MIRA
INFORM REPORT
|
Report Date : |
23.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
JCB INDIA LIMITED (w.e.f. January, 2003) JCB MANUFACTURING LIMITED AMALGAMATED WITH JCB INDIA LIMITED |
|
|
|
|
Formerly Known
As : |
ESCORTS JCB LIMITED |
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|
Registered
Office : |
B-1/ I-1, 2nd
Floor, Mohan Co-operative Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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|
|
|
Date of
Incorporation : |
01.02.1979 |
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|
|
|
Com. Reg. No.: |
55-009431 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.90.767
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74899DL1979PLC009431 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELJ05267D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE0078D |
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|
Legal Form : |
A Closely Held
Public Limited Liability Company |
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|
Line of Business
: |
Manufacturing and Trading of Excavators/Loaders and related spares and
components. |
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|
|
|
No. of Employees
: |
550 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 55841000 |
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|
|
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of J.C. Bamford Excavators Limited, The company can be considered good 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.
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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.
INFORMATION DECLINED
Management non-cooperative
(Contact No.: 91-2114-304000)
LOCATIONS
|
Registered Office : |
B-1/ I-1, 2nd
Floor, Mohan Co-operative Industrial Estate, |
|
Tel. No.: |
91-11-23310145/
26959157/ 26941139/ 26959997/ 40539745 |
|
Fax No.: |
91-11-23310271/
74/ 26959351/ 26959039/ 40539744 |
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E-Mail : |
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|
Website : |
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|
Location : |
Industrial |
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|
|
|
Head Office/
Factory 1/ Warehouse : |
23/7, |
|
Tel. No.: |
91-129-2232308/
2232874/ 2232875/ 2232805 |
|
Fax No.: |
91-129-2233453/
2232407/ 2230194/ 2309050 |
|
Location : |
Industrial |
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|
|
|
Factory 2 : |
Talegaon Floriculture and Industrial Park, Village AMBI, Navlakh
Umbhre, Taluka Maval, Talegaon Dabhade – 410 507, |
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|
Branch Office
: |
Located at: v Pune v Chennai v Kolkata |
DIRECTORS
As on 14.09.2011
|
Name : |
Mr. Mansingh Laxmidas Bhakta |
|
Designation : |
Director |
|
Address: |
|
|
Date of
Birth/Age |
03.12.1931 |
|
Qualification
: |
B.A. (Hons) LLB |
|
Date of
Appointment : |
21.01.2003 |
|
DIN No.: |
00001963 |
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|
|
|
Name : |
Mr. Vipin Sondhi |
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Designation : |
Managing Director |
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Address: |
N – 43, |
|
Date of
Birth/Age |
27.04.1960 |
|
Qualification
: |
B. Tech (Mech) IIT D, PGDM, IIMA |
|
Date of
Appointment : |
01.02.2006 |
|
DIN No.: |
00327400 |
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|
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|
Name : |
Sir Anthony Paul Bamford |
|
Designation : |
Director |
|
Address: |
JC Bamford, Excavators Limited, |
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Date of Birth/Age |
23.10.1945 |
|
Qualification
: |
Engineer |
|
Date of
Appointment : |
27.09.1993 |
|
Din No.: |
00560644 |
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|
|
|
Name : |
Mr. David Frederick Peter Miller |
|
Designation : |
Director |
|
Address: |
17, |
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Date of
