MIRA INFORM REPORT
|
Report Date : |
11.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
JAIHIND PROJECTS LIMITED |
|
|
|
|
Registered
Office : |
3rd Floor, Venus Atlantis, Near Reliance Petrol Pump, Near
Prahladnagar Garden, Anandnagar Road, Vejalpur, Ahmedabad – 380015, Gujarat |
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|
|
Country : |
India |
|
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|
|
Financials (as
on) : |
31.03.2013 |
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|
|
Date of
Incorporation : |
23.12.1985 |
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Com. Reg. No.: |
04-008338 |
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|
|
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Capital
Investment / Paid-up Capital : |
Rs.97.574 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L45201GJ1985PLC008338 |
|
|
|
|
TAN No.: [Tax Deduction
& Collection Account No.] |
AHMJ00153G |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACJ9366R |
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|
|
Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Lying of Pipes. |
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|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3700000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. External borrowing of the company seems to be huge. However, trade relations are reported to be fair. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealing with some
caution. |
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 = BB+ |
|
Rating Explanation |
Have moderate risk of default. |
|
Date |
13.02.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A4 (Suspended) |
|
Rating Explanation |
Have minimal degree of safety and carry very
high credit risk |
|
Date |
13.02.2014 |
Reason for Suspension: The rating have been suspended as the company has
not furnished the information required by CARE for monitoring of the
rating.
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 DENIED
Management Non-Cooperative (Tel No.: 91-79-40501410)
LOCATIONS
|
Registered Office / Corporate Office : |
3rd Floor, Venus Atlantis, Near Reliance Petrol Pump, Near
Prahladnagar Garden, Anandnagar Road, Vejalpur, Ahmedabad – 380015, Gujarat,
India |
|
Tel. No.: |
91-79-40501300 |
|
Fax No.: |
91-79-40501310 / 11 |
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E-Mail : |
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Website : |
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|
Delhi Office : |
17/15, 2nd Floor, Old Rajendra Nagar, Near Bada Golchakar, Behind
Agarwal Sweets, New Delhi – 110060, India |
|
Tel. No.: |
91-11-45071490 |
|
Fax No.: |
91-11-45071490 |
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E-Mail : |
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|
|
|
Overseas Office 1 : |
M13, Block No. P9, Office No.19, Building
Name – Muhammed Khamis Al Rumaithi, Al Musaffah Industrial City, Abu Dhabi, United
Arab Emirates |
|
Tel. No.: |
+971 2 5538599 |
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Fax No.: |
+971 2 5538588 |
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E-Mail : |
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Overseas Office 2 : |
Door
No.209, Al-Rosais Building, Dabbab Street, Post Box: 220722, Riyadh 11311,
Kingdom of Saudi Arabia |
|
Tel. No.: |
+966 1 4015152 |
|
Fax No.: |
+966 1 4042622 |
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E-Mail : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Prakash L. Hinduja |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Gaurav P. Hinduja |
|
Designation : |
Whole Time Director |
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|
|
|
Name : |
Mr. Pradyuman R. Tiwari |
|
Designation : |
Whole Time Director |
|
Date of Birth : |
09.05.1969 |
|
Qualification : |
B. Sc , AMIE |
|
Date of Appointed : |
20.06.2011 |
|
|
|
|
Name : |
Mr. Akhilesh B. Negi |
|
Designation : |
Director |
|
Date of Birth : |
02.08.1974 |
|
Qualification : |
Mechanical Engineer, MBA |
|
Date of Appointed : |
29.09.2008 |
|
|
|
|
Name : |
Mr. Dhamendra S. Seth |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. S. Nagarajan Iyer |
|
Designation : |
Additional Director (w.e.f. 14.08.2013) |
|
|
|
|
Name : |
Mr. Ravinder S. Gupta |
|
Designation : |
Additional Director (w.e.f. 14.08.2013) |
KEY EXECUTIVES
|
Name : |
Mr. Vivek Rawal |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2113521 |
21.66 |
|
|
4360997 |
44.69 |
|
|
6474518 |
66.35 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
6474518 |
66.35 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
1067645 |
10.94 |
|
|
|
|
|
|
1537069 |
15.75 |
|
|
585067 |
6.00 |
|
|
93144 |
0.95 |
|
|
30701 |
0.31 |
|
|
62443 |
0.64 |
|
|
3282925 |
33.65 |
|
Total
Public shareholding (B) |
3282925 |
33.65 |
|
Total
(A)+(B) |
9757443 |
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) |
9757443 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Lying of Pipes. |
GENERAL INFORMATION
|
Customers : |
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No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
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Auditors : |
|
|
Name : |
R.K. Doshi and Company Chartered Accountants |
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|
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Subsidiaries : |
|
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Joint Ventures : |
|
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 |
|
|
|
|
|
|
9757443 |
Equity Shares |
Rs.10/- each |
Rs.97.574 Millions |
The company has only one class of shares
referred to as equity shares having value of Rs.10 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 any of the remaining
assets of the company then, after distribution of all preferential amounts.
