MIRA INFORM REPORT
|
Report Date : |
29.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
THE INDIA CEMENTS LIMITED |
|
|
|
|
Registered
Office : |
"Dhun Building", 827, Anna Salai, Chennai – 600002, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
21.02.1946 |
|
|
|
|
Com. Reg. No.: |
18-000931 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.3071.782
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26942TN1946PLC000931 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturing and Marketing of Cement. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 163585500 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exists |
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|
|
|
Comments : |
Subject is a well-established company having good track record. There seems dip in the profitability of the company during 2013.
However, liquidity position of the company seems to be decent. The rating takes into consideration the company’s strong brand image. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a
slower-than-expected 4.7 % annually in the three months through December. The
HSBC Manufacturing Purchasing Managers’ Index which gauges the business
activity of India’s factories but not its’ utilities, rose to 52.5 in February,
its highest in a year from 51.4 in January. Overall new orders for factory
goods which rose to a one-year high of 54.9 contributed to the surge. China has
emerged as India’s biggest trading partner in the current financial year
replacing the United Arab Emirates and pushing it to the third spot.
India-China trade has reached $49.5 billion with a 8.7 % share in India’s total
trade. The US comes second at $46 billion with 8.1 % share during the first
nine months of the current financial year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A+ [Long Term Bank Facilities] |
|
Rating Explanation |
Have adequate degree of safety and carry low credit risk. |
|
Date |
18.04.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A1 + [Short Term Bank Facilities] |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
18.04.2013 |
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
Management non co-operative [91-44-28510533 / 28521526]
LOCATIONS
|
Registered Office : |
"Dhun Building", 827, Anna Salai, Chennai –
600002, Tamilnadu, India |
|
Tel. No.: |
91-44-28521526 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Corporate Office : |
“Coromandel Towers”, 93, Santhome High Road, Karpagam Avenue,
R. A. Puram, Chennai – 600028,
Tamilnadu, India |
|
|
|
|
Cement Factories : |
Located At: TAMILNADU
Tel No.: 91-462-2300221 Fax No.: 91-462-2300294
Tel No.: 91-4283-240387 Fax No.: 91-4283-240051
Tel No.: 91-4329-248201 Fax No.: 91-4329-248248 ANDHRA PRADESH
Tel No.: 91-8563-276150 Fax No.: 91-8563-276155 Yerraguntla, Cuddapah District – 516309, Andhra Pradesh, India Tel No.: 91-8563-275158 Fax No.: 91-8563-275154
Tel No.: 91-8689-228427 Fax No.: 91-8689-228447
Tel No.: 91-8411-246324 Fax No.: 91-8411-246302 |
|
|
|
|
Grinding Units : |
Located At: TAMILNADU Vallur Village, Tirunelveli District, Tamilnadu, India MAHARASHTRA Parli Vaijnath, Beed District, Maharashtra, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. N. Srinivasan |
|
Designation : |
Vice Chairman and Managing Director |
|
Date of Birth/Age : |
27.07.1931 |
|
Qualification : |
B.Com., C.A. |
|
|
|
|
Name : |
Mrs. Chitra Srinivasan |
|
Designation : |
Vice Chairman and Managing Director |
|
|
|
|
Name : |
Ms. Rupa Gurunath |
|
Designation : |
Wholetime Director |
|
|
|
|
