MIRA INFORM REPORT
|
Report Date : |
13.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
JYOTI STRUCTURES LIMITED |
|
|
|
|
Registered
Office : |
Valecha Chambers, 6th Floor, New |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on)
: |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
27.05.1974 |
|
|
|
|
Com. Reg. No.: |
11-017494 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.414.520 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L45200MH1974PLC017494 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ09132E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACJ2499R |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s shares are listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of setting up power transmission
lines, sub-stations and distribution network, it also manufactures/deals in
various components/equipments and constructs infrastructure related to power
transmission. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 29839000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a good track record. There appears
dip in its profitability during 2013. However, general financial position seems to be strong. Trade
relations are reported to be fair. Business is active. Payments are reported
to be regular and as per commitments. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took
The years after the
outbreak of the global financial crisis, the world economy continues to remain fragile.
The Indian economy demonstrated remarkable resilience in the initial years of
the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating : A- |
|
Rating Explanation |
Having adequate degree of safety regarding
timely servicing of financial obligation. |
|
Date |
December 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Valecha Chambers, 6th Floor, New |
|
Tel. No.: |
91-22-40915000 |
|
Fax No.: |
91-22-40915014/15 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory (Plant-1) : |
52A/53A, “D” Road, M.I.D.C., Satpur, |
|
Tel. No.: |
91-253-2201700/ 800 |
|
Fax No.: |
91-253-2351134 |
|
|
|
|
Factory (Plant-2) : |
E-60/61, “D”, Road, M.I.D.C., Satpur, |
|
Tel. No.: |
91-253-6603225/ 227 |
|
Fax No.: |
91-253-6603226 |
|
|
|
|
Factory (Plant-3) : |
1037/1056, |
|
Tel. No.: |
91-771-4213100/ 101 |
|
Fax No.: |
91-771-2324767/ 2325567 |
|
|
|
|
Tower Testing Station : |
Ubhade Shivar, Village – Deole, Ghoti, Igatpuri, |
|
Tel. No.: |
91-255-3282211 |
|
Fax No.: |
91-255-3828212 |
|
|
|
|
Training Station : |
“Gurukul”, Plot No. H-37, Shivaji Nagar, M.I.D.C., Satpur, |
|
Tel. No.: |
91-253-2350099 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
S.D. Kshirsagar |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
04.05.1937 |
|
Qualification : |
P.G.D.I.A., ( |
|
Date of Appointment : |
01.04.2003 |
|
|
|
|
Name : |
S. V. Nayak |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
P. K. Thakur |
|
Designation : |
Executive Vice-Chairman |
|
|
|
|
Name : |
K. R. Thakur |
|
Designation : |
Whole-time Director |
|
Date of Birth/Age : |
13.11.1942 |
|
Qualification : |
B.E. (Mech.) |
|
Date of Appointment : |
07.02.1978 |
|
|
|
|
Name : |
V. M. Kaul |
|
Designation : |
Director |
|
Date of Birth/Age : |
18.03.1952 |
|
Qualification : |
Bachelor of Mechanical Engg., MBA (IGNOU) |
|
Date of Appointment : |
22.04.2013 |
|
|
|
|
Name : |
A. J. Khan |
|
Designation : |
Director |
|
|
|
|
Name : |
G. L. Valecha |
|
Designation : |
Director |
|
|
|
|
Name : |
R.C. Rawal |
|
Designation : |
Director |
|
Date of Birth/Age : |
05.11.1944 |
|
Qualification : |
B.Sc. (Engg.) Mechanical |
|
Date of Appointment : |
25.01.2010 |
|
|
|
|
Name : |
S.H. Mirchandani |
|
Designation : |
Director |
|
|
|
|
Name : |
T. C. Venkat Subramanian |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
L. H. Khilnani |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHARE HOLDING PETTERN
AS ON 30.06.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
16662126 |
20.25 |
|
|
