MIRA INFORM REPORT
|
Report Date : |
15.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
JSW CEMENT LIMITED |
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Registered
Office : |
JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra |
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Country : |
India |
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|
Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
29.03.2006 |
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Com. Reg. No.: |
11-160839 |
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Capital
Investment / Paid-up Capital : |
Rs.4015.117 Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
U26957MH2006PLC160839 |
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|
IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCJ6731B |
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|
Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of manufacture and sale
of cement, ground granulated blast furnace slag and clinker and trading of
allied products. |
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|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “JSW INVESTMENTS PRIVATE LIMITED”. It is an
established company having moderate track record. The rating is constrained on account of JSW cement’s below average
operational performance marked by weak capital structure and accumulated loss
incurred by the company during 2014. However, company gets good financial and managerial support from its parent
company. Trade relations are fair. Business is active. Payments are reported to
be slow but correct. In view of strong support from parent company, the company can be
considered for business dealing with some caution. |
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy stake
in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities BB+ |
|
Rating Explanation |
Inadequate credit quality and high credit
risk. |
|
Date |
July 15, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities A4+ |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
July 15, 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 DENIED
MANAGEMENT NON CO-OPERATIVE (91-22-42863030)
LOCATIONS
|
Registered Office/ Corporate Office : |
JSW Centre, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
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Website : |
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|
Vijayanagar Works : |
R O Vidyanagar, Toranagallu District Bellary – 583275, Karnataka, India |
|
Tell No.: |
91-8395-250120 to 30 |
|
Fax No.: |
91-8395-250138/250665 |
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Branch Office 1: |
3rd Floor, Surya Towers, S P Road, Secunderabad - 500 003, Hyderabad, Andhra Pradesh, India |
|
Tel. No.: |
91-40-27846676. |
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Branch Office 2: |
2nd Floor, Embasy Complex No. 7, 10th Cross, Wilson Garden, Bangalore – 560027, Karnataka, India |
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Branch Office 3: |
4th Floor, Door No.8, Gyanasambandam Building, Dr. Natesan Salia, Opposite Police Training College, Ashoknagar, Chennai – 600083, Tamilnadu, India |
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Branch Office 4: |
3rd Floor, Penta Shopping Centre, Janatha Junction, Palarivattom, Kochi – 682025, Kerala, India |
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Project Location: |
Bilakalagudduru, Gadivemula Mandal, Nandyal, |
DIRECTORS
As on 27.08.2013
|
Name : |
Mr. Nirmal Kumar Jain |
|
Designation : |
Director |
|
Address : |
302, Suman, Playground Road, Vile Parle (East), Mumbai – 400057,
Maharashtra, India |
|
Date of Birth/Age : |
03.05.1946 |
|
Date of Appointment : |
31.01.2013 |
|
DIN No.: |
00019442 |
|
|
|
|
Name : |
Roop Chand Sodani |
|
Designation : |
Whole Time Director |
|
Address : |
House No. C 8/3 JSW Township, P.O Vidyanagar, District, Ballary
Karnataka, India |
|
Date of Birth/Age : |
13.05.1954 |
|
Qualification : |
B.Com, FCA |
|
Date of Appointment : |
21.07.2007 |
|
DIN No.: |
01712915 |
|
|
|
|
Name : |
Mr. Kantilal Narandas Patel |
|
Designation : |
Director |
|
Address : |
12, Yesho Mangal, 64, Lallubhai, |
|
Date of Birth/Age : |
30.05.1951 |
|
Qualification : |
FCA |
|
Date of Appointment : |
29.03.2006 |
|
DIN No.: |
00019414 |
|
|
|
|
Name : |
Mr. Pankaj Kulkarni |
|
Designation : |
Director |
|
Address : |
A-602, Dipti Sapphire Natwar Road, Vile Parle (East), Mumbai – 400057,
Maharashtra , India |
|
Date of Birth/Age : |
07.12.1957 |
|
Qualification : |
B.E and Master of Financial Management |
|
Date of Appointment : |
02.08.2012 |
|
DIN No.: |
00725144 |
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|
|
|
Name : |
