MIRA INFORM REPORT
|
Report No. : |
330704 |
|
Report Date : |
09.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
PRISM CEMENT LIMITED |
|
|
|
|
Registered
Office : |
305, Laxmi Nivas Apartments, Ameerpet, Hyderabad – 500 016, Telangana |
|
Tel. No.: |
91-40-23319208 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
26.03.1992 |
|
|
|
|
Com. Reg. No.: |
01-014033 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5033.600 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26942AP1992PLC014033 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP6224A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacture of Cement, Tiles, Bath and Kitchens and Readymixed Concrete. |
|
|
|
|
No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 29000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Prism Cement Limited, promoted by the Rajan Raheja Group, was
incorporated in 1992. It is an established company having good track record. Profitability of the company seems to be low. The company has achieved
profit as compared to previous year loss. However, the company receives good support from its group company. The
rating also takes into consideration the established presence of the company
as a cement manufacturer. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered normal 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 – 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 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
NCD=A- |
|
Rating Explanation |
Have adequate degree of safety and carry low credit risk. |
|
Date |
January 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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Rama Reddy |
|
Designation : |
Deputy Manager Accounts |
|
Contact No.: |
91-7036660788 |
|
Date : |
06.07.2015 |
LOCATIONS
|
Registered Office : |
305, Laxmi Nivas Apartments, Ameerpet, Hyderabad – 500 016, Telangana,
India |
|
Tel. No.: |
91-40-23319208 |
|
Mobile No.: |
91-7036660788 (Mr. Rama Reddy) |
|
Fax No.: |
91-40-23319135 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality: |
Commercial |
|
|
|
|
Factory 1 : |
Cement
Manufacturing Facilities Village Mankahari, Tehsil Rampur Baghelan, Satna – 485 111, |
|
Tel. No.: |
91-7672-275622/ 1/ 410260 |
|
Fax No.: |
91-7672-275303 |
|
|
|
|
Factory : |
(RMC Readymix ( |
|
|
|
|
|
|
|
Corporate Office/ Head Office : |
‘Rahejas’, |
|
Tel. No.: |
91-22-66754142/ 3/ 4/ 5 |
|
Fax No.: |
91-22-26001304/ 26001304 |
|
|
|
|
Sales and
Marketing Office: |
16/1/6A, |
|
|
|
|
Marketing Office : |
Also located at:
|
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Rajesh G.
Kapadia |
|
Designation : |
Chairman |
|
Date of Birth/ Age : |
02.11.1956 |
|
Qualification : |
B. Com., FCA |
|
List of outside
Company Directorships held : |
|
|
|
|
|
Name : |
Mr. Rajan B.
Raheja |
|
Designation : |
Director |
|
Date of Birth/ Age : |
17.06.1954 |
|
Qualification : |
B.Com |
|
List of outside
Company Directorships held : |
|
|
|
|
|
Name : |
Mr. Manoj Chhabra |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Vijay
Aggarwal |
|
Designation : |
Managing Director |
|
Date of Birth/ Age : |
08.07.1968 |
|
Qualification : |
B. Tech (IIT-Delhi), PGDM (IIM - Ahd.) |
|
List of outside
Company Directorships held : |
|
|
|
|
|
Name : |
Mr. Satish B.
Raheja |
|
Designation : |
Director |
|
Date of Birth/ Age : |
03.01.1964 |
|
Qualification : |
B. Sc., BM |
|
List of outside
Company Directorships held : |
|
|
|
|
|
Name : |
Mr. Akshay R.
Raheja |
|
Designation : |
Director |
|
Date of Birth/ Age : |
25.05.1982 |
|
Qualification : |
B. Com., MBA |
|
List of outside
Company Directorships held : |
|
|
|
|
|
Name : |
Mr. Ganesh Kaskar |
|
Designation : |
Executive Director |
|
Date of Birth/ Age : |
25.05.1959 |
|
Qualification : |
M. Tech (IIT) |
|
|
|
|
Name : |
Mr. James Arthur
Brooks |
|
Designation : |
Director |
|
Date of Birth/ Age : |
10.06.1948 |
|
Qualification : |
ACMA (Inter) |
|
|
|
|
Name : |
Ms. Ameeta A.