However, no such preferential amounts exist currently. The distribution will be
in production to the number of equity shares held by the shareholders.
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Prakash L. Hinduja |
1356249 |
13.90% |
|
Dcom Systems Limited |
4635997 |
47.51% |
|
Neeta P Hinduja |
621109 |
6.36% |
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
Rs In Millions |
|
Number of equity shares outstanding at the beginning of the year |
9757443 |
97.574 |
|
Shares issued during the year |
- |
- |
|
Shares bought back during the year |
- |
- |
|
Shares
outstanding at the end of the year |
9757443 |
97.574 |
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 |
97.574 |
97.574 |
72.574 |
|
(b) Reserves & Surplus |
816.734 |
1,282.332 |
965.676 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
142.400 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
914.308 |
1,379.906 |
1,180.650 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2,632.144 |
1,037.052 |
136.953 |
|
(b) Deferred tax liabilities (Net) |
145.440 |
212.035 |
87.918 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
5.147 |
9.670 |
11.614 |
|
Total Non-current
Liabilities (3) |
2,782.731 |
1,258.757 |
236.485 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2,417.411 |
2,971.211 |
2,236.432 |
|
(b) Trade
payables |
1,557.323 |
1,373.467 |
1,358.128 |
|
(c) Other
current liabilities |
1,157.052 |
1,728.075 |
1,191.283 |
|
(d) Short-term
provisions |
0.000 |
74.438 |
117.015 |
|
Total Current
Liabilities (4) |
5,131.786 |
6,147.191 |
4,902.858 |
|
|
|
|
|
|
TOTAL |
8,828.825 |
8,785.854 |
6,319.993 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2,028.220 |
2,154.245 |
1,160.583 |
|
(ii) Intangible
Assets |
2.132 |
2.400 |
3.675 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
5.235 |
5.235 |
0.000 |
|
(b) Non-current Investments |
152.503 |
152.723 |
83.944 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
138.088 |
131.130 |
28.962 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
2,326.178 |
2,445.733 |
1,277.164 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.500 |
0.500 |
0.500 |
|
(b)
Inventories |
276.000 |
474.028 |
255.602 |
|
(c) Trade
receivables |
3,565.486 |
4,235.099 |
2,920.999 |
|
(d) Cash
and cash equivalents |
336.407 |
494.479 |
858.615 |
|
(e)
Short-term loans and advances |
1,407.384 |
795.359 |
476.566 |
|
(f) Other
current assets |
916.870 |
340.656 |
530.547 |
|
Total
Current Assets |
6,502.647 |
6,340.121 |
5,042.829 |
|
|
|
|
|
|
TOTAL |
8,828.825 |
8,785.854 |
6,319.993 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3,035.572 |
5,274.995 |
4,355.580 |
|
|
|
Other Income |
65.635 |
92.163 |
63.608 |
|
|
|
TOTAL (A) |
3,101.207 |
5,367.158 |
4,419.188 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
764.673 |
610.621 |
753.055 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(352.873) |
0.000 |
0.000 |
|
|
|
Contracting / sub-contracting charge
|
1,425.323 |
295.587 |
2,065.522 |
|
|
|
Employee benefit expenses |
213.719 |
2,863.004 |
236.978 |
|
|
|
Other expenses |
886.481 |
580.842 |
510.366 |
|
|
|
TOTAL (B) |
2,937.323 |
4,350.054 |
3,565.921 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
163.884 |
1,017.104 |
853.267 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
651.651 |
573.539 |
406.458 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(487.767) |
443.565 |
446.809 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
125.808 |
76.598 |
59.962 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(613.575) |
366.967 |
386.847 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(66.595) |
131.821 |
128.865 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
(546.980) |
235.146 |
257.982 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
946.826 |
714.595 |
475.076 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
0.000 |
0.000 |
7.257 |
|
|
|
