MIRA INFORM REPORT
|
Report No. : |
338714 |
|
Report Date : |
01.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
MANGALAM CEMENT LIMITED |
|
|
|
|
Registered
Office : |
P. O. Aditya Nagar, Morak, District Kota - 326520, Rajasthan |
|
Tel. No.: |
91-7459-232231 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
27.10.1976 |
|
|
|
|
Com. Reg. No.: |
17-001705 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 266.938 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26943RJ1976PLC001705 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of producing and selling of cement. |
|
|
|
|
No. of Employees
: |
1079 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 |
|
Maximum Credit Limit: |
USD 10000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an old and established company incorporated during the year
1976 having a good track record. Financial position of the company is sound. Fundamentals of the
company are strong and healthy. Further, the rating also takes into consideration rich experience of
its promoters, long established track and strong operating efficiency of the
company. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitment. In view of long track record and sound financial base, the company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities= AA- |
|
Rating Explanation |
High degree of safety and low credit risk |
|
Date |
20.01.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
20.01.2015 |
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
31-03-2013.
LOCATIONS
|
Registered Office/ Factory : |
P. O. Aditya Nagar, Morak, District Kota-326520, Rajasthan, India |
|
Tel. No.: |
91-7459-232231 |
|
Mobile No.: |
91-9351787070 [Mr. Modi] |
|
Fax No.: |
91-7459-232036 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
Birla Building,
10th Floor, 9/1 R.N. Mukherjee Road, Kolkata – 700001, West
Bengal, India |
|
Tel. No.: |
91-33-22438706/07 |
|
Fax No.: |
91-33-22438709 |
|
E-Mail : |
|
|
|
|
|
Depot Office: |
Located At:
|
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Kamal Chand Jain |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Aruna Makhan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Amal Ganguli |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. N.G. Khaitan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Gaurav Goel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Vidula Jalan |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Anshuman Vikram Jalan |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Anil Kumar Mandot |
|
Designation : |
Chief Financial
Officer And Senior Joint President (Commercial) (Appointed w. e. f. 3rd September, 2012) |
|
|
|
|
Name : |
Mr. Swadesh Agrawal |
|
Designation : |
Company Secretary (Appointed w. e.
f. 3rd September, 2012) |
|
|
|
|
Name : |
Mr. S.S. Jain |
|
Designation : |
President |
|
|
|
|
Name : |
Mr. Yaswant Mishra |
|
Designation : |
President (Corporate) |
|
|
|
|
Name : |
Mr. Kaushlesh Maheswari |
|
Designation : |
President (Sales and Marketing) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of
Shareholder |
No. of Shares |
Percentage of Holding |
|
As a % of (A+B) |
||
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
||
|
|
63294 |
0.24 |
|
|
7281663 |
27.28 |
|
|
7344957 |
27.52 |
|
|
||
|
Total shareholding
of Promoter and Promoter Group (A) |
7344957 |
27.52 |
|
(B) Public
Shareholding |
||
|
|
||
|
|
1116378 |
4.18 |
|
|
30427 |
0.11 |
|
|
250 |
0.00 |
|
|
2588794 |
9.70 |
|
|
3735849 |
14.00 |
|
|
||
|
|
4967672 |
18.61 |
|
|
||
|
|
5739553 |
21.50 |
|
|
3241634 |
12.14 |
|
|
1664115 |
6.23 |
|
|
877616 |
3.29 |
|
|
93688 |
0.35 |
|
|
685531 |
2.57 |
|
|
7280 |
0.03 |
|
|
15612974 |
58.49 |
|
Total Public
shareholding (B) |
19348823 |
72.48 |
|
Total (A)+(B) |
26693780 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of producing and selling of cement. |
|
|
|
|
Products : |
Cement |
|
|
|
|
Brand Names : |
BIRLA UTTAM |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
963 (Approximately |
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Bankers : |
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||||||||||||||||||||||||||||||