Name : |
Dr. B. S. Adityan |
|
Designation : |
Wholetime Director |
|
|
|
|
Name : |
Mr. Arun Datta |
|
Designation : |
Wholetime Director |
|
|
|
|
Name : |
Mr. R. K. Das |
|
Designation : |
Wholetime Director |
|
|
|
|
Name : |
Mr. N. R. Krishnan |
|
Designation : |
Wholetime Director |
|
|
|
|
Name : |
Mr. V. Manickam |
|
Designation : |
(Nominee of Life Insurance Corporation of India) |
|
Date of Birth/Age : |
01.04.1952 |
|
Qualification : |
B.Sc., C.A. |
|
|
|
|
Name : |
Mr. K. P. Nair |
|
Designation : |
(Nominee of IDBI Bank Limited) |
|
|
|
|
Name : |
Mr. A. Sankarakrishnan |
|
Designation : |
Director |
|
Date of Birth/Age : |
27.10.1942 |
|
Qualification : |
B.E. (Mechanical) |
|
|
|
|
Name : |
Mr. N. Srinivasan |
|
Designation : |
Director |
|
Date of Birth/Age : |
03.01.1945 |
|
Qualification : |
B. Sc (Tech.), M.S. (IIT) Chicago |
|
|
|
|
Name : |
Mr. Basavaraju |
|
Designation : |
Nominee of Life Insurance Corporation of India |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
20015896 |
6.71 |
|
|
66168057 |
22.19 |
|
|
542420 |
0.18 |
|
|
542420 |
0.18 |
|
|
86726373 |
29.08 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
86726373 |
29.08 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
10742972 |
3.60 |
|
|
2021825 |
0.68 |
|
|
26364396 |
8.84 |
|
|
107821883 |
36.15 |
|
|
146951076 |
49.27 |
|
|
|
|
|
|
32853436 |
11.02 |
|
|
|
|
|
|
23114591 |
7.75 |
|
|
5386857 |
1.81 |
|
|
3196867 |
1.07 |
|
|
5500 |
0.00 |
|
|
336967 |
0.11 |
|
|
2000 |
0.00 |
|
|
1108813 |
0.37 |
|
|
11854 |
0.00 |
|
|
450024 |
0.15 |
|
|
911643 |
0.31 |
|
|
370066 |
0.12 |
|
|
64551751 |
21.65 |
|
Total Public shareholding (B) |
211502827 |
70.92 |
|
Total (A)+(B) |
298229200 |
100.00 |
|
(C) Shares held by Custodians and against which
Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
8949457 |
0.00 |
|
|
8949457 |
0.00 |
|
Total (A)+(B)+(C) |
307178657 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
|
PRODUCTION STATUS [AS ON 31.03.2012]
|
Particulars |
Unit |
31.03.2012 |
|
Installed Capacity |
Tonnes |
14050000 |
|
Actual Production |
Tonnes |
9463119 |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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Bankers : |
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|
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|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Messrs Brahmayya and Company Chartered Accountant |
|
Address : |
48, Masilamani Road, Mylapore Balaji Nagar, Royapettah Chennai - 600014, Tamilnadu, India |
|
|
|
|
Name : |
Messrs P.S. Subramania Iyer and Company Chartered Accountant |
|
Address : |
103, P.S. Sivaswamy Salai, Chennai - 600004, Tamilnadu, India |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
460000000 |
Equity Shares |
Rs.10/- each |
Rs.4600.000 Millions |
|
7500000 |
Redeemable Cumulative Preferences Shares |
Rs.100/- each |
Rs.750.000 Millions |
|
|
TOTAL
|
|
5350.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
307178723 |
Equity Shares |
Rs.10/- each
|
Rs.3071.787
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
307176747 |
Equity Shares |
Rs.10/- each
|
Rs.3071.767
Millions |
|
|
Add: Partly paid up shares |
|
Rs.0.005
Million |
|
|
Add: Subscribed but not fully paid |
|
Rs.0.014
Million |
|
|
Less: Partly paid up shares, subscribed dully during the year |
|
Rs.0.004
Million |
|
|
TOTAL
|
|
Rs.3071.782 Millions |
NOTES:
LIST OF SHAREHOLDERS
HOLDING MORE THAN 5% OF THE EQUITY SHARE CAPITAL (PAR VALUE PER SHARE IS RS.10/-)
|
SHAREHOLDER
NAME |
NO.
