MIRA INFORM REPORT

 

 

Report No. :

328527

Report Date :

20.06.2015

 

 IDENTIFICATION DETAILS

 

Name :

PRISM CEMENT LIMITED

 

RMC READYMIX (INDIA) DIVISION OF PRISM CEMENT LIMITED

 

 

Registered Office :

305, Laxmi Niwas Apartments, Ameerpet, Hyderabad – 500016, Andhra Pradesh

Tel. No.:

91-40-23400218

 

 

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

 

 

IEC No.:

0398024529

 

 

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 :

Subject is engaged in the business of manufacturing and trading of cement, tiles, bathroom and kitchen fixtures.

 

 

No. of Employees :

Information declined by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well-established company having fine track record.

 

Subject was established in 1992 and is an integrated Building Materials Company, offering a wide range of building materials from cement, aggregates, ready-mixed concrete, tiles, bath products, to kitchens. The company has three Divisions, Viz. Prism Cement, H and R Johnson (India), and RMC Readymix (India).

 

PCL, promoted by the Raheja Group, was incorporated in 1992.

 

The company is continuously incurring losses from its two year of operation. However, the subject has good managerial and financial support from group.

 

Rating derives strength from subjects established position of the company as a cement manufacturer, its market leadership in the ceramic tiles business and pan India presence in the RMC Ready-mix business.

 

Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments.

 

In the view of PCL established brand presence in cement industry and strong support from the group, the subject can be considered 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

Long term Rating = A-

Rating Explanation

Adequate degree of safety and low credit risk.

Date

January, 2015

 

Rating Agency Name

ICRA

Rating

Short term rating = A1

Rating Explanation

Very strong degree of safety and carry lowest 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 DENIED BY

 

Name :

Mr. Paritosh

Designation :

General Manager (Finance)

Contact No.:

91-22-30647300

 

 

LOCATIONS

 

Registered Office :

305, Laxmi Niwas Apartments, Ameerpet, Hyderabad – 500016, Andhra Pradesh, India

Tel. No.:

91-40-23400218 / 23404318 / 23319208/ 23396082

Fax No.:

91-40-23402249 / 23319135/ 26100179

E-Mail :

aneetakulkarni@prismcement.com

cement.prismcement.com

investor@prismcement.com

info@rmcindia.com

Website :

http://www.prismcement.com

 

 

Corporate Office/ Head Office :

‘Rahejas’, Main Avenue, Vallabhai Patel Road, Santacruz (West), Mumbai – 400 054, Maharashtra, India

Tel. No.:

91-22-66754142/ 3/ 4/ 5

Fax No.:

91-22-26001304

 

 

Factory 1 :

Cement Manufacturing Facilities

Village Mankahari, Tehsil Rampur Baghelan, Satna – 485 111, Madhya Pradesh, India

Tel. No.:

91-7672-275622/ 1/ 410260

Fax No.:

91-7672-275303

 

 

Factory :

  • Coal Block is located at Chhindwara, Madhya Pradesh
  • Tile manufacturing facilities are located at Pen, Maharashtra; Dewas, Madhya Pradesh; Kunigal, Karnataka and Karaikal, Puducherry

(RMC Readymix (India) Division currently operates 87 concrete plants and 9 aggregate crushers spread across 35 locations in the country).

 

 

Sales and Marketing Office:

16/1/6A, Tagore Town, J.N. Road, Allahabad – 211 002, Uttar Pradesh, India

 

 

Regional Marketing Office:

Village Dhamaspur, Jail Road, Badshahpur. Sohna Road, Gurgaon, Haryana, India

 

 

Marketing Office :

Also Located at:

 

  • Kanpur
  • Lucknow
  • Bareilly
  • Varanasi
  • Patna
  • Satna
  • Jabalpur
  • Bhopal
  • Delhi

 

 

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 :

  • Asianet Satellite Communications Limited
  • Exide Industries Limited
  • EIH Associated Hotels Limited
  • Goldiam International Limited
  • Goldiam Jewellery Limited
  • ING Vysya Life Insurance Company Limited
  • Raheja QBE General Insurance Company Limited

 

 

Name :

Mr. Rajan B. Raheja

Designation :

Director

Date of Birth/ Age :

17.06.1954

Qualification :

B.Com

List of outside Company Directorships held :

  • EIH Associated Hotels Limited
  • EIH Limited
  • Exide Industries Limited
  • Hathway Cable and Datacom Limited
  • ING Vysya Life Insurance Company Limited
  • Juhu Beach Resorts Limited
  • Supreme Petrochem Limited

 

 

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 :

