MIRA
INFORM REPORT
|
Report Date : |
10.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
JYOTI STRUCTURES LIMITED |
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Registered
Office : |
Valecha Chambers, 6th Floor, New Link Road, Andheri (West),
Mumbai – 400 053, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
27.05.1974 |
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Com. Reg. No.: |
11-017494 |
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Capital
Investment / Paid-up Capital : |
Rs.414.520 millions |
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CIN No.: [Company Identification
No.] |
L45200MH1974PLC017494 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMJ09132E NSKJ00041G |
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PAN No.: [Permanent Account No.] |
AAACJ2499R |
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Legal Form : |
Public Limited Liability Company. The Company’s shares are listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of setting up power transmission lines,
sub-stations and distribution network, it also manufactures/deals in various
components/equipments and constructs infrastructure related to power
transmission. |
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|
|
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 29840000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is an
established company having a satisfactory track record. There seems some
dip in profit of the company during the financial year 2013. However, general
financial position of the company seems to be sound and healthy. Trade relations
are reported as fair. Business is active. Payment terms are reported to be
usually correct. The company can
be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
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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
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: BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
October 30, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
October 30, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non-Cooperative (91-22-40915000)
LOCATIONS
|
Registered Office : |
Valecha Chambers, 6th Floor, New Link Road, Andheri (West),
Mumbai – 400 053, Maharashtra, India |
|
Tel. No.: |
91-22-40915000 |
|
Fax No.: |
91-22-40915014/ 15 |
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E-Mail : |
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Website : |
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Corporate Office : |
Valecha Chambers, 5th Floor, Plot No B-6, CTS – 612, New Link Road, Oshiwara, Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Tel. No.: |
91-22-6312510/6/7 |
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Fax No.: |
91-22-6310379 |
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Factory (Plant-1) : |
52A/53A, “D” Road, M.I.D.C., Satpur, Nasik – 422 007, Maharashtra,
India |
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Tel. No.: |
91-253-2201700/ 800 |
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Fax No.: |
91-253-2351134 |
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Factory (Plant-2) : |
E-60/61, “D”, Road, M.I.D.C., Satpur, Nasik – 422 007, Maharashtra,
India |
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Tel. No.: |
91-253-6603225/ 227 |
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Fax No.: |
91-253-6603226 |
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Factory (Plant-3) : |
1037/1056, Sarora Ring Road, Urla Industrial Complex, Raipur – 493 221,
Chhatisgarh, India |
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Tel. No.: |
91-771-4213100/ 101 |
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Fax No.: |
91-771-2324767/ 2325567 |
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Tower Testing Station : |
Ubhade Shivar, Village – Deole, Ghoti, Igatpuri, Nasik – 400 402,
Maharashtra, India |
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Tel. No.: |
91-255-3282211 |
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Fax No.: |
91-255-3828212 |
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|
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Training Station : |
“Gurukul”, Plot No. H-37, Shivaji Nagar, M.I.D.C., Satpur, Nasik – 422
007, Maharashtra, India |
|
Tel. No.: |
91-253-2350099 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
S.D. Kshirsagar |
|
Designation : |
Chairman |
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Date of Birth/Age : |
04.05.1937 |
|
Qualification : |
P.G.D.I.A., (UK), M.A. (Economics) |
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Date of Appointment : |
01.04.2003 |
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|
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|
Name : |
S. V. Nayak |
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Designation : |
Managing Director |
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|
Name : |
P. K. Thakur |
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Designation : |
Executive Vice-Chairman |
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Name : |
K. R. Thakur |
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Designation : |
Whole-time Director |