Birth/Age |
13.07.1953 |
|
Qualification
: |
Chartered Accountant |
|
Date of
Appointment : |
29.09.2003 |
|
DIN No.: |
00560666 |
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|
|
|
Name : |
Mr. Onkar Singh Sunar |
|
Designation : |
Director |
|
Address: |
26, Ishwar Nagar, |
|
Date of
Birth/Age |
02.05.1953 |
|
Qualification
: |
Engineer (Masters of Science) |
|
Date of
Appointment : |
24.08.2001 |
|
DIN No.: |
00560684 |
|
|
|
|
Name : |
Mr. Michael Hargreaves |
|
Designation : |
Director |
|
Address: |
16, |
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Date of
Birth/Age |
01.03.1957 |
|
Qualification
: |
Solicitor |
|
Date of
Appointment : |
30.09.2006 |
|
DIN No.: |
00684725 |
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|
|
|
Name : |
Mr. Subramaniam Ramaswamy |
|
Designation : |
Alternate Director |
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Address: |
Flat No.105, Ghoanda Housing Society, GH-06, Alpha-1, Greater Noida –
201 310, |
|
Date of
Birth/Age |
15.04.1962 |
|
Qualification
: |
LLB, PGDBA, FCS |
|
Date of
Appointment : |
12.09.2011 |
|
DIN No.: |
01952258 |
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|
|
|
Name : |
Mr. Alan Raussel Blake |
|
Designation : |
Additional Director |
|
Address: |
Dovedale House, Calwich, Ashbourne, Derbyshire, DE62HE |
|
Date of
Birth/Age |
07.08.1949 |
|
Qualification
: |
Engineer |
|
Date of
Appointment : |
01.01.2010 |
|
DIN No.: |
02881062 |
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|
|
|
Name : |
Mr. Mani Pillai Balaraman |
|
Designation : |
Alternate Director |
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Address: |
H-153, Sarita Vihar, |
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Date of
Birth/Age |
21.06.1958 |
|
Date of Appointment
: |
16.06.2011 |
|
DIN No.: |
03545572 |
KEY EXECUTIVES
|
Name : |
Mr. Subramaniam
Ramaswamy |
|
Designation : |
Company Secretary |
|
Address: |
Flat No.105, Ghoanda Housing Society, GH-06, Alpha-1, Greater Noida –
201 310, |
|
Date of
Birth/Age |
15.04.1962 |
|
Qualification
: |
LLB, PGDBA, FCS |
|
Date of
Appointment : |
01.11.2007 |
|
PAN No.: |
AADPR7366R |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 14.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
J.C. Bamford
Excavators Limited, |
|
884994 |
|
J.C. Bamford
Excavators Limited Jointly with Sir Anthony Bamford |
|
1 |
|
J.C. Bamford
Excavators Limited Jointly with Michael Hargreaves |
|
1 |
|
J.C. Bamford
Excavators Limited Jointly with David Miller |
|
1 |
|
JCB Mauritius
Limited, Ebene |
|
22669 |
|
J.C. Bamford
Excavators Limited Jointly with Alan Blake |
|
1 |
|
J.C. Bamford
Excavators Limited Jointly with Steve Ovens |
|
1 |
|
J.C. Bamford
Excavators Limited Jointly with Adrian Ross |
|
22669 |
As on 14.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Trading of Excavators/Loaders and related spares and
components. |
||||
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||||
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Products : |
v JS 200l- Tracked excavator v JCB Robot- Skid Steer v JCB 4CX- Backhoe Loader v JCB 3D- Backhoe Loader v Artivulated Loading Shovel v Skid Steer Loaders v Track Excavator v JCB 430Z- Artivulated loading shovel v Backhoe Loaders v Wheeled Excavator v Mini Excavator v Wheeled Loaders v Skid Steer Loaders v Telescopic Handlers v Artivulated Dump Trucks v Rough Terrain Forklifts v Teletruks |
||||
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||||
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Brand Names : |
JCB |
PRODUCTION STATUS (AS ON 30.03.2011)
|
Particulars |
Installed
Capacity * |
Actual
Production |
|
Earthmoving machinery |
|
|
|
-Ballabhgarh Plant** (Note A) |
19,530 |
21,331 |
|
-Pune Plant (Note B) |
2,838 |
2,025 |
|
Welded Steel Fabrication (In MT)*** (Note C) |
44,220 |
38,842 |
* Installed
capacity is as certified by the Management and relied upon by the auditors,
being a technical matter.
