Business
information report
1. Summary Information
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Country |
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Company Name |
JCT LIMITED |
Principal Name 1 |
Mr. Samir Thapar |
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Status |
Moderate |
Principal Name 2 |
Mr. Mahesh Sahai |
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|
Registration # |
16-004565 |
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Street Address |
Village Chohal, District Hoshiarpur – 146 024, |
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Established Date |
28.10.1946 |
SIC Code |
-- |
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Telephone# |
91-1882-258780 |
Business Style 1 |
Manufacturer |
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Fax # |
91-1882-258045 |
Business Style 2 |
Marketing |
|
Homepage |
Product Name 1 |
Cotton |
|
|
# of employees |
Not Available |
Product Name 2 |
Blended Textiles |
|
Paid up capital |
Rs. 1137,696,000/- |
Product Name 3 |
Nylon Filament Yarn |
|
Shareholders |
Promoter and Promoter
Group -50.82% Public Shareholding –
49.18% |
Banking |
Allahabad Bank |
|
Public Limited Corp. |
Yes |
Business Period |
66 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
B (26) |
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Related
Company |
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Relation
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Country
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Company
Name |
CEO |
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Subsidiaries |
|
Rajdhani Trading Company Limited |
-- |
|
Note |
- |
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2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
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|
Assets |
Liabilities |
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|
Current Assets |
1,046,340,000 |
Current Liabilities |
4,198,704,000 |
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Inventories |
1,284,341,000 |
Long-term Liabilities |
2,098,473,000 |
|
Fixed Assets |
4,568,025,000 |
Other Liabilities |
282,154,000 |
|
Deferred Assets |
418,430,000 |
Total Liabilities |
6,579,331,000 |
|
Invest& other Assets |
20,098,000 |
Retained Earnings |
(379,793,000) |
|
|
|
Net Worth |
757,903,000 |
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Total Assets |
7,337,234,000 |
Total Liab. & Equity |
7,337,234,000 |
|
Total Assets (Previous Year) |
8,112,798,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
7,942,385,000 |
Net Profit/ (Loss) |
(680,540,000) |
|
Sales(Previous yr) |
7,263,408,000 |
Net Profit
/ (Loss) (Prev.yr) |
560,444,000 |
MIRA
INFORM REPORT
|
Report Date : |
27.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
JCT LIMITED |
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Registered
Office : |
Village Chohal, District Hoshiarpur – 146 024, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
28.10.1946 |
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Com. Reg. No.: |
16-004565 |
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Capital Investment/
Paid-up Capital: |
Rs.1137.696 Millions |
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|
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CIN No.: [Company Identification
No.] |
L17117PB1946PLC004565 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
JLDJ00405G/JLDJ00404F |
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PAN No.: [Permanent Account No.] |
AAACJ6733E |
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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
: |
The
company is engaged in Manufacturing and Marketing of Yarn, Cloth, Fents, Rags
and Chindies, Nylon Filament Yarn, Polyester filament yarn, Polyester Chips,
Nylon Chips, Steel Wire, Polyester Staple Fibers and Partially Oriented Yarn |
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|
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No. of
Employees: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (26) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 3000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some
cautions. |
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) |
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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 |
INDIAN ECONOMIC OVERVIEW
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Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
D (Long Term Rating – Short Term Rating) |
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Rating Explanation |
The lowest credit risk |
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Date |
05.09.2012 |
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 : |
Village Chohal, District Hoshiarpur – 146 024, |
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Tel. No.: |
91-1882-258780/85 |
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Fax No.: |
91-1882-258045 |
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E-Mail.: |
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Website |
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Corporate Office : |
305-309 |
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Tel. No.: |
91-11-46290000 |
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Fax No.: |
91-11-28512222 |
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Factory 1 : |
Textiles Plant Tel. No.:
91-1824-305000-07 Fax No,:
91-1824-261191/266389 Email: sales@jctltd.com , export@jctltd.com |
|
Factory 2: |
Filament Plant Tel.
No.:91-1882-258780 to 258784 Fax No.: 91-1882-258059 Email: viveksaini@jctltd.com , filament@jctltd.com |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr.
