MIRA INFORM REPORT
|
Report No. : |
310283 |
|
Report Date : |
03.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
SAURASHTRA CEMENT LIMITED |
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|
|
|
Registered
Office : |
Near Railway Station, Ranavav – 360560, Gujarat |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2014 |
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|
Date of
Incorporation : |
11.06.1956 |
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Com. Reg. No.: |
04-000840 |
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Capital
Investment / Paid-up Capital : |
Rs. 580.702 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26941GJ1956PLC000840 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacture of Cement. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (21) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Sick company |
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|
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Payment Behaviour : |
Slow |
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Litigation : |
Exist |
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Comments : |
Subject is the flag Ship company of the Mehta Group, one of the
leading players in the Indian Cement Industry. The company is registered with the Board for Industrial and Financial
Reconstruction (BIFR) vide case no 9/2006 since F.Y. 2005-2006, for financial
restructuring process. Further, with the help of BIFR scheme sanctioned as on March14, 2013
and certain reliefs and concessions applicable to all sick industrial
companies, the performance of the company is improving gradually marked by
wiping of its accumulated losses during 2013. As per available latest financials, the company has continued to
witness a moderation in its financial profile marked by adequate net worth
base along with accrued payables and increasing other current liabilities
which are yet too paid off by the management. Moreover, management has reported a constant sales volume whereas, has
witnessed a drastic dip in its net profitability during FY 14. However, trade relations are improving. Business is active. Payment
terms are reported as slow. In view of established brand image, market position and rich
experience of the promoters, the subject can be considered for business
dealings on a fully safe and secured 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
LOCATIONS
|
Registered Office/ Factory : |
Near Railway Station, Ranavav – 360560, Gujarat, India |
|
Tel. No. : |
91-2801-235001/ 304200/ 230824/ 27/ 28/ 29 |
|
Fax No. : |
91-2801-304376/ 304384/ 230830/ 230617 |
|
E-Mail : |
scl-mum@mehtagroup.com |
|
Website : |
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Corporate Office : |
N. K. Mehta International House, 2nd Floor, 178, Backbay Reclamation, Mumbai – 400020, Maharashtra, India |
|
Tel. No.: |
91-22-66365444/ 66365390 |
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Fax No.: |
91-22-66365445 |
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|
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|
Marketing Office : |
Pelican, 7th Floor, Gujarat Chambers of Commerce and Industry Compound, Ashram Road, Ahmedabad - 380 009, Gujarat, India |
|
Tel. No.: |
91-79-2658 0135/0137/ 26589353 |
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Fax No.: |
91-79-2658 7265/2657 5453 |
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Regional Offices : |
Located at: · Mumbai · Bhavnagar · Rajkot · Surat · Vadodara · Junagadh |
DIRECTORS
As on 30.05.2014
|
Name : |
Mr. M. N. Mehta |
|
Designation : |
Chairman |
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|
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|
Name : |
Mr. Jay M. Mehta |
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Designation : |
Executive Vice Chairman |
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Name : |
Mr. Hemang D. Mehta |
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Designation : |
Director |
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|
Name : |
Mr. M. N. Rao |
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Designation : |
Director |
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Name : |
Mr. S. V. S. Raghavan |
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Designation : |
Director |
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Name : |
Mr. B. P. Deshmukh |
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Designation : |
Director |
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|
Name : |
Mr. K. N. Bhandari |
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Designation : |
Director |
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Name : |
Mr. Jayant N. Godbole |
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Designation : |
Director |
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|
Name : |
Mr. Hemnabh Khatau |
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Designation : |
Director |
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|
Name : |
Mr. Bimal Thakkar |
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Designation : |
Director |
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|
Name : |
Mr. P. K. Behl |
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Designation : |
Director |
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|
Name : |
Mrs. Bhagyam Ramani |
|
Designation : |
Director |
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|
Name : |
Mr. Anil Kaul |
|
Designation : |
Special Director - BIFR |
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|
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|
Name : |
Mr. Denys Firth |
|
Designation : |
Nominee - India Debt Management Private Limited |
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|
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|
Name : |
Mr. Alexander Shaik |
|
Designation : |
Nominee - India Debt Management Private Limited |
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|
Name : |
Mr. Susheel Kak |
|
Designation : |
Nominee - India Debt Management Private Limited |
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|
Name : |
Mr. M. S. Gilotra |
|
Designation : |
Managing Director |
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|
Name : |
Mr. V. R. Mohnot |
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Designation : |
Director (Finance) and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
215578 |
0.42 |
|
|
7093934 |
13.86 |
|
|
7309512 |
14.28 |
|
|
|
|
|
|
25665349 |
50.14 |
|
|
25665349 |
50.14 |
|
Total shareholding of Promoter and Promoter
Group (A) |
32974861 |
64.42 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1250 |
0.00 |
|
|
550937 |
1.08 |
|
|
463664 |
0.91 |
|
|
1810 |
0.00 |
|
|
1017661 |
1.99 |
|
|
|
|
|
|
2258315 |
4.41 |
|
|
|
|
|
|
2860837 |
5.59 |
|
|
2485057 |
4.85 |
|
|
85266 |
0.17 |
|
|
9509068 |
18.58 |
|
|
9256650 |
18.08 |
|
|
252418 |
0.49 |
|
|
17198543 |
33.60 |
|
Total Public shareholding (B) |
18216204 |
35.58 |
|
Total (A)+(B) |
51191065 |
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) |
51191065 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Cement. |
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Products : |
·
Hathi OPC 43 Grade ·
Hathi OPC 53 Grade ·
Hathi PPC 53P Grade ·
Chootu Hathi 1 K. G ·
Chhotu Hathi 5 K.G |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
Not Available |
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Customers : |
Not Available |
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No. of Employees : |
Not Available |
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Bankers : |
· Central Bank of India · Dena Bank · Bank of India · Rajkot Nagarik Sahakari Bank Limited · HDFC Bank Limited |
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Facilities : |
NOTE SHORT TERM
BORROWINGS The Working capital facilities are secured by first charge
by way of hypothecation of current assets, namely, stocks of raw materials,
semi finished and finished goods, consumable stores and spares, bills
receivables, book debts and all other movables, both, present and future. It
is also secured by second mortgage and charge on the Company's immovable and
movable properties both present and future. They are also secured by personal
guarantee of two Directors of the Company. Of the above, a cash credit
facility from a bank aggregating to Rs. 0.082 Million (Previous Year Rs.
