MIRA
INFORM REPORT
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Report Date : |
18.03.2011 |
IDENTIFICATION DETAILS
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Name : |
JYOTI STRUCTURES LIMITED |
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Registered Office : |
Valecha Chambers, 6th Floor, New |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
27.05.1974 |
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Com. Reg. No.: |
11-17494 |
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CIN No.: [Company
Identification No.] |
L45200MH1974PLC017494 |
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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 : |
Public limited liability company. Company’s shares are listed on the Stock Exchange. |
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Line of Business : |
Providing turnkey solutions in the field of High Voltage Power
Transmission Lines and Substations. |
RATING & COMMENTS
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MIRA’s Rating : |
A (66) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 20000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. Financial
position of the company appears to be sound. Trade relations are reported as
fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered normal 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 – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Sanjay |
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Designation : |
Accounts Manager |
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Contact No.: |
91-22-40915000 |
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Date : |
17.03.2011 |
LOCATIONS
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Registered Office : |
Valecha Chambers, 6th Floor, New |
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Tel. No.: |
91-22-4091 5000 |
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Fax No.: |
91-22-4091 5014/15 |
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E-Mail : |
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Website : |
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Locations: |
Owned |
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52A/53A, |
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Tel. No.: |
(91-253)2351091-4 |
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Fax No.: |
(91-253) 2351134 |
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F Tower Testing Station : |
Ghoti, Igatpuri, Dist – |
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Tel. No.: |
(91-2553) 282211 |
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Fax No.: |
(91-2553) 282212 |
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1037/1056, |
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Tel. No.: |
(91-771) 2324567/2325569 |
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Fax No.: |
(91-771) 2324767/2325567 |
DIRECTORS
AS ON 31.03.2010
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Name : |
Mr. S. D. Kshirsagar |
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Designation : |
Chairman |
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Date of Birth/Age : |
4th May, 1937 |
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Qualification : |
PGDIA, M. A. (Economics) |
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Experience
and Expertise in Specific functional area : |
Mr. S. D. Kshirsagar has an industrial experience of more than 40
years and has worked with TATA International, TATA Steel and is currently
associated with S. P. Jain Institute of Management and Research |
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Date of Appointment : |
1st April, 2003 |
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Name : |
Mr. A. J. Khan |
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Designation : |
Director |
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Name : |
Mr. G. L. Valecha |
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Designation : |
Director |
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Name : |
Mr. R. C. Rawal |
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Designation : |
Director |
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Name : |
Mr. S. H. Mirchandani |
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Designation : |
Director |
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Name : |
Mr. Prakash K. Thakur |
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Designation : |
Whole-time Vice Director |
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Name : |
Mr. Santosh V. Nayak |
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Designation : |
Dy. Managing Director |
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Name : |
Mr. K .R. Thakur |
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Designation : |
Whole-Time Director |
KEY EXECUTIVES
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Name : |
Mr. Sanjay |
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Designation : |
Accounts Manager |
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Name : |
Mr. Ganesh |
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Designation : |
Finance Manager |
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Name : |
Mr. L. H. Khilnani |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2010
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Category of
Shareholder |
Total No. of
Shares |
as a % of total No.
