MIRA
INFORM REPORT
|
Report Date : |
17.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
LAFARGE AGGREGATES AND CONCRETE INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
1004, ‘B’ Wing, 10th Floor, Crescenzo, G-Block, Bandra-Kurla
Complex, Bandra (East), Mumbai – 400 051, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
29.10.2007 |
|
|
|
|
Com. Reg. No.: |
11-175495 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.16758.415
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74900MH2007PTC175495 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUML06871E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCL3845L |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of manufacture and sale of Ready
Mixed Concrete and trading and manufacturing of Aggregates. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 36748000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is a part of France based Lafarge Group, which is globally one
of the leading companies in Cement, Aggregates, Concrete and Gypsum. It is an established company having a satisfactory track record. There appear huge accumulated losses recorded by the company. However, the capital base of the company appears to be strong. And
Company gets good financial support from its holding companies. Trade relations are reported to be fair. Business is active. Payments
are usually correct. In view of experience management and holding, the company can be
considered for business dealings at usual trade terms and conditions. Note: The company has changed its financial year from 15 months (January
2011 to March 2012) to 12 months (April 2012 to March 2013). |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India’s current account
deficit narrowed in the quarter ended September as government measures to curb
imports, especially gold, kicked in. The current account deficit, the
excess of a country’s imports of goods and services over exports, narrowed to $
5.2 billion from $ 21 billion in the year ago period, according to provisional
Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for
the year will be less than $ 60 billion or 3 per cent of GDP and the latest
data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services sector
activity witnessed a moderate improvement in November over the previous month,
even while indicating the fifth successive monthly contraction, according the
HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loans: A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
November, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund Based Facility: A1 |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
November, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Ms. Rachana |
|
Designation : |
Finance Executive |
|
Contact No.: |
91-22-67692500 |
|
Date : |
15.01.2014 |
LOCATIONS
|
Registered Office/ Head Office/ Factory : |
1004, ‘B’ Wing, 10th Floor, Crescenzo, G-Block, Bandra-Kurla
Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India |
|
Tel. No.: |
91-22-66306511/ 67692500 |
|
Fax No.: |
91-22-66306510/ 67692517 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Regional Operations Office – East: |
Block D, 4th Floor, 22, Camac Street, Kolkata – 700 016,
West Bengal, India |
|
Tel No.: |
91-33-39832100 |
|
Fax No.: |
91-33-39832133 |
|
|
|
|
Regional Sales Office: |
Located at: ·
West Bengal ·
Chhattisgarh ·
Jharkhand ·
Bihar ·
Odisha ·
North East |
DIRECTORS
AS ON 04.09.2013
|
Name : |
Mr. Vikram Arvind Wagh |
|
Designation : |
Managing Director |
|
Address : |
G-8, Gulab Baug, A. Soares Road, Chembur, Mumbai – 400 071,
Maharashtra, India |
|
Date of Birth/Age : |
03.01.1966 |
|
Qualification : |
Graduate |
|
Date of Appointment : |
20.09.2012 |
|
DIN No.: |
00010979 |
|
PAN No.: |
AAAPW1211F |
|
|
|
|
Name : |
Ms. Sonal Shrivastava |
|
Designation : |
Director |
|
Address : |
E-602, 6th Floor, Rakhee Vasant Utsav, Thkur Village, Kandivali
(East), Mumbai – 400 101, Maharashtra, India |
|
Date of Birth/Age : |
07.06.1970 |
|
Qualification : |
MBA |
|
Experience : |
19 Years |
|
Date of Appointment : |
04.09.2013 |
|
DIN No.: |
06497446 |
|
PAN No.: |
AXAPS5233J |
|
|
|
|
Name : |
