MIRA INFORM REPORT
|
Report Date : |
10.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
JYOTI LIMITED |
|
|
|
|
Registered
Office : |
Nanubhai Amin Marg, Industrial Estate, P O Chemical Industries, Baroda
– 390003, Gujarat |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
01.01.1943 |
|
|
|
|
Com. Reg. No.: |
04-000363 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.171.290 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L36990GJ1943PLC000363 |
|
|
|
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Pumps, Electric Motors, Electricity Distribution and Control
Equipment, generators and Transformers
|
|
|
|
|
No. of Employees
: |
974 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (16) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The company has incurred heavy loss from its operation, the borrowings
of the company have also increased during 2013. The rating also takes into consideration the recent delays by the
company in servicing its debt obligation and the company is approaching its
bank for debt-restructuring. However, business is active. Payments terms are reported to be slow. The company can be considered for business dealings on a secured trade
terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays
hotspots for Indians. The total figure is expected to increase to 1.93 million
by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities=D |
|
Rating Explanation |
The company is in default or expected to be
in default soon. |
|
Date |
02.08.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Nanubhai Amin Marg, Industrial Estate, P O Chemical Industries, Baroda
– 390003, Gujarat, India |
|
Tel. No.: |
91-265-3054631 to 3054639/ 3054444 Hunting line/ 3054590/ 3059016/ 3054588/ 3054589 |
|
Fax No.: |
91-265-2281871/ 2280671 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Switchgear Division : |
J/44-59, B.I.D.C., Gorwa, Vadodara – 390016, Gujarat, India |
|
Tel. No.: |
91-265-2281034 |
|
Fax No.: |
91-265-2280153/ 2280208 |
|
E-Mail : |
|
|
|
|
|
Electronics and Control Systems Division : |
B/3-15, B.I.D.C., Gorwa, Vadodara – 390016, Gujarat, India |
|
Tel. No.: |
91-265–2280561 |
|
Fax No.: |
91-265-2281214 |
|
E-Mail : |
|
|
|
|
|
Engineered Pump and
Projects : |
“Omkar”, Plot No.14, Sevanand Society, Sant Nagar, Off Pune Satara Road,
Pune – 411009, Maharashtra, India |
|
Tel. No.: |
91-20-24231420 |
|
Fax No.: |
91-20-24231420 |
|
E-Mail : |
|
|
|
|
|
Branch Office : |
Located at ·
·
Chennai ·
·
Mumbai ·
Pune ·
Kolkata ·
Secunderabad ·
Ahmedabad ·
Indore |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Rahul Nanubhai Amin |
|
Designation : |
Chairman and Managing Director |
|
Qualification : |
B.E. (Elect.), M. Engineering (Cornell-USA) |
|
|
|
|
Name : |
Ms. Shubhalakshmi Rahul Amin |
|
Designation : |
Whole time Director |
|
|
|
|
Name : |
Mrs. Tejal Rahul Amin |
|
Designation : |
Director |
|
Qualification : |
B.Com |
|
|
|
|
Name : |
Mr. Uresh Vivekchandra Desai |
|
Designation : |
Director |
|
Qualification : |
B.Sc. (Electric Engineering), |
|
|
|
|
Name : |
Dr. Mahesh Haribhai Mehta |
|
Designation : |
Director |
|
Qualification : |
B. Tech., Ph.D. |
|
|
|
|
Name : |
Mr. Bhimsen Shivdayai Pathak |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Mylavarapu Ramamoorty |
|
Designation : |
Director |
|
|
|
|
Name : |
Me. Bharat Jayantilal Patel |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Subramanian Nata Rajan |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Suresh Singhal |
|
Designation : |
Associate Vice President (Legal) and Company Secretary |
SHAREHOLDING PATTERN
AS ON 31.03.02014
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
2120915 |
12.38 |
|
|
3411893 |
19.92 |
|
|
5532808 |
32.30 |
|
|
|
|
|
|
60857 |
0.36 |
|
|
60857 |
0.36 |
|
Total shareholding of Promoter and Promoter Group (A) |
5593665 |
32.66 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
65 |
0.00 |
|
|
675982 |
3.95 |
|
|
550 |
0.00 |
|
|
1670000 |
9.75 |
|
|
2346597 |
13.70 |
|
|
|
|
|
|
4781094 |
27.91 |
|
|
|
|
|
|
2219018 |
12.95 |
|
|
2067901 |
12.07 |
|
|
120717 |
0.70 |
|
|
120717 |
0.70 |
|
|
9188730 |
53.64 |
|
Total Public shareholding (B) |
11535327 |
67.34 |
|
Total (A)+(B) |
17128992 |
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) |
17128992 |
0.00 |
(1)
Indian
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pumps, Electric Motors, Electricity Distribution and
Control Equipment, generators and Transformers |
GENERAL INFORMATION
|
No. of Employees : |
974 (Approximately) |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Central Bank of India · Dena Bank · Bank of Maharashtra · State Bank of India |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
Notes
:- LONG TERM BORROWINGS 1)
a)
The term loans, cash credit
