MIRA
INFORM REPORT
|
Report Date : |
16.08.2012 |
IDENTIFICATION DETAILS
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Name : |
JAI CORP LIMITED |
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Registered
Office : |
A-3, MIDC, Industrial Area, Nanded – 431 603, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
06.06.1985 |
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Com. Reg. No.: |
11-36500 |
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Capital
Investment/ Paid-up Capital: |
Rs.193.471 Millions |
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CIN No.: [Company Identification
No.] |
L17120MH1985PLC036500 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKJ01283C |
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Legal Form : |
A Public Limited Liability company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of
like steel, plastic processing and spinning yarn. |
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No. of
Employees: |
4030 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (58) |
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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 109400000 |
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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 well established company having good track record.
Fundamentally seems strong and healthy. Trade relations are reported to be
fair. Business is active. Payment are reported to be regular and as per
commitment. The company can be considered for normal 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 – June 30, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
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
31-03-2012.
LOCATIONS
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Registered Office : |
A-3, MIDC, Industrial Area, Nanded – 431 603, |
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Tel. No.: |
91-22-61155300 |
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Fax No.: |
91-22-22875197 |
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E-Mail : |
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Corporate Office : |
1 St Floor B –wing, MIttal Towers, Free Press Journal Marg, Nariman
Point, Mumbai – 400021, Maharashtra, India |
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Tel. No.: |
91-22-61155300 |
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Fax No.: |
91-22-22875197 |
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Corporate Office 2 : |
12-B, Mittal Towers, Nariman Point, Mumbai-400021 |
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Corporate Office 3 : |
807 Embassy Center, Nariman Point, Mumbai - 400021 |
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Factory : |
Plastic processing
Division 140/1/1/1 to 140/1/1/9, Village Khadoli, Silvassa (D and N.H) (100% EOU Unit) 168/182-191, Dabhel Ind. Co-operative society limited Dabhel, Daman (Daman and Survey No. 148, 149/1 and 2, 180/2 and 3, Dabhel Ind.
Co-operative Society Limited Dabhel,
Daman (Daman and Plot No. F-1 and F-2, |
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Factory 2 : |
Plastic Processing
and Master Batch Survey No.141, |
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Factory 3 : |
Plastic Processing
and PSF Survey No.326/1,326/2/1 Village Athal, Silvassa, (DandNH) |
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Factory 4 : |
Steel Division A-3, M.I.D.C, Industrial Area Nanded, |
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Factory 5 : |
Textile Division-
Twisting Survey No.45-B, Govt. Industrial Estate, Masat, Silvassa (D and NH) |
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Factory 6 : |
Textile Division-
Dyeing Plot No.1620, GIDC Sarigam, Dist. Valsad, |
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Factory 7 : |
Textile Division-
Spinning Survey No.246, |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Gaurav Jain |
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Designation : |
Managing Director |
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Date of Birth: |
31 Years |
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Qualification: |
B.Sc (Economics) , B.Sc (Computer Science) |
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Experience: |
10 Years |
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Date of Appointment: |
04.06.2008 |
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Name : |
Mr. V.S. Pandit |
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Designation : |
Director - Works |
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Name : |
Mr. S. N. Chaturvedi |
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Designation : |
Director |
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Name : |
Mr. D.K. Contractor |
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Designation : |
Director |
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Name : |
Mr. K .M. Doongaji |
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Designation : |
Director |
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Name : |
Mr. S.H. Junnarkar |
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Designation : |
Director |
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Name : |
Mr. P.P. Shah |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Jai Kumar Jain |
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Designation : |
Chairman Emeritus |
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Name : |
Mr. Anand Jain |
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Designation : |
Chairman |
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Name : |
Mr. Virendra Jain |
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Designation : |
Vice Chairman |
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Name : |
Mr. Rajesh Kumar Mundra |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Ananjan Datta |
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Designation : |
Company Secretary & Complaince Officer |
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BOARD
COMMITTEES: Audit Committee |
·
K.M Doongaji (Chairman) ·
S.N.Chaturvedi ·
D.K.Contractor ·
Virendra Jain |
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Shareholders/Investors Grievance
Committee |
·
K.M.Doongaji (Chairman) ·
S.N.Chaturvedi ·
