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|
MIRA INFORM REPORT
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Report No. : |
492695 |
|
Report Date : |
21.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
ANJANI PORTLAND CEMENT LIMITED [w.e.f. 07.10.1999] |
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Formerly Known
As : |
SHEZ CEMENTS LIMITED [w.e.f. 17.10.1985] SHEZ CHEMICALS LIMITED |
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Registered
Office : |
306A, The Capital, 3rd Floor, Plot No. C-70, G-Block,
Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra |
|
Tel. No.: |
91-40-23353096/ 106/ 93 |
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Country : |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
17.12.1983 |
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Com. Reg. No.: |
11-265166 |
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Capital
Investment / Paid-up Capital : |
INR 252.900 Million |
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CIN No.: [Company Identification
No.] |
L26942MH1983PLC265166 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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TIN No.: |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
The Company manufactures high quality premium cement. [Registered Activity] |
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No. of Employees
: |
277 (Approximately) |
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Anjani Portland Cement Limited (APCL) is engaged in manufacturing
of Cement. The company was incorporated in the year 1983 and is based in
Mumbai, Maharashtra. It is an established company having good track record.
|
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 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Non-convertible Debenture issue = AA+ (SO) |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
January 5, 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
31-03-2016.
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 21.02.2018.
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. Balaramaraju |
|
Designation : |
Not Divulged |
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Contact No.: |
91-9949400699 |
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Date : |
17.02.2018 |
Tel No.: [91-40-233353096] – Number is Ringing.
LOCATIONS
|
Registered Office : |
306A, The Capital, 3rd Floor, Plot No. C-70, G-Block,
Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office : |
6-3-553, Unit Nos. E3 & E4, 4th Floor, Quena Square, Off Taj Deccan Road, Erramanzil, Hyderabad – 500082, Telangana, India |
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Tel. No.: |
91-40-2335-3096 |
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Fax No.: |
91-40-2335-3093 |
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E-Mail : |
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Factory : |
Anjani Puram, Chintalapalem Village, Gudimalkapuram Post, Mellacheruvu, Mandal, Nalgonda - 508246, Andhra Pradesh, India |
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Tel. No.: |
91-8683-230168/ 217560/ 217230 |
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Fax No.: |
91-8683-230024 |
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E-Mail : |
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Marketing Branch
Offices : |
Visakhapatnam D. No. 10-50-14/6,
Sitha Nilayam, Siripuram Jn., Visakhapatnam - 530 003, Andhra Pradesh, India Tel :91-891-2705044 Vijayawada 4th Floor, Vasantha Plaza, Benz Circle, MG Road, Vijayawada - 520 010, Andhra Pradesh, India Tel :91-866-6665223 Bhimavaram Vishnu Bhavan, D. No. 3-1-186/187, Opposite Krishna Hospitals, Undi Road, Bhimavaram - 534 202, Andhra Pradesh, India Tel :
91-8816-222287 Kakinada D. No. 11-1-10, 3 Lights Junction, Ramaraopeta, Kakinada - 533 004, Andhra Pradesh, India Tel :
91-884-2356611 Chennai 97-345, Pantheon Road, D. No. 262, 263 & 264, Fountain Plaza, Egmore, Chennai - 600 008, Tamilnadu, India Tel : 91-44-28190964/65/63 Bangalore Flat No. 93, ‘Lokesh Nilaya’, 17th ‘B’ Main, HAL 2nd ‘A’ Stage Indiranagar, Bangalore -560 008, Karnataka, India Tel : 91-80-25261935 |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Annamalai Chettiar Subramanian |
|
Designation : |
Managing Director |
|
Address : |
1e,11th Block, Asvini, Amarisa Apartment, Kalasathamman Kovil Street, Ramapuram, Chennai – 600089, Tamilnadu, India |
|
Date of Appointment : |
19.01.2015 |
|
DIN No.: |
06693209 |
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|
Name : |
Mr. Subramanian Vaithilingam |
|
Designation : |
Director |
|
Address : |
No.8, 9, Uthaya Nagar, Wsten Porur, Chennai – 600116, Tamilnadu, India |
|
Date of Appointment : |
16.05.2014 |
|
DIN No.: |
