MIRA
INFORM REPORT
|
Report Date : |
07.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
JYOTI STRUCTURES LIMITED |
|
|
|
|
Registered
Office : |
Valecha Chambers, 6th Floor, New |
|
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|
Country : |
|
|
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|
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Financials (as
on) : |
31.03.2012 |
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|
|
|
Date of
Incorporation : |
27.05.1974 |
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|
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|
Com. Reg. No.: |
11-17494 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs.164.428
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L45200MH1974PLC017494 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ09132E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACJ2499R |
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|
|
Legal Form : |
A Public limited liability company. Company’s shares are listed on the Stock Exchange. |
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Line of Business
: |
The company is engaged in the business of setting up power transmission lines, sub-stations and distribution networks. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 26000000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having good track record. There
appears some dip in the profitability of the company during current year
however, general financial position of the company is good. Trade relations
are reported as fair. Business is active. Payment terms are reported to be
regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A - (Revised from A) =Long Term Bank Facilities |
|
Rating Explanation |
Adequate degree of safety. It carry low credit risk. |
|
Date |
September 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
A2+ (Revised from A1) = Short Term Bank Facilities |
|
Rating Explanation |
Strong degree of safety. It carry low credit risk. |
|
Date |
September 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Sanjay |
|
Designation : |
Account Department |
|
Contact No.: |
91-22-40915000 |
|
Date : |
28.02.2013 |
LOCATIONS
|
Registered Office : |
Valecha Chambers, 6th Floor, New |
|
Tel. No.: |
91-22-4091 5000 |
|
Fax No.: |
91-22-4091 5014/15 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Plant : |
Located at ·
Nasik ·
Raipur |
|
|
|
|
Tower Testing Station : |
Ghoti, Igatpuri, Dist – Nasik –422 002, Maharashtra, India |
|
Tel. No.: |
91-2553-282211 |
|
Fax No.: |
91-2553-282212 |
|
|
|
|
Training Centre : |
“Gurukul”, Plot No. H-37, Shivaji Nagar, M.I.D.C., Satpur, Nasik - 422 007, Maharashtra, India |
|
Tel. No.: |
91-253-2350099 |
DIRECTORS
As on: 31.03.2012
|
Name : |
Mr. S. D. Kshirsagar |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
04.05.1973 |
|
Qualification : |
PGDIA, M. A. (Economics) |
|
Date of Appointment : |
01.04.2003 |
|
|
|
|
Name : |
Mr. A. J. Khan |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. G. L. Valecha |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. R. C. Rawal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. H. Mirchandani |
|
Designation : |
Director |
|
|
|
|
Name : |
T. C. Venkat Subramanian |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K .R. Thakur |
|
Designation : |
Whole-Time Director |
|
|
|
|
Name : |
Mr. Prakash K. Thakur |
|
Designation : |
Executive Vice-Chairman |
|
|
|
|
Name : |
Mr. Santosh V. Nayak |
|
Designation : |
Managing Director |
KEY EXECUTIVES
|
Name : |
Mr. L. H. Khilnani |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on: 31.12.2012
|
Category of Shareholders |
No. of Shares |
Percentage |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
16662126 |
20.26 |
|
|
6199765 |
7.54 |
|
|
22861891 |
27.80 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
22861891 |
27.80 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
