MIRA
INFORM REPORT
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Report Date : |
20.11.2014 |
IDENTIFICATION DETAILS
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Name : |
J C T LIMITED |
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Registered
Office : |
Village Chohal, District Hoshiarpur – 146024, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
28.10.1946 |
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Com. Reg. No.: |
16-004565 |
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Capital Investment
/ Paid-up Capital : |
Rs. 1631.982 Millions |
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CIN No.: [Company Identification
No.] |
L17117PB1946PLC004565 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JLDJ00405G/JLDJ00404F |
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PAN No.: [Permanent Account No.] |
AAACJ6733E |
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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
: |
Engaged in Manufacturing textiles and filament yarn |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (12) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having moderate track record. There are accumulated losses recorded by the company. Rating also
takes into account delay in repayment of bank loan and default in repayment of
foreign currency convertible bond. Business is active. Payment terms are slow and delayed. The company can be considered for business dealings on a safe and
secured trade terms and conditions. Note – Financials are for 6 months ranging from 1-10-2013 to
31.03.2014 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs arm
that ensures that companies file all the information required by the Companies
Act is the latest manifestation of a messy fight between a father and his
adopted son for the control of Rs 40000 mn business empire. The Central Bureau
of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as
bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
Fund based Limits = D |
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Rating Explanation |
Lowest Credit quality and very low prospects of recovery |
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Date |
March 2014 |
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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Ms. Nalini |
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Designation : |
Deputy Manager |
|
Date : |
11.11.2014 |
LOCATIONS
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Registered Office : |
Village Chohal, District Hoshiarpur – 146 024, |
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Tel. No.: |
91-1882-258780/85 |
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Fax No.: |
91-1882-258045 |
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E-Mail.: |
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Website |
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Corporate Office : |
305-309 |
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Tel. No.: |
91-11-46290000 |
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Fax No.: |
91-11-28512222 |
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Factory 1 : |
Textiles Plant G T Road,
Phagwara-144401, Punjab, Indias |
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Tel. No.: |
91-1824-305000-07 |
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Fax No.: |
91-1824-261191/266389 |
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Email: |
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Factory 2: |
Filament Plant Dharamshala Road,
Chohal, Hoshiarpur – 146024, Punjab, India |
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Tel. No.: |
91-1882-258780 to
258784 |
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Fax No.: |
91-1882-258059 |
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Email: |
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Branch office |
K.K. Chambers,
Sir P.T. Marg, P. B. No. 1579, Mumbai – 400001, Maharashtra, India |
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Tel. No.: |
91-22-22072842 |
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Fax No.: |
91-22-22071942 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr.
Samir Thapar |
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Designation : |
Vice Chairman and Managing Director |
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Name : |
Ms
Priya Thapar |
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Designation : |
Director |
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Name : |
Mr.
Gordhan Bhoraj Kathuria |
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Designation : |
Director
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Name : |
Mr.
Ajit Kumar Doshi |
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Designation : |
Director
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Name : |
Mr.
Chander Mohan Bhanot |
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Designation : |
Director |
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Name : |
Mr.
Suresh Kumar Singhala |
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Designation : |
Allahabad
Bank Nominee |
KEY EXECUTIVES
|
Name : |
Ms. Nidhi Goel |
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Designation : |
Company Secretary |
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Name : |
Mr. M. P. S. Narang |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category
of Shareholder |
Total No.