Virendra Jain ·
Gaurav Jain |
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Share Transfer Committee: |
·
Jai Kumar Jain (Chairman) ·
Virendra Jain ·
Gaurav Jain |
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Name : |
Mr. Ashok Kumar |
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Designation : |
President |
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Date of Birth: |
59 Years |
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Qualification: |
Metallurgical Engineer |
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Experience: |
37 Years |
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Date of Appointment: |
03.04.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on30.06.2012
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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128682400 |
72.11 |
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1600000 |
0.90 |
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130282400 |
73.01 |
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Total shareholding of Promoter and Promoter Group (A) |
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(B) Public Shareholding |
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283980 |
0.16 |
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3299958 |
1.85 |
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10785607 |
6.04 |
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14369545 |
8.05 |
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9203783 |
5.16 |
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20609508 |
11.55 |
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633164 |
0.35 |
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Non Resident Indians |
754494 |
0.42 |
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43600 |
0.02 |
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453886 |
0.25 |
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2099030 |
1.18 |
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33797465 |
18.94 |
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Total Public shareholding (B) |
48167010 |
26.99 |
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Total (A)+(B) |
178449410 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
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Total (A)+(B)+(C) |
178449410 |
0.000 |
(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 : |
Manufacturer of like
steel, plastic processing and spinning yarn. |
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Products: |
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PRODUCTION STATUS As on 31.03.2011
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Particulars |
Unit |
Actual
Production |
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CR Coils |
MT |
625000 |
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GP/GC Coils/Sheets |
MT |
55000 |
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Woven Sacks/Fabrics |
MT |
56278 |
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Spinning Yarn |
MT |
12360 |
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Master Batch |
MT |
13000 |
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3Staple Fibers |
MT |
3200 |
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Synthetic Fibres Twin |
MT |
1460 |
Note: -Licensed
Capacity is not applicable in view of the Company’s products have been
delicensed
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Particulars |
Unit |
Installed
Capacity |
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CR Coils/Sheets * # |
MT |
46932 |
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GP/GC Coils/Sheets |
MT |
48469 |
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Master Batch * |
MT |
9043 |
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Woven Sacks/Fabrics * |
MT |
35804 |
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Synthetic Fibres Twin |
MT |
243 |
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Spinning Yarn # |
MT |
7413 |
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Staple Fibers * |
MT |
1917 |
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Tape and Liner * |
MT |
179 |
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Ink and Reducer * |
MT |
41 |
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* Including goods manufactured for captive consumption Nil in CR
Coils (Previous year 8,770 MT) , 2,372
MT in Master Batch (Previous 1,329 MT ), 70 MT in Tape and Liner
(Previous year 52 MT), 2,525 MT in
Woven Sacks/Fabrics (Previous year 1,400 MT), Nil in Staple
Fibres (Previous year 1 MT) and 41 MT in Ink
and Reducer (Previous Year 22 MT) .
# Including the goods manufactured as job processor CR Coils 46,932 MT
(Previous year CR Coils 26,642 MT)
GP/GC Coils 46,563 MT (Previous year GP/CG Coils 27,059 MT) and 2,359
MT in spinning yarn (Previous
year 2,381 MT)
GENERAL INFORMATION
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No. of Employees : |
4030 (Approximately) |
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Bankers : |
· Axis Bank ·
Bank of · Canara Bank · Development Credit Bank Limited · HDFC Bank Limited · South Indian Bank Limited ·
Union Bank of |
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Facilities : |
Rs.
In Millions
Notes: 1. Out of the
Term Loans referred to above:- (a) loans
aggregating to Rs.68.200 Millions (Previous
Year `Rs.161.800) are secured by way of First Charge on certain fixed assets
of the Company. (b) loans
aggregating to Rs.49.500 Millions (Previous
Year `Rs.67.500 Millions ) are secured by way of first parri passu
charge on the entire immovable and movable assets and second parri passu charge on all current assets of the
Company. (c) are further
secured by way of negative lien on certain fixed assets of the Company. 2. The Working
Capital Loan is secured by hypothecation on whole of current assets including
a first charge on stock and book debts and as collateral security, second
charge and negative lien on certain fixed assets of the Company and is
guaranteed by one of the Director and one erstwhile Director of the Company.
Note: Amount repayable within one year Rs.3.720 Millions
(Previous Year ` Rs.3.720 Millions). |
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Banking
Relations : |
-- |
