MIRA INFORM REPORT
|
Report Date : |
30.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
JAIPRAKASH ASSOCIATES LIMITED (w.e.f. 11.03.2004) |
|
|
|
|
Formerly Known
As : |
JAYPEE CEMENT
LIMITED |
|
|
|
|
Registered
Office : |
Sector – 128, Noida
– 201304, Uttar Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
15.11.1995 |
|
|
|
|
Com. Reg. No.: |
20-019017 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.4438.200 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L14106UP1995PLC019017 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
LKNJ05124A |
|
|
|
|
PAN No.: [Permanent Account No.] |
APPLIEDFOR |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturing,
Importing and Exporting of Portland Cement and Clinker Cement. |
|
|
|
|
No. of Employees
: |
20600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 530000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a well established
and a reputed company of Jaypee group having a fine track record. There
appears continuous dip in the profitability recorded by the company. However, general
financial position seems to be good. The subject gets strong support from its
group companies. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be
considered normal for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
|
Rating Agency Name |
CARE |
|
Rating |
A (Long Term Bank Facilities) |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
April 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A1 (Short Term Bank Facilities) |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
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
|
Registered Office/ Corporate Office : |
Sector – 128,
Noida – 201304, Uttar Pradesh, India |
|
Tel No.: |
91-120-4609000/
2470800 |
|
Fax No.: |
91-120-4609464/
4609496 |
|
E-Mail : |
|
|
Website : |
|
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|
|
|
Delhi Office : |
Jai Annexe House, 63,
Basant Lok, Vasant Vihar, New Delhi – 110057, India |
|
Tel. No.: |
91-11-26411540/
26147411/ 26149444/ 26141540 |
|
Fax No.: |
91-11-26145389/
26148890/ 26143591 |
|
E-Mail : |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Jaiprakash
Gaur |
|
Designation : |
Founder Chairman |
|
|
|
|
Name : |
Mr. Sarat Kumar
Jain |
|
Designation : |
Vice Chairman |
|
Address : |
B1/12, Vasant Vihar, New
Delhi – 110057, India |
|
Date of Birth : |
19.05.1938 |
|
Date of Appointment : |
18.03.2004 |
|
Election Commission Identify Card No.: |
DL02010243649 |
|
DIN No.: |
00010073 |
|
|
|
|
Name : |
Mr. Manoj Gaur |
|
Designation : |
Executive Chairman and Chief Executive Officer |
|
Address : |
A9/27, Vasant
Vihar, New Delhi – 110057, India |
|
Date of Birth : |
16.06.1964 |
|
Date of Appointment : |
01.04.2011 |
|
DIN No.: |
00008480 |
|
|
|
|
Name : |
Mr. Sunil Kumar
Sharma |
|
Designation : |
Executive Vice Chairman |
|
Address : |
E9/14, Vasant
Vihar, New Delhi – 110057, India |
|
Date of Birth : |
01.07.1959 |
|
Date of Appointment : |
18.03.2009 |
|
Election Commission Identify Card No.: |
DL02010249931 |
|
DIN No.: |
0008125 |
|
|
|
|
Name : |
Mr. Ashok Kumar
Sahoo |
|
Designation : |
Director (LIC
Nominee) |
|
Address : |
Life Insurance Corporation
Of India, Jeevan Bhagya, Opposite Secretari at Saifabad, Hyderabad – 500063,
Andhra Pradesh, India |
|
Date of Birth : |
15.03.1954 |
|
Date of Appointment : |
01.03.2007 |
|
DIN No.: |
01489592 |
|
|
|
|
Name : |
Mr. Sunny Gaur |
|
Designation : |
Managing Director (Cement) |
|
Address : |
A9/27, Vasant
Vihar, New Delhi – 110057, India |
|
Date of Birth : |
30.05.1969 |
|
Date of Appointment : |
31.12.2009 |
|
DIN No.: |
00008293 |
|
|
|
|
Name : |
Mr. Ranvijay Singh |
|
Designation : |
Whole-time
Director |
|
Address : |
E2/11, Vasant
Vihar, New Delhi – 110057, India |
|
Date of Birth : |
19.10.1966 |
|
Date of Appointment : |
14.12.2007 |
|
DIN No.: |
00020876 |
|
|
|
|
Name : |
Mr. Rahul Kumar |
|
Designation : |
Whole-time Director
and CFO |
|
Address : |
B-67. Sarvodaya
Enclave, New Delhi – 110017, India |
|
Date of Birth : |
23.02.1968 |
|
Date of Appointment : |
31.10.2010 |
|
DIN No.: |
00020779 |
|
|
|
|
Name : |
Mr. Pankaj Gaur |
|
Designation : |
Joint Managing Director (Construction) |
|
Address : |
A1/7, Vasant
Vihar, New Delhi – 110057, India |
|
Date of Birth : |
18.01.1971 |
|
Date of Appointment : |
01.07.2009 |
|
DIN No.: |
00008419 |
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|
|
|
Name : |
Mr. Shyam Dutt
Nailwal |
|
Designation : |
Whole-time
Director |
|
Address : |
75, Shreshta
Vihar, Delhi – 110092, India |
|
Date of Birth/ Age : |
03.08.1947 |
|
Date of Appointment : |
01.07.2009 |
|
Election Commission Identify Card No.: |
DL04043234072 |
|
DIN No.: |
00008529 |
|
|
|
|
Name : |
Dr. Bidhubhusan.
Samal |
|
Designation : |
Director |
|
Address : |
Flat No.1101,
Lokhandwala Galaxy Junction of NM Joshi and KK Marg, Near S. Bridge Byculla
(West), Mumbai – 400011, Maharashtra, India |
|
Date of Birth : |
02.03.1943 |
|
Date of Appointment : |
21.09.2010 |
|
DIN No.: |
00007256 |
|
|
|
|
Name : |
Mr. Bal Krishna Taparia |
|
Designation : |
Director |
|
Address : |
75, Nagina Bagh,
Ajmer – 305001, Rajasthan, India |
|
Date of Birth : |
27.11.1939 |
|
Date of Appointment : |
27.12.2005 |
|
DIN No.: |
00019760 |
|
|
|
|
Name : |
Mr. Subhash Chandra Bhargava |
|
Designation : |
Director |
|
Address : |
1305-B Wing, Dosti Aster (Dosti Acres), New Uphill Link Road, Off S. M.
