MIRA INFORM REPORT
|
Report Date : |
14.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
JAIN IRRIGATION
SYSTEMS LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
30.12.1986 |
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Com. Reg. No.: |
11-042028 |
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Capital
Investment / Paid-up Capital : |
Rs. 810.360 Millions |
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CIN No.: [Company Identification
No.] |
L29120MH1986PLC042028 |
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IEC No.: |
0388080361 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKJ00066D |
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PAN No.: [Permanent Account No.] |
AAACJ7163Q |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Exporter of Irrigation System. |
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No. of Employees
: |
Not
Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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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 76480000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject
is an established company having a moderate track record. There appears
brightened pressure on Jain Irrigation’s liquidity, as subsidy receivable in
the company’s micro-irrigation systems business remains high. There
appear some dip in the sales turnover and sharp dip in profits during 2013. Trade
relations are reported as fair. Business is active. Payments are reported to
be slow but correct. The company can
be considered normal for business dealings with some caution. Note : The financial of
2013 are taken from indirect source. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long term bank facilities : BB+ |
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Rating Explanation |
Moderate risk of default |
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Date |
April 2013 |
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Rating Agency Name |
CARE |
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Rating |
Short term bank Facilities : A4+ |
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Rating Explanation |
Minimal degree of safety and very high credit risk. |
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Date |
April 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
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Registered Office/ Head/ Research and |
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Tel. No.: |
91-257-2258011/ 2260011/ 22 |
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Fax No.: |
91-257-2258111/ 2261111/ 22 |
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E-Mail : |
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Website: |
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Area : |
71 Acres |
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Location : |
Owned |
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Factory 2 : |
Dhobikuva, Muvad, Padra, Vadodara, |
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Tel. No.: |
91-2662-267281/ 267400 |
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Fax No.: |
91-2662-267363 |
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E-Mail : |
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Area : |
4 Acres |
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Location : |
Owned |
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Factory 3 : |
Jain Hills, |
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Tel. No.: |
91-257-2260033/ 44/ 2260288 |
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Fax No.: |
91-257-2261144 |
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E-Mail : |
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Area : |
236 Acres |
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Location : |
Owned |
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Factory 4 : |
S.No.587 and 588, Village : Kondamadgu,
Mandal Bibi Nagar, District Nalgonda – 508 126, |
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Tel
No. : |
91-8685-277302
/ 3 |
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Fax
No. : |
91-8685-277305 |
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Factory
5 : |
Site
No.258-90, Village Ellaymuthur, Udumalpet, District |
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Tel
No. : |
91-4252-278401/
2 |
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Fax
No.: |
91-4252-278403 |
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E-Mail
: |
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Factory
6 : |
100,
Gollapalli, Village Gangadhara Mandal |
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Tel
No. : |
91-8572-273703/
202022/ 273703 |
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Fax
No.: |
91-8572-273663 |
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E-Mail
: |
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Factory
7 : |
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Tel
No. : |
91-8572-273185/
86/ 273185/ 202033 |
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Fax
No.: |
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Factory
8: |
Plot No. SP-1, Matsya Industrial Area, Alwar – 301 030, |
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Tel
No. : |
91-144-2881173/ 74/ 75/ 99 |
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E-Mail
: |
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Factory
9: |
Survey No.215, JIDC4, At Post Ghangali, Taluka Sihor, District |
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Tel
No.: |
91-2846-294222/ 225503 |
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E-Mail
: |
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Demo
and Research and Development Farm 1
: |
Jain Hills, P.O. Box: 72, Jalgaon – 425 001, |
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Demo
and Research and Development Farm 2
: |
At. Takarkheda, Post Kadholi, Taluka Erandol, District Jalgaon – 425
001, |
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Demo
and Research and Development Farm 3 : |
Angora Breeding Farm, Village Pirdi, Taluka Mahol, District Kulu, |
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Demo
and Research and Development Farm 4 : |
Site No. 258-90, |
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Demo
and Research and Development Farm 5 : |
Aarogyadham”
Kasturba Nisarga Upchar Kendra, |
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Plants in
Overseas : |
Jain Irrigation Inc. - (Micro
Irrigation) 2851, East, Jain Irrigation Inc. [Winter Haven,
Florida] - P.O. Box 3546, 3857 W. Lake Hamilton Dr. Winter, Haven, FL 33881 Chapin Watermatics, Inc. - (Micro
Irrigation) 740, Cascade Specialities Inc. - (Onion
Dehydration Plant) NuCedar Mills, Inc.- (Building
Products-1000 Sheridan Siding and Trim) Tom
Opar, President and CEO, Street, Sleaford Quality Foods Limited [ NaanDanJain Irrigation System Limited [ NaanDanJain Irrigation System Limited [ NaanDanJain Irrigation System Limited [ NaanDanJain Irrigation System Limited [ NaanDanJain Irrigation System Limited [ Jain Sulama Sistemleri Sanayi Ve Ticaret AS. [ THE Machines SA - Rue de
l’industries 5, CH-1462 YVONAND, ProTool AG - Bernstrasse 52, CH-4923 |
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Laisioning
Office : |
7, |
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Tel
No.: |
91-22-22109090/ 22610011/ 22129090/ 22670011 |
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Fax
No. |
91-22-22621177/
22641177 |
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Regional Offices : |
Located at
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Overseas
offices : |
Located at: ·
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DIRECTORS
As on 31.03.2012
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Name : |
Mr. Bhavarlal H. Jain |
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Designation : |
Chairman |
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Address : |
Jain House, 7/8, Suyog Colony, Near Girna Water Tank, Jalgaon – 425
002, |
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Qualification
: |
B. Com., LL.B. |
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Name : |
Mr. Ghaneshyam Dass |
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Designation : |
Director |
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Name : |
Mr. Vasant V. Warty |
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Designation : |
Director (Nominee SBI) |
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Address: |
6
Umesh Society, |
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Qualification: |
BA, LLB, CAIIB |
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Name : |
Mr.
Ramesh C.A Jain |
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Designation : |
Director |
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Address: |
6
Umesh Society, |
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Qualification: |
BA,
LLB |
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Name : |
Mrs.
Radhika C Pereira |
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Designation : |
Director |
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Address: |
Dodhat
Pereira and Associates, 1018, 10th Floor, Maker Chamber V, Nariman
Point, Mumbai – 400 021, |
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Qualification: |
Bsc.
LLB, LLM ( |
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Name : |
Mr. Devendra
Raj Mehta |
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Designation : |
Director
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Date of
Appointment: |
26.12.2007 |
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Name : |
Mr.
Arunkumar Jain |
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Designation : |
Direcror
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Name : |
Mr. Ashok B. Jain |
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Designation : |
Vice Chairman |
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Address: |
Jain House,
7/8, Suyog Colony, Near Girna Water Tank, Jalgaon – 425 002, |
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Qualification: |
M.
Com. |
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Previous
Employment: |
Jain
Brothers Industries – Partner |
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Date
of Appointment : |
12.01
1987 |
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Name : |
Mr. Anil
Bavarlal Jain |
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Designation : |
Managing Director |
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Address: |
Jain
House, 7/8, Suyog Colony, Near Girna Water Tank, Jalgaon – 425 002, |
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Qualification
: |
B.