facilities and others carry interest @ 10.60% to 14.20% p.a. b)
The term loans, cash credit
facilities, interest accrued and due thereon and non-fund based facilities
are secured by a first charge created in favour of consortium banks, on the
stocks of raw materials, semi-finished and finished goods, consumable stores and
spares, bills receivables and book debts, furniture, fixtures, office
equipments and all other movable and immovable properties, (except those
created in favour of Technology Development Board), both present and future,
of the company situated at Kasba, Dist. Vadodara, Gorwa, Dist. Vadodara,
Mogar, Dist. Anand and Moje Sama in registration District and Sub-District of
Vadodara, all in the State of Gujarat. 2)
The term loan from Technology
Development Board carries interest @ 5% and is secured by first charge on the
assets created for Wind Turbine Project both, present and future. 3)
Further, these facilities are also
secured by the personal guarantee of Promoter Directors. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Messrs V. H. Gandhi and Company Chartered Accountants |
|
|
|
|
Associate Companies
: |
· JSL Industries Limited ·
Insutech Industries Limited |
|
|
|
|
Joint Venture |
· Jyoti Sohar Switchgear L.L.C. |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17128992 |
Equity Shares |
Rs.10/- each |
Rs.171.290 Millions |
|
|
|
|
|
Note:
The
above includes:
1)
6,25,000 Shares allotted as fully paid-up Bonus shares by Capitalisation of General
Reserve (1,25,000 Bonus shares were issued in 1969 and 5,00,000 issued in
1976-77)
Reconciliation of the number of shares outstanding at the
beginning and the end of the reporting period:
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
Shares outstanding at the beginning of the year |
17128992 |
171.290 |
|
Shares issued during the year |
-- |
-- |
|
Shares
outstanding at the end of the year |
17128992 |
171.290 |
The rights,
preferences and restrictions including restrictions on the distribution of
dividends and the repayment of capital:
The
Company has only one class of equity shares having a par value of Rs.10 per
share. Each holder of equity shares is entitled to one vote per share. In the
event of liquidation of the company, the holders of equity shares will be
entitled to receive remaining assets of the company, after distribution /
repayment of all creditors. The distribution will be in proportion to the
number of equity shares held by the shareholders.
Shares
in the company held by each shareholder holding more than 5 percent shares
specifying the number of shares held:
|
Equity Shares |
Number
of Shares |
% of Holding |
|
Nirma
Chemical Works Private Limited |
1200000 |
7.01 |
|
Minal
B. Patel |
1335834 |
7.80 |
|
Insutech
Industries Limited (Associate company) |
2337654 |
13.65 |
|
JSL
Industries Limited |
1074.239 |
6.27 |
|
Rahul N. Amin |
1084100 |
6.33 |
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 |
171.290 |
171.290 |
171.290 |
|
(b) Reserves & Surplus |
636.980 |
1,004.777 |
940.143 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
10.998 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
808.270 |
1,176.067 |
1,122.431 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1,439.439 |
849.550 |
328.452 |
|
(b) Deferred tax liabilities (Net) |
64.651 |
42.124 |
13.972 |
|
(c) Other long term liabilities |
455.174 |
270.030 |
194.838 |
|
(d) long-term provisions |
85.375 |
65.009 |
65.580 |
|
Total Non-current Liabilities (3) |
2,044.639 |
1,226.713 |
602.842 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1,664.150 |
1,142.816 |
762.730 |
|
(b) Trade payables |
2,083.984 |
2,324.947 |
1,023.951 |
|
(c) Other current
liabilities |
1,330.663 |
1,118.517 |
399.069 |
|
(d) Short-term provisions |
25.179 |
47.682 |
47.016 |
|
Total Current Liabilities (4) |
5,103.976 |
4,633.962 |
2,232.766 |
|
|
|
|
|
|
TOTAL |
7,956.885 |
7,036.742 |
3,958.039 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1,075.182 |
1,002.028 |
709.898 |
|
(ii) Intangible Assets |
26.897 |
5.212 |
0.000 |
|
(iii) Capital
work-in-progress |
429.115 |
213.037 |
113.185 |
|
(iv)
Intangible assets under development |
0.000 |
17.193 |
17.193 |
|
(b) Non-current Investments |
13.411 |
13.407 |
13.418 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
294.850 |
228.260 |
199.360 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1,839.455 |
1,479.137 |
1,053.054 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
853.041 |
689.547 |
425.620 |
|
(c) Trade receivables |
4,651.279 |
4,052.848 |
1,890.256 |
|
(d) Cash and cash
equivalents |
272.348 |
442.843 |
376.009 |
|
(e) Short-term loans and
advances |
311.537 |
349.353 |
189.793 |
|
(f) Other current assets |
29.225 |
23.014 |
23.307 |
|
Total Current Assets |
6,117.430 |
5,557.605 |
2,904.985 |
