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%20(A%20DIVISION%20OF%20PRISM%20CEMENT%20LIMITED)%20-%20505042%2019-Apr-2018_files/image002.jpg){kind=small}
%20(A%20DIVISION%20OF%20PRISM%20CEMENT%20LIMITED)%20-%20505042%2019-Apr-2018_files/image004.jpg)
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MIRA INFORM REPORT
|
Report No. : |
505042 |
|
Report Date : |
19.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
PRISM CEMENT LIMITED (w.e.f. 15.09.1994) RMC READYMIX (INDIA) (A
DIVISION OF PRISM CEMENT LIMITED) |
|
|
|
|
Formerly Known As
: |
KARAN CEMENTS LIMITED |
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|
|
|
Registered
Office : |
305, Laxmi Niwas Apartments, Ameerpet, Hyderabad - 500016, Telangana |
|
Tel. No.: |
91-40-23319208/ 23400218 |
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|
|
|
Country : |
India |
|
|
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
26.03.1992 |
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|
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Com. Reg. No.: |
36-014033 |
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Capital
Investment / Paid-up Capital : |
INR 5033.600 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26942TG1992PLC014033 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
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|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
36AAACP6224A1ZY |
|
|
|
|
TIN No.: |
28158943557/ 32070239223/ 21782600382/ 19443359098 / 36158943557 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP6224A |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Cement, Tiles, Bath and Kitchens and Readymixed Concrete. [Registered Activity] |
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|
|
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No. of Employees
: |
5443 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
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|
|
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Litigation : |
Clear |
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|
Comments : |
Subject was incorporated in the year 1992 and it is a manufacturer of Cement, TBK (Tile, Bath and Kitchen) and RMC (Ready Mixed Concreate). As per financials of March 2017, the company has registered decline in its revenue as compared to its previous year’s revenue and has reported minimal profit margin of 0.32% under review. Rating takes into consideration the company’s established track record of business operations marked by sound net worth base along with average debt coverage indicators and decent liquidity position. Rating also takes into account the established presence of the company as a cement manufacturer, its market leadership in the ceramic tiles business and Pan India presence in the RMC Ready-mix business. Share price are quoted high on stock exchange (Share price of INR 122 with face value of INR 10). However, rating strength is partially offset by its presence in highly competitive cement industry. As per unaudited quarterly financials of December 2017, the company has achieved revenue of INR 12,963.2 Million and has reported average profit margin of 1.15%. Payments seems to be usually correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. Note: RMC Readymix (India) is a division of Prism Cement Limited. |
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
INDIA RATING |
|
Rating |
Long term rating – A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
06.04.2018 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 19.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Mr. Rama Reddy |
|
Designation : |
Manager |
|
Contact No.: |
91-7036660788 |
|
|
|
|
Name : |
Mr. Anand Mistry |
|
Designation : |
Manager |
|
Contact No.: |
91-40-23319208/ 23400218 |
LOCATIONS
|
Registered Office : |
305, Laxmi Niwas Apartments, Ameerpet, Hyderabad - 500016, Telangana,
India |
|
Tel. No.: |
91-40-23319208/ 23400218 |
|
Mobile No.: |
91-7036660788 (Mr. Rama Reddy) 91-8691023903 (Mr. Anand Mistry) |
|
Fax No.: |
91-40-23402249 |
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E-Mail : |
|
|
Website : |
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|
|
|
Corporate Office 1 / Head Office : |
‘Rahejas’, Main Avenue, Vallabhai Patel Road, Santacruz (West), Mumbai
– 400 054, Maharashtra, India |
|
Tel. No.: |
91-22-66754142/ 3/ 4/ 5 |
|
Fax No.: |
91-22-26001304/ 26001304 |
|
|
|
|
Corporate Office 2: |
Windsor, 7th Floor C.S.T. Road, Kalina, Santacruz (East),
Mumbai-400098, Maharashtra, India |
|
Tel. No.: |
91-22-30647300 |
|
Locality: |
Commercial (As per site visit) |
|
|
|
|
Marketing Office: |
S20/56, D Kennedy Road, The
Mall, Varanasi - 221002, Uttar Pradesh, India |
|
|
|
|
Factory 1 : |
Cement
Manufacturing Facilities Village Mankahari, Tehsil Rampur Baghelan, Satna – 485111, Madhya
Pradesh, India |
|
Tel. No.: |
91-7672-275622/ 1/ 410260 |
|
Fax No.: |
91-7672-275303 |
|
|
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|
Factory 2: |
Unit-4A, Nacharam Industrial Area, Hyderabad - 500076, Telangana, India |
|
|
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Factory 3: |
Plot No. B-65, Site-4, Industrial Area, Ghaziabad – 201010, Uttar
Pradesh, India |
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Factory 4: |
Plot No. 803/E, Phase I, GIDC, Behind Indian Gum Factory, Opposite
Jagdamba Ice Factory, Naroda, Ahmedabad – 382330, Gujarat, India |
|
|
|
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Factory 5: |
JL-26, Mouzd – Banira, Ps- Begri, Po-Domjur, Howrah – 711411, West
Bengal, India |
|
|
|
|
Factory 6: |
J. S. Gajea
industrial Area, No.2. AB Road, Dewas -
455001, Madhya Pradesh, India |
|
|
|
|
Factory : |
(RMC Readymix (India) Division currently operates 87 concrete plants
and 9 aggregate crushers spread across 35 locations in the country). |
|
|
|
|
Site Address: |
C/o Elecon EPC
