MIRA INFORM REPORT
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Report No. : |
305330 |
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Report Date : |
02.02.2015 |
IDENTIFICATION DETAILS
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Name : |
JAMNA AUTO INDUSTRIES LIMITED |
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Registered
Office : |
Jai Spring Road Industrial Area, Yamuna Nagar – 135001, Haryana |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
30.09.1965 |
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Com. Reg. No.: |
05-004485 |
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Capital
Investment / Paid-up Capital : |
Rs.412.514 Millions |
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CIN No.: [Company Identification
No.] |
L35911HR1965PLC004485 |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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
: |
The company is a manufacturer of Tapered Leaf and
Parabolic Springs. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 5300000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established public limited company having satisfactory
track record. The company has fair return on net worth and investment. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings with usual
business 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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India |
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 |
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
Term Loan = A- |
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Rating Explanation |
Adequate degree of safety and low credit
risk |
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Date |
September 2014 |
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Rating Agency Name |
ICRA |
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Rating |
Short Term Loan = A2+ |
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Rating Explanation |
Strong degree of safety and low credit risk |
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Date |
September 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.
LOCATIONS
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Registered Office/ Factory 1 : |
Jai Spring Road, Industrial Area, Yamuna Nagar – 135001, Haryana,
India |
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Tel. No.: |
91-1732-251810/ 11/ 12/ 14 |
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Fax No.: |
91-1732-251820/ 251443 |
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E-Mail : |
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Website : |
http://www.jaispring.org |
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Corporate Office : |
No.2, Park Lane, Kishangarh, Vasant Kunj, New Delhi – 110070, India |
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Tel. No.: |
91-11-32566685/ 26893331/ 26896960 |
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Fax No.: |
91-11-26893192/ 26893180 |
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Factory 2: |
U: 27-29,
Industrial Area, Malanpur, District Bhind - 477116, Madhya Pradesh, India |
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Tel No.: |
91-7539-283396/ 409117 |
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Fax No.: |
91-7539-283395 |
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Email : |
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Factory 3: |
Plot No. 22-25,
Sengundram Village, Maraimalai Nagar Industrial Complex, Singaperumal Koil Post,
District Kanchipuram- 603 204, Tamilnadu, India |
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Tel No.: |
91-44-27463800/ 27464346/ 348 |
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Fax No.: |
91-44-27464352 |
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Email : |
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Factory 4: |
Plot No. 262-263,
Karnidh, Chandil, District Saraikella - Kharswan – 832401, Jharkhand, India |
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Tel No.: |
91-657-2940671 |
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Email : |
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Factory 5: |
Gata No. 1490, Khajoor
Gaon, Chinhat- Deva Road, District Barabanki –225003, Uttar Pradesh, India |
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Factory 6: |
Thally Road,
Kalugondapalli Post, Hosur-635114, District Krishnagiri, Tamilnadu, India |
DIRECTORS
As on 31.03.2014
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Name : |
Mr. Bhupinder Singh Jauhar |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Randeep Singh Jauhar |
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Designation : |
Executive Director |
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Name : |
Mr. Pradeep Singh Jauhar |
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Designation : |
Executive Director |
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Name : |
Mr. Hardeep Slngh Gujral |
