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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

485998

Report Date :

15.01.2018

 

IDENTIFICATION DETAILS

 

Name :

OCL INDIA LIMITED (w.e.f. 15.01.1996)

 

 

Formerly Known As :

ORISSA CEMENT LIMITED

 

 

Registered Office :

Dalmiapuram, District Tiruchirapalli – 621651, Tamilnadu 

Tel No.:

91-6624-221212

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

11.10.1949

 

 

Com. Reg. No.:

18-117481

 

 

Capital Investment / Paid-up Capital :

INR 113.900 Million

 

 

CIN No.:

[Company Identification No.]

L26942TN1949PLC117481

 

 

IEC No.:

2388000050

 

 

GSTIN :

Not Divulged

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Divulged

 

 

PAN No.:

[Permanent Account No.]

AAACO1354J 

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges

 

 

Line of Business :

The Company is engaged in the manufacturing of cement and refractory products. (Registered Activity)

 

 

No. of Employees :

2694 (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++

Minimum Risk

Business dealings permissible with minimum risk of default

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of “Dalmia Cement (Bharat) Limited” and was incorporated in the year 1949. The company is engaged in manufacturing of cement and refractory products.


For the financial year 2017, the company has achieved revenue growth of 9.28% as compared to the previous year along with a decent profit margin of 13.18%.

The sound financial risk profile of the company is marked by adequate net worth base along with negligible debt balance sheet profile.


Rating takes into account the strong financial and managerial support that company receives from its holding entity backed by its well experienced management team.


Payments are reported to be regular.


In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions.


Note: The Scheme of Arrangement and Amalgamation amongst the Company, Dalmia Cement East Limited, Shri Rangam Securities & Holdings Limited, Dalmia Bharat Cements Holdings Limited and Odisha Cement Limited and their respective shareholders and creditors was approved by the Board of Directors on March 28, 2016, has been approved by BSE Limited and National Stock Exchange of India Limited and both the stock exchanges have given their observation letter on July 12, 2016. The Scheme 1 has also been approved by the shareholders and secured creditors of the Company at their respective court convened meetings held on November 27, 2016. The Scheme has also been approved by minority shareholders through postal ballot process in terms of Securities and Exchange Board of India circular dated November 30, 2015.

Note 2: Scheme of Arrangement and Amalgamation amongst Odisha Cement Limited, Dalmia Bharat Limited and Dalmia Cement (Bharat) Limited (“Scheme 2”) has been approved by the Board of Directors at its meeting held on November 05, 2016, as Scheme 2 involves its wholly owned subsidiary, i.e., Odisha Cement Limited and is inter-alia conditional upon the effectiveness of the Scheme 1, subject to approval of shareholders, creditors and other applicable regulatory authorities. Scheme 2 has been approved by the Stock Exchanges on May 05, 2017.

 

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

(30.06.2017)

Current Rating

(30.09.2017)

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

ICRA

Rating

Long term borrowing : AA

Rating Explanation

High degree of safety and very low credit risk

Date

23.01.2017

 

Rating Agency Name

ICRA

Rating

Short term borrowing : A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk

Date

23.01.2017

 

 

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 15.01.2018

 

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

 

Management non-cooperative (Tel No.: 91-6624-221212)

 

LOCATIONS

 

Registered Office :

Dalmiapuram, District Tiruchirapalli – 621651, Tamilnadu, India 

Tel. No.:

Not Available

Fax No.:

Not Available

E-Mail :

ocl_rajgangpur@ocl.in 

ocl_cement@ocl.in

Website :

www.ocl.in

 

 

Kapilas Cement Works:

Plot No. 1129, Near Moon Hospital, Mahanadi Vihar, Biswati, Barunia, Cuttack-753004, Orissa, India

Email:

bmphanty@ocl.in

 

Corporate Office 1 :

17th, Floor, Narain Manzil, 23 Barakhamba Road, New Delhi-110001, India

Tel. No.:

91-11-43631200

Fax No.:

91-11-23731333

 

Corporate Office 2 :

7th, 11th & 12th Floor, Hansalaya Building, 15, Barakhamba Road, New Delhi - 110 001, India

 

Sales Office :

First Floor, Landmark, Apartment Road No. 2, Hawai Nagar Khunti Road, P.O. Hatia PS, Jagannathpur, Ranchi – 834002, Jharkhand, India

 

Stephen Office/ Manufacturing Unit 1 :

Stephen House, 4, B. B. D. Bagh (East), Kolkata - 700 001, West Bengal, India

Tel. No.:

91-33-22314440/2248-6087

Fax No.:

91-33-22300393

E-Mail :

calcutta_marketing@ocl.in

ocl_calcutta@ocl.in

 

Bhubaneswar Office:

F-31/A, B.J.B. Nagar, Bhubaneswar - 751 014, Orissa, India

Tel. No.:

91-674-2430117, 2430076

Fax No.:

91-674-2432786

E-Mail :

ocl_bhubaneswar@ocl.in  

 

 

Manufacturing Unit 2 :

2nd Floor, Balbir Complex, Above Reliance Web Worls, Main Road, Hino Ranchi – 834002, Jharkhand, India

Tel No.:

91-651-2252848

 

 

Manufacturing Unit 3:

Room No. 206, 2nd Floor, Emarat Firdaus, Exhibition Road, Patna – 800001, Bihar, India 

Tel No.:

91-612-223203309

 

 

Manufacturing Unit 4 (Cement and Refractory) :

AT/PO: Rajgangpur District Sundargarh – 770017, Orissa, India 

Tel No.:

91-6624-221212

 

 

DIRECTORS

 

As on 31.03.2017

 

Name :

Mr. Puneet Yadu Dalmia

Designation :

Managing Director

Address :

18, Golf Links, Archbi Shop Makarious Marg,  New Delhi - 110 003, India

Date of Birth/Age :

15.10.1972 

Qualification :

B. Tech., IIT Delhi/ M.B.A., IIM Bangalore 

Date of Appointment:

18.09.2015

DIN No.:

00022633

 

 

Name :

Mr. Amandeep

Designation :

Whole-time Director

Address :

A - 6/110, PD - 2 MG Road, Sahara Grace Apartments, Gurugram-122001, Haryana, India 