6199765 |
7.54 |
|
|
22861891 |
27.79 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
22861891 |
27.79 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
11420176 |
13.88 |
|
|
2666896 |
3.24 |
|
|
3191639 |
3.88 |
|
|
17278711 |
21.00 |
|
|
|
|
|
|
12500768 |
15.21 |
|
|
|
|
|
|
19845155 |
24.86 |
|
|
2122974 |
2.58 |
|
|
7039856 |
8.56 |
|
|
103115 |
0.13 |
|
|
6936741 |
8.43 |
|
|
41508753 |
51.21 |
|
Total Public shareholding (B) |
58787464 |
72.21 |
|
Total (A)+(B) |
81649355 |
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) |
81649355 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of setting up power transmission
lines, sub-stations and distribution network, it also manufactures/deals in various
components/equipments and constructs infrastructure related to power
transmission. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
·
Bank of ·
Bank of ·
Canara Bank ·
Central Bank of ·
Corporation Bank ·
Development bank of Singapore Bank (DBS) ·
Dena Bank ·
ICICI Bank Limited ·
IDBI Bank Limited ·
Indian Bank ·
Induslnd Bank ·
South Indian Bank ·
Standard Chartered Bank ·
State Bank of ·
State Bank of ·
Syndicate Bank ·
UCO Bank ·
Union Bank ·
Vijaya Bank |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
NOTE: NATURE OF SECURITIES FOR SECURED LOAN LONG TERM
BORROWINGS: DEBENTURE ·
Rs.167.000
Millions (P.Y. Nil) Non-Convertible Debentures Mortgage over identified immovable
property of the subsidiary company. ·
Rs.
Nil (P.Y. Rs.1208.641 Millions) Non-Convertible Debentures Hypothecation on
Company’s moveable assets including moveable machinery, machinery spares,
stocks, tools and accessories both present and future. Mortgage on Company’s
immoveable properties except CSIDCL Raipur properties. TERM LOAN FROM BANK ·
Rs.370.779
Millions (P.Y.Rs.605.446 Millions) Secured by i) first charge on company’s immovable properties situated at
M.I.D.C., Satpur Industrial Area, ii) second charge on current assets of the company iii) exclusive charge on specific machinery and equipment ·
Rs.14.897
Millions (P.Y.Rs.63.721 Millions) Secured by i) first charge on company’s immovable properties situated at
M.I.D.C., Satpur Industrial Area, ii) hypothecation on specific Plant and Machinery ·
Rs.50.890
Millions (P.Y. Rs. Nil) Secured by hypothecation on specific Plant and
Machinery ·
Rs.1096.000
Millions (P.Y.Rs.860.000 Millions) Secured by Pari pasu charges on stock and
receivables of the contract and Escrow of receivable of the Project. ·
Rs.17.038
Millions (PY.Rs.11.170 Millions) Secured by hypothecation of specific Plant
and Machinery and vehicles. SHORT TERM BORROWINGS: SECURED LOAN FROM BANK Rs.5960.255
Millions (PY.Rs.3899.282 Millions) Secured by a first charge on all present and
future current assets, monies receivable and claims, except assets for which
an exclusive charge has been created and secured by a charge which is second
and subservient to the charge created in favour of IDBI and Standard
Chartered Bank, by way of deposit of Title Deeds in respect of the Company’s
immovable property in M.I.D.C., Satpur Industrial Area, Nasik (Maharashtra),
Raipur (Chhattisgarh), Ghoti District Nasik (Maharashtra), Malvan District
Sindhudurgh (Maharashtra), Flats and office premises situated at Andheri
(West), Mumbai, Maharashtra, India |
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
R. M. Ajgaonkar and Associates Chartered Accountants |
|
|
|
|
Legal Advisors : |
Bharucha and Partners |
|
|
|
|
Subsidiaries : |
·
Jyoti Energy Limited ·
JSL Corporate Services Limited ·
Jyoti Structures ·
Jyoti International Inc. ·
Jyoti ·
Jyoti Structures Canada Limited ·
Jyoti Structures FZE ·
Jyoti Structures |
|
|
|
|
Joint Venture : |
·
Gulf Jyoti International lLLC ·
Lauren Jyoti Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
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 |
|
|
|
|
|
|
|
Total |
|
Rs.850.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
82275407 |