Mr. Mohit Kapoor |
|
Designation : |
Director |
|
Address : |
R 565 N, Rajinder Nagar, New
Delhi – 110 060, India |
|
Date of Birth/Age : |
30.06.1971 |
|
Date of Appointment : |
04.09.2013 |
|
DIN No.: |
06669817 |
|
|
|
|
Name : |
Mr. Binoy Misra |
|
Designation : |
Director |
|
Address : |
Plot No.2F Block 1 Ceebross, Shyamala Gardens, 136 Arcot Road,
Saligramam, Chennai – 600 093, Tamilnadu, India |
|
Date of Birth/Age : |
02.11.1967 |
|
Date of Appointment : |
04.09.2013 |
|
DIN No.: |
06679592 |
KEY EXECUTIVES
|
Name : |
Mr. Pawan Kumar Laddha |
|
Designation : |
Company Secretary |
|
Address : |
D-313, National Garden, Takka, Panvel – 410 206, Maharashtra, India |
|
Date of Birth/Age : |
19.09.1979 |
|
Date of Appointment : |
01.05.2013 |
|
PAN No.: |
ABJPL5916G |
|
|
|
|
Employed
throughout the financial year : |
|
|
Name : |
Mr. Ganesh Naik |
|
Designation : |
Senior Vice President |
|
|
|
|
Name : |
Jean M. Laye |
|
Designation : |
Head-Quality Control |
|
|
|
|
Name : |
Andrew East |
|
Designation : |
Manufacturing Manager - Aggregates |
|
|
|
|
Name : |
Lionel Bourbon |
|
Designation : |
Head - CDL |
|
|
|
|
Employed for a
part of the financial year : |
|
|
Name : |
Mr. Michael Glover |
|
Designation : |
Managing Director-Aggregates Division |
|
|
|
|
Name : |
Mr. Robert McCurdy |
|
Designation : |
Managing Director-RMX Division |
|
|
|
|
Name : |
Frederic Guimbal |
|
Designation : |
Managing Director-RMX Division |
|
|
|
|
Name : |
Ms. Sonal Shrivastava |
|
Designation : |
Chief Finance Officer |
|
|
|
|
Name : |
Ms. Aparna Sharma |
|
Designation : |
Country Head - HR |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 04.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Uday Khanna |
|
1 |
|
Lafarge India Private Limited, |
|
1675841499 |
|
Total |
|
1675841500 |
AS ON 04.09.2013
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Bodies
corporate |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacture and sale of Ready
Mixed Concrete and trading and manufacturing of Aggregates. |
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|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2012):
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Ready Mix Concrete * |
Cum3 |
9997020 |
4508034 |
|
Aggregates |
MT |
88800 |
55880 |
Note: Licensed capacity for the products
manufactured by the company are not mandated and hence not disclosed.
* Installed capacity has been extrapolated for
15 months period.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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|
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|
Bankers : |
·
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India ·
The Hongkong and Shanghai Banking Corporation Limited,
Plot No.139-140B, Western Express Highway, Sahar Road, Junction, Vile Parle
(East), Mumbai – 400 057, Maharashtra, India ·
Standard Chartered Bank, Box 725, 90 Mahatma
Gandhi Road, Fort, Mumbai – 400 001, Maharashtra, India |
|||||||||||||||||||||
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|
|||||||||||||||||||||
|
Facilities : |
Notes: LONG-TERM
BORROWINGS 1.) Term Loan is
repayable from the date of first drawdown in 3 equal installments at the end
of 60th month, 72nd month and 84th month
i.e. in October 2013, October 2014 and October 2015, Fixed Rate Loan of
Rs.100.000 millions carries interest rate of 12.90%. 2.) During the
previous year, the Company had prepaid loans amounting to Rs.2400.000
millions on which the Interest rate was Floating on Weighted Average Prime
Lending rate minus the fixed spread of 1.55% payable monthly and which was
subject to annual reset annually on 22nd October. The Company had
charged off the unamortized amount of ancillary cost of arranging the
borrowing to Statement of Profit and Loss based on the prepayment made of
borrowings during the previous year. 3.) The loan is secured by first and exclusive charge on moveable
plant and machineries and infrastructure of the Company situated at Pune. SHORT-TERM BORROWINGS a) Short term
loan from banks are secured by pari-passu charge on the stock and book debts
of the Company. b) Working
