MIRA INFORM REPORT
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Report No. : |
349822 |
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Report Date : |
19.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
SHREE CEMENT LIMITED |
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Registered
Office : |
Bangur Nagar, Beawar – 305901, District: Ajmer, Rajasthan |
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Tel. No.: |
91-1462-228101 |
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Country : |
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Financials (as
on) : |
31.06.2015 |
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Date of
Incorporation : |
25.10.1979 |
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Com. Reg. No.: |
17-001935 |
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Capital
Investment / Paid-up Capital : |
Rs.348.400 Million |
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CIN No.: [Company Identification
No.] |
L26943RJ1979PLC001935 |
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IEC No.: |
1388003724 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JDHS01295A |
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PAN No.: [Permanent Account No.] |
AACCS8796G |
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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
: |
Manufacturing and Marketing of Cement and Power
generation. |
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No. of Employees
: |
5139 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (80) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject was established in the year 1979. It is a cement manufacturing
and power generation company. It also engaged in 597 mw power generations. It
offers their services under brand name Shree Ultra, Bangur Cement, Rockstrong
Cement. The company ranked 71 amongst top 100 companies in India with brand
name value of USD 320 million and enterprise value of USD 5134 million. For the financial year ended 2015, company has reported 8.54% sales
turnover growth as compared to previous sales turnover and it has maintained satisfactory
profitability margins at 6.46% during the year under a review. Rating reflect company’s well established track record of business
operations supported by its established market position in North India,
strong operating efficiencies and robust financial risk profile. Rating strengths is partially offset by the company’s susceptibility
to downturns in the cement industry. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. In view aforesaid, the company can be considered good for normal
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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating= AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest
credit risk. |
|
Date |
15.09.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating= A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
15.09.2015 |
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
31-03-2015.
INFORMATION DENIED
Management Non Co-operative (91-33-22309601)
LOCATIONS
|
Registered Office / Integrated
Cement Units and Power Plants (Beawar) : |
Bangur Nagar, Beawar – 305901, District: Ajmer, Rajasthan, India |
|
Tel. No.: |
91-1462-228101-06 |
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Fax No.: |
91-1462-228117/ 19 |
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E-Mail : |
shreebwr@shreecementltd.com |
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Website : |
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Corporate Office : |
21, Strand Road, Kolkata – 700001, West Bengal, India |
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Tel. No.: |
91-33-22390601-05 |
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Fax No.: |
91-33-22434226 |
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E-Mail : |
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Integrated Cement
Units and Power Plants (Ras) : |
Bangur City, Ras, Tehsil jaitaran – 306107, District Pali, Rajasthan,
India |
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Tel. No.: |
91-1462-228101-06 |
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Fax No.: |
91-1462-228117/ 228119 |
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E-Mail : |
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Integrated Cement
Units and Power Plants (Raipur) : |
Village Khapradih, Tehsil- Simga, District Balodabazar, Chhattisgarh, India |
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Tel. No.: |
91-771-2430007 / 2430023 |
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Split Grinding
Units : |
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Khushkhera : |
Plot No SP 3-II, A-1, RIICO Industrial Area, Khushkhera (Bhiwadi), District Alwar, Rajasthan, India |
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Jobner (Jaipur) : |
Mahela-Jobner Road, Village: Aslapur, District Jaipur, Rajasthan, India |
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Suratgarh : |
Near N.H. 15, Udaipur Udasar, Tehsil: Suratgarh, District Sriganganagar, Rajasthan, India |
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Laksar (Roorkee) : |
Akbarpur-Oud, District Haridwar, Uttarakhand, India |
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Panipat : |
Village – Khukhrarna, P.O. – Asan Kalan, Tehsil – Madlouda, District Panipat, Haryana, India |
