to be slow but
correct. The company can
be considered for business dealings at usual trade terms and condition. |
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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
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.: 91-22-66365444)
LOCATIONS
|
Registered Office/ Factory : |
“Sidheegram”, Off Veraval-Kodinar Highway, District Junagadh – 362
276, Gujarat, India |
|
Tel. No.: |
91-2876-268200/ 308200/ 286530-34 |
|
Fax No.: |
91-2876-286540 |
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E-Mail : |
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Website : |
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Corporate Office : |
N. K. Mehta
International House, 2nd Floor, 178, Backbay Reclamation, Mumbai –
400 020, Maharashtra, India |
|
Tel. No.: |
91-22-66365444 |
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|
|
|
Marketing Office 1 : |
801-802, 'Prasham', Near Dharam
Cinema, Kasturba Road, Rajkot – 360 001, Gujarat, India |
|
Tel. No.: |
91-281-2458048/ 2453811 |
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Fax No.: |
91-281-2454584 |
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Marketing Office : |
Also located at: ·
Mumbai ·
Ahmedabad ·
Junagadh ·
Bhavnagar · Vadodara ·
Surat |
DIRECTORS
AS ON 30.05.2013
|
Name : |
Mr. M. N. Mehta |
|
Designation : |
Chairman |
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|
Name : |
Mr. Jay M. Mehta |
|
Designation : |
Executive Vice Chairman |
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Name : |
Mr. Sanat M. Mehta |
|
Designation : |
Nominee of The Mehta International Limited |
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Name : |
Mr. A. B. Shah |
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Designation : |
Nominee of GIIC Limited |
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Name : |
Mr. M. S. Gilotra |
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Designation : |
Managing Director |
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Name : |
Mr. S. V. S. Raghavan |
|
Designation : |
Director |
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Name : |
Mr. P. K. Behl |
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Designation : |
Director |
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Name : |
Mr. M. L. Tandon |
|
Designation : |
Director |
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|
Name : |
Mr. Bimal Thakkar |
|
Designation : |
Director |
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|
Name : |
Mr. Hemnabh Khatau |
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Designation : |
Director |
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|
Name : |
Dr. (Ms.) Kala S. Pant |
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Designation : |
Director |
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|
Name : |
Mr. Venkatesh Mysore |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. A. M. Fadia |
|
Designation : |
Director (Legal) and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1152600 |
3.19 |
|
|
2063174 |
5.71 |
|
|
4565471 |
12.63 |
|
|
7781245 |
21.52 |
|
|
|
|
|
|
4659129 |
12.89 |
|
|
4659129 |
12.89 |
|
Total
shareholding of Promoter and Promoter Group (A) |
12440374 |
34.41 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
31256 |
0.09 |
|
|
750177 |
2.07 |
|
|
350 |
0.00 |
|
|
23175 |
0.06 |
|
|
0 |
0.00 |
|
|
804958 |
2.23 |
|
|
|
|
|
|
3972990 |
10.99 |
|
|
|
|
|
|
14076870 |
38.94 |
|
|
3779952 |
10.46 |
|
|
1078708 |
2.98 |
|
|
523136 |
1.45 |
|
|
545469 |
1.51 |
|
|
8550 |
0.02 |
|
|
1178 |
0.00 |
|
|
375 |
0.00 |
|
|
22908520 |
63.36 |
|
Total
Public shareholding (B) |
23713478 |
65.59 |
|
Total
(A)+(B) |
36153852 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
36153852 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 million
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing
and selling of cement and clinker. |
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Products : |
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Brand Names : |
“SIDHEE” |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity * |
Installed
Capacity ** |
Actual
Production |
|
Cement |
MT / PA |
1200000 |
1200000 |
-- |
|
Cement (MT) (including reprocessed 616 MT) |
MT |
-- |
-- |
1211754 |
|
Clinker (MT) to the extent of quantity dispatched |
MT |
-- |
-- |
29725 |
* The Company’s
product is exempt from licensing requirements under Industrial Policy in terms of
Notification No. S.O. 477 (E) dated 25th July, 1991.
