MIRA INFORM REPORT
|
Report Date : |
13.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
THE INDIA CEMENTS LIMITED |
|
|
|
|
Registered
Office : |
Dhun Building 827, Anna Salai, Chennai – 600002, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
21.02.1946 |
|
|
|
|
Com. Reg. No.: |
18-000931 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.3071.800
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26942TN1946PLC000931 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturing and Marketing of Cement. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 154000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behavior : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having satisfactory track
record. There seems dip in the profitability of the company during 2013.
However, liquidity position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct. The company can be considered normal business dealings at usual trade
terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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
slowly 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 Electro herm 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 Blue Ridge 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 willfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
On Mobile 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 =A+ (Withdrawn) |
|
Rating Explanation |
Have adequate degree of safety and carry low credit risk. |
|
Date |
May 2, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities =A1+ (Withdrawn) |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
May 2, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DECLINED
Management non co-operative [91-44-28510533 / 28521526]
LOCATIONS
|
Registered Office : |
"Dhun Building", 827, Anna Salai, Chennai –
600002, Tamilnadu, India |
|
Tel. No.: |
91-44-28521526 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Corporate Office : |
“Coromandel Towers”, 93, Santhome High Road, Karpagam Avenue,
R. A. Puram, Chennai – 600028,
Tamilnadu, India |
|
Tel. No.: |
91-44-28510533 |
|
|
|
|
Cement Factories : |
Located At: TAMILNADU
Tel No.: 91-462-2300221 Fax No.: 91-462-2300294
Tel No.: 91-4283-240387 Fax No.: 91-4283-240051
Tel No.: 91-4329-248201 Fax No.: 91-4329-248248 ANDHRA PRADESH
Tel No.: 91-8563-276150 Fax No.: 91-8563-276155 Yerraguntla, Cuddapah District – 516309, Andhra Pradesh, India Tel No.: 91-8563-275158 Fax No.: 91-8563-275154
Tel No.: 91-8689-228427 Fax No.: 91-8689-228447
Tel No.: 91-8411-246324 Fax No.: 91-8411-246302 |
|
|
|
|
Grinding Units : |
Located At: TAMILNADU Vallur Village, Tirunelveli District, Tamilnadu, India MAHARASHTRA Parli Vaijnath, Beed District, Maharashtra, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. N. Srinivasan |
|
Designation : |
Vice Chairman and Managing Director |
|
Date of Birth/Age : |
27.07.1931 |
|
Qualification : |
B.Com., C.A. |
|
|
|
|
Name : |
Mrs. Chitra Srinivasan |
|
Designation : |
Vice Chairman and Managing Director |
|
|
|
|
Name : |
Ms. Rupa Gurunath |
|
Designation : |
Wholetime Director |
|
|
|
|
Name : |
Dr. B. S. Adityan |
|
Designation : |
Wholetime Director |
|
|
|
|
Name : |
Mr. Arun Datta |
|
Designation : |
Wholetime Director |
|
|
|
|
Name : |
Mr. R. K. Das |
|
Designation : |
Wholetime Director |
|
|
|
|
Name : |
Mr. N. R. Krishnan |
