MIRA INFORM REPORT
|
Report No. : |
323526 |
|
Report Date : |
22.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
ZUARI CEMENT LIMITED |
|
|
|
|
Registered
Office : |
Krishna Nagar, Yerraguntla, Kadapa – 516311, Andhra
Pradesh |
|
Tel. No.: |
91-8563-275108 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2013 |
|
|
|
|
Date of
Incorporation : |
16.02.2000 |
|
|
|
|
Com. Reg. No.: |
01-050415 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2749.614 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26942AP2000PLC050415 |
|
|
|
|
IEC No.: |
1701000121 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACZ1270E |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Cement. |
|
|
|
|
No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “CIMENTS FRANCAIS S.A”. It is an
established company having fine track. The company possesses a healthy financial profile marked by comfortable
gearing and debt protection metrics. Management has witnessed a decent sales volume whereas, has reported a
loss because of moderation in demand in the southern India and increase in
input costs during FY13. The ratings also take into consideration established brand name and
extensive network of more than 3000 dealers. Trade relations are trustworthy. Business is active. Payment terms are
reported as regular and as per commitments. In view of adequate operation efficiency and its association with
foreign counterparts in order to access superior technology, 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 |
CRISIL |
|
Rating |
Long Term Rating = AA- |
|
Rating Explanation |
High Degree of safety and very low credit
risk |
|
Date |
24.04.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit
risk. |
|
Date |
24.04.2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Suresh |
|
Designation : |
Finance Department |
|
Contact No.: |
91-8563-275108 |
|
Date : |
21.05.2015 |
LOCATIONS
|
Registered Office / Factory 1: |
Krishna Nagar, Yerraguntla, Kadapa – 516311, Andhra
Pradesh, India |
|
Tel. No.: |
91-8563-275108 / 07 / 275104 |
|
Fax No.: |
91-8563-275164 / 101 / 275704 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Adventz Centre, 2nd and 3rd Floor, No.28, Cubbon Road, Bangalore - 560 001, Karnataka, India |
|
Tel. No.: |
91-80-41194408 |
|
Fax No.: |
91-80-40302828/ 40302888 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
P.O. Dondapadu Nalgonda - 508 246, Andhra Pradesh, India |
|
Tel. No.: |
91-8683-235232 / 107 |
|
Fax No.: |
91-8683-235229 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
No.516 A, Dr. Ambedkar Street ,Athipattu, North Chennai, Thermal Power PR, Thiruvallur District -– 600 120, Tamilnadu, India |
|
Tel. No.: |
91-44-27960027 |
|
Fax No.: |
91-44-27960028 |
|
|
|
|
Regional Marketing
Offices : |
H. No.8-2-269/5/4, Sagar Society, Road No.2, Banjara Hills, Hyderabad – 500034, Telangana, India Also Located at
|
DIRECTORS
As on 30.04.2014
|
Name : |
Mr. Saroj Kumar Poddar |
|
Designation : |
Chairman Cun Managing Director |
|
Address : |
Hongkong House-31, BBD Bagh (South), Kolkata - 700001, West Bengal,
India |
|
Date of Birth/Age : |
15.09.1945 |
|
Date of Appointment : |
25.01.2001 |
|
DIN No.: |
00008654 |
|
|
|
|
Name : |
Mr. Yvas Rene Nanot |
|
Designation : |
Director |
|
Address : |
18, Rue Durit, Paris-75116, France |
|
Date of Birth/Age : |
27.13.1937 |
|
Date of Appointment : |
25.01.2001 |
|
DIN No.: |
00476971 |
|
|
|
|
Name : |
Mr. Giovanni B Ferrario |
|
Designation : |
Directo |
|
Address : |
Via, Spinola Ambrogion.13, Milano, Italy |
|
Date of Birth/Age : |
03.11.1948 |
|
Date of Appointment : |
21.07.2008 |
|
DIN No.: |
02271108 |
|
|
|
|
Name : |
Mr. V Raghunathan |
|
Designation : |
Director |
|
Address : |
G-02, The Elgin, Langford Road, Bangalore - 560025, Karnataka, India |
|
Date of Birth/Age : |
19.19.1954 |
|
Date of Appointment : |
08.09.2006 |
|
DIN No.: |
00254091 |
|
|
|
|
Name : |
Mr. Roberto Callieri |
|
Designation : |
Director |
|
Address : |
3\63, La, Raffine Unit, 21d, Sukhumvit,31, Klogtoeynua Wattana -
10110, Bangkok |
|
Date of Birth/Age : |
14.10.1963 |
|
Date of Appointment : |
12.12.2011 |
|
DIN No.: |
05139888 |
|
|
|
|
Name : |
Mr. Krishna Srivastava |
|
Designation : |
Whole Time Director |
|
Address : |
Flat T-1, Sudhama,Residency, 1st Main Road, Defense Colony,
Indiranagar, Bangalore - 560038, Karnataka, India |
|
Date of Birth/Age : |
24.08.1951 |
