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|
|
MIRA INFORM REPORT
|
Report No. : |
506160 |
|
Report Date : |
26.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
JSW CEMENT LIMITED |
|
|
|
|
Registered
Office : |
JSW Centre, Opposite MMRDA Ground, Bandra Kurla Complex, Bandra
(East), Mumbai – 400051, |
|
Tel. No.: |
91-22-42865039 |
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Country : |
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|
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
29.03.2006 |
|
|
|
|
Com. Reg. No.: |
11-160839 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
INR 4505.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26957MH2006PLC160839 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0306014831 |
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|
|
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TIN No.: |
27670828008 |
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|
|
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PAN No.: [Permanent Account No.] |
AABCJ6731B |
|
|
|
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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GSTN : [Goods & Service Tax
Registration No.] |
27AABCJ6731B1ZW |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
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Line of Business
: |
Subject is engaged in the business of manufacture and sale of cement, ground granulated blast furnace slag and clinker and trading of allied products. (Registered Activity) |
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|
|
|
No. of Employees
: |
Not Divulged |
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 |
|
Maximum Credit Limit : |
USD 15613000 |
|
|
|
|
Status : |
Good |
|
|
|
|
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 2006 and is part of JSW Group. It is a manufacturer and seller of cement, ground granulated blast furnace slag etc.
|
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 |
CRISIL |
|
Rating |
Long-term borrowing : BBB (Withdrawn) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
07.03.2018 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short-term borrowing: A3+ (Withdrawn) |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
07.03.2018 |
Reason for suspension: At company’s request
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 03.04.2018
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. Bhulesh Pradhan |
|
Designation : |
Commercial Department |
|
Contact No.: |
91-8291335799 |
LOCATIONS
|
Registered / Corporate Office 1 : |
JSW Centre, Opposite MMRDA Ground, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
91-22-42865039/42861000 |
|
Mobile No.: |
91-9831230330 (Mr. Abhishek Ghosh) 91-8291335799 (Mr. Bhulesh Pradhan) |
|
Fax No.: |
91-22-26502001 |
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E-Mail : |
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|
Website : |
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Corporate Office 2 : |
Jindal Mansion 5, Dr. G. Deshmukh Marg, Mumbai - 400026, Maharashtra, India |
|
|
|
|
Vijayanagar Works : |
R O Vidyanagar, Toranagallu District Bellary – 583275, Karnataka, India |
|
Tel. No.: |
91-8395-250120 to 30 |
|
Fax No.: |
91-8395-250138/250665 |
|
|
|
|
Branch Office 5: |
Godrej Water Side, Tower 1, 10th Floor, Sector V, Salt Lake City, Kolkata – 700091, West Bengal, India |
|
Area : |
12000 Sq.ft |
|
Locality : |
Commercial |
|
|
|
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Branch Offices : |
Also located at : · Kerala · Tamilnadu · Karnataka · Goa · Telangana · Andhra Pradesh · Orrisa · Maharashtra · West Bengal |
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Project Location: |
Bilakalagudduru Village, P.O. Bujunur, Gadivemula Mandal, Nandyal Taluk, Kurnool – 518538, Andhra Pradesh, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Parth Sajjan Jindal |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Designation : |
Managing Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
Jindal House, 32, Walkeshwar Road, Mumbai – 400006, Maharashtra, India
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
19.05.1990 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
28.09.2016 |
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PAN No.: |
AJJPJ6232H |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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DIN No.: |
06404506 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other
Directorship :
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Name : |
Mr. Kantilal Narandas Patel |
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Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
12, Yesho Mangal, 64, Lallubhai, Shmaldas Road, Andheri (West), Mumbai
– 400058, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
30.05.1951 |
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Date of Appointment : |
29.03.2006 |
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PAN No.: |