Samir Thapar |
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Designation : |
Vice Chairman and Managing Director |
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Address : |
13, |
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Date of Birth/Age : |
16.01.1965 |
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Date of Appointment : |
02.06.1994 |
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Din No.: |
00062287 |
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Other Directorship:
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Name : |
Mr. Gordhan Bhoraj Kathuria |
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Designation : |
Director |
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Address : |
101, Jai Jawan Colony-III, |
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Date of Birth/Age : |
07.04.1937 |
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Date of Appointment : |
05.04.1999 |
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Din No.: |
00062088 |
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Other Directorship:
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Name : |
Mr. Apar Singh Dugal |
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Designation : |
Director |
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Address : |
A-3, Niti Bagh, New Delhi-110049, |
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Date of Birth/Age : |
16.04.1927 |
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Date of Appointment : |
29.11.1996 |
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Din No.: |
00062233 |
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Name : |
Mr. Ajit Kumar Doshi |
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Designation : |
Director |
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Name : |
Mr. Vipul Singla (Allahabad Bank Nominee) |
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Designation : |
Director |
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KEY EXECUTIVES
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Name : |
Mr. Subhash Chandra Saxena |
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Designation : |
Company Secretary |
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Address : |
A-194, Sector-20, Gautam Budh Nagar, Noida-201301, |
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Date of Birth/Age : |
01.04.1943 |
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Date of Appointment : |
01.04.1997 |
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PAN No : |
AAJPS3857Q |
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Name : |
Mr. Sanjiva Jain |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding
of Promoter and Promoter Group |
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|
641079 |
0.18 |
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|
181859445 |
50.65 |
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|
182500524 |
50.82 |
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Total
shareholding of Promoter and Promoter Group (A) |
182500524 |
50.82 |
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(B) Public
Shareholding |
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|
158547 |
0.04 |
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|
10149222 |
2.83 |
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|
302244 |
0.08 |
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|
9667654 |
2.69 |
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|
6045955 |
1.68 |
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|
26323622 |
7.33 |
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|
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|
20027507 |
5.58 |
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|
96967197 |
27.00 |
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|
28991972 |
8.07 |
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|
4267768 |
1.19 |
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|
1468877 |
0.41 |
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|
1237915 |
0.34 |
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|
9566 |
0.00 |
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|
1551410 |
0.43 |
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|
150254444 |
41.84 |
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Total Public
shareholding (B) |
176578066 |
49.18 |
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Total (A)+(B) |
359078590 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total
(A)+(B)+(C) |
359078590 |
0.00 |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs. 1 lakhBUSINESS DETAILS
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Line of Business : |
The company is engaged in manufacturing and marketing of Yarn, Cloth, Fents, Rags and Chindies, Nylon Filament Yarn, Polyester filament yarn, Polyester Chips, Nylon Chips, Steel Wire, Polyester Staple fibres and partially oriented yarn |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Ring Spindles |
Nos. |
50728 |
-- |
|
Rotor Open end |
Nos. |
2568 |
-- |
|
Looms |
Nos. |
486 |
-- |
|
Synthetic filament including industrial yarn/tyre cord |
Tonnes |
14000 |
-- |
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Polyester/nylon chips |
Tonnes |
1000 |
3 |
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Yarn* |
MT |
-- |
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Cloth** |
Mts |
-- |
1217 |
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Fents, rags and chindies |
MT |
-- |
2 |
NOTES:
1.
Installed capacities are as those certified by the
management.
2.
Licensed capacities are not given as no license is
required.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Allahabad Bank ·
Bank of · Punjab National Bank · Punjab & Sind Bank ·
State Bank of ·
State Bank of · State Bank of Travancore |
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Facilities : |
LONG TERM
BORROWINGS Nature of Security: Rs. in Millions
Default in repayment of Term Loans from the Banks and FCCBs (included under current maturities as on 31.03.2012
FCCB Company raised US$ 30 million through issue of 2.5%
unsecured FCCBs on 8.4.2006. FCCBs of US$ 4.58 million stood converted into
equity shares in earlier years and the balance of US$ 25.42 million
(equivalent to Rs.1309.893 ) became due for redemption on 08-04-2011 along
with premium of 20.075% (US$ 5.08 million equivalent to Rs.261.979). The
Company could not redeem the same due to paucity of cash funds. Further,
provision of Rs.92.478 towards yield protection on the unpaid amount is not
considered necessary as this will not be payable once the restructuring is
completed considering the changes in economic scenario. In the meantime, the Bank
of New York Mellon, Trustee has filed winding up petition before the Hon'ble
High Court of Punjab and Haryana at Maturity profile of the long term borrowings Term Loans from
Banks
SHORT-TERM BORROWINGS Secured Working Capital Loans have been taken from consortium of scheduled banks and are secured by first charge ranking pari-passu inter-se amongst member banks on all the stocks of raw materials, stock in process, semi-finished and finished goods, stores and spares, bills receivable and books debts and all other movables current assets both present and future pertaining to Company's Textile and Filament Units. These are also secured by second charge over the fixed assets pertaining to above said Units and by personal guarantees of Chairman and Managing Director and Sh. M M Thapar. Working Capital Loans from Allahabad Bank are additionally secured by First Charge by way of an equitable mortgage over the land admeasuring around 9 acres and structures thereon at Phagwara. Secured loans from other is secured against pledge of shares held under Current Investments of the company
Notes: 1.
Debentures due to a body corporate were
rescheduled and repaid subsequently. 2.
(a) Term Loans and Debentures are secured by
hypothecation of all the moveable properties including plant and machinery
and accessories etc. (both present and future) and also equitable mortgage,
by deposit of title deeds, of all the immoveable properties (both present and
future) including land, factory buildings, structures, erections,
constructions and/or further constructions to be made thereon pertaining to
Textile and Filament Units except: –
Term Loan of Rs.138.839 Millions from scheduled
banks are secured by hypothecation of specific plant and machinery. –
Term Loan of Rs. 8.341 Millions from scheduled banks
and Rs. 12.488 Millions from non-banking finance companies are secured
against specific vehicles. (b) Debentures are additionally secured by a legal mortgage over the
immovable properties of the Company (both present and future) situate at
Dist. Mehsana ( 3.
Cash Credit facilities from consortium of
scheduled banks are secured by first charge ranking pari-passu inter-se
amongst themselves on all the stock of raw materials, stock in process,
semi-finished and finished goods, stores and spares, bills receivable and
books debts and all other immoveable current assets both present and future
pertaining to Company’s Textile and Filament Units. These are also secured by
second charge over the fixed assets pertaining to abovesaid units. 4.
Financial facilities from Allahabad Bank are
additionally secured by first charge by way of an equitable mortgage over the
land admeasuring around 9 acres and structures thereon at Phagwara. 5.
Term Loans due within one year aggregate Rs.
363.488 Millions including Rs. 31.451 Millions due during 2010-11, repaid
subsequently. 6.