  • Aptech Limited
  • Asianet Satellite
  • Communications Limited
  • Exide Industries Limited
  • ING Vysya Life Insurance
  • Company Limited

 

 

Name :

Mr. Satish B. Raheja

Designation :

Director

Date of Birth/ Age :

03.01.1964

Qualification :

B. Sc., BM

List of outside Company Directorships held :

  • Exide Industries Limited
  • ING Vysya Life Insurance Company Limited
  • Supreme Petrochem Limited

 

 

Name :

Mr. Akshay R. Raheja

Designation :

Director

Date of Birth/ Age :

25.05.1982

Qualification :

B. Com., MBA

List of outside Company Directorships held :

  • Asianet Satellite Communications Limited
  • Hathway Cable and Datacom Limited
  • Raheja QBE General Insurance
  • Company Limited

 

 

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 – Cement (From August 25, 2013)

 

 

Name :

Mr. V. M. Panicker

Designation :

Executive Director – Cement (From August 25, 2013)

 

 

Name :

Mr. Shobhan M. Thakore

Designation :

Director (From June 19, 2014)

 

 

KEY EXECUTIVES

 

Name :

Ms. Aneeta S. Kulkarni

Designation :

Company Secretary

 

 

Name :

Mr. Paritosh

Designation :

General Manager (Finance)

 

 

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

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

68250423

13.56

http://www.bseindia.com/include/images/clear.gifBodies Corporate

308630246

61.31

http://www.bseindia.com/include/images/clear.gifSub Total

376880669

74.87

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals (Non-Residents Individuals / Foreign Individuals)

500

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

500

0.00

Total shareholding of Promoter and Promoter Group (A)

376881169

74.87

 

 

 

(B) Public Shareholding

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifMutual Funds / UTI

39380869

7.82

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

89769

0.02

http://www.bseindia.com/include/images/clear.gifForeign Institutional Investors

37598196

7.47

http://www.bseindia.com/include/images/clear.gifSub Total

77068834

15.31

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

8087817

1.61

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 Million

26211009

5.21

Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million

13320245

2.65

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

1787506

0.36

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

1343380

0.27

http://www.bseindia.com/include/images/clear.gifOverseas Corporate Bodies

4200

0.00

http://www.bseindia.com/include/images/clear.gifTrusts

21000

0.00

http://www.bseindia.com/include/images/clear.gifClearing Members

418926

0.08

http://www.bseindia.com/include/images/clear.gifSub Total

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

 

 

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

 

 

 

Total (A)+(B)+(C)

503356580

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of manufacturing and trading of cement, tiles, bathroom and kitchen fixtures.

 

 

Products :
  • Cement
  • Tiles
  • Bathroom And Kitchen Fixtures

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

 

Selling :

Not Divulged

 

 

Purchasing :

Not Divulged

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

Information declined by the management.

 

 

Bankers :

Bank Name

Axis Bank Limited

Branch

Not Divulged

Person Name (With Designation)

Not Divulged

Contact Number

Not Divulged

Name of Account Holder

Not Divulged

Account Number

Not Divulged

Account Since (Date/Year of Account Opening)

Not Divulged

Average Balance Maintained (If Possible)

Not Divulged

Credit Facilities Enjoyed (If any)

Not Divulged

Account Operation

Not Divulged

Remarks (If any)

Not Divulged

 

  • ICICI Bank Limited
  • IDBI Bank Limited
  • Indian Overseas Bank
  • ING Vysya Bank Limited
  • Standard Chartered Bank
  • State Bank of India
  • Syndicate Bank
  • Vijaya Bank
  • Yes Bank Limited

 

 

Facilities :

Secured Loan

31.03.2015

(Rs. in Million)

31.03.2014

(Rs. in Million)

LONG-TERM BORROWINGS

 

 

11.80% Non-Convertible Debentures (300 Nos. debentures of Rs.1.000 Million each)

NA

300.000

9.30% Non-Convertible Debentures (70 Nos. (Previous year: 100 Nos.) debentures of Rs.10.000 Million each)

NA

700.000

11.60% Non-Convertible Debentures (500 Nos. debentures of Rs.1.000 Million)

NA

500.000

11.20% Non-Convertible Debentures (750 Nos. debentures of Rs.1.000 Million each)

NA

750.000

11.20% Non-Convertible Debentures (200 Nos. debentures of Rs.1.000 Million each)

NA

0.000

10.75% Non-Convertible Debentures (500 Nos. debentures of Rs.1.000 Million each)

NA

0.000

Term loan

 

 

From Banks

NA

8777.700

From Bank

NA

11.700

From NBFC

NA

653.800

From Others

NA

2515.400

Sales Tax Deferral

NA

6.600

SHORT TERM BORROWINGS

 