Equity Shares |
Rs. 2/- each |
Rs.164.551 Millions |
|
2500000 |
Redeemable Preference Shares |
Rs. 100/- each |
Rs.250.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.414.551
Millions |
Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
82260147 |
Equity Shares |
Rs. 2/- each |
Rs.164.520 Millions |
|
2500000 |
Redeemable Preference Shares |
Rs. 100/- each |
Rs.250.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.414.520
Millions |
NOTES:
Reconciliation
of the shares outstanding at the beginning and at the end of the reporting
period Equity Shares
|
Particulars |
Number of Shares |
Rs.In Millions |
|
At the beginning of the period |
82213897 |
16442.800 |
|
Issued during the period - ESOS |
46250 |
09.200 |
|
Issued during the period against Share Warrant |
- |
0.000 |
|
Outstanding at the end of the period |
82260147 |
16452.000 |
Reconciliation
of the shares outstanding at the beginning and at the end of the reporting
period Equity Shares
|
Particulars |
Number of Shares |
Rs.In Millions |
|
At the beginning of the period |
- |
0.000 |
|
Issued during the period |
2500000 |
250.000 |
|
Outstanding at the end of the period |
2500000 |
250.000 |
Names of Equity shareholders holding more than 5 % shares
|
Particulars |
Number of Shares |
Percentage |
|
Valecha Infrastructure Limited |
5431400 |
6.60% |
|
Prakash K Thakur |
5248235 |
6.38% |
|
K. R. Thakur |
4646426 |
5.65% |
|
Reliance Capital Trustee Limited |
4614900 |
5.61% |
Names of preference shareholders holding more than 5 %
shares
|
Particulars |
Number of Shares |
Percentage |
|
Amtek India Limited |
1500000 |
60.00% |
|
Amtek Auto Limited |
1000000 |
40.00% |
Shares reserved for issue under options Employee Stock Options
Scheme (ESOS)
|
Particulars |
Number of hares |
|
Under
ESOS 2005, eligible employees 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/-perequity share for each option. |
595175 |
|
Under
ESOS 2011, eligible employees 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. |
2500000 |
The
Company has equity shares having a par value of Re.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.
The Company
has Preference shares having a par value of Rs.100/- each. The Share carries
dividend @1%. In the event of liquidation, the shareholders will have
preference in repayment over equity shareholders
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 |
414.520 |
164.428 |
164.252 |
|
(b) Reserves & Surplus |
7045.356 |
6481.618 |
5853.103 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.092 |
0.039 |
0.156 |
|
Total
Shareholders’ Funds (1) + (2) |
7459.968 |
6646.085 |
6017.511 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1710.758 |
2026.856 |
2404.744 |
|
(b) Deferred tax liabilities (Net) |
109.165 |
127.855 |
179.574 |
|
(c) Other long term
liabilities |
1325.755 |
1070.306 |
756.437 |
|
(d) long-term
provisions |
68.018 |
48.102 |
34.919 |
|
Total Non-current
Liabilities (3) |
3213.696 |
3273.119 |
3375.674 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
6174.847 |
4116.423 |
2081.430 |
|
(b) Trade
payables |
6683.281 |
5629.883 |
4354.658 |
|
(c) Other
current liabilities |
4374.007 |
4309.463 |
1834.645 |
|
(d) Short-term
provisions |
237.452 |
548.643 |
408.156 |
|
Total Current
Liabilities (4) |
17469.587 |
14604.412 |
8678.889 |
|
|
|
|
|
|
TOTAL |
28143.251 |
24523.616 |
18072.074 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1834.557 |
1980.264 |
1784.608 |
|
(ii)
Intangible Assets |
121.559 |
36.182 |
44.142 |
|
(iii)
Capital work-in-progress |
10.751 |
6.253 |
10.270 |
|
(iv)
Intangible assets under development |
0.000 |
82.211 |
0.000 |
|
(b) Non-current Investments |
865.545 |
865.545 |
700.540 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
69.890 |
71.019 |
64.069 |
|
(e) Other
Non-current assets |
420.941 |
564.522 |
422.992 |
|
Total Non-Current
Assets |
3323.243 |
3605.996 |
3026.621 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2232.496 |