During the year, Company repaid Rs. 8.461
Millions of term loans with delay of 312 days due to financial constraints. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.P. Chopra and
Company Chartered
Accountants |
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Address : |
F-31, |
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Tel. No.: |
91-11-23313495-6-7 |
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Fax No.: |
91-11-23713516 |
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E-Mail : |
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Subsidiaries : |
·
Rajdhani Trading Company Limited |
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Other Related Parties where control / Significant influence exists : : |
·
JCT Electronics Limited ·
Provestment Securities Private Limited · JCT Chemicals and Fibres Limited · India International Airways Limited ·
Firemount Textiles ( · KCT Textiles Limited ·
JCT Sports Private Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60,00,00,000 |
Equity Shares |
Rs.2.50/- each |
Rs.1500.000 Millions |
|
50,00,000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs.500.000 Millions |
|
|
Total |
|
Rs.2000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35,90,78,590 |
Equity Shares |
Rs.2.50/- each |
Rs.897.696
Millions |
|
24,00,000 |
Optionally partially convertible Preference |
Rs.100/- each |
Rs.240.000
Millions |
|
|
Shares (OPCPS) of Rs.100 each (net of redemption) |
|
|
|
|
Total |
|
Rs.1137.696 Millions |
· 10,00,000 OPCPS of Rs.1,000 lakhs are redeemable on 31.12.2016 (date extended from 31.12.2011). 20% of the face value is optionally convertible into equity shares during the currency of OPCPS. They are neither entitled to dividend nor carry any voting right.
· 1,400,000 OPCPS of Rs.1,400 lakhs are redeemable on 26.12.2015 (date extended from 26.12.2010) with the option to convert before that the whole amount into equity shares at a rate to be determined and as permissible under the SEBI guidelines. They are neither entitled to dividend nor carry any voting right.
Reconciliation of
Shares Outstanding
|
Equity Shares |
As on 31.03.2012 |
|
|
Number |
Amount |
|
|
At the beginning of the year |
359,078,590 |
897.696 |
|
At the end of the year |
359,078,590 |
897.696 |
|
OPCPS |
As on 31.03.2012 |
|
|
At the beginning of the year |
2,422,488 |
242.249 |
|
Less: redeemed during the year |
22,488 |
2.249 |
|
At the end of the year |
2,400,000 |
240.000 |
Details of
Shareholders holding more than 5% shares:
|
Name of
Shareholders |
No. |
% of holding |
|
Equity Shares |
|
|
|
Provestment Securities Private Limited |
91,214,334 |
25.40 |
|
KCT Textiles Limited |
90,545,111 |
25.22 |
|
Name of
Shareholders |
No. |
% of holding |
|
OPCPS |
|
|
|
Provestment Securities Private Limited |
1,000,000 |
41.67 |
|
KCT Textiles Limited |
1,400,000 |
58.33 |
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 |
1137.696 |
1139.945 |
1188.833 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
1360.316 |
1417.398 |
|
|
4] (Accumulated Losses) |
(379.793) |
(1021.343) |
(1580.004) |
|
|
NETWORTH |
757.903 |
1478.918 |
1026.227 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1920.145 |
2588.893 |
2977.976 |
|
|
2] Unsecured Loans |
178.328 |
1838.986 |
1887.877 |
|
|
TOTAL BORROWING |
2098.473 |
4427.879 |
4865.853 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2856.376 |
5906.797 |
5892.080 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4568.025 |
4771.520 |
5116.168 |
|
|
Capital work-in-progress |
20.098 |
51.494 |
49.318 |
|
|
|
|
|
|
|
|
INVESTMENT |
418.430 |
425.094 |
539.178 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1284.341
|
1636.194
|
1263.042
|
|
|
Sundry Debtors |
479.176
|
599.683
|
336.009
|
|
|
Cash & Bank Balances |
77.223
|
225.471
|
105.320
|
|
|
Other Current Assets |
154.936
|
0.000
|
0.000
|
|
|
Loans & Advances |
335.005
|
403.342
|
464.531
|
|
Total
Current Assets |
2330.681
|
2864.690 |
2168.902 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1286.713
|
1784.378
|
1356.284
|
|
|
Other Current Liabilities |
2911.991
|
183.472
|
409.494
|
|
|
Provisions |
282.154
|
238.151
|
215.709
|
|
Total
Current Liabilities |
4480.858
|
2206.001 |
1981.487 |
|
|
Net Current Assets |
(2150.177)
|
658.689
|
187.416
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2856.376 |
5906.797 |
5892.080 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7942.385 |
7263.408 |
5725.642 |
|
|
|
Other Income |
72.812 |
146.911 |
128.462 |
|
|
|
TOTAL |
8015.197 |
7410.319 |
5854.104 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material consumed |
5055.990 |
- |
- |
|
|
|
Other manufacturing expenses |
1351.823 |
- |
- |
|
|
|
Employee benefits expense |
825.902 |
- |
- |
|
|
|
Other expenses |
601.371 |
- |
- |
|
|
|
Raw Material Consumed |
- |
3836.853 |
2640.410 |
|
|
|
Manufacturing Expenses |
- |
1955.875 |
1778.291 |
|
|
|
Purchase |
- |
4.072 |
30.025 |
|
|
|
Selling and Distribution Expenses |
- |
333.657 |
281.496 |
|
|
|
Payments to and provisions for employees |
- |
728.150 |
614.347 |
|
|
|
Administrative and Other Expenses |
|
254.192 |
193.024 |
|
|
|
Increase/(Decrease) in Finished Goods |
(42.184) |
(4.179) |
27.737 |
|
|
|
TOTAL |
7792.902 |
7108.620 |
5565.330 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
222.295 |
301.699 |
288.774 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
411.552 |
470.186 |
468.918 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(189.257) |
(168.487) |
(180.144) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
469.507 |
405.558 |
392.670 |
|
|
|
|
|
|
|
|
|
Add |
Profit on |
- |
0.000 |
24.824 |
|
|
Add |
Profit on sale
of Building |
- |
1176.176 |
0.000 |
|
|
Less |
(Loss) on sale
of shares of a subsidiary Company |
(6.070) |
- |
- |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
(664.834) |
602.131 |
(547.990) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(1.417) |
42.379 |
1.002 |
|
|
|
|
|
|
|
|
|
Add |
Profit / (Loss) from Discontinued operations |
(14.289) |
0.692 |
(59.959) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
(680.540) |
560.444 |
(608.951) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1021.343) |
(1580.004) |
(971.053) |
|
|
|
|
|
|
|
|
|
Less |
Loss arising on
amalgamation |
|
(1.783) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(1701.383) |