of Shares |
Total
Shareholding as a % of Total No. of Shares |
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As a % of (A+B) |
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(A) Shareholding of Promoter
and Promoter Group |
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|
636429 |
0.11 |
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|
222639445 |
39.99 |
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|
223275874 |
40.10 |
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Total shareholding of Promoter
and Promoter Group (A) |
223275874 |
40.10 |
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(B) Public Shareholding |
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|
158547 |
0.03 |
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|
40236583 |
7.23 |
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|
302244 |
0.05 |
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|
9834186 |
1.77 |
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|
59865080 |
10.75 |
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|
110396640 |
19.83 |
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|
63319510 |
11.37 |
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|
92966506 |
16.70 |
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|
46286320 |
8.31 |
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|
20547799 |
3.69 |
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|
1622473 |
0.29 |
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|
18915826 |
3.40 |
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|
9500 |
0.00 |
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|
223120135 |
40.07 |
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Total Public shareholding (B) |
333516775 |
59.90 |
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Total (A)+(B) |
556792649 |
100.00 |
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(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
556792649 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Engaged in Manufacturing textiles and filament yarn |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS - Not Available
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
·
Allahabad Bank ·
Bank of Baroda ·
Punjab National Bank ·
Punjab and Sind Bank ·
State Bank of India ·
State Bank of Patiala ·
State Bank of Travancore |
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Facilities : |
SHORT TERM
BORROWINGS: Secured Working Capital Loans have been taken from consortium of scheduled banks and are secured by first charge ranking pari-passu inter-se amongst member banks on all the stocks of raw materials, stock in process, semi-finished and finished goods, stores and spares, bills receivable and books debts and all other moveables current assets both present and future pertaining to Company's Textile and Filament Units.These are also secured by second charge over the fixed assets pertaining to abovesaid Units and by personal guarantees of Chairman and Managing Director and Shri M M Thapar. Working capital loans from Allahabad Bank are additionaly secured by first charge by way of an equitable mortgage over the land admeasuring around 9 acres and structures thereon at Phagwara |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.P. Chopra and
Company Chartered
Accountants |
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Address : |
F-31, |
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Tel. No.: |
91-11-23313495-6-7 |
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Fax No.: |
91-11-23713516 |
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E-Mail : |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Associates: |
· JCT Electronics Limited · India International Airways Limited · Provestment Securities Private Limited · KCT Textiles Limited · JCT Sports Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000000 |
Equity Shares |
Rs.2.50/- each |
Rs.1500.000 Millions |
|
5000000 |
Redeemable Preference Shares |
Rs. 100/- each |
Rs. 500.000 |
|
|
Total |
|
Rs. 2000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
556792649 |
Equity Shares |
Rs.2.50/- each |
Rs. 1391.982 Millions |
|
2400000 |
Optionally Partially Convertible Preference Shares |
Rs. 100/- each |
Rs. 240.000 Millions |
|
|
Total |
|
Rs. 1631.982
Millions |
Note:
During the period, the Company alloted 11,59,54,059 equity shares at par @ Rs.2.50 per share aggregating to Rs. 2,89.886 Millions to Foreign Currency Convertible Bond holders in settlement of Foreign currency Convertible Bonds (FCCBs) liability of US$ 12.930 million on preferential basis with a lock in period of 1 year. Out of such shares so allotted, 4,41,95,092 equity shares shall be dematerialised on receipt of post allotment listing approval from Bombay Stock Exchange Limited.
In the previous period ended 30.09.2013, the Company alloted 8,17,60,000 equity shares at par @ Rs.2.50 per share aggregating to Rs. 2,04.400 Millions (Rs. 1,02.200 Millions each to a related Company and to secured lending bankers) on preferential basis with a lock in period of 1 year w.e.f. 30.05.2013 in terms of the Corporate Debt Restructuring (CDR) Scheme.
10,00,000 OPCPS of Rs. 1,00.000 Millions are redeemable on 31.12.2016 (date extended from 31.12.2011). 20% of the face value is optionally covertible into equity shares during the currency of OPCPS. They are neither entitled to dividend nor carry any voting right.
14,00,000 OPCPS of Rs. 1,40.000 Millions are redeemable on 26.12.2015 (date extended from 26.12.2010) with the option to convert before that the whole amount into equity shares at a rate to be determined and as permissble under the SEBI guidelines. They are neither entitled to dividend nor carry any voting right.
