MIRA
INFORM REPORT
|
Report Date : |
30.12.2013 |
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) : |
31.03.2013 |
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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. 909.830 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 : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of micro irrigation systems, piping systems and agro-processed products. |
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No. of Employees
: |
7903 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (32) |
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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 93470000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. There appears sharp dip in profit of the company during current year. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services sector
activity witnessed a moderate improvement in November over the previous month,
even while indicating the fifth successive monthly contraction, according the
HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “B+” |
|
Rating Explanation |
High risk of default. |
|
Date |
03.12.2013 |
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Rating Agency Name |
CRISIL |
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Rating |
Short term rating: “A4” |
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Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
03.12.2013 |
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.
INFORMATION DECLINED BY
|
Name : |
Mr. Sandeep Savani |
|
Designation : |
Account Manager |
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Contact No.: |
91-257-2258011 |
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Date : |
27.12.2013 |
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 – 508126, |
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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 – 301030, |
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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 – 425001, |
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Demo
and Research and Development Farm 2
: |
At. Takarkheda, Post Kadholi, Taluka Erandol, District Jalgaon –
425001, |
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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 ·
Ferozepur Adilabad Ahmedabad Ahmednagar Amravati Anantapur Aurangabad Bangalore Baramati Bardoli Belgaum Bijapur Bikaner Bilaspur Kutch Buldhana Chamba Chandigarh Chennai Chittoor Cochin Coimbatore Cuddapah Nashik Dehradun Deesa East Godavari Guntur Hamirpur Hyderabad Indore Jalbalpur Jaipur Jalgaon Jhalawad Jhansi Jodhpur Karimnagar Kolkata Kullu Kurnool Latur Lucknow Madurai Sangareddy Nagpur Nalgonda Nanded Vizag Nellore Nizamabad New Delhi Palampur Solapur Vizag Patna Pondicherry Pune Ranchi Ratnagiri Sangli Shimla Sendhwa Sirsa Srikakulam Mandi Thane Udaipur Una Vadodara Vijaywada Vishakhapatnam Warangal Mohali |
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Overseas
offices : |
Located at: ·
·
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·
·
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DIRECTORS
As on 31.03.2013
|
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.
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. Ghaneshyam Dass |
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Designation : |
Director |
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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. Vasant V. Warty |
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Designation : |
Director (Nominee SBI) |
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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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Experience:
|
30
Years |
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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 |
|
Address: |
Jain
House, 7/8, Suyog Colony, Near Girna Water Tank, Jalgaon – 425 002, |
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Qualification
: |
B.
Com., LL.B. |
|
Experience:
|
28
Years |
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Date
of Appointment : |
12.01.1987 |
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|
Name : |
Mr. Ajit B. Jain |
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Designation : |
Joint Managing Director |
|
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:
|
28
Years |
|
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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Qualification: |
B.Com |
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Experience:
|
21
Years |
|
Date of
Appointment: |
25.08.2009 |
|
|
|
|
Name : |
Mr.
R. Swaminathan |
|
Designation : |
Director
- Technical |
|
Address: |
Jain
House, 5/B, Suyog Colony, Near Girna Water Tank, Jalgaon – 425 002, |
|
Qualification: |
B.
Tech (Chem) |
|
Experience:
|
40
Years |
KEY EXECUTIVES
|
Name : |
Mr. A.V. Ghodgaonkar |
|
Designation : |
Company Secretary |
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|
Name : |
Manoj L. Lodha |
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Designation : |
President – Banking & Finance |
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|
Name : |
Mr. Sandeep Savani |
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Designation : |
Account Manager |
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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. Ramesh C
A Jain – Chairman ·
Mr. Ashok B Jain – Member ·
Mr. Ajit B Jain – Member ·
Mr. Vasant V wsarty – Member ·
Ms. Radhika Pereira - Member |
|
|
|
|
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 30.09.2013
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
20520575 |
4.73 |
|
|
99093836 |
22.83 |
|
|
119614411 |
27.56 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
119614411 |
27.56 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3279763 |
0.76 |
|
|
34902 |
0.01 |
|
|
227898264 |
52.50 |
|
|
1000 |
0.00 |
|
|
1000 |
0.00 |
|
|
231213929 |
53.27 |
|
|
|
|
|
|
23323066 |
5.37 |
|
|
|
|
|
|
28577780 |
6.58 |
|
|
5615096 |
1.29 |
|
|
25722606 |
5.93 |
|
|
1626560 |
0.37 |
|
|
557386 |
0.13 |
|
|
2125 |
0.00 |
|
|
2684199 |
0.62 |
|
|
20852336 |
4.80 |
|
|
83238548 |
19.18 |
|
Total Public shareholding (B) |
314452477 |
72.44 |
|
Total (A)+(B) |
434066888 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
1553090 |
0.00 |
|
|
1553090 |
0.00 |
|
Total (A)+(B)+(C) |
435619978 |
0.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons belonging
to the category Promoter and Promoter Group
|
Name of the
Shareholder |
Details
of Shares held |
|
|
No.
of Shares held |
As
a % |
|
|
Bhavarlal H Jain |
26,55,240 |
0.61 |
|
Ashok Bhavarlal Jain |
18,57,485 |
0.43 |
|
Jyoti Ashok Jain |
33,81,500 |
0.78 |
|
Arohi Ashok Jain |
2,73,565 |
0.06 |
|
Attaman Ashok Jain |
50,000 |
0.01 |
|
Anil Bhavarlal Jain |
1,13,690 |
0.03 |
|
Nisha Anil Jain |
15,38,750 |
0.35 |
|
Athang Anil Jain |
1,32,760 |
0.03 |
|
Amoli Anil Jain |
3,15,320 |
0.07 |
|
Ashuli Anil Jain |
1,37,950 |
0.03 |
|
Ajit Bhavarlal Jain |
93,40,205 |
2.14 |
|
Shobhana Ajit Jain |
4,65,745 |
0.11 |
|
Abhedya Ajit Jain |
89,635 |
0.02 |
|
Abhang Ajit Jain |
50,000 |
0.01 |
|
Atul Bhavarlal Jain |
1,08,730 |
0.02 |
|
Bhavana Atul Jain |
10,000 |
0.00 |
|
Jalgaon Investment Private Limited |
9,66,05,000 |
22.18 |
|
Jain Brothers Ind Private Limited |
24,88,836 |
0.57 |
|
Total |
11,96,14,411 |
27.46 |
Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Public and holding more than 1% of the total number of shares
|
Name of the
Shareholder |
No.
of Shares held |
Shares
as % |
|
|
MKCP Institutional Investor (Mauritius) II Limited |
35154335 |
8.07 |
|
|
Pictet Water |
13400918 |
3.08 |
|
|
International Finance Corporation |
13167025 |
3.02 |
|
|
Government Pension Fund Global |
12137366 |
2.79 |
|
|
Macquarie Bank Limited |
12122480 |
2.78 |
|
|
Emerging Markets Growth Fund Inc. |
11799636 |
2.71 |
|
|
Templeton Funds -Templeton Foreign Fund |
10180690 |
2.34 |
|
|
The State Teachers Retirement System of OHIO |
8480000 |
1.95 |
|
|
Dunearn Investments Mauritius Pte Limited |
7650000 |
1.76 |
|
|
Lantau Institutional Investor (Mauritius) Limited |
6974602 |
1.60 |
|
|
Wellington Management Company LLP A/C Bay Pond MB |
6282641 |
1.44 |
|
|
Templeton Global Smallar Companies Fund |
5281800 |
1.21 |
|
|
General Electric Pension Trust |
5108086 |
1.17 |
|
|
Templeton Institutionl Funds -Foreign Smallar Companies Seris |
5030165 |
1.15 |
|
|
Total |
152769744 |
35.07 |
|
Shareholding of
securities (including shares, warrants, convertible securities) of persons (together
with PAC) belonging to the category “Public” and holding more than 5% of the
total number of shares of the company
|
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No.
of Shares |
Shares
as % |
|
|
MKCP Institutional Investor (Mauritius) II Limited |
35154335 |
8.07 |
|
|
Total |
35154335 |
8.07 |
|
Details of Locked-in
Shares
|
Name of the
Shareholder |
No.
of Shares |
Locked-in
Shares as % |
|
International Finance Corporation |
65,78,125 |
1.51 |
|
MKCP Institutional Investor (Mauritius) II Limited |
3,51,54,335 |
8.07 |
|
Lantau Institutional Investor (Mauritius) Limited |
69,74,602 |
1.60 |
|
Vista Institutional Investor (Mauritius) Limited |
10,26,831 |
0.24 |
|
Total |
4,97,33,893 |
11.42 |
Details of Depository
Receipts (DRs)
|
Type of
Outstanding DR (ADRs, GDRs, SDRs, etc.) |
No.
of Outstanding DRs |
No.