OF SHARES HELD |
%
HELD |
|
The Bank of New York Mellon
Corporation on Behalf of Mellon Capital Management Corporation And The Boston |
40010552 |
13.03 |
|
Company Asset Management
LLC together with PAC EWS Finance & Investments Private Limited |
27643432 |
9.00 |
|
Prince Holdings (Madras) Private
Limited |
25500000 |
8.30 |
|
Life Insurance
Corporation of India |
20703547 |
6.74 |
|
Vidya Subramanian |
19954024 |
6.50 |
|
Trishul Investments
Private Limited |
17525976 |
5.71 |
AGGREGATE NUMBER OF EQUITY SHARES
ALLOTTED IN THE PREVIOUS 5 YEARS WITHOUT BEING RECEIVED IN CASH:
During the year 2007-08,
the Company allotted 4,00,00,000 Equity Shares of Rs.10/- each fully paid up,
to the shareholders of erstwhile Visaka Cement Industry Limited (VCIL) pursuant
to the Order dated 25th July, 2007 of the Honourable High Court of Judicature
at Madras sanctioning the Scheme of Amalgamation of VCIL with The India Cements
Limited.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
3071.782 |
3071.781 |
|
(b) Reserves & Surplus |
|
37824.608 |
37515.574 |
|
(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) |
|
40896.390 |
40587.355 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
19377.315 |
14965.350 |
|
(b) Deferred tax liabilities (Net) |
|
3296.882 |
3245.148 |
|
(c)
Other long term liabilities |
|
1235.676 |
1602.721 |
|
(d)
Long-term provisions |
|
642.347 |
608.856 |
|
Total
Non-current Liabilities (3) |
|
24552.220 |
20422.075 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
8162.670 |
7720.543 |
|
(b)
Trade payables |
|
7756.349 |
6275.074 |
|
(c)
Other current liabilities |
|
5907.443 |
6692.706 |
|
(d)
Short-term provisions |
|
753.723 |
715.551 |
|
Total
Current Liabilities (4) |
|
22580.185 |
21403.874 |
|
|
|
|
|
|
TOTAL |
|
88028.795 |
82413.304 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
39148.983 |
38778.572 |
|
(ii)
Intangible Assets |
|
2271.476 |
2550.640 |
|
(iii)
Capital work-in-progress |
|
3392.383 |
1451.031 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
9480.810 |
8504.035 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
18996.853 |
19162.667 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
73290.505 |
70446.945 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
97.496 |
15.552 |
|
(b)
Inventories |
|
4960.568 |
5258.087 |
|
(c)
Trade receivables |
|
4655.866 |
2098.220 |
|
(d)
Cash and cash equivalents |
|
47.424 |
28.824 |
|
(e)
Short-term loans and advances |
|
4976.936 |
4565.676 |
|
(f)
Other current assets |
|
0.000 |
0.000 |
|
Total
Current Assets |
|
14738.290 |
11966.359 |
|
|
|
|
|
|
TOTAL |
|
88028.795 |
82413.304 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
3071.765 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
37825.840 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
40897.605 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
9318.837 |
|
|
2] Unsecured Loans |
|
|
9047.905 |
|
|
TOTAL BORROWING |
|
|
18366.742 |
|
|
DEFERRED TAX LIABILITIES |
|
|
2742.700 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
62007.047 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
38344.789 |
|
|
Capital work-in-progress |
|
|
2883.972 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1603.097 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
FOREIGN CURRENCY MONETARY ITEM TRANSLATION DIFFERENCE ACCOUNT |
|
|
0.000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
4973.090 |
|
|
Sundry Debtors |
|
|
2544.012 |
|
|
Cash & Bank Balances |
|
|
330.906 |
|
|
Other Current Assets |
|
|
204.247 |
|
|
Loans & Advances |
|
|
28500.670 |
|
Total
Current Assets |
|
|
36552.925 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
5425.305 |
|
|
Other Current Liabilities |
|
|
10687.365 |
|
|
Provisions |
|
|
1265.066 |
|
Total
Current Liabilities |
|
|
17377.736 |
|
|
Net Current Assets |
|
|
19175.189 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
62007.047 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
45970.353 |
42034.021 |
35007.177 |
|
|
|
Other Income |
186.316 |