Reconciliation of
Shares Outstanding
|
Particular |
31.03.2014 |
|
|
No. of Shares |
Rs. in Millions |
|
|
Equity Shares |
|
|
|
At the beginning of the period Issued, Subscribed and Fully paid up: |
440838590 |
1102.096 |
|
Previous period: |
115954059 |
289.886 |
|
At the end of the period |
556792649 |
1391.982 |
|
OPCPS At the beginning of the period |
2400000 |
240.000 |
|
At the end of the period |
2400000 |
240.000 |
Details of
Shareholders holding more than 5% shares:
|
Particular |
31.03.2014 |
|
|
No. of Shares |
%held |
|
|
Equity Shares |
|
|
|
Provestment Securities Private Limited |
132094334 |
23.72 |
|
KCT Textiles Limited |
90545111 |
16.26 |
|
ELM Park Fund Limited, Mauritius |
53819225 |
9.67 |
|
Musk Holdings Limited, Mauritius |
44195092 |
7.94 |
|
OPCPS Provestment Securities Private Limited |
1000000 |
41.67 |
|
Alport Limited |
1400000 |
58.33 |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 (6 Months) |
30.09.2013 (18 Months) |
31.03.2012 |
|
|
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|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1631.982 |
1342.096 |
1137.696 |
|
(b) Reserves &
Surplus |
(611.401) |
(1323.409) |
(379.793) |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
1020.581 |
18.687 |
757.903 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1726.507 |
1856.253 |
1255.066 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
240.373 |
242.230 |
211.645 |
|
(d) long-term provisions |
383.605 |
389.054 |
251.963 |
|
Total Non-current
Liabilities (3) |
2350.485 |
2487.537 |
1718.674 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
517.676 |
510.857 |
843.407 |
|
(b) Trade payables |
1271.195 |
1015.076 |
1278.803 |
|
(c) Other current
liabilities |
1850.057 |
2894.851 |
2685.756 |
|
(d) Short-term provisions |
65.580 |
58.116 |
52.691 |
|
Total Current Liabilities
(4) |
3704.508 |
4478.900 |
4860.657 |
|
|
|
|
|
|
TOTAL |
7075.574 |
6985.124 |
7337.234 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3970.505 |
4129.803 |
4563.204 |
|
(ii) Intangible Assets |
5.544 |
7.116 |
4.821 |
|
(iii) Capital
work-in-progress |
44.634 |
24.668 |
20.098 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
366.898 |
279.052 |
401.749 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
68.862 |
70.099 |
59.126 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
4456.443 |
4510.738 |
5048.998 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
103.666 |
16.681 |
|
(b) Inventories |
1360.626 |
1180.142 |
1284.341 |
|
(c) Trade receivables |
672.318 |
565.210 |
479.176 |
|
(d) Cash and cash equivalents |
65.507 |
131.860 |
77.223 |
|
(e) Short-term loans and
advances |
355.492 |
346.965 |
275.879 |
|
(f) Other current assets |
165.188 |
146.543 |
154.936 |
|
Total Current Assets |
2619.131 |
2474.386 |
2288.236 |
|
|
|
|
|
|
TOTAL |
7075.574 |
6985.124 |
7337.234 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 (6 Months) |
30.09.2013 (18 Months) |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
4722.584 |
12679.741 |
7928.064 |
|
|
Other Income |
48.228 |
163.589 |
72.812 |
|
|
TOTAL (A) |
4770.812 |
12843.330 |
8000.876 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
2768.409 |
7108.979 |
5055.990 |
|
|
Other Manufacturing
expenses |
857.842 |
2619.807 |
1351.823 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(130.207) |
100.239 |
(42.184) |
|
|
Employees benefits
expense |
552.062 |
1443.874 |
825.902 |
|
|
Other expenses |
356.231 |
941.725 |
587.050 |
|
|
Exceptional Items |
0.000 |
162.200 |
6.070 |
|
|
TOTAL (B) |
4404.337 |
12376.824 |
7784.651 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
366.475 |
466.506 |
216.225 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
170.621 |
529.473 |
411.552 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
195.854 |
(62.967) |
(195.327) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
165.649 |
739.160 |
469.507 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
30.205 |
(802.127) |
(664.834) |
|
|
|
|
|
|
|
Less |
TAX (H) |
(8.279) |
8.200 |
1.417 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
38.484 |
(810.327) |
(666.251) |
|
|
|
|
|
|
|
Add |
(LOSS) FOR THE PERIOD
FROM DISCONTINUING OPERATIONS |
(5.108) |
(67.359) |
(14.289) |
|
|
|
|
|
|
|
|
PROFIT /(LOSS) FOR THE
PERIOD AFTER TAX |
33.376 |
(877.686) |
(680.540) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
496.064 |
1601.881 |
897.493 |
|