Parpia |
|
Designation : |
Director |
|
Date of Birth/ Age : |
22.02.1965 |
|
Qualification : |
B.A., LL.B Advocate and Solicitor |
|
List of outside Company Directorships held : |
Raheja QBE General Insurance Company Limited |
|
|
|
|
Name : |
Mr. S. Ramnath |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. V.M. Panicker |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Shobhan M. Thakore |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Aditya Bob Mahendru |
|
Designation : |
General Manager |
|
|
|
|
Name : |
Ms. Aneeta S. Kulkarni |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of Shareholders |
No.
of Shares |
Percentage
of holding |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
68250423 |
13.56 |
|
|
308630246 |
61.31 |
|
|
376880669 |
74.87 |
|
|
|
|
|
|
500 |
0.00 |
|
|
500 |
0.00 |
|
Total shareholding
of Promoter and Promoter Group (A) |
376881169 |
74.87 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
39380869 |
7.82 |
|
|
89769 |
0.02 |
|
|
37598196 |
7.47 |
|
|
77068834 |
15.31 |
|
|
|
|
|
|
8087817 |
1.61 |
|
|
|
|
|
|
26211009 |
5.21 |
|
|
13320245 |
2.65 |
|
|
1787506 |
0.36 |
|
|
1343380 |
0.27 |
|
|
4200 |
0.00 |
|
|
21000 |
0.00 |
|
|
418926 |
0.08 |
|
|
49406577 |
9.82 |
|
Total Public
shareholding (B) |
126475411 |
25.13 |
|
Total (A)+(B) |
503356580 |
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) |
503356580 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Cement, Tiles, Bath and Kitchens and Readymixed Concrete. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Cheque and Credit (30/ 60 Days) |
|
|
|
|
Purchasing : |
Cash, Cheque and Credit (30/ 60 Days) |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
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Facilities : |
|
|
|
|
|
Auditors : |
|
|
Name : |
N.M. Raiji and Company Chartered Accountants |
|
Address : |
Mumbai, |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
G.M. Kapadia and Company |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Cost Auditors : |
|
|
Name : |
N.I. Mehta and Company |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Joint
Venture/Associates : (As on 31.03.2014) |
|
|
|
|
|
Subsidiaries : (As on 31.03.2014) |
|
|
|
|
|
Firm/Enterprise in which
Directors and/or relatives have significant influence : (As on 31.03.2014) |
|
|
|
|
|
Associates: (As on 31.03.2014) |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital : NA
Issued, Subscribed & Paid-up Capital : Rs. 5033.600
Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
505000000 |
Equity Shares |
Rs.10/- each |
Rs.5050.000 Millions |
|
20000000 |
Preference shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
Total |
|
Rs.5250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
503356580 |
Equity Shares |
Rs.10/- each |
Rs.5033.600 Millions |
|
|
|
|
|
Reconciliation of
number of equity shares outstanding
(Rs. in Millions)
|
Particulars |
As at 31-03-2014 |
|
At the beginning of the year |
503.356 |
|
At the end of the
year |
503.356 |
Rights, Preferences
and Restrictions attached to Equity Shares:
The Company has one class of equity shares having a par value of Rs. 10/- per share. Each shareholder is entitled to one vote per equity share. The shareholders are entitled to dividend declared on proportionate basis. On liquidation of the Company, the equity shareholders are eligible to receive remaining assets of the Company after distribution of all preferential amounts in proportion to their shareholding.
The Company had issued 20,51,06,580 number of Equity shares of Rs. 10/- each fully paid during the period of five years immediately preceding the reporting date pursuant to a scheme of amalgamation of erstwhile H. and R. Johnson (India) Limited and RMC Readymix (India) Private Limited with the Company without payments being received in cash. As per the said scheme of amalgamation 1,23,51,600 shares of the Company are held in a Trust for the benefit of the Company.
