MIRA INFORM REPORT

Report No. :	515301
Report Date :	25.06.2018

IDENTIFICATION DETAILS

Name :	ADHUNIK CEMENT LIMITED
Registered Office :	Umsoo Mootang, Village Thangskai, P.O. Lumshnong, District Jointia Hills, Khelriahat - 793200, Meghalaya
Tel. No.:	91-361-7156700
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	01.05.2003
CIN No.: [Company Identification No.]	U26942ML2003PLC007090
Capital Investment / Paid-up Capital :	INR 329.450 Million
PAN No.: [Permanent Account No.]	AAFCA1128F
GSTN : [Goods & Service Tax Registration No.]	17AAFCA1128F1Z5
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the Manufacturing and Selling of Cement and Clinker having its manufacturing facility at Lumshnong, Meghalaya [Registered Activity]
No. of Employees :	Not Divulged

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Exist
Comments :	Subject is a wholly owned subsidiary of “Dalmia Cement (Bharat) Limited. The company was incorporated in the year 2003. It is engaged as manufacturer of Cement and sells its cement under the “Dalmia” brand and has adopted common packaging with “Dalmia” Brand For the financial year 2017, the company shows a drop in its revenue as compared to its previous year and reflecting negative result driven by high operating expense. The moderate financial profile of the company is reflected by negative net worth due to huge accumulated losses along with poor debt coverage indicators due to high debt balance sheet profile. However, rating takes into consideration financial and managerial support that the company receives from its holding entity backed by its well experienced management team. Further, as per information gathered from other sources the company will be merged with its parent DCBL, which has supported ACL’s operations through significant financial support in the form of loans/ inter-corporate deposits. Payment seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List

Country Name	Previous Rating (31.12.2017)	Current Rating (01.04.2018)
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	Fund Based Limits = AA
Rating Explanation	High degree of safety and very low credit risk
Date	30.03.2018

Rating Agency Name	ICRA
Rating	Non-Fund Based Limits = A2
Rating Explanation	Strong degree of safety and very low credit risk
Date	30.03.2018

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2018.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 25.06.2018

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 DECLINED BY

Name :	Mr. Rakibuddin Ahmed
Designation :	Not Divulged
Contact No.:	91-8811014013
Date :	22.06.2018

MANAGEMENT NON-COOPERATIVE [91-361-7156700]