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Auditors 1 : |
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Name : |
Chaturvedi and Shah, Chartered Accountants |
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Auditors 2 : |
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Name : |
S.R.Batliboi and Company Chartered Accountants |
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Subsidiaries : |
· Ashoka Realty and Developers Limited · Awas Realtors Limited · Belle Terre Realty Limited · Dev Realty and Developers Limited · Ekdant Realty and Developers Limited · Hari Darshan Realty Limited · Hill Rock Construction Limited · Hind Agri Properties Limited · Iconic Realtors Limited · Jai Corp Finance and Holding Limited · Jai Infraprojects Limited · Jailaxmi Realty and Developers Limited · Jai Realty Ventures Limited · Krupa Land Limited · Krupa Realtors Limited · Multifaced Impex Limited · Novelty Realty and Developers Limited · Oasis Holding FZC · Rainbow Infraprojects Limited · Rejoice Land Developers Limited · Rudradev Developers Limited · Sarbags Pty Limited · Samart Realty and Developers Limited · Swar Land Developers Limited · Swastik Land Developers Limited · UI Wealth Advisors Limited · Urban Gas Distribution Limited · Urban Gas Limited · Urban Gas Suppliers Limited · Urban Infrastructure Trustees Limited · Urban Infrastructure Venture Capital Limited · Vasant Bahar Realty Limited · Welldone Real Estate Limited ·
Yug Developers Limited |
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Associates: |
· Searock Devlopers FZC · Urban Communication Infrastructure Private Limited · Urban Energy Distribution Private Limited · Urban Energy Generation Private Limited · Urban Energy Transmission Private Limited · Urban Infotech Solution Private Limited · Urban Infrastructure Construction Private Limited · Urban Infrastructure Holding Private Limited · Urban Water Supply Private Limited |
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Enterprises over
which Key Managerial Personnel and their relatives are able to exercise
significant influence: |
· Clean Pet ·
· Poly-Resin Agencies (I) Limited · Polysil Pipes · Resin Distributors Limited · Techfab (I) Industries Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450000000 |
Equity Share |
Rs.1/- each |
Rs.450.000 Millions |
|
15000000 |
Non-Cumulative, Non-Participating Redeemable |
Rs.1/- each |
Rs.15.000 Millions |
|
35000000 |
Unclassified Shares |
Rs.1/- each |
Rs.35.000 Millions |
|
Total |
|
|
Rs.500.000
Millions |
Issued, Subscribed Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
178494010 |
Equity Share |
Rs.1/- each |
Rs.178.494
Millions |
|
15000000 |
Non-Cumulative, Non-Participating Redeemable |
Rs.1/- each |
Rs.15.000
Millions |
|
Total |
|
|
Rs.193.494 Millions |
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
178449410 |
Equity Share |
Rs.1/- each |
Rs.178.449
Millions |
|
15000000 |
Non-Cumulative, Non-Participating Redeemable |
Rs.1/- each |
Rs.15.000
Millions |
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Add: Forfeited Shares (Amount Originally Paid up on Shares 4,460of Rs. 10 each) |
|
Rs. 0.022
Millions |
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Total |
|
|
Rs.193.471 Millions |
Notes:-
1. Of the above Equity Shares :-
(a) 49,63,522 Equity Shares of `10 each were allotted, without payment
being received in cash, pursuant to the Scheme of Amalgamation of Sipta Coated
Steels Limited and Comet Steels Limited with the Company before subdivision and
issue of bonus shares.
(b) i) 24,00,000 Equity Shares of ` 10 each were allotted as fully
paid-up bonus shares by way of Capitalisation of free reserve before
subdivision.
ii) 8,62,69,400 Equity Shares of Re.1 each were allotted as fully
paid-up bonus shares by way of Capitalisation of Securities Premium Account.
2. Equity Shares having face value of ` 10 each fully paid-up were
subdivided into Re.1 each fully paid-up in the financial year 2007-08.
3. (a) 1% Non-cumulative, Non-Participating Redeemable Preference Shares
of Re.1 each fully paid-up were due for redemption on 25th November 2009. As
consented by the Preference Shareholders and subsequently by the Members of the
Company at their 24th Annual General Meeting held on 23rd September,
2009, the tenure of these shares has been extended by a period not exceeding
two years from the date of roll over (i.e. two years from 25th November, 2009),
accordingly these shares are redeemable at a premium of 6 % p.a. on issue price
of ` 1,000 per share on the expiry of two years from the date of roll over with
an option to the Company/ the preference shareholder(s) to redeem the same
after one year from the said date of roll over.
(b) Redemption premium on preference shares as mentioned above will be
paid out of the Securities Premium Account and hence no provision has been
considered necessary.
4. Figures in bracket represent previous year figures
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
193.471 |
193.471 |
193.471 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
27144.902 |
26248.228 |
25666.132 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
27338.373 |
26441.699 |
25859.603 |
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LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
130.239 |
231.079 |
353.935 |
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|
2] Unsecured Loans |
95.528 |
99.248 |
72.110 |
|
|
TOTAL BORROWING |
225.767 |
330.327 |
426.045 |
|
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DEFERRED TAX LIABILITIES |
183.068 |
186.774 |
163.263 |
|
|
|
|
|
|
|
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TOTAL |
27747.208 |
26958.800 |
26448.911 |
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APPLICATION OF FUNDS |
|
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|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
2140.701 |
2196.436 |
2002.738 |
|
|
Capital work-in-progress |
96.320 |
82.490 |
323.077 |
|
|
|
|
|
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INVESTMENT |
15993.949 |
18895.959 |
17226.348 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
|
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
798.880
|
478.007 |
413.456 |
|
|
Sundry Debtors |
2074.637
|
632.899 |
903.721 |
|
|
Cash & Bank Balances |
174.580
|
53.672 |
617.390 |
|
|
