MIRA
INFORM REPORT
|
Report Date : |
12.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
JYOTI STRUCTURES LIMITED |
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Registered Office : |
Valecha Chambers, 5th / 6th Floor, Plot No. B-6, CTS-612, New Link Road, Oshiwara, Andheri (West), Mumbai – 400 053, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
27/05/1974 |
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Com. Reg. No.: |
11-17494 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMJ09132E |
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PAN No.: [Permanent
Account No.] |
AAACJ2499R |
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Legal Form : |
Subject is a Public Limited Liability Company. The company's shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing of transmission line towers, sub-station structure, tall antenna towers/masts and railway electrification structures. It also undertakes turn-key projects involving survey, foundation, erection and stringing activities of extra high voltage of transmission line in sub stations. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
RATING
|
STATUS |
PROPOSED
CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to
meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4800000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow by 30/60 days |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having satisfactory track. Directors are reported as experienced, respectable and resourceful businessmen. Their trade relations are fair. Payments are reported as slow by + 30/60 days. The company can be considered normal for business dealings at usual trade terms and conditions with some caution. |
LOCATIONS
|
Registered Office /Corporate Office : |
Valecha Chambers, 5th / 6th Floor, Plot No. B-6, CTS-612, New Link Road, Oshiwara, Andheri (West), Mumbai – 400 053, Maharashtra, INDIA |
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Tel. No.: |
91-22- 56915000 / 26312510 / 16 / 17 / 2539 / 2554 / 26324169/ 40915000 |
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Fax No.: |
91-22-26310379 / 56915014 / 15/ 66915014/ 40915014/15 |
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E-Mail : |
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Website : |
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Administrative Office: |
Keshava, 7th Floor, Bandra - Kurla Commercial Complex, Bandra (East), Mumbai - 400 051, Maharashtra |
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Tel. No.: |
91-22-26429613 |
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Fax No.: |
91-22-26429872 |
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Plant 1 : |
NASIK FACTORY : 52A/53A, D. Road, Satpur Industrial Complex, Nasik - 422 007, Maharashtra |
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Tel. No.: |
91-253-2351091-4 |
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Fax No.: |
91-253-2351134 |
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Plant 2 : |
Nasik Operations Office H/37, Shivaji Nagar, MIDC, Nasik - 422 007, Maharashtra |
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Tel. No.: |
91-253-2360050 |
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Fax No.: |
91-253-2361841 |
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Plant 3 : |
Tower Testing Station Ghoti, Igatpuri, District Nasik - 422 002, Maharashtra |
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Tel. No.: |
91-2553-282211 |
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Fax No.: |
91-2553-282212 |
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Plant 4 : |
Raipur Factory 1037/1056, Sarora Ring Road, Urla Industrial Complex, Raipur - 493 221, Chhatisgarh |
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Tel. No.: |
91-771-2324567 |
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Fax No.: |
91-771-2324767 |
DIRECTORS
|
Name : |
Mr. M. P. Tejwani |
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Designation : |
Chairman |
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Date of Birth/Age : |
30.04.1933 |
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Qualification : |
M. A., Sc., CAIIB |
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Experience : |
48 Years in Banking, Finance and Corporate Affairs. |
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Other Directorships |
· Rama Capital and Fiscal Services Limited · Premium Financial Services Limited · Trishul Mercantile Private Limited · Rainbow Agri Industries Limited · Goodearth Credit & Investment Limited · Rainbow Denim Limited |
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Name : |
Mr. S. H. Mirchandani |
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Designation : |
Director |
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Date of Birth/Age : |