of Shares |
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(A) Shareholding of Promoter and Promoter Group |
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15,668,472 |
19.09 |
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6,999,765 |
8.53 |
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22,668,237 |
27.61 |
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Total shareholding of Promoter and Promoter Group (A) |
22,668,237 |
27.61 |
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(B) Public Shareholding |
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22,145,734 |
26.98 |
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2,375,803 |
2.89 |
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9,041,070 |
11.01 |
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33,562,607 |
40.89 |
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7,486,521 |
9.12 |
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12,181,366 |
14.84 |
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1,117,090 |
1.36 |
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5,074,119 |
6.18 |
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91,320 |
0.11 |
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4,969,549 |
6.05 |
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13,250 |
0.02 |
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25,859,096 |
31.50 |
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Total Public shareholding (B) |
59,421,703 |
72.39 |
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Total (A)+(B) |
82,089,940 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
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- |
- |
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- |
- |
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- |
- |
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Total (A)+(B)+(C) |
82,089,940 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs. 0.100 millionBUSINESS DETAILS
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Line of Business : |
Providing turnkey solutions in the field of High Voltage Power
Transmission Lines and Substations. |
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Products : |
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Terms : |
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Selling : |
Tender Base |
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Purchasing : |
Tender Base |
PRODUCTION STATUS [AS ON 31.03.2010]
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Particulars |
As
at 31.03.2010 |
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Installed Capacity (MT p.a.) |
110,000 |
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Production (MT) |
118555 |
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The installed capacity as disclosed above is as certified by
the management and the same has been relied upon by the Auditors, as this is a
technical matter. The production includes production outsourced to various
parties.
GENERAL INFORMATION
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No. of Employees : |
300 Approximately |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R. M. Ajgaonkar and Associates Chartered Accountants |
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Address : |
“Mandar”, Juhu Tara Road, Opposite Bharat Petroleum Pump, Juhu, Mumbai
– 400049, Maharashtra, India |
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Tel No. : |
91-22-26605684 |
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Fax No. : |
91-22-26605685 |
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Joint Venture : |
Gulf Jyoti International LLC |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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175,000,000 |
Equity Shares |
Rs. 2/- each |
Rs. 350.000 Millions |
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5,000,000 |
Redeemable Preference Shares |
Rs. 100/- each |
Rs. 500.000 Millions |
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Total |
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Rs. 850.000
Millions |
Issued Capital :
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No. of Shares |
Type |
Value |
Amount |
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82,019,675 |
Equity Shares |
Rs. 2/- each |
Rs.
164.040 Millions |
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Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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82,004,415 |
Equity Shares |
Rs. 2/- each |
Rs.
164.010 Millions |
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NOTES :
Of the above shares :
a)
13,505 Equity Shares of Rs. 100/- each was the paid-up capital of the Company
as on 31st March,1986.
b)
6,753 Equity Shares of Rs. 100/- each were allotted as fully paid up Bonus Shares
by way of capitalization of General Reserve in the year 1986-87.
c)
25,387 Equity Shares of Rs. 100/- each were allotted as fully paid up for cash
at par on Rights basis in the year 1986-87.
d)
24,688 Equity Shares of Rs. 100/- each were allotted as fully paid up for cash
at par on Rights basis in the year 1988-89.
e)
920,000 Equity Shares of Rs. 10/- each were allotted as fully paid up for cash
at a Premium of Rs. 5/- per share to the Public (including 40,000 Equity Shares
allotted to the employees of the Company) in the year 1989-90.
f)
1,651,330 Equity Shares of Rs. 10/- each were allotted as fully paid up for
cash at a Premium of Rs. 25/- per share on Rights basis (including 28,000 Equity
Shares allotted to the employees of the Company) in the year 1992-93.
g)
1,637,330 Equity Shares of Rs. 10/- each were allotted as fully paid-up Bonus
Shares by way of capitalization out of Share Premium in the year 1994-95.
h)
4,908,938 Equity Shares of Rs. 10/- each were allotted as fully paid-up for
cash at a Premium of Rs. 25/- per share on Rights basis, (including 2,51,345
Equity Shares allotted to the employees of the company ) in the year 2000-01.
i)
2,000,000 Equity Shares of Rs. 10/- each were allotted as fully paid-up for
cash at a Premium of Rs. 37/- per share on Private Placement in the year
2003-04.
j)
2,000,000 Equity Shares of Rs. 10/- each were allotted as fully paid-up for
cash at a Premium of Rs. 101/- per share on Private Placement in the year
2004-05.
k)
1,550,000 Equity Shares of Rs. 10/- each were allotted as fully paid-up for
cash at a Premium of Rs. 562/- per share on Private Placement in the year
2006-07.
l) On
4th August, 2006 the Company sub divided one Equity share of the face value Rs.
