MIRA
INFORM REPORT
|
Report Date : |
09.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
JAI CROP LIMITED |
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Registered
Office : |
A-3, MIDC, Industrial Area, Nanded – 431 603, |
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Country : |
India |
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Financials (as on)
: |
31.03.2014 |
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Date of
Incorporation : |
06.06.1985 |
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Com. Reg. No.: |
11-036500 |
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Capital
Investment / Paid-up Capital : |
Rs. 185.846 Millions |
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CIN No.: [Company Identification
No.] |
L17120MH1985PLC036500 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
NSKJ01283C |
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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
: |
Manufacturer of like steel, plastic processing and
spinning yarn. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 83000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
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.
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
Management Non-corporation (91-22-61155300)
LOCATIONS
|
Registered Office : |
A-3, MIDC, Industrial Area, Nanded – 431 603, Maharashtra,
India |
|
Tel. No.: |
91-22-61155300 |
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Fax No.: |
91-22-22875197 |
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E-Mail : |
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Corporate Office : |
1 St Floor B –wing, MIttal Towers, Free Press Journal Marg, Nariman
Point, Mumbai – 400021, Maharashtra, India |
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Tel. No.: |
91-22-61155300 |
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Fax No.: |
91-22-22875197 |
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Corporate Office 2 : |
12-B, Mittal Towers, Nariman Point, Mumbai-400021 |
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Corporate Office 3 : |
807 Embassy Center, Nariman Point, Mumbai – 400021, Maharashtra, India
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Factory : |
Plastic
processing Division 140/1/1/1 to 140/1/1/9, Village Khadoli, Silvassa (D and N.H) (100%
EOU Unit) Survey No. 168/182-191, Dabhel Ind. Co-operative society limited Dabhel, Daman (Daman and Survey No. 148, 149/1 and 2, 180/2 and 3, Dabhel Ind. Co-operative
Society Limited Dabhel, Daman (Daman
and Plot No. F-1 and F-2, |
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Factory 2 : |
Plastic
Processing and Master Batch Survey No.141, |
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Factory 3 : |
Plastic
Processing and PSF Survey No.326/1,326/2/1 Village Athal, Silvassa, (D and NH) |
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Factory 4 : |
Steel Division A-3, M.I.D.C, Industrial Area Nanded, Maharashtra, India |
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Factory 5 : |
Textile
Division- Twisting Survey No.45-B, Govt. Industrial
Estate, Masat, Silvassa (D and NH) |
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Factory 6 : |
Textile
Division- Dyeing Plot No.1620, G.I.D.C. Sarigam, District Valsad, Gujarat, India |
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Factory 7 : |
Textile
Division- Spinning Survey No.246, |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Gaurav Jain |
|
Designation : |
Managing Director |
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Date of Birth: |
31 Years |
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Qualification: |
B.Sc (Economics) , B.Sc (Computer Science) |
|
Experience: |
10 Years |
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Date of Appointment: |
04.06.2008 |
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Name : |
Mr. V.S. Pandit |
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Designation : |
Director - Works |
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Name : |
Mr. K .M. Doongaji |
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Designation : |
Director |
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Name : |
Mr. S.H. Junnarkar |
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Designation : |
Director |
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Name : |
Mr. S. N. Chaturvedi |
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Designation : |
Director |
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Name : |
Mr. Anup P. Shah |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Anand Jain |
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Designation : |
Chairman |
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Name : |
Mr. Virendra Jain |
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Designation : |
Vice Chairman |
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Name : |
Mr. Pramod Kumar Jaiswal |
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Designation : |
Chief Accounts Officer and Chief Accounts Officer |
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Name : |
Mr. Ananjan Datta |
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Designation : |
Company Secretary & Complaince Officer |
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BOARD
COMMITTEES: Audit Committee |
·
K.M Doongaji (Chairman) ·
S.N.Chaturvedi ·
Anup P. Shah ·
Virendra Jain |
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Corporate Social
Responsibility Committee |
·
Anand Jain (Chairman) ·
S.N. Chaturvedi ·
Anup Shah ·
Virendra Jain |
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|
Nomination and
Remuneration Committee |
·
K.M Doongaji (Chairman) ·
Anand Jain ·
S.H. Junnarkar ·
Virendra Jain |
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Stakeholders
Relationship Committee |
·
K.M.Doongaji (Chairman) ·
S.N.Chaturvedi ·
Virendra Jain ·
Gaurav Jain |
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Risk Management
Committee |
·
Virendra Jain (Chairman) ·
Gaurav Jain ·
V.S. Pandit |
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Share Transfer Committee: |
·
Virendra Jain (Chairman) ·
Gaurav Jain ·
V.S. Pandit |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
|
|
As a % of (A+B) |
|
(A) Shareholding of Promoter and Promoter
Group |
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|
|
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|
128982400 |
72.28 |
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|
1300000 |
0.73 |
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|
130282400 |
73.01 |
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|