** As certified by
the management and relied upon by Auditors, being technical matter.
GENERAL INFORMATION
|
Customers : |
·
Patel Infrastructure Limited
·
Simplex Infrastructure Limited
·
AFCONS Infrastructure Limited
·
Gammon India Limited
·
Sarjan Construction Company ·
Adani Port Nirma Limited ·
Backone Enterprises Limited
·
Limak Soma JV Utilities ·
IVRCL ·
Sardar Sarovar Project ·
UP State Bridge Corporation Limited
·
Sadbhav Engineers Limited
·
Reliance Industries Limited
·
Essar Oil Limited
·
Gujarat Heavy Chemicals Limited
·
IFFCO Limited
·
Nirma Limited
·
Indian Rayon |
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No. of Employees : |
443 (Approximately) |
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Bankers : |
·
State Bank of India ·
State Bank of Bikaner and Jaipur ·
Union Bank of India ·
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower
Parel (West), Mumbai – 400 013, MAHARASHTRA, India ·
Yes Bank Limited |
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Facilities : |
Notes: LONG-TERM BORROWINGS Term loans from HDFC Bank
Limited, Yes Bank and NBFCs in respect of finance availed for purchase of
vehicles are secured by hypothecation of vehicles financed by them. The Loans
are repayable in monthly equated instalments over 3 to 5 years. SHORT-TERM BORROWINGS The overdraft from bank
is secured against pledge of FDRs of Rs.322.771 millions (previous year
Rs.107.452 millions) and repayable on demand. |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Manubhai and Company Chartered Accountant |
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Address : |
Ahmedabad, Gujarat, India |
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Promoter companies together with its subsidiaries and associate companies
holding more than 20% of the Equity Capital : |
·
Ria Holding Limited* ·
Pranay Holding Limited* ·
Reeti Investment Limited* ·
Prachit Holding Limited* ·
Sumaraj Holding Private Limited* ·
Villa Trading Company Private Limited ·
Sunnidhi Trading Private Limited ·
Shree Anandeya Investment Private Limited ·
Sameta Export Private Limited ·
Pallor Trading Company Private Limited ·
The Mehta International Limited ·
The Arj Investments Limited ·
Hopgood Investments Limited ·
Treasurer's Trading Limited ·
Gujarat Industrial Investment Corp. Limited ·
Industrial Construction Limited (holding company of Sameta Export
Private Limited) ·
Sampson Limited (holding company of Villa Trading Company Private
Limited) ·
Clarence Investments Limited (subsidiary of The Mehta International
Limited) ·
Glenn Investments Limited (subsidiary of The Mehta International
Limited) ·
Aber Investment Limited (subsidiary of The Mehta International
Limited) ·
Monza Limited (subsidiary of The Mehta International Limited) ·
Samja Maurtius Limited (holding company of The Arj Investments
Limited) *1035912 shares held as
security by a bank in bank's name for financial assistance granted. |
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Name of a company in which policies are
controlled by common key management personnel : |
Saurashtra Cement Limited |
CAPITAL STRUCTURE
AS ON 30.07.2013
Authorised Capital: Rs.5000.000 millions
Paid-up Capital: Rs.36.154 millions
AS ON 31.03.2013
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
500000000 |
Equity Shares |
Rs.10/- each |
Rs.5000.000 millions |
|
|
|
|
|
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
144816075 |
Equity Shares |
Rs.10/- each |
Rs.1448.161
millions |
|
|
|
|
|
Subscribed Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
36203932 |
Equity Shares |
Rs.10/- each |
Rs.362.039
millions |
|
|
|
|
|
Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
36153852 |
Equity Shares |
Rs.10/- each |
Rs.361.539
millions |
|
Add: |
Forfeited Shares |
|
Rs.0.530 million |
|
|
Total |
|
Rs.362.069
millions |
Notes:
Rights, preferences and
restrictions:
(i) The Company has only
one class of equity shares referred to as Equity shares having a par value of
Rs.10. Each holder of equity share is entitled to one vote per share.