A. Installed capacity
is on single shift basis for the assembly of 3DX Backhoe Loader and its
equivalent machines based on the assumption that the fabrication / machine
shops shall work on double / triple shift basis for 5 days a week.
B. (i) Installed
capacity is on single shift basis for the assembly of JS 200 excavator and its
equivalent machines for 5 days a week but on the assumption that the paint shop
shall work on triple shift basis for 6 days a week.
(ii) Production
includes 13 machines used for experimental purposes.
C. (i) Installed
capacity of Welded Steel Fabrication is based on Steel Cutting Capacity on
triple shift basis for 6 days a week.
(ii) Production of Welded Steel Fabrication includes 26,239 MT (Previous
Year 19,942 MT) used in own production of Earthmoving Machinery
GENERAL INFORMATION
|
No. of Employees : |
550 (Approximately) |
|
|
|
|
Bankers : |
v ANZ Grindlays Bank PLC v Citi Bank v
Canara Bank, Nehru Ground, v
Standard Chartered Bank, 17, |
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|
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|
Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered
Accountants |
|
Address : |
Building No.8, Tower B, DLF Phase II |
|
Income-tax
PAN of auditor or auditor's firm : |
AAEFP3641G |
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|
|
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Memberships : |
Confederation of
Indian Industry |
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|
Holding
Company : |
J. C. Bamford
Excavators Limited, |
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|
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|
Parent of
Holding Company : |
JCB Services, |
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|
|
|
Ultimate Holding Company : |
Transmission and
Engineering Services, |
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Subsidiaries : |
JCB Construction Equipment Limited, |
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|
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|
Enterprise which
is in the same ultimate beneficial ownership and with which the Company has
transactions during the year : |
v
JCB Financial Advisor Private Limited, v JCB Mauritius Limited |
|
|
|
|
Fellow
Subsidiaries : |
v
JCB Heavy Products Limited, v
JCB Transmissions, v
JCB Sales Limited, v
JCB Earthmovers Limited, v
JCB Material Handling Limited v
JCB Landpower Limited, v
JCB Inc., v
JCB Compact Products Limited, v
JCB Cab Systems Limited, v
JCB Power Systems Limited, v
JCB Sales Asia Pacific PTE Limited, v
J C Bamford Investments, v
JCB Defence Products Limited, v
JCB Vibromax |
|
|
|
|
Associates : |
v
JCB v
Bholdings Limited, v
JCB World Brands India Private Limited, v
JCB Power Products Limited, |
|
|
|
|
Firm in which one director is a partner : |
Kanga and Company |
|
|
|
|
Trust : |
Employees Superannuation Trust |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4500000 |
Equity Shares |
Rs.100/- each |
Rs.450.000 Millions |
|
56500000 |
Preference Shares |
Rs.100/- each |
Rs.5650.000 Millions |
|
|
Total
|
|
Rs.6100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
907669 |
Equity Shares |
Rs.100/-
each |
Rs.90.767
Millions |
|
|
|
|
|
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 |
90.767 |
88.500 |
88.500 |
|
|
2] Share Application Money Pending Allotment |
0.000 |
2.267 |
0.000 |
|
|
3] Reserves & Surplus |
13869.537 |
9044.452 |
8493.290 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
13960.304 |
9135.219 |
8581.790 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
59.212 |
80.527 |
19.749 |
|
|
|
|
|
|
|
|
TOTAL |
14019.516 |
9215.746 |
8601.539 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5576.792 |
5183.001 |
3091.962 |
|
|
Capital work-in-progress |
254.902 |
283.232 |
152.347 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.500 |
0.500 |
5134.100 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3330.890
|
2518.696
|
968.227
|
|
|
Sundry Debtors |
5769.076
|
4034.170
|
1874.130
|
|
|
Cash & Bank Balances |
5451.875
|
1944.175
|
863.072
|
|
|
Other Current Assets |
16.334
|
2.889
|
0.509
|
|
|
Loans & Advances |
2153.119
|
1544.248
|
670.001
|
|
Total
Current Assets |
16721.294
|
10044.178
|
4375.939
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7004.412
|
5167.954
|
2766.894 |
|
|
Other Current Liabilities |
808.297
|
478.115
|
243.395
|
|
|
Provisions |
721.263
|
649.096
|
1142.520
|
|
Total