LOCATIONS

Registered Office :	Umsoo Mootang, Village Thangskai, P.O. Lumshnong, District Jointia Hills, Khelriahat - 793200, Meghalaya, India
Tel. No.:	Not Available
Mobile No.:	91-8811014013 [Mr. Rakibuddin Ahmed]
Fax No.:	Not Available
E-Mail :	pradhan.bhabagrahi@dalmiabharat.com marketing@dalmiabharat.com
Website :	https://www.dalmiabharat.com
Corporate Office & Sugar Business Office:	Hansalaya, 11th & 12th Floor, 15, Barakhamba Road, New Delhi - 110 001, India
Tel. No.:	91-11 - 23310121 / 23 / 24 / 25
Fax No.:	91-11 - 23313303
Cement Business Office:	Fagun Mansion, 4th Floor, 26, Ethiraj Salai, Egmore, Chennai - 600 008, Tamilnadu, India
Tel. No.:	91-44 - 28279933 / 2896
Fax No.:	91-44 - 28276508
Refractory & Power Business offices	Dalmia, No 4, Scindia House, Connaught Place, New Delhi – 110001, India
Tel. No.:	91-11-23457100/ 23314715
Fax No.:	91-11-23324136
Head Office :	3^rd and 4^th Floor, Anil Plaza II, ABC G.S. Road, Guwahati – 781005, Assam, India
Tel No.:	91-361-7156700
Manufacturing Plants :	· Dalmiapuram:  Trichy - 621 651 (Tamil Nadu) · Kadapa: Chinnakomerala, Jammalamadugu, Kadapa - 516 434, Andhra Pradesh, India · Arilayur: Thamaraikulam, Ariyalur District - 621 705, Tamilnadu, India · Adhunik Cement Limited (A subsidiary of Dalmia Cement Bharat Limited) Umsoo Mootang, Vill- Thangskai, P.O.- Lumshnong, Dist- Jaintia Hills, Meghalaya – 793200, India · Calcom Cement India Limited (A subsidiary of Dalmia Cement Bharat Limited) 2 No. Pipalpukhuri, Lanka, District - Nagaon– 782446, Assam, India · Bokaro Plant (East):  Plot No IV/A 7(P), Bokaro Industrial Area, Balidih, Bokaro Steel City, Bokaro, Jharkhand – 827014 · Belgaum: Dalmia Cement (Bharat) Limited, R.S. No. 394, Post : Yadwad Taluk : Gokak, District : Belgaum - 591 136, Karnataka, India
Regional Offices :	Located at: · Chittoor · Guntur · Hyderabad · Kadapa · Krishna · Kurnool · Mahboob Nagar · Nadyala · Nellore · Prakasam · Proddutur · Tirupati · Vijaywada · West Godavari · Bangalore · Bellary · Mysore · Chamraj Nagar · Chickballapur · Chitradurga · Davangere · Gadg · Hassan · HAveri · Hubli · Kodagu · Kolar · Koppal · Mangalore · Mysore · Raichur · Shimgoa · Tumkur · Udupi · Alappuzha · Ernakulam · Idukki · Kannur · Kasargod · Kollam · Kottayam · Kozhikode · Mallappuram · Pallakad · Pathanamthitta · Thrissur · Trivandrum · Waynad · Ariyulur · Chennai · Cuddalore · Coimbatore · Dharampuri · Dindigul · Erode · Karur · Kanchipuram · Kanyakumari · Kumbakonam · Madurai · Nagapatinam · Namakkal · Pudukotai · Ramnad · Salem · Sivagangai · Tanjore · Theni · Tirupur · Thirunelveli · Thiuvarur · Trichy · Thiruvannamalai · Tuticorin · Vellore · Villipuram · Virudhu Nagar · Pondicherry · Kolkata · Jharkhand

DIRECTORS

AS ON: 31.03.2018

Name :

Mr. Prakash Bajirao Kulkarni

Designation :

Director

Address :

703, Usha Kunj, 30-D, Juhu Tara Road, Santacruz (West), Mumbai-400049, Maharashtra, India

Date of Birth/Age :

26.04.1942

Qualification :

BE in Mechanical Engineering

Date of Appointment :

01.08.2013

DIN No.:

00016512

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U10300DL2007PLC171250	DALMIA CEMENT VENTURES LIMITED	20/09/2012	-
U26940GJ1987PLC047141	INDONIPPON SPECIAL CEMENTS LIMITED (TR.FRO)	31/10/1991	-
U40109TN2006PLC058819	DCB POWER VENTURES LIMITED	08/09/2016	-

Name :

Mr. Venkatesan Thyagarajan

Designation :

Director

Address :

1, Rajendra, 4th Floor, Prithvi Avenue, 2nd Street, Abhiramapuram, Chennai -600018, Tamilnadu, India

Date of Birth/Age :

04.10.1952

Qualification :

B A (Economics ) and CA

Date of Appointment :

28.09.2012

PAN No.:

ACKPV4672R

DIN No.:

00124050

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L26942TN1951PLC000640	DALMIA BHARAT SUGAR AND INDUSTRIES LIMITED	29/10/2010	-
U10100MH2009PTC191907	KHAPPA COAL COMPANY PRIVATE LIMITED	13/05/2013	-
U26959AS2008PLC008717	ADHUNIK MSP CEMENT (ASSAM) LIMITED	30/08/2013	-
U40109TN2006PLC058819	DCB POWER VENTURES LIMITED	25/08/2011	-
U65191TN1996PLC035963	DALMIA CEMENT (BHARAT) LIMITED	26/10/2017	-

Name :

Mr. Vaidyanathan Ramamurthy

Designation :

Director

Address :

226, Panduranga Nagar, Bannerghatta Road, Bengaluru-560076, Karnataka, India

Date of Birth/Age :

21.12.1951

Qualification :

Masters from Indian Statistical Institute

Date of Appointment :

01.08.2013

DIN No.:

00221577

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L40200GJ1998SGC035188	GUJARAT STATE PETRONET LIMITED	21/09/2010	-
U10300DL2007PLC171250	DALMIA CEMENT VENTURES LIMITED	30/07/2009	-
U26942AS1986PLC002553	VINAY CEMENT LIMITED	31/12/2015	-
U33201PY1982PLC000203	GENERAL OPTICS (ASIA) LTD	30/09/1987	-
U65991MH1994PLC080811	ADITYA BIRLA SUN LIFE AMC LIMITED	23/07/2010	-
U74900KA2015PTC080338	PERFORMANCEGURUS SERVICES PRIVATE LIMITED	13/05/2015	-

Name :

Mr. Phon Syih

Designation :

Director

Address :

Village Thangskai, Post-Lumshnong, Khlerihat – 793200, Meghalaya, India

Date of Birth/Age :

27/11/1950

Qualification :

Graduate

Date of Appointment :

17.04.2006

PAN No.:

AQBPS9779H

DIN No.:

00421643

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U13209ML2007PTC008281	SUTNGA MINES PRIVATE LIMITED	06/09/2016	-
U26942ML2003PLC007125	MEGHALAYA CEMENTS LIMITED	01/06/2006	-
U26959ML2007PLC008279	COSMOS CEMENTS LIMITED	06/09/2016	-
U40108AS2004PLC011688	JAINTIA HILLS POWER LIMITED	20/09/2004	-

Name :

Mr. Ajit Aravindaksha Menon

Designation :

Director

Address :

D-801, Lake Honey, Phase – 2, Powai Vihar, Powai, Mumbai-400076, Maharashtra, India

Date of Birth/Age :

03/11/1964

Qualification :

BSC (Physics) and Hotel Management

Date of Appointment :

21.05.2013

DIN No.:

02391716

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U45209TN2008PLC110322	DALMIA CEMENT EAST LIMITED	11/09/2015	-
U65993TN1979PLC050181	KANIKA INVESTMENT LIMITED	27/07/2016	-
U70102DL2014PTC266909	VINIMAY DEVELOPERS PRIVATE LIMITED	25/03/2014	-
U74140DL2015NPL283503	BLUE ORB FOUNDATION	03/08/2015	-
U80903DL2018NPL330846	O2 ALLIANCE FOUNDATION	14/03/2018	-
U80904DL2017NPL327773	BEONE FOUNDATION FOR TRANSFORMATIONAL LEADERSHIP	29/12/2017	-

Name :

Mrs. Manisha Bansal

Designation :

Director

Address :

D-254, 1st Floor, Anand Vihar, New Delhi -110092, India

Date of Appointment :

26.03.2015

DIN No.:

06852044

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U14107TN2005PLC057327	DALMIA MINERALS & PROPERTIES LIMITED	24/08/2015	-
U14107TN2006PLC058817	SRI SHANMUGHA MINES & MINERALS LIMITED	24/08/2015	-
U14107TN2006PLC058820	SRI SWAMINATHA MINES & MINERALS LIMITTED	24/08/2015	-
U26942ML2003PLC007090	ADHUNIK CEMENT LIMITED	05/09/2015	-
U45209TN2008PLC110322	DALMIA CEMENT EAST LIMITED	11/09/2015	-

Name :

Mr. Rowther Alwar Krishnakumar

Designation :

Wholetime Director

Address :

D. No. 2/512-A, Min Nagar, Ariyalur – 621704, Tamilnadu, India

Date of Birth/Age :

21/07/1963

Qualification :

B. Tech

Date of Appointment :

04.11.2015

DIN No.:

07333614

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U26942AS2004PLC007538	CALCOM CEMENT INDIA LIMITED	22/09/2016	-
U26942ML2003PLC007090	ADHUNIK CEMENT LIMITED	01/02/2016	-
U26959AS2008PLC008717	ADHUNIK MSP CEMENT (ASSAM) LIMITED	04/11/2015	-
U26999AS2016PLC017688	ALSTHOM INDUSTRIES LIMITED	22/08/2017	-