(1021.343) |
(1580.004) |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
897.493 |
750.338 |
548.224 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
163.714 |
147.698 |
163.351 |
|
|
|
Stores & Spares |
92.471 |
81.591 |
63.345 |
|
|
|
Capital Goods |
2.799 |
4.709 |
15.178 |
|
|
TOTAL IMPORTS |
258.984 |
233.998 |
241.874 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.61 |
1.56 |
(1.70) |
|
QUARTERLY / SUMMARISED
RESULTS
|
PARTICULARS |
|
30.06.2012 |
30.09.2012 |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
1958.600 |
2074.000 |
|
Total Expenditure |
|
1946.400 |
2029.600 |
|
PBIDT (Excl OI) |
|
12.200 |
44.400 |
|
Other Income |
|
10.900 |
25.900 |
|
Operating Profit |
|
23.100 |
70.300 |
|
Interest |
|
122.300 |
113.500 |
|
Exceptional Items |
|
(29.900) |
(0.100) |
|
PBDT |
|
(129.100) |
(43.300) |
|
Depreciation |
|
157.400 |
56.200 |
|
Profit Before Tax |
|
(285.500) |
(99.500) |
|
Tax |
|
0.000 |
8.200 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
(285.500) |
(107.700) |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
(285.500) |
(107.700) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(8.49) |
7.56
|
(10.40) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(8.37) |
8.29
|
(9.57) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(9.64) |
7.88
|
(7.52) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.87 |
0.41
|
(0.53) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
8.68 |
4.49
|
6.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.52 |
1.30
|
1.09 |
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 |
Yes |
|
No.
of Employees |
No |
|
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 |
Yes |
|
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
PAN
of Proprietor/Partner/Director, if available |
No |
|
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
External Agency
Rating, if available |
Yes |
OPERATIONS
Textile Units
The expansion and modernization project of the company’s manufacturing facilities which were undertaken in 2006-08 could not be fully utilized as the completion of the expansion coincided with global meltdown and recessionary market conditions. Demand for direct export and from garment manufacturers remained subdued during the period due to downward trend in the domestic as well as international markets.
High Cotton Prices, during the last procurement season of cotton the prices which went as high as Rs 62500 per candy from Rs 35000 per candy due to pre-mature announcement of cotton exports and other factors. The prices suddenly crashed to a level of Rs 32000 per candy. The fluctuation of cotton prices led to high cost cotton getting stuck with the mills and losses on account of rupee devaluation hit by the company. It affected even the entire industry. Against the huge increase in the prices of cotton, and other inputs the selling prices increased marginally during this period, thus leading to strain on the overall margins.
· The company is having 19.5 MW in house rice-husk based power plants. The rates of rice husk have been abnormally high this year.
·
The company incurred operational cash losses
during the financial year 2008-09 to 2011-12 and continued to service nterest and repayment of debts to the lenders despite
losses which resulted in further erosion of working capital and lower capacity
utilization.
In Sriganganagar unit, the
operations were discontinued in earlier years. The sale of Land is pending due
to mutation and is under disposal. The company is taking steps to get the
mutation formalities completed.
Financial problems:
In light of the scenario, as
explained above, owing to marketing difficulties, the profitability of the
Textile operations took a sharp dip during the said period. Cotton prices went
up by almost 40%. The Government of India on realizing the liquidity crunch
being faced by Textile Sector had given two years moratorium on the loans taken
by companies under TUF scheme. However, the interest on these loans had to be
serviced. Consequently in this situation the earnings which had gone negative
on account of low capacity utilization, the company ended up paying interest to
the Banks out of working capital. This situation led to the erosion of working
capital.
Now that the fabric demand has
again picked up, most Textile Companies of the country are running their Plants
at full capacity. Inspite of the order-book being comfortable, full capacity
utilization the Company continues to be elusive on account of working capital
constraints.
Government policies:
In the year 2010-11 the policy of
Government of India for allowing and thereafter banning export of cotton
resulted textile industry incurring huge losses. Steps initiated by the
company:
·
The company has since
expanded its customer base and has gone deeper with the existing customers to
fully secure its production capacities. The company in these years, focused,
especially on work-wear and sportswear segments.
·
The company has been
very guarded in covering cotton in the current season. They are now not only
keeping track of cotton future in
·
The company has taken
several power saving initiatives, which will cover a part of husk price hike.
Filament Unit
JCT continues to maintain its
position as one of the largest Textile Grade Nylon yarn manufacturer in
The continuous upward trend in
prices of Caprolactum has been a major concern for the company. The Caprolactum
prices increased from average of Rs 104.49 kg in FY 2010 to Rs 139.67 kg in FY
2011 an increase of 34% against it the average realisation increase of only 23%
from Rs 217.29 kg to Rs 268.09 kg. The capacity
of the market to absorb prices is
limited as weavers start moving to other type of yarns.
The company has made a major shift
in the product mix where the dependability on yarn sold in
Finance
During the year, the company redeemed Zero Rate Debentures (ZRDs) of Rs. 262.300 Millions, Optionally Partially Convertible Preference Shares (OPCPS) of Rs. 2.249 Millions and repaid term loan installments of Rs.247.123 Millions as per stipulated terms. In certain cases of loans, debentures and Optionally Partially Convertible Preference Shares (OPCPS) which became due for repayment/ redemption during the year, there were delays in servicing the debt obligations due to liquidity constraints.