12853022 |
15.63 |
|
|
2528937 |
3.08 |
|
|
4528535 |
5.51 |
|
|
19910494 |
24.21 |
|
|
|
|
|
|
12367767 |
15.04 |
|
|
|
|
|
|
18797794 |
22.86 |
|
|
1339736 |
1.63 |
|
|
6958515 |
8.46 |
|
|
136516 |
0.17 |
|
|
6821199 |
8.29 |
|
|
800 |
0.00 |
|
|
39463812 |
47.99 |
|
Total Public shareholding (B) |
59374306 |
72.20 |
|
Total (A)+(B) |
82236197 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
82236197 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of setting up power transmission lines, sub-stations and distribution networks. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· State Bank of India · Bank of India · Union Bank of India · ICICI Bank · Indian Bank · Syndicate Bank · Standard Chartered Bank · State Bank of Hyderabad · YES Bank · Bank of Maharashtra · Vijaya Bank · IDBI Bank · Canara Bank · Dena Bank · UCO Bank · IndusInd Bank · DBS Bank |
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Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||||||||
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|
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|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
M/s. R. M. Ajgaonkar and Associates Chartered Accountants |
|
Address : |
“Mandar”, Juhu Tara Road, Opposite Bharat Petroleum Pump, Juhu, Mumbai
– 400049, Maharashtra, India |
|
Tel. No.: |
91-22-26605684 |
|
Fax No.: |
91-22-26605685 |
|
|
|
|
Cost Auditor : |
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|
Name : |
Mr. Narhar K. Nimkar Cost Accountant |
|
|
|
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Internal Auditors : |
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|
Name : |
M/s. Nirupam Haldar and Company Chartered Accountants M/s. S. R. Bhargave and Company Cost and Management Accountants |
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|
|
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Subsidiary : |
· Jyoti Energy Limited · JSL Corporate Services Limited · Jyoti Structures Africa (Pty) Limited · Jyoti Holding Inc. · Jyoti Americas LLC · Jyoti Projects FZE |
|
|
|
|
Joint Venture: |
· Gulf Jyoti International LLC · Lauren Jyoti Pvt Limited |
CAPITAL STRUCTURE
As on : 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175000000 |
Equity Shares |
Rs.2/- each |
Rs.350.000 Millions |
|
5000000 |
Redeemable Preference shares |
Rs.100/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
82213897 |
Equity Shares |
Rs.2/- each |
Rs.164.428
Millions |
|
|
|
|
|
a.
Reconciliation
of the shares outstanding at the beginning and at the end of the reporting
period
|
Equity Shares |
|
|
|
At the beginning of the period |
8,21,26,115 |
1,642.52 |
|
Issued during the period - ESOS |
87,100 |
1.75 |
|
Issued during the period - Share Warrant |
682 |
0.01 |
|
Outstanding at the
end of the period |
8,22,13,897 |
1,644.28 |
b. Names of shareholder holding more than 5 %
shares
|
Particulars |
Number |
% |
|
Valecha Infrastructure Limited |
54,31,400 |
6.61% |
|
Prakash K. Thakur |
52,48,235 |
6.38% |
|
K. R. Thakur |
46,46,426 |
5.65% |
|
Reliance Capital Trustee Limited |
41,75,800 |
5.08% |
|
|
1,95,01,861 |
23.72% |
c. Shares reserved for issue under options
Employee Stock
Options Scheme (ESOS) = 31,41,425
1) Under ESOS 2005, eligible employee on grant of option and on vesting shall be entitled to apply for five equity shares of Rs. 2/- each at an exercise price of Rs. 17/- per equity share for each option.
2) Under ESOS 2011, eligible employee on grant of option and on vesting shall be entitled to apply for one equity share of Rs. 2/- each at an exercise price of Rs. 25/- per equity share for each option.
Warrants = 2,01,43,328
Warrant holders are entitled to exercise their rights to apply for 1 Equity share of Rs. 2/- each at the warrant exercise price of Rs. 120/- for each warrant held. Warrants are to be exercised from June 15, 2012 to August 14, 2012.
