MIRA
INFORM REPORT
|
Report Date : |
18.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
ZUARI CEMENT LIMITED |
|
|
|
|
Registered
Office : |
Krishna Nagar, Yerraguntla, Kadapa – 516311, Andhra
Pradesh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2013 |
|
|
|
|
Date of
Incorporation : |
16.02.2000 |
|
|
|
|
Com. Reg. No.: |
01-050415 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2749.614 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26942AP2000PLC050415 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACZ1270E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of production and sale of portland cement. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
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 53000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an equal joint venture between Zuari Industries Limited, a K
K Birla Group Company, and Ciments Francais SA. It is an established company
having fine track. The company possesses a healthy financial profile marked by
comfortable gearing and debt protection metrics. Management has witnessed a decent sales volume whereas, has reported a
loss because of moderation in demand in the southern India and increase in
input costs during FY13. The ratings also take into consideration established brand name and
extensive network of more than 3000 dealers. Trade relations are trustworthy. Business is active. Payment terms are
reported as regular and as per commitments. In view of adequate operation efficiency and its association with
foreign counterparts in order to access superior technology, the subject can
be considered for 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
N E W S
The economy grew 4.7 %in 2013/14, marking a second
straight year of sub-5 % growth – the worst slowdown in more than a quarter of
a century. The data was below an official estimate of 4.9 % annual growth and
compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from Russian
Investment firm DST Global which has also invested in companies like Facebook,
Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy AstraZeneca
for nearly $ 118 billion after the latter refused an offer of 55 pounds a
share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = AA |
|
Rating Explanation |
High Degree of safety and very low credit risk |
|
Date |
07.05.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
07.05.2014 |
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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Naik |
|
Designation : |
Office Executive |
|
Contact No.: |
91-80-41194408 |
|
Date : |
16.07.2014 |
LOCATIONS
|
Registered Office / Factory 1: |
Krishna Nagar, Yerraguntla, Kadapa – 516311, Andhra
Pradesh, India |
|
Tel. No.: |
91-8563-275108 / 07 / 275104 |
|
Fax No.: |
91-8563-275164 / 101 / 275704 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Adventz Centre, 2nd and 3rd Floor, No.28, Cubbon Road, Bangalore - 560 001, Karnataka, India |
|
Tel. No.: |
91-80-41194408 |
|
Fax No.: |
91-80-40302828/ 40302888 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
P.O. Dondapadu Nalgonda - 508 246, Andhra Pradesh, India |
|
Tel. No.: |
91-8683-235232 / 107 |
|
Fax No.: |
91-8683-235229 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
No.516 A, Dr. Ambedkar Street ,Athipattu, North Chennai, Thermal Power PR, Thiruvallur District -– 600 120, Tamilnadu, India |
|
Tel. No.: |
91-44-27960027 |
|
Fax No.: |
91-44-27960028 |
|
|
|
|
Regional Marketing
Offices : |
Located at · Andhra Pradesh · Goa · Karnataka · Kerala · Maharashtra · Orissa · Tamilnadu |
DIRECTORS
As on 30.04.2014
|
Name : |
Mr. Saroj Kumar Poddar |
|
Designation : |
Chairman Cun Managing Director |
|
Address : |
Hongkong House-31, BBD Bagh (South), Kolkota-700001, West Bengal.
