MIRA INFORM REPORT
|
Report No. : |
327031 |
|
Report Date : |
12.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
MANGALAM CEMENT LIMITED |
|
|
|
|
Registered
Office : |
P.O. Aditya Nagar, Morak, District Kota - 326520, Rajasthan |
|
Tel. No.: |
91-7459-232231 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
27.10.1976 |
|
|
|
|
Com. Reg. No.: |
17-001705 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 266.938 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26943RJ1976PLC001705 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Subject is engaged in the cement business |
|
|
|
|
No. of Employees
: |
963 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is a well-established company having good track. Company is listed on BSE and NSE stock exchanges and currently its
shares are traded at Rs. 224. There seem dip in company’s sales turnover and profit amount in
financial year 2014. However, rating takes into consideration rich experience of promoters,
long and established track and strong operating efficiency. Trade relations are fair. Business is active. Payments are reported to
be regular and as per commitments. The company can be considered normal for 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 |
|
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 low credit risk |
|
Date |
20.01.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
20.01.2015 |
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 BY
|
Name : |
Mr. Manish Agarwal |
|
Designation : |
Finance Head |
|
Contact No.: |
91-9351568307 |
|
Date : |
11.06.2015 |
LOCATIONS
|
Registered Office/ Factory : |
P.O. Aditya Nagar, Morak, District Kota-326520, Rajasthan, India |
|
Tel. No.: |
91-7459-232231 |
|
Mobile No.: |
91-9351787070 [Mr. Modi] |
|
Fax No.: |
91-7459-232036 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
Birl building,
10th floor, 9/1 R.N. Mukherjee Road, Kolkata – 700001, West
Bengal, India |
|
Tel. No.: |
91-332248706/07 |
|
Fax No.: |
91-3322438709 |
|
E-Mail : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. K.C. Jain |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Aruna Makhan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K.K. Mudgil |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Amal Ganguli |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. N.G. Khaitan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Gaurav Goel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Vidula Jalan |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. A.V. Jalan |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Anil Kumar Mandot (Appointed w.e.f. 3rd September, 2012) |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Swadesh Agrawal (Appointed w.e.f. 3rd September, 2012) |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. S.S. Jain |
|
Designation : |
President |
|
|
|
|
Name : |
Mr. Yaswant Mishra |
|
Designation : |
President (Corporate) |
|
|
|
|
Name : |
Mr. A.K. Uppal |
|
Designation : |
President (Sales & Marketing) |
|
|
|
|
Name : |
Mr. Anil Kumar Mandot |
|
Designation : |
Joint President (Commercial) |
|
|
|
|
Name : |
Mr. R. Giri |
|
Designation : |
Vice President (Elect. & Instrumentation) |
|
|
|
|
Name : |
Mr. P.N. Bansal |
|
Designation : |
Vice President (Projects) |
|
|
|
|
Name : |
Mr. G.S. Chandak |
|
Designation : |
Vice President (Sales & Sales Accounts) |
|
|
|
|
Name : |
Mr. Anoop Walia |
|
Designation : |
Vice President (Marketing) |
|
|
|
|
Name : |
Mr. S.R. Sinha |
|
Designation : |
Vice President (Purchase) |
|
|
|
|
Name : |
Mr. S.B. Sharma |
|
Designation : |
Vice President (Mines) |
|
|
|
|
Name : |
Mr. S.D. Mishra |
|
Designation : |
Vice President (Mechanical) |
|
|
|
|
Name : |
Mr. S.S. Oswal |
|
Designation : |
Vice President (Civil) |
|
|
|
|
Name : |
Mr. S.D. Arya |
|
Designation : |
Vice President (P&QA) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding
as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
46540 |
0.17 |
|
|
7270063 |
27.24 |
|
|
7316603 |
27.41 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
7316603 |
27.41 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
1191378 |
4.46 |
|
