MIRA INFORM REPORT
|
Report No. : |
351232 |
|
Report Date : |
23.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
JK LAKSHMI CEMENT LIMITED |
|
|
|
|
Registered
Office : |
Jayakaypuram Basant Garh, District - Sirohi -307001, Rajasthan |
|
Tel. No.: |
91-11-33001142 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
06.08.1938 |
|
|
|
|
Com. Reg. No.: |
17-019511 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.588.350 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74999RJ1938PLC019511 |
|
|
|
|
IEC No.: |
1306006741 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACJ6715G |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in manufacturing cement and related products |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
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 was established in the year 1938 and it is engaged in
manufacturing cement and related products. Its products include cement,
plaster of paris and ready-mix concrete. For the financial year ended 2015, company has reported 11.19% sales
turnover growth as compared to previous sales turnover and it has maintained
above average profitability margins at 4.06% during the year under a review. Rating continue to derive strength from the experienced promoters,
strong brand image and presence, particularly in the northern and western
Indian market, moderate solvency profile and comfortable liquidity position
of the company. Rating strength is partially offset by implementation risks associated
with residual ongoing capacity expansions, cyclicality associated with the
cement industry and exposure to volatility in input costs. Trade relations are reported as fair. 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. Note: The Company has
found under defaulter with SPECIFIED UNDERTAKING OF UNIT TRUST OF INDIA but
data related to RBI defaulter is of 2007 after which no updated information
for the same is available from any sources. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long-term Bank Facilities = AA |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
October 26, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short-term Bank Facilities =A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
October 26, 2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
|
Bank |
Branch |
Quarter |
Borrower Name |
Director Name |
Outstanding amount (Rs. in Million) |
|
SPECIFIED UNDERTAKING OF UNIT TRUST OF INDIA |
MUMBAI |
31.03.2007 |
JK LAKSHMI CEMENT LIMITED |
Hari Shankar Singhania, Nand Gopal
Khaitan |
297.929 |
|
SPECIFIED UNDERTAKING OF UNIT TRUST OF INDIA |
MUMBAI |
31.03.2007 |
JK LAKSHMI CEMENT LIMITED |
Vinita Singhania, B V Bhargava, Harishankar
Singhania |
297.929 |
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 DECLINED
Management Non-Cooperative (Tel No.:91-11-33001142)
LOCATIONS
|
Registered Office / Cement Plants 1
: |
Jayakaypuram Basant Garh, District - Sirohi -30719, Rajasthan, India |
|
Tel. No.: |
91-11-33001142 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Administrative Office : |
Nehru House, 4 Bahadur Shah Zafar Marg, New Delhi – 110002, India |
|
|
|
|
Cement Plants 2 : |
Malpuri Khurd, Ahiwara, District – Durg – 491001, Chhatisgarh |
|
|
|
|
Cement Plants 3 : |
Motibhoyan, Kaloi, District – Gandhinagar – 382010, Gujarat, India |
|
|
|
|
Cement Plants 4 : |
Village Bajitpur, P.O. Jhamri, District – Jharjjar – 124507, Haryana,
India |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Bhupendranath Bhargava |
|
Designation : |
Director |
|
Address : |
B/1201, Gulmohar Apartments, Ceaser Road, Amboli, Andheri (West), Mumbai - 400058, Maharashtra, India |
|
Date of Appointment : |
03.04.1997 |
|
DIN No.: |
00001823 |
|
|
|
|
Name : |
Mr. Nand Gopal Khaitan |
|
Designation : |
Director |
|
Address : |
3, Queens Park, Kolkata - 700019, West Bengal, India |
|
Date of Appointment : |
02.12.1993 |
|
DIN No.: |
00020588 |
|
|
|
|
Name : |
Mr. Kashi Nath Memani |
|
Designation : |
Director |
|
Address : |
177C, Western Avenue, Lane No. 7 ,Sainik Farms, New Delhi - 110062, India |
|
Date of Appointment : |
05.08.2008 |
|
DIN No.: |
00020696 |
|
|
|
|
Name : |
Mr. Pradeep Dinodia |
|
Designation : |
Director |
|
Address : |
A-9a, Maharani Bagh, New Delhi - 110065, India |
|
Date of Appointment : |
16.03.2009 |
|
DIN No.: |
00027995 |
|
|
|
|
Name : |
Mr. Raghupati Singhania |
|
Designation : |
Director |
|
Address : |
40, Friends Colony(East), New Delhi, Delhi - 110065, India |
|
Date of Appointment : |
04.06.1991 |
|
DIN No.: |
