MIRA INFORM REPORT
|
Report No. : |
343271 |
|
Report Date : |
01.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
THE INDIA CEMENTS LIMITED |
|
|
|
|
Registered
Office : |
Dhun Building 827, Anna Salai, Chennai – 600002, Tamilnadu |
|
Tel. No.: |
91-44-28521526 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
21.02.1946 |
|
|
|
|
Com. Reg. No.: |
18-000931 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.3071.800
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26942TN1946PLC000931 |
|
|
|
|
IEC No.: |
0488041368 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MRIT02429A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT1728P |
|
|
|
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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|
|
|
Line of Business
: |
Manufacturing and Marketing of Cement. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 102000000 |
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|
|
|
Status : |
Satisfactory |
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|
|
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Payment Behavior : |
Slow but correct |
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|
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Litigation : |
Exist |
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Comments : |
Subject was incorporated on 21st February, 1946 by Shri
Sankaralinga Iyer and Shri T. S. Narayanswami and is presently headed by Mr. N.
Srinivasan, Vice Chairman and Managing Director. It is the largest producer
of cement in south India and is the fifth largest cement manufacturer in the
country. It has satisfactory track record. The company has been successful in wiping off its losses of previous
year. However, the company possesses a decent networth base during FY2015. The rating also takes into consideration leadership position of the
company in the southern market, its strong brand image and its presence in
western markets. Trade relations are reported as fair. Business is active. Payment are
reported to be slow but correct. The company can be considered normal business dealings at usual trade
terms and conditions. Note: Subject has been found under RBI Defaulter’s list the name of Credit
Grantors is The Hong Kong and Shanghai Banking Corporation Limited and the
amount charged is Rs.158.073 Million dated 31.12.2004. |
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 = A- |
|
Rating Explanation |
Have adequate degree of safety and carry low credit risk. |
|
Date |
May 11, 2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A2+ |
|
Rating Explanation |
Have strong degree of safety and carry low credit risk. |
|
Date |
May 11, 2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same areas under:
Suit-filed accounts
of Rs. 1 Cr. and above as on 01-Oct-2015
Borrower’s details
|
Borrower name |
THE INDIA CEMENTS
LIMITED |
|
Address |
Dhun Building, 827 AnnaSalai, Chennai – 600002, Tamilnadu,
India |
Name of Directors
Reported by Credit Grantors Filing the Suit:
|
Sr. No. |
Directors Reported
by Credit Grantors |
|
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED |
|
|
6 |
N RAMACHANDRAN |
|
1 |
B S ADITYAN |
|
3 |
J JAYARAMAN |
|
4 |
N D PINGE |
|
5 |
N KUMAR |
|
2 |
GUL M IQBAL |
|
7 |
N SANKAR |
|
8 |
N SRINIVASAN |
|
9 |
P N JAMBUNATHAN |
|
10 |
R K DAS |
|
11 |
V M MOHAMMED MEERAN |
List of Credit
Grantors to which THE INDIA CEMENTS LIMITED is a defaulter:
|
Names of Credit Grantors |
Branch |
Amount (Rs. In Million) |
|
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
CHENNAI OFFICE |
158.073 |
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 (91-44-28521526)
LOCATIONS
|
Registered Office : |
"Dhun Building", 827, Anna Salai, Chennai –
600002, Tamilnadu, India |
|
Tel. No.: |
91-44-28521526 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website: |
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|
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Corporate Office : |
“Coromandel Towers”, 93, Santhome High Road, Karpagam Avenue,
R. A. Puram, Chennai – 600028,
Tamilnadu, India |
|
Tel. No.: |
91-44-28510533 |
|
|
|
|
Cement Factories : |
Located At: TAMILNADU
ANDHRA PRADESH
TELANGANA
|
|
|
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|
Grinding Units : |
Located At: TAMILNADU Vallur Village, Tirunelveli District, Tamilnadu, India MAHARASHTRA Parli Vaijnath, Beed District, Maharashtra, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. N. Srinivasan |