India |
|
Date of Birth/Age : |
15.09.1945 |
|
Date of Appointment : |
25.01.2001 |
|
DIN No.: |
00008654 |
|
|
|
|
Name : |
Mr. Yvas Rene Nanot |
|
Designation : |
Director |
|
Address : |
18, Rue Durit, Paris-75116, France |
|
Date of Birth/Age : |
27.13.1937 |
|
Date of Appointment : |
25.01.2001 |
|
DIN No.: |
00476971 |
|
|
|
|
Name : |
Mr. Giovanni B Ferrario |
|
Designation : |
Directo |
|
Address : |
Via, Spinola Ambrogion.13, Milano, Italy |
|
Date of Birth/Age : |
03.11.1948 |
|
Date of Appointment : |
21.07.2008 |
|
DIN No.: |
02271108 |
|
|
|
|
Name : |
Mr. V Raghunathan |
|
Designation : |
Director |
|
Address : |
G-02, The Elgin, Langford Road, Banglore-560025, Karnataka, India |
|
Date of Birth/Age : |
19.19.1954 |
|
Date of Appointment : |
08.09.2006 |
|
DIN No.: |
00254091 |
|
|
|
|
Name : |
Mr. Roberto Callieri |
|
Designation : |
Director |
|
Address : |
3\63, La, Raffine Unit, 21d, Sukhumvit,31, Klogtoeynua Wattana-10110,
Bangkok |
|
Date of Birth/Age : |
14.10.1963 |
|
Date of Appointment : |
12.12.2011 |
|
DIN No.: |
05139888 |
|
|
|
|
Name : |
Mr. Krishna Srivastava |
|
Designation : |
Whole Time Director |
|
Address : |
Flat T-1, Sudhama,Residency, 1st Main Road, Defence Colony,
Indiranagar, Bangalore-560038, Karnataka, India |
|
Date of Birth/Age : |
24.08.1951 |
|
Date of Appointment : |
30.08.2010 |
|
DIN No.: |
03159151 |
|
PAN No.: |
ARVPS4607F |
|
|
|
|
Name : |
Mr. Nabil Paul Francil |
|
Designation : |
Managing Director |
|
Address : |
No.193, 2nd Main, 12th Cross Rmv, 2nd
Stage, Dollars Colony, 3rd Block, Bangalore-560094, Karnataka, India |
|
Date of Birth/Age : |
04.05.1970 |
|
Date of Appointment : |
03.06.2013 |
|
DIN No.: |
06579472 |
|
PAN No.: |
ACBPF0282G |
|
|
|
|
Name : |
Mr. Philippe Marchat |
|
Designation : |
Director |
|
Address : |
17, BIS, Boulevard,Paster, Paris-75015, France |
|
Date of Birth/Age : |
13.04.1950 |
|
Date of Appointment : |
12.12.2011 |
|
DIN No.: |
00476390 |
|
|
|
|
Name : |
Mr. Goran L Seifert |
|
Designation : |
Director |
|
Address : |
No.2, Queen Astrid Park, Singapore-266794,Singapore |
|
Date of Birth/Age : |
21.08.1949 |
|
Date of Appointment : |
12.12.2011 |
|
DIN No.: |
00478208 |
KEY EXECUTIVES
|
Name : |
Mr. Naik |
|
Designation : |
Office Executive |
|
|
|
|
Name : |
Mr. LR Neelakant |
|
Designation : |
Secretary |
|
Address : |
No.2, 1st Cross, Telecom Layout,Bangalore-560097,
Karnataka, India |
|
Date of Birth/Age : |
04.06.1960 |
|
Date of Appointment : |
16.10.2001 |
|
PAN No.: |
AAPPN7565C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.04.2014
|
Names of Shareholders |
|
No. of Shares |
|
Ciments Francais SA, France |
|
266461350 |
|
Investcim S.A.S., France |
|
10 |
|
Sax S.A.S., France |
|
10 |
|
Cofipar S.A.S., France |
|
10 |
|
Tercim S.A.S., France |
|
10 |
|
Menaf S.A.S., France |
|
10 |
|
Compagnie Pour L'investissement Financier En Inde, France |
|
8500000 |
|
Total |
|
274961400 |
As on 30.04.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of production and sale
of portland cement. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
· The Bank of Tokyo Mitsubishi Ufj Limited, Venkataramana Centre, 563/2, Anna Salai, Teynampet, Chennai - 600018, Tamilnadu, India ·
State Bank of India, Industrial Finance Branch,
61, 'Residency Plaza', Residency Road, Bangalore - 560025, Karnataka, India |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company LLP Chartered Accountants |
|
Address : |
