MIRA INFORM REPORT
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Report No. : |
336439 |
|
Report Date : |
12.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
DALMIA BHARAT LIMITED |
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Formerly Known
As : |
DALMIA BHARAT ENTERPRISES LIMITED |
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Registered
Office : |
Dalmiapuram, Dist. Tiruchirapalli- 621651, Tamilnadu |
|
Tel. No.: |
91-4329-235123/235131 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
10.02.2006 |
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Com. Reg. No.: |
18-058818 |
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Capital
Investment / Paid-up Capital : |
Rs.162.400 Million |
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CIN No.: [Company Identification
No.] |
L40109TN2006PLC058818 |
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IEC No.: |
0410021636 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAJCS7366K |
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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
: |
The company is engaged in the manufacturing and selling of cement. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 17000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track. Rating takes into consideration overall decent financial condition of
the company is FY 15. Further net profit margin also seems to be
satisfactory. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitments. The company can be considered for normal business dealings with 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities AA- |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
21.04.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
21.04.2015 |
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
31-03-2013.
INFORMATION DENIED
Management non-cooperative (91-4329-235123)
LOCATIONS
|
Registered Office : |
Dalmiapuram, Dist. Tiruchirapalli- 621651, Tamilnadu, India |
|
Tel. No.: |
91-4329-235123/235131 |
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Fax No.: |
91-4329-235111 |
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E-Mail : |
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Website : |
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Corporate Office : |
Hansalaya Building, 11th & 12th Floor, 15, Barakhamba
Road, New Delhi – 110001, Delhi, India |
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Tel. No.: |
91-11-23465100 / 200 |
|
Fax No.: |
91-11-23313303 |
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E-Mail : |
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Branch office : |
Quantum Building, Plot No. C-3, 2nd floor, Noida Sector 3, Noida - 201301, India |
DIRECTORS
As on 30.08.2014
|
Name : |
Mr. Pradip Kumar Khaitan |
|
Designation : |
Chairman |
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|
Name : |
Mr. Jai Hari Dalmia |
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Designation : |
Managing Director |
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Name : |
Mr. Yadu Hari Dalmia |
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Designation : |
Managing Director |
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Name : |
Mr. Gautam Dalmia |
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Designation : |
Director |
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Name : |
Mr. Puneet Yadu Dalmia |
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Designation : |
Director |
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|
Name : |
Mr. N. Gopalaswamy |
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Designation : |
Director |
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Name : |
Mr. V. S. Jain |
|
Designation : |
Director |
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Name : |
Mr. Asanka Rodrigo* |
|
Designation : |
Director |
Note : * Resigned w.e.f. 15th May, 2014
KEY EXECUTIVES
|
Name : |
Mr. Mahendra Singhi |
|
Designation : |
Group CEO-Cement |
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|
Name : |
Mr. Jayesh Doshi |
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Designation : |
Group Finance & Strategy |
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Name : |
Mr. Nidhi Bisaria |
|
Designation : |
Company secretary |
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MANAGEMENT TEAM |
· Mr. Gautam Dalmia · Mr. Puneet Yadu Dalmia · Mr. T. Venkatesan |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3726778 |
4.59 |
|
|
47168898 |
58.10 |
|
|
86665 |
0.11 |
|
|
86665 |
0.11 |
|
|
50982341 |
62.79 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
50982341 |
62.79 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2779984 |
3.42 |
|
|
1397769 |
1.72 |
|
|
128155 |
0.16 |
|
|
8509 |
0.01 |
|
|
6184475 |
7.62 |
|
|
10498892 |
12.93 |
|
|
|
|
|
|
3300049 |
4.06 |
|
|
|
|
|
|
7959945 |
9.80 |
|
|
4544691 |
5.60 |
|
|
3903385 |
4.81 |
|
|
500726 |
0.62 |
|
|
3180933 |
3.92 |
|
|
10023 |
0.01 |
|
|
17325 |
0.02 |
|
|
188303 |
