MIRA
INFORM REPORT
|
Report Date : |
06.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
AMBUJA
CEMENTS LIMITED (w. e. f. 05.04.2007) |
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Formerly Known
As : |
GUJARAT
AMBUJA CEMENTS LIMITED |
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Registered
Office : |
P.O. Ambuja Nagar, Taluka Kodinar, Amreli District,
Junagadh - 362715, |
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Country : |
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Financials (as
on) : |
31.12.2013 |
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Date of
Incorporation : |
20.10.1981 |
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Com. Reg. No.: |
04-004717 |
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Capital Investment
/ Paid-up Capital : |
Rs. 3091.700 Millions |
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CIN No.: [Company Identification
No.] |
L26942GJ1981PLC004717 |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing and Marketing of Cement. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (74) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 370000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Not Available |
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Comments : |
Subject is a well-established company having excellent track record. Fundamentals of the company is decent. Financial position of the company
is strong and healthy. Directors are reported to be experienced and
respectable businessmen. Trade relations reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered good for business dealing 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
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.
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
MANAGEMENT NON – COOPERATIVE (91-22-66167000)
LOCATIONS
|
Registered Office : |
P.O. Ambuja Nagar, Taluka Kodinar, Amreli District, Junagadh - 362715,
Gujarat, India |
|
Tel. No.: |
91-2795 - 237000 |
|
Fax No.: |
Not Available |
|
E-Mail : |
shares@ambujacement.com |
|
Website : |
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Corporate Office : |
Elegant Business Park, MIDC Cross Road, ‘B’, Off. Andheri-Kurla Road,
Andheri (East), Mumbai – 400 059, Maharashtra, India |
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Integrated Cement Plants : |
i.
Ambujanagar, Taluka Kodinar, District Junagadh,
Gujarat, India
ii.
Darlaghat, District Solan, Himachal Pradesh,
India
iii.
Maratha Cement Works, District Chandrapur,
Maharashtra, India
iv.
Rabriyawas, District Pali, Rajasthan, India
v.
Bhatapara, District Raipur, Chhattisgarh, India |
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Grinding Stations: |
i.
Roopnagar, Punjab, India
ii.
Bathinda, Punjab, India
iii.
Sankrail, District Howrah, West Bengal, India
iv.
Farakka, District
Murshidabad, West Bengal, India
v.
Roorkee, District Haridwar, Uttaranchal, India
vi.
Dadri, District Gautam Budh Nagar, Uttar Pradesh,
India
vii.
Nalagarh, District Solan Himachal Pradesh, India
viii.
Magdalla, District Surat, Gujarat, India |
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|
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Bulk Cement Terminals: |
i.
Muldwarka, District Junagadh, Gujarat, India
ii.
Panvel, District Raigad, Maharashtra, India
iii.
