MIRA
INFORM REPORT
|
Report Date : |
07.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
SANGHI INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Sanghi Nagar P.O.,
Hayatnagar Mandal, Ranga Reddy District –
501511, Telangana |
|
|
|
|
Country : |
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|
|
|
Financials (as
on) : |
30.06.2014 |
|
|
|
|
Date of
Incorporation : |
14.06.1985 |
|
|
|
|
Com. Reg. No.: |
005581 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2895.200 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L18209TG1985PLC005581 |
|
|
|
|
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 and Cement Products
in Domestic and Export Market. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 38360000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having good track record. Financial position of the company is good. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 (Tel. No.: 8415-242232/15 /17 /19)
LOCATIONS
|
Registered Office : |
Sanghi Nagar P.O.,
Hayatnagar Mandal, Ranga Reddy District –
501511, Telangana, India |
|
Tel. No. : |
91-8415-242240 |
|
Fax No. : |
91-8415-242239 |
|
E-Mail : |
|
|
Website : |
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|
Corporate/ Export Office : |
10th Floor,
Kataria Arcade, Off. S-G Highway, Post: Makaraba, Ahmedabad – 380051,
Gujarat, India |
|
Tel. No. : |
91-79-26838000 |
|
Fax No. : |
91-79-26838111 |
|
E-Mail : |
|
|
|
|
|
Factory 1 (Cement
Works) : |
Village Motiber, Taluka Abdasa,
Sanghipuram, Kutch District - 370511, Gujarat, India |
|
Tel. No. : |
91-2831-274131/32/33 |
|
Fax No. : |
91-2831-274115/23 |
|
|
|
|
Factory 2 : |
At. Navlakhi, Taluka : Maliya, Rajkot - 363660, Gujarat, India |
|
|
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Factory 3 : |
PNP Port, Dharamtar, PO. Shahabaj, Raigad, Maharashtra, India |
|
|
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|
Mumbai Office : |
110, B Wing, Krishna Commercial Centre, 6, Udyog
Nagar, Near Kamath Club, S.V.Road, Goregaon (West), Mumbai – 400062,
Maharashtra, India |
|
Tel. No. : |
91-22-28713120 |
|
Fax No. : |
91-22-28713126 |
|
|
|
|
Marketing Offices : |
Located
at · Ahmedabad Baroda Gandhidham Rajkot Surat Mumbai Jodhpur |
DIRECTORS
As on 30.06.2014
|
Name : |
Mr. Ravi Sanghi |
|
Designation : |
Chairman and Managing
Director |
|
|
|
|
Name : |
Mr. Gireesh Sanghi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Aditya Sanghi |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Alok Sanghi |
|
Designation : |
Executive Director |
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|
|
|
Name : |
Bina Engineer |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
N. B. Gohil |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
C.S.V. Rao |
|
Designation : |
Nominee Director – IDBI |
|
|
|
|
Name : |
D. K. Kambale |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sadashiv Sawrikar |
|
Designation : |
Director |
|
|
|
|
Name : |
D.B.N.Rao |
|
Designation : |
Director |
|
|
|
|
Name : |
R.K.Pandey |
|
Designation : |
Director |
|
|
|
|
Name : |
T.M.Jagan Mohan |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Anil Agrawal |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholders |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
63352950 |
28.80 |
|
|
92892832 |
42.23 |
|
|
156245782 |
71.03 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
156245782 |
71.03 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5800 |
0.00 |
|
|
3275 |
0.00 |
|
|
2029365 |
0.92 |
|
|
5669585 |
2.58 |
|
|
5669585 |
2.58 |
|
|
7708025 |
3.50 |
|
|
|
|
|
|
46285892 |
21.04 |
|
|
|
|
|
|
4143368 |
1.88 |
|
|
4490312 |
2.04 |
|
|
1105621 |
0.50 |
|
|
917073 |
0.42 |
|
|
158548 |
0.07 |
|
|
30000 |
0.01 |
|
|
56025193 |
25.47 |
|
Total Public shareholding (B) |
63733218 |
28.97 |
|
Total (A)+(B) |
219979000 |
100.00 |
|
(C) Shares held by Custodians and against
which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
219979000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Cement and Cement Products
in Domestic and Export Market. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
· Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227, D, Nariman Point, Mumbai - 400021, Maharashtra, India Bank of India, Mumbai Large Corporate Branch, 364,
Oriental Building, D N Road, Fort, Mumbai - 400001, Maharashtra, India |
|||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||
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Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
SREI Equipment Finance Limited, 'Vishwakarma', 86c, Topsia Road, Kolkata - 700046, West Bengal, India |
|
|
|
|
Joint Statutory
Auditors: |
|
|
|
|
|
Name : |
Ankit and Company Chartered Accountants |
|
Address : |
Hyderabad, Andhra Pradesh, India |
|
|
|
|
Name : |
Haribhakti and Company LLP Chartered Accountants |
|
Address : |
Ahmedabad, Gujarat, India |
CAPITAL STRUCTURE
As on 30.06.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
275,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 2750.000 Millions |
|
27,500,000 |
Preference shares |
Rs.100/- each |
Rs. 2750.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 5500.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
219,979,000 |
Equity Shares |
Rs.10/- each |
Rs. 2199.800 Millions |
|
8,484,230 |
Redeemable preference
shares |
Rs.100/- each |
Rs. 848.400 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 3048.200
Millions |
Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
219,979,000 |
Equity Shares |
Rs.10/- each |
Rs. 2199.800 Millions |
|
8,484,230 |
Redeemable preference
shares |
Rs. 81.96/- each |
Rs. 695.400 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 2895.200
Millions |
a. Terms/Rights attached to
equity shares
The Company has only one class of equity shares having a par value of `10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The Dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuring Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
b. Terms of redemption of
Redeemable Preference Shares
Preference Shares are
redeemable in stepped up quarterly instalments from June 2011 to June 2018.
c. Reconciliation of shares
outstanding at the beginning and at the end of the year
|
Particulars |
Equity Shares |
|
|
Number |
Rs. in Millions |
|
|
Shares outstanding at the
beginning of the year |
219,979,000 |
2199.800 |
|
Shares Issued during the
year |
-- |
-- |
|
Shares repaid during the
year |
-- |
-- |
|
Shares outstanding at the
end of the year |
219,979,000 |
2199.800 |
d. Details of shareholders
holding more than 5 % of the share capital
|
Particulars |
As at 30.06.2014 |
|
|
No. of Shares held |
% of Holding |
|
|
Equity
shares |
|
|
|
Samruddhi Investors
Services Private Limited |
43,914,532 |
20% |
|
|
|
|
|
Preference
shares |
|
|
|
IDBI Bank Limited |
2,700,000 |
32% |
|
Sangam Investors Services
Private Limited |
5,408,140 |
64% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2014 |
30.06.2013 |
30.06.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
2895.200 |
2962.100 |
3001.700 |
|
(b) Reserves & Surplus |
6695.400 |
6199.600 |
5740.800 |
|
(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) |
9590.600 |
9161.700 |
8742.500 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4869.700 |
6368.800 |
7428.200 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
1119.300 |
1291.800 |
27.500 |
|
Total Non-current Liabilities (3) |
5989.000 |
7660.600 |
7455.700 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
474.900 |
382.800 |
254.000 |
|
(b) Trade payables |
763.700 |
463.600 |
678.800 |
|
(c) Other current
liabilities |
746.700 |
1142.100 |
2347.500 |
|
(d) Short-term provisions |
2.700 |
1.900 |
21.600 |
|
Total Current Liabilities (4) |
1988.000 |
1990.400 |
3301.900 |
|
|
|
|
|
|
TOTAL |
17567.600 |
18812.700 |
19500.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
12655.600 |
13814.800 |
13742.800 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
593.000 |
545.700 |
1551.200 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
539.700 |
539.700 |
539.700 |
|
(d) Long-term Loan and Advances |
243.600 |
232.500 |
1475.700 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
10.600 |
|
Total Non-Current Assets |
14031.900 |
15132.700 |
17320.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1477.900 |