Net Worth Erosion
The accumulated losses of the company at the end of financial year 31st March, 2012 have resulted in erosion of more than fifty percent of its peak net worth during the immediately preceding four financial years. While the company is taking necessary steps to protect further erosion, the Company will report to the Board for Industrial and Financial Reconstruction about such erosion of net worth as envisaged under Section 23 of the Sick Industrial Companies (Special Provision) Act, 1985 forthwith upon finalization of the duly audited accounts of the Company for the financial year ended 31st March, 2012. Shareholders are also requested to take note of this erosion and consider the same at the Annual General Meeting of the members being convened on
30th November, 2012.
CONSERVATION OF
ENERGY
Energy conservation
measures taken and (b) Additional investments and proposals, if any, being
implemented for reduction in consumption of energy:
Textile Division
Continuous improvement plans for saving of Power Energy and reduction of Electrical energy consumption, Steam Conservation and Saving of Water Resources. The company runs Humidification Plants, Turbine Blowers, Lights and exhaust fans, etc. (auxiliaries) as per the requirement of production and the quality as well.Reduction of compressed air consumption under Continual Improvement Plan resulted good amount of power saving. There has been Water saving through various projects i.e. run time control of tube wells, recovery of water, and pressure control of main water grid. Stopping of Steam Siren in mills to save the steam consumption. Adjustment of speed of TFO (Star focus), Auto Coro machine with reference to UKG saving of 10 to 25%. Adjusting balloon lift to reduce power consumption of 3.25 % in TFO m/cs. Reduction of Angles and Pullies of Various H. Plants as per Department conditions requirements for Reduction electrical units’ consumption. Increasing the parking time of Zinsar Travelling Blower to 3 min at 40 Count on one machine (3.6 hrs per day). Modification in the circuit of Warping Machine No-4 to control the dust fan with machine starting. Maintaining Optimum power actor at purchased power supply. Stopping of one Power Transformer 66-33/11 KV with reference to load conditions or Energy Conservation. Removal of 5 Nos. micro dust collectors from G5/1 Ring Frames to save electrical units. Stopping the idle running of Blow Room -6 Beater to save electrical units while running of motors. Sulzer B Sectionr decreasing the height of Tube light fittings by which 100 tube fittings removed. Use of CFL 11 Watts in mills and replacement of M. V. lamps 250 watt with CFL 85 watt at street lights (28 nos) with reference to required Lux level. Procurement of Star leveled equipments i.e. Air Conditioners and Ceiling fans. Replacement of Desert cooler Tullu Pump with energy efficient submersible type pumps 35nos. Individual switching for 200 tube fittings in sizing- 7,8,5,warping-7,1,2,3 and different departments.
Filament Division
Replacement of common godet motors with individual energy efficiency motors and Inverters in DT machines. Replacement of AC motors and drives with energy efficient motors and inverters in spinning. Purchase of electricity at cheaper cost through open access. Air consumption reduced in plant by minimizing the operating pressure compressor and plugging air leakage in plant. Lighting load of plant is reduced by using CFL and T5 tube. Chilling load of plant is reduced by 250 KW/hr by replacing old centrifugal chillers with new energy efficient chiller. Centrifugal fan of D.tex II AHU is replaced with axial fan. Pack pre heaters of Poly I and Poly II discontinued thus saving energy. 38 Nos. FRP Blades of Cooling Tower provided in place of Aluminium Blades.
Impact of Measures:
The above measures have resulted / will result in reduction in energy consumption, increase in productivity and reduction in energy cost.
Specific areas in
which R and D carried out by the company:
Textile Division
Reduction of coating stains in PU coated fabrics by recipe modification. Reduction of long length defect in fabric due to foreign ends in double yarn piece dyed with yarn of PVxPV and PCxPC yarn. New Development of recycled poly with Cot Blend of 52/48 pc yarn of 15 pc. New Product developed. Minimizing multiple warps breaks on warping machine due to wild yarn/ bunches. In PC blended yarn, reduction in yarn imperfections by running the Draw Frame blending mixing in place of blow room blending mixing in 40 PC 35/65.3
Filament Division
Spinning hardware modified for mono filament to improve
quality and productivity. Successfully launched two new micro denier 3o/36 FD
TL and 39/36 BRTL and 40/28 BRTPOLY for Air Textrising. Efficiency of waste
recovery significantly improved to recycle maximum waste and reduce production
cost. Successfully re-launched 39 and 40/10 SD FDY in
BENEFITS DERIVED:
Textile Division
Fabric quality improved and recovery of coated fabric also got improved. Increased fresh recovery percentage of
graded fabric. Party Order and sample approval by buyer under negotiation with marketing department. Increase
in efficiency of warping machines and loom efficiency percentage. Improvement in fabric quality and appearance
of fabric in finish product.
Filament Division
Provide products and services to their customer not only meeting but exceeding their requirements. Initiative to reduce cost of production by reduction in wastage, optimum utilization of resources and manpower to increase productivity and sales realisation. Increase presence in international market in hank and dope dyed segment.
FUTURE PLAN OF
ACTION:
Textile Division
The Company has independent R and D Department which regularly provides suggestions for improvement so as to
optimize the cost of products and improve the quality.