|
64469 |
0.24 |
|
|
250 |
0.00 |
|
|
1783241 |
6.68 |
|
|
3039338 |
11.39 |
|
|
|
|
|
|
5386719 |
20.18 |
|
|
|
|
|
|
5850326 |
21.92 |
|
|
3481887 |
13.04 |
|
|
1618907 |
6.06 |
|
|
658279 |
2.47 |
|
|
877616 |
3.29 |
|
|
74132 |
0.28 |
|
|
8880 |
0.03 |
|
|
16337839 |
61.20 |
|
Total Public shareholding (B) |
19377177 |
72.59 |
|
Total (A)+(B) |
26693780 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
26693780 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the cement business |
|
|
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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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|
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|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
963 (Approximately |
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Bankers : |
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||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jain Pramod Jain and Company Chartered Accountants |
|
Address : |
New Delhi, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Other Related Parties (As on 31.03.2014) : |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : 266.938 Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Redeemable Cumulative Preferences Shares |
Rs.100/- each |
Rs. 20.000 Million |
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs. 400.000 Million |
|
18000000 |
Optionally Convertible Cumulative Redeemable Preferences Shares |
Rs.10/- each |
Rs. 180.000 Million |
|
|
TOTAL
|
|
Rs.600.000
Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26693780 |
Equity Shares |
Rs.10/- each |
Rs.266.938
Million |
|
|
|
|
|
Reconciliation of the number of Equity Shares Outstanding
|
Particulars |
Amount |
|
Number of Equity Shares Outstanding at the beginning of
the year |
26.694 |
|
Number of Equity Shares Outstanding at the end of the year |
26.694 |
Shares held by each
shareholder holding more than 5 percent shares
|
Name of
shareholders |
No. of Shares |
% |
|
Kesoram Industries Limited |
38.20 |
14.31 |
|
Century Textiles and Industries Limited |
22.21 |
8.32 |
Details of the aggregate number and class of shares bought
back in the five years immediately preceding the 31.03.2014
|
Year |
Class of share |
No. of Shares |
|
2008-2009 |
Equity |
2.14 |
|
2009-2010 |
Equity |
13.39 |
Terms/rights attached
to Equity Shares
The Company has only one class of equity shares having a par
value of Rs. 10 each. Each holder of one equity share 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
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 |
266.938 |
266.938 |
266.938 |
|
(b) Reserves & Surplus |
4908.660 |
4803.097 |
4656.280 |
|
(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) |
5175.598 |
5070.035 |
4923.218 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3114.930 |
3434.570 |
2110.042 |
|
(b) Deferred tax liabilities
(Net) |
614.176 |
610.307 |
583.507 |
|
(c) Other long term
liabilities |
802.924 |
797.354 |
775.788 |
|
(d) long-term provisions |
73.302 |
58.730 |
48.280 |
|
Total
Non-current Liabilities (3) |
4605.332 |
4900.961 |
3517.617 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
332.160 |
132.713 |
0.000 |
|
(b) Trade payables |
1040.394 |
688.511 |
566.229 |
|
(c) Other current liabilities |
1088.429 |
517.307 |
468.953 |
|
(d) Short-term provisions |
85.084 |
113.703 |
210.840 |
|
Total
Current Liabilities (4) |
2546.067 |
1452.234 |
1246.022 |
|
|
|
|
|
|
TOTAL |
12326.997 |
11423.230 |
9686.857 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
7874.217 |
7700.442 |
3360.630 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
130.919 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
2140.949 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
355.702 |
355.702 |
355.702 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
265.623 |
203.495 |
228.428 |
|
(e) Other Non-current assets |
318.149 |
306.341 |
213.366 |
|
Total
Non-Current Assets |
8813.691 |
8565.980 |
6429.994 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2.294 |
0.000 |
0.000 |
|
(b) Inventories |
1585.164 |
1159.312 |
1366.046 |
|
(c) Trade receivables |