192.884 |
396.126 |
|
|
|
TOTAL (A) |
46156.669 |
42226.905 |
35403.303 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost
of materials consumed |
5774.033 |
5410.253 |
5162.189 |
|
|
|
Employee
benefits expense |
3339.415 |
3026.336 |
2654.397 |
|
|
|
Manufacturing
and Other Operating Expenses |
13888.749 |
12275.462 |
11607.132 |
|
|
|
Administration
and Other Charges |
2467.645 |
2023.721 |
1645.580 |
|
|
|
Selling
and Distribution Expenses |
12358.307 |
10157.084 |
9645.880 |
|
|
|
Donations |
96.712 |
75.976 |
69.189 |
|
|
|
Changes
in Inventories of Finished goods / Work-in-Progress |
(187.675) |
31.594 |
(113.992) |
|
|
|
Foreign currency translation difference on FCCBs |
0.000 |
0.000 |
(23.250) |
|
|
|
TOTAL (B) |
37737.186 |
33000.426 |
30647.125 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8419.483 |
9226.479 |
4756.178 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3077.465 |
2903.682 |
1417.166 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5342.018 |
6322.797 |
3339.012 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2818.370 |
2512.949 |
2440.277 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
2523.648 |
3809.848 |
898.735 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
888.152 |
880.154 |
217.699 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1635.496 |
2929.694 |
681.036 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10884.737 |
9544.797 |
9861.119 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
400.000 |
400.000 |
100.000 |
|
|
|
Dividend Distribution Tax |
104.410 |
99.664 |
|
|
|
|
Proposed Dividend on Equity Capital |
614.357 |
614.357 |
537.300 |
|
|
|
Transfer to / from Debenture Redemption Reserve |
(524.200) |
475.733 |
0.000 |
|
|
|
Transfer to Contingency Reserve |
0.000 |
0.000 |
360.000 |
|
|
BALANCE CARRIED
TO THE B/S |
11925.666 |
10884.737 |
9544.855 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export |
|
|
|
|
|
|
Cement
– Quantity in Tonnes |
2454.500 |
850.000 |
573.400 |
|
|
|
–
Value |
82.453 |
25.447 |
15.971 |
|
|
TOTAL EARNINGS |
2536.953 |
875.447 |
589.371 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
256.062 |
161.004 |
166.288 |
|
|
|
Fuel |
4173.666 |
4811.972 |
49.883 |
|
|
|
Spare
Parts and Components |
18.105 |
54.056 |
0.000 |
|
|
|
Capital
goods |
18.705 |
146.629 |
18.262 |
|
|
|
Others |
0.000 |
0.000 |
4195.683 |
|
|
TOTAL IMPORTS |
4466.538 |
5173.661 |
4430.116 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
-
Basic |
5.32 |
9.54 |
2.22 |
|
|
|
-
Diluted |
5.32 |
9.54 |
2.22 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
12407.200 |
10937.800 |
10376.400 |
|
Total Expenditure |
10473.100 |
9819.800 |
8949.600 |
|
PBIDT (Excl OI) |
1934.100 |
1118.000 |
1426.800 |
|
Other Income |
01.500 |
01.000 |
08.300 |
|
Operating Profit |
1935.600 |
1119.000 |
1435.100 |
|
Interest |
998.800 |
751.300 |
744.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
936.800 |
367.700 |
690.400 |
|
Depreciation |
679.500 |
682.100 |
686.200 |
|
Profit Before Tax |
257.300 |
(314.400) |
04.200 |
|
Tax |
89.100 |
(89.100) |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
168.200 |
(225.300) |
04.200 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Net Profit |
168.200 |
(225.300) |
04.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.54
|
6.94 |
1.92 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.49
|
9.06 |
2.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.35
|
6.94 |
1.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.09 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.67
|
0.55 |
0.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.65
|
0.90 |
2.10 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2012 |
31.03.2013 |
|
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
|
3071.781 |
3071.782 |
|
Reserves & Surplus |
|
37515.574 |
37824.608 |
|
Net worth |
|
40,587.355 |
40,896.390 |
|
|
|
|
|
|
long-term borrowings |
|
14965.350 |
19377.315 |
|
Short term borrowings |
|
7720.543 |
8162.670 |
|
Total borrowings |
|