d. The Company has only one class of equity shares having a par value of Rs. 2/- each. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the shareholders are eligible to receive remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
164.428 |
164.252 |
164.010 |
|
|
2] Share Application Money |
0.039 |
0.156 |
0.130 |
|
|
3] Reserves & Surplus |
6481.618 |
5853.103 |
4868.530 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6646.085 |
6017.511 |
5032.670 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
5089.873 |
3746.147 |
3559.400 |
|
|
2] Unsecured Loans |
1053.726 |
740.027 |
46.210 |
|
|
TOTAL BORROWING |
6143.599 |
4486.174 |
3605.610 |
|
|
DEFERRED TAX LIABILITIES |
127.855 |
179.574 |
177.540 |
|
|
|
|
|
|
|
|
TOTAL |
12917.539 |
10683.259 |
8815.820 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2098.658 |
1828.750 |
1688.230 |
|
|
Capital work-in-progress |
6.252 |
10.270 |
17.140 |
|
|
Advance for Capital Expenditure |
0.000 |
0.000 |
10.160 |
|
|
|
|
|
|
|
|
INVESTMENT |
865.545 |
700.540 |
202.120 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2656.978
|
2214.817 |
2345.800
|
|
|
Sundry Debtors |
15581.411
|
10617.885 |
8955.980
|
|
|
Cash & Bank Balances |
397.443
|
300.900 |
422.050
|
|
|
Other Current Assets |
566.244
|
423.290 |
0.000
|
|
|
Loans & Advances |
2351.085
|
1975.622 |
1638.660
|
|
Total
Current Assets |
21553.161
|
15532.514 |
13362.490 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5629.883
|
4354.658 |
2059.760
|
|
|
Other Current Liabilities |
5379.449
|
2591.082 |
4131.940
|
|
|
Provisions |
596.745
|
443.075 |
272.620
|
|
Total
Current Liabilities |
11606.077
|
7388.815 |
6464.320 |
|
|
Net Current Assets |
9947.084
|
8143.699 |
6898.170 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
12917.539 |
10683.259 |
8815.820 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
25924.347 |
23797.036 |
20131.360 |
|
|
|
Other Income |
109.263 |
84.389 |
54.990 |
|
|
|
TOTAL (A) |
26033.610 |
23881.425 |
20186.350 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
14316.499 |
|
17787.650 |
|
|
|
Erection and Sub-contracting Expense |
5923.251 |
4507.699 |
|
|
|
|
Changes in Inventories of Finished Goods, Work-in- Progress and Stock-in-Trade |
(645.771) |
(26.059) |
|
|
|
|
Employee Benefits Expense |
794.705 |
717.970 |
|
|
|
|
Other Expenses |
2735.709 |
2394.163 |
|
|
|
|
TOTAL (B) |
23124.393 |
20986.666 |
17787.650 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2909.217 |
2894.759 |
2398.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1410.183 |
1019.470 |
786.160 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1499.034 |
1875.289 |
1612.540 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
213.351 |
201.662 |
168.940 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1285.683 |
1673.627 |
1443.600 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
430.280 |
564.532 |
524.430 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
855.403 |
1109.095 |
919.170 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2702.900 |
2461.300 |
9.100 |
|
|
|
|
|
|
|
|
|
|
EXCESS/(SHORT)
PROVISION OF TAXES FOR EARLIER YEARS |
(132.500) |
(0.300) |
1740.630 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed dividend |
90.400 |
123.200 |
82.000 |
|
|
|
Tax on proposed dividend |
14.700 |
20.000 |
13.620 |
|
|
|
Transfer to General Reserve |
86.400 |
120.000 |
100.00 |
|
|
|
Dividend and Dividend Distribution Tax for an earlier year |
-- |
-- |
0.050 |
|
|
|
Transfer to Debenture Redemption Reserve |
0.000 |
604.400 |
-- |
|
|
BALANCE CARRIED
TO THE B/S |
3234.300 |
2702.900 |
2461.290 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export of
goods/services(including deemed exports and sales
through export house) |
|
|
|
|
|
|
At FOB Price |
4567.425 |
3424.277 |
4487.130 |
|
|
|
At Invoice Value (Tower testing charges) |
81.492 |
57.145 |
70.280 |
|
|
|
Rent on Equipments |
5.911 |
0.000 |
19.440 |
|
|
TOTAL EARNINGS |
4654.828 |
3481.422 |
4576.850 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
2070.792 |
2406.430 |
1374.320 |
|
|
|
Spares and Others |
2.302 |
0.000 |
0.000 |
|
|
|
Capital Goods |
48.171 |
107.069 |
22.770 |
|
|
TOTAL IMPORTS |
2121.265 |
2513.499 |
1397.090 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
|
|
|
|
|
|
Basic |
10.41 |
13.52 |
11.23 |
|
|
|
Diluted |
10.37 |
13.46 |