Date of Birth/Age :

17.05.1969

Date of Appointment :

18.09.2015

DIN No.:

00226905

 

 

Name :

Mr. Mahendra Singhi

Designation :

Whole-time Director

Address :

Amolak, Shree Vihar, Bangur Nagar, Beawar-305901, Rajasthan, India

Date of Birth/Age :

30.09.1952

Date of Appointment :

18.09.2015

DIN No.:

00243835

 

 

Name :

Mr. Dharmendar Nath Davar 

Designation :

Director

Address :

B-5/82, Safdurjung Enclave  New Delhi - 110 029, India

Date of Birth/Age :

08.08.1934 

Qualification :

B.Com. (Hons.)/ M.A.-Economics/ C.A.I.I.B. (Certified Associate, Indian Institute Of Bankers)/ Fellow, Economic Development Institute of The World Bank 

Date of Appointment:

26.05.1994

DIN No.:

00002008

 

 

Name :

Mr. Pradip Kumar Khaitan

Designation :

Director

Address :

B-103, Rai Enclave, 7/1a, Sunny Park, Kolkata-700019, West Bengal, India

Date of Birth/Age :

25.03.1941 

Date of Appointment:

18.09.2015

Qualification :

B.Com./ Ll.B./ Attorney-At-Law, Bell Chambers Gold Medalist 

DIN No.:

00004821

 

 

Name :

Mr. Gaurav Dalmia

Designation :

Director

Address :

Dalmia House, 20 F, Prithviraj Road, New Delhi – 110 011, India

Date of Birth/Age :

26.09.1965

Qualification :

B.Sc.-Computer Science, University Of Salford, U.K./ M.B.A., Beta Gamma Sigma Honors, University of Columbia, U.S.A. 

Date of Appointment:

21.07.2010

DIN No.:

00009639

 

 

Name :

Mr. Gautam Dalmia

Designation :

Director

Address :

No.1, Tees January Marg, New Delhi- 110011, India

Date of Birth/Age :

16.01.1968

Date of Appointment:

01.04.2015

DIN No.:

00009758

 

 

Name :

Mr. Jayesh Doshi

Designation :

Director

Address :

C-66, Jangpura Extension, New Delhi – 110014 India

Date of Birth/Age :

02.02.1965

Date of Appointment:

01.04.2015

DIN No.:

00017963

 

 

Name :

Mr. Ved Prakash Sood

Designation :

Director

Address :

Bunglow No.2, OCL Colony, Rajgangpur – 770017, Orissa, India

Date of Birth/Age :

15.07.1940 

Qualification :

M.A.-Social Work 

Date of Appointment:

01.04.2003

DIN No.:

00092593

 

 

Name :

Ms. Sudha Pillai

Designation :

Director

Address :

D-241, Sarvodaya Enclave, 2nd Floor, New Delhi- 110017, India

Date of Birth/Age :

01.051950

Date of Appointment:

31.03.2015

DIN No.:

02263950

 

 

KEY EXECUTIVES

 

Name :

Mr. Hira Lal Agarwal

Designation :

Chief Financial Officer / Senior Executive Director (Finance)

Address :

D-50, Saket, 1st Floor, New Delhi - 110017 , India

Date of Appointment :

01.08.2015

PAN No.:

ACMPA4071B

 

 

Name :

Ms. Rachna Goria

Designation :

General Manager (Legal & Company Secretary)

Address :

H. No. B-81, Sector 23, Ps- Sector 24 Teh - Dadri, Dist. - Gautam Buddha Nagar Noida – 201301, Uttar Pradesh, India

Date of Appointment :

10.01.2006

PAN No.:

AIBPG4983F

 

 

MAJOR SHAREHOLDERS

 

As on September, 2017

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957) As a %

(A) Promoter & Promoter Group

42610522

74.89

(B) Public

14289698

25.11

Grand Total

56900220

100.00

 

 

Statement showing shareholding pattern of the Promoter and Promoter Group

 

Category of shareholder

No. of fully paid up equity shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a %

A1) Indian

Individuals/Hindu undivided Family

110541

0.19

Gautam Dalmia(HUF)

110541

0.19

Any Other (specify)

42499981

74.69

Gautam Dalmia C/o Sumana Trust

20708

0.04

Dalmia Cement (Bharat) Limited

42479273

74.66

Sub Total A1

42610522

74.89

A2) Foreign

0.00

A=A1+A2

42610522

74.89

 

Statement showing shareholding pattern of the Public shareholder

 

Category & Name of the Shareholders

No. of fully paid up equity shares held

Shareholding % calculated as per SCRR, 1957 As a %

B1) Institutions

 

 

Mutual Funds/

689536

1.21

Foreign Portfolio Investors

448591

0.79

Financial Institutions/ Banks

77571

0.14

Sub Total B1

1215698

2.14

B2) Central Government/ State Government(s)/ President of India

0

0.00

B3) Non-Institutions

0

0.00

Individual share capital upto INR 0.200 million

5028757

8.84

Individual share capital in excess of INR 0.200 million

1300932

2.29

Any Other (specify)

6744311

11.85

NRI – Non- Repat

73270

0.13

NRI – Repat

48641

0.09

Dharti Investments and Holdings Limited

3155867

5.55

Sheevallabh Textile Private Limited

1290773

2.27

India Value Fund V LLP

943597

1.66

Bodies Corporate

1166897

2.05

Foreign Individuals

17080

0.03

Trusts

38400

0.07

Clearing Members

9786

0.02

Sub Total B3

13074000

22.98

B=B1+B2+B3

14289698

25.11

 

 

BUSINESS DETAILS

 

Line of Business :

The Company is engaged in the manufacturing of cement and refractory products. (Registered Activity)

 

 

Products / Services :

NIC Code No.