|
|
|
|
|
|
TOTAL |
7,956.885 |
7,036.742 |
3,958.039 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4,170.915 |
5,077.278 |
3,842.052 |
|
|
|
Other Income |
27.847 |
28.697 |
24.591 |
|
|
|
TOTAL (A) |
4,198.762 |
5,105.975 |
3,866.643 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
3,140.759 |
3,956.857 |
2,705.466 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and stock-in-trade |
(135.024) |
(234.786) |
(31.970) |
|
|
|
Employee Benefits Expenses |
470.994 |
440.112 |
381.206 |
|
|
|
Other Expenses |
366.117 |
338.304 |
271.233 |
|
|
|
Research & Development Expenses |
61.666 |
55.606 |
52.864 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
1.014 |
|
|
|
TOTAL (B) |
3,904.512 |
4,556.093 |
3,379.813 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
294.250 |
549.882 |
486.830 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
545.438 |
368.027 |
289.484 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(251.188) |
181.855 |
197.346 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
90.318 |
69.082 |
45.181 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(341.506) |
112.773 |
152.165 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
25.453 |
38.391 |
33.535 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS) AFTER TAX (G-H) (I) |
(366.959) |
74.382 |
118.630 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
261.336 |
206.862 |
115.089 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
0.000 |
17.129 |
20.555 |
|
|
|
Tax on proposed Dividend |
0.000 |
2.779 |
3.336 |
|
|
|
Transferred to General Reserve |
0.000 |
0.000 |
2.966 |
|
|
BALANCE CARRIED
TO THE B/S |
(105.623) |
261.336 |
206.862 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
61.096 |
30.741 |
134.771 |
|
|
|
Dividend |
6.914 |
6.474 |
3.410 |
|
|
TOTAL EARNINGS |
68.010 |
37.215 |
138.181 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
357.344 |
1022.051 |
314.597 |
|
|
|
Capital Goods |
53.767 |
72.634 |
88.840 |
|
|
TOTAL IMPORTS |
411.111 |
1094.685 |
403.437 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(21.42) |
4.34 |
8.08 |
|
QUARTERLY RESULTS
(Rs.
In Millions)
|
Particulars |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
31.03.2014 (Unaudited) |
|
|
1st
Quarter |
2nd Quarter |
3rd
Quarter |
4th
Quarter |
|
Net sales |
516.200 |
354.600 |
602.400 |
867.600 |
|
Total Expenditure |
557.200 |
444.900 |
668.300 |
1201.400 |
|
PBIDT (Excluding Other Income) |
(41.000) |
(90.300) |
(65.900) |
(333.800) |
|
Other income |
4.400 |
3.500 |
(0.800) |
66.600 |
|
Operating Profit |
(36.600) |
(86.800) |
(66.700) |
(267.200) |
|
Interest |
168.000 |
160.400 |
193.600 |
164.900 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
(204.600) |
(247.200) |
(260.300) |
(432.100) |
|
Depreciation |
21.900 |
25.200 |
26.100 |
26.900 |
|
Profit Before Tax |
(226.500) |
(272.400) |
(286.400) |
(459.000) |
|
Tax |
0.000 |
0.000 |
4.300 |
35.300 |
|
Profit after tax |
(226.500) |
(272.400) |
(290.700) |
(494.300) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(8.74) |
1.46 |
3.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(8.19) |
2.22 |
3.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(4.54) |
1.66 |
3.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.42) |
0.10 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
3.84 |
1.69 |
0.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20 |
1.20 |
1.30 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs. In
Millions |
|
Share Capital |
171.290 |
171.290 |
171.290 |
|
Reserves & Surplus |
940.143 |
1004.777 |
636.980 |
|
Money received against share warrants |
10.998 |
0.000 |
0.000 |
|
Net
worth |
1122.431 |
1176.067 |
808.270 |
|
|
|
|
|
|
long-term borrowings |
328.452 |
849.550 |
1439.439 |
|
Short term borrowings |
762.730 |
1142.816 |
1664.150 |
|
Total
borrowings |
1091.182 |
1992.366 |
3103.589 |
|
Debt/Equity
ratio |
0.972 |
1.694 |
3.840 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
3,842.052 |
5,077.278 |
4,170.915 |
|
|
|
32.150 |
(17.851) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
3,842.052 |
5,077.278 |
4,170.915 |
|
Profit |
118.630 |
74.382 |
(366.959) |
|
|
3.09% |
1.46% |
(8.80%) |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
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 |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
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 |
LITIGATION
DETAILS:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
OPERATIONS
The
year has not been encouraging for Companies engaged in infrastructure business,
subject not being an exception. This sector was starved of funds and policy
support from Central Government and uncertainties at State Government
levels due to which many projects were delayed, shelved or ran aground.