06693099 |
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Name : |
Mr. Gopal Perumal |
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Designation : |
Director |
|
Address : |
Old No.52, New No.122, Subramaniya Mudali Street, Saidapet, Chennai – 60001, Tamilnadu, India |
|
Date of Appointment : |
16.05.2014 |
|
DIN No.: |
06630431 |
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|
Name : |
Mrs. Nirmalatha Sunanda Bakthavatchalam |
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Designation : |
Director |
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Address : |
35 I Main Road, Lake Area Nungambakkam, Chennai – 600034, Tamilnadu, India |
|
Date of Birth/Age : |
16.08.1974 |
|
Qualification |
Master’s Degree, M.L In Department of Legal Studies, University of Madras, Doctorate Programme, Phd In The Field Of Intellectual Property Rights In The University of Madras |
|
Date of Appointment : |
10.02.2015 |
|
DIN No.: |
03092392 |
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|
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|
Name : |
Mr. Valliammai Valliappan |
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Designation : |
Director |
|
Address : |
A3/23, 6th Main Road, Tristar Residency, West Mugappair, Mogappair, Tiruvallur – 600037, Tamilnadu, India |
|
Date of Birth/Age : |
24.01.1975 |
|
Qualification |
Chartered Accountant |
|
Date of Appointment : |
25.05.2017 |
|
DIN No.: |
01197421 |
KEY EXECUTIVES
|
Name : |
Mr. Mangilal Kumavat |
|
Designation : |
Chief Financial Officer |
|
Address : |
F. No. 211, Wingb, Adityavardhan, Powai Lake, Saki Vihar Road, Next To Minal Apartment, Andheri (East), Mumbai – 400072, Maharashtra, India |
|
Date of Appointment : |
10.02.2015 |
|
PAN No.: |
AEOPK6168D |
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|
Name : |
Mrs. Anu Nair |
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Designation : |
Company Secretary |
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Address : |
Flat No 306A, The Capital Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India |
|
Date of Appointment : |
04.06.2014 |
|
PAN No.: |
ACUPN0903F |
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Management Team |
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|
Name : |
Mr. N. Venkata Raju |
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Designation : |
Sr.Vice President (Works) |
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|
Name : |
Mr. Ch. Gandhi Raju |
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Designation : |
Sr.Vice President (Marketing) |
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|
Name : |
Mr. M. Nagabhushana Rao |
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Designation : |
Vice President (Mechanical) |
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|
Name : |
Mr. K.V. Gopala Raju |
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Designation : |
General Manager (Purchase) |
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|
Name : |
Mr. D.V. Subba Raju |
|
Designation : |
Sr. General Manager (E & I) |
SHAREHOLDING PATTERN
AS ON December 2017
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of
shares (calculated as per SCRR, 1957) As a % |
|
|
(A) Promoter & Promoter Group |
18964270 |
75.00 |
|
|
(B) Public |
6321426 |
25.00 |
|
|
Grand Total |
25285696 |
100.00 |
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 % |
|
|
1) Indian |
|
||
|
Any Other (specify) |
18964270 |
75.00 |
|
|
CHETTINAD CEMENT CORPORATION LIMITED |
18964270 |
75.00 |
|
|
Sub Total A1 |
18964270 |
75.00 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
18964270 |
75.00 |
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/ |
27800 |
0.11 |
|
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Financial Institutions/ Banks |
7965 |
0.03 |
|
|
Sub Total B1 |
35765 |
0.14 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200 Million |
2342294 |
9.26 |
|
|
Individual share capital in excess of INR 0.200 Million |
2425632 |
9.59 |
|
|
BHAVANA GOVINDBHAI DESAI |
501000 |
1.98 |
|
|
VENKATA VISHNU RAJU KALIDINDI |
364463 |
1.44 |
|
|
SUBRAMANIAN P |
1435570 |
5.68 |
|
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Any Other (specify) |
1517735 |
6.00 |
|
|
PRATIBHUTI VINIHIT LIMITED |
440000 |
1.74 |
|
|
NRI – Repat |
25078 |
0.10 |
|
|
Clearing Members |
6440 |
0.03 |
|
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NRI – Non- Repat |
6783 |
0.03 |
|
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Bodies Corporate |
1120713 |
4.43 |
|
|
I E P F |
358721 |
1.42 |
|
|
Sub Total B3 |
6285661 |
24.86 |
|
|
B=B1+B2+B3 |
6321426 |
25.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company manufactures high quality premium cement.