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Aurangabad : |
Industrial Growth Centre, Biada, Near Jasoia More, Post: Mojurahi, District Aurangabad, Bihar, India |
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Bulandshahr : |
12, Sikandrabad Industrial Area, Sikandrabad, District Bulandshahr, Uttar Pradesh, India |
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Marketing Offices : |
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Shree Ultra Cement
(Delhi) : |
122-123, Hans Bhawan, 1, Bhadur Shah Zafar Marg, New Delhi – 110002,
India |
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Tel. No.: |
91-11-23370828 / 23379829 |
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Fax No.: |
91-11-23370499 |
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Shree Ultra
Cement (Jaipur) : |
SB-187, 4th Floor, Shree Corporate Tower, Opposite Rajasthan University, JLN Marg, Jaipur – 302015, Rajasthan, India |
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Tel. No.: |
91-141-6611000 |
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Fax No.: |
91-141-6611421 |
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Bangur Cement
(Delhi) : |
6B, 6 Floor, Hansalaya Building, 15, Barakhamba Road, New Delhi –
110001, India |
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Tel. No.: |
91-11-23702794-95 |
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Fax No.: |
91-11-23702796 |
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Bangur Cement
(Jaipur) : |
SB-187, 2nd Floor, Shree Corporate Tower Opposite Rajasthan University, JLN Marg, Jaipur - 302 015, Rajasthan, India |
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Tel. No.: |
91-141-6611200 |
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Fax No.: |
91-141-6611219 |
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Rockstrong Cement
(Delhi) : |
10-A, DCM
Building, 16 - Barakhamba Road, Connaught Place, New Delhi – 110001,
India |
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Tel. No.: |
91-11-23731084-85 |
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Fax No.: |
91-11-23731084 |
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Rockstrong Cement
(Jaipur) : |
SB-187, 3rd Floor, Shree Corporate Tower Opposite Rajasthan University, JLN Marg, Jaipur – 302015, Rajasthan, India |
|
Tel. No.: |
91-141-6611000 |
|
Fax No.: |
91-141-6611315 |
DIRECTORS
AS ON 30.06.2015
|
Name : |
Mr. B. G. Bangur |
|
Designation : |
Chairman |
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Name : |
Mr. H. M. Bangur |
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Designation : |
Managing Director |
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Name : |
Mr. Prashant Bangur |
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Designation : |
Whole-time Director |
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Name : |
Mr. R. L. Gaggar |
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Designation : |
Director |
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Name : |
Mr. O. P. Setia |
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Designation : |
Director |
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Name : |
Mr. Shreekant Somany |
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Designation : |
Director |
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Name : |
Dr. Y. K. Alagh |
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Designation : |
Director |
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Name : |
Mr. Nitin Desai |
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Designation : |
Director |
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Name : |
Dr. Leena Srivastava |
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Designation : |
Director |
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Name : |
Mr. Sanjiv Krishnaji Shelgikar |
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Designation : |
Director |
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Name : |
Mr. Ramakant Sharma |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Subhash Jajoo |
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Designation : |
Chief Finance Officer |
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Name : |
Mr. S. S. Khandelwal |
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Designation : |
Company Secretary |
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Senior Executives : |
Ø Mr. Diwakar Payal - President (Marketing) Ø Mr. P. N. Chhangani - President (Works) Ø Mr. Kuldeep Verma - Joint President (Marketing) Ø Mr. Sanjay Mehta - Joint President (Commercial) and Chief Happiness Officer Ø Mr. K. C. Gandhi - Joint President (Material Management) Ø Mr. Arvind Khicha - Senior Vice President (Commercial) Ø Mr. S. C. Suthar - Senior Vice President (Mines) Ø Mr. Shrinath Savoor - Senior Vice President (Strategy) Ø Mr. M. M. Rathi - Vice President (Power Plant) Ø Mr. Rakesh Bhargava - Vice President (R and D) and Chief Climate and Sustainability Officer Ø Mr. Vinay Saxena - Vice President (Operations) Ø Mr. R. K. Manawat - Vice President (Operations) Ø Mr. R. K. Agarwal - Vice President (Projects) Ø Mr. S. R. Singhvi - Vice President (P and A) Ø Mr. Manoj Kumar Mahla - Vice President (P and A) Ø Mr. Narip Bajwa - Vice President (Marketing) Ø Mr. Himanshu Dewan - Vice President (Marketing) Ø Mr. Sharad Rajvanshi - Vice President (Marketing) Ø Mr. Ravi Kant Tiwari - Vice President (Liasion and P