288.291 |
227.319 |
301.546 |
|
(d) Cash and cash equivalents |
286.846 |
463.521 |
923.290 |
|
(e) Short-term loans and
advances |
1267.928 |
939.192 |
597.459 |
|
(f) Other current assets |
82.783 |
67.906 |
68.522 |
|
Total
Current Assets |
3513.306 |
2857.250 |
3256.863 |
|
|
|
|
|
|
TOTAL |
12326.997 |
11423.230 |
9686.857 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
9218.474 |
6973.073 |
7060.411 |
|
|
Other Income |
39.298 |
46.329 |
70.977 |
|
|
TOTAL
(A) |
9257.772 |
7019.402 |
7131.388 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1568.186 |
1166.330 |
1125.027 |
|
|
Purchases of Stock-in-Trade |
643.139 |
150.173 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(315.514) |
271.346 |
(362.469) |
|
|
Employees benefits expense |
577.297 |
425.794 |
381.243 |
|
|
Other expenses |
693.660 |
594.393 |
4610.320 |
|
|
Power and Fuel |
2583.997 |
1715.226 |
0.000 |
|
|
Packing, Distribution and
expenses |
2563.254 |
2092.360 |
0.000 |
|
|
|
34.321 |
|
0.000 |
|
|
TOTAL
(B) |
8348.340 |
6415.622 |
5754.121 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
909.432 |
603.780 |
1377.267 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
383.341 |
87.052 |
48.358 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
526.091 |
516.728 |
1328.909 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
336.225 |
277.383 |
250.815 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
189.866 |
239.345 |
1078.094 |
|
|
|
|
|
|
|
Less |
TAX (H) |
10.679 |
-56.718 |
304.408 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
179.187 |
296.063 |
773.686 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
|
30.000 |
80.000 |
|
|
Dividend |
|
80.081 |
160.163 |
|
|
Tax on Dividend |
|
13.610 |
27.220 |
|
|
Total
(M) |
NA |
123.691 |
267.383 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
NA |
NA |
52.571 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Stores & Spares |
|
29.789 |
15.883 |
|
|
Capital Goods |
|
24.756 |
385.492 |
|
|
TOTAL
IMPORTS |
NA |
54.545 |
401.375 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
6.71 |
11.09 |
28.98 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
112.500 |
NA |
|
Cash generated from operations |
NA |
731.844 |
1305.620 |
QUARTERLY RESULTS
|
PARTICULARS |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
|
|
|
|
|
Net Sales |
2395.550 |
2133.420 |
2386.680 |
|
Total Expenditure |
2163.690 |
2038.570 |
2185.100 |
|
PBIDT (Excl OI) |
231.860 |
94.850 |
201.580 |
|
Other Income |
13.500 |
6.660 |
11.240 |
|
Operating Profit |
245.360 |
101.510 |
212.820 |
|
Interest |
103.280 |
106.200 |
107.040 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
142.080 |
(4.690) |
105.780 |
|
Depreciation |
88.690 |
88.910 |
88.080 |
|
Profit Before Tax |
53.390 |
(93.600) |
17.700 |
|
Tax |
6.940 |
(69.560) |
(9.510) |
|
Provision and Contingencies |
NA |
NA |
NA |
|
Profit after tax |
46.450 |
(24.040) |
27.210 |
|
Extraordinary items |
NA |
NA |
NA |
|
Prior period expenses |
NA |
NA |
NA |
|
Other adjustments |
NA |
NA |
NA |
|
Net Profit |
46.450 |
(24.040) |
27.210 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.94 |
4.25 |
10.96 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
9.87 |
8.66 |
19.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.59 |
2.16 |
14.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.05 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.67 |
0.70 |
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
1.97 |
2.61 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
Market Value |
Rs.224/- |
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 |
266.938 |
266.938 |
266.938 |
|
Reserves & Surplus |
4656.280 |
4803.097 |
4908.660 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
4923.218 |
5070.035 |
5175.598 |
|
|
|
|
|
|
long-term borrowings |
2110.042 |
3434.570 |
3114.930 |
|
Short term borrowings |
0.000 |
132.713 |
332.160 |
|
Total
borrowings |
2110.042 |
3567.283 |
3447.090 |
|
Debt/Equity
ratio |
0.429 |
0.704 |
0.666 |
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 |
7060.411 |
6973.073 |
9218.474 |
|
|
|
(1.237) |
32.201 |
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 |