Dividend on conversion of share warrant |
0.000 |
2.500 |
0.000 |
|
|
|
Corporate Dividend |
0.000 |
0.415 |
1.206 |
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
10.000 |
|
|
BALANCE CARRIED
TO THE B/S |
399.846 |
946.826 |
714.595 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
23.519 |
15.365 |
|
|
|
Purchase of fixed assets |
1.035 |
90.591 |
13.313 |
|
|
TOTAL IMPORTS |
1.035 |
114.11 |
28.678 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(56.06) |
26.26 |
35.55 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(17.64) |
4.38 |
5.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(20.21) |
6.96 |
8.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.08) |
4.25 |
6.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.67) |
0.27 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
5.52 |
2.90 |
2.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27 |
1.03 |
1.03 |
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 |
72.574 |
97.574 |
97.574 |
|
Reserves & Surplus |
965.676 |
1282.332 |
816.734 |
|
Money received against share
warrants |
142.400 |
0.000 |
0.000 |
|
Net
worth |
1180.650 |
1379.906 |
914.308 |
|
|
|
|
|
|
long-term borrowings |
136.953 |
1037.052 |
2632.144 |
|
Short term borrowings |
2236.432 |
2971.211 |
2417.411 |
|
Total
borrowings |
2373.385 |
4008.263 |
5049.555 |
|
Debt/Equity
ratio |
2.010 |
2.905 |
5.523 |
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 |
4,355.580 |
5,274.995 |
3,035.572 |
|
|
|
21.109 |
(42.454) |
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
|
4,355.580 |
5,274.995 |
3,035.572 |
|
Profit |
257.982 |
235.146 |
-546.980 |
|
|
5.92% |
4.46% |
-18.02% |
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 |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Short Term
Borrowings |
|
|
|
Foreign currency loans from bank – buyers credit |
0.000 |
28.377 |
|
Loans from directors |
18.214 |
1.738 |
|
Interest free loan from related parties repayable on demand |
0.000 |
93.338 |
|
Loan from shareholders |
0.737 |
0.737 |
|
Deposits |
0.000 |
2.500 |
|
Loan from others |
293.908 |
48.079 |
|
Total |
312.859 |
174.769 |
OPERATIONS
During the period the total revenue has decreased from Rs.5367.158 Millions to Rs.3101.207 Millions due to adverse market conditions and temporary global slowdown in the sector. The directors assure that in the coming years there will be huge profit as the company is hopeful in bagging various contracts which shall be profitable and beneficial to the company and its stakeholders.
For the year ended on 31St march, 2013 the company has achieved the earning before interest, depreciation and amortization and tax (EBIDTA) of Rs.163.885 Millions as against Rs.1017.103 Millions for the year representing an decrease by Rs.853.218 Millions.
FINANCIAL PERFORMANCE:
The company is facing financial crunch on account of local global slowdown in the economy which has resulted in to the scarcity in getting the viable projects. Part from this the funds of the company are blocked in domestic and as well as in global market without the adequate reduction in expenses as a result of which company has entered into corporate debt restructuring (CDR) with the bankers and financial institutions and has successfully implemented the CDR package.
In view of the same, the management is hopeful for revival in 2-3 years.
Some parties have field complaint us 138 of the Negotiable Instrument Act 1881 against the company. The management is taking adequate measures to defend the cases filed against the company and its directors by appointing senior advocates in this regards.
During the financial year 2012-13, the company’s total revenue has decreased from Rs.5367.158 Millions to Rs.3101.207 Millions due to adverse market conditions and temporary global slowdown in the sector.
Earnings before interest, depreciation and amortization and tax (EBIDTA) of Rs.163.885 Millions.
UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND YEAR ENDED 31ST MARCH 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Year Ended ( Unaudited) |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
1033.252 |
686.578 |
3007.959 |
|
b) Other operating income |
0.000 |
1.912 |
9.263 |
|
Total
income from Operations(net) |
1033.252 |
688.490 |
3017.222 |
|
2.Expenditure |
|
|
|
|
a) Consumptions of materials |
136.781 |
54.793 |
437.076 |
|
b) Sub-Contracting cost |
752.084 |
346.017 |
1569.542 |
|
c) Employees benefit expenses |
26.300 |
39.595 |
224.025 |
|
d) Depreciation and amortization expenses |
27.658 |
28.006 |
112.441 |
|
e) Other expenditure |
129.063 |
82.454 |
457.065 |
|
Total expenses |
1071.886 |
550.865 |
2800.149 |
|
3. Profit from operations before other income and
financial costs |
(38.635) |
137.625 |
217.073 |
|
4. Other income |
7.855 |
5.433 |
27.693 |
|
5. Profit from ordinary activities before finance costs |
(30.780) |
143.057 |
244.766 |
|
6. Finance costs |
105.317 |
162.009 |
517.149 |
|
7. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
(136.097) |
(18.951) |
(272.383) |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
(136.097) |
(18.951) |
(272.383) |
|
10.Tax expenses |
(25.344) |
(5.345) |
(52.530) |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
(110.753) |
(13.606) |
(219.853) |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
(110.753) |
(13.606) |
(219.853) |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
97.574 |
97.574 |
97.574 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
- |
- |
- |
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic |
(11.35) |
(1.39) |
(22.53) |
|
(b) Diluted |
(11.35) |
(1.39) |
(22.53) |
|
Particulars |
Quarter Ended ( Unaudited) |
Year Ended ( Unaudited) |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
3282925 |
3282925 |
3282925 |
|
- Percentage of shareholding |
33.65 |
33.65 |
33.65 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
6474518 |
6474518 |
6474518 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
66.35 |
66.35 |
66.35 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
- |
- |
- |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
- |
- |
- |
|
Percentage of shares (as a % of total share capital of the
company) |
- |
- |
- |
|
|
|
|
|
|
B.
Investor Complaints |
|
||
|
Pending at the beginning of the quarter |
Nil |
||
|
Receiving during the quarter |
Nil |
||
|
Disposed of during the quarter |
Nil |
||
|
Remaining unreserved at the end of the quarter |
Nil |
||
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 31.03.2013
Rs. In Millions
|
SOURCES OF FUNDS |
|
|
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
97.574 |
|
(b) Reserves & Surplus |
|
|
582.449 |
|
(c) Money received against
share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
680.023 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
3,502.869 |
|
(b) Deferred tax liabilities
(Net) |
|
|
92.910 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
4.537 |
|
Total
Non-current Liabilities (3) |
|
|
3,600.316 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
1,858.275 |
|
(b) Trade payables |
|
|
783.416 |
|
(c) Other current liabilities |
|
|
910.435 |
|
(d) Short-term provisions |
|
|
0.000 |
|
Total
Current Liabilities (4) |
|
|
3,552.126 |
|
|
|
|
|
|
TOTAL |
|
|
7,832.465 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
1,847.590 |
|
(ii) Intangible Assets |
|
|
1.444 |
|
(iii) Capital work-in-progress |
|
|
0.000 |
|
(iv) Intangible assets under
development |
|
|
5.235 |
|
(b) Non-current Investments |
|
|
152.682 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
282.015 |
|
(e) Other Non-current assets |
|
|
0.000 |
|
Total
Non-Current Assets |
|
|
2,288.966 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.500 |
|
(b) Inventories |
|
|
123.696 |
|
(c) Trade receivables |
|
|
3,371.084 |
|
(d) Cash and cash equivalents |
|
|
229.578 |
|
(e) Short-term loans and
advances |
|
|
1,078.208 |
|
(f) Other current assets |
|
|
740.433 |
|
Total
Current Assets |
|
|
5,543.499 |
|
|
|
|
|
|
TOTAL |
|
|
7,832.465 |
Notes:
- The above Standalone financial results were reviewed by the Audit Committee and approved by the Board Director in their meeting held on February 14, 2014.
- The statutory Auditors have carried out a limited review of the financial results for the quarter ended December 31, 2013.
- The above stated Net
Sales/ Income from operation includes income from sale of solar power
generated of Rs.263.02 Lacs for the quarter and Rs.76.315 Millions for the
nine months period both ended on December 31, 2013. Such income for the
corresponding previous quarters and Rs.29.897 Millions previous nine
months period and for the year ended on December 31, 2012 was Rs.68.480
Millions.
- The Company operates
mainly in the single business segment as per Accounting Standard 17.