KEY EXECUTIVES

Name :	Mr. Sunil Aggarwal
Designation :	Chief Finance Officer
Address :	H.No. 1064, Sector-31, Gurugram-122001, Haryana, India
Date of Appointment :	01.05.2014
PAN No.:	ABDPA7577N
Name :	Mrs. Aashima Khanna
Designation :	Company Secretary
Address :	Khanna House-2, Malka Ganj, Delhi – 110007, India
Date of Appointment :	08.05.2015
PAN No.:	ARYPK0747R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2017

Names of Shareholders	No. of Shares
Ram Ballabh Mishra and Dalmia Cement (Bharat) Limited, India	1
Isha and Dalmia Cement (Bharat) Limited, India	1
Anil Sharma and Dalmia Cement (Bharat) Limited, India	1
Ashim Kainth and Dalmia Cement (Bharat) Limited, India	1
Narendra Mantri and Dalmia Cement (Bharat) Limited, India	1
Rajesh kumar Ghai and Dalmia Cement (Bharat) Limited, India	1
Dalmia Cement (Bharat) Limited, India	32944994
Total	32945000

AS ON: 22.08.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters – Body Corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the Manufacturing and Selling of Cement and Clinker having its manufacturing facility at Lumshnong, Meghalaya. [Registered Activity]

Products :

ITC Code No.	Product Descriptions
25231000	Manufacture Of Cement

Brand Names :

“Dalmia”

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	Gulraj Constructions
Name of the Person (Designation):	Mr. Sudhir Harisingani
Contact Number:	91-9821027993
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	Denied to provide opinion about the subject company.

No. of Employees :

Not Divulged

Bankers :

· Indian Bank

· State Bank Of India

· Punjab National Bank

Facilities :

SECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Punjab National Bank	1604.900	3973.900
SHORT TERM BORROWINGS
Working capital loans from banks	370.400	1157.700
Total	1975.300	5131.600

Auditors :
Name :	S.R. Batliboi and Company LLP Chartered Accountants
Address :	Golf View Corporate, Tower - B, Sector-42, Sector Road, Gurugram-122002, Haryana, India
PAN No.:	ACHFS9180N
Memberships :	Not Available
Collaborators :	Not Available
Ultimate Holding company:	Dalmia Bharat Limited [L40109TN2006PLC058818]
Holding company :	Dalmia Cement (Bharat) Limited [U65191TN1996PLC035963]
Fellow Subsidiary company :	· Calcom Cement India Limited [U26942AS2004PLC007538] · OCL India Limited [L26942TN1949PLC117481] · Alsthom Industries Limited [U26999AS2016PLC017688] · SCL Cements Limited · Vinay Cement Limited · RCL Cements Limited · Dalmia Cement East Limited
Subsidiary company :	Adhunik Msp Cement (Assam) Limited [U26959AS2008PLC008717]
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	· Dalmia Refractories Limited [L24297TN1973PLC006372] · Govan Travels · Cosmos Cements Limited [U26959ML2007PLC008279] · PNAR Traders · Sutanga Mines Limited · Dalmia Bharat Group Foundation

CAPITAL STRUCTURE

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	INR 10/- each	INR 350.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
32945000	Equity Shares	INR 10/- each	INR 329.450 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET [STANDALONE]

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	329.450	329.450	329.450
(b) Reserves and Surplus	(965.100)	(81.700)	263.584
(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)	(635.650)	247.750	593.034
(3) Non-Current Liabilities
(a) long-term borrowings	1604.900	3973.900	4675.551
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long-term liabilities	625.100	664.000	232.179
(d) long-term provisions	29.700	26.800	22.531
Total Non-current Liabilities (3)	2259.700	4664.700	4930.261
(4) Current Liabilities
(a) Short-term borrowings	5089.400	2339.900	994.302
(b) Trade payables	1653.900	1779.200	1312.997
(c) Other current liabilities	1296.800	1426.200	908.522
(d) Short-term provisions	371.500	373.400	368.460
Total Current Liabilities (4)	8411.600	5918.700	3584.281
TOTAL	10035.650	10831.150	9107.576
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7038.800	7456.300	6140.092
(ii) Intangible Assets	3.900	6.700	9.690
(iii) Tangible assets capital work-in-progress	46.800	76.600	88.346
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	20.000	20.000	20.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term loans and advances	0.000	0.000	69.693
(e) Other Non-current assets	947.000	1285.500	28.017
Total Non-Current Assets	8056.500	8845.100	6355.838
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	626.700	805.100	324.256
(c) Trade receivables	348.650	674.050	831.833
(d) Cash and bank balances	28.900	176.300	23.629
(e) Short-term loans and advances	2.300	1.700	1569.923
(f) Other current assets	972.600	328.900	2.097
Total Current Assets	1979.150	1986.050	2751.738
TOTAL	10035.650	10831.150	9107.576