Filament Division
Plan to further increase LOY, POY, FDY/DT and DW machines to increase market share in domestic and international market. Focus on increasing productivity by maximum utilization of resources and modification in existing hardware.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
OVERALL VIEW
The Global economy is struggling for revival of growth after
experiencing weak performance in the second half of 2011 and first quarter of
2012. However, there are serious downsides risks emanating from the
‘uncertainties in economic policies prescribed by EU and restrained fiscal
expansionary policies by
In addition to global pressure on Indian economic
performance, structural problems related to infrastructure, lower productivity
levels and lack of policy reforms are other major concern areas. Moreover,
higher inflationary pressures are also resulting in tight monetary policies thereby restricting the
industrial growth in
The profitability of the Company during the year under review has suffered a severe set-back because of continuing increase in input costs, the global economic slow- down, lack of adequate demand due to high inflation, fierce competition, high interest costs and other reasons. The circumstances prevailing in each business segments of the Company are separately discussed hereunder. Efforts are to improve the performance of the Company are continuing.
Directors are confident that with the support of employees, investors and bankers the company will be in a position to tide over the unprecedented crisis in spite of the current stressful situation and their continued efforts to maintain quality and scouting for new and better markets should promote growth and they hope to achieve a better performance in the coming years.
TEXTILE OPERATIONS
The global cotton price which is largely a function of global demand and supply of cotton has been influenced by the factors other than the actual user demand and overall supply of cotton in 2011-12. The Chinese policy of accumulating cotton for strategic reserves and occasional policy decision of Indian Government in relation to export of cotton has caused much volatility in cotton prices.
During the year production of textile fabrics decreased to 443.640 Millions meters compared to 497.300Millions meters in the previous year. In volume terms, Sales also decreased to 434.640 Millions meters of fabric compared to 494.970 Millions meters in the previous year. This includes production and sales of the newly set up 100% synthetic performance fabrics unit, its products having been widely accepted in the market. In value terms, total revenue from textile operations increased to Rs. 4572.500 Millions as compared to Rs. 4341.100 Millions in the previous year. Market segment-wise and area-wise revenue from textile operations is as under:
|
MARKET SEGMENT |
Fabrics- RMG |
Fabrics- Export |
Fabrics- Domestic |
Institutions |
Yarn and Others |
|
To 2011-12 –Rs. In Millions |
2538.800 |
787.200 |
747.100 |
279.000 |
3.900 |
|
%age |
58.28 |
18.07 |
17.15 |
6.41 |
0.09 |
|
Region |
|
|
|
|
|
|
To 2011-12 –Rs. In Millions |
1300.800 |
313.300 |
1455.300 |
499.400 |
787.200 |
|
%age |
29.86 |
7.19 |
33.41 |
11.47 |
18.07 |
The segment incurred operational loss (before interest) of Rs. 171.400 Millions as against Rs.49.100 Millions in the previous year. The cost of power and fuel was on the higher side as the prices of Rice Husk which is the main fuel used for power and steam generation remained higher than expected. In the prices of Dyes and Chemicals some consolidation was observed in the current year.
FILAMENT OPERATIONS
During the year production of Nylon Filament Yarn has marginally increased to 11538 MT from 11329 MT while the production of Nylon Chips (for outside sales) has decreased to 696 MT from 738 MT during previous year. During the year their shift was towards producing finer denier to cater the changing market demands. The average denier of yarn produced was 35.6 as compared to 36.9 in the previous year. In volume terms the sales of Nylon Filament Yarn was at 11,211 MT as compared to 11496 MT while Nylon Chips was at 696 MT as against 741 MT during the previous year. In value terms the revenues from Filament operations improved to Rs.3437.200 Millions from Rs.3065.100 Millions in the previous year. The segment earned operational profit before interest Rs.660 lacs as against Rs.93.100 lacs in the previous year. During the year the margins were under pressure due to increased operational cost mainly on account of raw materials and power and fuel.
The Company has installed 3 No. s of spinning LOY lines to facilitate production of more mono/finer deniers. Realization has been higher during the year in comparison to previous year on account of more production of finer deniers. The increase in in-put costs could not be passed on in entirety to customers either due to cheap imports and also customers switching-over to cheaper substitutes.
CONTINGENT
LIABILITY NOT PROVIDED FOR IN RESPECT OF:
(Rs. In Millions )
|
|
31.03.2012 |
31.03.2011 |
|
(a) Claims against the Company not acknowledged as debts |
1.938 |
1.847 |
|
(b) Guarantees given by the bankers on behalf of the Company |
20.528 |
22.921 |
|
c) Unutilised letter of credit |
2.480 |
16.631 |