of Shares Underlying |
Shares
Underlying Outstanding DRs as % |
|
EDRs |
31,06,180 |
15,53,090 |
0.36 |
|
Total |
31,06,180 |
15,53,090 |
0.36 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of micro irrigation systems, piping systems and agro-processed products. |
GENERAL INFORMATION
|
No. of Employees : |
7903 (Approximately) |
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Bankers : |
· Axis Bank Limited, Mumbai Bank
of Baroda, Mumbai Canara
Bank, Jalgaon DBS
Bank Limited, Mumbai Export
Import Bank of India, Mumbai ICICI
Bank Limited, Mumbai IDBI
Bank Limited, Mumbai / Pune Indian
Bank, Mumbai Rabo
Bank International, Mumbai Standard
Chartered Bank, Mumbai State
Bank of India, Mumbai / Jalgaon State
Bank of Patiala, Mumbai Union
Bank of India, Mumbai Yes
Bank Limited, Mumbai |
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Facilities : |
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|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address : |
42, Free Press House, 4th Floor, 215, Nariman Point,
Mumbai - 400021, |
|
|
|
|
|
|
|
Solicitors : |
|
|
Name : |
Mulla and Mulla
and Craigie and Blunt and Caroe, |
|
Address : |
Mulla House, 51, |
|
|
|
|
Name : |
Solomon and
Company |
|
Address : |
Calcot House, 3rd
Floor, 8/10, M.P. Shetty Marg, ( |
|
|
|
|
Wholly owned
subsidiaries of JISL Overseas Limited, Mauritius.: |
· Jain (Europe) Limited UK Jain
(Americas) Inc. USA Jain
Overseas BV. Netherland |
|
|
|
|
Subsidiaries of
Jain (Americas) Inc, USA: |
· Cascade Specialties Inc. USA Jain
Irrigation Holding Inc. USA |
|
|
|
|
Subsidiary of Jain
Irrigation Holding Corporation : |
Jain Irrigation Inc, USA |
|
|
|
|
Wholly Owned
Subsidiary of Jain Irrigation Inc, USA : |
Point Source Irrigation, Inc., USA |
|
|
|
|
Wholly Owned Subsidiaries
of Jain Overseas B V, Netherland : |
· JISL Global SA, Switzerland Jain
(Israel) BV, Netherland Jain
Sulama Sistemleri Sanayi Ve Ticaret Anonim Sirkti, Turkey |
|
|
|
|
Wholly Owned
Subsidiaries of JISL Global SA : |
JISL Systems SA, Switzerland |
|
|
|
|
Subsidiary of Jain
(Israel) BV, Netherland : |
Naandan Jain Irrigation Limited, Israel |
|
|
|
|
Subsidiary of JISL
Systems SA, Switzerland : |
THE Machines SA, Switzerland |
|
|
|
|
Subsidiary of Jain
(Europe) Limited UK. : |
SQF 2009 Limited |
|
|
|
|
Subsidiary of THE
Machines SA, Switzerland : |
Pro Tool AG, Switzerland |
|
|
|
|
Subsidiaries of
Naandan Jain Irrigation Limited, Israel : |
· NaanDan Agro-Pro Limited, Israel NaanDan
Jain France Sarl, France NaanDan
Jain Australia Pty Limited, Australia NaanDan
Do Brasil Participacoes Limited, Brazil NaanDan
Jain Industria E Comercio de Equipmentos Limited, Brasil NaanDanJain
Mexico, S.A. De C.V. Mexico NaanDan
Jain S.R.L., Italy NaanDan
Jain Iberica S.C., Spain NaanDan
Jain Peru S.A.C, Peru Naan
Dan Jain Irrigation Projects S.R.L., Romania |
|
|
|
|
Wholly owned
subsidiaries of SQF 2009 Limited : |
· Sleaford Food Group Limited, UK Sleaford
Quality Foods Limited, UK Arnolds
Quick Dried Foods Limited, UK |
|
|
|
|
Joint venture of
Naandan Jain Irrigation Limited, Israel Not consolidated in
Naandan Jain Irrigation Limited, Israel: |
Dansystems S.A., Chile Naan Sprinklers and Irrigation Systems, INC, USA |
|
|
|
|
Companies / Firms in
which director, director’s relatives are Directors/ Partners Companies : |
Companies Jain
Extrusion and Molding Private Limited Pixel
Point Private Limited Jain
Vanguard Polybutelyne Limited Labh
Subh Securities International Limited Atlaz
Technology Pvt. Limited, Jain
Brothers Industries Private Limited JAF
Products Pvt. Limited, Cosmos
Investment and Trading Private Limited Jalgaon
Investment Private Limited Stock
and Securities (India) Private Limited Jain
Rotfil Heaters Private Limited Timbron
India Pvt. Limited Jain
e-agro.com India Pvt. Limited Jain
Green Energy Limited, Aadhunik
Hi Tech Agriculture Pvt. Limited Gandhi
Research Foundation Kantabai
Bhavarlal Jain Family Knowledge Institute Partnership firms Jain
Computer and Allied Services Jalgaon
Udyog Jalgaon
Metal and Bricks Manufacturing Co. Proprietorship PVC
Trading House Plastic
Enterprises Drip
and Pipe Suppliers Jain
Sons Investments Corporation FIG
Consultants Trust Anubhuti
Scholarship Foundation, Bhavarlal
and Kantabai Jain Multipurpose Foundation Trust entities Jain
Family Holding Trust Jain
Family Investment Trust Jain
Family Enterprises Trust Jain
Family Investment Management Trust Jain
Family Trust Foreign companies Jain
Investments and Finance BV. Netherland Jain
Overseas Investments Limited Mauritius |
|
|
|
|
Associate
companies: |
Sustainable Agro-Commercial Finance Limited |
CAPITAL STRUCTURE
As on 31.03.2013
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 |
|
435619978 |
Equity Shares |
Rs.2/- each |
Rs.871.240 Millions |
|
19,294,304 |
Differential Voting
Rights Equity Shares |
Rs.2/- each |
Rs.38.588 Millions |
|
|
Total |
|
Rs. 909.828 Millions |
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 quity shares.
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 than 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.
During October 2012, the company has raised significant long-term funds of Rs. 3978.700 millions by way of allotment of 49,733,893 ordinary equity shares of Rs. 2 each @ premium of Rs. 78 per share to non promoter group on preferential basis. Consequently, the equity share capital has gone up by Rs. 99.470 millions and security premium account by Rs. 3,879.240 millions. The Company has made application to Reserve Bank of India for allotment of equity shares to Non-resident institutional investors as applicable.
Shareholders holding
more than 5% of equity share capital/equity share capital with differential
voting rights
|
Name of the
Shareholder |
31-Mar-2013 |
|||
|
Ordinary equity shares |
DVR |
|||
|
Number of Shares |
Percentage of holding |
Number of Shares |
Percentage of holding |
|
|
Jalgaon Investments Private Limited |
96,605,000 |
22.18% |
4,830,250 |
25.03% |
|
Emerging Markets Growth Fund, Inc. |
15,812,784 |
3.63% |
974,450 |
5.05% |
|
MKCP Institutional Investor (Mauritius ) II Limited. |
35,154,335 |
8.07% |
-- |
-- |
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 |
909.830 |
810.360 |
771.450 |
|
(b) Reserves & Surplus |
22294.980 |
17961.280 |
15723.320 |
|
(c) Money received against share warrants |
161.810 |
347.930 |
347.930 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
23366.620 |
19119.570 |
16842.700 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a (a) long-term
borrowings |
11779.270 |
9979.110 |
7640.270 |
|
(b) Deferred tax liabilities (Net) |
1810.050 |
1709.870 |
1224.250 |
|
(c) Other long term liabilities |
25.340 |
0.000 |
54.490 |
|
(d) long-term provisions |
46.150 |
36.660 |
39.910 |
|
Total Non-current Liabilities (3) |
13660.810 |
11725.640 |
8958.920 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
14211.910 |
15800.030 |
12966.460 |
|
(b) Trade payables |
11688.860 |
11744.540 |
10936.230 |
|
(c) Other current
liabilities |
4202.660 |
4198.750 |
3484.520 |
|
(d) Short-term provisions |
329.500 |
509.850 |
488.230 |
|
Total Current Liabilities (4) |
30432.930 |
32253.170 |
27875.440 |
|
|
|
|
|
|
TOTAL |
67460.360 |
63098.380 |
53677.060 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
19584.650 |
17716.900 |
14811.090 |
|
(ii) Intangible Assets |
140.150 |
141.950 |
141.650 |
|
(iii) Capital
work-in-progress |
599.060 |
1773.850 |
832.600 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
7003.210 |
4307.400 |
4032.790 |
|
(c (c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1967.260 |
1720.850 |
1926.680 |
|
(e) Other Non-current
assets |
1694.750 |
1075.550 |
83.100 |
|
Total Non-Current Assets |
30989.080 |
26736.500 |
21827.910 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
11570.430 |
8011.960 |
9149.470 |
|
(c) Trade receivables |
15986.790 |
20286.080 |
14818.160 |
|
(d) Cash and cash
equivalents |
1716.940 |
2811.730 |
3830.300 |
|
(e) Short-term loans and
advances |
3951.680 |
2402.390 |
1809.770 |
|
(f) Other current assets |
3245.440 |
2849.720 |
2241.450 |
|
Total Current Assets |
36471.280 |
36361.880 |
31849.150 |
|
|
|
|
|
|
TOTAL |
67460.360 |
63098.380 |
53677.060 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
35109.480 |
37810.920 |
33309.010 |
|
|
|
Other Income |
503.940 |
312.990 |
828.280 |
|
|
|
TOTAL |
35613.420 |
38123.910 |
34137.290 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
21687.810 |
20540.810 |
21281.480 |
|
|
|
Employee benefit expenses |
1737.360 |
1721.860 |
1503.210 |
|
|
|
Other expenses |
7378.420 |
7253.040 |
5746.180 |
|
|
|
Changes in inventories of finished
goods and work in progress |
(1294.050) |
640.070 |
(2425.02) |
|
|
|
TOTAL |
29509.540 |
30155.780 |
26105.850 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
6103.880 |
7968.130 |
8031.440 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
4421.970 |
4234.770 |
2916.860 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1681.910 |
3733.360 |
5114.580 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1195.170 |
1007.270 |
839.720 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
486.740 |
2726.090 |
4274.860 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
185.680 |
42.300 |
1322.270 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ITEMS |
0.000 |
0.800 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
301.060 |
2682.990 |
2952.590 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8340.660 |
6628.580 |
4449.240 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
30.110 |
500.000 |
300.000 |
|
|
|
Transfer to Capital Redemption Reserve |
0.000 |
0.000 |
23.120 |
|
|
|
Proposed preference dividend for the year |
0.000 |
0.000 |
0.230 |
|
|
|
Provision for dividend tax on preference dividend for the year |
0.000 |
0.000 |
0.040 |
|
|
|
Proposed Equity Dividend |
227.460 |
405.180 |
385.790 |
|
|
|
Provision for Dividend Tax on Equity
Dividend |
38.660 |
65.730 |
64.070 |
|
|
BALANCE CARRIED
TO THE B/S |
8345.490 |
8340.660 |
6628.580 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports (on the basis of bill of lading) |
6113.230 |
6348.290 |
4920.470 |
|
|
TOTAL EARNINGS |
6113.230 |
6348.290 |