Products/Services Description

2394

Cement

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Divulged 

 

 

Imports :

Not Divulged 

 

 

Terms :

Not Divulged 

 

PRODUCTION STATUS – (NOT AVAILABLE)

 

 

GENERAL INFORMATION

 

Suppliers :

 

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

Customers :

 

Reference :

Not Divulged

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark:

--

 

 

No. of Employees :

2694 (Approximately)

 

 

Bankers :

·         State Bank of India

·         Export Import Bank of India

·         Yes Bank Limited

·         HSBC Bank Limited

·         United Bank of India

·         Punjab National Bank

·         Axis Bank Limited

 

 

Facilities :

Secured Loan

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Long-term Borrowings

 

 

Redeemable Non-Convertible Debentures

 

 

State Bank of India & Others*

5985.100

5982.200

Term Loans

 

 

State Bank of India #

1533.800

1533.200

Export Import Bank of India#

1147.500

1147.300

HDFC Bank Limited @

1.900

2.800

From Others

 

 

International Finance Corporation $

1389.600

1578.300

Present value of land lease obligation $$

6.800

6.700

Short-term borrowings

 

 

Loans repayable on demand

 

 

Cash credits from bank *

122.300

102.000

Other Loans and advances

 

 

Buyer’s credit from bank *

1031.600

821.800

Total

11218.600

11174.300

Long-term Borrowings

Details of terms of security for long term borrowings

* The debentures are secured by way of first pari passu charge on all the movable and immovable fixed assets (both present and future) of the Cement Division of the Company situated at Rajgangpur Cement Works (Odisha), Kapilas Cement Manufacturing Works (Cuttack) and OCL Bengal Cement Works (Midnapore, WB)

 

** The debentures are secured by way of first pari passu charge over fixed assets ( present and future) of the Cement Division of the Company. # Secured by first pari passu charge by way of mortgage and hypothecation over all immovable properties and moveable fixed assets (other than vehicle acquired under specific vehicle loan) of the Cement Division, (both present and future) and further secured by second pari pasu charge on all current assets of the Company.

 

^ Secured by first charge on fixed assets of the Cement Division of the Company, both present and future, to be shared pari passu with the providers of the other debt and existing lenders; further secured by way of second pari pasu charge on current assets of Cement Division. @ The loan is secured by way of first and exclusive charge on the vehicle purchase therefrom.

 

$ Secured by first ranking mortgage and hypothecation on all immovable and movable, present and future assets related to the Cement Division (excluding current assets) to be shared pari passu with other lenders in respect of other debts and a second charge on all present and future current assets of the borrower to be shared pari passu with other lenders and existing lenders to the Cement Division of the borrower in respect of the existing debt.

 

$$ Finance lease obligations are secured against leased assets.

 

Short-term borrowings

 

*Working capital facilities (fund based and non-fund based limits) are secured by first pari passu charge over stocks, stores, raw materials, inventories, work in progress, finished goods and also book debts, bills and money receivable of the Company by way of hypothecation. These facilities are further secured by second charge over the fixed assets of the Cement Division of the Company.

 

 

Financial Institusion :

International Finance Corporation

 

 

Auditors :

 

Name :

V. Sankar Aiyar and Company 

Chartered Accountants

Address :

Flat No.: 202, 203 and 301, Satyam Cinema Complex, Ranjit Nagar Community Centre, New Delhi – 110008, India 

Tel. No.:

91-11-25702074/ 25702691/ 25704639

Fax No.:

91-11-25705010

E-Mail :

newdelhi@vsa.co.in

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company:

Dalmia Cement (Bharat) Limited (w.e.f 25.02.2015)

 

 

Ultimate Holding Company :

·         Dalmia Bharat Limited (w.e.f 25.02.2015)

 

 

Subsidiaries :

·         OCL Global Limited (wholly owned subsidiary)

·         Odisha Cement Limited (wholly owned subsidiary

 

 

Step down Subsidiary:

·         OCL China Limited (90% equity shares held by OCL Global Limited)

 

 

Fellow Subsidiaries:

·         Calcom Cement India Limited

·         Adhunik Cement Limited

·         Dalmia Cement East Limited

 

 

Enterprises over which key management personnel are able to exercise significant influence:

·         Dalmia Institute of Scientific and Industrial Research (DISIR)

·         Dalmia Refractories Limited

·         Dalmia Magnesite Corporation (a unit of Dalmia Bharat Sugar and Industries Limited)

 

 

Joint Venture:

·         Radhikapur (West) Coal Mining Private Limited

 

 

Post Employment Benefit Plan:

·         Orissa Cement Employees Gratuity Fund

·         Orissa Cement Executives Superannuation Fund

 

 

CAPITAL STRUCTURE

 

As on 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

100000

Equity Shares

INR 100/- each

INR 10.000 Million

70000000

Equity Shares

INR 2/- each

INR 140.000 Million

 

Total

 

INR 150.000 Million

 

Issued Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

63631805

Equity Shares

INR 2/- each

INR 127.300 Million

 

 

 

 

 

Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

56900220

Equity Shares

INR 2/- each

INR 113.800 Million

 

Add: Shares Forfeited Account

 

INR 0.100 Million

 

Total

 

INR 113.900 Million

 

(a) Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period

 

Particulars

As at

31st March, 2017

No. of Shares

Amount INR

Equity Shares outstanding at the beginning of the year

56900220

113.800

Equity Shares issued during the year

--

--

Equity Shares bought back during the year

--

--

Equity Shares outstanding at the end of the year

56900220

113.800

 

Terms/ Rights attached to Equity Shares

 

The Company has issued only one class of equity shares having a par value of INR 2 per share. Each equity shareholder is entitled to one vote per share. The Company had declared and paid dividends in Indian rupee.

 

The Company has proposed INR 284.500 Million as dividend (INR 5 per share) before the date of approval for issue of financial statements but not recognised as a distribution to owners during the period, (31st March, 2016: Nil). During the previous year ended 31st March, 2016, the amount of interim dividend per share recognised for distribution and distributed to equity shareholders was INR 4 per share.