11.18 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
|
1st
Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
6547.700 |
5929.400 |
6196.900 |
|
Total Expenditure |
5907.100 |
5357.100 |
5571.300 |
|
PBIDT (Excl OI) |
640.600 |
572.400 |
625.600 |
|
Other Income |
20.500 |
22.400 |
20.100 |
|
Operating Profit |
661.100 |
594.800 |
645.700 |
|
Interest |
339.000 |
352.200 |
382.500 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
322.000 |
242.600 |
263.100 |
|
Depreciation |
61.800 |
62.700 |
61.500 |
|
Profit Before Tax |
260.200 |
179.900 |
201.600 |
|
Tax |
86.800 |
60.500 |
67.600 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
173.400 |
119.400 |
134.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
173.400 |
119.400 |
134.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.29
|
4.64 |
4.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.96
|
7.03 |
7.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.44
|
9.64 |
9.59 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.28 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.92
|
0.75 |
0.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.86
|
2.10 |
2.07 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
PERFORMANCE
HIGHLIGHTS:
· Gross turnover for the year was Rs.26477.900 Millions, an increase of 7.59% as compared to Rs.24608.100 Millions in the previous year.
· Profit after tax decreased by 22.87% at Rs.855.400 Millions against Rs.1109.100 Millions in the previous year.
· Supply of towers and structures were 1,00,105 MT during the year as compared to 1,50,985 MT in the previous year.
· Order backlog at the end of the year was at Rs.43483.100 Millions as compared to Rs.43270.000 Millions at the end of the previous year.
· The company is in the final stage of completing 1,500 Km long, Western Region Strengthening System in Maharashtra and Gujarat, a first private investment transmission line project, for a private sector company in India.
· The company’s subsidiary in South Africa has successfully completed, well in time, Beta-Perseus 765 kV single circuit transmission line project. With this Jyoti has established its presence in the South African Market.
UNSECURED LOAN:
(Rs
in Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
LONG-TERM
BORROWINGS |
|
|
|
Term Loan |
|
|
|
From Bank |
798.532 |
542.546 |
|
From Other |
37.733 |
44.341 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans Repayable on Demand |
217.141 |
119.296 |
|
Deposits |
0.320 |
33.844 |
|
Total |
1053.726 |
740.027 |
|
|
||
Note:
Maturity Profile of
Unsecured Term Loans are as below :
(Rs
in Millions)
|
Particulars |
Maturity Profile |
|||
|
|
1-2 Years |
2-3 Years |
3-4 Years |
Beyond 4 Years |
|
Term Loans - from banks |
286.608 |
245.728 |
245.728 |
20.468 |
Schedule of
Redemption of Debenture
The Company had allotted 10,072,005, 7% Secured Non
Convertible Debentures having face value of Rs.120/- each, at par, during the year
2010-11. The said debentures have been redeemed, at par, on 14th May, 2012.
SUBSIDIARY COMPANIES:
During the year, Jyoti Americas LLC has established an ultra-modern tower manufacturing facility near Houston, Texas, USA and trial production has stabilized and commercial production has commenced in April, 2012.
In view of the general exemption granted by the Ministry of Corporate Affairs from applicability of the provisions of Section 212 of the Companies Act, 1956 (‘Act’), the stand-alone audited financial statements of the subsidiary companies are not attached to this report.
The statement pursuant to Section 212 of the Act relating to the subsidiary companies is attached and forms part of this report.
Copies of annual report of the subsidiary companies and related information, will be made available free of cost to the shareholders, on request.
The Annual Accounts of subsidiary companies are available for inspection at the registered office of the company.
The Audited Consolidated Financial Statements prepared in accordance with the prescribed accounting standards, form part of this Annual Report.
MANAGEMENT’S
DISCUSSION AND ANALYSIS
Economy and Industry
Overview
The Eleventh Plan period was challenging for the national economy. Monetary tightening policy started in March, 2010 resulted in 13 subsequent interest rate hikes. Global recession coupled with inflationary pressures in the closing years, forced Government to adopt growth-inflation trade-off.