22,685.893 |
27,539.985 |
|
Debt/Equity ratio |
|
0.559 |
0.673 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
35007.177 |
42034.021 |
45970.353 |
|
|
|
20.073 |
9.365 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
35007.177 |
42034.021 |
45970.353 |
|
Profit |
681.036 |
2929.694 |
1635.496 |
|
|
1.95% |
6.97% |
3.56% |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER
(SRN) |
|
1 |
10460477 |
25/10/2013 |
583,366,667.00 |
ADITYA BIRLA FINANCE
LIMITED |
ONE INDIABULLS
CENTER, TOWER 1,8TH FLOOR, 841
SENAPATI BAPAT MARG, ELPHINSTONE ROAD, MUMBAI - 400013, MAHARASHTRA, INDIA |
B89654263 |
|
2 |
10457934 |
18/10/2013 |
850,000,000.00 |
KARNATAKA BANK LTD. |
MOUNT ROAD, 839 MOUNT
ROAD, CHENNAI - |
B88677752 |
|
3 |
10457100 |
18/10/2013 |
1,000,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA |
B88327804 |
|
4 |
10432826 |
19/06/2013 |
2,500,000,000.00 |
IDBI BANK LIMITED |
115 ANNA SALAI, SAIDAPET,
CHENNAI 6 |
B77847903 |
|
5 |
10424491 |
28/03/2013 |
916,600,000.00 |
L & T INFRASTRUCTURE
FINANCE COMPANY LIMITED |
MOUNT POONAMALLEE ROAD,
MANAPAKKAM, CHENNAI - 600089, TAMILNADU, INDIA |
B74693573 |
|
6 |
10391643 |
23/11/2012 * |
500,000,000.00 |
KOTAK MAHINDRA BANK
LIMITED |
CAPITALE , 10TH/11TH
FLOOR, 555 ANNA SALAI, CHENNAI - 600018, TAMILNADU, INDIA |
B64109143 |
|
7 |
10378145 |
28/09/2012 |
651,360,000.00 |
KOTAK MAHINDRA BANK
LIMITED |
CAPTIONALE , 10TH/11TH
FLOOR, 555 ANNA SALAI, CHE |
B58753997 |
|
8 |
10378354 |
27/09/2012 |
2,000,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH,
192,KARUMUTHU NILAYAM, |
B58863697 |
|
9 |
10377281 |
28/11/2012 * |
2,000,000,000.00 |
ICICI BANK LIMITED |
NO.1 CENOTAPH ROAD,
TEYNAMPET, CHENNAI - 600018, TAMILNADU, INDIA |
B63255384 |
|
10 |
10364289 |
11/06/2012 |
200,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA |
B43110220 |
* Date of charge modification
|
CASE DETAILS CHENNAI COURT CASE STATUS
INFORMATION SYSTEM
|
OPERATIONS:
COMPANY
PERFORMANCE:
The Management Discussion
and Analysis Section. It can be seen that there was only a subdued growth in
cement demand during the year under review at 5.6% on an All India basis. With
the huge supply overhang in the South, the industry had to face the brunt of
severe competition in the market resulting in lowering of the prices
particularly in Andhra Pradesh during the second half of this fiscal.
Given such tight market conditions,
the cement production of the Company grew marginally by 5% to 99.40 Lakh Ts as
compared to 94.63 Lakh Ts in the previous year and the overall sales including
clinker was at 100.55 Lakh Ts as compared to 95.27 Lakh Ts. The total sales and
other income for the year was higher at Rs.46156.700 Millions registering a
growth of 9% over that of previous year. As mentioned elsewhere the cost of
production was impacted with the increase in the price of input materials of
fly ash, gypsum, power and fuel, higher transport charges and the resultant
EBIDTA was lower at Rs.8419.500 Millions against Rs.9226.400 Millions in the
previous year.
Finance costs were higher
at Rs.3077.500 Millions as compared to Rs.2903.700 Millions with higher
utilization of cash credit and additional loans taken for capex. The
depreciation / amortization charges were also higher at Rs.2818.400 Millions as
compared to Rs.2512.900 Millions on account of power plant and other capex. The
provision for tax was at Rs.836.400 Millions as compared to Rs.377.700 Millions
in the previous year while the deferred taxation provision as per AS 22 was at
Rs.51.700 Millions against Rs.502.400 Millions. The net profit after tax was
Rs.1635.500 Millions against Rs.2929.700 Millions in the previous year.
In addition to the low
demand scenario, the profitability was subject to heavy cost push in the form
of increase in wages due to All India Wage Settlement together with the
increase in cost of living index. Huge increase in the price of diesel in the month
of September 2012 with further dosages in the following months and steep
increase in the price of bulk diesel for industrial consumers.