00036129 |
|
|
|
|
Name : |
Mr. Shailendra Chouksey |
|
Designation : |
Whole-Time Director |
|
Address : |
C-18, Sector 44, Noida -201301, Uttar Pradesh, India |
|
Date of Appointment : |
20.07.2002 |
|
DIN No.: |
00040282 |
|
|
|
|
Name : |
Mr. Bharat Hari Singhania |
|
Designation : |
Managing Director |
|
Address : |
19, The Green, Rajokari, New Delhi - 110038, India |
|
Date of Appointment : |
30.03.1994 |
|
DIN No.: |
00041156 |
|
|
|
|
Name : |
Ms. Vinita Singhania |
|
Designation : |
Vice Chairman and Managing Director |
|
Address : |
101, Friends Colony East, New Delhi - 110065, India |
|
Date of Appointment : |
11.08.1989 |
|
DIN No.: |
00042983 |
|
|
|
|
Name : |
Mr. Sushil Kumar Wali |
|
Designation : |
Whole-Time Director |
|
Address : |
F- 2578, Ansals Palam Vihar, Gurgaon - 122017, Haryana, India |
|
Date of Appointment : |
20.07.2002 |
|
DIN No.: |
00044890 |
|
|
|
|
Name : |
Mr. Ravi Jhunjhunwala |
|
Designation : |
Director |
|
Address : |
63, Friends Colony(East), New Delhi - 110065, India |
|
Date of Appointment : |
26.03.2012 |
|
DIN No.: |
00060972 |
KEY EXECUTIVES
|
Name : |
Mr. Sudhir Anna Bidkar |
|
Designation : |
Chief Finance Officer |
|
Address : |
C 612/A, Ganesh Nagar II, Shakarpur, New Delhi -110092, India |
|
Date of Appointment : |
22.05.2014 |
|
PAN No.: |
AADPB3858Q |
|
|
|
|
Name : |
Mr. Brijesh Kumar Daga |
|
Designation : |
Secretary |
|
Address : |
"Suraj Kunj", K-106, New Delhi - 110092, India |
|
Date of Appointment : |
30.09.1999 |
|
PAN No.: |
AEAPD2060F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of
Shareholder |
Total No. of
Shares |
Total Shareholding
as a % of Total No. of Shares |
|
As a
% of (A+B) |
||
|
(A)
Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
1005060 |
0.85 |
|
|
53053699 |
45.09 |
|
|
54058759 |
45.94 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
54058759 |
45.94 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
11991349 |
10.19 |
|
|
3211176 |
2.73 |
|
|
229672 |
0.20 |
|
|
6161235 |
5.24 |
|
|
16906258 |
14.37 |
|
|
4726 |
0.00 |
|
|
4726 |
0.00 |
|
|
38504416 |
32.72 |
|
|
|
|
|
|
4238067 |
3.60 |
|
|
|
|
|
|
11815879 |
10.04 |
|
|
8565447 |
7.28 |
|
|
487498 |
0.41 |
|
|
478604 |
0.41 |
|
|
8894 |
0.01 |
|
|
25106891 |
21.34 |
|
Total
Public shareholding (B) |
63611307 |
54.06 |
|
Total
(A)+(B) |
117670066 |
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) |
117670066 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing cement and related products |
|
|
|
|
Products : |
Cement |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
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|
|
|
Exports : |
Not Divulged |
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|
|
|
Imports : |
Not Divulged |
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|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
12, Bhagat Singh Marg, New Delhi – 110001, India |
|
Tel No.: |
91-11-23710176 / 23710177 /91-11-23710176 / 23710177 / 23364671 / 2414 |
|
Fax No.: |
91-11-23345168 / 23314309 |
|
Email Id.: |
|
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Associates : |
Dwarkesh Energy Limited |
|
|
|
|
Enterprise over
which KMP is able to excercise significant influence : |
|
|
|
|
|
Other related
parties with whom Company has transactions Entities where director is
interested @ |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250,000,000 |
Equity Shares |
Rs.5/- each |
Rs.1250.000 Million |
|
5,000,000 |
Preference Shares |
Rs.100/- each |
Rs.500.000
Million |
|
|
Unclassified Shares |
|
Rs.250.000
Million |
|
|
|
|
Rs.1775.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
117,670,066 |
Equity Shares |
Rs.5/- each |
Rs.588.400
Million |
|
|
Add: Forfeited Shares |
|
Rs.0.100
Million |
|
|
|
|
Rs.588.500 Million |
Reconciliation of
number of Share Outstanding:
|
Particulars |
As at 31.03.2015 |
|
Opening Balance |
117.670 |
|
Shares Issued during the year |
-- |
|
Shares Outstanding at the end of the year |
117.670 |
b. List of
shareholders holding more than 5% of the equity share capital of the Company:
|
Shareholder name |
As at 31.03.2015 |
|
|
No. of Shares |
|
Bengal and Assam Company Limited |
27,921,455 |
|
Florence Investech Limited |
13,645,040 |
|
JK Fenner (India) Limited |
10,259,400 |
|
HDFC Standard Life Insurance Company Limited |
-- |
c. Terms/ right attached to equity shareholders :
i) The Company has only one class of Equity Shares having a par value of Rs. 5 per share. Each holder of equity shares is entitled to one vote per share.