10/- to five Equity Shares of Rs. 2/- each.
m)
3,500,000 Equity Shares of Rs. 2/- each were allotted as fully paid-up for cash
at a Premium of Rs. 38.50 per share to the Promoters in the year 2006-07.
n)
341,250 Equity Shares of Rs. 2/- each were allotted as fully paid-up for cash
at a Premium of Rs. 15/- per share to the eligible employees under the
Employees Stock Option Scheme in the year 2006-07.
o)
486,950 Equity Shares of Rs. 2/- each were allotted as fully paid-up for cash
at a Premium of Rs. 15/- per share to the eligible employees under the
Employees Stock Option Scheme in the year 2007-08.
p)
489,000 Equity Shares of Rs. 2/- each were allotted as fully paid-up for cash
at a Premium of Rs. 15/- per share to the eligible employees under the
Employees Stock Option Scheme in the year 2008-09.
q)
332,575 Equity Shares of Rs. 2/- each were allotted as fully paid-up for cash
at a Premium of Rs. 15/- per share to the eligible employees under the
Employees Stock Option Scheme in the year 2009-10.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
20131.360 |
17170.590 |
13703.960 |
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Other Income |
54.990 |
73.450 |
15.240 |
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TOTAL (A) |
20186.350 |
17244.040 |
13719.200 |
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Less |
EXPENSES |
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Cost of Materials |
12240.880 |
11273.140 |
8984.340 |
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Erection and Sub-contracting Expenses |
3037.450 |
2200.530 |
1705.430 |
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(Increase) / Decrease in stock of Finished / Semi-Finished Goods |
101.160 |
(253.660) |
(46.980) |
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Personnel Expenses |
599.160 |
435.130 |
347.150 |
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Operating and Other Expenses |
1809.000 |
1556.310 |
995.330 |
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TOTAL (B) |
17787.650 |
15211.450 |
11985.270 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2398.700 |
2032.590 |
1733.930 |
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Less |
FINANCIAL
EXPENSES (D) |
786.160 |
682.610 |
464.320 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1612.540 |
1349.980 |
1269.610 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
168.940 |
86.380 |
67.020 |
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PROFIT BEFORE
TAX (E-F) (G) |
1443.600 |
1263.600 |
1202.590 |
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Less |
TAX (I) |
524.430 |
466.170 |
478.450 |
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PROFIT AFTER TAX
(G-I) (J) |
919.170 |
797.430 |
724.140 |
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Less |
Excess / (Short) Provision of Taxes for earlier years |
9.100 |
0.000 |
45.500 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1740.630 |
1129.260 |
626.610 |
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Balance
in Profit and Loss account of Amalgamating Company |
6.26 |
0.000 |
0.000 |
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Less |
APPROPRIATIONS |
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Proposed Dividend - Equity Share |
82.000 |
73.560 |
64.950 |
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Tax on Dividend |
13.620 |
12.500 |
11.040 |
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Dividend and Dividend Distribution Tax for an earlier year |
0.050 |
0.000 |
0.000 |
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Transferred to General Reserve |
100.00 |
100.000 |
100.000 |
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BALANCE CARRIED
TO THE B/S |
2461.290 |
1740.630 |
1129.260 |
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EARNINGS IN FOREIGN
CURRENCY |
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At FOB Price |
4487.130 |
6803.120 |
3498.380 |
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At Invoice Value (Tower testing Charges) |
70.280 |
58.970 |
55.020 |
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Rent on Equipments |
19.440 |
58.090 |
3.270 |
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TOTAL EARNINGS |
4576.850 |
6920.180 |
3556.670 |
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IMPORTS |
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Capital Goods |
22.770 |
101.100 |
1.420 |
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Raw Materials |
1374.320 |