 

In event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

 

42479273 (% of shareholding: 74.66) shares held by Dalmia Cement (Bharat) Limited (Holding Company) w.e.f. 25.02.2015

 

Details of shareholders holding more than 5% shares in the Company

 

Name of the Shareholders

As at 31st March 2017

 

No. of Shares held

% of Holding

Dalmia Cement (Bharat) Limited*

42479273

74.66

Dharti Investments and Holdings Limited

3155867

5.55

 

* (holding company w.e.f.25.02.2015)

 

FINANCIAL DATA

[all figures are 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

113.900

113.900

113.850

(b) Reserves & Surplus

23440.100

19599.900

11848.213

(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)

23554.000

19713.800

11962.063

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

10114.700

10250.500

11004.278

(b) Deferred tax liabilities (Net)

3995.400

3874.200

1526.637

(c) Other long term liabilities

0.000

0.000

1468.533

(d) long-term provisions

232.700

203.900

43.707

Total Non-current Liabilities (3)

14342.800

14328.600

14043.155

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

1153.900

923.800

1218.811

(b) Trade payables

2966.600

3217.600

2883.035

(c) Other current liabilities

5369.500

4878.600

2426.910

(d) Short-term provisions

156.600

134.100

285.401

Total Current Liabilities (4)

9646.600

9154.100

6814.157

 

 

 

 

TOTAL

47543.400

43196.500

32819.375

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

20949.200

20221.500

12235.767

(ii) Intangible Assets

183.800

117.900

35.707

(iii) Capital work-in-progress

223.800

1214.000

1311.364

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

634.300

633.800

586.594

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

45.700

1.700

589.761

(e) Other Non-current assets

1048.500

343.900

0.000

(f) Biological Assets other than Bearer Plants

1.000

1.000

0.000

Total Non-Current Assets

23086.300

22533.800

14759.193

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

15939.400

13955.400

10551.701

(b) Inventories

2768.000

3381.000

3653.397

(c) Trade receivables

1781.300

1620.500

1991.133

(d) Cash and cash equivalents

219.200

305.800

892.756

(e) Short-term loans and advances

17.900

15.000

870.155

(f) Other current assets

3731.300

1385.000

101.040

Total Current Assets

24457.100

20662.700

18060.182

 

 

 

 

TOTAL

47543.400

43196.500

32819.375

 

 

PROFIT & LOSS ACCOUNT (STANDALONE)

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

29118.700

26646.500

22201.781

 

Other Income

1364.500

949.300

204.852

 

TOTAL

30483.200

27595.800

22406.633

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

4506.200

4633.200

4097.368

 

Purchases of Stock-in-Trade

426.100

425.300

719.072

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

641.900

(166.500)

(190.037)

 

Employees benefits expense

1907.200

1588.300

1346.933

 

Other expenses

14886.600

14708.000

12500.788

 

TOTAL

22368.000

21188.300

18474.124

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

8115.200

6407.500

3932.509

 

 

 

 

 

Less

FINANCIAL EXPENSES

1348.700

1345.300

772.194

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

6766.500

5062.200

3160.315

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

1462.600

2030.600

1550.074

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

5303.900

3031.600

1610.241

 

 

 

 

 

Less

TAX

1465.200

569.800

473.386

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

3838.700

2461.800

1136.855

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

NA

1187.551

1555.881

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

NA

NA

1200.000

 

Proposed Dividend

NA

NA

227.601

 

Tax on Proposed Dividend

NA

NA

46.334

 

Transfer to debenture redemption reserve

NA

NA

31.250

 

Total

NA

NA

1505.185

 

 

 

 

 

 

Balance Carried to the B/S

NA

NA

1187.551

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

NA

NA

 512.657

 

Sale of Goods on high sea

NA

NA

 75.047

 

Service charges

NA

NA

15.599

 

Sundry receipts

NA

NA

 0.439

 

TOTAL EARNINGS

NA

NA

603.742

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw materials, fuel and traded goods

NA

NA

545.348

 

Components and spare parts

NA

NA

165.294

 

Capital Goods

NA

NA

1.480

 

TOTAL IMPORTS

NA

NA

712.122

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

67.46

43.27

19.98

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

274.900

816.600

968.133

Cash generated from operations

3675.200

6412.000

4769.442

Net cash from operating activities

3677.000

6444.000

4416.746

 

 

QUARTERLY RESULTS

 

Particulars

 

 

30.06.2017

 (Unaudited)

30.09.2017

(Unaudited)

 

 

1st  Quarter

2nd Quarter

Net Sales

 

9287.100

6988.400

Total Expenditure

 

7271.000

5579.700

PBIDT (Excl OI)

 

2016.100

1408.700

Other Income

 

360.300

318.300

Operating Profit

 

2376.400

1727.000

Interest

 

291.200

300.000

Exceptional Items

 

NA

NA

PBDT

 

2085.200

1427.000

Depreciation

 

374.800

381.300

Profit Before Tax

 

1710.400

1045.700

Tax

 

538.000

257.400

Provisions and contingencies

 

NA

NA

Profit After Tax

 

1172.400

788.300

Extraordinary Items

 

NA

NA

Prior Period Expenses

 

NA

NA

Other Adjustments

 

NA

NA

Net Profit

 

1172.400

788.300

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors / Income * 365 Days)

22.33

22.20

32.73

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

16.35

16.44

11.15

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

219.53

232.17

218.48

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

2.93

1.90

1.08

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.38

0.30

0.29

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.42

0.47

0.57

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.49

0.61

1.10

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.41

0.46

0.57

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.91

1.09

1.14

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

6.02

4.76

5.09

 

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

Net Profit Margin

((PAT / Sales) * 100)

%

13.18

9.24

5.12

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

8.07

5.70

3.46

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

16.30

12.49

9.50

 

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

2.54

2.26

2.65

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

2.25

1.89

2.11

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.50

0.46

0.36

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

101.35

105.28

115.86

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

2.54

2.26

2.65

 

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

STOCK PRICES

 

Face Value

INR 2.00/-

Market Value

INR 1462.00/-

 

 

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

113.850

113.900

113.900

Reserves & Surplus

11848.213

19599.900

23440.100

Net worth

11962.063

19713.800

23554.000

 

 

 

 

long-term borrowings

11004.278

10250.500

10114.700

Short term borrowings

1218.811

923.800

1153.900

Current maturities of long-term debts

968.133

816.600

274.900

Total borrowings

13191.222

11990.900

11543.500

Debt/Equity ratio

1.103

0.608

0.490

 

 

 

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

22201.781

26646.500

29118.700

 

 

20.020

9.278

 

 

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

22201.781

26646.500

29118.700

Profit

1136.855

2461.800

3838.700

 

5.12%

9.24%

13.18%

 

 

 

 

