MIRA INFORM REPORT
|
Report No. : |
341087 |
|
Report Date : |
16.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
PRISM CEMENT LIMITED |
|
|
|
|
Registered
Office : |
305, Laxmi Nivas Apartments, Ameerpet, Hyderabad – 500 016, Telangana |
|
Tel. No.: |
91-40-23319208 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
26.03.1992 |
|
|
|
|
Com. Reg. No.: |
01-014033 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.5033.600 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26942AP1992PLC014033 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP6224A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacture of Cement, Tiles, Bath and Kitchens and Readymixed Concrete. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 29000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Prism Cement Limited, promoted by the Rajan Raheja Group, was incorporated
in 1992. It is an established company having good track record. Profitability of the company seems to be low. However, the Company has
been successful in wiping off its losses of previous year. The company receives good support from its group company. The rating
also constraint the established presence of the company as a cement
manufacturer. Further, the ratings also take into consideration, an acceptable share
price of Rs.90.85/- recorded by the company as against a face value of
Rs.10.00 as on September 12, 2015. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitments. In view of strong business profile with a leadership position in the
cement sector, 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 |
FITCH |
|
Rating |
Long Term Rating= INDIA |
|
Rating Explanation |
Have adequate degree of safety and carry low credit risk |
|
Date |
19.02.2015 |
|
Rating Agency Name |
FITCH |
|
Rating |
Short Term Rating= INDIA |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
19.02.2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Rama Reddy |
|
Designation : |
Deputy Manager Accounts |
|
Contact No.: |
91-7036660788 |
LOCATIONS
|
Registered Office : |
305, Laxmi Nivas Apartments, Ameerpet, Hyderabad – 500 016, Telangana,
India |
|
Tel. No.: |
91-40-23319208 |
|
Mobile No.: |
91-7036660788 (Mr. Rama Reddy) |
|
Fax No.: |
91-40-23319135 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality: |
Commercial |
|
|
|
|
Factory 1 : |
Cement
Manufacturing Facilities Village Mankahari, Tehsil Rampur Baghelan, Satna – 485 111, |
|
Tel. No.: |
91-7672-275622/ 1/ 410260 |
|
Fax No.: |
91-7672-275303 |
|
|
|
|
Factory : |
(RMC Readymix ( |
|
|
|
|
Corporate Office/ Head Office : |
‘Rahejas’, |
|
Tel. No.: |
91-22-66754142/ 3/ 4/ 5 |
|
Fax No.: |
91-22-26001304/ 26001304 |
|
|
|
|
Sales and
Marketing Office: |
16/1/6A, |
|
|
|
|
Marketing Office : |
Also located at:
|
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Rajan B.
Raheja |
|
Designation : |
Director |
|
Date of Birth/ Age : |
17.06.1954 |
|
Qualification : |
B.Com |
|
List of outside
Company Directorships held : |
|
|
|
|
|
Name : |
Mr. Vijay
Aggarwal |
|
Designation : |
Managing Director |
|
Date of Birth/ Age : |
08.07.1968 |
|
Qualification : |
B. Tech (IIT-Delhi), PGDM (IIM - Ahd.) |
|
List of outside
Company Directorships held : |
|
|
|
|
|
Name : |
Mr. Ganesh Kaskar |
|
Designation : |
Executive Director |
|
Date of Birth/ Age : |
25.05.1959 |
|
Qualification : |
M. Tech (IIT) |
|
|
|
|
Name : |
Mr. V.M. Panicker |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. James Arthur
Brooks |
|
Designation : |
Director |
|
Date of Birth/ Age : |
10.06.1948 |
|
Qualification : |
ACMA (Inter) |
|
|
|
|
Name : |
Ms. Ameeta A.
Parpia |
|
Designation : |
Director |
|
Date of Birth/ Age : |
22.02.1965 |
|
Qualification : |
B.A., LL.B Advocate and Solicitor |
|
List of outside Company Directorships held : |
Raheja QBE General Insurance Company Limited |
|
|
|
|
Name : |
Mr. Shobhan M. Thakore |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Satish B.
Raheja |
|
Designation : |
Director |
|
Date of Birth/ Age : |
03.01.1964 |
|
Qualification : |
B. Sc., BM |
|
List of outside
Company Directorships held : |
|
|
|
|
|
Name : |
Mr. Akshay R.