|
Date of Appointment : |
30.08.2010 |
|
DIN No.: |
03159151 |
|
PAN No.: |
ARVPS4607F |
|
|
|
|
Name : |
Mr. Nabil Paul Francil |
|
Designation : |
Managing Director |
|
Address : |
No.193, 2nd Main, 12th Cross Rmv, 2nd
Stage, Dollars Colony, 3rd Block, Bangalore - 560094, Karnataka, India |
|
Date of Birth/Age : |
04.05.1970 |
|
Date of Appointment : |
03.06.2013 |
|
DIN No.: |
06579472 |
|
PAN No.: |
ACBPF0282G |
|
|
|
|
Name : |
Mr. Philippe Marchat |
|
Designation : |
Director |
|
Address : |
17, BIS, Boulevard, Paster, Paris - 75015, France |
|
Date of Birth/Age : |
13.04.1950 |
|
Date of Appointment : |
12.12.2011 |
|
DIN No.: |
00476390 |
|
|
|
|
Name : |
Mr. Goran L Seifert |
|
Designation : |
Director |
|
Address : |
No.2, Queen Astrid Park, Singapore - 266794, Singapore |
|
Date of Birth/Age : |
21.08.1949 |
|
Date of Appointment : |
12.12.2011 |
|
DIN No.: |
00478208 |
KEY EXECUTIVES
|
Name : |
Mr. Naik |
|
Designation : |
Office Executive |
|
|
|
|
Name : |
Mr. LR Neelakant |
|
Designation : |
Secretary |
|
Address : |
No.2, 1st Cross, Telecom Layout, Bangalore - 560097,
Karnataka, India |
|
Date of Birth/Age : |
04.06.1960 |
|
Date of Appointment : |
16.10.2001 |
|
PAN No.: |
AAPPN7565C |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.04.2014
|
Names of Shareholders |
|
No. of Shares |
|
Ciments Francais SA, France |
|
266461350 |
|
Investcim S.A.S., France |
|
10 |
|
Sax S.A.S., France |
|
10 |
|
Cofipar S.A.S., France |
|
10 |
|
Tercim S.A.S., France |
|
10 |
|
Menaf S.A.S., France |
|
10 |
|
Compagnie Pour L'investissement Financier En Inde, France |
|
8500000 |
|
|
|
|
|
Total |
|
274961400 |
As on 30.04.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cement. |
|
|
|
|
Products : |
Cement |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
500 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
· The Bank of Tokyo Mitsubishi UFJ Limited, Venkataramana Centre, 563/2, Anna Salai, Teynampet, Chennai - 600018, Tamilnadu, India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
B S R and Company LLP Chartered Accountants |
|
Address : |
Maruti Infotech Centre11-12/1 Inner Ring Road, Koramangala Maruti Infotech Centre11-12/1 Inner Ring Road, Koramangala, Bangalore, Karnataka, India |
|
PAN No.: |
AAAFB9852F |
|
|
|
|
Ultimate Holding
Company : |
Italcementi S.p.A |
|
|
|
|
Holding Company : |
Ciments Français S.A |
|
|
|
|
Subsidiary |
· Sitapuram Power Limited ·
Gulbarga Cement Limited |
|
|
|
|
Fellow subsidiary : |
· Bravo Solutions S.p.A. · CTG S.p.A · Interbulk Trading SA · Devnya Cement · Suez Cement Company SAE · Shymkent Cement Company Limited · Compagine Pour I'Investment Financier En Inde |
CAPITAL STRUCTURE
As on 30.04.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000000 |
Equity Shares |
Rs.10/- each |
Rs.3000.000 Million |
|
140000000 |
Preference Shares |
Rs.10/- each |
Rs.1400.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs.4400.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
274961400 |
Equity Shares |
Rs.10/- each |
Rs.2749.614 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2749.614 |
4279.614 |
4279.614 |
|
(b) Reserves & Surplus |
10656.931 |
9383.189 |
8606.006 |
|
(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) |
13406.545 |
13662.803 |
12885.620 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4022.532 |
5964.963 |
6474.013 |
|
(b) Deferred tax liabilities (Net) |
1559.911 |
1557.000 |
1328.000 |
|
(c) Other long term
liabilities |
312.568 |
315.871 |
319.175 |
|
(d) long-term
provisions |
187.091 |
187.281 |
104.593 |
|
Total Non-current
Liabilities (3) |
6082.102 |
8025.115 |
8225.781 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1081.417 |
0.000 |
7.260 |
|
(b) Trade
payables |
1194.977 |
1338.235 |
1825.320 |
|
(c) Other
current liabilities |
4711.617 |
3750.036 |
3217.701 |
|
(d) Short-term
provisions |
19.679 |
38.730 |
331.865 |
|
Total Current
Liabilities (4) |
7007.690 |
5127.001 |
5382.146 |
|
|
|
|
|
|
TOTAL |
26496.337 |
26814.919 |
26493.547 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
17538.569 |
15951.395 |
14230.760 |
|
(ii)
Intangible Assets |
629.366 |
730.685 |
910.842 |
|
(iii)
Capital work-in-progress |
532.970 |
1592.157 |
3836.766 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1357.432 |
1088.248 |
1088.248 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2464.584 |
2804.991 |