4920.470 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Components and Stores and Spares |
5010.570 |
6288.910 |
7781.150 |
|
|
|
Capital Goods |
301.130 |
1858.230 |
1787.890 |
|
|
TOTAL IMPORTS |
5311.700 |
8147.140 |
9569.040 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.70 |
6.62 |
7.75 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
9889.700 |
8064.200 |
|
Total Expenditure |
|
8150.800 |
6823.300 |
|
PBIDT (Excl OI) |
|
1738.900 |
1240.900 |
|
Other Income |
|
52.600 |
71.300 |
|
Operating Profit |
|
1791.500 |
1312.200 |
|
Interest |
|
983.600 |
970.900 |
|
Exceptional Items |
|
(1126.700) |
(865.300) |
|
PBDT |
|
(318.800) |
(524.000) |
|
Depreciation |
|
335.400 |
344.300 |
|
Profit Before Tax |
|
(654.200) |
(868.300) |
|
Tax |
|
(189.100) |
(218.000) |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
(465.100) |
(650.300) |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
(465.100) |
(650.300) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.85
|
7.04
|
8.65
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.39
|
7.21
|
12.83
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.81
|
4.78
|
8.76
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.14
|
0.25
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.11
|
1.35
|
1.22
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20
|
1.13
|
1.14
|
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long term borrowings |
2636.300 |
2461.850 |
1518.360 |
|
|
|
|
|
|
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) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
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 |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Lodging No:
WPL/17/2012 Filing Date:
06/01/2012 Reg. No.:
WP/185/2012 Reg. Date: 16/01/2012 |
|
Petitioner: THE COMMISSIONER OF CENTRAL EXCISE Respondent: M/S. JAIN
IRRIGATION SYSTEMS
LIMITED Petn. Adv : R. ASOKAN (0) District: MUMBAI |
|
Bench: DIVISION Status: Pre-Admission
Category: WRIT PETITION (TAX) Next Date: 18/12/2013
Stage: WRIT PETITION FOR ADMISSION Coram: REGISTRAR(OS)/PROTHONOTARY & SR. MASTER Last Date:
10/01/2013 Stage: FOR
ADMISSION – FRESH [ORIGINAL SIDE MATTERS] Last Coram: HON’BLE SHRI JUSTIVE DR. D.Y. CHANDRACHUD HON’BLE SHRI JUSTICE A.A. SAYED |
|
Act: Central Excise and Salt Act
|
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION
|
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10464307 |
26/10/2013 |
1,500,000,000.00 |
THE SOUTH INDIAN BANK LIMITED |
289, EMCA HOUSE, S B SINGH ROAD, MUMBAI - 400038, MAHARASHTRA, INDIA |
B91170894 |
|
2 |
10458956 |
17/09/2013 |
66,538,500.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B89056089 |
|
3 |
10444400 |
25/07/2013 |
411,180,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B82776915 |
|
4 |
10434071 |
22/05/2013 |
5,686,708.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA - 700046, WEST BENGAL, INDIA |
B78398179 |
|
5 |
10433110 |
22/05/2013 |
1,016,016,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B77997740 |
|
6 |
10424122 |
06/05/2013 |
500,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B74567736 |
|
7 |
10419002 |
26/07/2013 * |
4,831,810,000.00 |
IDBI TRUSTEESHIP SERVICES LIMITED |
ASIAN BUILDING. GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B81801128 |
|
8 |
10415976 |
21/03/2013 |
789,000,000.00 |
CANARA BANK |
VISANJI NAGAR, JALGAON - 425001, MAHARASHTRA, INDIA |
B72052277 |
|
9 |
10402588 |
08/02/2013 |
600,000,000.00 |
RABO INDIA FINANCE LIMITED |
GF/A-03 B, GROUND FLOOR,, BUILDING NO. 9, TOWER A, DLF CYBER CITY, PHASE-III, GURGAON - 122002, HARYANA, INDIA |
B67936245 |
|
10 |
10406274 |
08/02/2013 |
1,500,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI - 400018, MAHARASHTRA, INDIA |
B68929579 |
|
11 |
10406496 |
29/01/2013 |
1,561,000,000.00 |
IDBI BANK LIMITED |
IDBI BANK LTD, CBG, 2ND FLOOR, PRIDE HOUSE, UNIVERSITY ROAD, GANESHKHIND, NEAR UNIVERSITY CIRCLE, PUNE - 411016, MAHARASHTRA, INDIA |
B68993385 |
|
12 |
10443248 |
15/12/2012 |
7,025,000.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA - 700046, WEST BENGAL, INDIA |
B76468966 |
|
13 |
10389316 |
09/11/2012 |
700,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
B63097737 |
|
14 |
10382902 |
24/09/2012 |
531,000.00 |
CENTRAL BANK OF INDIA |
REGIONAL OFFICE, KALA BHAVAN, VIDYUT COLONY, DHULIA ROAD, JALGAON - 425001, MAHARASHTRA, INDIA |
B60620572 |
|
15 |
10382878 |
10/09/2012 |
2,006,977.00 |
CENTRAL BANK OF INDIA |
REGIONAL OFFICE, KALA BHAVAN, VIDYUT COLONY, DHULIA ROAD, JALGAON - 425001, MAHARASHTRA, INDIA |
B60608742 |
|
16 |
10382880 |
04/09/2012 |
6,369,295.00 |
CENTRAL BANK OF INDIA |
REGIONAL OFFICE, KALA BHAVAN, VIDYUT COLONY, DHULIA ROAD, JALGAON - 425001, MAHARASHTRA, INDIA |
B60609302 |
|
17 |
10374545 |
03/08/2012 |
4,270,000.00 |
SREI EQUIPMENT FINANCE PRIVATE LIMITED |
'VISHWAKARMA', 86C, TOPSIA ROAD,, KOLKATA - 700046, WEST BENGAL, INDIA |
B57302168 |
|
18 |
10368538 |
09/07/2012 |
903,000,000.00 |
IDFC LIMITED |
KRM TOWER, 8TH FLOOR,, NO. 1, HARRINGTON ROAD, CHETPET, CHENNAI - 600031, TAMILNADU, INDIA |
B44910925 |
|
19 |
10363111 |
18/06/2012 |
100,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH, 3 WALCHAND H |
B42675090 |
|
20 |
10344303 |
28/03/2012 |
750,000,000.00 |
GE CAPITAL SERVICES INDIA |
AIFCS BUILDING,IST FLOOR, 1,RAFI MARG,, NEW DELHI - 110001, INDIA |
B35828672 |
|
21 |
10352906 |
21/03/2012 |
500,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT
ROAD, WORLI, MUMBAI - |
B38658605 |
|
22 |
10352487 |
13/03/2012 |
1,000,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE
BESANT ROAD, WORLI, MUMBAI - |
B38497913 |
|
23 |
10352908 |
13/03/2012 |
1,000,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE
BESANT ROAD, WORLI, MUMBAI - |
B38658910 |
|
24 |
10308502 |
28/09/2011 |
903,000,000.00 |
INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED |
KRM TOWER, 8TH FLOOR,, NO. 1, HARRINGTON ROAD, CHETPET, CHENNAI - 600031, TAMILNADU, INDIA |
B21689567 |
|
25 |
10311557 |
30/08/2011 |
750,000,000.00 |
SICOM LIMITED |
SOLITAIRE CORPORATE PARK, BUILDING NO.4, ANDHERI KURLA ROAD, CHAKALA, ANDHERI (EAST), MUMBAI - 400093, MAHARASHTRA, INDIA |
B23094006 |
|
26 |
10303480 |
03/09/2013 * |
25,202,800,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNT GROUP II, "THE CAPITAL", A WING, 16TH FLOOR, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI - 400051, MAHARASHTRA, INDIA |
B86077294 |
|
27 |
10290362 |
06/09/2011 * |
1,000,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE ACCOUNT GROUP II, "THE CAPITAL", A WING, 16TH FLOOR, BANDRA KURLA COMPLEX, BANDRA (EAST), MUMBAI - 400051, MAHARASHTRA, INDIA |
B20587127 |
|
28 |
10285465 |
21/04/2011 |
664,500,000.00 |
INTERNATIONAL FINANCE CORPORATION |
2121 PENNSYLVANIA AVENUE, N.W., WASHINGTON, D C 2 |
B12235453 |
|
29 |
10289273 |
21/04/2011 |
664,500,000.00 |
INTERNATIONAL FINANCE CORPORATION |
2121 PENNSYLVANIA AVENUE, N.W., WASHINGTON, D C 2 |
B12235198 |
|
30 |
10280910 |
15/04/2011 |
500,000,000.00 |
AXIS BANK LIMITED |
JEEVAN PRAKASH BUILDING, SIR. P. M. ORAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
B10644706 |
|
31 |
10211218 |
17/06/2013 * |
841,350,000.00 |
STANDARD CHARTERED BANK |
CRESCENZO, 7TH FLOOR, C-38-39, G- BLOCK, BEHIND MCA CLUB, BKC, BANDRA (EAST), MUMBAI - 400051, MAHARASHTRA, INDIA |
B79969432 |
|
32 |
10203974 |
23/02/2010 |
691,950,000.00 |
INTERNATIONAL FINANCE CORPORATION |
2121 PENNSYLVANIA AVENUE, N.W., WASHINGTON, D.C. |
A79871901 |
|
33 |
10203975 |
23/02/2010 |
691,950,000.00 |
INTERNATIONAL FINANCIAL CORPORATION |
2121 PENNSYLVANIA AVENUE, N W, WASHINGTON, D.C. 2 |
A79872636 |
|
34 |
10203973 |
31/05/2011 * |
695,550,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTR |
B16624850 |
|
35 |
10178343 |
31/05/2011 * |
120,525,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTR |
B16624140 |
|
36 |
10155942 |
06/05/2009 |
742,500,000.00 |
INTERNATIONAL FINANCE CORPORATION |
2121 PENNSYLVANIA AVENUE, N. W., WASHINGTON, D.C. |
A61768685 |
|
37 |
10158859 |
06/05/2009 |
742,500,000.00 |
INTERNATIONAL FINANCE CORPORATION |
2121 PENNSYLVANIA AVENUE, N W, WASHINGTON, D.C. 2 |
A61768164 |
|
38 |
10129847 |
26/09/2008 |
13,600,000.00 |
CANARA BANK |
VISANJI NAGAR, JALGAON, MAHARASHTRA - 425001, INDI |
A50411958 |
|
39 |
10114667 |
04/07/2008 |
641,850,000.00 |
INTERNATIONAL FINANCE CORPORATION |
2121 PENNSYLVANIA AVENUE, N.W., WASHINGTON, WASHI |
A42436188 |
|
40 |
10114857 |
04/07/2008 |
641,850,000.00 |
INTERNATIONAL FINANCE CORPORATION |
2121 PENNSYLVANIA AVENUE, N W, WASHINGTON, D.C. 2 |
A42488700 |
|
41 |
10306942 |
07/03/2008 |
320,000,000.00 |
STANDARD CHARTERED BANK |
90, M.G. ROAD, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA |
A70551023 |
|
42 |
10075526 |
19/10/2007 |
200,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
A26655829 |
|
43 |
10061282 |
26/07/2007 |
5,600,000.00 |
CANARA BANK |
VISANAJI NAGAR, JALGAON - 425001, MAHARASHTRA, INDIA |
A19517663 |
|
44 |
10065679 |
07/03/2008 * |
210,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
A38883344 |
|
45 |
10053625 |
24/05/2007 |
500,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
A15982119 |
|
46 |
10051530 |
25/04/2007 |
150,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
A15371610 |
|
47 |
10038858 |
07/03/2008 * |
354,400,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
A38883435 |
|
48 |
10044639 |
09/02/2007 |
100,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
A11406402 |
|
49 |
80006684 |
18/05/2006 * |
200,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR - 21,, WORLD TRADE CEN |
- |
|
50 |
80002834 |
23/03/2006 * |
300,000,000.00 |
UTI BANK LIMITED |
CENTRAL OFFICE : MAKER TOWERS, "F", 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
51 |
80017394 |
31/01/2005 |
86,800,000.00 |
EXPORT IMPORT BANK OF INDIA |
WTC, CENTER 1, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
52 |
80017395 |
31/01/2005 |
91,200,000.00 |
EXPORT IMPORT BANK OF INDIA |
WTC, CENTER 1, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
53 |
80017392 |
24/01/2005 |
48,950,000.00 |
CINCINNATI EXTRUSION GES MBH |
LAXENBURGER STRASSE 246, VIENNA, - 000000, AUSTRIA |
- |
|
54 |
80016022 |
31/03/2003 |
40,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
55 |