- Figures have been regrouped/ reclassified wherever necessary.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10442783 |
18/07/2013 |
6,761,800,000.00 |
PNB Investment Services Limited |
10, Rakesh Deep Building,
Yusuf Sarai Commercial |
B81975229 |
|
2 |
10442787 |
18/07/2013 |
6,761,800,000.00 |
PNB Investment Services Limited |
10, Rakesh Deep
Building, Yusuf Sarai Commercial |
B81976292 |
|
3 |
10442788 |
18/07/2013 |
6,761,800,000.00 |
PNB Investment Services Limited |
10, Rakesh Deep
Building, Yusuf Sarai Commercial |
B81976581 |
|
4 |
10412277 |
16/03/2013 |
162,252,000.00 |
L & T FINANCE LIMITED |
L and T House,, Ballard Estate, Mumbai, Maharashtra - 400001, India |
B70937727 |
|
5 |
10397622 |
18/12/2012 |
50,000,000.00 |
STATE BANK OF INDIA |
Overseas Branch, 3rd Floor,, Amrit Jayanti Bhawan, Navjivan P.O., Ahmedabad, Gujarat - 380014, India |
B66112418 |
|
6 |
10381187 |
31/08/2012 |
59,433,096.00 |
BAJAJ FINANCE LIMITED |
Akurdi Pune-, Pune, Maharashtra - 411035, India |
B59947077 |
|
7 |
10356000 |
11/05/2012 |
18,400,000.00 |
SREI Equipment Finance Private Limited |
'Vishwakarma', 86c, Topsia Road, Kolkata, West Bengal - 700046, India |
B39698998 |
|
8 |
10356002 |
11/05/2012 |
18,511,794.00 |
SREI Equipment Finance Private Limited |
'Vishwakarma', 86c, Topsia Road, Kolkata, West Bengal - 700046, India |
B39699384 |
|
9 |
10356004 |
11/05/2012 |
313,000,000.00 |
SREI Equipment Finance Private Limited |
'Vishwakarma', 86c, Topsia Road, Kolkata, West Bengal - 700046, India |
B39699632 |
|
10 |
10340025 |
03/02/2012 |
61,552,641.00 |
BAJAJ FINANCE LIMITED |
Akurdi Pune-, Pune, Maharashtra - 41 1035, India |
B34052092 |
|
11 |
10311002 |
04/05/2012 * |
621,000,000.00 |
Axis Bank Limited |
Trishul 3rd Floor Opp Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad, Gujarat - 380006, India |
B42327635 |
|
12 |
10309756 |
31/08/2011 |
3,240,000.00 |
L & T FINANCE LIMITED |
L and T House,, Ballard Estate,, Mumbai, Maharashtra - 400001, India |
B22360325 |
|
13 |
10304930 |
27/12/2011 * |
430,000,000.00 |
STATE BANK OF INDIA |
Overseas Branch, 3rd Floor,, Amrit Jayanti Bhawan, Navjivan P.O., Ahmedabad, Gujarat - 380014, India |
B30392823 |
|
14 |
10298679 |
09/06/2011 |
1,277,000.00 |
HDFC BANK LIMITED |
HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
B17412420 |
|
15 |
10297480 |
01/06/2011 |
582,000.00 |
HDFC BANK LIMITED |
HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
B16946220 |
|
16 |
10297482 |
01/06/2011 |
1,131,300.00 |
HDFC BANK LIMITED |
HDFC Bank House Senapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
B16946600 |
|
17 |
10285754 |
19/04/2011 |
1,590,000.00 |
BAJAJ FINANCE LIMITED |
Akurdi Pune-, Mumbai Pune Road, Pune, Maharashtra - 411035, India |
B12487831 |
|
18 |
10281606 |
09/04/2011 |
3,291,000.00 |
BAJAJ FINANCE LIMITED |
AKURDI PUNE-, PUNE, Maharashtra - 411035, INDIA |
B10998748 |
|
19 |
10278197 |
15/03/2011 |
340,000,000.00 |
PUNJAB NATIONAL BANK |
SHASTRI PARK
BRANCH,, NEHRUNAGAR, AHMEDABAD, Guja |
B09671280 |
|
20 |
10272374 |
11/03/2011 |
37,500,000.00 |
L & T FINANCE LIMITED |
L and T House,, Ballard Estate,, Mumbai, Maharashtra - 400001, India |
B07944648 |
|
21 |
10260326 |
15/12/2010 |
9,000,000.00 |
L & T FINANCE LIMITED |
L and T House,, Ballard Estate,, Mumbai, Maharashtra - 400001, India |
B03429586 |
|
22 |
10245343 |
06/06/2012 * |
5,800,000,000.00 |
IDBI Bank Limited |
IDBI Complex, Near Lal Bunglow, Opp. Municipal Staff Quarters, Off. C.G. Road, Ahmedabad, Gujarat - 380006, INDIA |
B42703728 |
|
23 |
10241565 |
31/07/2010 |
174,259,593.00 |
TATA CAPITAL LIMITED |
One Forbes, Dr V B Gandhi Marg, Fort, Mumbai, Maharashtra - 400001, India |
A94761996 |
|
24 |
10240576 |
27/07/2010 |
27,990,000.00 |