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Designation : |
Executive Director |
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Name : |
Dr. Pierre Jean Everaert |
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Designation : |
Nominee Clearwater Capital Partners (Cyprus) Limited |
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Name : |
Mr. Karthlk Athreya |
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Designation : |
{Alternate Director to Dr. Pierre Jean Everaert) |
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Name : |
Mr. Jalnendar Kumar Jaln |
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Designation : |
Director |
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Name : |
Mr. Chander Kailash Vohra |
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Designation : |
Director |
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Name : |
Mr. Uma Kant Slnghal |
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Designation : |
Director |
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Name : |
Seth Ashok Kumar |
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Designation : |
Director |
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Name : |
Mr. Shashl Bansal |
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Designation : |
Director |
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Name : |
Mr. V. Subramanlan |
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Designation : |
Nominee Director- lFCl Limited |
KEY EXECUTIVES
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Name : |
Mr. Randeep Slngh Jauhar |
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Designation : |
CEO & Executive Director |
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Name : |
Mr. Pradeep Singh Jauhar |
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Designation : |
COO & Executive Director |
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Name : |
Mr. Hardeep Singh Gujral |
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Designation : |
Executive Director |
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Name : |
Mr. Vivek Bhatla |
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Designation : |
Associate President (Finance & Legal) & CFO |
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Name : |
Mr. Sunll Laroiya |
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Designation : |
Vice President – International Business and Head (RLD) |
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Name : |
Mr. Madhukar Sharma |
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Designation : |
Global Head (After Market) |
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Name : |
Mr. A K Goyal |
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Designation : |
Vice President and Head of Malanpur Plant |
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Name : |
Mr. A R Nanjanath |
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Designation : |
Unit Head Hosur and Chennai |
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Name : |
Mr. Shdtshu Kulshreshta |
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Designation : |
DGM (Head of OEM Marketing ) |
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Name : |
Mr. Jagdlsh Adhlakha |
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Designation : |
Unit Head Yamuna Nagar and Jamshedpur Plant |
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Name : |
Mr. Rannara Chaudhari |
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Designation : |
Group HR Head |
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Name : |
Mr. J.J. Monan |
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Designation : |
GM-Quality |
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Name : |
Mr. Sudheer Mandele |
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Designation : |
DGM – Manufacturing Jamshedpur Plant |
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Technical
Assistance : |
Ridewell Corporation, USA |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
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(A) Shareholding of Promoter and Promoter Group |
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4331303 |
10.96 |
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13078527 |
33.08 |
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17409830 |
44.04 |
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Total shareholding of Promoter and Promoter Group (A) |
17409830 |
44.04 |
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(B) Public Shareholding |
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|
65482 |
0.17 |
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6650 |
0.02 |
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259815 |
0.66 |
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331947 |
0.84 |
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672890 |
1.70 |