Cochin, Kerala, India |
DIRECTORS
As on: 31.12.2013
|
Name : |
Mr. Suresh Neotia |
|
Designation : |
Chairman |
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|
Name : |
Mr. N S Sekhsaria |
|
Designation : |
Chairman |
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|
Name : |
Mr. Paul Hugentobler |
|
Designation : |
Vice Chairman |
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|
Name : |
Mr. Bernard Fontana |
|
Designation : |
Director |
|
Date of
Appointment: |
10.02.2012 |
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|
Name : |
Mr. Bernard Terver |
|
Designation : |
Director |
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|
Name : |
Mr. Nasser Munjee |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Rajendra P. Chitale |
|
Designation : |
Director |
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|
Name : |
Mr. Shailesh Haribhakti |
|
Designation : |
Director |
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|
Name : |
Dr. Omkar Goswami |
|
Designation : |
Director |
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|
Name : |
Mr. Haigreve Kjaitan |
|
Designation : |
Director |
|
Date of Appointment : |
27.07.2012 |
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|
Name : |
Mr. B.L. Taparia |
|
Designation : |
01.09.2012 |
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|
Name : |
Mr. Onne Van Der Weijde |
|
Designation : |
Director
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KEY EXECUTIVES
|
Name : |
Mr. Ajay Kapur |
|
Designation : |
Chief Executive Officer |
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|
Name : |
Mr. Sanjeev Churiwala |
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Designation : |
Chief Financial Officer |
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|
Name : |
Mr. Rajiv Gandhi |
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Designation : |
Company Secretary |
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|
Business Heads |
Mr. J.C. Toshniwal (North) Mr. Vilas Deshmukh (West and South) Mr. Vivek Agnihotri (East) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
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|
780308553 |
51.33 |
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|
780308553 |
51.33 |
|
Total shareholding of Promoter and Promoter Group (A) |
780308553 |
51.33 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5733357 |
0.38 |
|
|
1845679 |
0.12 |
|
|
133973495 |
8.81 |
|
|
477919067 |
31.44 |
|
|
619471598 |
40.75 |
|
|
|
|
|
|
6442317 |
0.42 |
|
|
|
|
|
|
89233617 |
5.87 |
|
|
9301517 |
0.61 |
|
|
15336659 |
1.01 |
|
|
14148744 |
0.93 |
|
|
1108862 |
0.07 |
|
|
12870 |
0.00 |
|
|
66183 |
0.00 |
|
|
120314110 |
7.91 |
|
Total Public shareholding (B) |
739785708 |
48.67 |
|
Total (A)+(B) |
1520094261 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
27137900 |
0.00 |
|
|
27137900 |
0.00 |
|
Total (A)+(B)+(C) |
1547232161 |
0.00 |
|
|
|
|
|
|
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BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Cement. |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity (b) |
Actual
Production |
|
|
|
(Rs. in millions) |
|
|
Cement (excluding Trial Run production of Nil; previous year
7,422 MT) |
MT |
27350000 |
20968883 |
|
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(a) The Company’s product is exempt from Licensing requirements under New Industrial Policy in terms of Notification no. S.O.477 (E) dated 25th July 1991.
(b) Annual Capacity as certified by the management and, being
a technical matter, accepted by the Auditors
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
Not Available |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S R Batliboi and Associates Chartered Accountants |
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Cost Auditors : |
P. M. Nanabhoy and Company Chartered Accountants |
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Ultimate Holding Company : |
Holcim Limited, Switzerland |
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Intermediate Holding Company : |
Holderfin BV, Netherlands |
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Holding Company : |
Holderind Investments Limited, Mauritius |