Raheja |
|
Designation : |
Director |
|
Date of Birth/ Age : |
25.05.1982 |
|
Qualification : |
B. Com., MBA |
|
List of outside
Company Directorships held : |
|
|
|
|
|
Name : |
Mr. S. Ramnath |
|
Designation : |
Executive Director |
|
|
|
KEY EXECUTIVES
|
Name : |
Mr. Rajesh G.
Kapadia |
|
Designation : |
Chairman |
|
Date of Birth/ Age : |
02.11.1956 |
|
Qualification : |
B. Com., FCA |
|
List of outside
Company Directorships held : |
|
|
|
|
|
Name : |
Mr. Pramod K. Akhramka |
|
Designation : |
Chief Financial officer |
|
|
|
|
Name : |
Ms. Aneeta S. Kulkarni |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2015
|
Category of Shareholders |
No.
of Shares |
Percentage
of holding |
|
|
||
|
(A)
Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
68250423 |
13.56 |
|
|
308630246 |
61.31 |
|
|
376880669 |
74.87 |
|
|
|
|
|
|
500 |
0.00 |
|
|
500 |
0.00 |
|
Total
shareholding of Promoter and Promoter Group (A) |
376881169 |
74.87 |
|
(B)
Public Shareholding |
||
|
|
|
|
|
|
36534402 |
7.26 |
|
|
70223 |
0.01 |
|
|
44584235 |
8.86 |
|
|
81188860 |
16.13 |
|
|
|
|
|
|
5356361 |
1.06 |
|
|
|
|
|
|
25774483 |
5.12 |
|
|
12704888 |
2.52 |
|
|
1450819 |
0.29 |
|
|
1305744 |
0.26 |
|
|
4200 |
0.00 |
|
|
14000 |
0.00 |
|
|
126875 |
0.03 |
|
|
45286551 |
9.00 |
|
Total
Public shareholding (B) |
126475411 |
25.13 |
|
Total
(A)+(B) |
503356580 |
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) |
503356580 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Cement, Tiles, Bath and Kitchens and Readymixed Concrete. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Cash, Cheque and Credit (30/ 60 Days) |
|
|
|
|
Purchasing : |
Cash, Cheque and Credit (30/ 60 Days) |
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 : |
|
|
|
|
|
Auditors : |
|
|
Name : |
G.M. Kapadia and Company |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Joint
Venture/Associates : |
|
|
|
|
|
Subsidiaries : |
|
|
|
|
|
|
|
|
Step Down
Subsidiary: |
|
|
|
|
|
|
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
505000000 |
Equity Shares |
Rs.10/- each |
Rs.5050.000 Million |
|
20000000 |
Preference shares |
Rs.10/- each |
Rs.200.000 Million |
|
|
Total |
|
Rs.5250.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
503356580 |
Equity Shares |
Rs.10/- each |
Rs.5033.600 Million |
|
|
|
|
|
Reconciliation of
number of equity shares outstanding
(Rs. in Million)
|
Particulars |
As at 31-03-2015 |
|
At the beginning of the year |
503.356 |
|
At the end of the
year |
503.356 |
Rights, Preferences
and Restrictions attached to Equity Shares:
The Company has one class of equity shares having a par value of Rs. 10/- per share. Each shareholder is entitled to one vote per equity share. The shareholders are entitled to dividend declared on proportionate basis. On liquidation of the Company, the equity shareholders are eligible to receive remaining assets of the Company after distribution of all preferential amounts in proportion to their shareholding.