Road, Antop Hill, Wadala (East), Mumbai – 400037, Maharashtra, India |
|
Date of Birth : |
20.07.1945 |
|
Date of Appointment : |
27.12.2005 |
|
DIN No.: |
00020021 |
|
|
|
|
Name : |
Mr. Raj Narain Bhardwaj |
|
Designation : |
Director |
|
Address : |
402, Moksh Apartments, Upper Govind Nagar, Malad
(East), Mumbai – 400097, Maharashtra, India |
|
Date of Birth : |
08.05.1945 |
|
Date of Appointment : |
30.08.2007 |
|
DIN No.: |
01571764 |
|
|
|
|
Name : |
Mr. Suresh Chandra Gupta |
|
Designation : |
Director |
|
Address : |
B-186, Sector-44, Noida – 201303, Uttar Pradesh,
India |
|
Date of Birth : |
01.08.1936 |
|
Date of Appointment : |
21.02.2008 |
|
DIN No.: |
01127801 |
|
|
|
|
Name : |
Mr. Basant Kumar Goswami |
|
Designation : |
Director |
|
Address : |
F-4, Kailash Colony, New Delhi – 110048, India |
|
Date of Birth : |
29.01.1935 |
|
Date of Appointment : |
01.03.2007 |
|
DIN No.: |
00003782 |
|
|
|
|
Name : |
Mr. Ravindra Kumar Singh |
|
Designation : |
Whole-time Director |
|
Address : |
404, Palmgrove Apartment, F5, Sector 50, Noida –
201301, Uttar Pradesh, India |
|
Date of Birth : |
13.07.1945 |
|
Date of Appointment : |
27.08.2008 |
|
DIN No.: |
01859229 |
|
|
|
|
Name : |
Mr. Viney Kumar |
|
Designation : |
Director (IDBI Nominee Director) |
|
Address : |
A/132, Twin Tower,
Prabha Devi, V S Marg, Mumbai – 400025, Maharashtra, India |
|
Date of Birth : |
04.06.1956 |
|
Date of Appointment : |
01.11.2010 |
|
DIN No.: |
00191129 |
|
|
|
|
Name : |
Mr. Vijay Kumar Chopra |
|
Designation : |
Director |
|
Address : |
4-A, 4th
Floor, Harmony Tower, Dr. E Moses Road, Worli, Mumbai – 400018, Maharashtra,
India |
|
Date of Birth : |
06.03.1946 |
|
Date of Appointment : |
21.09.2010 |
|
Election Commission Identify Card No.: |
DL02009192293 |
|
DIN No.: |
02103940 |
|
|
|
|
Name : |
Mr. Homai A. Darewalla |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Harish Kumar
Vaid |
|
Designation : |
Senior President (Corporate
Affairs) and Company Secretary |
|
Address : |
C1/1172, Vasant
Kunj, New Delhi – 110070, India |
|
Date of Birth : |
19.01.1954 |
|
Date of Appointment : |
18.03.2004 |
|
PAN No.: |
AABPV9638C |
|
Election Commission Identify Card No.: |
DL/03/018/256029 |
SHAREHOLDING PATTERN
As on: 30.06.2013
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
69931717 |
3.15 |
|
|
741985570 |
33.44 |
|
|
189316882 |
8.53 |
|
|
189316882 |
8.53 |
|
|
1001234169 |
45.12 |
|
|
|
|
|
|
99760 |
0.00 |
|
|
99760 |
0.00 |
|
Total shareholding of Promoter and Promoter Group (A) |
1001333929 |
45.12 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
144730366 |
6.52 |
|
|
9567218 |
0.43 |
|
|
112220405 |
5.06 |
|
|
527508947 |
23.77 |
|
|
794026936 |
35.78 |
|
|
|
|
|
|
112080747 |
5.05 |
|
|
|
|
|
|
246966073 |
11.13 |
|
|
22046232 |
0.99 |
|
|
42629642 |
1.92 |
|
|
11098674 |
0.50 |
|
|
9375440 |
0.42 |
|
|
178250 |
0.01 |
|
|
6558979 |
0.30 |
|
|
15418299 |
0.69 |
|
|
423722694 |
19.09 |
|
Total Public shareholding (B) |
1217749630 |
54.88 |
|
Total (A)+(B) |
2219083559 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
2219083559 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing,
Importing and Exporting of Portland Cement and Clinker Cement. |
||||
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||||
|
Products : |
|
PRODUCTION STATUS (AS ON : 31.03.2012)
|
Particulars |
Unit |
Actual Production |
|
Cement
Production |
MT |
13,341,389 |
|
Clinker
Production |
MT |
9,808,903 |
|
Cement and
Clinker Sale (MT) (including
Self-Consumption) |
MT |
14,126,107 |
GENERAL INFORMATION
|
No. of Employees : |
20600 (Approximately) |
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Bankers : |
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|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M. P. Singh and
Associates Chartered
Accountants |
|
Address : |
B-8/14, Vasant
Vihar, New Delhi-110057, |
|
Tel. No.: |
91-11-26141979 |
|
Fax No.: |
91-11-26148150 |
|
E-Mail : |
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|
Subsidiary
Companies : |
|
|
|
|
|
Joint Venture
Subsidiaries : |
|
|
|
|
|
Associate Companies
: |
|
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12,344,000,000 |
Equity Shares |
Rs.2/- each |
Rs.24688.000 Millions |
|
3,120,000 |
Preference Shares |
Rs.100/- each |
Rs.312.000 Millions |
|
|
Total |
|
Rs.25000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,219,083,559 |
Equity Shares |
Rs.2/- each |
Rs.4438.200
Millions |
|
|
|
|
|
Issued, Subscribed and
Paid-up Share Capital in number comprises of
Shares for
consideration in cash
20,219,850 Equity Shares [Previous Year 2,02,19,850] allotted under "Jaypee Employees Stock Purchase Scheme 2002";
12,500,000 Equity Shares [Previous Year 1,25,00,000] allotted under "Jaypee Employees Stock Purchase Scheme 2009";
201,623,717 Equity Shares [Previous Year 17,31,78,150] allotted on conversion of Foreign Currency Convertible
Bonds; 10,000,000 Equity Shares [Previous Year 1,00,00,000] allotted to Promoters on Preferential Basis and
64,204,810 Equity Shares allotted through Qualified Institutional Placement as on 06.02.2013.
Shares for
consideration other than cash
860,865,055 Equity Shares [Previous Year 86,08,65,055] allotted in terms of the Scheme of Amalgamation effective from 11.03.2004;
124,378,825 Equity Shares [Previous Year 12,43,78,825] allotted in terms of Scheme of Amalgamation effective
from 22.08.2006;
218,010,985 Equity Shares [Previous Year 21,80,10,985] allotted pursuant to Scheme of Amalgamation effective from 27.05.2009 and
707,280,317 Equity Shares [Previous Year 70,72,80,317] allotted as Bonus Shares .
Reconciliation of the
Number of Shares Outstanding at the beginning and at the end of the reporting
period:
|
Particulars |
As at 31.03.2013 |
|
|
Number |
Rs. in Millions |
|
|
Equity
Shares at the beginning of the year |
2,126,433,182 |
4252.900 |
|
Add:
Equity Shares allotted on conversion foreign Currency Convertible Bonds |
28,445,567 |
56.900 |
|
Add:
Equity Shares allotted on Qualified
Institutional Placement |
64,204,810 |
128.400 |
|
Equity Shares at the end
of the year |
2,219,083,559 |
4438.200 |
Terms / Rights
The Company has issued only one class of equity shares having a par value of ` 2/- per share. Each holder of equity share is entitled to one vote per share. Each share is entitled to equal dividend declared by the Company and approved by the Share holders of the Company. In the event of liquidation, each share carries equal rights and will be entitled to receive equal amount per share out of the remaining amount available with the Company after making preferential payments.
