MIRA
INFORM REPORT
|
Report Date : |
09.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
JYOTI LIMITED |
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|
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Registered
Office : |
Nanubhai Amin Marg, Industrial Estate, P O Chemical Industries, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
01.01.1943 |
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Com. Reg. No.: |
04-000363 |
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Capital
Investment / Paid-up Capital : |
Rs.171.290 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L36990GJ1943PLC000363 |
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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 Pumps, Electric Motors, Electricity Distribution and
Control Equipment, generators and Transformers |
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|
|
|
No. of Employees
: |
1031 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4700000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating and Short Term Rating
(Suspended) |
|
Rating Explanation |
The suspension of rating is account of
non-cooperation by Jyoti Limited with crisil efforts. |
|
Date |
12.09.2012 |
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
|
Registered Office : |
Nanubhai Amin Marg, Industrial Estate, P O Chemical Industries, |
|
Tel. No.: |
91-265-3054631 to 3054639/ 3054444 Hunting line/ 3054590/ 3059016/ 3054588/ 3054589 |
|
Fax No.: |
91-265-2281871/ 2280671 |
|
E-Mail : |
|
|
Website : |
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|
|
|
Switchgear Division : |
J/44-59, B.I.D.C., Gorwa, Vadodara - 390 016, |
|
Tel. No.: |
91-265-2281034 |
|
Fax No.: |
91-265-2280153/ 2280208 |
|
E-Mail : |
|
|
|
|
|
Electronics and Control Systems Division : |
B/3-15, B.I.D.C., Gorwa, Vadodara - 390 016, |
|
Tel. No.: |
91-265–2280561 |
|
Fax No.: |
91-265-2281214 |
|
E-Mail : |
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Engineered Pump and
Projects : |
“Omkar”, Plot No.14, Sevanand Society, Sant Nagar, Off Pune Satara Road,
Pune - 411009, Maharashtra, India |
|
Tel. No.: |
91-20-24231420 |
|
Fax No.: |
91-20-24231420 |
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E-Mail : |
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Branch Office : |
Located at ·
·
Chennai ·
·
Mumbai ·
Pune ·
Kolkata ·
Secunderabad ·
Ahmedabad ·
Indore |
DIRECTORS
As on: 31.03.2012
|
Name : |
Mr. Rahul Nanubhai Amin |
|
Designation : |
Chairman and Managing Director |
|
Qualification : |
B.E. (Elect.), M. Engineering (Cornell-USA) |
|
|
|
|
Name : |
Mrs. Tejal Rahul Amin |
|
Designation : |
Director |
|
Qualification : |
B.Com |
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|
|
|
Name : |
Mr. Uresh Vivekchandra Desai |
|
Designation : |
Director |
|
Qualification : |
B.Sc. (Electric Engineering), |
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|
|
|
Name : |
Dr. Mahesh Haribhai Mehta |
|
Designation : |
Director |
|
Qualification : |
B. Tech., Ph.D. |
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|
|
|
Name : |
Mr. Bhimsen Shivdayai Pathak |
|
Designation : |
Director |
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|
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|
Name : |
Dr. Mylavarapu Ramamoorty |
|
Designation : |
Director |
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|
|
|
Name : |
Me. Bharat Jayantilal Patel |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Suresh Singhal |
|
Designation : |
Associate Vice President (Legal), Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2012
|
Names of
Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
1821511 |
10.63 |
|
|
3411893 |
19.92 |
|
|
5233404 |
30.55 |
|
|
|
|
|
|
363261 |
2.12 |
|
|
363261 |
2.12 |
|
Total shareholding
of Promoter and Promoter Group (A) |
5596665 |
32.67 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
65 |
0.00 |
|
|
675982 |
3.95 |
|
|
550 |
0.00 |
|
|
1420000 |
8.29 |
|
|
2096597 |
12.24 |
|
|
|
|
|
|
3769182 |
22.00 |
|
|
|
|
|
|
2453548 |
14.32 |
|
|
3076380 |
17.96 |
|
|
136620 |
0.80 |
|
|
136620 |
0.80 |
|
|
9435730 |
55.09 |
|
Total Public
shareholding (B) |
11532327 |
67.33 |
|
Total (A)+(B) |
17128992 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