AIDPP2223M |
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DIN No.: |
00019414 |
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Other
Directorship :
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Nirmal Kumar Jain |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Address : |
302, Suman, Playground Road, Vile Parle (East), Mumbai – 400057,
Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
03.05.1946 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
02.08.2012 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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PAN No.: |
ADPPJ9711M |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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DIN No.: |
00019442 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Other
Directorship :
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Biswadip Gupta |
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|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
18DX2 Bay Tower, Hiland Park 1925, Chak Garia, Kolkata – 700094, West
Bengal, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
25.12.1950 |
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Date of Appointment : |
28.09.2016 |
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PAN No.: |
AGSPG3254G |
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DIN No.: |
00048258 |
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Other
Directorship :
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Name : |
Mr. Pankaj Rajabhau Kulkarni |
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|
Designation : |
Director |
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Address : |
A-602, Dipti Sapphire Natwar Road, Vile Parle (East), Mumbai – 400057,
Maharashtra , India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
07.12.1957 |
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Date of Appointment : |
02.08.2012 |
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PAN No.: |
AADPK7517M |
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DIN No.: |
00725144 |
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Other
Directorship :
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Name : |
Mr. Jugal Kishore Tandon |
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|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Address : |
B-201 Mon Repos 45, H K Bhabua Road Lands’ End, Bandra (West), Mumbai
- 400050, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
16.12.1941 |
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Date of Appointment : |
30.09.2015 |
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PAN No.: |
ABEPT1681K |
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DIN No.: |
01282681 |
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Other
Directorship :
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Name : |
Sutapa Banerjee |
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Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
3003, A&B, 30th Floor, Springs I, G D Ambekar Marg, Naigaon, Dadar
(East), Mumbai – 400014, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Birth/Age : |
24.03.1965 |
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Date of Appointment : |
28.09.2016 |
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PAN No.: |
AGBPB6003B |
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DIN No.: |
02844650 |
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Other
Directorship :
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Jaiprakash Narain Lal |
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|
Designation : |
Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
A-2/306, Junwani Road, Surya Vihar Colony, Bhilai, Durg - 490020,
Chhattisgarh, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Date of Birth/Age : |
03.11.1948 |
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Date of Appointment : |
30.09.2015 |
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PAN No.: |
AAXPL0681R |
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DIN No.: |
06397527 |
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||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Name : |
Mr. Nilesh Narwekar |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Designation : |
Additional Director |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Address : |
F-2301, Floor-23, Plot-180/188, F, Ashok Garden Tower 2, Tokersey
Jivraj Road, Swan Mill Compound, Sewree, Mumbai – 400015, Maharashtra, India |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Date of Appointment : |
08.08.2017 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
DIN No.: |
06908109 |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
KEY EXECUTIVES
|
Name : |
Mr. Rahul Dubey |
|
Designation : |
Company Secretary |
|
Address : |
Flat No-14, Tulsi Building, Plot No-F1, Sector-14, CBD
Belapur, Navi Mumbai, Navi Mumbai - 400614, Maharashtra, India |
|
Date of Appointment : |
06.06.2014 |