|
Designation : |
Wholetime Director |
|
|
|
|
Name : |
Mr. V. Manickam |
|
Designation : |
(Nominee of Life Insurance Corporation of India) |
|
Date of Birth/Age : |
01.04.1952 |
|
Qualification : |
B.Sc., C.A. |
|
|
|
|
Name : |
Mr. K. P. Nair |
|
Designation : |
(Nominee of IDBI Bank Limited) |
|
|
|
|
Name : |
Mr. A. Sankarakrishnan |
|
Designation : |
Director |
|
Date of Birth/Age : |
27.10.1942 |
|
Qualification : |
B.E. (Mechanical) |
|
|
|
|
Name : |
Mr. N. Srinivasan |
|
Designation : |
Director |
|
Date of Birth/Age : |
03.01.1945 |
|
Qualification : |
B. Sc (Tech.), M.S. (IIT) Chicago |
|
|
|
|
Name : |
Mr. Basavaraju |
|
Designation : |
Nominee of Life Insurance Corporation of India |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
20015896 |
6.65 |
|
|
66168057 |
21.97 |
|
|
542420 |
0.18 |
|
|
542420 |
0.18 |
|
|
86726373 |
28.79 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
86726373 |
28.79 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
11155518 |
3.70 |
|
|
1550417 |
0.51 |
|
|
24634396 |
8.18 |
|
|
110940922 |
36.83 |
|
|
148281253 |
49.23 |
|
|
|
|
|
|
39079011 |
12.97 |
|
|
|
|
|
|
19187214 |
6.37 |
|
|
4103980 |
1.36 |
|
|
3818782 |
1.27 |
|
|
5500 |
0.00 |
|
|
1534612 |
0.51 |
|
|
2000 |
0.00 |
|
|
896405 |
0.30 |
|
|
11854 |
0.00 |
|
|
38236 |
0.01 |
|
|
787035 |
0.26 |
|
|
543140 |
0.18 |
|
|
66188987 |
21.98 |
|
Total (B) |
214470240 |
71.21 |
|
Total (A)+(B) |
301196613 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
5982044 |
0.00 |
|
|
5982044 |
0.00 |
|
Total (A)+(B)+(C) |
307178657 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Cement. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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Bankers : |
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Facilities : |
|
|
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Brahmayya and Company Chartered Accountants |
|
Address : |
48, Masilamani Road, Mylapore Balaji Nagar, Royapettah Chennai - 600014, Tamilnadu, India |
|
|
|
|
Name : |
P.S. Subramania Iyer and Company Chartered Accountants |
|
Address : |
103, P.S. Sivaswamy Salai, Chennai - 600004, Tamilnadu, India |
|
|
|
|
Subsidiaries (Direct) : (As on 31.03.2013) |
|
|
|
|
|
Subsidiaries (Indirect) (As on 31.03.2013) |
|
|
|
|
|
Subsidiaries (As on 31.03.2013) |
|
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorized Capital: Not Available
Issued Capital and Subscribed & Paid-up Capital: Rs. 3071.800 Millions
AS ON 31.03.2013
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
460000000 |
Equity Shares |
Rs.10/- each |
Rs.4600.000 Millions |
|
7500000 |
Redeemable Cumulative Preferences Shares |
Rs.100/- each |
Rs.750.000 Millions |
|
|
TOTAL
|
|
5350.000
Millions |
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
307178723 |
Equity Shares |
Rs.10/- each
|
Rs.3071.787
Millions |
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
307176747 |
Equity Shares |
Rs.10/- each
|
Rs.3071.767
Millions |
|
|
Add: Partly paid up shares |
|
Rs.0.005
Million |
|
|
Add: Subscribed but not fully paid |
|
Rs.0.014
Million |
|
|
Less: Partly paid up shares, subscribed dully during the year |
|
Rs.0.004
Million |
|
|
TOTAL
|
|
Rs.3071.782 Millions |
NOTES:
LIST OF SHAREHOLDERS HOLDING
MORE THAN 5% OF THE EQUITY SHARE CAPITAL (PAR VALUE PER SHARE
IS RS.10/-)
|
SHAREHOLDER
NAME |
NO.