80016018 |
31/03/2003 |
53,800,000.00 |
EXPORT IMPORT BANK OF INDIA |
CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
56 |
80017401 |
31/03/2003 |
60,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
WTC, CENTER 1, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
57 |
90378229 |
10/07/1999 |
4,000,000.00 |
BANK OF MAHARASHTRA |
COLLAGE CAMPUS BRANCH, NASHIK, MAHARASHTRA, INDIA |
- |
|
58 |
90084818 |
31/03/1998 |
9,600,000.00 |
CENTRAL BANK OF INDIA |
317; MAHATMA GANDHI ROAD, PUNE - 411001, MAHARASHTRA, INDIA |
- |
|
59 |
90378126 |
23/10/1997 |
4,000,000.00 |
BANK OF MAHARASHTRA |
COLLAGE CAMPUS BRANCH, NASHIK, MAHARASHTRA, INDIA |
- |
|
60 |
80017397 |
06/10/1997 |
180,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
WTC, CENTER 1, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
61 |
90136793 |
04/12/1997 * |
106,500,000.00 |
BANK OF INDIA |
MUMBAI CORPORATE BANKING BRANCH, M.G. ROAD, MUMBAI - 400023, MAHARASHTRA, INDIA |
- |
|
62 |
80019115 |
02/05/1997 |
46,700,000.00 |
EXPORT IMPORT BANK INDIA |
WTC, CENTER 1, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
63 |
80019116 |
02/05/1997 |
46,700,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
64 |
90387281 |
10/02/1997 |
3,000,000.00 |
BANQUE INDOSQZ |
MUMBAI BRANCH, M.G. ROAD, MUMBAI, MAHARASHTRA, INDIA |
- |
|
65 |
80016051 |
07/11/1996 |
178,750,000.00 |
EXPORT IMPORT BANK OF INDIA |
WTC, CENTER 1, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
66 |
80016049 |
23/10/1996 |
178,750,000.00 |
EXPORT IMPORT OF INDIA |
WTC, CENTER 1, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
67 |
90137880 |
14/08/1998 * |
7,500,000.00 |
UTI BANK LIMITED |
FORT BRANCH, MUMBAI - 400001, MAHARASHTRA, INDIA |
- |
|
68 |
90084490 |
08/07/1997 * |
16,000,000.00 |
SICOM LIMITED |
NIRAML; 1ST FLOOR; NARIMAN POINT, MUMABI - 400021, MAHARASHTRA, INDIA |
- |
|
69 |
90378024 |
13/06/1996 |
5,000,000.00 |
BANK OF MAHARASHTRA |
COLLAGE CAMPUS BRANCH, NASHIK, MAHARASHTRA, INDIA |
- |
|
70 |
90378008 |
20/04/1996 |
400,000.00 |
BANK OF MAHARASHTRA |
TIRUPUR, TIRUPUR, MAHARASHTRA, INDIA |
- |
|
71 |
80036755 |
09/04/1996 |
52,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
72 |
90378005 |
29/03/1996 |
24,000,000.00 |
MAHARASHTRA STATE FINANCIAL CORPORATION |
A.K. NAYAK MARG, FORT, MUMBAI, MAHARASHTRA, INDIA |
- |
|
73 |
90139018 |
25/03/1996 |
20,000,000.00 |
UTI BANK LTD. |
FORT BRANCH, BOMBAY, MAHARASHTRA, INDIA |
- |
|
74 |
90137834 |
14/08/1998 * |
2,500,000.00 |
UTI BANK LIMITED |
FORT BRANCH, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
75 |
90156212 |
16/11/1995 |
2,000,000.00 |
THE SARASWAT CO.OPERATIVE BANK LTD. |
CENTRAL ADMINISTRATIVE OFFICE; APSARA CINEMA BLDG. |
- |
|
76 |
90156045 |
29/03/2004 * |
140,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH; KILLICK HOUSE, CHARANJ |
- |
|
77 |
90155963 |
21/12/1995 * |
1,578,940.00 |
SCICI LIMITED |
141, MAKER TOWER-F; CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
78 |
90377808 |
25/03/1994 |
300,000.00 |
CENTRAL BANK OF INDIA |
M.G. ROAD, MUMBAI, MAHARASHTRA, INDIA |
- |
|
79 |
90140427 |
15/09/1993 * |
3,791,500.00 |
LAKSHMI GENERAL FINANCE LIMITED |
21; PATTULLOS ROAD, CHENNAI - 600002, TAMILNADU, INDIA |
- |
|
80 |
90346567 |
12/02/1993 |
35,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, KILLICK HOUSE SIR CHAR |
- |
|
81 |
90348435 |
01/01/1992 |
5,000,000.00 |
STATE BANK OF INDORE |
EMPIRE HOUSE, 214 D. N. ROAD FORT, MUMBAI, MAHARA |
- |
|
82 |
90138726 |
26/08/1991 * |
1,500,000.00 |
ANDHRA PRADESH INDUSTRIAL DEVELOPMENT CORPORATION |
PARISHRAM BHAVAN, BASHEERBAGH, HYDERABAD - 500029, ANDHRA |
- |
|
83 |
90137336 |
21/08/1991 |
1,500,000.00 |
ANDHRA PRADESH INDUSTRIAL DEVELOPMENT CORPORATION |
PARISHRAM BHAVAN, BASHEERBAGH, HYDERABAD - 500029, ANDHRA |
- |
|
84 |
90138725 |
26/08/1991 * |
7,500,000.00 |
ANDHRA PRADESH STATE FINANCIAL CORP. |
CHIRAG ALI LANE, HYDERABAD - 500001, ANDHRA PRADESH, INDIA |
- |
|
85 |
90137319 |
10/06/1991 |
6,000,000.00 |
ANDHRA PRADESH STATE FINANCIAL CORPORTATION LTD. |
HYDERABAD, HYDERABAD , ANDHRA PRADESH, INDIA |
- |
|
86 |
90386886 |
25/03/1991 |
28,500,000.00 |
STATE BANK OF INDIA |
D.N. ROAD BRANCH, MUMBAI, MAHARASHTRA, INDIA |
- |
|
87 |
90356913 |
12/03/1991 |
13,500,000.00 |
STATE BANK OF INDIA |
D.N. ROAD BRANCH, BOMBAY, MAHARASHTRA, INDIA |
- |
|
88 |
90386858 |
30/08/1990 |
7,400,000.00 |
BANQUE INDOSEQZ |
ROMAN HOUSE 169 BACKBAY RECLAMATON, MUMBAI, MAHARA |
- |
|
89 |
90346465 |
28/08/1990 |
6,000,000.00 |
STATE BANK OF INDIA |
172 D N ROAD TEJPAL HOUSE, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
90 |
90386852 |
25/07/1990 |
8,700,000.00 |
THE STATE INDUSTRIAL AND INVESTMENT CORPORATION OF |
NIRMAL, NARIMAN POINT, MUMBAI, MAHARASHTRA, INDIA |
- |
|
91 |
90346452 |
08/05/1990 |
7,500,000.00 |
INDUSTRIAL FINANCE CORPN. OF INDIA |
BANK OF BARODA BUILDING, 16 SANSAD MARG, NEW DELHI - 110001, INDIA |
- |
|
92 |
90346447 |
19/03/1990 |
10,000,000.00 |
INDUSTRIAL CREDIT AND INVESTMENT |
CORPORATION OF INDIA LIMITED, 163 BACKBAY RECLAMATION, MUMBAI - 400020, MAHARASHTRA, INDIA |
- |
|
93 |
90357761 |
03/02/1988 |
1,600,000.00 |
MAHARASHTRA STATE FINANCIAL CORPORATION |
NEW EXCELSIOR CINEMA BLDG., 5;7;8;9; FLOORS; A.K. NAIK MARG; FORT, MUMBAI, MAHARASHTRA, INDIA |
- |
|
94 |
90386649 |
29/01/1987 |
6,000,000.00 |
BANQUE INDOSQZ |
MUMBAI BRANCH, M.G. ROAD, MUMBAI, MAHARASHTRA, INDIA |
- |
|
95 |
90346248 |
27/01/1987 |
3,500,000.00 |
TEMPORARY OFFICE |
601 RAHAJA CENTRE, NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
- |
|
96 |
90386647 |
27/06/1988 * |
6,000,000.00 |
BANQUE INDOEQUZ |
NARIMAN POINT, MUMBAI, MAHARASHTRA, INDIA MUMBAI |
- |
|
97 |
90356644 |
27/06/1988 * |
9,500,000.00 |
BANQUE INDOSUEZ |
MUMBAI BRANCH, 115; M.G. ROAD, MUMBAI, MAHARASHTRA, INDIA |
- |
|
98 |
90356645 |
27/06/1988 * |
9,500,000.00 |
BANQUE INDOSUEZ |
MUMBAI BRANCH, 115;. M.G. ROAD, MUMBAI, MAHARASHTRA, INDIA |
- |
|
99 |
90355742 |
31/03/1986 |
1,050,000.00 |
MAHARASHTRA STATE FINANCIAL CORPORATION |
NEW EXCELSIOR BLG., A.K.NAYAK MARG, MUMBAI, MAHARASHTRA, INDIA |
- |
|
100 |
90346125 |
24/05/1984 |
5,250,000.00 |
BANK OF CREDIT COMMERCE INTERNATIONAL |
OVERSEAS LIMITED, ATLANTA BUILDING NARIMAN POINT, MUMBAI - 400021, MAHARASHTRA, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Term loans |
|
|
|
-
From financial institutions |
2044.600 |
2251.070 |
|
Loans repayable on demand |
|
|
|
-
Money
market borrowing (Commercial papers) |
0.000 |
100.000 |
|
-
Short
term loan (Average interest rate – 13.27%) |
0.000 |
4452.220 |
|
Total |
2044.600 |
6803.290 |
Operations –
Standalone
The net sales and operating income degrew by a little over 8%. The domestic revenues at Rs 27,562 million were hit harder due to business model change, especially in MIS/SIS revenues were down 27% YoY, while smaller businesses like Tissue Culture and Green Energy reported 54.4%, 31.2% growth in domestic business. Export of Piping grew by 39%. The operating profit fell by over 23% while interest and finance charges went up by 10% YoY. After the tax adjustments, the profit after tax is at Rs 301 million a fall of 89% YoY
List of Awards / Recognition - Financial Year 2012-13
Jain Irrigation
Systems Limited
|
Award/Recognition
name |
Instituted by |
Given for |
|
The Good Company Award |
Forbes India |
For impacting the lives of over three million farmers by helping them shift to more scientific and sustainable agriculture. |
|
Kashalkar Memorial Award |
All India Food Processors' Association |
Outstanding contribution to the development of Food Processing Industries in the Country (for the year 2011). |
|
Aqua Excellence Award |
Aqua Foundation, New Delhi |
Outstanding contribution towards cause of water private sector. |
|
Award of Excellence |
Israel-Asia Chamber of Commerce and Industry, Israel |
For Leadership, Innovation and continuous Involvement and Investment in the Agriculture Technology and Irrigation Sector in Israel and in India and contribution to Israel-Asia Co-operation. |
|
Star Performer |
EEPC India (Formerly Engineering Export Promotion Council) |
Large Enterprise Agricultural or Forestry Machinery and Parts. |
|
APEDA Export Award |
Ministry of Commerce and Industry, Government of India |
Outstanding export performance and contribution in the processed fruits and vegetable sector. |
|
Indian Exporter's Excellence Award -2012 |
Dun and Bradstreet and Export Credit Guarantee Corporation of India Limited. |
Winner position in the Food and Agro products sector under the large exporter's category. |
|
Felicitation |
GAIL (India) Limited. |
Ranked 3rd in Top 10 Customers in quantity lifting of Polyethylene grade during year 2010-11. |
B) Padmashri
Bhavarlal H. Jain – Chairman
|
Award/Recognition
name |
Instituted by |
Given for |
|
Qimpro Platinum Standard 2012 |
Qimpro Foundation, Mumbai |
National Statesman for excellence in quality. |
|
Heroes of Philanthropy |
Forbes Asia |
One of the 48 Heroes of Philantrophy in the Asia-Pacific Region (Published by Forbes Asia, July 2012) For people who are giving their own money, not their company's (unless they own most of the company) and Bhavarlal Jain opened GRF cost $6 million shared with Company). |
|
ISAE Gold Medal (Lifetime Achievement Award) |
Indian Society of Agricultural Engineers |
Outstanding contribution in Agricultural Engineering Industry. |
|
Jivan Gourav Puraskar |
Daryasagar Samajik Sanstha |
Social work. |
Other major
developments during FY 2013
During the year under review the NBFC arm of the group namely Sustainable Agro Commercial Finance Limited (SAFL) has started its operations. SAFL company has raised Rs60 crores equity and is expecting soon contribution from International Finance Corporation(IFC), Washington, an arm of World Bank (WB) who intends to hold 10% Equity stake for Rs69 million in the NBFC.SAFL has started operations in Maharashtra at about 22 branches since beginning of 2013 and has divided the state in 4 zones Jalgaon, Pune, Aurangabad and Amravati with a staff of approx. 105 so far. It will finance for micro irrigation and other products for a tenure up to 3 years. Till date it has sanctioned loans worth Rs 365million and disbursed Rs 275 million to approx 3,250 farmers.