Total shareholding of Promoter and Promoter
Group (A) |
130282400 |
73.01 |
|
(B) Public Shareholding |
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|
|
|
|
|
|
284813 |
0.16 |
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|
3267901 |
1.83 |
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|
10549188 |
5.91 |
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|
14101902 |
7.90 |
|
|
|
|
|
|
9017049 |
5.05 |
|
|
|
|
|
|
21651588 |
12.13 |
|
|
1472348 |
0.83 |
|
|
1924123 |
1.08 |
|
|
1000167 |
0.56 |
|
|
62800 |
0.04 |
|
|
861006 |
0.48 |
|
|
150 |
0.00 |
|
|
34065108 |
19.09 |
|
Total Public shareholding (B) |
48167010 |
26.99 |
|
Total (A)+(B) |
178449410 |
100.00 |
|
(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 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
178449410 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of like steel, plastic processing and
spinning yarn. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
· Axis Bank · Bank of Baroda · Canara Bank · Development Credit Bank Limited · HDFC Bank Limited · IDBI Bank Limited · Kotak Mahindra Bank · South Indian Bank Limited · Union Bank of India |
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Facilities : |
The Working Capital Loans to the extent of Rs. 1.007 Millions (Previous year Rs. 8.274 Millions) is secured by hypothecation on whole of current assets including stock and book debts and as collateral security, second charge and negative lien on certain fixed assets of the Company and Rs. 0.418 Millions (Previous year Rs. 10.051 Millions) is secured against pledge of fixed deposits with banks. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Chaturvedi and Shah Chartered Accountants |
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Subsidiary: |
· Ashoka Realty and Developers Limited · Belle Terre Realty Limited · Ekdant Realty & Developers Limited · Hari Darshan Realty Limited · Hill Rock Construction Limited · Hind Agri Properties Limited · Iconic Realtors Limited · Jai Corp Finance & Holding Limited · Jailaxmi Realty and Developers Limited · Jai Realty Ventures Limited · Krupa Land Limited · Krupa Realtors Limited · Multifaced Impex Limited · Novelty Realty & Developers Limited · Oasis Holding FZC · Rainbow Infraprojects Limited · Rudradev Developers Limited · Sarbags Pty Limited · Swar Land Developers Limited · Swastik Land Developers Limited · UI Wealth Advisors Limited · Urban Infrastructure Trustees Limited · Urban Infrastructure Venture Capital Limited · Vasant Bahar Realty Limited · Welldone Real Estate Limited · Yug Developers Limited |
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Associates : |
· Searock Developers FZC · Urban Infrastructure Holdings Private Limited |
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Enterprises over which Key Managerial Personnel and their relatives
are able to exercise significant influence: |
· Poly-Resin Agencies (India) Limited · Resin Distributors Limited · Techfab (India) Industries Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
450000000 |
Equity Shares |
Rs.1/- each |
Rs.450.000 Millions |
|
15000000 |
Non-Cumulative, Non-Participating Redeemable |
Rs.1/- each |
Rs. 15.000 Millions |
|
35000000 |
Unclassified Shares |
Rs.1/- each |
Rs. 35.000 Millions |
|
|
Total |
|
Rs. 500.000
Millions |
Issued, Subscribed Capital
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
178494010 |
Equity Share |
Rs.1/- each |
Rs. 178.494
Millions |
|
7974900 |
Non-Cumulative, Non-Participating Redeemable |
Rs.1/- each |
Rs. 7.975
Millions |
|
Total |
|
|
Rs. 186.469 Millions |
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
178449410 |
Equity Share |
Rs.1/- each |
Rs. 178.449
Millions |
|
7974900 |
Non-Cumulative, Non-Participating Redeemable |
Rs.1/- each |
Rs. 7.975
Millions |
|
|
Add: Forfeited Shares (Amount Originally Paid up on Shares 4,460of Rs. 10 each) |
|
Rs. 0.022
Millions |
|
Total |
|
|
Rs. 186.446 Millions |
Reconciliation of
number of Equity Shares outstanding at the beginning and at the end of the
year:
|
Particulars |
As on 31.03.2014 |
|
|
|
Numbers |
Rs. In Millions |
|
Shares outstanding at the beginning of the year |
178449410 |
178.449 |
|
Shares outstanding at the end of the year |
178449410 |
178.449 |
Reconciliation of number
of Preference Shares outstanding at the beginning and at the end of the year:
|
Particulars |
As on 31.03.2014 |
|
|
|
Numbers |
Rs. In Millions |
|
Shares outstanding at the beginning of the year |
8349900 |
8.350 |
|
Less : Shares redeemed during the year |
375000 |
0.375 |
|
Shares outstanding at the end of the year |
7974900 |
7.975 |
The terms / rights
attached to the Equity Shares:
The holder of equity shares of Re. 1 each is entitled to one vote per share. The equity shareholders are entitled to dividend only if dividend in a particular financial year is recommended by the Board of Directors and approved by the members at the annual general meeting of that year. 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, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by share holders.
The terms / rights
attached to the Preference Shares:
On 27th November, 2007 1,50,00,000 1% Non - cumulative, Non - Participating Redeemable Preference Shares of Re.1 each fully paid-up were allotted. On 26th November, 2011, 50,00,100 preference shares were redeemed at a premium of 6% p.a. from the date of allotment on issue price of ` 1,000/- per share and the balance 99,99,900 preference shares were rolled over for a further period of two years with effect from 26th November 2011 with an option to the Company/the Preference Shareholder(s) to redeem the same earlier. On 23rd August, 2012 a further 16,50,000 preference shares were redeemed and the balance 83,49,900 preference shares were rolled over for a further period of two years with effect from 26th November 2013 as approved by the share holders at its meeting held on 28th September 2013. On 26th November, 2013 a further 3,75,000 preference shares were redeemed and the balance 79,74,900 are redeemable at a premium of 6 % p.a. from the date of allotment on issue price of ` 1,000/- per share. The Preference Shareholders have a preferential right to dividend of 1% per annum, carry a preferential right for repayment of capital in priority to the equity shares, on liquidation of the Company or repayment of capital. However, the preference shares carry no further or other right to participate either in the profits or assets of the Company.
Redemption premium on Preference Shares as mentioned above will be paid out of the Securities Premium Account hence no provision has been considered necessary.