Details of
Shareholders holding more than 5% of the issued shares
|
|
As at 31-03-2015 |
|
|
Name of the
Shareholder |
Total Shares Held |
As a % of Total Shares |
|
Manali Investment and Finance Private Limited |
67817992 |
13.47% |
|
Hathway Investments Limited |
64113400 |
12.74% |
|
Coronet Investments Private Limited |
57949394 |
11.51% |
|
Rajan B. Raheja |
51402627 |
10.21% |
|
Bloomingdale Investment and Finance Private Limited |
31289300 |
6.22% |
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 |
5033.600 |
5033.600 |
5033.600 |
|
(b) Reserves & Surplus |
5120.100 |
5047.000 |
5863.500 |
|
(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) |
10153.700 |
10080.600 |
10897.100 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
14852.600 |
13368.900 |
10176.500 |
|
(b) Deferred tax liabilities
(Net) |
157.700 |
452.300 |
919.100 |
|
(c) Other long term
liabilities |
1457.700 |
1167.200 |
1080.900 |
|
(d) long-term provisions |
354.200 |
314.200 |
363.800 |
|
Total
Non-current Liabilities (3) |
16822.200 |
15302.600 |
12540.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2751.100 |
2089.200 |
3069.000 |
|
(b) Trade payables |
7898.200 |
6941.000 |
7770.200 |
|
(c) Other current liabilities |
5638.400 |
6897.300 |
6157.000 |
|
(d) Short-term provisions |
163.500 |
90.900 |
80.300 |
|
Total
Current Liabilities (4) |
16451.200 |
16018.400 |
17076.500 |
|
|
|
|
|
|
TOTAL |
43427.100 |
41401.600 |
40513.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
20271.000 |
20643.200 |
19849.500 |
|
(ii) Intangible Assets |
212.500 |
303.100 |
244.700 |
|
(iii) Capital work-in-progress |
688.000 |
626.300 |
839.400 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3432.100 |
3472.600 |
3782.400 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2104.700 |
1773.300 |
2050.300 |
|
(e) Other Non-current assets |
598.400 |
571.700 |
618.300 |
|
Total
Non-Current Assets |
27306.700 |
27390.200 |
27384.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5784.800 |
4621.800 |
4674.100 |
|
(c) Trade receivables |
5615.800 |
5258.100 |
4778.600 |
|
(d) Cash and cash equivalents |
797.000 |
524.600 |
374.800 |
|
(e) Short-term loans and advances |
1942.600 |
1905.300 |
2026.400 |
|
(f) Other current assets |
1980.200 |
1701.600 |
1275.400 |
|
Total
Current Assets |
16120.400 |
14011.400 |
13129.300 |
|
|
|
|
|
|
TOTAL |
43427.100 |
41401.600 |
40513.900 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
55938.800 |
49648.600 |
47684.700 |
|
|
Other Income |
334.800 |
1404.400 |
55.300 |
|
|
TOTAL
|
56273.600 |
51053.000 |
47740.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
13447.600 |
12433.000 |
12136.700 |
|
|
Purchases of Stock-in-Trade |
12426.200 |
10105.200 |
9338.500 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(124.300) |
(308.500) |
(238.300) |
|
|
Manufacturing Expenses |
0.000 |
11977.100 |
10583.300 |
|
|
Employees benefits expense |
3149.800 |
2886.500 |
2589.300 |
|
|
Exceptional Items |
(621.200) |
(93.700) |
(16.200) |
|
|
Other expenses |
8557.000 |
11150.800 |
10675.500 |
|
|
Stores and Spares
consumed |
808.300 |
0.000 |
0.000 |
|
|
Power and Fuel |
7642.700 |
0.000 |
0.000 |
|
|
Freight Outward |
7190.200 |
0.000 |
0.000 |
|
|
TOTAL
|
52476.300 |
48150.400 |
45068.800 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
3797.300 |
2902.600 |
2671.200 |
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
2536.400 |
2415.000 |
1903.100 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1260.900 |
487.600 |
768.100 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
1368.400 |
1765.900 |
1598.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(107.500) |
(1278.300) |
(829.900) |
|
|
|
|
|
|
|
Less |
TAX |
(254.500) |
(461.800) |
(235.100) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
147.000 |
(816.500) |
(594.800) |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
560.500 |
424.800 |
241.900 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Spare |
176.400 |
247.200 |
250.800 |
|
|
Raw Materials |
315.500 |
420.500 |
317.000 |
|
|
Capital Goods |
86.400 |
86.800 |
0.000 |
|
|
Components and Stores parts |
0.000 |
0.000 |
111.800 |
|
|
Fuel |
713.500 |
0.000 |
0.000 |
|
|
Traded Goods |
726.200 |
161.300 |
273.400 |
|
|
TOTAL
IMPORTS |
2018.000 |
915.800 |
953.000 |
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
0.29 |
(1.66) |
(1.21) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
1347.900 |
2875.200 |
3268.900 |
|
Cash generated from operations |
2272.200 |
(112.400) |
2547.000 |
|
Net cash flow from operating activity |