1.139 Millions), is further secured by shares of Gujarat Sidhee Cement
Limited held by subsidiary companies. |
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Bansi S. Mehta and Company Chartered Accountants |
|
Address : |
Merchant Chamber, 3rd Floor, 41, New Marine Linex, Mumbai – 400020, Maharashtra, India |
|
Tel. No. : |
91-22-22014922/ 22004002/ 22068409 |
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Fax No. : |
91-22-22050147 |
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E-Mail : |
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Memberships : |
-- |
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Collaborators : |
-- |
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|
Enterprises under
control, or are controlled by, or under common control, with the reporting
enterprise are : |
· Jagmi Investment Limited · Sumaraj Holdings Private Limited · Fawn Trading Co. Private Limited · Clarence Investments Limited · Fern Trading Co. Private Limited · Trans Asia Investment and Trading Limited · Willow Trading Co. Private Limited · Sampson Limited · Tejashree Trading Co. Private Limited · Villa Trading Co. Private Limited · Pallor Trading Co. Private Limited · Aber Investments Limited · The Mehta International Limited · Galaxy Technologies Private Limited · Mehta Private Limited · Mehta Sports Private Limited · Sameta Exports Private Limited · The Sea Island Investments Limited · Sunnidhi Trading Private Limited · Parsec Consultancy Private Limited |
|
|
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|
Subsidiary
Companies : |
· Agrima Consultants International Limited · Ria Holdings Limited · Pranay Holdings Limited · Reeti Investments Limited · Prachit Holdings Limited · Concorde Cement Private Limited |
|
|
|
|
Enterprise having
Key Management Personnel in common: |
Gujarat Sidhee Cement Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
130000000 |
Equity Shares |
Rs. 10/- each |
Rs.1300.000 millions |
|
6000000 |
Preference Shares |
Rs. 100/- each |
Rs 600.000 millions |
|
5000000 |
Unclassified shares |
Rs. 10/- each |
Rs. 50.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs. 1950.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
59095018 |
Equity Shares |
Rs. 10/- each |
Rs.590.950 millions |
|
687595 |
13% Optionally Convertible Cumulative Preference Shares |
Rs. 100/- each |
Rs.68.760 millions |
|
|
|
|
|
|
|
Total |
|
Rs. 659.710 Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
51191065 |
Equity Shares |
Rs. 10/- each |
Rs. 511.911 millions |
|
687595 |
13% Optionally Convertible Cumulative Preference Shares |
Rs. 100/- each |
Rs. 68.760 millions |
|
15269 |
Forfeited Shares |
Rs. 2/- each |
Rs. 0.031 millions |
|
|
|
|
|
|
|
Total |
|
Rs. 580.702 Millions |
NOTE:
RECONCILIATION OF THE
NUMBER OF SHARES OUTSTANDING AND AMOUNT OF SHARE CAPITAL
|
PARTICULARS |
As at March 31,
2014 |
|
|
Numbers |
Rs. in Millions |
|
|
a. Equity Shares,
of Rs. 10 par value |
|
|
|
At the beginning |
51,191,065 |
511.911 |
|
Changes during the year |
Nil |
Nil |
|
At the end |
51,191,065 |
511.911 |
|
|
|
|
|
b. Preference
Shares, of Rs. 100 par value |
|
|
|
At the beginning |
687,595 |
68.760 |
|
Changes during the year |
Nil |
Nil |
|
At the end |
687,595 |
68.760 |
RIGHTS, PREFERENCES
AND RESTRICTIONS
Equity Shares
· The Company has only one class of equity shares referred to as equity shares having a par value of Rs. 10. Each holder of equity shares is entitled to one vote per share.
· Dividends, if any, is declared and paid in Indian rupees. The dividend, if any, proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. However, in view of the carried forward losses, no dividend is / was declared on the equity shares for the year ended March 31, 2014 / March 31, 2013.
