MIRA INFORM REPORT
|
Report Date : |
19.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
JBF INDUSTRIES LIMITED |
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Registered
Office : |
Survey No. 273, Village Athola, Silvasa – 396230, Dadra and Nagar Haveli (U.T) |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
12.07.1982 |
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Com. Reg. No.: |
54-000128 |
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Capital
Investment / Paid-up Capital : |
Rs. 1829.800 Millions |
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CIN No.: [Company Identification
No.] |
L99999DN1982PLC000128 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ08465C |
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PAN No.: [Permanent Account No.] |
AAACJ2575J |
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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, Exporter and Importer of Yarn, Bulk Drugs and Drug
Intermediates, Partially Oriented Yarn (POY). |
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No. of Employees
: |
5000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 42590000 |
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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 a fine track record. Overall financial position of the company appears to be sound and
healthy. Rating also takes into consideration experience of promoters in
textile industry. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitment. 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry
retained its status as the favourable venture capital investors in 2013.
Pakistan has temporarily banned gold imports for the second time in six months,
as it tries to stem smuggling into India. India’s import duty on gold is 10 %
and curbs on purchases have dried up legal imports into what used to be the
world’s biggest bullion buyers. The World Gold Council puts the amount smuggled
into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed
that unclaimed bank deposits estimated to be about Rs 35000 mn be used for
education and awareness among depositors. According to the plan, deposits
that have not been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long term bank facilities A- |
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Rating Explanation |
Adequate credit quality and average credit
risk |
|
Date |
March 1, 2013 |
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Rating Agency Name |
CARE |
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Rating |
Short term bank facilities A1 |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
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Date |
March 1, 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 PARTED BY
|
Name : |
Mr. Amit Mallawat |
|
Designation : |
Finance Executive |
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Contact No.: |
91-22-22885959 |
|
Date : |
18.02.2014 |
LOCATIONS
|
Registered Office/ Factory 1: |
Survey No. 273, Village Athola, Silvasa – 396230, Dadra and Nagar Haveli (U.T), India |
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Tel. No.: |
91-260-2642745/ 46/ 2643861/ 62 |
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Fax No.: |
91-260-2642297 |
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E-Mail : |
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Website : |
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Corporate
Office : |
8th Floor, Express Towers, Nariman Point, Mumbai - 400021, Maharashtra, India |
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Tel No.: |
91-22-22885959 |
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Fax No.: |
91-22-22886393 |
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Email: |
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Factory 2 : |
156/2, Village Saily, Saily-Rakholi Road, Dadra and Nagar Haveli,
Silvassa, Dadra and Nagar Haveli, Union Territory, India |
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Factory 3 : |
Plot No. 11 and 215 to 321, Sarigam GIDC Industrial Area, Sarigram, Vapi -396155, Gujarat, India |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Bhagirath C.
Arya |
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Designation : |
Chairman |
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Name : |
Mr. Rakesh Gothi |
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Designation : |
Managing Director and Chief Executive Officer |
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Name : |
Ms. P. N. Thakore |
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Designation : |
Executive Director and Chief
Executive Officer |
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Name : |
Mr. N. K. Shah |
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Designation : |
Executive Director |
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Name : |
Mrs. Veena Arya |
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Designation : |
Director |
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Name : |
Mr. Krishen Dev |
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Designation : |
Director |
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Name : |
Mr. Prakash Mehta |
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Designation : |
Director |
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Name : |
Mr. B R Gupta |
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Designation : |
Director |
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Name : |
Mr. Sunil Diwakar |
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Designation : |
Director |
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Name : |
Mr. Ravishankar
Shinde (Nominee LIC) |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Ujjwala G. Apte |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2013
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
|
|
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|
37306617 |
57.12 |
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|
37306617 |
57.12 |
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Total shareholding of Promoter and Promoter Group (A) |
37306617 |
57.12 |
|
(B) Public Shareholding |
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|
|
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|
|
3038910 |
4.65 |
|
|
25340 |
0.04 |
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|
3120487 |
4.78 |
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|
7193272 |
11.01 |
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|
13378009 |
20.48 |
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|
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|
3365544 |
5.15 |
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|
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|
6871868 |
10.52 |
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|
3000981 |
4.60 |
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|
1386428 |
2.12 |
|
|
178884 |
0.27 |
|
|
701089 |
1.07 |
|
|
200 |
0.00 |
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|
504 |
0.00 |
|
|
275253 |
0.42 |
|
|
1100 |
0.00 |
|
|
229398 |
0.35 |
|
|
14624821 |
22.39 |
|
Total Public shareholding (B) |
28002830 |
42.88 |
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Total (A)+(B) |
65309447 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
65309447 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Yarn, Bulk Drugs and Drug Intermediates,
Partially Oriented Yarn (POY). |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
5000 (Approximately) |
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Bankers : |
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Facilities : |
NOTE: Long Term
Borrowing 1)
11.15 % Debentures [including current maturities
of long term borrowings of Rs. 200.000 Millions (Previous Year Rs. 100.000
Millions) referred to in (a) above are secured by way of first mortgage and
charge on pari passu basis on all the immovable and movable properties except
current assets, present and future, situated at Silvassa, Dadra and Nagar
Haveli (Union Territory) and at Sarigam, District Valsad, Gujarat. 2)
Term Loans [including current maturities of long
term borrowings of Rs.363.700 Millions
(Previous year Rs.207.000 Millions) of Rs.3538.900 Millions (Previous Year Rs.2995.800 Millions)
referred to in (b) above, which carry interest at the rate 11.00% to 14.50 %,
are secured by way of first mortgage and charge on pari passu basis on all
the immovable and movable properties except current assets, present and
future, situated at Silvassa, Dadra and Nagar Haveli (Union Territory) and at
Sarigam, District Valsad, Gujarat and are further secured by Second charge on
current assets of the Company situated at Silvassa, Dadra and Nagar Haveli
(Union Territory) and at Sarigam, District Valsad, Gujarat. 3)
Term Loan [including current maturities of long
term borrowings of Rs.31.300 Millions
(Previous Year Rs. Nil of Rs.750.000 Millions (Previous Year Rs. Nil) referred to in (b)
above, which carry interest at the rate 12.75 %, are to be secured by way of
first pari passu charge on the fixed assets of the company. Out of the above
aggregating to Rs. 500.000 Millions (Previous Year Rs. Nil) are further to be
secured by second pari passu charge on current assets of the Company. 4)
External Commercial Borrowings [including current
maturities of long term borrowings of Rs. 448.000 Millions (Previous Year Rs. 203.500 Millions ) Rs.
