|
|
|
MIRA
INFORM REPORT
|
Report No. : |
511685 |
|
Report Date : |
28.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
KALYANPUR CEMENTS LIMITED |
|
|
|
|
Registered
Office : |
2 and 3, Dr. Rajendra Prasad Sarani [Earlier known as 2 & 3 Clive
Row], Kolkata-700001, West Bengal |
|
Tel. No.: |
91-33-22302977/ 22306470 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
11.08.1937 |
|
|
|
|
Com. Reg. No.: |
21-009086 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 278.714 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26942WB1937PLC009086 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
10AABCK1273H1Z3 |
|
|
|
|
TIN No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCK1273H |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Supplier of Cement. [Registered Activity and also
Confirmed by Management] |
|
|
|
|
No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 1937 and it is engaged in the
business of manufacturing cement. Mr. Anant (Director) only provided with general information about the
subject. As per the information gathered from source we could find that the
“Dalmia Bharat Group” is set to acquire “Kalyanpur Cement Limited” in a bid
of INR 3530 million and has got the approval for the same from National
Company Law Tribunal. For the financial year 2017, the company has reported a sharp decline
in its revenue as compared to its previous year followed by heavy losses
during the year. Further, operational creditor “Naresh Kumar & Company” brought
Kalyanpur Cement to the bankruptcy court in May 2017. The company owes INR
6000 million to the banks and operational creditors. The company possesses weak financial risk profile marked by eroded net
worth base and weak debt protection metrics. However, these rating weakness gets partially offset by acquisition of
the company by the second oldest “Dalmila Bharat Group” and leading player in
the cement manufacturing industry and which has outbid the other large
companies in the fray. This acquisition will give “Dalmia Bharat Group” a presence in the
fast growing cement market in the east. Business is active. Payment seems to be slow. In view of aforesaid, the company can be considered for business
dealing at fully safe and secured terms and conditions. Note: The process of acquisition is still in process as the company status
is active as per Registrar of Companies. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
INDIA RATINGS |
|
Rating |
Zero Coupon NCDs=C |
|
Rating Explanation |
Poor-credit-quality and limited prospects of recovery. |
|
Date |
16.04.2018 |
Reason for Downgrade: (Issuer Not Cooperating)
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 28.05.2018.
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 PARTED BY [GENERAL DETAILS]
|
Name : |
Mr. Anant Prakash Sinha |
|
Designation : |
Director |
|
Contact No.: |
91-7004520006 |
|
Date : |
26.05.2018 |
LOCATIONS
|
Registered Office : |
2 and 3, Dr. Rajendra Prasad Sarani [Earlier known as 2 & 3 Clive
Row], Kolkata-700001, West Bengal, India |
|
Tel. No.: |
91-33-22302977/ 22306470 |
|
Mobile No.: |
91-7004520006 [Mr. Anant Prakash Sinha] |
|
Fax No.: |
91-33-22301909 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Factory : |
P.O, Banjari, District Rohtas-821303, Bihar, India |
|
Location : |
Owned |
|
|
|
|
Corporate/ Head Office : |
Maurya Centre, 1 Fraser Road, P.O. Box 89, Patna – 800001,
Bihar, India |
|
Tel. No.: |
91-612-2221551/ 2223336/ 2232481/ 2233501/ 3092000/ 2221557 |
|
Fax No.: |
91-612-2332884 |
|
Location : |
Owned |
DIRECTORS
AS ON: 31.03.2018
|
Name : |
Mr. Kailash Chandra Varshney |
|
Designation : |
Director |
|
Address : |
E-55 Masjid Moth Greater Kailash – Iii, New Delhi-110048,
India |
|
Date of Appointment : |
23.02.2007 |
|
DIN No.: |
00012180 |
|
|
|
|
Name : |
Mr. Shailendra Prakash Sinha |
|
Designation : |