Project Limited, Gadraward, Narsinghpur – 487770, Madhya Pradesh, India |
|
|
|
|
Regional Office 1: |
C/O Karambir
Rana Builder, Gurugram – 122017, Haryana, India |
|
|
|
|
Regional Office 2: |
C-40, Site C, Surajpur
Industrial Area, Greeter, Noida, Gautam Budh Nagar – 201306, Uttar Pradesh,
India |
|
|
|
|
Sales and Marketing Office: |
16/1/6A, Tagore
Town, J.N. Road, Allahabad – 211 002, Uttar Pradesh, India |
|
|
|
|
Marketing Offices : |
Also located at:
|
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Vijay
Aggarwal |
|
Designation : |
Managing Director |
|
Address : |
Sterling Diamond Apartments
24, Mount Mary Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
|
Date of Birth/Age : |
08.07.1968 |
|
Qualification : |
B. Tech (IIT-Delhi), PGDM (IIM - Ahd.) |
|
Date of Appointment : |
03.03.2016 |
|
DIN No.: |
00515412 |
|
|
|
|
Name : |
Mr. Atul Rasiklal
Desai |
|
Designation : |
Whole-time Director |
|
Address : |
C-1, Manan Flat,
Bank of Baroda, Navrangpura, Ahmedabad – 380009, Gujarat, India |
|
Date of Birth/Age : |
28.09.1961 |
|
Date of Appointment : |
09.08.2017 |
|
DIN No.: |
01918187 |
|
|
|
|
Name : |
Mr. Vivek Krishan
Agnihotri |
|
Designation : |
Whole-time Director |
|
Address : |
903, Lantana,
Nahar Amrit Shakti, Chandivali, Andheri (East), Mumbai - 400072, Maharashtra, India |
|
Date of Birth/Age : |
01.03.1960 |
|
Date of Appointment : |
17.08.2015 |
|
DIN No.: |
02986266 |
|
|
|
|
Name : |
Mr. Joydeep
Mukherjee |
|
Designation : |
Whole-time Director |
|
Address : |
Flat No. 1703,
17th Floor, Sovereign Tower, Hiranandani Gardens, Hiranandani Powai, Mumbai –
400076, Maharashtra, India |
|
Date of Appointment : |
03.03.2016 |
|
DIN No.: |
06648469 |
|
|
|
|
Name : |
Mr. Shobhan
Madhukant Thakore |
|
Designation : |
Director |
|
Address : |
Flat No. B-114, Floor
11, Plot 696B, Somerset House, 61-G, Off Bhulabhai Desai Road, Mumbai –
400026, Maharashtra, India |
|
Date of Birth/Age : |
03.07.1947 |
|
Date of Appointment : |
31.04.2014 |
|
DIN No.: |
00031788 |
|
|
|
|
Name : |
Mr. Rajan
Beharilal Raheja |
|
Designation : |
Director |
|
Address : |
"Rahejas",
87/1, G. B. Marg, Juhu, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
19.06.1953 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.04.1994 |
|
DIN No.: |
00037480 |
|
|
|
|
Name : |
Ms. Ameeta Aziz
Parpia |
|
Designation : |
Director |
|
Address : |
Blooming Heights,
5th Floor, Flat No. 9, Auxillium Convent Road, Bandra, Mumbai – 400050,
Maharashtra, India |
|
Date of Birth/Age : |
22.02.1965 |
|
Qualification : |
B.A., LL.B Advocate and Solicitor |
|
Date of Appointment : |
22.06.2010 |
|
DIN No.: |
02654277 |
|
|
|
|
Name : |
Mr. Raveendra
Subramanyam Chittoor |
|
Designation : |
Additional Director |
|
Address : |
Quarter No
NF-1/3, Faculty Quarters Joka Indian Institute of Management, Kolkata - 700104, West Bengal, India |
|
Date of Appointment : |
03.07.2017 |
|
DIN No.: |
02115056 |
KEY EXECUTIVES
|
Name : |
Mr. Manish Bhatia |
|
|
Designation : |
Chief Finance Officer |
|
|
Address : |
Flat No 602,
Sanskriti Apartments, Sector 10A, Gurugram – 122001, Haryana, India |
|
|
Date of Appointment : |
22.08.2017 |
|
|
PAN No.: |
AAPPB4158D |
|
|
|
|
|
|
Name : |
Ms. Aneeta Suhas
Kulkarni |
|
|
Designation : |
Company Secretary |
|
|
Address : |
A/42, New
Heritage CHS Limited, Dadabhai Road, Andheri (West), Mumbai - 400058, Maharashtra, India |
|
|
Date of Appointment : |
21.02.1996 |
|
|
PAN No.: |
AAEPK4086E |
|
|
|
|
|
|
Name : |
Mr. Rama Reddy |
|
|
Designation : |
Manager |
|
|
|
|
|
|
Name : |
Mr. Anand Mistry |
|
|
Designation : |
Manager |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2018
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated
as per SCRR, 1957)As a % of |
|
|
(A) Promoter &
Promoter Group |
376881169 |
74.87 |
|
|
(B) Public |
126475411 |
25.13 |
|
|
Grand
Total |
503356580 |
100.00 |
%20(A%20DIVISION%20OF%20PRISM%20CEMENT%20LIMITED)%20-%20505042%2019-Apr-2018_files/image006.gif)
Statement showing shareholding pattern of the Promoter and
Promoter Group
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated as per SCRR,
1957)As a % |
|
|
A1) Indian |
|
||
|
Individuals/Hindu undivided Family |
68250423 |
13.56 |
|
|
SUMAN R RAHEJA |
5690528 |
1.13 |
|
|
RAJAN B RAHEJA |
51406327 |
10.21 |
|
|
AKSHAY RAJAN RAHEJA |
5576784 |
1.11 |
|
|
VIREN RAJAN RAHEJA |
5576784 |
1.11 |
|
|
Any Other (specify) |
308630246 |
61.31 |
|
|
BRINDABAN LAND DEVELOPMENT PRIVATE LIMITED |
14000 |
0.00 |
|
|
BLOOMINGDALE INVESTMENT AND FINANCE PRIVATE
LIMITED |
31289300 |
6.22 |
|
|
COLONNADE HOUSING PRIVATE LIMITED |
14000 |
0.00 |
|
|
CORONET INVESTMENTS PRIVATE LIMITED |
57949394 |
11.51 |
|
|
EXCELSIOR CONSTRUCTION COMPANY PRIVATE
LIMITED |
16000 |
0.00 |
|
|
GSTAAD TRADING COMPANY PRIVATE LIMITED |
12000 |
0.00 |
|
|
R RAHEJA PROPERTIES PRIVATE LIMITED |
23100400 |
4.59 |
|
|
HATHWAY INVESTMENTS PRIVATE LIMITED |
64113400 |
12.74 |
|
|
MATSYAGANDHA INVESTMENT AND FINANCE PRIVATE
LIMITED |
23111412 |
4.59 |
|
|
MANALI INVESTMENT & FINANCE PRIVATE
LIMITED |
67817992 |
13.47 |
|
|
VARAHAGIRI INVESTMENT AND FINANCE PVT LTD |
23221148 |
4.61 |
|
|
GSTAAD INVESTMENT & FINANCE PRIVATE
LIMITED |
14000 |
0.00 |
|
|
PENINSULA ESTATES PRIVATE LIMITED |
17933200 |
3.56 |
|
|
TROPHY INVESTMENT & FINANCE PRIVATE
LIMITED |
20000 |
0.00 |
|
|
SHIRAZ REALTORS PRIVATE LIMITED |
4000 |
0.00 |
|
|
Sub Total A1 |
376880669 |
74.87 |
|
|
A2) Foreign |
0.00 |
||
|
Individuals (NonResident Individuals/
Foreign Individuals) |
500 |
0.00 |
|
|
SATISH B RAHEJA |
500 |
0.00 |
|
|
Sub Total A2 |
500 |
0.00 |
|
|
A=A1+A2 |
376881169 |
74.87 |
Statement showing shareholding pattern of the Public
shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957 As a % |
|
|
B1) Institutions |
|||
|
Mutual Funds/ |
27631430 |
5.49 |
|
|
HDFC TRUSTEE COMPANY LIMITED-HDFC EQUITY
FUND |
26482422 |
5.26 |
|
|
Foreign Portfolio Investors |
33136115 |
6.58 |
|
|