(ii) Dividends, if any, is
declared and paid in Indian Rupees. The dividend, if any, proposed by the Board
of Directors is subject to the approval of the shareholders in the ensuing
Annual General Meeting.
(iii) In the event of
liquidation of the company, the holders of equity shares will be entitled to
receive any of the remaining assets of the company, after distribution of all
preferential amounts. However, no such preferential amounts exist currently.
The distribution will be in proportion to the number of equity shares held by
the shareholders.
Details of shares in the company held by each
shareholder holding more than 5 percent shares:
|
S. No. |
Name of the Shareholder |
No. of shares |
% of
shareholding |
|
|
|
|
|
|
1 |
Gujarat Industrial
Investment Corporation Limited |
2063174 |
5.71 |
Reconciliation of Paid up Share Capital:
|
Particulars |
Amount (Rs.
in millions) |
|
Opening
Balance |
1446.154 |
|
Less
: Reduction in Share Capital in terms of BIFR's order* |
1084.615 |
|
Closing Balance |
361.539 |
* Hon’ble Appellate Authority
for Industrial and Financial Reconstruction (AAIFR) vide its order dated
23.10.2012 inter-alia held that the company’s net worth has turned positive as on
31.3.2010 and consequent thereto, the company has been discharged from Board of
Industrial and Financial Reconstruction (BIFR). However, in the same order,
Hon’ble AAIFR has reiterated its decision in Kunal Virenchee Sagar case holding
that the BIFR’s jurisdiction continues un-interrupted and the BIFR is competent
to exercise its jurisdiction under Section 18(5) of Sick Industrial Companies
Act (SICA) and remanded the matter to BIFR. Hon’ble BIFR vide its order dated
6.12.2012 issued on 16.1.2013 sanctioned the Modified Draft Rehabilitation
Scheme of the company inter-alia consisting of following main points:
(i) Reduction of paid up
capital by 75%.
(ii) Fresh infusion of
equity capital of Rs.500.000 millions consisting of 5 crore equity shares of
Rs.10/- each at par to the Promoters, associates etc.
(iii) To complete the jetty
at revised cost of Rs.597.200 millions.
In compliance with the
aforesaid order, the Company’s paid up Share Capital was reduced by 75% from
Rs.1446.154 millions consisting of 144615408 fully paid up Equity Shares of
Rs.10/- each to Rs.361.539 millions consisting of 36153852 fully paid up Equity
Shares of Rs.10/- each as at 25.2.2013, being the Record Date. The amount of
reduction in capital of Rs.1084.616 millions has been adjusted towards
accumulated losses of Rs.392.448 millions as on 31.3.2012 and balance amount of
Rs.692.168 millions is credited to Capital Reserve account.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
362.069 |
1446.684 |
1446.684 |
|
(b) Reserves & Surplus |
1055.681 |
(389.753) |
(444.912) |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1417.750 |
1056.931 |
1001.772 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
12.840 |
26.601 |
29.117 |
|
(b) Deferred tax liabilities (Net) |
38.578 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
49.915 |
48.507 |
49.007 |
|
(d) Long-term
provisions |
134.779 |
159.787 |
146.374 |
|
Total Non-current
Liabilities (3) |
236.112 |
234.895 |
224.498 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
2.500 |
38.991 |
26.433 |
|
(b)
Trade payables |
784.742 |
739.529 |
598.167 |
|
(c)