Details of
Shareholder holding more than 5% Shares
|
Name of Shareholder |
Number |
% holding |
|
Jaypee
Infra Ventures [a Private Company with unlimited liability] |
717,656,303 |
32.34 |
|
Life
Insurance Corporation of India & Mutual Funds |
109,139,905 |
4.92 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
4438.200 |
4252.900 |
4252.900 |
|
(b) Reserves & Surplus |
128885.100 |
118790.100 |
89720.800 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
133323.300 |
123043.000 |
93973.700 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
185909.100 |
150370.000 |
172219.400 |
|
(b) Deferred tax liabilities (Net) |
13726.800 |
12437.200 |
11939.800 |
|
(c) Other long term
liabilities |
17043.900 |
16087.800 |
12568.900 |
|
(d) long-term
provisions |
1802.900 |
1326.300 |
517.200 |
|
Total Non-current
Liabilities (3) |
218482.700 |
180221.300 |
197245.300 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
16258.000 |
10792.900 |
17183.800 |
|
(b) Trade
payables |
26236.500 |
22255.000 |
18583.100 |
|
(c) Other
current liabilities |
63909.600 |
69837.300 |
47506.800 |
|
(d) Short-term
provisions |
1723.300 |
1293.700 |
1047.600 |
|
Total Current
Liabilities (4) |
108127.400 |
104178.900 |
84321.300 |
|
|
|
|
|
|
TOTAL |
459933.400 |
407443.200 |
375540.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
131164.000 |
119800.700 |
119143.000 |
|
(ii)
Intangible Assets |
412.200 |
494.100 |
425.800 |
|
(iii)
Capital work-in-progress |
58008.200 |
47023.700 |
55827.600 |
|
(iv)
Intangible assets under development |
0.900 |
0.000 |
99.600 |
|
(b) Non-current Investments |
85980.600 |
63560.300 |
60485.900 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
18098.400 |
13523.000 |
17180.500 |
|
(e) Other
Non-current assets |
18317.800 |
15689.000 |
15111.200 |
|
Total Non-Current
Assets |
311982.100 |
260090.800 |
268273.600 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
2932.100 |
3369.700 |
4351.600 |
|
(b)
Inventories |
19694.800 |
16914.900 |
16664.500 |
|
(c)
Project under development |
10082.400 |
12201.100 |
16168.600 |
|
(d) Trade
receivables |
24350.800 |
24541.700 |
13005.400 |
|
(e) Cash
and cash equivalents |
13026.600 |
10222.300 |
24625.200 |
|
(f)
Short-term loans and advances |
34896.600 |
29568.900 |
32198.100 |
|
(g) Other
current assets |
42968.000 |
50533.800 |
253.300 |
|
Total
Current Assets |
147951.300 |
147352.400 |
107266.700 |
|
|
|
|
|
|
TOTAL |
459933.400 |
407443.200 |
375540.300 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
133583.700 |
128531.200 |
130927.900 |
|
|
|
Other Income |
1537.100 |
2644.900 |
2259.200 |
|
|
|
TOTAL |
135120.800 |
131176.100 |
133187.100 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
32786.000 |
28644.700 |
100105.200 |
|
|
|
Changes in Inventories of Finished Goods and Work-in-Progress |
(2157.300) |
(536.200) |
|
|
|
|
Manufacturing, Construction, Real Estate, Hotel/Hospitality and Power Expenses |
42004.200 |
42325.000 |
|
|
|
|
Employee Benefits Expense |
8079.500 |
6613.200 |
|
|
|
|
Other Expenses |
19619.100 |
17088.000 |
|
|
|
|
Prior Period Adjustments |
(93.000) |
(60.900) |
|
|
|
|
TOTAL |
100238.500 |
94073.800 |
100105.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
34882.300 |
37102.300 |
33081.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
20113.500 |
17817.400 |
14583.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
14768.800 |
19284.900 |
18498.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
7261.300 |
6141.500 |
6093.800 |
|
|
|
|
|
|
|
|
|
Add |
PROFIT ON SALE OF
SHARES - EXCEPTIONAL ITEM |
0.000 |
0.000 |
5131.600 |
|
|
|
|
|
|
|
|
|
Add |
PRIOR PERIOD
ADJUSTMENT |
0.000 |
0.000 |
8.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
7507.500 |
13143.400 |
17545.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2494.700 |
2879.600 |
5867.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
5012.800 |
10263.800 |
11677.800 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
31484.800 |
28689.200 |
26450.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Reserve for Redemption Premium on FCCBs |
0.000 |
2682.500 |
1535.400 |
|
|
|
Debenture Redemption Reserve |
76.500 |
2693.000 |
5071.100 |
|
|
|
General Reserve |
510.000 |
1026.400 |
1170.000 |
|
|
|
Dividend paid pertaining to Previous Year |
0.000 |
0.000 |
1.100 |
|
|
|
Tax on proposed Final Dividend Reversed |
(93.700) |
(93.700) |
0.000 |
|
|
|
Final Dividend Transferred from Trusts (in which Company is sole beneficiary) |
(94.700) |
(75.700) |
(102.200) |
|
|
|
Reserve for Redemption Premium on FCCBs Reversed |
(7794.600) |
0.000 |
0.000 |
|
|
|
Interim Dividend |
0.000 |
0.000 |
850.600 |
|
|
|
Interim Dividend transferred From Trusts |
0.000 |
0.000 |
(75.700) |
|
|
|
Proposed Final Dividend |
1109.500 |
1063.200 |
850.600 |
|
|
|
Tax on Proposed Final Dividend |
180.000 |
172.500 |
138.000 |
|
|
BALANCE CARRIED
TO THE B/S |
42604.600 |
31484.800 |
28689.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Cement Exports [FOB Value] |
116.700 |
75.200 |
49.700 |
|
|
|
Contract Receipts |
3878.500 |
397.900 |
0.000 |
|
|
|
Hospitality |
253.200 |
258.000 |
231.200 |
|
|
|
Interest |
0.200 |
1.900 |
2.500 |
|
|
|
Others |
94.400 |
0.000 |
0.200 |
|
|
|
Advance received from Real Estate Customers |
48.500 |
46.400 |
67.300 |
|
|
TOTAL EARNINGS |
4391.500 |
779.400 |
350.900 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores and Spares |
900.900 |
683.900 |
610.900 |
|
|
|
Capital Equipment [including Capital Work-in-Progress] |
546.000 |
1227.900 |
4659.500 |
|
|
|
Steel Plates |
4538.400 |
3081.800 |
6.800 |
|
|
|
Raw Materials |
0.000 |
0.000 |
640.800 |
|
|
|
Hydro Mechanical and Electromechanical Equipment |
2.900 |
482.100 |
4192.200 |
|
|
|
Others |
0.000 |
8.800 |
11.400 |
|
|
TOTAL IMPORTS |
5988.200 |
5484.500 |
10121.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
2.34 |
4.83 |
5.49 |
|
|
|
Diluted |
2.29 |
4.64 |
5.27 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
|
30.06.2013 |
|
Net Sales |
|
|
|
33148.500 |
|
Total Expenditure |
|
|
|
25301.900 |
|
PBIDT (Excl OI) |
|
|
|
7846.600 |
|
Other Income |
|
|
|
370.800 |
|
Operating Profit |
|
|
|
8217.400 |
|
Interest |
|
|
|
5899.700 |
|
Exceptional Items |
|
|
|
3951.700 |
|
PBDT |
|
|
|
6269.400 |
|
Depreciation |
|
|
|
1942.800 |
|
Profit Before Tax |
|
|
|
4326.600 |
|
Tax |
|
|
|
981.500 |
|
Provisions and contingencies |
|
|
|
0.000 |
|
Profit After Tax |
|
|
|
3345.100 |
|
Extraordinary Items |
|
|
|
0.000 |
|
Prior Period Expenses |
|
|
|
0.000 |
|
Other Adjustments |
|
|
|
0.000 |
|
Net Profit |
|
|
|
3345.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.71
|
7.82 |
8.77 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.62
|
10.23 |
13.40 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.38
|
4.43 |
6.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.11 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.52
|
1.31 |
2.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.41 |
1.27 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
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 |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating, if available |
Yes |
Profile
|
Client Industry |
Conglomerate |
|
Client's
discipline |
Infrastructure |
General
|
The growth of
the client's industry is best described as: |
Growing |
|
Brief description
of the services and/or goods the client provides to the marketplace: |
Engineering,
Construction, Power, Cement, Real Estate, Hospitality, Expressways, Sports
and Education. |
|
What is the
legal structure of the client? |
Parent Co with Subsidiary
|
|
What type of
company is the client? |
Public |
Credit Rating
|
Client's debt
tracked by a credit rating agency? |
Yes |
|
Name of credit
rating agency: |
CARE |
|
Credit rating
class provided by credit rating agency: |
Investment Grade |
|
Client credit
rating: |
A/ A1 |
|
Report on credit
worthiness of client purchased from: |
Not obtained |
Client Financials
|
Does the client
have a credit facility? |
Yes |
|
Do you have
financial information on this client? |
Yes |
|
Credit facility
type: |
Secured/Unsecured |
|
Amount of credit
facility: |
Secured: Rs.155002.500 Millions Unsecured : Rs. 47164.600 Millions |
|
Currency of
financial statements/data: |
INR Millions |
|
Annualized
revenues: |
Rs. 133583.700
Millions |
|
Annualized COGS: |
Rs. 32786.000
Millions |
|
Annualized
EBITDA: |
Rs. 34882.300
Millions |
|
Annualized net
income: |
Rs. 5012.800
Millions |
|
Cash balance: |
Rs.66.800
Millions |
|
Marketable
Securities balance: |
-- |
|
Accounts
Receivable balance: |
Rs. 24350.800
Millions |
|
Current Assets
balance: |
Rs.147951.300 Millions |
|
Total assets
balance: |
Rs. 459933.400
Millions |
|
Current
Liabilities balance: |
Rs.108127.400 Millions |
|
Long-Term Debt
balance: |
Rs. 185909.100 Millions |
|
Equity balance: |
Rs. 133323.300 Millions |
|
Net cash
provided by operating activities: |
Rs.15144.800
Millions |
|
Date of client's
financial data populated: |
31.03.2013 |
|
Financial information
provided above audited? |
Yes |
UNSECURED LOAN
(Rs.