Com., LL.B. |
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Date
of Appointment : |
12.01.1987 |
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Previous
Employment: |
Jain Brothers
Industries – Partner |
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Name : |
Mr. Ajit B. Jain |
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Designation : |
Joint Managing Director |
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Address: |
Jain
House, 7/8, Suyog Colony, Near Girna Water Tank, Jalgaon – 425 002, |
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Qualification: |
B.E. |
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Experience: |
23
years |
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Date
of Appointment : |
11.01.1985 |
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Name : |
Mr. Atul B Jain |
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Designation : |
Director-
Marketing |
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Date of
Appointment: |
25.08.2009 |
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Name : |
Mr. R
Swaminathan |
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Designation : |
Director
- Technical |
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Address: |
Jain
House, 5/B, Suyog Colony, Near Girna Water Tank, Jalgaon – 425 002, |
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Qualification: |
B.
Tech (Chem) |
KEY EXECUTIVES
|
Name : |
Mr. A.V. Ghodgaonkar |
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Designation : |
Company Secretary |
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Audit
Committee: |
·
Mr. Ramesh C A Jain – Member ·
Mrs. Radhika C Pereira - Member ·
Mr. Vasant V Warty – Member ·
Mr. Ghaneshyam Dass – Chairman |
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Shareholders
Grievances Committee: |
·
Mr. Vasant V Warty – Chairman ·
Mr. Ajit B Jain – Member ·
Mr. Ramesh C. A. Jain– Member |
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Compensation
Committee : |
·
Mr. Mr. Ramesh C
A Jain – Chairman ·
Mr. Ashok B Jain – Member ·
Mr. Ajit B Jain – Member ·
Mr. Vasant V wsarty – Member ·
Ms. Radhika Pereira - Member |
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Operations
Review Committee : |
·
Mr. Ashok B Jain – Chairman ·
Mr. Anil B Jain – Member ·
Mr. Ajit B Jain – Member ·
Mr. R Swaminathan – Member ·
Mr. Atul B Jain- Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 30.06.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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20520575 |
4.72 |
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99093836 |
22.80 |
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119614411 |
27.52 |
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Total shareholding
of Promoter and Promoter Group (A) |
119614411 |
27.52 |
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(B) Public
Shareholding |
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|
5113530 |
1.18 |
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|
321332 |
0.07 |
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|
219135253 |
50.41 |
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|
1000 |
0.00 |
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|
1000 |
0.00 |
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|
224571115 |
51.66 |
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|
23958676 |
5.51 |
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|
31084031 |
7.15 |
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|
8347111 |
1.92 |
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|
27133494 |
6.24 |
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|
2553542 |
0.59 |
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|
1002937 |
0.23 |
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|
10125 |
0.00 |
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2714554 |
0.62 |
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20852336 |
4.80 |
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|
90523312 |
20.82 |
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Total Public
shareholding (B) |
315094427 |
72.48 |
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Total (A)+(B) |
434708838 |
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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|
911140 |
0.00 |
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|
911140 |
0.00 |
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Total (A)+(B)+(C) |
435619978 |
0.00 |
BUSINESS DETAILS
|
Line of
Business : |
Manufacturer and Exporter of Irrigation System. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
Installed Capacity |
Actual Production |
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Micro
Irrigation Systems |
MT |
212410 |
101404 |
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Piping
System |
MT |
259990 |
120979 |
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Plastic
Sheets |
MT |
36300 |
14920 |
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Agro Processing |
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Dehydrated
Onion and Vegetables |
MT |
18214 |
11842 |
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Fruit
Puree and Concentrate |
MT |
141575 |
58179 |
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Solar Systems |
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Solar
Water Heating Systems |
LTR |
2000000 |
1649000 |
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Solar
Photo Voltaic Systems |
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25000000 |
7637405 |
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Tissue Culture Plants |
No’s |
30000000 |
23814905 |
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Slabs/ Tiles |
Sq.mtr |
33750 |
31879 |
NOTE:
1] As certified by
Management and accepted by the auditors.
2] Optimum Capacity
Utilization is only 70% to 80% of installed capacity due to seasonality factor.
3] Entire
production for captive consumption.
GENERAL INFORMATION
|
No. of
Employees : |
Not
Available |
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Bankers : |
Ø Axis
Bank Limited, Mumbai, Ø Bank
of Ø Canara
Bank, Jalgaon, Ø DBS
Bank Limited, Mumbai, Ø Export
Import Bank of Ø HDFC
Bank Limited, Mumbai, Ø IDBI
Bank Limited, Jalgaon, Ø Indian
Bank, Mumbai, Ø Standard
Chartered Bank, Mumbai, Ø State
Bank of Ø
Union Bank of Ø
ICICI Bank Limited, Mumbai, Ø
Yes Bank Limited, Mumbai, Ø
Rabobank
International, Mumbai, |
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Facilities : |
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Auditors : |
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Name : |
Haribhakti and Company Chartered Accountants |
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Address : |
42, Free Press House, 4th Floor, 215, Nariman Point,
Mumbai 400 021, |
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Solicitors : |
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Name : |
Mulla and Mulla
and Craigie and Blunt and Caroe, |
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Address : |
Mulla House, 51, |
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Name : |
Solomon and
Company |
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Address : |
Calcot House, 3rd
Floor, 8/10, M.P. Shetty Marg, ( |
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Wholly Owned
Subsidiary Companies: |
Ø JISL Overseas
Limited, Ø Jain
International Trading BV, |
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Fellow
Subsidiary Companies: |
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Wholly Owned Subsidiaries of JISL Overseas
Limited, |
Ø Jain ( Ø Jain ( Ø Jain Overseas
BV. Netherland |
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Subsidiaries of Jain ( |
Ø Cascade
Specialties Inc. Ø Jain Irrigation
Holding Corporation Inc. |
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Subsidiary of Jain Irrigation Holding Corporation
: |
Ø Jain Irrigation
Inc, |
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Wholly Owned Subsidiaries of Jain Overseas B V,
Netherland : |
Ø JISL Global SA Ø Jain ( Ø Jain Sulama