NATIONAL WESTMINSTER BANK PLC AS TRUSTEE OF
THE JUPITER INDIA FUND |
11510838 |
2.29 |
|
|
GOVERNMENT PENSION FUND GLOBAL |
5284373 |
1.05 |
|
|
CLSA GLOBAL MARKETS PTE. LTD. |
5612748 |
1.12 |
|
|
Financial Institutions/ Banks |
204304 |
0.04 |
|
|
Sub Total B1 |
60971849 |
12.11 |
|
|
B2) Central Government/ State
Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200
million |
28399952 |
5.64 |
|
|
Individual share capital in excess of INR
0.200 million |
21483511 |
4.27 |
|
|
AKASH BHANSHALI |
7392416 |
1.47 |
|
|
NBFCs registered with RBI |
259474 |
0.05 |
|
|
Any Other (specify) |
15360625 |
3.05 |
|
|
Trusts |
10500 |
0.00 |
|
|
Non-Resident Indian (NRI) |
1664934 |
0.33 |
|
|
Clearing Members |
266912 |
0.05 |
|
|
Bodies Corporate |
10946680 |
2.17 |
|
|
IEPF |
2471599 |
0.49 |
|
|
Sub Total B3 |
65503562 |
13.01 |
|
|
B=B1+B2+B3 |
126475411 |
25.13 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Cement, Tiles, Bath and Kitchens and Readymixed Concrete. [Registered Activity] |
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Products : |
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Brand Names : |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
5443 (Approximately) |
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Bankers : |
· Axis Bank Limited, Axis House, Bombay Dyeing Mills, Compound, Pandhurang Budhkar Marg, Worli, Mumbai-400025, Maharashtra, India · IDBI Bank Limited · Indian Overseas Bank · Vijaya Bank · Yes Bank Limited · Standard Chartered Bank · HDFC Bank Limited · ICICI Bank Limited, ICICI Bank Tower, Near Chakli Circle, Old Padra Road, Vadodara – 390007, Gujarat, India · IndusInd Bank Limited, 2401 Gen Thimmayya Road, Cantonment, Pune – 411001, Maharashtra, India · Kotak Mahindra Bank Limited, 27 BKC, 2nd Floor, Plot No. C27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
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Facilities : |
|
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Auditors : |
|
|
Name : |
G.M. Kapadia and Company Chartered Accountants |
|
Address : |
1007, Raheja Chamber, 213, Nariman Point, Mumbai - 400021,
Maharashtra, India |
|
Tel. No.: |
91-22-66116611 |
|
Fax No.: |
91-22-66116600 |
|
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|
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Memberships : |
Not Available |
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|
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Collaborators : |
Not Available |
|
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|
|
Subsidiaries : |
· Raheja QBE General Insurance Company Limited · H. & R. Johnson (India) TBK Limited · Silica Ceramica Private Limited · Milano Bathroom Fittings Private Limited · TBK Venkataramiah Tile Bath Kitchen Private Limited (Subsidiary of H. & R. Johnson (India) TBK Limited) · TBK Rangoli Tile Bath Kitchen Private Limited (Subsidiary of H. & R. Johnson (India) TBK Limited) (w.e.f. 31.07.15) · RMC Readymix Porselano (India) Limited · Sentini Cermica Private Limited · Antique Marbonite Private Limited · Spectrum Johnson Tiles Private Limited · Small Johnson Floor Tiles Private Limited · Coral Gold Tiles Private Limited (w.e.f. 4.11.2015) · Antique Minerals Private Limited (Subsidiary of Antique Marbonite Private Limited) · Sanskar Ceramics Private Limited (Subsidiary of Small Johnson Floor Tiles Private Limited) (w.e.f. 29.9.2016) |
|
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|
|
Joint Ventures : |
· Ardex Endura (India) Private Limited · Raheja QBE General Insurance Company Limited |
|
|
|
|
Joint Venture of
Subsidiary: |
· TBK Shri Ram Tile Bath Kitchen Private Limited · TBK Deziner’s Home Private Limited · TBK Unique Jalgaon Tile Bath Kitchen Private Limited · TBK P B Shah Tile Bath Kitchen Private Limited · TBK Deepgiri Tile Bath Kitchen Private Limited · TBK Prathap Tile Bath Kitchen Private Limited · TBK Bansal Ceramics Private Limited · TBK Rangoli Tile Bath Kitchen Private Limited (Upto 30.7.2015) · TBK Rathi Sales Agencies Private Limited · TBK Florance Ceramics Private Limited · TBK Sanitary Sales Private Limited · TBK Tile Home Private Limited · TBK Samiyaz Tile Bath Kitchen Private Limited · TBK Krishna Tile Bath Kitchen Private Limited · TBK Reddy Tile Bath Kitchen Private Limited · TBK Kadakia's Tile Bath Kitchen Private Limited · TBK Rishi Ceramics Private Limited · TBK Aishwarya Tile Bath Kitchen Private Limited · TBK Raj Kamal Tile Bath Kitchen Private Limited · TBK Shree Ganesh Traders Private Limited · TBK Vaibhavi Tile Bath Kitchen Private Limited · TBK Home Trends Private Limited · TBK Solan Ceramics Private Limited |
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Associate : |
Prism Power and Infrastructure Private Limited |
|
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|
|
Companies in which
Directors and / or their relatives have significant influence : |
· Peninsula Estates Private Limited · Varahagiri Investments and Finance Private Limited · Windsor Realty Private Limited · Countrywide Exports Private Limited |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
525000000 |
Equity Shares |
INR 10/- each |
INR 5250.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
503356580 |
Equity Shares |
INR 10/- each |
INR 5033.600 Million |
|
|
|
|
|
Reconciliation of shares
outstanding as at the beginning and at the end of the reporting period
|
Equity shares |
|
As at 31.03.2017 |
|
At the beginning of the year |
|
503356580 |
|
Outstanding at the
end of the year |
|
503356580 |
Rights, preference and
restrictions attached to Equity and Preference shares
i The Company has one class of equity shares having a par value of INR 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 in proportion to their shareholding after distribution of all preferential amounts.
ii Rights, privileges and conditions attached to the preference shares will be decided at the time of issue.