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016	31.03.2015
	SALES
	Total Revenue from operations	4098.800	4556.100	4212.849
	Other Income	153.900	171.500	181.739
	TOTAL	4252.700	4727.600	4394.588
Less	EXPENSES
	Cost of Materials Consumed	439.600	547.700	519.757
	Purchases of Stock-in-Trade	2.300	0.000	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(28.400)	(98.200)	24.449
	Employee benefit expense	192.200	218.800	192.372
	Expenditure on production, transportation and Other expenditure pertaining to exploration and production activities	146.400	159.400	0.000
	Other expenses	2916.500	3665.300	2997.167
	Exceptional items	(0.400)	(0.500)	0.000
	TOTAL	3668.200	4492.500	3733.745
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	584.500	235.100	660.843
Less	FINANCIAL EXPENSES	964.300	933.800	984.714
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(379.800)	(698.700)	(323.871)
Less/ Add	DEPRECIATION/ AMORTISATION	503.600	562.400	369.578
	PROFIT/ (LOSS) BEFORE TAX	(883.400)	(1261.100)	(693.449)
Less	TAX	0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	(883.400)	(1261.100)	(693.449)
	IMPORTS
	Raw Materials	NA	NA	25.362
	Components and spare parts	NA	NA	5.801
	Capital Goods	NA	NA	13.500
	TOTAL IMPORTS	NA	NA	44.663
	Earnings / (Loss) Per Share (INR)	(26.82)	(38.28)	(21.05)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	391.300	646.000	587.071
Net cash flows from (used in) operations	780.900	149.600	825.358
Net cash flows from (used in) operating activities	782.500	136.500	818.590

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	31.05	54.00	72.07
Account Receivables Turnover (Income / Sundry Debtors)	11.76	6.76	5.06
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	1366.09	1185.70	922.05
Inventory Turnover (Operating Income / Inventories)	0.93	0.29	2.04
Asset Turnover (Operating Income / Net Fixed Assets)	0.08	0.03	0.11

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	1.04	0.97	0.97
Debt Equity Ratio (Total Liability / Networth)	(11.15)	28.09	10.55
Current Liabilities to Networth (Current Liabilities / Net Worth)	(13.23)	23.89	6.04
Fixed Assets to Networth (Net Fixed Assets / Networth)	(11.15)	30.43	10.52
Interest Coverage Ratio (PBIT / Financial Charges)	0.61	0.25	0.67

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	(21.55)	(27.68)	(16.46)
Return on Total Assets ((PAT / Total Assets) * 100)	%	(8.80)	(11.64)	(7.61)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	138.98	(509.02)	(116.93)

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	0.24	0.34	0.77
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.16	0.20	0.68
G-Score Ratio Financial (Networth / Total Assets)	(0.06)	0.02	0.07
G-Score Ratio Debt (Debts / Equity Capital)	21.51	21.13	18.99
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.24	0.34	0.77

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

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	329.450	329.450	329.450
Reserves & Surplus	263.584	(81.700)	(965.100)
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	593.034	247.750	(635.650)
Long-term borrowings	4675.551	3973.900	1604.900
Short term borrowings	994.302	2339.900	5089.400
Current maturities of long-term debts	587.071	646.000	391.300
Total borrowings	6256.924	6959.800	7085.600
Debt/Equity ratio	10.551	28.092	(11.147)

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	4212.849	4556.100	4098.800
		8.148	(10.037)

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	4212.849	4556.100	4098.800
Profit/ (Loss)	(693.449)	(1261.100)	(883.400)
	(16.46 %)	(27.68 %)	(21.55 %)