07.03.1965 |
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Qualification : |
B. e. (Mech)., MBA (Financial) |
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Experience : |
He has varied business experiences of running a trading firm in Dubai, a real estate company in Mumbai and Pune. |
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Other Directorships |
· Shalimar Housing and Finance Limited · Seagull Solutions Limited |
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Name : |
Mr. K. R. Thakur |
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Designation : |
Managing Director |
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Date of Birth/Age : |
13.11.1942 |
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Qualification : |
B.E. (Mech.) |
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Experience : |
Overall 40 years out of which 26 years in Transmission Line Industry. |
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Date of Appointment : |
01.04.2004 |
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Other Directorships |
· JSL Corporate Services Limited · Shree Chhaterapati Shahu Power Company Limited · Valmir Constructions Private Limited |
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Name : |
Mr. S. D. Kulkarni |
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Designation : |
Chairman |
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Name : |
Mr. G. L .Valecha |
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Designation : |
Director |
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Date of Birth/Age : |
08.05.1932 |
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Qualification : |
B.A. |
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Date of Appointment : |
26.04.2003 |
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Experience : |
He has varied experience in construction industry and with acumen in Finance. |
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Other Directorships : |
Gopaldas Vasudev Construction Company Private Limited |
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Name : |
Mr. S. H. Mirchandani |
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Designation : |
Director |
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Date of Birth/Age : |
07.03.1995 |
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Qualification : |
B.E.(Mech), M.B.A.(Finance) |
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Date of Appointment : |
29.05.2001 |
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Experience : |
He has varied business experience of running a trading firm in Dubai, a real estate company in Bhopal & Pune |
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Other Directorships : |
Shalimar Housing & Finance Limited Seagull Solutions Limited |
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Name : |
Mr. S. D. Kshirsagar |
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Designation : |
Chairman |
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Name : |
Mr. A. J. Khan |
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Designation : |
Director |
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Name : |
Mr. P. K. Thakur |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
34 Years |
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Qualification : |
B.E., MBA |
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Experience : |
78Years |
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Date of Appointment : |
1996 |
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Previous Employment |
AES Transpower |
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Name : |
Mr. P A Sethi |
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Designation : |
Director |
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Date of Birth/Age : |
19.10.1944 |
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Qualification : |
B.Com, C.A.I.I.B, P. G. Diploma (Costing and Management Accounting) |
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Date of Appointment : |
24.01.2006 |
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Experience : |
He has varied experience in Banking Industry for more than 40 years and has held key positions in his career. |
KEY EXECUTIVES
|
Name : |
Mr. L. H. Khilnani |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Promoters: |
|
|
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Individuals |
2792561 |
20.21 |
|
Bodies
Corporate |
1108224 |
8.01 |
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Other Bodies
Corporate |
2366957 |
17.13 |
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NRIs/FIIs |
3136163 |
22.70 |
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Indian Financial Institutions/Banks/Mutual Fund |