and A) Ø Mr. S. P. Nema - Vice President (Project - Technical) Ø Mr. N. C. Jain - Joint Vice President (Finance and Internal Audit) Ø Mr. Anil Shukla - Joint Vice President (Purchase) Ø Mr. R. N. Dani - Joint Vice President (Costing and MIS) Ø Mr. S. K. Soni - Joint Vice President (Sales Accounts) Ø Mr. Yogesh Mehta - Joint Vice President (Logistics) Ø Mr. Devendra Tripathi - Joint Vice President (Logistics) Ø Mr. K. K. Jain - Joint Vice President (Accounts and Contract Cell) Ø Mr. S. L. Bhansali - Joint Vice President (Legal) Ø Mr. Anil Kaushik - Joint Vice President (Marketing) Ø Mr. K. K. Talwar - Joint Vice President (Marketing) Ø Mr. Sanjay Jain - Joint Vice President (Operations) Ø Mr. S. C. Maheshwari - Joint Vice President (Operations) Ø Mr. S. K. Gupta - Joint Vice President (Project Accounts) Ø Mr. A. K. Gupta - Joint Vice President (Project - Civil) Ø Mr. A. K. Srivastav - Joint Vice President (Project - Mechanical) |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
1074484 |
3.08 |
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|
21495313 |
61.70 |
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|
22569797 |
64.79 |
|
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|
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Total shareholding of Promoter
and Promoter Group (A) |
22569797 |
64.79 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1674032 |
4.81 |
|
|
24616 |
0.07 |
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|
7863 |
0.02 |
|
|
4733829 |
13.59 |
|
|
6440340 |
18.49 |
|
|
|
|
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|
930476 |
2.67 |
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|
|
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Individual shareholders holding
nominal share capital up to Rs.0.100 million |
954694 |
2.74 |
|
Individual shareholders holding
nominal share capital in excess of Rs.0.100 million |
157505 |
0.45 |
|
|
3784413 |
10.86 |
|
|
35 |
0.00 |
|
|
8137 |
0.02 |
|
|
145875 |
0.42 |
|
|
3500 |
0.01 |
|
|
3600000 |
10.33 |
|
|
26866 |
0.08 |
|
|
5827088 |
16.73 |
|
Total Public shareholding (B) |
12267428 |
35.21 |
|
Total (A)+(B) |
34837225 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
34837225 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Cement and Power
generation. |
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Products : |
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Brand Names : |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
5139 (Approximately) |
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Bankers : |
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Facilities : |
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Statutory Auditors
: |
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Name : |
B. R Maheswari and Company Chartered Accountant |
|
Address : |
M-118, Con Circus, New Delhi – 110001, India |
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Tel. No.: |
91-11-43402222 / 23416341 / 8130 / 5870 |
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Fax No.: |
91-11-23415796 |
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Email : |
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Cost Auditors: |
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Name : |
K G Goyal and Associates Chartered Accountant |
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Address : |
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Internal
Auditors: |
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Name : |
P K Ajemera and Company Chartered Accountant |
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Address : |
Ahmedabad, |
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Secretarial
Auditors : |
P. Pincha and Associates, Jaipur |
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Advertising
Consultant : |
Alyque Padamsee |
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Collaborators : |
-- |
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Membership : |
-- |
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Subsidiary Company
: |
· Shree Global Pte. Limited · Katni Industries Private Limited (up to 15.03.2015) |
|
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|
Enterprises over which Key Management
Personnel (KMP) are able to exercise significant influence with whom there were
transactions during the year : |
· The Kamla Company Limited · Shree Capital Services Limited · Aqua Infra Project Limited · Asish Creations Private Limited · Alfa Buildhome Private Limited · Rajasthan Forum · The Bengal · Sant Parmanand Hospital |
CAPITAL STRUCTURE
AS ON 30.06.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 Million |
|
1500000 |
Cumulative Preference Shares |
Rs.100/- each |
Rs.150.000 Million |
|
|
|
|
|
|
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Total |
|
Rs.750.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34837225 |
Equity Shares |
Rs.10/- each |
Rs.348.400 Million |
|
|
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·
Details of shareholders' holding more than 5%
shares in the company:
|
Name of Shareholders |
No. of Shares |
% of Holding |
|
Shree Capital Services Limited |
8984155 |
25.79 |
|
Digvijay Finlease Limited |
4234780 |
12.16 |
|
FLT Limited |
3600000 |
10.33 |
|
Mannakrishna Investment Private Limited |
2042824 |
5.86 |
· The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity share is entitled to one vote per share.