ABRIDGED BALANCE SHEET (CONSOLIDATED)

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

113.900

113.900

(b) Reserves & Surplus

 

23581.200

19804.700

(c) Money received against share warrants

 

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

(3) Non-controlling interest

 

21.600

29.300

Total Shareholders’ Funds

 

23716.700

19947.900

 

 

 

 

(4) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

10114.700

10250.500

(b) Deferred tax liabilities (Net)

 

0.000

0.000

(c) Other long term liabilities

 

3995.400

3874.200

(d) long-term provisions

 

232.700

203.900

Total Non-current Liabilities

 

14342.800

14328.600

 

 

 

 

(5) Current Liabilities

 

 

 

(a) Short term borrowings

 

1153.900

923.800

(b) Trade payables

 

2994.000

3325.600

(c) Other current liabilities

 

5503.000

5063.800

(d) Short-term provisions

 

156.600

134.100

Total Current Liabilities

 

9807.500

9447.300

 

 

 

 

TOTAL

 

47867.000

43723.800

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

21349.200

20705.600

(ii) Intangible Assets

 

183.800

117.900

(iii) Capital work-in-progress

 

223.800

1214.000

(iv) Intangible assets under development

 

0.000

0.000

(b) Non-current Investments

 

38.900

39.100

(c) Deferred tax assets (net)

 

0.000

0.000

(d)  Long-term Loan and Advances

 

45.700

1.700

(e) Other Non-current assets

 

1054.000

346.300

 

 

1.000

1.000

Total Non-Current Assets

 

22896.400

22425.600

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

15939.400

13955.400

(b) Inventories

 

2982.200

3678.500

(c) Trade receivables

 

1928.200

1829.800

(d) Cash and cash equivalents

 

341.600

386.300

(e) Short-term loans and advances

 

17.900

15.000

(f) Other current assets

 

3761.300

1433.200

Total Current Assets

 

24970.600

21298.200

 

 

 

 

TOTAL

 

47867.000

43723.800

 

 

PROFIT & LOSS ACCOUNT (CONSOLIDATED)

 

 

PARTICULARS

 

31.03.2017

31.03.2016

 

SALES

 

 

 

 

Income

 

29796.600

27303.100

 

Other Income

 

1384.800

949.600

 

TOTAL

 

31181.400

28252.700

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

4939.900

5047.500

 

Purchases of Stock-in-Trade

 

379.900

418.300

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

698.100

(162.400)

 

Employees benefits expense

 

1971.200

1650.900

 

Other expenses

 

15043.500

14850.100

 

Share in net profit / (loss) of joint venture

 

0.200

(0.700)

 

TOTAL

 

23032.800

21803.700

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

8148.600

6449.000

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

1366.100

1365.700

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

6782.500

5083.300

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION

 

1514.100

2078.300

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

5268.400

3005.000

 

 

 

 

 

Less

TAX

 

1465.900

569.800

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

 

3802.500

2435.200

 

 

 

 

 

Add

SHARE OF PROFIT/(LOSS) TRANSFERRED TO / (FROM) NON-CONTROLLING INTEREST

 

5.200

2.700

 

 

 

 

 

 

PROFIT/ (LOSS)  FOR THE YEAR AFTER (AFTER ADJUSTMENT FOR NON-CONTROLLING INTEREST)

 

3807.700

2437.900

 

 

 

 

 

Add/

Less

OTHER COMPREHENSIVE INCOME

 

 

 

 

 

 

 

 

 

(i) Items that will not be classified to profit and loss

 

2.300

(10.300)

 

(ii) Income tax relating to items that will not be classified to profit and loss

 

(0.800)

3.600

 

 

 

 

 

 

Total Other Comprehensive Income For The Year

 

1.500

(6.700)

 

 

 

 

 

 

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

 

3809.200

2431.200

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

 

66.92

42.84

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check List by Info Agents

Available in Report (Yes / No)

1]

Year of establishment

Yes

2]

Constitution of the entity Incorporation details

Yes

3]

Locality of the entity

Yes

4]

Premises details

No

5]

Buyer visit details

--

6]

Contact numbers

Yes

7]

Name of the person contacted

No

8]

Designation of contact person

No

9]

Promoter’s background

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

 

CORPORATE INFORMATION

 

The Company was incorporated in India on 11th October, 1949. The Company is domiciled in India whose shares are listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The registered office is located at Rajgangpur, Sundargarh, Odisha - 770017. The Company is engaged in the manufacturing of cement and refractory products. The Company is a subsidiary of Dalmia Cement (Bharat) Limited (Holding Company) which is a subsidiary of Dalmia Bharat Limited (Ultimate Holding Company).

 

The financial statements of the Company for the year ended 31st March, 2017 were authorised for issue in accordance with a resolution of the Board of Directors on 10th May, 2017.

 

MANAGEMENT DISCUSSION AND ANALYSIS

 

Economic overview

 

The shifting global economic landscape has been compelling and possesses a potential to redraw the global economic map. According to International Monetary Fund (IMF), the global economic activity is all set to gain pace in 2017 and 2018, especially in the emerging market and developing economies. Even though the ‘World Economic Outlook report’ released by IMF in April, 2017 has stated that the global economy grew at 3.1% in 2016 as compared to 3.4% in 2015, it has projected a positive outlook for this year and the next year.

 

India has emerged as the world’s fastest growing major economy in FY’16-17 as per World Bank data. The Government has undertaken important initiatives like roll out Good and Service Tax (GST), Insolvency and Bankruptcy code and liberalising FDI norms. These structural reforms are expected to accelerate the pace of growth in the coming years.

 

Industry overview

 

India’s cement industry is at an inflection point and most of its cement demand in the coming years will be driven by infrastructural development and affordable housing. With the total installed cement capacity of around 450 MnT, India happens to be the world’s second largest cement producer as well as the consumer. The housing sector, a large contributor to GDP, is also the largest consumer of cement in India and has approximately 67% share of the total consumption followed by the infrastructure sector with 13%, commercial construction that constitute 11% and industrial construction having a share of 9% of the total cement consumption in India.

 

The implementation of new affordable housing schemes by the government combined with attractive public spendability is expected to promote faster infrastructure development.