Other major
developments post March 2013
The Company is in process of seeking shareholder approval for divesting/ disposing its Wind Power undertaking through the Postal Ballot route and shall result in repayment of little more than $ 10 million Foreign Currency loans raised for the project in 2009.
Management Discussion
and Analysis
Overall Economic
Scenario
The Indian economy performed poorly in the Financial Year 2012-13. Faced with economic turbulence abroad and an unsupportive policy environment at home, industrial activity slowed steadily through the year, critical infrastructural projects stalled and private corporate investments lost much of their dynamism. A weak southwest monsoon in 2012 added further stress. Food prices shot up, keeping inflation and interest rates high through most of the year, while rural incomes lost momentum, consumer demand, as a result, slowed sharply, impacting business performance and profitability across the board. The country’s current account deficit widened significantly, putting severe pressure on the rupee. At the same time, with domestic economic activity slowing, Government revenues lost buoyancy, worsening the already weak state of Government finances. With the economy was under severe pressure and rating agencies threatening a downgrade, the Government finally swung into action in the second half of the year, announcing a series of critical reforms. These measures have undoubtedly improved the extant economic environment in the country, but deeper structural and administrative reforms are needed for the economy to regain momentum, and fully realise its long term potential. The slow down was reflected in all sectors of the economy but the industrial sector suffered the sharpest deceleration.
The global economy is in an extended slow down since 2008, financial markets crisis, though an initial upward momentum is being seen in later part of fiscal year 2013,especially in developed markets while emerging markets have slowed down. Despite slowdown concerns, the commodity cycle remains uncertain and prices remain high. 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 just above 5% per annum. Since last quarter of Financial Year 2011, the actual GDP growth rates of 9% plus p.a. are now down to 5% plus p.a. in last quarter of Financial Year 2013. Domestic interest rates are still very high despite RBI lowering Repo rate by 125 bps and hence not conducive to new investment decisions. The forex situation looks precarious and there is a sharp depreciation of 11% in local currency since beginning of May, 2013. Meanwhile economic atmosphere has been vitiated with constant stream of negative news, stretched governmentfinances and pessimistic emerging industrial scenario and high current account and fiscal deficit. Currently good monsoon rains in 2013 seems to be silver lining on the horizon of dark clouds all around. First half of rainy season has been good or above average for most parts and even distribution is good this season. Inflation remains sticky due to primary food inflation and is expected to improve if good rains were to be confirmed by end of Monsoon season in September, 2013.
It was a challenging year with several shocks in the global and domestic environment.The Company however, fortified by its philosophy of accepting no limits, innovative thinking and being positive change agent, successfully took on the challenge of performing in a very volatile environment.
Overview of Business
Jain Irrigation Systems Limited (JISL) or (Jains) is the flagship Company with 14subsidiary operating companies (including 2nd step subsidiaries) with diverse businesses across the globe and aggregate revenues of Rs 50 Billion. The Company is a leadingagri-business Company, present in entire value chain. It is the second largest micro irrigation Company globally and is largest manufacturer of micro irrigation systems in India. It is also the largest manufacturer of Mango pulp, puree and concentrate in the world and the third largest manufacturer of dehydrated onions. JISL is also India’s largest manufacturer of polyethylene pipes, leading PVC pipe manufacture and is furthermore the largest manufacturer of Tissue Culture banana plants in the world. JISL is additionally into hybrid and grafted plants; greenhouses, poly and shade houses, bio-fertilizers, biogas and green energy (solar and wind), solar water heating systems, solar panels, solar water pumps and wood substitute plastic sheets. These plants are ISO9001 and HACCP certified and meet International FDA statute requirements. Solar Energy Heating and Lighting Equipment’s, Solar Pump and Bio-Energy sources are new additions. Over the past few years JISL has done a few of acquisitions and merged a few companies. All acquisitions and mergers have been a strategic fit with the intent of strengthening the business and increasing reach in every segment. JISL renders consultancy for complete or partial project planning and implementation e.g. watershed or wasteland and / or crop selection and rotation.
Each of their products is an outcome of an effort to conserve nature's precious resources through substitution or value addition. This is the legacy of a deliberate and conscious endeavour that stems from a deep-rooted concern for nature with same intensity for development and growth of agriculture, resulting in higher income for farmers.
Overseas Holding
Companies
a) JISL Overseas Limited., Mauritius is a wholly owned subsidiary of the Company and was incorporated in 1994 under the laws of Mauritius. JISL Overseas Limited. acts as a holding Company for the UK and USA based overseas subsidiaries. It holds70.57 % in Jain Europe Limited and 68.73% in Jain Americas Inc, Ohio, USA. For the year ended 31stMarch, 2013,JISL Overseas Limited. Had share capital of US$79.23 million. The said Company had a loss of US$ 738,239 for the year ended 31stMarch, 2013.
b) 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, 2013,Jain International Trading B.V. had share capital of US$ 62.96 million. The said Company had a loss of US$ 107,574 for the year ended 31stMarch, 2013.
c) Jain Overseas B.V., Netherland was a wholly owned subsidiary of the JISLOverseas Limited Mauritius and was incorporated in 2007 under the laws of Netherland. During the year Jain International Trading B.V., Netherland had purchased 100% shares from JISL Overseas Limited and became holding Company of for this Company. The said Company had a loss of US$676,853 for the year ended 31stMarch, 2013.
d) Jain (Israel) B.V. Netherland is a wholly owned subsidiary of the Jain Overseas BV., Netherlands and was incorporated in 2007 under the laws of Netherland. The said Company had a loss of US$ 1,435,472 for the year ended 31stMarch, 2013.
e) JISL Global SA, Switzerland is a wholly owned subsidiary of the Jain OverseasBV., Netherlands and was incorporated in 2007 under the laws of Switzerland. The said Company had a loss of CHF17,591 (approx. US$ 18,773) for the year ended 31stMarch, 2013.
f) JISL Systems SA, Switzerland is a wholly owned subsidiary of the JISL GlobalSA., Switzerland and was incorporated in 2007 under the laws of Switzerland. The said Company had a profit of CHF1,175,976 (approx. US$ 1,255,008) for the year ended 31stMarch,2013.
g) Jain Irrigation Holdings Inc. Delaware, USA is a subsidiary of the Jain Americas Inc., USA and was incorporated in 2007 under the laws of USA.
Overseas Marketing Companies
a) Jain (Americas) Inc., USA (Including Nu Cedar Mills Inc., USA merged w.e.f.31stMar 2011) is a wholly owned subsidiary of the Company and was incorporated in 1994, under the laws of Ohio, USA. It is their key marketing, distribution and investment arm in the United States. For the year ended 31stMarch,2013, Jain (Americas) Inc. had sales of US$ 24.12million.
b) Jain (Europe) Limited., UK is a wholly owned subsidiary of the Company and was incorporated in 1996, under English laws. Jain (Europe) Limited. is their key marketing and distribution arm in the UK and other European countries. For the year ended 31stMarch,2013, Jain (Europe) Limited. had sales of GBP 30.47 million(Equivalent to US$48.14 million).
Operating Subsidiary
Companies
a) Jain Irrigation Inc., USA (Including Chapin Water matics Inc. merged w.e.f. 1stApril 2009 and Point Source Irrigation Inc.) is a wholly owned subsidiary of the Company through the Jain Americas Inc. Jain Irrigation Inc. is engaged in drip tape manufacturing and distribution business based in California. For the year ended 31st March, 2013, the Company had reported revenue of US$ 61.42 million.
b) Cascade Specialties Inc. USA (Including White Oak Frozen Foods)is a wholly owned subsidiary of the Company through the Jain(Americas) Inc. It is engaged in onion, garlic dehydration and frozen foods business with specialization in natural low bacteria and organic dehydrated products. For the year ended 31st March, 2013, the Company had reported revenue of US$ 33.06 million.
c) Naan Dan Jain Irrigation Limited. Israel is a wholly owned subsidiary of the Company through the Jain (Israel) B.V. It is engaged in the manufacturing of drip / sprinkle rirrigation. Naan Dan Jain also has manufacturing facilities in Chile, Brazil, and Spain. For the year ended 31st March, 2013, the Company had reported revenue of NIS 449.13 million (Equivalent to US$ 117.52 million).
d) THE Machines SA, Switzerland is a wholly owned subsidiary of the Company through the JISL Systems SA. It is a Switzerland based manufacturer of plastic extrusion equipment with laser technology. For the year ended 31stMarch, 2013, the Company had reported revenue of CHF 16.41 million (Equivalent to US$ 17.51 million).
e) Jain Sulama Sistemleri San. Tic. A.S., Turkey is a Turkey based manufacturer of drip / sprinkler irrigation. The Company is owned to the extent of 100% through Jain Overseas B.V. For the year ended 31st March, 2013, the Company had reported revenue of TRL 33.18 million(Equivalent to US$ 18.52 million).
f) SQF 2009 Limited., UK is based in Sleaford town in Lincolnshire County in the East Midlands region of England. The Company is owned to the extent of 90% through Jain(Europe) Limited., UK. The Company had reported revenue of GBP 36.65million (Equivalent to US$ 57.91 million). The Company has a put option to acquire remaining ownership over the next 2 years from other shareholders at an EBIDTA multiple each year.
g) 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 year ended 31st March, 2013 the Company had reported revenue of CHF 1.58million(Equivalent to US$1.69 million). The Company has an option to acquire remaining ownership over the next 9 years from other shareholders at an agreed fixed price.
h) Eurodrip S.A. Greece In February 2006, we acquired 7.39% in Eurodrip through Jain (Europe) Limited. The Company has sold its holding during the year.