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Date of Birth/Age : |
13.11.1942 |
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Qualification : |
B.E. (Mech.) |
|
Date of Appointment : |
07.02.1978 |
|
|
|
|
Name : |
V. M. Kaul |
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Designation : |
Director |
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Date of Birth/Age : |
18.03.1952 |
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Qualification : |
Bachelor of Mechanical Engg., MBA (IGNOU) |
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Date of Appointment : |
22.04.2013 |
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|
Name : |
A. J. Khan |
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Designation : |
Director |
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Name : |
G. L. Valecha |
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Designation : |
Director |
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Name : |
R.C. Rawal |
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Designation : |
Director |
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Date of Birth/Age : |
05.11.1944 |
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Qualification : |
B.Sc. (Engg.) Mechanical |
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Date of Appointment : |
25.01.2010 |
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|
Name : |
S.H. Mirchandani |
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Designation : |
Director |
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Name : |
T. C. Venkat Subramanian |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
L. H. Khilnani |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHARE HOLDING PETTERN
AS ON 31.03.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
14760926 |
17.94 |
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|
7545965 |
9.17 |
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|
22306891 |
27.11 |
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|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
22306891 |
27.11 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
13879871 |
16.87 |
|
|
2532257 |
3.08 |
|
|
526938 |
0.64 |
|
|
16939066 |
20.59 |
|
|
|
|
|
|
6248737 |
7.60 |
|
|
|
|
|
|
23550341 |
28.62 |
|
|
5407370 |
6.57 |
|
|
7821417 |
9.51 |
|
|
462396 |
0.56 |
|
|
7355021 |
8.94 |
|
|
4000 |
0.00 |
|
|
43027865 |
52.30 |
|
Total Public shareholding (B) |
59966931 |
72.89 |
|
Total (A)+(B) |
82273822 |
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) |
82273822 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of setting up power transmission
lines, sub-stations and distribution network, it also manufactures/deals in various
components/equipments and constructs infrastructure related to power
transmission. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
·
Bank of India ·
Bank of Maharashtra ·
Canara Bank ·
Central Bank of India ·
Corporation Bank ·
Development bank of Singapore Bank (DBS) ·
Dena Bank ·
ICICI Bank Limited ·
IDBI Bank Limited ·
Indian Bank ·
Induslnd Bank ·
South Indian Bank ·
Standard Chartered Bank ·
State Bank of Hyderabad ·
State Bank of India ·
Syndicate Bank ·
UCO Bank ·
Union Bank ·
Vijaya Bank |
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Facilities : |
NOTE: NATURE OF SECURITIES FOR SECURED LOAN LONG TERM
BORROWINGS: DEBENTURE ·
Rs.167.000
Millions (P.Y. Nil) Non-Convertible Debentures Mortgage over identified immovable
property of the subsidiary company. ·
Rs.
Nil (P.Y. Rs.1208.641 Millions) Non-Convertible Debentures Hypothecation on
Company’s moveable assets including moveable machinery, machinery spares,
stocks, tools and accessories both present and future. Mortgage on Company’s
immoveable properties except CSIDCL Raipur properties. TERM LOAN FROM BANK ·
Rs.370.779
Millions (P.Y.Rs.605.446 Millions) Secured by i) first charge on company’s immovable properties situated at
M.I.D.C., Satpur Industrial Area, Nasik (Maharashtra), Raipur (Chhattisgarh)
and Ghoti, District Nasik (Maharashtra), Malvan, Dist. Sindhudurgh
(Maharashtra), Flats and office premises situated at Andheri (West), Mumbai. ii) second charge on current assets of the company iii) exclusive charge on specific machinery and equipment ·
Rs.14.897
Millions (P.Y.Rs.63.721 Millions) Secured by i) first charge on company’s immovable properties situated at
M.I.D.C., Satpur Industrial Area, Nasik (Maharashtra), Raipur (Chhattisgarh) and
Ghoti, District Nasik (Maharashtra), Malvan, District Sindhudurgh
(Maharashtra), Flats and office premises situated at Andheri (West), Mumbai. ii) hypothecation on specific Plant and Machinery ·
Rs.50.890
Millions (P.Y. Rs. Nil) Secured by hypothecation on specific Plant and
Machinery ·
Rs.1096.000
Millions (P.Y.Rs.860.000 Millions) Secured by pari passu charges on stock and
receivables of the contract and Escrow of receivable of the Project. ·
Rs.17.038
Millions (PY.Rs.11.170 Millions) Secured by hypothecation of specific Plant
and Machinery and vehicles. SHORT TERM BORROWINGS: SECURED LOAN FROM BANK Rs.5960.255 Millions
(PY.Rs.3899.282 Millions) Secured by a first charge on all present and future
current assets, monies receivable and claims, except assets for which an