2334.700 Millions (Previous Year Rs.
2390.900 Millions) referred to in (c) above, which carry interest at the rate
LIBOR plus 2.5 percentage to 3.0 percentage, are secured by way of first
mortgage and charge on pari passu basis on all the immovable and movable
properties except current assets, present and future, situated at Silvassa,
Dadra and Nagar Haveli (Union Territory) and at Sarigam, District Valsad,
Gujarat. 5)
The Loans for vehicle [including current
maturities of long term borrowings of Rs. 1.700 Millions (Previous Year Rs.
1.800 Millions) of Rs. 3.700 Millions (Previous Year Rs. 5.500 Millions)
referred to in (d) above, which carry interest at the rate 8.88 %, have been
secured by specific charge on the vehicles covered under the said loans 6)
Terms of Repayment
i.
Debentures Debentures are
redeemable at par in two equal installments of Rs. 100.000 Millions each on
27.10.2014 and 27.07.2014.
ii.
Secured Term Loans from Banks Loan of Rs.
468.800 Millions is repayable in 15 equal quarterly installments of Rs.
31.200 Millions starting from June 2014 and ending on December 2017, Loan of
Rs. 381.800 Millions is repayable in 21 equal quarterly installments of Rs.
18.200 Millions starting from April
2014 and ending on June 2019 and loan of Rs. 2382.800 Millions is repayable in 2 equal quarterly
installments of Rs. 32.200 Millions
starting from June 2014 and ending on September 2014 and thereafter 16
equal quarterly installments of Rs. 144.900 Millions starting from December
2014 and ending on September 2018.
iii.
Secured Term Loans from Financial Institutions Loan of Rs.
142.900 Millions is repayable in 2 equal annual installments of Rs. 71.400
Millions starting from July 2014 and ending on July 2015. Loan of Rs. 267.600
Millions is repayable in 13 equal quarterly installments of Rs. 20.600
Millions starting from April 2014 and ending on April 2017.
iv.
Secured Term Loans from Corporate Body Loan of Rs.
250.000 Millions is repayable in 16 quarterly installments, first 4
installments of Rs. 6.300 Millions starting from June 2014 and ending on
March 2015, next 4 installments of Rs. 9.400 Millions starting from June 2015
and ending on March 2016, next 4 installments of Rs. 21.900 Millions starting
from June 2016 and ending on March 2017 and final 4 installments of Rs.
25.000 Millions starting from June 2017 and ending on March 2018.
v.
Secured External Commercial Borrowings Loan of Rs.
542.900 Millions is repayable in 10 equal quarterly installments of Rs.
54.300 Millions (USD 10,00,000) starting from May 2014 and ending on August
2016, loan of Rs. 1018.000 Millions is
repayable in 15 equal quarterly installments of Rs. 67.900 Millions (USD
12,50,000) starting from June 2014 and ending on December 2017 and loan of
Rs. 325.800 Millions is repayable in 8 equal quarterly installments of Rs.
40.700 Millions (USD 7,50,000) starting from June 2014 and ending on March
2016.
vi.
Secured Vehicle
Loans: Vehicle Loans
are repayable as under: Rs. 1.700 Millions in financial year 2014-15 and
balance of Rs. 0.300 Millions in financial year 2015-16.
vii.
Unsecured Term Loans From a Bank Loan of Rs.
1103.500 Millions is repayable in 10 equal half yearly installments of Rs.
110.400 Millions starting from April 2014 and ending on October 2018 and loan
of Rs. 36.100 Millions is repayable in 10 equal half yearly installments of
Rs. 3.600 Millions commencing with effect from April 2014 and ending on March
2019. 7)
Term loans from banks [including current
maturities of optionally convertible loans of Rs. 687.300 Millions (Previous
Year current maturity of long term borrowing of Rs. 8.300 Millions)]
aggregating to Rs. 1826.900 Millions (Previous year Rs. 1397.400 Millions)
are guaranteed by one of the Directors of the company in their personal
capacity Short Term
Borrowing: 1)
Working Capital Loans as referred to in (a) above
are secured by a first charge on pari passu basis without any preference or
priority over each other on all Current Assets of the company both present
and future, situated at Silvassa, Dadra and Nagar Haveli (Union Territory)
and at Sarigam, District Valsad, Gujarat and are also secured by way of
Second charge on pari passu basis on movable and immovable properties of the
company both present and future, situated at Silvassa, Dadra and Nagar Haveli
(Union Territory) and at Sarigam, District Valsad, Gujarat. 2)
Buyers Credit referred to in (b) above, of
Rs. 798.500 millions (Previous Year
Rs. Nil) are secured by a first charge
on pari passu basis without any preference or priority over each other on all
Current Assets of the company both present and future, situated at Silvassa,
Dadra and Nagar Haveli (Union Territory) and at Sarigam, District Valsad,
Gujarat and are also secured by way of Second charge on pari passu basis on
movable and immovable properties of the company both present, situated at
Silvassa, Dadra and Nagar Haveli (Union Territory) and at Sarigam, District
Valsad, Gujarat and future and Rs.