· In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
· The Board of Directors, in its meetings held on 25th August, 2014 declared interim dividend of Rs.10 per equity share. The Final Dividend of Rs.14 per equity share proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
· As no fresh issue of shares or reduction in capital was made during the current year as well as during the previous year, hence there is no change in the opening and closing capital. Accordingly, reconciliation of share capital has not been given.
· The Equity Shares of the Company are listed at Bombay Stock Exchange Limited and National Stock Exchange of India Limited and the annual listing fees has been paid for the year.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
30.06.2015 |
30.06.2014 |
30.06.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
348.400 |
348.400 |
348.400 |
|
(b) Reserves & Surplus |
52415.600 |
46760.300 |
38088.100 |
|
(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) |
52764.000 |
47108.700 |
38436.500 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4014.100 |
4466.800 |
4430.800 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
8523.200 |
6528.800 |
4382.300 |
|
(d) long-term
provisions |
191.100 |
190.100 |
181.600 |
|
Total Non-current
Liabilities (3) |
12728.400 |
11185.700 |
8994.700 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2149.500 |
6315.900 |
5343.000 |
|
(b) Trade
payables |
2923.700 |
1875.300 |
807.400 |
|
(c) Other
current liabilities |
8723.800 |
5805.200 |
7124.200 |
|
(d) Short-term
provisions |
689.100 |
996.300 |
895.400 |
|
Total Current
Liabilities (4) |
14486.100 |
14992.700 |
14170.000 |
|
|
|
|
|
|
TOTAL |
79978.500 |
73287.100 |
61601.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
29211.900 |
21937.700 |
17819.400 |
|
(ii)
Intangible Assets |
831.400 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
5111.000 |
7585.000 |
1333.300 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
14939.100 |
15193.200 |
15014.600 |
|
(c) Deferred tax assets (net) |
1951.900 |
1428.600 |
937.700 |
|
(d) Long-term Loan and Advances |
4601.900 |
3846.500 |
3778.900 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
56647.200 |
49991.000 |
38883.900 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
1687.000 |
7250.700 |
7018.300 |
|
(b)
Inventories |
9188.600 |
8097.800 |
5304.800 |
|
(c) Trade
receivables |
4763.900 |
2965.900 |
3146.600 |
|
(d) Cash
and cash equivalents |
3075.000 |
1592.700 |
3793.700 |
|
(e)
Short-term loans and advances |
4464.100 |
3045.700 |
3161.100 |
|
(f) Other
current assets |
152.700 |
343.300 |
292.800 |
|
Total
Current Assets |
23331.300 |
23296.100 |
22717.300 |
|
|
|
|
|
|
TOTAL |
79978.500 |
73287.100 |
61601.200 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
30.06.2015 |
30.06.2014 |
30.06.2013 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
64535.700 |
58873.100 |
55902.500 |
|
|
|
|
Other Income |
1378.500 |
1849.600 |
1883.300 |
|
|
|
|
TOTAL (A) |
65914.200 |
60722.700 |
57785.800 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
5795.300 |
4638.600 |
4065.600 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress |
(791.000) |
(163.700) |
(159.700) |
|
|
|
|
Employee Benefits Expenses |
4550.300 |
3953.000 |
3380.100 |
|
|
|
|
Power And Fuel |
15798.200 |
13787.000 |
14793.500 |
|
|
|
|
Freight And Forwarding Expenses |
13954.600 |
11905.400 |
9150.100 |
|
|
|
|
Exceptional Item |
354.600 |
805.100 |
10.600 |
|
|
|
|
Captive Consumption of Cement |
(267.700) |
(270.200) |
(97.400) |
|
|
|
|
Other expenses |
12057.500 |
11125.000 |
9161.100 |
|
|
|
|
TOTAL (B) |
51451.800 |
45780.200 |
40303.900 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