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Subsidiary : |
·
Kakinada Cements Limited, India ·
M.G.T. Cements Private Limited, India ·
Chemical Limes Mundwa Private Limited, India ·
Dang Cement Industries Private Limted, Nepal ·
Dirk India Private Limited, India |
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|
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|
Joint Venture : |
·
Wardha Vaalley Coal Field Private Limited, India ·
Counto Microfine Products Private Limited, India |
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|
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|
Step down subsidiary : |
Dirk Pozzocrete (MP) Private Limited, India |
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|
Fellow Subsidiary : |
·
ACC Concrete Limited, India ·
ACC Limited, India ·
Holcim (India) Private Limited, India ·
Bulk Cement Corporation (India) Limited, India ·
Holcim (Lanka) Limited, Sri Lanka ·
Holcim Malaysia SDN BHD, Malaysia ·
Holcim (Vietnam) Limited, Vietnam ·
Holcim Environment Services SA, Belgium ·
Holcim Group Support Limited, Switzerland ·
Holcim Philippines Inc. Philippines ·
Holcim Services (South Asia) Limited, India ·
Holcim Services Asia Limited, Thailand ·
Holcim Trading FZCO, UAE ·
Holcim Trading Pte Limited, Singapore ·
Holcim Trading SA, Spain ·
PT Holcim Indonesia Tbk., Indonesia ·
Siam City Cement Public Company Limited, Thailand · Holcim Cement (Bangladesh) Limited, Bangladesh |
CAPITAL STRUCTURE
AFTER 10.04.2014
Authorised Capital : Rs. 6500.000 Millions
Issued & Subscribed & Paid-up Capital : Rs. 3097.058
Millions
As on: 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2500000000 |
Equity Shares |
Rs.2/- each |
Rs.5000.000 millions |
|
150000000 |
Preference Shares |
Rs.10/- each |
Rs.1500.000 millions |
|
|
Total |
|
Rs.6500.000
millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1546186806 |
Equity Shares |
Rs.2/- each |
Rs.3092.400
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1545860286 |
Equity Shares |
Rs.2/- each |
Rs.3091.700
Millions |
|
|
|
|
|
a) Reconciliation of
equity shares outstanding
|
Particular |
No. of shares |
Rs. In Millions |
|
At the beginning of the year |
1542184436 |
3084.400 |
|
Add : Issued against Employee Stock Option Schemes (ESOS) . |
3675850 |
7.300 |
|
At the end of the year |
1545860286 |
3091.700 |
b) Rights,
preferences and restrictions attached to equity shares
The Company has one class of equity shares having a par value of Rs.2 per share. Each shareholder is entitled to one vote per equity share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation of the Company, the equity shareholders are eligible to receive remaining assets of the Company, after distribution of all preferential amounts, in proportion to their shareholding.
c) Equity shares held
by holding company, ultimate holding company and their subsidiaries
|
Particular |
As at 31.12.2013 Rs. In Millions |
|
i) Holderind Investments Limited, Mauritius (HIL), the holding company 629,638,433 (previous year - 629638433) equity shares of Rs.2 each fully paid-up. |
1259.300 |
|
ii) Holcim India Private Limited (HIPL) 150,670,120 (previous year - 150,670,120) equity shares of Rs.2 each fully paid-up |
301.300 |
d) Details of equity shares
held by shareholders holding more than 5% shares in the Company
|
Sr. No. |
Particular |
No. of shares |
% holding in the class |
|
i) |
Holderind Investments Limited, Mauritius |
629,638,433 |
40.73% |
|
ii) |
Holcim India Private Limited |
150,670,120 |
9.75% |
|
iii) |
Life Insurance Corporation of India |
92,665,449 |
5.99% |
As per the of the Company, including its register of shareholders / members and other declarations received from shareholders regarding beneficial interest, the above shareholding represent both legal and beneficial ownership of shares.
Outstanding employee stock options exercisable into 6,381,625 (previous year - 10,165,025) equity shares of Rs. 2 each fully paid up (Refer note 32 (b)).
Outstanding tradable warrants and right shares kept in abeyance exercisable into 186,690 (previous year - 186,690) and 139,830 (previous year - 139,830) equity shares of Rs. 2 each fully paid-up respectively.