 

As per the data released by Ministry of Commerce and Industry, the cement production in India has grown at a CAGR of 4% from FY’12 to FY’17. Though the beginning of FY’17 foresaw the cement demand growing but heavy monsoon and demonetization adversely impacted the growth. Consequently, for the first time in the last decade, the cement Industry witnessed a slump in the annual cement production. The total cement production for the year FY’17 stood at ~280 MT, marginally lower as compared to FY’16.

 

Eastern India market

 

The Eastern India accounts for 19% of India’s cement consumption, growing at a five year- CAGR of more than 7%. Eastern India registered subdued demand growth of 4% in FY’17, which in FY’18 is expected to move towards an attractive growth rate. In terms of regional dynamics East is expected to witness a robust growth.

 

Refractory Opportunities

 

With the government remaining committed to expand steel production in India from current 100 million tonnes to 300 million tonnes by 2030, the opportunity for the refractory remains huge. All strategic options to make the Company ready to benefit from this growth are being explored.

 

Company Review

 

OCL India Limited (OCL/Company), incorporated in 1949, is a multi-decade cement company in Eastern India, respected for high standards of corporate governance, quality cement and established customized brands. OCL was one of the first cement companies in India to manufacture portland slag cement, prudently utilising steel plant waste to manufacture a high-strength end product.

 

The Company diversified into the manufacture of refractories in 1954 and is growing among the largest composite refractory plants in the country. It’s one of the first companies in India’s refractory business with all products certified with ISO 9001 and one of the few producers of silica bricks for coke ovens.

 

The Company is a subsidiary of Dalmia Cement (Bharat) Limited, a wholly owned subsidiary of Dalmia Bharat Limited.

 

BUSINESS SEGMENT REVIEW

 

Cement Business

 

The Company has installed capacity of 6.7 million tonnes per annum at its manufacturing facilities located in Rajgangpur and Kapilas in Odisha and Midnapore in West Bengal, along with captive power plant capacity of 62 MW, including an 8 MW of solar power plant. Also, the Company is investing in setting up 9.2 MW of waste heat recovery system (WHRS), which is expected to be commissioned soon. The Company extended its market presence and started serving two additional states Uttar Pradesh and Chhattisgarh in the year.

 

In addition, the Company has also announced its merger with Dalmia Bharat Limited. The said merger will make the group structure more linear, improve economies-of-scale, reduce fixed costs, optimise the supply chain and enhance market share.

 

The Company is one of the leading players in Eastern India. The plants are strategically located, with the Company being one of the few players to possess limestone reserves in Eastern India

 

OCL’s performance in the last few years was a showcase of how cement companies that have invested in the right strategy can grow across industry cycles. The sales volume grew by 5% from 5.62 MnT to 5.90 MnT. The Company was focused on improving efficiency parameters, which, in turn, helped improve the margins. Even though the pet coke prices were sky high, we were able to reduce the power & fuel cost by 26% on per tonne basis to INR 432/T in FY’17 from INR 585/T in FY’16. The overall variable cost reduced by 14% (YoY) to INR 1081 /T in FY’17 from INR 1247/T in FY’16.

 

The launch of the premium brand Dalmia DSP, which contributed 13% of the Company’s trade sales during the year helped in improving the realisation.

 

As a result, the Company achieved reduced costs, new brand launch, increased realisations, and footprint widened. OCL is one of the most efficient cement company with power consumption being among the lowest.

 

AWARDS AND ACCOLADES

 

·         OCL garnered ‘CSR excellence in community development’ award by Odisha CSR forum for year 2016

 

·         OCL was the winner of ‘NIPM National Award for HR Best Practices’ at National Institute of Personnel Management (NIPM) 35th Annual National Conference and Exhibition at Navi Mumbai on 23rd September, 2016.

 

·         OCL Bengal Cement Works won ‘Excellent Energy Efficient Unit Award’ in Cement Sector at the 17th National Award for Excellence in Energy Management in 2016 at Hyderabad organised by CII.

 

·         The Company’s Kapilas Cement Manufacturing Works has been conferred the prestigious ‘Pollution Control Appreciation Award’ under the category, ‘Industry for the year 2016’ by State Pollution Control Board, Odisha for adopting best practices in pollution control and environmental management.

 

·         OCL won ‘Best Overall Excellence in CSR’ award at the National Awards for Excellence in CSR and Sustainability, endorsed by World CSR Day, World Sustainability, Asian confederation of Businesses and World Federation of CSR Professionals.

 

·         Their employees from Rajgangpur won Gold Medal at International Convention of Quality Control Circles, 2016 in Bangkok.

 

SCHEMES OF ARRANGEMENT AND AMALGAMATION

 

Scheme 1:

The Scheme of Arrangement and Amalgamation amongst the Company, Dalmia Cement East Limited, Shri Rangam Securities & Holdings Limited, Dalmia Bharat Cements Holdings Limited and Odisha Cement Limited and their respective shareholders and creditors (“Scheme 1”), which was approved by the Board of Directors on March 28, 2016, has been approved by BSE Limited and National Stock Exchange of India Limited and both the stock exchanges have given their observation letter on July 12, 2016. The Scheme 1 has also been approved by the shareholders and secured creditors of the Company at their respective court convened meetings held on November 27, 2016. The Scheme has also been approved by minority shareholders through postal ballot process in terms of Securities and Exchange Board of India circular dated November 30, 2015. After coming into force of the provisions of the Companies Act, 2013 pertaining to compromises, arrangements and amalgamations and the Companies (Transfer of Pending Proceedings) Rules, 2016 with effect from December 15, 2016, the proceedings before the Jurisdictional High Courts have been / are being transferred to jurisdictional National Company Law Tribunal Bench(s) and are pending for their sanction.

 

Scheme 2:

Scheme of Arrangement and Amalgamation amongst Odisha Cement Limited, Dalmia Bharat Limited and Dalmia Cement (Bharat) Limited (“Scheme 2”) has been approved by the Board of Directors at its meeting held on November 05, 2016, as Scheme 2 involves its wholly owned subsidiary, i.e., Odisha Cement Limited and is inter-alia conditional upon the effectiveness of the Scheme 1, subject to approval of shareholders, creditors and other applicable regulatory authorities. Scheme 2 has been approved by the Stock Exchanges on May 05, 2017.