0.23 |
|
|
6075 |
0.01 |
|
|
19708070 |
24.27 |
|
Total Public shareholding (B) |
30206962 |
37.21 |
|
Total (A)+(B) |
81189303 |
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) |
81189303 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the manufacturing and selling of cement. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
· State Bank of India · Canara Bank · Corporation Bank · Punjab National Bank · HSBC · Deutsche Bank ·
Axis Bank |
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Facilities : |
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Auditors : |
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Name : |
S. S. Kothari Mehta and Company Chartered Accountants |
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Cost Auditors : |
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Name : |
R.J. Goel and Company Chartered Accountants |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiaries : (As on
31.03.2014) |
· Dalmia Cement (Bharat) Limited · Dalmia Power Limited · Kanika Investment Limited |
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Subsidiaries of
Dalmia Cement (Bharat) Limited : (As on 31.03.2014) |
· Arjuna Brokers & Minerals Limited · D.I. Properties Limited · Dalmia Minerals & Properties Limited · Geetee Estates Limited, Hemshila · Properties Limited, Ishita Properties Limited · Shri Radha Krishna Brokers & Holdings Limited · Shri Rangam Properties Limited · Sri Dhandauthapani Mines & Minerals Limited · Sri Madhusudana Mines & Properties Limited · Sri Shanmugha Mines & Minerals Limited · Sri Subramanya Mines & Minerals Limited · Sri Swaminatha Mines & Minerals Limited · Sri Trivikrama Mines & Properties Limited · Adhunik Cement Limited · Calcom Cement (India) Limited · Golden Hills Resort Private Limited · Rajputana Properties Private Limited |
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Step down
Subsidiaries of Dalmia Minerals & Properties Limited : (As on 31.03.2014) |
· Cosmos Cements Limited · Sutnga Mines Private Limited |
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Step down
subsidiary of Adhunik Cement Limited : (As on 31.03.2014) |
· Adhunik MSP Cement (Assam) Limited |
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Step down
Subsidiaries of Calcom Cement India Limited : (As on 31.03.2014) |
· Vinay Cements Limited · RCL Cements Limited · SCL Cements Limited |
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Subsidiary of
Dalmia Power Limited : (As on 31.03.2014) |
· DCB Power Ventures Limited |
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Associate of the
Subsidiary Company Dalmia Cement (Bharat) Limited : (As on
31.03.2014) |
· OCL India Limited |
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Joint Ventures of
the Subsidiary Company Dalmia Cement (Bharat) Limited : (As on
31.03.2014) |
· Khappa Coal Company Private Limited |
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Enterprises
controlled by the Key Management Personnel of the Company : (As on
31.03.2014) |
· Rama Investment Company Private Limited · Puneet Trading & Investment Company Private Limited · Kavita Trading & Investment Company Private Limited · Sita Investment Company Limited · Mayuka Investment Limited · Ankita Pratisthan Limited · Himgiri Commercial Limited · Valley Agro Industries Limited · Shri Nataraj Ceramic and Chemical Industries Limited · Shri Chamundeswari Minerals Limited · Shree Nirman Limited · Keshav Power Limited · Avanee and Ashni Securities Private Limited · ZipAhead.Com Limited · Alirox Abrasives Limited · Sukeshi Trust · Vaidehi Trust · Sumana Trust · Shrutipriya Dalmia Trust · Priyang Trust · Avanee Trust · Raghu Hari · Dalmia Parivar Trust · Dalmia Sugar Ventures Limited · Himshikhar Investment Limited · Dalmia Solar Power Limited · Dalmia Bharat Sugar and Industries Limited · New Habitat Housing Finance and Development Limited |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.162.400
Million
As on 30.08.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.2/- each |
Rs. 200.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
81189303 |
Equity Shares |
Rs.2/- each |
Rs.162.400
Million |
|
|
|
|
|
a) Reconciliation of Equity Shares outstanding
at the beginning and at the end of the reporting period
|
|
As on 31.03.2014 |
|
|
Particular |
No. of Shares |
Amount (Rs. In Million ) |
|
At the beginning of the period |
81,189,303 |
162.400 |
|
At the end of the period |
-- |
-- |
|
Total |
81,189,303 |
162.400 |
b) Terms/ rights
attached to Equity shares
The Company has only one class of equity shares having a face value of Rs. 2 per share. Each equity shareholder is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31 March 2014, the amount of dividend per share recognized as distribution to equity shareholders was Rs. 2.00 (Rs. 2.00). In the event of winding-up of the company, the equity shareholders shall be entitled to be repaid remaining assets of the company in the ratio of the amount of capital paid up on such equity shares.