7060.411 |
6973.073 |
9218.474 |
|
Profit |
773.686 |
296.063 |
179.187 |
|
|
10.96% |
4.25% |
1.94% |
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 |
|
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
|
|
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATIONS
:
|
Date of query:
11/066/2015 |
|
|
ITA ‘42’ of 2015 -
D |
2722/2015 |
|
Petitioner : |
PRINCIAPL COMMISSIONER OF INCOME TAX KOT |
|
Respondent : |
M/S MANGALAM CEMENT MORAK KOTA PARINITOO JAIN |
|
Petitioner Advocate
: |
PATINTOO JAIN |
|
Class Code : |
1303 |
|
Bench : |
DB |
INDUSTRY OUTLOOK (As
on 31.03.2014)
Cement demand is closely linked to the overall economic growth, particularly the housing and the infrastructure sector. The long term growth prospects remain positive, given the huge untapped housing demand and positive demographics. By 2020, cement production will reach 550 million tons. Moreover, India has one of the lowest per capita consumption of cement at 185 kg, projected to rise to 385 kg in 2025. A strong infrastructure sector is vital to the development of the cement industry in India. Investment in infrastructure is the main growth driver for the cement industry. The Planning Commission estimates total infrastructure spending to be about 10% of the GDP during the 12th five-year Plan (2012–17), up from 7.6% during the previous five-year Plan (2007–12). India’s investment in infrastructure is estimated to double to about USD1 trillion during the 12th Plan (2012–17) compared to the previous Plan. The housing sector is another tremendous growth driver for the cement industry in India. We must take cognizance of the changed dynamics in the sector. Housing sector accounts for 64-67% of the total cement demand, which is highly correlated with cyclical activities like construction and development. The rapidly increasing real estate industry in India is expected to push the demand for cement. Residential real estate demand is driven by rising population and growing urbanisation. The Indian real estate sector has come a long way and is today one of the fastest growing markets in the world. A boost in the commercial real estate will equally promote the cement industry in India.
OVERALL PERFORMANCE
(As on 31.03.2014)
The year under report has seen depressed market conditions. Cement prices have remained weak through the country, especially in the markets that we service. This has been driven by lack of growth in the construction sector coupled with enhanced capacity of cement production. They are working at expanding their market presence, both in terms of geographical reach as well as deeper penetration in the markets we traditionally service. In addition, they are working on a number of initiatives on the cost front. In line with the Company’s plans the focus on production of fly ash-based cement is likely to strengthen. The Company plans to increase its blended cement production to 75% during FY2014-15 and finally to 90% in the coming years.
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10423578 |
09/04/2013 |
1,000,000,000.00 |
STATE BANK OF
INDIA |
CORPORATE
ACCOUNTS BRANCH 2ND FLOOR RELIANCE HOUSE, |
B74364332 |
|
2 |
10403252 |
04/02/2013 |
1,350,000,000.00 |
DBS BANK LIMITED
(Acting as an Security Agent) |
4A, NANDALAL
BASU SARANI, KOLKATA - |
B68220656 |
|
3 |
10390762 |
01/11/2012 |
1,250,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, MAHARASHTRA,
INDIA |
B63653448 |
|
4 |
10040847 |
20/07/2011 * |
500,000,000.00 |
STATE BANK OF
INDIA |
CORPORATE ACCOUNTS
BRANCH 2ND FLOOR RELIANCE HOUSE, |
B17346438 |
|
* Date of charge modification |
||||||
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
Taxation Matters |
|
|
|
Direct tax |
112.069 |
112.069 |
|
Indirect tax |
652.085 |
368.303 |
|
Others |
34.423 |
21.164 |
FIXED ASSETS:
- Land
- Leasehold
Land
- Building
- Plant and
Machinery
- Furniture and
Fittings
- Vehicles
- Office
Equipment
- Railway
Siding
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.89 |
|
|
1 |
Rs.98.90 |
|
Euro |
1 |
Rs.72.31 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
|
53 |
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.