Details of
Shareholders holding more than 5% of the issued shares
|
|
As at 31-03-2014 |
|
|
Name of the
Shareholder |
Total Shares Held |
As a % of Total Shares |
|
Manali Investment and Finance Private Limited |
6,78,17,992 |
1 13.47% |
|
Hathway Investments Limited |
6,41,13,400 |
12.74% |
|
Coronet Investments Private Limited |
5,79,49,394 |
11.51% |
|
Rajan B. Raheja |
5,14,02,627 |
10.21% |
|
Bloomingdale Investment and Finance Private Limited |
3,12,89,300 |
| 6.22% |
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 |
5033.600 |
5033.600 |
5033.600 |
|
(b) Reserves & Surplus |
5120.100 |
5047.000 |
5863.500 |
|
(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) |
10153.700 |
10080.600 |
10897.100 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
14852.600 |
13368.900 |
10176.500 |
|
(b) Deferred tax liabilities
(Net) |
57.700 |
452.300 |
919.100 |
|
(c) Other long term
liabilities |
1457.700 |
1167.200 |
1080.900 |
|
(d) long-term provisions |
354.200 |
358.100 |
363.800 |
|
Total
Non-current Liabilities (3) |
16722.200 |
15346.500 |
12540.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2751.100 |
2392.500 |
3069.000 |
|
(b) Trade payables |
7898.200 |
7027.200 |
7770.200 |
|
(c) Other current liabilities |
5638.400 |
6602.500 |
6157.000 |
|
(d) Short-term provisions |
163.500 |
90.100 |
80.300 |
|
Total
Current Liabilities (4) |
16451.200 |
16112.300 |
17076.500 |
|
|
|
|
|
|
TOTAL |
43327.100 |
41539.400 |
40513.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
21171.500 |
20643.200 |
19849.500 |
|
(ii) Intangible Assets |
0.000 |
303.100 |
244.700 |
|
(iii) Capital work-in-progress |
0.000 |
626.300 |
839.400 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3432.100 |
3472.600 |
3782.400 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2104.700 |
1808.900 |
2050.300 |
|
(e) Other Non-current assets |
598.400 |
571.700 |
618.300 |
|
Total
Non-Current Assets |
27306.700 |
27425.800 |
27384.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5784.800 |
4621.800 |
4674.100 |
|
(c) Trade receivables |
5515.800 |
5344.200 |
4778.600 |
|
(d) Cash and cash equivalents |
797.000 |
524.600 |
374.800 |
|
(e) Short-term loans and
advances |
1942.600 |
1921.400 |
2026.400 |
|
(f) Other current assets |
1980.200 |
1701.600 |
1275.400 |
|
Total
Current Assets |
16020.400 |
14113.600 |
13129.300 |
|
|
|
|
|
|
TOTAL |
43327.100 |
41539.400 |
40513.900 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
55938.800 |
49648.600 |
47684.700 |
|
|
Other Income |
334.800 |
1404.400 |
55.300 |
|
|
TOTAL
|
56273.600 |
51053.000 |
47740.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
13447.600 |
12433.000 |
12136.700 |
|
|
Purchases of Stock-in-Trade |
12426.200 |
10105.200 |
9338.500 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(124.300) |
(308.500) |
(238.300) |
|
|
Manufacturing Expenses |
0.000 |
11977.100 |
10583.300 |
|
|
Employees benefits expense |
3149.800 |
2886.500 |
2589.300 |
|
|
Exceptional Items |
(621.200) |
(93.700) |
(16.200) |
|
|
Other expenses |
8557.000 |
11150.800 |
10675.500 |
|
|
Stores and Spares
consumed |
808.300 |
0.000 |
0.000 |
|
|
Power and Fuel |
7642.700 |
0.000 |
0.000 |
|
|
Freight Outward |
7190.200 |
0.000 |
0.000 |
|
|
TOTAL
|
52476.300 |
48150.400 |
45068.800 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
3797.300 |
2902.600 |
2671.200 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
2536.400 |
2415.000 |
1903.100 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1260.900 |
487.600 |
768.100 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
1368.400 |
1765.900 |
1598.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(107.500) |
(1278.300) |
(829.900) |
|
|
|
|
|
|
|
Less |
TAX |
(254.500) |
(461.800) |
(235.100) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
147.000 |
(816.500) |
(594.800) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
424.800 |
241.900 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Spare |
|
247.200 |
250.800 |
|
|
Raw Materials |
|
420.500 |
317.000 |
|
|
Components and Stores parts |
|
86.800 |
111.800 |
|
|
Capital Goods |
|
161.300 |
273.400 |
|
|
TOTAL
IMPORTS |
NA |
668.600 |
702.200 |
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.29 |
(1.66) |
(1.21) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
2571.900 |
3268.900 |
|
Cash generated from operations |
NA |
(112.400) |
2547.000 |
|
Net cash flow from operating activity |
NA |
(147.300) |
(2446.600) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.26 |
(1.60) |
(1.25) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
6.79 |
5.85 |
5.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.27) |
(3.41) |
(2.31) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01) |
(0.13) |
(0.08) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.73 |
1.82 |
1.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97 |
0.88 |
0.77 |
STOCK
PRICES
|
Face Value |
Rs.10 |
|
Market Value |
Rs.116.35 |
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 |
5033.600 |
5033.600 |
5033.600 |
|
Reserves & Surplus |
5863.500 |
5047.000 |
5120.100 |
|
Net
worth |
10897.100 |
10080.600 |
10153.700 |
|
long-term borrowings |
10176.500 |
13368.900 |
14852.600 |
|
Short term borrowings |
3069.000 |
2392.500 |
2751.100 |
|
Total
borrowings |
16514.400 |
18333.300 |
17603.700 |
|
Debt/Equity
ratio |
1.515 |
1.819 |
1.734 |
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) |
|
Sales |
47684.700 |
49648.600 |
55938.800 |
|
|
|
4.119 |
12.669 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
47684.700 |
49648.600 |
55938.800 |
|
Profit |
(594.800) |
(816.500) |
147.000 |
|
|
(1.25%) |
(1.64%) |
0.26% |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
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 |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OPERATIONS (As on 31.03.2014)
The gross sales and other income for the year ended March 31, 2014 was Rs 5,5058.000 Million as against Rs 5,1550.000 Million for the previous year. The Company incurred a loss before tax of Rs 1278.300 Million and net loss of Rs. 816.500 Million during the year ended Marc31, 2014 as against loss before tax of Rs. 829.900 Million and net loss of Rs. 594.800 Million during the year ended March 31, 2013, primarily due to sluggish demand, higher power andfuel costs, freight charges and subdued realisations.