Sistemleri Sanayi Ve Ticaret Anonim Sirkti, |
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Wholly Owned Subsidiaries of JISL Global SA : |
Ø JISL Systems SA |
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Subsidiary of Jain ( |
Ø Naandan Jain
Irrigation CS Limited |
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Subsidiary of JISL Systems SA, |
Ø The Machines SA |
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Subsidiary of Jain (Europe ) Limited |
Ø SQF 2009 Limited (w.e.f.2nd
November, 2010) |
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Subsidiaries of Naandan Jain Irrigation CS
Limited, |
Ø NaanDan Agro-Pro
Limited, Ø NaanDan Jain Ø NaanDan Jain Australia
Pty Limited, Ø NaanDan Do
Brasil Participacoes Ltda., Ø NaanDan Jain
Industria E Comercio de Equipments Limited, Ø Dansystems Ø NaanDanJain Ø NaanDan Jain
S.R.L., Ø NaanDan Jain Ø NaanDan Jain Ø NaanDanJain
Irrigation Projects S.R.L., |
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Wholly owned
subsidiaries of SQF 2009 Limited |
·
Sleaford Food Group Limited, ·
Sleaford Quality Foods Limited, Arnolds Quick Dried Foods Limited, |
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Subsidiary of THE
Machines SA, |
Pro Tool AG, |
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Subsidiary of
Cascade Specialties Inc., |
White Oak Frozen Foods, |
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Joint venture of
Naandan Jain Irrigation CS Limited, |
Dansystems |
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||||||||||||||||||||||||||||||||||||
|
Not consolidated in
Naandan Jain Irrigation CS Limited, Israel |
Naan Sprinklers and Irrigation Systems, INC, |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Other Related
Parties : |
Companies : · Jain Extrusion and Molding Private Limited · Jain Vanguard Polybutelyne Limited · Atlaz Technology Private Limited · JAF Products Private Limited · Jalgaon Investment Private Limited · Jain Rotfil Heaters Private Limited · Jain e-agro.com India Private Limited · Aadhunik Hi Tech Agriculture Private Limited. (Formerly Gauri Hi Tech Agriculture Private Limited) ·
Kantabai
Bhavarlal Jain Family Knowledge Institute Partnership Firms : · Jain Computer and Allied Services · Jalgaon Metal and Bricks Manufacturing Company Proprietorship : · PVC Trading House · Plastic Enterprises · Drip and Pipe Suppliers · Jain Sons Investments Corporation Trust : · Anubhuti Scholarship Foundation · Bhavarlal and Kantabai Jain Multipurpose Foundation Trust Entities :
Foreign Companies : ·
Jain Investments and ·
Jain Overseas Investments Limited. |
||||||||||||||||||||||||||||||||||||
CAPITAL STRUCTURE
As on 21.09.2012
Authorised
Capital :
Rs.2973.000 millions
Issued,
Subscribed & Paid-up Capital : Rs.909.829 millions
As on 31.03.2012
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
926500000 |
Equity Shares |
Rs.2/- each |
Rs.1853.000 Millions |
|
5000000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs.500.000 Millions |
|
310000000 |
Differential
Voting Rights Equity Shares |
Rs.2/- each |
Rs.620.000 Millions |
|
|
Total |
|
Rs. 2973.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
385886085 |
Equity Shares |
Rs.2/- each |
Rs.771.772 Millions |
|
19294304 |
Differential
Voting Rights Equity Shares |
Rs.2/- each |
Rs.38.588 Millions |
|
|
Total |
|
Rs. 810.360 Millions |
Notes:
a) Rights, preferences and restrictions
attached to equity shares
Each holder of ordinary equity shares
is entitled to one vote per share. They have right to receive dividend proposed
by the Board of directors and approved by the shareholders in the annual
general meeting, right to receive annual report and other quarterly/half
yearly/annually reports/notices and right to get new shares proportionately in
case of issuance of additional shares by the company.
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 of all preferential amounts. The
distribution will be in proportion to the number of ordinary equity shares held
by the shareholders. The company has a first and paramount lien upon all the
ordinary equity shares.
b) Terms of redemption of preference
shares
462,642 Preference shares of Rs.100 each were redeemed in 2 equal installments on June 30,
2009 and on June 30, 2010 at a premium of Rs.16 per share.
c) Terms and conditions of differential
voting rights (DVR)
The DVR equity shareholders have the
same rights as the ordinary equity shares of the company except voting rights.
Every 10 DVR equity shares have one voting right on poll (on show of hands
however they carry 1 vote for every person voting). Any DVR holder holding less
10 DVR equity shares hold fractional voting rights. The DVR equity shares have
right to receive full dividend, to receive annual report and other
information/correspondence from time to time, to receive bonus and/or rights
shares of the same class of shares as and when such an issue is made in respect
of ordinary equity shares and in the same ratio and terms. In case of buy back
or reduction of capital of ordinary equity shares, the DVR equity shares have
right subject to buyback or reduction on the same terms as ordinary equity
shares. Further, in case of issue of ordinary equity shares or any other
securities or assets to ordinary equity shares in case of amalgamation/demerger/
re-organisation/ reconstruction, the DVR equity shares have right to receive
DVR equity shares and any other securities/assets as issued to ordinary equity
shares. They have right to hold separate class meeting if their rights are
affected in any manner adversely.
d) Pursuant to the decision of Board on August 9, 2010 and
Shareholders’ decision dated September 29, 2010 the Company decided to split
Equity Shares of Rs.10 each into Equity Shares of Rs.2 each. The Company fixed a record date of November 1,
2010 to make effective the split of shares as above.
Shareholders holding more than 5% of
equity share capital/equity share capital with differential voting rights
(Equity
shares of Rs.2
each)
|
Name of the Shareholder |
31-Mar-2012 |
|||
|
Ordinary equity shares |
DVR |
|||
|
Number
of Shares |
Percentage of holding |
Number
of Shares |
Percentage of holding |
|
|
Jalgaon Investments Private Limited |
96605000 |
25.03% |
4830250 |
25.03% |
|
Emerging Markets Growth Fund, Inc. |
20202102 |
5.24% |
974450 |
5.05% |
|
Smallcap World Fund, Inc |
11470000 |
2.97% |
573500 |
2.97% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
810.360 |
771.450 |
|
(b) Reserves & Surplus |
|
17961.280 |
15723.320 |
|
(c) Money received against share warrants |
|
347.930 |
347.930 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
19119.570 |
16842.700 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a (a) long-term borrowings |
|
9979.110 |
7640.270 |
|
(b) Deferred tax liabilities (Net) |
|
1709.870 |
1224.250 |
|
(c) Other long term
liabilities |
|
0.000 |
54.490 |
|
(d) long-term
provisions |
|
36.660 |
39.910 |
|
Total Non-current
Liabilities (3) |
|
11725.640 |
8958.920 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
15800.030 |
12966.460 |
|
(b) Trade payables |
|
11744.540 |
10936.230 |
|
(c) Other current
liabilities |
|
4198.750 |
3484.520 |
|
(d) Short-term
provisions |
|
509.850 |
488.230 |
|
Total Current
Liabilities (4) |
|
32253.170 |
27875.440 |
|
|
|
|
|
|
TOTAL |
|
63098.380 |
53677.060 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
17716.900 |
14811.090 |
|
(ii) Intangible Assets |
|
141.950 |
141.650 |
|
(iii) Capital
work-in-progress |
|
1773.850 |
832.600 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
4307.400 |
4032.790 |
|
(c (c) Deferred tax
assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
1720.850 |
1926.680 |
|
(e) Other
Non-current assets |
|
567.380 |
83.100 |
|
Total
Non-Current Assets |
|
26228.330 |
21827.910 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
8011.960 |
9149.470 |
|
(c) Trade receivables |
|
20286.080 |
14818.160 |
|
(d) Cash and cash
equivalents |
|
2827.430 |
3830.300 |
|
(e) Short-term loans
and advances |
|
1747.340 |
1809.770 |
|
(f) Other current
assets |
|
3997.240 |
2241.450 |
|
Total Current Assets |
|
36870.050 |
31849.150 |
|
|
|
|
|
|
TOTAL |
|
63098.380 |
53677.060 |