Current Liabilities |
8533.972
|
6295.165
|
4152.809
|
|
|
Net Current Assets |
8187.322
|
3749.013
|
223.130
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
14019.516 |
9215.746 |
8601.539 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Operating revenue, net |
44254.020 |
30949.971 |
19696.317 |
|
|
|
Other Income |
1036.006 |
675.628 |
634.589 |
|
|
|
TOTAL (A) |
45290.026 |
31625.599 |
20330.906 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption materials changes inventories |
28981.820 |
19205.762 |
|
|
|
|
Employee related expenses |
1833.724 |
1288.691 |
17279.991 |
|
|
|
Administrative selling other expenses |
6463.958 |
4857.663 |
|
|
|
|
TOTAL (B) |
37279.502 |
25352.116 |
17279.991 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
8010.524 |
6273.483 |
3050.915 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST
FINANCIAL CHARGES (D) |
55.583 |
31.332 |
15.334 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7954.941 |
6242.151 |
3035.581 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
647.840 |
642.395 |
307.985 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7307.101 |
5599.756 |
2727.596 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2482.016 |
1469.212 |
961.749 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
4825.085 |
4130.544 |
1765.847 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8520.591 |
7120.096 |
9602.685 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend Paid |
0.000 |
1858.500 |
2840.850 |
|
|
|
Interim
Dividend Payable |
0.000 |
47.606 |
619.500 |
|
|
|
Corporate Dividend Tax Paid / Payable on interim Dividend |
0.000 |
323.943 |
588.086 |
|
|
|
Transfer to General Reserve |
0.000 |
500.000 |
200.000 |
|
|
BALANCE CARRIED
TO THE B/S |
13345.676 |
8520.591 |
7120.096 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods
calculated on F.O.B. basis |
3279.819 |
1992.798 |
542.726 |
|
|
|
Export of
services |
79.129 |
74.677 |
0.000 |
|
|
TOTAL EARNINGS |
3358.948 |
2067.475 |
542.726 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw material,
components and spare parts |
3404.266 |
2207.429 |
716.160 |
|
|
|
Capital goods |
177.626 |
82.901 |
153.399 |
|
|
|
Trading machines |
73.878 |
36.764 |
65.194 |
|
|
TOTAL IMPORTS |
3655.770 |
2327.094 |
934.753 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5315.90 |
4550.71 |
1995.31 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
10.65
|
13.06
|
8.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.51
|
18.09
|
13.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
32.77
|
36.77
|
36.52 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.52
|
0.61
|
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.61
|
0.69
|
0.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.96
|
1.60
|
1.05 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry Creditors:
|
Particulars |
31.03.2011 (Rs.
in millions) |
31.03.2010 (Rs.
in millions) |
31.03.2009 (Rs.
in millions) |
|
Sundry Creditors
|
|
|
|
|
- Creditors due small micro enterprises |
55.591 |
28.983 |
2.989 |
|
- Creditors due others |
6948.821 |
5138.971 |
2763.905 |
|
Total |
7004.412 |
5167.954 |
2766.894 |
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the firm |
Yes |
|
3) Constitutions
of the firm |
Yes |
|
4) Premises
details |
No |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
Yes |
|
8) No. of
employees |
Yes |
|
9) Name of person
contacted |
No |
|
10) Designation
of contact person |
No |
|
11) Turnover of firm
for last three years |
Yes |
|
12) Profitability
for last three years |
Yes |
|
13) Reasons for
variation <> 20% |
-- |
|
14) Estimation
for coming financial year |
No |
|
15) Capital in
the business |
Yes |
|
16) Details of
sister concerns |
Yes |
|
17) Major
suppliers |
No |
|
18) Major
customers |
No |
|
19) Payments
terms |
No |
|
20) Export /
Import details (if applicable) |
No |
|
21) Market
information |
-- |
|
22) Litigations
that the firm / promoter involved in |
-- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
No |
|
25) Conduct of
the banking account |
-- |
|
26) Buyer visit
details |
-- |
|
27) Financials,
if provided |
Yes |
|
28) Incorporation
details, if applicable |
Yes |
|
29) Last accounts
filed at ROC |
Yes |
|
30) Major
Shareholders, if available |
Yes |
Note:
The Registered Office of the company has been
shifted from A-36, Mohan
Co-operative Industrial Area, New Delhi - 110 044, India to the present address
w.e.f. 01.05.2007.