 

 

UNSECURED LOAN

 

PARTICULAR

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Long-term Borrowings

 

 

Long term loan/deposits

 

 

Related Party

50.000

0.000

Total

50.000

0.000

 

 

INDEX OF CHARGES

 

S

No

SRN

Charge Id

Charge Holder Name

Date of Creation

Date of Modification

Amount

Address

1

C67971408

10576004

AXIS TRUSTEE SERVICES LIMITED

29/05/2015

21/09/2015

6000000000.0

2ND FLOOR-E, AXIS HOUSE, BOMBAY DYING MILLSCOMPOUND, PANDURANG BUDHKAR MARG, WORLIMUMBAIMH400025IN

2

C00407759

10477022

INTERNATIONAL FINANCE CORPORATION

16/01/2014

11/03/2014

2000000000.0

2121, PENNSYLVANIA AVENUENW, WASHINGTON DCWASHINGTON DCNA20433US

3

G07159106

10369352

YES BANK LIMITED

13/07/2012

15/06/2016

1500000000.0

Nehru Centre, 9th Floor, Discovery of IndiaDr. Annie Besant Road, Worli Mumbai MH 400018 IN

4

B39415948

10355003

Axis Bank Limited

09/05/2012

-

600000000.0

Statesman House, 2nd Floor148, Barakhamba RoadNew DelhiDL110001IN

5

B36194231

10345331

Axis Bank Limited

05/03/2012

-

400000000.0

Statesman House, 2nd Floor148, Barakhamba RoadNew DelhiDL110001IN

6

G18210807

10153198

State Bank of India

22/02/2009

27/09/2016

1537300000.0

SME BRANCH, ROURKELABISRA CHOWK DISTRICT SUNDARGARHODISHAOR769001IN

7

A99076655

10142197

Axis Bank Limited

23/01/2009

01/10/2010

400000000.0

Statesman House, 2nd Floor148, Barakhamba RoadNew DelhiDL110001IN

8

Y10165239

90080218

PUNJAB NATIONAL BANK

25/02/2004

25/02/2005

387900000.0

LARGE CORPORATE BRANCHA-9; CONNAUGHT PLACENEW DELHIDL110001IN

9

Z00411311

80044047

UTI BANK LIMITED

31/10/2003

22/02/2006

185700000.0

BRANCH OFFICE AT 148BARAKHAMBA ROADNEW DELHIDL110001IN

10

C00435941

80010393

United Bank of India

19/11/1970

11/03/2014

3000000000.0

15 C, Hemanta Basu SaraniKolkataWB700001IN

 

 

 

 

CONTINGENT LIABILITIES:

 

PARTICULARS

31.03.2017

(INR in Million)

31.03.2016

(INR in Million)

Claims against the Company not acknowledged as debts

1250.500

1291.300

Demand raised by following authorities in dispute:

 

 

Excise & Service Tax

394.900

379.500

Customs

6.500

6.500

Sales Tax, VAT, CST & Entry Tax

183.800

150.500

Income tax matters

31.500

10.000

Total

1511.790

1837.800

 

 

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2017

 

                                                                                                                      (INR In Million)

 

 

PARTICULARS

Standalone

 

Standalone

Quarter Ended

 

Half Year ended

30.09.2017

30.06.2017

30.09.2017

Unaudited

Unaudited

Unaudited

Income From Operations

 

 

 

a. Revenue from operations

6988.400

9287.100

16275.500

b. Other Income

318.300

360.300

678.600

Total Income from Operations (Net)

7306.700

9647.400

16954.100

 

 

 

 

Expenditure

 

 

 

Cost of material Consumed

1658.700

1907.300

3566.000

Purchase of Stock-in trade

399.000

297.000

696.000

Changes in inventory of finished Goods, work- in-progress and Stock-in-trade

(221.600)

(366.300)

(587.900)

Excise Duty expenses

0.200

994.000

994.200

Power and Fuel

882.100

811.500

1693.600

Employees Benefit Expenses

469.000

498.800

967.800

Finance Cost

300.000

291.200

591.200

Depreciation and Amortization Expenses

381.300

374.800

756.100

Freight Charges:

 

 

 

-       On finished Goods

875.200

1212.900

2088.100

-       On Internal Clinker transfer

116.100

90.400

206.500

Other expenses

1401.000

1825.400

3226.400

Total Expenses

6261.000

7937.00

14198.000

Profit / (Loss) before exceptional and extra ordinary items and tax

1045.700

1710.400

2756.100

Exceptional Items

--

--

--

Profit / (Loss) before extraordinary items and tax

1045.700

1710.400

2756.100

Extraordinary items

--

--

--

Profit / (Loss) before tax

1045.700

1710.400

2756.100

Tax Expense

 

 

 

- Current Tax

230.100

465.800

695.900

- Deferred Tax

27.300

72.200

99.500

- Total

257.400

538.00

795.400

Net Profit After Tax

788.300

1172.400

1960.700

Other comprehensive income (net of tax)

(4.600)

(2.400)

(7.000)

 

 

 

 

Total Other comprehensive income, net of income tax 

783.700

1170.000

1953.700

Paid- up Equity Share Capital (share – INR 2)

113.800

113.800

113.800

Other Equity (as per balance sheet of the previous accounting year)

 

 

 

Earnings Per Share (of INR 2 each) (not annualized)

 

 

 

Basic

13.85

20.60

34.46

Diluted

13.85

20.60

34.46

 

 

REPORTING ON SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYES UNDER CLAUSES 33 OF THE LISTING AGREEMENT

 

                      (INR In Million)

Particulars

STANDALONE

Quarter Ended

 

Half Year ended

30.09.2017

30.06.2017

30.09.2017

 

Unaudited

Unaudited

Unaudited

Segment Revenue

 

 

 

a) Cement

6399.400

8618.200

15017.600

b) Refractory

609.700

693.900

1303.600

Total

7009.100

9312.100

16321.200

Less: Inter Segment Revenue

20.700

25.000

45.700

Net Sales/Income from Operations

6988.400

9287.100

16275.500

 

 

 

 

Segment Results

 

 

 

a) Cement

1372.700

1983.000

3355.700

b) Refractory

(20.200)