Managing Director |
|
Address : |
Flat No.121, Bldg No. - 1, Arrah Garden Residence Arrah
Garden Road, Off Bailey Road, Ruku Npura, Patna-800014, Bihar, India |
|
Date of Birth/Age : |
66 Years |
|
Date of Appointment : |
23.02.2007 |
|
DIN No.: |
00089604 |
|
|
|
|
Name : |
Mr. Anant Prakash Sinha |
|
Designation : |
Director |
|
Address : |
House No. D-87, Block - D, South City, Gurgaon-122001,
Haryana, India |
|
Date of Appointment : |
14/06/2007 |
|
DIN No.: |
00089643 |
|
|
|
|
Name : |
Mr. Bijay Chandra Srivastava |
|
Designation : |
Director |
|
Address : |
23,Mangaldeep Apartment, Patliputra Colony, Patna-800013,
Bihar, India |
|
Date of Appointment : |
06.07.2002 |
|
DIN No.: |
00929674 |
|
|
|
|
Name : |
Mr. Ravindra Prasad |
|
Designation : |
Nominee Director |
|
Address : |
70, Neetu Nikunj, Arpana Bank Colony Ram Jaipal Road,
Danapur, Patna- 801503, Bihar, India |
|
Date of Appointment : |
13.02.2014 |
|
DIN No.: |
06821316 |
|
|
|
|
Name : |
Mrs. Lata Ajay Srivastava |
|
Designation : |
Director |
|
Address : |
C/O-Anish Romi, Baner Pashan Link Road, A701 Mont Vert
Biarritz Phase1 Sr No 137/1/1 Pasha N Armament, Pune-411021, Maharashtra,
India |
|
Date of Appointment : |
26.03.2015 |
|
DIN No.: |
07113354 |
KEY EXECUTIVES
|
Name : |
Mr. Purushottam Kumar Chaubey |
|
Designation : |
Company Secretary and Chief Financial Officer (KMP) |
|
Address : |
Maurya Centre, 1-Fraser Road, Patna-800001, Bihar, India |
|
Date of Appointment : |
23.05.2014 |
|
PAN No.: |
ACLPC4362Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2018
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Promoter & Promoter Group |
11325342 |
53.30 |
|
Public |
9923712 |
46.70 |
|
|
|
|
|
Total |
21249054 |
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 % of
(A+B+C2) |
|
|
A1) Indian |
0.00 |
|
|
|
Any Other
(specify) |
1,13,25,342 |
53.30 |
|
|
Vivid Colors Pvt Ltd |
1,02,00,000 |
48.00 |
|
|
Maurya Management Private Ltd |
11,25,342 |
5.30 |
|
|
Sub Total A1 |
1,13,25,342 |
53.30 |
|
|
A2) Foreign |
0.00 |
|
|
|
A=A1+A2 |
1,13,25,342 |
53.30 |
|
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 % of (A+B+C2) |
|
|
|||
|
|||
|
|||
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
3550 |
0.02 |
|
|
Financial
Institutions/ Banks |
3250662 |
15.30 |
|
|
Asset Reconstruction company India Ltd. |
3079000 |
14.49 |
|
|
Insurance
Companies |
9735 |
0.05 |
|
|
Sub Total B1 |
3263947 |
15.36 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
Central
Government/ State Government(s)/ President of India |
24417 |
0.11 |
|
|
Sub Total B2 |
24417 |
0.11 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share
capital upto INR 0.200 Million |
51120 |
0.24 |
|
|
Any Other
(specify) |
6584228 |
30.99 |
|
|
Sub Total B3 |
6635348 |
31.23 |
|
|
B=B1+B2+B3 |
9923712 |
46.70 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Cement. [Registered Activity and also
Confirmed by Management] |
|
|
|
|
Products/ Services : |
Cement |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
|
|
Products : |
Not Available |
|
Countries : |
Not Available |
|
|
|
|
Imports : |
|
|
Products : |
Not Available |
|
Countries : |
Not Available |
|
|
|
|
Terms : |
|
|
Selling : |
Advance Payment, L/C, Cheque and Credit [60,90 Days] |
|
|
|
|
Purchasing : |
Advance Payment, L/C, Cheque and Credit [60,90 Days] |
PRODUCTION STATUS (AS ON 31.03.2017)
|
Particulars |
Unit
|
Installed
Capacity |
Actual
Production |
|
Cement |
Lac Tons |
1.000 |
2.24 |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Customers : |
Wholesaler, Retailers and End Users
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
No. of Employees : |
1000 (Approximately) |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Auditors : |
|
|
Name : |
M. Mukerjee and Company Chartered Accountants |
|
|
|
|
Internal Auditors : |
|
|
Name : |