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
Jain Pramod Jain and Company Chartered Accountants |
|
Address : |
New Delhi, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprise in which
Key Management Personnel is able to exercise significant influence: |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000 |
Redeemable Cumulative Preferences Shares |
Rs.100/- each |
Rs. 20.000 Million |
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs. 400.000 Million |
|
18000000 |
Optionally Convertible Cumulative Redeemable Preferences Shares |
Rs.10/- each |
Rs. 180.000 Million |
|
|
TOTAL
|
|
Rs.600.000
Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26693780 |
Equity Shares |
Rs.10/- each |
Rs.266.938
Million |
|
|
|
|
|
Reconciliation of
the number of Equity Shares Outstanding:
(Rs. In Million)
|
Particulars |
Amount |
|
Number of Equity Shares Outstanding at the beginning of
the year |
26.694 |
|
Number of Equity Shares Outstanding at the end of the year |
26.694 |
Shares held by
each shareholder holding more than 5 percent shares:
(Rs. In Lacs)
|
Name of
shareholders |
No. of Shares |
% |
|
Kesoram Industries Limited |
38.20 |
14.31 |
|
Century Textiles and Industries Limited |
22.21 |
8.32 |
|
India Capital Fund Limited |
13.98 |
5.24 |
Details of the
aggregate number and class of shares bought back in the five years immediately
preceding the 31.03.2015:
(Rs. In Lacs)
|
Year |
Class of share |
No. of Shares |
|
2009-2010 |
Equity |
13.39 |
Terms/rights
attached to Equity Shares:
The Company has only one class of equity shares having a par
value of Rs. 10 each. Each holder of one equity share is entitled to one vote per
share. The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting
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 |
266.938 |
266.938 |
266.938 |
|
(b) Reserves & Surplus |
4908.660 |
4803.097 |
4656.280 |
|
(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) |
5175.598 |
5070.035 |
4923.218 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3114.930 |
3434.570 |
2110.042 |
|
(b) Deferred tax liabilities
(Net) |
614.176 |
610.307 |
583.507 |
|
(c) Other long term
liabilities |
802.924 |
797.354 |
775.788 |
|
(d) long-term provisions |
73.302 |
58.730 |
48.280 |
|
Total
Non-current Liabilities (3) |
4605.332 |
4900.961 |
3517.617 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
332.160 |
132.713 |
0.000 |
|
(b) Trade payables |
1040.394 |
688.511 |
566.229 |
|
(c) Other current liabilities |
1088.429 |
517.307 |
468.953 |
|
(d) Short-term provisions |
85.084 |
113.703 |
210.840 |
|
Total
Current Liabilities (4) |
2546.067 |
1452.234 |
1246.022 |
|
|
|
|
|
|
TOTAL |
12326.997 |
11423.230 |
9686.857 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
7475.040 |
5033.799 |
3360.630 |
|
(ii) Intangible Assets |
91.434 |
116.261 |
130.919 |
|
(iii) Capital work-in-progress |
37.743 |
2550.382 |
2140.949 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
355.702 |
355.702 |
355.702 |
|
€ Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
265.623 |
203.495 |
228.428 |
|
€ Other Non-current assets |
318.149 |
306.341 |
213.366 |
|
Total
Non-Current Assets |
8813.691 |
8565.980 |
6429.994 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
2.294 |
0.000 |
0.000 |
|
(b) Inventories |
1585.164 |
1159.312 |
1366.046 |
|
€ Trade receivables |
288.291 |
227.319 |
301.546 |
|
(d) Cash and cash equivalents |
286.846 |
463.521 |
923.290 |
|
€ Short-term loans and advances |
1267.928 |
939.192 |
597.459 |
|
(f) Other current assets |
82.783 |
67.906 |
68.522 |
|
Total
Current Assets |
3513.306 |
2857.250 |
3256.863 |
|
|
|
|
|
|
TOTAL |
12326.997 |
11423.230 |
9686.857 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue From Operations |
9218.474 |
6973.073 |
7060.411 |
|
|
Other Income |
39.298 |
46.329 |
70.977 |
|
|
TOTAL
(A) |
9257.772 |
7019.402 |
7131.388 |
|
|
|
|
|
|
|
Less: |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1568.186 |
1166.330 |
1125.027 |
|
|
Purchases of Stock-in-Trade |
643.139 |
150.173 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(315.514) |
271.346 |
(362.469) |
|
|