1787262 |
12.93 |
|
Indian Public |
2629761 |
19.02 |
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TOTAL |
13820928 |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturing of transmission line towers, sub-station structure, tall antenna towers/masts and railway electrification structures. It also undertakes turn-key projects involving survey, foundation, erection and stringing activities of extra high voltage of transmission line in sub stations. |
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Products : |
Generic Names of the Principal Products/Services of the company are :-
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PRODUCTION STATUS
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Particulars |
Unit |
Installed Capacity |
Actual Production |
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Transmission Lines, Towers & Structures |
MT |
76000 |
57952 |
GENERAL
INFORMATION
|
Customers : |
v Tata International Limited v Societe d'energie de la Baie James v U. P. Power Corporation Limited v Kilpatrick Green Pty. Limited v Northeast China Electric Power Import & Export Corporation (NEIE) v ABB Engineering Construction Pty. Limited v The National Grid Company plc., U.K. v Bureau Veritas v Maharashtra State Electricity Board |
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No. of Employees : |
950 |
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Bankers : |
v State Bank of India v Bank of India v UTI Bank Limited v IndusInd Bank Limited v ICICI Banking Corporation Limited v Global Trust Bank Limited v Oriental Bank of Commerce v Canara Bank v Bank Muscat v Exim Bank of India v Bank of Maharastra v Dena Bank v ICICI Bank Limited v Indian Bank v State Bank of Indore v Syndicate Bank v UCO Bank v Union Bank of India v State Bank of Hyderabad v IL & FS v Industrial Development Bank of India Limited |
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Facilities : |
Unsecured Loans
(Rs. In millions) :
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Banking Relations
: |
Satisfactory |
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Auditors : |
R. M. Ajgaonkar & Company Chartered Accountants |
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Subsidiaries : |
v JSL Refractories Limited v JSL Corporate Services Limited v JSL Finance Limited v Shree Chhatrapati Shahu Power Company Limited |
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Associates: |
v Val-Mir Construction Private Limited - No transactions during the year. v Jyoti Acqua Culture Private Limited v Gulf Jyoti International LLC |
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Membership: |
v Confederation of Indian Industry |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
|
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|
30000000 |
Equity Shares |
Rs. 10 Each |
Rs. 300.000 millions |
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|
5000000 |
Redeemable Preference Shares |
Rs. 100 Each |
Rs. 500.000 millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13823980 |
Equity Shares |
Rs. 10 Each |
Rs. 138.240 |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13820928 |
Equity Shares |
Rs. 10 Each |
Rs. 138.209 |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
138.209 |
138.209 |
118.209 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves &
Surplus |
1063.218 |
806.006 |
507.929 |
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4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
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5] Share Warrants
: Up-Front Price |
14.700 |
0.000 |
0.000 |
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NETWORTH
|
1216.127 |
944.215 |
626.138 |
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LOAN FUNDS |
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1] Secured Loans |
1203.277 |
853.989 |
761.971 |
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2] Unsecured
Loans |
406.016 |
265.401 |
91.271 |
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TOTAL BORROWING
|
1609.293 |
1119.390 |
853.242 |
|
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DEFERRED TAX
LIABILITIES |
77.653 |
68.757 |
59.228 |
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TOTAL
|
2903.073 |
2132.362 |
1538.608 |
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APPLICATION OF FUNDS
|
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FIXED ASSETS [Net Block]
|
531.144 |
425.892 |
402.666 |
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Capital work-in-progress
|
15.091 |
15.158 |
14.232 |
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INVESTMENT
|
165.691 |
87.058 |
90.774 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS &
ADVANCES
|
|
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Inventories
|
1213.369 |
914.940 |