|
(d) Disputed liabilities
not adjusted as expenses in the Accounts for various years being in appeals
towards: |
|
|
|
- Sales tax |
73.502 |
45.446 |
|
- Income tax |
8.304 |
12.087 |
|
- Excise Duty |
242.280 |
236.351 |
|
- Stamp Duty |
18.772 |
18.772 |
|
- Custom Duty |
18.605 |
18.605 |
|
- Entry Tax |
35.182 |
1.637 |
|
- Others |
22.846 |
21.870 |
|
Total |
419.491 |
354.768 |
|
(II) Commitments |
|
|
|
a) Estimated amount of
contracts remaining to be executed on Capital Account and not provided for in the accounts (net of advances) |
15.459 |
48.376 |
|
(b) Export obligation
against import of machinery under EPCG Scheme |
1359.000 |
615.512 |
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2012
|
Particulars |
Quarter Ended |
Year to Date |
|
|
|
UnAudited |
UnAudited |
UnAudited |
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
Net Sales/ Income from Operations |
2001.500 |
1892.600 |
3894.100 |
|
1. (b) Other Operating Income |
72.500 |
66.000 |
138.500 |
|
Total Income
From operations |
2074.000 |
1958.600 |
4032.600 |
|
2. Expenditure |
|
|
|
|
a. Cost of Raw Materials consumed |
1163.500 |
1153.500 |
74.800 |
|
b. Changes in inventories of finished goods , work in progress and stock
in trade |
37.500 |
37.300 |
74.800 |
|
c. Employee benefit expenses |
216.900 |
204.000 |
420.900 |
|
d. Depreciation and amortisation expense |
56.900 |
157.400 |
214.300 |
|
e. Power and Fuel |
402.300 |
321.000 |
723.300 |
|
f. Other
Expenditure |
209.400 |
230.600 |
440.000 |
|
Total
Expenditure |
2086.500 |
2103.800 |
4190.300 |
|
3. Profit from Operations
before Other Income, Interest and Exceptional Items (1-2) |
(12.500) |
(145.200) |
(157.700) |
|
4. Other Income |
25.900 |
10.900 |
36.800 |
|
5. Profit before Interest and Tax
|
13.400 |
(134.300) |
(120.900) |
|
6. Interest |
113.500 |
122.300 |
235.800 |
|
7. Profit from Ordinary
Activities before Tax and exceptional
items |
(100.100) |
(256.600) |
(356.700) |
|
8. Exceptional items |
|
|
|
|
a Profit on sale of Building |
- |
- |
- |
|
b Discontinued operations |
0.600 |
(29.900) |
(29.900) |
|
9. Profit from Ordinary
Activities before Tax but before
exceptional items |
(99.500) |
(286.500) |
(386.000) |
|
10. Tax Expenses |
8.200 |
- |
8.200 |
|
11. Net profit/(loss) for the
period |
(107.700) |
(286.500) |
(394.200) |
|
12. Paid-up Equity Share Capital (face value Rs.2 per share) |
897.700 |
897.700 |
897.700 |
|
13. Reserves excluding revaluation reserve as per balance sheet of
previous accounting year |
- |
- |
- |
|
14. Earning Per Share |
|
|
|
|
a. Basic |
(0.28) |
(0.71) |
(0.99) |
|
b. Diluted |
(0.24) |
(0.61) |
(0.85) |
|
15. Public shareholding |
|
|
|
|
- No. of shares |
176578066 |
176578066 |
176578066 |
|
- % of holding (to total shareholding) |
49.18 |
49.18 |
49.18 |
|
Promoters And Promoter Group Shareholding a) Pledged/ Encumbered |
|
|
|
|
-Number of Shares |
90898773 |
90898773 |
90898773 |
|
-% of Shares (As a % of the total Shareholding of Promoter and
Promoter Group) |
49.81 |
49.81 |
49.81 |
|
-% of Shares (as a % of the total share capital of the Company) |
25.31 |
25.31 |
25.31 |
|
b) Non Encumbered |
|
|
|
|
- Number of Shares |
91601751 |
91601751 |
91601751 |
|
-% of Shares (As a % of the total Shareholding of Promoter and
Promoter Group) |
50.19 |
50.19 |
50.19 |
|
-% of Shares (as a % of the total share capital of the Company) |
25.51 |
25.51 |
25.51 |
|
INVESTOR COMPLAINTS |
31.03.2012 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed if during the quarter |
Nil |
|
Remaining unresolved the end of the quarter |
Nil |
|
Particulars |
Quarter Ended |
Year to Date |
|
|
|
UnAudited |
UnAudited |
UnAudited |
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
1 Segment Revenue (Net Sales/ income from each segment) |
|
|
|
|
a)Textiles |
1098.400 |
1004.800 |
2103.200 |
|
b)Nylon Filament Yarn |
903.100 |
887.800 |
1790.900 |
|
c) Unallocated |
|
|
|
|
Total |
2001.500 |
1892.600 |
3790.300 |
|
Net Sales / Income From Operations |
2001.500 |
1892.600 |
3790.300 |
|
2.Segment Results (Profit /Loss(-) before tax and in |
|
|
|
|
a)Textiles |
3.700 |
(97.300) |
(93.600) |
|
b)Nylon Filament Yarn |
38.300 |
(4.700) |
33.600 |
|
c) Unallocated |
|
|
|
|
Total |
42.000 |
(102.000) |
(60.000) |
|
Less: (i) Finance costs |
113.500 |
122.300 |
235.800 |
|
Other Unallocable Expenditure (Net) |
28.600 |
32.300 |
60.900 |
|
Exceptional Item (Discontinued Operations) |
- |
- |
- |
|
Discontinued operations |
0.600 |
(29.900) |
(29.300) |
|
Loss on sale of shares of a subsidiary company |
- |
- |
- |
|
Total profit(+) / loss(-) before Tax |
(99.500) |
(286.500) |
(386.000) |
|
3.Capital Employed
(Segment Assets - Segment Liabilities) |
|
|
|
|
a)Textiles |
2853.000 |
3025.000 |
2853.000 |
|
b)Nylon Filament Yarn |
813.100 |
840.700 |
813.100 |
|
c) Unallocated |
(3794.900) |
(3422.200) |
(3794.900) |
|
Total |
(128.800) |
443.500 |
(128.800) |
|
|
|
|
|
NOTES:
·
The
above results for the quarter ended 30.09.2012 are after the Limited Review
carried out by the Statutory Auditors and have been reviewed by the Audit Committee
of the Board and approved by the Board of Directors at its meeting held on
31.10.2012.
·
Immoveable
Asset of closed Unit-I of Textile Mill at Sriganganagar is under sale/transfer.