Employees benefits expense |
577.297 |
425.794 |
381.243 |
|
|
Other expenses |
693.660 |
594.393 |
4610.320 |
|
|
Power and Fuel |
2583.997 |
1715.226 |
0.000 |
|
|
Packing, Distribution and
expenses |
2563.254 |
2092.360 |
0.000 |
|
|
Exceptional Items |
34.321 |
0.000 |
.000 |
|
|
TOTAL
(B) |
8348.340 |
6415.622 |
5754.121 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B)
(C) |
909.432 |
603.780 |
1377.267 |
|
|
|
|
|
|
|
|
Less: |
FINANCIAL
EXPENSES (D) |
383.341 |
87.052 |
48.358 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
526.091 |
516.728 |
1328.909 |
|
|
|
|
|
|
|
Less: |
DEPRECIATION/
AMORTISATION (F) |
336.225 |
277.383 |
250.815 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F)
(G) |
189.866 |
239.345 |
1078.094 |
|
|
|
|
|
|
|
Less: |
TAX (H) |
10.679 |
(56.718) |
304.408 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
179.187 |
296.063 |
773.686 |
|
|
|
|
|
|
|
Less: |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
|
30.000 |
80.000 |
|
|
Dividend |
|
80.081 |
160.163 |
|
|
Tax on Dividend |
|
13.610 |
27.220 |
|
|
Total
(M) |
NA |
123.691 |
267.383 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
NA |
NA |
52.571 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Stores & Spares |
93.992 |
29.789 |
15.883 |
|
|
Capital Goods |
0.000 |
24.756 |
385.492 |
|
|
TOTAL
IMPORTS |
93.992 |
54.545 |
401.375 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
6.71 |
11.09 |
28.98 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term borrowings |
585.070 |
112.500 |
NA |
|
Cash generated from operations |
479.707 |
731.844 |
1305.620 |
|
Net Cash from Operating Activities |
483.364 |
629.721 |
1063.122 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.94 |
4.25 |
10.96 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
9.87 |
8.66 |
19.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.59 |
2.16 |
14.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.05 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.67 |
0.70 |
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38 |
1.97 |
2.61 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
Market Value |
Rs.230/- |
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 |
266.938 |
266.938 |
266.938 |
|
Reserves & Surplus |
4656.280 |
4803.097 |
4908.660 |
|
Net
worth |
4923.218 |
5070.035 |
5175.598 |
|
|
|
|
|
|
long-term borrowings |
2110.042 |
3434.570 |
3114.930 |
|
Short term borrowings |
0.000 |
132.713 |
332.160 |
|
Total
borrowings |
2110.042 |
3567.283 |
3447.090 |
|
Debt/Equity
ratio |
0.429 |
0.704 |
0.666 |
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) |
|
Revenue From Operations |
7060.411 |
6973.073 |
9218.474 |
|
|
|
(1.237) |
32.201 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Revenue From Operations |
7060.411 |
6973.073 |
9218.474 |
|
Profit |
773.686 |
296.063 |
179.187 |
|
|
10.96% |
4.25% |
1.94% |
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 |
|
|
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 |
LITIGATIONS:
|
Date of query: |
27/08/2015 |
|
Time: |
2:27:05 PM |
|
CSTAY’2317’ OF 2015
- R |
9482/2015 |
|
Petitioner : |
COMMISSIONER OF CENTRAL EXCISE JAIPUR 1 |
|
Respondent : |
MANGALAM CEMENT LIMITED |
|
Petitioner Advocate
: |
AJAY SHUKLA |
|
Class Code : |
-- |
|
Registered on: |
19/08/2015 |
|
Bench : |
SB |
|
Stage: |
-- |
MANAGEMENT
DISCUSSION AND ANALYSIS:
INDIAN ECONOMY:
The Indian GDP registered a growth rate of 7.4% in 2014-15. The growth of Gross Value Added (GVA) at basic prices for agriculture and allied sectors, industry sector and services sector are estimated to be at 1.1%, 5.9% and 10.6% respectively in 2014-15. Overall growth in the Index of Industrial Production (IIP) was 2.1% during March 2015 as compared to a contraction of 0.5% in March 2014.
The Indian economy is likely to grow at over 8% in 2015-16, driven by strong consumer spending amid low inflation, infrastructure projects and the government’s reform measures. The economy will see acceleration of infrastructure projects, growing consumer expenditure due to lower inflation and monetary easing and gradual changes in market sentiments.