exclusive charge has been created and secured by a charge which is second and
subservient to the charge created in favour of IDBI and Standard Chartered
Bank, by way of deposit of Title Deeds in respect of the Company’s immovable
property in M.I.D.C., Satpur Industrial Area, Nasik (Maharashtra), Raipur
(Chhattisgarh), Ghoti District Nasik (Maharashtra), Malvan District
Sindhudurgh (Maharashtra), Flats and office premises situated at Andheri
(West), Mumbai, Maharashtra, India |
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
R. M. Ajgaonkar and Associates Chartered Accountants |
|
|
|
|
Legal Advisors : |
Bharucha and Partners |
|
|
|
|
Subsidiaries : |
·
Jyoti Energy Limited ·
JSL Corporate Services Limited ·
Jyoti Structures Africa (Pty) Limited ·
Jyoti International Inc. ·
Jyoti Americas LLC ·
Jyoti Structures Canada Limited ·
Jyoti Structures FZE ·
Jyoti Structures Namibia (Pty) Limited |
|
|
|
|
Joint Venture : |
·
Gulf Jyoti International lLLC ·
Lauren Jyoti Private Limited |
CAPITAL STRUCTURE
AS ON 27.07.2013
Authorised Capital : Rs.800.000 millions
Paid-up Capital : Rs.164.548 millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
175000000 |
Equity Shares |
Rs.2/- each |
Rs.350.000 millions |
|
5000000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs.500.000 millions |
|
|
Total |
|
Rs.850.000
millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
82275407 |
Equity Shares |
Rs.2/- each |
Rs.164.551 millions |
|
2500000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs.250.000 millions |
|
|
Total |
|
Rs.414.551
millions |
Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
82260147 |
Equity Shares |
Rs.2/- each |
Rs.164.520 millions |
|
2500000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs.250.000 millions |
|
|
Total |
|
Rs.414.520
millions |
Notes:
Reconciliation
of the shares outstanding at the beginning and at the end of the reporting
period Equity Shares
|
Particulars |
Number of Shares |
Rs.In Millions |
|
At the beginning of the period |
82213897 |
16442.800 |
|
Issued during the period - ESOS |
46250 |
09.200 |
|
Issued during the period against Share Warrant |
- |
0.000 |
|
Outstanding at the end of the period |
82260147 |
16452.000 |
Reconciliation of
the shares outstanding at the beginning and at the end of the reporting period
Equity Shares
|
Particulars |
Number of Shares |
Rs. In Millions |
|
At the beginning of the period |
- |
0.000 |
|
Issued during the period |
2500000 |
250.000 |
|
Outstanding at the end of the period |
2500000 |
250.000 |
Names of Equity shareholders holding more than 5 % shares
|
Particulars |
Number of Shares |
Percentage |
|
Valecha Infrastructure Limited |
5431400 |
6.60% |
|
Prakash K Thakur |
5248235 |
6.38% |
|
K. R. Thakur |
4646426 |
5.65% |
|
Reliance Capital Trustee Limited |
4614900 |
5.61% |
Names of preference shareholders holding more than 5 % shares
|
Particulars |
Number of Shares |
Percentage |
|
Amtek India Limited |
1500000 |
60.00% |
|
Amtek Auto Limited |
1000000 |
40.00% |
Shares reserved for issue under options Employee Stock Options Scheme
(ESOS)
|
Particulars |
Number of Shares |
|
Under ESOS 2005,
eligible employees on grant of option and on vesting shall be entitled to
apply for five equity shares of Rs.2/- each at an exercise price of
Rs.17/-perequity share for each option. |
595175 |
|
Under ESOS 2011,
eligible employees on grant of option and on vesting shall be entitled to
apply for one equity share of Rs.2/- each at an exercise price of Rs.25/- per
equity share for each option. |
2500000 |
The Company has
equity shares having a par value of Re.2/- each. Each shareholder is eligible
for one vote per share held. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General
Meeting. In the event of liquidation, the shareholders are eligible to receive
remaining assets of the Company after distribution of all preferential amounts,
in proportion to their shareholding.
The Company has
Preference shares having a par value of Rs.100/- each. The Share carries
dividend @1%. In the event of liquidation, the shareholders will have
preference in repayment over equity shareholders
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
414.520 |
164.428 |
164.252 |
|
(b) Reserves & Surplus |
7045.356 |
6481.618 |
5853.103 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.092 |
0.039 |
0.156 |
|
Total
Shareholders’ Funds (1) + (2) |
7459.968 |
6646.085 |
6017.511 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1710.758 |
2026.856 |
2404.744 |
|
(b) Deferred tax liabilities (Net) |
109.165 |
127.855 |
179.574 |
|
(c) Other long term liabilities |
1325.755 |
1070.306 |
756.437 |
|
(d) Long-term provisions |
68.018 |
48.102 |
34.919 |
|
Total Non-current Liabilities (3) |
3213.696 |
3273.119 |
3375.674 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
6174.847 |
4116.423 |
2081.430 |
|
(b) Trade payables |
6683.281 |
5629.883 |
4354.658 |
|
(c) Other current
liabilities |
4374.007 |
4309.463 |
1834.645 |
|
(d) Short-term provisions |
237.452 |
548.643 |
408.156 |
|
Total Current Liabilities (4) |
17469.587 |
14604.412 |
8678.889 |
|
|
|
|
|
|
TOTAL |
28143.251 |
24523.616 |
18072.074 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1834.557 |
1980.264 |
1784.608 |