in Millions)
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Foreign Currency
Convertible Bonds |
|
|
|
FCCB [USD]-2012 |
6049.900 |
0.000 |
|
Foreign Currency
Loans from Banks [ECB] |
|
|
|
ECB [USD / JPY] |
1752.100 |
4370.700 |
|
ECB [GBP] |
1531.800 |
2126.000 |
|
ECB [CAD] |
1713.900 |
2196.100 |
|
ECB [USD]-2012 |
8220.000 |
0.000 |
|
Loans From Banks In Foreign Currency |
1774.600 |
2037.600 |
|
Fixed Deposits Scheme |
14190.600 |
9566.700 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans from Banks |
3888.000 |
3885.900 |
|
Bills Discounting |
7912.300 |
4510.000 |
|
Fixed Deposit Scheme |
131.400 |
120.600 |
|
Total |
47164.600 |
28813.600 |
FOREIGN CURRENCY
CONVERTIBLE BONDS (FCCBs)
During the year, following developments pertaining to FCCBs took place:
Issue of FCCB - IV on September 7, 2012-5.75% FCCBs-IV were issued by the Company on September 7, 2012 for a total size of US $ 150 million to part pay the redemption of FCCB-III. These FCCBs, with maturity date of September 8, 2017, are convertible into equity shares of 7 2 each @ 7 77.50 per share (including premium of 7 75.50 per share). As on March 31, 2013, the outstanding amount against FCCB-IV was US $ 110.40 Million (i.e. 73.60%).
Redemption of FCCB - III on September 12, 2012 - Zero coupon FCCB-III issued on September 11, 2007 (with an issue size of US $ 400 million) and having an outstanding aggregate amount of US $ 354.475 Million as on the maturity date i.e. September 12, 2012 were redeemed at a premium of 47.701% on the due date, thus resulting into a total outflow in US$ 523.563 Million.
Redemption of FCCB - II on March 9, 2013 - 0.5% FCCB-
II, issued on March 9, 2006 (with a issue size of Euro 165 million) and having an aggregate outstanding amount of Euro 0.255 million as on the maturity date i.e. March 9, 2013 were redeemed at a premium of 32.071% on the due date, resulting in an outflow of Euro 0.337 Million.
As reported earlier, FCCBs-I (Issue size US $ 100 million) had already been redeemed on February 17, 2010.
Thus the Company presently has only one series of outstanding FCCB i.e. FCCB - IV, aggregating US $ 110.40 million.
The particulars about conversion, outstanding amount, coupon, listing etc. of all past and present FCCBs are detailed in para 26 of the Corporate Governance Report forming part of this Report.
POWER AND RELATED
BUSINESS
JAIPRAKASH POWER
VENTURES LIMITED (JPVL)
OPERATIONS
JPVL has three operative Hydro Power Plants and one operative Thermal Power Plant, namely:
i) 300 MW Jaypee Baspa-II Hydro Power Plant in Himachal Pradesh;
ii) 400 MW Jaypee Vishnuprayag Hydro Power Plant in Uttarakhand;
iii) 1000 MW Jaypee Karcham Wangtoo Hydro Power Plant in Himachal Pradesh; and
iv) 500 MW – Phase I (of 1200 MW) Jaypee Bina Thermal Power Plant in Madhya Pradesh.
1320 MW JAYPEE NIGRIE SUPER THERMAL POWER PROJECT
The implementation of 1320 MW (2 X 660 MW) Jaypee Nigrie Super Thermal Power Project in Nigrie, Distt. Singrauli in Madhya Pradesh is progressing satisfactorily to achieve commissioning of both the units in the year 2014. Supplies from L and T- MHI and Larsen and Toubro Limited for Boiler, Steam Turbine and Generator respectively are being timely received. All major statutory approvals required at the current stage of the project are in place. Entire requirement of 5 Million MTPA coal for the project will be met through Amelia (North) and Dongri Tal-II Coal Blocks.
AWARD
JPVL has been awarded Certificate of Merit 'For Most Admired Emerging Infrastructure Company in Power' at the 5th KPMG-Infrastructure Today Awards, 2013, New Delhi.
VERIFIED EMISSION
REDUCTIONS (VERs)
JPVL 1000 MW Jaypee Karcham Hydro Power Plant has been registered by United Nations Framework Convention on Climate Change (UNFCCC) as a CDM project w.e.f. 12th April, 2012 for ten years upto 11th April, 2022. The process for issuance of CERs for the first period from 12.04.2012 to 31.07.2012 is in progress.
DIVERSIFICATION TO
SET-UP CEMENT GRINDING UNITS
JPVL has decided to diversify its operations by setting up Cement Grinding Units at Nigrie (4 MTPA) and Bina (2MTPA) to optimally utilize the fly ash to be generated by Company's thermal power plants. Necessary action has been initiated in that direction.
JAYPEE ARUNACHAL
POWER LIMITED (JAPL)
Jaypee Arunachal Power Limited (JAPL), a wholly owned subsidiary of the JPVL is implementing the 2700 MW Lower Siang and 500 MW Hirong H.E. Projects in the State of Arunachal Pradesh. JPVL alongwith its associates will ultimately hold 89% of the Equity of JAPL and the balance 11% will be held by the Government of Arunachal Pradesh.
For the 2700 MW Lower Siang Hydro-Electric Project, CEA approval was obtained in February, 2010 and revalidation of DPR is being in process with Central Electricity Authority (CEA). Land acquisition is inprogress. Seismic data upto 31st March, 2013 has been collected and clearance from the Ministry of Environment and Forest is in process.
For 500 MW Hirong Hydro-electric Project, CEA has accorded Techno- Economic Concurrence on 10th April, 2013. The Environmental/Forest Clearence for the project is yet to be accorded.
As on 31st March, 2013 an aggregate amount of appox. 7 228 crores has been spent on the aforesaid two projects
JAYPEE POWERGRID
LIMITED (JPL)
Jaypee Powergrid Limited (JPL), a joint venture of Jaiprakash Power Ventures Limited and Power Grid Corporation of India Limited (a Central Government Power Utility Undertaking) has set up a 213 Km long 400 Kv Quad-Bundle Conductor Double Circuit Transmission Line for evacuation of power from the pothead yard of 1000 MW Karcham Wangtoo plant in the state of Himachal Pradesh to Abdullapur in the state of Haryana and LILO the existing Baspa-Jhakri Double circuit line.