CEMENT INDUSTRY IN
INDIA:
The Indian cement industry is the second largest in the world and forms a vital part of the Indian economy. During the year 2014-15, the Indian cement manufacturing industry pegged at 267.5 million tons (MT) and grew at a rate of 7.1% from previous year. This is a considerable increment as compared to the production growth of 3.8% reported in the preceding year. The momentum in production growth is expected to continue even in 2015-16 backed by a sustained, healthy rise in demand. The cement output is likely to increase by 8.2% to 289.4 MT during the current fiscal.
The Indian cement industry is marked with a trend of capacity underutilization, having 23% of installed capacity stay idle during 2014-15.
OVERALL PERFORMANCE
REVIEW:
The Company’s gross turnover crossed Rs.10000.000 million mark this year registering a growth of 32.20% in revenue from operations over the previous year, inspite of depressed market conditions and weak prices. During the year, our cement and clinker production stood at 2.140 million tonnes and 1.966 million tonnes respectively, which is their highest ever production.
With the benefits of capex incurred for upgradation and operational initiatives undertaken to improve efficiency of various equipment, your Company could achieve savings in power consumption of 3 kwh/t of cement production as well as substantial savings in specific fuel consumption. In line with their plans, production of blended Pozzolana cement is likely to increase further which will also reduce the carbon footprint per ton of cement.
The EBIDTA for the financial year ended 31st March, 2015 increased by 56.31% over the previous year. However, finance cost and depreciation and amortisation expenses have also increased substantially due to completion of 1.25 MTPA cement grinding capacity expansion and 0.5 MTPA additional clinker manufacturing capacity in previous year resulting in lower Net Profit. The capacity utilisation for the year 2014-15 was 67% as the new grinding unit was commissioned during the year. It is expected to increase during coming years.
Despite increases in railway freight and diesel prices during the year, the overall freight and distribution costs as a percentage of sales have reduced due to various initiatives undertaken for improvement of the supply chain’s efficiency and continuous focus on optimisation of logistics.
With the completion of upgradation and expansions during the year, the Company’s overall cement manufacturing capacity has increased to 3.25 MTPA. The Board has also approved the setting up of a new cement grinding unit of 0.5 MTPA at Aligarh, Uttar Pradesh. The required land is already in possession of the Company and the main statutory approvals for setting up of the plant have been received. The commencement of construction is expected during 1st Quarter of the Financial Year 2015-16.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2015
(Rs. In Millions)
|
Particulars
|
|
|
Quarter Ended ( Unaudited) |
|
|
|
|
30.06.2015 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
|
|
2113.735 |
|
b) Other operating income |
|
|
20.459 |
|
Total
income from Operations(net) |
|
|
2134.194 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
|
|
415.984 |
|
b) Purchases of stock in trade |
|
|
141.218 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
|
|
(75.097) |
|
d) Employees benefit expenses |
|
|
169.004 |
|
e) Power and Fuel |
|
|
629.004 |
|
f) Packing, Distribution and Selling Expenses |
|
|
663.992 |
|
g) Depreciation and amortization expenses |
|
|
87.015 |
|
h) Other expenditure |
|
|
210.631 |
|
Total expenses |
|
|
2241.751 |
|
3. Profit from operations before other income and
financial costs (1-2) |
|
|
(107.557) |
|
4. Other income |
|
|
6.176 |
|
5. Profit from ordinary activities before finance costs
and exceptional items (3+4) |
|
|
(101.381) |
|
6. Finance costs |
|
|
106.094 |
|
7. Net profit/(loss) from
ordinary activities after finance costs but before exceptional items (5-6) |
|
|
(207.475) |
|
8. Exceptional item |
|
|
0.000 |
|
9. Profit from ordinary
activities before tax Expense: |
|
|
(207.475) |
|
10.Tax expenses |
|
|
(19.079) |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
|
|
(188.396) |
|
12.Extraordinary Items (Net
of tax expense) |
|
|
0.000 |
|
13.Net Profit / (Loss) for
the period (11 -12) |
|
|
(188.396) |
|
14.Paid-up equity share capital (Face value Rs.10/-) |
|
|
266.938 |
|
15. Reserve excluding revaluation reserves as per balance sheet |
|
|
0.000 |
|
16) Basic and Diluted EPS
(in Rs.) |
|
|
(7.06) |
|
Particulars
|
|
|
Quarter Ended ( Unaudited) |
|
|
|
|
30.06.2015 |
|
A.