2656.978 |
2214.817 |
|
(c) Trade
receivables |
18398.107 |
15581.411 |
10617.885 |
|
(d) Cash
and cash equivalents |
329.907 |
397.443 |
300.900 |
|
(e)
Short-term loans and advances |
3859.329 |
2280.066 |
1911.553 |
|
(f) Other
current assets |
0.169 |
1.722 |
0.298 |
|
Total
Current Assets |
24820.008 |
20917.620 |
15045.453 |
|
|
|
|
|
|
TOTAL |
28143.251 |
24523.616 |
18072.074 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
28018.689 |
25924.486 |
23797.036 |
|
|
|
Other Income |
129.463 |
109.124 |
84.389 |
|
|
|
TOTAL (A) |
28148.152 |
26033.610 |
23881.425 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
17248.027 |
14316.499 |
13392.893 |
|
|
|
Erection and Sub-contracting Expense |
4460.336 |
5923.251 |
4507.699 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and
Stock-in-Trade |
56.584 |
(645.771) |
(26.059) |
|
|
|
Employee Benefits Expense |
849.270 |
794.705 |
717.970 |
|
|
|
Other Expenses |
2615.864 |
2735.709 |
2394.163 |
|
|
|
TOTAL (B) |
25230.081 |
23124.393 |
20986.666 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2918.071 |
2909.217 |
2894.759 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1687.293 |
1410.183 |
1019.470 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
1230.778 |
1499.034 |
1875.289 |
|
|
|
|
|
|
|
|
|
Less/ |
DEPRECIATION/
AMORTISATION (F) |
251.501 |
213.351 |
201.662 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
979.277 |
1285.683 |
1673.627 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
330.510 |
430.280 |
564.532 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
648.767 |
855.403 |
1109.095 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend - Equity Shares |
65.808 |
90.435 |
123.190 |
|
|
|
Tax on Dividend |
10.696 |
14.671 |
19.985 |
|
|
|
Dividend and Dividend Distribution Tax for
an earlier year |
0.013 |
0.050 |
0.194 |
|
|
|
Preference Share Dividend |
0.123 |
0.000 |
0.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
41.750 |
0.000 |
604.400 |
|
|
|
Transfer to General Reserve |
65.000 |
86.400 |
120.000 |
|
|
BALANCE CARRIED TO
THE B/S |
465.377 |
663.847 |
241.326 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
At FOB Value |
5879.225 |
4567.425 |
3424.277 |
|
|
|
At Invoice Value (Tower testing Charges) |
183.650 |
81.492 |
57.145 |
|
|
|
Rent on Equipments |
40.410 |
5.917 |
0.000 |
|
|
TOTAL EARNINGS |
6103.285 |
4654.834 |
3481.422 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
13.462 |
48.171 |
107.069 |
|
|
|
Raw Materials and Components |
3998.478 |
2070.792 |
2406.430 |
|
|
|
Stores and Spares |
0.156 |
2.302 |
0.000 |
|
|
TOTAL IMPORTS |
4012.096 |
2121.265 |
2513.499 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
|
|
|
|
|
|
Basic |
7.89 |
10.41 |
13.52 |
|
|
|
Diluted |
7.86 |
10.37 |
13.46 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 (1st
Quarter) |
|
Net Sales |
7112.700 |
|
Total Expenditure |
6405.000 |
|
PBIDT (Excl OI) |
707.700 |
|
Other Income |
28.600 |
|
Operating Profit |
736.300 |
|
Interest |
422.400 |
|
Exceptional Items |
0.000 |
|
Exceptional Items |
313.900 |
|
PBDT |
66.300 |
|
Depreciation |
247.600 |
|
Profit Before Tax |
84.200 |
|
Tax |
0.000 |
|
Provisions and contingencies |
163.400 |
|
Profit After Tax |
0.000 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
163.400 |
|
Net Profit |
0.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.30
|
3.29 |
4.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.50
|
4.96 |
7.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.66
|
5.61 |
9.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.19 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.06
|
0.92 |
0.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42
|
1.43 |
1.73 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
PERFORMANCE HIGHLIGHTS:
·
Gross turnover for the year under
review was Rs.28421.900 Millions, an increase of 7.34% as compared to
Rs.26477.900 Millions in the previous year.