Transmission system has been put under commercial operations w.e.f. 1st April, 2012. Capitalized value of tangible assets as on 31st March, 2013 aggregate to 7 995.98 crores.
The cumulative availability of transmission system for FY 2012-13 was 99.69%.
SANGAM POWER
GENERATION CO. LIMITED (SPGCL)
Sangam Power Generation Company Limited (SPGCL), a wholly owned Subsidiary of JPVL, was acquired from Uttar Pradesh Power Corporation Limited ('UPPCL') through competitive bidding process, for the implementation of 1980 MW-(3 x 660 MW) Thermal Power Project in Tehsil Karchana of district Allahabad, Uttar Pradesh. Conveyance Deed of land was executed but physical possession is yet to be handed over. As reported last year Hon'ble High Court of Judicature at Allahabad has quashed the notification issued by Uttar Pradesh State Government for acquisition of land for the project subject to the deposit of compensation, received by the land owners. SPGCL has approached UPPCL for amicable settlement for closing the agreement(s) and payment of dues with UPPCL and the matter is under discussion.
PRAYAGRAJ POWER
GENERATION CO. LIMITED (PPGCL)
Prayagraj Power Generation Company Limited (PPGCL), a wholly owned subsidiary of JPVL, acquired from Uttar Pradesh Power Corporation Limited through competitive bidding process, is implementing 1980 MW Thermal Power Project (with approval to add two additional generation units of 660 MW each) in Tehsil Bara of district Allahabad, Uttar Pradesh.
All Statutory/Regulatory approvals required for the project are in place. Financial Closure has been achieved. The supplies from BHEL for Boiler, Turbine and Generator are in progress and the progress on the implementation of project is satisfactory.
An expenditure of approx. 7 6394 crores has been incurred on the implementation of the project till 31st March, 2013.
JAYPEE MEGHALAYA
POWER LIMITED (JMPL)
Jaypee Meghalaya Power Limited (JMPL) was incorporated by Jaiprakash Power Ventures Limited as its wholly owned subsidiary to implement 270 MW Umngot H.E.P. in the Umngot River Basin of Meghalaya and 450 MW Kynshi-II H.E.P in the Kynshi River Basin on BOOT (Build, Own, Operate and Transfer) basis. JPVL alongwith its associates will ultimately hold 74% of the equity of JMPL and the balance 26% will be held by the Government of Meghalaya.
The field work of survey and investigation and EIA studies have been completed. The revised proposal for Kynshi-II HEP with involvement of lesser forest area has been submitted to State Government and Ministry of Environment and Forest. The control levels i.e. FRL and TWL for Kynshi-II Project have been approved by State Government. Approval of Central Electricity Authority has been accorded to the water availability series for power potential studies.
As on 31st March, 2013, an aggregate amount of approx. 7 8.50 crores has been spent on the projects.
CEMENT BUSINESS
BHILAI JAYPEE CEMENT
LIMITED (BJCL)
The Clinkerisation plant of BJCL, a joint venture between JAL and SAIL at Satna continued to function satisfactorily with 100% utilization of installed capacity. However, Bhilai grinding unit's capacity utilization remained at sub-optimal level due to lesser availability of slag from Bhilai Steel Plant.
During the period, comprising a period of six months, the Company has achieved a gross turnover of 7 454 crore, as against 71116 crore during the Financial Year 2011-12 which comprised a period of 18 months. The working results of BJCL for the year (6 months) resulted in an operating profit of 7 55.46 crore as against 7 72.86 crore during the previous year (18 months).
With the positive signs as above, BJCL is hopeful that once the grinding unit is able to operate at full capacity, the Company would be in a position to improve its financial position further.
BOKARO JAYPEE CEMENT
LIMITED (BOJCL)
The Grinding Unit of BOJCL, a joint venture between JAL and SAIL, at Bokaro, Jharkhand achieved an overall capacity utilization of 59% during the year. Lower production level was due to lesser availability of slag from Bokaro Steel Plant. Slag supply position, however, gradually started improving in the last quarter of the year and the unit achieved 85% capacity utilization in the month of March 2013. Considering the recent trend of supply, BOJCL is hopeful that during 2013-14 slag availability is likely to improve which would enable the grinding unit to achieve a higher capacity utilisation.
Despite lower capacity utilization, the Company has achieved a gross turnover of 7 627.36 crores during the year, backed by a strong brand image and resultant higher realization for its product. The turnover increased by 130.49% over previous year's turnover.
GUJARAT JAYPEE
CEMENT AND INFRASTRUCTURE
LIMITED (GJCIL)
Gujarat Jaypee Cement and Infrastructure Limited (GJCIL), a Joint Venture between Jaiprakash Associates Limited (JAL) and Gujarat Mineral Development Corporation Limited (GMDC) was incorporated, inter-alia, to implement a 2.4 Million tones per annum capacity cement plant in District Kutch, Gujarat.
Out of approximately 484 hectares of land required for setting up the Project, 27 hectares are Private land and 457 hectares are Government land. Major part of Private land (22 hectares) has been purchased by GJCIL. However pending necessary approval from the Government of Gujarat, the Government land is yet to be acquired. The matter is under persuasion with the State Government.
Further activities on Project implementation can commence after acquisition of Government land.
JAYPEE CEMENT
CORPORATION LIMITED (JCCL)
Jaypee Cement Corporation Limited (JCCL), a wholly owned subsidiary of the Company, is setting up an integrated cement plant alongwith captive power plant at Shahabad district Gulbarga, Karnataka.
The project is scheduled to be commissioned by October, 2014.
JAYPEE ASSAM CEMENT
LIMITED (JACL)
For the purpose of setting up a 2 Mn tpa capacity Cement Plant in the North Cachar Hills Distt of Assam, in Joint Venture with Assam Mineral Development Corporation Ltd. (AMDC), Jaypee Assam Cement Limited has been formed, as a special purpose vehicle, initially as wholly-owned subsidiary of JAL. The same shall be converted as a Joint Venture Company (JVC) with JAL and AMDC as JV partners having a shareholding ratio of 82:18 between themselves, as per the Shareholders' Agreement. While JAL shall hold the shares for cash consideration, shares shall be allotted to AMDC in consideration of the exclusive mining rights of the mineral block identified for this Company. Under the SHA, the management and control of the JVC is vested in JAL.
As reported last year, prior to incorporation of JACL, 750 bighas of land was allotted by Dima Hasao Autonomous Council (DHAC) on 30 years lease basis to Jaiprakash Associates Limited (JAL) for the project of JACL. Necessary payment in this regard to DHAC was made by JAL as a promoter of JACL. An agreement was also executed between DHAC and JAL.
Besides the payment of 7 3.77 crore for the above land, JAL had also paid 7 10 crore to DHAC in advance as the share of royalty on limestone for a period of one year as per the Agreement executed between JAL and DHAC. JACL had deployed necessary resources in right earnest for setting-up the 2 Mn tpa cement plant with a 35 MW captive power plant. For getting environment clearance for the proposed project, JACL started expeditious collection of data and preparation of Environmental Impact Assessment/Environmental Management Plan Reports for submission to Government of India, Ministry of Environment and Forest.
JACL was, however, compelled to suspend all project activities since January 2012 due to adverse security situation resulting in loss of precious human life after abduction of one of the Senior Executives of the Company, as reported last year. JACL is in touch with concerned authorities for resumption of project activities as and when the security situation is improved.