523.721 |
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Sundry Debtors
|
2487.114 |
1837.768 |
1507.133 |
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Cash & Bank Balances
|
633.304 |
538.547 |
473.487 |
|
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Other Current Assets
|
38.182 |
171.402 |
160.876 |
|
|
Loans & Advances
|
516.831 |
525.590 |
328.847 |
Total Current Assets
|
4888.800 |
3988.247 |
2994.064 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
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Current Liabilities
|
2557.600 |
2276.521 |
1932.452 |
|
|
Provisions
|
141.144 |
109.654 |
34.602 |
Total Current Liabilities
|
2698.744 |
2386.175 |
1967.054 |
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Net Current Assets
|
2190.056 |
1602.072 |
1027.010 |
|
|
|
|
|
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MISCELLANEOUS EXPENSES
|
1.091 |
2.182 |
3.926 |
|
|
|
|
|
|
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TOTAL
|
2903.073 |
2132.362 |
1538.608 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
Sales
|
7380.636 |
4396.124 |
|
Other Income
|
20.902 |
4.725 |
|
Total Income
|
7401.538 |
4400.849 |
3040.153 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
461.983 |
181.135 |
94.351 |
Provision for Taxation
|
185.296 |
65.829 |
39.661 |
Profit/(Loss) After Tax
|
276.687 |
115.306 |
54.690 |
|
|
|
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|
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Earnings in
Foreign Currency : |
|
|
|
Earnings (including Deemed
Exports and sales through Export House)
|
989.038 |
918.283 |
529.445 |
Expenditure – Travelling and
Others
|
5.668 |
7.389 |
1.991 |
Overseas Projects
|
112.877 |
106.372 |
0.000 |
|
Total Earnings |
1107.583 |
1032.044 |
531.436 |
|
|
|
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|
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Imports : |
|
|
|
Capital Goods
|
90.140 |
4.568 |
0.000 |
Raw Materials
|
521.415 |
135.308 |
0.000 |
Spare Parts
|
0.000 |
0.648 |
0.317 |
|
Total Imports |
611.555 |
140.524 |
0.317 |
|
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Expenditures : |
|
|
|
|
Cost of Materials
Consumed |
4448.550 |
2905.731 |
1898.515 |
|
Operating and
Other Expenses |
1092.544 |
572.531 |
365.592 |
|
Personnel
Expenses |
185.227 |
142.510 |
112.361 |
|
Interest &
Financial Charges |
258.432 |
194.694 |
172.613 |
|
Depreciation |
48.383 |
39.301 |
40.649 |
|
Erection and subcontracting
expenses |
1093.821 |
522.420 |
438.977 |
|
(Increase) /
Decrease in stock of finished / Semi-Finished goods |
(187.362) |
(157.473) |
(82.905) |
|
Total Expenditure |
6939.555 |
4219.714 |
11159.269 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2006 (1st
Qtr.) |
30.09.2006 (2nd
Qtr.) |
31.12.2006 (3rd
Qtr.) |
|
Sales Turnover |
2208.800 |
2426.100 |
2571.500 |
|
Other Income |
2.200 |
2.400 |
2.700 |
|
Total Income |
2211.000 |
2428.500 |
2574.200 |
|
Total Expenditure |
1971.300 |
2156.900 |
2213.400 |
|
Operating Profit |
239.700 |
271.600 |
360.800 |
|
Interest |
73.000 |
79.000 |
76.600 |
|
Gross Profit |
166.700 |
192.600 |
284.200 |
|
Depreciation |
12.700 |
14.200 |
15.200 |
|
Tax |
56.700 |
64.200 |
95.400 |
|
Reported PAT |
97.300 |
114.800 |
174.000 |
200606 Quarter 1
Notes
Expenditure Includes (Increase) / Decrease in Stock in Trade Rs 163.795 million
Consumption of Raw Materials Rs 1034.895 million Staff Cost Rs 56.000 million
Other Expenditure Rs 716.636 million Tax Includes Provision for Current Tax Rs
56.10 million Fringe Benefit Tax Rs 0.60 million EPS is Basic Status of
Investor Complaints for the quarter ended June 30, 2006 Complaints Pending at
the beginning of the quarter Nil Complaints Received during the quarter 04
Complaints disposed off during the quarter 04 Complaints unresolved at the end
of the quarter Nil 1. The above results as reviewed and recommended by the
Audit Committee, have been approved by the Board of Directors at its meeting
held on July 25, 2006. 2. The Company is in the business of execution of
projects related to power transmission and as such there is no reportable segments.
3. Provision for Deferred Tax Asset / Liability in accordance with AS 22 will
be accounted for at the year end. 4. During the year ended March 31, 2006 the
Company has allotted 7,00,000 Warrants to Promoters on Preferential basis and
granted 2,34,800 Options under the Employees Stock Option Scheme to the
eligible employees. 5. On May 18, 2006 the Company allotted 15,50,000 Equity
Shares of Rs 10/- each, at an issue price of Rs 572 per Equity Share to FII's
and Mutual Funds, on preferential basis. 6. The Statutory Auditors of the
Company have carried out the Limited Review of the above result. 5. Previous
year's figures have been re-arranged, re-grouped and re-classified, wherever
necessary.