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
783.440 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
12646.110 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
13429.550 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
14022.710 |
|
|
2] Unsecured Loans |
|
|
3813.070 |
|
|
TOTAL BORROWING |
|
|
17835.780 |
|
|
DEFERRED TAX LIABILITIES |
|
|
1024.420 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
32289.750 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
12026.270 |
|
|
Capital work-in-progress |
|
|
1215.840 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
3964.660 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
6061.540
|
|
|
Sundry Debtors |
|
|
8876.000
|
|
|
Cash & Bank Balances |
|
|
4378.130
|
|
|
Other Current Assets |
|
|
251.540
|
|
|
Loans & Advances |
|
|
3735.900
|
|
Total
Current Assets |
|
|
23303.110 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
6128.290 |
|
|
Other Current Liabilities |
|
|
1594.390
|
|
|
Provisions |
|
|
497.450
|
|
Total
Current Liabilities |
|
|
8220.130
|
|
|
Net Current Assets |
|
|
15082.980
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
32289.750 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
37810.920 |
33309.010 |
27229.110 |
|
|
|
Other Income |
312.990 |
828.280 |
247.420 |
|
|
|
TOTAL |
38123.910 |
34137.290 |
27476.530 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
20540.810 |
21281.480 |
20925.070 |
|
|
|
Changes in inventories of finished
goods and work in progress |
640.070 |
(2425.02) |
|
|
|
|
Employee benefit expenses |
1721.860 |
1503.210 |
|
|
|
|
Other expenses |
7253.040 |
5746.180 |
|
|
|
|
TOTAL |
30155.780 |
26105.850 |
20925.070 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
7968.130 |
8031.440 |
6551.460 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST
FINANCIAL EXPENSES |
4234.770 |
2916.860 |
1942.970 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3733.360 |
5114.580 |
4608.490 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1007.270 |
839.720 |
685.910 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2726.090 |
4274.860 |
3922.580 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
42.300 |
1322.270 |
1219.340 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ITEMS |
0.800 |
0.000 |
(9.210) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2682.990 |
2952.590 |
2712.450 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6628.830 |
4449.240 |
2850.890 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
500.000 |
300.000 |
271.200 |
|
|
|
Transfer to Capital Redemption Reserve |
0.000 |
23.000 |
425.390 |
|
|
|
Proposed Preference Dividend for the year |
0.000 |
0.000 |
13.540 |
|
|
|
Proposed Equity Dividend |
405.000 |
386.000 |
343.320 |
|
|
|
Provision for Dividend Tax on Preference
Dividend for the year |
|
|
2.300 |
|
|
|
Provision for Dividend Tax on Equity
Dividend |
66.000 |
64.000 |
58.350 |
|
|
BALANCE CARRIED
TO THE B/S |
8340.820 |
6628.830 |
4449.240 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports (on the basis of bill of lading) |
6348.290 |
4920.470 |
4889.570 |
|
|
TOTAL EARNINGS |
6348.290 |
4920.470 |
4889.570 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Components and Stores and Spares |
6288.910 |
7781.150 |
6796.710 |
|
|
|
Capital Goods |
1858.230 |
1787.890 |
5837.810 |
|
|
TOTAL IMPORTS |
8147.140 |
9569.040 |
12634.520 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.62 |
7.75 |
7.17 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
8649.300 |
6149.700 |
7709.700 |
12658.400 |
|
Total Expenditure |
7630.800 |
4950.400 |
7002.800 |
10661.700 |
|
PBIDT (Excl OI) |
1018.500 |
1199.300 |
706.900 |
1996.700 |
|
Other Income |
53.100 |
298.500 |
107.700 |
412.700 |
|
Operating Profit |
1071.600 |
1497.800 |
814.600 |
2409.400 |
|
Interest |
1027.900 |
1019.100 |
1028.300 |
1036.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
43.700 |
478.700 |
(213.700) |
1373.200 |
|
Depreciation |
274.100 |
274.400 |
307.700 |
339.000 |
|
Profit Before Tax |
(230.400) |
204.300 |
(521.400) |
1034.200 |
|
Tax |
(61.600) |
(158.200) |
(209.700) |
615.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(168.800) |
362.500 |
(311.700) |
419.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0 |
|
Net Profit |
(168.800) |
362.500 |
(311.700) |
41.90 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
7.04
|
8.65
|
9.87
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.21
|
12.83
|
14.41
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.78
|
8.76
|
11.10
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.25
|
0.29
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.35
|
1.22
|
1.33
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.37
|
2.26
|
2.83
|
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 |
Yes |
|
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 |
Yes |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
four years |
No |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
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 |
UNSECURED LOAN :
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
Term loans |
|
|
|
-
From banks |
750.000 |
0.000 |
|
- From financial
institutions |
2251.090 |
1421.020 |
|
Loans repayable on demand |
|
|
|
-
Money
market borrowing (Commercial papers) |
100.000 |
150.000 |
|
-
Short
term loan (Average interest rate – 13.27%) |
4452.220 |
3590.000 |
|
Total |
7553.310 |
5161.020 |
OPERATIONS :
The sales and operating income grew by a little over 14%, even as
domestic revenues remained flat at 11.1% YoY, while the exports jumped up by 30.4%
YOY. In the domestic revenues the growth was mainly contributed by 11% YOY
growth in MIS/SIS, 16% agro processing, 5% Pipes and 127% Green Energy
businesses. The 30.4% overall growth in exports was contributed by MIS 62%, PVC
Pipe 59.5%, PE Pipe 111%, PVC Sheet 27.8%, Onion 21% and, generally the strong
exports trend in 2nd half of Financial Year 2012. The actual loss on account of
adverse Rupee Dollar movement is Rs.145.000 million out of total largely
notional expense on this account of Rs.1289.300 million. The Finance charges
are a little over 10% of Revenues and much above the targeted level of 5%
mainly due to delays in receivable collection (subsidy receivables from
Government). The profit for the year is Rs.2683.000 million a decrease of 9.5% over
last year’s level.
SIGNIFICANT
AWARDS, ACCOLADES AND RECOGNITIONS
The Company has received several awards on International, National and
State level during the
Financial Year 2012, however significant ones are:
G20 Challenge on inclusive award. Only 15 global Companies have been
awarded for their efforts in inclusive business innovation in their respective
fields of business (e.g. Agriculture for Jain irrigation) at G20 Leaders Summit
at Cabos in
New Sustainability Champion Award at World Economic Forum,
Inclusive Agri Business Leadership Award Instituted by International
Finance Corporation (World Bank Group)
MANAGEMENT
DISCUSSION AND ANALYSIS
The global economy is in an almost synchronised slow down after an
initial upward momentum seen in early part of CY 2012. Despite slowdown
concerns the commodity cycle remains uncertain. Exports from emerging and
developing countries have been detained by weak global economic activity. On
the domestic front too macro economic indicators are raising concerns about
growth which is being revised downward by independent agencies to below 6% per
annum. Since last quarter of Financial Year 2011, the GDP growth estimates of
9.2% are now down to 5.3% in last quarter of Financial Year 2012. Domestic
interest rates are very high and not conducive to new investment decisions.
Meanwhile public atmosphere has been vitiated with constant stream of negative
news stretched government finances and pessimistic emerging scenario.
Significant weakness in investment activity is the main cause of slowdown. Monsoon
situation continues to worry, monsoon estimates were revised down too and the
country is expected to receive around 85% rainfall of long period average.
Inflation remains sticky due to primary food inflation and is not expected to
improve if drought were to be confirmed by end of Monsoon season in September
2012.