17128992 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pumps, Electric Motors, Electricity Distribution and Control
Equipment, generators and Transformers
|
PRODUCTION STATUS
(As on 31.03.2010)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Pumps |
WHP |
155000 |
121958 |
|
Rotating Electric Machines |
KW |
257600 |
123991 |
|
Hydro-generating sets |
KVA |
12600 |
19010 |
|
Switchboards |
No. |
2160 |
1127 |
|
H T circuit breakers upto 36 KV |
No. |
1728 |
593 |
|
Relays |
No. |
1728 |
1284 |
|
Power converters and Inverters |
No. |
15 |
-- |
|
Laser Systems |
No. |
60 |
-- |
|
Digital Process Control Instruments |
No. |
950 |
-- |
|
Temperature Monitoring and Control Panels |
No. |
12 |
-- |
|
Sliding Contact Bearing |
No. |
100 |
-- |
|
On-Off service Butterfly Valves |
No. |
50 |
2 |
|
Vaccum Contractors and panels |
No. |
200 |
110 |
GENERAL INFORMATION
|
No. of Employees : |
1031 (Approximately) |
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Bankers : |
· Central Bank of India · Dena Bank · Bank of Maharashtra · State Bank of India |
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Facilities : |
(Rs.
In Millions)
Notes: 1) a) The term loans and cash credit facilities carry interest @ 13% to 14.25% p.a. b) The term loans, cash credit facilities,interest accrued and due thereon and non-fund based facilities are secured by a first charge created in favour of consortium banks, on the stocks of raw materials, semi finished and finished goods, consumable stores and spares, bills receivables and book debts, furniture, fixtures, office equipments and all other movable and immovable properties, (except those created in favour of Technology Development Board), both present and future, of the company situated at Kasba, District Vadodara, Gorwa, District Vadodara, Mogar, District Anand and Moje Sama in registration District and Sub-District of Vadodara, all in the State of Gujarat. 2) The term loan from Technology Development Board carries interest @ 5% and is secured by first charge on the assets created for Wind Turbine Project both, present and future. 3) Further, these facilities are also secured by the
personal guarantee of Promoter Directors. |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Messrs V. H. Gandhi and Company Chartered Accountants |
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|
|
|
Associate Companies
: |
· JSL Industries Limited ·
Insutech Industries Limited |
|
|
|
|
Joint Venture |
· Jyoti Sohar Switchgear L.L.C. |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17128992 |
Equity Shares |
Rs.10/- each |
Rs.171.290
Millions |
|
|
|
|
|
Note :
The above includes:
1) 6,25,000 Shares alloted as fully paid-up Bonus shares by Capitalisation of General Reserve (1,25,000 Bonus shares were issued in 1969 and 5,00,000 issued in 1976-77)
b) Reconciliation of
the number of shares outstanding at the beginning and the end of the reporting
period:
|
|
As at 31-03-2012 |
|
|
Equity Shares of
Rs.10 |
No. |
Rs. In Millions |
|
At the beginning of the period |
17128992 |
171.290 |
|
Issued during the period |
- |
- |
|
Outstanding at the end of the period |
17128992 |
171.290 |
The rights,
preferences and restrictions including restrictions on the distribution of
dividends and the repayment of capital:
The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution / repayment of all creditors. The distribution will be in proportion to the number of equity shares held by the shareholders. The company declares dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. For the year ended on 31st March 2012, an amount of Rs.1 of dividend per equity share was proposed for the equity shareholders (P.Y. Rs.1.20 per equity share)
c) Shares in the
company held by each shareholder holding more than 5 percent shares specifying
the number of shares held:
|
Name of Shareholder |
No. of Shares held |
% of Holding |
|
|
||
|
Hindustan
Construction Company Limited |
- |
- |
|
Nirma
Chemical Works Private Limited |
1200000 |
7.01 |
|
Minal
B. Patel |
1335834 |
7.80 |
|
Insutech
Industries Limited |
|
|
|
(Associate
company) |
2337654 |
13.65 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
171.290 |
171.290 |
129.849 |
|
|
2] Share Application Money |
0.000 |
10.998 |
0.000 |
|
|
3] Reserves & Surplus |
1004.777 |
940.143 |
523.598 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1176.067 |