Details of
shareholders holding more than 5% shares in the Company
|
Name of the
Shareholders |
As at 31.03.2017 |
|
|
|
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 |
51406327 |
10.21% |
|
Bloomingdale Investment and Finance Private Limited |
31289300 |
6.22% |
|
HDFC Trustee Company Limited |
38305213 |
7.61% |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
5033.600 |
5033.600 |
5033.600 |
|
(b) Reserves &
Surplus |
4522.900 |
4371.300 |
5120.100 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
9556.500 |
9404.900 |
10153.700 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
10093.600 |
13273.900 |
14852.600 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
157.700 |
|
(c) Other long term
liabilities |
2402.200 |
2137.000 |
1400.700 |
|
(d) long-term provisions |
209.300 |
428.100 |
371.200 |
|
Total Non-current
Liabilities (3) |
12705.100 |
15839.000 |
16782.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2902.500 |
3139.500 |
2751.100 |
|
(b) Trade payables |
7453.600 |
7639.900 |
7898.200 |
|
(c) Other current
liabilities |
7974.000 |
6617.900 |
5700.400 |
|
(d) Short-term provisions |
311.800 |
287.200 |
136.000 |
|
Total Current Liabilities
(4) |
18641.900 |
17684.500 |
16485.700 |
|
|
|
|
|
|
TOTAL |
40903.500 |
42928.400 |
43421.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
19716.000 |
20246.400 |
20271.000 |
|
(ii) Intangible Assets |
176.100 |
186.900 |
212.500 |
|
(iii) Capital
work-in-progress |
945.100 |
683.000 |
688.000 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
3819.300 |
3295.700 |
3432.100 |
|
(c) Deferred tax assets
(net) |
639.100 |
362.600 |
0.000 |
|
(d) Long-term Loan and Advances |
498.900 |
507.800 |
2108.400 |
|
(e) Other Non-current
assets |
2411.300 |
1894.000 |
598.400 |
|
Total Non-Current Assets |
28205.800 |
27176.400 |
27310.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3997.400 |
4717.000 |
5784.800 |
|
(c) Trade receivables |
6054.700 |
6086.500 |
5615.800 |
|
(d) Cash and cash
equivalents |
667.000 |
1151.500 |
797.000 |
|
(e) Short-term loans and
advances |
51.800 |
49.900 |
1910.100 |
|
(f) Other current assets |
1926.800 |
3747.100 |
2003.500 |
|
Total Current Assets |
12697.700 |
15752.000 |
16111.200 |
|
|
|
|
|
|
TOTAL |
40903.500 |
42928.400 |
43421.600 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
50195.700 |
52774.800 |
55938.800 |
|
|
Other Income |
906.300 |
1343.300 |
334.800 |
|
|
TOTAL |
51102.000 |
54118.100 |
56273.600 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
12050.400 |
12594.500 |
13447.600 |
|
|
Purchases of
Stock-in-Trade |
11465.700 |
12799.500 |
12426.200 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
135.900 |
131.300 |
(124.300) |
|
|
Employees benefits
expense |
3807.200 |
3586.900 |
3165.800 |
|
|
Power and fuel expenses |
6339.700 |
7062.400 |
0.000 |
|
|
freight outward expenses |
6518.100 |
7227.800 |
0.000 |
|
|
other manufacturing
expenses |
3173.900 |
3532.900 |
11371.200 |
|
|
Exceptional Item |
0.000 |
36.100 |
-621.200 |
|
|
Other expenses |
3894.200 |
3405.200 |
12788.800 |
|
|
TOTAL |
47385.100 |
50376.600 |
52454.100 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
3716.900 |
3741.500 |
3819.500 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
1833.500 |
2400.100 |
2558.600 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1883.400 |
1341.400 |
1260.900 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1602.100 |
1560.200 |
1368.400 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
281.300 |
(218.800) |
(107.500) |
|
|
|
|
|
|
|
Less |
TAX |
106.200 |
(299.900) |
(254.500) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
175.100 |
81.100 |
147.000 |
|
|
|
|
|
|
|
PREVIOUS YEARS’ BALANCE BROUGHT
FORWARD |
1856.200 |
2568.300 |
2840.000 |
|
|
|
|
|
|
|
|
|
Transfer to Debenture
Redemption Reserve |
363.400 |
425.600 |
117.500 |
|
|
Adjustment relating to transitional provision as per Schedule II to the Companies Act, 2013 |
0.000 |
352.800 |
0.000 |
|
|
Other Comprehensive
(Income)/Loss (net of tax) |
23.500 |
14.800 |
0.000 |
|
|
Adjustment for Depreciation and Amortisation as per Schedule II to the Companies Act, 2013 |
0.000 |
0.000 |
73.900 |
|
|
Total |
386.900 |
793.200 |
117.500 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
1644.400 |
1856.200 |
2869.500 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
472.900 |
451.700 |
560.500 |
|
|
TOTAL EARNINGS |
472.900 |
451.700 |
560.500 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
0.35 |
0.16 |
0.29 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
3311.600 |
2110.200 |
1347.900 |
|
Cash generated from operations |
5481.400 |
3733.100 |
2280.700 |
|
Net cash flow from operating activity |
5431.000 |
3716.300 |
2307.100 |
QUARTERLY
RESULTS
|
Particulars (Unaudited) |
30.06.2017 1st
Quarter |
30.09.2017 2nd Quarter |
31.12.2017 3rd
Quarter |
|
Net Sales |
14358.500 |
11652.100 |
13048.200 |
|
Total Expenditure |
13574.000 |
11248.300 |
12141.200 |
|
PBIDT (Excl OI) |
784.500 |
403.800 |
907.000 |
|
Other Income |
304.900 |
181.600 |
131.000 |
|
Operating Profit |
1089.400 |
585.400 |
1038.000 |
|
Interest |
469.200 |
463.900 |
487.200 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
620.200 |
121.500 |
550.800 |
|
Depreciation |
379.500 |
360.200 |
402.300 |
|
Profit Before Tax |
240.700 |
(238.700) |
148.500 |
|
Tax |
73.800 |
NA |
NA |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
166.900 |
(238.700) |
148.500 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
166.900 |
(238.700) |
148.500 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
44.03 |
42.10 |
36.64 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
8.29 |
8.67 |
9.96 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
115.69 |
109.81 |
111.42 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.93 |
0.79 |
0.66 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.18 |
0.18 |
0.18 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.78 |
0.77 |
0.75 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
1.71 |
1.97 |
1.87 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.95 |