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2838606 |
7.18 |
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4235124 |
10.71 |
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|
14046592 |
35.53 |
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13501653 |
34.15 |
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|
3868 |
0.01 |
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|
198482 |
0.50 |
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|
332589 |
0.84 |
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|
10000 |
0.03 |
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|
21793212 |
55.12 |
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Total Public shareholding (B) |
22125159 |
55.96 |
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Total (A)+(B) |
39534989 |
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) |
39534989 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The company is a manufacturer of Tapered Leaf and
Parabolic Springs. |
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Products : |
Tapered Leaf and Parabolic Springs |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
Notes: Long Term Borrowings
Short Term Borrowings # Buyers credit is a part of the term loan facility from ICICI Bank and Kotak Mahindra Bank. For details of security, on security related to term loans from banks. Additional security details related to working capital loan from ICICI bank refer below:
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Auditors : |
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Name : |
S.R. Batliboi and Company Chartered Accountants |
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Advisors and
Solicitors : |
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Memberships : |
-- |
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Collaborators : |
-- |
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Parties where
control exists : |
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Associates : |
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Enterprises controlled, owned or
significantly influenced by individuals having significant influence over the Company or their relatives : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
63886500 |
Equity Shares |
Rs.10/- each |
Rs.638.865 Millions |
|
350000 |
Optionally Convertible Cumulative Preference Shares |
Rs.100/- each |
Rs.35.000 Millions |
|
|
Total |
|
Rs.673.865
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
39485969 |
Equity Shares (Subscribed and fully paid) |
Rs.10/- each |
Rs.394.860 Millions |
|
30645 |
Equity Shares (Subscribed but not fully paid) |
Rs.10/- each |
Rs.0.306 Million |
|
|
Less: Call in arrears (Held by other than directors) |
|
Rs.0.152 Million |
|
175000 |
Optionally Convertible Cumulative Preference Shares |
Rs.100/- each |
Rs.17.500 Millions |
|
|
Total |
|
Rs.412.514
Millions |
Reconciliation of shares outstanding at the
beginning and at the end of the reporting period
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
Equity Share - Subscribed and fully paid up |
|
|
|
At the beginning of the year |
39482219 |
394.822 |
|
Add : Fresh allotment of share (under ESOP scheme |
3750 |
0.038 |
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At the end of the year |
39485969 |
394.860 |
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|
Equity Share - Subscribed but not fully
paid up |
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At the beginning and end of the year |
30645 |
0.306 |
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Preference Shares |
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|
|
At the beginning of the year |
350000 |
35.000 |
|
Less : Redemption during the year |
175000 |
17.500 |
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At the end of the year |
175000 |
17.500 |
Term and
Rights attached to equity shares
The Company has only one type of equity shares having par value of Rs.10 (absolute amount) each per share. Each shareholder is entitled to one vote per share. The Company pays and declares dividends in Indian rupees. The dividend proposed, if any, by the Board of Directors is subject to approval of shareholders in the ensuing Annual General Meeting, except in case of interim dividend. The repayment of equity share capital in the event of liquidation and buy back of shares are possible subject to prevalent regulations. In the event of liquidation, normally the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding. During the year ended March 31, 2014, the Company has declared final dividends of Rs. 1 (absolute amount) (previous year Rs.2 (absolute amount)) per share.
Terms and rights of
Preference shares including the terms of conversion/redemption
The preference shares were issued to IFCI pursuant to the debt restructuring scheme entered between erstwhile Jai Parabolic Springs Limited and IFCI Limited. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting. The preference share are redeemable in two instalments of Rs. 175 each, out of which first instalment was redeemed during the year on October 1, 2013and second instalment is due for redemption on October 1, 2014.The preference shares are not entitled to any voting rights.