[Registered Activity] |
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Products / Services
: |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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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
|
Suppliers : |
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Customers : |
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No. of Employees : |
277 (Approximately) |
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Bankers : |
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Facilities : |
Notes: LONG TERM BORROWINGS The borrowings are secured as follows: a) 10% Non-convertible debentures are secured under hypothecation by way of first pari-passu charge on movable fixed assets of the Company and Corporate guarantee issued by Chettinad Cement Corporation Limited (The Holding Company). b) Term loan from banks are secured by a First Pari Passu charge on all Movable Fixed Assets and Corporate Guarantee issued by Chettinad Cement Corporation Limited (The Holding Company). The carrying amount of financial and non-financial assets assets pledged as security for current and non-current borrowings. SHORT TERM
BORROWINGS: a) Working Capital Demand Loan and Bank Overdrafts are secured under hypothecation by way of first pari-passu charge on current assets of the Company and Corporate guarantee issued by Chettinad Cement Corporation Limited (The Holding Company). b) The carrying amount of financial and non-financial assets
pledged as security for current and non-current borrowings |
|
Statutory Auditors |
|
|
Name : |
Ramanatham and Rao Chartered Accountants |
|
Address : |
P.B.No.2102, Flat No.302, Kala Mansion, Sarojini Devi Road, Secunderabad – 500 003, Telangana, India |
|
|
|
|
Cost Auditors: |
|
|
Name : |
Narasimha Murthy and Company Chartered Accountants |
|
Address : |
3-6-365, 104 and 105, Pavani Estate, Himayat Nagar, Hyderabad – 500029, Telangana, India |
|
|
|
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Internal Auditors: |
|
|
Name : |
Bhaskara Rao and Company Chartered Accountants |
|
Address : |
5-4, 5th Floor, “Kautilya”, 6-3-652, Somajiguda, Hyderabad – 500 482, Telangana, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company: |
Chettinad Cement Corporation Limited, India |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares (in lakhs) |
Type |
Value |
Amount |
|
|
|
|
|
|
300 |
Equity Shares |
INR 10/- each |
INR 300.000 Million |
|
10 |
Preference Shares |
INR 10/- each |
INR 10.000 Million |
|
|
Total |
|
INR 310.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares (in lakhs) |
Type |
Value |
Amount |
|
|
|
|
|
|
253 |
Equity Shares |
INR 10/- each |
INR 252.900 Million |
|
|
|
|
|
Terms and rights
attached to equity shares
The Company has one class of equity shares having a par value of INR 10. Each shareholder is eligible for one vote per share held. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of and amounts paid on equity shares held.