OVERVIEW OF
BUSINESS
Their Company (JISL) is a leading agri-business Company, operating in
diverse but integrated segments of the agribusiness value chain. It is the second
largest micro irrigation Company globally and is largest manufacturer of micro
irrigation systems in
OVERSEAS HOLDING
COMPANIES
JISL Overseas
Limited,
Jain International
Trading B.V., Netherland is a wholly owned subsidiary of the Company and is
incorporated in 2010 under the laws of Netherland. For the year ended 31st
March, 2012, Jain International Trading B.V. had share capital of US$6.67
million. The said Company had a loss of US$ 312,860 for the year ended 31st
March, 2012.
Jain Overseas
B.V., Netherland is a wholly owned subsidiary of the JISL Overseas Limited,
Jain (
JISL Global SA,
Switzerland is a wholly owned subsidiary of the Jain Overseas BV.,
JISL Systems SA,
Switzerland is a wholly owned subsidiary of the JISL Global SA.,
Jain Irrigation
Holdings Inc. Delaware, USA is a subsidiary of the Jain Americas Inc.,
OVERSEAS MARKETING
COMPANIES
Jain (
Jain (Europe)
Limited;
OPERATING
SUBSIDIARY COMPANIES :
Jain Irrigation
Inc.,
Cascade
Specialities Inc. USA is a wholly owned subsidiary of the Company
through the Jain (
NaanDanJain
Irrigation C.S. Limited
THE Machines SA,
Switzerland is a wholly owned subsidiary of the Company through the JISL Systems SA.
It is a
Jain Sulama
Sistemleri San. Tic. A.S.,
SQF 2009 Limited,
UK
is based in Sleaford town in
Pro Tool AG,
Switzerland is a Switzerland based manufacturer of plastic injection mould. The
Company is owned to the extent of 75% through the THE Machine SA. For the post
acquisition period, the Company had reported revenue of CHF 1.03 million
(Equivalent to US$1.18 million). The company has a option to acquire remaining
ownership over the next 10 years from other share holders at an agreed fixed
price.
Eurodrip
OVERVIEW OF
SEGMENT
HIGH-TECH AGRI
INPUT PRODUCTS
This segment comprises of Micro and Sprinkler irrigation systems, PVC
Pipes, biotech Tissue Culture and other agri inputs. The segment has grown at
almost 12.5% over the previous year at Rs. 25595.000 million. The main growth
engine was the MIS business at an impressive 11.4% growth. PVC pipes also grew
at a growth rate of 13.6%. The segment profit has grown by approximately 7%
over the earlier year’s level, while the capital employed grew at over 65%
reflecting the creation of additional capacities during the year as well as
stretched MIS/ SIS receivables.
Micro and
sprinkler irrigation
Industry
The industry is broadly divided into the organized and unorganized
segments in the country. The Company is the largest player in the organized
sector. In view of the involvement of a large number of components in a system,
all of which are not available with a single manufacturer, it is difficult to
hazard a guess about the exact size of the industry as most of the figures are
derived on the basis of information available from different sources. While the
Company controls 55% of the Micro Irrigation business in the country, it has a
market share of 35% in the Sprinkler irrigation business in the country. The
current estimate of industry size is Rs. 33 bn. and it is growing at a fast
pace. Currently only 5 million Ha (7% coverage) of the possible 69 million Ha
area is covered under the micro and sprinkler irrigation in the country.
However, as per Government task force, 17million Ha of land can be easily
brought under micro irrigation coverage in the country by 2012, while by 2030
the extent of MIS/SIS coverage may reach 69.5 mn Ha.
The prospect for global growth of the MIS industry is strong. Experts estimate
that by 2025 the majority of developed countries will confront issues resulting
from a scarce water supply, with all major economies switching to MIS to
mitigate the disruption that such a shortage could cause. Although MIS’s
popularity continues to grow, high initial costs have hindered its wider
application. Despite this, over the last 20 years, there has been a six-fold
increase in the area under micro irrigation. North America and Europe have the
highest rates of utilization, with the
Performance
The business contributes approximately 51% of the Company’s turnover.
The division has been growing at a CAGR of 39% in last five years on the back
of projects in the States of Andhra Pradesh, Gujarat, Tamil Nadu and consistent
growth in
Almost 50% of the arable land in the country is still rain fed. The
Government (Central and State) provide 50% capital subsidy for promoting the
use of Micro Irrigation by farmers. While targeting an agriculture growth of 4%
per annum, the government had also placed higher targets for farm credit and
agriculture investments at 2% plus of the GDP for the XII plan period. Recently
in 2010 the Cabinet Committee of Economic Affairs approved the “National
Mission on Micro Irrigation” (NMMI) during the Eleventh Plan period. This again
demonstrates the sustained focus of the government on pushing the micro-irrigation
as a tool to conserve the water and address the issue of food security. The
Union Budget reflected an overall increase in thrust towards agriculture.
During the year, the 23rd manufacturing plant worldwide, and 11th in
PVC Piping
Industry Indian
Scenario
Performance
During the FY 2012, this business contributed 17% revenue for the
Company. The business has grown at a steady 16.7 % in revenues over last year.
The business added 4,620 MT of capacity during the year , while the Fixed
Assets addition was to the tune of Rs.1830.000 million. The Company is a clear
leader in rural water and irrigation markets, while it has long way to go to
build business in urban areas for building and construction sector
Biotech Tissue
Culture
Industry
The industry is broadly divided into two segments
1) Fruits and vegetables
2) Leafy Plants and flowering Ornamental Plants.
The industry is not organized although some big names did start forays
in this industry in the mid 1990’s. Most of the players are engaged in tissue
culture for cut flower exports, where the model of business is quite different.
The Company started with banana as the main crop for tissue culture and the
efforts have really paid off. The industry is still growing at an estimated 25%
per annum.
Performance
The sales in business crossed Rs.436.000 million during the year,
reflecting a 61.4% growth over the previous year. The quantity increased to
29.600 million plantlets. Keeping quality of plants as the top priority.
Company had implemented a four stage disease testing program. The unit has also
maintained various certification standards for commercial tissue culture
laboratories. This division had extra ordinary performance in all respects.
The outlook continues to be excellent and demand shows improved uptake in the coming season. Now, many State Governments are evincing keen interest in promoting tissue culture. The Company has the opportunity to diversify the business, produce fruit, ornamental and other fruit plants. The Company has also started production of tissue culture pomegranate plants, onion and even mango. Research and Development to create Citrus plants has been successful. There is also an export potential to other Asian countries which can be tapped.
Industrial Products
PE Piping
Industry
The applications of PE pipes are growing at a fast pace and yet new
applications are being developed for the product. In applications like sewage
and effluent disposal, due to the tougher environmental laws and stricter
application of the same by the Government departments, the replacement of
cement/metal pipes by PE pipes is becoming very relevant. Such possibilities
are significant especially since the larger diameter PE pipes are now
indigenously available within the country itself. The Company’s presence in gas
and cable duct segments of the PE pipe business is commanding and hence the
overall market share is in excess of 30%. The Company is operating in all
segments of the applications like cable duct, sprinklers, gas distribution,
water conveyance, house service connection, Sewage conveyance, Effluent
disposal, sand stowing, dust suppression etc.
Performance
This business has degrown in FY 2012 by 9.7%. However it is still at
Rs.2878.000 million for Financial Year 2012. However, with all user industries
like telecom, gas, water and sewerage having good plans for growth and capital
expenditure, the future is bright for this business. While future is bright, in
short term, the business in languishing due to stalled infrastructure projects.