|
Designation : |
Vice Chairman and Managing Director |
|
Date of Birth/Age : |
27.07.1931 |
|
Qualification : |
B.Com., C.A. |
|
|
|
|
Name : |
Mrs. Chitra Srinivasan |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Rupa Gurunath |
|
Designation : |
Whole-Time Director |
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|
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|
Name : |
Mr. Arun Datta |
|
Designation : |
Director |
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|
Name : |
Sri. Basavaraju |
|
Designation : |
Director (Nominee of Life Insurance Corporation of India) |
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|
Name : |
Mr. R. K. Das |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. N. R. Krishnan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V. Manickam |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.04.1952 |
|
Qualification : |
B.Sc., C.A. |
|
|
|
|
Name : |
Sri. Nagaraj Garla |
|
Designation : |
Director (Nominee of IDBI Bank Limited) |
|
|
|
|
Name : |
Mr. N. Srinivasan |
|
Designation : |
Director |
|
Date of Birth/Age : |
03.01.1945 |
|
Qualification : |
B. Sc. (Tech.), M.S. (IIT) Chicago |
SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
20015896 |
6.59 |
|
|
66168057 |
21.80 |
|
|
542420 |
0.18 |
|
|
542420 |
0.18 |
|
|
86726373 |
28.57 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
86726373 |
28.57 |
|
|
|
|
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
18199536 |
6.00 |
|
|
1001618 |
0.33 |
|
|
22150406 |
7.30 |
|
|
84949258 |
27.99 |
|
|
126300818 |
41.61 |
|
|
|
|
|
|
36917819 |
12.16 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs.0.100 Million |
21178746 |
6.98 |
|
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million |
9035168 |
2.98 |
|
|
23361558 |
7.70 |
|
|
898052 |
0.30 |
|
|
67886 |
0.02 |
|
|
1118819 |
0.37 |
|
|
959918 |
0.32 |
|
|
500 |
0.00 |
|
|
20316383 |
6.69 |
|
|
90493291 |
29.81 |
|
Total Public
shareholding (B) |
216794109 |
71.43 |
|
Total (A)+(B) |
303520482 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
3658175 |
0.00 |
|
|
3658175 |
0.00 |
|
Total (A)+(B)+(C) |
307178657 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing of Cement. |
|
|
|
|
Products : |
Cement |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
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|
|
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Exports : |
Not Divulged |
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|
|
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Imports : |
Not Divulged |
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|
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Terms : |
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Selling : |
Not Divulged |
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|
|
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Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management. |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
Brahmayya and Company Chartered Accountants |
|
Address : |
48, Masilamani Road, Mylapore Balaji Nagar, Royapettah Chennai - 600014, Tamilnadu, India |
|
|
|
|
Name : |
P.S. Subramania Iyer and Company Chartered Accountants |
|
Address : |
103, P.S. Sivaswamy Salai, Chennai - 600004, Tamilnadu, India |
|
|
|
|
Subsidiary
Companies (As on 31.03.2014) : |
|
|
|
|
|
Associate Companies
(As on 31.03.2014) : |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital: Not Available
Issued, Subscribed & Paid-up Capital: Rs.3071.782
Million
AS ON 31.03.2014
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
460000000 |
Equity Shares |
Rs.10/- each |
Rs.4600.000 Million |
|
7500000 |
Redeemable Cumulative Preferences Shares |
Rs.100/- each |
Rs.750.000 Million |
|
|
TOTAL
|
|
Rs. 5350.000
Million |
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
307178723 |
Equity Shares |
Rs.10/- each
|
Rs.3071.787
Million |
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
307177216 |
Equity Shares |
Rs.10/- each
|
Rs.3071.772
Million |
|
|
Add: Partly paid up shares |
|
Rs.0.001
Million |
|
|
Add: Subscribed but not fully paid |
|
Rs.0.010
Million |
|
|
TOTAL
|
|
Rs.3071.783 Million |
List of shareholders
holding more than 5% of the equity share capital (par value per share is rs.10/-)
|
SHAREHOLDER
NAME |
NO.