ICICI BANK LIMITED |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
A94338621 |
|
25 |
10231457 |
09/06/2010 |
1,235,000.00 |
L & T FINANCE LIMITED |
L and T House,, Ballard Estate,, Mumbai, Maharashtra - 400001, India |
A90931833 |
|
26 |
10220014 |
08/05/2010 |
8,584,842.00 |
Reliance Capital Limited |
"H" Block 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai, Maharashtra - 400710, India |
A86083201 |
|
27 |
10219955 |
29/03/2010 |
6,127,500.00 |
Reliance Capital Limited |
"H" Block 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai, Maharashtra - 400710, India |
A86010584 |
|
28 |
10212472 |
18/02/2010 |
8,584,842.00 |
Reliance Capital Limited |
"H" Block 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai, Maharashtra - 400710, India |
A83121020 |
|
29 |
10195268 |
23/12/2009 |
20,000,000.00 |
TATA CAPITAL LIMITED |
One Forbes, Dr V B Gandhi Marg,Fort, Mumbai, Maharashtra - 400001, India |
A77023885 |
|
30 |
10169492 |
30/07/2009 |
9,819,936.00 |
Reliance Capital Limited |
"H" Block 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai, Maharashtra - 400710, India |
A66890013 |
|
31 |
10173496 |
03/07/2009 |
6,579,500.00 |
Reliance Capital Limited |
"H" Block 1st Floor, Dhirubhai Ambani Knowledge City, Koparkhairne, Navi Mumbai, Maharashtra - 400710, India |
A67851386 |
|
32 |
10164828 |
27/05/2009 |
2,190,000,000.00 |
Axis Bank Limited |
Trishul 3rd Floor Opp Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad, Gujarat - 380006, India |
A65039240 |
|
33 |
10161885 |
25/05/2009 |
2,190,000,000.00 |
Axis Bank Limited |
Trishul 3rd Floor Opp Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad, Gujarat - 380006, India |
A63755383 |
|
34 |
10117832 |
29/07/2008 |
1,940,000,000.00 |
Axis Bank Limited |
Trishul 3rd Floor Opp Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad, Gujarat - 380006, India |
A43800846 |
|
35 |
10120500 |
11/07/2008 |
1,940,000,000.00 |
Axis Bank Limited |
Trishul 3rd Floor Opp Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad, Gujarat - 380006, India |
A43800804 |
|
36 |
10113609 |
24/06/2008 |
6,098,000.00 |
ICICI BANK LIMITED |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
A41220633 |
|
37 |
10097454 |
28/03/2008 |
4,444,000.00 |
ICICI BANK LIMITED |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
A36040848 |
|
38 |
10075695 |
01/11/2007 |
6,239,000.00 |
ICICI BANK LIMITED |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
A26893685 |
|
39 |
10067018 |
31/07/2007 |
6,400,000.00 |
SREI Equipment Finance Private Limited |
'Vishwakarma', 86c, Topsia Road, Kolkata, West Bengal - 700046, India |
A21508288 |
|
40 |
10056868 |
11/06/2007 |
1,814,000.00 |
ICICI BANK LIMITED |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
A17085788 |
|
41 |
10020342 |
01/05/2006 |
1,728,000.00 |
ICICI Bank Limited. |
11th Floor; Saka-I, Nehrubridge Corner; Ashram Road, Ahmedabad, Gujarat - 380009, India |
A00733808 |
|
42 |
90107175 |
31/08/2005 |
4,950,000.00 |
ICICI Bank Limited. |
11th Floor; Saka-I, Nehrubridge Corner; Ashram Road, Ahmedabad, Gujarat - 380009, India |
- |
|
43 |
90107128 |
08/06/2005 |
350,000.00 |
ICICI Bank Limited. |
11th Floor; Saka-I, Nehrubridge Corner; Ashram Road, Ahmedabad, Gujarat - 380009, India |
- |
|
44 |
90107118 |
17/05/2005 |
1,260,000.00 |
ICICI Bank Limited. |
11th Floor; Saka-I, Nehrubridge Corner; Ashram Road, Ahmedabad, Gujarat - 380009, India |
- |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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 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.59.26 |
|
UK Pound |
1 |
Rs.99.63 |
|
Euro |
1 |
Rs.80.54 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
26 |
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.