Details of shares in
the Company held by each shareholder holding more than 5% shares:
|
Name of Shareholder |
As on 31.03.2013 |
|
|
|
Numbers of Shares
held |
% of Holding |
|
Equity Shares: |
|
|
|
Harsh Jain |
23251560 |
13.03 |
|
Rina Jain |
21719220 |
12.17 |
|
Satyapal Jaikumar Jain |
18211800 |
10.21 |
|
Sushma Jain |
16130740 |
9.04 |
|
Ankit Jain |
15401700 |
8.63 |
|
Laxmi Jain |
14253540 |
7.99 |
|
Gaurav Jain |
10527200 |
5.90 |
|
Virendra Jain |
N.A |
N.A |
|
Preference Shares: |
|
|
|
Rina Jain |
2383300 |
29.89 |
|
Laxmi Jain |
2383300 |
29.89 |
|
Sushma Jain |
2258300 |
28.32 |
|
Neha Bagrodia |
400000 |
5.02 |
Reduced below 5%, hence not disclosed
Forfeited shares
(Amount originally paid up):
|
Particulars |
2013-14 |
2012-13 |
|
44,600 (Previous Year 44,600) Equity Shares of Rs. 1 each |
0.22 |
0.22 |
|
(Originally 4,460 Equity Shares of Rs.10/- each) |
|
|
Figures in bracket represents previous year figures.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
186.446 |
186.821 |
188.471 |
|
(b) Reserves &
Surplus |
20762.010 |
20515.776 |
21912.263 |
|
(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) |
20948.456 |
20702.597 |
22100.734 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
77.875 |
89.047 |
99.427 |
|
(b) Deferred tax
liabilities (Net) |
226.942 |
224.696 |
204.145 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
304.817 |
313.743 |
303.572 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1.425 |
18.325 |
5.207 |
|
(b) Trade payables |
96.468 |
97.437 |
280.014 |
|
(c) Other current
liabilities |
144.824 |
225.633 |
323.311 |
|
(d) Short-term provisions |
48.554 |
44.956 |
64.569 |
|
Total Current Liabilities
(4) |
291.271 |
386.351 |
673.101 |
|
|
|
|
|
|
TOTAL |
21544.544 |
21402.691 |
23077.407 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2092.967 |
2121.884 |
2109.520 |
|
(ii) Intangible Assets |
1.341 |
2.305 |
3.296 |
|
(iii) Capital
work-in-progress |
71.710 |
72.406 |
122.230 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
10093.787 |
10112.424 |
10169.688 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4201.755 |
4032.983 |
3927.009 |
|
(e) Other Non-current
assets |
97.566 |
112.646 |
55.915 |
|
Total Non-Current Assets |
16559.126 |
16454.648 |
16387.658 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
373.841 |
641.489 |
2740.208 |
|
(b) Inventories |
689.638 |
715.432 |
702.214 |
|
(c) Trade receivables |
1078.241 |
1058.393 |
1085.072 |
|
(d) Cash and cash
equivalents |
245.990 |
42.532 |
85.124 |
|
(e) Short-term loans and
advances |
2494.549 |
2439.550 |
2005.390 |
|
(f) Other current assets |
103.159 |
50.647 |
71.741 |
|
Total Current Assets |
4985.418 |
4948.043 |
6689.749 |
|
|
|
|
|
|
TOTAL |
21544.544 |
21402.691 |
23077.407 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
7031.794 |
6343.391 |
6179.088 |
|
|
Other Income |
428.421 |
554.614 |
1015.722 |
|
|
TOTAL |
7460.215 |
6898.005 |
7194.810 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
4605.622 |
4183.135 |
3920.624 |
|
|
Purchases of
Stock-in-Trade |
150.004 |
2.102 |
250.622 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(20.992) |
(31.096) |
23.420 |
|
|
Employees benefits
expense |
495.648 |
497.376 |
503.199 |
|
|
Other expenses |
879.977 |
974.085 |
920.560 |
|
|
TOTAL |
6110.259 |
5625.602 |
5618.425 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1349.956 |
1272.403 |
1576.385 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
0.854 |
5.271 |
7.477 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1349.102 |
1267.132 |
1568.908 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
182.307 |
180.241 |
173.011 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1166.795 |
1086.891 |
1395.897 |
|
|
|
|
|
|
|
Less |
TAX |
384.958 |
338.011 |
406.577 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
781.837 |
748.880 |
989.320 |
|
|
|
|
|
|
|
Add |
Prior
Period Adjustments |
0.000 |
0.000 |
(0.037) |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
5440.209 |
4793.459 |
3930.725 |
|
|
|
|
|
|
|
Add |
Earlier year excess proposed
dividend and dividend distribution tax |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
78.184 |
74.888 |
98.929 |
|
|
Proposed Dividend on
Preference Shares |
0.077 |
0.083 |
0.100 |
|
|
Proposed Dividend on
Preference Shares |
24.084 |
24.084 |
24.084 |
|
|
Tax on Dividend |
1.817 |
3.257 |
3.436 |
|
|
Reversal of proposed dividend on Preference Shares redeemed and tax
thereon |
0.000 |
(0.182) |
0.000 |
|
|
Total |
104.162 |
102.130 |
126.549 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
6117.884 |
5440.209 |
4793.459 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1067.660 |
714.674 |
139.156 |
|
|
Freight Charges Recovered |
69.152 |
0.000 |
0.000 |
|
|
Insurance Charges
Recovered |
0.130 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
1136.942 |
714.674 |
139.156 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
137.675 |
97.705 |
135.885 |
|
|
Components and Stores
parts |
29.041 |
33.139 |
36.132 |
|
|
Capital Goods |
36.885 |
51.340 |
8.865 |
|
|
Trading Goods |
0.000 |
0.000 |
76.948 |
|
|
TOTAL IMPORTS |
203.601 |
182.184 |
257.830 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
4.38 |
4.20 |
5.54 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
PAT / Total Income |
(%) |
10.48 |
10.86 |