377.400 millions (Previous Year Rs.
Nil) are secured by way of subservient charge on current assets of the
company. |
|
Banking
Relations : |
-- |
|
|
|
|
Financial
Institution : |
Bank of Baroda Corporate Financial Service |
|
|
|
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Auditors : |
|
|
Name : |
Chaturvedi
and Shah Chartered Accountants |
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|
|
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Solicitors : |
Malvi Ranchoddas and Company |
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Subsidiaries : |
Ř
JBF Global Pte. Limited, 138, Robinson Road, #
17-00, the Corporate Office, Singapore - 068900. Ř
JBF Rak LLC, P. O. Box: 6574 Ras Al Khaimah,
U.A.E. Ř JBF
Petrochemicals Limited, SEZ Manglore, India. |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.10/- each |
Rs.1000.000 Millions |
|
12500000 |
2.5% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.1250.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 2250.000
Millions |
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
77633236 |
Equity Shares |
Rs.10/- each |
Rs.726.300 Millions |
|
11034987 |
2.5% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.1103.500 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 1829.800
Millions |
Terms/rights
attached to equity shares
The holders of equity
shares of Rs. 10 each are entitled to one vote per share. The equity
shareholders are entitled to dividend only if dividend in a particular
financial year is recommended by the Board of Directors and approved by the
member at the annual general meeting of the year. In the event of liquidation
of the Company, the holders of equity shares will be entitled to receive out of
the remaining assets of the company, after distribution of Preferential
amounts. The distribution will be in proportion to the number of equity shares
held by share holders.
Terms/rights
attached to Cumulative Redeemable Preference Shares (CRPS)
The holder of
Preference Share of the Company have a right to vote at a General Meeting of the
Company only in accordance with limitations and provisions laid down in Section
87 (2) of the Companies Act, 1956. The Preference Shares shall carry dividend
at the rate of 2.5 % per annum payable annually. The preference share holders
will be entitled to receive out of the remaining assets of the company after
Reconciliation of
number of Shares outstanding at beginning and at the end of year:
|
|
31.03.2013 |
|
|
Particulars |
Equity No. of Share |
Preference No. of Shares |
|
Shares outstanding at the beginning of the year |
72019123 |
8839200 |
|
On exercise of option by ESOS holders |
614113 |
-- |
|
On conversion of debt to a lender |
-- |
2195787 |
|
Shares
outstanding at the end of the year |
72633236 |
11034987 |
The Company has
allotted 21,95,787 (Previous Year 61,77,837) 2.5% Cumulative Redeemable
Preference Shares (CRPS) of Rs. 100 each fully paid up aggregating to Rs.
219.600 millions (Previous Year Rs. 617.800 millions) to Bank of India in
pursuant to line of credit approved by the bank to fund derivative losses.
Options
outstanding as on 31st March, 2013:
a)
To ESOS holders 3,80,201 (Previous year 9,98,887)
Equity shares
b)
To a bank in respect of optionally convertible
loans (OCL) outstanding as on 31st March, 2013 are Rs. 687.300 millions
(Previous Year Rs. 505.100 millions), being a part of line of credit sanctioned
to finance the derivative losses. Out of Rs. 687.300 millions (Previous Year
Rs. 505.100 millions), Rs. 651.200 millions (Previous Year Rs. 505.100
millions) will be converted into Equity Shares and Rs. 36.100 millions
(Previous Year Rs. Nil) is to be converted into Cumulative Redeemable
Preference Shares
Of the above
Equity Shares 1,82,450 Equity Shares of Rs. 10 each were issued pursuant to the
scheme of Amalgamation of Microsynth Fabrics (India) Limited with the Company
as sanctioned by Hon’ble High Court of Judicature at Mumbai vide its order
dated 23rd October, 2008.