14462.400 |
14942.500 |
17481.900 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
1206.300 |
1291.900 |
1931.400 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
13256.100 |
13650.600 |
15550.500 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
9247.800 |
5499.100 |
4356.300 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
4008.300 |
8151.500 |
11194.200 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
(255.000) |
279.100 |
1154.500 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
4263.300 |
7872.400 |
10039.700 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8670.400 |
11142.800 |
10916.100 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Transferred to General Reserve |
5000.000 |
5500.000 |
9000.000 |
|
|
|
|
Transferred to Special Reserve |
0.000 |
3948.000 |
0.000 |
|
|
|
|
Interim Dividends on Equity
Shares |
348.400 |
766.500 |
278.700 |
|
|
|
|
Tax on Interim Dividends |
59.200 |
130.300 |
45.200 |
|
|
|
|
Proposed Final Dividend on
Equity Shares |
487.700 |
0.000 |
418.100 |
|
|
|
|
Tax on Final Dividend |
99.300 |
0.000 |
71.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
6939.100 |
8670.400 |
11142.800 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
120.600 |
24.400 |
114.900 |
|
|
|
|
Fuel |
15709.000 |
10558.000 |
5412.700 |
|
|
|
|
Stores, Spare parts and
components |
141.800 |
180.400 |
231.400 |
|
|
|
|
Capital Goods |
1277.900 |
2312.700 |
739.300 |
|
|
|
TOTAL IMPORTS |
17249.300 |
13075.500 |
6498.300 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
122.38 |
225.98 |
288.19 |
||
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
30.06.2015 |
30.06.2014 |
30.06.2013 |
|
Current Maturities of Long term debt |
3002.800 |
1216.000 |
3108.600 |
|
Cash generated from operations |
13359.600 |
14563.100 |
15017.800 |
|
Net Cash From Operating Activities |
12453.200 |
14006.800 |
12597.300 |
QUARTERLY
RESULTS
(Rs. In Million)
|
Particulars |
|
|
30.09.2015 (Unaudited) |
|
|
|
|
1st
Quarter |
|
Net sales |
|
|
17242.500 |
|
Total Expenditure |
|
|
13349.700 |
|
PBIDT (Excluding Other Income) |
|
|
3892.800 |
|
Other income |
|
|
230.400 |
|
Operating Profit |
|
|
4123.200 |
|
Interest |
|
|
232.300 |
|
Exceptional Items |
|
|
(21.000) |
|
PBDT |
|
|
3869.900 |
|
Depreciation |
|
|
2704.200 |
|
Profit Before Tax |
|
|
1165.700 |
|
Tax |
|
|
(121.600) |
|
Provisions and contingencies |
|
|
NA |
|
Profit after tax |
|
|
1287.300 |
|
Extraordinary Items |
|
|
NA |
|
Prior Period Expenses |
|
|
NA |
|
Other Adjustments |
|
|
NA |
|
Net Profit |
|
|
1287.300 |
KEY
RATIOS
|
PARTICULARS |
|
30.06.2015 |
30.06.2014 |
30.06.2013 |
|
Net Profit Margin PAT / Sales |
(%) |
6.61 |
13.37 |
17.96 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
22.41 |
25.38 |
31.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
6.91 |
16.61 |
25.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.17 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.17 |
0.25 |
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.61 |
1.55 |
1.60 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.10805.00/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
30.06.2013 |
30.06.2014 |
30.06.2015 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
348.400 |
348.400 |
348.400 |
|
Reserves & Surplus |
38088.100 |
46760.300 |
52415.600 |
|
Net
worth |
38436.500 |
47108.700 |
52764.000 |
|
|
|
|
|
|
long-term borrowings |
4430.800 |
4466.800 |
4014.100 |
|
Short term borrowings |
5343.000 |
6315.900 |
2149.500 |
|
Current Maturities of Long term debt |
3108.600 |
1216.000 |
3002.800 |
|
Total
borrowings |
12882.400 |
11998.700 |
9166.400 |
|
Debt/Equity
ratio |
0.335 |
0.255 |