C) Aggregate number of bonus shares issued,
shares issued for consideration other than cash and shares bought back during
the period of five years immediately preceding the Balance Sheet date
|
Particular |
During a period of 5 years up to (31.03.2014) |
|
|
No. of Shares |
|
Shares issued pursuant to Scheme of Arrangement between the Company and Dalmia Cement (Bharat) Limited (formerly Avnija Properties Limited), DCB Power Ventures Limited, Dalmia Bharat Sugar and Industries Limited (formerly Dalmia Cement (Bharat) Limited) without payments being received in cash. |
80939303 |
d) Details of
shareholders holding more than 5% shares in the company
|
|
As on 31.03.2014 |
|
|
Particular |
No. of Shares |
Amount (Rs. In Million ) |
|
Mayuka Investment Limited |
17,887,537 |
22.03% |
|
Shree Nirman Limited |
7,753,890 |
9.55% |
|
Sita Investment Company Limited |
5,876,800 |
7.24% |
|
Ankita Pratisthan Limited |
5,829,070 |
7.18% |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
162.400 |
162.400 |
162.400 |
|
(b) Reserves & Surplus |
5648.300 |
5546.800 |
5239.400 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
(d) Employee Stock Option Outstanding |
12.600 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5823.300 |
5709.200 |
5401.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
3.700 |
5.200 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
2.000 |
|
(d) long-term
provisions |
103.000 |
84.600 |
46.300 |
|
Total Non-current
Liabilities (3) |
103.000 |
88.300 |
53.500 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
79.800 |
14.100 |
|
(b) Trade
payables |
115.100 |
277.200 |
339.800 |
|
(c) Other
current liabilities |
40.100 |
68.100 |
95.400 |
|
(d) Short-term
provisions |
220.200 |
226.900 |
194.000 |
|
Total Current
Liabilities (4) |
375.400 |
652.000 |
643.300 |
|
|
|
|
|
|
TOTAL |
6301.700 |
6449.500 |
6098.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
70.800 |
87.100 |
84.700 |
|
(ii)
Intangible Assets |
0.000 |
1.100 |
1.300 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2580.400 |
2581.100 |
2582.000 |
|
(c) Deferred tax assets (net) |
1.300 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
632.700 |
538.000 |
570.700 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3285.200 |
3207.300 |
3238.700 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
1852.000 |
1254.600 |
1111.200 |
|
(b)
Inventories |
0.000 |
155.700 |
208.900 |
|
(c) Trade
receivables |
283.500 |
817.400 |
597.700 |
|
(d) Cash
and cash equivalents |
86.600 |
42.400 |
18.400 |
|
(e)
Short-term loans and advances |
794.400 |
972.100 |
923.700 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
3016.500 |
3242.200 |
2859.900 |
|
|
|
|
|
|
TOTAL |
6301.700 |
6449.500 |
6098.600 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
1753.000 |
2297.300 |
1906.000 |
|
|
|
Other Income |
155.300 |
383.200 |
324.500 |
|
|
|
TOTAL (A) |
1908.300 |
2680.500 |
2230.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw materials consumed |
0.000 |
422.300 |
439.500 |
|
|
|
Purchases of Stock-in-Trade |
0.000 |
19.400 |
11.400 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
75.000 |
49.000 |
20.200 |
|
|
|
Employees benefits expense |
981.500 |
889.700 |
617.300 |
|
|
|
Other expenses |
444.000 |
639.700 |
608.300 |
|
|
|
TOTAL (B) |
1500.500 |
2020.100 |
1696.700 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
407.800 |
660.400 |
533.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.100 |
3.600 |
1.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
404.700 |
656.800 |
532.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
36.600 |
23.400 |
16.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
368.100 |
633.400 |
516.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
117.100 |
136.000 |
102.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
251.000 |