13.75 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.59 |
17.13 |
22.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.25 |
9.69 |
10.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.05 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.01 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
17.12 |
12.81 |
9.94 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
188.471 |
186.821 |
186.446 |
|
Reserves & Surplus |
21912.263 |
20515.776 |
20762.010 |
|
Net worth |
22100.734 |
20702.597 |
20948.456 |
|
|
|
|
|
|
long-term borrowings |
99.427 |
89.047 |
77.875 |
|
Short term borrowings |
5.207 |
18.325 |
1.425 |
|
Total borrowings |
104.634 |
107.372 |
79.300 |
|
Debt/Equity ratio |
0.005 |
0.005 |
0.004 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
6179.088 |
6343.391 |
7031.794 |
|
|
|
2.659 |
10.852 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
6179.088 |
6343.391 |
7031.794 |
|
Profit |
989.320 |
748.880 |
781.837 |
|
|
16.01% |
11.81% |
11.12% |
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 |
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% |
No |
|
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 |
---------------------- |
|
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 |
No |
|
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 |
No |
OVERVIEW OF FINANCIAL
YEAR (FY)
The latest Economic Survey has pegged gross domestic product (GDP) growth at 5.4-5.9 per cent for 2014-15, after it had dropped to below five per cent in the previous two years. It states that there are downside risks to the economy arising from a poor monsoon, the external environment and the poor investment climate. The combination of domestic structural constraints, inflationary pressures, particularly food inflation and uncertainty in the global economy, has affected growth and posed challenges for macroeconomic stability. The growth slowdown was broad based, affecting in particular the industrial sector.
Jai Corp was able to hold on to its own and has reported a decent financial performance. Key financial performance indicators for FY 2013-14 are as under:
• The gross turnover increased by 10.78 percent to Rs. 7506.200 Millions in FY 2013-14 from Rs. 6775.700 Millions in FY 2012-13.
• The total EBIDTA increased by 6.09 percent to Rs.1350.000 Millions in FY 2013-14 from Rs. 1272.400 Millions in FY 2012-13.
• The Net Profit increased by 4.39 percent to Rs. 781.800 Millions in FY 2013-14 from Rs. 748.900 Millions in FY 2012-13.
BUSINESS REVIEW
URBAN INTEGRATED
INFRASTRUCTURE
SECTOR OVERVIEW:
“The growth story of India shall be written on the canvas of planned urban development” is mentioned prominently in the website of the Government of India, Ministry of Urban Development. Hence, it will not be going overboard to say that development of urban integrated infrastructure is of paramount importance to develop India.
SPECIAL ECONOMIC
ZONES (SEZS)
OUTLOOK FOR SEZS IN
INDIA
The SEZ Industry in India is facing grave challenges. Govt. of India (GoI) has withdrawn key tax benefits (earlier available) which have made SEZ business unviable. These and other policy changes have shaken the foundation of SEZ Industry and future looks uncertain. In addition to this, Maharashtra SEZ Act which provides State level fiscal benefits has been pending enactment since long. Lately Govt of Maharashtra (GoM) has recognized the serious difficulties faced by SEZ in Maharashtra and has allowed SEZ to exit and move towards being developed into Integrated Industrial Area (IIA). Jai Corp is a stakeholder in entities developing SEZs in Maharashtra.
I- NAVI MUMBAI SEZ
PRIVATE LIMITED (NMSEZ)
PERFORMANCE OVERVIEW:
NMSEZ has commenced horizontal and vertical development of SEZ in a phased manner. NMSEZ is facing demand constraints due to worldwide recession and financial crisis in many European countries. The Maharashtra SEZ Act has been introduced in the Maharashtra Legislature, but is awaiting enactment since quite some time. In the absence of fiscal incentives in the State, it is not very easy to attract the units in the SEZ. The amendments to certain Incometax provisions are also making the SEZs less attractive. GoM has, in its Industrial Policy of 2013 subject to certain terms and conditions, allowed SEZ to exit and move towards being developed as IIA. NMSEZ is in discussion with its Joint Venture Partner CIDCO to take advantage of this exit option and move towards IIA. The Board of Approval for SEZ has extended the validity of the formal approval up to 24th October, 2014 for IT/ITES-A and IT/ITES-B at Ulwe and up to up to 21st November, 2014 for IT/ITES-C at Ulwe. The extension of the validity period of formal approval, granted for setting up of multi product SEZ at Dronagiri was up to 29th July, 2014 and that IT/ITES and Multi Services SEZ at Kalamboli was up to 25th July, 2014.
II- MUMBAI SEZ
LIMITED (MSEZ)
PERFORMANCE OVERVIEW:
MSEZ has acquired land in Uran, Pen and Panvel areasin the state of Maharashtra. So far, consent award and sale deeds have been executed for around 4,600 acres. The subject land is not contiguous. The new Land Acquisition Act which has been notified in January, 2014 makes it difficult to buy land for contiguity. MSEZ is in discussion with GoM on way forward. The Board of Approval for SEZ has extended the validity of the inprinciple approval up to 3rd October, 2014.