1122.431 |
653.447 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1972.224 |
1078.033 |
914.497 |
|
|
2] Unsecured Loans |
20.142 |
13.149 |
75.764 |
|
|
TOTAL BORROWING |
1992.366 |
1091.182 |
990.261 |
|
|
DEFERRED TAX LIABILITIES |
42.124 |
13.972 |
11.436 |
|
|
DEFERRED PAYMENT CREDITS GUARANTEED BY THE BANKS |
0.000 |
0.000 |
11.255 |
|
|
|
|
|
|
|
|
TOTAL |
3210.557 |
2227.585 |
1666.399 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1024.433 |
727.091 |
416.806 |
|
|
Capital work-in-progress |
213.037 |
113.185 |
103.540 |
|
|
|
|
|
|
|
|
INVESTMENT |
13.407 |
13.418 |
13.419 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
689.547
|
425.620 |
394.819
|
|
|
Sundry Debtors |
4052.848
|
1890.256 |
1466.364
|
|
|
Cash & Bank Balances |
442.843
|
376.009 |
255.073
|
|
|
Other Current Assets |
23.014
|
23.307 |
0.000
|
|
|
Loans & Advances |
577.613
|
389.153 |
278.100
|
|
Total
Current Assets |
5785.865
|
3104.345 |
2394.356 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2324.947
|
1023.951 |
940.587
|
|
|
Other Current Liabilities |
1388.547
|
593.907 |
|
|
|
Provisions |
112.691
|
112.596 |
|
|
Total
Current Liabilities |
3826.185
|
1730.454 |
1261.722
|
|
|
Net Current Assets |
1959.680
|
1373.891 |
1132.634
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3210.557 |
2227.585 |
1666.399 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5077.278 |
3842.052 |
2911.031 |
|
|
|
Other Income |
27.504 |
24.591 |
9.604 |
|
|
|
TOTAL (A) |
5104.782 |
3866.643 |
2920.635 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material and components consumed |
3956.857 |
2705.466 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade |
(234.786) |
(31.970) |
|
|
|
|
Employee Benefits Expense |
440.112 |
381.206 |
|
|
|
|
Other expenses |
338.304 |
271.233 |
|
|
|
|
Research and Development Expenses |
55.606 |
52.864 |
|
|
|
|
Exceptional Items |
(1.193) |
1.014 |
|
|
|
|
TOTAL (B) |
4554.900 |
3379.813 |
2564.159 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
549.882 |
486.830 |
347.476 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
368.027 |
289.484 |
201.274 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
181.855 |
197.346 |
146.202 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
69.082 |
45.181 |
24.080 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
112.773 |
152.165 |
122.122 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
38.391 |
33.535 |
41.402 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
74.382 |
118.630 |
80.720 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
206.864 |
115.089 |
49.511 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
17.129 |
20.555 |
12.985 |
|
|
|
Tax on proposed Dividend |
2.779 |
3.336 |
2.157 |
|
|
|
Transferred to General Reserve |
0.000 |
2.966 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
261.338 |
206.864 |
115.089 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
30.741 |
134.771 |
145.080 |
|
|
|
Dividend |
6.474 |
3.410 |
0.000 |
|
|
TOTAL EARNINGS |
37.215 |
138.181 |
145.080 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1022.051 |
314.597 |
42.551 |
|
|
|
Capital Goods |
72.634 |
88.840 |
19.277 |
|
|
TOTAL IMPORTS |
1094.685 |
403.437 |
61.828 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.34 |
8.08 |
6.22 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2012 1st
Quarter |
|
|
|
|
UnAudited |
|
Net Sales |
|
|
901.300 |
|
Total Expenditure |
|
|
786.900 |
|
PBIDT (Excl OI) |
|
|
114.400 |
|
Other Income |
|
|
4.800 |
|
Operating Profit |
|
|
119.200 |
|
Interest |
|
|
96.700 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
22.500 |
|
Depreciation |
|
|
18.500 |
|
Profit Before Tax |
|
|
4.000 |
|
Tax |
|
|
1.900 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
2.100 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
2.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.46
|
3.07 |
2.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.22
|
3.96 |
4.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.66
|
3.97 |
4.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10
|
0.14 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.95
|
2.51 |
3.45 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.51
|
1.79 |
1.90 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