Other Current Assets |
148.247
|
47.102 |
7.097 |
|
|
Loans & Advances |
7198.822
|
4955.255 |
5207.665 |
|
Total
Current Assets |
10395.166
|
6166.935 |
7149.329 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
305.196
|
61.706 |
87.699 |
|
|
Other Current Liabilities |
267.853
|
150.189 |
88.417 |
|
|
Provisions |
305.879
|
171.125 |
76.465 |
|
Total
Current Liabilities |
878.928
|
383.020 |
252.581 |
|
|
Net Current Assets |
9516.238
|
5783.915 |
6896.748 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
27747.208 |
26958.800 |
26448.911 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4832.213 |
4096.148 |
3754.154 |
|
|
|
Other Income |
759.216 |
488.263 |
537.146 |
|
|
|
TOTAL (A) |
5591.429 |
4584.411 |
4291.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Trade Purchases |
236.367 |
1.948 |
656.991 |
|
|
|
Manufacturing and Other Expenses |
4179.940 |
3589.823 |
3005.189 |
|
|
|
Variation In Stocks |
(178.774) |
12.819 |
11.787 |
|
|
|
TOTAL (B) |
4237.533 |
3604.590 |
3673.967 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1353.896 |
979.821 |
617.333 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
18.007 |
25.387 |
46.441 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1335.889 |
954.434 |
570.892 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
169.033 |
162.795 |
153.251 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1166.856 |
791.639 |
417.641 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
245.457 |
180.945 |
135.143 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
921.399 |
610.694 |
282.498 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3126.535 |
2605.471 |
2379.721 |
|
|
|
|
|
|
|
|
|
Add |
Prior Period
Adjustments (Net) |
3.440 |
(0.384) |
(0.146) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
92.484 |
61.032 |
28.250 |
|
|
|
Proposed Dividend
on Preference Shares |
0.150 |
0.150 |
0.150 |
|
|
|
Proposed Dividend
on Equity Shares |
24.084 |
24.084 |
24.084 |
|
|
|
Tax on Proposed
Dividend |
3.931 |
4.025 |
4.118 |
|
|
|
Excess Provision of
Dividend of earlier year |
0.000 |
(0.045) |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
3930.725 |
3126.535 |
2605.471 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
443.624 |
323.184 |
468.764 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
49.094 |
23.690 |
0.000 |
|
|
|
Stores & Spares |
5.943 |
2.309 |
2.963 |
|
|
|
Capital Goods |
49.281 |
43.694 |
65.643 |
|
|
|
Trading Goods |
221.053 |
0.000 |
337.369 |
|
|
TOTAL IMPORTS |
325.371 |
69.693 |
405.975 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.18 |
3.42 |
1.58 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.07.2011 |
30.09.2011 |
31.03.2011 |
31.03.2012 |
30.06.2012 |
|
|
UnAudited |
UnAudited |
UnAudited |
UnAudited |
UnAudited |
|
|
1st
Quartered |
2nd Quartered |
3rd Quartered |
4th
Quartered |
5th Quartered |
|
Net sales |
1360.700 |
1532.100 |
1552.300 |
1815.300 |
1648.800 |
|
Total Expenditure |
1165.200 |
1370.100 |
1365.200 |
1714.500 |
1446.300 |
|
PBIDT (Excl OI) |
195.500 |
162.000 |
187.100 |
100.800 |
202.500 |
|
Other Income |
218.300 |
280.700 |
319.700 |
115.700 |
174.900 |
|
Operating Profit |
413.300 |
442.700 |
506.800 |
216.500 |
377.400 |
|
Interest |
2.800 |
3.100 |
3.200 |
1.900 |
3.200 |
|
Exceptional terms |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
411.00 |
439.600 |
503.600 |
214.600 |
374.200 |
|
Depreciation |
43.100 |
43.700 |
42.100 |
44.100 |
43.200 |
|
PROFIT BEFORE TAX |
367.900 |
395.900 |
461.500 |
170.500 |
331.000 |
|
Tax |
101.300 |
99.400 |
136.900 |
69.000 |
94.300 |
|
Provision and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
266.600 |
296.500 |
324.600 |
101.500 |
236.700 |
|
Extra ordinary items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expense |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
266.600 |
296.500 |
324.600 |
101.500 |
236.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
16.48 |
13.32 |
6.58 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
24.15 |
19.33 |
11.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.31 |
9.47 |
4.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.03 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.04 |
0.03 |
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
11.83 |
16.10 |
28.31 |
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
No |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
No |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
No |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
No |
|
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
No |
MANAGEMENT
DISCUSSION AND ANALYSIS
OVERVIEW OF FY 2010-11
The financial year (FY) 2010-11 saw the Indian economy rapidly emerging
from the slowdown caused by the global meltdown in 2007-09. As per Advanced
Estimates of the Central Statistics Office, the economy grew by 8.6 percent in
2010-11. The gross domestic product (GDP) at constant market prices showed an
upswing of 9.7 percent in 2010-11. Jai Corp saw through this challenging period
and has reported a strong financial performance. Key financial performance
indicators FY 2010-11 are as follows:
·
The gross turnover increased, by 19.05 percent, to
Rs. 5130.900 Millions in FY 2010-11 from Rs. 4309.900 Millions in FY 2009-10.
·
The total EBIDTA, increased by 38.18 percent, to Rs.
1353.900 Millions in FY 2010-11 from Rs. 979.800 Millions in FY 2009-10.
·
The total PAT increased, by 50.88 percent, to Rs.
921.400 Millions in FY 2010-11 from Rs. 610.700 Millions in FY 2009-10.
BUSINESS REVIEW
Urban Integrated Infrastructure
Sector overview:
Special Economic Zones –
Urban Infrastructure
The contribution of urban sector to
Outlook for SEZs in
They have been seeing a gradual shift in the Governments’ support for
SEZ. SEZs have surpassed the expectation of the Government relating to export,
investment and employment. The below mentioned data indicates the success of
the SEZ scheme, but unfortunately subsequent Government action in the form of
policy changes, changes in the Income-tax exemption for developers and units,
applicability of Minimum Alternate Tax (MAT) and Dividend Distribution Tax from
1st April 2011 are all leading to a situation wherein developers and units are
unable to decide how to proceed with SEZs.
a) Export from SEZs Rs. 228400.000 Millions in 2005 – 06 to Rs.