· In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Preference Shares:
·
The Company has only one class of preference
shares referred to as 13% Optionally Convertible Cumulative Preference Shares
(OCCPS) having a par value of Rs. 100. The preference shares do not carry
any voting right. In terms of Section 87 of the Companies Act, 1956, the
holders of cumulative preference shares get entitled to vote on every
resolution placed by the Company at any meeting, if the dividend due on such
shares or any part thereof has remained unpaid in respect of an aggregate
period of not less than two years preceding the date of commencement of the
meeting.
·
OCCPS carried a fixed cumulative
dividend of 13% p.a. from the date of issue. The holders of OCCPS carry a right
to dividend ahead of equity share holders.
·
In the event of liquidation, the holders
of OCCPS carry preference over equity shareholders in respect of
repayment of capital.
·
OCCPS were redeemable at par on March
31, 2003. Of the total Preference Share Capital of Rs.
68.760 Millions, the holders of 1,74,557 OCCPS of Rs.
100 par value, aggregating to Rs. 17.456
Millions, have surrendered their right in the redemption, including the
preference dividend thereon for the benefit of the Company. Based on the advise
received, pending the availability of funds / distributable profits for the
redemption of capital, the beneficial ownership of these OCCPS has already been
transferred in favour of a trust of which the Company is the beneficiary. The
accounting effect of such waiver (only in respect of these OCCPS) shall be made
as and when such shares will be redeemed. For the balance of OCCPS, the right
of conversion lapsed on August 22, 2003.
DETAILS OF SHARES
HELD BY SHAREHOLDERS HOLDING MORE THAN 5% OF THE AGGREGATE SHARES IN THE
COMPANY
|
PARTICULARS |
As at March
31, 2014 |
|
|
Numbers |
Percentage of Holding |
|
|
a. Equity Shares |
|
|
|
Clarence Investments Limited |
12,886,599 |
25.17% |
|
Jagmi Investments Limited |
5,175,000 |
10.11% |
|
Mauritius Debt Management Limited |
7,450,000 |
14.55% |
|
Sampson Limited |
4,000,000 |
7.81% |
|
TransAsia Investments And Trading Limited |
8,000,000 |
15.63% |
|
|
|
|
|
b. Preference
Shares |
|
|
|
India Debt Management Private Limited |
512,398 |
74.52% |
|
A.M.Fadia - Trustee of SCL Preference Shares Trust |
174,557 |
25.39% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
580.702 |
580.702 |
580.702 |
|
(b) Reserves & Surplus |
1124.937 |
920.258 |
(914.600) |
|
(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) |
1705.639 |
1500.960 |
(333.898) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
378.127 |
1144.648 |
1026.603 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
71.160 |
69.372 |
63.383 |
|
(d) long-term
provisions |
80.707 |
80.767 |
72.515 |
|
Total Non-current
Liabilities (3) |
529.994 |
1294.787 |
1162.501 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
57.452 |
57.322 |
53.978 |
|
(b) Trade
payables |
346.963 |
357.955 |
424.831 |
|
(c) Other
current liabilities |
1452.943 |
1125.705 |
3224.474 |
|
(d) Short-term
provisions |
36.532 |
25.173 |
22.840 |
|
Total Current
Liabilities (4) |
1893.890 |
1566.155 |
3726.123 |
|
|
|
|
|
|
TOTAL |
4129.523 |
4361.902 |
4554.726 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1873.169 |
2062.574 |
2185.287 |
|
(ii)
Intangible Assets |
13.340 |
3.314 |
4.275 |
|
(iii)
Capital work-in-progress |
590.951 |
635.810 |
772.761 |
|
(iv)
Intangible assets under development |
0.000 |
6.975 |
0.000 |
|
(b) Non-current Investments |
188.019 |
188.019 |
188.021 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
320.468 |
|
(d) Long-term Loan and Advances |
120.939 |
139.010 |
112.668 |
|
(e) Other
Non-current assets |
31.878 |
48.041 |
42.290 |
|
Total Non-Current
Assets |
2818.296 |
3083.743 |
3625.770 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
567.436 |
666.642 |
544.629 |
|
(c) Trade
receivables |
161.148 |
139.346 |
176.928 |
|
(d) Cash
and cash equivalents |
404.694 |
341.150 |
57.717 |
|
(e)
Short-term loans and advances |
141.372 |
99.997 |
143.514 |
|
(f) Other
current assets |
36.577 |
31.024 |
6.168 |
|
Total
Current Assets |
1311.227 |
1278.159 |
928.956 |
|
|
|
|
|
|
TOTAL |
4129.523 |
4361.902 |
4554.726 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5313.624 |
5379.110 |
4386.181 |
|
|
|
Other Income |
46.070 |
98.284 |
52.595 |
|
|
|
TOTAL (A) |
5359.694 |
5477.394 |
4438.776 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
368.535 |
349.564 |
316.313 |