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 |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
|
LITIGATION DETAILS |
|||||||
|
Status : |
PENDING |
CCIN No : |
001003201113255 |
||||
|
|
|
|
|
|
|
|
|
|
Next Listing Date: |
27/11/2012 |
||||||
|
Coram |
HONOURABLE THE ACTING CHIEF JUSTICE MR.BHASKAR |
||||||
|
|
BHATTACHARYA |
||||||
|
|
HONOURABLE MR.JUSTICE J.B.PARDIWALA |
||||||
|
S.NO. |
Name of the
Petitioner |
||||||
|
1 |
FEDERATION OF INDUSTRIES, GUJARAT CHAMBER OF COMMERCE |
||||||
|
|
|
|
|
|
|
|
|
|
S.NO. |
Name of the
Respondant |
||||||
|
43 |
JYOTI LTD (SWITCH GEAR DIVISION) |
||||||
|
Presented On |
15/12/2011 |
Registered On |
15/12/2011 |
||||
|
Bench Category |
DIVISION BENCH |
District |
VADODARA |
||||
|
Case Originated
From |
THROUGH ADVOCATE |
Listed |
20 times |
||||
|
Stage Name |
FOR REGULAR ADMISSION |
|
|
|
|||
|
Classification |
DB - CIVIL MISC. APPLICATION - CODE OF CIVIL PROCEDURE, 1908 - REVIEW / MODIFICATION / DIRECTION / EXTENSION OF TIME / CLARIFICATION |
||||||
|
Act |
CIVIL PROCEDURE CODE, 1908 |
||||||
OPERATIONS
This was the mile-stone year for the Company as it achieved the target of Rs. 5000 Millions turnover inspite of adverse and challenging economic conditions.
The total income of the Company for the financial year was Rs. 5104.800 Millions as against Rs.3866.600 Millions for the previous year registering an increase of 32.02%. The Profit before Tax was Rs.112.800 Millions and the Profit after Tax was Rs. 74.400 Millions for the financial year as against Rs.152.200 Millions and Rs. 118.600 Millions respectively for the previous financial year.
The profitability of the Company during the year was mainly affected due to increase in overall material cost, weakening of Rupee which adversely affected import cost, scarcity of funds in the market due to policy paralysis which increased cost of borrowing and delayed realisation from customers. This problem has affected major infrastructure companies in India and Jyoti, being in core sector of water and power, had to face these difficulties.
The Company has pending orders worth Rs. 7410.000 Millions at the beginning of the current year i.e. 1st April, 2012.
FINANCE
During the year, the Company faced considerable strain on liquidity front due to difficult market conditions affecting the collection from the customers. The Company could get substantial and timely support from its bankers and other market players to meet this liquidity shortage. It may be mentioned that while overall interest costs were going up in the market, the Company could reduce its interest rates on various banking facilities. This reduction in interest rates was more than off-set by increase in total borrowings. The Company has already put intensive efforts to shore up collection and to reduce the borrowings so that the Company’s financial leverage can again be within reasonable levels.
DIVISIONAL
PERFORMANCE
ENGINEERED PUMPS AND
PROJECTS
During the year Engineered Pumps and Projects Division (EPPD) has achieved a turnover of Rs. 3400.000 Millions which is 41% growth over the last financial year. The division has manufactured and supplied 176 Nos. of large pumps for various Lift Irrigation, Water Supply and Power Projects which is 42% growth over the last financial year.
The Power Division of EPPD has entered into an exclusive agreement with DMW Corporation, Japan for manufacturing and supply of Circulating Water Pumps and other large pumps for Thermal and Nuclear Power Projects. M/s. DMW Corporation is the leading Pumps manufacturer in Japan. They have supplied and commissioned more than 300 circulating water pumps and are one of the leading suppliers for Nuclear Power Stations. With this agreement, the Company would be eligible to bid for power plants with single unit capacity of 1000 MW.
The division, during the year has successfully commissioned CW systems for two units of 500 MW at Aravali Thermal Power Station and the third unit is under commissioning. Similarly, make up water system for Adani Power Maharashtra Limited for their 3 x 660 MW Tiroda Thermal Power Project which includes make up water pump of 8000 cu. mtr/hr. and 75 mtr. head was commissioned with motors of 2.2 MW along with balance of plant. Both these projects were commissioned in record time as per customers’ requirement.