Overview of Segment
[A] 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 de-grown a little over 12% YoY at Rs 22948.000 millions mainly due to acute drought in major states in the country during the year and change in business model as a part of consolidation process in MIS/SIS segment forenhanced financial discipline in the business. The growth was contributed by PVC Pipes andTissue Culture at 18% and 54% respectively while the MIS/ SIS revenues de-grew by littleover 25% YoY. The profit before tax for the segment was also down 26.7% YoY at Rs 5171.000millions. The Company has added 5,280 MT pa in MIS and 3,720 MT pa in Piping division tocater additional demand.
a) Micro and
sprinkler irrigation
i) 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 theinvolvement 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 thecountry, 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 taskforce, 17million Ha of land can be easily brought under micro irrigation coverage in thecountry by 2017, 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 scarcewater supply, with all major economies switching to MIS to mitigate the disruption thatsuch a shortage could cause. Although MIS's popularity continues to grow, high initialcosts have hindered its wider application. Despite this, over the last 20 years, there hasbeen a six-fold increase in the area under micro irrigation. North America and Europe havethe highest rates of utilization, with the United States being the first country to employmicro irrigation technology in its fields and achieving the highest micro irrigated area.Asia is in the development phase in its use of the technology, with both India and Chinaadopting the technology, albeit with low utilization rates. India and China both representattractive growth opportunities for the MIS industry.
ii) Performance
FY 2013 was a year of poor farmer sentiment, across agri-inputs - fertilizers, cropprotection, seeds, farm equipment, and micro irrigation systems (MIS). MIS revenues havedeclined driven by a combination of delayed monsoons and drought-like conditions in a fewkey MIS states. To compound matters they have adopted a new business strategy.
The domestic revenues dipped 27.1%% YoY while exports also went down over 6%. Thebusiness contributed a little over 41% of turnover of the Company's total turnover. Thedivision is under a planned slowdown in view of change of business model. The states ofMaharashtra, Andhra Pradesh, Tamil Nadu continue to dominate sales of this division. Thebusiness incurred Rs 916 million capex during FY 2013 while adding 5,280 MT pa ofcapacity. The Alwar plant is fully functional now. The current year looks stable andgrowth oriented with good water availability and SAFL support on financing, however,second half may become more important for growth prospects.
iii) Opportunity and
Outlook
Almost 50% of the arable land in the country is still rain fed. The Government (Centraland State) provide 50% capital subsidy for promoting the use of Micro Irrigation byfarmers. While targeting an agricultural growth rate of 4% per annum, the government hadalso placed higher targets for farm credit and agriculture investments at 2% plus of theGDP for the XII plan period. Recently in 2010 the Cabinet Committee of Economic Affairsapproved the "National Mission on Micro Irrigation" (NMMI) during the EleventhPlan period. This again demonstrates the sustained focus of the government on pushing themicro-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.
The Company has continued its training and extension activities for benefit of farmersthroughout the country. Thus, during the year, the extension activities werecarried out in the country covering over 200,000 farmers in 15 states.
PVC Piping
i) Industry Indian
Scenario
India's plastics industry is projected to grow dramatically in the coming years Thecountry's plastics processing sector, for example, is expected to grow to 150,000 machinesin 2020. The PVC industry is integral to the MIS industry. The PVC pipes business isdriven in large measure by demand for pipes used in agriculture, including agricultureunrelated to MIS. With agriculture expected to continue its tepid growth in India, and thepositive correlation historically observed between the growth rates of agriculture andPVC, experts project that the PVC sector will grow by around 9% over the next two years.
Jain Irrigation, with a 15% share, is one of the three major players in the organizedmarket. Rest of the industry, being small and medium scale in nature, is unorganized,fragmented and scattered near the user belts in the country. Increased micro irrigationspends, higher allocation towards rural water infrastructure for potable water, push forurban infrastructure by government agencies and Command Area Development Programme willimprove the demand situation for the industry.
ii) Performance
During FY 2013, this business contributed just under 21% to corporate turnover of theCompany. The revenues grew at 18% in FY 2013 over the last year's level. The capacityaddition during FY 2013 was 3,720 MT pa at a cost of Rs 92 million. At 18% it was one ofthe fastest growing business in the Company during FY 2013. Also it is 2nd ranked inrevenue terms at corporate level.
iii) Opportunity and
Outlook
While the expansion of capacity undertaken last fiscal year is complete, in view ofincreased budgetary allocation from government, demand is expected to continue toincrease. While the government infrastructure spends are increasing all the time, thegovernment programmes continued for safe drinking water, urban and rural sanitation,rain-water harvesting and integrated watershed management programme etc. are expected togenerate substantial demand for piping products in the coming years. The Company isconsidering establishing one more production centre in the eastern part of country in nearfuture. A large part of the Urban Infrastructure projects in the current five year plantowards irrigation, drinking water supply and sanitation, provides ample opportunity toscale up production. Current year looks promising for this business as demand has seensudden spike up for business with good water availability.
c) Biotech Tissue
Culture
i) 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 bananaas the main crop for tissue culture and the efforts have really paid off. The industry is still growing at an estimated 25% per annum.
ii) Performance
The revenues crossed Rs 672 million a growth of 54% YoY. The Company spent Rs 194.000 millions on capex to add 20 million Tissue Culture plants capacity. The unit maintains highest quality together with all certifications from third party quality agencies.
iii) Opportunity and
Outlook
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.
a) PE Piping
i) 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.
ii) Performance
The business at Rs 2,868 million remained flat mostly due to increased exports andlower (7.6%) revenues in domestic business. The business in domestic area is mainlycatering to infrastructure sector segments like Telecom, Gas Pipelines of water etc whichis facing slowdown. The unit spent on capex Rs 127.000 millions in FY 2013.
iii) Opportunity and
Outlook
The Company has successfully continued to get large supply contracts with multinationalcompanies for supply all over the world as a preferred supplier with very encouragingrevenues. The massive infrastructure projects undertaken under the Bharat Nirman Yojana,increased investments by telecommunication industry for 4G layout and plans for piped gasin cities, continue to be the potential demand drivers for the industry. All the GasDistribution companies are continuing their growth plans as newer cities are being addedevery year. The telecom sector in India is growing well, more so, the recent allocationsof licence for 3G and 4G applications augur well for the telecom sector demand.
In water transmission and distribution business there are around 200 firms registeredwith BIS, but the national players are only 3 and Jain Irrigation is the only player tomanufacture pipes of up to 1600+ mm dia. Jain Irrigation, now, has developed thecapability to provide a complete solution to Water Management, Waste-water Treatment andjudicious use of treated water.
b) Onion and
vegetable dehydration
i) Industry
Dehydrated Onion is the largest used general food ingredient. This industry isdominated by supplies from USA, followed by India and Egypt. USA is also the largestconsumer of this ingredient followed by Europe, Asia and South America etc. DehydratedOnion industry uses less than 2% of world's total fresh onion production of approximately70 million MT. Agro processing in India provides an important link between the country'srural and urban economies by combining food produced in farms and villages with growingdemand in the cities for high value, packaged food. As a result, the agro processingindustry has expanded, growing at about 14% and contributing to 10% of India'smanufacturing GDP and 13% of the country's exports. India's total food market turnover isover US$69.4 million, of which the "value-added" food market of the agroprocessing industry now contributes US$22.2 million. Even accounting for the industry'srecent growth, agro processing in India remains underdeveloped. Only 2% of India's totalagriculture and food produce is processed. India's dairy industry is the sector with thehighest processing rates at 35%, with only 13% processed by the organised sector.
ii) Performance
The business has grown at little over 9% CAGR in last 5 years. It achieved a revenuelevel of Rs 1701.000 millions in FY 2013 a growth of 2.8% YoY. The capacity remained constantat a little under 19,000 MT pa. The business maintains all necessary and desirable qualitystandards for a food product business and even beyond most of times as the product isexported to MNC's. This provides an opportunity to integrate the business of dealing withfarmers for inputs as well as output towards 'ONE STOP SHOP' concept of the Company.
iii) Opportunity and
Outlook
Outlook for vegetable dehydration industry in general and dehydrated onion industry inparticular looks positive. Large multinational companies with very popular householdbrands are looking towards consolidating the number of suppliers and trying to align withselect few suppliers who can provide better traceability and sustainability. This puts theCompany in a very good position due to its backward linkages, relationship with farmers,contract farming programs, ability to supply from two different origins with differentseasons and product quality attributes and Company's sustainability in general. Companyhas 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. Theindustry is growing globally at 3-5% per annum. The Company now has capacity to produceapproximately 28,000 MT per annum of finished products between its three plants in twocountries. This makes the Company the third largest dehydrated onion producer in theworld. Company has also expanded its business by increasing the usage of dehydrated onionin the custom made dry ingredients blends for food industry through its subsidiary in theUK for European market. Demand for naturally produced low micro products and organicdehydrated vegetables continues to grow. The Company estimates that with growing demand ofits finished products and general upward movement of food prices globally, the Companywill be able to achieve further growth in sale and better realization in the coming year.The Company is also looking at increasing production of value added products like friedonion, frozen onion, dry vegetable ingredients industrial blends and other vegetables inthe coming years.
Company has also made good inroads in offering related vegetables like garlic,dehydrated leeks etc., the results of that will be visible during financial year 2014 andonwards.
c) Fruit processing
i) Industry
The fruit and vegetable processing industry has a huge potential in India, with India ranking 2nd in the world in production of fruits and vegetables but is at the lower rungof the value chain in terms of processing. The availability of fruits and vegetables isvaried due to diverse agro climatic conditions. Despite the large production of fruits and vegetables, it is estimated that only approximately 6 per cent of total agro output of India is currently processed as against up to 60-80 per cent in some developed countries.India's share in the global food trade is only 1.5%. All of this implies that there is agreat potential to grow this industry. An increase from 6% to 20% in terms of processingand increase in value addition from 20% to 30% will translate into quantum jump in thesize of the processed fruit and vegetable industry.