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 |
3091.700 |
3084.400 |
3068.700 |
|
(b) Reserves & Surplus |
91763.700 |
84966.200 |
77625.600 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.100 |
|
Total
Shareholders’ Funds (1) + (2) |
94855.400 |
88050.600 |
80694.400 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
291.500 |
346.300 |
428.000 |
|
(b) Deferred tax liabilities
(Net) |
5643.200 |
5482.500 |
6436.000 |
|
(c) Other long term
liabilities |
175.800 |
49.100 |
38.200 |
|
(d) long-term provisions |
248.000 |
208.900 |
179.100 |
|
Total
Non-current Liabilities (3) |
6358.500 |
6086.800 |
7081.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
9745.200 |
9345.400 |
9511.600 |
|
(c) Other current liabilities |
7923.900 |
6558.700 |
6397.700 |
|
(d) Short-term provisions |
10762.900 |
13089.300 |
11733.400 |
|
Total
Current Liabilities (4) |
28432.000 |
28993.400 |
27642.700 |
|
|
|
|
|
|
TOTAL |
129645.900 |
123130.800 |
115418.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
60621.600 |
58619.300 |
61846.100 |
|
(ii) Intangible Assets |
3.700 |
4.400 |
18.500 |
|
(iii) Capital work-in-progress |
6948.800 |
5201.200 |
4868.200 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1045.100 |
1120.100 |
953.700 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3205.500 |
2872.700 |
5067.600 |
|
(e) Other Non-current assets |
2450.800 |
2549.100 |
21.500 |
|
Total
Non-Current Assets |
74275.500 |
70366.800 |
72775.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
16839.400 |
15438.300 |
7689.400 |
|
(b) Inventories |
9339.400 |
9839.300 |
9249.700 |
|
(c) Trade receivables |
2315.100 |
2133.700 |
2408.500 |
|
(d) Cash and cash equivalents |
23410.900 |
22537.200 |
20690.800 |
|
(e) Short-term loans and
advances |
2894.100 |
2489.800 |
2365.100 |
|
(f) Other current assets |
571.500 |
325.700 |
239.300 |
|
Total
Current Assets |
55370.400 |
52764.000 |
42642.800 |
|
|
|
|
|
|
TOTAL |
129645.900 |
123130.800 |
115418.400 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
91603.500 |
97303.000 |
85542.600 |
|
|
|
Other Income |
3936.200 |
3488.700 |
2478.700 |
|
|
|
TOTAL (A) |
95539.700 |
100791.700 |
88021.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw materials consumed |
6461.700 |
6717.600 |
5773.800 |
|
|
|
Purchases of Stock-in-Trade |
7.100 |
0.000 |
0.000 |
|
|
|
Changes in inventories of finished goods and work-in-progress |
1183.300 |
(2008.300) |
570.000 |
|
|
|
Employee benefits expense |
5024.100 |
4785.100 |
4332.00 |
|
|
|
Power and fuel |
20629.200 |
23290.700 |
20013.700 |
|
|
|
Freight and forwarding |
23617.700 |
22758.500 |
19333.600 |
|
|
|
Other expenses |
18241.400 |
17096.800 |
15816.600 |
|
|
|
Self-consumption of cement |
(69.300) |
(67.100) |
(67.400) |
|
|
|
Exceptional items |
(248.200) |
2791.300 |
242.500 |
|
|
|
TOTAL (B) |
74847.000 |
75364.600 |
66014.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
20692.700 |
25427.100 |
22006.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
650.800 |
756.600 |
526.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
20041.900 |
24670.500 |
21480.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4900.700 |
5652.200 |
4451.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
15141.200 |
19018.300 |
17028.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2195.500 |
6047.700 |
4740.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
12945.700 |
12970.600 |
12288.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7370.100 |
2847.500 |
3253.500 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
1500.000 |
2000.000 |
7000.000 |
|
|
|
Distribution Tax written back |
0.000 |
0.000 |
(8.300) |
|
|
|
Interim Dividend On Equity Shares |
5563.400 |
5548.000 |
4906.900 |
|
|
|
Dividend Distribution Tax on above |
945.500 |
900.000 |
796.000 |
|
|
BALANCE CARRIED
TO THE B/S |
12306.900 |
7370.100 |
2847.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
542.800 |
232.700 |
765.700 |
|
|
|
Royalty |
4.800 |
1.900 |
2.800 |
|
|
|
Interest |
0.100 |
0.000 |
0.000 |
|
|
|
Other Earnings |
37.700 |
94.800 |
33.300 |
|
|
TOTAL EARNINGS |
585.400 |