OF SHARES HELD |
%
HELD |
|
The Bank of New York
Mellon Corporation on Behalf of Mellon Capital Management Corporation And The
Boston |
41107453 |
13.38 |
|
Company Asset Management
LLC together with PAC EWS Finance & Investments Private Limited |
27643432 |
9.00 |
|
Prince Holdings (Madras)
Private Limited |
25500000 |
8.30 |
|
Life Insurance
Corporation of India |
20922404 |
6.81 |
|
Vidya Subramanian |
19954024 |
6.50 |
|
Trishul Investments
Private Limited |
17525976 |
5.71 |
Terms / Rights / restrictions
attached to shares:
The Company has only one class of Equity share. Each share has a paid up value of Rs.10/-. Every shareholder is entitled to one vote per share, except for the holders of Global Depository Receipts / Global Depository Shares, as given below:
During the year 1994-95, the Company allotted 5857987 equity shares of Rs.10/- each consequent to issue of equivalent number of Global Depository Receipts (GDRs). Holders of these GDRs have no voting rights with respect to the Deposited shares.
During the year 2005-06, the Company allotted 51227592
underlying equity shares of Rs.10/- each represented by 25613796 Global
Depository Shares (GDSs) in the ratio of 2:1. Holders of these GDSs have no voting
rights with respect to the Deposited shares.
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 |
3071.800 |
3071.783 |
3071.782 |
|
(b) Reserves &
Surplus |
32859.200 |
35440.851 |
37824.608 |
|
(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) |
35931.000 |
38512.634 |
40896.390 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
21967.900 |
20578.296 |
19377.315 |
|
(b) Deferred tax
liabilities (Net) |
3296.900 |
3296.882 |
3296.882 |
|
(c) Other long term
liabilities |
131.700 |
1130.626 |
1235.676 |
|
(d) long-term provisions |
586.400 |
592.516 |
642.347 |
|
Total Non-current
Liabilities (3) |
25982.900 |
25598.320 |
24552.220 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4815.500 |
6088.065 |
8162.670 |
|
(b) Trade payables |
8252.600 |
8642.924 |
7756.349 |
|
(c) Other current
liabilities |
8130.000 |
8524.741 |
5907.443 |
|
(d) Short-term provisions |
1.700 |
1.672 |
753.723 |
|
Total Current Liabilities
(4) |
21199.800 |
23257.402 |
22580.185 |
|
|
|
|
|
|
TOTAL |
83113.700 |
87368.356 |
88028.795 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
36748.500 |
39730.040 |
39148.983 |
|
(ii) Intangible Assets |
0.000 |
1881.979 |
2271.476 |
|
(iii) Capital
work-in-progress |
0.000 |
1012.979 |
3392.383 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
15852.200 |
9434.858 |
9480.810 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
15311.200 |
20851.828 |
18996.853 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
67911.900 |
72911.684 |
73290.505 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
20.537 |
97.496 |
|
(b) Inventories |
6068.800 |
5509.349 |
4960.568 |
|
(c) Trade receivables |
4660.900 |
4224.988 |
4655.866 |
|
(d) Cash and cash
equivalents |
39.300 |
30.638 |
47.424 |
|
(e) Short-term loans and
advances |
4432.800 |
4671.160 |
4976.936 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
15201.800 |
14456.672 |
14738.290 |
|
|
|
|
|
|
TOTAL |
83113.700 |
87368.356 |
88028.795 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
44538.500 |
44408.773 |
45970.353 |
|
|
Other Income |
5.500 |
889.603 |
186.316 |
|
|
TOTAL |
44544.000 |
45298.376 |
46156.669 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
6242.000 |
6054.509 |
5774.033 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
344.600 |
(310.579) |
(187.675) |
|
|
Employees benefits
expense |
3181.500 |
3513.124 |
3339.415 |
|
|
Power and Fuel |
11363.500 |
0.000 |
0.000 |
|
|
Transportation and
Handling |
9531.000 |
0.000 |
0.000 |
|
|
Other expenses |
6747.900 |
30099.400 |
28811.413 |
|
|
TOTAL |
37410.500 |
39356.454 |
37737.186 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION
|
7133.500 |
5941.922 |