|
(ii) Intangible Assets |
121.559 |
36.182 |
44.142 |
|
(iii) Capital
work-in-progress |
10.751 |
6.253 |
10.270 |
|
(iv)
Intangible assets under development |
0.000 |
82.211 |
0.000 |
|
(b) Non-current Investments |
865.545 |
865.545 |
700.540 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
69.890 |
71.019 |
64.069 |
|
(e) Other Non-current assets |
420.941 |
564.522 |
422.992 |
|
Total Non-Current Assets |
3323.243 |
3605.996 |
3026.621 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2232.496 |
2656.978 |
2214.817 |
|
(c) Trade receivables |
18398.107 |
15581.411 |
10617.885 |
|
(d) Cash and cash
equivalents |
329.907 |
397.443 |
300.900 |
|
(e) Short-term loans
and advances |
3859.329 |
2280.066 |
1911.553 |
|
(f) Other current
assets |
0.169 |
1.722 |
0.298 |
|
Total Current Assets |
24820.008 |
20917.620 |
15045.453 |
|
|
|
|
|
|
TOTAL |
28143.251 |
24523.616 |
18072.074 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
28018.689 |
25924.486 |
23797.036 |
|
|
|
Other Income |
129.463 |
109.124 |
84.389 |
|
|
|
TOTAL (A) |
28148.152 |
26033.610 |
23881.425 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
17248.027 |
14316.499 |
13392.893 |
|
|
|
Erection and Sub-contracting Expense |
4460.336 |
5923.251 |
4507.699 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and
Stock-in-Trade |
56.584 |
(645.771) |
(26.059) |
|
|
|
Employee Benefits Expense |
849.270 |
794.705 |
717.970 |
|
|
|
Other Expenses |
2615.864 |
2735.709 |
2394.163 |
|
|
|
TOTAL (B) |
25230.081 |
23124.393 |
20986.666 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2918.071 |
2909.217 |
2894.759 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1687.293 |
1410.183 |
1019.470 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
1230.778 |
1499.034 |
1875.289 |
|
|
|
|
|
|
|
|
|
Less/ |
DEPRECIATION/
AMORTISATION (F) |
251.501 |
213.351 |
201.662 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G)
|
979.277 |
1285.683 |
1673.627 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
330.510 |
430.280 |
564.532 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
648.767 |
855.403 |
1109.095 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend - Equity Shares |
65.808 |
90.435 |
123.190 |
|
|
|
Tax on Dividend |
10.696 |
14.671 |
19.985 |
|
|
|
Dividend and Dividend Distribution Tax for
an earlier year |
0.013 |
0.050 |
0.194 |
|
|
|
Preference Share Dividend |
0.123 |
0.000 |
0.000 |
|
|
|
Transfer to Debenture Redemption Reserve |
41.750 |
0.000 |
604.400 |
|
|
|
Transfer to General Reserve |
65.000 |
86.400 |
120.000 |
|
|
BALANCE CARRIED
TO THE B/S |
465.377 |
663.847 |
241.326 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
At FOB Value |
5879.225 |
4567.425 |
3424.277 |
|
|
|
At Invoice Value (Tower testing Charges) |
183.650 |
81.492 |
57.145 |
|
|
|
Rent on Equipments |
40.410 |
5.917 |
0.000 |
|
|
TOTAL EARNINGS |
6103.285 |
4654.834 |
3481.422 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
13.462 |
48.171 |
107.069 |
|
|
|
Raw Materials and Components |
3998.478 |
2070.792 |
2406.430 |
|
|
|
Stores and Spares |
0.156 |
2.302 |
0.000 |
|
|
TOTAL IMPORTS |
4012.096 |
2121.265 |
2513.499 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
7.89 |
10.41 |
13.52 |
|
|
|
Diluted |
7.86 |
10.37 |
13.46 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.30
|
3.29 |
4.64 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.50
|
4.96 |
7.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.66
|
5.61 |
9.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.19 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.06
|
0.92 |
0.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42
|
1.43 |
1.73 |
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 |
164.252 |
164.428 |
414.520 |
|
Reserves & Surplus |
5853.103 |
6481.618 |
7045.356 |
|
Net
worth |
6017.355 |
6646.046 |
7459.876 |
|
|
|
|
|
|
long-term borrowings |
2404.744 |
2026.856 |
1710.758 |
|
Short term borrowings |
2081.430 |
4116.423 |
6174.847 |
|
Total
borrowings |
4486.174 |
6143.279 |
7885.605 |
|
Debt/Equity
ratio |
0.746 |
0.924 |
1.057 |
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 |
23797.036 |
25924.486 |
28018.689 |
|
|
|
8.940 |
8.078 |
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 |
23797.036 |
25924.486 |
28018.689 |
|
Profit |
1109.095 |
855.403 |
648.767 |
|
|
4.66% |
3.30% |
2.32% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
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 |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
CEXAL/94/2009 |
Failing Date:- |
19/12/2009 |
Reg. No.:- |
CEXA/215/2013 |
Reg. Date:- |
21/10/2013 |
|
|
|||||||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX |
Respondent:- |
JYOTI STRUCTURES LIMITED |
||||
|
Petn.Adv:- |
SUCHITRA KAMBLE (0) |
|
|
||||
|
District:- |
NASHIK |
||||||
|
|
|||||||
|
Bench:- |
SINGLE |
Category:- |
CENTRAL EXCISE APPEAL (CEXA) |
||||
|
Status:- |
Pre-Admission |
|
|
||||
|
Last Date:- |
09/02/2010 |
|
|||||
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER |
||||||
|
|
|
||||||
|
Act. : |
Central Excise and Salt Act |
|
|||||
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10459005 |
19/09/2013 |
150,000,000.00 |
TATA CAPITAL
FINANCIAL SERVICES LIMITED |
ONE FORBES, DR.