|
|
|
Purchases of Stock-in-Trade |
398.382 |
293.966 |
161.034 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
30.779 |
(0.071) |
25.079 |
|
|
|
Employees benefits expense |
300.332 |
282.427 |
249.120 |
|
|
|
Other expenses |
3632.842 |
3324.389 |
3211.472 |
|
|
|
Exceptional Items- Gain |
0.000 |
(1611.529) |
0.000 |
|
|
|
TOTAL (B) |
4730.870 |
2638.746 |
3963.018 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
628.824 |
2838.648 |
475.758 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
163.697 |
333.827 |
446.990 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
465.127 |
2504.821 |
28.768 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
258.621 |
343.960 |
219.643 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
206.506 |
2160.861 |
(190.875) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
320.468 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
206.506 |
1840.393 |
(190.875) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1073.527) |
(2913.920) |
(2723.045) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(867.021) |
(1073.527) |
(2913.920) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports on FOB basis |
1375.888 |
948.481 |
805.909 |
|
|
|
Despatch money on Export of Goods |
6.264 |
3.245 |
0.145 |
|
|
TOTAL EARNINGS |
1382.152 |
951.726 |
806.054 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and Spare Parts |
17.730 |
49.411 |
30.488 |
|
|
|
Capital Goods |
10.108 |
2.555 |
0.000 |
|
|
TOTAL IMPORTS |
27.838 |
51.966 |
30.488 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
3.86 |
35.78 |
(3.90) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1647.700 |
1273.800 |
1328.700 |
|
Total Expenditure |
1263.100 |
1198.400 |
1139.800 |
|
PBIDT (Excl OI) |
384.600 |
75.400 |
188.900 |
|
Other Income |
43.100 |
17.900 |
12.000 |
|
Operating Profit |
427.700 |
93.300 |
200.900 |
|
Interest |
24.900 |
27.400 |
25.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
402.800 |
65.900 |
175.600 |
|
Depreciation |
183.900 |
33.200 |
36.100 |
|
Profit Before Tax |
218.900 |
32.700 |
139.600 |
|
Tax |
61.900 |
13.400 |
21.900 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
157.000 |
19.300 |
117.600 |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Prior Period
Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
157.000 |
19.300 |
117.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.89 |
34.21 |
(4.35) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
11.83 |
52.77 |
10.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.16 |
61.20 |
(5.83) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
1.44 |
0.57 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.26 |
0.80 |
(3.24) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.69 |
0.82 |
0.25 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
580.702 |
580.702 |
580.702 |
|
Reserves & Surplus |
(914.600) |
920.258 |
1124.937 |
|
Net
worth |
(333.898) |
1500.960 |
1705.639 |
|
|
|
|
|
|
long-term borrowings |
1026.603 |
1144.648 |
378.127 |
|
Short term borrowings |
53.978 |
57.322 |
57.452 |
|
Total
borrowings |
1080.581 |
1201.970 |
435.579 |
|
Debt/Equity
ratio |
(3.236) |
0.801 |
0.255 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
4386.181 |
5379.110 |
5313.624 |
|
|
|
22.638 |
(1.217) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
4386.181 |
5379.110 |
5313.624 |
|
Profit |
(190.875) |
1840.393 |
206.506 |
|
|
(4.35%) |
34.21% |
3.89% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
CHARGES
|
Borrowers’ Name : |
Saurashra Cement Limited |
|
Address : |
Agrima Business Centre, N K Mehta
Institutional House, 178, Backbay Reclamatin, Mumbai – 400020, Maharashtra,
India |
|
Name of Individual : |
M.N.Rao D.N. Mehta Jay Mehta M K Chanduka – Nominee (IFCI) M. N. Mehta H.D. Mehta R.K.Poddar S Ramjee – Nominee (SUU) S V S Raghavan Savita V. Pitter Steohen Potter |
|
Name of Credit Grantors / Bank & Branch: |
Unit Trust of India |
|
Amount (Rs. In Millions) : |
Rs. 281.500 Millions |
|
Borrowers’ Name : |
Guarantors of Saurashtra Cement |
|
Address : |
Ranavav -360560, Gujarat, India |
|
Name of Individual : |
D.N. Mehta Jay Mehta M. N. Mehta |
|
Name of Credit Grantors / Bank & Branch: |
Indusind Bank Limited |
|
Amount (Rs. In Millions) : |
Rs. 54.100 Millions |
LITIGATION
DETAILS
HIGH COURT OF
GUJARAT
COMPANY PETITION No. 20 of 2006
In COMPANY PETITION / 20 / 2006 (PENDING)
|
Status : PENDING |
(Converted from : ST/517/2005) |
CCIN No : 001058200600020 |
|
Last Listing Date |
23/12/2011 |
|
|