EXPRESSWAYS AND RELATED
BUSINESS
JAYPEE INFRATECH
LIMITED (JIL)
The Yamuna Expressway has commenced its commercial operation and was opened for Public w.e.f. 09.08.2012 and the toll collection commenced from 16.08.2012. The vehicular movements and revenue generation till date is satisfactory.
JIL has also been provided the right to develop 25 million square meters of land for commercial, amusement, industrial, institutional and residential purposes etc. across five different locations along the Yamuna Expressway-one in Noida, two locations in District Gautam Budh Nagar (part of NCR) and one location in each of District Aligarh and District Agra, Uttar Pradesh. JIL has commenced development of its land parcels at Noida, Mirzapur, Distt. Gautam Budh Nagar and Agra and has sold 527 million sq. feet of area as of 31.03.2013.
JAYPEE GANGA
INFRASTRUCTURE CORPORATION LIMITED (JGICL)
The Jaypee Ganga Infrastructure Corporation Limited (JGICL) was incorporated as a wholly owned subsidiary of Jaiprakash Associates Limited for implementation of the 1047 km long 8-lane Access-Controlled "Ganga Expressway Project" connecting Greater Noida with Ghazipur-Ballia along the left bank of river Ganga on Design, Build, Finance and Operate (DBFO) basis together with the development of 12,281 hectares of land parcels at eight different locations in Uttar Pradesh in terms of the Concession Agreement executed between Uttar Pradesh Expressways Industrial Development Authority and JGICL on March 23, 2008.
Preparatory work for the Project was started. Consequent upon the Order of Hon'ble High Court of Allahabad dated 29.05.2009 quashing the environment clearance earlier issued by State Environment Impact Assessment Authority (SEIAA), fresh application for the Environmental Clearance was filed which is still pending. Since there are lot of uncertainties in respect of Environment clearance, due to various developments like farmers unrest etc, upon the discussion with the Government/Authority, a supplementary agreement was signed with the Authority on 30th November, 2011 and UPEIDA has returned the Bank Guarantee after the undertaking from JGICL that the Company would revive the Bank Guarantee, when the project gets environmental clearance.
HIMALYAN EXPRESSWAY
LIMITED (HEL)
HEL was incorporated as a Special Purpose Vehicle (SPV) for the implementation of Zirakpur-Parwanoo Expressway Project in the States of Punjab, Haryana and Himachal Pradesh. The Expressway connecting the three states has become operational and the toll collection at the rates approved by the National Highways Authority of India (NHAI) has started with effect from 6th April, 2012.
JAYPEE AGRA VIKAS
LIMITED (JAVL)
Jaypee Agra Vikas Limited was incorporated as a Special Purpose Vehicle for implementing Project for development of Inner Ring Road at Agra and other infrastructure facilities, under Integrated Urban Rejuvenation Plan on design, build, finance, operate and transfer basis.
During the year, the project almost halted as Agra Development Authority has not been able to fulfill its obligation in respect of 'Condition Precedent' viz handing over of 90% of ROW Land to Company by December 31, 2011. Due to change in State Government policies, there is a rethinking on the project.
SPORTS AND RELATED
BUSINESS
JAYPEE SPORTS INTERNATIONAL
LIMITED (JSIL)
Jaypee Sports International Limited was incorporated on 20th October, 2007. It was allotted around 1100 Ha of land for development of Special Development Zone (SDZ) with sports as core activity by Yamuna Expressway Industrial Development Authority (YEA). This area is inclusive of 100 Ha of land to be used for Abadi Development. The core activities are Motor Race Track, suitable for holding Formula One race and setting up a Cricket Stadium of International standard to accommodate above 1,00,000 spectators and others.
The Motor Race Track known as Buddh International Circuit (BIC) was completed well in time and JSIL successfully hosted the First Indian Grand Prix from 28th to 30th October, 2011. The success of the event was acknowledged by winning of many awards and accolades.
During the year, JSIL once again successfully hosted Formula One, Grand Prix from 26th to 28th October, 2012. Besides this, many other events to promote sports of motor bike and cycles were conducted at the Buddh International Circuit (BIC) and major events included: Auto Cross Event (21st to 23rd December, 2012), Gautam Singhania Track Day (10th and 11th January, 2013), General Motors Car Launch (22nd and 23rd January, 2013), Tata Motors Car Launch (27th to 29th January, 2013), Lamborghini Track Days (22nd to 24th February,
2013).
JSIL is trying its best to generate revenue by placing Buddh International Circuit (BIC) as one stop destination for various games, launching promotional activities like motor cars, bikes and other products.
JSIL has also made significant progress in development of non core area planned for group housing, plots, multi storey flats, commercial area, institutional area, roads, open space and other social activities.
JAYPEE CEMENT CRICKET
(INDIA) LIMITED (JCCIL)
JCCIL was incorporated on 20th October, 2012, as wholly owned subsidiary of Jaypee Sports International Limited {JSIL} to undertake the business of Cricket Sport. It obtained the certificate of Commencement of business on 23rd October, 2012. The first financial year of JCCIL shall close on 31.03.2014.
FERTILIZER AND
RELATED BUSINESS
JAYPEE FERTILIZERS
AND INDUSTRIES LIMITED (JFIL)
JFIL was incorporated as a wholly owned subsidiary of Jaiprakash Associates Limited to undertake the business of fertilizers and chemicals. The Company had participated as a strategic investor in the Rehabilitation scheme (Scheme) of fertilizer undertaking of Duncans Industries Limited (DIL) which was approved by the Board of Industrial and Financial Reconstruction (BIFR) in January, 2012.
Pursuant to the scheme, the said fertilizer undertaking stands vested in Kanpur Fertilizers and Cement Ltd (KFCL). in which the Company is making investments through Jaypee Uttar Bharat Vikas Pvt. Ltd. (JUBVPL). JUBVPL is a joint venture company (with equal participation) of the Company and ISG Traders Ltd., an investment arm of DIL.
It is expected that KFCL will start the production of Urea under the brand name "Jaypee Chand Chaap Urea" by the end of May, 2013.
AVIATION BUSINESS
HIMALYAPUTRA AVIATION
LIMITED (HAL)
HAL was incorporated as a wholly-owned subsidiary of the Company, pursuant to the Shareholders' approval accorded on July 19, 2011, to undertake the civil aviation business. HAL has obtained initial NOC from Ministry of Aviation to operate Non-Scheduled Air Transport Services.
During the year, HAL has acquired some flying machines for its operations and obtained necessary permits to operate the same. HAL is taking steps to acquire more flying machines and other assets for its
HEALTHCARE BUSINESS
JAYPEE HEALTHCARE
LIMITED (JHL)
Jaypee Healthcare Limited (JHCL) was incorporated on 30th October, 2012 as a wholly owned subsidiary of the Jaypee Infratech Limited (JIL). JHCL is developing a state-of-the-art 504 bed multi-speciality hospital in village Shahpur Bangur, Noida, UP, which is expected to be launched in the current financial year. The First financial year of JHL shall close on 31.03.2014
AGRI BUSINESS
JAIPRAKASH AGRI
INITIATIVES COMPANY LIMITED (JAICO)
JAICO was acquired by Jaypee Cement Corporation Limited (JCCL), a wholly owned subsidiary of the Company on 25th March, 2013 to diversify into agri business. Currently JAICO has set up a Soya and Mustard processing plant at Rewa, Madhya Pradesh known as 'Jaypee Oilseeds Processing Complex' which is unique in its approach and has facilities to handle all types of products and by-products from Soya and Mustard.
JAICO has also launched a dairy project which will source milk from villages along the Yamuna Expressway, that is, across Gautam Budh Nagar, Bulandshahr, Aligarh, Mathura and Agra. Work has begun on a milk-processing plant at Tappal. With the operation of this plant, JAICO plans to have its own brand of dairy products, including packaged milk, flavoured milk, long shelf-life milk, curd, drinkable yogurt, cheese spreads, ghee and butter.