Added to this, many projects faced legal battles from NGOs or others on
environmental clearances. Subject was thus faced with the piquant situation of
existing orders being put on hold by customers and order booking getting
dried up or facing stiff erosion in margin. Subject has thus achieved sales
of Rs.4104.300 Millions during the year 2012-13 as compared to the sales
of Rs.5011.800 Millions achieved during the previous year leading to a loss of
Rs.367.000 Millions during the current year as compared to the profit of
Rs.74.400 Millions achieved during the previous year. The profitability
of the Company was eroded on account of lower sales which could not cover
the overheads fully.
Subject
has taken proactive steps to arrest the downward slide. In line with the
reduced turnover, Subject has taken steps to reduce overheads substantially by
concentrating its attention on manpower, material, financial costs and other
administrative expenses to improve profitability. This will improve bottom line
of the Company. has decided to balance the uncertainties of project based
divisions like Irrigation, Power and Hydel by judiciously concentrating on
faster turnover in products based divisions like Switchgear, Rotating
Electrical Machines and Standard and Heavy Pumps which have shorter cycle of
order receipt to collection. These divisions would thus offset the
uncertainties faced by project based divisions when the market and policy are
sluggish.
Inspite of above, subject has order book of Rs.6030.000
Millions as on 1st April, 2013 and
Subject is favourably placed in orders to the tune of Rs.10000.000 Millions
which should fructify soon. Thus, subject
which is in the core sectors of Water and Power has bright future Inspite of this temporary setback.
FINANCE
During
the year, Subject faced unprecedented liquidity crunch due to lower level of
collections from customers. Despite intensive efforts and forming of task force
to collect the receivables, the market condition did not allow improvement in
cash flows from collections and, therefore, Subject had to resort to large
borrowings. Subject got excellent support from its lending Banks, by way of
increase in normal banking arrangements, to meet challenges on cash flows.
Further to this, the Banks additionally supported subject by way of buyer’s
credits against import of materials, which buyer’s credits were availed at much
lower finance costs. Despite this support, the liquidity strain affected the
Company’s cash flow and resultantly it could not pay some portion of buyer’s
credit and Government dues aggregating to Rs.424.300 Millions by 31st March,
2013.
In
the current financial year 2013-14, the market situation continues to be very
difficult in relation to cash inflows. It is also felt that the user business
segment of water and power for Subject will continue to be affected for various
reasons in near visibility.
Subject
has, therefore, approached its bankers for restructuring plans, preferably
under Corporate Debt Restructuring (CDR) mechanism, like revising repayment
schedule of all existing loans, getting interest reduction on all types of Bank
borrowings and other supportive measures so that subject can withstand the
liquidity strain as well as sustain its operations with necessary flexibility
of cash flows.
DIVISIONAL
PERFORMANCE
ENGINEERED
PUMPS and PROJECTS
During
the year, Engineered Pumps and Projects Division (EPPD) did not focus on growth
in view of the difficult market situation. The division was working more
towards consolidating and maintaining its present market status. Unfortunately,
even in the core sectors of Water Supply, Irrigation and Power there was no
major thrust either by way of new projects or financing of existing projects.
However, the division could survive on its own, in view of its order book
position.
A
very important milestone and landmark of the year was with the Power division
of EPPD entering into an Agreement with M/s. Termomeccanica Pompe (TMP) of
Italy for manufacturing and supply of Concrete Volute Pumps for large Thermal
and Irrigation Projects. TMP is the leading manufacturer of Concrete Volute
Pumps in Italy. They have supplied and commissioned more than 157 Nos. Concrete
Volute Pumps. With this arrangement, subject can qualify for quoting for large
thermal power projects with single unit of 800 MW.