946.100 |
566.280 |
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Stores & Spares |
0.000 |
10.240 |
0.220 |
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TOTAL IMPORTS |
1397.090 |
1057.440 |
567.920 |
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Earnings Per
Share (Rs.) |
|
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-
Basic |
11.23 |
9.80 |
8.95 |
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|
-
Diluted |
11.18 |
9.74 |
8.85 |
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QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 [1st
Quarter] |
30.09.2010 [2nd
Quarter] |
31.12.2010 [3rd
Quarter] |
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|
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Net Sales |
5643.380 |
5423.380 |
5513.000 |
|
Total Expenditure |
5004.150 |
4792.210 |
4883.850 |
|
PBIDT (Excl OI) |
639.230 |
631.170 |
629.150 |
|
Other Income |
6.250 |
2.430 |
3.870 |
|
Operating Profit |
645.480 |
633.600 |
633.020 |
|
Interest |
199.010 |
206.860 |
211.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
446.470 |
426.740 |
421.320 |
|
Depreciation |
45.510 |
52.820 |
50.050 |
|
Profit Before Tax |
400.960 |
373.920 |
371.270 |
|
Tax |
137.600 |
125.460 |
124.030 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
263.360 |
248.460 |
247.240 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.55 |
4.62
|
5.28 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
7.17 |
7.36
|
8.78 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.59 |
10.39
|
13.60 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.29 |
0.31
|
0.35 |
|
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|
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|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.00 |
1.97
|
1.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.07 |
2.13
|
2.49 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
Rs. In Millions
|
Particulars |
31.03.2010
|
31.03.2009
|
31.03.2008 |
|
|
|
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|
|
Sundry Creditors |
2059.760
|
1881.110
|
2447.440 |
FINANCIAL RESULTS
During the year, the company recorded highest supply of
towers and structures at 118,555 MT, as against 85,377 MT in the previous year.
Gross turnover for the year increased by 18.68% at Rs.20,633
million, as against Rs.17,385 million, during the previous year. The profit
after tax grew by 15% to Rs.919.17 million, as against Rs.797.44 million, in
the previous year.
Despite global economic challenges, the company has held out
against the tide, and delivered reasonable performance. This was possible
because of focused management approach, efficient project management, control
of cost and prudent financial and human resource management.
The company’s efforts to maintain operational efficiencies
and grow business through strategic ventures will continue. The order backlog
at the end of the year was healthy at Rs.41,000 million, compared to Rs. 36,000
at the end of the previous year. With comfortable order book position, the
company is well placed to manage its growth momentum.
Amalgamation
of JSL Structures Limited with Jyoti Structures Limited
With a view to consolidate manufacturing facilities and for
better administration, control and management the Directors had decided to
amalgamate JSL Structures Limited, a wholly owned subsidiary of the company,
with itself with effect from 1st April, 2009.
At JSL Structures got amalgamated with the company pursuant
to an order dated 30th April, 2010 passed by the Hon’ble High Court of
Judicature at
SUBSIDIARY
COMPANIES
For the year, no business was transacted in JSL Corporate
Services Limited and Jyoti Energy Limited.
Jyoti
Structures
The company successfully completed the projects awarded by
Eskom and Nam Power.
Gross turnover of the company stood at ZAR 219.97 million
(equivalent to Rs. 1,302.22 million) and net loss was ZAR 18.64 million
(equivalent to 110.35 million). The loss was mainly on account of extended
period of execution of 765 kV Majuba Umfolozi Line Sec A, which was mainly due
to working in tough terrains and hostile weather conditions including
unprecedented heavy rains.
Ministry of Corporate Affairs, Government of India, vide
order No. 47/222/2010 – CL – III dated 8th April, 2010, has accorded approval
under Section 212 (8) of the Companies Act, 1956, exempting the company from
attaching the accounts of the above subsidiary companies. However, the
consolidated accounts are attached with the accounts of the company.