2207110.000 Millions in 2009 – 10.
b) Investment in SEZs Rs. 27930.000 Millions as on 31.03.2006 to Rs. 1484880.000 Millions as on 31.03.2010.
c) Direct employment in SEZs : 1,34,704 persons in March, 2006 to
5,03,611 persons on 31.03.2010. Jai Corp is a stakeholder in entities developing
SEZs in
Navi Mumbai SEZ (NMSEZ).
Performance Overview:
NMSEZ has commenced horizontal and vertical development of SEZ in a
phased manner keeping in mind demand constraint due to impact of worldwide
recession of last two years and non enactment of Maharashtra SEZ Act. This bill
has been introduced in the Maharashtra Legislature, but is awaiting clearance
since quite sometime. Due to this delay SEZ is unable to avail State Government
exemption in terms of VAT, Octroi, NA Tax, etc. This naturally reduces the
competitive position of NMSEZ vis-ŕ-vis SEZs in other States which have already
passed the respective State SEZ Act. The Board of Approvals have granted
extension of validity of formal approval in respect for a period of one year beyond
the expiry of the validity period.
Mumbai SEZ (MSEZ)
Performance Overview:
Notification under Section 6 of the Land Acquisition Act has been
published for all villages under MSEZ. Consent award and Sale Deeds have been
executed for around 4,600 acres. However, these are not contiguous land. For
making these land contiguous the company developing the SEZ, is awaiting the
enactment of amendment to Land Acquisition Act 1894, in the Parliament. This
bill is expected to be presented in the monsoon session of the Parliament. The
Board of Approvals for SEZs has granted extension up to August 2012 for setting
up sector specific SEZ.
Rewas Port
Performance Overview:
All statutory approvals have been obtained. The Company developing the
port has signed the lease deed for 839 Ha of inter tidal land and is awaiting
lease for 194 ha of Government land which is expected shortly. As soon as the
land is transferred, the company developing the port will take steps for
submitting its application for financing. The company developing the port is
also in advanced discussion with Indian Railways and Government of Maharashtra
in order to firm up the rail and road connectivity of
Utilities
Jai Corp has strategized its presence in the power; water supply and
solid waste management; engineering procurement & commissioning;
information technology and telecom sectors through its associate companies.
Power
Sector Overview:
Water Supply & Sewerage Disposal
Sector Overview:
As per Planning Commission approach to the eleventh five year plan,
provision of clean drinking water, sanitation and a clean environment are vital
to improve he health of the country’s people, to reduce incidence f diseases
and deaths. Drinking water is less than one ercent of the total water demand
and should have the irst priority among
all uses of water. The coverage of urban population with water supply
facilities in the past had not been very impressive, due to various reasons,
including the fact that the investment made in the urban water supply sector
had been inadequate. There is a huge gap between the demand and supply of water
in urban areas, which is also growing due to population and urbanisation. Norms
for various places depending upon the level of development have been
established and it is maximum for metropolitan cities. Public Private
Partnership (PPP) is important to leverage government investments and to access
private sector management efficiencies.
Engineering, Procurement & Commissioning (EPC)
Sector Overview:
The EPC Sector is envisaged to play a huge role in the infrastructure
story of
IT & Telecom
Sector Overview:
The Indian Information Technology / Information Technology Enabled Services
(IT/ITES) industry is expected to be driven by steady recovery in demand for
technology services during the current financial year. According to NASSCOM’s
strategic review 2011, the IT-BPO sector is estimated to generate aggregate
revenues of USD 88.1 billion in FY2011, with the IT software and service sector
(excluding hardware) accounting for USD 76.1 billion of revenues. During this
period, direct employment is expected to reach nearly 2.5 million, an addition
of 2,40,000 employees, while indirect job creation is estimated at 8.3
million As a proportion of national GDP,
the sector revenues have grown from 1.2 per cent in FY1998 to an estimated 6.4
per cent in FY 2011. Its share of total Indian exports (merchandise plus
services) increased from less than 4 per cent in FY1998 to 26 per cent in
FY2011. Telecommunications in
Performance Overview:
Jai Corp has promoted the following Co-developer Companies:-
a) Urban Energy Generation Private Limited (UEGPL)
b) Urban Energy Distribution Private Limited (UEDPL)
c) Urban Energy Transmission Private Limited (UETPL)
d) Urban Water Supply Private Limited (UWSPL)
e) Urban Infrastructure Construction Private Limited
(UICPL) f) Urban Infotech Solutions Private Limited (UISPL)
g) Urban Communications Infrastructure Private Limited (UCIPL)
These companies are also affected by slow progress in NMSEZ due to
worldwide recession and non enactment
of
Real Estate
Sector Overview:
According to
Performance Overview:
Some of the subsidiary companies of Jai Corp have acquired land. The
same may be consolidated for the purpose of development. The Company is of the
view that any presumed fall in the current value of land held by some of its
subsidiary companies is only temporary in nature. These investments are long
term and in course of time the fair value of the investments are expected to be
realised.
Asset Management
Sector Overview:
The Indian asset management has witnessed unprecedented growth in recent
years. With a CAGR of 18.97 percent between 2007 and 2011, Indian Mutual Fund
industry is one of the fastest growing asset management industries in the
world.