329.400 |
801.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials |
231.900 |
389.800 |
371.900 |
|
|
|
Packing material |
0.000 |
26.000 |
15.500 |
|
|
|
Fuels |
3409.400 |
4859.600 |
4904.700 |
|
|
|
Spares |
381.600 |
497.900 |
571.300 |
|
|
|
Capital goods |
1112.900 |
373.100 |
573.100 |
|
|
TOTAL IMPORTS |
5135.800 |
6146.400 |
6436.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
8.39 |
8.43 |
8.02 |
|
|
|
Diluted |
8.37 |
8.41 |
8.00 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
PAT / Total Income |
(%) |
13.55 |
12.87 |
13.96 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.53 |
19.55 |
19.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.45 |
16.28 |
15.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.22 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.95 |
1.82 |
1.54 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
3068.700 |
3084.400 |
3091.700 |
|
Reserves & Surplus |
77625.600 |
84966.200 |
91763.700 |
|
Share Application money
pending allotment |
0.100 |
0.000 |
0.000 |
|
Net
worth |
80694.400 |
88050.600 |
94855.400 |
|
|
|
|
|
|
long-term borrowings |
428.000 |
346.300 |
291.500 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
428.000 |
346.300 |
291.500 |
|
Debt/Equity
ratio |
0.005 |
0.004 |
0.003 |
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 |
85542.600 |
97303.000 |
91603.500 |
|
|
|
13.748 |
(5.857) |
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 |
85542.600 |
97303.000 |
91603.500 |
|
Profit |
12288.600 |
12970.600 |
12945.700 |
|
|
14.37% |
13.33% |
14.13% |
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 |
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 |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
No |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.12.2013 |
As on 31.12.2012 |
|
Long-term
borrowings |
|
|
|
Sales tax deferment loan** |
232.900 |
346.300 |
|
|
|
|
|
Total |
232.900 |
346.300 |
|
Note:
** Sales tax deferment loan is interest free and payable in 10 annual installments starting from April 2007 to April 2016 of varying amounts from Rs. 15.200 millions to Rs.132.300 millions. |
||
FINANCIAL RESULTS
2013
AT A GLANCE (STAND
ALONE RESULTS)
Cement production decreased by 3% to reach 20.96 million tonnes, from 21.620 million tonnes while clinker production decreased to 14.270 million tonnes, 10% down from 15.81 million tonnes in year 2012.
Domestic cement sales volume continued with sluggish demand by recording a decrease of 2% at 20.940 million tonnes from 21.310 million tonnes in year 2012. Cement exports decreased to 0.100 million tonnes from 0.120 million tonnes in year 2012. Clinker sales (including exports) were up at 0.560 million tonnes from 0.550 million tonnes in 2012.
Net sales at Rs. 9,087.000 millions were 6% lower than that of previous year’s Rs. 9,675.000 millions. Average sales realisation decreased by around 4% at Rs. 4,208 per tonne against approx Rs. 4,400 per tonne in 2012.
Total (operating) expenses for the year 2013 increased by 2% over that of year 2012.
The Company achieved an absolute EBITDA of Rs. 1651.000 millions in year 2013. This is lower by 33% over the corresponding Rs. 2473.000 millions of the year 2012.
Profit before tax at Rs. 1,514.000 millions was down by 20% over corresponding figure of Rs. 1902.000 millions for year 2012.
Net Profit at Rs. 1,295.000 millions was down by 0.2% over corresponding figure of Rs. 1297.000 millions for the year 2012.
MARKET DEVELOPMENTS
The Company’s domestic cement sales in 2013 declined by 1.7% to 20.940 million tonnes as compared to 21.31 million tonnes achieved in 2012. Total cement sales (including exports) declined by 1.8% to 21.040 million tonnes as compared to 21.430 million tonnes achieved in 2012.
REGION-WISE SALES
VOLUME / GROWTH
In the North region, domestic cement sales of the Company declined by 1.7% to 8.640 million tonnes in 2013 compared to 8.790 million tonnes in 2012.
In the East region, the Company achieved sales of 4.210 million tonnes of cement in the domestic market, registering a decline of 0.2% over the previous year sales of 4.220 million tonnes.