|
PAN No: |
AGAPD9154G |
|
|
|
|
Name : |
Mr. Narinder Singh Kahlon |
|
Designation : |
Chief Finance Officer |
|
Address : |
Flat No-2, Vasant Villa, 3B, Peddar Road, Mumbai - 400026,
Maharashtra, India |
|
Date of Appointment : |
06.06.2014 |
|
PAN No: |
AGOPK2276L |
|
|
|
|
Name : |
Mr. Abhishek Ghosh |
|
Designation : |
Branch Manager |
|
|
|
|
Name : |
Mr. Bhulesh Pradhan |
|
Designation : |
Commercial Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Adarsh Advisory Services Private Limited |
|
357227020 |
|
JSW Investments Private Limited |
|
41589726 |
|
Glebe Trading Private Limited |
|
20642340 |
|
Danta Enterprises Private Limited |
|
26000000 |
|
JSL Limited |
|
5052114 |
|
Seshagiri Rao* |
|
100 |
|
K N Patel* |
|
100 |
|
P K Kedia* |
|
100 |
|
Jayant Acharya* |
|
100 |
|
Balwant Ranka* |
|
100 |
|
Total |
|
450511700 |
Note: *Nominees of JSW Investment Private Limited
Equity Share Break up (Percentage of Total Equity)
As on 25.09.2017
|
Category |
Percentage |
|
Promoters (Body corporate) |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacture and sale of cement, ground granulated blast furnace slag and clinker and trading of allied products. (Registered Activity) |
||||||
|
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Products : |
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||||||
|
|
|
||||||
|
Brand Names : |
Not Available |
||||||
|
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|
||||||
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Agencies Held : |
Not Available |
||||||
|
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||||||
|
Exports : |
Not Divulged |
||||||
|
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|
||||||
|
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 : |
Not Divulged |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
·
ICICI Bank Limited, ICICI Bank Tower, Near Chakli
Circle, Old Padra Road Vadodara -390007, Gujarat, India ·
Yes Bank Limited, 9th Floor, Nehru Centre, Discovery
of India, Dr. Annie Besant Road, Worli, Mumbai-400018, Maharashtra, India ·
Syndicate Bank, Mid Corporate Branch, Fort,
Mumbai – 400023, Maharashtra, India ·
Axis Bank Limited, Corporate Banking
Branch, 12, Mittal Tower, A Wing, First Floor, Nariman Point, Mumbai-400021,
Maharashtra, India |
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|
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Facilities : |
|
||||||||||||||||||||||
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|
||||||||||||||||||||||
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Auditors : |
|
||||||||||||||||||||||
|
Name : |
Shah Gupta and
Company Chartered Accountants |
||||||||||||||||||||||
|
Address : |
38, Bombay Mutual
Building, 2nd Floor, Dr. D.N. Road, Fort, Mumbai - 400001,
Maharashtra, India |
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|
Income-tax
PAN of auditor or auditor's firm : |
AAAFS7702F |
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Memberships : |
Not Available |
||||||||||||||||||||||
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|
||||||||||||||||||||||
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Collaborators : |
Not Available |
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|
Holding Company : |
Adarsh Advisory Services Private Limited CIN No.: U74140MH2014PTC251934 |
||||||||||||||||||||||
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|
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Subsidiary
Companies : |
JSW Cement FZE |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Associate : |
Shiva Cement Limited CIN No.: L26942OR1985PLC001557 |
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|
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Enterprises which
are owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
|
CAPITAL STRUCTURE
After 25.09.2017
Authorised Capital : INR
15000.000 Million
Issued, Subscribed & Paid-up Capital : INR 9863.522 Million
As on 25.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1000000000 |
Equity Shares |
INR 10/- each |
INR 10000.000 Million |
|
50000000 |
Preference Shares |
INR 100/- each |
INR 5000.000 Million |
|
|
Total |
|
INR 15000.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450511700 |
Equity Shares |
INR 10/- each |
INR 4505.100 Million |
|
|
|
|
|
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 |
4505.100 |
4505.100 |
4315.100 |
|
(b) Reserves and Surplus |
959.600 |
(282.000) |
(1174.500) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
190.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5464.700 |
4223.100 |
3330.600 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
14936.100 |
9681.200 |
8830.500 |
|
(b) Deferred tax liabilities (Net) |
550.300 |
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
658.300 |
252.000 |
252.000 |
|
(d) long-term
provisions |
175.700 |
37.900 |
22.000 |
|
Total Non-current
Liabilities (3) |
16320.400 |
9971.100 |
9104.500 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
2224.200 |