During
the year, unfortunately, not even one power project was finalised by NTPC
Limited – the largest thermal power producer in the country. However, in the
last quarter of the financial year, major tenders were floated for 660 MW and
800 MW power projects by NTPC. In view of the recent collaboration with TMP and
earlier collaboration with DMW Corporation of Japan, the division could
successfully participate in these bids where earlier subject was not getting
qualified. The division is well placed in these tenders and is looking forward
for a major market share in large rating thermal power plants.
During
the year, the division has also received a major order from NTPL (a subsidiary
of NLC) on a turnkey basis including civil, design, engineering, manufacturing,
supply, erection and commissioning of electro-mechanical equipments. The order
value is worth Rs.380.000 Millions. This project is for make up water system
and is designed for sea water application.
During
the year, the division could get 75% share of various orders finalised by the
Government of Gujarat for Lift Irrigation and Water Supply. The division bagged
five turnkey projects involving design, engineering, manufacturing and supply
of electro-mechanical equipments valued at Rs.850.000 Millions. Similarly, the
division has also supplied only pumps and motors for certain projects valued
around Rs.100.000 Millions. In Gujarat alone, the division could successfully
bag orders of around Rs.900.000 Millions and executed orders worth ` 65
Millions during the same year. The number of large pump orders received from
Gujarat State alone during the year under review for Irrigation and Water
Supply contracts was 77 in nos.
The
division has submitted tenders worth Rs.10000.000 Millions where they are well
placed. Even though temporary slowdown was experienced, the division has geared
up during this lean period for a better future. The core sectors will
definitely get its due attention from the Government and the division is all
set to support this growth.
HYDEL
The
Hydro Power generation is growing at a very slow pace mainly due to
environmental and forest related issues and also lack of support from financial
institutions. No major orders were finalized during the year by Government and
private developers. Most of the Government projects have been delayed for more
than a year.
The
division has bagged the 6th project order from Indonesia for 2 x 1.5 MW Hydro
Power Project. The division is focusing on further increasing its base in
Indonesia.
The
division already has a technical tie-up with CKD Blansko Engineering, a.s. of
Czech Republic (100% subsidiary of Litostroj Power) for large turbines projects
on case to case basis. During the year, the division has procured the complete
design of low head turbine models with very high efficiency to improve upon its
manufacturing range. This will help the division to quote for major tenders in
Kaplan turbines.
The
division has already submitted various tenders and many delayed tenders are in
pipeline where the division is working actively. The total expected tenders
where the division is well placed is approx. Rs.6000.000 Millions. The division
expects a very good future in the forthcoming years and presently has a strong
order position on hand worth Rs.1000.000 Millions.
ROTATING
ELECTRICAL MACHINES
During
the year, even though the production levels were maintained similar to the
previous year, the price realisation was not good enough to sustain. The Wind
Energy Generators and Arno Converters which are the main products of this
division, had a setback. The Wind Energy business during the year did not show
any sign of improvement which affected generator business badly. The intake of
Arno Converters by Indian Railways had also substantially gone down during the
year. However, in the forthcoming year, the division expects a very good
business for Arno Converters.
During
this lean period, the division was getting prepared for its future. All the
existing designs were reviewed by the division for improvement in terms of
better output. The division has successfully implemented new range of machines
with lower frame by using the most sophisticated and latest technology software
of ANSYS from USA and Infolytica from Canada. Even the small motor division has
gone for a major cost reduction by converting all its existing motors from
Copper Wound Rotors to Die-Cast Rotors. This will help the division to compete
in the market for lower ratings upto 1000 KW.
The
type testing facility has also been created for testing both Horizontal and
Vertical Motors upto 2500 KW in-house. However, load testing of the motors can
be done with pumps even upto 6 MW with the newly installed captive generator
set of 8 MW.
The
division is all geared up for growth and is ready to enter the market aggressively.
SWITCHGEAR
During
the year, the division has registered all time high production of Rs.775.1000
Millions (which includes sales of Rs.750.100 Millions), which is 35% higher in
terms of value over the previous year
2011-12.
Subject
has bagged various 11 kV VCB panel orders from GETCO worth approx. Rs.260.000
Millions. This includes largest order from GETCO for 540 nos. panel supply and
buyback having worth Rs.135.000 Millions. Apart from above, GETCO has awarded
an order for modification of 514 Nos. panel which were supplied by the Company.
This order is a repeat order and under Human Safety aspect.
As
reported last year, Subject has developed SF6 Ring Main Unit (Jyoti Ring) with
the design collaboration with M/s. Elmecon, U. K. based design house. This
product has been tested at ERDA, Vadodara and CESI, Italy. CESI is an
International testing laboratory and Jyoti Ring has passed all the type tests
successfully in one shot.