Ever rising cost of
indigenous coal due to price revision by collieries. Hefty power tariff
increase by the State Electricity Boards of Tamil Nadu and Andhra Pradesh from
April 2012. Steep increase in the railway freight from April 2012 resulting in
increase in freight cost between 25% and 35%. Depreciation of Rupee against
Dollar impacting the imported coal prices. Restriction in the availability of
power in Andhra Pradesh resulting in high cost power purchase through exchange.
All the above factors impacted the bottom line substantially, the effect of
which was offset to a certain extent with a higher volume of cement and through
sustained cost reduction efforts in improving the operating parameters and
through improved clinker conversion ratio.
MANAGEMENT DISCUSSION AND
ANALYSIS:
ECONOMY
– AN OVERVIEW:
An acute slowdown continued
to grip the Indian economy for the second year in succession on the back of
crisis in the Euro zone, downturn in the US market and a host of disturbing
developments on the domestic front like high commodity prices, high inflation,
sovereign downgrading by S&P, high interest cost, unprecedented fiscal
deficit, dip in Rupee value, infrastructure constraints and uncertainty in
politics and policies all of which crippled the economic activity and depressed
the investment climate. The business confidence took a beating. For the first
time in the two decades of their economic liberalisation, the "external
shocks" threatened to shake the proven "inherent resilience" of
their economy. As a result, the GDP growth tumbled to the decade's low of 5% in
2012-13 from 6.2% in the previous year and 8.4% in 2010-11.
INDUSTRIAL OUTPUT:
Advance estimates by CSO
have pegged the growth of farm sector at 1.8% in 2012-13. The industry growth
is estimated to be a mere 1.1%. With the manufacturing activity severely hit,
the growth of eight core industries - crude oil, natural gas, cement, coal,
electricity, steel, petroleum products and fertilizers - was down to 2.6% last
year from 5% in 2011-12. The services sector is estimated to have clocked a
growth of 6.6%.
EXPORTS / IMPORTS:
During 2012-13, exports
contracted 1.76% to US$300.6 billion compared to US$306 billion in the previous
year. Imports grew marginally to US$491.48 billion from US$489.31 billion
resulting in a trade deficit of US$190.9 billion (US$183.35 billion in
2011-12). The big concern is the unprecedented spurt in Current Account Deficit
(CAD), the gap between forex inflows and outflows. It widened to an all-time
high of 6.7% of GDP during October - December 2012 mainly driven by heavy oil
and gold imports and muted exports. With corrective steps taken by the
Government, the overall CAD for the last year was estimated at 4.8% of GDP.
2013-14: INDIAN ECONOMY ON
RECOVERY MODE, SLOW DOWN BOTTOMED OUT:
The current fiscal year had
begun on a promising note for Indian economy. A host of favourable macro-economic
data in recent weeks augur well for reversing the slowdown and regaining the
growth momentum. These positive developments include the expected normal
monsoon, softening of crude oil and gold prices, fall in commodity prices, pick
up in exports and fall in wholesale and retail inflation. The country also saw
increased flow of FII funds into the Indian market thereby improving the
investor sentiment.
In its recent review of the
economy, the Chairman of PM's Economic Advisory Council (PMEAC) said the slowdown
has bottomed out and GDP growth is expected to be a realistic 6.4% in 2013-14
against the decade's low of 5% last year. This conforms to the growth rate of
6.1% to 6.7% projected in the Economic Survey and Budget for 2013-14. PMEAC,
based on advanced Central Statistical Organisation (CSO) estimates, and the
expected normal monsoon, has pegged the farm sector growth at 3.5%. Led by the
recovery in manufacturing sector growth at 4%, the industrial sector is
estimated to grow at 4.9% while the services sector at 7.7%. The CAD is
projected at US$100 billion (4.7% of GDP).