1.88 |
1.62 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
2.18 |
2.25 |
2.09 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
2.03 |
1.56 |
1.49 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
0.35 |
0.15 |
0.26 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
0.43 |
0.19 |
0.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
1.83 |
0.86 |
1.45 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.68 |
0.89 |
0.98 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.47 |
0.62 |
0.63 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.23 |
0.22 |
0.23 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
3.24 |
3.68 |
3.77 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.68 |
0.89 |
0.98 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 122/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
5033.600 |
5033.600 |
5033.600 |
|
Reserves & Surplus |
5120.100 |
4371.300 |
4522.900 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
10153.700 |
9404.900 |
9556.500 |
|
|
|
|
|
|
Long-term borrowings |
14852.600 |
13273.900 |
10093.600 |
|
Short term borrowings |
2751.100 |
3139.500 |
2902.500 |
|
Current Maturities of
Long term debt |
1347.900 |
2110.200 |
3311.600 |
|
Total borrowings |
18951.600 |
18523.600 |
16307.700 |
|
Debt/Equity ratio |
1.866 |
1.970 |
1.706 |
%20(A%20DIVISION%20OF%20PRISM%20CEMENT%20LIMITED)%20-%20505042%2019-Apr-2018_files/image007.gif)
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
55938.800 |
52774.800 |
50195.700 |
|
|
|
(5.656) |
(4.887) |
%20(A%20DIVISION%20OF%20PRISM%20CEMENT%20LIMITED)%20-%20505042%2019-Apr-2018_files/image008.gif)
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
55938.800 |
52774.800 |
50195.700 |
|
Profit / (Loss) |
147.000 |
81.100 |
175.100 |
|
|
0.26% |
0.15% |
0.35% |
%20(A%20DIVISION%20OF%20PRISM%20CEMENT%20LIMITED)%20-%20505042%2019-Apr-2018_files/image009.gif)
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
5033.600 |
5033.600 |
|
(b) Reserves &
Surplus |
|
4915.700 |
4948.200 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
|
|
|
(3) Non-controlling
interest |
|
2694.200 |
2488.800 |
|
Total Shareholders’ Funds
(1) + (2) |
|
12643.500 |
12470.600 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
11900.300 |
14769.300 |
|
(b) Deferred tax
liabilities (Net) |
|
259.000 |
254.200 |
|
(c) Other long term
liabilities |
|
2920.200 |
2285.400 |
|
(d) long-term provisions |
|
247.200 |
461.600 |
|
Total Non-current
Liabilities (3) |
|
15326.700 |
17770.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
4516.700 |
5068.100 |
|
(b) Trade payables |
|
7155.400 |
7016.600 |
|
(c) Other current
liabilities |
|
8748.400 |
7427.700 |
|
(d) Short-term provisions |
|
362.200 |
377.600 |
|
Total Current Liabilities
(4) |
|
20782.700 |
19890.000 |
|
|
|
|
|
|
TOTAL |
|
48752.900 |
50131.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
23724.000 |
24278.000 |
|
(ii) Intangible Assets |
|
430.700 |
443.000 |
|
(iii) Capital
work-in-progress |
|
1361.900 |
691.200 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
2450.400 |
1271.200 |
|
(c) Deferred tax assets
(net) |
|
765.100 |
489.700 |
|
(d) Long-term Loan and Advances |
|
745.400 |
773.200 |
|
(e) Other Non-current
assets |
|
3495.500 |
2740.100 |
|
Total Non-Current Assets |
|
32973.000 |
30686.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
529.100 |
1169.400 |
|
(b) Inventories |
|
5622.000 |
6445.700 |
|
(c) Trade receivables |
|
6263.800 |
6109.400 |
|
(d) Cash and cash
equivalents |
|
809.600 |
1311.200 |
|
(e) Short-term loans and
advances |
|
54.900 |
56.900 |
|
(f) Other current assets |
|
2500.500 |
4352.100 |
|
Total Current Assets |
|
15779.900 |
19444.700 |
|
|
|
|
|
|
TOTAL |
|
48752.900 |
50131.100 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
50113.200 |
52231.000 |
|
|
Other Income |
|
931.100 |
1523.100 |
|
|
TOTAL |
|
51044.300 |
53754.100 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
15079.100 |
15923.700 |
|
|
Purchases of
Stock-in-Trade |
|
3320.200 |
3810.200 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
169.800 |
42.800 |
|
|
Employees benefits
expense |
|
4721.900 |
4420.800 |
|
|
power and fuel expenses |
|
8410.000 |
9480.200 |
|
|
freight outward expenses |
|
6529.500 |
7232.000 |
|
|
other manufacturing
expenses |
|
3614.800 |
4031.500 |
|
|
exceptional item |
|
0.000 |
37.800 |
|
|
Share of profit/(loss) of
joint venture / Associates |
|
(14.900) |
1.600 |
|
|
Other expenses |
|
4712.600 |
3881.100 |
|
|
TOTAL |
|
46543.000 |
48861.700 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
4501.300 |
4892.400 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
2165.700 |
2813.900 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
2335.600 |
2078.500 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
1918.400 |
1841.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
417.200 |
237.200 |
|
|
|
|
|
|
|
Less |
TAX |
|
274.700 |
(15.400) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
142.500 |
252.600 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
0.04 |
0.06 |
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 |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
No |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
SEGMENT
REVIEW
Prism Cement
Prism Cement is a building
materials company based in central India with units in Satna, Madhya Pradesh with
a capacity of 7 MTPA of cement. It manufactures Portland Pozzolana Cement (PPC)
with the brand name of ‘Champion’, ‘Champion Plus’, ‘HI-TECH’ and ‘DURATECH’.
Prism Cement has the highest quality standards due to efficient plant
operations with modern state of the art automated controls. It caters to the
markets of Eastern UP, MP and Bihar, with an average lead distance of 406 Kms
from its Satna plant, Madhya Pradesh. It has wide marketing network with close
to 3810 dealers serviced from approximately 165 stock points.
The Company has plans for
Greenfield expansion in Kurnool District, AP for which required land is in
possession, limestone reserves secured and environment clearance in place.