During
the year, Subject has made collaboration and tie-up with Hungary based European
Company namely M/s. Protecta Limited., for Numerical Relays and their
sub-station Automation products, with a vision of establishing a manufacturing
set-up in India for an Indian market in coming five years. Subject will be the
only Company in India who will supply this Protecta Numerical Relays which are
suitable for Transmission, Distribution and Generation requirements.
Subject
has developed HT Automatic Power Factor Capacitor Panels and fully type tested
as per latest standards. This product is useful for H.T. Capacitor Banks in
Distribution, Generation and Transmission network up to 12 kV systems.
During
the year under review, Subject has re-certified various products such as 33kV
Indoor VCB panels, 33kV Outdoor VCBs as a continuous product certification
process. With the continuous thrust of the Government in the Power Sector, the
requirement of Medium Voltage Switchgear is bound to grow in Power Sector and
the division is expected to perform better in the years to come.
EXPORTS
During
the year under review, Subject has total exports valued at Rs.133.300 Millions.
The Company’s major exports are to Sultanate of Oman for Switchgear, Vietnam
and Indonesia for Hydel Turbines. In the years to come, Subject is looking
forward to enhance its export market in other countries.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY
STRUCTURE AND DEVELOPMENTS
Subject
has the tradition, all along in the business of capital goods for core
industries. Currently, Company is serving the vital fields of national and
international economy such as:
-
Power Generation (Thermal, Hydel and Nuclear), Transmission and Distribution.
-
Agriculture, providing irrigation through pumping systems.
-
Water Supply and Sewerage Schemes.
- Defence-particularly
Naval and Marine Establishments.
-
Core Industries like Steel, Cement, Paper, Sugar, Fertilisers, Chemicals and
Petro-chemicals.
It
also undertakes turnkey contracts involving civil and electrification projects.
Demand
for capital goods generally follows a cyclic pattern depending on the overall
economic situation and investment priorities of the Government.
During
the year, the industrial growth has slowed down due to tight liquidity,
inability to raise equity due to uncertain capital market, slowing down of
foreign investments and above all, the lack of policy actions and reforms by
the Government. This has adversely impacted the confidence of the industry and
slowed investments, mainly in infrastructure and capital goods sectors.
The
situation is improving marginally now, although the pressure on prices and
margins still continues to be severe. Subject has taken several bold steps to
remain competitive by reducing cost, rationalising manpower and streamlining
operations.
OUTLOOK
As
demand for energy in India is projected to grow at a steady rate, there is
ample scope and opportunity for companies in various streams of power sector.
So, with this in mind, the long term outlook for the industry is bright. The
economic growth planned by the nodal agencies of the Government will be a
yardstick for the investment in infrastructure sectors, which would result in
increase of generation capacity in the years to come.
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Finance Lease obligations |
9.415 |
20.142 |
|
|
|
|
|
Total |
9.415 |
20.142 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10370394 |
23/07/2012 |
4,550,800,000.00 |
CENTRAL
BANK OF INDIA |
MID-CORPORATE
FINANCE BRANCH, G/F, PERIDOT COMPLEX,, |
B45629151 |
|
2 |
10370398 |
20/07/2012 |
4,550,800,000.00 |
CENTRAL
BANK OF INDIA |
MID-CORPORATE
FINANCE BRANCH, G/F, PERIDOT COMPLEX,, |
B45629482 |
|
3 |
10303526 |
04/08/2011 |
150,000,000.00 |
DENA
BANK |
MANILAL
CHAMBERS,B/H CENTRE POINT,, ALKAPURI, VADODARA, GUJARAT - 390007, INDIA |
B19304641 |
|
4 |
10303527 |