 

Loans repayable to Banks

 

 

On Demand

NA

1574.700

Others

NA

185.000

Total

NA

15974.900

 

Statutory Auditors :

 

Name :

G. M. Kapadia and Company

Chartered Accountants

Address :

Mumbai, Maharashtra, India

 

 

Cost Auditors :

 

Name :

N. I. Mehta and Company

Chartered Accountants

Address :

Mumbai, Maharashtra, India

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Subsidiaries (As on 31.03.2014) :
  • Raheja QBE General Insurance Company Limited
  • RMC Readymix Porselano (India) Limited
  • H and R. Johnson (India) TBK Limited
  • Lifestyle Investments PVT Limited (upto 30.10.2013)
  • Silica Ceramica Private Limited
  • Milano Bathroom Fittings Private Limited

 

 

Joint Venture (As on 31.03.2014) :
  • Sentini Cermica Private Limited
  • Antique Marbonite Private Limited
  • Spectrum Johnson Tiles Private Limited
  • TBK Samiyaz Tile Bath Kitchen Private Limited
  • TBK Shriram Tile Bath Kitchen Private Limited
  • Soild Johnson Floor Tiles Private Limited (Formerly Known as Solid Ceramic Private Limited)
  • Small Johnson Floor Tiles Private Limited
  • TBK Deziner's Home Private Limited
  • TBK Unique Jalgaon Tile Bath Kitchen Private Limited
  • TBK PB Shah Tile Bath Kitchen Private Limited
  • TBK Deepgiri Tile Bath Kitchen Private Limited
  • TBK Pratap Tile Bath Kitchen Private Limited
  • TBK Rangoli Tile Bath Kitchen Private Limited
  • TBK Bansal Ceramics Private Limited
  • TBK Venkataramiah Tile Bath Kitchen Private Limited (Subsidiary w.e.f. 04.01.2014, previously Joint Venture)
  • TBK Rathi Sales Agencies Private Limited
  • TBK Florance Ceramics Private Limited
  • TBK Sanitary Sales Private Limited
  • TBK Tile Home Private Limited
  • TBK Krishna Tile Bath Kitchen Private Limited
  • TBK Reddy Tile Bath Kitchen Private Limited
  • TBK Kadakia's Tile Bath Kitchen Private Limited
  • TBK Rishi Ceramics Private Limited
  • TBK Aishwarya Tile Bath Kitchen Private Limited
  • TBK Raj Kamal Tile Bath Kitchen Private Limited
  • TBK Shree Ganesh Traders Private Limited
  • TBK Vaibhavi Tile Bath Kitchen Private Limited
  • TBK Home Trends Private Limited
  • TBK Solan Ceramics Private Limited (From 10.05.2013)
  • Antique Minerals Private Limited

 

 

Associates Company

(As on 31.03.2014):

Prism Power and Infrastructure Private Limited

 

 

Firm/Enterprise in which Directors and/or relatives have significant influence (As on 31.03.2014) :
  • R and S Business Centre
  • Windsor Realty Private Limited
  • Peninsula Estate Private Limited
  • Varahagiri Investment and Finance Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2015

 

Authorised Capital: Not Available

 

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 Million

20000000

Preference shares

Rs.10/- each

Rs.200.000 Million

 

Total

 

Rs.5250.000 Million

 

Issued, Subscribed & Paid-up Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

503356580

Equity Shares

Rs.10/- each

Rs.5033.600 Million

 

 

Reconciliation of number of equity shares outstanding

 

PARTICULARS

As at 31-03-2014

 

No. of Shares

At the beginning of the year

50,33,56,580

At the end of the year

50,33,56,580

 

 

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 12351600 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

 

PARTICULARS

As at 31.03.2014

Name of the Shareholder

Total Shares Held

As a % of Total Shares

Manali Investment and Finance Private Limited

67817992

13.47%

Hathway Investments Limited

64113400

12.74%

Coronet Investments Private Limited

57949394

11.51%

Rajan B. Raheja

51402627

10.21%

Bloomingdale Investment and Finance Private Limited

31289300

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)

157.700

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)

16822.200

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

43427.100

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

5615.800

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

16120.400

14113.600

13129.300

 

 

 

 

TOTAL

43427.100

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

 

Store and Spare Consumed

808.300

0.000

0.000

 

Power and Fuel

7642.700

0.000

0.000

 

Freight outward

7190.200

0.000

0.000

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(124.300)

(308.500)

(238.300)

 

Employees benefits expense

3149.800

2886.500

2589.300

 

Manufacturing Expenses

0.000

11977.100

10583.300

 