8419.483 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
4259.900 |
3536.483 |
3077.465 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
2873.600 |
2405.439 |
5342.018 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
2579.100 |
2763.899 |
2818.370 |
|
|
|
|
|
|
|
Less |
EXCEPTIONAL ITEMS |
0.000 |
1265.576 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
294.500 |
(1624.036) |
2523.648 |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
888.152 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
294.500 |
(1624.036) |
1635.496 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
10301.664 |
11925.700 |
10884.700 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
NA |
0.000 |
718.700 |
|
|
Dividend |
NA |
0.000 |
400.000 |
|
|
Tax on Dividend |
NA |
0.000 |
(524.200) |
|
|
Balance Carried to the
B/S |
NA |
10301.664 |
11925.700 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Cement – Quantity in
Tonnes |
NA |
71859 |
24545 |
|
|
- Value |
NA |
289.276 |
82.453 |
|
|
Clinker – Quantity in Tonnes |
NA |
227460 |
0.000 |
|
|
- Value |
NA |
627.362 |
0.000 |
|
|
TOTAL EARNINGS |
NA |
916.638 |
82.453 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
341.394 |
256.062 |
|
|
Fuel |
NA |
7394.448 |
4173.666 |
|
|
Components and Stores
parts |
NA |
27.464 |
18.105 |
|
|
Capital Goods |
NA |
0.000 |
18.705 |
|
|
TOTAL IMPORTS |
NA |
7763.306 |
4466.538 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
0.95 |
(5.28) |
5.32 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
|
|
|
|
SECURED: |
|
|
|
|
Debentures |
NA |
0.000 |
5.610 |
|
Term Loans: |
|
|
|
|
Banks |
NA |
3364.050 |
1927.958 |
|
Others |
NA |
416.400 |
202.171 |
|
Total Secured |
NA |
3780.450 |
2130.129 |
|
UNSECURED: |
|
|
|
|
Banks |
NA |
1128.479 |
0.000 |
|
Others |
NA |
449.139 |
553.460 |
|
Total Unsecured |
NA |
1577.618 |
553.460 |
|
Total Current
maturities of Long-Term Debt |
NA |
5358.068 |
2689.199 |
|
Cash generated from operations |
NA |
5795.664 |
7377.395 |
|
Net cash from operating activities |
NA |
5355.705 |
6662.428 |
QUARTERLY RESULTS
(Rs. In Million)
|
Particulars (Unaudited) |
30.06.2015 |
|
1st
Quarter |
|
|
Net Sales |
10754.500 |
|
Total Expenditure |
8760.900 |
|
PBIDT (Excl OI) |
1993.600 |
|
Other Income |
0.000 |
|
Operating Profit |
1993.600 |
|
Interest |
931.500 |
|
Exceptional Items |
(107.200) |
|
PBDT |
954.900 |
|
Depreciation |
553.900 |
|
Profit Before Tax |
401.000 |
|
Tax |
0.000 |
|
Provisions and contingencies |
0.0000 |
|
Profit After Tax |
401.000 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
401.000 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.66 |
(3.66) |
3.56 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
16.02 |
13.38 |
18.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.44 |
(2.11) |
3.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
(0.04) |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.75 |
0.69 |
0.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.72 |
0.62 |
0.65 |
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 |
3071.782 |
3071.783 |
3071.800 |
|
Reserves & Surplus |
37824.608 |
35440.851 |
32859.200 |
|
Net worth |
40896.390 |
38512.634 |
35931.000 |
|
|
|
|
|
|
long-term borrowings |
19377.315 |
20578.296 |
21967.900 |
|
Short term borrowings |
8162.670 |
6088.065 |
4815.500 |
|
Current Maturities of
Long Term Debt |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
27539.985 |
26666.361 |
26783.400 |
|
Debt/Equity ratio |
0.673 |
0.692 |
0.745 |
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 |
45970.353 |
44408.773 |
44538.500 |
|
|
|
(3.397) |
0.292 |
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 |
45970.353 |
44408.773 |
44538.500 |
|
Profit |
1635.496 |
(1624.036) |
294.500 |
|
|
3.56% |
(3.66%) |
0.66% |
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 |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---------------------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION
DETAILS:
|
Case Status |
Pending |
|
Status of |
Civil Misc. Appeal 1735 of 2012 |
|
Litigants |
Commissioner of Central Vs. The India
Cements Limited |
|
Pet’s Adv.: |
V. Sundereswaran |
|
Res’s Adv.: |
C. Saravanan |
|
Last Date of Hearing |
--- |
|
Next / Final Date of Hearing: |
Monday, August 10, 2015 |
|
Case Updated on |
Monday, August 10, 2015 |
|
Category |
Centrals Excises and salt Act, 1944 (1 of
1944) |
UNSECURED LOAN
(Rs. In Million)
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Banks |
NA |
0.000 |
|
Others |
NA |
5077.010 |
|
SHORT TERM
BORROWING |
|
|
|
Short-Term Rupee Loans - Banks |
NA |
750.000 |
|
Short-Term Foreign Currency Loan-Banks |
NA |
1002.065 |
|
Commercial Paper - Others |
NA |
0.000 |
|
Total |
NA |
6829.075 |
INDEX OF CHARGES:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10559500 |
27/03/2015 |
2,500,000,000.00 |
IFCI LIMITED |
CONTINENTAL CHAMBERS, IIND FLOOR, NO.142, NUNGAMBAKKAM HIGH ROAD, CHENNAI - 600034, TAMILNADU, INDIA |
C49253743 |
|
2 |
10559085 |
10/03/2015 |
400,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
2ND FLOOR ITC CENTRE, 760, ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA |
C49085673 |
|
3 |
10533919 |
10/03/2015 * |
5,000,000,000.00 |
IDBI BANK LIMITED |
115, ANNA SALAI,
SAIDAPET, CHENNAI - |
C45885415 |
|
4 |
10533917 |
10/03/2015 * |
2,181,300,000.00 |
IDBI BANK LIMITED |
115, ANNA SALAI,
SAIDAPET, CHENNAI - |
C45886918 |
|
5 |
10533900 |
10/03/2015 * |
257,900,000.00 |
IDBI BANK LIMITED |
115, ANNA SALAI,
SAIDAPET, CHENNAI - |
C45887999 |
|
6 |
10508303 |
11/06/2015 * |
3,350,000,000.00 |
ICICI BANK LIMITED |
NO.1, CENOTAPH ROAD, TEYNAMPET, CHENNAI - 600018, TAMILNADU, INDIA |
C58134545 |
|
7 |
10490017 |
11/03/2014 |
250,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
KOTAK MAHINDRA BANK LIMITED, CAPITALE, 11TH FLOOR, 555, ANNA SALAI, TEYNAMPET, CHENNAI - 600018, TAMILNADU , INDIA |
C03386125 |
|
8 |
10460477 |
25/10/2013 |
583,366,667.00 |
ADITYA BIRLA FINANCE LIMITED |
ONE INDIABULLS CENTER, TOWER 1,8TH FLOOR, 841 SENAPATI BAPAT MARG, ELPHINSTONE ROAD, MUMBAI - 400013, MAHARASHTRA - 400013, INDIA |
B89654263 |
|
9 |
10457100 |
18/10/2013 |
1,000,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI - 400013, MAHARASHTRA, INDIA |
B88327804 |
|
10 |
10432826 |
19/06/2013 |
2,500,000,000.00 |
IDBI BANK LIMITED |
115 ANNA SALAI, SAIDAPET, CHENNAI - 600015, TAMIL NADU, INDIA |
B77847903 |
* Date of charge modification
OUTLOOK (As on
31.03.2014)
Leading Global markets are facing unbalanced growth prospects. It is only the US that is showing strong growth. Euro zone is still crisis-ridden. After consistently clocking double digit growth for a number of years, China is struggling with slowdown with IMF expecting the economy to grow at 7.4% in 2014 against 7.7% in 2013.
For Indian Economy, the worst phase of sub five per cent GDP growth seems to be over. In the first quarter of financial year 2015, GDP grew 5.7%. IMF has raised its growth projection to 5.6% in 2014-15 from 5.4% earlier. World Bank also expects economy to expand at 5.6% this year, followed by a further acceleration to 6.4% in 2015-2016. RBI also expects 5.5% growth this year and 6% next year.
The prospects for the cement industry appear to have
significantly brightened since the close of the year. With a stable Central
Government having been voted to power with a comfortable majority and with new
Governments having assumed office in Andhra Pradesh and Telangana, we could
expect policy impetus and vibrant economic activity, which could augur well for
cement demand. This is particularly so in AP and Telangana where one can expect
enhanced infrastructural spending including on the building of a State Capital
in AP. Improvement in macroeconomic conditions, recovery in growth and the
positive outlook for infrastructure and construction industry augur well for
the cement industry in the medium term.