Ranjana Vinay Paranjape |
|
Designation : |
Nominee Director |
|
Address : |
A-233, Twin Towers, Bombay Dveina Compound, Prabhadevi, Mumbai –
400025, Maharashtra, India |
|
Date of Birth/Age : |
14.10.1956 |
|
Date of Appointment : |
05.07.2013 |
|
DIN No.: |
06646483 |
KEY EXECUTIVES
|
Name : |
Mr. Amitkumar Prabhakar Mundhe |
|
Designation : |
Secretary |
|
Address : |
802, A/B Wing, Emeraid Tower, Wadhwa Meadows, Near Cimemax, Kalyan -421301,
Maharashtra, India |
|
Date of Birth/Age : |
15.09.1979 |
|
Date of Appointment : |
22.06.2012 |
|
PAN No.: |
ALPPM5465M |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.08.2013
|
Names of Shareholders |
No. of Shares |
|
JSW Investments Private
Limited, India |
274886450 |
|
Sapphire Technologies Limited, |
74750 |
|
Balwant Ranka |
100 |
|
Seshagiri Rao |
100 |
|
K.N. Patel |
100 |
|
P.K Kedia |
100 |
|
Jayant Acharya |
100 |
|
JSW Logistics Infrastructure Private Limited, India |
26550000 |
|
|
|
|
Total |
301511700 |
As on 27.08.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacture and sale
of cement, ground granulated blast furnace slag and clinker and trading of
allied products. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS - NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information denied by the management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Financial Institution: |
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Auditors : |
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|
Name : |
Shah Gupta and
Company Chartered Accountants |
|
Address : |
38, Bombay Mutual
Building, 2nd Floor, Dr. D.N. Road, Fort, Mumbai - 400001,
Maharashtra, India |
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PAN
No. : |
AAAFS7702F |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding company : |
v Jsw
Investments Private Limited |
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|
Fellow Subsidiary
company |
v Jsw Aluminium Limited v Jsw Energy Investments Private Limited v Jsw Green Private Limited v Jsw Infrastructure Fintrade Private Limited v Jsw Jaigarh Port Limited v Jsw Projects Limited v SAPPHIRE Technologies Limited v South-West Mining Limited |
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|
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|
Enterprises which are owned, or have significant
influence of or are partners with Key management personnel and their
relatives |
v Jsw Steel Limited v Jsw Energy Limited v Jsw Realty and Infrastructure Private Limited v Jsw Severfield Structures Limited v Jsoft Solutions Limited v Jsw Power Trading Company Limited v Jsw Steel Coated Products Limited v Jsw Ispat Steel Limited v Jsw Techno Projects Management Limited v Amba River Coke Limited v Jsw Logistics Infrastructure Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
Rs.10/- each |
Rs.10000.000 Millions |
|
50000000 |
Preference Shares |
Rs.100/- each |
Rs.5000.000 Millions |
|
|
Total |
|
Rs.15000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
401511700 |
Equity Shares |
Rs.10/- each |
Rs.4015.117 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
4015.100 |
3015.100 |
3015.100 |
|
(b) Reserves & Surplus |
(935.400) |
142.700 |
965.900 |
|
(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) |
3079.700 |
3157.800 |
3981.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
8651.900 |
8724.700 |
9661.900 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
103.000 |
180.200 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
11.200 |
11.400 |
9.400 |
|
Total Non-current
Liabilities (3) |
8663.100 |
8839.100 |
9851.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
349.400 |
|
(b) Trade
payables |
2211.300 |
2247.600 |
387.800 |
|
(c) Other current
liabilities |
2741.700 |
2769.900 |
918.700 |
|
(d) Short-term
provisions |
41.400 |
35.400 |
39.700 |
|
Total Current
Liabilities (4) |
4994.400 |
5052.900 |
1695.600 |
|
|
|
|
|
|
TOTAL |
16737.200 |
17049.800 |
15528.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
12558.800 |
12967.300 |
1619.500 |
|
(ii)
Intangible Assets |
23.600 |
20.000 |
0.000 |
|
(iii)
Capital work-in-progress |
903.900 |
627.000 |
11740.900 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
24.200 |
24.200 |
24.200 |
|
(c) Deferred tax assets (net) |
728.700 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
359.100 |
314.600 |
198.500 |
|
(e) Other
Non-current assets |
0.100 |
0.100 |
0.000 |
|
Total Non-Current
Assets |
14598.400 |
13953.200 |
13583.100 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1034.300 |
1461.000 |
544.400 |
|
(c) Trade
receivables |
405.400 |
452.400 |
180.300 |
|
(d) Cash
and cash equivalents |
256.900 |
665.900 |
445.700 |
|
(e)
Short-term loans and advances |
429.800 |