In the West and South region, the Company’s domestic cement sales in 2013 declined by 2.5% to 8.090 million tonnes as compared to 8.300 million tonnes achieved in 2012.
Cement exports in 2013 reduced further to 0.100 million tonnes as compared to 0.120 million tonnes in 2012.
COST DEVELOPMENTS
During the year 2013, the economy witnessed upward movement in overall cost structure and volatile foreign exchange rates. However, the Company implemented cost optimisation initiatives which helped in containing inflationary impact to some extent.
MAJOR COST MOVEMENTS
Cost of major raw material, fly ash, increased by 7% on per tonne basis. However, strategy to change in mix of gypsum resulted in cost decrease by 2% on per tonne basis. Overall, the absolute raw material cost decreased by approx. 6% over the previous year including the impact of lower volumes.
Power and fuel costs account for approximately 26% of the total operating cost of the Company. Coal cost for kiln and captive power plants reduced by 8% and 10% respectively, due to reduced usage of imported coal and also substitution of high cost coal by pet coke usage. Besides, there was increased usage of Alternate fuels by 3% over the usage for the year 2012.
Cost of grid power continued its upward movement with per kwh rate increasing by approximately 22% over the previous year. In 2013, captive power generation which supports 66% of the total power requirements of the Company, reduced by 10%.
Overall, the reduction in dependence on grid, increase usage of captive power and reduction in fuel prices have helped the Company in registering a decrease of 11% in absolute cost of power and fuel as compared to the year 2012.
Freight and forwarding cost works out to 30% of total operating costs. During the year, the same hardened by 6% on per tonne basis over the year 2012 due to an increase in diesel prices.
The cost of packing bags went up by around 14%, driven by increase in PP granule prices.
EXPANSION PROJECTS
AND NEW INVESTMENTS
The Company took up several projects to serve its customers in a more efficient, cost-effective, reliableand environment-friendly manner, while bolstering its market position in the industry.
CAPACITY EXPANSION
DURING THE YEAR
The new Bulk Cement Terminal (BCT) at Mangalore commissioned this year will help the Company expand its footprint in the southern markets of India.
EFFICIENCY
IMPROVEMENT MEASURES
GETTING BETTER AT
BEING THE BEST
The Company focused on consolidation and optimisation of its existing capacities in all the three regions. Capital investments kept flowing in during the year, to ensure the highest standards of safety in order to meet the Company policies of ‘Zero Harm’, clean and energy efficient infrastructure, cost efficient and environment friendly material handling systems and process optimisation.
OUTLOOK
REFORMS FOR AN
ECONOMIC REVIVAL
THE ECONOMIC OUTLOOK
Economic growth accelerated to 4.8% in the second fiscal quarter from 4.4% in the first due to higher output in both industry and agriculture and a rebound in exports. However, it is less likely that they will see a complete turnaround in the economy as the domestic demand remains weak and both consumption and investment continue to grow sluggishly. They expect growth to remain soft in the first quarter of year 2014 owing to delayed investment announcements in the run-up to general elections. Further, it is expected to be supported by export recovery and likely sustained growth in capital expenditure after the second quarter of FY2014, once political stability has been re-established.
They expect the Indian economy to grow at 5% during year 2014 and driven by India’s strong economic fundamentals - high saving and investment rates, rapid workforce growth, a quickly expanding middle class, and the start of a shift from low-productivity agriculture to high productivity manufacturing. However, given the country’s large external financing needs, domestic expansion will be affected by the global availability of capital.
Economic growth could exceed their forecasts if the Administration’s reform efforts are sustained, infrastructural development accelerates and the government enjoys success in its bid to develop a labour-intensive manufacturing sector in India.