Shares of the Company
held by holding / ultimate holding Company
|
Equity Shares |
Number
of Shares |
Amount
|
|
Chettinad Cement Corporation Limited, Holding Company * |
18964272 |
189.643 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares (in lakhs) |
% holding |
|
|
|
|
|
Chettinad Cement Corporation Limited, Holding Company * |
190 |
75% |
|
Subramanian P |
15 |
6% |
|
Total |
205 |
81.00% |
* The name of Holding Company has been changed from Chettinad Cement Corporation Limited to Chettinad
Cement Corporation
Private Limited w.e.f. 3rd May 2017.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
252.900 |
183.900 |
183.896 |
|
(b) Reserves &
Surplus |
1789.400 |
689.400 |
590.717 |
|
(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) |
2042.300 |
873.300 |
774.613 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
299.900 |
851.300 |
1753.305 |
|
(b) Deferred tax
liabilities (Net) |
164.800 |
163.500 |
18.128 |
|
(c) Other long term
liabilities |
114.900 |
114.000 |
23.819 |
|
(d) long-term provisions |
24.900 |
28.800 |
21.830 |
|
Total Non-current
Liabilities (3) |
604.500 |
1157.600 |
1817.082 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
72.000 |
246.800 |
157.340 |
|
(b) Trade payables |
189.900 |
69.800 |
70.021 |
|
(c) Other current
liabilities |
681.100 |
420.000 |
306.988 |
|
(d) Short-term provisions |
1.900 |
7.700 |
13.752 |
|
Total Current Liabilities
(4) |
944.900 |
744.300 |
548.101 |
|
|
|
|
|
|
TOTAL |
3591.700 |
2775.200 |
3139.796 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2610.000 |
1927.900 |
2044.463 |
|
(ii) Intangible Assets |
0.900 |
1.200 |
0.000 |
|
(iii) Capital
work-in-progress |
62.500 |
139.200 |
6.569 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
55.412 |
|
(e) Other Non-current
assets |
24.300 |
195.200 |
0.000 |
|
Total Non-Current Assets |
2697.700 |
2263.500 |
2106.444 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.283 |
|
(b) Inventories |
339.600 |
190.100 |
374.127 |
|
(c) Trade receivables |
175.400 |
120.700 |
153.167 |
|
(d) Cash and cash
equivalents |
86.900 |
41.100 |
30.948 |
|
(e) Short-term loans and
advances |
0.100 |
0.400 |
474.827 |
|
(f) Other current assets |
292.000 |
159.400 |
0.000 |
|
Total Current Assets |
894.000 |
511.700 |
1033.352 |
|
|
|
|
|
|
TOTAL |
3591.700 |
2775.200 |
3139.796 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
3096.900 |
2731.900 |
2596.668 |
|
|
Other Income |
15.200 |
7.100 |
11.340 |
|
|
TOTAL |
3112.100 |
2739.000 |
2608.008 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
345.300 |
290.400 |
361.084 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(31.300) |
71.700 |
52.572 |
|
|
Employees benefits
expense |
150.300 |
167.200 |
150.177 |
|
|
Other expenses |
1810.900 |
1379.700 |
1520.544 |
|
|
TOTAL |
2275.200 |
1909.000 |
2084.377 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
836.900 |
830.000 |
523.631 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
94.400 |
158.400 |
277.987 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
742.500 |
671.600 |
245.644 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
170.600 |
231.200 |
105.937 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
571.900 |
440.400 |
139.707 |
|
|
|
|
|
|
|
Less |
TAX |
123.100 |
242.500 |
(27.419) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
448.800 |
197.900 |
167.126 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic |
18.6 |
9.87 |
9.09 |
|
|
Diluted |
18.6 |
9.87 |
9.09 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current maturities of long term debts - Secured |
300.000 |
96.700 |
75.368 |
|
Current maturities of long term debts - Unsecured |
0.000 |
0.000 |
2.381 |
|
Total |
300.000 |
96.700 |
77.749 |
|
Cash generated from operations |
659.100 |
1294.000 |
112.429 |
|
Net cash inflow from operating activities |
547.700 |
1224.000 |
110.429 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
933.920 |
910.420 |
900.070 |
|
Total Expenditure |
764.020 |
745.880 |
791.810 |
|
PBIDT (Excluding Other Income) |
169.900 |
164.540 |
108.260 |
|
Other income |
5.340 |
2.570 |
2.700 |
|
Operating Profit |
175.240 |
167.100 |
110.960 |
|
Interest |
16.290 |
18.880 |
15.370 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
158.960 |
148.220 |