Real estate focused venture capital funds have grown exponentially in the
last 5 years. The total investments by Indian venture capital funds and foreign
venture capital institutions have grown from less than ` 3,000 crores in 2007
to around ` 12,000 crores in 2011, a compounded growth of 42 percent.
With penetration of Mutual Funds, Insurance and Pension Funds still far
below global averages, the industry is not yet past its growth period. The
multiplying growth of millionaires in
opportunity is expected in this sector.
Their Business:
Jai Corp is present in this industry through its wholly owned subsidiary
- Urban Infrastructure Venture Capital Limited (UIVCL), a venture capital
management company.
UIVCL currently manages Urban Infrastructure Opportunities Fund (UIOF),
a scheme of Urban India Venture Capital Fund (UIVCF), a SEBI registered fund.
UIOF is a close ended
UIVCL, is also advisor to Urban Infrastructure Capital Advisors (UICA),
investment manager to
The Funds’ investments are focussed on large townships and mixed-use development
projects in Tier-I and Tier-II cities of western and southern
Performance Overview:
The major source of revenue for UIVCL is the investment management fees from
UIOF and advisory fees from UICA. In FY 2010-11, UIVCL saw an increase of 22
percent in its revenues and a 14 percent increase in its Profit after tax.
Subsequent to the year end, the UIVCF has refused ` 241.76 crores to its
contribution by way of repurchase of units and returns of capital.
During the current year, the Company’s focus for the Funds would
continue to be on execution of projects and exploring exits from the portfolio
investments.
Steel Division
Sector overview:
As per Ministry of Steel’s annual report 2010-11,
and encouraging note. Globally also there are signs of mprovement in
economic conditions and firming up of emand and prices.
Performance Overview:
Jai Corp manufactures cold rolled coils, galvanised coils nd galvanised
corrugated sheets at its Nanded unit in
Plastic Processing Division
Tape Woven Products
Sector Overview:
The usage of PP/PE woven tape products like sacks, bags, FIBCs, fabrics,
geotextiles etc. has been growing at the rate of 15% of CAGR over the last decade.
In recent times, these products have also been used for food grains and sugar.
All sugar exports are packed in PP woven bags only. Another usage of these
products has emerged in BOPP reverse printed bags, which is also growing
exponentially for food packaging. As the production of cement, fertilizers and
petrochemicals is increasing in the country, PP/PE woven tape products are
having a bright future.
Performance Overview:
The Company’s installed annual capacity for manufacturing of woven
sacks,fabrics and staple fibres is 59,478 MT. In FY 2010 – 11, the Company
produced 37,721 MT of woven sacks,fabrics and staple fibres as compared to
32,496 MT in FY 2009-10 an increase of 16.01 percent.
Masterbatches
Sector Overview:
Masterbatches are used to impart colour and various special properties
to the products manufactured from plastics. Though the cost of Masterbatches in
the final plastic product is very low, its quality is very important for
attaining the desired properties of the end product. In general, Masterbatch
industry can be broadly classified into organised sector and small scale sector
with more than 250 players. Key operators in the organized segment hold about
50 percent of the market.
Performance Overview:
Jai Corp’s products have been well received in the Masterbatch and
Antifi brillation Masterbatch segments. The Company’s installed annual capacity
for manufacturing of Masterbatches is FY 2010-11 13,000 MT as compared to
12,000 MT in FY 2009- 10. In FY 2010-11, the Company produced 9,043 MT of
Masterbatches an increase of 76.45 percent over production in FY 2009-10.
Spinning
Sector Overview:
The Indian Textile sector grew by more than 8 percent in the last two
fiscal years and is projected to grow at 16 percent by 2012. Being the second
largest employer of Indians after agriculture, it currently employs 88 Million
people and is expected to generate another 17 million jobs by 2012. The gross
value is expected to rise from its present $9309.8 millions to a whopping $105
billion industry.
Performance Overview:
The Company’s installed annual capacity for manufacturing of Spinning
Yarn is 12,360 MT. In the FY 2010-11 the Company produced 7,413 MT as compared
to 7,308 MT in FY 2009-10, an increase of 5.33 percent. This year, the Company
was able to substantially improve upon its profitability in this segment. This
division has turned the corner with a robust performance.
RESULTS OF OPERATIONS:
During the year under review, the turnover of the Company’s Steel Division
decreased to `Rs. 560.3 Millions as compared to last year’s turnover of Rs.
572.2 Millions. However, the Division incurred a loss of Rs. 03.9 Millions
during the year under review. The Company is expected to post a better result
during the current financial year.
The Plastic Processing Division of the Company achieved a turnover of
Rs. 3766.3 Millions as compared to last year’s turnover of Rs. 3070.8 Millions.
The profits from this Division increased by Rs. 44.0 Millions.
The Spinning Division of the Company achieved a turnover of Rs. 807.7
Millions as compared to last year’s turnover of Rs. 671.000 Millions. The
profits from this Division increased by ` 58.200 Millions.
During the year under review, the Company increased its production of
Spinning Yarn and Masterbatch from 7,038 MT to 7,413 MT and from 5,125 MT to
9,043 MT respectively. The Company’s production of CR coils and sheets and
GP/GC coils and sheets increased from 35,438 MT to 46,932 MT and from 36,733 MT
to 48,469 MT respectively.