The details of shareholder holding more than 5% shares:
|
|
31.03.2013 |
|
|
Name of Equity
Shareholders |
No. of Shares |
Percentage |
|
Bhagirath Arya |
24063607 |
33.13 |
|
Seetharam Narayana Shetty - Trustee - JBF Employees Welfare Foundation |
NA* |
NA* |
|
Vaidic Resources Private Limited |
3906304 |
5.38 |
|
Chinar Arya |
4300000 |
5.92 |
* Reduced below 5%, hence not disclosed
|
Particulars |
31.03.2013 |
|
|
Name of
Preference Shareholder |
No. of Shares |
Percentage |
|
Bank of India |
11034987 |
100 |
|
|
|
|
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 |
1829.800 |
1604.100 |
982.600 |
|
(b) Reserves and Surplus |
8817.900 |
8346.300 |
8560.700 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
10647.700 |
9950.400 |
9543.300 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7122.200 |
7273.800 |
5423.500 |
|
(b) Deferred tax liabilities (Net) |
1561.900 |
1206.000 |
1414.800 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
161.300 |
33.300 |
26.700 |
|
Total Non-current Liabilities (3) |
8845.400 |
8513.100 |
6865.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
6907.600 |
7342.000 |
3865.900 |
|
(b) Trade payables |
5066.300 |
4453.100 |
5658.000 |
|
(c) Other current
liabilities |
2947.100 |
2653.000 |
2406.100 |
|
(d) Short-term provisions |
454.400 |
876.500 |
841.700 |
|
Total Current Liabilities (4) |
15375.400 |
15324.600 |
12771.700 |
|
|
|
|
|
|
TOTAL |
34868.500 |
33788.100 |
29180.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
14728.400 |
12759.100 |
11406.500 |
|
(ii) Intangible Assets |
25.200 |
2.900 |
4.200 |
|
(iii) Capital
work-in-progress |
208.100 |
1158.400 |
1164.100 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4242.000 |
286.700 |
3185.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
926.200 |
4973.700 |
589.900 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
15.300 |
|
Total Non-Current Assets |
20129.900 |
19180.800 |
16365.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
486.300 |
628.700 |
1245.700 |
|
(b) Inventories |
3962.400 |
4589.400 |
5201.100 |
|
(c) Trade receivables |
5544.500 |
4009.400 |
2799.900 |
|
(d) Cash and cash
equivalents |
1538.800 |
1610.700 |
832.500 |
|
(e) Short-term loans and
advances |
2787.000 |
3652.700 |
2669.000 |
|
(f) Other current assets |
419.600 |
116.400 |
66.800 |
|
Total Current Assets |
14738.600 |
14607.300 |
12815.000 |
|
|
|
|
|
|
TOTAL |
34868.500 |
33788.100 |
29180.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
45040.900 |
43833.200 |
35604.600 |
|
|
|
Other Income |
720.900 |
1292.400 |
223.700 |
|
|
|
TOTAL (A) |
45761.800 |
45125.600 |
35828.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials consumed |
35581.700 |
35444.600 |
28426.100 |
|
|
|
Purchase of Stock in Trade |
1.400 |
0.700 |
141.400 |
|
|
|
Changes in inventories of Finished Goods and Stock -in- process |
160.300 |
(52.800) |
(713.100) |
|
|
|
Employee Benefits Expenses |
565.400 |
461.800 |
443.800 |
|
|
|
Other Expenses |
6017.600 |
6913.100 |
4008.400 |
|
|
|
TOTAL (B) |
42326.400 |
42767.400 |
32306.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3435.400 |
2358.200 |
3521.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1557.900 |
1235.600 |
872.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1877.500 |
1122.600 |
2649.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1006.600 |
839.400 |
733.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
870.900 |
283.200 |
1915.800 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
355.900 |
(204.600) |
602.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
515.000 |
487.800 |
1313.100 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ADJUSTMENTS |
0.200 |
1.000 |
1.100 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3601.300 |
3775.600 |
3291.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
52.000 |
50.000 |
131.500 |
|
|
|
Transferred to debenture redemption
reserve |
6.100 |
32.600 |
32.500 |
|
|
|
Short Provision of Dividend in previous year |
1.700 |
0.400 |
-- |
|
|
|
Tax paid on short provision of dividend |
0.300 |
0.100 |
-- |
|
|
|
Dividend Distribution tax for earlier year
written back |
0.000 |
0.000 |
(1.400) |
|
|
|
Proposed Dividend on Preference Shares |
22.200 |
7.200 |
-- |
|
|
|
Proposed dividend on equity share |
72.600 |
576.200 |
573.200 |
|
|
|
Tax on proposed dividend |
16.100 |
94.600 |
93.000 |
|
|
BALANCE CARRIED
TO THE B/S |
3945.100 |
3601.300 |
3775.600 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
|
5494.700 |
6459.100 |
|
|
|
Interest |
NA |
2.000 |
28.600 |
|
|
|
Miscellaneous Income |
|
12.500 |
-- |
|
|
TOTAL EARNINGS |
NA |
5509.200 |
6487.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
9077.100 |
8855.400 |
11233.400 |
|
|
|
Capital Equipment |
261.200 |
332.900 |
645.200 |
|
|
|
Colours and Chemicals and Oil and Lubricants |
68.800 |
70.000 |
37.200 |
|
|
|
Stores and Spares and Consumables |
13.300 |
16.200 |
20.700 |
|
|
TOTAL IMPORTS |
9420.400 |
9274.500 |
11936.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.76 |
6.68 |
19.53 |
|
Expected Sales (2013-2014): Rs.50000.000 Millions
The above information has been parted by Mr. Amit Mallawat
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Audited/Unaudited |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
11825.100 |
12503.600 |
11324.000 |
|
Total Expenditure |
11965.700 |
11984.600 |
10523.800 |
|
PBIDT (Excl OI) |
(140.600) |
519.000 |
800.200 |
|
Other Income |
211.300 |
270.100 |
283.600 |
|
Operating Profit |
70.700 |
789.100 |
1083.800 |
|
Interest |
315.300 |
429.500 |
265.300 |
|
Exceptional Items |
0.000 |
0.000 |
(367.100 |
|
PBDT |
(244.600) |
359.600 |
451.400 |
|
Depreciation |
270.000 |
277.100 |
285.800 |
|
Profit Before Tax |
(514.600) |
82.500 |
165.600 |
|
Tax |
(103.600) |
27.500 |
28.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(411.000) |
55.000 |
137.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior period expenses |
0.000 |
0.000 |
0.000 |
|
Other adjustment |
0.000 |
0.000 |
0.000 |
|
Net profit |
(411.000) |
55.000 |
137.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.12 |
1.08 |
3.66
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.93 |
0.65 |
5.38
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.86 |
0.87 |
7.71
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.03 |
0.20
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.32 |
1.47 |
0.97
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96 |
0.95 |
1.00
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
982.600 |
1604.100 |
1829.800 |
|
Reserves & Surplus |
8560.700 |
8346.300 |
8817.900 |
|
Net
worth |
9,543.300 |
9,950.400 |
10,647.700 |
|
|
|
|
|
|
long-term borrowings |
5423.500 |
7273.800 |
7122.200 |
|
Short term borrowings |
3865.900 |
7342.000 |
6907.600 |
|
Total
borrowings |
9,289.400 |
14,615.800 |
14,029.800 |
|
Debt/Equity
ratio |
0.973 |
1.469 |
1.318 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
35604.600 |
43833.200 |
45040.900 |
|
|
|
23.111 |
2.755 |
NET PROFIT MARGIN
|
Net Profit
Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
35604.600 |
43833.200 |
45040.900 |
|
Profit |
1313.100 |
487.800 |
515.000 |
|
|
3.69% |
1.11% |
1.14% |
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 |
Yes |
|
9] |
Name of
person contacted |
Yes |
|
10] |
Designation
of contact person |
Yes |
|
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 |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2013 [Rs.