III- REWAS PORTS
LIMITED (RPL)
PERFORMANCE OVERVIEW:
All statutory approvals have been obtained. RPL has signed the lease deed for 839 hectares (Ha) of inter tidal land. The Government land of about 167 hectares has been transferred by the Government of Maharashtra to Maharashtra Maritime Board. RPL will sign the lease deed for the same at the time of financial closure. RPL has been in discussions with Indian Railways and Government of Maharashtra in order to firm up the rail and road connectivity of the port with the hinter land, but progress has been slow. RPL has been unable to make much progress on the issues relating to right of way for some portion of the Rewas channel with Mumbai Port Trust.
REAL ESTATE
SECTOR OVERVIEW
As per the latest Economic Survey, the growth of services-sector GDP has been higher than that of overall GDP during 2000-01 to 2013-14. Despite deceleration, services GDP growth at 6.8 per cent was above the 4.7 percent overall GDP growth in 2013-14. However, construction a borderline service inclusion which has not been performing well since 2012-13, grew by only 1.6 percent in 2013-14.
In the recent budget, the Finance Minister has proposed to relax the Foreign Direct Investment (FDI) norms in real estate by reducing the minimum built-up area from 50,000 square metres to 20,000 square metres and by lowering minimum capitalization from $10 million to $5 million. He has further proposed to provide incentives to Real Estate Investment Trusts (REITS) that will have pass through for the purpose of taxation. The Securities and Exchange Board of India (SEBI) on 10-08-2014 gave approval of the SEBI (Real Estate Investment Trust) Regulation, 2014 thereby providing a framework for registration and regulation of REITs and listing of units issued by them.
PERFORMANCE OVERVIEW:
Certain subsidiaries of Jai Corp have acquired land. The same may be consolidated for the purpose of development subject to the applicable legislations at that point of time. The Company is of the view that any presumed fall in the current valuation of land held by some of the subsidiary companies is a temporary phenomenon. These are long-term investments and in the course of time are expected to realise their fair value
ASSET MANAGEMENT
SECTOR OVERVIEW:
Private Equity (PE) investments grew substantially till 2011 in India. As more traditional financing sources dried up because of increased rates and volatile stock market conditions , Indian companies were forthcoming in raising money from PE Investors.
Last year witnessed as many deals as 393 PE deals totaling to $ 9.67 billion. India’s strong economic fundamentals coupled with weakness and uncertainty in the developed markets attracted investors to India. SEBI has brought all kind of pooled investments under the Alternative Investment Funds (AIF) Regulations and thereby bringing more transparency and accountability in the functioning of the alternate asset industry. It is expected that the new regulations will provide a more conducive environment to the growth of the industry. Since the new AIF Regulations, 100 funds have already registered themselves as AIF.
With the approval of the REITs Regulation, REITs are likely to emerge as a preferred form of asset backed investment with established revenue streams, provide liquidity into the Indian real estate market.
PE investments in real estate sector grew exponentially in the 2006-2008 period attracting more than $11 billion in 3 years. Since then the industry has witnessed a sharp decline in fresh investments and continues to struggle against macro head winds in India. There have been 10 investments worth $514 million (Rs.22821.600 Millions today) in real estate during this year, according to VCCEdge. Many industry specific factors like delay in land acquisition, approval paralysis, increase in construction cost, tight monetary policy, decline in absorption and negative capital market sentiment has hit the sector adversely. This has resulted into high input cost and consequently high prices resulting into a decline in absorption in last year in spite of a strong underlying demand for housing. All these factors have stretched the cash flows of developers, eventually delaying exits for the private equity players.
OUR BUSINESS:
Jai Corp is present in this industry through its wholly owned subsidiary - Urban Infrastructure Venture Capital Limited (UIVCL), a venture capital management company. UIVCL is the manager to Urban Infrastructure Opportunities Fund (UIOF), a scheme of Urban Infrastructure Venture Capital Fund (UIVCF), a SEBI registered fund. UIOF is a close ended India domiciled venture capital fund having raised a corpus of approximately Rs. 24340.000 Millions
UIVCL, is also Indian advisor to Urban Infrastructure Capital Advisors (UICA), investment manager to India focused real estate fund Urban Infrastructure Real Estate Fund (UIREF), having a total capital commitment of $300 million. The investments of these Funds’ are focused on large townships and mixed-use development projects in Tier-I and Tier-II cities of western and southern India. These Funds have invested in 28 special purpose vehicles spread across 13 cities of India.
PERFORMANCE OVERVIEW:
The major source of revenue for UIVCL is the investment management fees from UIOF and advisory fees from UICA. During the year the investment management fee from the UIOF was reduced from 2 percent to 1 percent with effect from June 8, 2013. In FY 2013-14, UIVCL earned an income of ` 48.60 crore and profit after tax of Rs. 200.000 Millions.
The tenure of UIOF was to originally get completed in June 2013. However, the Trustees based on the recommendation of UIVCL can extend the tenure for two further periods of one (1) year each. Accordingly, the Trustees of UIOF in consultation with UIVCL have decided to further extend the tenure of UIOF by a period of 1 year till June 2015. Despite various macroeconomic and industry specific issues, UIOF has refunded Rs. 5979.400 Millions to its contributors by way of repurchase of units and return of capital/profits. It is expected that going forward, a softer rate regime, easing liquidity conditions and improvement in sales will help in achieving further exits.