ABRIDGED BALANCE SHEET [CONSOLIDATED]

SOURCES OF FUNDS	31.03.2017	31.03.2016
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	329.450	329.450
(b) Reserves and Surplus	(967.400)	(83.300)
(c) Money received against share warrants	0.000	0.000
(d) Minority interest	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	(637.950)	246.150
(3) Non-Current Liabilities
(a) long-term borrowings	1604.900	3973.900
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long-term liabilities	625.100	664.000
(d) long-term provisions	29.700	26.800
Total Non-current Liabilities (3)	2259.700	4664.700
(4) Current Liabilities
(a) Short-term borrowings	5095.400	2339.900
(b) Trade payables	1654.000	1779.300
(c) Other current liabilities	1301.900	1426.200
(d) Short-term provisions	371.500	373.400
Total Current Liabilities (4)	8422.800	5918.800
TOTAL	10044.550	10829.650
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	7044.700	7462.200
(ii) Intangible Assets	3.900	6.700
(iii) Tangible assets capital work-in-progress	46.800	76.600
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	10.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term loans and advances	786.300	1215.100
(e) Other Non-current assets	175.300	84.500
Total Non-Current Assets	8067.000	8845.100
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	626.700	805.100
(c) Trade receivables	348.650	674.050
(d) Cash and bank balances	28.900	176.300
(e) Short-term loans and advances	2.300	1.700
(f) Other current assets	971.000	327.400
Total Current Assets	1977.550	1984.550
TOTAL	10044.550	10829.650

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2017	31.03.2016
	SALES
	Total Revenue from operations	3952.400	4396.700
	Other Income	158.500	171.500
	TOTAL	4110.900	4568.200
Less	EXPENSES
	Cost of Materials Consumed	439.600	547.700
	Purchases of Stock-in-Trade	2.300	0.000
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(28.400)	(98.200)
	Employee benefit expense	192.200	218.800
	Other expenses	2916.600	3666.900
	Exceptional items	(0.400)	(0.500)
	TOTAL	3521.900	4334.700
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	589.000	233.500
Less	FINANCIAL EXPENSES	969.500	933.800
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(380.500)	(700.300)
Less/ Add	DEPRECIATION/ AMORTISATION	503.600	562.400
	PROFIT/ (LOSS) BEFORE TAX	(884.100)	(1262.700)
Less	TAX	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	(884.100)	(1262.700)
	Earnings / (Loss) Per Share (INR)	(26.83)	(38.33)

LEGAL CASES

CHIEF JUDICIAL MAGISTRATE

CASE DETAILS

Case Type: Motor Vehicle Act

Filing Number: 3020/2016Filing Date: 03-05-2016

Registration No.: 2642/2016Registration Date: 03-05-2016

Case Code: 201800030202016

CASE STATUS

First Hearing Date: 18th June 2016
Next Hearing Date: 18th June 2016
Stage of Case: Lok Adalat
Court No. and Judge: 12-Judicial Magistrate 1st Class,

PETITIONER AND ADVOCATE

1) State of Assam
    Address - Dispur

RESPONDENT AND ADVOCATE

1) Adhunik Cement LTd
    Address - Lamchuling

ACTS

Under Act(s)	Under Section(s)
Motor Vehicles Act	190

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	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	Yes
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	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