OF SHARES HELD |
%
HELD |
|
The Bank of New York
Mellon Corporation on Behalf of Mellon Capital Management Corporation And The
Boston |
40010552 |
13.03 |
|
Company Asset Management
LLC together with PAC EWS Finance & Investments Private Limited |
27643432 |
9.00 |
|
Prince Holdings (Madras)
Private Limited |
25500000 |
8.30 |
|
Life Insurance
Corporation of India |
20703547 |
6.74 |
|
Vidya Subramanian |
19954024 |
6.50 |
|
Trishul Investments
Private Limited |
17525976 |
5.71 |
AGGREGATE NUMBER OF EQUITY
SHARES ALLOTTED IN THE PREVIOUS 5 YEARS WITHOUT BEING RECEIVED IN CASH:
During the year 2007-08, the
Company allotted 4,00,00,000 Equity Shares of Rs.10/- each fully paid up, to
the shareholders of erstwhile Visaka Cement Industry Limited (VCIL) pursuant to
the Order dated 25th July, 2007 of the Honourable High Court of Judicature at
Madras sanctioning the Scheme of Amalgamation of VCIL with The India Cements
Limited.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
3071.800 |
3071.782 |
3071.781 |
|
(b) Reserves & Surplus |
35440.800 |
37824.608 |
37515.574 |
|
(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) |
38512.600 |
40896.390 |
40587.355 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
20578.300 |
19377.315 |
14965.350 |
|
(b) Deferred tax liabilities (Net) |
3296.900 |
3296.882 |
3245.148 |
|
(c)
Other long term liabilities |
1130.700 |
1235.676 |
1602.721 |
|
(d)
Long-term provisions |
592.500 |
642.347 |
608.856 |
|
Total
Non-current Liabilities (3) |
25598.400 |
24552.220 |
20422.075 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
6088.000 |
8162.670 |
7720.543 |
|
(b)
Trade payables |
8642.900 |
7756.349 |
6275.074 |
|
(c)
Other current liabilities |
8524.800 |
5907.443 |
6692.706 |
|
(d)
Short-term provisions |
1.700 |
753.723 |
715.551 |
|
Total
Current Liabilities (4) |
23257.400 |
22580.185 |
21403.874 |
|
|
|
|
|
|
TOTAL |
87368.400 |
88028.795 |
82413.304 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
42625.000 |
39148.983 |
38778.572 |
|
(ii)
Intangible Assets |
0.000 |
2271.476 |
2550.640 |
|
(iii)
Capital work-in-progress |
0.000 |
3392.383 |
1451.031 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
9434.900 |
9480.810 |
8504.035 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
20851.800 |
18996.853 |
19162.667 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
72911.700 |
73290.505 |
70446.945 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
20.500 |
97.496 |
15.552 |
|
(b)
Inventories |
5509.400 |
4960.568 |
5258.087 |
|
(c)
Trade receivables |
4225.000 |
4655.866 |
2098.220 |
|
(d)
Cash and cash equivalents |
30.600 |
47.424 |
28.824 |
|
(e)
Short-term loans and advances |
4671.200 |
4976.936 |
4565.676 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
14456.700 |
14738.290 |
11966.359 |
|
|
|
|
|
|
TOTAL |
87368.400 |
88028.795 |
82413.304 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
44968.100 |
45970.353 |
42034.021 |
|
|
|
Other Income |
11.200 |
186.316 |
192.884 |
|
|
|
TOTAL (A) |
44979.300 |
46156.669 |
42226.905 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost
of materials consumed |
6054.500 |
5774.033 |
5410.253 |
|
|
|
Employee
benefits expense |
3513.100 |
3339.415 |
3026.336 |
|
|
|
Manufacturing
and Other Operating Expenses |
0.000 |
13888.749 |
12275.462 |
|
|
|
Power
and Fuel |
12762.400 |
0.000 |
0.000 |
|
|
|
Transportation
and Handling |
10090.900 |
0.000 |
0.000 |
|
|
|
Administration
and Other Charges |
0.000 |
2467.645 |
2023.721 |
|
|
|
Selling
and Distribution Expenses |
0.000 |
12358.307 |
10157.084 |
|
|
|
Donations |
0.000 |
96.712 |
75.976 |
|
|
|
Changes
in Inventories of Finished goods / Work-in-Progress |
(310.600) |
(187.675) |
31.594 |
|
|
|
Other Expenses |
6927.100 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
39037.400 |
37737.186 |
33000.426 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5941.900 |
8419.483 |
9226.479 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3536.500 |
3077.465 |
2903.682 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2405.400 |
5342.018 |
6322.797 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2763.900 |
2818.370 |
2512.949 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(358.500) |
2523.648 |
3809.848 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
888.152 |
880.154 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(358.500) |