ii) 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.
iii) The dividend 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.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
588.500 |
588.500 |
588.500 |
|
(b) Reserves & Surplus |
12718.500 |
12443.700 |
12009.500 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
13307.000 |
13032.200 |
12598.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
14370.800 |
13620.400 |
10977.000 |
|
(b) Deferred tax liabilities
(Net) |
1284.400 |
1225.900 |
1133.800 |
|
(c) Other long term
liabilities |
661.600 |
418.700 |
364.200 |
|
(d) long-term provisions |
78.700 |
60.600 |
56.600 |
|
Total
Non-current Liabilities (3) |
16395.500 |
15325.600 |
12531.600 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2331.300 |
421.800 |
412.500 |
|
(b) Trade payables |
2183.300 |
1294.300 |
1287.000 |
|
(c) Other current liabilities |
6260.500 |
5236.800 |
4224.700 |
|
(d) Short-term provisions |
394.500 |
353.900 |
382.700 |
|
Total
Current Liabilities (4) |
11169.600 |
7306.800 |
6306.900 |
|
|
|
|
|
|
TOTAL |
40872.100 |
35664.600 |
31436.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
25809.200 |
15695.800 |
14315.400 |
|
(ii) Intangible Assets |
15.800 |
19.600 |
30.700 |
|
(iii) Capital work-in-progress |
3614.600 |
9083.600 |
6880.600 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1688.100 |
1088.100 |
308.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2036.200 |
2668.500 |
3591.000 |
|
(e) Other Non-current assets |
0.000 |
12.100 |
12.100 |
|
Total
Non-Current Assets |
33163.900 |
28567.700 |
25137.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2539.900 |
3389.200 |
3756.500 |
|
(b) Inventories |
2234.700 |
1024.300 |
1148.400 |
|
(c) Trade receivables |
704.900 |
555.200 |
501.100 |
|
(d) Cash and cash equivalents |
152.900 |
352.100 |
126.500 |
|
(e) Short-term loans and advances |
1353.700 |
1095.000 |
744.400 |
|
(f) Other current assets |
722.100 |
681.100 |
21.700 |
|
Total
Current Assets |
7708.200 |
7096.900 |
6298.600 |
|
|
|
|
|
|
TOTAL |
40872.100 |
35664.600 |
31436.500 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
23070.600 |
20566.000 |
20549.500 |
|
|
Other Income |
282.000 |
442.700 |
554.500 |
|
|
TOTAL
(A) |
23352.600 |
21008.700 |
21104.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
3986.900 |
3616.400 |
3371.400 |
|
|
Purchases of Stock-in-Trade |
2288.700 |
1868.600 |
1324.800 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(425.100) |
26.900 |
168.300 |
|
|
Employees benefits expense |
1461.100 |
1229.500 |
1132.200 |
|
|
Exceptional Items |
632.500 |
185.000 |
163.300 |
|
|
Other expenses |
12264.400 |
10805.000 |
10265.700 |
|
|
TOTAL
(B) |
20208.500 |
17731.400 |
16425.700 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
3144.100 |
3277.300 |
4678.300 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
907.400 |
771.900 |
835.400 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2236.700 |
2505.400 |
3842.900 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
1119.000 |
1351.700 |
1489.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
1117.700 |
1153.700 |
2353.600 |
|
|
|
|
|
|
|
Less |
TAX (H) |
161.700 |
223.700 |
596.200 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
956.000 |
930.000 |
1757.400 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
1304.600 |
1108.200 |
1020.000 |
|
|
|
|
|
|
|
Add |
Transfer
from Debenture Redemption Reserves |
71.900 |
41.700 |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
251.200 |
500.000 |
1200.000 |
|
|
Dividend |
283.200 |
275.300 |
342.800 |
|
|
Capital Redemption Reserve |
0.000 |
0.000 |
23.400 |
|
|
Debenture Redemption Reserve |
0.000 |
0.000 |
103.000 |
|
|
Tax on Dividend |
0.000 |
0.000 |
|
|
|
Total
(M) |
534.400 |
775.300 |
1669.200 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
1798.100 |
1304.600 |