B. Gupta and Company Chartered Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Mitra Bose and Associates Cost Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Enterprise under common control: |
Maurya
Management Private Limited |
|
|
|
|
Significant Interest in the Company (Holding 25.51% in the Company's
Share Capital) : |
Elate
Investments and Holding Private Limited |
|
|
|
|
Earlier treated as Strategic Investor under the Scheme of Compromise
approved by the Hon'ble Calcutta High Court, having significant voting power
(48%) of the Company, Now pursuant to the direction of SEBI vide their letter
dated 30.10.2013 Vivid Colors
Private Limited as treated as promoter : |
Vivid Colors Private
Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
70000000 |
Equity Shares |
INR 10/- each |
INR 700.000 Million |
|
4411766 |
0.1% Cumulative Redeemable Preference Shares |
INR 15/- each |
INR 66.176 Million |
|
20082351 |
Unclassified Preference Shares |
INR 10/- each |
INR 200.824 Million |
|
|
|
|
|
|
|
Total |
|
INR 967.000
Million |
Issued and Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21267965 |
Equity Shares |
INR 10/- each |
INR 212.680
Million |
|
4411766 |
0.1% Cumulative Redeemable Preference Shares |
INR 15/- each |
INR 66.176
Million |
|
|
|
|
|
|
|
Total |
|
INR 278.856 Million |
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21249054 |
Equity Shares |
INR 10/- each |
INR 212.491
Million |
|
|
Add: Forfeited shares [Amount originally paid-up] |
|
INR 0.047
Million |
|
4411766 |
0.1% Cumulative Redeemable Preference Shares |
INR 15/- each |
INR 66.176
Million |
|
|
|
|
|
|
|
Total |
|
INR 278.714 Million |
Redemption of
Preference Shares: In terms of the Scheme of Compromise approved by the Hon'ble
Calcutta High Court, the Preference shares were to be redeemed in three annual
installments i.e. 2009-10, 2010-11 and 2011-12 @ INR 22.100 Million every year.
The Companies Act, 1956, as well as the companies Act, 2013, provides that the
Preference shares can be redeemed either out of the profit available for distribution
of dividend or out of the fresh proceeds of shares issued for the said purpose.
Since the company did not either have profit available for distribution of
dividend or any fresh proceed of shares, a legal opinion was obtained from
Khaitan and Company, Advocates and Solicitors, Kolkata whether the preference
shares could be redeemed by the company. They have opined that the Preference shares
of the company could not be redeemed under the present circumstances.
There is no change
in the number of shares at the end of the reporting period as compared to the
same at the beginning of the reporting period.
The Company does not have any holding company or ultimate holding
company.
The details of
shareholding exceeding 5% at the beginning and end of the reporting periods are
as under:
|
Name of Shareholders |
31.03.2017 |
|
|
|
No of shares |
Holding (%) |
|
|
|
|
|
Maurya Management Private Limited |
1125342 |
5.31 |
|
Asset Reconstruction Company (India) Limited
|
3079000 |
14.49 |
|
Etate Investments and Holding (Private)
Limited |
5420000 |
25.51 |
|
Vivid Colors Private Limited |
10200000 |
48.00 |
|
Total |
19824342 |
93.31 |
The Preference
Shares carry the preferential rights as provided in the Companies Act, 1956.
There is no restriction on distribution of dividends and repayment of Capital
with respect to any shares and the same would be governed by the provisions of
the Companies Act.1956.
No Shares have been
reserved for issue under options and contracts / commitments for the sale of
shares I disinvestments.
No shares have been
allotted as fully paid up pursuant to contracts without payment being received
in cash,
No bonus shares have
been issued and no shares have been bought back,
No convertible
securities are outstanding at the end of the reporting period nor any calls are
unpaid.