1635.496 |
2929.694 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
11925.666 |
10884.737 |
9544.797 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
400.000 |
400.000 |
|
|
|
Dividend Distribution Tax |
|
104.410 |
99.664 |
|
|
|
Proposed Dividend on Equity Capital |
NA |
614.357 |
614.357 |
|
|
|
Transfer to / from Debenture Redemption Reserve |
|
(524.200) |
475.733 |
|
|
|
Transfer to Contingency Reserve |
|
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
|
11925.666 |
10884.737 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export |
|
|
|
|
|
|
Cement
– Quantity in Tonnes |
|
2454.500 |
850.000 |
|
|
|
–
Value |
NA |
82.453 |
25.447 |
|
|
TOTAL EARNINGS |
|
2536.953 |
875.447 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
256.062 |
161.004 |
|
|
|
Fuel |
|
4173.666 |
4811.972 |
|
|
|
Spare
Parts and Components |
|
18.105 |
54.056 |
|
|
|
Capital
goods |
NA |
18.705 |
146.629 |
|
|
|
Others |
|
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
|
4466.538 |
5173.661 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
-
Basic |
(1.17) |
5.32 |
9.54 |
|
|
|
-
Diluted |
(1.17) |
5.32 |
9.54 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(0.80) |
3.54
|
6.94 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.80) |
5.49
|
9.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.46) |
3.35
|
6.94 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01) |
0.06
|
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.69 |
0.67
|
0.55 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.62 |
0.65
|
0.90 |
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 |
3071.781 |
3071.782 |
3071.800 |
|
Reserves & Surplus |
37515.574 |
37824.608 |
35440.800 |
|
Net
worth |
40587.355 |
40896.390 |
38512.600 |
|
|
|
|
|
|
long-term borrowings |
14965.350 |
19377.315 |
20578.300 |
|
Short term borrowings |
7720.543 |
8162.670 |
6088.000 |
|
Total
borrowings |
22685.893 |
27539.985 |
26666.300 |
|
Debt/Equity
ratio |
0.559 |
0.673 |
0.692 |
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) |
|
Sales |
42034.021 |
45970.353 |
44968.100 |
|
|
|
9.365 |
(2.180) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
42034.021 |
45970.353 |
44968.100 |
|
Profit |
2929.694 |
1635.496 |
(358.500) |
|
|
6.97% |
3.56% |
(0.80%) |
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 |
No |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
|
|
As
on 31.03.2014 [Rs.
in Millions] |
As
on 31.03.2013 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
|
|
1128.479 |
|
Others |
|
5402.025 |
|
|
|
|
|
Short Term
Borrowings |
NA |
|
|
Other loans: |
|
|
|
Short-Term
Loans - Banks |
|
2116.030 |
|
Commercial
Papers - Others |
|
100.000 |
|
TOTAL
|
NA |
8746.534 |
INDEX OF CHARGES:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10508303 |
28/06/2014 |
3,350,000,000.00 |
ICICI BANK LIMITED |
NO.1, CENOTAPH ROACD, TEYNAMPET, CHENNAI, TAMILNADU - 600018, INDIA |
C10758407 |
|
2 |
10490017 |
11/03/2014 |
250,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
KOTAK MAHINDRA BANK LIMITED, CAPITALE, 11TH FLOOR |
C03386125 |
|
3 |
10460477 |
25/10/2013 |
583,366,667.00 |
ADITYA BIRLA FINANCE LIMITED |
ONE INDIABULLS CENTER, TOWER 1,8TH FLOOR, 841 SEN |
B89654263 |
|
4 |
10457934 |
18/10/2013 |
850,000,000.00 |
KARNATAKA BANK LTD. |
MOUNT ROAD, 839 MOUNT ROAD, CHENNAI, TAMILNADU -600002, INDIA |
B88677752 |
|
5 |
10457100 |
18/10/2013 |
1,000,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B88327804 |
|
6 |
10432826 |
19/06/2013 |
2,500,000,000.00 |
IDBI BANK LIMITED |
115 ANNA SALAI, SAIDAPET, CHENNAI, TAMIL NADU - 600015, INDIA |
B77847903 |
|
7 |
10424491 |
28/03/2013 |
916,600,000.00 |
L & T INFRASTRUCTURE FINANCE COMPANY LIMITED |
MOUNT POONAMALLEE ROAD, MANAPAKKAM, CHENNAI, TAMILNADU - 600089, INDIA |
B74693573 |
|
8 |
10391643 |
23/11/2012 * |
500,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
CAPITALE , 10TH/11TH FLOOR, 555 ANNA SALAI, CHENNAI, TAMILNADU
-600018, INDIA |
B64109143 |
|
9 |
10378145 |
28/09/2012 |
651,360,000.00 |
KOTAK MAHINDRA BANK LIMITED |
CAPTIONALE , 10TH/11TH FLOOR, 555 ANNA SALAI, CHENNAI, TAMIL
NADU-400018, INDIA |
B58753997 |
|
10 |
10378354 |
30/05/2014 * |
2,000,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH, 192, KARUMUTHU NILAYAM, |
C06207211 |
* Date of charge modification
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER 30JUNE 2014
Rs.