Details of
shareholders holding more than 5% shares in the company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Equity Shares of Rs.10 each fully paid |
|
|
|
Clearwater Capital Partners Cyprus Limited |
9614147 |
24.33% |
|
MAP Auto Limited (erstwhile Randeep Investment Private Limited)* |
- |
- |
|
MAP Auto Limited |
11773899 |
29.79% |
|
NHK Springs Company Limited |
2308509 |
5.84% |
|
Preference Shares of Rs.100 each fully
paid |
|
|
|
IFCI Limited |
175000 |
100% |
* During the year, Randeep Investment Private Limited merged with MAP Auto Limited
Shares reserved for issue under Options and
contracts/commitments for the sale of shares/ disinvestment, including the
terms and amounts
The Company provides shares based payment schemes to its employees. During the year ended March 31, 2014, an employee stock option scheme was in existence and 324,785 stock options (Previous year: 621,500) can be exercised by the employees as per their vesting and in accordance with the terms of issue of stock option.
Forfeited shares
(amount originally paid up, included in capital reserve)
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Equity share capital (28,190 equity shares (Previous year 28,190) of Rs.10 each, amount called up Rs.10 each (Previous year 28,190 equity shares of Rs.10 each, amount called up Rs.10 each)). (Amount per share is in absolute Indian Rupees) |
28190 |
0.145 |
Share application
money pending allotment
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Shares proposed to be issued |
500 |
0.000 |
|
Fully paid up value of shares |
- |
0.005 |
|
Premium on shares proposed to be issued |
- |
0.022 |
|
Total |
500 |
0.027 |
The Share application money pending allotment includes amount received from an employee against the employee stock option plan. Such money was received on January 10, 2014 and the corresponding shares will be allotted in the next compensation committee meeting
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 |
412.514 |
429.976 |
428.977 |
|
(b) Reserves & Surplus |
1,428.732 |
1,335.778 |
1,138.233 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.027 |
0.000 |
0.272 |
|
Total
Shareholders’ Funds (1) + (2) |
1,841.273 |
1,765.754 |
1,567.482 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
614.426 |
411.527 |
679.628 |
|
(b) Deferred tax liabilities (Net) |
145.336 |
155.817 |
111.992 |
|
(c) Other long term
liabilities |
0.663 |
0.702 |
0.702 |
|
(d) long-term
provisions |
29.346 |
23.512 |
14.197 |
|
Total Non-current
Liabilities (3) |
789.771 |
591.558 |
806.519 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
82.509 |
489.864 |
478.969 |
|
(b) Trade
payables |
1,847.175 |
1,996.288 |
2,148.427 |
|
(c) Other
current liabilities |
398.487 |
494.964 |
529.078 |
|
(d) Short-term
provisions |
55.566 |
101.163 |
178.416 |
|
Total Current
Liabilities (4) |
2,383.737 |
3,082.279 |
3,334.890 |
|
|
|
|
|
|
TOTAL |
5,014.781 |
5,439.591 |
5,708.891 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2,492.279 |
2,525.185 |
1,669.975 |
|
(ii)
Intangible Assets |
13.159 |
45.760 |
107.258 |
|
(iii)
Capital work-in-progress |
12.477 |
92.525 |
828.790 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
209.090 |
162.484 |
219.059 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
231.280 |
230.417 |
288.244 |
|
(e) Other
Non-current assets |
3.618 |
10.515 |
19.797 |
|
Total Non-Current
Assets |
2,961.903 |
3,066.886 |
3,133.123 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
52.499 |
0.000 |
|
(b)
Inventories |
774.678 |
1,092.421 |
1,085.151 |
|
(c) Trade
receivables |
1,048.502 |
960.273 |
1,070.677 |
|
(d) Cash
and cash equivalents |
103.404 |
111.046 |
119.634 |
|
(e)
Short-term loans and advances |
120.190 |
137.265 |
125.419 |
|
(f) Other
current assets |
6.104 |
19.201 |
174.887 |
|
Total
Current Assets |
2,052.878 |
2,372.705 |
2,575.768 |
|
|
|
|
|
|
TOTAL |
5,014.781 |
5,439.591 |
5,708.891 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7,163.825 |
8,402.284 |
9,674.337 |
|
|
|
Other Income |
125.737 |
255.082 |
282.969 |
|
|
|
TOTAL (A) |
7,289.562 |
8,657.366 |
9,957.306 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4,819.307 |
5,770.632 |
6,832.555 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
191.756 |
(103.211) |
(29.671) |
|
|
|
Employees benefits expense |
506.614 |
518.238 |
461.046 |
|
|
|
Other expenses |
1,348.064 |
1,631.554 |
1,676.248 |
|
|
|
Exceptional Items |
(175.576) |
0.000 |
0.000 |
|
|
|
Prior period Items |
11.174 |
0.000 |
23.613 |
|
|
|
TOTAL (B) |
6,701.339 |
7,817.213 |
8,963.791 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
588.223 |
840.153 |
993.515 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
206.953 |
222.884 |
159.961 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