335.500 |
99.200 |
|
(b) Trade
payables |
3334.200 |
2624.700 |
2604.800 |
|
(c) Other
current liabilities |
4368.200 |
2907.300 |
3368.700 |
|
(d) Short-term
provisions |
96.000 |
66.500 |
28.300 |
|
Total Current
Liabilities (4) |
10022.600 |
5934.000 |
6101.000 |
|
|
|
|
|
|
TOTAL |
31807.700 |
20128.200 |
18536.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
15135.800 |
12976.000 |
13227.800 |
|
(ii)
Intangible Assets |
134.500 |
4.900 |
24.800 |
|
(iii) Tangible assets capital
work-in-progress |
6517.700 |
2392.700 |
866.200 |
|
(iv)
Intangible assets under development |
16.000 |
2.200 |
0.000 |
|
(b) Non-current Investments |
1457.700 |
24.200 |
24.200 |
|
(c) Deferred tax assets (net) |
0.000 |
426.400 |
730.600 |
|
(d)
Long-term loans and advances |
712.300 |
779.500 |
315.000 |
|
(e) Other
Non-current assets |
504.300 |
0.000 |
5.700 |
|
Total Non-Current
Assets |
24478.300 |
16605.900 |
15194.300 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1577.800 |
1372.600 |
1389.200 |
|
(c) Trade
receivables |
1289.800 |
811.200 |
779.900 |
|
(d) Cash and
bank balances |
1210.800 |
179.800 |
391.100 |
|
(e)
Short-term loans and advances |
1996.200 |
976.700 |
750.000 |
|
(f) Other
current assets |
1254.800 |
182.000 |
31.600 |
|
Total
Current Assets |
7329.400 |
3522.300 |
3341.800 |
|
|
|
|
|
|
TOTAL |
31807.700 |
20128.200 |
18536.100 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Revenue
from operations |
14131.400 |
12720.100 |
9219.100 |
|
|
Other Income |
911.200 |
178.000 |
50.700 |
|
|
TOTAL |
15042.600 |
12898.100 |
9269.800 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1806.100 |
1998.800 |
991.100 |
|
|
Purchases of
Stock-in-Trade |
213.900 |
3.800 |
8.200 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(103.100) |
44.600 |
(91.600) |
|
|
Employee benefit expense |
911.300 |
694.400 |
465.600 |
|
|
CSR expenditure |
25.200 |
20.800 |
0.000 |
|
|
Other expenses |
8183.400 |
7044.200 |
6229.500 |
|
|
Exceptional items |
29.600 |
0.000 |
0.000 |
|
|
TOTAL |
11066.400 |
9806.600 |
7602.800 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
3976.200 |
3091.500 |
1667.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1297.100 |
1325.500 |
1447.500 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
2679.100 |
1766.000 |
219.500 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
545.900 |
569.300 |
454.200 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
2133.200 |
1196.700 |
(234.700) |
|
|
|
|
|
|
|
Less |
TAX |
976.700 |
304.200 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
1156.500 |
892.500 |
(234.700) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
4.500 |
22.100 |
1.800 |
|
|
TOTAL EARNINGS |
4.500 |
22.100 |
1.800 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
1852.900 |
1048.600 |
1149.100 |
|
|
Components and spare
parts |
415.500 |
56.000 |
0.000 |
|
|
Capital Goods |
444.400 |
63.700 |
0.000 |
|
|
TOTAL IMPORTS |
2712.800 |
1168.300 |
1149.100 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
2.57 |
1.99 |
(0.69) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
733.300 |
501.000 |
1731.500 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
2922.300 |
3172.500 |
1783.600 |
|
Net cash flow from operating activity |
2533.400 |
3000.100 |
1777.600 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
33.31 |
23.28 |
30.88 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
10.96 |
15.68 |
11.82 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
602.47 |
478.39 |
951.42 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
2.52 |
2.25 |
1.20 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.18 |
0.20 |
0.12 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets) |
0.81 |
0.80 |
0.90 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
3.27 |
2.49 |
3.20 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.83 |
1.41 |
1.83 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
3.99 |
3.64 |
4.24 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
3.07 |
2.33 |
1.15 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales) * 100] |
% |
8.18 |
7.02 |
(2.55) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
3.64 |
4.43 |
(1.27) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
21.16 |
21.13 |
(7.05) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.73 |
0.59 |
0.55 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current Liabilities) |
0.57 |
0.36 |
0.32 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.17 |
0.21 |
0.18 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
3.97 |
2.33 |
2.47 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.73 |
0.59 |
0.55 |
Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts
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 |
4315.100 |
4505.100 |
4505.100 |
|
Reserves & Surplus |
(1174.500) |
(282.000) |
959.600 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
190.000 |
0.000 |
0.000 |
|
Net
worth |
3330.600 |
4223.100 |
5464.700 |
|
|
|
|
|
|
Long-term borrowings |
8830.500 |