Other current liabilities |
262.199 |
276.222 |
332.515 |
|
(d) Short-term
provisions |
90.057 |
14.205 |
7.813 |
|
Total Current
Liabilities (4) |
1139.498 |
1068.947 |
964.928 |
|
|
|
|
|
|
TOTAL |
2793.360 |
2360.773 |
2191.198 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
786.654 |
784.515 |
773.507 |
|
(ii)
Intangible Assets |
3.434 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
105.361 |
7.703 |
23.743 |
|
(b) Non-current Investments |
0.010 |
0.014 |
0.054 |
|
(c) Deferred tax assets (net) |
0.000 |
130.337 |
192.114 |
|
(d) Long-term Loan and Advances |
145.847 |
106.804 |
75.109 |
|
(e) Other
Non-current assets |
30.965 |
56.900 |
4.811 |
|
Total Non-Current
Assets |
1072.271 |
1086.273 |
1069.338 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.006 |
0.000 |
0.000 |
|
(b)
Inventories |
665.080 |
555.679 |
474.167 |
|
(c)
Trade receivables |
161.117 |
160.478 |
351.079 |
|
(d) Cash
and cash equivalents |
587.685 |
313.107 |
120.293 |
|
(e)
Short-term loans and advances |
280.053 |
237.465 |
174.409 |
|
(f)
Other current assets |
27.148 |
7.771 |
1.912 |
|
Total
Current Assets |
1721.089 |
1274.500 |
1121.860 |
|
|
|
|
|
|
TOTAL |
2793.360 |
2360.773 |
2191.198 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
4457.112 |
4389.571 |
3502.130 |
|
|
|
Other Income |
75.723 |
49.626 |
54.229 |
|
|
|
TOTAL (A) |
4532.835 |
4439.197 |
3556.359 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material
consumed |
532.724 |
552.937 |
442.886 |
|
|
|
Changes in inventories
of finished goods work-in progress and stock-in-trade |
(19.029) |
(3.172) |
(59.520) |
|
|
|
Employee
benefits expenses |
229.199 |
208.071 |
174.153 |
|
|
|
Other expenses |
3214.756 |
3474.429 |
2995.762 |
|
|
|
Exceptional
items |
(85.733) |
0.000 |
(17.124) |
|
|
|
TOTAL (B) |
3871.917 |
4232.265 |
3536.157 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
660.918 |
206.932 |
20.202 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
17.164 |
28.611 |
25.535 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
643.754 |
178.321 |
(5.333) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
65.276 |
61.385 |
55.082 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
578.478 |
116.936 |
(60.415) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
175.362 |
61.777 |
(30.115) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
403.116 |
55.159 |
(30.300) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(392.448) |
(447.607) |
(417.307) |
|
|
|
|
|
|
|
|
|
Add |
Adjustment against Share Capital |
392.448 |
-- |
-- |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
36.154 |
-- |
-- |
|
|
|
Tax on Proposed Dividend |
6.144 |
-- |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
360.818 |
(392.448) |
(447.607) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export of goods
calculated on F.O.B. basis |
14.653 |
29.109 |
12.699 |
|
|
TOTAL EARNINGS |
14.653 |
29.109 |
12.699 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and spare
parts |
41.189 |
31.922 |
43.405 |
|
|
|
Capital Goods |
13.151 |
5.769 |
12.522 |
|
|
TOTAL IMPORTS |
54.340 |
37.691 |
55.927 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
11.15 |
1.53 |
(0.21) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net
Sales |
943.200 |
881.400 |
947.400 |
|
Total
Expenditure |
902.200 |