CEMENT INDUSTRY:
The stress on the economy
was more evident with a weak growth in the industrial sector and cement sector was
no exception. Despite the slowing down of the capacity additions in the last
year, the supply side pressures mounted resulting in subdued selling prices. As
per Department of Industrial Policy and Promotion (DIPP) data, the growth in
demand continued to be at the lower range at around 5.6% only for FY 13 against
6.7% in the previous year. This adverse demand/supply situation forced the
industry to operate at a lower level of capacity of around 65% to 70% only. The
demand was affected during the year with the slowdown of the construction
sector and with an uneven monsoon at various parts of the country resulting in
surpluses and deficiencies and drought like situation in certain states. The
industry was also affected with the shortage of essential construction
materials like sand, bricks and water due to drought and the consequent drag on
cement demand. The power supply situation worsened further in many of the
southern states with continued long power cuts and power holidays. The higher
interest rates together with the slowdown in the economy also contributed their
part for this lower growth in demand. As per analysts' reports, whatever growth
that was achieved was mainly through rural housing and road construction while
the contribution from infrastructure sector continued to be meagre. With such a
meagre growth in the market place, the supply side pressure particularly in the
southern states was severe resulting in the lowering of prices in Andhra
Pradesh which had its own impact on the other southern states.
The industry also had to
bear the brunt of ever escalating costs of inputs and services. The railways
announced their rationalised freights which had an impact of 25% to 35%
increase while the diesel prices were increased substantially in September 2012
with further dosages in the following months pushing up the cost of
transportation of input materials and distribution costs. With the dual pricing
of diesel from January 2013 for bulk consumers by a steep increase of Rs.11 per
Litre and with further dosage of increases, the mining and operating costs of
the industry were also severely impacted. There was some relief however in the
form of reduced prices of imported coal but the industry could not reap the
full benefit due to spike in the exchange rates of Dollar. The substantial
increase in Cost of Living Index also meant increased pay out to employees
while the Electricity Boards in various states also contributed to the cost
push by way of increased tariffs.
OUTLOOK:
Prospects for economic
recovery appear to be good going by favourable macroeconomic indicators at the
global and domestic level. While the Euro Zone is still in the woods, there are
reports of recovery in the US market. Chinese economy continues to face slow
growth and decline in PMI, which will help in India's exports. The PMEAC has
envisaged that even existing rates of investment should enable us to grow at
7.5% to 8%. A return to higher levels of savings and investments can take us
back to the very high levels of growth which they had seen earlier. IMF has
also pegged their GDP growth at 5.8% for the current year while World Bank sees
India regaining economic momentum and growing at 6.1% this year. India remains
an attractive area of investment when compared with the other economies and the
Government appears to be focused through fast track clearances for projects and
FDI through policy reforms which augur well in this direction. With a positive
outlook for infrastructure and construction, upcoming state and central
elections, reduction in the lending rates, predicted normal monsoon, an
optimistic view can be taken for the revival of the economy which will augur
well for the industry.
FIXED ASSETS:
- Land Building
- Railway Siding
- Plant and Machinery
- Electrical Installation
- Ships
- Furniture and Fixtures
- Vehicles
- Computer Software
STATEMENT OF UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER, 2013
Rs. In Millions
|
Sr. No. |
Particular |
3
Months Ended |
9
Months Ended |
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
10365.400 |
10859.300 |
33608.200 |
|
|
Other Operating
Income |
11.000 |
78.500 |
113.200 |
|
|
Total Income From Operations (Net) |
10376.400 |
10937.800 |
33721.400 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
1376.600 |
1496.500 |
4463.400 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
13.000 |
(105.800) |
(239.400) |
|
|
Employee
benefits expenses |
830.700 |
793.600 |
2463.900 |
|
|
Power
and fuel |
2960.700 |
3050.800 |
9312.700 |
|
|
Transportation
and handling |
2317.600 |
2393.800 |
7361.700 |
|
|
Depreciation
and amortization expenses |
686.200 |
682.100 |
2047.800 |
|
|
Other
expenses |
1423.200 |
1954.700 |
5616.200 |
|
|
Total Expenses |
9608.000 |
10265.700 |
31026.300 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
768.400 |
672.100 |
2695.100 |
|
|
|
|
|
|
|
4. |
Other
Income |