9681.200 |
14936.100 |
|
Short term borrowings |
99.200 |
335.500 |
2224.200 |
|
Current maturities of
long-term debts |
1731.500 |
501.000 |
733.300 |
|
Total
borrowings |
10661.200 |
10517.700 |
17893.600 |
|
Debt/Equity
ratio |
3.201 |
2.491 |
3.274 |
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 |
9219.100 |
12720.100 |
14131.400 |
|
|
|
37.976 |
11.095 |
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 |
9219.100 |
12720.100 |
14131.400 |
|
Profit/ (Loss) |
(234.700) |
892.500 |
1156.500 |
|
|
(2.55%) |
7.02% |
8.18% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
4505.100 |
4505.100 |
|
(b) Reserves & Surplus |
|
913.300 |
(282.000) |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
5418.400 |
4223.100 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
14936.100 |
9681.200 |
|
(b) Deferred tax liabilities
(Net) |
|
550.300 |
0.000 |
|
(c) Other long term
liabilities |
|
658.300 |
252.000 |
|
(d) long-term provisions |
|
175.700 |
37.900 |
|
Total
Non-current Liabilities (3) |
|
16320.400 |
9971.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
2224.200 |
335.500 |
|
(b) Trade payables |
|
3334.200 |
2624.700 |
|
(c) Other current liabilities |
|
4371.400 |
2907.300 |
|
(d) Short-term provisions |
|
96.000 |
66.500 |
|
Total
Current Liabilities (4) |
|
10025.800 |
5934.000 |
|
|
|
|
|
|
TOTAL |
|
31764.600 |
20128.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
15135.800 |
12976.000 |
|
(ii) Intangible Assets |
|
134.500 |
4.900 |
|
(iii) Capital work-in-progress |
|
6571.500 |
2392.700 |
|
(iv) Intangible assets under
development |
|
16.000 |
2.200 |
|
(b) Non-current Investments |
|
1413.300 |
24.200 |
|
(c) Deferred tax assets (net) |
|
0.000 |
426.400 |
|
(d) Long-term Loan and Advances |
|
713.500 |
779.500 |
|
(e) Other Non-current assets |
|
504.300 |
0.000 |
|
Total
Non-Current Assets |
|
24488.900 |
16605.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1577.800 |
1372.600 |
|
(c) Trade receivables |
|
1289.800 |
811.200 |
|
(d) Cash and cash equivalents |
|
1258.200 |
179.800 |
|
(e) Short-term loans and
advances |
|
1895.000 |
976.700 |
|
(f) Other current assets |
|
1254.900 |
182.000 |
|
Total
Current Assets |
|
7275.700 |
3522.300 |
|
|
|
|
|
|
TOTAL |
|
31764.600 |
20128.200 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
14131.400 |
12720.100 |
|
|
Other Income |
|
911.200 |
178.000 |
|
|
TOTAL
|
|
15042.600 |
12898.100 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
1806.100 |
1998.800 |
|
|
Purchases of Stock-in-Trade |
|
213.900 |
3.800 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(103.100) |
44.600 |
|
|
Employees benefits expense |
|
911.300 |
694.400 |
|
|
Power and Fuel |
|
2423.300 |
2148.300 |
|
|
Freight and Handling expenses |
|
3709.800 |
3217.600 |
|
|
Captive Consumption |
|
(70.000) |
(36.900) |
|
|
Exceptional Items |
|
29.600 |
0.000 |
|
|
Other expenses |
|
2145.800 |
1736.000 |
|
|
TOTAL |
|
11066.700 |
9806.600 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
3975.900 |
3091.500 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
1297.200 |
1325.500 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
2678.700 |
1766.000 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
545.900 |
569.300 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
2132.800 |
1196.700 |
|
|
|
|
|
|
|
Less |
TAX |
|
976.700 |
304.200 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
1156.100 |
892.500 |
|
|
|
|
|
|
|
Add |
Share
of loss in associate |
|
(41.500) |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) for the year |
|
1114.600 |
892.500 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
2.47 |
1.99 |
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 |
Yes |
|
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 |
Yes |
|
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 (As per site visit) |
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
OVERVIEW OF THE
COMPANY
The Company is engaged in the business of manufacture and sale of cement, ground granulated blast furnace slag and clinker and trading of allied products. The Company is operating ~ 0.70 million tonne per annum grinding unit at Vijayanagar, Karnataka and ~ 4.40 million tonne per annum green field cement manufacturing unit at Bilkalguduru village near Nandyal, Andhra Pradesh and ~ 1.00 million tonne per annum grinding unit at Dolvi Maharashtra
ECONOMIC OUTLOOK
Economic growth is projected to remain strong and India will remain the fastest growing economy. Private investment will recover gradually as excess capacity diminishes and the Goods and Services Tax and other measures to improve the ease of doing business are being implemented. A key concern is the health of the banking system, which is still dealing with a large amount of bad loans and also heightened corporate vulnerabilities in several key sectors of the economy.
The government has made significant progress on important economic reforms, which will support strong and sustainable growth going forward.