922.200 |
1128.100 |
|
PBIDT
(Excl OI) |
41.000 |
(40.800) |
(180.800) |
|
Other
Income |
15.000 |
13.300 |
13.900 |
|
Operating
Profit |
56.000 |
(27.500) |
(166.900) |
|
Interest |
3.500 |
10.200 |
8.200 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
52.600 |
(37.700) |
(175.000) |
|
Depreciation |
16.700 |
16.800 |
22.400 |
|
Profit
Before Tax |
35.800 |
(54.500) |
(197.400) |
|
Tax |
12.700 |
7.100 |
(58.400) |
|
Provisions
and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit
After Tax |
23.100 |
(61.700) |
(139.000) |
|
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 |
23.100 |
(61.700) |
(139.000) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.89 |
1.24
|
(0.85) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.98 |
2.66
|
(1.73) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.52 |
4.71
|
(3.06) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41 |
0.11
|
(0.06) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.01 |
0.06
|
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51 |
1.19
|
1.16 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
1446.684 |
1446.684 |
362.069 |
|
Reserves & Surplus |
(444.912) |
(389.753) |
1055.681 |
|
Net worth |
1001.772 |
1056.931 |
1417.750 |
|
|
|
|
|
|
long-term borrowings |
29.117 |
26.601 |
12.840 |
|
Short term borrowings |
26.433 |
38.991 |
2.500 |
|
Total borrowings |
55.550 |
65.592 |
15.340 |
|
Debt/Equity ratio |
0.055 |
0.062 |
0.011 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
3502.130 |
4389.571 |
4457.112 |
|
|
|
25.340 |
1.539 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from Operations |
3502.130 |
4389.571 |
4457.112 |
|
Profit |
-30.300 |
55.159 |
403.116 |
|
|
-0.87% |
1.26% |
9.04% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
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 |
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 |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
LITIGATION
DETAILS:
HIGH COURT OF GUJARAT
|
|
TAX APPEAL No.
128 of 2012 |
|
Status : PENDING |
|
CCIN No :
001092201200128 |
|
|
|||||
|
|
||||
|
|
||||
|
S.NO. |
Name of the Petitioner |
Advocate On Record |
|
1 |
COMMISSIONER OF INCOME TAX-III |
MR PRANAV G DESAI for: Appellant(s) |
1|
S.NO. |
Name of the Respondant |
Advocate On Record |
|
1 |
GUJARAT SIDHEE CEMENT LIMITED |
NOTICE SERVED for :Opponent(s) RULE NOT RECD BACK for :Opponent(s) |
|
|
|||
|
Presented On |
: 17/02/2012 |
Registered On |
: 22/02/2012 |
|
Bench Category |
: DIVISION BENCH |
District |
: RAJKOT |
|
Case Originated From |
: THROUGH ADVOCATE |
Listed |
: 5 times |
|
StageName |
: FOR FINAL HEARING |
||
|
Classification |
|
|
Act |
|
Other Forums
|
|
S.No. |
CASEDETAILS |
TRIBUNAL REFERRENCE |
ORDER PASSED BY |
JUDGEMENT DATE |
PLACE |
|
|
1 |
ITA 1156/RJT/2010 |
INCOME TAX APPELLATE TRIBUNAL, RAJKOT BENCH, RAJKOT |
JUDICIAL MEMBER
& ACCOUNTANT MEMBER |
30/09/2011 |
RAJKOT |
|
Office Details
|
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
|
|
1 |
17/02/2012 |
CERTIFIED COPY |
MR PRANAV G DESAI ADVOCATE |
8 |
MR PRANAV G
DESAI:1 |
|
|
2 |
17/02/2012 |
MEMO OF APPEAL/PETITION/SUIT |
MR PRANAV G DESAI ADVOCATE |
20 |
MR PRANAV G
DESAI:1 |
|
Court Proceedings
|
|
S. No. |
Notified Date |
Court Code |
Board Sr. No. |
Stage |
Action |
Coram |
|
1 |
26/11/2012 |
9 |
14 |
ADJOURNED MATTERS |