Operational Review
·
The
division has seen improvement in operating performance as compared to previous
year with EBIDTA per Tonne of INR 588 per Tonne in FY17 as compared to INR 372
per Tonne in FY16
·
Savings
in power and logistic costs during FY17 mitigating higher fuel costs
·
The
Company sold 52.1 Lakh Tonnes of cement and clinker as against 52.9 Lakh Tonnes
in FY16
·
‘Hitech’,
‘Duratech’ and ‘Champion Plus’ contributed 11% in FY17 of overall volumes as
compared to 6% in FY16
RMC Readymix (India)
RMC Readymix (India) is one
of India’s leading ready mixed concrete manufacturers established in 1996. It
currently operates 87 ready mixed concrete plants spread across 40 cities/
towns in India. This division has been able to secure new positions in existing
markets and exploring new markets. RMC has a backward integration in aggregate
business and operates large quarries and crushers. Presently, the Company has 5
quarries across the country. RMC has been at the forefront in setting high
standards for plant and machinery, production and quality systems in the
ready-mixed concrete industry. It has given significant importance in providing
high level of quality assurance to its customers. The Division has got a few of
its technical laboratories accredited by NABL.
RMC Specials Value-added
Concrete
·
EnviroprotectcreteTM
is a High Performance and Sustainable concrete. Used in mass foundations,
underground structures, etc.
·
Thermocrete®
is temperature controlled concrete used for mitigating termal tensile cracks
·
DyecreteTM
comprises an eye-catching array of concrete that are colourful and textured
·
PerviouscreteTM
is ‘Rain water harvesting’ concrete
·
FRCcreteTM
is fibre reinforced concrete. Fibres include steel, glass or synthetic fibres.
Used in terrace slabs, warehouses, container yards, railway platforms etc.
Operational Review
·
Started
operations in two new cities and expansion in Prism Cement catchment areas
·
Infra
order book at record high
·
Focus
on O&M segment and cost management program in place
·
NABL
Accredited Labs
·
Two
of our RMC Plants have won National Safety Awards in 2016 and also four plants
received Certificate of Appreciation
H & R Johnson (India)
H & R Johnson (India)
was established in 1958. This division is the pioneer of ceramic tiles in India
operating in TBK (Tiles, Bath and Kitchen) segments. Spanning for over five
decades, HRJ has added various product categories to offer complete solutions
to the customers. As of today, HRJ is one of the few entities in India offering
end-to-end solutions of Tiles, Sanitaryware, Bath Fittings, Kitchenware and
Engineered Marble & Quartz. The Division’s tiles and bathroom products are
sold under four strong brands of Johnson, Johnson Marbonite, Johnson Porselano
and Johnson Endura. In the space of Ceramic/ Vitrified tiles, HRJ along with
its joint ventures and subsidiaries has a capacity of over 61 mn sq mtr per
annum spanning across 11 manufacturing plants across the country which is one
of the largest in India. The Bathroom products include bath fittings and
sanitary ware with two manufacturing plants at Baddi (HP) and Samba (J&K).
Johnson Kitchen is the modular kitchen business foray of the Division. It has
tie up with German modular kitchen manufacturer Nobilia for sourcing products.
HRJ also produces tile fixing adhesives, grouts, industrial flooring and water
proofing products through its joint venture with German partner ARDEX Endura
(India) Private Limtied (50% partner). It has four plants in Bengaluru, Baroda,
Durgapur and Alwar along with Pan India branch network.
Operational Review
·
Focus
on marketing activities and optimizing distribution channels
·
Expand
product categories with better product display
·
Expansion
in the new markets and identified white spaces
·
Large
national trade network of 1,000 dealers and 10,000 sub-dealers
·
25
‘House of Johnson’ chain of retail outlets across India contributing ~8% of
Division’s total sales
MANAGEMENT DISCUSSION AND
ANALYSIS
Economy Overview
World Economy
As per IMF’s World Economic
Outlook report of April 2017, the global economy grew at 3.1% in 2016 which was
marginally lower than 3.4% in 2015. The Advanced Economies are estimated to
have grown at 1.7% whereas the Emerging Markets & Developing Economies are
estimated to have grown by 4.1% in 2016. The world’s largest economy, United States
of America grew at 1.6% in 2016 against 2.6% in 2015, but economic activities
in the second half started to regain momentum. China, the world’s second
largest economy continues to witness slowdown in economic growth given its
economic rebalancing by the central government, where it wants to reduce credit
dependent growth. However, the pace of losing growth has slowed down in China’s
economy which has led to an increase in the global energy prices during the
year.
IMF has projected that the
global economic growth prospects have revived and would further gain momentum.
However, the key downward risks to global economic growth are geo-political
concerns in the Middle East & the Korean Peninsula along with growing
protectionist policies in the Advance Economies.
Indian Economy
As per Central Statistics
Office estimates, Indian economy grew at 7.1% in FY17. The growth would have
been better had it not been for demonetization announced in November 2016,
which had an adverse impact on consumer demand. The economic growth in India
was largely supported by the agriculture sector which has witnessed a strong
growth backed by a normal monsoon in 2016. Also, the Government’s push towards
fast tracking infrastructure development with increased spending has led to an increased
growth of the construction sector. The downward cycle of policy interest rates
continued during the year where RBI reduced repo rate by 50 bps in two equal
installments of 25 bps each. With global energy prices reversing its trend and
bouncing back from their lows, inflation has started to move up but was well
within the RBI’s comfort zone.
By levering the growing
digitalization in India, the Central Government implemented AADHAR-based Direct
Benefit Transfers (DBT) which has successfully plugged unwarranted leakages,
resulting in savings to the Government. The strong fundamentals continue to
attract foreign inflows where the net FDI inflows in FY17 increased to $60.08
bn from $55.56 bn in FY16.
The big-ticket reform of
Goods and Services Tax has been passed and is likely to be implemented sooner
than later. This landmark reform would help in getting away with complex state
levied taxes and bring them under one ambit. This would propel the momentum of
India’s economic growth going forward which is expected to rise further.
While most indicators are
pointing towards better growth prospects going ahead including normal monsoons,
the key challenge for the Government is resolving the mounting NPAs problem in
the Indian Banking System.
Industry Overview
Cement
With total installed
capacity of around 450 MT, India currently is the world’s 2nd
largest cement producer as well as consumer. The housing sector, which is a
large contributor to GDP is the largest consumer of cement in India and has
approximately 67% share of the total consumption. It is followed by the
infrastructure sector with 13%, commercial construction with 11% and industrial
construction with 9% share of the total cement consumption in India.