Maruti Infotech Centre11-12/1 Inner Ring Road, Koramangala Maruti Infotech Centre11-12/1 Inner Ring Road, Koramangala, Bangalore, Karnataka, India |
|
PAN No.: |
AAAFB9852F |
|
|
|
|
Ultimate Holding
Company : |
Italcementi S.p.A |
|
|
|
|
Holding Company : |
Ciments Français S.A |
|
|
|
|
Subsidiary |
· Sitapuram Power Limited ·
Gulbarga Cement Limited |
|
|
|
|
Fellow subsidiary : |
· Bravo Solutions S.p.A. · CTG S.p.A · Interbulk Trading SA · Devnya Cement · Suez Cement Company SAE · Shymkent Cement Company Limited · Compagine Pour I'Investment Financier En Inde |
CAPITAL STRUCTURE
As on 30.04.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000000 |
Equity Shares |
Rs.10/- each |
Rs.3000.000 Millions |
|
140000000 |
Preference Shares |
Rs.10/- each |
Rs.1400.000 Millions |
|
|
Total |
|
Rs.4400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
274961400 |
Equity Shares |
Rs.10/- each |
Rs.2749.614 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2749.614 |
4279.614 |
4279.614 |
|
(b) Reserves & Surplus |
10656.931 |
9383.189 |
8606.006 |
|
(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) |
13406.545 |
13662.803 |
12885.620 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4022.532 |
5964.963 |
6474.013 |
|
(b) Deferred tax liabilities (Net) |
1559.911 |
1557.000 |
1328.000 |
|
(c) Other long term liabilities |
312.568 |
315.871 |
319.175 |
|
(d) long-term provisions |
187.091 |
187.281 |
104.593 |
|
Total Non-current Liabilities (3) |
6082.102 |
8025.115 |
8225.781 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1081.417 |
0.000 |
7.260 |
|
(b) Trade payables |
1194.977 |
1338.235 |
1825.320 |
|
(c) Other current
liabilities |
4711.617 |
3750.036 |
3217.701 |
|
(d) Short-term provisions |
19.679 |
38.730 |
331.865 |
|
Total Current Liabilities (4) |
7007.690 |
5127.001 |
5382.146 |
|
|
|
|
|
|
TOTAL |
26496.337 |
26814.919 |
26493.547 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
17538.569 |
15951.395 |
14230.760 |
|
(ii) Intangible Assets |
629.366 |
730.685 |
910.842 |
|
(iii) Capital
work-in-progress |
532.970 |
1592.157 |
3836.766 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1357.432 |
1088.248 |
1088.248 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2464.584 |
2804.991 |
1857.155 |
|
(e) Other Non-current assets |
151.114 |
77.778 |
18.475 |
|
Total Non-Current Assets |
22674.035 |
22245.254 |
21942.246 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
580.000 |
580.000 |
|
(b) Inventories |
1580.671 |
1595.153 |
1221.147 |
|
(c) Trade receivables |
984.940 |
867.551 |
504.737 |
|
(d) Cash and cash
equivalents |
663.554 |
960.033 |
1170.496 |
|
(e) Short-term loans and
advances |
452.364 |
454.688 |
991.659 |
|
(f) Other current assets |
140.773 |
112.240 |
83.262 |
|
Total Current Assets |
3822.302 |
4569.665 |
4551.301 |
|
|
|
|
|
|
TOTAL |
26496.337 |
26814.919 |
26493.547 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
16628.609 |
17092.567 |
14449.354 |
|
|
|
Other Income |
213.149 |
178.289 |
176.618 |
|
|
|
TOTAL (A) |
16841.758 |
17270.856 |
14625.972 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2021.472 |
1756.684 |
1506.487 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
97.073 |
(235.597) |
(5.740) |
|
|
|
Employees benefits expense |
593.801 |
556.702 |
512.683 |
|
|
|
Other expenses |
12183.247 |
11856.553 |
9198.928 |
|
|
|
TOTAL (B) |
14895.593 |
13934.342 |
11212.358 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1946.165 |
3336.514 |
3413.614 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