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER 30 JUNE 2015
Rs. In Million
|
Sr. No. |
Particular |
3
Months Ended |
|
|
|
30.06.2015 |
|
|
|
Unaudited
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
10710.400 |
|
|
Other Operating
Income |
44.100 |
|
|
Total Income From Operations (Net) |
10754.500 |
|
|
|
|
|
2. |
Expenditure |
|
|
|
Cost
of materials consumed |
1709.600 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
133.100 |
|
|
Employee
benefits expenses |
910.400 |
|
|
Power
and fuel |
2352.300 |
|
|
Transportation
and handling |
2210.200 |
|
|
Depreciation
and amortization expenses |
553.900 |
|
|
Other
expenses |
1445.300 |
|
|
Total Expenses |
9314.800 |
|
|
|
|
|
3. |
Profit From Operations before
Other Income, Interest and Exceptional Items (1-2) |
1439.700 |
|
|
|
|
|
4. |
Other
Income |
0.000 |
|
|
|
|
|
5. |
Profit Before Interest and
Exceptional Items (3+4) |
1439.700 |
|
|
|
|
|
6. |
Interest |
931.500 |
|
|
|
|
|
7. |
Profit After Interest but
before Exceptional Items (5-6) |
508.200 |
|
|
|
|
|
8. |
Exceptional
Items |
107.200 |
|
|
|
|
|
9. |
Profit from Ordinary
Activities before Tax (7+8) |
401.000 |
|
|
|
|
|
10. |
Tax Expense |
|
|
|
a)
Current tax |
0.000 |
|
|
b)
Deferred tax |
0.000 |
|
|
|
|
|
11. |
Net Profit from Ordinary
Activities after Tax (9-10) |
401.000 |
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
0.000 |
|
|
|
|
|
13. |
Net Profit for the period
(11-12) |
401.000 |
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
3071.800 |
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
---- |
|
|
|
|
|
16. |
Earnings Per Share(EPS)(in Rs)
not Annualised) -Basic and Diluted |
1.31 |
|
|
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
-Number
of Shares |
216794109 |
|
|
-
Percentage of Shareholding |
70.58 |
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
-
Number of Shares |
66100625 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
76.22 |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
21.52 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
-
Number of Shares |
20625748 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
23.78 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
6.71 |
|
Particulars |
3 Months ended on 30.06.2015 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
27 |
|
Disposed of during the quarter |
27 |
|
Remaining unresolved at the end of the
quarter |
Nil |
Note:
- The above Financial Results have been reviewed by the Audit Committee and approved by the Board of Directors at the meetings held on August 12, 2015.
- The Company is primarily engaged in manufacturing and marketing of cement.
- Income from operations includes (a) Income from franchise of Indian Premier League (till March 31, 2015) and (b) 'Ship charter freight earnings.
- Ship Chartering is not a reportable segment in terms of Accounting Standard 17 ‘Segment Reporting'.
- (a) The Remuneration paid to the Managing Director during the years 2013-14 and 2014-15 and Whole time Director during 2013-14 exceeded the limits prescribed in the Companies Act 2013 due to inadequacy of profits. However, the remuneration paid for 2013-14 has been approved by the Shareholders and the Central Government has waived the recovery of excess remuneration. The Company has applied to the Central Government under Section 197 (10) of the Companies Act, 2013 seeking waiver of recovery of the excess remuneration of Rs.27.497 Million paid to the Managing Director during 2014-15. The Auditors have drawn attention to this matter.
(b) The appointment and remuneration of the Whole Time Director for a period of 5 years from March 5, 2015, is subject to the approval of the Shareholders and Central Government.
- The Company continued the practice of charging the incremental depreciation on revaluation of assets for the Quarter ended June 30,201S amounting to Rs.121.800 Million. Auditors have drawn attention to this matter in their Report.
- Cement Manufacturers Association (CMA), on behalf of all member companies has signed, on July 29, 2015, a Memorandum of Settlement under Section 12(3) and 18(3) of the Industrial Disputes Act, 1947 with the cement workmen. The settlement is valid for a period of 4 years from April 1, 2014. The Company has provided for a sum of Rs. 8.47 Crores relating to the financial year 2014-15 in the above financial results as exceptional item of expenditure.