491.600 |
774.600 |
|
(f) Other
current assets |
12.400 |
25.700 |
0.000 |
|
Total
Current Assets |
2138.800 |
3096.600 |
1945.000 |
|
|
|
|
|
|
TOTAL |
16737.200 |
17049.800 |
15528.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7293.500 |
6899.600 |
2720.900 |
|
|
|
Other Income |
119.900 |
126.300 |
29.400 |
|
|
|
TOTAL |
7413.400 |
7025.900 |
2750.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1067.200 |
1591.100 |
669.400 |
|
|
|
Purchases of Stock-in-Trade |
8.800 |
236.500 |
369.600 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
156.500 |
(107.000) |
(11.800) |
|
|
|
Employees benefits expense |
367.100 |
299.700 |
107.700 |
|
|
|
Other expenses |
5526.400 |
4434.200 |
748.900 |
|
|
|
TOTAL |
7126.000 |
6454.500 |
1883.800 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
287.400 |
571.400 |
866.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1339.500 |
874.700 |
73.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(1052.100) |
(303.300) |
793.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
690.200 |
599.000 |
74.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE PRIOR PERIOD ITEMS, EXCEPTIONAL ITEMS,
EXTRAORDINARY ITEMS AND TAX |
(1742.300) |
(902.300) |
718.600 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL ITEMS BEFORE TAX |
167.500 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(1909.800) |
(902.300) |
718.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(831.700) |
(77.300) |
713.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(1078.100) |
(825.000) |
4.900 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(3.58) |
(2.74) |
1.63 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
(14.78) |
(11.96) |
0.18 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
3.94 |
8.28 |
31.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(12.66) |
(5.50) |
19.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.62) |
(0.29) |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.81 |
2.76 |
2.51 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.43 |
0.61 |
1.15 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
3015.100 |
3015.100 |
4015.100 |
|
Reserves & Surplus |
965.900 |
142.700 |
-935.400 |
|
Net worth |
3981.000 |
3157.800 |
3079.700 |
|
|
|
|
|
|
long-term borrowings |
9661.900 |
8724.700 |
8651.900 |
|
Short term borrowings |
349.400 |
0.000 |
0.000 |
|
Total borrowings |
10011.300 |
8724.700 |
8651.900 |
|
Debt/Equity ratio |
2.515 |
2.763 |
2.809 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from operations |
2720.900 |
6899.600 |
7293.500 |
|
|
|
153.578 |
5.709 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from operations |
2720.900 |
6899.600 |
7293.500 |
|
Profit |
4.900 |
(825.000) |
(1078.100) |
|
|
0.18% |
(11.96%) |
(14.78%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Current Maturities of Long Term Debts |
1731.500 |
1731.500 |
125.000 |
|
|
|
|
|
|
Total |
1731.500 |
1731.500 |
125.000 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
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 |
----- |
|
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 |
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 |
10520585 |
09/09/2014 |
4,250,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF
INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, Maharashtra - |
C21158944 |
|
2 |
10486246 |
28/03/2014 |
4,250,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound,
Pandurang Budhkar Marg, Worli, Mumbai, Maharashtra - 400025, INDIA |
C00957027 |
|
3 |
10365501 |
29/08/2013 * |
2,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,
Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
B84077999 |
|
4 |
10231578 |
28/11/2013 * |
11,250,000,000.00 |
IDBI Bank Limited |
IDBI Tower, WTC Complex, Cuffe Parade,
Mumbai, |
B91745893 |
|
5 |
10209752 |
13/05/2010 * |
11,250,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani
Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
A86775988 |
|
6 |
10098579 |
29/03/2008 |
750,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani
Marg, Ballard Estate, MUMBAI, Maharashtra - 400001, INDIA |
A35908755 |
|
7 |
10058607 |
03/07/2007 |
750,000,000.00 |
Syndicate Bank Industrial Finance Branch |
10 Homji Street, Fort, Mumbai, Maharashtra
- 400023, INDIA |
A18278200 |
* Date of charge modification
OVERVIEW OF THE COMPANY
The Company is engaged in the business of manufacture and sale of cement, ground granulated blast furnace slag and clinker and trading of allied products. The Company is operating 0.70 million tonne per annum grinding unit at Vijayanagar, Karnataka and 4.40 million tonne per annum green field cement manufacturing unit at Bilkalguduru village near Nandyal, Andhra Pradesh.