V. B. GANDHI MARG, FORT, MUMBAI, |
B89072722 |
|
2 |
10435321 |
20/06/2013 |
100,000,000.00 |
|
GATEWAY
BUILDING, APOLLO BUNDER,, ., MUMBAI, MAHA |
B78958071 |
|
3 |
10426429 |
23/03/2013 |
14,786,022.00 |
RELIANCE CAPITAL
LIMITED |
"H"
BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI,
MAHARASHTRA - 400710, INDIA |
B75378513 |
|
4 |
10417170 |
21/03/2013 |
640,000,000.00 |
DENA BANK |
DENA CORPORATE
CENTRE, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051,
INDIA |
B72429780 |
|
5 |
10421894 |
28/02/2013 |
300,000,000.00 |
TATA CAPITAL
FINANCIAL SERVICES LIMITED |
ONE FORBES, DR.
V. B. GANDHI MARG, FORT, MUMBAI, |
B73787038 |
|
6 |
10393246 |
21/12/2012 |
531,200,000.00 |
EXPORT-IMPORT
BANK OF INDIA (EXIM BANK) |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI,
MAHARASHTRA - 400005, INDIA |
B64629876 |
|
7 |
10393249 |
21/12/2012 |
301,200,000.00 |
EXPORT-IMPORT
BANK OF INDIA (EXIM BANK) |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI,
MAHARASHTRA - 400005, INDIA |
B64631559 |
|
8 |
10384841 |
30/09/2012 |
63,000,000.00 |
RELIANCE CAPITAL
LIMITED |
"H"
BLOCK 1ST FLOOR, DHIRUBHAI AMBANI KNOWLEDGE CITY, KOPARKHAIRNE, NAVI MUMBAI,
MAHARASHTRA - 400710, INDIA |
B61513586 |
|
9 |
10375820 |
07/09/2012 |
576,000,000.00 |
EXPORT- IMPORT
BANK OF INDIA |
CENTRE ONE BUILDING,
FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
B57837098 |
|
10 |
10362779 |
02/07/2012 |
392,000,000.00 |
DBS BANK LIMITED |
UPPER GROUND FLOOR,
25 BARAKHAMBA ROAD, BIRLA TOWER, NEW DELHI, DELHI - 110001, INDIA |
B42527341 |
|
11 |
10362781 |
02/07/2012 |
616,000,000.00 |
DBS BANK LIMITED |
UPPER GROUND
FLOOR, 25 BARAKHAMBA ROAD, BIRLA TOWER, NEW DELHI, DELHI - 110001, INDIA |
B42527812 |
|
12 |
10324564 |
27/12/2011 |
890,000,000.00 |
EXPORT IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING FLOOR 21, WORLD TRADE CENTRE |
B28353852 |
|
13 |
10311619 |
24/09/2011 |
820,000,000.00 |
STANDARD
CHARTERED BANK |
23, NARAIN
MANZIL, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B23116387 |
|
14 |
10293334 |
26/05/2011 |
200,000,000.00 |
TATA CAPITAL
LIMITED |
ONE FORBES, DR V
B GANDHI MARG,FORT, MUMBAI, MAHA |
B15401029 |
|
15 |
10131260 |
23/05/2011 * |
1,020,000,000.00 |
STANDARD
CHARTERED BANK |
23, NARAIN
MANZIL, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B16771222 |
|
16 |
10103009 |
23/05/2011 * |
300,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWERWTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B14082705 |
|
17 |
80015967 |
23/06/2004 |
260,000,000.00 |
INDIAN BANK |
FORT, MUMBAI,
MAHARASHTRA - 400001, INDIA |
- |
|
18 |
80066575 |
13/12/1999 |
15,000,000.00 |
CANARA BANK |
38, BRIJ BHOOMI,
VILE PARLE (EAST), MUMBAI, MAHAR |
- |
|
19 |
80051506 |
27/06/2005 * |
180,000,000.00 |
GLOBAL TRUST
BANK LIMITED |
15, MAKAR
CHAMBERS III, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
20 |
90229422 |
27/05/2013 * |
57,150,000,000.00 |