STEEL DIVISION
SECTOR OVERVIEW:
The World Steel Association (worldsteel) released its Short Range Outlook (SRO) in April for 2014 and 2015. worldsteel forecasts that global apparent steel use will increase by 3.1 percent to 1,527 Metric Tonne (MT) in 2014 following growth of 3.6 percent in 2013. In 2015, it is forecast that world steel demand will grow further by 3.3 percent and will reach 1,576 MT. In India, steel demand is expected to grow by 3.3 percent to 76.2 MT in 2014, following 1.8 percent growth in 2013, due to an improved outlook for the construction and manufacturing sectors, even though this will be constrained by high inflation and structural problems. Despite uncertainties relating to the impact of elections steel demand is projected to grow by 4.5 percent in 2015 supported by the expectation that structural reforms will be implemented.
PERFORMANCE OVERVIEW:
Jai Corp manufactures cold rolled coils, galvanized coils and galvanized corrugated sheets at its Nanded unit in Maharashtra. During FY 2013-14, the Company achieved a production (including job work) of 57,450 MT of coiled rolled coils (CR) and 56,955 MT of galvanized plain and galvanized corrugated steel sheets (GP/GC) sheets as compared to 59,483 MT and 61,107 MT respectively in FY 2012-13 a decrease of about 3 percent and 7 per cent respectively. However, the Division reported a higher turnover of Rs. 606.100 Millions in FY 2013- 14 as compared to Rs. 309.800 Millions during FY 2012-13 the profit also rose by 77 percent from Rs.8.800 Millions in FY 2012-13 to Rs. 15.600 Millions in FY 2013-14 due to improvement in product mix.
PLASTIC PROCESSING
DIVISION
TAPE WOVEN PRODUCTS
SECTOR OVERVIEW:
The usage of polyethylene (PE)/ polypropylene (PP) woven tape products like sacks, bags, Flexible Intermediate Bulk Containers (FIBCs), fabrics, geotextiles etc. has been growing at the rate of about 15 percent compounded annual growth rate (CAGR) over the last decade. In recent times, these products have also been used for food grains and sugar. All nsugar exports are packed in PP woven bags only. Another usage of these products has emerged in Biaxially-Oriented Polypropylene (BOPP) reverse printed bags, which is also growing exponentially for food packaging. As the production of cement, fertilizers and petrochemicals is increasing in the country, PP/PE woven tape products are having a bright future. As per data available with the Indian Flexible Intermediate Bulk Container Association, India, FIBC industry has grown 4 times in last ten years.
PERFORMANCE OVERVIEW:
The Company’s production remained nearly constant at 39,724 MT in FY 2013-14 as compared to 39,781 MT in FY 2012-13. The net turnover increase by about 8 percent to Rs. 4811.300 Millions in FY 2013-14 as compared to net turnover of Rs. 4449.400 Millions in FY 2012-13 . The Company’s exports were 7,077 MT in FY 2012-13 as compared to 4,838 MT in FY 2012-13 an increase of about 46 percent. The FOB value of the exports increased by about 64 per cent from Rs. 663.700 Millions in FY 2012-13 to Rs.1088.500 Millions in FY 2013-14.
MASTERBATCH
SECTOR OVERVIEW:
Masterbatches are used to impart colour and various special properties to the products manufactured from plastics. Though the cost of masterbatches in the final product is very low, its quality is very important for attaining the desired properties of the end product. In general, masterbatch industry, in India, can broadly be classified into organized sector and small scale sector with more than 250 players. Major operators in the organized sector hold about 50 percent of the market.
PERFORMANCE OVERVIEW:
Jai Corp’s products have been well received in the masterbatch and antifibrillation masterbatch segments of the market. The Company produced 14,204 MT in FY 2013-14, as compared to 13,614 MT in FY 2012- 13, an increase of about 4 percent. The net turnover increased by about 16 per cent from Rs. 440.600 Millions in FY 2012-13 to Rs. 517.000 Millions in FY 2013-14. The total quantity exported decreased by about 12 percent from 720 MT in FY 2012 13 to 642 MT in FY 2013-14. The FOB value of exports decreased by about 5 percent from Rs. 51.000 Millions in FY 2012-13 to Rs. 48.500 Millions in FY 2013-14. The decrease is mainly attributable to the economic recession in Europe.
SPINNING DIVISION
SECTOR OVERVIEW:
As per the Ministry of Textiles, Government of India, spinning sector is relatively in the organized sector. During the last ten years the number of spinning and powerloom units registered positive growth rates. During the decade 2001-02 to 2011-12, non- small scale industry spinning mills grew from 1,579 to 1,791 with a CAGR of 1 percent. During the last five years, the production of man-made fibres increased at a CAGR of 3.63 percent, man-made filament yarn at 3.88 percent and spun yarn at 3.17 percent.
PERFORMANCE OVERVIEW:
The Company produced 4,390 MT in FY 2013-14 as compared to 5,675 MT in FY 2012-13 a decrease of about 23 percent. The net turnover of this Division decreased from Rs. 1143.900 Millions in FY 2012-13 to Rs.1051.300 Millions in FY 2013-14 a decrease of about 8 per cent.
RESULTS OF
OPERATIONS:
During the year, the gross turnover of the Company’s Steel Division was Rs. 606.100 Millions as compared to the previous year’s gross turnover of Rs. 309.800 Millions. The Division reported a profit of Rs.15.600 Millions during the year as against a loss of Rs. 8.800 Millions the previous year due to an improved product mix.
The Plastic Processing Division of the Company achieved a gross turnover of Rs. 5864.900 Millions as compared to previous year’s gross turnover of Rs. 5334.800 Millions. The Division reported a profit of Rs. 677.700 Millions during the year as against a profit of Rs. 562.400 Millions the previous year.
The Spinning Division of the Company achieved a gross turnover of Rs. 1051.300 Millions as compared to the previous year’s gross turnover of Rs. 1144.000 Millions. The Division reported a profit of Rs. 165.000 Millions during the year as against a profit of Rs. 100.500 Millions the previous year. The increase in profit can be attributed to a better product mix.