Coram |
HONOURABLE MR.JUSTICE K.M.THAKER |
|
|
S.NO. |
Name of the Petitioner |
Advocate On Record |
|
1 |
HIMALAYA TRANSPORT PRIVATE LIMITED |
MS VAIBHAVI K PARIKH for: Petitioner(s) |
|
S.NO. |
Name of the Respondent |
Advocate On Record |
|
1 |
SAURASHTRA CEMENT LIMITED |
MRS KALPANAK RAVAL for :Respondent(s) |
|
|
|||
|
Presented On |
: 10/02/2005 |
Registered On |
: 10/02/2005 |
|
Bench Category |
: DIVISION BENCH |
District |
: RAJKOT |
|
Case Originated From |
: THROUGH HIS/HER/THEIR ADVOCATE |
Listed |
: 19 times |
|
Stage Name |
: NOTICE RETURNABLE MATTERS |
||
|
Classification |
SJ - OJ - COMPANY APPLICATION - COMPANIES
ACT, 1956 - WINDING UP - 433 AND 434 |
||
|
Act |
COMPANIES ACT, 1956 |
||
|
Office Details |
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on Document |
Document Details |
||||
|
1 |
28/03/2006 |
VAKALATNAMA |
MRS KALPANAK RAVAL ADVOCATE |
5 |
MRS KALPANA K RAVAL:1 |
||||
|
2 |
21/04/2006 |
AFFIDAVIT IN REPLY |
MRS KALPANAK RAVAL ADVOCATE |
0 |
MRS KALPANA K RAVAL:1 |
||||
|
3 |
15/08/2006 |
VAKALATNAMA |
MS VAIBHAVI K PARIKH ADVOCATE |
- |
MS VAIBHAVI K PARIKH:1 |
||||
|
4 |
15/04/2009 |
VAKALATNAMA |
MS VAIBHAVI K PARIKH ADVOCATE |
5 |
MS VAIBHAVI K PARIKH:1 |
||||
|
Applications |
|||||||||
|
S. No. |
CaseDetail |
Status Name |
Disposal Date |
Action/Coram |
|||||
|
1 |
COMPANY PETITION/20/2006 |
PENDING |
- |
- ·
HONOURABLE MR.JUSTICE
K.M.THAKER |
|||||
|
Court Proceedings |
|||||||||
|
1 |
21/04/2005 |
16 |
- |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
REGISTRAR (JUDICIAL) |
|
2 |
28/10/2005 |
16 |
- |
FOR OFFICE OBJECTION |
NEXT DATE |
HONOURABLE MR.JUSTICE JAYANT PATEL |
|
3 |
24/02/2006 |
16 |
- |
FOR REGULAR ADMISSION |
NEXT DATE |
HONOURABLE MR.JUSTICE R.S.GARG |
|
4 |
03/04/2006 |
16 |
- |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE K.M.MEHTA |
|
5 |
07/04/2006 |
16 |
- |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE R.S.GARG |
|
6 |
23/08/2011 |
16 |
- |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE K.M.THAKER |
|
7 |
08/09/2011 |
16 |
- |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE K.M.THAKER |
|
8 |
10/10/2011 |
16 |
- |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE K.M.THAKER |
|
9 |
20/10/2011 |
16 |
- |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE K.M.THAKER |
|
10 |
16/11/2011 |
16 |
- |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE K.M.THAKER |
|
11 |
05/12/2011 |
16 |
- |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE K.M.THAKER |
|
12 |
23/12/2011 |
16 |
- |
NOTICE RETURNABLE MATTERS |
NEXT DATE |
HONOURABLE MR.JUSTICE K.M.THAKER |
|
Available Orders |
||||||
|
S. No. |
Case Details |
Judge Name |
Order Date |
CAV |
Judgement |
Questions |
Transferred |
|
1 |
COMPANY PETITION/20/2006 |
HONOURABLE MR.JUSTICE M.R. SHAH |
08/03/2006 |
N |
ORDER |
- |
Y |
|
2 |
COMPANY PETITION/20/2006 |
HONOURABLE MR.JUSTICE R.S.GARG |
03/04/2006 |
N |
ORDER |
- |
Y |
|
3 |
COMPANY PETITION/20/2006 |
HONOURABLE MR.JUSTICE K.M.THAKER |
26/08/2011 |
N |
ORDER |
- |
Y |
|
4 |
COMPANY PETITION/20/2006 |
HONOURABLE MR.JUSTICE K.M.THAKER |
08/09/2011 |
N |
ORDER |
- |
Y |
|
5 |
COMPANY PETITION/20/2006 |
HONOURABLE MR.JUSTICE K.M.THAKER |
20/10/2011 |
N |
ORDER |
- |
Y |
|
6 |
COMPANY PETITION/20/2006 |
HONOURABLE MR.JUSTICE K.M.THAKER |
16/11/2011 |
N |
ORDER |
- |
Y |
|
7 |
COMPANY PETITION/20/2006 |
HONOURABLE MR.JUSTICE K.M.THAKER |
23/12/2011 |
N |
ORDER |
- |
Y |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10230392 |
12/09/2013 * |
1,158,000,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING,
GROUND FLOOR, R. KAMANI MARG, BAL |
B86411105 |
|
2 |
10231444 |
08/06/2010 |
1,157,900,000.00 |
DENA BANK |
INDUSTRIAL FINANCE BRANCH, DENA BANK BUILDING, 1ST FLOOR 17 HORNIMAN CIRCLE FORT, MUMBAI, MAHARASHTRA - 400023, INDIA |
A90583964 |
|
3 |
10145016 |
21/01/2010 * |
2,210,500,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
A79810206 |
|
4 |
10108561 |
22/05/2008 |
12,000,000.00 |
SREI INFRASTRUCTURE FINANCE LIMITED |
VISHWAKARMA,86C,TOPSIA ROAD (SOUTH), KOLKATA, WEST BENGAL - 700046, INDIA |
A40746091 |
|
5 |
10029618 |
08/12/2006 |
1,340,000.00 |
SREI INFRASTRUCTURE FINANCE LIMITED |
VISHWAKARMA,86C,TOPSIA ROAD (SOUTH), KOLKATA, WEST BENGAL - 700046, INDIA |
A08376246 |
|
6 |
10012975 |
03/08/2006 |
1,000,000.00 |
INDIAN OVERSEAS BANK |
SECTOR :16, GH-ROAD, GANDHINAGAE, GUJARAT - 382016, INDIA |
A03252061 |
|
7 |
80032484 |
18/03/2008 * |
708,100,000.00 |
CENTRAL BANK OF INDIA LIMITED |
CHANDERMUKHI, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400020, INDIA |