in Millions] |
31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowing |
|
|
|
(a)
Term loans |
|
|
|
from banks |
1139.600 |
1389.000 |
|
(b)
External Commercial
Borrowings |
0.000 |
504.900 |
|
|
|
|
|
Short Term
Borrowing |
|
|
|
(c)
Short Term Loans |
|
|
|
from banks |
0.000 |
1213.100 |
|
(d)
Working Capital Loans |
|
|
|
from banks |
1685.300 |
844.400 |
|
(e)
Buyer's Credit |
2182.200 |
2659.900 |
|
(f)
Supplier's Credit
(backed by letter of Credit) |
706.800 |
972.000 |
|
|
|
|
|
Total |
5713.900 |
7583.300 |
INDEX CHARGES:
|
S.No.
|
Charge
ID |
Date
of Charge Creation/Modification |
Charge
amount secured |
Charge
Holder |
Address
|
Service
Request Number (SRN) |
|
1 |
10395734
|
01/01/2013
|
500,000,000.00
|
YES
BANK LIMITED |
9TH
FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. |
B65417891
|
|
2 |
10316774
|
11/01/2013
* |
15,890,000,000.00
|
IDBI
TRUSTEESHIP SERVICES LIMITED |
Asian
Bldg, Ground Floor, 17, R Kamani Marg, Ballard Estate, Mumbai, Maharashtra -
400001, INDIA |
B66903204
|
|
3 |
10212868
|
15/04/2010
* |
500,000,000.00
|
IDBI
TRUSTEESHIP SERVICES LIMITED |
Asian
Bldg., Ground Floor, 17, R.Kamani Marg, Ballard Estate, MUMBAI, Maharashtra -
400001, INDIA |
A84923960
|
|
4 |
10124531
|
31/05/2013
* |
9,226,000,000.00
|
IDBI
TRUSTEESHIP SERVICES LIMITED |
Asian
Bldg, Ground Floor, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra -
400001, INDIA |
B77115392
|
|
5 |
10124534
|
11/01/2013
* |
15,890,000,000.00
|
IDBI
TRUSTEESHIP SERVICES LIMITED |
Asian
Bldg, Ground Floor, 17, R. Kamani Marg, Ballard Estate, Mumbai, Maharashtra -
400001, INDIA |
B66904293
|
|
6 |
80003960
|
10/05/2006
* |
500,000,000.00
|
STATE
BANK OF INDIA COMMERCIAL BRANCH |
N.G.N
VAIDYA MARG, POST BAG NO. 10141, MUMBAI, Maharashtra - 400023, INDIA |
- |
|
7 |
80003961
|
10/05/2006
* |
1,500,000,000.00
|
BANK
OF BARODA CORPORATE FINANCIAL SERVICE BRANCH |
FIRST
FLOOR, 3, WALCHAND HIRACHAND MARG, BALARD PIER, MUMBAI, Maharashtra - 400038,
INDIA |
- |
|
8 |
90101160
|
27/06/2006
* |
500,000,000.00
|
STATE
BANK OF INDIA COMMERCIAL BRANCH |
G.