DIRECTORS
On 31st March, 2010, the term of Mr. K. R. Thakur as a
Managing Director of the company concluded. At the instance of Mr. Thakur and
on recommendation of the Remuneration Committee, the Board of Directors of the
company at its meeting held on 26th March, 2010, subject to approval of the
shareholders, effective 1st April, 2010 reorganized and appointed Mr. Prakash
Thakur, as an Executive Vice Chairman, Mr. Santosh Nayak, as Managing Director
and Mr. K. R. Thakur, as a Whole-time Director of the company, and revised the
terms of appointment including remuneration payable to them. The Board places
on record their sincere appreciation for the distinguished services rendered by
Mr. K. R. Thakur, as a Managing Director of the company, since November, 1988.
Mr. R. C. Rawal was appointed as an additional director of
the company, effective 25th January, 2010. In terms of Section 260 of the
Companies Act, 1956, he shall hold office upto the date of the ensuing Annual
General Meeting. The company has received requisite notice in writing from a
member proposing his candidature for the office of Director.
Mr. P. A. Sethi, has resigned from the Board, effective 6th
February, 2010. The Board places on record its sense of appreciation for the
contribution made by Mr. P. A. Sethi during his tenure as a Director of the
company.
In accordance with the provisions of the Companies Act,
1956, Mr. A. J. Khan and Mr. S. H. Mirchandani, Directors of the company,
retire by rotation and being eligible, offer themselves for re-appointment.
The Board of Directors recommends the appointment /
re-appointments of all the above Directors at the ensuing general meeting.
MANAGEMENT
DISCUSSION AND ANALYSIS
About
the Company
The company is engaged in business related to power
transmission with three main lines of operation in the areas of transmission
lines, sub-stations and distribution networks and undertakes turnkey projects
on a global scale, offering a complete range of services in design,
engineering, tower testing, manufacturing, construction and project management.
Having worked for customers in around 40 countries, the company is amongst the
few engineering, procurement and construction (EPC) service providers
worldwide, which possess the capabilities to execute turnkey projects in all
areas of power transmission business.
Economy
& Industry Overview
State of infrastructure is drag on the economy and
Economic growth goes hand in hand with rising demand for
electricity and power sector in
Development of infrastructure and focus on infrastructure
spending by the government is vital for growth story of
The Indian Government is on the path towards reaching its
ambitious target of providing reliable and quality power for the entire country
by 2012 at optimum cost. With this endeavor, the Ministry of Power has set
several goals including making power industry commercially viable by closely
monitoring T & D losses, producing sufficient power to achieve growth rate
of 8% and to bring power to all homes in the next few years.
Opportunities
The company has presence in every aspect of post generation
power supply chain and offers its customers complete range of solutions like
pre-engineering, feasibility studies, survey, engineering, design, fabrication,
erection, construction, project management, testing and commissioning of entire
transmission and distribution network.
With strong and growing economy, continued investment in
power sector and other infrastructure projects and political will to achieve
adequate power generation capacity, transmission development in a phased manner
commensurate with generation & load growth, upgrading and uprating of
existing transmission network, opportunities in transmission industry are expected
to be buoyant and are likely to remain so in the foreseeable future.
Government policy to attract private sector participation in
developing major power transmission projects and to permit private developers
to become transmission service provider on a “Build, Own and Operate’ (BOO)
basis will take the power sector to next level of evaluation.
Central Electricity Regulatory Commission has accorded
approval to Power Grid to develop nine High Capacity Power Transmission Corridors
(HCPTC), for evacuation of power in tandem with completion of power generation
projects, being set up by independent power producers.
Development trend in the transmission industry is likely to
be sustained in the coming years as the country endeavours to enhance
generation capacity and strengthen the existing transmission corridors. Outlook
for the company continues to be positive with comfortable order backlog, high
manufacturing capacities and focused management approach.
In line with the Government of India’s Mission 2012 ‘Power
for All’ the company is poised to contribute with its proven capabilities and
demonstrated operating track record in every aspect of post generation supply
chain.
Outlook
The company intends to pursue the growth opportunities
presented by the power sector by growing its transmission network including
strengthening of existing network, by participating in government’s ambitious
plan to bring power to every corner of the country.