The Company has successfully continued to get large supply contracts
with multinational companies for supply all over the world as a preferred
supplier with very encouraging revenues. The massive infrastructure projects
undertaken under the Bharat Nirman Yojana, increased investments by
telecommunication industry and plans for piped gas in cities, continue to be
the potential demand drivers for the industry. All the Gas Distribution
companies are continuing their growth plans as newer cities are being added
every year. The telecom sector in
Onion and
vegetable dehydration
Industry
Dehydrated Onion is the largest used general food ingredient. This
industry is dominated by supplies from
Performance
During the year, this business has grown by 23.5% as compared to
previous year. The Company achieved this sales growth under the adverse
scenario of bad onion crop, increased raw material cost, volatile rupee, etc. Company
also achieved better realization on average sale price per kilo basis therefore
showing overall good performance. In order to maintain its leadership position
the Company has upgraded and maintained its quality management system to ISO
22000 apart from other certifications like BRC, GMA SAFE, Kosher, Halal etc.
Company's Indian operations have also been certified under ISO 14001 and OSHAS
18001 for Environment and Occupational Health and Safety.
Outlook for vegetable dehydration industry in general and dehydrated
onion industry in particular looks positive. Large multinational companies with
very popular household brands are looking towards consolidating the number of
suppliers and trying to align with select few suppliers who can provide better
traceability and sustainability. This puts the Company in a very good position
due to its backward linkages, relationship with farmers, contract farming
programs, ability to supply from two different origins with different seasons and
product quality attributes and Company’s sustainability in general. Company has
seen its business grow with quality oriented large multinationals over last few
years. Worldwide Onion dehydration industry is estimated to be around 180,000
MTPA. The industry is growing globally at 3-5% per annum. The Company now has
capacity to produce approximately 28,000 MT per annum of finished products
between its three plants in two countries. This makes the Company the third
largest dehydrated onion producer in the world. Company has also expanded its
business by increasing the usage of dehydrated onion in the custom made dry
ingredients blends for food industry through its subsidiary in the
Fruit processing
Industry
The fruit and vegetable processing industry has a huge potential in
Performance
This unit forms an important part of the Company’s approach to
integrated farming model, wherein the Company supplies the farmer with
high-tech agri inputs, and is ready to buy back the surplus output to add value
and offer the same locally and in International markets, thereby completing the
agri value chain. The unit clocked yearly revenues of Rs.3475.000 Millions.
during the year . The business grew at 12.6% in value terms. The unit processed
113,520 MT of fruits during the year. The unit added new capacities in Aseptic,
Frozen and IQF part of the business recently. Company processed various fruits
like Mango, Pomegranate, Amla, Guava, Banana, Papaya, Tomato, etc in the year.
The unit continues to retain its accreditation under various quality standards
such as ISO 22000, FSSC 22000, SGF, Kosher etc. The business unit has also
achieved accreditation under ISO 14000 and OSHAS 18000 standards. With the
increased capacity, improved plant utilization and reduction in raw material
transport cost; this unit has become cost efficient and a high quality producer
of fruit purees and concentrates. The Company is a strategic supplier to Coca
Cola system worldwide for supplying Mango Pulp/Puree and Concentrates. The
'Maaza' brand of Coca Cola Company is a brand leader in the fruit beverages
category and continues to clock compounded annual growth rate of upto 30%.
PVC Sheets
Industry
Major markets for Company’s products are Europe and
Performance
This business has grown by 29.5% in current year. It accounted for
around 5% of the revenue.
CONTINGENT
LIABILITIES NOT PROVIDED IN RESPECT OF:
|
Particulars |
31.03.2012 Rs.
In Millions |
31.03.2011 Rs.
In Millions |
|
Claims not acknowledged as debts in respect of: |
|
|
|
- Customs and Excise duty |
283.970 |
281.470 |
|
- Other taxes and levies |
69.420 |
73.780 |
|
- Others (Legal) |
22.440 |
52.710 |
|
Guarantees given by the company bankers in the normal course of
business |
1704.300 |
1263.650 |
|
Export bills discounted of related
party with consortium banks |
1242.430 |
104.070 |
|
Export obligations towards duty saved amount under EPCG scheme |
1446.100 |
1834.100 |
|
Corporate Guarantee given for repayment of indebtedness of overseas
subsidiaries |
2141.080 |
1802.040 |
|
SBLC issued by bank for repayment
of indebtedness of overseas subsidiaries |
1268.680 |
1451.130 |
In respect of (i) above, the company has taken necessary
legal steps to protect its position in respect of these claims, which, in its
opinion, based on legal advice, are not expected to devolve. It is not possible
to make any further determination of the liabilities which may arise or the
amounts which may be refundable in respect of these claims.
INDEX OF CHARGE :
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10434071 |
22/05/2013 |
5,686,708.00 |
SREI Equipment Finance Private Limited |
'VISHWAKARMA', 86C, TOPSIA ROAD,
KOLKATA-700046, West Bengal, INDIA |
B78398179 |
|
2 |
10433110 |
22/05/2013 |
1,016,016,000.00 |
Export-Import Bank of |
|
B77997740 |
|
3 |
10424122 |
06/05/2013 |
500,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE,
MUMBAI, Maharashtra - 400005, |
B74567736 |
|
4 |
10419002 |
22/03/2013 * |
4,831,810,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
Asian Bldg., Ground Floor, 17, R.Kamani Marg,
Ballard Estate, MUMBAI - 400001, Maharashtra, INDIA |
B73117376 |
|
5 |
10415976 |
21/03/2013 |
789,000,000.00 |
Canara Bank |
Visanji Nagar, Jalgaon, Maharashtra -
425001, |
B72052277 |
|
6 |
10402588 |
08/02/2013 |
600,000,000.00 |
RABO INDIA FINANCE LIMITED |
GF/A-03 B, GROUND FLOOR, BUILDING NO. 9,
TOWER A, |
B67936245 |
|
7 |
10406274 |
08/02/2013 |
1,500,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF
INDIA, DR. |
B68929579 |
|
8 |
10406496 |
29/01/2013 |
1,561,000,000.00 |
IDBI Bank Limited |
IDBI Bank Ltd, CBG, 2nd flr, Pride House, University
Rd, Ganeshkhind, Nr .university circle,, Pune - 411016, Maharashtra, INDIA |
B68993385 |
|
9 |
10389316 |
09/11/2012 |
700,000,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE PARADE,
MUMBAI - 400005, Maharashtra, INDIA |
B63097737 |
|
10 |
10378013 |
01/10/2012 |
500,000,000.00 |
State Bank of |
Bhavani Shankar Road, Dadar (West), Mumbai
- 400028, Maharashtra, INDIA |
B58657586 |
STATEMENT OF AUDITED FINANCIAL
RESULTS FOR THE QUARTER AND
NINE MONTHS ENDED ON 31ST MARCH
2013
(Rs. in millions)
|
PARTICULARS |
Quarter Ended |
Year Ended |
||
|
Audited |
Un-Audited |
Audited |
||