N. VAIDYA MARG, HORNIMAN CIRCLE, MUMBAI, Maharashtra - 400023, INDIA |
- |
|
9 |
90100093
|
31/05/2013
* |
9,226,000,000.00
|
IDBI
TRUSTEESHIP SERVICES LIMITED |
Asian
Bldg, Ground Floor, 17, R Kamani Marg, Ballard Estate, Mumbai, Maharashtra -
400001, INDIA |
B77114494
|
|
10 |
80037424
|
14/09/2007
* |
2,000,000,000.00
|
Bank
of Baroda Corporate Financial Branch |
1st
Floor 3 Walchand Hirachand Marg, Ballard Pier, Mumbai, Maharashtra - 400038,
INDIA |
A24473894
|
|
11 |
80044441
|
30/05/2005
|
275,000,000.00
|
ANDHRA
BANK |
33, ATLANTA,
NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
- |
|
12 |
90101093
|
28/11/2005
* |
675,000,000.00
|
ANDHRA
BANK |
33;
AFLANTA, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
- |
|
13 |
80044439
|
24/03/2005
|
210,000,000.00
|
STATE
BANK OF INDORE |
COMMERCIAL
BRANCH, MITTAL COURT, B-WING, GROUND FLOOR, NARIMAN POINT, MUMBAI,
Maharashtra - 400021, INDIA |
- |
|
14 |
90100012
|
07/10/2005
* |
360,000,000.00
|
STATE
BANK OF INDORE |
COMMERCIAL
BRANCH, MITTAL COURT; B. WING; GR.FLOOR; NARIMAN POINT, MUMBAI, Maharashtra -
400021, INDIA |
- |
|
15 |
80058046
|
18/01/1999
|
70,000,000.00
|
STATE
BANK OF INDIA |
COMMERCIAL
BRANCH, JUSTICE G.N. VAIDYA BRANCH, MUMBAI, Maharashtra - 400023, INDIA |
- |
|
16 |
80058250
|
12/03/1998
|
108,000,000.00
|
BANK
OF BARODA |
BRUSSELS
BRANCH, 28, RUE DE LA LOI, BRUSSLELS, - 1040, BELGIUM |
- |
|
17 |
90098725
|
30/07/2004
* |
594,400,000.00
|
BANK
OF BARODA |
CORPORATE
FINANCIAL SERVICES BRANCH, 1ST FLOOR; 3; WALCHNAD HIRACHAND MARG; BALLARD
PIE, MUMBAI, Maharashtra - 400001, INDIA |
- |
|
18 |
80020072
|
01/12/1997
|
624,800,000.00
|
BOB
SBI SBICIBL SAKURA BANK LIMITED BRITISH BANK OF MIDDLE EAST |
INDUSTRIAL
FINANCE BRANCH, CAWASJI PATEL STREET FORT, BOMBAY, Maharashtra - 400001,
INDIA |
- |
* Date
of charge modification
PERFORMANCE
Net sales of the
Company increased from Rs. 43833.200 millions in 2011-12 to Rs. 45040.900 millions
in 2012-13, reflecting an increase of 2.76%. Profit before tax of the Company
increased from Rs.283.2 millions in 2011-12 to Rs. 870.900 millions in 2012-13,
reflecting an increase of 207.52%. Net profit of the Company increased from Rs.
487.800 millions in 2011-12 to Rs. 515.000 millions in 2012-13, reflecting an
increase of 5.58%.
WORLD ECONOMIC
SCENARIO:
The world economy
weakened during 2012 and is expected to remain subdued in the next 2 years. As per
study of United Nations (World Economic Situation and Prospects 2013 – WESP)
the global economy is expected to grow at 2.4 % in 2013 and 2.3% in 2014.
Most of the
economies, particularly those in Europe seem to have got trapped into issues
related to higher unemployment, financial sector crisis and low growth. Some of
these economies are already in recession with unemployment at the rate of 12%.
While the U.S. economy has slowed down to a growth of meager 1.7%, deflationary
conditions are continuing in Japan. This sluggish pace of growth will continue
to aggravate the job crisis and it is expected that it may take at least
another 5 years for Europe and USA to overcome the job crisis. It is also being
observed that the economic crisis of the developing economies such as Europe,
Japan and United States, is spilling over to developing countries. This is in
view of weaker import by these countries and high volatility in exchange rates
and capital flows. Some of the larger developing economies are also facing
domestic constraints (economies such as China) in view of emerging financial
crunch and also excess production capacities.
For the world to
come out of this crisis, nations are now looking forward for implementation of
fiscal constraints and expansionary monitory policies. Economists have advised
that there needs to be a shift in focus from short term consolidation to robust
economic growth with medium to long term fiscal sustainability. In fact fiscal
consolidation needs to be focused at medium term rather than on short term with
direct job creation and growth. There is a strong need to secure sufficient
development assistance to help poorest nations, accelerate progress towards
poverty reduction, growth and investing for sustainable developments
WORLD POLYESTER SCENARIO
By 2012, the world
total fibre production grew to approx. 82 million tons out of which two-thirds
to the extent of 55 Million tons was contributed by manmade fibers. Over 75% of
manmade fibers are composed of Polyester and it is expected that Polyester
growth will continue to be in the range of 5.5% over the next decade.
The year 2011-12
has seen a decline in cotton fibre production by approximately 3.7%, with
cotton prices coming down. This decline in prices also added downward pressure
on prices of competing fibres. The increasing popularity of synthetics is
likely to lead to a decline in cotton demand. Cotton production is also
expected to fall to about 23.5 million tonnes by 2013-14. In terms of various
segments of Polyester products, the filament yarn is expected to grow in the
range of 6% followed by staple fibre in the range of 4% over the next 10 years.
In case of PET, in view of reduction in non essential expenditures among
consumers in certain developed countries, growth was affected. Though there has
been a capacity growth in case of PET, the demand growth world over has been
less, leading to pricing pressures.
Following decline
in production of cotton, as well as due to reasons of higher pricing prices
vis-a-vis Polyester, Polyesters are likely to take a significant leap in
consumption over the cotton based items. Newer applications in case of
Polyester Filament Yarn and Fibers, especially in case of Technical Textiles,
are likely to take place – and these could spur the growth of Polyester In case
of raw materials, it was observed during 2011-12 that Paraxylene prices
remained stable but high. The intermediate products such as PTA and MEG saw a
decline in prices in view of high capacities emerging world over. Specifically
in the case of PTA huge capacity growth was witnessed in China, capacity
increasing by over 12 – 13% while demand grew only by around 5%. The year also
saw huge arrivals of MEG with Chinese port tanks most often filled to capacity
during the year, leading to bearishness on the MEG pricing front.