|
TOTAL EARNINGS |
496.064 |
1601.881 |
897.493 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
80.134 |
226.677 |
163.714 |
|
|
Components and Stores
parts |
34.727 |
149.763 |
92.471 |
|
|
Capital Goods |
0.015 |
8.926 |
2.799 |
|
|
TOTAL IMPORTS |
114.876 |
385.366 |
258.984 |
|
|
|
|
|
|
|
|
Earning/(Loss) per
share before exceptional items |
|
|
|
|
|
- Basic |
0.07 |
(1.72) |
(1.85) |
|
|
- Diluted |
0.06 |
(1.47) |
(1.57) |
|
|
|
|
|
|
|
|
Earning/(Loss) per
share after exceptional items |
|
|
|
|
|
- Basic |
0.07 |
(2.32) |
(1.90) |
|
|
- Diluted |
0.06 |
(1.99) |
(1.61) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 (6 Months) |
30.09.2013 (18 Months) |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
0.81 |
(6.39) |
(8.40) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
7.76 |
3.68 |
2.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.45 |
(12.01) |
(9.61) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
(42.92) |
(0.88) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
2.20 |
126.67 |
2.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.71 |
0.55 |
0.47 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
30.09.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
1137.696 |
1342.096 |
1631.982 |
|
Reserves & Surplus |
(379.793) |
(1323.409) |
(611.401) |
|
Net worth |
757.903 |
18.687 |
1020.581 |
|
|
|
|
|
|
long-term borrowings |
1255.066 |
1856.253 |
1726.507 |
|
Short term borrowings |
843.407 |
510.857 |
517.676 |
|
Total borrowings |
2098.473 |
2367.110 |
2244.183 |
|
Debt/Equity ratio |
2.769 |
126.671 |
2.199 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
30.09.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
7928.064 |
12679.741 |
4722.584 |
|
|
|
59.935 |
(62.755) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
30.09.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
7928.064 |
12679.741 |
4722.584 |
|
Profit |
(666.251) |
(810.327) |
38.484 |
|
|
(8.40%) |
(6.39%) |
0.81% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
------------------------ |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if
available |
Yes |
LITIGATION
DETAILS:
|
High Court of Punjab and Haryana Chandigarh |
|||
|
|
|||
|
Case Details For Case CA-140-2014 |
|||
|
Diary Number |
1153884 |
District |
OTHER-DISTRICTS |
|
Category |
21-COMPANY
PETITIONS |
Main Case Detail |
CP-106-2012 |
|
Party Detail |
BANK
OF NEW YORK MELLON LONDON BRANCH V/S JCT LTD. |
||
|
Advocate Name |
ROHIT KHANNA |
List Type |
|
|
Status |
PENDING |
Next date |
Not
Available |
|
|
|||
|
Case Listing Details |
|||
|
Cause List Date |
List Type:Sr. No. |
Bench |
Order Link |
|
20-MAR-2014 |
NA:101 |
HON'BLE
MR. JUSTICE RAJIV NARAIN RAINA |
---- |
|
Judgment Details For Case: CA-140-2014 |
|||
|
Order Date |
Order Type |
Bench |
Judgment Link |
|
20-MAR-14 |
Final
Order |
HON'BLE
MR. JUSTICE RAJIV NARAIN RAINA |
|
OPERATIONS
The Textile Division at Phagwara operated at an average of 95% of the installed capacity and produced 21.455 Millions meters of fabrics during the six months period ended 31st March 2014. Though the capacity utilisation has improved during the period but the capacities have not been utilized to its optimum level because of shortage of working capital funds. The performance improved substantially in terms of turnover and margins despite increased raw material cost.
The company has since expanded its customer base and has gone deeper with the existing customers to fully secure its production. Marketing strategy has been changing with the time and there has been a shift in product mix accordingly. The company has adopted a strategy of covering cotton to have minimum risk.
There has no operation in Sriganganagar since operations have been discontinued in earlier years. Some administrative expenses have been incurred over there to look after the land there.
Filament Unit continues to maintain its position as one of the largest manufacturer of textile grade nylon yarn in India with installed capacity of 14000 MTS. During the period the unit produced 6464 MT of filament yarn with average denier of 36.9.
The company has been changing its in product mix on the basis of dependability on yarn sold in Surat market has been shifted to yarn being sold in Amritsar & Mau markets. In view of LOY base 20 Mono Yarn is less prone to market fluctuations and has a much higher margin. To save on power cost the unit has installed CHS.