95.590 |
|
Depreciation |
46.270 |
46.840 |
47.390 |
|
Profit Before Tax |
112.690 |
101.380 |
48.200 |
|
Tax |
40.010 |
34.480 |
15.430 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit after tax |
72.680 |
66.900 |
32.770 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
72.680 |
66.900 |
32.770 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
20.67 |
16.13 |
21.53 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
17.66 |
22.63 |
16.95 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
200.73 |
87.73 |
70.78 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
2.46 |
4.37 |
1.40 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.31 |
0.40 |
0.26 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.43 |
0.61 |
0.76 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.33 |
1.37 |
2.57 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.46 |
0.85 |
0.71 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.31 |
2.37 |
2.65 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
8.87 |
5.24 |
1.88 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
14.49 |
7.24 |
6.44 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
12.50 |
7.13 |
5.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
21.98 |
22.66 |
21.58 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.95 |
0.69 |
1.89 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.59 |
0.43 |
1.20 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.57 |
0.31 |
0.25 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
2.66 |
6.50 |
10.81 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.95 |
0.69 |
1.89 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00 |
|
Market Value |
INR 199.00 |
FINANCIAL ANALYSIS
[all figures are
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 |
183.896 |
183.900 |
252.900 |
|
Reserves & Surplus |
590.717 |
689.400 |
1789.400 |
|
Net
worth |
774.613 |
873.300 |
2042.300 |
|
|
|
|
|
|
Long-Term Borrowings |
1753.305 |
851.300 |
299.900 |
|
Short Term Borrowings |
157.340 |
246.800 |
72.000 |
|
Current Maturities of Long term debt |
77.749 |
96.700 |
300.000 |
|
Total
borrowings |
1988.394 |
1194.800 |
671.900 |
|
Debt/Equity
ratio |
2.567 |
1.368 |
0.329 |
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 |
2596.668 |
2731.900 |
3096.900 |
|
|
|
5.208 |
13.361 |
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
|
2596.668 |
2731.900 |
3096.900 |
|
Profit |
167.126 |
197.900 |
448.800 |
|
|
6.44% |
7.24% |
14.49% |
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 |
No |
|
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
BACKGROUND:
Subject is a Public Limited Company incorporated and domiciled in India whose shares are publicly traded. The registered office is located at No: 306A, The Capital, 3rd Floor, Plot No.C-70, G-Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051 Maharashtra.
The Company manufactures high quality premium cement. The Company has manufacturing plant located at Chintalapalem Village, Mellavheruvu Mandal Nalogonda district, Telengana.
• MANAGEMENT
DISCUSSION AND ANALYSIS
• Economy and
Developments
In 2016-17 the world economy showed a very moderate increase. The global economy for a long time has been bearing the brunt of the sluggish pace in global investment and adding to the woes have been the diminishing growth of world trade. For the April 2016-March 2017 period, the Indian economy advanced 7.1 percent, in line with the estimate but below 8 percent in the previous year. However as compared to the world economy the Indian economy has shown a positive trend. The demonetization move by the Government in December 2016 had a short term adverse impact on the India n economy. For the first time in over a decade the production volume in the Industry showed a decline. However the Cement Industry was quickly able to recover from this disturbance and was probably one of the sectors to show the quickest recoveries.
• Opportunities,
Threats, Risks, Concerns and Outlook
The Union Budget 2017-18 has been considered as a very optimistic budget especially for the infrastructure sector. With the PM Awaas Yojana, there will be one crore houses to be made for the homeless, the allocation for the same has increased from INR 150000.000 million to INR 230000.000 million.