568.652 |
653.594 |
560.736 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1377.513 |
2682.920 |
2852.878 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1630.860 |
1386.898 |
1313.869 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(253.347) |
1296.022 |
1539.009 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.911 |
518.839 |
618.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(256.258) |
777.183 |
921.009 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of export of goods |
77.144 |
0.000 |
93.250 |
|
|
TOTAL EARNINGS |
77.144 |
0.000 |
93.250 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Coal |
1449.577 |
1296.598 |
0.000 |
|
|
|
Packing material |
30.407 |
40.813 |
20.247 |
|
|
|
Stores and spares |
84.711 |
10.080 |
32.855 |
|
|
|
Capital goods |
216.227 |
56.310 |
77.831 |
|
|
TOTAL IMPORTS |
1780.922 |
1403.801 |
130.933 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.97) |
2.32 |
2.88 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
PAT / Total Income |
(%) |
(1.52) |
4.50 |
6.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(1.52) |
7.58 |
10.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.03) |
5.37 |
7.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02) |
0.09 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.38 |
0.44 |
0.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.55 |
0.89 |
0.85 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
4279.614 |
4279.614 |
2749.614 |
|
Reserves & Surplus |
8606.006 |
9383.189 |
10656.931 |
|
Net
worth |
12885.620 |
13662.803 |
13406.545 |
|
|
|
|
|
|
long-term borrowings |
6474.013 |
5964.963 |
4022.532 |
|
Short term borrowings |
7.260 |
0.000 |
1081.417 |
|
Total
borrowings |
6481.273 |
5964.963 |
5103.949 |
|
Debt/Equity
ratio |
0.503 |
0.437 |
0.381 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
14449.354 |
17092.567 |
16628.609 |
|
|
|
18.293 |
(2.714) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
14449.354 |
17092.567 |
16628.609 |
|
Profit |
921.009 |
777.183 |
(256.258) |
|
|
6.37% |
4.55% |
(1.54%) |
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 |
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] |
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 |
LITIGATIONS DETAILS
CASE STATUS INFORMATION SYSTEM
|
CMA 403 / 2014 |
CMASR 9730 / 2014 |
CASE IS:PENDING |
|
PETITIONER |
|
RESPONDENT |
|
SITAPURAM POWER LTD |
VS |
ZUARI CEMENTS LTD |
|
PET.ADV. : PRABHAKAR SRIPADA |
|
RESP.ADV. : MAHFOOZ NAZKI |
|
SUBJECT: ARBITRATION ACT |
|
DISTRICT: HYDERABAD |
|
FILING DATE: 25-03-2014 |
POSTING STAGE : INTERLOCUTORY |
|
|||
|
REG. DATE : 25-03-2014 |
LISTING DATE : 17-07-2014 |
STATUS : NOTICES |
|||
|
HON'BLE JUDGE(S): |
R.SUBHASH REDDY |
A.SHANKAR NARAYANA |
|
||
|
|
|
|
|||
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.12.2013 |
As
on 31.12.2012 |
|
Short-term borrowings |
|
|
|
Other loans and advances, other |
1000.000 |
0.000 |
|
Total |
1000.000 |
0.000 |
|
|
|
|
Note:
The registered office of the company has been shifted from
Zuarinagar, Goa – 403726, India to present address w.e.f.21.03.2006
BACKGROUND
Subject engaged in the business of production and sale of portland cement, was a joint venture between ZIL-Industries and Ciments Français S.A. (“CF”, part of the Italcementi Group) upto 31 May 2006. Pursuant to CF’s acquisition of 50% stake held by ZIL, the Company became a wholly owned subsidiary of CF, effective 31 May 2006. The ultimate holding Company is Italcementi S.p.A.