Recent repo rate cut announced by the central bank, demonstrate reversal of its monetary policy stance. Monetary policy easing will encourage private investment in core sector, address infrastructure bottlenecks, strengthen domestic demand and drive growth movement.
Adequate availability of energy is one of the basic requirements for faster, more inclusive and sustainable growth. To make growth truly inclusive, access to energy in rural areas and to urban poor has to be ensured. Increased energy efficiency is the only way to contain energy demand without jeopardising growth and it must therefore receive high priority in the Twelfth Plan.
The Indian power sector has made significant progress over the years, but still has a long way to go before the sector becomes self-sustaining. Though the sector has moved forward from its humble beginnings, it is still lagging on several fronts, such as power shortages, T and D losses, shortage of power equipment, and slow-down due to lack of fuel, particularly coal, among others.
Since reforms were initiated in the year 1991, the development in the transmission system was carried out in coordination with the growth in generation capacity. In order to support the large expansion in production and consumption of electricity, the transmission and distribution network will have to be significantly expanded and strengthened. Technological development for transmission lines going upto 1,200 kV is of great relevance to overcome critical constraints like land requirement, right of way, forest and environmental clearances and to reduce transmission losses.
In Twelfth plan, a transmission plan has been evolved for strengthening the regional grids to establish and to operate both the regional and the national power grid to facilitate transfer of power across different regions and to support the generation capacity addition programme of around 80 GW.
Opportunities and
Outlook
In India, electricity demand has grown rapidly over the last two decades with primary growth drivers being economic development and rise in population with increased disposable income.
India has weathered the global crisis much better than most other countries in the world. In Eleventh Plan the economy has gained in strength in many dimensions and therefore Twelfth Plan is well placed to achieve faster, sustainable and more inclusive growth.
Increased pace of power capacities addition will be unsustainable without a simultaneous thrust on reforms in the power distribution sector. During Twelfth Plan, investment of 36 billion US$ (` 1.8 lacs crore) is envisaged for expansion of transmission and distribution network (Source: http://pib.nic.in/newsite/erelease.aspx?relid=82321).
The transmission segment has a major role in achieving ‘Power for All’ mission, as an efficient transmission capacity and network will prove essential to transfer power from generating stations to distribution networks.
Having established production capacities in the United States and with commencement of commercial production, the company is well placed to tap business opportunities available in the North American market.
As demand for energy in India is projected to grow at a steady rate, there is ample scope and opportunity for companies in various streams of power sector. With technological development for transmission lines of 765 kV and over, coupled with numerous power projects anticipated in India and abroad, the EPC companies operating in power sector have good potential and prospects for growth and profitability in the future.
PRESS REALEASE:
BUY JYOTI STRUCTURES;
TARGET RS 50: KRCHOKSEY
KRChoksey is bullish on Jyoti Structures (JSL) and has recommended buy rating on the stock with a target price of Rs 50 in its February 04, 2013 research report.
"Jyoti Structures (JSL) sales increased by 5.5% YoY to Rs. 6197.000 Millions, in line with their expectation. Operating margins remained flat 10.1%. Interest cost increased in line with their expectation by 9.7% to Rs. 383.000 Millions on account of stretch working capital. Consequently PAT declined by 2.3% to Rs. 13.4 cr. Company registered order inflow worth Rs 433 cr. Consequently Order backlog stands at Rs. 4605 cr as of Q3FY13.
For 9M FY13, JSL has registered flat growth of 0.6%. Transmission constituted 87% of the revenues booked followed by Rural electrification 6.5% and substations 6.5%. Domestic revenues constituted 88% while Export constituted remaining 12%.Issues related to ROW, other clearances and delay in payments from customers have been impacting sales growth. However, management has guided a strong execution in Q4FY13, as it has received clearances related to few projects. The company expects to end FY13 with a top line of approx Rs 2,800 cr. For FY14, it has guided for a sales turnover of Rs 33000.000 Millions to Rs 34000.000 Millions.