Capital Demand Loan is repayable on demand and carries interest @ 9.85% to
10.10% p.a. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.R. Batliboi and Company LLP Chartered Accountants |
|
Address : |
The Ruby, 16th Floor, 29, Senapati Bapat Marg, Dadar
(West), Mumbai – 400 028, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AALFS0506L |
|
|
|
|
AS ON 31.03.2013 |
|
|
Holding Company: |
Financiere Lafarge, France (holds 85.68% of the equity share capital) |
|
|
|
|
Ultimate Holding Company: |
Lafarge SA, France |
|
|
|
|
Fellow Subsidiaries: |
·
Lafarge India Private Limited, India (holds 14.32%
of the equity share capital) (CIN No.: U26940MH1999PTC118229) ·
Boral Gypsum India Private Limited, India (CIN
No.: U28939DL2006PTC150597) ·
Lafarge Concrete (Malaysia) Sdn Bhd, Malaysia ·
Lafarge Canada Inc., Canada ·
Lafarge International Service Singapore Pte
Limited, Singapore ·
Lafarge Mahaweli Cement (Private) Limited, Sri
Lanka ·
Lafarge Granulats Betons Services, France ·
Lafarge Asia Sdn Bhd, Malaysia ·
Lafarge Aggregates Sdn Bhd, Philippines ·
Lafarge Emirates Cement LLC, UAE ·
Lafarge North America, United States ·
Lafarge A&C Technical Service (Beijing)
Company Limited, China ·
Batong Angono Aggregates Corporation, Philippines ·
Lafarge UK Services Limited, UK ·
Lafarge A&C Egypt, Egypt ·
Lafarge Angono Batong Corporation, Philippine |
|
|
|
|
Group Company : |
·
Lafarge Building Materials Limited, UK ·
Lafarge Betons Vallee De Seine, France ·
Lafarge Granulates Betons Services, France |
CAPITAL STRUCTURE
AS ON 04.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1800000000 |
Equity Shares |
Rs. 10/- each |
Rs.18000.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1675841500 |
Equity Shares |
Rs. 10/- each |
Rs.16758.415
millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
01.04.2012 to
31.03.2013 (12 Months) |
01.01.2011 to
31.03.2012 (15 Months) |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
16758.415 |
16758.415 |
|
(b) Reserves & Surplus |
|
(7571.476) |
(5754.649) |
|
(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) |
|
9186.939 |
11003.766 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term
borrowings |
|
66.667 |
100.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) Long-term
provisions |
|
30.557 |
24.201 |
|
Total Non-current
Liabilities (3) |
|
97.224 |
124.201 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
440.000 |
200.000 |
|
(b)
Trade payables |
|
2898.845 |
2177.740 |
|
(c)
Other current liabilities |
|
414.661 |
418.996 |
|
(d) Short-term
provisions |
|
42.099 |
42.228 |
|
Total Current
Liabilities (4) |
|
3795.605 |
2838.964 |
|
|
|
|
|
|
TOTAL |
|
13079.768 |
13966.931 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
2407.754 |
2198.771 |
|
(ii)
Intangible Assets |
|
6874.539 |
8242.703 |
|
(iii)
Capital work-in-progress |
|
217.639 |
392.496 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax
assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
329.215 |
318.019 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
9829.147 |
11151.989 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
222.814 |
207.089 |
|
(c)
Trade receivables |
|
2496.826 |
2167.684 |
|
(d) Cash
and cash equivalents |
|
398.432 |
303.282 |
|
(e) Short-term
loans and advances |
|
132.305 |
136.786 |
|
(f)
Other current assets |
|
0.244 |
0.101 |
|
Total
Current Assets |
|
3250.621 |
2814.942 |
|
|
|
|
|
|
TOTAL |
|
13079.768 |
13966.931 |
|
SOURCES OF FUNDS |
|
|
01.01.2010 to
31.12.2010 (12 Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
11358.415 |
|
|
2] Share Application Money |
|
|
2760.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
(3890.991) |
|
|
NETWORTH |
|
|
10227.424 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
2500.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
2500.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
12727.424 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
11835.940 |
|
|
Capital work-in-progress |
|
|
288.690 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
198.000 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
131.323
|
|
|
Sundry Debtors |
|
|
1582.392
|
|
|
Cash & Bank Balances |
|