STATE BANK OF
INDIA |
JAWAHAR VYAPAR
BHAVAN, 1 TOLSTOY MARG, NEW DELHI, |
B76401165 |
|
21 |
80066571 |
13/12/1999 * |
4,425,000.00 |
CANARA BANK |
38,BRIJ BHOOMI, VILE
PARLE (EAST), MUMBAI, MAHARA |
- |
|
22 |
80066572 |
07/02/1998 |
20,000,000.00 |
CANARA BANK |
GANDHINAGAR
BRANCH, BANDRA (EAST), BOMBAY, MAHARASHTRA - 400051, INDIA |
- |
|
23 |
80066570 |
13/12/1999 * |
10,400,000.00 |
CANARA BANK |
38,BRJI BHOOMI,
VILE PARLE (EAST), MUMBAI, MAHARA |
- |
|
24 |
80066578 |
10/11/1995 |
33,000,000.00 |
CANARA BANK |
GANDHI NAGAR
BRANCH, BANDRA (EAST), BOMBAY, MAHARASHTRA - 400051, INDIA |
- |
|
25 |
80066574 |
30/01/1995 |
16,800,000.00 |
CANARA BANK |
38, BRIJ BHOOMI,
VILE PARLE (EAST), MUMBAI, MAHAR |
- |
|
26 |
80066579 |
01/12/1993 |
42,600,000.00 |
CANARA BANK |
38, BRIJ BHOOMI,
VILE PARLE (EAST), MUMBAI, MAHARASHTRA - 400057, INDIA |
- |
|
27 |
80066566 |
04/09/1992 |
24,000,000.00 |
STATE BANK OF
INDIA |
VILE PARLE
(EAST) BRANCH, 58 NEHRU ROAD, BOMBAY, |
- |
|
28 |
80066568 |
04/09/1992 |
60,000,000.00 |
STATE BANK OF
INDIA |
VILE PARLE (EAST)
BRANCH, 58 NEHRU ROAD, BOMBAY, |
- |
|
29 |
80066569 |
04/09/1992 |
12,000,000.00 |
STATE BANK OF
INDIA |
VILE PARLE
(EAST) BRANCH, 58 NEHRU ROAD, BOMBAY, |
- |
|
30 |
80066577 |
04/08/1992 |
4,400,000.00 |
CANARA BANK |
GANDHINAGAR
BRANCH, BANDRA (EAST), BOMBAY, MAHARASHTRA - 400051, INDIA |
- |
|
31 |
80066565 |
04/08/1998 * |
58,000,000.00 |
STATE BANK OF
INDIA |
VILE PARLE
(EAST) BRANCH, 58, NEHRU ROAD, MUMBAI, |
- |
|
32 |
80066576 |
04/08/1998 * |
37,600,000.00 |
CANARA BANK |
GANDHINAGAR,
BANDRA (EAST), MUMBAI, MAHARASHTRA - |
- |
* Date of charge modification
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
LONG TERM BORROWINGS |
|
|
|
Term Loan |
|
|
|
From Bank |
522.026 |
798.532 |
|
From Other |
|
|
|
Deferred Payment
Liabilities |
36.243 |
37.733 |
|
Deposits |
713.565 |
0.000 |
|
SHORT TERM BORROWINGS |
|
|
|
From Banks |
214.592 |
217.141 |
|
Total |
1486.426 |
1053.406 |
PERFORMANCE HIGHLIGHTS:
·
Gross turnover for the year under
review was Rs.28421.900 millions, an increase of 7.34% as compared to
Rs.26477.900 Millions in the previous year.
·
Profit after tax decreased by 24.15%
at Rs.648.800 millions against Rs.855.400 Millions in the previous year.
·
Supply of towers and structures were
72,181 MT during the year as compared to 100105 MT in the previous year.
·
Order backlog at the end of the year
was at Rs.44120.000 millions as compared to Rs.43483.100 millions at the end of
the previous year.
JOINT VENTURE:
During the year,
Lauren Jyoti Private Limited, a Joint Venture company, successfully executed a
50 MWe Solar Thermal Power Plant at Village-Naukh, District-Jaisalmer,
Rajasthan.
SUBSIDIARY
COMPANIES:
During the year,
step down subsidiary companies namely Jyoti Structures Canada Limited and Jyoti
Structures Namibia (Pty.) Limited were established in Canada and Namibia,
respectively.