03/08/2011 |
150,000,000.00 |
DENA
BANK |
MANILAL
CHAMBERS,B/H CENTRE POINT,, ALKAPURI, VADODARA, GUJARAT - 390007, INDIA |
B19304971 |
|
5 |
10296039 |
29/06/2011 |
150,000,000.00 |
CENTRAL
BANK OF INDIA |
RACE
COURSE ROAD, ALKAPURI, VADODARA, GUJARAT - 390007, INDIA |
B16489452 |
|
6 |
10296018 |
23/06/2011 |
150,000,000.00 |
CENTRAL
BANK OF INDIA |
RACE
COURSE ROAD, ALKAPURI, VADODARA, GUJARAT - 390007, INDIA |
B16489262 |
|
7 |
10237983 |
20/08/2010 |
150,000,000.00 |
CENTRAL
BANK OF INDIA |
RACE
COURSE ROAD, ALKAPURI, VADODARA, GUJARAT - 390007, INDIA |
A93513851 |
|
8 |
10237977 |
17/08/2010 |
150,000,000.00 |
CENTRAL
BANK OF INDIA |
RACE
COURSE ROAD, ALKAPURI, VADODARA, GUJARAT - 390007, INDIA |
A93513893 |
|
9 |
10227403 |
23/06/2010 |
50,000,000.00 |
DENA
BANK |
MANILAL
CHAMBERS,B/H CENTRE POINT,, ALKAPURI, VADODARA, GUJARAT - 390007, INDIA |
A88583687 |
|
10 |
10230370 |
15/06/2010 |
50,000,000.00 |
DENA
BANK |
MANILAL
CHAMBERS,B/H CENTRE POINT,, ALKAPURI, VADODARA, GUJARAT - 390007, INDIA |
A90203795 |
|
11 |
10219710 |
13/05/2010 |
50,000,000.00 |
CENTRAL
BANK OF INDIA |
RACE
COURSE ROAD BRANCH, VADODARA, GUJARAT - 39000 |
A85560688 |
|
12 |
10224525 |
13/05/2010 |
50,000,000.00 |
CENTRAL
BANK OF INDIA |
RACE
COURSE ROAD, ALKAPURI, VADODARA, GUJARAT - 390007, INDIA |
A85559516 |
|
13 |
10167010 |
25/06/2009 |
50,000,000.00 |
CENTRAL
BANK OF INDIA |
RACE
COURSE ROAD, ALKAPURI, VADODARA, GUJARAT - 390007, INDIA |
A65798324 |
|
14 |
10168782 |
25/06/2009 |
50,000,000.00 |
CENTRAL
BANK OF INDIA |
RACE
COURSE ROAD, ALKAPURI, VADODARA, GUJARAT - 390007, INDIA |
A65801466 |
|
15 |
10148276 |
24/03/2009 |
100,000,000.00 |
TECHNOLOGY
DEVELOPMENT BOARD |
WING-A
(GROUND FLOOR), VISHWAKARMA BHAWAN,, SHAHE |
A58673120 |
|
16 |
10143735 |
05/02/2009 |
100,000,000.00 |
CENTRAL
BANK OF INDIA |
RACE
COURSE ROAD, ALKAPURI, VADODARA, GUJARAT - 390007, INDIA |
A56951452 |
|
17 |
10143734 |
05/02/2009 |
350,000,000.00 |
CENTRAL
BANK OF INDIA |
RACE
COURSE ROAD, ALKAPURI, VADODARA, GUJARAT - 390007, INDIA |
A56951767 |
|
18 |
10042261 |
27/02/2007 |
1,479,000.00 |
CENTURION
BANK OF PUNJAB LIMITED |
DURGA
NIWASM G ROAD, PANAJI, GOA, GOA - 403001, INDIA |
A12306494 |
|
19 |
10032439 |
29/11/2006 |
890,000.00 |
CENTURION
BANK OF PUNJAB LIMITED |
DURGA
NIWASM G ROAD, PANAJI, GOA, GOA - 403001, INDIA |
A09115304 |
|
20 |
10018312 |
03/02/2014
* |
10,804,100,000.00 |
CENTRAL
BANK OF INDIA |
MID
CORPORATE FINANCE BRANCH, GROUND FLOOR,, PERI |
B96243183 |
|
21 |
90102680 |
04/10/2000 |
128,825,000.00 |
DENA
BANK |
USHA
KIRAN BBUILDING, RAOPURA, BARODA, GUJARAT, INDIA |
- |
|
22 |
90099096 |
28/12/1999 |
41,300,000.00 |
CENTRAL
BANK OF INDIA |
CORPORATE
FINANCE BRANCH, RACE COURSE CIRCLE, BARODA, GUJARAT - 390005, INDIA |
- |
|
23 |
90098537 |
10/01/1997 |
360,000.00 |
INDIAN
RENEWABLE ENERGY DEVELOPMENT LTD |
IST
FLLOOR; INDIA HABITAT CENTER, LODI ROAD, NEW DELHI, DELHI - 110003, INDIA |
- |
|
24 |
90098527 |
18/12/1996 |
11,200,000.00 |
CENTRAL
BANK OF INDIA |
PANIGATE,
BARODA, GUJARAT - 390005, INDIA |
- |
|
25 |
90098511 |
06/12/2013
* |
10,804,100,000.00 |
CENTRAL
BANK OF INDIA |
MID
CORPORATE FINANCE BRANCH, GROUND FLOOR,, PERI |
B92591817 |
* Date of charge modification
FIXED ASSETS:
Tangible Assets
·
Free Hold Land
·
Buildings
·
Plant and Equipment
·
R and D Equipments
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Electrical Installations
Intangible Assets
·
Software Licenses
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST MARCH
2014
(Rs. In Millions)
|
Particulars
|
Quarter Ended |
Year Ended |
|
|
31.03.2014 (Audited) |
31.12.2013 (Unaudited) |
31.03.2014 (Audited) |
|
|
1. Income
from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
866.900 |
597.300 |
2317.800 |
|
b) Other operating income |
0.700 |
5.100 |
23.000 |
|
Total
income from Operations(net) |
867.600 |
602.400 |
2340.800 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