(60.300)

(80.500)

Total

1352.500

1922.700

3275.200

Less: i) Un-allocable expenditure (net of income)

6.800

(78.900)

(72.100)

         II) Finance Costs

300.000

291.200

591.200

Total Profit / (Loss) before Tax

1045.700

170.400

2756.100

 

 

 

 

Segment Assets

 

 

 

a) Cement

30850.600

29106.700

30850.600

b) Refractory

3450.200

3294.100

3450.200

c) Unallocated

16277.900

17084.500

16277.900

Total Segment Assets

50578.700

49485.300

50578.700

 

 

 

 

Segment Liabilities

 

 

 

a) Cement

6165.100

6034.400

6165.100

b) Refractory

726.200

768.800

726.200

c) Unallocated

18522.100

17958.100

18522.100

Total Segment Liabilities

25413.400

24761.300

25413.400

 

NOTES :

 

1. Figures for corresponding previous year/periods have been regrouped and rearranged wherever considered necessary.

2. Scheme of Arrangement and Amalgamation amongst the Company, Dalmia Cement East Limited (“DCEL”), Shri Rangam Securities & Holdings Limited (“SRSHL"), Dalmia Bharat Cements Holdings Limited (“DBCHL”) and Odisha Cement Limited (“ODCL") (“Scheme 1”), has been approved by the Board of Directors, Shareholders and Creditors of the Company and the BSE Limited and National Stock Exchange of India Limited (“Stock Exchanges”). The petitions filed by DECL,SRSHL,DBCHL & ODCL for sanction of Scheme 1 have been approved by the Hon’ble National Company Law Tribunal (“NCLT”), Chennai Bench vide order dated 11th July 2017. However, Scheme 1 is pending for sanction of Hon’ble NCLT, Chennai Bench in respect of the Company, hence, as such, has not come into effect.


3. Scheme of Arrangement and Amalgamation amongst ODCL, Dalmia Bharat Limited (“DBL”) and Dalmia Cement Bharat Limited (“DCBL”) (“Scheme 2”) has been approved by the Board of Directors at its meeting held on 05th November 2016. Scheme 2 involves ODCL, the wholly owned subsidiary of the Company, and is inter alia conditional upon the effectiveness of the Scheme 1. Scheme 2 has been approved by the Stock Exchanges on 05th May 2017. The first motion company applications have been filed by ODCL, DBL and DCBL before Hon’ble NCLT, Chennai bench for seeking directions for either convening and holding meetings of equity shareholders, secured creditors and unsecured creditors or seeking dispensations from holding such meetings in view of the consent affidavits obtained from such stakeholders (of all the directly and indirectly involved companies to Scheme 4), in accordance with the applicable provisions. As such, Scheme 2 is pending for sanction by Hon’ble NCLT, Chennai bench and has not come into effect.


The accounting for arrangement and amalgamation as contemplated in the aforesaid schemes will be done upon the respective schemes coming into effect in terms of the aforesaid schemes.


3. Ratios have been computed as follows:


a) Debt Equity Ratio = Total Debt / Shareholders fund.

b) Debt Service Coverage Ratio = (Profit before Finance cost, Depreciation & Tax) / (Finance cost Scheduled long

term loan repayments)

c) Interest Service Coverage Ratio = (Profit before Finance cost, Depreciation & Tax) / Finance cost)


4. Paid up Debt Capital comprises listed Debentures.


5. Net worth of the Company as on 30th September 2017 is INR 25165.300 million.

 

6. During the current quarter, Company has paid dividend of INR 5/- per share (on face value of INR 21- per share) which has been approved by the shareholders at the AGM held on 19th September 2017 for the year ended 31st March 2017.


7. The Government of India has introduced the Goods and Services tax (GST) with effect from 01st July 2017. GST is collected on behalf of the Government and no economic benefit flows to the Company and does not result in an increase in equity, consequently revenue for the quarter ended 30th September 2017 is presented net of GST. Sales of earlier periods included Excise duty which now is subsumed in GST, The six months period to 30th September 2017 includes Excise duty up to 30th June 2017.


8. The above results have been reviewed by the Audit Committee and approved by the Board of Directors in their meetings held on 06th November 2017 and 07th November 2017.

 

 

STATEMENT OF ASSETS AND LIABILITIES

 

(INR In million)

SOURCES OF FUNDS

 

 

30.09.2017

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

 

113.900

(b) Reserves & Surplus

 

 

25051.400

(c) Money received against share warrants

 

 

0.000

 

 

 

 

(2) Share Application money pending allotment

 

 

0.000

Total Shareholders’ Funds (1) + (2)

 

 

25165.300

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

 

9981.900

(b) Deferred tax liabilities (Net)

 

 

4091.100

(c) Other long term liabilities

 

 

0.000

(d) long-term provisions

 

 

237.700

Total Non-current Liabilities (3)

 

 

14310.700

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

 

879.900

(b) Trade payables

 

 

3018.900

(c) Other current liabilities

 

 

7126.100

(d) Short-term provisions

 

 

77.800

Total Current Liabilities (4)

 

 

11102.700

 

 

 

 

TOTAL

 

 

50578.700

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

 

20570.000

(ii) Intangible Assets

 

 

174.600

(iii) Capital work-in-progress

 

 

687.200

(iv) Intangible assets under development

 

 

0.000

(b) Non-current Investments

 

 

634.500

(c) Deferred tax assets (net)

 

 

0.000

(d)  Long-term Loan and Advances

 

 

53.500

(e) Other Non-current assets

 

 

2141.900

 

 

 

1.000

Total Non-Current Assets

 

 

24262.700

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

 

15465.900

(b) Inventories

 

 

3720.500

(c) Trade receivables

 

 

2083.600

(d) Cash and cash equivalents

 

 

848.800

(e) Short-term loans and advances

 

 

75.400

(f) Other current assets

 

 

4121.800

Total Current Assets

 

 

26316.000

 

 

 

 

TOTAL

 

 

50578.700

 

 

FIXED ASSETS

 

 

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 63.83

UK Pound

1

INR 86.28

Euro

1

INR 76.14

 

 

INFORMATION DETAILS

 

Information Gathered by :

GYT

 

 

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

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)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.
 
 

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