Referring the data by Ministry
of Commerce and Industry, the Cement production in India has steadily grown at
a CAGR of 6.7% over the last decade from close to 150 MT in FY06 to more than
280 MT in FY16. At the beginning of the year, the cement demand was expected to
grow at similar levels, however, heavy rainfalls and demonetization took a toll
on the cement demand in India. As a result for the first time over the last
decade, the Industry witnessed a fall in annual cement production. The total
cement production for the year FY17 stood at ~280 MT, down by 1% over FY16.
Going ahead, cement demand
is expected to improve with an increase in Government’s spending on the
infrastructure sector as well as increased impetus on building affordable
houses through various incentive schemes for both developers and end-use
buyers. Over the last few years, the Industry has witnessed consolidation where
debt-laden companies have been able to sell assets. This along-with long term
growth drivers would help in improving utilization levels in the industry.
However, the cement industry is expected to face some margin pressure with the
rise in fuel, power and logistic costs.
Operational Review
Cement
During the year, the Cement
Division’s performance should be viewed in light of two major events, the heavy
monsoons in the region that the Company sells cement and demonetization. The
clinker and cement sales during the year were nearly flat at 5.2 MT. While the
first and fourth quarter saw positive volume growth the second and third
quarter volumes were impacted by above events. Notably, the month of March saw
the best ever volume for the Division surpassing previous highs. All the three
premium / better priced brands such as ‘Hitech’, ‘Duratech’ and ‘Champion Plus’
are well accepted in the markets and together contribute nearly 11% of overall
volumes as compared to 6% in FY16.
The Division has seen
improved operating performance on the back of ongoing cost rationalization
measures. To reduce power costs, Company has signed a power supply agreement with
BLA Power for sourcing 25 MW of power for its plant. Prism Cement acquired
15.23% equity stake for INR 210.000 Million in BLA Power Private Limited under
the Captive Arrangement as per the Electricity Rules, 2005. The Division also
managed to optimize on logistic costs despite increase in fuel price in the
later part of the year. The Division also managed to optimize on logistic costs
despite increase in fuel price in the later part of the year. Others
initiatives include, supply agreement with ECO Cements Ltd (ECL). ECL operates
a cement grinding plant with a capacity of 0.6 mn tonnes per annum at Bhabhua
District of Bihar. ECL will manufacture and supply cement to the Company as per
the Company’s quality and other specifications. The arrangement with ECL is
expected to help the Company optimize its Logistic cost as well as improve
local availability in its strategic markets of Bihar. The Company has also
successfully won the bid for 1,38,300 tonnes per annum of coal from South
Eastern Coalfields Ltd in two auctions held during the year. The Company has
partially secured the fuel requirement for the next 5 years.
The Company has Greenfield
expansion plans in Kurnool District, Andhra Pradesh. It has 3000 acres of land
in possession, limestone reserves secured and environment clearance in place.
UNSECURED LOAN
|
Particular |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
0.55% + SBI Base rate Non-convertible Debentures |
1000.000 |
1000.000 |
|
Inter-corporate deposits |
1.400 |
1.500 |
|
Buyer's Credit |
55.500 |
54.400 |
|
Fixed deposits from public |
214.000 |
305.200 |
|
Finance Lease Obligations |
137.100 |
93.500 |
|
Less : Disclosed
under other Financial Liabilities |
|
|
|
Current maturities of Non-current Borrowings |
3311.600 |
2110.200 |
|
Current maturities of Finance Lease Obligations |
39.500 |
17.500 |
|
Unclaimed fixed deposits |
21.900 |
18.200 |
|
Short-term
borrowings |
|
|
|
Loans from banks |
1106.500 |
1127.500 |
|
Buyer's Credit |
12.500 |
0.000 |
|
Commercial Papers |
500.000 |
1000.000 |
|
Total |
11712.600 |
15401.400 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G51536837 |
100118534 |
AXIS TRUSTEE
SERVICES LIMITED |
17/08/2017 |
- |
1600000000.0 |
Axis House, Bombay Dyeing Mills, Compound,
Pandhurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India |
|
2 |
G48395362 |
100109706 |
KOTAK MAHINDRA
BANK LIMITED |
21/06/2017 |
- |
500000000.0 |
27 BKC, 2nd Floor, Plot No. C27, G Block,
Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
3 |
G41340217 |
100090677 |
ICICI BANK
LIMITED |
28/03/2017 |
- |
700000000.0 |
ICICI Bank Tower, Near Chakli Circle, Old
Padra Road, Vadodara – 390007, Gujarat, India |
|
4 |
G41344656 |
100090688 |
ICICI BANK
LIMITED |
28/03/2017 |
- |
900000000.0 |
ICICI Bank Tower, Near Chakli Circle, Old Padra
Road, Vadodara – 390007, Gujarat, India |
|
5 |
G38796561 |
100083043 |
AXIS TRUSTEE
SERVICES LIMITED |
03/03/2017 |
06/03/2017 |
2000000000.0 |
Axis House, Bombay Dyeing Mills, Compound,
Pandhurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India |
|
6 |
G12901328 |
100051982 |
AXIS TRUSTEE
SERVICES LIMITED |
26/09/2016 |
- |
2400000000.0 |
Axis House, Bombay Dyeing Mills, Compound,
Pandhurang Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India |
|
7 |
G04957460 |
100019181 |
INDUSIND BANK
LTD LIMITED |
14/03/2016 |
20/05/2016 |
2400000000.0 |
2401 Gen Thimmayya Road, cantonment, Pune
– 411001, Maharashtra, India |
|
8 |
C75518761 |
10612160 |
Axis Bank
Limited |
18/12/2015 |
- |
300000000.0 |
12, A Wing, First Floor, Mittal Court,
Nariman Point, Mumbai – 400021, Maharashtra, India |
|
9 |