Borrowings as of Q3FY13 stood at Rs 8700.000 Millions and Letter of credit at Rs 6800.000 Millions. Debtor days remained high at 228 days. Almost Rs. 4000.000 Millions of recoveries are pending beyond comfort zone. Payment from utilities like Maharashtra (Rs.2500.000 Millions), Rajasthan (Rs. 580.000 Millions), TN (Rs. 650.000 Millions) have accentuated debtors outstanding. The company is focusing on recoveries of dues and has targeted to bring debtors days down by 20 to 30 days over next 6 months.
JSL registered order flows worth Rs. 4330.000 Millions. Orders from Kenya, Nigeria contributed to order inflows. For 9MFY13 order inflows stand at Rs. 21640.000 Millions vs Rs. 16810.000 Millions in 9MFY12. Focus on international orders have contributed to growth in order inflow over 9M. Current order backlog stands at Rs. 46000.000 Millions, ~ 1.8x TTM sales, giving visibility for next 18 months.
Valuations and Views: At CMP of Rs. 42, JSL is trading at a P/E of 5.3 x its FY13E earnings and 3.8 x its FY14E. We expect execution to pick up in Q4, the company is also expanding in international market for new orders. Considering the same and attractive valuations JSL is trading at we maintain their target price of Rs 50 and recommend a BUY on the stock," says KRChoksey research report.
ACCUMULATE JYOTI
STRUCTURES; TARGET RS 50: P LILLADHER
Prabhudas Lilladher is bullish on Jyoti Structures and has recommended accumulate rating on the stock with a target price of Rs 50 in its February 01, 2013 research report.
"Jyoti Structures (Jyoti) reported sales growth of 5.6% YoY at Rs6.20bn for Q3FY12, in line with their expectation. EBITDA margins YoY were flat at 10.1%. However, sequentially it has improved by 60bps QoQ. Interest cost increased by 10% YoY at Rs405m (due to increase in debt on account of stressed working capital). Reduction in other income and rise in interest expenses restricted PAT to Rs134m for Q3FY13, de-growth of 3% YoY.
Current order book stood at Rs46.05bn, up 7% YoY. The break-up of order book in terms of segment is - 57% Transmission line (~Rs26.25bn), 14% Substation (~Rs6.45bn) and 29% Rural electrification (~Rs13.35bn) orders. 70% of the total order book is from domestic clients and the remaining from exports. In terms of client, Power Grid contributed ~28% (~Rs12.89bn) of the order book, Maharashtra Housing and State Electricity Board~12% (Rs5.53bn), Madhya Pradesh Rural Electrification projects 4% (~Rs1.84 bn), West Bengal SEB 14% (Rs6.45bn) and rest 42% (~Rs19.34bn) from other SEBs and overseas orders. Pipeline of new tenders coming up for bidding were ~Rs85bn (PGCIL ~Rs20bn, other domestic orders ~Rs45bn and International markets ~Rs20bn).
The company continues to see stress on working capital due to increased debtor days (Debtor days in Q3FY13 were up from 224 days to 228 days in H1FY13). Outstanding of ~Rs4.5bn from three SEBs (Maharashtra, TN and Rajasthan) has not seen a significant movement and continues to put stress on the overall working capital. Debt in balance sheet increased to Rs8.7bn in Q3FY13 from Rs7.5bn in H1FY13.
Gulf Jyoti has reported sales of 246m AED, PAT at 10m AED and its order book stood at 330m AED for CY12. Jyoti Structures Africa has achieved sales at 130m ZAR, it has made marginal profit and has OB of 80m ZAR. Jyoti USA sales were at US$14M, no profit made (will only make profit next year) and has OB of US$4-5m.
Outlook and Valuation: The stock is trading at 4.2X FY14E earnings. They believe the stock will continue to underperform till the working capital issues are sorted out. They maintain 'Accumulate' on the stock with a target price of Rs 50," says Prabhudas Lilladher research report.