A37615259 |
|
8 |
80043460 |
19/07/1999 |
2,500,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400038, INDIA |
- |
|
9 |
80042699 |
18/03/2008 * |
51,600,000.00 |
CENTRAL BANK OF INDIA LIMITED |
M.G.ROAD, PORBANDAR, GUJARAT, GUJARAT - 360561, INDIA |
A37611191 |
|
10 |
80042413 |
31/10/2007 * |
403,866,000.00 |
IFCI LIMITED |
IFCI TOWER61 NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
A38152310 |
|
11 |
80042416 |
27/02/2008 * |
145,000,000.00 |
CENTRAL BANK OF INDIA LIMITED |
M.G.ROAD, PORBANDAR, GUJARAT, GUJARAT - 360561, INDIA |
A37613858 |
|
12 |
80025124 |
19/06/2007 * |
100,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A18368027 |
|
13 |
80042415 |
27/02/2008 * |
134,900,000.00 |
CENTRAL BANK OF INDIA LIMITED |
M.G.ROAD, PORBANDAR, GUJARAT, GUJARAT - 360561, INDIA |
A37612553 |
|
14 |
80025125 |
19/06/2007 * |
581,500,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A18367425 |
* Date of charge modification
THE YEAR UNDER REVIEW
The slowdown in the economy resulted in static growth rate for the eight core industries (including cement, steel, fertilizer, oil, gas etc.), which remained at around 3 percent during April, 2013 to March, 2014 similar to the previous year. The cumulative growth rate in cement production is also on lower side at around 3 percent compared to around 6 percent in the previous year.
Cement consumption in Gujarat, their main market declined by 6 percent over the previous year, which is all time low in the last six years. The regular increase in diesel price, amounting to around 16 percent during the year, resulted in higher cost of manufacturing as well as cost of delivery for cement.
The decline in the consumption in their markets and the higher capacities of cement in their region resulted in surplus availability of cement. This factor, coupled with the highly fragmented markets, resulted in lower cement prices during the year. Due to increase in cost of inputs and transportation as well as lower realization from their local markets resulted in substantial drop in profit from ordinary activities. The availability of raw materials and the good industrial environment in the State of Gujarat is likely to result in continued over supply in the State. Energy cost escalations, increased cost of transportation and high incidence of taxes continue to challenge the Industry.
PERFORMANCE REVIEW
PRODUCTION AND SALES
The production of clinker for the year ended March, 2014 was 1.31 million tonnes, which was 106 percent of the rated capacity of the production unit and was also more than clinker production of 1.28 million tonnes for the year ended March, 2013.
The cement production for the year ended March, 2014 was 1.33 million tonnes, which was marginally lower than the cement production of 1.34 million tonnes in the year ended March, 2013. The lower cement production was commensurate with cement sales and in order to compensate the lower cement sales, clinker was sold in the local and export markets and the overall (clinker + cement) sales of 1.46 million tonnes which was more than the overall sales of the previous year ended March, 2013.
The lower cement consumption in Gujarat, higher manufacturing cost due to escalations in raw material cost and the higher freight cost resulted in lower profitability.
EXPORTS
The export of cement and clinker for the year ended March, 2014 was 0.35 million tonnes as compared to 0.31 million tonnes in the previous year. Due to large surplus in their domestic markets, the exports continued to be a significant part of their revenues.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENT
The all India cement production during the period April 2013 to March 2014 registered a cumulative growth of around 3 percent as against around 6 percent during the corresponding period of last year. The cumulative growth for the eight core industries (coal, crude oil, natural gas, refinery products, fertilisers, steel cement & electricity) remained same as previous year, at around 3 percent. The increase in capacity in Gujarat and Rajasthan during the last two years is around 22 percent. The surplus capacity available in these two states, coupled with lower exports resulted in tough competition and is putting pressure on the sustained profitability of cement companies in Gujarat. With the entry of new players in the already fragmented markets, high price volatility and variations in prices is experienced in different regions and different periods of time.