497.400 |
413.300 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
701.900 |
444.500 |
225.500 |
|
|
|
|
|
|
|
|
|
Add |
Earlier year excess proposed dividend and dividend
distribution tax (L) |
|
0.000 |
19.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
50.000 |
43.500 |
|
|
|
Dividend |
|
162.400 |
162.400 |
|
|
|
Tax on Dividend |
|
27.600 |
7.500 |
|
|
BALANCE CARRIED
TO THE B/S |
|
240.000 |
213.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods at FOB Value |
|
53.900 |
44.300 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
238.900 |
165.900 |
|
|
TOTAL IMPORTS |
NA |
238.900 |
165.900 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.09 |
6.13 |
5.09 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
1390.700 |
5344.500 |
|
Net Cash from Operating activities |
NA |
1191.400 |
4523.100 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
14.32 |
21.65 |
21.68 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
23.26 |
28.75 |
28.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.90 |
16.37 |
14.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.11 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.01 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
8.04 |
4.97 |
4.45 |
STOCK
PRICES
|
Face Value |
Rs.2.00 |
|
Market Value |
Rs.690.50 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
162.400 |
162.400 |
162.400 |
|
Reserves & Surplus |
5239.400 |
5546.800 |
5648.300 |
|
Employee Stock Option Outstanding |
0.000 |
0.000 |
12.600 |
|
Net
worth |
5401.800 |
5709.200 |
5823.300 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
14.100 |
79.800 |
0.000 |
|
Total
borrowings |
14.100 |
79.800 |
0.000 |
|
Debt/Equity
ratio |
0.003 |
0.014 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Revenue from operations |
1906.000 |
2297.300 |
1753.000 |
|
|
|
20.530 |
(23.693) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Revenue from operations |
1906.000 |
2297.300 |
1753.000 |
|
Profit |
413.300 |
497.400 |
251.000 |
|
|
21.68% |
21.65% |
14.32% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity -Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
No |
|
8] |
Designation of contact person |
No |
|
9] |
Promoter’s background |
No |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
No |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Short-term
borrowings |
|
|
|
Bills discounted with Banks |
0.000 |
67.900 |
|
|
|
|
|
Total |
0.000 |
67.900 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10313044 |
28/09/2011 |
300,000,000.00 |
PUNJAB NATIONAL BANK |
74, Janpath, Delhi, Delhi - 110001, INDIA |
B23504962 |
* Date of charge modification
COMPANY OVERVIEW (AS
ON 31.03.2014)
Dalmia Bharat Limited (DBL) is one of the largest cement producers in India with a presence in South, East and North Eastern parts of the country. They own 48% stake in the promoter Group Company OCL India Ltd., a major cement player in the Eastern region having an annual cement capacity of 6.7 MnT.
The Company, in the last 5 y ears, has grown both organically and inorganically. In the last two years, they expanded ourselves inorganically and acquired assets in North East. During the year, they signed a definitive agreement with Jaiprakash Associates Limited to acquire 74% stake in the split grinding unit at Bokaro Jaypee Cement Ltd., a Joint Venture with Steel Authority of India (SAIL) with a manufacturing capacity of 2.1 MnT. It has 30-year long term clinker supply arrangement with Jaiprakash Associates and a 30- year slag supply arrangement with SAIL. On the organic front, they are executing a Greenfield project at Belgaum, Karnataka (2.5 MnT ) and brownfield expansion at Calcom, Assam of ~ 1 MnT. Both are expected to get commissioned during FY2015. They recently commissioned a split grinding unit of 1.35 MnT a t Medinipur, West Bengal, through OCL India Ltd.