·
Profit after tax decreased by 24.15% at
Rs.648.800 Millions against Rs.855.400 Millions in the previous year.
·
Supply of towers and structures were
72,181 MT during the year as compared to 100105 MT in the previous year.
·
Order backlog at the end of the year
was at Rs.44120.000 Millions as compared to Rs.43483.100 Millions at the end of
the previous year.
JOINT VENTURE:
During the year,
Lauren Jyoti Private Limited, a Joint Venture company, successfully executed a
50 MWe Solar Thermal Power Plant at Village-Naukh, District-Jaisalmer, Rajasthan.
SUBSIDIARY
COMPANIES:
During the year,
step down subsidiary companies namely Jyoti Structures Canada Limited and Jyoti
Structures Namibia (Pty.) Limited were established in Canada and Namibia,
respectively.
MANAGEMENT’S
DISCUSSION AND ANALYSIS:
ABOUT THE COMPANY:
The Company is engaged in the business of setting up power transmission
lines, sub-stations and distribution networks. It undertakes turnkey projects
on a global scale, offering a complete range of services in design,
engineering, tower testing, manufacturing, construction and project management.
Having worked for customers in around 40 countries, the Company is amongst a
few engineering, procurement and construction (EPC) service providers
worldwide, that possess the capabilities to execute turnkey projects in the
areas of power transmission and distribution segment.
MACRO INDUSTRY
OVERVIEW:
At the base level of the electrical energy requirement (EER) at 1,355
BUs, it is estimated that EER would increase at a compound annual growth rate
of 8.55% by 2016-2017 and 7.17% by 2021-2022. The pattern of electricity
consumption is expected to be similar level amongst the most of its segments,
except a marginal decline in rural consumers.
The power generation segment has performed satisfactorily by adding a
capacity of 54,964 MW in the Eleventh Five Year Plan. The draft Twelfth Five
Year Plan has envisaged a capacity addition of 88,537 MW, an increase of about
60% over the achievement during the preceding plan.
However, the generation of power has been plagued with fuel shortages,
the delays in award of contracts resulting in shortage of orders for the
equipment manufacturers, ambiguity about the basis for bidding (BOO:
build-own-operate against DBFOT: design-build-finance-operate-transfer) and
tardy implementation of reforms. At the end of the 2012-2013, the total
transmission system consisting of central utilities, state utilities and
private utilities together, was 2,74,588 ckt, km of line length and 4,73,216 MVA
of transformer capacity at 220 kV and above voltage levels. The total network
line length registered a compound annual growth rate of 7.87% during the
Eleventh Plan period. The transmission line industry will have to gear itself
to meet the ambitious targets envisaged in the Twelfth Plan, by making
available power where it is consumed.
SEGMENT-WISE PERFORMANCE AND OUTCOME:
The Company is in
the business of execution of projects relating to power transmission and
distribution and hence operates in a single business segment. Performance of
the Company has been dealt with in the Directors’ Report.