DISMISSED @ ADM.STAGE |
·
HONOURABLE MR.JUSTICE AKIL KURESHI ·
HONOURABLE MS JUSTICE SONIA GOKANI |
|
2 |
04/04/2013 |
7 |
46 |
ADJOURNED MATTERS |
NEXT DATE |
·
HONOURABLE MR.JUSTICE AKIL KURESHI ·
HONOURABLE MS JUSTICE SONIA GOKANI |
|
3 |
09/04/2013 |
7 |
27 |
ADJOURNED MATTERS |
NEXT DATE |
·
HONOURABLE MR.JUSTICE AKIL KURESHI ·
HONOURABLE MS JUSTICE SONIA GOKANI |
|
4 |
16/04/2013 |
7 |
32 |
ADJOURNED MATTERS |
RULE/ADMIT |
·
HONOURABLE MR.JUSTICE AKIL KURESHI ·
HONOURABLE MS JUSTICE SONIA GOKANI |
Available Orders
|
||||||
|
S. No. |
Case Details |
Judge Name |
Order Date |
CAV |
Judgement |
Questions |
Transferred |
|
1 |
TAX APPEAL/128/2012 |
·
HONOURABLE MR.JUSTICE AKIL KURESHI ·
HONOURABLE MS JUSTICE SONIA GOKANI |
26/11/2012 |
N |
ORDER |
- |
Y |
|
2 |
TAX APPEAL/128/2012 |
·
HONOURABLE MR.JUSTICE AKIL KURESHI ·
HONOURABLE MS JUSTICE SONIA GOKANI |
16/04/2013 |
N |
ORDER |
- |
Y |
Certified Copy
|
|
S. No. |
Applicant Name |
Application Type |
Application Date |
UOL Number |
Order Date |
Notify Date |
Delivery Date |
Status |
Nature Of
Document |
|
|
1 |
MR PRANAV G DESAI |
ORDINARY |
30/11/2012 |
O/39315/2012 |
26/11/2012 |
01/12/2012 |
03/12/2012 |
Delivered |
ORDER |
|
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10340668 |
29/02/2012 |
68,600,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI – 400 013, MAHARASHTRA, INDIA |
B34364125 |
|
2 |
10329316 |
09/01/2012 |
3,260,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, SENAPATI
BAPAT MARG, LOWER PAREL (WEST), MUMBAI – 400 013, MAHARASHTRA, INDIA |
B29739240 |
|
3 |
80046655 |
15/09/1989 * |
1,400,000.00 |
THE NEW INDIA ASSURANCE
COMPANY LIMITED |
NEW INDIA ASSURANCE BUILDING,
87, M.G. ROAD, MUMBAI – 400 023, MAHARASHTRA, INDIA |
- |
|
4 |
80046658 |
15/09/1989 * |
1,400,000.00 |
UNITED INDIA INSURANCE
COMPANY LIMITED |
24, WHITES ROAD, CHANNAI,
TAMILNADU - 600014, INDIA |
- |
|
5 |
80047603 |
29/08/2008 * |
1,000,000.00 |
THE ORIENTAL INSURANCE
COMPANY LIMITED |
ORIENTAL HOUSE, ASAF ALI
ROAD, P.B. NO.7037, NEW DELHI – 110 002, INDIA |
A45566288 |
* Date of charge modification
THE YEAR:
The slowdown in the economy
resulted in an overall average growth rate of the eight core industries
(including cement, steel, fertilizer, oil, gas etc.) during April, 2012 to
March, 2013 to 2.6 percent from 5 percent for the same period previous year.
The cement production still grew at 5.6 percent, even though it was lower than
the average growth in the previous years.
Cement consumption in
Gujarat registered a 5 percent growth over the previous year, which although
lower than the average annual growth rate of around 9 percent during the
previous five-year period, is better than many other regions of the country.
The consumption growth could have been better, but for delayed and deficient
monsoons. The State received only 73 percent of the normal average rainfall and
the Saurashtra region is the worst affected with rainfall of 57 percent of the
normal.
The abnormal increase in
the price of diesel, by around 15 percent, had a cascading effect on the
manufacturing cost as well as cost of delivery for cement. The increase in rail
freights (varying between 11 to 25 percent) also adversely affected the cost of
delivering cement to customers. The increase in excise duty by 2 percent was an
additional burden on the industry.