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
278.714 |
278.714 |
278.714 |
|
(b) Reserves & Surplus |
(5504.476) |
(4051.076) |
(3262.024) |
|
(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) |
(5225.762) |
(3772.362) |
(2983.310) |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
794.585 |
794.585 |
794.585 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
138.387 |
227.267 |
332.437 |
|
(d)
long-term provisions |
188.328 |
173.108 |
163.035 |
|
Total
Non-current Liabilities (3) |
1121.300 |
1194.960 |
1290.057 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
314.412 |
206.061 |
145.263 |
|
(b)
Trade payables |
1284.891 |
1006.350 |
820.379 |
|
(c)
Other current liabilities |
3391.341 |
2346.948 |
1843.511 |
|
(d)
Short-term provisions |
34.818 |
30.770 |
12.539 |
|
Total
Current Liabilities (4) |
5025.462 |
3590.129 |
2821.692 |
|
|
|
|
|
|
TOTAL |
921.000 |
1012.727 |
1128.439 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
514.222 |
550.010 |
582.361 |
|
(ii)
Intangible Assets |
0.139 |
0.139 |
0.139 |
|
(iii)
Capital work-in-progress |
2.011 |
1.458 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
204.440 |
202.598 |
198.740 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
720.812 |
754.205 |
781.240 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
106.898 |
149.906 |
183.562 |
|
(c)
Trade receivables |
17.225 |
21.151 |
16.435 |
|
(d)
Cash and cash equivalents |
6.133 |
8.342 |
15.304 |
|
(e)
Short-term loans and advances |
64.912 |
74.777 |
74.514 |
|
(f)
Other current assets |
5.020 |
4.346 |
57.384 |
|
Total
Current Assets |
200.188 |
258.522 |
347.199 |
|
|
|
|
|
|
TOTAL |
921.000 |
1012.727 |
1128.439 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
660.435 |
1439.924 |
1715.271 |
|
|
|
Other Income |
14.641 |
95.913 |
273.312 |
|
|
|
TOTAL |
675.076 |
1535.837 |
1988.583 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
105.521 |
206.780 |
243.682 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
29.492 |
3.148 |
-19.771 |
|
|
|
Employees benefits expense |
397.344 |
382.696 |
369.125 |
|
|
|
Other Manufacturing Expenses |
657.966 |
1224.336 |
1298.141 |
|
|
|
Freight and Selling Expenses |
128.764 |
215.816 |
223.046 |
|
|
|
Other expenses |
34.416 |
59.284 |
53.148 |
|
|
|
Exceptional Items |
506.771 |
0.000 |
0.000 |
|
|
|
TOTAL |
1860.274 |
2092.060 |
2167.371 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
(1185.198) |
(556.223) |
(178.788) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
232.501 |
196.550 |
119.577 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(1417.699) |
(752.773) |
(298.365) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
35.701 |
36.279 |
48.719 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
(1453.400) |
(789.052) |
(347.084) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
(1453.400) |
(789.052) |
(347.084) |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
(68.40) |
(37.13) |
(16.33) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current
Maturities of Long term debt |
|
|
|
|
Excise Loan from Govt. of India |
70.237 |
70.237 |
70.237 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from Operating Activities |
1520.891 |
748.749 |
327.344 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
9.52 |
5.36 |
3.50 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
38.34 |
68.08 |
104.37 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
4444.47 |
1776.37 |
1228.81 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
(11.09) |
(3.71) |
(0.97) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
(2.30) |
(1.01) |
(0.31) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
6.40 |
4.40 |
3.27 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
(0.23) |
(0.28) |
(0.34) |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
(0.96) |
(0.95) |
(0.95) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
(0.10) |
(0.15) |
(0.20) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(5.10) |
(2.83) |
(1.50) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
(220.07) |
(54.80) |
(20.23) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(157.81) |
(77.91) |
(30.76) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
27.81 |
20.92 |
11.63 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.04 |
0.07 |
0.12 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.02 |
0.03 |
0.06 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
(5.67) |
(3.72) |
(2.64) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
4.23 |
3.84 |
3.62 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.04 |
0.07 |
0.12 |
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 |