200609 Quarter 2
Notes
Expenditure Includes (Increase) / Decrease in Stock in Trade Rs 17.123
million Consumption of Raw Materials Rs 1459.820 million Staff Cost Rs 60.345
million Erection & Sub contracting Expenses Rs 279.989 million Other
Expenditure Rs 339.643 million Tax Includes Provision for Current Tax Rs 63.400
million Fringe Benefit Tax Rs 0.800 million Deferred Tax Rs (0.607)million EPS
is Basic Status of Investor Complaints for the quarter ended September 30, 2006
Complaints Pending at the beginning of the quarter Nil Complaints Received
during the quarter 10 Complaints disposed off during the quarter 10 Complaints
unresolved at the end of the quarter Nil 1. The above results as reviewed and
recommended by the Audit Committee, have been approved by the Board of Directors
at its meeting held on October 18, 2006. 2. The Company is in the business of
execution of projects related to power transmission and as such there is no
reportable segments. 3. During the year ended March 31, 2006 the Company has
allotted 7,00,000 Warrants to Promoters on Preferential basis and granted
2,34,800 Options under the Employees Stock Option Scheme to the eligible
employees. 4. On May 18, 2006 the Company allotted 15,50,000 Equity Shares of
Rs 10/- each, at an issue price of Rs 572 per Equity Share to FII's and Mutual
Funds, on preferential basis. 5. On August 04, 2006 the Company sub divided one
Equity share of the face value Rs 10/- to Rs 2/- each and EPS is calculated and
reported accordingly. 6. Under the Employees Stock Option Scheme, on October
09, 2006 the Company allotted 2,37,150 Equity Shares of Rs 2/- each, and
granted 1,11,650 Options to the eligible employees. 7. The Statutory Auditors
of the Company have carried out the 'Limited Review' of the above result. 8.
Previous year's figures have been re-arranged, re-grouped and re-classified,
wherever necessary.
200612 Quarter 3
Notes
Expenditure Includes (Increase) / Decrease in Stock in Trade Rs 88.714
million Cost of Materials Rs 1489.519 million Staff Cost Rs 63.560 million Erection
& Sub contracting Expenses Rs 238.248 million Other Expenditure Rs 333.319
million Tax Includes Provision for Current Tax Rs 94.30 million Fringe Benefit
Tax Rs 1.150 million Deferred Tax Rs (0.443)million EPS is Basic Status of
Investor Complaints for the quarter ended December 31, 2006 Complaints Pending
at the beginning of the quarter Nil Complaints Received during the quarter 02
Complaints disposed off during the quarter 02 Complaints unresolved at the end
of the quarter Nil 1. The above results as reviewed and recommended by the
Audit Committee, have been approved by the Board of Directors at its meeting
held on January 22, 2007. 2. The Company is in the business of execution of
projects related to power transmission and as such there is no reportable
segments. 3. On May 18, 2006 the Company allotted 15,50,000 Equity Shares of Rs
10/- each, at an issue price of Rs 572 per Equity Share to FII's and Mutual
Funds, on preferential basis. 4. On August 04, 2006 the Company sub divided one
Equity share of the face value Rs 10/- to five equity shares of Rs 2/- each and
EPS is calculated and reported accordingly. 5. During the period, the Company
granted 1,11,650 Options and allotted 3,01,350 Equity Shares of Rs 2/- each
under the Employees Stock option Scheme to the eligible employees. 6. On
January 11, 2007, 22,00,000 Equity Shares of Rs 2/- each were allotted to the
promoters of the Company, arising on conversion of warrants allotted on
preferential basis. 7. The Statutory Auditors of the Company have carried out
the Limited Review of the above result. 8. Previous year's figures have been
re-arranged, re-grouped and re-classified, wherever necessary.
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
1.27 |
1.26 |
1.71 |
|
Long Term Debt-Equity Ratio |
0.52 |
0.54 |
0.84 |
|
Current Ratio |
1.30 |
1.25 |
1.21 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
9.40 |
6.41 |
4.69 |
|
Inventory |
6.94 |
6.11 |
6.35 |
|
Debtors |
3.41 |
2.63 |
2.18 |
|
Interest Cover Ratio |
2.21 |
1.65 |
1.39 |
|
Operating Profit Margin(%) |
12.07 |
11.35 |
12.33 |
|
Profit Before Interest And Tax Margin(%) |
11.42 |
10.46 |
10.99 |
|
Cash Profit Margin(%) |
4.40 |
3.52 |
3.14 |
|
Adjusted Net Profit Margin(%) |
3.75 |
2.62 |
1.80 |
|
Return On Capital Employed(%) |
34.60 |
26.00 |
21.79 |
|
Return On Net Worth(%) |
25.79 |
14.69 |
9.20 |
STOCK PRICES
|
Face Value |
Rs.10.00/- |
|
High |
Rs.181.80 |
|
Low |
Rs.175.05 |
LOCAL AGENCY
FURTHER INFORMATION
The company is in trade terms with :
v Automatic Electronics Private Limited
v Balaji Steel Works
v Bhagwati Industries
v Dharia Engineers
v Pokar Enterprises
v Galaxy Cable Industries
v Industrial Polymers
v Nike Industries
v EMI Transmission Limited
v Punjab Auto Industries Private Limited
v Plaza Cable Industries
v R. P. Engineering Works
v Reliance Engineering Company
v Shree Bajrang Alloys
v Trans Accessories
v Venson Electric
v Z. M. Engineering Works
v Shree Radha Krishna Steel
The company’s fixed assets of important value includes land, buildings, plant & machinery, leased assets, furniture & fixtures, office equipments, air conditioners & water coolers and vehicles.