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 31/03/2014
(Rs. In Millions)
|
|
Particulars |
Quarter
Ended |
Year
to date figure for current period ended |
|
|
30.06.2014 |
31.03.2014 |
30.06.2014 |
||
|
1 |
Income from operations |
|
|
|
|
|
(a) Net sales/income from operations (net of excise duty) |
27063.500 |
26378.300 |
53441.800 |
|
|
(b) Other operating income |
137.100 |
133.600 |
270.700 |
|
|
Total income from operations (net) |
27200.600 |
26511.900 |
53712.500 |
|
2 |
Expenses |
|
|
|
|
|
a) Cost of materials consumed |
2204.300 |
2082.900 |
4287.200 |
|
|
b) Purchases of stock-in-trade |
58.800 |
7.700 |
66.500 |
|
|
c) Changes in inventories of finished goods, work-in-
process and stock-in-trade |
(520.100) |
534.700 |
14.600 |
|
|
d) Employee benefits expense |
1407.200 |
1290.500 |
2697.700 |
|
|
e) Depreciation and amortisation expense |
1241.500 |
1197.400 |
2438.900 |
|
|
f) Power and Fuel |
6241.800 |
5783.200 |
12025.000 |
|
|
g) Freight and distributors expenses |
|
|
|
|
|
On finished products |
5164.100 |
5141.500 |
10305.600 |
|
|
On internal material transfer |
1737.800 |
1451.800 |
3189.600 |
|
|
|
6901.900 |
21819.100 |
13495.200 |
|
|
h) Other expenses |
5028.900 |
4329.400 |
9358.300 |
|
|
Total expenses |
22564.300 |
21819.100 |
44383.400 |
|
3 |
Profit from operations before other income, finance costs
and exceptional items (1-2) |
4636.300 |
4692.800 |
9329.100 |
|
4 |
Other income |
|
|
|
|
|
Interest income |
587.700 |
622.400 |
1210.100 |
|
|
Other |
793.100 |
677.800 |
1470.900 |
|
|
Total other income |
1380.800 |
1300.200 |
2681.000 |
|
5 |
Profit before finance costs and exceptional items (3+4) |
6017.100 |
5993.000 |
12010.100 |
|
6 |
Finance costs |
202.500 |
161.000 |
363.500 |
|
7 |
Profit after finance costs but before exceptional items
(5-6) |
5814.600 |
5832.000 |
11646.600 |
|
8 |
Exceptional items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit before tax (7+8) |
5814.600 |
5832.000 |
11646.600 |
|
10 |
Tax expense |
1727.600 |
631.900 |
2359.500 |
|
11 |
Net Profit after tax (9-10) |
4087.000 |
5200.100 |
9287.100 |
|
14 |
Paid-up equity share capital (Face value-2/- per equity
share) |
3094.500 |
3092.500 |
3092.500 |
|
16 |
Reserves (excluding revaluation reserves) as per Balance Sheet
of previous accounting year |
|
|
|
|
18 |
Earnings per share (of 71 each) (for the period - not
annualised) |
|
|
|
|
|
Basic |
2.64 |
3.36 |
6.01 |
|
|
Diluted |
2.64 |
3.36 |
6.00 |
|
|
|
|
|
|
|
A |
Particulars of Shareholding |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
739785708 |
741659795 |
739785708 |
|
|
- Percentage of shareholding |
47.82 |
47.97 |
47.82 |
|
2 |
Promoters and Promoter group Shareholding a)
Pledged/encumbered |
|
|
|
|
|
-Number of shares |
-- |
-- |
-- |
|
|
-Percentage of shares (as a % of the total shareholding of
promoter and promoter group) |
-- |
-- |
-- |
|
|
-Percentage of shares (as a % of the total share capital
of the Company) |
-- |
-- |
-- |
|
|
b) Non-encumbered |
|
|
|
|
|
-Number of shares |
780308553 |
780308553 |
780308553 |
|
|
-Percentage of shares (as a % of the total shareholding of
promoter and promoter group) |
100 |
100 |
100 |
|
|
Percentage of shares (as a % of the total share capital of |
50.43 |
50.46 |
50.43 |
|
|
Particulars |
|
|
|
|
|
Investor
Complaints |
|
|
|
|
|
Pending at the beginning of the quarter |
|
|
- |
|
|
Received during the quarter |
|
|
10 |
|
|
Disposed off during the quarter |
|
|
10 |
|
|
Remaining unresolved at the end of the quarter |
|
|
- |
Note:
The
above results have been approved and taken on record by the Board of Directors
at its meeting held on July 24, 2014.