2112.400 |
1788.800 |
|
(c) Trade receivables |
125.100 |
250.500 |
185.000 |
|
(d) Cash and cash
equivalents |
339.500 |
34.600 |
60.100 |
|
(e) Short-term loans and
advances |
1593.200 |
1282.500 |
146.200 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
3535.700 |
3680.000 |
2180.100 |
|
|
|
|
|
|
TOTAL |
17567.600 |
18812.700 |
19500.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2014 |
30.06.2013 |
30.06.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10482.600 |
9901.000 |
9740.700 |
|
|
|
Other Income |
82.500 |
119.600 |
102.800 |
|
|
|
TOTAL (A) |
10565.100 |
10020.600 |
9843.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
477.100 |
523.700 |
409.800 |
|
|
|
Changes in inventories of finished goods,
work-in-progress and Stock-in-Trade |
484.800 |
(332.300) |
34.100 |
|
|
|
Employee benefits expense |
450.700 |
422.800 |
339.500 |
|
|
|
Power and fuel |
2608.800 |
2591.400 |
2922.000 |
|
|
|
Freight forwarding and other selling expenses |
3215.400 |
3376.400 |
2628.100 |
|
|
|
Other expenses |
1274.600 |
1308.500 |
1548.600 |
|
|
|
TOTAL (B) |
8511.400 |
7890.500 |
7882.100 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
2053.700 |
2130.100 |
1961.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
140.500 |
149.000 |
248.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1913.200 |
1981.100 |
1712.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1477.500 |
1453.500 |
980.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
435.700 |
527.600 |
731.900 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(60.100) |
68.800 |
(86.800) |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
495.800 |
458.800 |
818.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5615.300 |
5209.700 |
4423.900 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Capital Redemption Reserve |
66.900 |
53.200 |
32.900 |
|
|
BALANCE CARRIED
TO THE B/S |
6044.200 |
5615.300 |
5209.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
1822.300 |
156.400 |
226.400 |
|
|
TOTAL EARNINGS |
1822.300 |
156.400 |
226.400 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw material, Stores, Spares
and Capital Goods |
178.100 |
258.400 |
48.400 |
|
|
TOTAL IMPORTS |
178.100 |
258.400 |
48.400 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
2.25 |
2.09 |
3.72 |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2014 |
30.06.2013 |
30.06.2012 |
|
PAT / Total Income |
(%) |
4.69 |
4.58 |
8.32 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.16 |
5.33 |
7.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.65 |
2.98 |
4.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.06 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.56 |
0.74 |
0.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.78 |
1.85 |
0.66 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.06.2012 |
30.06.2013 |
30.06.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
3001.700 |
2962.100 |
2895.200 |
|
Reserves & Surplus |
5740.800 |
6199.600 |
6695.400 |
|
Net
worth |
8742.500 |
9161.700 |
9590.600 |
|
|
|
|
|
|
long-term borrowings |
7428.200 |
6368.800 |
4869.700 |
|
Short term borrowings |
254.000 |
382.800 |
474.900 |
|
Total
borrowings |
7682.200 |
6751.600 |
5344.600 |
|
Debt/Equity
ratio |
0.879 |
0.737 |
0.557 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.06.2012 |
30.06.2013 |
30.06.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
9740.700 |
9901.000 |
10482.600 |
|
|
|
1.646 |
5.874 |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.06.2012 |
30.06.2013 |
30.06.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
9740.700 |
9901.000 |
10482.600 |
|
Profit |
818.700 |
458.800 |
495.800 |
|
|
8.40% |
4.63% |
4.73% |
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 |
----- |
|
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 |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10516543 |
22/07/2014 |
49,538,836.00 |
SREI EQUIPMENT FINANCE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
C17969163 |
|
2 |
10432707 |
10/05/2013 |
636,879,462.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B77788693 |
|
3 |