During the year, the production of Plastic Processing Division excluding Masterbatch decreased marginally from 39,781 MT during 2012-13 to 39,724 MT during 2013-14.
The production of Masterbatch increased from 13,614 MT during 2012-13 to 14,204 MT during 2013-14.
The production of the Spinning Division decreased from 5,675 MT during 2012-13 to 4,390 MT during 2013-14.
The production of CR coils and sheets and GP/GC coils and sheets decreased from 59,483 MT and 61,107 MT respectively during 2012-13 to 57,450 MT and 56,955 MT respectively during 2013-14 due to a decrease in demand for the Company’s products.
The Company’s un-audited financial results for the quarter ended 30-06-2014 show an overall increase in turnover as compared to the same quarter of the previous year: Rs. 1684.500 vis-ŕ-vis Rs. 1503.800 Millions. However, the net profit decreased from Rs. 197.300 Millions to Rs. 146.200 Millions. Turnover of the Steel Division has decreased from Rs. 75.000 Millions during quarter ended 30-06-2013 to Rs. 53.600 Millions during the quarter ended 30-06-2014. The Division had earned a profit of Rs. 4.000 Millions during the same quarter last year, during this year’s quarter there is a loss of Rs. 6.900 Millions mainly due to lack of demand. The Plastic Processing Division, showed an increase in turnover: from Rs. 1271.400 Millions during quarter ended 30-06-2013 to Rs. 1446.400 Millions during the quarter ended 30-06-2014. However, this Division’s profits decreased from Rs. 146.100 Millions to Rs. 109.900 Millions mainly due to change in depreciation pursuant to the requirements of the Companies Act, 2013 and some major repairs. The Spinning Division, showed an increase in turnover, from Rs. 261.800 Millions during quarter ended 30-06-2013 to Rs. 285.400 Millions during quarter ended 30-06-2014 and it’s profits increased from Rs. 38.300 Millions to Rs. 50.900 Millions.
During the year, 3,75,000 preference shares were redeemed at a premium in accordance with the terms of issue. After the redemption, 79,74,900 preference shares remained outstanding as at 31- 03-2014. During the current financial year (2014-15) 3,00,000 preference shares were redeemed at a premium in accordance with the terms of issue. The Board has approved redemption of another 3,00,000 preference shares. At the 28th Annual General Meeting held on 28-09-2013, the shareholders had agreed to roll-over these preference shares for a further period up to two years from the date these shares become due for redemption.
OUTLOOK:
The Company has invested in the businesses pertaining to essential integrated urban infrastructure. These businesses relate to special economic zones, port, real estate etc. The Company also intends to focus on its asset management business. In addition, the Company is also taking steps to improve the performance and efficiency of its existing manufacturing businesses. As a result of these factors, The Directors are confident that the Company will continue its endeavor for creation of long-term responsible and sustainable growth for all stakeholders.
VIEW INDEX OF
CHARGES: No Charges Exist for Company
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Interest-free Sales-tax loan |
77.875 |
89.047 |
|
Total |
77.875 |
89.047 |
An interest-free sales tax loan of Rs. 89.047 Millions (Previous Year Rs. 90.427 Millions) (including current maturities of long-term borrowings in Note 8) is outstanding as at 31st March, 2014. Out of the above, Rs. 11.172 Millions is repayable in December, 2014, Rs. 44.688 Millions is repayable in equal yearly installment of Rs. 11.172 Millions starting from December, 2015 and ending on December, 2018 and Rs. 33.187 Millions is repayable in equal yearly installment of Rs. 6.637 Millions starting from March, 2020 and ending on March, 2024.
CONTINGENT
LIABILITIES:
|
Claims against the
Company not acknowledged as debts |
31.03.2014 |
|
Disputed Liability in Appeal (No cash outflow is expected in the near future) |
|
|
- Income-tax (Rs.21.520 Millions paid under protest) |
253.032 |
|
- Excise Duty / Service Tax (Rs. 2.404 Millions paid under protest) |
17.896 |
|
- Railway Claims |
9.583 |
|
- MIDC Service Charges |
0.734 |
|
- Sales Tax (Rs. 0.050 Millions paid under protest) |
2.685 |
|
|
283.930 |
|
Guarantees |
|
|
Bank Guarantees (Bank guarantees are provided under contractual/legal obligations. No cash outflow is probable.) |
2.647 |
STATEMENT OF UNAUDITED
RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH JUNE, 2014
(Rs.