The division has received prestigious order from M/s Marg Limited for 2 x 250 MW Thermal Power Project at Bhavnagar in Gujarat, worth Rs.530.000 Millions. This includes design, manufacturing, supply, erection and commissioning of CW system, make up water system and raw water system for sea water application in special material of construction. The division is also executing a very prestigious order for Naval Dockyard along with Hindustan Construction Co. Ltd. This project is for Dry Dock de-watering along with critical systems and auxiliaries. This order is valued at Rs.850.000 Millions.
The division is executing various projects in the country in technical collaboration with various partners. Four irrigation projects in Andhra Pradesh are under execution along with CKD Blansko Engineering and Sigma Group a.s. of Czech Republic. Similarly, the prestigious order for Sardar Sarovar Narmada Nigam Limited, Gujarat is under execution in collaboration with Hitachi, China.
The division is actively looking at establishing itself in the Power Transmission and Distribution Sector which includes Switchyards and Transmission upto 400 kV. This business is complimentary to the existing business line of the division.
The division has a pending order position of Rs.5460.000 Millions as on 31st March, 2012 and expects a substantial improvement in the next financial year in view of the expected tenders in the Power and irrigation sector.
HYDEL
The division achieved the turnover of Rs. 590.000 Millions. The division has excellent prospects in view of the major thrust being given to development of renewable sources of energy by the Government. The division has decided to expand its range from 10 MW to 50 MW and to support this vision, the division has signed a Memorandum of Understanding with CKD Blansko Engineering, Czech Republic for technical support for various tenders above 10 MW.
During the year, the division has successfully entered the higher range of hydro equipments by bagging the prestigious order of 2 x 40 MW Koyna Hydro Project in the state of Mahrashtra from IVRCL Limited. This turbine has been designed and engineered by CKD Blansko Engineering and the stationary components are being manufactured by the Company. This will improve the credentials of the division in support of their vision.
During the year, National Thermal Power Corporation Limited has been added in the list of prestigious customers of the division. NTPC has placed an order for Hydro equipments for 2 x 4 MW Singrauli Project which includes design, engineering, supply, erection, testing and commissioning of turbines and generators and other electro-mechanical systems.
The division is continuing to maintain its strong presence in Indonesia by receiving three prestigious orders from three different customers. Prior to this, two projects have been successfully commissioned in Indonesia and which are working satisfactorily.
The division is actively pursuing refurbishment market jobs considering its added advantage of being a manufacturer of turbine, generator, H.T. panel and other auxiliary equipments.
The division has already supplied 465 Nos. of turbines till date with the installed capacity of 422 MW. With the pending order position of Rs.1490.000 Millions as on 31st March, 2012, the division is looking out for better growth in the years to come.
ROTATING ELECTRICAL
MACHINES
During the year, the division has achieved a turnover of Rs.410.000 Millions which is 23% growth over the last financial year. The number of H.T. machines manufactured during the year were 192 as compared to 116 in the previous year which shows an increase of 65%. The division has manufactured 827 L.T. machines as compared to 748 machines in the previous year.
The division has established itself as a reputed manufacturer of Wind Energy Generators of 250 kW and 750 kW. These generators are designed for dual speed operations.
The division has enhanced its infrastructure facilities for testing by increasing test bed locations and adding dynamometer for type testing motors upto 2500 kW. With this, the division is planning to improve its productivity, quality and service to their customers with a goal for sustained growth in the years to come.
The division has a pending order of Rs.210.000 Millions as on 31st March, 2012.
SWITCHGEAR
During the year, the division executed orders (including exports) worth Rs. 560.000 Millions which is 16% growth in sales compared to last year. The Division executed major orders received from GETCO, HCPL, CPCL, NCC, KOTA TPS among others.
During the year under the Division bagged the largest human safety aspects modification supply and service order from GETCO for 1650 Nos. panels worth Rs.53.000 Millions. The division developed 12 kV Vacuum Contactor and has already supplied about 140 Nos.