849.600 |
468.500 |
1974.000 |
|
b) Purchases of stock in trade |
-- |
-- |
-- |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(23.500) |
17.400 |
(14.400) |
|
d) Employees benefit expenses |
62.000 |
95.200 |
370.600 |
|
e) Depreciation and Amortization |
26.900 |
26.100 |
100.100 |
|
e) Research and Development Expenses |
7.500 |
11.500 |
37.800 |
|
f) Other expenditure |
305.800 |
75.700 |
503.800 |
|
Total expenses |
1228.300 |
694.400 |
2971.900 |
|
3. Profit from operations before other income and
financial costs |
(360.700) |
(92.000) |
(631.100) |
|
-
Finance Cost Exceptional Items |
(333.800) |
(65.900) |
(531.000) |
|
4. Other income |
66.600 |
(0.800) |
73.700 |
|
5. Profit from ordinary activities before finance costs |
(294.100) |
(92.800) |
(557.400) |
|
6. Finance costs |
164.900 |
193.600 |
686.900 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(459.000) |
(286.400) |
(1244.300) |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
(459.000) |
(286.400) |
(1244.300) |
|
10.Tax expenses |
35.300 |
4.300 |
39.600 |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
(494.300) |
(290.700) |
(1283.900) |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
(494.300) |
(290.700) |
(1283.900) |
|
14.Paid-up
equity share capital (Nominal value Rs.10- per share) |
171.300 |
171.300 |
171.300 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
(689.500) |
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
(28.87) |
(16.97) |
(74.96) |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
11535327 |
11535327 |
11532327 |
|
- Percentage of shareholding |
67.34 |
67.34 |
67.34 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
5446503 |
5446503 |
5446503 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
97.37 |
97.37 |
97.37 |
|
Percentage of shares (as a % of total share capital of the
company) |
97.37 |
97.37 |
31.80 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
147162 |
147162 |
147162 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
2.63 |
2.63 |
2.63 |
|
Percentage of shares (as a % of total share capital of the
company) |
0.86 |
0.86 |
0.86 |
STANDALONE STATEMENT OF ASSETS AND
LIABILITIES
(Rs. In Millions)
|
SOURCES OF FUNDS |
31.03.2014 (Audited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
171.300 |
|
(b) Reserves & Surplus |
(648.200) |
|
Total
Shareholders’ Funds |
(476.900) |
|
|
|
|
(2)Share
Application Money Pending Allotment |
198.000 |
|
|
|
|
(2)
Non-Current Liabilities |
|
|
(a) long-term borrowings |
3585.500 |
|
(b) Deferred tax liabilities (Net) |
100.100 |
|
(c) Other long term liabilities |
448.400 |
|
(d) long-term provisions |
76.700 |
|
Total Non-current Liabilities (3) |
4210.700 |
|
|
|
|
(3) Current Liabilities |
|
|
(a) Short term borrowings |
1877.400 |
|
(b) Trade payables |
1602.700 |
|
(c) Other current
liabilities |
311.400 |
|
(d) Short-term provisions |
22.500 |
|
Total Current Liabilities (4) |
3814.000 |
|
|
|
|
TOTAL |
7745.800 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
1513.000 |
|
(b) Non-current Investments |
15.400 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
312.400 |
|
(e) Other Non-current assets |
0.000 |
|
Total Non-Current Assets |
1840.800 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
965.900 |
|
(c) Trade receivables |
3918.600 |
|
(d) Cash and cash
equivalents |
474.000 |
|
(e) Short-term loans and
advances |
521.200 |
|
(f) Other current assets |
25.300 |
|
Total Current Assets |
5905.000 |
|
|
|
|
TOTAL |
7745.800 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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 records 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.59.06 |
|
UK Pound |
1 |
Rs.99.35 |
|
Euro |
1 |
Rs.80.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
-- |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
16 |
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.