Government initiatives towards launching of power
transmission projects on BOO basis and Power Grid’s plan to set up HCPTC, at an
estimated cost of Rs. 580 million, will not only create new avenues but is
likely to change the outlook of the companies operating in transmission line
industry.
Contingent
Liabilities not provided for :
|
Particulars |
2009-10 [Rs in Millions] |
2008-09 [Rs in
Millions] |
|
|
|
|
|
Outstanding Performance Guarantee given by banks. |
8039.420 |
6264.010 |
|
Outstanding of Bills discounted. |
13.450 |
120.970 |
|
Disputed liabilities in respect of Income Tax, Sales Tax, Central Excise and Service Tax (Under Appeal). |
54.780 |
34.290 |
|
Civil Suits. |
124.200 |
124.660 |
The
Company has given a letter of comfort for general banking facilities provided by
State Bank of India to Jyoti Structures Africa (Pty.) Limited. The total loan
outstanding from the bank to the said Company is ZAR 9.10 Million (P.Y. ZAR
15.73 Million) equivalent to Rs. 55.54 Million (P.Y. Rs. 87.30 Million) as on
31st March 2010.
The
Company has given a letter of comfort for general banking facilities provided
by National Bank of
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30th September, 2010
|
|
|
|
Rs in Millions |
||
|
|
Particulars |
Quarter ended |
Half
Year ended |
||
|
|
as on 30.09.2010 |
as on 30.09.2010 |
|||
|
|
(Unaudited) |
(Unaudited) |
|||
|
1 |
a) Gross Sales/Income from Operations |
5613.57 |
11404.80 |
||
|
|
Less Excise Duty |
190.19 |
338.98 |
||
|
|
Net Sales/Income from Operations |
5423.38 |
11065.82 |
||
|
|
(b)Other Operating Income |
-- |
00.94 |
||
|
|
Total |
5423.38 |
11066.76 |
||
|
2 |
Expenditure |
|
|
||
|
|
(a) |
Increase/(Decrease) in Stock-in-trade and work in progress |
31.49 |
(100.32) |
|
|
|
(b) |
Consumption of raw materials |
3208.46 |
6581.77 |
|
|
|
© |
Employees Cost |
160.08 |
333.49 |
|
|
|
(d) |
Erection and Sub Contracting Expenses
|
947.42 |
2065.42 |
|
|
|
(e) |
Depreciation |
52.82 |
98.33 |
|
|
|
(f ) |
Other Expenditure |
444.76 |
916.00 |
|
|
|
(g) |
Total (Any item exceeding 10% of the total Expenditure to be shown
separately) |
4845.03 |
9894.69 |
|
|
3 |
|
Profit from operation before other income, interest and other
exceptional items(1-2) |
578.35 |
1172.07 |
|
|
4 |
|
Other Income |
02.43 |
08.68 |
|
|
5 |
|
profit before interest and exceptional items(3+4) |
580.78 |
1180.75 |
|
|
6 |
Interest |
206.86 |
405.87 |
||
|
7 |
Profit after interest but before exceptional items(5-6) |
373.92 |
774.88 |
||
|
8 |
Exceptional Items |
-- |
-- |
||
|
9 |
Profit(+)/Loss(-) from Ordinary Activities before tax (7-8) |
373.92 |
774.88 |
||
|
10 |
Tax Expenses |
125.46 |
263.06 |
||
|
11 |
Net Profit(+)/Loss(-) from Ordinary Activities after tax( 9-10) |
248.46 |
511.82 |
||
|
12 |
Extra Ordinary Items |
-- |
-- |
||
|
13 |
Net Profit(+)/Loss(-) for the period (1112) |
248.46 |
511.82 |
||
|
14 |
Paid-up Equity Share Capital Rs.2/ per share |
164.11 |
164.11 |
||
|
15 |
Reserves excluding revaluation reserves |
-- |
-- |
||
|
16 |
EPS before and after
Extraordinary items for the period, for the year to date (without
annualising) and for the previous year.(Rs.) |
-- |
-- |
||
|
|
- Basic EPS |
3.03 |
6.24 |
||
|
|
- Diluted EPS |
3.01 |
6.21 |
||
|
17 |
Public Shareholding |
|
|
||
|
|
Number of Shares |
60094503 |
60094503 |
||
|
|
Percentage of Shareholding |
73.24 % |
73.24 % |
||
|
18 |