1108.200 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
0.000 |
0.000 |
0.000 |
|
|
TOTAL
EARNINGS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
153.600 |
33.400 |
0.000 |
|
|
Power & Fuel |
1050.200 |
103.800 |
95.700 |
|
|
Components and Stores parts |
99.300 |
97.900 |
88.800 |
|
|
Capital Goods |
24.500 |
378.500 |
758.100 |
|
|
TOTAL
IMPORTS |
1327.600 |
613.600 |
942.600 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
18.27 |
21.75 |
28.03 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
2290.000 |
2270.600 |
1980.000 |
|
Cash generated from operations |
3764.000 |
3612.900 |
3808.200 |
|
Net cash flow from operating activity |
3515.200 |
3545.500 |
3322.700 |
QUARTERLY RESULTS
|
Particulars |
June 2015 |
September 2015 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
5907.500 |
6457.300 |
|
Total Expenditure |
5400.700 |
5790.700 |
|
PBIDT (Excl OI) |
506.800 |
666.600 |
|
Other Income |
43.600 |
59.500 |
|
Operating Profit |
550.400 |
726.100 |
|
Interest |
453.000 |
477.700 |
|
Exceptional Items |
(54.500) |
(52.800) |
|
PBDT |
42.900 |
195.600 |
|
Depreciation |
392.000 |
416.600 |
|
Profit Before Tax |
(349.100) |
(221.000) |
|
Tax |
(114.300) |
(71.500) |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
(234.800 |
(149.500) |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
(234.800) |
(149.500) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
4.14 |
4.52 |
8.55 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
13.63 |
15.94 |
22.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.14 |
4.53 |
9.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.09 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.43 |
1.25 |
1.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.69 |
0.97 |
1.00 |
STOCK
PRICES
|
Face Value |
Rs.5.00/- |
|
Market Value |
Rs.345.50/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
588.500 |
588.500 |
588.500 |
|
Reserves & Surplus |
12009.500 |
12443.700 |
12718.500 |
|
Net
worth |
12598.000 |
13032.200 |
13307.000 |
|
|
|
|
|
|
long-term borrowings |
10977.000 |
13620.400 |
14370.800 |
|
Short term borrowings |
412.500 |
421.800 |
2331.300 |
|
Current Maturities Of
Long-Term Debts |
1980.000 |
2270.600 |
2290.000 |
|
Total
borrowings |
13369.500 |
16312.800 |
18992.100 |
|
Debt/Equity
ratio |
1.061 |
1.252 |
1.427 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
20549.500 |
20566.000 |
23070.600 |
|
|
|
0.080 |
12.178 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
20549.500 |
20566.000 |
23070.600 |
|
Profit |
1757.400 |
930.000 |
956.000 |
|
|
8.55% |
4.52% |
4.14% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
No |
|
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 |
MANAGEMENT DISCUSSION
AND ANALYSIS
PERFORMANCE
The Company’s Operational and Financial performance has been quite satisfactory. It achieved a growth of about 5% in cement volumes as against industry’s growth of about 2% in their zone and about 4% on all India basis. The Company achieved better realization than the previous year despite fall in the prices witnessed from second quarter onwards largely on account of company’s strategy to grow more in the profitable marketing areas and focusing on the right segments.
Company continues to manage its cost quite effectively. The efficiency parameters of the Company in terms of Power and Fuel consumption are today regarded as one of the best in the industry. Based on the improvement in the volume as well as the realisation, the Company’s net sales turnover increased from Rs. 23378.600 Million to Rs. 25966.900 Million, viz. an increase of 11%. Company’s Operating Profit at Rs. 3776.600 Million showed an improvement of 9% over the previous year. Consequent to lower payout of the interest and lower provision for depreciation, the Company’s profit before tax registered a healthy growth of 35% at Rs.1750.200 Million.