Infrastructure and Rural development as in the last year has been a focus in the current year as well which will definitely boost the demand for cement. The prices of coal and petcoke have risen sharply in the past six months, leading to higher fuel costs, which is a matter of high concern for the Cement Industry. However considering the Government’s constant endeavor towards infrastructural development, the best days for the Cement Industry are not far away
• Financial
Performance in comparison to Operational Performance
In the Financial year 2016-17, the Company’s production level touched INR 8.50 Lakh tons, which reflects a growth of 12.20% year on year. The volume of Cement sales was at INR 8.5 Lakh tons recording a growth of 11.80%. This was mainly because of significant efforts made by the Company in Andhra Pradesh and Tamilnadu cement market.
The Company rationalized its finance costs during the year by repaying its term loan through internal accrual and efficient utilization of working capital limits.
Depreciation cost during the year was lower as compared to previous year as major part of Plant & Machinery (Line I) was depreciated fully during previous year based on useful life as provided in Part C of Schedule II to the Companies Act, 2013.
As a result of combined effect on account of growth in cement volumes, cost rationalization and improved price realization, profit before tax of Company was up by 29.86% to INR 571.900 million.
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
31.12 2017
(INR in Million)
|
Particulars |
Three Months Ended |
Three Months Ended |
Nine
Months Ended |
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
900.066 |
910.419 |
2744.404 |
|
Other Operating Income |
2.697 |
2.566 |
10.601 |
|
Total
Income from Operations |
902.763 |
912.985 |
2755.005 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
93.876 |
95.031 |
274.353 |
|
Changes in inventories of finished goods and work-in-progress
|
58.804 |
(33.584) |
16.160 |
|
Excise Duty |
0.000 |
0.000 |
135.351 |
|
Employee benefits expense |
42.926 |
47.194 |
133.916 |
|
Finance Cost |
15.371 |
18.880 |
50.542 |
|
Depreciation and Amortization expenses |
47.393 |
46.844 |
140.509 |
|
Power and Fuel |
247.852 |
296.857 |
802.830 |
|
Foreign and forwarding Charges |
241.018 |
241.001 |
634.285 |
|
Other Expenditure |
107.324 |
99.381 |
304.791 |
|
Total
Expenses |
854.564 |
811.604 |
2492.737 |
|
Profit
/ (Loss) from ordinary activities before Exceptional items |
48.199 |
101.381 |
262.269 |
|
Exceptional items |
-- |
-- |
-- |
|
Profit
/ (Loss) before Tax |
48.199 |
101.381 |
262.269 |
|
Tax Expense |
15.432 |
34.482 |
89.919 |
|
Profit
/ (Loss) after Tax |
32.767 |
66.899 |
172.350 |
|
Other comprehensive Income |
(1.626) |
2.491 |
(1.461) |
|
Total
Other comprehensive Income for the year |
31.141 |
69.390 |
170.889 |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
252.857 |
252.857 |
252.857 |
|
Reserves (excluding Revaluation Reserve) |
-- |
-- |
-- |
|
Earnings
per Share (EPS) – INR |
1.23 |
2.74 |
6.76 |
SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES AND CAPITAL
EMPLOYED
(INR in Million)
|
Particulars |
Three Months Ended |
Three Months Ended |
Nine Months Ended |
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
1. Segment
Revenue |
|
|
|
|
a)
Cement |
900.066 |