0.174 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.06.2013 |
30.06.2014 |
30.06.2015 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales |
55902.500 |
58873.100 |
64535.700 |
|
|
|
5.314 |
9.618 |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.06.2013 |
30.06.2014 |
30.06.2015 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Sales
|
55902.500 |
58873.100 |
64535.700 |
|
Profit |
10039.700 |
7872.400 |
4263.300 |
|
|
17.96% |
13.37% |
6.61% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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 |
Yes |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
MANAGEMENT OUTLOOK OF MACRO ECONOMY AND INDUSTRY
INDIAN ECONOMY – DEVELOPMENTS AND OUTLOOK
As per the
provisional estimates, Indian economy has been estimated to have grown at 7.3%
during 2014-15 (based on 2011-12 market prices) as compared to 6.9% in 2013-14.
This moderate improvement was largely steered by falling oil and commodity
prices in the International markets rather than any significant reforms or
other positive step in the domestic economy. The central government has,
though, shown its intent to take swift measures to improve investment climate
and governance in order to revive business sentiments, the actual revival in
economic landscape is yet to be observed.
The Government has
announced several initiatives such as “Make in India”, “Housing for all by
2022”, “Digital India” as also has declared its resolve to ensure ease of doing
business. It has also been making strong efforts for attracting foreign
investments. All these initiatives should help speed up revival of investment
in the country. The measures such as quick allotment of captive coal mines
through a transparent auction method, bringing in new law for removing
uncertainty on grant of mineral resources and allowing greater FDI in Insurance
and other sectors are steps in the right direction. Much would, however depend
on the ability of Government to push through its reform agenda and a step-up in
the infrastructure spending. Ever since, the present Government was formed at
center in 2014, there is optimism and hope that the economy is poised to
accelerate. This optimism remains even today as well and thus the outlook looks
better for the economy, going forward.
CEMENT INDUSTRY – DEVELOPMENT AND OUTLOOK
Cement production
has grown at around 5.7% in 2014-15 (April to March). Total estimated
production was 270 million tons during FY 2014-15 against a capacity of around
375 million tons. The industry growth was muted on account of weak demand from
the major demand driving sectors of housing and infrastructure. Cement demand
for Housing was hit by contraction in rural demand due to sub-par monsoon. The
loss of buoyancy in real estate development in urban areas along with continued
high interest rates led to poor demand from urban housing sector.
Infrastructure sector was also unable to take off as it was also constrained by
weak government spending in infra projects, legacy and sector specific issues.
On the other end of the spectrum, Cement industry continued to be in a supply
surplus state which adversely affected price realisations.
The cement
industry bears strong correlation with the domestic economy and hence the
optimistic outlook on the
Indian economy
should reflect well on the cement industry. The industry is expected to be a
beneficiary of the renewed thrust on infrastructure development, creation of
100 smart cities, roads concretisation program and “Housing for all by 2022”
initiatives. On the supply side also, the pace of new capacity has slowed down.
The prospects, therefore are expected to get better in future and hence the
industry outlook remains optimistic going forward.