INDIAN POLYESTER
SCENARIO:
In terms of
production of textiles, per capita availability (Source: ASFI) has more than
doubled over the last 35 years-per capita availability going up from 21.84 sq
metres in 1986-87 to 51.05 sq. metres. In 2011-12. Of the various varieties of
textiles, non cotton fabrics availability has moved up almost four times from
4.30 meters in 1986-87 to 17.95 meters. In 2011-12. Polyester, forming a major
component amongst non cotton fabrics,has been the leading item contributing to
growth in per capita consumption.
The Indian
industry faced a year of lower margins during the period FY 2012-23 largely due
to sluggish demand in the early part of the year. The year also saw substantial
additions in polymerization capacities, much higher at around 25 – 30%
vis-a-vis demand growth of around 8%. Exports were also affected in view of
depressed economic conditions world over, mid east crisis in countries such as
Egypt, Syria etc. To bolster margins and overcome the demand slackness,
industry rightfully took efforts to change the product mix by going for a
larger mix of Specialty yarns such as Fully Drawn Yarns, Cationic Yarns and
Colored Yarns.
In case of PET,
the demand growth in India continued to be significantly higher in the range of
15%. However, the current year is likely to witness very heavy capacity growth
which would be out stripping the demand growth by as much as 20 – 22% With the
world demand continuing to b in the
range of 17 Million tones, the Indian industry is likely to be striving for a
higher exports and higher market share of the PET world market.
In terms of
raw-materials, new capacities are also likely to come up in case of PTA over
the next two years and this should ease the raw-material availability, which
was severely affected during the year in view of technical problems faced by
different producers during the course of the year.
EXPANSION PLANS AT
JBF
The PTA project at
Mangalore in the Karnataka, India, continues to be implemented satisfactorily,
likely to be commissioned by middle of 2015. When completed it would be
producing 1.25 million tons per annum of PTA. The project is being implemented
using BP’s latest PTA technology, and when completed it is expected to be one
of the largest standalone PTA plants in India.
The company would
be completing erection of the Polyester Film plant at Bahrain, with a total
capacity of the order of 90,000 Tonnes per annum, at estimated project cost of
U.S $ 200 Million. One of the lines has already been commissioned and trial
production begun. All the 3 lines are expected to start up by middle of 2014.
In case of PET
project at Geel, Belgium, various equipments are in stages of being delivered
and erected and the plant start up is expected by first quarter of March 2014.
This project will have a capacity of 390,000 Tonnes per annum of PET and is
being set up with an investment of nearly U.S $ 200 Million
STATEMENT OF STANDALONE UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED
30TH JUNE, 2013
(Rs. In Millions)
|
PART- I |
|
|
|
|
Particulars |
3 Months ended 30.06.13 |
|
|
|
Unaudited |
|
|
Gross
Sales from operations |
13043.200 |
|
1 |
Income
from Operations |
|
|
|
a) Net Sales
from operations (net of excise duty) |
11817.800 |
|
|
|
|
|
|
b) Other
Operating Income |
7.300 |
|
|
|
|
|
|
Total
Income from operations (net) |
11825.100 |
|
|
|
|
|
2 |
Expenses |
|
|
|
a) Cost
of materials consumed |
9065.600 |
|
|
|
|
|
|
b)
Purchases of Stock- in- trade |
63.700 |
|
|
|
|
|
|
c) Changes in Inventories of Finished goods and Stock -in-process |
495.200 |
|
|
|
|
|
|
d)
Employee benefits expense |
153.500 |
|
|
|
|
|
|
e)
Depreciation and amortisation expense |
270.000 |
|
|
|
|
|
|
f) Other
Expenses |
1126.200 |
|
|
|
|
|
|
Total
Expenses |
11174.200 |
|
|
|
|
|
3 |
Profit from Operations
before Other Income, Finance costs, Exchange Difference and Exceptional Items
(1-2) |
650.900 |
|
|
|
|
|
4 |
Other Income |
108.400 |
|
|
|
|
|
5 |
Profit
from ordinary activities before finance costs, Exchange Difference and
Exceptional Items (3+4) |
759.300 |
|
|
|
|
|
6 |
a)
Finance Costs (Net ) (Note No. 5) |
326.700 |
|
|
b) Exchange
Difference and Derivative Loss ( Net) |
947.200 |
|
|
|
|
|
7 |
Profit/(Loss) from ordinary
activities after Finance costs and Exchange Difference but before Exceptional
Items (5-6) |
(514.600) |
|
|
|
|
|
8 |
Exceptional
Items |
-- |
|
|
|
|
|
9 |
Profit/(Loss)
from Ordinary Activities before Tax (7+8) |
(514.600) |
|
|
|
|
|
10 |
Tax
Expenses ( Including Deferred Tax) |
(103.600) |
|
|
|
|
|
11 |
Net
Profit / (Loss) from Ordinary Activities after Tax (9-10) |
(411.000) |
|
12 |
Extraordinary
Item (Net of expense Rs. Nil) |
-- |
|
13 |
Net
Profit / (Loss) for the period |
(411.000) |
|
|
|
|
|
14 |
Paid Up
Equity Share Capital |
727.100 |
|
|
(Face
Value of Share Rs. 10/- each) |
|
|
|
|
|
|
15 |
Reserves Excluding Revaluation Reserve (As per Balance Sheet of
previous accounting year) |
-- |
|
|
|
|
|
16 |
Earning
Per Share - Basic (Rs.) (*Not Annualised) |
(5.77)* |
|
|
-
Diluted (Rs.) - (*Not Annualised) (Note No. 6) |
(5.77)* |
|
|
|
|
|
part-ii |
|
|
|
A. |
PARTICULARS OF SHAREHOLDING |
|
|
S.No. |
PARTICULARS |
3 Months ended 30.06.13 |
|
1 |
Public Shareholding |
|
|
|
-Number of Shares |
37,373,960 |
|
|
-Percentage of
Shareholding |
51.40 |
|
2 |
Promoters and Promoter
group Share holding |
|
|
|
a)Pledged / Encumbered |
|
|
|
Number of Shares |
2,000,000 |
|
|
Percentage of Shares ( as
a % of the total Shareholding of Promoter and Promoter Group) |
5.66 |
|
|
Percentage of Shares ( as
a % of the total Share capital of the company ) |
2.75 |
|
|
b) Non-encumbered |
|
|
|
Number of Shares |
33,340,849 |
|
|
Percentage of Shares ( as
a % of the total Shareholding of Promoter and Promoter Group) |
94.34 |
|
|
Percentage of Shares ( as
a % of the total Share capital of the company ) |
45.85 |
|
|
|
|
|
B. |
investor
complaints |
|
|
|
Particulars |
3 Months ended 30.06.13 |
|
|
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
9 |
|
|
Disposed of during the quarter |
9 |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
NOTE:
1. The Board of Directors approved the above mentioned financial results, duly
reviewed by audit committee at its meeting held on 13th August, 2013 and its
release.