Promoters and Promoter group |
|
|
||
|
|
a) Pledged/Encumbered |
|
|
||
|
|
- Number of shares |
6040000 |
6040000 |
||
|
|
- Percentage of shares (as a % of the total shareholding of promoter
and promoter group) |
27.51 % |
27.51 % |
||
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
7.36 % |
7.36 % |
||
|
|
b) Non – encumbered |
|
|
||
|
|
- Number of shares |
15919437 |
15919437 |
||
|
|
- Percentage of shares (as a % of the total shareholding of the
Promoter and Promoter group) |
72.49 % |
72.49 % |
||
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
19.40 % |
19.40 % |
||
STATEMENT OF
ASSETS AND LIABILITIES AS PER CLAUSE 41 OF THE LISTING AGREEMENT
Rs in Millions
|
Particulars |
Quarter
Ended 30.09.2010 (Unaudited) |
|
|
|
|
SHAREHOLDERS' FUNDS |
|
|
Capital |
164.11 |
|
Reserves
and Surplus |
0.19 |
|
Employee's Stock Option
Outstanding |
5389.47 |
|
LOAN FUNDS |
3914.31 |
|
Deferred Tax Balances (Net) |
182.80 |
|
TOTAL |
9650.88 |
|
|
|
|
FIXED
ASSETS |
1788.23 |
|
INVESTMENTS |
202.06 |
|
CURRENT ASSETS, LOANS AND
ADVANCES |
|
|
Inventories |
2398.25 |
|
Sundry
Debtors |
9980.97 |
|
Cash
and Bank balances |
304.29 |
|
Loans
and Advances |
1756.93 |
|
Less: CURRENT
LIABILITIES AND PROVISIONS |
|
|
Liabilities |
6525.14 |
|
Provisions |
233.71 |
|
MISCELLANEOUS EXPENDTTURE (NOT WRITTEN OFF OR ADJUSTED) |
-- |
|
TOTAL |
9650.88 |
NOTES :
- The above results as reviewed and
recommended by the Audit Committee, have been approved by the Board of
Directors at its meeting held on 26th October, 2010
- The Statutory Auditors of the Company
have carried out the "Limited Review" of the above results.
- The Company is in the business of
execution of projects related to power transmission and as such there are
no reportable primary business segments.
- Tax Expense includes provision for
Current Tax and Deferred Tax.
- Report on Investors Complaints for the
quarter : Opening balance - 0, New -3, Disposal -3, Balance - 0.
- Under the Employees Stock Option
Scheme, the Company allotted 23,175 Equity Shares of Rs.2 each and granted
18,850 options to the eligible employees.
- Figures for corresponding quarter of
previous year are not fully comparable due to amalgamation of JSL
Structures Limited, subsidiary company.
- Previous period / year figures have
been re-arranged, re-grouped, re-calculated and re-classified, wherever
necessary.
TRADE REFERENCE:
- Government Sectors
- Power Greed Corporation
- Maharashtra State Electricity Company
FIXED ASSETS
- Leasehold land
- Building
- Plant and Machinery
- Furniture and Fixture
- Computers and Office Equipments
- Vehicles
CORPORATE OVERVIEW
Subject is engaged
in providing turnkey solutions in the field of High Voltage Power Transmission
Lines and Substations. With around 30 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.
The operations have extended to around 40 countries, as of today. The reputation is built on the commitment to total
quality and customer satisfaction.
The goal is to provide the customers with the highest
value in the best possible time frame.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.24 |
|
|
1 |
Rs.72.57 |
|
Euro |
1 |
Rs.63.00 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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 |
Capability to overcome financial difficulties seems comparatively below
average. |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.