MANAGEMENT’S
DISCUSSION AND ANALYSIS:
ABOUT THE COMPANY:
The Company is engaged in the business of setting up power transmission
lines, sub-stations and distribution networks. It undertakes turnkey projects
on a global scale, offering a complete range of services in design,
engineering, tower testing, manufacturing, construction and project management.
Having worked for customers in around 40 countries, the Company is amongst a
few engineering, procurement and construction (EPC) service providers
worldwide, that possess the capabilities to execute turnkey projects in the
areas of power transmission and distribution segment.
MACRO INDUSTRY
OVERVIEW:
At the base level of the electrical energy requirement (EER) at 1,355 BUs,
it is estimated that EER would increase at a compound annual growth rate of
8.55% by 2016-2017 and 7.17% by 2021-2022. The pattern of electricity
consumption is expected to be similar level amongst the most of its segments,
except a marginal decline in rural consumers.
The power generation segment has performed satisfactorily by adding a
capacity of 54,964 MW in the Eleventh Five Year Plan. The draft Twelfth Five
Year Plan has envisaged a capacity addition of 88,537 MW, an increase of about
60% over the achievement during the preceding plan.
However, the generation of power has been plagued with fuel shortages,
the delays in award of contracts resulting in shortage of orders for the
equipment manufacturers, ambiguity about the basis for bidding (BOO: build-own-operate
against DBFOT: design-build-finance-operate-transfer) and tardy implementation
of reforms. At the end of the 2012-2013, the total transmission system
consisting of central utilities, state utilities and private utilities
together, was 2,74,588 ckt, km of line length and 4,73,216 MVA of transformer
capacity at 220 kV and above voltage levels. The total network line length
registered a compound annual growth rate of 7.87% during the Eleventh Plan
period. The transmission line industry will have to gear itself to meet the
ambitious targets envisaged in the Twelfth Plan, by making available power
where it is consumed.
CONTINGENT
LIABILITIES:
Contingent
Liabilities not provided for:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Outstanding of Bills Discounted |
5339.100 |
4041.000 |
|
Disputed Liabilities in respect of Income Tax, Sales Tax, Central
Excise and Service Tax (under appeal) |
6374.700 |
5671.300 |
|
Civil Suits |
1078.700 |
1002.100 |
The Company
has given a letter of comfort for general banking facilities provided by
National Bank of Abu Dhabi to Gulf Jyoti International LLC. The total loan
outstanding from the bank to the said Company is AED Rs.1009.800 Millions (P.Y.
AED Rs.984.900 Millions) equivalent to Rs.14985.200 Millions (P.Y. Rs.13859.200
Millions) as on 31st March, 2013.
AUDITED
FINANCIAL RESULTS FOR THE QUARTER / YEAR ENDED 31TH MARCH, 2014
(Rs. in millions)
|
Sr. No. |
Particulars |
Quarter Ended |
Year Ended |
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
|
PART I |
|
|
|
|
1) |
Income
from operations |
|
|
|
|
|
a) Net sales/income from operations (net of
excise duty) |
13063.900 |
6612.900 |
33257.600 |
|
|
b) Other Operating Income |
12.300 |
12.700 |
50.100 |
|
|
Total
income from operations (Net) |
13076.200 |
6625.600 |
33307.700 |
|
2) |
Expenses |
|
|
|
|
|
a) Cost of Materials Consumed |
10760.100 |
4214.800 |
23900.200 |
|
|
b) Purchases of Stock in trade |
0.000 |
0.000 |
0.000 |
|
|
c) Erection and sub-contracting Expenses |
1805.400 |
1244.600 |
5169.900 |
|
|
d) Change in inventories of finished goods,
work-in-progress and stock-in-trade |
(1683.100) |
(521.300) |
(2323.600) |
|
|
e) Employees Benefits Expense |
196.100 |
240.900 |
882.900 |
|
|
f) Depreciation and Amortisation Expense |
66.600 |
68.700 |
269.600 |
|
|
g) Other Expenses |
1310.400 |
826.100 |
3074.100 |
|
|
Total
expenses |
12455.500 |
6073.800 |
30973.100 |
|
3) |
Profit /
(Loss) from operations before other income, finance costs and exceptional
items (1-2) |
620.700 |
551.800 |
2334.600 |
|
4) |
Other
income |
222.700 |
57.600 |
391.600 |
|
5) |
Profit /
(Loss) from ordinary activities before finance costs and exceptional Items (3
+ 4) |
843.400 |
609.400 |