OPERATIONS:
During the year ending 31st December, 2013 the growth of the Indian economy was severely affected by the rising inflation, high interest rates, currency depreciation, weak investment sentiments and high prices of commodities and fuels. The industry recorded a flat growth and Southern market faced approximately 2% decrease in cement demand. The drop in demand, the oversupply situation and rising input cost has impacted the growth of the cement industry, particularly in the Southern market.
The capacity overall utilization rate has dropped below 60%, creating unavoidable pressure on sales and realisation. Against this background, your Company’s production and sales remained at the previous year levels. However, the financial performance of the Company was affected largely due to unfavourable price cycles and an increase in input cost especially raw materials, packing and power costs. The continued weak market environment in Southern region constrains the pricing flexibility as well as the capacity utilization of the cement players.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10369237 |
23/07/2012 |
600,000,000.00 |
BNP PARIBAS |
"LANDMARK", 3RD FLOOR, 21/15, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
B45157419 |
|
2 |
10280412 |
15/03/2011 |
900,000,000.00 |
THE BANK OF TOKYO MITSUBISHI UFJ LTD. |
RAFFLES PLACE, NO. 01-01, REPUBLIC PLAZA, SINGAPORE, - 048619, SINGAPORE |
B09634288 |
|
3 |
10267501 |
08/02/2011 |
2,435,000,000.00 |
THE BANK OF TOKYO MITSUBISHI UFJ LTD. |
VENKATARAMANA CENTRE, 563/2, ANNA SALAI, TEYNAMPET, CHENNAI, TAMILNADU - 600018, INDIA |
B06098057 |
|
4 |
10266402 |
21/01/2011 |
2,000,000,000.00 |
BNP PARIBAS |
"LANDMARK", 3RD FLOOR, 21/15, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
B05058482 |
|
5 |
10262589 |
11/01/2011 |
665,000,000.00 |
STANDARD CHARTERED BANK |
6TH FLOOR, WEST WING, RAHEJA TOWERS, BANGALORE, KARNATAKA - 560001, INDIA |
B04020434 |
|
6 |
80010620 |
26/09/2013 * |
1,500,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 61, 'RESIDENCY PLAZA', RESIDENCY ROAD, BANGALORE, KARNATAKA - 560025, INDIA |
B85784213 |
* Date of charge modification
FIXED ASSETS
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
· Other equipments
AS PER WEBSITE
PRESS RELEASES
ZUARI CEMENT PLANS TO
INCREASE CAPACITY
Hyderabad, Jan.
4:
Zuari Cement Limited is set to augment fresh capacities in spite of the tough market conditions in the country, particularly in South India.
“The company is setting up a cement grinding unit at Auj and Shingadgaon in Solapur, a terminal in Kochi and an integrated cement plant at Gulbarga,” said Krishna Srivastava, Whole-time Director.
“The Rs 25000.000 Millions capacity augmentation will go on in spite of the tough market conditions now, as we believe that there is huge potential going forward.
“The new plant at Gulberga will have capacity for 3 million tonnes (MT) per annum,” he toldBusiness Line.
Of the country’s cement capacity of 350 MT, South India accounts for 150 MT. However, the demand-supply situation is quite bad in South India, with just about 70 MT of demand.
This situation is mainly due to delays in infrastructure projects securing clearances and low spending by the Government.
COSTS SPIRAL
Also troubling the cement industry is the fact that the cost of production has gone up in the past couple of quarters.
While rail freight cost is up 30 per cent, the cost of inputs has increased due to the import of coal, rupee depreciation and a hike in fuel cost.
All these are leading to pricing pressure, Srivastava said.
“Cement demand is better in the North and the East but pretty sluggish in the South. Once some of the clearances are expedited and new projects get under way, the demand will get better,” he said.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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.60.14 |
|
|
1 |
Rs.103.00 |
|
Euro |
1 |
Rs.81.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
65 |
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.