The Company has provided out of abundant caution as exceptional items Rs. 632.500 Million which includes Rs. 491.900 Million towards sales tax exemption for which the legal proceedings are already going on and a one-time advertisement expenditure of Rs. 126.100 Million for setting up of new marketing network in Eastern markets. The Company’s Profit after Tax consequently registered on a marginal increase of 3% at ` 95.60 crores as against ` 93.00 crores in the previous year.
Supported by the strong Balance Sheet and well managed Debt Management, Credit Analysis & Research Ltd (CARE) has upgraded Company’s Long term rating from AA- (Double A Minus) to AA (Double A). The Company continues to enjoy the highest possible rating of Short term rating of A1+. These Ratings have enabled the Company to raise funds at the most competitive possible interest rates.
INTERNAL FINANCIAL
CONTROLS
The Company has in place adequate internal financial controls commensurating with the size and nature of its operation. No material reportable weakness was observed in the system. The Company also has robust Budgetary Control System and Management Information System (MIS) which are backbone of the Company for ensuring that your Company’s assets and interests are safeguarded.
OUTLOOK AND STRATEGIC
IMPERATIVES
While the economy grew by 7.3% (as per provisional estimates for GDP growth) in 2014 – 15, the growth in cement demand was estimated at 5% in the same period. Seen in long term perspective this marks fourth consecutive year in which cement demand growth has lagged the overall economic growth in the country. Growth in demand for cement is closely linked to growth in construction sector which includes housing, infrastructure, institutions, industries etc.
Increase in construction activities of buildings for housing, institutions, and factories; and infrastructure development is key to drive the growth in demand for cement and construction materials. There are early signs of green shoots emerging in the infrastructure construction like commencement of work at Dedicated Freight Corridor as well as some of the road projects,etc. The construction activities are bound to pick up the pace based on the government focus on “Make in India”, “Industrial Corridors” and “Industrial Townships” etc., which will lead to increased infrastructure development activities and building of new factories.
The country faces huge shortage of quality housing – especially in lower income groups, both in urban as well as in rural areas. In addition as per census 2011 data, nearly 47% of the existing residential buildings are in need of repairs. Cement is a vital input to build a quality house at an affordable cost. PM’s vision of providing house to every citizen of the country also raises considerable hope of increase in cement demand.
The Company will therefore need to explore all the options to make a stronger foothold in these emerging consumption centres.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Deferred Sales Tax |
0.000 |
320.100 |
|
Fixed Deposits |
24.200 |
94.800 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Fixed Deposits |
4.200 |
5.900 |
|
Commercial Papers |
500.000 |
0.000 |
|
Total |
528.400 |
420.800 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10559969 |
30/03/2015 * |
2,288,000,000.00 |
Allahabad Bank |
Industrial Finance Branch,, 17, Parliament Street, New Delhi -110001,
INDIA |
C52434875 |
|
2 |
10532357 |
23/12/2014 * |
400,000,000.00 |
Axis Bank Limited |
148, Barakhamba Road, Statesman House, New Delhi - 110001, INDIA |
C40214660 |
|
3 |
10520352 |
15/06/2015 * |
1,000,000,000.00 |
Axis Bank Limited |
148,Barakhamba Road, Statesman House, New Delhi - 110001, INDIA |
C58452913 |
|
4 |
10486066 |
15/10/2014 * |
900,000,000.00 |
The Jammu and Kashmir Bank Limited |
D-63, Basant Lok, Vasant Vihar, New Delhi - 110057, INDIA |
C32731317 |
|
5 |
10451773 |
25/09/2013 |
400,000,000.00 |
The Jammu and Kashmir Bank Limited |
D-63, Basant Lok, Vasant Vihar, New Delhi - 110057, INDIA |
B86050762 |
|
6 |
10385525 |
31/10/2012 * |
497,906,800.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, MUMBAI,
Maharashtra - 400001, INDIA |
B61917795 |
|
7 |
10337138 |
30/03/2015 * |