The installed capacity of India's fruit and vegetable subsector has increased from 1.1 million tonnes in January 1993 to 2.1 million tonnes in 2006. It is estimated thatprocessing fruits and vegetables accounts for around 2.2% of India's total production. Themajor items of this subsector include fruit pulps and juices, fruit-based ready-to-servebeverages, canned fruits and vegetables, jams, squashes, pickles, chutneys and dehydrated vegetables. Recent additions to the space include vegetable curries in restorable pouches,canned mushroom and mushroom products, dried fruits and vegetables and fruit juiceconcentrates. Globally, demand for fruit juices made from exotic fruits like Mango, Peach,Banana, Papaya etc. is growing at rate faster than juices from traditional fruits likeApple, Orange etc.
ii) Performance
The business contributes a little over 10% of corporate turnover and is growingsteadily through the years, the 5 year CAGR being 15.7%. The business reported a revenueof Rs 3,607 million a growth of 3.8% YoY. Despite Totapuri mango quantity having grownsignificantly due to lower raw material prices last season (i.e. 2012 Fruit season formango) the revenues did not grow significantly. The capex of Rs 99 million was incurred bythe business during FY 2013. It has maintained all quality certification required and necessary for a food business.
iii) Opportunity and
Outlook
India's Economic development has registered a growth rate of 8% over 2006-2010 buttapered off thereafter. Contributing to this flourishing economy is the agriculturesector, where productivity is showing an increasing trend. Keeping pace with the worldproduction of Fruits and Vegetables the production in India has also grown and nowaccounts for 15% of world's vegetable production and 8% of world's fruit production. Thefocus has now changed from grains and cereals to fruit and vegetables owing to change inconsumption pattern resulting in increase in demand for fruits and vegetables.
The fruit and vegetable processing industry is critical to fruit and vegetable sector.Although, the horticulture sector has grown by 10%, only just over 2% of the produce isprocessed, resulting in huge post harvest losses. Fruit and vegetable processingestablishes the vital linkage between agriculture and industry. In order to sustain thegrowth in the economy, Government has realized the need to support this vital link and hasbeen providing support to accelerate growth in the sector. The sector has seen exponentialgrowth with demand for fruit juices, beverages, convenience foods growing by around 30%YoY.
The demographic profile of the consumers has been changing. With increase in disposableincomes and standard of living, the consumption pattern is shifting from basic foods tomore healthy, convenience foods resulting in growing demand for processed food in generaland processed fruits and vegetables in particular.
There is a marked shift in the International markets with emphasis being laid onwellness products and products having nutritive/therapeutic properties. There is also ashift from the usual products such as Citrus and Apple to more exotic products like Mango,Guava, and Pomegranate etc. which are increasingly being researched for their wellness aspects.
New markets such as China, Russia and Africa are opening up and the existing marketssuch as Middle East are moving up the value and quality chain. With opening up of US andJapanese markets for fresh Mango, the taste profile is witnessing a change, resulting inopening up of these markets for processed products also.
The demand for tropical fruit purees and concentrates and processed vegetables isgrowing rapidly within India as well as in International markets. The new format storeshave added a different dimension to the distribution and sale of products, opening upopportunities, hitherto nonexistent. The packaged juices/ fruit beverages have seen agrowth of more than 30% YoY and the consumption of fruits and vegetables as whole hasshown an increase of 2.3% CAGR whereas that of cereals has decreased.
With a view to offer products with therapeutic values, the Company is working onoffering products from Amla (Indian Gooseberry) and Mangosteen in the Internationalmarkets.
Company is also working on setting up a processing line for processing Mosambi, themost widely consumed juice in India and also other citrus varieties. The Company wassuccessful in standardizing process and technology for these products, hitherto notprocessed in India.
Orange is the largest processed and consumed juice in the world. To be able to meet thegrowing demand for this juice within the country, the Company has drawn up plans tocultivate the processing variety of Oranges in India.
d) PVC Sheets
i) Industry
Major markets for Company's products are Europe and United States of America. Themarket is divided into two segment; Sign and Graphics (S&G) and Building MaterialsMarket (BMI)
In the BMI segment, Lumber the traditional building material was being replaced by PVC.The basic uses of PVC in BMI was in Trim, used as surrounds for windows and garage doors,Corner Boards, Soffits and interior applications such as Wainscot and Bead boards. Theinherent qualities of PVC such as impervious to water absorption; protection againstinsect attacks and a life term warranty promulgated the product over traditional Lumber.Further, availability of good quality wood was a problem as resources were drying up andcost of processing was escalating.
The market is serviced by 7 manufacturers and some Chinese imports.
The S&G market has been using PVC sheets in manufacturing Sign and Graphic boards,Point-of Purchase displays and large print mediums. This industry has stayed with PVC forover 3 decades.
This segment is serviced by 5 manufacturers. Some China products have attempted topenetrate the market.
ii) Performance
This business has de-grown a little over 16% at Rs 1,517 million in current year. Thedomestic revenues have grown up by 10%, while export shows a downfall of 18% thusresulting in overall de-growth.
iii) Opportunity and
Outlook
The economic downturn has resulted into some players exiting the market and othersredefining their basket of offerings. This consolidation in the industry will benefit boththe manufacturer and the end user. US housing market has started showing sign of recoveryand is expected to come back on growth track, while signs are positive, nothing can becertain. They have introduced several new products to the market place: A digital printsheet for optimum print quality, sheet for the environmentally (EFS) conscientious marketplace which has been received well. They have started to get good response from domesticmarketing expect it to grow in robust manner in future.
e) Green Energy
Even though the Company operates in various segments of the Solar business includingSolar Pumps, Solar PV Module, Solar Power, Solar Thermal systems etc. The followingparagraphs are totally focussed on Solar PV Module, their applications like pumps andSolar Power segment, as its contribution is the highest in the Green Energy division.
i) Industry Structure
Due to high Solar radiation and high number of sunny days India has lot of potentialfor developing Solar PV and Solar Power. India is 4th currently after Japan, Germany, andUSA in terms of installed Solar Power of 110 MW in the calendar year 2012. India is also2nd largest in world at 11 MW per annum or 10% of world Solar PV production.
India has more than 80 Companies with latest installed capacity of 1.8 GW (March 2012)out of which 15 Companies manufacture Solar cells with more than 700 MW of installedcapacity. So far 1,044 MW capacity of new grid Solar Power projects have been commissionedby 16 states with Gujarat leading and Rajasthan being a distant second.
ii) Performance
The business comprises of Solar Photovoltaic, Solar Thermal, Wind Power, Solar andBiogas Power businesses. The revenues for segment were Rs 2,203 million reflecting growthof a little over 30%. The capex incurred by the business was Rs 186 million, while 1million litres of thermal and 5 million watts of power capacity was added during the FY2013. The segment holds potential for fast growth and could achieve significant positionin corporate turnover in future.
iii) Opportunity and
Outlook
The Jawaharlal Nehru National Solar Mission (JNNSM) is the fulcrum of India's solarmission and the driving force for all policy framework. By 20172022 i.e. XIVth Five yearplan it is estimated under JNNSM that
i) 20 GW of Grid Solar Power.
ii) 2 GW of Grid Solar Applications and
iii) 20 mn sq. mtrs of Solar Collectors would be installed in the country.
India is among leading countries in emerging/ developing countries for Solar PV Power.Water pumping through Solar PV Module is excellent, simple, reliable with life of 20years. Commercial lighting for security systems, billboard sign, outdoor and streetlighting and signalling can all be put on Solar PV. The consumer electronics sectoralready uses small Solar PV cells for watches, calculators and cameras. To supportTelecommunication Towers and Wind mill sites also Solar Power is being put to use. TheSolar PV application specially in remote un-electrified areas is relevant in Residential Power segment.
An IREDA estimate had targeted 18,000 villages for Solar electrification by end of2012. States like Rajasthan and Gujarat receive plentiful of Solar radiation withpotential to produce 20 MW per sq. km of area and it is not much lower elsewhere in thecountry.
The GOI through the CERC has introduced Renewable Purchase Obligation (RPOs) on allpower consumption, as per the requirements of the National Action Plan on Climate Change[NAPCC]. As per the RPO requirements, 15% of all power in the country has to be sourcedfrom renewable energy sources by 2020. For solar power in particular, the RPO requirementshas a carve out of 3%. This implies that by 2020, at least 3% of power consumed in Indiahas to be sourced from solar power. As of the end of 2013 March, solar accounted for alittle over 0.6% of the overall installed capacity in the country.
DISCOMS both public and private, open access consumers and captive consumers with acapacity of over 1 MW are obligated entities, who have to fulfill a solar RPO. Currentlyall states except Arunachal Pradesh and Sikkim have declared a solar RPO, which are set atan average of 0.35% by March 2013. This implies that a distribution utility thatdistributes 1 million of electricity in a year is under obligation to source 3500 kWh ofit from solar energy. An obligated entity can fulfill its solar RPOs by either setting upits own solar power plant or by purchasing power directly from the producer by signing aPPA or by purchasing RECs.
As of May 2013, a capacity of 129 MW has been registered under the REC framework, ofthis 111 MW has been registered in the last six months. The price discovery for solar RECsis expected to fall towards the floor prices as the supply of RECs increase.
MNRE had planned 800 MW through bundling of power mechanism [ as in phase 1 of theJNNSM], and 750 MW through a Viability Gap funding [VGF] mechanism in 2013. MNRE hasdecided to go ahead only with the allocations for 750 MW based on VGF.
Rising grid electricity prices, frequent power interruptions, costly diesel back upelectricity and falling cost of solar PV have made solar PV an attractive technology. Theparity for residential and agricultural consumers has not been achieved in any of thestates and these markets will still take a few years to take off without any policysupport. The MNRE provides up to 30% capital subsidy on the roof tops systems [off grid]with project size up to 500 kw. A Company can claim 80% accelerated depreciation in thefirst year off installation under section 80IC. Installation and use of solar power isconsidered to be a CSR activity and expenditure incurred to procure solar power can beshown as such.