910.419 |
2744.404 |
|
b)
Power |
116.438 |
127.552 |
344.865 |
|
Total segment
revenue |
1016.504 |
1037.971 |
3109.269 |
|
Less: Inter –
segment revenue |
116.438 |
127.552 |
344.865 |
|
Total income
from operations (net sales) |
900.066 |
910.419 |
2744.404 |
|
|
|
|
|
|
2. Segment
Results |
|
|
|
|
Profit/ (loss)
before tax and interest |
|
|
|
|
a)
Cement |
37.413 |
92.816 |
239.573 |
|
b)
Power |
26.157 |
27.445 |
73.238 |
|
Total segment
results |
63.570 |
120.261 |
312.811 |
|
(Add)/Less:
Interest |
15.371 |
18.880 |
50.542 |
|
Total Profit
Before Tax |
48.199 |
101.381 |
262.269 |
|
|
|
|
|
|
3. Capital
Employed |
|
|
|
|
Segment Assets |
|
|
|
|
a)
Cement |
2768.900 |
2926.848 |
2768.900 |
|
b)
Power |
814.135 |
823.732 |
814.135 |
|
Total |
3583.035 |
3750.580 |
3583.035 |
|
Segment
Liabilities |
|
|
|
|
a)
Cement |
1393.266 |
1574.558 |
1393.266 |
|
b)
Power |
7.674 |
19.068 |
7.674 |
|
Total
|
1400.940 |
1593.626 |
1400.94 |
INDEX OF CHARGES:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
C44271104 |
10538634 |
IDBI TRUSTEESHIP SERVICES LIMITED |
10/12/2014 |
13/02/2015 |
- |
690000000.0 |
ASIAN BUILDING, GROUND FLOOR, 17,R. KAMANI MARG, BALLARD ESTATE, MUMBAI – 400001, MAHARASHTRA, INDIA |
|
2 |
G68142884 |
10529469 |
HDFC BANK LIMITED |
03/11/2014 |
10/11/2017 |
- |
400000000.0 |
HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI – 400013, MAHARASHTRA, INDIA |
|
3 |
G06754766 |
10529471 |
HDFC BANK LIMITED |
06/11/2014 |
- |
30/06/2016 |
600000000.0 |
115, RK SALAI, CHENNAI – 600004, TAMILNADU, INDIA |
|
4 |
C31338213 |
10015848 |
STATE BANK OF INDIA |
03/08/2006 |
- |
24/10/2014 |
163000000.0 |
COMMERCIAL BRANCH, BANK STREET, KOTHI, HYDERABAD – 500095, TELANGANA, INDIA |
|
5 |
C31339203 |
10129746 |
STATE BANK OF INDIA |
05/11/2008 |
- |
24/10/2014 |
104300000.0 |
COMMERCIAL BRANCH, BANK STREET, KOTI, HYDERABAD – 500095, TELANGANA, INDIA |
|
6 |
C31336258 |
10169478 |
STATE BANK OF INDIA (LEAD BANK) |
20/06/2009 |
27/04/2013 |
24/10/2014 |
1150000000.0 |
COMMERCIAL BRANCH, MID CORPORATE GROUP, BANK STREET, KOTI, HYDERABAD – 500095, TELANGANA, INDIA |
|
7 |
C31340284 |
10268095 |
STATE BANK OF INDIA |
30/12/2010 |
- |
24/10/2014 |
45000000.0 |
COMMERCIAL BRANCH, BANK STREET, KOTI, HYDERABAD – 500095, TELANGANA, INDIA |
|
8 |
C31335748 |
10015847 |
STATE BANK OF INDIA |
03/08/2006 |
27/04/2013 |
24/10/2014 |
747000000.0 |
COMMERCIAL BRANCH, MID CORPORATE GROUPBANK STREET, KOTI, HYDERABAD – 500095, TELANGANA, INDIA |
|
9 |
C31341480 |
10384211 |
STATE BANK OF INDIA |
12/09/2012 |
- |
24/10/2014 |
360000000.0 |
COMMERCIAL BRANCH, BANK STREET, KOTI, HYDERABAD – 500095, TELANGANA, INDIA |
|
10 |
C31342561 |
90138174 |
THE STATE BANK OF INDIA |
31/12/1999 |
17/02/2003 |
24/10/2014 |
198000000.0 |
COMMERCIAL BRANCH, KOTI, HYDERABAD, TELANGANA, INDIA |
FIXED ASSETS:
Tangible assets
- Land – Freehold
- Building – Own
- Plant and Machinery
- Furniture and Fixtures
- Office Equipment
- Vehicles
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,
1] INFORMATION ON
DESIGNATED PARTY
No records 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 64.53 |
|
|
1 |
INR 79.86 |
|
Euro |
1 |
INR 90.13 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHL |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
GEET |
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.