2. The financial results are in accordance with the recognition and
measurement principles laid down in Accounting Standard (AS-25) -" Interim
Financial Reporting" as notified in Companies (Accounting Standard )
Rules, 2006.
3. The Statutory auditors of the Company have carried out a Limited Review
of the results for the quarter ended 30th June, 2013 in accordance with clause
41 of the Listing Agreement
4. During the quarter the Company has further alloted 81,573 Equity shares
of Rs.10/- each fully paid up on exercise of option by the ESOS holders. The
total ESOS outstanding as at 30th June, 2013 were 2,92,724 with an option to
apply for one fully paid up equity share of face value of Rs. 10/- each at a
exercise price of Rs.60 per option .
5.
Finance Costs (Net)
consist of the followings :
(Rs. In Millions)
|
Particulars |
3 Months ended 30.06.2013 |
Preceding 3 Months ended 31.03.2013 |
Corresponding 3 Months ended
in the Previous year 30.06.2012 |
Previous accounting year
ended 31.03.2013 |
|
A) Interest and Other Borrowing cost |
315.300 |
357.000 |
357.000 |
1389.700 |
|
B) Applicable Net loss on foreign currency
transaction |
114.300 |
5.300 |
20.700 |
168.200 |
|
Finance Cost (A+B) |
429.600 |
362.300 |
377.700 |
1557.900 |
|
Less : Interest Income |
102.900 |
103.600 |
137.200 |
497.700 |
|
Finance Costs (Net) |
326.700 |
258.700 |
240.500 |
1060.200 |
6. Long term optionally convertible
loan of Rs.651.200 millions as on 30th June, 2013 from Bank of India will be
converted at the option of the Company into such number of equity shares of
Rs.10/- each by 30th September, 2013 at a price to be determined according to
SEBI Rules and Guidelines prevailing at that time. Number of equity shares to
be issued on exercise of conversion option is not certain and hence the same
has not been considered for the computation of Diluted Earnings Per Share.
7. Status of various Green field projects undertaken by step down
subsidiaries is as under:
a. At Bahrain, the first line of the 90,000 Tonne per annum Polyester Film
project executed through JBF Bahrain SPC is undergoing trial production, and
all lines are likely to be commissioned by June 2014.
b. At Geel, Belgium, the 390,000 Tonnes per annum PET project executed
through JBF Global Europe BVBA is on schedule. Construction at site is in full
swing and plant is expected to be commisioned by March 2014.
c. At Mangalore, the 1.25 Million Tonnes per annum PTA project executed
through JBF Petrochemicals Limited is progressing satisfactorily. Major
engineering activities have been completed and construction activities should
commence by next quarter. The project is expected to be completed by first half
of 2015.
d. At Sao Paulo, Brazil the 500,000 Tonnes per annum project executed
through JBF Bio Glicols Industria Quimica Limited for producing Bio-Glycol has
been put on hold.
8. The Board of Directors in their meeting held on
13th August, 2013, has recommended to revise the proposed dividend on equity
shares from Rs.6 per share to Re.1 per share for the financial year ended 31st
March, 2013.
1. In the opinion of the
management, the company is engaged only in the business of producing polyester
based products. As such, there are no separate reportable segments
2. The figures in respect of the results for preceding quarter ended March
31, 2013 are the balancing figures between audited figures in respect of the
full financial year ended March 31, 2013 and published year to date figures up
to the third quarter ended December 31, 2012, in the financial year ended March
31, 2013. Previous Period / Year figures have been regrouped / rearranged
wherever necessary.
FIXED ASSETS:
Tangible Assets
œ Leasehold Land
œ Freehold Land
œ Building
œ Plant and
Machinery
œ Furniture and
Fixtures
œ Office Equipments
œ Vehicles
œ Data processing
Equipment
Intangible Assets:
œ Software
CMT REPORT (Corruption, Money Laundering and 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.62.12 |
|
|
1 |
Rs.103.93 |
|
Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--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 |
|
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.