In Millions
|
Sr. No. |
Particular |
3
Months Ended |
|
|
|
30.06.2014 |
|
|
|
Unaudited
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
12262.400 |
|
|
Other Operating
Income |
21.700 |
|
|
Total Income From Operations (Net) |
12284.100 |
|
|
|
|
|
2. |
Expenditure |
|
|
|
Cost
of materials consumed |
1533.200 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
431.200 |
|
|
Employee
benefits expenses |
781.500 |
|
|
Power
and fuel |
3045.200 |
|
|
Transportation
and handling |
2555.600 |
|
|
Depreciation
and amortization expenses |
662.100 |
|
|
Other
expenses |
2337.800 |
|
|
Total Expenses |
11346.600 |
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
937.500 |
|
|
|
|
|
4. |
Other
Income |
0.300 |
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
937.500 |
|
|
|
|
|
6. |
Interest |
697.400 |
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
(29.600) |
|
|
|
|
|
8. |
Exceptional
Items |
-- |
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
(29.600) |
|
|
|
|
|
10. |
Tax Expense |
|
|
|
a)
Current tax |
0.000 |
|
|
b)
Deferred tax |
0.000 |
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
(29.600) |
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
(29.600) |
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
3071.800 |
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
|
|
|
|
|
16. |
Earnings Per Share(EPS)(in Rs)
not Annualised) -Basic and Diluted |
(0.10) |
|
|
|
|
|
|
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
-Number
of Shares |
214470240 |
|
|
-
Percentage of Shareholding |
69.82 |
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
-
Number of Shares |
66100625 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of promoter and promoter group) |
76.22 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
21.52 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
-
Number of Shares |
20625748 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
23.78 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
6.71 |
|
Particulars |
3 Months ended on 30.06.2014 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
27 |
|
Disposed of during the quarter |
27 |
|
Remaining unresolved at the end of the
quarter |
Nil |
NOTES:
1. The unaudited Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors at the meetings held on 7th August 07, 2014.
2. The Company is primarily engaged in manufacturing and marketing of cement.
3. Income from operations includes (a) Income from franchise of Indian Premier League and (b) Ship charter freight earnings.
4. Ship Chartering is not a reportable segment in terms of Accounting Standard 17 'Segment Reporting'.
5. The Managerial Remuneration paid during the year 2013-14 and debited in the Financial Statements has exceeded the limits prescribed In the Companies Act due to the inadequacy of profits. The Company is seeking approval of the shareholders and the Central Government for the same; the statutory auditors have qualified this in their audit report.
6. (a) In accordance with the requirement of Part C of Schedule 11 to Companies Act 2013, the carrying value of depreciable assets has been adjusted based on the useful life of asset resulting in adjustment of Rs.232.66 Crores against the retained earnings. The depreciation charge for the current quarter is lower by Rs. 2.58 crores due to adoption of new rates of depreciation.
(b) Pending Clarification in the matter, the incremental depreciation on revaluation of assets for the quarter amounting to Rs.13.23 crores, as in the past, continues to be drawn from revaluation reserve.