AMALGAMATION OF JCB MANUFACTURING LIMITED
(‘‘JCBML') WITH THE COMPANY
During the
previous year JCB Manufacturing Limited (‘‘JCBML') amalgamated with the
Company, the Scheme became effective on June 23, 2010 ('the effective date'),
operative retrospectively from April 1, 2009, the appointed date as per the
Scheme. Accordingly, all the assets, liabilities and reserves of the transferor
company as on April 1, 2009 were recorded by the Company at their respective
amounts. The difference between the shortfall of the net assets taken over the
face value of shares issued after cancellation of preference shares was debited
in General Reserve. Details are given as under:
|
|
Amount (Rs. in
millions) |
|
Net Block of
Fixed Assets |
2407.341 |
|
Current Assets |
2128.340 |
|
Less: Current
Liabilities and Provisions |
(749.147) |
|
Total |
3786.534 |
|
Less: Preference
shares held by JCB India Limited (Cancelled on
Scheme of Amalgamation) |
(5133.600) |
|
Net Assets |
(1347.066) |
|
Consideration
for amalgamation: 22,669 equity
shares in the ratio of One Equity Share of 100 each JCB India Limited for
every 148 equity shares of Rs. 100 each of JCBML) |
2.267 |
|
Net Balance
debited to General Reserve |
(1349.333) |
The shareholders of
erstwhile JCB Manufacturing Limited were entitled to the interim dividend of
Rs.47.605 millions declared during the financial year 2009-10 and in terms of
Scheme, the said amount has been paid in current year.
MARKET OUTLOOK
The world output
recovered in 2010 growing by 5% after a decline of 0.6% in 2009. While growth
in the first half of the year stood at 5.25%, there was a deceleration in the
second half which recorded a growth of 3.75%. Further, accommodative policies
adopted by most governments, improvement in business confidence and financial
conditions encouraged investments and helped arrest rising unemployment levels
and boost consumption. Consequently, recovery has become more self-sustaining
and the risk of a double-dip recession in advanced economies has abated. The
recovery, however, is broadly moving at two speeds. While economic growth in
the advanced economies remained modest at around 3% in 2010 after a decline of
3.4% in 2009, the emerging and developing economies recorded robust growth in
excess of 7% during the year– led primarily by
The inflationary
pressures, which emanated from food items clearly spilled over and became
generalized, as the year progressed. The recent slowdown in Industrial growth,
as reflected by the Index of Industrial Production (IIP) and data pertaining to
the six core industries, is also a cause for concern. A comprehensive growth
strategy for rural
as Bharat Nirman,
National Rural Employment Guarantee Scheme (NREGS), Sarva Shiksha Abhiyan, food
security legislation and strategies to improve benefit delivery mechanisms have
the potential to transform the Indian rural landscape. It is here that unique
business models can supplement the efforts of the government in creating
societal value and enhancing societal capital. It is an essential pre-requisite
of rural development that markets are co-created with local communities and in
a constructive public-private-people partnership. The Company continues to
focus on expanding its customer base through increased efficiency of the
equipment and technology up-gradation and thereby enhance shareholders value.