For the year ended March 31, 2014, the consolidated net loss of the Company and its subsidiary companies amounted to Rs. 862.000 Million as against a net loss of Rs. 624.700 Million for the previous year.
FINANCE
The Company has repaid loans of Rs. 9290.900 Million during the year and tied-up fresh loans of Rs. 1,1109.800 Million to finance, inter alia, its ongoing long term working capital and capital expenditure during the year. The total borrowings of the Company stood at Rs. 1,8342.300 Million as on March 31, 2014.
The loans were used for the purpose that they were sanctioned for by the respective banks/financial institutions.
SUBSIDIARY AND JOINT
VENTURE COMPANIES (As on 31.03.2014)
During the year, the Company`s subsidiaries and joint venture companies
performed satisfactorily.
Subsidiaries
• Raheja QBE General
Insurance Company Limited
(RQBE), the general insurance subsidiary continued its modest growth making its presence in new markets during the year. RQBE booked a gross written premium of Rs. 316.300 Million and earned an investment ncome of Rs. 198.800 Million for the year ended March 31, 2014, as against a gross written premium of Rs. 283.700 Million and investment income of Rs. 186.500 Million for the year ended March 31, 2013. After requisite adjustments and tax provisions, the profit for the year ended March 31, 2014 was Rs. 64.200 Million as against profit of Rs. 91.500 Million for the previous year.
• Silica Ceramica Private Limited has had a subdued performance during the year ended March 31, 2014. However, the performance is expectd to improve in the current year.
• H. and R. Johnson (India) TBK Limited, the wholly-owned subsidiary of the Company in the field of tile, bath and kitchen retailing, has taken further steps to increase its geographical coverage. During the year, its Joint Venture - TBK Venkataramiah Tile Bath Kitchen Private Limited, was converted into a 100% subsidiary. The Company through its Joint Ventures, opened during the year, four House of Johnson showrooms in Solan, Lucknow, Varanasi and Ludhiana taking the total number of showrooms to 26 as at March 31, 2014.
Milano Bathroom Fittings Private Limited, the wholly-owned subsidiary of the Company manufacturing bathroom fittings and accessories, has performed well during the year. Improved capacity utilisation at its Samba Unit has contributed to the growth of the company.
Lifestyle Investments PVT Limited (LIPL), the erstwhile overseas wholly-owned subsidiary, sold its stake in Norcros Plc., a Company listed on the London Stock Exchange. During the year ended March 31, 2014, the Company received an amount of 131 crores as dividend on the equity shares held in LIPL. The Company wound-up LIPL during the year and received Rs.01.000 Million towards return of equity capital.
RMC Readymix Porselano (India) Limited is a wholly-owned subsidiary of the Company.
Joint Ventures
(JV)
Ardex Endura (India) Private Limited (AEIPL), Joint Venture with the German group Ardex, which manufactures and markets tile adhesives, grouts, flooring, waterproofing and allied products has performed satisfactorily during the year. AEIPL has set-up another manufacturing plant in Ramanagara District in Karnataka which has become operational during the year.
Sentini Cermica Private Limited, the mid-segment glazed floor tile JV Company in Andhra Pradesh, has performed satisfactorily during the year.