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
||
|
1a |
Net
Sales / Income from Operations |
|
|
|
|
|
Gross
Sales |
12551.500 |
7807.200 |
35178.100 |
|
|
Less:
Excise Duty |
(460.000) |
(305.100) |
(1116.900) |
|
|
Net
Sales |
12091.500 |
7502.100 |
34061.200 |
|
1b |
Other
Operating Income |
566.900 |
207.600 |
1098.100 |
|
|
Total
Income |
12658.400 |
7709.700 |
35159.300 |
|
2 |
Expenditure |
|
|
|
|
|
a)
Cost of Materials Consumed |
5992.700 |
5818.100 |
21687.800 |
|
|
b)
Purchase of Traded Goods |
-- |
-- |
-- |
|
|
c)
Changes in Inventories of Finished Goods, Work-in-Progress &
Stock-in-Trade |
1982.400 |
(2086.900) |
(1294.100) |
|
|
d)
Employee Benefits Expenses |
492.700 |
427.900 |
1737.400 |
|
|
e)
Depreciation & Amortization Expenses |
339.000 |
307.700 |
1195.200 |
|
|
f) Other Expenditure (i to iii) |
2193.900 |
1478.200 |
6754.700 |
|
|
i)
Manufacturing Expenses |
857.000 |
728.700 |
3181.400 |
|
|
ii)
Selling & Distribution Expenses |
760.100 |
471.600 |
2298.800 |
|
|
iii)
Administrative & Other Expenses |
576.800 |
277.900 |
1274.500 |
|
|
g)
Cost of self generated capital expenditure |
-- |
-- |
-- |
|
|
Total
Expenditure |
11000.700 |
6745.000 |
30081.000 |
|
3 |
Profit/(Loss)
from Operations before Exchange Rate Difference, Other Income, Finance Costs,
Tax & Exceptional Items. |
1657.700 |
964.700 |
5078.300 |
|
4 |
Exchange
Rate Difference - (Expense) / Income |
146.800 |
(377.700) |
(623.800) |
|
5 |
Profit/(Loss) from Operations
before Other Income, Finance Costs, Tax & Exceptional Items |
1804.500 |
587.000 |
4454.500 |
|
6 |
Other
Income / (Expenses) |
265.900 |
107.700 |
454.200 |
|
|
-
Interest |
69.200 |
76.200 |
214.600 |
|
|
-
Other |
196.700 |
31.500 |
239.600 |
|
7 |
Profit/(Loss)
before Finance Costs & Exceptional Items |
2070.400 |
694.700 |
4908.700 |
|
8 |
Finance
Costs |
|
|
|
|
|
-
Interest |
1036.200 |
1028.300 |
4111.500 |
|
|
- Applicable Net Loss Foreign Currency Translation
and Transaction |
-- |
187.800 |
310.400 |
|
9 |
Profit/(Loss)
after Finance Costs but before Exceptional Items |
1034.200 |
(521.400) |
486.800 |
|
10 |
Exceptional
Items |
-- |
-- |
-- |
|
11 |
Profit/(Loss)
From Ordinary Activities Before Tax |
1034.200 |
(521.400) |
486.800 |
|
12 |
Tax
Expense |
615.200 |
(209.700) |
185.700 |
|
13 |
Net
Profit/(Loss) From Ordinary Activities After Tax |
419.000 |
(311.700) |
301.100 |
|
14 |
Prior
Period Expenses |
-- |
-- |
-- |
|
15 |
Share of loss in Associate
Company |
-- |
-- |
-- |
|
16 |
Minority
interest |
-- |
-- |
-- |
|
17. |
Net
Profit/(Loss) for the period / Year |
419.000 |
(311.700) |
301.100 |
|
18. |
Paid-up
equity share capital at Rs. 2/- each |
909.800 |
909.800 |
909.800 |
|
19. |
Researve
excluding revalution researves |
-- |
-- |
22295.000 |
|
20. |
Earnings
Per Share (EPS in Rs.) [without annualising] a) EPS Before Extra-Ordinary
Items for the period. |
|
|
|
|
|
i)
Basic |
0.98 |
(0.76) |
0.70 |
|
|
ii)
Diluted |
0.98 |
(0.76) |
0.70 |
|
|
b)
EPS After Extra-Ordinary Items for the period. |
|
|
|
|
|
i)
Basic |
0.98 |
(0.76) |
0.70 |
|
|
ii)
Diluted |
0.98 |
(0.76) |
0.70 |
|
19 |
A)
Particulars of Shareholding 1)
Public Share Holding (Including 'EDR's) |
|
|
|
|
|
i)
Number of Ordinary Equity Shares |
316005567 |
316005567 |
316005567 |
|
|
ii)
Percentage of Ordinary Equity Share holding (as
a % of the total Ordinary Equity Capital of Company) |
72.54% |
72.54% |
72.54% |
|
|
iii)
Number of DVR Equity Shares |
13438030 |
13438030 |
13438030 |
|
|
iv)
Percentage of DVR Share holding (as a % of the total DVR Capital of Company) |
69.65% |
69.65% |
69.65% |
|
|
2)
Share Holding of Promoter Group |
|
|
|
|
|
a)
Pledged / Encumbered |
|
|
|
|
|
i)
Number of Ordinary Equity Shares |
19599715 |
19599715 |
19599715 |
|
|
ii)
Percentage of Ordinary Equity Shares (as
a % of the total Ordinary Equity shareholding of Promoter & promoter
group) |
16.39% |
16.39% |
16.39% |
|
|
iii)
Percentage of Ordinary Equity Shares (as
a % of the total Ordinary Equity Capital of Company) |
4.50% |
4.50% |
4.50% |
|
|
iv)
Number of DVR Equity Shares |
669830 |
669830 |
669830 |
|
|
v)
Percentage of DVR Share holding (as
a % of the total DVR shareholding of Promoter & Promoter Group) |
11.44% |
11.44% |
11.44% |
|
|
vi)
Percentage of DVR Equity Shares (as a % of the total DVR Capital of Company) |
3.47% |
3.47% |
3.47% |
|
|
b)
Non Encumbered |
|
|
|
|
|
i)
Number of Ordinary Equity Shares |
100014696 |
100014696 |
100014696 |
|
|
ii)
Percentage of Ordinary Equity Shares (as
a % of the total Ordinary Equity shareholding of Promoter & promoter
group) |
83.61% |
83.61% |
83.61% |
|
|
iii)
Percentage of Ordinary Equity Shares (as
a % of the total Ordinary Equity Share Capital of Company) |
22.96% |
22.96% |
22.96% |
|
|
iv)
Number of DVR Equity Shares |
5186444 |
5186444 |
5186444 |
|
|
v)
Percentage of DVR Share holding (as
a % of the total DVR shareholding of Promoter & Promoter Group) |
88.57% |
88.57% |
88.57% |
|
|
vi)
Percentage of DVR Equity Shares (as a % of the total DVR Capital of Company) |
26.88% |
26.88% |
26.88% |
|
|
Particulars |
31.03.2013 |
|
|
3 Month Ended |
|
|
|
B)
Investor Complaints i)
Pending at the beginning of the quarter |
-- |
|
|
ii)
Received during the quarter |
5 |
|
|
iii)
Disposed of during the quarter |
5 |
|
|
iv)
Remaining unselved at the end of the quarter |
-- |
QUARTERLY / NINE MONTHS ENDED
REPORTING OF SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41
OF THE LISTING AGREEMENT
(Rs. in millions)
|
Particulars |
Quarter Ended |
Year Ended |
||
|
Audited |
Un-Audited |
Audited |
||
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
||
|
1 |
Segment
Revenue |
|
|
|
|
|
a)
Hi-tech Agri Input Products |
7891.100 |
5165.000 |
22848.000 |
|
|
b)
Industrial Products |
3573.800 |
2130.700 |
10002.100 |
|
|
c)
Green Energy |
1193.500 |
414.000 |
2309.200 |
|
|
Net
Sales Income From Operations |
12658.400 |
7709.700 |
35159.300 |
|
2 |
Segment
Result : (Profit/ (Loss) before tax & interest from each segment) |
|
|
|
|
|
a)
Hi-tech Agri Input Products |
1642.300 |
843.100 |
5171.500 |
|
|
b)
Industrial Products |
501.100 |
435.000 |
1193.500 |
|
|
c)
Green Energy |
196.900 |
65.600 |
395.900 |
|
|
Total |
2340.300 |
1343.700 |
6760.900 |
|
|
Un-allocable
expenditure (net) |
|
|
|
|
|
Less:
i) Finance Costs |
1036.200 |
1216.100 |
4422.000 |
|
|
ii)
Other un-allocable expenditure |
269.900 |
649.000 |
1852.100 |
|
|
(net
of un-allocable income) |
|
|
|
|
|
Profit/(Loss
) Before Tax |
1034.200 |
(521.400) |
486.800 |
|
3 |
Capital
Employed: (Segment Assets -Segment Liabilities) |
|
|
|
|
|
a)
Hi-tech Agri Input Products |
22222.000 |
24042.600 |
22222.000 |
|
|
b)
Industrial Products |
8329.600 |
7412.500 |
8329.600 |
|
|
c)
Green Energy |
4215.600 |
4190.200 |
4215.600 |
|
|
d)
Other Unallocated |
(11400.600) |
(12419.000) |
(11400.600) |
|
|
Total |
23366.600 |
23226.300 |
23366.600 |
Segment Note
1) Company has considered business segment for reporting purpose, primarily based on customer category. The products considered for the each business segment are:
a. Hi-Tech
Agri Input Products includes Micro Irrigation Systems, PVC Piping Products,
Tissue Culture Plants and Agri R&D Activities.