The preference shareholders have agreed to rollover 99,99,900
non-cumulative non-participating redeemable preference shares for a further
period of two years from the date these shares become due for redemption. The
remaining 50,00,100 preference shares shall be redeemed on 25th November, 2011
OUTLOOK:
The Company has taken steps to engage in the businesses of creation of
essential integrated urban infrastructure. These businesses relate to Special
Economic Zones, port, real estates and other ancillary services related to the
creation of urban infrastructure. The Company also intends to focus on its
asset management business. In addition, the Company is also taking steps to
improve the performance and efficiency of its existing manufacturing
businesses. As a result of these factors, the Directors are confident that the
Company will continue its endeavour for creation of long-term and substantial
value, for all the stakeholders.
CONTINGENT
LIABILITY
Rs. in Millions
|
|
31.03.2011 |
|
Claims against the Company not acknowledged as debts (Disputed liability in appeal) Income Tax * |
664.137 |
|
Excise Duty / Service Tax |
13.544 |
|
Railway Claims |
9.583 |
|
Sales Tax |
2.684 |
|
Bank Guarantees (Bank Guarantees are provided under contractual/legal
obligation. No Cash outflow is probable) |
83.712 |
During the Financial Year
2009-10 Income tax department carried out search and seizure actions under
section 132 of the Income Tax Act, 1961(“ Act”) in the case of Jai Corp Group,
its employees and close associates who were closely involved in the processing
of acquiring the land. The group has received demands aggregating Rs. 6,58.79
5Millions under section 156 of the Act.
The group has disputed the same and paid Rs. 70.600 MIllions under protest
against the same and filed an appeal against the above order with CIT (A). The
company has been advised that the above demands are not likely to be resulted
into any material tax liability and hence no provision is considered necessary
in respect of the above matter.
AUDITED FINANCIAL RESULTS FOR THE QUARTER / YEAR ENDED 31ST JUNE,
2012
Rs.in Millions
|
Particulars |
Quartered Ended |
Year Ended |
||
|
|
30.06.2012 |
31.03.2012 |
30.06.2011 |
31.03.2012 |
|
|
UnAudited |
UnAudited |
UnAudited |
Audited |
|
Net Sales/ Income from Operations |
1647.400 |
1812.600 |
1347.200 |
6170.900 |
|
1. (b) Other Operating Income |
1.400 |
2.700 |
1.100 |
8.200 |
|
Total Income
From operations |
1648.800 |
1815.300 |
1348.300 |
6179.100 |
|
2. Expenditure |
|
|
|
|
|
a. Cost of Raw Materials consumed |
1060.000 |
1029.400 |
917.300 |
3920.600 |
|
b. Purchases of stock in trade |
0.100 |
168.100 |
0.100 |
250.600 |
|
c. Changes in inventories of finished goods , work in progress and
stock in trade |
6.300 |
72.700 |
(34.200) |
23.400 |
|
d. Employee benefit expenses |
133.200 |
133.200 |
133.200 |
503.200 |
|
e. Depreciation and amortisation expense |
43.200 |
44.100 |
43.100 |
173.100 |
|
f. Other Expenditure |
246.700 |
312.100 |
169.700 |
920.600 |
|
Total
Expenditure |
1489.500 |
1759.600 |
1209.200 |
5791.400 |
|
3. Profit from Operations
before Other Income, Interest and Exceptional Items (1-2) |
334.200 |
172.400 |
369.800 |
1403.400 |
|
4. Other Income |
174.900 |
115.700 |
230.700 |
1015.700 |
|
5. Profit before
Interest and Tax |
334.200 |
172.400 |
369.800 |
1403.400 |
|
6. Interest |
3.200 |
1.900 |
1.900 |
7.500 |
|
7. Profit from Ordinary
Activities before Tax and exceptional
items |
331.00 |
170.500 |
367.900 |
1395.900 |
|
8. Exceptional items |
0.000 |
0.000 |
0.000 |
0.000 |
|
9. Profit from Ordinary
Activities before Tax but before
exceptional items |
331.000 |
170.500 |
367.900 |
1395.900 |
|
10. Tax Expenses |
94.300 |
69.000 |
101.300 |
406.600 |
|
11. Net profit/(loss) for the
period |
236.700 |
101.500 |
266.600 |
989.300 |
|
12. Paid-up Equity Share Capital (face value Rs.2 per share) |
178.500 |
178.500 |
178.500 |
178.500 |
|
13. Reserves excluding revaluation reserve as per balance sheet of
previous accounting year |
- |
- |
- |
21912.300 |
|
14. Earning Per Share |
|
|
|
|
|
a. Basic and b. Diluted |
1.33 |
0.57 |
1.49 |
5.54 |
|
15. Public shareholding |
48211610 |
48211610 |
48211610 |
48211610 |
|
- No. of shares |
27.01 |
27.01 |
27.01 |
27.01 |
|
- % of holding (to total shareholding) |
|
|
|
|
|
Promoters And Promoter Group Shareholding a) Pledged/ Encumbered |
- |
- |
- |
- |
|
-Number of Shares |
- |
- |
- |
- |
|
-% of Shares (As a % of the total Shareholding of Promoter and
Promoter Group) |
- |
- |
- |
- |
|
-% of Shares (as a % of the total share capital of the Company) |
- |
- |
- |
- |
|
b) Non Encumbered |
|
|
|
|
|
- Number of Shares |
130282400 |
130282400 |
130282400 |
130282400 |
|
-% of Shares (As a % of the total Shareholding of Promoter and Promoter
Group) |
100 |
100 |
100 |
100 |
|
-% of Shares (as a % of the total share capital of the Company) |
72.99 |
72.99 |
72.99 |
72.99 |
|
INVESTOR COMPLAINTS |
30.06.2012 |
|
Pending at the beginning of the quarter |
1 |
|
Received during the quarter |
39 |
|
Disposed if during the quarter |
36 |
|
Remaining unresolved the end of the quarter |
4 |
NOTES TO THE
FINANCIAL RESULTS:-
1.