OPERATIONS
For the year under review, the Company continued with strong performance.
The turnover registered a growth of 68% to Rs.7401.500 millions. The Profit after tax has gone up by 140% to Rs. 276.700 millions.
OPPORTUNITIES
The year 2005-06 has been an exciting one for India. The Indian economy
continues to grow at a robust pace.
During the first half of Financial Year 2006, it registered a GDP growth
of over 8%. This strong economic growth places India amongst the fastest growing economies in the world. If
aided by the right policies the current growth rate can be sustained and bettered.
Power sector has been on steep growth path since the last few years. The
sector is poised to continue to grow in the future. Targets for generation and transmission capacity addition
set for the plan period ending 2007 are likely to be substantially achieved. With the announcement of seven mega power
projects, increasing involvement of private sector, major thrust on rural electrification, likely opening of
nuclear power sector, there is an all round upswing in all three segments of power sector, namely, generation,
transmission and distribution.
The Company is well
placed and equipped to derive benefit from the ongoing and forthcoming
opportunities in the sector.
SUBSIDIARIES
JSL Refractories
Limited
Sales and Income from other operations during the year 2005-2006 was
Rs15.8 million as against Rs 50.5 million for the corresponding
previous financial year. The loss after tax has increased to Rs. 19 million as against loss of Rs 3.1 million for the corresponding
previous financial year.
The Company has discontinued refractory business and has switched to
fabrication of tower parts, for which it was originally established. There exist good opportunities in fabrication
business and the operations will be in synergy with that of its holding Company.
JSL Corporate
Services Limited
For the year under review, no business was transacted in this Company.
Shree Chhatrapati
Shahu Power Company Limited
During the year under review the Company earned income by way of
commission of Rs 3.4 million as against commission of Rs. 0.4 million for the corresponding previous financial
year. Other than this no business was transacted during the year.
The Central Government in exercise of the power conferred by sub section
212 (8) of the Companies Act, 1956 has accorded its approval for exemption from attaching the accounts of
subsidiaries to the Balance Sheet of the Company.
The Company shall provide the copy of the Annual Report and other
documents of its subsidiary companies as required under Section 212 of the Act to the members on their request,
free of cost.
JOINT VENTURE
The Company has entered into a venture with Gulf Investment Corporation,
Kuwait and established a joint venture company in name of Gulf Jyoti International LLC in UAE. Gulf Jyoti will
carry out EPC transmission line related business in the Gulf Region and other countries.
Website Details :
They are a
leader in providing turnkey solutions in the field of High Voltage Power Transmission
Lines and Substations. With around 27 years of proven experience, they have
earned accolades and recognition from a wide spectrum of customers around the
world.
Subject is one
among very few companies worldwide, which possess the capabilites to execute
total turnkey jobs that involve setting up both transmission lines and
substations.
Their
operations have extended to around 33 countries, as of today. Their
reputation is built on their commitment to total quality and customer satisfaction.
Their goal
is to provide their
customers with the highest value in the best possible time frame. Their state
of the art infrastructure helps to turn today's challenges into tomorrow's
achievements.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.74 |
|
UK Pound |
1 |
Rs.84.90 |
|
Euro |
1 |
Rs.57.79 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|