OUTLOOK
Keeping in view the performance and future prospects of the Company’s business, the expansions and diversifications being undertaken and the business of its subsidiaries, the Company is poised for sustained growth and the outlook is bright.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMIC OVERVIEW
As per 'Monetary Policy Statement 2013-14' released by Reserve Bank of India (RBI) on May 3, 2013, the Annual Policy is formulated in an environment of incipient signs of stabilization in the global economy and prospects of a turnaround, albeit modest, in the domestic economy. In the advanced economies (AEs), near-term risks have receded, aided by improving financial conditions and supportive macroeconomic policies. RBI has also highlighted that:
a) With output expansion of only 4.5 per cent in Q3 of 201213, the lowest in 15 quarters, cumulative GDP growth for 3 the period April-December 2012 declined to 5.0 per cent from 6.6 per cent a year ago. This was mainly due to the protracted weakness in industrial activity aggravated by domestic supply bottlenecks, and slowdown in the services sector reflecting weak external demand. The Central Statistics Office (CSO)'s advance estimate of GDP growth for 2012-13 of 5.0 per cent implies that the economy would have expanded by 4.7 per cent in Q4.
b) The growth of industrial production slid to 0.6 per cent in February 2013 from 2.4 per cent a month ago. Consequently, on a cumulative basis, growth in industrial production decelerated to 0.9 per cent during 2012-13 (April-February) from 3.5 per cent in the corresponding period of the previous year.
c) On the demand side, the persisting decline in capital goods production during April 2012-February 2013 reflects depressed investment conditions. The moderation in corporate sales and weakening consumer confidence suggest that the slowdown could be spreading to consumption spending.
d) Headline inflation, as measured by the wholesale price index (WPI), moderated to an average of 7.3 per cent in 2012-13 from 8.9 per cent in the previous year. The easing was particularly significant in Q4 of 2012-13, with the year-end inflation recording at 6.0 per cent. Largely driven by food inflation, retail inflation, as measured by the new combined (rural and urban) consumer price index (CPI) (Base: 2010=100), averaged 10.2 per cent during 2012-13.
e) An analysis of corporate performance during Q3 of 201213, based on a common sample of 2,473 non-government non-financial companies, indicates that growth of sales as well as profits decelerated significantly. Early results of corporate performance in Q4 indicate continuing moderation in sales though profit margins increased slightly.
f) In consonance with the cuts in the policy repo rate and the cash reserve ratio (CRR) during 2012-13, the modal term deposit rate declined by 11 basis points (bps) and the modal base rate by 50 bps. Liquidity remained under pressure throughout the year because of persistently high government cash balances with the Reserve Bank and elevated incremental credit to deposit ratio for much of the year.
g) The revised estimates (RE) of central government finances for 2012-13 show that the gross fiscal deficit-GDP ratio at 5.2 per cent was around the budgeted level and within the target set out in the revised roadmap. The current account deficit (CAD) came in at an all-time high of 6.7 per cent of GDP in Q3 of 2012-13.
h) For GDP growth during 2012-13, the CSO's advance estimate of 5.0 per cent is lower than the Reserve Bank's baseline projection of 5.5 per cent set out in the Third Quarter Review (TQR) of January 2013, reflecting slower than expected growth in both industry and services.
i)
During 2013-14, economic activity is expected to
show only a modest improvement over last year, with a pick-up likely only in
the second half of the year. Conditional upon a normal monsoon, agricultural
growth could return to trend levels. The outlook for industrial activity
remains subdued, with the pipeline of new investment drying up and existing
projects stalled by bottlenecks and implementation gaps.
With global growth unlikely to improve significantly from 2012, growth in
services and exports may remain sluggish. Accordingly, the baseline GDP growth
for 2013-14 is projected at 5.7 per cent.
j) Keeping in view the domestic demand-supply balance, the outlook for global commodity prices and the forecast of a normal monsoon, WPI inflation is expected to be range-bound around 5.5 per cent during 2013-14.
According to 'Macroeconomic and Monetary Developments in 2012-13', issued by RBI with the Monetary Policy Statement 2013-14, on May 2, 2013, RBI has given following indications on domestic as well as global economy:
- The impact of monetary policy in boosting GDP growth is contingent upon resolution of supply bottlenecks, governance issues impeding investments and the government's efforts towards fiscal consolidation. Domestic energy price adjustments, inadequate supply response and sustained wage pressures on inflation are expected to drag down growth for some more time. These factors, coupled with subdued domestic business confidence, are likely to keep recovery in 2013-14 modest.
- Global growth turned weaker in 2012 and is expected to stay sluggish in 2013 as fiscal adjustments drag growth in advanced economies (AEs) and, in turn, delay cyclical recovery in emerging market and developing economies (EMDEs). The International Monetary Fund (IMF) in its World Economic Outlook has forecast global growth to stay sluggish at 3.3 per cent in 2013 before improving to 4.0 per cent in 2014. While downside tail risks have reduced in early 2013 because of the supportive policy action in the euro area and the measures to tackle the fiscal cliff in the US, risks to global recovery have increased consequent to the Chinese economy slowing down.
- The Indian economy remained sluggish in Q3 of 13, with slowdown turning visibly pervasive across most sectors. The deceleration in the services sector growth, which has been the mainstay of high growth in the recent period, had dragged down overall economic activity and employment creation. Domestic policy uncertainties, governance concerns, the impact of earlier monetary tightening and the slacking of external demand continue to adversely impact growth.
- External imbalances were in focus as the current account deficit (CAD) to GDP ratio reached a historic high of 6.7 per cent in Q3 of 2012-13. However, CAD in Q3 was adequately financed by capital inflows, without any reserve depletion. Current account in 14 is likely to benefit from moderation in global commodity prices of oil, gold and other metals.
- Headline, and especially the non-food manufactured product inflation pressures, softened during 201213, even as consumer price inflation firmed up. The average headline WPI inflation during 2012-13 at 7.4 per cent was significantly lower than the 9.0 per cent recorded in the preceding year.
- Growth continued to slow down in 2012-13, but could witness a slow-paced recovery later this year, contingent on improved governance and concerted action to resolve structural bottlenecks. Subdued business and consumer confidence, reflected in various surveys, is expected to drag growth down.
- Growth in the index of industrial production (IIP) witnessed a slowdown to 0.9 percent during April-February 2012-13, largely due to infrastructure and input constraints, rising costs and moderation of external demand. Contraction in capital goods and the mining sector continue to affect the overall performance of the industrial sector. Excluding the volatile items, the truncated IIP (96 per cent of IIP) growth in April-February 2012-13 is 1.5 per cent.
- Shortage of power was a major constraining factor for the growth of the industrial sector. Growth in electricity generation decelerated during 2012-13 to 4.0 per cent from 8.2 per cent in the year before. The gap between requirement and availability of power increased to 8.7 per cent during the period. Shortages in coal supply, delays in capacity addition and a delayed and skewed monsoon have contributed to the slower growth of power generation.
- Apart from domestic constraints, weak global growth was also responsible for the domestic industrial slowdown given the strong co-movement between the domestic and global IIP. Core industries are faced with various supply constraints, such as shortage of coal and Natural gas, stoppage of mining in some states and delays in commissioning of large projects.
- Going forward, sustained efforts by the government to expediting environmental clearances and land acquisition are needed to turnaround growth in core industries. Constraints facing the infrastructure sector need to be addressed. The Reserve Bank, on its part, has also recently relaxed the norms for external commercial borrowings for infrastructural finance companies.