Particulars of shareholding |
|
|
|
|
1. Public
Shareholding |
|
|
|
|
- Number of shares |
|
|
19348823 |
|
- Percentage of shareholding |
|
|
72.48 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
|
|
3819563 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
|
|
52.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
14.31 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
|
|
3525394 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
|
|
48.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
13.21 |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
|
Nil |
|
Received during the quarter |
|
|
1 |
|
Disposed of during the quarter |
|
|
1 |
|
Remaining unreserved at the end of the quarter |
|
|
Nil |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10582524 |
14/05/2015 |
250,000,000.00 |
DBS BANK LIMITED |
4A, NANDALAL BASU SARANI, KOLKATA, WEST BENGAL - 700071, INDIA |
C60065596 |
|
2 |
10583193 |
14/05/2015 |
250,000,000.00 |
IDBI Bank Limited |
IDBI HOUSE, CORPORATE BANKING GROUP, 44 S.SARANI, KOLKATA, WEST BENGAL - 700017, INDIA |
C60381597 |
|
3 |
10583220 |
19/02/2015 |
700,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
C60390341 |
|
4 |
10511043 |
30/07/2014 * |
300,000,000.00 |
State Bank of India |
CORPORATE ACCOUNTS
BRANCH 2ND FLOOR RELIANCE HOUSE, |
C18063974 |
|
5 |
10470831 |
30/07/2014 * |
350,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
C19009349 |
|
6 |
10423578 |
09/10/2013 * |
1,000,000,000.00 |
State Bank of India |
CORPORATE ACCOUNTS GROUP BRANCH, RELIANCE HOUSE, 34, J. L. NEHRU ROAD, KOLKATA, WEST BENGAL - 700071, INDIA |
B88155684 |
|
7 |
10403252 |
09/10/2013 * |
1,350,000,000.00 |
DBS BANK LIMITED (ACTING AS AN SECURITY TRUSTEE) |
4A, NANDLAL BASU SARANI, KOLKATA, WEST BENGAL - 700071, INDIA |
B88178728 |
|
8 |
10390762 |
09/10/2013 * |
1,250,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL WEST, MUMBAI, MAHARASHTRA - 400013, INDIA |
B88721683 |
|
9 |
10040847 |
30/07/2014 * |
600,000,000.00 |
State Bank of India |
CORPORATE ACCOUNTS
BRANCH 2ND FLR RELIANCE HOUSE, |
C18065409 |
CONTINGENT
LIABILITIES:
(A) Claims against
the Company not acknowledged as debts:-
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Taxation Matters |
|
|
|
Direct tax |
194.926 |
112.069 |
|
Indirect tax |
636.044 |
652.085 |
|
Others |
101.339 |
34.423 |
B. The Jute Packaging (Compulsory use in Packing Commodities) Act 1987 was stayed by the Rajasthan High Court in 1997. However, the Jute Commissioner issued a show cause notice on 14.08.2002 for nonuse of Jute Packaging Material. This has been challenged by the Company and the amount involved is not quantifiable.
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
The Company had received demand notices for Rs. 389.017 million towards tax and Rs. 424.648 million toward interest from the Rajasthan Sales Tax Authorities against sales tax incentive claimed by the Company in earlier years. It has made a payment of Rs. 397.482 million under protest and interest thereon has been stayed by the Hon’ble Rajasthan High Court on furnishing of Bank Guarantee and Bond in lieu of security as directed by Hon’able Rajasthan Tax Board, Ajmer. On the basis of the facts of case and a legal opinion obtained, the Company has a strong case in favour in view of direction of BIFR dated 31.05.2007. Accordingly, no provision in the financial statements has been made, as the matter is pending before the appropriate authority. The Company has engaged competent professional advisors to defend its positions against all disputed claims/notices and based on advice received no liabilities are expected to materialize. |
813.665 |
587.489 |
FIXED ASSETS:
Tangible:
- Land
- Leasehold
Land
- Building
- Plant and
Machinery
- Furniture and
Fittings
- Vehicles
- Office Equipment
- Railway
Siding
Intangible:
- Computer Software
- Mining Right
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.66.26 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.74.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
THR |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
64 |
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.