HIGHLIGHTS OF
PERFORMANCE
Inspite of subdued
demand and over capacity scenario in target markets, the Company has achieved
volume growth during the year. However, substantial fall in net cement sales
realization, increased distribution cost and increased input cost had
significantly impacted Company’s financial performance as summarized below:
Total production
of Portland Slag Cement (PSC), Ordinary Portland Cement (OPC) and Ground
Granulated Blast Furnace Slag (GGBS) during the year was 2.16 mtpa (PSC 0.93
mtpa, OPC 0.82 mtpa and GGBS 0.41 mtpa) against production of 1.82 Lac mtpa
(PSC 0.82 mtpa, OPC 0.68 mtpa and GGBS 0.32 mtpa) in previous year representing
an increase of 18.68%.
Total sales volume
of PSC, OPC and GGBS during the year was 2.19 mtpa (PSC 0.93 mtpa, OPC 0.84
mtpa and GGBS 0.42 mtpa) against 1.79 mtpa (PSC 0.79 mtpa, OPC 0.68 mtpa and
GGBS 0.32 mtpa) representing an increase of 22.34%.
Total revenue
during the year increased by 5.52 % to Rs.7413.400 milions as against
Rs.7025.900 millions in previous year.
Profit before
interest, finance costs, depreciation and exceptional items was Rs. 287.400
millions. Loss before tax was 1909.800 millions after considering exceptional
loss of Rs. 167.500 millions. Exceptional loss was on account of adverse
foreign exchange movements. After recognition of Deferred Tax Assets of Rs.
831.700 millions, loss after tax was Rs. 1078.100 millions.
INDUSTRY OUTLOOK
The Indian cement
industry, for past few years, has been expanding significantly on expectation
of rising infrastructure activities, increasing demand from housing sector and
construction recovery. Cement Industry’s present installed capacity is Rs 361
million tons and the cement production in fiscal 2014 was Rs 258 million tons.
The Southern region of India has the highest installed capacity, accounting for
about one-third of the country's total installed cement capacity and lowest
capacity utilization at ~58% as against ~72% capacity utilization at national
level.
Historically
cement demand had grown at 1.28 times of the GDP growth. However in fiscal
2014, the cement demand had grown at about 3% against GDP growth of 4.7%. Thus
the multiplier of cement demand growth to GDP growth not only declined below
one but also lost its relevance.
The short term
outlook of the industry appears challenging as domestic cement demand is
expected to remain weak and grow sluggishly. However, the medium and long term
growth prospects remain intact due to huge untapped demand of infrastructure
and real estate sector. The cement industry is expected to gather momentum
driven by revival in the general investment climate and reduction in interest
rates, especially after new government takes initiatives for putting reforms
process in motion which would stimulate demand in housing and infrastructure
sectors. They expect that the capacity utilisation rate of the Indian cement
industry to improve gradually from current 72% to 85% by 2017-18. At the same
time there is likelihood of mounting pressure on costs arising mainly out of
increases in the cost of coal power, diesel, rail freight, royalty etc.
The Company is
taking various initiatives normally utilization of alternative fuels,
rationalization of product and market mix, improving productivity, optimising
distribution network, investment in brand building and promotional activities
with significant thrust on improving cost competitiveness and increasing market
share for presenting an improved performance.
FIXED ASSETS
œ Land
œ Buildings
œ Plant and Equipment
œ Furniture and Fixtures
œ Vehicles
œ Office Equipment
œ
Computer Equipment’s
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.61.48 |
|
|
1 |
Rs.97.92 |
|
Euro |
1 |
Rs.76.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.