MIRA INFORM REPORT
|
Report Date : |
22.03.2014 |
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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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 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 appears 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
State-run banks hired nearly 300000
personnel including more than 94000 officers in the last four years, according
to the Indian Banks Association. A study by trade lobby Assocham in September
2013 indicated that banks would need 800000 people in the next six years. It
estimated that state-run lenders alone would hire 50000 people in 2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December. Maharashtra
topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs 8140 mn,
Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office locations.
London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
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 |
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Fax No.: |
91-22-40915014/ 15 |
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E-Mail : |
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Website : |
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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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Training Station : |
“Gurukul”, Plot No. H-37, Shivaji Nagar, M.I.D.C., Satpur, Nasik – 422
007, Maharashtra, India |
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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.) |
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Date of Appointment : |
07.02.1978 |
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|
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|
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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|
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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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|
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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 |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHARE HOLDING PETTERN
AS ON 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
|
|
|
|
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|
15315926 |
18.62 |
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|
7545965 |
9.17 |
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|
22861891 |
27.79 |
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|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
22861891 |
27.79 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
13508901 |
16.42 |
|
|
2460161 |
2.99 |
|
|
543448 |
0.66 |
|
|
16512510 |
20.07 |
|
|
|
|
|
|
6667730 |
8.10 |
|
|
|
|
|
|
23423753 |
28.47 |
|
|
5105787 |
6.21 |
|
|
7702151 |
9.36 |
|
|
498725 |
0.61 |
|
|
7196426 |
8.75 |
|
|
7000 |
0.01 |
|
|
42899421 |
52.14 |
|
Total Public shareholding (B) |
59411931 |
72.21 |
|
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:
CASE DETAILS
Bench:-Bombay
Lodging No.:- SSL/1211/2008
Filing Date:- 31/03/2008
Reg. No.:- SS/1357/2008
Reg. Date:- 22/04/2008
Petitioner:- EFS
Logistics India Private Limited
Respondent:- Jyoti
Structures Limited
Petn.Adv.:-
Subodh B. Gokhale (0)
Resp.Adv.:- Res
Legal 0)
District:- MUMBAI
Bench:- SINGLE
Status:- Transferred
Category:- MONETARY SUITS
Transfer Date:- 01/10/2012
Remark:- TRANSFERRED TO CITY
CIVIL COURT
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.
UNAUDITED
STANDALONE FINANCIAL RESULTS FOR THE QUARTER / NINE MONTHS ENDED 31TH
DECEMBER, 2013
(Rs. in millions)
|
Sr.
No. |
Particulars |
Quarter Ended |
Half Year Ended |
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
|
PART
I |
|
|
|
|
1) |
Income
from operations |
|
|
|
|
|
a) Net sales/income from operations (net of
excise duty) |
6612.900 |
6480.300 |
20193.700 |
|
|
b) Other Operating Income |
12.700 |
13.000 |
37.800 |
|
|
Total
income from operations (Net) |
6625.600 |
6493.300 |
20231.500 |
|
2) |