The above results were reviewed by the Audit
Committee, taken on record by the Board at its meeting held on 8th August, 2012
and approved the same for its release.
2.
The Financial Results are in accordance with the
recognition and measurement principles laid down in Accounting Standard (AS) 25
"Interim Financial Reporting" as notified in the Companies
(Accounting Standards) Rules, 2006.
3.
The Statutory Auditors of the Company have carried
out a Limited Review of the above results in terms of Clause 41 of the Listing
Agreement.
4.
Figures in respect of the previous periods / year
have been reworked / regrouped / re-arranged, wherever necessary, to make them
comparable.
UNAUDITED SEGMENTWISE REVENUE,
RESULTS AND CAPITAL FOR THE
QUARTER ENDED 30TH JUNE, 2012
Rs.in Millions
|
Particulars |
Quartered Ended |
Year Ended |
||
|
|
30.06.2012 |
31.03.2012 |
30.06.2011 |
31.03.2012 |
|
|
UnAudited |
UnAudited |
UnAudited |
Audited |
|
1.
SEGMENT REVENUE |
|
|
|
|
|
Steel |
85.300 |
239.900 |
57.300 |
518.100 |
|
Plastic Processing |
1451.800 |
1439.700 |
1139.700 |
5036.500 |
|
Spinning |
229.400 |
238.700 |
225.800 |
988.300 |
|
Total Segment Revenue |
1766.500 |
1918.300 |
1422.800 |
6542.900 |
|
Less: Inter Segment Revenue |
1.100 |
1.000 |
0.600 |
4.700 |
|
Less: Excise duty recovered |
116.600 |
102.000 |
73.900 |
359.100 |
|
Total Revenue |
1648.800 |
1815.300 |
1348.300 |
6179.100 |
|
|
|
|
|
|
|
2.
SEGMENT RESULTS |
|
|
|
|
|
Steel |
3.700 |
2.700 |
1.000 |
11.900 |
|
Plastic Processing |
198.000 |
122.400 |
150.700 |
573.900 |
|
Spinning |
12.500 |
(2.100) |
150.700 |
573.900 |
|
Total Segment Results |
214.200 |
123.000 |
172.600 |
597.600 |
|
Less: Finance Cost |
3.200 |
1.900 |
1.900 |
7.500 |
|
Add:- Other unallocable income net of |
120.00 |
49.400 |
197.200 |
805.800 |
|
unallocable expenditure |
|
|
|
|
|
Total Profit before tax |
331.100 |
170.500 |
367.900 |
1395.900 |
|
|
|
|
|
|
|
3.
CAPITAL EMPLOYED |
|
|
|
|
|
Steel |
126.300 |
93.000 |
65.200 |
93.000 |
|
Plastic Processing |
2889.400 |
2890.000 |
2634.400 |
2890.000 |
|
Spinning |
535.200 |
570.700 |
581.500 |
570.700 |
|
Total Segment Capital Employed |
3550.900 |
3553.700 |
3281.100 |
3553.700 |
|
Add: Unallocable Corporate Assets less |
18786.600 |
18547.100 |
24323.900 |
18547.100 |
|
corporate Liabilities |
|
|
|
|
|
Total Capital Employed |
22337.500 |
22100.800 |
27605.000 |
22100.800 |
Notes to Segment Information:-
1. As per Accounting Standard (AS)-17 on "Segment Reporting", as
notified in Companies (Accounting Standards) Rules, 2006, the Company has
reported "Segment Information" , as described below:-
a. The Steel
Segment includes production, processing and trading of CR Coils/Sheets, GP/GC
Coils/Sheets and HR Coils / Plates.
b. The Plastic Processing
Segment includes production of Woven Sacks/Fabric, Jumbo Bags, HDPE Twine,
Master Batch, Staple Fibres and Geotextiles.
c. The Spinning
Segment includes production of Spun Yarn.
d. Capital Employed on other Investments/Assets and Income from the same
are considered under "Un-allocable".
e. Figures in respect of the previous periods/ year have been reworked /
regrouped / re-arranged wherever necessary to make them comparable.
FIXED ASSETS
· Tangible assets
· Freehold land
· Leasehold buildings
· Machinery
· Furnitures and fixtures
· Equipments
· Vehicles
INTANGIBLE ASSETS
DRAWINGS & DESIGNS
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 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.55.64 |
|
|
1 |
Rs.87.31 |
|
Euro |
1 |
Rs.68.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
58 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.