The Company, through a 74% holding in DCB Power Ventures Ltd. (DCBPVL), has a captive thermal power capacity of 72 MW in the southern region, which will be expanded to 97 MW with commissioning of captive power plant at Belgaum (Karnataka) during FY2015. In addition to this, its subsidiaries and associates have a captive thermal power capacity totaling 79 MW. Our current captive power capacity supports 70% of our total installed cement capacity. They continued to focus on resource optimization and improving our operational efficiencies by shifting to low-cost fuels across all our plants. They reduced power and fuel consumption per tonne of cement produced, thereby reducing our power and fuel cost.
CORPORATE INFORMATION
Dalmia Cement (Bharat) Limited (the company) is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its debt securities are listed on one stock exchange in India. The company is engaged in the manufacturing and selling of cement. The company mainly caters to markets in southern India.
MANAGEMENT DISCUSSION
AND ANALYSIS
Indian Economy
During the year, there was a marginal growth in India’s Gross Domestic Product (GDP) from 4.5% in FY2013 to 4.7% in FY2014. India’s Current Account Deficit (CAD) fell to 1.7% of GDP in FY2014 from a high of 4.7% of GDP a year ago. Restrictions on gold imports and muted imports of capital goods have attributed to a fall in CAD.
A clear mandate obtained at the recently held General Elections shows optimism, reviving the hopes of a better year ahead.
India Cement Industry
India is one of the largest cement producers and consumers in the world after China, accounting for approximately 8% of the total global production, led by the enormous growth in infrastructure and construction sector for over two decades. In India, the housing sector is the biggest demand driver of cement, accounting for about 67% of the total consumption. The other major consumers of cement include infrastructure (13%), commercial construction (11%) and industrial construction (9%).
Demand and Supply
Dynamics
Over the past 15 years, the demand for cement in India has witnessed stable growth at a CAGR of 8%, making India one of the most exciting markets. However, over the last two years, there has been a significant slowdown in the growth of cement demand.
In FY2014, the main issues faced were muted demand, pricing and cost pressures. The cement demand remained subdued, grew by modest 3% in FY2014. One of the reason was slow economic growth resulting into a reduced infrastructure spend from the Government on infrastructure development. The other reasons were weak demand from end-user industries, delays in environmental clearances for industrial and infrastructure projects and a ban on sand mining in some states.
AWARDS AND ACCOLADES
OPERATIONAL
EFFICIENCY
· Ariyalur unit has bagged 9th National Quality Control Award by the Quality Council of India for reduction in diesel consumption in the cement mill.
· Dalmiapuram unit won the National Award by National Council for Cement and Building Material (NCCBM) for the best electrical energy performance.
· Received National Energy Conservation Award for the year 2012-13 by the Ministry of Power, Government of India.
PUBLICITY
· Secured Gold Award for Masons Newsletter – Unnati by Public Relations Council of India (PRCI) Collateral Awards 2014.
· Received award for Technical Newsletter – TechThink by PRCI.
· Bagged Global Brand Excellence Awards 2013 by World Brand
· Congress for:
Effective use of Marketing Communication for HALC campaign
Emerging Brand in North East region
PEOPLE AND SAFETY
· Kadapa and Dalmiapuram units have been conferred with the prestigious EHS (Environment, Health & Safety) Award by the Confederation of Indian Industry.
SUSTAINABILITY
· Received Responsible Business Leader Award by World CSR Day, endorsed by the Asian Confederation of Businesses this year.
·
· Received the prestigious CII-ITC Sustainability Award 2013 for second consecutive year for contribution to sustainability and conservation of environment.
FIXED ASSETS
· Land
· Building
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· 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 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.64.17 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.70.36 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
58 |
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.