CONTINGENT
LIABILITIES:
CONTINGENT
LIABILITIES NOT PROVIDED IN RESPECT OF:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
i) Claims not acknowledged as debts in respect of: |
|
|
|
- Customs and excise duty (Paid under protest Rs. 40.780 millions) |
347.170 |
283.970 |
|
- Other taxes & levies (Paid under protest Rs. 77.210 millions) |
435.430 |
69.420 |
|
- Others (legal case) |
40.440 |
22.440 |
|
ii) Guarantees given by the company’s bankers in the normal course of business |
1715.050 |
1704.300 |
|
iii) Bills discounted with consortium banks |
644.830 |
1752.520 |
|
iv) Export obligation towards duty saved amount under EPCG scheme |
1198.590 |
1446.100 |
|
v) Corporate guarantees given for repayment of indebtedness of overseas subsidiaries |
2869.810 |
2141.080 |
|
vi) SBLC issued by bank for repayment of indebtedness of overseas subsidiaries |
667.360 |
1268.680 |
|
vii) Corporate counter guarantee given for repayment of indebtedness of Kibbuz Naan Israel. During the year, one of the step down subsidiary of the company has exercised call option to acquire the remaining shares (49.999%) of NaandanJain Irrigation Ltd., Israel for an amount of USD 34.00 million of which first installment of USD 7.00 million has been paid and balance USD 27.00 million is payable in five annual installments up to June, 2017. The balance obligation of USD 27.00 million is guaranteed by Exim Bank and counter guaranteed by the Company. |
1468.510 |
0.000 |
|
Note 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. |
||
UNAUDITED WORKING RESULTS FOR
THE QUARTER/ HALF YEAR ENDED SEPTEMBER 2013
(Rs. in millions)
|
PARTICULARS |
Quarter Ended |
Half-Year Ended |
||
|
Un-Audited |
Un-Audited |
|||
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
||
|
1a |
Net Sales / Income from
Operations |
|
|
|
|
|
Gross Sales |
8251.600 |
10114.800 |
18366.400 |
|
|
Less: Excise Duty |
(344.500) |
(456.700) |
(801.200) |
|
|
Net Sales |
7907.100 |
9658.100 |
17565.200 |
|
1b |
Other Operating Income |
157.100 |
231.600 |
388.700 |
|
|
Total Income |
8064.200 |
9889.700 |
17953.900 |
|
2 |
Expenditure |
|
|
|
|
|
a) Cost of Materials
Consumed |
5273.600 |
7299.300 |
12572.900 |
|
|
b) Purchase of Traded
Goods |
-- |
-- |
-- |
|
|
c) Changes in Inventories
of Finished Goods, Work-in-Progress and Stock-in-Trade |
(598.700) |
(1595.200) |
(2193.900) |
|
|
d) Employee Benefits
Expenses |
575.000 |
569.00 |
1144.000 |
|
|
e) Depreciation and
Amortization Expenses |
344.300 |
335.400 |
679.700 |
|
|
f) Other Expenditure (i to iii) |
1573.400 |
1877.700 |
3451.100 |
|
|
i) Manufacturing Expenses |
792.800 |
974.800 |
1767.600 |
|
|
ii) Selling and
Distribution Expenses |
495.600 |
663.200 |
1158.800 |
|
|
iii) Administrative and
Other Expenses |
285.000 |
239.700 |
524.700 |
|
|
g) Cost of self generated
capital expenditure |
-- |
-- |
-- |
|
|
Total Expenditure |
7167.600 |
8486.200 |
15653.800 |
|
3 |
Profit/(Loss) from Operations
before Other Income, Finance Costs, Tax and Exceptional Items. |
896.600 |
1403.500 |
2300.100 |
|
4 |
Other Income/ (Expenses) |
71.300 |
52.600 |
123.900 |
|
|
- Interest |
35.000 |
43.300 |
78.300 |
|
|
- Other |
36.300 |
9.300 |
45.600 |
|
5 |
Profit/(Loss) Finance
Costs and Exceptional Items |
967.900 |
1456.100 |
2424.000 |
|
6 |
Finance Costs |
970.900 |
983.600 |
1954.500 |
|
7 |
Profit/(Loss) after
Finance Costs but before Exceptional Items |
(0.300) |
472.500 |
469.500 |
|
8 |
Exceptional Items |
865.300 |
1126.700 |
1992.000 |
|
9 |
Profit/(Loss) From
Ordinary Activities Before Tax |
(868.300) |
(654.200) |
(1522.500) |
|
10 |
Tax Expense (Including
deferred tax and effect of tax of earlier years) |
(218.000) |
(189.100) |
(407.100) |
|
11 |
Net Profit/(Loss) From
Ordinary Activities After Tax |
(650.300) |
(465.100) |
(1115.400) |
|
12 |
Share of loss in Associate Company |
-- |
-- |
-- |
|
13 |
Minority interest |
-- |
-- |
-- |
|
14 |
Net Profit/(Loss) for the
period / Year |
(650.300) |
(465.100) |
(1115.400) |
|
15 |
Paid-up equity share
capital at Rs. 2/- each |
909.800 |
909.800 |
909.800 |
|
16 |
Researve excluding
revalution researves |
|
|
|
|
17 |
Earnings Per Share (EPS )
[without annualising] |
|
|
|
|
|
i) Basic |
(1.43) |
(1.02) |
(2.45) |
|
|
ii) Diluted |
(1.43) |
(1.02) |
(2.45) |
|
|
b) EPS After
Extra-Ordinary Items for the period. |
|
|
|
|
|
i) Basic |
(1.43) |
(1.02) |
(2.45) |
|
|
ii) Diluted |
(1.43) |
(1.02) |
(2.45) |
|
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 |
19476605 |
19599715 |
19476605 |
|
|
ii) Percentage of
Ordinary Equity Shares (as a % of the total
Ordinary Equity shareholding of Promoter and promoter group) |
16.28% |
16.39% |
16.28% |
|
|
iii) Percentage of
Ordinary Equity Shares (as a % of the total
Ordinary Equity Capital of Company) |
4.47% |
4.50% |
4.47% |
|
|
iv) Number of DVR Equity
Shares |
669830 |
669830 |
669830 |
|
|
v) Percentage of DVR
Share holding (as a % of the total DVR
shareholding of Promoter and 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 |
100137806 |
100014696 |
100137806 |
|
|
ii) Percentage of
Ordinary Equity Shares (as a % of the total
Ordinary Equity shareholding of Promoter and promoter group) |
83.72% |
83.61% |
83.72% |
|
|
iii) Percentage of Ordinary
Equity Shares (as a % of the total
Ordinary Equity Share Capital of Company) |
22.99% |
22.96% |
22.99% |
|
|
iv) Number of DVR Equity
Shares |
5186444 |
5186444 |
5186444 |
|
|
v) Percentage of DVR
Share holding (as a % of the total DVR shareholding
of Promoter and Promoter Group) |
88.56% |
88.56% |
88.56% |
|
|
vi) Percentage of DVR
Equity Shares (as a % of the total DVR Capital of Company) |
26.88% |
26.88% |
26.88% |
|
|
Particulars |
30.09.2013 |
|
|
3 Month Ended |
|
|
|
B) Investor Complaints
(Nos.) |
|
|
|
i) Pending at the
beginning of the quarter |
-- |
|
|
ii) Received during the
quarter |
4 |
|
|
iii) Disposed of during
the quarter |
4 |
|
|
iv) Remaining unselved at
the end of the quarter |
-- |
QUARTERLY / HALF YEAR ENDED REPORTING OF SEGMENT WISE REVENUE, RESULTS
AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT
(Rs. in million
|
PARTICULARS |
Quarter Ended |
Half-Year Ended |
|||
|
Un-Audited |
Un-Audited |
||||
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|||
|
1 |
Segment Revenue |
|
|
|
|
|
|
a) Hi-tech Agri Input
Products |
4182.800 |
7213.600 |
11396.400 |
|
|
|
b) Industrial Products |
3406.100 |
2392.000 |
5798.100 |
|
|
|
c) Green Energy |
475.300 |
284.100 |
759.400 |
|
|
|
Net Sales Income From
Operations |
8064.200 |
9889.700 |
17953.900 |
|
|
2 |
Segment Result : (Profit/
(Loss) before tax and interest from each segment) |
|
|
|
|
|
|
a) Hi-tech Agri Input
Products |
791.700 |
1293.400 |
2085.100 |
|
|
|
b) Industrial Products |
470.500 |
420.200 |
890.700 |
|
|
|
c) Green Energy |
61.100 |
56.800 |
117.900 |
|
|
|
Total |
1323.300 |
1770.400 |
3093.700 |
|
|
|
Un-allocable expenditure
(net) |
|
|
|
|
|
|
Less: i) Finance Costs |
970.900 |
983.600 |
1954.500 |
|
|
|
ii) Other un-allocable
expenditure |
355.400 |
314.300 |
669.700 |
|
|
|
(net of un-allocable
income) |
|
|
|
|
|
|
Profit/(Loss ) Before
Tax/ Exceptional Items |
(3.000) |
472.500 |
469.500 |
|
|
|
Less: Exceptional Items |
865.300 |
1126.700 |
1992.000 |
|
|
3 |
Capital Employed:
(Segment Assets -Segment Liabilities) |
|
|
|
|
|
|
a) Hi-tech Agri Input
Products |
24582.600 |
23690.600 |
24582.600 |
|
|
|
b) Industrial Products |
9646.300 |
9417.600 |
9646.300 |
|
|
|
c) Green Energy |
3658.600 |
4154.300 |
3658.600 |
|
|
|
d) Other Unallocated |
(15691.700) |
(14393.800) |
(15691.700) |
|
|
|
Total |
22195.800 |
22868.700 |
22195.800 |
|
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 and results 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 30.09.2013
|
Particulars |
Rs
in Millions |
|
Standalone |
|
|
30.09.2013 |
|
|
A. EQUITY AND
LIABILITIES |
|
|
1. Shareholders
Funds |
|
|
Share Capital |
909.800 |
|
Reserves & Surplus |
21124.200 |
|
Money received against
share warrnats |
161.800 |
|
|
22195.800 |
|
2.
Minority interest |
-- |
|
3.
Non-current liabilities |
|
|
(a) Long-term borrowings |
13757.300 |
|
(b) Deferred tax liabilities (net) |
1325.200 |
|
(c) Other long-term liabilities |
68.100 |
|
(d) Long-term provisions |
50.600 |
|
|
15201.200 |
|
4. Current
liabilities |
|
|
(a) Short-term borrowings |
15481.300 |
|
(b) Trade payables |
11367.000 |
|
(c) Other current liabilities |
5016.000 |
|
(d) Short-term provisions |
354.400 |
|
|
32218.700 |
|
TOTAL -
EQUITY AND LIABILITIES |
69615.700 |
|
B. ASSETS |
|
|
1.
Non-current assets |
|
|
(a) Fixed assets |
20493.900 |
|
(b) Goodwill on consolidation |
-- |
|
(c) Non-current investments |
7304.400 |
|
(d) Deferred Tax Assets (net) |
-- |
|
(e) Long-term Loans and advances |
2179.500 |
|
(f)Other non-current assets |
1030.500 |
|
|
31008.300 |
|
2. Current
Assets |
|
|
(a)Inventories |
14215.700 |
|
(b)Trade receivables |
14846.900 |
|
(c)Cash and Bank balance |
832.400 |
|
(d)Short-term loans and advances |
5037.600 |
|
(e)Other current assets |
3674.800 |
|
|
38607.400 |
|
TOTAL
- ASSETS |
69615.700 |
Notes on the quarter
ended 30.09.2013:
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 10 November 2013.
2. Exceptional items represents foreign exchange rate dirrence.
3. The standalone and Consolidated results for the quarter and half year ended 30 September, 2013 have been subject to Limited review by the Statutory Auditors. Consolidated results for the quarter and half year ended 30 September 2012 are as complied by the management.
4. The figures have been regrouped rearranged, reclassified or reworked as necessary to confirm to the current year accounting treatment.
FIXED ASSETS
v
TANGIBLE
ASSETS
Free
hold land
Lease
hold land
Factory
buildings and godowns
Green/poly/shed
houses
Plant
and equipment’s
Furniture
and fixtures
Office
equipment
Vehicles
Orchard
activities
Live
stock
v
INTANGIBLE ASSETS
Goodwill
Product
development
Computer
software
Technical
knowhow
Non
compete fees
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.62.06 |
|
|
1 |
Rs.102.03 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
32 |
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.