In Millions)
|
|
|
Quarter ended |
|
Particulars |
30.06.2014 |
|
|
|
Unaudited |
|
|
1 |
Income from
Operations |
|
|
|
a) Net Sales/Income from Operations (Net of Excise Duty) |
1677.900 |
|
|
b) Other Operating Income |
6.600 |
|
|
Total income from
operations (net) |
1684.500 |
|
2 |
Expenses |
|
|
|
a) Cost of materials consumed |
1141.300 |
|
|
b) Purchase of stock-in-trade |
-- |
|
|
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(23.000) |
|
|
d) Employee benefits expenses |
138.100 |
|
|
e) Depreciation and amortisation expenses |
71.200 |
|
|
f) Other expenses |
227.300 |
|
|
Total expenses |
1554.900 |
|
3 |
Profit from
operations before other income, finance costs and exceptional items (1-2) |
129.600 |
|
4 |
Other income |
73.100 |
|
5 |
Profit from ordinary
activities before finance costs and exceptional items (3+4) |
202.700 |
|
6 |
Finance costs |
0.500 |
|
7 |
Profit from
ordinary activities after finance costs but before exceptional items (5-6) |
202.200 |
|
8 |
Exceptional Items |
-- |
|
9 |
Profit from
ordinary activities before tax (7-8) |
202.200 |
|
10 |
Tax expense (Net of Deferred Tax) |
56.000 |
|
11 |
Net Profit from
ordinary activities after tax (9-10) |
146.200 |
|
12 |
Extraordinary items |
-- |
|
13 |
Net Profit for the
period (11-12) |
146.200 |
|
14 |
Paid-up Equity Share Capital face value of Re. 1/- each |
178.500 |
|
15 |
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
-- |
|
16 |
Earning per Share (in Rs.) (Face value of Re.1/- each) (Basic & Diluted) (*Not annualised) |
0.82 |
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
Public shareholding |
|
|
|
- Number of shares |
48211610 |
|
|
- Percentage of shareholding |
27.01% |
|
|
Promoters and Promoter Group Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of shares |
-- |
|
|
- Percentage of shares (as a % of total shareholding of promoters and promoter group) |
-- |
|
|
- Percentage of shares (as a % of total share capital of the company) |
-- |
|
|
b) Non-Encumbered |
|
|
|
- Number of shares |
130282400 |
|
|
- Percentage of shares (as a % of total shareholding of promoters and promoter group) |
100% |
|
|
- Percentage of shares (as a % of total share capital of the company) |
72.99% |
|
B |
INVESTOR COMPLAINTS |
Quarter ended 30.06.2014 |
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
38 |
|
|
Disposed off during the quarter |
38 |
|
|
Remaining unresolved at the end of the quarter |
0 |
Note
The above results were reviewed by the Audit Committee, taken on record by the Board at its meeting held on August 12, 2014 and approved the same for its release.
The Financial Results are in accordance with the recognition and measurement
principles laid down in Accounting Standard (AS) 25 "Interim Financial
Reporting".
Pursuant to the provisions of the Companies Act, 2013 (the Act), the Company
has provided depreciation during the quarter based on the useful life of the
assets as provided in Part C of Schedule II of the Act resulting in an
additional depreciation of Rs. 22.900 Millions for the quarter. In case of
assets whose useful life is already exhausted on April 01, 2014, depreciation
of Rs. 25.900 Millions (net of deferred tax of Rs. 13.400 Millions) have been
adjusted against General Reserve.
During the quarter, 3,00,000 fully paid 1% non-cumulative, non-participating
redeemable preference shares ('Preference Shares') of face value Rs. 1/- each
were redeemed at a premium of 6% p.a. from the date of allotment on issue price
of Rs. 1,000/- per share. The redemption premium of Rs. 416.700 Millions was
paid out of the Securities Premium Account and an amount equal to the nominal
value of the Preference Shares redeemed was transferred from General Reserve to
Capital Redemption Reserve.
The Statutory Auditor of the Company has carried out a Limited Review of the
above results in terms of Clause 41 of the Listing Agreement.
The figures in respect of the results for proceeding quarter ended March 31,
2014 are the balancing figures between audited figures in respect of the full
financial year ended March 31, 2014 and the published year to date figures up
to the third quarter ended on December 31, 2013. Previous period / year figures
have been regrouped / rearranged wherever necessary to make them comparable.
SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF
LISTING AGREEMENT
|
Sr. No. |
Particulars |
Period Ended |
|
30.06.2014 |
||
|
(Unaudited) |
||
|
1 |
Segment Revenue |
|
|
|
Steel |
53.600 |
|
|
Plastic Processing |
1446.400 |
|
|
Spinning |
285.400 |
|
|
Total Segment
Revenue |
1785.400 |
|
|
Less: Inter Segment Revenue |
1.800 |
|
|
Less: Excise Duty Recovered |
99.100 |
|
|
Net Sales/
income from operations |
1684.500 |
|
|
|
|
|
2 |
Segment
Results |
|
|
|
Steel |
(6.900) |
|
|
Plastic Processing |
109.900 |
|
|
Spinning |
50.900 |
|
|
Total Segment
Result (Before Interest and Tax) |
153.900 |
|
|
Less: Finance Cost |
0.500 |
|
|
Add: Other unallocable income
net of unallocable expenditure |
48.800 |
|
|
Total Profit
Before Tax |
202.200 |
|
|
|
|
|
3 |
Capital Employed
|
|
|
|
Steel |
226.900 |
|
|
Plastic Processing |
3261.500 |
|
|
Spinning |
464.700 |
|
|
Unallocated |
16698.600 |
|
|
Total |
20651.700 |
Notes to Standalone Segment Information:
As per Accounting Standard (AS)-17 on "Segment Reporting", the Company has reported "Segment Information’ as described below: -
a) The Steel Segment includes production, processing and trading of CR Coils/Sheets, GP/GC Coils/Sheets and HR Coils / Plates.
b) The Plastic Processing Segment includes production of Woven Sacks/Fabric, Jumbo Bags, HDPE Twine, Master Batch, Staple Fibres and Geotextiles.
c) The Spinning Segment includes production of Spun Yarn.
d) Capital Employed on other Investments/Assets and Income from the same are considered under "Unallocable".
e) Figures in respect of the previous period / year have been reworked / regrouped / re-arranged wherever necessary to make them comparable.
FIXED ASSETS
·
Leasehold Land
·
Owned Land
·
Building
·
Plant and Equipments
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
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. 61.46 |
|
|
1 |
Rs. 98.76 |
|
Euro |
1 |
Rs. 77.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
60 |
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.