Exceptional Items

(621.200)

(93.700)

(16.200)

 

Other expenses

8557.000

11150.800

10675.500

 

TOTAL

52476.300

48150.400

45068.800

 

 

 

 

 

Less

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/ Add

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)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

2840.000

3572.400

4455.400

 

 

 

 

 

Add

DIVIDEND RECEIVED ON OWN SHARES HELD THROUGH TRUST

NA

0.000

6.200

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Transfer from/to Debenture Redemption Reserve

 NA

(84.100)

294.400

 

 

 

 

 

 

Balance Carried to the B/S

2987.000

2840.000

3572.400

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

 NA

424.800

241.900

 

TOTAL EARNINGS

NA

424.800

241.900

 

 

 

 

 

 

IMPORTS

 

 

 

 

Spares

NA

247.200

250.800

 

Raw Materials

NA

420.500

317.000

 

Capital Goods

NA

86.800

111.800

 

Traded Goods

NA

161.300

273.400

 

TOTAL IMPORTS

NA

915.800

953.000

 

 

 

 

 

 

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 Borrowings

NA

2571.900

3268.900

Cash generated from operations

NA

(112.400)

2547.000

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2015

31.03.2014

31.03.2013

Net Profit Margin

(PAT / Sales)

(%)

0.26

(1.64)

(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

1.56

1.22

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

0.98

0.88

0.77

 

 

STOCK PRICES

 

Face Value

Rs.10/- each

Market Value

Rs.109.30/- each

 

 

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

13245.500

15761.400

17603.700

Debt/Equity ratio

1.216

1.564

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

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)

LONG TERM BORROWINGS

 

 

Term Loans from banks

 

 

Inter Corporate Deposits

NA

7.900

10.42% Non-convertible Debentures

(150 Nos. debentures of Rs. 1.000 Million each)

NA

150.000

10.00% Non-convertible Debentures

(150 Nos. debentures of Rs. 1.000 Million each)

NA

150.000

9.60% Non-convertible Debentures

(200 Nos. debentures of Rs. 1.000 Million each)

NA

0.000

Finance Leas Obligation

NA

20.900

Fixed Deposits from Public

NA

1405.800

Less : Disclosed under Other Current Liabilities

 

 

Current maturities of long term borrowings

NA

(2571.900)

Unclaimed fixed deposits

NA

(9.000)

SHORT TERM BORROWINGS

 

 

Term loans From Banks

NA

632.800

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 Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra, INDIA

C50014638

2

10543588

24/12/2014

500,000,000.00

RBL Bank Limited

SHAHUPURI,KOLHAPUR, KOLHAPUR - 416001, Maharashtra, INDIA

C40710782

3

10543602

24/12/2014

500,000,000.00

ING VYSYA BANK LIMITED

22, M G ROAD,BANGALORE, BANGALORE - 560001, Karnataka, INDIA

C40721011

4

10543853

24/12/2014

600,000,000.00

Standard Chartered Bank

6-3-1090, Raj Bhavan Road, Somajiguda, SCGB, HYDERABAD  - 500082, Andhra Pradesh, INDIA

C40842403

5

10532845

15/11/2014 *

1,500,000,000.00

Axis Trustee Services Limited

Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra, INDIA

C34974824

6

10533339

21/10/2014

1,500,000,000.00

Axis Trustee Services Limited

Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra, INDIA

C31516933

7

10533338

20/10/2014

1,000,000,000.00

Axis Trustee Services Limited

Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra, INDIA

C31515653

8

10505897

12/08/2014 *

1,250,000,000.00

Axis Trustee Services Limited

Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra, INDIA

C15625684

9

10495051

12/05/2014

2,000,000,000.00

Axis Trustee Services Limited

Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra, INDIA

C04626933

10

10474831

30/01/2014

2,000,000,000.00

Axis Trustee Services Limited

Axis House, 2nd Floor, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli, Mumbai - 400025, Maharashtra, INDIA

B95178778

 

* Date of charge modification

 

 

FIXED ASSETS

 

Tangible Assets:

 

  • Land
  • Buildings
  • Railway siding
  • Plant and machinery
  • Mines Development
  • Furniture, fixtures and computers
  • Vehicles
  • Office Equipment’s
  • 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, India Prisons Service, Interpol, etc.

 

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.63.81

UK Pound

1

Rs.101.25

Euro

1

Rs.72.35

 

 

INFORMATION DETAILS

 

Information Gathered by :

SPY

 

 

Analysis Done by :

SAN

 

 

Report Prepared by :

PNM

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILITY

1~10

4

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--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

 

50

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.