278.714 |
278.714 |
278.714 |
|
Reserves & Surplus |
(3262.024) |
(4051.076) |
(5504.476) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
(2983.310) |
(3772.362) |
(5225.762) |
|
|
|
|
|
|
long-term borrowings |
794.585 |
794.585 |
794.585 |
|
Short term borrowings |
145.263 |
206.061 |
314.412 |
|
Current Maturities of Long
term debt |
70.237 |
70.237 |
70.237 |
|
Total
borrowings |
1010.085 |
1070.883 |
1179.234 |
|
Debt/Equity
ratio |
(0.339) |
(0.284) |
(0.226) |
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 |
1715.271 |
1439.924 |
660.435 |
|
|
|
(16.053) |
(54.134) |
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 |
1715.271 |
1439.924 |
660.435 |
|
Profit/ (Loss) |
(347.084) |
(789.052) |
(1453.400) |
|
|
(20.23%) |
(54.80%) |
(220.07%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
Yes |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
A52099603 |
10141569 |
IDBI TRUSTEESHIP SERVICES LIMITED |
21/11/2008 |
- |
- |
1172890000.0 |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,Ballard Estate,MUMBAI- 400 001.MH400001IN |
|
2 |
Z01697693 |
80066386 |
Industrial Finance Corporation of India |
04/10/1991 |
- |
- |
114800000.0 |
Bank of Baroda Building,No. 16, Sansad Marg,New DelhiDL110001IN |
|
3 |
G11503059 |
80066385 |
Allahabad Bank |
02/04/1988 |
09/01/2003 |
20/08/2016 |
192000000.0 |
Main Branch, Bailey Road,PatnaBR800001IN |
|
4 |
B81613309 |
80066387 |
Industrial Reconstruction Bank of India |
10/11/1989 |
- |
18/07/2013 |
3000000.0 |
19, Netaji Subhash RoadKolkataWB700001IN |
|
5 |
B81608507 |
80066383 |
Industrial reconstruction Bank of India |
22/03/1991 |
- |
18/07/2013 |
30000000.0 |
19, Netaji Subhash Road,KolkataWB700001IN |
|
6 |
B81571788 |
80066384 |
Industrial Reconstruction Bank of India |
12/02/1993 |
23/03/1994 |
18/07/2013 |
2000000.0 |
19, N.S Road,KolkataWB700001IN |
|
7 |
B61224119 |
90253325 |
Asset Reconstruction Company ( India) Limited |
16/05/1989 |
23/06/2005 |
09/10/2012 |
6000000.0 |
The Ruby, 10th Floor29, Senapati Bapat Marg, Dadar ( West)MumbaiMH400028IN |
|
8 |
B61268983 |
80065380 |
Asset Reconstruction Company ( India ) Limited |
01/01/1991 |
30/12/2003 |
09/10/2012 |
90000000.0 |
The Ruby, 10th Floor,29, Senapati Bapat Marg, Dadar ( west )MumbaiMH400028IN |
|
9 |
B61221354 |
80065372 |
Asset Reconstruction Company ( India ) Limited |
16/05/1989 |
30/12/2003 |
09/10/2012 |
6000000.0 |
The Ruby, 10th Floor,29, Senapati Bapat Marg, Dadar ( west)MumbaiMH400028IN |
|
10 |
B61225553 |
90253484 |
Asset Reconstruction Company ( India) Limited |
12/02/1993 |
23/06/2005 |
09/10/2012 |
14000000.0 |
The Ruby, 10th Floor,29, Senapati Bapat Marg,Dadar ( West )MumbaiMH400028IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Other Loans and advances |
310.246 |
202.233 |
|
|
|
|
|
Total |
310.246 |
202.233 |
UNAUDITED FINANCIAL RESULTS FOR THE PERIOD ENDED 31.12.2017
(INR IN MILLION)
|
Particulars |
3 months ended |
Nine months ended |
|
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
INCOME FROM OPERATIONS |
|
|
|
|
Revenue from operations |
0.000 |
61.236 |
192.585 |
|
Other Income |
0.039 |
1.793 |
1.906 |
|
Total
Income from Operations |
0.039 |
63.029 |
194.491 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of raw material consumed |
0.001 |
8.980 |
26.203 |
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
0.000 |
(6.208) |
(0.209) |
|
Employee benefits expense |
81.028 |
82.208 |
252.582 |
|
Finance Costs |
73.784 |
75.250 |
207.765 |
|
Depreciation and Amortization expenses |
8.226 |
8.227 |
24.679 |
|
Power and Fuel |
10.330 |
57.899 |
163.681 |
|
Outward Freight and Distribution Expenses |
27.114 |
13.855 |
67.770 |
|
Other Manufacturing expenses |
7.555 |
14.913 |
52.856 |
|
Excise Duty |
0.000 |
0.000 |
18.083 |
|
Other Expenditure |
6.180 |
6.300 |
18.771 |
|
Total
Expenses |
214.218 |
261.424 |
832.181 |
|
Profit / (Loss) before Exceptional items and tax |
(214.179) |
(193.395) |
(637.690) |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit / (Loss) before Tax |
(214.179) |
(193.395) |
(637.690) |
|
Tax Expenses |
|
|
|
|
Current Tax |
0.000 |
0.000 |
0.000 |
|
Deferred tax |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss)
for the period |
(214.179) |
(193.395) |
(637.690) |
|
Other comprehensive
income |
|
|
|
|
Paid-up equity share capital (Face value INR 10/- per share) |
212.538 |
212.538 |
212.538 |
|
Earnings per share |
|
|
|
|
Basic |
(10.08) |
(9.34) |
(30.01) |
|
Diluted |
(10.08) |
(9.34) |
(30.01) |
NOTES:
1. The above statement of Financial Results was placed before the Audit Committee and the Board of Directors in their meetings held on 5th February, 2018.