381.270 |
617.269 |
833.554 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
248.539 |
281.994 |
316.027 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
132.731 |
335.275 |
517.527 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(10.176) |
43.825 |
89.114 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
142.907 |
291.450 |
428.413 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(788.698) |
(953.258) |
(1,128.392) |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transferred to general reserve |
0.000 |
29.136 |
42.841 |
|
|
|
Interim dividend paid |
39.504 |
0.000 |
78.758 |
|
|
|
Proposed equity dividend |
0.000 |
78.995 |
59.097 |
|
|
|
Final dividend paid |
0.000 |
0.127 |
0.000 |
|
|
|
Proposed preference dividend |
3.281 |
4.375 |
43.200 |
|
|
|
Tax on equity dividend |
6.714 |
13.425 |
22.375 |
|
|
|
Tax on preference dividend |
0.532 |
0.744 |
7.008 |
|
|
BALANCE CARRIED
TO THE B/S |
(695.822) |
(788.610) |
(953.258) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
75.403 |
50.436 |
32.859 |
|
|
TOTAL EARNINGS |
75.403 |
50.436 |
32.859 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
25.690 |
124.831 |
24.393 |
|
|
|
Stores & Spares |
30.571 |
35.400 |
0.398 |
|
|
|
Capital Goods |
0.000 |
68.446 |
226.662 |
|
|
TOTAL IMPORTS |
56.261 |
228.677 |
251.453 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
3.52 |
7.25 |
10.88 |
|
|
|
- Diluted |
3.49 |
7.21 |
10.81 |
|
QUARTERLY RESULTS
|
Particulars |
|
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
Net Sales |
|
1st
Quarter |
2nd
Quarter |
|
Total Expenditure |
|
2100.900 |
2330.300 |
|
PBIDT (Excl OI) |
|
1988.100 |
2234.600 |
|
Other Income |
|
112.800 |
95.700 |
|
Operating Profit |
|
47.900 |
41.500 |
|
Interest |
|
160.700 |
137.200 |
|
Exceptional Items |
|
41.700 |
43.900 |
|
PBDT |
|
0.000 |
0.000 |
|
Depreciation |
|
119.000 |
93.300 |
|
Profit Before Tax |
|
61.900 |
60.600 |
|
Tax |
|
57.100 |
32.700 |
|
Provisions and contingencies |
|
5.100 |
(1.300) |
|
Profit After Tax |
|
0.000 |
0.000 |
|
Extraordinary Items |
|
52.000 |
34.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
0.000 |
0.000 |
|
|
|
52.000 |
34.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.99 |
3.47 |
4.43 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
8.21 |
10.00 |
10.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.77 |
6.47 |
11.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.19 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.38 |
0.51 |
0.74 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.86 |
0.77 |
0.77 |
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 |
428.977 |
429.976 |
412.514 |
|
Reserves & Surplus |
1138.233 |
1335.778 |
1428.732 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.272 |
0.000 |
0.027 |
|
Net
worth |
1567.482 |
1765.754 |
1841.273 |
|
|
|
|
|
|
long-term borrowings |
679.628 |
411.527 |
614.426 |
|
Short term borrowings |
478.969 |
489.864 |
82.509 |
|
Total
borrowings |
1158.597 |
901.391 |
696.935 |
|
Debt/Equity
ratio |
0.739 |
0.510 |
0.379 |
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 |
9,674.337 |
8,402.284 |
7,163.825 |
|
|
|
(13.149) |
(14.740) |
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
|
9,674.337 |
8,402.284 |
7,163.825 |
|
Profit |
428.413 |
291.450 |
142.907 |
|
|
4.43% |
3.47% |
1.99% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2014 Rs.
In Millions |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred sales tax loan |
34.778 |
78.276 |
|
Total |
34.778 |
78.276 |
CHARGES
Suit-filed accounts of
Rs.10.000 Millions and above as on 31-Jan-2015
Search details
Borrower Containing - Jamna Auto
|
Bank |
Branch |
Quarter |
D&B D-U-N-S® Number |
Borrower Name |
OutStanding Amount ( Rs. in Millions) |
|
Unit Trust Of India Ltd |
MUMBAI |
31-12-02 |
|
Jamna Auto Industries Limited |
75.400 |
|
Export Import Bank Of India |
NEW DELHI |
31-03-05 |
|
Jamna Auto Industries Limited |
50.100 |
|
Export Import Bank Of India |
NEW DELHI |
31-12-03 |
|
Jamna Auto Industries Limited |
38.000 |
|
Specified Undertaking Of Unit Trust Of India |
MUMBAI |
31-03-06 |
|
Jamna Auto Industries Limited |
32.400 |
|
Export Import Bank Of India |
NDRO |
31-12-07 |
|
Jamna Auto Industries Limited |
12.549 |
CORPORATE
INFORMATION
The company is a manufacturer of Tapered Leaf and Parabolic springs. The Company’s manufacturing facilities are located at Malanpur, Chennai, Yamuna Nagar, Jamshedpur and Hosur.
PERFORMANCE
The domestic automobile industry has been witnessing one of the worst recessions in recent times. The automobile industry ended the year 2013-2014 on a decline. Amongst automobile industry segments, the Commercial Vehicle (CV) segment has been the worst affected. The current recession, which began in early 2012 in the Medium and Heavy Commercial Vehicle (M&HCV) segment, has since spread to the Light Commercial Vehicles (LCV) segment too. On YoY basis, the CV industry volumes declined by 20.23% in FY14 against FY13.