10431204 |
26/04/2013 |
100,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B77126043 |
|
4 |
10416909 |
18/03/2013 |
8,687,927.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
B72321607 |
|
5 |
10410984 |
13/02/2013 |
29,892,000.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA, WEST BENGAL - 700046, INDIA |
B70494513 |
|
6 |
10378296 |
10/09/2012 |
290,000,000.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
B58836339 |
|
7 |
10381566 |
22/08/2012 |
11,431,019.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
B60089992 |
|
8 |
10381570 |
22/08/2012 |
12,771,455.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
B60090370 |
|
9 |
10381572 |
22/08/2012 |
14,260,438.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
B60090743 |
|
10 |
10381574 |
22/08/2012 |
222,169,540.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, WEST BENGAL - 700046, INDIA |
B60091261 |
|
11 |
10353507 |
15/03/2012 |
22,780,000.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C,
TOPSIA ROAD (SOUTH), KOLKATA, |
B38873733 |
|
12 |
10115101 |
30/10/2013 * |
600,000,000.00 |
BANK OF INDIA |
MUMBAI LARGE
CORPORATE BRANCH,, 364, ORIENTAL BUI |
B90326315 |
|
13 |
10056356 |
07/06/2007 |
1,550,000,000.00 |
NEDERLANDSE
FINANCIERINGS-MAATSCHAPPIJ VOOR ONTWIK |
ANNA VAN SAKSENLAAN 71, 2593 HW, THE HAGUE, THE NETHERLANDS, THE HAGUE, - POBOX93060, NETHERLANDS |
A17167271 |
|
14 |
80046664 |
13/01/2006 |
6,700,000,000.00 |
IDBI TRUSTEESHIP SERVICE LIMITED |
(AS SECURITY
TRUSTEE ON BEHALF OF THE SECURED PARTIE), |
- |
|
15 |
80046765 |
29/03/2003 |
22,500,000.00 |
THE LAKSHMI VILAS BANK LIMITED |
BANK STREET, HYDERABAD, ANDHRA PRADESH - 500095, INDIA |
- |
|
16 |
80046784 |
01/02/2002 * |
112,100,000.00 |
STATE BANK OF HYDERABAD |
INDUSTRIAL FINANCE BRANCH, TOPAZ BUILDING, HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
- |
|
17 |
80046900 |
03/08/1998 |
3,000,000.00 |
THE LAKSHMI VILAS BANK LIMITED |
BANK STREET, KOTI, HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
- |
|
18 |
80046975 |
03/08/1998 |
450,600,000.00 |
DENA BANK |
INDUSTRIAL FINANCE BRANCH, MAKER TOWERS - E CUFFEE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
19 |
80046775 |
29/12/1997 |
215,100,000.00 |
STATE BANK OF HYDERABAD |
PANJAGUTTA, HYDERABAD, ANDHRA PRADESH - 500082, INDIA |
- |
|
20 |
80046788 |
18/02/1997 |
211,400,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWERS ,
CUFFEE PARADE, MUMBAI, MAHARASHTRA |
- |
|
21 |
80046789 |
09/07/1998 * |
68,800,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWERS, CUFFEE
PARADE, MUMBAI, MAHARASHTRA - |
- |
|
22 |
80046678 |
30/05/1996 |
300,000,000.00 |
DENA BANK |
INDUSTRIAL FINANCE BRANCH, MAKER TOWERS CUFFEE PARADE, BOMBAY, MAHARASHTRA - 400005, INDIA |
- |
|
23 |
80046980 |
30/01/1996 |
200,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER , CUFFEE
PARADE, BOMBAY, MAHARASHTRA - |
- |
|
24 |
80046781 |
31/03/1998 * |
140,000,000.00 |
THE LAKSHMI VILAS BANK LIMITED |
5-1-716 1ST FLOOR,
BANK STREET, HYDERABAD, ANDHRA |
- |
|
25 |
80046643 |
05/05/1995 |
50,000,000.00 |
DENA BANK |
INDUSTRIAL FINANCE
BRANCH, E-9 MAKER TOWERS CUFFE |
- |
|
26 |
80046644 |
23/03/1994 |
200,600,000.00 |
STATE BANK OF HYDERABAD |
INDUSTRIAL FINANCE
BRANCH, PANJAGUTTA, HYDERABAD, |
- |
|
27 |
80046898 |
03/01/1994 |
37,000,000.00 |
THE LAKSMI VILAS BANK LIMITED |
POST BOX NO.537, BANK STREET, HYDERABAD, ANDHRA PRADESH - 500195, INDIA |
- |
|
28 |
80046708 |
26/10/1993 |
3,000,000.00 |
THE LAKSHMI VILAS BANK LIMITED |
BANK STREET, KOTI, HYDERABAD, ANDHRA PRADESH - 500001, INDIA |
- |
|
29 |
80046978 |
25/09/1993 * |
78,500,000.00 |
STATE BANK OF HYDERABAD |
INDUSTRIAL FINANCE
BRANCH, PUNJAGUTTA, HYDERABAD, |
- |
|
30 |
80046899 |
29/03/1994 * |
36,500,000.00 |
STATE BANK OF HYDERABAD |
INDUSTRIAL FINANCE BRANCH,
PANJAGUTTA, HYDERABAD, |
- |
* Date of charge modification
ABOUT THE COMPANY
Subject is engaged in the manufacturing and marketing of cement and cement products in domestic and export market. The Company’s manufacturing facilities are at Sanghipuram, Gujarat. Equity shares of the Company are listed on The National Stock Exchange and Bombay Stock Exchange.