b.
Industrial Products includes PE Piping Products, Plastic Sheets and Agro
Processed Products.
c. Green
Energy includes Solar Thermal Products, Solar Photovoltaic Grid they Off-Grid Products and also includes Wind,
Bio-gas and Solar Power generation investments to reduce cost of power.
2) The
revenue they results figure given above
are directly identifiable to respective segments and expenditure on common
services incurred at the corporate level not directly identifiable to
respective segments have been shown as "Other Un-allocable
Expenditure".
3) The
Capital Employed figures given above are directly identifiable to respective
segments and Capital Employed for corporate services for head office and
investments related to acquisitions have been shown as "Others"
unallocated.
STATEMENT OF
ASSETS AND LIABILITIES AS ON 31.03.2013
|
Particulars |
Rs
in Millions |
|
Standalone |
|
|
Year ended |
|
|
As on 31.03.2013 |
|
|
A. EQUITY AND
LIABILITIES |
|
|
1. Shareholders
Funds |
|
|
Share Capital |
909.800 |
|
Reserves & Surplus |
22295.000 |
|
Money received against share warrnats |
161.8000 |
|
|
23366.600 |
|
2. Minority interest |
|
|
3. Non-current
liabilities |
|
|
(a)
Long-term borrowings |
11779.300 |
|
(b)
Deferred tax liabilities (net) |
1810.100 |
|
(c)
Other long-term liabilities |
25.300 |
|
(d)
Long-term provisions |
46.200 |
|
|
13660.900 |
|
4. Current liabilities |
|
|
(a)
Short-term borrowings |
14211.900 |
|
(b)
Trade payables |
11688.900 |
|
(c)
Other current liabilities |
4202.700 |
|
(d)
Short-term provisions |
329.500 |
|
|
30433.000 |
|
TOTAL - EQUITY AND
LIABILITIES |
67460.500 |
|
B. ASSETS |
|
|
1. Non-current assets |
|
|
(a)
Fixed assets |
20323.900 |
|
(b)
Goodwill on consolidation |
-- |
|
(c)
Non-current investments |
7003.200 |
|
(d) Deferred Tax Assets (net) |
-- |
|
(e) Long-term Loans and advances |
1967.300 |
|
(f)Other non-current assets |
1694.800 |
|
|
30989.200 |
|
2. Current
Assets |
|
|
(a)Current investments |
|
|
(b)Inventories |
11570.400 |
|
(c)Trade receivables |
15986.800 |
|
(d)Cash and Bank balance |
1716.900 |
|
(e)Short-term loans and advances |
3951.700 |
|
(f)Other current assets |
3245.500 |
|
|
36471.300 |
|
TOTAL
(Assets) |
67460.500 |
Notes on the quarter and year
ended 31-March-2013: [1] The above
results have been taken on record at a meeting by the Audit Committee and the
Board of Directors of the Company on 28-May-2013. [2] Foreign
exchange rate difference (including that under Finance cost) consists of net
gain of Rs. 146.800 Millions (including unrealized loss of Rs. 30.500 Million)
for the quarter ended 31-March-2013 and net loss of Rs. 934.200 Millions
(including unrealized loss of Rs. 302.400 Millions) for the year ended
31-March-2013. [3] The figures of quarter ended 31-March-2013 are the balancing
figure between the audited figures in respect of full financial year ended
31-March-2013 and the published year to date figures upto 3rd quarter ended
31-December-2012. [4] The Board has recommended 25% (Rs.0.50 per share)
dividend on the Ordinary Equity Shares and DVR Equity Shares ofRs.2 each of the
Company subject to approval of Shareholders in the forthcoming AGM. [5] As regards
consolidated results: (a) Adjustment on account of 'Cost of Self Generated Capital
Equipment' is due to in-house built-up of equipment by one of our overseas
subsidiary for captive use by the company & other Subsidiaries, (b)
Exchange Rate Difference for the year ended 31-March-2013 includes foreign
exchange loss (net) arising on account of translation of assets &
liabilities of overseas subsidiaries of Rs. 247.000 Millions (Previous Year
gain of Rs. 426.000 Millions) [6] The figures have been regrouped, rearranged,
reclassified or reworked as necessary to conform to the current year accounting
treatment.
WEBSITE DETAILS:
NEWS:
JAIN IRRIGATION
BOUNCES BACK ON DEUTSCHE BANK BUY REPORT
February 06, 2013
Jain Irrigation Systems snapped three-day losing streak on
Wednesday as the Deutsche Bank has recommended a buy rating on the stock with a
target price of Rs.87.
Deutsche has lowered their EBITDA margin assumption to account for raw
material cost pressure and higher energy costs.
Shares dropped 9 percent in previous three sessions after disappointing
results by the company that posted a net loss of Rs.312.000 millions in the October-December
quarter as against profit of Rs.12.000 millions in a year ago period.
Fixed
Assets
Ø Goodwill
Ø Trademark and
Development
Ø Computer
Software
Ø
Ø
Ø Factory Buildings
and Godown
Ø Green/Poly/ Shed
Houses
Ø Plant and Machinery
and Equipments
Ø Office Equipments
Ø Electrical
Installations,
Ø Furniture,
Fixtures
Ø Vehicles
Ø Live Stock
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 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. 61.43 |
|
|
1 |
Rs. 95.08 |
|
Euro |
1 |
Rs. 81.78 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
31 |
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.