Expenses |
|
|
|
|
|
a) Cost of Materials Consumed |
4214.800 |
4245.200 |
13140.100 |
|
|
b) Purchases of Stock in trade |
0.000 |
0.000 |
0.000 |
|
|
c) Erection and sub-contracting Expenses |
1244.600 |
865.400 |
3364.500 |
|
|
d) Change in inventories of finished goods,
work-in-progress and stock-in-trade |
(521.300) |
117.500 |
(640.500) |
|
|
e) Employees Benefits Expense |
240.900 |
225.000 |
686.800 |
|
|
f) Depreciation and Amortisation Expense |
68.700 |
68.000 |
203.000 |
|
|
g) Other Expenses |
826.100 |
451.400 |
1763.700 |
|
|
Total
expenses |
6073.800 |
5972.500 |
18517.600 |
|
3) |
Profit
/ (Loss) from operations before other income, finance costs and exceptional
items (1-2) |
551.800 |
520.800 |
1713.900 |
|
4) |
Other
income |
57.600 |
82.600 |
168.900 |
|
5) |
Profit
/ (Loss) from ordinary activities before finance costs and exceptional Items
(3 + 4) |
609.400 |
603.400 |
1882.800 |
|
6) |
Finance
Cost |
397.900 |
379.000 |
1199.300 |
|
7) |
Profit
/ (Loss) from ordinary activities after finance costs but before exceptional
Items (5 - 6) |
211.500 |
224.400 |
683.500 |
|
8) |
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
9) |
Profit
/ (Loss) from ordinary activities before tax (7 + 8) |
211.500 |
224.400 |
683.500 |
|
10) |
Tax
expense |
72.700 |
78.100 |
235.000 |
|
11) |
Net
Profit / (Loss) from ordinary activities after tax (9 - 10) |
138.800 |
146.300 |
448.500 |
|
12) |
Extraordinary
Item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13) |
Net
Profit / (Loss) for the period (11 + 12) |
138.800 |
146.300 |
448.500 |
|
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 |
-- |
-- |
-- |
|
16) |
Earning
per share before and after Extraordinary items (not annualised) |
|
|
|
|
|
-
Basic Rs. |
1.68 |
1.77 |
5.43 |
|
|
-
Diluted Rs. |
1.68 |
1.77 |
5.42 |
|
|
PART
II |
|
|
|
|
|
A
- PARTICULARS OF SHAREHOLDING |
|
|
|
|
1) |
Public
shareholding |
|
|
|
|
|
-
Number of shares |
59411931 |
59402631 |
59411931 |
|
|
-
Percentage of shareholding |
72.21% |
72.21% |
72.21% |
|
2) |
Promoters
and Promoter Group Shareholding a)
Pledged / Encumbered |
|
|
|
|
|
-
Number of shares |
18283562 |
18333154 |
18283562 |
|
|
-
Percentage of shares (as a % of the total shareholding of the Promoter and
Promoter group) |
79.97% |
80.19% |
79.97% |
|
|
-
Percentage of shares (as a % of the total share capital of the company) |
22.22% |
22.29% |
22.22% |
|
|
b) Non - encumbered |
|
|
|
|
|
-
Number of shares |
4578329 |
4528737 |
4578329 |
|
|
-
Percentage of shares (as a % of the total shareholding of the Promoter and
Promoter group) |
20.03% |
19.81% |
20.03% |
|
|
-
Percentage of shares (as a % of the total share capital of the company) |
5.56% |
5.50% |
5.56% |
|
|
Particulars |
Quarter Ended
30.09.2013 |
|
|
B - INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
- |
|
|
Received during the quarter |
1 |
|
|
Disposed of during the quarter |
1 |
|
|
Remaining unresolved at the end of the quarter |
- |
Notes:
1.
The above results as reviewed and recommended by the Audit Committee,
have been approved by the Board of Directors at its meeting held on 30th
January 2014.
2.
The Company is in the business of execution of projects
related to power transmission and as such there are no reportable primary
business segments.
3.
Tax Expense includes provision for Current Tax and Deferred
Tax.
4.
During the quarter, the company has allotted 9,300 Equity
Shares of Rs.2 each to the eligible employee of the company, under the employee
stock option scheme.
5.
The Statutory Auditors of the Company have carried out the
"Limited Review" of the above results.
6.
Cost of material consumed includes Bought-out materials
purchased for supplies to customer under the contracts.
7.
Previous period / year figures have been re-arranged,
re-grouped, re-calculated and re-classified, wherever necessary.
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.61.05 |
|
|
1 |
Rs.100.81 |
|
Euro |
1 |
Rs.84.18 |
INFORMATION DETAILS
|
Information
Gathered by : |
HET |
|
|
|
|
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.