8,500,000,000.00 |
Allahabad Bank |
Industrial Finance Branch,, 17, Parliament Street, New Delhi - 110001,
INDIA |
C52429644 |
|
8 |
10330402 |
17/07/2012 * |
700,000,000.00 |
The Jammu and Kashmir Bank Limited |
D-63, Basant Lok, Vasant Vihar, New Delhi - 110057, INDIA |
B45541091 |
|
9 |
10330415 |
31/10/2012 * |
700,000,000.00 |
The Jammu and Kashmir Bank Limited |
D-63, Basant Lok, Vasant Vihar, New Delhi - 110057, INDIA |
B62274634 |
|
10 |
10330446 |
31/10/2012 * |
600,000,000.00 |
The Jammu and Kashmir Bank Limited |
D-63, Basant Lok, Vasant Vihar, New Delhi - 110057, INDIA |
B62277355 |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED 30th SEPTEMBER 2015
(Rs. In Million)
|
|
|
Particulars |
quarter ended
30.09.2015 |
quarter ended
30.06.2015 |
Half year ended
30.06.2015 |
|
1 |
|
Income from
Operations |
|
|
|
|
|
|
Sales/Income from Operations (Gross) |
6457.300 |
5907.500 |
123.646 |
|
|
|
b) Other Operating Income |
-- |
-- |
-- |
|
|
Total Income from
Operations (Net) |
6457.300 |
5907.500 |
123.646 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
1161.300 |
1127.500 |
7286.500 |
|
|
b) |
Purchase of Stock-in-trade |
570.800 |
473.400 |
1044.200 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
142.000 |
(75.500) |
66.500 |
|
|
d) |
Power and Fuel |
1311.500 |
1356.500 |
2668.000 |
|
|
f) |
Employee benefit expenses |
496.400 |
489.000 |
885.400 |
|
|
g) |
Transport and Forwarding Charges |
1522.200 |
1494.800 |
3017.900 |
|
|
h) |
Depreciation and amortization expense |
418.600 |
392.000 |
808.600 |
|
|
i) |
Other expenses |
586.500 |
535.000 |
1121.500 |
|
|
Total Expenses |
6207.300 |
5782.200 |
12000.000 |
|
|
|
|
|
|
|
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items |
666.6000 |
506.600 |
1173.400 |
|
4 |
Other Income |
59.500 |
43.800 |
103.100 |
|
|
5 |
Profit /(Loss) from
ordinary activities before finance costs and exceptional items |
309.500 |
158.400 |
467.900 |
|
|
6 |
Finance Costs |
477.700 |
453.000 |
930.700 |
|
|
7 |
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items |
(168.200) |
(294.600) |
(462.800) |
|
|
8 |
Exceptional Items |
52.800 |
54.500 |
107.300 |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
(221.000) |
(349.100) |
(570.100) |
|
|
10 |
Tax Expense |
(71.500) |
(114.300) |
(185.800) |
|
|
11 |
Net Profit /(Loss)
from ordinary activities after tax |
(149.500) |
(234.800) |
(384.300) |
|
|
12 |
Paid up equity share capital (Eq. shares of Rs.10/- each) |
588.500 |
588.500 |
588.500 |
|
|
13 |
Paid UP debt Capital |
-- |
-- |
1497.900 |
|
|
14 |
Reserve excluding revaluation reserves |
- |
- |
12334.200 |
|
|
15 |
Debenture Redemption Reserves (Include item 16 above) |
|
|
270.100 |
|
|
14 |
|
Earnings per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
|
|
Basic & Diluted |
(1.27) |
(2.00) |
(3.27) |
|
|
|
Cash |
1.66 |
1.36 |
2.02 |
|
|
|
Debt Equity Ratio |
|
|
1.59 |
|
|
|
Debt Service Converge Ratio |
|
|
0.87 |
|
|
|
Interest Service Converge Ratio |
|
|
1.37 |
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of Shares |
63611307 |
63611307 |
63611307 |
|
|
|
- Percentage of Shareholding |
54.06% |
54.06% |
54.06% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
b) Non- encumbered |
|
|
|
|
|
|
- Number of shares |
54058759 |
54058759 |
54058759 |
|
|
|
- Percentage of shares ( as a % of the total shareholding of the promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
45.94% |
45.94% |
45.94% |
|
Particulars |
Quarter Ended 30.09.2015 |
|
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 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
a) Service Tax @ |
24.500 |
0.000 |
|
b) Sales tax |
1290.400 |
608.500 |
|
c) Income Tax |
3.200 |
13.000 |
|
d) Land tax |
12.100 |
13.100 |
|
e) Renewable Energy Obligation |
0.000 |
199.400 |
|
f) Other matters |
76.200 |
65.100 |
FIXED ASSETS
- Freehold Land
- Leasehold Land
- Buildings
- Plant & Machinery
- Furniture & Fixtures
- Office Equipments
- Vehicles, Aircraft and Locomotives
- Railway Siding
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.66.09 |
|
|
1 |
Rs.101.03 |
|
Euro |
1 |
Rs.70.85 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
68 |
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.