BUY JYOTI STRUCTURES;
TARGET OF RS 49: ANGEL BROKING
Angel Broking is bullish on Jyoti Structures and has recommended buy rating on the stock with a target of Rs 49 in its February 5, 2013 research report.
“For 3QFY2013, Jyoti Structures (Jyoti)’s top-line performance was in-line with
their expectations, posting a subdued 5.5% yoy growth to Rs620cr due to slow
execution and revenue deferrals. However, the Management is confident of strong
execution in 4QFY2013 as the company has received clearances for its upcoming
projects. The EBITDA margin came in flat yoy at 10.1%. Jyoti’s interest
coverage multiple remains under stress, declining from 2.0x in 4QFY2012 to 1.6x
presently. The increase in receivables has led to higher working capital
borrowing, elevating the interest cost. Consequently, the PAT declined by 3.0%
yoy to Rs13cr.”
“The company reported weak order inflow of Rs433cr in 3QFY2013. However, the
Management believes order inflow will improve going forward as the company
expects few orders from PGCIL and overseas markets to be finalized soon.
Jyoti’s order backlog stood at Rs4,605cr, up 7.1% yoy implying an order
coverage of 1.8x trailing four quarter revenues. The order backlog was spread
across transmission (57%), substation (14%) and rural electrification (29%)
segments. Client-wise, the backlog mainly comprised of orders by PGCIL (26%),
West Bengal (14%), Maharashtra (27%), Madhya Pradesh (4%), overseas (20%) and
the private sector (3%). The company received major orders from Nigeria and
Kenya, which boosted its overseas segment’s contribution to the
top-line.”
“Jyoti’s robust order book and recent focus to scale up its overseas operation
to insulate itself from domestic headwinds will benefit the company in the
medium to long term. The stock is currently trading at 3.7x their FY2014E EPS.
Given the attractive valuation, they maintain their Buy rating on the stock,
assigning a multiple of 4.5x FY2014E EPS, to arrive at a target price of Rs49,”
says Angel Broking research report.
CONTINGENT LIABILITIES
NOT PROVIDED FOR:
(Rs in Millions)
|
Particulars |
2011-12 |
2010-11 |
|
Outstanding of Bills Discounted |
40.410 |
Nil |
|
Disputed liabilities in respect of Income Tax, Sales Tax, Central Excise and Service Tax (under appeal) |
56.713 |
54.782 |
|
Civil Suits |
10.021 |
5.941 |
The Company has given a letter of comfort for general banking facilities provided by National Bank of Abu Dhabi to Gulf Jyoti International LLC. The total loan outstanding from the bank to the said Company is AED 98.49 Lacs (P.Y. AED 96.53 Lacs) equivalent to Rs.138.592 Millions (P.Y. Rs.118.526 Millions) as on 31st March, 2012.
UNAUDITED STANDALONE
FINANCIAL RESULTS FOR THE NINE MONTH ENDED 31ST DECEMBER, 2012
(Rs in Millions)
|
|
Particulars |
Quarter Ended |
Nine Month Ended |
|
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
PART I |
|
|
|
|
1) |
Income from
operations |
|
|
|
|
|
a) Net sales/income from operations |
6185.861 |
6920.752 |
18644.774 |
|
|
b) Other Operating Income |
11.060 |
8.678 |
29.248 |
|
|
Total Income from operations (Net) |
6196.921 |
5929.430 |
18674.022 |
|
2) |
Exponsos |
|
|
|
|
|
a) Cost of Materials Consumed |
3713.634 |
3195.750 |
10406.256 |
|
|
b) Stock in trade |
|
|
|
|
|
c) Erection and sub-contracting expenses |
1094.437 |
1246.100 |
3811.226 |
|
|
d) Change in inventories of finished goods, work-in-progress and |
42.379 |
44.211 |
191.460 |
|
|
stock-in-trade |
|
|
|
|
|
e) Employees benefits expense |
200.634 |
227.998 |
657.567 |
|
|
f) Depreciation and amortisation expense |
61.520 |
62.687 |
186.039 |
|
|
g) Other Expenses |
520.252 |
643.008 |
1769.998 |
|
|
Total expenses |
5632.856 |