CHARGES REGISTERED
SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	G50817923	10472130	PUNJAB NATIONAL BANK	24/12/2013	20/07/2017	-	520000000.0	52A, SHAKESPEARE SARANIKOLKATAKOLKATAWB700017IN
2	C56351299	10417069	STATE BANK OF INDIA	26/03/2013	28/05/2015	-	1000000000.0	COMMERCIAL BRANCH3RD FLOOR,SWAGATA SQUARE,ABOVE SOHUM EMPORIA, ABC,GUWAHATIAS781005IN
3	B72339856	10416979	STATE BANK OF INDIA	26/03/2013	-	-	2750000000.0	COMMERCIAL BRANCH GUWAHATIBEE KAY TOWER, 2ND FLOOR, GANESHGURIGUWAHATIAS781006IN
4	B41452327	10360223	L & T FINANCE LIMITED	06/06/2012	-	-	1751000.0	L&T HOUSE,BALLARD ESTATE,MUMBAIMH400001IN
5	B36588424	10346329	STATE BANK OF INDIA	17/03/2012	-	-	480000000.0	COMMERCIAL BRANCHBEE KAY TOWER, 2ND FLOOR, GANESHGURIGUWAHATIAS781006IN
6	B94106416	10300816	STATE BANK OF INDIA	25/06/2011	24/11/2013	-	650000000.0	COMMERCIAL BRANCHBEE KAY TOWER,2ND FLOOR, GANESHGURIGUWAHATIAS781006IN
7	B12034732	10284064	DHANLAXMI BANK LIMITED	02/04/2011	-	-	48500000.0	DHANLAXMI BANK LIMITED.11/1, SARAT BOSE ROADKOLKATAWB700020IN
8	A94281292	10238252	ICICI BANK LIMITED	28/07/2010	-	-	64645947.0	LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN
9	C55045066	10055455	STATE BANK OF INDIA	14/06/2007	11/05/2015	-	1960000000.0	3RD FLOOR , SWAGATA SQUAREABC, GUWAHATIGUWAHATIAS781005IN
10	G44476703	10363572	INDIAN BANK	18/06/2012	-	08/05/2017	60000000.0	STRAND ROAD BRANCH3 A, HARE STREETKOLKATAWB700001IN

UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
SHORT TERM BORROWINGS
Intercorporate borrowings	4719.00	934.000
Commercial paper	0.000	248.200
Total	4719.000	1182.200

CONTINGENT LIABILITIES:

Particulars	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
Claims against company not acknowledged as debt	11.800	11.800
Other money for which company is contingently	740.400	14.100

CORPORATE INFORMATION

Adhunik Cement Limited (“the Company”) is a public Company domiciled in India and incorporated under the provisions of the Companies Act applicable in India. The registered office of the Company is located at Village Thangskai, Post Office Lumshnong, Khelraihat, and Meghalaya – 793200

The Company is engaged in the manufacturing and selling of cement and clinker having its manufacturing facility at Lumshnong, Meghalaya.

The Company is engaged in the manufacturing and selling of cement and clinker having its manufacturing facility at Lumshnong, Meghalaya. Information on the Company’s related party relationships are provided in note 45

OPERATIONS AND BUSINESS PERFORMANCE

The revenue growth is almost flat during the year. The Company has recorded a revenue of INR 4098.800 million Previous year INR 4556.100 million. The Company reported EBITDA of INR 584.100 million in FY17 against EBITDA of INR 23.46 million in FY16.

Increase in EBIDTA is mainly due to decrease in the consumption of stores and spares, decrease in power and fuel expenses, freight and forwarding charges etc.

The volume growth in North East Cement market was 1% in FY-2016-17 over FY-2015-16 and is projected to grow at 5% in FY 2017-18 primarily fuelled by Central Government funded projects. The total cement consumption is projected at an annualized figure of 7000 KMT for FY 2017-18. Dalmia as a brand has started creating a pull from the consumers and has also started commanding a premium in some markets over competition. Dalmia Cement Bharat Limited - North East (DCBL NE) have registered 2% market share growth in FY 2016 17 with an exit Market Share of 20% and is targeting to maintain the same Market Share of 20% for FY 2017-18.

FY 2017-18 shall experience some interesting developments for DCBL NE with the alignment of the sales force towards managing the micro level diversity of the various market requirements and cultures through the Cluster way of working therefore aspiring for a Price Leadership among NE players and more focus on conversions at the Individual House Builder levels. A stable Government at the State and Centre shall also ensure expedition of various Infrastructural Projects in the region to fruition facilitating the stated growth aspirations

SCHEME OF ARRNAGEMENT AND AMALGAMATION

The Scheme of Arrangement between the Company, Adhunik MSP Cement (Assam) Limited, the subsidiary company and Dalmia Cement (Bharat) Limited, the holding company, is pending for final disposal by the jurisdictional National Company Law Tribunal (NCLT), Guwahati. The Scheme will become effective once the approval is obtained for the Holding Company and the copy of order is filed with the Registrar of Companies.