- The Competition Commission of India (CCI) passed an Order dated June 20, 2012 alleging contravention of the provisions of The Competition Act 2002, by certain cement manufacturers including the Company and imposed a penalty of Rs.1874.800 Million. Based on the advice of an eminent counsel, the company has filed an appeal before the Competition Appellate Tribunal against the said Order and hence no provision is presently considered necessary in the accounts. The company has during the year 2013-14 deposited Rs.187.500 Million, based on the interim order passed by the Tribunal as a condition precedent for grant of stay, the said payment has been grouped under Advances. The Auditors have drawn attention to this matter in their Report.
- The franchise rights in Indian Premier League (IPL) were transferred to Chennai Super Kings Cricket limited (CSKCl), a wholly owned subsidiary at its Net Asset Value (NAV as at March 31, 2014) as per books at Rs.78.300 Million during the Financial Year Ended March 31, 2015.
The BCCI approved the said transfer subject to the condition
that The India Cements Limited (ICL) shall provide a parent company guarantee
for the purpose of guaranteeing performance / compliance by CSKCL of the
obligations of the franchisee under the Franchise Agreement and it was further
provided that ICL and CSKCL should enter into a tripartite Novation Agreement
with BCCI - IPL whereby from the effective date, CSKCL shall inter alia step
into all obligations of ICL under the Franchise Agreement without any further
act or deed.
The Board of Directors of the Company in their meeting held on 23.02.2015
approved the sale of entire shareholding in CSKCL aggregating to 50,000 equity
shares of Rs. 10/- each to a trust called the "India Cements Shareholder
Trust", (Trust) aggregating to Rs. 5,00,000/-. Three of the Independent
Directors of the Company are the Trustees of the Trust. The Trust has been
established for the purpose of distribution of the said shares, in due course,
purchased from the company by the Trust to:
i) All non-promoter shareholders of ICL; and
ii) The shares that the promoters are entitled to shall be allotted to another
Trust established for the benefit of ex-cricketers of ICL.
The BCCI approved the transfer of 50,000 equity shares held by the company in
CSKCL to the India Cements Shareholders' Trust (Trust) subject to the condition
that CSKCL make a fresh application for distribution of shares from the Trust
to the ultimate beneficiaries (as explained above) together with all the
necessary documents, details, information that is necessary for the proposed
transaction.
Certain proceedings which were in progress prior to the transfer of franchise,
by the company to CSKCL had been referred to a Three member panel appointed by
the Apex court The said Three Member Panel has suspended ICI (franchisee) for a
period of 2 years from the league.
Consequent to hiving off the Franchise of IPL, the figures of the current
quarter are not comparable with those of previous Quarters/year.
- The Authorities have issued a provisional attachment order under the Prevention of Money Laundering Act, 2002 (PMLA) attaching certain assets of the company for an aggregate value of Rs.1203.400 Million. The Adjudicating Authority Specified under PMLA has confirmed the said Provisional Attachment Order. The Company is in consultation with legal advisers in this regard.
- Considering the carry forward losses, there is no tax liability on the profits for the Quarter ended June 30, 2015.
- The Board of Directors has approved a Scheme of Amalgamation of Trinetra Cement Limited and Trishul Concrete Products Limited with the Company effective January 01, 2014. Petitions have been filed in the Honorable High Court of Judicature at Madras under Sec 391 to 394 of the Companies Act, 1956 for completing the procedural requirements for the said Scheme. The Shareholders of the respective. Companies have also approved the Scheme of Amalgamation. Pending sanction of the Scheme by the Court, the Standalone Financial Results do not include those of the Amalgamating Companies.
- The previous periods’ figures have been regrouped to conform to current periods' required classification.
- The Statutory auditors have carried out a limited review of the above financial results.
FIXED ASSETS:
- Land Building
- Railway Siding
- Plant and Machinery
- Electrical Installation
- Ships
- Furniture and Fixtures
- 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.65.74 |
|
|
1 |
Rs.99.53 |
|
Euro |
1 |
Rs.73.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.