2. a) Other income includes Rs. 269.700 Millions for the quarter ended March
31, 2014 and for the half year ended June 30, 2014, Rs. 278.400 Millions for
the half year ended June 30, 2013 and Rs. 321.900 Millions for the year ended
December 31, 2013 written back towards interest on income tax relating to
earlier years.
b) Tax expense is net of credit relating to earlier years, Rs. 947.500 Millions
for the quarter ended March 31, 2014 & half year ended June 30, 2014, Rs.
1171.700 Millions for the half year ended June 30, 2013 and Rs. 2407.500
Millions for the year ended December 31, 2013.
The Competition Commission of India in June 2012 had imposed a penalty of Rs.
11639.100 Millions concerning alleged contravention of the provisions of the
Competition Act, 2002. On Company’s appeal. Competition Appellate Tribunal had
stayed the penalty with a condition to deposit 10% of the penalty amount, which
was deposited. Based on the advice of external legal counsel, the Company
believes that it has good grounds for a successful appeal. Accordingly, no
provision is considered necessary in the above financial results.
STATEMENT OF ASSETS AND LIABILITIES
|
SOURCES
OF FUNDS |
31.03.2014 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
3094.500 |
|
(b) Reserves & Surplus |
97930.400 |
|
(c) Money received against
share warrants |
0.000 |
|
|
|
|
(2) Share Application money
pending allotment |
89.400 |
|
Total
Shareholders’ Funds (1) + (2) |
101114.300 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
190.900 |
|
(b) Deferred tax liabilities
(Net) |
5749.400 |
|
(c) Other long term
liabilities |
78.500 |
|
(d) long-term provisions |
234.200 |
|
Total
Non-current Liabilities (3) |
6253.000 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
0.000 |
|
(b) Trade payables |
6175.600 |
|
(c) Other current liabilities |
11590.500 |
|
(d) Short-term provisions |
11557.600 |
|
Total
Current Liabilities (4) |
29323.700 |
|
|
|
|
TOTAL |
136691.000 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
68172.300 |
|
(b) Non-current Investments |
1045.100 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
5281.400 |
|
(e) Other Non-current assets |
2394.800 |
|
Total
Non-Current Assets |
76893.600 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
19421.200 |
|
(b) Inventories |
9680.500 |
|
(c) Trade receivables |
2453.900 |
|
(d) Cash and cash equivalents |
24074.100 |
|
(e) Short-term loans and
advances |
3621.700 |
|
(f) Other current assets |
546.000 |
|
Total
Current Assets |
59797.400 |
|
|
|
|
TOTAL |
136691.000 |
The Company has only one business segment "Cementitious Materials".
The Board has declared interim dividend @ Rs. 1.80 per Equity Share.
For the purpose of payment of interim dividend, the Company has fixed July 31,
2014 as the record date.
The figures for the previous periods have been regrouped wherever necessary to
conform to the current period's presentation.
Limited Review of the financial results for the quarter ended June 30, 2014 has
been carried out by the Statutory Auditors.
FIXED ASSETS:
·
·
· Buildings, Roads and Water Works
· Marine Structures
· Plant and Machinery
· Electrical Installations
· Railway Sidings and Locomotives
· Railway wagons given on lease
· Furniture, Fixtures and Office Equipments
· Ships
· Vehicles
· Power Lines
Intangible Assets:
· Water Drawing Rights
· Computer Software
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 records 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. 61.75 |
|
|
1 |
Rs. 100.07 |
|
Euro |
1 |
Rs. 77.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
74 |
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.