2726.200 |
|
6) |
Finance
Cost |
1003.800 |
397.900 |
2203.100 |
|
7) |
Profit /
(Loss) from ordinary activities after finance costs but before exceptional
Items (5 - 6) |
(160.400) |
211.500 |
523.100 |
|
8) |
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
9) |
Profit /
(Loss) from ordinary activities before tax (7 + 8) |
(160.400) |
211.500 |
52.3100 |
|
10) |
Tax
expense |
(35.100) |
72.700 |
199.900 |
|
11) |
Net
Profit / (Loss) from ordinary activities after tax (9 - 10) |
(125.300) |
138.800 |
323.200 |
|
12) |
Extraordinary
Item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13) |
Net
Profit / (Loss) for the period (11 + 12) |
(125.300) |
138.800 |
323.200 |
|
14) |
Paid-up
Equity Share Capital (Face value Re.2/- each) |
164.500 |
164.500 |
164.500 |
|
15) |
Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting |
-- |
-- |
7367.700 |
|
16) |
Earning
per share before and after Extraordinary items (not annualised) |
|
|
|
|
|
- Basic Rs. |
(1.53) |
1.68 |
3.89 |
|
|
-
Diluted Rs. |
(1.53) |
1.68 |
3.88 |
|
|
PART II |
|
|
|
|
|
A -
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1) |
Public
shareholding |
|
|
|
|
|
- Number
of shares |
59966931 |
59411931 |
59966931 |
|
|
-
Percentage of shareholding |
72.89% |
72.21% |
72.89% |
|
2) |
Promoters
and Promoter Group Shareholding a)
Pledged / Encumbered |
|
|
|
|
|
- Number
of shares |
17753062 |
18283562 |
17753062 |
|
|
-
Percentage of shares (as a % of the total shareholding of the Promoter and
Promoter group) |
79.59% |
79.97% |
79.59% |
|
|
-
Percentage of shares (as a % of the total share capital of the company) |
21.58% |
22.22% |
21.58% |
|
|
b) Non - encumbered |
|
|
|
|
|
- Number
of shares |
4553829 |
4578329 |
4553829 |
|
|
- Percentage
of shares (as a % of the total shareholding of the Promoter and Promoter
group) |
20.41% |
20.03% |
20.41% |
|
|
-
Percentage of shares (as a % of the total share capital of the company) |
5.53% |
5.56% |
5.53% |
|
|
Particulars |
Quarter Ended 31.03.2014 |
|
|
B
- INVESTOR COMPLAINTS |
|
|
|
Pending
at the beginning of the quarter |
- |
|
|
Received
during the quarter |
7 |
|
|
Disposed
of during the quarter |
7 |
|
|
Remaining
unresolved at the end of the quarter |
- |
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
Rs. In Millions
|
Particulars |
As at 31.03.2014 |
|
|
|
Particulars |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholder’s Funds |
|
|
|
a) Share Capital |
414.500 |
|
|
b) Reserves & Surplus |
7371.200 |
|
|
c) Money received against share warrants |
- |
|
|
Sub Total- Shareholders funds |
7785.700 |
|
2 |
Share application money pending allotment |
0.300 |
|
3 |
Minority Interest |
-- |
|
4 |
Non-current liabilities |
|
|
|
(a) Long term borrowings |
1529.200 |
|
|
(b) Deferred tax liabilities (Net) |
1.300 |
|
|
(c) Other long term liabilities |
1595.000 |
|
|
(d) long-term provisions |
83.700 |
|
|
Sub Total- Non Current Liabilities |
3209.200 |
|
5 |
Current liabilities |
|
|
|
(a) Short term borrowings |
8935.400 |
|
|
(b) Trade Payables |
16897.800 |
|
|
(c) Other current liabilities |
4955.100 |
|
|
(d) Short term provisions |
275.900 |
|
|
Sub Total- Current Liabilities |
31064.200 |
|
|
TOTAL-EQUITY AND LIABILITIES |
42059.400 |
|
B |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed assets |
1890.300 |
|
|
(b) Non-current Investments |
865.600 |
|
|
(c) Deferred tax assets (net) |
0.000 |
|
|
(d) Long-term Loan and Advances |
71.600 |
|
|
(e) Other Non-current assets |
452.400 |
|
|
Sub-Total- Non current assets |
3279.900 |
|
2 |
Current assets |
|
|
|
a) Current Investments |
|
|
|
b) Inventories |
4562.200 |
|
|
c) Trade Receivables |
27951.200 |
|
|
d) Cash and cash equivalents |
822.400 |
|
|
(e) Short term loans and advances |
5429.100 |
|
|
(f) Other current assets |
14.600 |
|
|
Sub-Total- current assets |
38779.500 |
|
|
TOTAL ASSETS |
42059.400 |
FIXED ASSETS:
Tangible Assets:
·
Free Hold Land
·
Lease Hold Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fixture
·
Computer and Office
Equipments
·
Vehicles
Intangible Assets:
·
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.06 |
|
|
1 |
Rs.99.35 |
|
Euro |
1 |
Rs.80.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.