'Asian Development Bank (ADB) Outlook 2013' on Indian Economy stated that India's growth further decelerated as a slump in industry and investment spread to consumption and exports. Though inflation and the fiscal deficit were reined in, the current account deficit rose to a record high. Delays in resolving structural impediments to growth were compounded by a global trade slowdown. Boosting investment is critical for a return to high growth, but requires reforms to eliminate bottlenecks that are stalling projects. Recent steps to address some of these challenges are expected to help growth pick up modestly.
Economic growth in fiscal year 2012 (ended 31 March 2013) decelerated to 5%, it's lowest in a decade, from 6.2% in FY2011. While tepid industrial growth and downdraft in investment continued from FY2011, the downturn was exacerbated by a slump in services activity, weakening consumption, and contracting exports.
|
Selected Economic Indicators (%) - India |
2013 |
2014 |
|
Gross Domestic Product (GDP) growth |
6.0% |
6.5% |
|
Inflation |
7.2% |
6.8% |
|
Current Account Balance (share in GDP) |
-4.4% |
-3.7% |
The slowdown in domestic investment in India will need to be reversed for growth to trend upward in a sustained manner. However, recent data from the Centre for Monitoring Indian Economy on planned capital expenditures are not encouraging, as they continue to show a downward trend in announced new projects and an increase in the number of shelved projects. Clearly, turning this trend around will be a major challenge.
Recent reforms include the creation of the Cabinet Committee on Investment to expedite government clearances for large projects and cabinet clearance of a land acquisition bill. However, these are only first steps toward improving the investment climate in India, and further measures will have to be undertaken for the investment cycle to turn around. These would include tough economic and politically difficult policy decisions related to delays in environmental clearances, parliamentary approval of the land acquisition bill that involves complex issues, improving the availability of fuel sources and infrastructure linking fuel sources with power generating plants, and attaining fiscal consolidation without sacrificing capital expenditure.
A normal monsoon is expected to substantially boost agriculture growth from the depressed base a year earlier. This will strengthen rural consumer demand and ease price pressures. Industry growth should improve on better domestic and external demand, but unresolved structural issues will continue to constrain investment, mining and power. Services are expected to see a stronger pickup in activity than industry, though growth will continue to be restrained by the limited demand.
In this scenario, GDP growth nudges up to 6% in FY2013. Improved global prospects, some easing of price pressures, and forward movement in resolving structural bottlenecks would allow India's growth to increase to 6.5% in FY2014.
In the given environment of India being fairly poised towards growth, your Company stands in a strong position to grow due to its presence basically in the infra-structure sector, which is the backbone of country's overall growth & development.
COMPANY'S BUSINESS
The Company's business can be broadly classified in the following sectors:
1. Engineering and Construction
2. Manufacture and Marketing of Cement
3. Energy (Power, Transmission, Oil and Gas)
4. Expressways
5. Real Estate and
6. Hospitality
CONTINGENT LIABILITY NOT
PROVIDED FOR IN RESPECT OF:
(Rs. in Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
|
[a] Claims against the Company / Disputed Liability [including Tax] not acknowledged as debts |
20078.300 |
16834.700 |
|
Amount deposited under Protest |
5842.200 |
4274.500 |
|
Bank Guarantee deposited under Protest [included in (b) below] |
1918.100 |
1494.500 |
|
[b] Outstanding amount of Bank Guarantees |
13996.000 |
16392.700 |
|
Margin Money deposited against the above |
42.800 |
88.400 |
|
[c] The Income Tax Assessments of the company have been completed upto Assessment Year 2010-11. Tax value for matters under appeal is Rs. 627.000 Millions for A.Y. 2010-11. Based on the decision of the Appellate authorities and the interpretation of relevant tax provisions, the Company has been legally advised that the additions made in the assessments are likely to be deleted or substantially reduced. As at 31.03.2013 there is no outstanding tax demand against the Company. |
|
|
|
[d] The Competition Commission of India ("CCI") passed an order on 20th June, 2012 imposing penalty on 11 cement manufacturers including the Company, allegeing contravention of the provisions of the Competition Act, 2002, and imposed a penalty of Rs. 13236.000 Millions on the Company. The Company has filed an appeal against the said order before the Competition Appellate Tribunal. The matter is currently pending before the Competition Appellate Tribunal. However, the Competition Appellate Tribunal has, by its orders dated September 13, 2012 and October 11, 2012, ordered that no coercive steps be taken against the Company for recovery of the penalty imposed. Based on the advice of the Counsels, as well as its own assessment, the Company believes it has strong grounds for success of the appeal. Hence no provision is considered in the Financial statements. |
|
|
|
[e] The Hon'ble High Court of Himachal Pradesh, vide order dated 04.05.2012, imposed damages of Rs. 1000.000 Millions holding certain contraventions of the Water (Prevention & Control of Pollution ) Act, 1974 , Air (Prevention & Control of Pollution) Act, 1981 & Environment Impact Assessment Notification in respect of the Company's Cement plant at Bagheri, Himachal Pradesh. The Company has filed Special Leave Petition before the Hon'ble Supreme Court against the said Order which is pending for disposal. As per directions of the Hon'ble Supreme Court an amount of Rs. 250.000 Millions has been deposited with the State Government which will remain with them and not to be disbursed during the pendency of the appeals. Based on advice of the Counsels no provision is considered in the Financial Statements. |
|
|
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10438036 |
29/06/2013 |
2,000,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. |
B80123797 |
|
2 |
10437993 |
25/06/2013 |
5,250,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. |
B80107964 |
|
3 |
10432854 |
22/07/2013 * |
1,000,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA |
B80697956 |
|
4 |
10432851 |
19/06/2013 |
2,000,000,000.00 |
Axis Trustee Services Limited |
Axis House, 2nd Flr, Bombay Dyeing Mills Compound, Pandurang Budhkar Marg, Worli,, Mumbai, Maharashtra - 400025, INDIA |
B77863900 |
|
5 |
10431895 |
07/06/2013 |
362,000,000.00 |
U.P. Financial Corporation |
14/88, Civil Lines, Kanpur, Uttar Pradesh - 208001 |
B77433415 |
|
6 |
10430044 |
15/05/2013 |
10,120,000.00 |
SREI Equipment Finance Private Limited |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, West Bengal - 700046, INDIA |
B76681816 |
|
7 |
10427280 |
19/06/2013 * |
5,000,000,000.00 |
Canara Bank |
Prime Corporate Branch-I, Plot No.1, DDA Building , Ist Floor, Nehru Place, New Delhi, Delhi - 110019, INDIA |
B77760239 |
|
8 |
10423791 |
22/04/2013 |
60,465,000.00 |
SREI Equipment Finance Private Limited |
'VISHWAKARMA', 86C, TOPSIA ROAD, KOLKATA, West Bengal - 700046, INDIA |
B74449273 |
|
9 |
10413036 |
21/03/2013 |
1,500,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, CHANDRALOK BUILDING, 36, JANPATH, NEW DELHI, Delhi - 110001, INDIA |
B71202444 |
|
10 |
10399708 |
18/03/2013 * |
3,000,000,000.00 |
Bank of Maharashtra |
South Extension, Part -1, New Delhi, Delhi - 110049, INDIA |
B71996375 |
* Date of charge modification
FIXED ASSETS:
- Land
- Building
- Purely
Temporary Erections
- Railway
siding
- Plant and
Machinery
- Captive
Thermal Power Plant
- Wind Turbine
generators
- Golf Course
- Miscellaneous
Fixed Assets
- Motor
Vehicles
- Furniture and
Office Equipment
- Ships: Boat
- Aeroplane /
Helicopter
- Technical
Books
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.67.71 |
|
|
1 |
Rs.105.14 |
|
Euro |
1 |
Rs.90.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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.