2. The result was approved by the Resolution Professional appointed by NCLT
under the Insolvency & Bankruptcy Code 2016. In view of the company being
single product manufacturing unit, mainly selling its product in Bihar, segment
reporting is not applicable.
3. a. The Hon'ble National Company Law Tribunal (NCLT) Kolkata Bench had
ordered the commencement of Corporate Insolvency Resolution Process in respect
of the company under the provisions of Insolvency and Bankruptcy Code 2016
(Code) w.e.f. 1.5.2017 and appointed an Interim Resolution Professional (IRP).
The committee of Creditors (COC) suggested to replace the IRP by a regular
Resolution Professional and NCLT appointed Mr. Divyesh Desai as a Resolution
Professional vide order dated 31.07.2017. Section 17(l)(b) of the Code provides
that from the date of appointment of IRP, the powers of the Board of Directors
of the Company shall stand suspended and be exercised by the IRP. In order to
comply with the provisions of the Companies Act, 2013 and SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015. the Board met to
consider the accounts to ensure that the same conform to the IND AS and having
found them so conforming, they have recommended the same for requisite
compliance.
3. b. As stated above, The company is in the process of insolvency resolution.
The Resolution Professional had invited Expression of Interest(EOI) from
prospective resolution applicants. The Resolution Professional received several
Resolution Plans, which were considered by the Committee of Creditor(COC)
constituted under the Insolvency and Bancruptcy Code 2016. The COC approved the
resolution Plan submitted by Dalmia Cements (Bharat) Ltd. and the same has now
been approved by Hon'ble NCLT.
4. The Auditors' comments in their report dated 30th May,2017 on the accounts
for the Year ended 31st March, 2017 regarding ability of the Company to
continue as a going concern to be dependent upon the Company's performance
after the approval of Resolution Plan under the provisions of the Insolvency
and Bankruptcy Code 2016 (Code), position of statutory dues and default in
payment of central excise loan referred respectively in "Emphasis on
matters" included in the Auditors' report and serial nos. (vii) &
(viii) of Annexure to the auditors' report are factual and self-explanatory.
They have also been adequately explained in Annex.4 to the Directors' report
and the auditors' remarks on all the issues have arisen due to Company's
sickness and its unsatisfactory financial position. These comments of the
auditors would get addressed with satisfactory Corporate Insolvency Resolution
of the Company.
5. Sales for the quarter ended 30th September,2017 is net of Goods and Service
Tax(GST). However sales till the period ended 30th June, 2017 and other
comparative periods are gross of Excise Duty. The Company did not have any sale
and revenue during the quarter under consideration.
6. In view of carried forward losses, in drawing up the Accounts, the Company
has not considered the impact of deferred tax liability arising out timing
difference.
7. The figures have been regrouped / rearranged, wherever necessary.
FIXED ASSETS:
Tangible Assets
· Land
· Plant and Machinery
· New Building Factory
· Railway Siding
· Furniture and Fittings
· Motor Cars
· Roads and Bridges
· Office Equipments
· Electrical Equipments
PRESS RELEASES
DALMIA BHARAT RECEIVES NCLT NOD TO ACQUIRE KALYANPUR CEMENT IN BIHAR
February 07, 2018
Kalyanpur Cement has a cement production capacity of 1MTPA; Dalmia Bharat has also acquired Murli Industries earlier in December 2017.