1857.155 |
|
(e) Other
Non-current assets |
151.114 |
77.778 |
18.475 |
|
Total Non-Current
Assets |
22674.035 |
22245.254 |
21942.246 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
580.000 |
580.000 |
|
(b)
Inventories |
1580.671 |
1595.153 |
1221.147 |
|
(c) Trade
receivables |
984.940 |
867.551 |
504.737 |
|
(d) Cash
and cash equivalents |
663.554 |
960.033 |
1170.496 |
|
(e) Short-term
loans and advances |
452.364 |
454.688 |
991.659 |
|
(f) Other
current assets |
140.773 |
112.240 |
83.262 |
|
Total
Current Assets |
3822.302 |
4569.665 |
4551.301 |
|
|
|
|
|
|
TOTAL |
26496.337 |
26814.919 |
26493.547 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
16628.609 |
17092.567 |
14449.354 |
|
|
|
Other Income |
213.149 |
178.289 |
176.618 |
|
|
|
TOTAL (A) |
16841.758 |
17270.856 |
14625.972 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2021.472 |
1756.684 |
1506.487 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
97.073 |
(235.597) |
(5.740) |
|
|
|
Employees benefits expense |
593.801 |
556.702 |
512.683 |
|
|
|
Other expenses |
12183.247 |
11856.553 |
9198.928 |
|
|
|
TOTAL (B) |
14895.593 |
13934.342 |
11212.358 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1946.165 |
3336.514 |
3413.614 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
568.652 |
653.594 |
560.736 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1377.513 |
2682.920 |
2852.878 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
1630.860 |
1386.898 |
1313.869 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(253.347) |
1296.022 |
1539.009 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.911 |
518.839 |
618.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(256.258) |
777.183 |
921.009 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
FOB value of export of goods |
77.144 |
0.000 |
93.250 |
|
|
TOTAL EARNINGS |
77.144 |
0.000 |
93.250 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Coal |
1449.577 |
1296.598 |
0.000 |
|
|
|
Packing material |
30.407 |
40.813 |
20.247 |
|
|
|
Stores and spares |
84.711 |
10.080 |
32.855 |
|
|
|
Capital goods |
216.227 |
56.310 |
77.831 |
|
|
TOTAL IMPORTS |
1780.922 |
1403.801 |
130.933 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(0.97) |
2.32 |
2.88 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
Current Maturities of Long term debt |
2086.961 |
1356.918 |
1230.933 |
|
Cash generated from operations |
NA |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
Net Profit Margin (PAT / Sales) |
(%) |
(1.54) |
4.55 |
6.37 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.70 |
19.52 |
23.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.03) |
5.37 |
7.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02) |
0.09 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.54 |
0.54 |
0.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.55 |
0.89 |
0.85 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
4279.614 |
4279.614 |
2749.614 |
|
Reserves & Surplus |
8606.006 |
9383.189 |
10656.931 |
|
|
0.000 |
0.000 |
0.000 |
|
Net
worth |
12885.620 |
13662.803 |
13406.545 |
|
|
|
|
|
|
long-term borrowings |
6474.013 |
5964.963 |
4022.532 |
|
Short term borrowings |
7.260 |
0.000 |
1081.417 |
|
|
1230.933 |
1356.918 |
2086.961 |
|
Total
borrowings |
7712.206 |
7321.881 |
7190.910 |
|
Debt/Equity
ratio |
0.599 |
0.536 |
0.536 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
14449.354 |
17092.567 |
16628.609 |
|
|
|
18.293 |
(2.714) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
14449.354 |
17092.567 |
16628.609 |
|
Profit |
921.009 |
777.183 |
(256.258) |
|
|
6.37% |
4.55% |
(1.54%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
Rs. In
Million
|
Particular |
As
on 31.12.2013 |
As
on 31.12.2012 |
|
Short-term
borrowings |
|
|
|
Other loans and advances, other |
1000.000 |
0.000 |
|
|
|
|
|
Total |
1000.000 |
0.000 |
NOTE:
The registered office of the company has been shifted from
Zuarinagar, Goa – 403726, India to present address w.e.f.21.03.2006
BACKGROUND
Subject engaged in the business of production and sale of portland cement, was a joint venture between ZIL-Industries and Ciments Français S.A. (“CF”, part of the Italcementi Group) upto 31 May 2006. Pursuant to CF’s acquisition of 50% stake held by ZIL, the Company became a wholly owned subsidiary of CF, effective 31 May 2006. The ultimate holding Company is Italcementi S.p.A.