VIEW INDEX OF
CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10062854 |
26/09/2009 * |
250,000,000.00 |
STATE BANK OF PATIALA |
G T ROAD, PHAGWARA, Punjab - 144401, INDIA |
A70950688 |
|
2 |
10058869 |
26/09/2009 * |
350,000,000.00 |
PUNJAB NATIONAL BANK |
74 JANPATH, NEW DELHI, Delhi - 110001, INDIA |
A71494082 |
|
3 |
10020686 |
16/09/2009 * |
730,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE
BRANCH, 17, PARLIAMENT STREET, |
A70827712 |
|
4 |
80011655 |
18/06/2011 * |
1,250,851,000.00 |
ALLHABAD BANK |
INDUSTRIAL FINANCE BRANCH, 1ST FLOOR, 17, PARLIAMENT STREET, NEW DELHI, Delhi - 110001, INDIA |
B16845554 |
|
5 |
80011651 |
03/10/2005 |
8,844,000.00 |
PUNJAB AND SIND BANK |
H BLOCK, CONNAUGHT CIRCUS, NEW DELHI, Delhi - 110001, INDIA |
- |
|
6 |
80011656 |
16/09/2009 * |
58,400,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE
BRANCH, 17, PARLIAMENT STREET, |
A70828165 |
|
7 |
90170035 |
26/09/2009 * |
54,200,000.00 |
PUNJAB NATIONAL BANK |
74, JANPATH, NEW DELHI, Delhi - 110001, INDIA |
A71493779 |
|
8 |
80011657 |
30/10/2009 * |
500,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, WORLD
TRADE TOWER, CUFFE PARADE, |
A72204373 |
|
9 |
90170874 |
04/09/2009 * |
1,737,700,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE
BRANCH, 17, PARLIAMENT STREET, |
A69493062 |
|
10 |
90172398 |
19/10/2006 * |
1,409,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE
BRANCH, PARLIAMENT STREET, NEW |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
30.09.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Fixed Deposits from Public |
37.146 |
61.423 |
|
Interest free loan from a related company |
57.800 |
57.800 |
|
SHORT TERM
BORROWINGS |
|
|
|
Book Overdraft |
49.242 |
50.082 |
|
Total |
144.188 |
169.305 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER 30TH JUNE, 2013
|
Particulars |
Three months
ended |
|
|
30.06.2014 |
||
|
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
2184.700 |
|
|
(b) Other Operating Income |
91.600 |
|
|
Total income from operations (net) |
2276.300 |
|
2 |
Expenses |
|
|
|
(a) Cost of materials consumed |
1396.000 |
|
|
(b) Purchases of stock-in trade |
-- |
|
|
(c) Changes in inventories of finished goods. work-in-progress and stock in trade |
(170.100) |
|
|
(d) Employee benefits expense |
277.200 |
|
|
(e) Depreciation and Anmortisation Expenses |
68.000 |
|
|
(f) Power and Fuel |
365.800 |
|
|
(g) Other Expenses |
257.300 |
|
|
Total expenses |
2194.200 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
82.100 |
|
4 |
Other Income |
14.500 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
96.600 |
|
6 |
Finance Costs |
75.400 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
21.200 |
|
8 |
Exceptional items |
|
|
|
(a) NPV Protection against lenders’ sacrifice |
-- |
|
|
(b) (Loss)/Profit from discontinued operations |
(0.800) |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
20.400 |
|
10 |
Tax expenses |
-- |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
20.400 |
|
12 |
Extraordinary item (net of tax expense) |
-- |
|
13 |
Net Profit / (Loss) for the period (11-12) |
20.400 |
|
14 |
Share of profit' (loss) of associates |
-- |
|
15 |
Minority Interest |
-- |
|
16 |
Net Profit/ (Loss) after taxes, minority interest and share of
profit/(loss) of associates (13+14+15) |
20.400 |
|
17 |
Paid up equity share capital (Face Value of Rs 2.50/- each) |
1392.000 |
|
18 |
Reserve excluding Revaluation Reserve as per Balance Sheet of
previous accounting year |
-- |
|
19.i |
Earnings per share (before extraordinary items) of Rs.2.50/- each
(not annualised): |
|
|
|
(a) Basic |
0.04 |
|
|
(b) Diluted |
0.03 |
|
19.ii |
Earnings per share (after extraordinary items) of Rs.2.50/- each (not
annualised) |
|
|
|
(a) Basic |
0.04 |
|
|
(b) Diluted |
0.03 |
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
1 |
Public Shareholding |
|
|
|
- Number of shares |
333516775 |
|
|
- Percentage of shareholding |
59.90 |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of shares |
222768457 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
99.77 |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
40.01 |
|
|
b) Non Encumbered |
|
|
|
- Number of shares |
507417 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
0.23 |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
0.09 |
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
NIL |
|
|
Received during the quarter |
4 |
|
|
Disposed off during the quarter |
4 |
|
|