5419.754 |
17021.546 |
|
3) |
Profit / (Loss) from operations before other Income, finance costs and exceptional Items (1-2) |
564.065 |
509.676 |
1652.476 |
|
4) |
Other income |
20.059 |
22.424 |
62.971 |
|
6) |
Profit / (Loss) from ordinary activities before finance costs and exceptional items (3 + 4) |
584.124 |
532.100 |
1715.447 |
|
6) |
Finance Cost |
382.520 |
362.209 |
1073.744 |
|
7) 0) |
Profit / (Loss) from ordinary activities after finance costs but before exceptional Items (5 - 6) Exceptional Items |
201.604 |
179.891 |
641.703 |
|
9) |
Profit / (Loss)
from ordinary activities before tax (7 + 8) |
201.604 |
179.891 |
641.703 |
|
10) |
Tax expense |
67.620 |
60.474 |
214.933 |
|
11) |
Net Profit / (Loss) from ordinary activities after tax (9 - to) |
133.984 |
119.417 |
426.770 |
|
12) |
Extraordinary Item (net of tax expense) |
|
- |
|
|
13) |
Net Profit / (Loss)
for the period (11 +12) |
133.984 |
119.417 |
426.770 |
|
14) |
Paid-up equity share capital (Face value ? 21- each) |
164.472 |
164.448 |
164.472 |
|
15) |
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16) |
Earning per share before and after Extraordinary items |
|
|
|
|
|
- Basic EPS |
1.63 |
1.45 |
5.19 |
|
|
- Diluted EPS |
1.62 |
1.45 |
5.17 |
|
|
PART II |
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
D |
Public shareholding |
|
|
|
|
|
- Number of shares |
5,93,74,306 |
5,93,90,691 |
5,93,74,306 |
|
|
- Percentage of shareholding |
72.20% |
72.23% |
72.20% |
|
2) |
Promoters and
Promoter Group Shareholding a) Pledged
/ Encumbered |
|
|
|
|
|
- Number of shares |
1,53,90.088 |
1,73,14,391 |
1,53,90,088 |
|
|
- Percentage of shares (as a % of the totaf shareholding of the Promoter and Promoter group) |
67.32% |
75.83% |
67.32% |
|
|
- Percentage of shares (as a % of the total shore capital of the company) |
18.71% |
21.06% |
18.71% |
|
|
b) Mon - encumbered |
|
|
|
|
|
- Number of shares |
74,71,803 |
55,18,816 |
74,71,803 |
|
|
- Percentage of shares (as a % of the total shareholding of the Promoter and Promoter group) |
32.68% |
24.17% |
32.60% |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
9.09% |
6.71% |
9.09% |
|
|
Particulars |
Third Quarter Ended |
|
|
|
31.12.2012 |
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
13 |
|
|
Disposed of during the quarter |
13 |
|
|
Remaining unresolved at the end of the quarter |
0 |
NOTES:
1) The above results as reviewed and recommended by the Audit Committee have been approved by the Board of Directors at its meeting held on 30th January, 2013.
2) The Statutory Auditors of the Company have carried out the "Limited Review" of the above results..
3) The Company is In the business of execution of projects related to power transmission and as such there are no reportable primary business segments.
4) Tax Expense includes provision for Current Tax and Deferred Tax.
5) During the quarter, the Company has allotted 12,400 Equity Shares of Rs.2 each and granted 60,600 options to the eligible employees of the Company, under the Employees Stock Option Scheme.
6) Cost of material consumed Includes Bought-out materials purchased for supplies to customer under the contracts.
7) Previous period / year figures have been re-arranged, re-grouped, re-calculated and re-classified, wherever necessary.
FIXED ASSETS:
- Leasehold land
- Building
- Plant and Machinery
- Furniture and Fixture
- Computers and Office Equipments
- Vehicles
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 exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.71 |
|
|
1 |
Rs.82.79 |
|
Euro |
1 |
Rs.71.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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.