|
939.259
|
|
|
Other Current Assets |
|
|
1.143
|
|
|
Loans & Advances |
|
|
343.770
|
|
Total
Current Assets |
|
|
2997.887
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
2330.503
|
|
|
Other Current Liabilities |
|
|
270.366
|
|
|
Provisions |
|
|
52.057
|
|
Total
Current Liabilities |
|
|
2652.926
|
|
|
Net Current Assets |
|
|
344.961
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
59.833 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
12727.424 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
01.04.2012 to
31.03.2013 (12 Months) |
01.01.2011 to
31.03.2012 (15 Months) |
01.01.2010 to
31.12.2010 (12 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12424.000 |
15409.000 |
10551.000 |
|
|
|
Other Income |
NA |
NA |
NA |
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
NA |
NA |
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(100.000) |
485.000 |
591.000 |
|
|
|
|
|
|
|
|
|
|
INTEREST &
FINANCIAL EXPENSES |
37.000 |
308.000 |
572.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(137.000) |
177.000 |
19.000 |
|
|
|
|
|
|
|
|
|
|
DEPRECIATION/
AMORTISATION |
1680.000 |
2041.000 |
1559.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(1817.000) |
(1863.000) |
(1539.000) |
|
|
|
|
|
|
|
|
|
|
TAX |
0.000 |
0.000 |
(4.000) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(1817.000) |
(1863.000) |
(1536.000) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(1.08) |
(1.36) |
(1.35) |
|
KEY RATIOS
|
PARTICULARS |
|
01.04.2012 to
31.03.2013 (12 Months) |
01.01.2011 to
31.03.2012 (15 Months) |
01.01.2010 to
31.12.2010 (12 Months) |
|
Net Profit Margin (PBT/Sales) |
(%) |
(14.62) |
(12.09)
|
(14.56)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(14.13) |
(13.72)
|
(10.37)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.20) |
(0.17)
|
(0.15)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.06 |
0.03
|
0.24
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.86 |
0.99
|
1.13
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT:
|
Particulars |
31.03.2013 [Rs. in millions] |
31.03.2012 [Rs. in millions] |
31.12.2010 [Rs. in millions] |
|
Current Maturities of Long Term Debt |
33.333 |
0.000 |
NA |
|
|
|
|
|
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
32] |
Date
of Birth 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 |
LITIGATION DETAILS:
Case Details
Bench:-Bombay
Lodging No.:- CPL/174/2013
Filing Date:-
14/03/2013
Reg. No.:- CP/373/2013
Reg. Date:-
06/07/2013
Petitioner:-
Bhavya Cements Limited
Respondent:-
Lafarge Aggregates and Concrete India Private Limited (CIN No.:
U74900MH2007PTC175495)
Petn. Adv.:-
Sabeena Mahadik, S.R. Legal
Resp. Adv.:-
M.K. Ambalal and Company
District:- Outside Maharashtra
Bench:- Single
Status:- Pre-Admission
Category:- Company Petition U/SEC 433,434,439 Companies
Act
Last Date:- 16/01/2014
Stage:- Company Petitions for Admission
Last Coram:- Hon'ble Shri Justice G.S. Patel
Act :- Companies Act and Rules 1956
Under Section:- 433 and 434
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10243950 |
21/09/2010 |
150,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
A96354105 |
|
2 |
10234918 |
24/07/2010 |
350,000,000.00 |
STATE BANK OF
INDIA |
CORPORATE ACCOUNTS
GROUP BRANCH, NEVILLE HOUSE, J. N. HEREDIA MARG, BALLARD ESTATE, MUMBAI,
MAHARASHTRA - 400001, INDIA |
A92120948 |
|
3 |
10159424 |
22/05/2012 * |
100,000,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED |
PLOT NO.139-140B,
WESTERN EXPRESS HIGHWAY, SAHAR ROAD JUNCTION, VILLE PARLE (EAST), MUMBAI,
MAHARASHTRA - 400057, INDIA |
B40315145 |
|
4 |
10151923 |
25/02/2009 |
500,000,000.00 |
STANDARD
CHARTERED BANK |
BOX 725, 90 MAHATMA
GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A59887133 |
* Date of charge modification
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
|
|
|
|
SHORT-TERM
BORROWINGS |
|
|
|
Working capital loans from banks |
200.000 |
0.000 |
|
Total
|
200.000 |
0.000 |
Note:
The registered office of the company has been
shifted from 8th Floor, Hallmark Business Plaza, Sant Dynashewar Marg,
Near Gurunanak hospital, Bandra (East), Mumbai – 400 051, Maharashtra, India to the present address w.e.f. 08.09.2011.