MANAGEMENT DISCUSSION
AND ANALYSIS
MACRO ECONOMICS OF INDIA
During 2013-14, India’s Gross Domestic Product (GDP) marginally grew by
4.7% compared to 4.5% during 2012-13. As per the index of industrial production
(IIP), industrial output declined by 0.1% during 2013-14 as compared to a growth of 1.1% in the previous year. The
decline during 2013-14 was mainly due to the decline in mining, capital goods,
and consumer goods. The manufacturing industry, which is a dominant sector,
witnessed a decline of 0.8% in 2013-14 as compared to a growth of 1.3% in the
previous year. The output of the capital goods sector declined by 3.6% in
2013-14 compared to a decline of 6.0% in the previous year.
The current account deficit reduced to 1.7% of GDP in 2013-14 from 4.7%
in 2012-13. The Indian rupee strengthened during the second half of 2013-14.
The fiscal deficit to GDP ratio declined from 4.9% in 2012-13 to 4.5% in
2013-14. These factors indicate a move towards stabilisation of their
macro-economy.
CEMENT INDUSTRY – PRESENT
SCENARIO AND OUTLOOK
The present capacity of cement industry is around 375 mtpa.
The demand for cement is closely related to growth in the construction
sector. Over the past 5 years, from 2008-09 to 2013-14, demand for cement has
grown at a moderate CAGR of around 5%, largely led by construction of
infrastructure and industrial projects, coupled with modest demand from the
housing sector and commercial construction.
The demand can be classified into four segments, namely housing
(55-60%), infrastructure (20-25%), commercial construction (5-10%) and
industrial segments (10-15%).
The cement production remained sluggish during FY-14 (Apr-Mar) which has
grown 3% as against 7.7% in the corresponding period of the last year.
Recently, Confederation of Indian Industry (CII) has initiated a study
on Indian cement industry and has formulated report named “Cement Vision 2025:
Scaling New Heights”. The study covers the historical evolution of the cement
industry, the current status of the industry, it’s growth potential and detailed
recommendations for the government.
According to this report, Cement industry growth during the next decade
looks very promising. Cement demand is projected to grow to 2.5 to 2.7 times
the current volumes and reach 550 to 600 MTPA by 2025. This growth is likely to
be led by investments in the infrastructure sector, with subsectors such as
roads, power and irrigation leading the growth.
The present Government is focussed on nation-wide infrastructure growth
and various housing projects in urban and rural areas, amongst other
initiatives.
The Indian Government’s measures to promote investment in ports, roads,
airports and other infrastructure projects are also likely to support cement
demand. The cement companies are also likely to benefit from the proposed
increase in long term funding availability for infrastructure projects which is
likely to facilitate more investment in these sectors. The acquisitions and/ or
mergers happening in the cement industry is an indication towards future
positive outlook on the cement industry.
CRISIL also believes that the prices are likely to be stable or
improving in coming years.
KEY DEVELOPMENTS IN COMPANY
1. READY MIX CONCRETE (RMC)
PLANT
They have recently commenced trials of their first RMC plant in Naroda,
Ahmedabad with a capacity of 360 tonne per day, producing best grade of M20.