OPERATIONS:
During the year ending 31st December, 2013 the growth of the Indian economy was severely affected by the rising inflation, high interest rates, currency depreciation, weak investment sentiments and high prices of commodities and fuels. The industry recorded a flat growth and Southern market faced approximately 2% decrease in cement demand. The drop in demand, the oversupply situation and rising input cost has impacted the growth of the cement industry, particularly in the Southern market.
The capacity overall utilization rate has dropped below 60%, creating unavoidable pressure on sales and realization. Against this background, your Company’s production and sales remained at the previous year levels. However, the financial performance of the Company was affected largely due to unfavourable price cycles and an increase in input cost especially raw materials, packing and power costs. The continued weak market environment in Southern region constrains the pricing flexibility as well as the capacity utilization of the cement players.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10369237 |
23/07/2012 |
600,000,000.00 |
BNP Paribas |
"Landmark", 3rd Floor, 21/15, M.G. Road, Bangalore, Karnataka - 560001, India |
B45157419 |
|
2 |
10280412 |
15/03/2011 |
900,000,000.00 |
The Bank of Tokyo Mitsubishi UFJ Ltd. |
Raffles Place, No. 01-01, Republic Plaza, Singapore, - 048619, Singapore |
B09634288 |
|
3 |
10267501 |
08/02/2011 |
2,435,000,000.00 |
The Bank of Tokyo Mitsubishi UFJ Ltd. |
Venkataramana Centre, 563/2, Anna Salai, Teynampet, Chennai, Tamilnadu - 600018, India |
B06098057 |
|
4 |
10266402 |
21/01/2011 |
2,000,000,000.00 |
BNP Paribas |
"Landmark", 3rd Floor, 21/15, M.G. Road, Bangalore, Karnataka - 560001, India |
B05058482 |
|
5 |
10262589 |
11/01/2011 |
665,000,000.00 |
Standard Chartered Bank |
6th Floor, West Wing, Raheja Towers, Bangalore, Karnataka - 560001, India |
B04020434 |
|
6 |
80010620 |
26/09/2013 * |
1,500,000,000.00 |
State Bank of India |
Industrial Finance Branch, 61, 'Residency Plaza', Residency Road, Bangalore, Karnataka - 560025, India |
B85784213 |
* Date of charge modification
FIXED ASSETS
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
- Computer equipments
- Other equipments
PRESS RELEASES
ZUARI CEMENT PLANS TO
INCREASE CAPACITY
Hyderabad, Jan.
4:
Zuari Cement Limited is set to augment fresh capacities in spite of the tough market conditions in the country, particularly in South India.
“The company is setting up a cement grinding unit at Auj and Shingadgaon in Solapur, a terminal in Kochi and an integrated cement plant at Gulbarga,” said Krishna Srivastava, Whole-time Director.
“The Rs 25000.000 Million capacity augmentation will go on in spite of the tough market conditions now, as we believe that there is huge potential going forward.
“The new plant at Gulberga will have capacity for 3 million tonnes (MT) per annum,” he told Business Line.
Of the country’s cement capacity of 350 MT, South India accounts for 150 MT. However, the demand-supply situation is quite bad in South India, with just about 70 MT of demand.
This situation is mainly due to delays in infrastructure projects securing clearances and low spending by the Government.
COSTS SPIRAL
Also troubling the cement industry is the fact that the cost of production has gone up in the past couple of quarters.
While rail freight cost is up 30 per cent, the cost of inputs has increased due to the import of coal, rupee depreciation and a hike in fuel cost.
All these are leading to pricing pressure, Srivastava said.
“Cement demand is better in the North and the East but pretty sluggish in the South. Once some of the clearances are expedited and new projects get under way, the demand will get better,” he said.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record exists
to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.70 |
|
|
1 |
Rs.98.92 |
|
Euro |
1 |
Rs.70.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
65 |
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.