8.300 |
1.000 |
10.800 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
776.700 |
673.100 |
2705.900 |
|
|
|
|
|
|
|
6. |
Interest |
772.500 |
987.500 |
2758.800 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
4.200 |
(314.400) |
(52.900) |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
4.200 |
(314.400) |
(52.900) |
|
|
|
|
|
|
|
10. |
Tax Expense |
|
|
|
|
|
a)
Current tax |
0.000 |
(98.700) |
0.000 |
|
|
b)
Deferred tax |
0.000 |
9.600 |
0.000 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
4.200 |
(225.300) |
(52.900) |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit
for the period (11-12) |
4.200 |
(225.300) |
(52.900) |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
3071.800 |
3071.800 |
3071.800 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
0.01 |
(0.73) |
(0.17) |
|
|
b)
Basic and diluted EPS after extraordinary items |
0.01 |
(0.73) |
(0.17) |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
211502827 |
211186857 |
211502827 |
|
|
-
Percentage of Shareholding |
68.86 |
68.75 |
68.86 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
61500625 |
61500625 |
61500625 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
70.91 |
70.91 |
70.91 |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
20.02 |
20.02 |
20.02 |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
25225748 |
25225748 |
25225748 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
29.09 |
29.09 |
29.09 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
8.21 |
8.21 |
8.21 |
|
Particulars |
3 Months ended on 31.12.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
33 |
|
Disposed of during the quarter |
33 |
|
Remaining unresolved at the end of the
quarter |
Nil |
NOTES:
1. The Company is primarily engaged in manufacturing and marketing of
cement.
2. Income from operations includes (a) Income from franchise of Indian Premier
League and (b) Ship charter freight earnings.
3. Ship Chartering is not a reportable segment in terms of Accounting Standard
17 'Segment Reporting'.
4. Finance cost is net of Rs. 27.800 Millions for the quarter ended December
31, 2013 being the foreign exchange translation difference credit other than
those capitalized/routed through Foreign Currency Monetary Item Translation
Difference Account.
5. Pursuant to the option exercised by the Company vide notification of
Ministry of Corporate Affairs dated December 29, 2011 on Accounting Standard 11
'The Effects of changes in Foreign Exchange Rates ‘the exchange fluctuation
impact on long term foreign currency monetary items for acquiring fixed assets
is capitalized and exchange fluctuation impact on other long term foreign
exchange monetary items is routed through Foreign Currency Monetary Item
Translation Difference Account to be amortized over the term of such loans.
6 (a) The Competition Commission of India (CCI) passed an Order dated June 20,
2012 alleging contravention of the provisions of The Competition Act 2002, by
certain cement manufacturers including the Company and imposed a penalty of Rs.
1874.800 Millions. Based on the advice of an eminent counsel, the company has
filed an appeal before the Competition Appellate Tribunal against the said
Order and hence no provision is presently considered necessary in the accounts.
The company has deposited Rs. 187.400 Millions, based on the interim order
passed by the Tribunal as a condition precedent for grant of stay, the said
payment has been grouped under Advances.
(b) APERC approved collection of Fuel Surcharge Adjustment (FSA) by the
Distribution Companies of Electricity (Discoms) in the State of Andhra Pradesh,
and the same has been challenged by the Company in the High Court of A. P. The
High Court has stayed the collection FSA for the period commencing 2008-09 till
the first quarter of the financial year 2010-11. The Distribution Companies
have appealed against this order of the Hon'ble High Court in the Supreme
Court. The claim thereafter i.e., from July 1, 2011 to date is pending
adjudication before the High Court.
The Company has paid Rs. 418.300 Millions till December 31, 2013 under protest
against the claim of FSA and the same has been grouped under Advances.
(c) Sales Income includes Rs. 49.300 Millions being the Sales Tax Incentive
relating to earlier years, receivable upon completion of assessment by the
authorities.
The Statutory auditors have drawn attention to the note nos. 6(a) to 6(c) in
their limited review report.
7. The previous periods' figures have been regrouped to conform to current
periods' required classification.
8. The Financial Results have been reviewed by the Audit Committee and approved
by the Board of Directors at the meetings held on February 10, 2014.
9. The Statutory auditors have carried out limited review of the above
financial results.
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.60.10 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.82.57 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
50 |
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.