7. The Auditors have drawn attention to this matter in their Limited Review Report. The Board of Directors have approved a Scheme of Amalgamation and Arrangement between Trinetra Cement limited and Trishul Concrete Products Limited (Collectively referred to as Transferor Companies) with the Company and its Shareholders under Sections 391 to 394 of the Companies Act, 1956 (or such applicable provisions of the Companies Act, 2013). The Company has filed the Scheme with the Stock Exchanges/SEBI for approval.
8. Exceptional Item during the Quarter/Year ended March 31, 2014 in regard to which the auditors have qualified their Report.
(a) The Company had received demands
for fuel surcharge adjustment (FSA) from various Andhra Pradesh Electricity
Distribution Companies (DI5COMS) pursuant to clause 45B of the Andhra Pradesh
Electricity Regulatory Commission (Conduct of Business Amendment) Regulations
2003, (FSA Regulations). The levy has been subject matter of challenge ever
since the DISCOMS made their claim in the year 2010 in respect of the period
2008-2009 onwards. The challenge with respect to 2008-2009 and 2009-2010 were
initially accepted by a single judge of the Andhra Pradesh High Court and the
appeals filed by state undertakings with respect to the year 2008-2009 and
2009-2010 is currently pending before the Supreme Court arid a full bench of
Andhra Pradesh High Court respectively. With respect to the levy for the years
2010 to 2013 no stay has been granted against the levy and collection of the
FSA charges. The Company has made a payment aggregating to Rs.51.64 crores till
March 31, 2014 towards FSA charges for the period 2010-2013. There is an
outstanding amount of Rs.17.79 crores payable towards the staid period. The
company will continue to pursue the legal course for resolution of the dispute
but as a prudent measure, created a provision for the entire amount of demand
for the period 2010 to 2013 in the financial statements.
(b) The Company's debts were
restructured under Corporate Debt Restructuring Scheme (COR) effective 1st
January, 2003. Pursuant to the said COR Scheme, the lenders are eligible to
claim Right of Recompense (ROR).The Company has incurred a cost of Rs.57.13
crores towards ROR.
(c) The items of expenditure stated in (a) and (b) above amounting to Rs.69.43
Crores and Rs.57.13 Crores respectively are dealt with in the statement of
Profit and Loss during the quarter/year ended March 31, 2014 by drawing a
similar amount from Reserves as envisaged in the Scheme of Amalgamation,
approved by the Board (Refer clause1above), pending approval of Honorable High
Court of Madras and other statutory authorities including SEBI. The above
treatment would also be reflected in the amalgamated accounts upon approval of
the Scheme by the Honorable High Court of Madras.
9.
The Competition Commission of India (CCI) passed
an Order dated June 20, 2012 alleging contravention of the provisions of The
Competition Act 2002, by certain cement manufacturers including the Company and
imposed a penalty of Rs.187.48 crore. Based on the advice of an eminent
counsel, the company has filed an appeal before the Competition Appellate
Tribunal against the said Order and hence no provision is presently considered
necessary in the accounts. The company has during the year 2013-14 deposited
Rs.18.75 crore, based on the interim order passed by the Tribunal as a
condition precedent for grant of stay; the said payment has been grouped under
Advances. The Auditors have drawn attention to this matter in their limited
Review Report
10. The Company has received a demand from Andhra Pradesh (AP) Commercial Tax Authorities demanding a sum of Rs.l77 Crores on Stock Transfer of material to other states. The Company has challenged the demand in the High Court of AP. The High Court of AP has granted a stay of the demand on the condition that the Company deposits a sum of Rs.50 Crores within 60 days i.e., before 7th September 2014.Hence no provision is made in the Accounts.
11. The previous periods' figures have been regrouped to conform to current periods required classification.
12. The
Statutory auditors have carried out a limited review of the above financial
results.
FIXED ASSETS:
- Land Building
- Railway Siding
- Plant and Machinery
- Electrical Installation
- Ships
- Furniture and Fixtures
- Vehicles
- 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 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.61.16 |
|
|
1 |
Rs.98.62 |
|
Euro |
1 |
Rs.77.67 |
INFORMATION DETAILS
|
Information Gathered
by : |
DPA |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
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 |
|
50 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment record
(10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.