C58446261 |
10578985 |
Axis Trustee
Services Limited |
08/07/2015 |
- |
500000000.0 |
Axis House, 2nd Floor, Bombay Dyeing
Mills Compound, Pandurang
Budhkar Marg, Worli, Mumbai – 400025, Maharashtra, India |
|
10 |
C60324050 |
10583083 |
YES BANK LIMITED |
08/07/2015 |
- |
1000000000.0 |
Nehru Center , 9th Floor, Discovery of India,
Dr. A. B. Road, Worli, Mumbai – 400018, Maharashtra, India |
STATEMENT
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE ENDED
31.12.2017
(INR In Million)
|
Particulars |
3 Months
Ended |
9 Months Ended |
||
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
Income |
|
|
|
|
|
Net Sales |
12963.200 |
11624.400 |
38923.300 |
|
|
Other operating income |
85.000 |
27.700 |
135.500 |
|
|
Other income |
131.000 |
181.600 |
617.500 |
|
|
Total Income from Operations (net) |
13179.200 |
11833.700 |
39676.300 |
|
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
Cost of Materials Consumed |
3206.200 |
2965.600 |
9419.700 |
|
|
Purchases of Stock-in-Trade |
2555.800 |
2589.300 |
7953.100 |
|
|
Changes in inventories of
finished goods, work-in-progress
and traded goods |
45.500 |
113.900 |
278.800 |
|
|
Power and Fuel |
1737.600 |
1539.600 |
5076.500 |
|
|
Freight Outward |
1774.300 |
1216.100 |
4642.900 |
|
|
Excise Duty |
0.000 |
0.000 |
1115.100 |
|
|
Other manufacturing expenses |
821.200 |
843.700 |
2487.300 |
|
|
Employees Benefit Expenses |
1037.100 |
999.100 |
3105.400 |
|
|
Finance expenses |
487.200 |
463.900 |
1420.300 |
|
|
Depreciation and Amortization
Expenses |
402.300 |
360.200 |
1142.000 |
|
|
Other expenses |
963.500 |
981.000 |
2884.700 |
|
|
Total Expenses |
13030.700 |
12072.400 |
39525.800 |
|
|
Profit/(Loss) before tax |
148.500 |
(238.700) |
150.500 |
|
|
Tax expense |
|
|
|
|
a) Current Tax |
0.000 |
0.000 |
54.200 |
|
|
b) Deferred Tax |
0.000 |
0.000 |
19.600 |
|
|
|
Income Tax expense |
0.000 |
0.000 |
73.800 |
|
|
Net Profit/(Loss) for the period |
148.500 |
(238.700) |
76.700 |
|
|
|
|
|
|
|
Other Comprehensive Income |
(8.700) |
(5.400) |
(19.200) |
|
|
|
Total Other Comprehensive Income for the period |
(8.700) |
(5.400) |
(19.200) |
|
|
Total Other Comprehensive Income for the period |
139.800 |
(244.100) |
57.500 |
|
|
Paid – up Equity Share
Capital (Face Value INR10) |
5033.600 |
5033.600 |
5033.600 |
|
|
Earning Per Share for the
Period of INR 10/- each |
|
|
|
|
Basic |
0.29 |
(0.47) |
0.15 |
|
|
Diluted |
0.29 |
(0.47) |
0.15 |
|
UNAUDITED SEGMENT WIE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(INR In
Million)
|
Particulars
|
3 Months Ended |
9 Months Ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1. Segment Revenue |
|
|
|
|
Cement
|
5714.000 |
4419.600 |
16975.600 |
|
HRJ |
3903.200 |
4153.300 |
12317.900 |
|
RMC
|
3478.800 |
3123.700 |
9898.00 |
|
Total |
13096.000 |
11696.600 |
39191.500 |
|
Less : Inter Segment Revenue |
47.800 |
44.500 |
132.700 |
|
Total income
from operation |
13048.200 |
11652.100 |
39058.800 |
|
|
|
|
|
|
2. Segment
Result |
|
|
|
|
Cement
|
607.000 |
271.700 |
1757.000 |
|
HRJ |
(44.800) |
(49.900) |
(318.400) |
|
RMC
|
47.200 |
(34.300) |
(53.000) |
|
Total |
609.400 |
187.500 |
1385.600 |
|
Less : i) Finance Costs |
487.200 |
463.900 |
1420.300 |
|
il) Other
un-allocable expenditure Net off un-allocable revenue |
(26.300) |
(37.700) |
(185.200) |
|
(Total Profit / (Loss) before tax |
148.500 |
(238.700) |
150.500 |
|
|
|
|
|
|
3. Segment Assets |
|
|
|
|
Cement
|
23394.000 |
23824.400 |
23394.000 |
|
HRJ |
11549.600 |
11965.300 |
11549.600 |
|
RMC
|
4820.200 |
4519.700 |
4820.200 |
|
Unallocated
|
2013.400 |
1907.600 |
2013.400 |
|
Total |
41777.200 |
422170.000 |
41777.200 |
|
|
|
|
|
|
4. Segment Liabilities |
|
|
|
|
Cement
|
7893.900 |
8030.700 |
7893.900 |
|
HRJ |
4379.000 |
5217.100 |
4379.000 |
|
RMC
|
2957.500 |
2645.900 |
2957.500 |
|
Unallocated
|
16932.800 |
16849.100 |
16932.800 |
|
Total |
32163.200 |
32742.800 |
32163.200 |
|
|
|
|
|
|
5 Capital Employed |
|
|
|
|
Cement
|
15500.100 |
15793.700 |
15500.100 |
|
HRJ |
7170.600 |
6748.200 |
7170.600 |
|
RMC
|
1862.700 |
1873.800 |
1862.700 |
|
Unallocated
|
(14919.400) |
(14941.500) |
(14919.400) |
|
Total |
9614.000 |
9474.200 |
9614.000 |
CONTINGENT
LIABILITIES:
(i) Guarantees given by the
Company’s bankers and counter guaranteed by the Company: INR 369.100 Million
(Previous year: INR 301.200 million).
(ii) Prepayment charges
claimed by banks on amounts prepaid Nil (Previous year: INR 29.200 Million).
(iii) Claims against the
Company not acknowledged as debts on account of disputes:
(a) In respect of exemption
of Central Sales Tax on coal purchases : INR 75.600 million (Previous year :
INR 75.600 Million). Against this matter, bank guarantee of INR 77.000 Million
(Previous year: INR 77.000 Million) has been provided by the Company.
(b) Energy Development Cess
INR 98.900 Million (Previous year: INR 98.900 Million).
(c) Tax on Rural and Road
Development INR 104.500 Million (Previous year: INR 103.800 Million).
(d) Other Claims in respect
to Income Tax, Sales Tax, Entry Tax, Excise Duty, Service Tax and other claims
INR
1465.000 Million. (Previous year : INR 1396.500 Million).
FIXED ASSETS
- Land - Freehold
-Leasehold
- Buildings
- Railway Siding
- Plant and Machinery
- Plant and Machinery – Finance Lease
- Mines Development
- Furniture and Fixtures
- Computers
- Vehicles
- Office Equipments
- Truck Mixers, Loaders and Truck Dumpers
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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
|
INR |
|
US Dollar |
1 |
INR 65.22 |
|
UK Pound |
1 |
INR 92.77 |
|
Euro |
1 |
INR 80.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHA |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.