FIXED ASSETS:

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Office equipment
• Vehicles
• Computer equipments
• Mines quarries

WITH ADHUNIK CEMENT BUY FOR RS 560 CR, DALMIA BHARAT FORTIFIES NORTH-EAST PRESENCE

NEW DELHI, SEPT 28

Cement manufacturer Dalmia Bharat Enterprises Ltd is set to strengthen its presence in the North East with the INR 5600.000 million acquisition of Adhunik Cement Ltd.

This is Dalmia Bharat’s second acquisition in the region after it took a 50 per cent stake earlier this year in Calcom of Assam.

Dalmia Bharat hopes to establish over 3.5 million tonnes of production capacity in the region where the demand is estimated at about 6 million tonnes a year and growing at a healthy 12-15 per cent, says Puneet Dalmia, Managing Director. The company has announced on the NSE that its subsidiary Dalmia Cement (Bharat) Ltd has signed a definitive agreement to buy the entire share capital of Adhunik Cement in Meghalaya for Rs 560 crore. Adhunik operates a 1.5 million tonne a year cement plant, which is one of the largest in the North East. Dalmia said it is operating at about 40 per cent capacity. The acquisition is to be funded through internal accruals and reserves. Dalmia Bharat’s other acquisition in the region, Calcom, has a 800,000 tonne a year cement plant which is to be expanded to about 2 million tonnes a year.

The company’s two acquisitions in the North East mean an equity exposure of over INR 8000.000 million and an additional INR 1,0000.000 million in the form of debt and other liabilities.

As of now both these plants are “not making money at the profit after tax level” but Dalmia Bharat is optimistic. The demand is driven by infrastructure growth. A number of hydel projects are coming up, infrastructure like roads and bridges is being built, and money is flowing into the region to drive inclusive growth.. “That is why we like the North East,” Dalmia said and added that as the sole national level player in the region, with a distributed presence, it is well set to tap the demand.

In the South, the company has started work on a 2.5-million tonne a year cement plant in Belgaum, Karnataka, at a cost of INR 1,3000.000 million. A second unit is planned in Gulbarga. Dalmia Bharat has nearly 14 million tonnes a year of cement production capacities, including about 9 million tonnes in Tamil Nadu and Andhra Pradesh, and about 4.5 million tonnes in the eastern region through its stake in OCL.

DALMIA BHARAT GAINS 2%; BOARD APPROVES AMALGAMATION

29.03.2016

The board approved amalgamation of OCL India Ltd and Dalmia Cement East Ltd “Bokaro” with Odisha Cement Ltd , merger of Adhunik Cement with Dalmia Cement (Bharat Ltd and transfer of power assets in Dalmia Cement Bharat Power Ventures Ltd to DCBL.

Dalmia Bharat Ltd ended 2% higher to INR 814. The board approved amalgamation of OCL India Ltd and Dalmia Cement East Ltd “Bokaro” with Odisha Cement Ltd , merger of Adhunik Cement with Dalmia Cement (Bharat Ltd and transfer of power assets in Dalmia Cement Bharat Power Ventures Ltd to DCBL.

Dalmia Bharat Ltd is currently trading at INR 814.5, up by Rs. 18.6 or 2.34% from its previous closing of INR 795.9 on the BSE.

The scrip opened at INR 801.15 and has touched a high and low of INR 814.95 and INR 797.2 respectively. So far 35047(NSE+BSE) shares were traded on the counter. The current market cap of the company is INR 6470.13 crore.

The BSE group 'B' stock of face value INR 2 has touched a 52 week high of INR 885 on 01-Jan-2016 and a 52 week low of INR 408 on 30-Mar-2015. Last one week high and low of the scrip stood at INR 823 and INR 783 respectively.

The promoters holding in the company stood at 62.74 % while Institutions and Non-Institutions held 13.47 % and 19.91 % respectively.

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 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 67.77
UK Pound	1	INR 89.96
Euro	1	INR 78.86

INFORMATION DETAILS

Information Gathered by :	ARC
Analysis Done by :	VAR
Report Prepared by :	RUP

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.