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Term Loan |
|
|
|
From Bank |
522.026 |
798.532 |
|
From Other |
|
|
|
Deferred Payment
Liabilities |
36.243 |
37.733 |
|
Deposits |
713.565 |
0.000 |
|
Short Term Borrowings |
|
|
|
From Banks |
214.592 |
217.141 |
|
Total |
1486.426 |
1053.406 |
INDEX OF CHARGES:
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10435321 |
20/06/2013 |
100,000,000.00 |
|
|
B78958071 |
|
2 |
10426429 |
23/03/2013 |
14,786,022.00 |
RELIANCE CAPITAL LIMITED |
"H"
BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE, CITY, KOPARKHAIRNE, NAVI MUMBAI
– 400 710, |
B75378513 |
|
3 |
10417170 |
21/03/2013 |
640,000,000.00 |
DENA BANK |
DENA
CORPORATE CENTRE, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI – 4000 51, |
B72429780 |
|
4 |
10421894 |
28/02/2013 |
300,000,000.00 |
TATA CAPITAL FINANCIAL
SERVICES LIMITED |
ONE FORBES,,
DR. V. B. GANDHI MARG, FORT, MUMBAI
– 400 001, |
B73787038 |
|
5 |
10393246 |
21/12/2012 |
531,200,000.00 |
EXPORT-IMPORT BANK OF |
MUMBAI
– 400 005, |
B64629876 |
|
6 |
10393249 |
21/12/2012 |
301,200,000.00 |
EXPORT-IMPORT BANK OF |
MUMBAI
– 400 005, |
B64631559 |
|
7 |
10384841 |
30/09/2012 |
63,000,000.00 |
RELIANCE CAPITAL LIMITED |
"H"
BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGECITY, KOPARKHAIRNE, NAVI
MUMBAI – 400 710, |
B61513586 |
|
8 |
10375820 |
07/09/2012 |
576,000,000.00 |
EXPORT- IMPORT BANK OF |
MUMBAI
– 400 005, |
B57837098 |
|
9 |
10362779 |
02/07/2012 |
392,000,000.00 |
DBS BANK LIMITED |
UPPER
GROUND FLOOR, |
B42527341 |
|
10 |
10362781 |
02/07/2012 |
616,000,000.00 |
DBS BANK LIMITED |
UPPER
GROUND FLOOR, |
B42527812 |
* Date
of charge modification
CONTINGENT
LIABILITIES:
Contingent
Liabilities not provided for:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Outstanding of Bills Discounted |
5339.100 |
4041.000 |
|
Disputed Liabilities in respect of Income Tax, Sales Tax, Central
Excise and Service Tax (under appeal) |
6374.700 |
5671.300 |
|
Civil Suits |
1078.700 |
1002.100 |
The Company
has given a letter of comfort for general banking facilities provided by
National Bank of
UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2013
(Rs. in millions)
|
Sr. No. |
Particulars
|
Standalone Quarter ended 30.06.2013 |
|
|
|
(Unaudited) |
|
|
PART I |
|
|
1) |
Income
from operations |
|
|
|
a) Net sales/income from operations (net of
excise duty) |
7100.500 |
|
|
b) Other Operating Income |
12.200 |
|
|
Total
income from operations (Net) |
7112.700 |
|
2) |
Expenses |
|
|
|
a) Cost of Materials Consumed |
4680.100 |
|
|
b) Purchases of Stock in trade |
- |
|
|
c) Erection and sub-contracting Expenses |
1254.500 |
|
|
d) Change in inventories of finished goods,
work-in-progress and stock-in-trade |
(236.700) |
|
|
e) Employees Benefits Expense |
220.900 |
|
|
f) Depreciation and Amortisation Expense |
66.300 |
|
|
g) Other Expenses |
486.200 |
|
|
Total
expenses |
6471.300 |
|
3) |
Profit /
(Loss) from operations before other income, finance costs and exceptional
items (1-2) |
641.400 |
|
4) |
Other
income |
28.600 |
|
5) |
Profit /
(Loss) from ordinary activities before finance costs and exceptional Items (3
+ 4) |