This marks their entry into the new product line of RMC. In developed
countries, RMC constitutes more than 70% of the building material used, whereas
in India this is still in nascent stage.
2. POWER TRANSMISSION LINE
The Company has commissioned 66KV Power Transmission lines at its plant connecting
its captive Thermal Power Plant to Gujarat Energy Transmission Corporation
Limited’s (GETCO) sub-station. This gives the company an option to sell surplus
power and also to procure power when needed during maintenance of plant.
3. PORT AND TERMINALS
The Company has set up terminals at Navlakhi in Gujarat and Dharamtar in
Maharashtra to enhance its coastal shipping and reduce the freight cost of
cement.
4. RECOGNITIONS FOR BEST
PRACTICES
• The Company has won “Gold Award” in Cement
Sector for outstanding achievement in Environment Management from Greentech
Foundation, New Delhi.
• It has won various prizes during 21st Mines
Environment and Mineral Conservation Week 2013-14, as follows.
|
Scientific Development of
Mineral Deposit |
1st Prize |
|
Mineral Conservation
(Additive Mines) |
1st Prize |
|
Publicity and Propaganda |
1st Prize |
|
Overall Performance |
1st Prize |
|
Mineral Conservation
(Limestone Mines) |
2nd Prize |
|
Community Development |
2nd Prize |
• The Company
has also won various prizes during the 4th Gujarat Metalliferous Mines Safety Week 2013-14, as follows.
|
Quality, Working and
General Safety (Additive Mines) |
1st
Prize |
|
Overall Performance
(Additive Mines) |
1st
Prize |
|
Appointment of Statutory
Person and Maintenance of (Additive Mines) |
1st
Prize |
|
Publicity, Propaganda and
Fire Fighting (Limestone Mines) |
1st
Prize |
|
Mining Machinery
Improvement and Innovation |
2nd Prize |
5. 5 STAR INTERNATIONAL
ACCREDITATIONS
The Company is amongst the very few corporates in India and certainly
one of the first cement plants in India to receive the following 5
International accreditation.
1. ISO 9001:2008 (Quality Management System Standard)
2. ISO 14001:2004 (Environmental Management System Standard)
3. OHSAS 1800:2007 (Occupational Health and Safety Management System
Standard)
4. SA 8000:2008 (Social Accountability System Certificate)
5. ISO/ IEC 17025:2005 (NABL accreditation for Chemical and Mechanical
Testing)
FUTURE OUTLOOK
Considering the infrastructure spending planned by the Central and State Governments of India, the Company expects a demand boost for cement and stable prices.
CONTINGENT
LIABILITIES:
The claims against the company not acknowledged as debt amount to Rs.
1427.600 Millions (Previous year Rs. 1529.400 Millions) and interest and penalty
thereon as may be decided at the time of disposal of the claim. Against above,
the Company has deposited a sum of Rs. 462.600 Millions (Previous Year Rs. 513.300
Millions) with respective authorities as deposit.
|
PARTICULARS |
30.06.2014 (Rs.
In Millions) |
30.06.2013 (Rs.
In Millions) |
|
Excise and Service Tax |
807.800 |
1033.700 |
|
Customs |
124.100 |
0.000 |
|
Sales Tax |
17.600 |
17.600 |
|
Debt Recovery Tribunal |
112.100 |
112.100 |
|
State Government |
342.600 |
342.600 |
|
Commercial |
23.400 |
23.400 |
|
Total |
1427.600 |
1529.400 |
Estimated amount of contracts remaining to be executed on capital account and not provided for is `53.77 crore. Net of advances (Previous year NIL)
FIXED ASSETS
Owned Assets
·
Freehold land
Building
Plant and
Machinery
Electrical
Installations
Furniture
and Fixtures
Office
Equipment
Vehicles
Laboratory
Equipment
Computers
Assets Given on lease
· Land
Building
Plant
and Machinery
Electrical
Installations
Furniture
and Fixtures
Office
Equipment
Vehicles
Fire
Fighting Equipments
Laboratory
Equipment
Temple
Computers
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.