2298.600 |
(147.300) |
(2446.600) |
QUARTERLY RESULTS
|
Particulars |
30.06.2015 |
|
UnAudited |
UnAudited |
|
Net Sales |
13687.500 |
|
Total Expenditure |
12877.400 |
|
PBIDT (Excl OI) |
810.100 |
|
Other Income |
23.300 |
|
Operating Profit |
833.400 |
|
Interest |
620.600 |
|
Exceptional Items |
NA |
|
PBDT |
212.800 |
|
Depreciation |
335.700 |
|
Profit Before Tax |
(122.900) |
|
Tax |
(42.500) |
|
Provisions and contingencies |
NA |
|
Profit After Tax |
(80.400) |
|
Extraordinary Items |
NA |
|
Prior Period Expenses |
NA |
|
Other Adjustments |
NA |
|
Net Profit |
(80.400) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.26 |
(1.60) |
(1.25) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
6.79 |
5.85 |
5.60 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.27) |
(3.41) |
(2.31) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01) |
(0.13) |
(0.08) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.87 |
1.82 |
1.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98 |
0.87 |
0.77 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
Market Value |
Rs.90.85/- |
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 |
5033.600 |
5033.600 |
5033.600 |
|
Reserves & Surplus |
5863.500 |
5047.000 |
5120.100 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
10897.100 |
10080.600 |
10153.700 |
|
long-term borrowings |
10176.500 |
13368.900 |
14852.600 |
|
Short term borrowings |
3069.000 |
2089.200 |
2751.100 |
|
Current Maturities of
Long-Term Debts |
3268.900 |
2875.200 |
1347.900 |
|
Total
borrowings |
16514.400 |
18333.300 |
18951.600 |
|
Debt/Equity
ratio |
1.515 |
1.819 |
1.866 |
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 |
47684.700 |
49648.600 |
55938.800 |
|
|
|
4.119 |
12.669 |
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 |
47684.700 |
49648.600 |
55938.800 |
|
Profit |
(594.800) |
(816.500) |
147.000 |
|
|
(1.25%) |
(1.64%) |
0.26% |
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 |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
MANAGEMENT DISCUSSION
AND ANALYSIS
Global Economy
As per the IMF’s World Economic Outlook Report April, 2015, the global growth rate remained unchanged at 3.4% in 2014 compared to 2013. The report projects global economy to inch up to 3.5% in 2015. The advanced economies have improved and recorded a higher growth rate of 1.8% in 2014 as against 1.4% in 2013. It is projected to grow at 2.4% in 2015. Growth in the emerging and developing economies has slowed down to 4.6%
in 2014 compared to 5.0% in the previous year. The slow growth in these economies is due to the subdued performance in some major emerging economies.
India Economy
New Government’s initiative on various policy reforms such as increasing investment in infrastructure segment and raising FDI limit in Railway infrastructure and insurance bode well. This is a good indication as the economy will improve largely due to investment instead of riding on a consumption led growth. Government is also working on a plethora of reforms to ease the environment for doing business in India. One of such agenda is to introduce a Public Contracts (Resolution of Disputes) Bill which will provide time bound mechanism for resolution of disputes.
Financial Review
Total revenue for financial year 2015 grew by 12%. Cement and TBK division recorded revenue growth of 13% and 16% respectively in financial year 2015. Various cost saving initiatives taken by us in the recent times such as usage of low cost fuel have started yielding results now, keeping the cost in check and improving the EBITDA margin in financial year 2015 to 6.2% from 3.6% in the last year. This led to an increase in EBITDA by 96% to ` 351 Cr against Rs.1790.000 Million in the last year.
Outlook
Government’s initiatives to focus on investment in infrastructure is expected to pace up the economy. Policies such as Make in India and increased allocation for road, railways and urban infrastructure will help demand to rebound in the benign construction sector leading to increased demand for cement and ready mix concrete. Central India which is the main region where the Company operates is likely to experience a steady
OPERATIONS
The gross sales and other income for the year ended March 31, 2015 was Rs 60645.600 Million as against Rs.55058.600 Million for the previous year. The Company incurred a loss before tax of Rs.107.500 Million and net loss of Rs.147.000 Million during the year ended Marc31, 2015 as against loss before tax of Rs.1278.300 Million and net loss of Rs.816.500 Million during the year ended March 31, 2014.