Dalmia Bharat (DBL) has received the approval of National Company Law Tribunal (NCLT) to acquire Patna-based Kalyanpur Cement with a capacity of 1MTPA. DBL has outbid the other players interested in acquiring the company like JSW Cement, JK Lakshmi Cement and Star Cement. The concerned resolution is expected to of more than INR 3500.000 Million.
Operational creditor Naresh Kumar & Company brought Kalyanpur Cement to the
bankruptcy court in May 2017. The company owes INR 6000.000 Million to the
banks and operational creditors, as per the media sources. Since 2014, post the
cancellation of lease of main operative limestone mine that fed Kalyanpur’s
production was canceled and not renewed by the government of Bihar, the company
began its downward spiral. Production for the company fell from an average
level of ~7 lakh TPA to 0.223 Million TPA in FY17. The company reported a loss
of INR 950.000 Million for FY17.
Earlier in December, DBL had acquired Nagpur based Murli Industries, another
stressed asset with cement manufacturing capacity of 3MTPA.
DBL is well-established cement player with a production capacity of 25MTPA. The
company is undergoing corporate restructuring (amalgamation of OCL India with
itself by the FY18E end), which will result into lower overheads and tax
outflow. Additionally, it is a low-cost cement producer owing to (a) 186 MW
captive power plant, (b) high cement-to-clinker ratio, (c) optimized fuel-mix
and logistic costs. It is also undergoing construction of 9MW
waste-heat-recovery plant in Odisha by April 2018. Further, DBL intends to
expand its OCL capacity by ~1MT through de-bottlenecking at two plants.
Dalmia Bharat Ltd is currently trading at INR 2715, down by INR 2.75 or 0.1%
from its previous closing of INR 2717.75 on the BSE.
DALMIA BHARAT SET TO
ACQUIRE KALYANPUR CEMENT
Jan 29, 2018,
MUMBAI: Dalmia BharatNSE 2.09 %, India’s second-oldest cement company, is set to acquire Patna-based Kalyanpur CementNSE 0.00 % after lenders approved a debt resolution plan aimed at reviving the entity that used to employ more than 300 people, two people familiar with the matter told ET.
The committee
of creditors has submitted its recommendations to the Kolkata bench of the
National Company Law Tribunal, which is yet to give the proposed acquisition
its stamp of approval. The case was heard on Monday, and the final order is
expected in a few days.
Dalmia Bharat
outbid others in the fray - JSW Cement, JK Lakshmi Cement, and Star Cement -
maintaining its winning streak as a buyer of stressed cement assets, having
added Murli Industries also to its kitty.
“The size of
the resolution may be more than INR 3500.000 Million,” said a person with
direct knowledge of the matter. Assets Care and Reconstruction Enterprise is
the key lender now.
"The Committee of Creditors (CoC) had filed its recommendations with the NCLT last week and we are waiting for a final order now," said another person familiar with the matter. "The acquisition will give Dalmia Bharat a presence in the fast growing cement market in the east," the person said.
Kalyanpur
Cement was brought to the bankruptcy court in May last year by operational
creditor Naresh Kumar & Company. Mumbai-based Divyesh Desai was appointed
the resolution professional.
Kalyanpur
Cement owes more than INR 6000.000 Million to banks and operational creditors,
and has a capacity of 1 MTPA.
“The debt resolution assumes significance as the company is based out of Bihar, where the state government too has helped through relief and concessions,” said Arun Gupta, a Kolkata-based insolvency professional who advised Desai. “This will help generate employment in the state that is lacking in investments.”
Since 2014,
when the lease of the main operative limestone mine that fed its production was
cancelled and not renewed by the government of Bihar, the company began its
downward spiral: Production fell from a normal level of close to 7 lac tonnes
per annum to 2.23 lac tonnes in 2016-17.
Its net loss
was INR 950.000 Million for the financial year 2016-17.
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 68.26 |
|
UK Pound |
1 |
INR 91.22 |
|
Euro |
1 |
INR 79.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
RUB |
|
|
|
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.