The Company continues to reach at all segments of the customer base by way of
regional launches and customers’ meet, increased advertising and share of voice
by way of electronic and print media. With this objective in mind and hope for
favourable conditions, through a large well spread network of fifty four
dealers in India and dealers in neighboring countries viz., Bhutan, Nepal and
Bangladesh and Sri Lanka, twenty regional and area offices, one national parts
centre at Faridabad and three regional parts warehouses at Pune, Kolkata and
Chennai and presence at more than 300+ locations nationwide along with a range
of products in its basket, the Company is well equipped to provide the best
products and parts, support and services to its increasing number of customers.
The company continues
to work with its dealer network to improve their infrastructure and thereby to
provide the best services and support to the customers. With a view to enhance
shareholder value, the Company continues to focus on expanding its customer
base through cost reduction, increased efficiency and technology up gradation.
The Company’s confidence in building a positive future stems from the continued
and dedicated focus of its management team to maximize customer satisfaction,
growth in revenue, increased market penetration and addition to the product
portfolio.
BUSINESS ENVIRONMENT
Over the last 3-4
years, various new entrants made inroad to the Indian construction equipment
industry. Some of the biggest names belong to
BUSINESS PERFORMANCE
The Sales and
Other Income of the Company for the financial year of the Company were
Rs.45290.000 millions as against Rs.31625.600 millions for the previous financial
year. The Profit before tax (after interest and depreciation charges) of
Rs.7307.100 millions and the Profit after tax of Rs.4825.100 millions for the
financial year as against Rs.559.970 millions and Rs.4130.500 millions
respectively for the previous financial year. JCB India’s Ballabgarh Plant
production has been on the rise. During Financial Year 2010-11, it produced
21,331 machines up by 39.4% compared to 15,299 nos. during 2009-10. The
production of machines at the Pune Plant also reflected significant growth with
the production of 2,025 machines as against 1,406 machines reflecting an
impressive growth of 44%. In volume The Fabrication Business Unit at Pune also
recorded a stellar growth with production of 38,842 MT as against 26,019 MT
during the previous year resulting in a growth of 48%. The company continues to
focus on managing cash through improved working capital management and
efficient utilization of its assets. With the merger of the company,
integration of major processes has been achieved working as integrated team in
KEY MILESTONES, NEW PRODUCT LAUNCH AND INITIATIVES
The Company, the
first construction equipment manufacturer to manufacture 100,000 construction
machines in
SUBSIDIARIES
During the period,
JCB Construction Equipment Limited (JCBCE) continues to be a wholly owned
subsidiary of the Company with a paid-up capital base of Rs.0.500 million JCBCE
has not commenced its operations during the period.
CONTINGENT
LIABILITIES IN RESPECT OF:
|
|
Particulars |
As
at March 31, 2011 (Rs.
in millions) |
|
1 |
Claims against the Company not acknowledged as debts, to the extent
ascertainable: |
|
|
(a) |
Consumer Forum and Civil suites |
114.161 |
|
(b) |
Escorts Finance Limited |
4.585 |
|
(c) |
Claims by Employees |
8.018 |
|
2 |
Excise duty and service tax show cause cum demand notices, being
contested by the Company |
1493.800 |
|
3 |
Demand from Municipal Corporation of protest) |
8.909 |
|
4 |
Demand from Employees State Insurance and Provident Fund, disputed by the
Company |
4.060 |
|
5 |
Sales Tax demand |
262.277 |
|
6 |
Income-tax demands against the Company in respect of which the Company
is in appeal before the Income-tax Appellate Tribunal / other Authorities. |
761.450 |
|
7 |
Others |
20.972 |
The amounts above represent the best possible estimates arrived on the
basis of available information.
The future cash flows and possible reimbursements are dependant on
outcome of various legal proceedings pending with various forums/authorities.
FIXED
ASSETS:
Tangible Assets
v Land (Leasehold)
v Land (Freehold)
v Buildings
v Plant and Machinery
v Furniture and Fixtures
v Vehicles
Intangible Assets
v Technical Know-how
v Software
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.55.15 |
|
|
1 |
Rs.86.57 |
|
Euro |
1 |
Rs.67.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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.