670.000 |
|
6) |
Finance
Cost |
422.400 |
|
7) |
Profit /
(Loss) from ordinary activities after finance costs but before exceptional
Items (5 - 6) |
247.600 |
|
8) |
Exceptional
Items |
- |
|
9) |
Profit /
(Loss) from ordinary activities before tax (7 + 8) |
247.600 |
|
10) |
Tax
expense |
84.200 |
|
11) |
Net Profit
/ (Loss) from ordinary activities after tax (9 - 10) |
163.400 |
|
12) |
Extraordinary
Item (net of tax expense) |
- |
|
13) |
Net Profit
/ (Loss) for the period (11 + 12) |
163.400 |
|
14) |
Share of
Profit / (Loss) of associates |
- |
|
15) |
Minority
interest |
- |
|
16) |
Net Profit
/ (Loss) after Taxes (13 + 14 - 15) |
163.400 |
|
17) |
Paid-up
Equity Share Capital (Face value Re.2/- each) |
164.500 |
|
18) |
Reserve
excluding Revaluation Reserves as per balance sheet of previous accounting |
|
|
19) |
Earning
per share before and after Extraordinary items (not annualised) |
|
|
|
- Basic Rs. |
1.99 |
|
|
- Diluted Rs. |
1.98 |
|
|
PART II |
|
|
|
A -
PARTICULARS OF SHAREHOLDING |
|
|
1) |
Public
shareholding |
|
|
|
- Number
of shares |
5,94,02,631 |
|
|
-
Percentage of shareholding |
72.21% |
|
2) |
Promoters
and Promoter Group Shareholding a)
Pledged / Encumbered |
|
|
|
- Number
of shares |
1,82,85,061 |
|
|
-
Percentage of shares (as a % of the total shareholding of the Promoter and
Promoter group) |
79.98% |
|
|
-
Percentage of shares (as a % of the total share capital of the company) |
22.23% |
|
|
b) Non - encumbered |
|
|
|
- Number
of shares |
45,76,830 |
|
|
-
Percentage of shares (as a % of the total shareholding of the Promoter and
Promoter group) |
20.02% |
|
|
-
Percentage of shares (as a % of the total share capital of the company) |
5.56% |
|
|
Particulars |
Quarter Ended 30-06-2013 |
|
|
B
- INVESTOR COMPLAINTS |
|
|
|
Pending
at the beginning of the quarter |
- |
|
|
Received
during the quarter |
3 |
|
|
Disposed
of during the quarter |
3 |
|
|
Remaining
unresolved at the end of the quarter |
- |
Notes:
The above
results as reviewed and recommended by the Audit Committee, have been approved
by the Board of Directors at its meeting held on 27th July 2013
1.
The
Statutory Auditors of the Company have carried out the "Limited
Review" of the above results.
2.
The
Company is in the business of execution of projects related to power
transmission and as such there are no reportable primary business segments.
3.
Tax
Expense includes provision for Current Tax and Deferred Tax.
4. During the quarter, the Company has allotted 4,375 Equity Shares of T 2 each to the eligible employees of the Company, under the Employees Stock Option Scheme
5.
Cost
of material consumed includes Bought-out materials purchased for supplies to
customer under the contracts.
6.
Previous
period / year figures have been re-arranged, re-grouped, re-calculated and
re-classified, wherever necessary.
FIXED ASSETS:
Tangible Assets:
·
Free
·
·
Buildings
·
Plant and Machinery
·
Furniture and Fixture
·
Computer and Office
Equipments
·
Vehicles
Intangible Assets:
·
Software
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.63.67 |
|
|
1 |
Rs.100.71 |
|
Euro |
1 |
Rs.84.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.