In the year the total order booking was of Rs. 580.500 Millions, which includes a major order worth Rs.1000.000 Millions from GETCO, Gujarat and Fernace, Delhi worth Rs.53.000 Millions. At the year end, the division had orders on hand worth Rs. 190 Millions.
As reported last year, the Company has entered into an agreement with Elemecon Limited, U.K. for engineering and design services to enable the division to manufacture 12/17.5 kV Ring Main Unit (RMU) and associated components. This year, division has successfully developed a prototype and a few samples tested, have passed all internal tests.
In the Financial year 2012-13, the division is expected to do the International Certification testing of RMU at Italy/Germany before introducing the same in the market. The division intends to enter in the market with this product by April 2013.
With the continuous thrust of the Government in the Power Sector, the requirement of Medium Voltage Switchgear is bound to grow and the division is expecting to improve its performance in the years to come.
EXPORTS
During the year, the Company has total exports valued at Rs. 41.700 Millions. The Company’s major exports are to Sultanate of Oman for Switchgear, Vietnam and Indonesia for Hydel Turbines. In the years to come, the Company is looking forward to enhancing its export market in other countries.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Subject is a leading engineering Company offering high quality products and services to clients in India and in the international market. Established in 1943, today Subject is serving the vital fields of national and international economy such as:
Ř Power (Thermal, Hydel and Nuclear) Generation, Transmission and Distribution.
Ř Agriculture, providing irrigation through pumping systems.
Ř Water Supply and Sewerage Schemes.
Ř Defence-particularly Naval and Marine Establishments.
Ř Core Industries like Steel, Cement, Paper, Sugar, Fertilisers, Chemicals and Petro-chemicals.
It also undertakes turnkey contracts involving civil and electrification projects. Mainly, it has 4 Divisions: Engineered Pumps and Project Division (EPPD), Hydel Systems, Rotating Electrical Machines (REM) and Switchgear and Switchboards. All Divisions are ISO 9001 certified.
The Company has achieved the record turnover of Rs.5010.000 Millions for the year inspite of adverse and challenging economic conditions.
OUTLOOK
The
Company expects long term outlook to be positive in water and power sector with
the Government addressing specific issues and fostering investments to boost
these sectors. The Government also envisages significant capacity additions in
the coming years thereby creating a huge demand for supply of Power generation
equipments.
FINANCIAL PERFORMANCE
AND OPERATIONAL EFFICIENCY
On the net sales of Rs.5010.000 Millions (31% increase over previous year), the EBIDTA margin was Rs.520.000 Millions and PBT margin was Rs.110.000 Millions. It was the milestone achievement for the Company as it crossed the sales target of Rs. 5000 Millions. However, the bottom-line was affected due to increase in overall material cost, interest and depreciation.
The Company is in capital goods industry having EPC contracts undertaken for large Irrigation Projects and small to medium Hydro Projects, where erection and commissioning of contracts, many a times, are delayed beyond six months due to various reasons beyond the Company’s control. Secondly, the Company’s sales are much higher in last quarter of January to March (about 40% – 45%). This results into heavy amount of receivables at year end. The year has seen much higher level of receivables as there was considerable delay in collection pattern due to liquidity constraints with the customers. It is expected that this high level of receivables will be brought to more reasonable level once the difficult market situation improves in the current year. All the same, the Company has stepped up its efforts to monitor the collection aspects with regard to the receivables.
The Company’s R and D efforts not only drive new product development, but also finding the ways to reduce the material contents. It has also been endeavored to improve the products-mix so that there would be better profit margins.
CONTINGENT LIABILITIES NOT
PROVIDED FOR:
(Rs. In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Bills/Cheques discounted with scheduled banks |
180.204 |
36.071 |
|
Income Tax |
14.168 |
15.340 |
|
Wealth Tax |
0.000 |
0.243 |
|
Service Tax |
1.470 |
1.385 |
|
Central Sales Tax |
0.000 |
3.181 |
FIXED ASSETS:
Tangible Assets
·
Free Hold Land
·
Buildings
·
Plant and Equipment
·
R and D Equipments
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Electrical Installations
Intangible Assets
·
Software Licences
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.54.44 |
|
|
1 |
Rs.87.00 |
|
Euro |
1 |
Rs.69.48 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.