NATURE OF OPERATIONS:
The Company was
incorporated on October 29, 2007 and is engaged in the business of manufacture
and sale of Ready Mixed Concrete and trading and manufacturing of Aggregates.
OVERVIEW AND REVIEW OF OPERATIONS
During the last 12
months company has been primarily engaged in readymix business. The company has
started new operations in major cities like Gurgaon in North Zone and in Aarey
Colony, Mumbai. In addition the company has also put in new plants in Lodha and
Samsung thereby expanding their scope in projects
During the year,
the Aggregate business saw heterogeneous growth. The NCR market continued to
grow at a rapid pace while Mumbai market has plateaued. The Badlapur market
also grew quickly though from a low base and in the low end of the segment
where they do not operate. The plants at Badlapur and at Kotputli took time to
stabilize. In addition, capacity utilization at Badlapur unit is constrained by
the small size of the market available at Badlapur and surrounding markets.
Several steps have
been taken to develop the market for Aggregates. In addition, the business has
also implemented cost control measures to reduce costs at Badlapur to improve
margins. The strategy for the Aggregates product line has been to develop the
business in India with minimum capital expenditure through multiple, yet
aligned operating models.
The uncertainties in
the global economic situation has had a severe adverse impact on India's
economy especially the infrastructure and real estate sector. There was
significant reduction in new investments and the sector also faced acute
liquidity crunch. During the 12 month period, the Company has achieved a
turnover of INR 12424.000 Millions (net of excise duty) from the sale of the
Ready Mix Concrete and Aggregates. The Company recorded an EBITDA of INR
(99.600) Millions compared to INR 479.400 Millions during the previous year.
The period is for a period of 12 months, thus the figures for the period are
not comparable with the previous year period of 15 month.
FUTURE OUTLOOK:
Readymix- Lafarge
provide wide range of products to meet all concrete needs of customers delivered
with the assurance of on-time, guaranteed quantity and quality. Lafarge has the
unique combination of strategically located plants (backed by assured linkages
to good quality cement and aggregates) which are operated through automated
operation software that guarantees quality and quantity integrity. The main
focus would be on Value Added Products (VAP) to meet specific needs backed by
assured production quality. It is targeting to increase the VAP penetration
over 30%. In coming years Readymix division is targeting to make a significant
improvement in the project volumes and has created separate vertical to have a
more focused approach. Lafarge’s focus in India over the next 2 to 3 years is
to significantly expand exposure to the infrastructure segment by building
better cities with innovative value added products which has been the forte of
Lafarge worldwide as a solution provider to construction industry. The focus on
project-based plants will facilitate infrastructure development such as High
Multistoried - Residential / Commercial and other Infra Projects- Ports, Roads,
Dams, Power Plants, Bridges. Delhi Metro project has just been initiated and is
expected to pick up in next few months. Many other projects in pipeline are in
bidding, negotiation or in final stages. Lafarge has a dedicated technology
centre in Mumbai – Construction Development Lab which has started working
closely with customers to create innovative products that are not just more
efficient, aesthetically superior but also green. Safety remains the top
priority in Lafarge.
The Aggregate
product line would focus on identifying minor mineral reserves at strategic
locations in the country to set up mining activities and stone processing
activities to complement their Ready Mix footprint. In addition to setting up
its own manufacturing facilities, the business would also follow non-capital
intensive models to grow in India.
FIXED ASSETS:
Tangible Assets:
· Leasehold Land
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Vehicles
· Office Equipments
· Computers
Intangible Assets:
· Goodwill
· Trade Marks
· Computer Software
·
Non-Compete Agreement
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.61.53 |
|
|
1 |
Rs.100.73 |
|
Euro |
1 |
Rs.83.84 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.