POWER SECTOR - DEVELOPMENT AND OUTLOOK
Power sector in
India is struggling with a multitude of issues and opportunity. The
Distribution Companies which are the major buyers in short term market
continues to be stuck with accumulated losses and stifled cash flows which
inhibit their purchasing power. Even after upward tariff revisions witnessed by
these Companies in recent times, the structural issues in terms of high cost
PPAs, high Transmission and Distribution losses and lack of funds for upgrading
their system continue to plague them. As a result, these Companies are still
debt ridden and unable to have requisite purchasing power leading to imposition
of power cuts.
Inadequacy of
transmission networks is another hindrance to a sustained growth of the power
sector. The continuous congestion in the transmission system adds to peculiar
situation wherein there is large surplus in one part of the country which can’t
travel to deficit region resulting in significant price difference. Government
has, though stepped up its efforts in this direction, this situation will take
time to correct. There is hope that the government will also deliver on improving
the fiscal health of distribution Companies. As such, there is slight hope of
optimism in power sector that things will improve going forward.
CEMENT BUSINESS
Company
registered growth of 13.4% in its sales volume mainly because of entry into new
market of Bihar as well as additional volume garnered in the North India
market. The overall cement demand growth however remained subdued resulting in
a drop in cement realisation by 3%. Consequently, EBITDA from the cement
business fell by 9% during the year to Rs.13685.500 million against
Rs.15090.100 million during the previous year.
On the cost
front, Company has been able to contain its costs through rationalisation and
optimisation efforts across its operations and thereby achieving better
efficiency to continuously maintain its competitiveness.
Ø Raw Materials costs have gone up 12%
during the year. One of the reasons for the rise was increase in royalty on
limestone from C63 to C80 per ton. Company was able to however control the cost
of Fly ash, another key raw material, through optimal procurement. The cost of
Gypsum was up driven by an increase in the prices of the Mineral Gypsum.
Further, Company procured part of the clinker requirement for its Bihar unit
from market, considering overall cost optimisation, cost whereof was added in
Raw Materials. Also, it has started procuring Granulated Blast Furnace Slag
(GBFS) for producing Slag Cement in Bihar, which though adds up to Raw material
cost, brings in overall savings in clinker requirement.
Ø Power and Fuel costs were up marginally
by 2% mainly because of higher fuel prices during the year. Sustained efforts
on energy conservation helped bring down Power consumption from 75.2 units to
73.8 units. Similarly, there was improvement in the ratio of fuel consumption
to clinker production.
Ø Logistics costs went up by 5% during
the year. This was mainly because of long distance involved in clinker transfer
to its Bihar unit. The situation will correct with commissioning of its clinker
unit in Chhattisgarh.
POWER BUSINESS
The aggregate
net power generation from all the power plants during the year was 2,987
million units as against 2,910 million units during the previous year.
Dwindling power purchases by utilities owing to poor financials and increased
availability due to addition of new power generation capacities in the market
has led to fall in prices in the short term bilateral market as well as on the
Exchange platform thereby making selling power difficult. Despite the tough
market conditions, Company marginally improved its power sales which stood at
1,885 million units as against 1,860 million units in the previous year. The
power sale revenues were, however, up by 9% during the year from Rs.6400.000
million to Rs.7000.000 million.
Company also
has its power trading division which carries out trading activities for other
parties as well. Total income from power trading activities was Rs.66.500
million during the year as against Rs.31.800 million in previous year.