FUTURE OUTLOOK
With the stable political scenario and the sustained development strategies the need of infrastructure facilities and the housing needs of the population will enhance the consumption of cement further in the country. The long-term future of the cement industry is optimistic and positive. However, due to addition of new plants with large capacities, the capacity utilization would continue to be low. In the state of Gujarat, there is likely to be a large surplus of capacity over demand for the near future, which may affect the stability of cement prices. A large part of production therefore will need to be exported or transported to longer distances, in other states like Maharashtra, Karnataka and Kerala.
SEGMENT REVIEW AND
ANALYSIS
During the year, the Company has produced and sold mainly cement of different varieties like Ordinary Portland Cement (OPC) and Portland Pozzolana Cement (PPC). The Company also sold clinker, which is intermediate product for the manufacture of cement. The bulk of the revenue and profitability comes from the sale of cement.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
a. Estimated amount of contracts remaining to be executed on capital account (net of advances of Rs. 43.257 Millions, previous year Rs. 38.869 Millions). |
70.949 |
33.279 |
|
b. Matters under disputes / appeals : |
|
|
|
Sales Tax liabilities |
43.567 |
43.567 |
|
Excise Duty |
29.671 |
29.671 |
|
Service Tax |
10.500 |
10.616 |
|
Royalty |
1.512 |
1.512 |
|
Customs Duty |
26.989 |
0.405 |
|
Road Tax |
2.654 |
2.654 |
|
Claims filed by workmen or their union against the Company |
14.539 |
37.389 |
|
On account of Power Supply |
44.099 |
44.099 |
|
Other demands and claims against the Company not acknowledged as debts The amounts stated are including interest and penalty, to the extent demanded. |
2.055 |
2.055 |
|
|
|
|
|
c. The operation of a show cause notice dated August 20, 2002 issued by the Jute Commissioner, stipulating the Company to fulfill the obligation of packing a minimum of 50% of cement in jute bags from March 15, 1995 or pay penalty under Section 3 (1) of the Jute Packing Materials (Compulsory use in Packing Commodities) Act, 1987 is presently stayed by Calcutta High Court, the amount of which is not ascertainable. |
||
UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON DECEMBER,
2014
(Rs. in Million)
|
S.NO. |
PARTICULAR |
Standalone |
||
|
Quarter Ended |
Nine Months
Ended |
|||
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
Income From Operations |
|
|
|
|
|
a. Sales/ Income from Operations |
1473.941 |
1408.297 |
4702.912 |
|
|
Less: Excise Duty |
155.790 |
148.769 |
492.803 |
|
|
Net Sales/ Income from Operations (Net of Excise Duty) |
1318.151 |
1259.528 |
4210.109 |
|
|
b. Other Operating Income |
10.501 |
14.278 |
40.045 |
|
|
Total Income from Operations (Net) |
1328.652 |
1273.806 |
4250.154 |
|
2 |
Expenses |
|
|
|
|
|
a. Cost of material Consumed |
103.521 |
86.566 |
356.352 |
|
|
b. Purchase of Stock-in trade |
36.969 |
56.715 |
128.243 |
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(15.473) |
(3.671) |
21.324 |
|
|
d. Employees Benefit Expenses |
86.022 |
84.003 |
264.516 |
|
|
e. Depreciation, Amortisation and Impairment Expenses |
36.075 |
33.158 |
253.135 |
|
|
f. Stores and Repairs Expenses |
130.090 |
265.450 |
527.003 |
|
|
g. Freight Expenses |
138.710 |
132.322 |
431.867 |
|
|
h. Power and fuel Expenses |
380.089 |
355.401 |
1158.083 |
|
|
i. Other expenses relating to Operations |
279.844 |
221.964 |
712.717 |
|
|
Total Expenses |
1175.847 |
1231.908 |
3853.239 |
|
3 |
Profit/ (Loss) from Operations before Other Income, Finance Costs and Exceptional Items (1-1) |
152.805 |
41.898 |
396.915 |
|
4 |
Other Income |
11.979 |
18.215 |
71.812 |
|
5 |
Profit/ (Loss) from ordinary activities before finance cost and exceptional items (3+4) |
164.784 |
60.113 |
468.727 |
|
6 |
Finance Costs |
25.222 |
27.376 |
77.531 |
|
7 |
Profit/ (Loss) from ordinary activities after finance costs and exceptional items (5-6) |
139.562 |
32.737 |
391.196 |
|
8 |
Exceptional items |
-- |
-- |
-- |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
139.562 |
32.737 |
391.196 |
|
10 |
Tax Expense |
|
|
|
|
|
a. Current Tax |
29.253 |
6.767 |
113.513 |
|
|
b. MAT Credit Entitlement |
-- |
-- |
-- |
|
|
c. Deferred Tax Charge/ (Credit) |
(7.330) |
6.663 |
(16.217) |
|
|
Total Tax Expense |
21.923 |
13.430 |
97.296 |
|
11 |
Net Profit/ (Loss) from ordinary activity after tax (9-10) |
117.639 |
19.307 |
293.900 |
|
12 |
Paid-up equity share capital (face value of Rs.10 each) |
511.911 |
511.911 |
511.911 |
|
13 |
Reserves excluding Revaluation Reserve (as per balance sheet of previous accounting Year) |
-- |
-- |
-- |
|
14 |
Debenture Redemption Reserve (As per Balance Sheet of Previous Accounting Year) |
-- |
-- |
-- |
|
15 |
Basic and Diluted Earnings per Share of Rs. 10 each (not annualised) – in Rs. |
2.25 |
0.33 |
5.61 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
- No. of shares |
18216204 |
18216204 |
18216204 |
|
|
- Percentage of shareholding |
35.58% |
35.58% |
35.58% |
|
18 |
Promoter & Promoter Group Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
- No. of shares |
32759283 |
32759283 |
32759283 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
99.35% |
99.35% |
99.35% |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
63.99% |
63.99% |
63.99% |
|
|
b) Non-encumbered |
|
|
|
|
|
- No. of shares |
215578 |
215578 |
215578 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
0.65% |
0.65% |
0.65% |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
0.43% |
0.43% |
0.43% |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS: |
For the
quarter ended December 31, 2014 |
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
|
Received during the quarter |
1 |
|
|
|
|
Disposed of during the quarter |
1 |
|
|
|
|
Remaining unresolved at the end of the quarter |
Nil |
|
|
NOTE
1. The above Unaudited Results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors at their meeting held on February 9, 2015.