The slow economic growth
resulted in better availability of power and the lower prices prevailing in the
energy exchange under Open Access gave an opportunity to reduce the cost of
power, resulting in better profits.
Better
prices in local markets and higher volumes and realisation from exports helped
improve profitability.
PERFORMANCE REVIEW
Production and Sales
The production of clinker
and cement for the year ended March 2013 was 1.15 million tonnes and 1.25
million tonnes, which is 101 percent and 104 percent of the rated capacity of the
plant. However, the clinker and cement production is lower than the previous
year, as extended stoppage of kiln was taken for specific modifications in
order to improve the long-term reliability of the machinery.
The cost of fuel remained
at the last years’ levels. The procurement of power from the energy exchange
under Open Access has assisted in maintaining the manufacturing cost. The
energy efficiency of the plant was affected due to changed characteristics of
the available limestone, quality of which is deteriorating.
The total sale of cement
and clinker was 1.26 million tonnes as against 1.40 million tonnes in the
previous year. Better distribution of available cement in the domestic markets
helped in reducing freight cost. This, coupled with better prices contributed
to significant improvement in profits. The export volumes and realisations also
helped improve profits.
Exports
The direct export of cement
for the year ended March 2013 was 4,900 metric tonnes as compared to 9,800
metric tonnes in the previous year. The exports continued to be low on account
of unremunerative prices and high cost of transportation to the available port.
Reduction of capital
Company’s paid up Share
Capital was reduced by 75% (Seventy five percent) from Rs.1446.154 millions
consisting of 144615408 fully paid up Equity Shares of Rs.10/- each to
Rs.361.539 millions consisting of 36153852 fully paid up Equity Shares of
Rs.10/- each in compliance of the order of the Hon’ble Board for Industrial and
Financial Reconstruction (BIFR) dated 6.12.2012 issued on 16.1.2013 as on
25.2.2013, being the Record Date.
MANAGEMENT DISCUSSION AND
ANALYSIS REPORT
Industry Structure and
Development
The all India cement production
during the period April, 2012 to March, 2013 registered a cumulative growth of
5.6 percent as against 6.7 percent during the corresponding period of last
year. The cumulative growth for the eight core industries (coal, crude oil,
natural gas, refinery products, fertilisers, steel, cement and electricity) is
2.6 percent as against 5 percent in the previous year. The capacity addition
during the year 2012 is around 35 million tonnes. The surplus capacity
available in Gujarat and Rajasthan, coupled with entry of new players in the
already fragmented markets result in high price volatility and variations in
prices in different regions and different periods of time.
Future Outlook
Though the economic growth
is marginally low, the sustained policies on the need of infrastructure
facilities and the housing needs of the population will enhance the consumption
of cement further in the country. Compared with other core industries, the
growth of cement industry is better, though it is lower than the previous year.
The long-term future of the cement industry is optimistic and positive.
However, due to addition of new plants with large capacities, the capacity
utilization would continue to be low. In the state of Gujarat, there is likely
to be a large surplus of capacity over demand for the near future, which may
affect the stability of cement prices. A large part of production therefore
will need to be exported or transported to longer distances, in other states
like Maharashtra, Karnataka and Kerala.
Segment Review and Analysis
During the year, the
company has produced and sold mainly cement of different varieties like
Ordinary Portland Cement (OPC) and Portland Pozzolana Cement (PPC). The company
also sold clinker, which is intermediate product for the manufacture of cement.
The bulk of the revenue and profitability comes from the sale of cement.
FIXED ASSETS:
Tangible
Assets
·
Land (Freehold)
·
Land (Leasehold)
·
Buildings
·
Plant and Equipments
·
Furniture and Fixtures
·
Vehicles
·
Computers
·
Office Equipments
·
Railway Sidings
Intangible
Assets
·
Computer
Software including Licence Fees
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.61.94 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
43 |
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.