LITIGATION
DETAILS:
|
PENDING
|
||||||||||||||||||||||||||||||||||||||||||
UNSECURED LOAN:
|
Particulars |
30.06.2015 Rs.
In Million |
30.06.2014 Rs.
In Million |
|
Short Term
Borrowings |
|
|
|
Buyers Credit from Banks |
0.000 |
4399.900 |
|
|
|
|
|
Total |
0.000 |
4399.900 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10594261 |
10/09/2015 |
2,658,400,000.00 |
ST HELEN'S NOMINEES INDIA PRIVATE LIMITED |
1ST
FLOOR, CRESCENZO BUILDING, C-38/39,, "G" BLOCK, BANDRA KURLA
COMPLEX,BANDRA (EAST), MUMBAI, MAH |
C65829756 |
|
2 |
10580727 |
30/06/2015 |
300,000,000.00 |
BNP PARIBAS |
AVANI
SIGNATURE OFFICE NO. II, 3RD FLOOR,, 91A/1 |
C59246934 |
|
3 |
10568185 |
27/04/2015 |
2,550,000,000.00 |
ST HELEN'S NOMINEES INDIA PRIVATE LIMITED |
1ST
FLOOR, CRESCENZO BUILDING, PLOT NO. C-38 & 39, "G" BLOCK,
BANDRA KURLA COMPLEX, BANDRA (EAST), |
C53054482 |
|
4 |
10494754 |
30/06/2015 * |
540,000,000.00 |
JP MORGAN CHASE BANK, N.A. |
JP
MORGAN TOWER,, OFF CST ROAD, KALINA, SANTACRUZ |
C59883801 |
|
5 |
10475537 |
29/04/2014 * |
1,250,000,000.00 |
BNP PARIBAS |
AVANI
SIGNATURE OFFICE NO. II, 3RD FLOOR,, 91A/1 |
C04303442 |
|
6 |
10357416 |
30/06/2015 * |
540,000,000.00 |
THE BANK OF TOKYO-MITSUBISHI UFJ LTD. |
3 JEEVAN VIHAR BUILDING, PARLIAMENT STREET, NEW DELHI - 110001, INDIA |
C59439182 |
|
7 |
10246602 |
30/06/2015 * |
1,800,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
C59337097 |
|
8 |
10245805 |
30/06/2015 * |
600,000,000.00 |
DBS BANK LTD |
4A NANDLAL BASU SARANI,, KOLKATA, WEST BENGAL - 700001, INDIA |
C59605659 |
|
9 |
10208225 |
03/03/2010 |
2,000,000,000.00 |
DEUTSCHE BANK |
BROOKE
HOUSE, NO.9, SHAKESPEARE SARANI, KOLKATA, |
A82021981 |
|
10 |
10205945 |
29/04/2014 * |
1,702,575,000.00 |
DBS BANK LTD. |
4A NANDLAL BASU SARANI,, KOLKATA, WEST BENGAL - 700001, INDIA |
C04568804 |
|
11 |
10198824 |
29/04/2014 * |
1,310,850,000.00 |
STANDARD CHARTERED BANK |
STANDARD CHARTERED BANK, 19, NETAJI SUBHASH ROAD, ACTING AS SECURITY AGENT OF SCB SINGAPORE, KOLKATA, WEST BENGAL - 700001, INDIA |
C04602991 |
|
12 |
90113630 |
30/06/2015 * |
300,000,000.00 |
STANDARD CHARTERED BANK |
19, NETAJI SUBHASH ROAD, KOLKATA, WEST BENGAL - 700001, INDIA |
C59122192 |
|
13 |
90113282 |
30/06/2015 * |
900,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C59246603 |
|
14 |
90113280 |
30/06/2015 * |
900,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH, 1, SHAKESPEARE SARANI, KOLKATA, WEST BENGAL - 700071, INDIA |
C59336123 |
|
15 |
80027755 |
30/06/2015 * |
1,800,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 24, PARK STREET, KOLKATA, WEST BENGAL - 700016, INDIA |
C59471334 |
|
16 |
90113532 |
30/06/2015 * |
4,320,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
HOTEL VINOD, STATION ROAD, BEAWAR, RAJASTHAN - 305901, INDIA |
C59407825 |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Land and Site Development
·
Buildings
·
Plant and Machinery
·
Railway Siding
·
Furniture, Fixture and
Office Equipments
·
Vehicles
·
Computer Software
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.65.98 |
|
|
1 |
Rs.100.11 |
|
Euro |
1 |
Rs.70.35 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
80 |
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.