Remaining unresolved at the end of the quarter |
NIL |
UNAUDITED SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Particulars |
30.06.2014 |
|
|
Unaudited |
||
|
1 |
Segment Revenue |
|
|
|
(a) Textiles |
1305.600 |
|
|
(b) Nylon Filament Yarn |
879.100 |
|
|
(c) Unallocated |
-- |
|
|
Total |
2184.700 |
|
|
Less: Inter-Segment revenue |
-- |
|
|
Net Sales /
Income from Operations |
2184.700 |
|
|
|
|
|
2 |
Segment Results
Profit / (Loss) (before tax and interest from each segment) |
|
|
|
(a) Textiles |
93.300 |
|
|
(b) Nylon Filament Yarn |
23.800 |
|
|
(c) Unallocated |
-- |
|
|
Total |
117.100 |
|
|
Less: |
|
|
|
i) Finance costs |
75.400 |
|
|
ii) Other
Unallocable expenditure (Net) |
20.500 |
|
|
iii) Un-allocable
Income |
-- |
|
|
iv) Exceptional
items (income) |
-- |
|
|
(a) (Loss)/profit from discontinued operations |
(0.800) |
|
|
(b) NPV Protection against lenders’ Sacrifice |
-- |
|
|
Total
Profit(Loss) before Tax |
20.400 |
|
|
|
|
|
3 |
Capital employed
(Segment Assets – Segment Liabilities) |
|
|
|
(a) Textiles |
3036.200 |
|
|
(b) Nylon Filament Yarn |
480.500 |
|
|
(c) Unallocated |
(2954.200) |
|
|
Total Segment
Capital Employed |
562.500 |
Note:
The above results for the quarter ended June 30, 2014 are after the Limited Review carried out by the Statutory Auditors and have been reviewed by the Audit Committee of the Board and approved by the Board of Directors at its meeting held on August 12, 2014.
In earlier years, operations of both the Units at Sriganganagar Textile Mill were discontinued. The identified assets being land in both the Units, having net book value of Rs.13.458 Millions and is being carried at book value as expected net realizable value is higher, and has been shown as Assets held for disposal'. The Company has recognised Rs. 0.800 Millions as loss from discontinued operations during the quarter.
The Company could not redeem Foreign Currency Convertible Bonds (FCCBs) of US$
12.490 million (equivalent to Rs. 7,55.520 Millions) alongwith premium of
20.075% (US$ 2.510 million equivalent to Rs. 1,51.671 Millions) on April 08,
2011 due to paucity of cash funds. Further, provision of Rs.13.608 Millions for
the quarter and to date Rs. 175.844 Millions towards yield protection on the
unpaid amount is not considered necessary as this will not be payable once the
restructuring / settlement of FCCBs is completed. The Bank of New York,
trustees of the FCCBs, filed a winding up petition in the Hon'ble High Court of
Punjab and Haryana on September 29, 2012, on behalf of the FCCBs holders, which
is pending for disposal. Bondholders of FCCBs are pursuing the matter in the
court for winding up of the Company for non payment of their dues. The Company
has been advised that the merits of the case do not warrant winding up.
Debit/credit balances in account of few parties are subject to confirmation /
reconciliation.
The financial statements have been prepared on a going concern basis, though
the accumulated losses are more than 50% of the Capital and Free Reserves of
the Company, on the strength of continuing improvement in operations, future
plans and support of the promoters, bankers/ other lenders and workmen and
successful implementation of corporate debt restructuring by all the banks.
The figures of the previous period have been regrouped/reclassified, wherever
necessary, to confirm to current period's classification.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
30.09.2013 (Rs.
In Millions) |
|
(a) Claims against the Company not acknowledged as debts |
7.687 |
2.078 |
|
(b) Guarantees given by the bankers on behalf of the Company |
28.492 |
33.631 |
|
(c) Unutilised letter of credit |
0.000 |
2.840 |
|
(d) Disputed liabilities not adjusted as expenses in the Accounts for various years being in appeals towards: |
|
|
|
- Sales tax |
124.148 |
168.130 |
|
- Excise Duty |
420.770 |
426.538 |
|
- Stamp Duty |
18.772 |
18.772 |
|
- Custom Duty |
18.605 |
18.605 |
|
- Entry Tax |
193.414 |
148.808 |
|
- Others |
21.704 |
21.224 |
|
Total |
797.413 |
802.077 |
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Data Processing Equipment
·
Electric Installations
·
Including Gadgets
·
Tools and Implements
·
Furniture and Fixtures
·
Office Equipment
·
Vehicles
·
Scrap
·
Computer 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. 61.82 |
|
|
1 |
Rs. 96.55 |
|
Euro |
1 |
Rs. 77.42 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
12 |
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.