2. The company has only one business segment ‘Cement/ Clinker’ as primary segment. The breakup of sales on secondary geographical segment is give below:
(Rs.
in Million)
|
PARTICULAR |
Standalone |
||
|
Quarter Ended |
Nine Months
Ended |
||
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
Sales: |
|
|
|
|
Domestic (India) including sales to SEZ (net of excise duty) |
1099.764 |
1073.924 |
3538.533 |
|
Export |
218.387 |
185.604 |
671.576 |
|
Total |
1318.151 |
1259.528 |
4210.109 |
3. Effective from April 1, 2014, the Company has provided depreciation with reference to the useful lives of tangible assets as specified In Schedule II to the Companies Act, 2013. Accordingly, the carrying amount, net of residual value, as on that date has been depreciated over the revised remaining useful lives of the assets. As a result, the charge for depreciation is lower by Rs. 8.862 Millions; and Rs. 32.070 Millions for the quarter ended and nine months ended December 31, 2014, respectively. Further, an amount of Rs. 7.428 Millions (net of deferred tax of Rs. 3.825 Millions) being the carrying amount of assets after retaining residual value. In cases where the remaining useful lives are completed, has been adjusted against General Reserve.
4. Depredation for the quarter ended December 31, 2014 includes an amount of
Rs. 150.359 Millions (provided in the quarter ended June 30, 2014) by way of
provision for impairment of an expansion project under Capital Work-in-progress,
which, the Company has now decided to dispose of instead of setting up.
5. Previous period's figures have been regrouped and / or rearranged and / or
reclassified wherever necessary to make them comparable with the current
period's figures.
FIXED ASSETS
Tangible Fixed Assets
· Freehold Land
· Leasehold Land
· Buildings and Jetty
· Plant and Equipments
· Furniture and Fixtures
· Vehicles
· Office Equipments
·
Railway Siding, Weighbridge, Rolling Stock and
Locomotives
Intangible Fixed
Assets
· Computer software’s
PRESS RELEASE
SAURASHTRA CEMENT LIMITED REPLY TO CLARIFICATION SOUGHT BY THE EXCHANGE
January 7, 2015
The Exchange had sought clarification from Saurashtra Cement Limited
with respect to news article appearing in Business Line on January 02, 2015
titled "Open offer diktat buoys Saurashtra Cement"
Saurashtra Cement Limited has replied stating "As far as para 3 of the
news is concerned, the same is factually correct.
The last para of the news that the SEBI Order is in compliance with a SAT order
of March 10, 2014 is debatable as SAT has quashed and set aside the order of
SEBI dated 25.4.2013 and remanded the matter to the file of whole time member
of SEBI for passing fresh order on merits in accordance with law."
SAURASHTRA CEMENT SOARS 20% SECOND STRAIGHT DAY ON STRONG Q1 EARNINGS
Mumbai August 06,
2014
Saurashtra Cement was locked in upper circuit for second day in a row, up 20% at Rs 534.000 millions, after reporting nearly six-fold jump in net profit at Rs 156.900 millions for the first quarter (April-June) of current fiscal, on the back of strong realizations. The company had registered a profit of Rs 27.200 millions in the same quarter last year.
The Gujarat-based company had reported profit of Rs 206.500 millions during the entire previous financial year ended March 31, 2014
Net sales of the company during the quarter under review grew 60% to Rs
1630.000 millions from Rs 1020.000 millions in the corresponding quarter of
previous year. Export sales nearly double to Rs 270.000 millions from
Rs.140.000millions.
EBIDTA or operating margin improved substantially to 23% from 12% during the
recently concluded quarter.
The stock has zoomed 44% in past two trading sessions from Rs 37.10 on August
4, have seen huge trading volumes. Till 1220 hours, around 333,000 shares
already changed hands as against an average sub 60,000 shares that were traded
daily in past two weeks on BSE. There are pending buy orders for 73,000 shares,
data shows.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.82 |
|
|
1 |
Rs.95.14 |
|
Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
21 |
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.