For the year ended March 31, 2015, the consolidated profit after tax of the Company and its subsidiary companies amounted to Rs.26.200 Million as against a net loss of Rs.862.000 Million for the previous year.
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Buyer’s Credit |
19.100 |
232.300 |
|
Inter Corporate Deposits |
1.700 |
7.900 |
|
10.42% Non-convertible Debentures |
150.000 |
150.000 |
|
10.42% Non-convertible Debentures |
0.000 |
150.000 |
|
Finance Lease Obligation |
10.900 |
20.900 |
|
Fixed Deposits from Public |
371.400 |
1405.800 |
|
Less: Disclosed
under other current liabilities |
|
|
|
Current maturities of long term borrowing |
1347.900 |
2875.200 |
|
Unclaimed fixed public |
14.200 |
9.000 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
From Banks |
754.700 |
400.500 |
|
Commercial papers |
1000.000 |
0.000 |
|
|
|
|
|
Total |
945.700 |
(516.800) |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10585081 |
24/07/2015 |
1,000,000,000.00 |
Axis Trustee
Services Limited |
Axis House, 2nd Flr,
Bombay Dyeing Mills Compound, |
C59794636 |
|
2 |
10578985 |
08/07/2015 |
500,000,000.00 |
Axis Trustee
Services Limited |
Axis House, 2nd
Flr, Bombay Dyeing Mills Compound, |
C58446261 |
|
3 |
10583083 |
08/07/2015 |
1,000,000,000.00 |
YES BANK LIMITED |
NEHRU CENTER ,
9TH FLOOR,, DISCOVERY OF INDIA, DR. A. B. ROAD, WORLI, MUMBAI, Maharashtra -
400018, |
C60324050 |
|
4 |
10578950 |
19/05/2015 |
500,000,000.00 |
Axis Trustee
Services Limited |
Axis House, 2nd
Flr, Bombay Dyeing Mills Compound, |
C53998134 |
|
5 |
10578954 |
19/05/2015 |
1,500,000,000.00 |
Axis Trustee
Services Limited |
Axis House, 2nd
Flr, Bombay Dyeing Mills Compound, |
C53999033 |
|
6 |
10561071 |
23/02/2015 * |
1,000,000,000.00 |
Axis Trustee
Services Limited |
Axis House, 2nd
Flr, Bombay Dyeing Mills Compound, |
C50014638 |
|
7 |
10543588 |
24/12/2014 |
500,000,000.00 |
RBL Bank Limited |
SHAHUPURI,KOLHAPUR,,
KOLHAPUR, Maharashtra - 41600 |
C40710782 |
|
8 |
10543602 |
24/12/2014 |
500,000,000.00 |
ING VYSYA BANK
LIMITED |
22, M G
ROAD,BANGALORE, BANGALORE, Karnataka - 560001, INDIA |
C40721011 |
|
9 |
10543853 |
24/12/2014 |
600,000,000.00 |
Standard Chartered
Bank |
6-3-1090, Raj
Bhavan Road, Somajiguda, SCGB,, HYDERABAD, Telangana- 500082, INDIA |
C40842403 |
|
10 |
10532845 |
15/11/2014 * |
1,500,000,000.00 |
Axis Trustee
Services Limited |
Axis House, 2nd
Flr, Bombay Dyeing Mills Compound, |
C34974824 |
FIXED ASSETS
Tangible Assets:
- Land - Freehold
- Leasehold
- Buildings
- Railway siding
- Plant and machinery
- Mines Development
- Furniture, fixtures and computers
- Vehicles
- Office Equipments
- Truck Mixers, Loaders and Truck Dumpers
Intangible Assets:
- Software
- Intellectual property rights
- Mining Lease - surface rights
- Minerals Procurement rights
- Technical Know-how
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.66.43 |
|
|
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.75.04 |
INFORMATION DETAILS
|
Information
Gathered by : |
MNJ |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
53 |
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.