In particular, the implementation of the Goods and Services Tax, which has been in the making for over a decade, will help raise India’s medium-term growth to above 8 percent, as it will enhance the efficiency of production and movement of goods and services across Indian states.
CEMENT INDUSTRY
OUTLOOK AND OPPORTUNITIES
The cement sector plays a vital role in the economic growth of the country, and in its journey towards the inclusive growth. Cement is an essential item for the construction sector and for all infrastructural projects. With the growing infrastructure expenditure and increasing industrial base, India is set to witness significant growth in its Gross Domestic Product (GDP) resulting in favorable outcome for cement industry in the coming years. The cement sector is expected to witness positive growth in the coming years, with consumption set to increase at a CAGR of around 9% during FY 2017-FY 2020.
The Government has provided incentives for rural development and also allowed 100% FDI in the construction and industrial parks. Overall, cement demand growth is expected to further grow in the next fiscal on account of higher government expenditure on various initiatives as announced in the Union Budget along with incentives for affordable housing by providing it with 'Infrastructure Status'. This is likely to boost the demand for cement.
UNSECURED LOANS
|
PARTICULAR |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Working capital loans from banks |
40.000 |
80.000 |
|
Total |
40.000 |
80.000 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G84261742 |
100170088 |
Bank of Bahrain & Kuwait BSC |
22/03/2018 |
- |
- |
400000000.0 |
6-3-550, L.B. Bhawan, Akashganga, SomajigudaHyderabadTG500082IN |
|
2 |
G78369964 |
100157921 |
IDBI TRUSTEESHIP SERVICES LIMITED |
05/02/2018 |
- |
- |
10750000000.0 |
Asian Building, Ground Floor, 17, R Kamani MargBallard Estate, MumbaiMumbaiMH400001IN |
|
3 |
G78817806 |
100159017 |
ICICI BANK LIMITED |
29/01/2018 |
- |
- |
900000000.0 |
ICICI Bank Tower, Near Chakli Circle,Old Padra RoadVadodaraGu390007IN |
|
4 |
G51725273 |
100118998 |
Axis Bank Limited |
08/06/2017 |
- |
- |
1500000000.0 |
CORPORATE BANKING BRANCH, 12, MITTAL TOWER, A WINGFIRST FLOOR, NARIMAN POINT, MUMBAIMUMBAIMH400021IN |
|
5 |
G47677448 |
100107631 |
INDUSIND BANK LTD. |
09/05/2017 |
- |
- |
10875000000.0 |
2401 GEN THIMMAYYA ROADCONTONMENTPUNEMH411001IN |
|
6 |
G08950354 |
100043030 |
IDBI TRUSTEESHIP SERVICES LIMITED |
09/08/2016 |
- |
- |
10875000000.0 |
Asian Building, Ground Floor, 17, R Kamani Marg,Ballard Estate MumbaiMumbaiMH400001IN |
|
7 |
B84077999 |
10365501 |
IDBI TRUSTEESHIP SERVICES LIMITED |
30/06/2012 |
29/08/2013 |
- |
2000000000.0 |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAIMH400001IN |
|
8 |
G76712207 |
100081937 |
AXIS TRUSTEE SERVICES LIMITED |
09/03/2017 |
- |
07/02/2018 |
2050000000.0 |
AXIS HOUSE, BOMBAY DYEING MILLSCOMPOUND, PANDHURANG BUDHKAR MARG, WORLIMUMBAIMa400025IN |
|
9 |
G74245713 |
10486246 |
Axis Trustee Services Limited |
28/03/2014 |
- |
09/01/2018 |
4250000000.0 |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound,Pandurang Budhkar Marg, Worli,MumbaiMH400025IN |
|
10 |
G75123760 |
10520585 |
YES BANK LIMITED |
09/09/2014 |
23/03/2016 |
05/01/2018 |
4250000000.0 |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,DR. ANNIE BESANT ROAD, WORLI,MUMBAIMH400018IN |
FIXED ASSETS:
Tangible assets
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Vehicles
· Office equipment
· Computer equipments
· Other equipments
Intangible assets
· Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, 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 66.70 |
|
UK Pound |
1 |
INR 93.14 |
|
Euro |
1 |
INR 81.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
KAM |
|
|
|
|
Analysis Done by
: |
PRI |
|
|
|
|
Report Prepared
by : |
JYTK |
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 |
NO |
|
--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.