• Antique Marbonite Private Limited, the vitrified tile Joint Venture Company in Gujarat, has performed satisfactorily during the year. Its wholly-owned subsidiary – Antique Johnson Ceramic Private Limited was amalgamated for better operational benefits during the year.
Spectrum Johnson Tiles Private Limited, the mid-segment wall tiles Joint Venture Company in Gujarat, has performed satisfactorily during the year. Small Johnson Floor Tiles Private Limited, the mid-segment floor tiles JV Company in Gujarat, has performed satisfactorily during the year.
Small Johnson Floor Tiles Private Limited, the mid-segment floor tiles Joint Venture Company in Gujarat, has performed satisfactorily during the year.
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long Term
Borrowing |
|
|
|
Inter Corporate Deposits |
NA |
07.900 |
|
10.42% Non-convertible Debentures (150 Nos. debentures of Rs.01.000 Million each alloted on September 17, 2010 and repayable at the end of fifth year) |
NA |
150.000 |
|
10.00% Non-convertible Debentures (150 Nos. debentures of Rs.01.000 Million each alloted on September 17, 2010 and repayable at the end of fourth year) |
NA |
150.000 |
|
Finance Lease Obligation (Payable over a period of four year.) |
NA |
20.900 |
|
Fixed Deposits from Public (Payable over a period of one to three years.) |
NA |
1405.800 |
|
Less: Disclosed
under Other Current Liabilities |
NA |
|
|
Current Maturities of long term Borrowing |
NA |
2571.900 |
|
Unclaimed Fixed Deposits |
NA |
09.000 |
|
|
NA |
|
|
Short Term
Borrowing |
NA |
|
|
Term Loan from Banks |
NA |
632.800 |
|
|
NA |
|
|
Total |
NA |
(213.500) |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10561071 |
23/02/2015 * |
1,000,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA |
C50014638 |
|
2 |
10543588 |
24/12/2014 |
500,000,000.00 |
RBL Bank Limited |
SHAHUPURI,KOLHAPUR,, KOLHAPUR, Maharashtra - 416001, INDIA |
C40710782 |
|
3 |
10543602 |
24/12/2014 |
500,000,000.00 |
ING VYSYA BANK LIMITED |
22, M G ROAD,BANGALORE, BANGALORE, Karnataka - 560001, INDIA |
C40721011 |
|
4 |
10543853 |
24/12/2014 |
600,000,000.00 |
Standard Chartered Bank |
6-3-1090, Raj Bhavan Road, Somajiguda, SCGB,, HYDERABAD, Andhra Pradesh - 500082, INDIA |
C40842403 |
|
5 |
10532845 |
15/11/2014 * |
1,500,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA |
C34974824 |
|
6 |
10533339 |
21/10/2014 |
1,500,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA |
C31516933 |
|
7 |
10533338 |
20/10/2014 |
1,000,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA |
C31515653 |
|
8 |
10505897 |
12/08/2014 * |
1,250,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA |
C15625684 |
|
9 |
10495051 |
12/05/2014 |
2,000,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA |
C04626933 |
|
10 |
10474831 |
30/01/2014 |
2,000,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA |
B95178778 |
CONTINGENT LIABILITIES: (As on 31.03.2014)
· Guarantees given by the Company's bankers and counter guaranteed by the Company: Rs.939.100 Millions (Previous year : Rs.861.200 Millions)
·
· Claims against the Company not acknowledged as debts on Account Of Disputes :
o Energy Development Cess disputed Rs. 74.400 Millions (Previous year : Rs. 74.400 Millions)
o Additional Royalty Claim on limestone raised Rs.409.500 Millions (Previous year : Rs. 228.700 Millions)
o Tax on Rural and Road Development disputed Rs.94.500.900 Millions (Previous year : Rs.67.900 Millions)
o Other Claims in respect to Income Tax, Sales Tax, Entry Tax, Excise Duty and other claims Rs.944.300 Millions. (Previous year : Rs.782.200 Millions)
FIXED ASSETS
Tangible Assets:
· Land - Freehold
- Leasehold
· Buildings
· Railway siding
· Plant and machinery
· Mines Development
· Furniture, fixtures and computers
· Vehicles
· Office Equipments
· Truck Mixers, Loaders and Truck Dumpers
Intangible Assets:
· Software
· Intellectual property rights
· Mining Lease - surface rights
· Minerals Procurement rights
· Technical Know-how
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.63.56 |
|
|
1 |
Rs.98.22 |
|
Euro |
1 |
Rs.69.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
MNJ |
|
|
|
|
Analysis Done by
: |
RSH |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
47 |
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.