Operations of Unit II have also been discontinued and its tangibe assets have
been sold. Results of Sriganganagar unit are classified as discontinued
operations as per AS-24, detailed here under:
|
Particulars |
Quarter Ended 30.09.2012 (Rs./Millions) |
Year to date Ended 30.09.2012 (Rs./Millions) |
|
Employee benefits |
0.700 |
41.800 |
|
Other expenses |
0.500 |
1.000 |
|
Total |
1.200 |
44.200 |
|
Less: Other Income |
1.800 |
13.500 |
|
Net Loss |
0.600 |
29.300 |
·
The
Company could not redeem the Foreign Currency Convertible Bonds (FCCBs) of USS 30.50
millions (including premium) equivalent Rs.1620.678 Millions as on 30.09.2012
on due date i.e 8.4.2011 for paucity of cash funds. The company is
taking steps to restructure / extend the maturity of the FCCBs with some of the
major bond holders however in the meantime the Trustee has filed a winding up
petition, which the company does not anticipate any adverse outcome of the said
litigation. Further provision of Rs. 24.300 Millions for the quarter and to
date Rs 144.100 Millions towards yield protection on the unpaid amountis not
considered necessary as this will not be payable once the restructuring is
completed considering the changes in economic scenario.
·
Due
to losses and liquidity constraints there have been delays / overdues /
irregularities in respect of repayment of instalments and interest payments on
term loans. Company's proposal for restructuring of its debts from banks has
been approved under CDR mechanism. The implementation of the package is under
progress. Further security deposit of Rs. 115.000 Millions placed with an
associate company has since
·
Networth
of the Company has been eroded in view of the accumulated losses and loss in
the reporting quarter due to a grossly under utilisation of production
facilities. However, with the improvement in liquidity post implementation of
restructuring package, the Company is hopeful that the results will improve in
the coming period and as such the accounts of the Company are prepared on going
concern basis.
·
The
figures of the previous period have been regrouped/reclassified, wherever
necessary, to conform to current period's classification.
FIXED ASSETS
Ø Land
Ø Building
Ø Plant and
Machinery
Ø Data Processing
Equipment
Ø Electric
Installations
Ø Including Gadgets
Ø Tools and
Implements
Ø Furniture and Fixtures
and Other Equipment
Ø Vehicles
Ø Scrap
Ø Computer Software
STATEMENT OF ASSETS
AND LIABILITIES
|
Particular |
30.09.2012 |
|
EQUITY AND
LIABILITIES |
|
|
Shareholders’
funds |
|
|
(a) Share capital |
1137.700 |
|
(b) Reserves and surplus |
(786.000) |
|
Sub-total -
Shareholders' funds |
351.700 |
|
|
|
|
Non-current
liabilities |
|
|
(a) Long-term borrowings |
1055.900 |
|
(b) Other long-term liabilities |
212.100 |
|
(c) Long-term provisions |
188.100 |
|
Sub-total
- Non-current liabilities |
1456.100 |
|
|
|
|
Current
liabilities |
|
|
(a) Short-term borrowings |
803.700 |
|
(b) Trade payables |
1154.900 |
|
(c) Other current liabilities |
3051.200 |
|
(d) Short-term provision |
131.500 |
|
Sub-total - Current
liabilities |
5141.3 |
|
TOTAL - EQUITY AND
LIABILITIES |
6949.100 |
|
|
|
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed assets |
4401.800 |
|
(b) Non-current investments |
401.700 |
|
(c) Long-term loans and advances |
63.500 |
|
Sub-total
- Non-current assets Current assets |
4867.000 |
|
Current assets |
|
|
(a) current Investment |
16.700 |
|
(b) Inventories |
1106.300 |
|
(c) Trade receivables |
485.600 |
|
(d) Cash and cash equivalents |
83.600 |
|
(e) Short-term loans and advances |
312.600 |
|
(f) Other current assets |
77.300 |
|
Sub-total
- Current assets |
2082.100 |
|
|
|
|
TOTAL
- ASSETS |
6949.100 |
AS PER WEB SITE DETAILS
COMPANY HISTORY
The Beginning
JCT Limited, one of the leading manufacturer of textiles and filament yarn, is the flagship company of Thapar Group. With operations in two distinct businesses – cotton, synthetic and blended textiles and nylon filament yarn – JCT Limited is a market driven company fueled by good work ethic, values and a high standard of performance. It is this culture that has helped establish the company’s reputation as one of the finest in the country
JCT Limited was the first textile manufacturer in the country
to introduce eco-friendly fabrics made of organic cotton and its textile
division was the first in the industry to be accredited with an ISO 9001
certification in 1996. Over five decades, since it commenced production in
1946, the textile unit of JCT Limited has grown into one of the largest textile
manufacturers in
The company’s other operations include Filament Yarn, JCT
Limited was also the first to set up a Colour Picture Tube plant in
JCT Limited follows a
balanced model for growth – corporate responsibility and contribution towards social causes such as literacy and
environment, sports and sportspersons development areas important as
innovations About the Visionary
Their founder Lala Karam Chand Thapar (1900 to 1963) was an
ordinary man who went on to achieve extraordinary things. He was a self-made man
in the true sense of the word. After his marriage, Shyamlal, a cousin who ran a
coal depot in
It was a mix of luck and acumen that propelled Karam Chand
into the vortex of the coal industry. Soon he moved to
It was a mix of luck and acumen that propelled Karam Chand
into the vortex of the coal industry. Soon he moved to
In 1946 Karam Chand started textile business by starting the
Jagatjit Cotton Textiles Mills Limited At Phagwara in the
In early 1947 Karam Chand entrusted the planning of three
other textile mills in Phagwara,
Lala Karam Chand Thapar started Ballarpur Industries limited (BILT) in 1945 asBallarpur Paper and Straw Board Mills Limited incorporated.
Lala Karam Chand Thapar started JCT Cotton Textiles Limited (JCT Limited operations in 1946
In 1947, Greaves Cotton and Crompton Parkinson Ltd was bought by Lala KaramChand Thapar
JCT limited setup its Filament Yarn division in 1980 in
technical collaboration with Zimmer AG of
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.55.70 |
|
|
1 |
Rs.89.34 |
|
Euro |
1 |
Rs.72.35 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
26 |
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.