The company was affected by the slowdown in the CV segment, with the M&HCV sub-segment showing the worst decline in sales and profits. The M&HCV segment is crucial for the company’s growth. Industrial output and infrastructure investment are the key factors that affect demand in the CV segment. The slowdown in core industries including cement and steel; and the decline in mining, infrastructure and exports has negatively impacted the CV segment. Poor demand, high discounts and inventory piling have hurt the industry bottom line significantly as have the additional capacities built up by Original Equipment Manufacturers (OEMs).
Against this backdrop of a depressed CV segment, the company achieved total consolidated sales of Rs.894 crore, cash profit of Rs.430.000 Millions and profit after tax of Rs.140.000 Millions during FY 2013-2014 as compared to consolidated sales of Rs.10560.000 Millions cash profit of Rs.610.000 Millions and consolidated profit after tax of Rs.280.000 Millions in the previous year.
In order to achieve this performance, the company focused its efforts on improving operational efficiencies and cost control, and on easing liquidity pressure. The company rationalized manpower, shut down the Lucknow plant, and sold investment in NHK Springs India Ltd at profit. Measures adopted for operational efficiencies and cost control have reduced the breakeven level. With this improved financial management, the company was able to maintain robust liquidity even under pressure. During the year under review, the company reduced its short term debt liability by repaying Rs.577.000 Millions. In view of the better working capital management and prudent measures undertaken for cost control, the company’s credit rating was duly raised from BB+ to BBB-.
The company is committed to its long-term plans of expanding the customer and market base, to change product mix by increasing After Market-India/Export share and to reduce the contribution of Tapered Leaf Springs to total revenue. However, on account of the current economic slowdown, some of these plans are likely to be delayed by another year. With the formation of a stable government at the Centre, the company’s Directors are optimistic of a stable economy in the medium and long-term. The Directors expect the new government to take concrete measures towards development, employment generation and scaling-up the economy. The governments’ promised focus on infrastructure development, GST implementation, FDI, industrial and social reforms is expected to build up confidence in the economy and to create demand. Measures such as expenditure on infrastructure development, increased mining and GST implementation wills pur CV demand and contribute to an early recovery.
The company proposes to pay accumulated dividend of Rs.3.300 Millions to IFCI Limited on 12.50% Optionally Convertible Cumulative Preference Shares.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER 2014
(Rs. In Millions)
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
|
|
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
2273.400 |
2054.000 |
4327.400 |
|
b) Other operating income |
56.900 |
46.900 |
103.800 |
|
Total
income from Operations(net) |
2330.300 |
2100.900 |
4431.200 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
1697.300 |
1592.000 |
3289.300 |
|
b) Purchases of stock in trade |
(63.900) |
(135.200) |
(199.100) |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
150.100 |
137.600 |
287.700 |
|
d) Employees benefit expenses |
60.600 |
61.900 |
122.500 |
|
e) Depreciation and amortization expenses |
226.300 |
204.600 |
430.900 |
|
f) Other expenditure |
92.400 |
75.100 |
167.500 |
|
|
132.400 |
114.000 |
246.400 |
|
Total expenses |
2295.200 |
2050.000 |
4345.200 |
|
3. Profit from operations before other income and
financial costs |
35.100 |
50.900 |
86.000 |
|
4. Other income |
41.500 |
47.900 |
89.400 |
|
5. Profit from ordinary activities before finance costs |
76.600 |
98.800 |
175.400 |
|
6. Finance costs |
43.900 |
41.700 |
85.600 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
32.700 |
57.100 |
89.800 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
32.700 |
57.100 |
89.800 |
|
10.Tax expenses |
(1.300) |
5.100 |
3.800 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
34.000 |
52.000 |
86.000 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
34.000 |
52.000 |
86.000 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
|
|
|
|
15. Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share of Rs.10/- each) (not
annualised): Before extraordinary items (not annualised): |
|
|
|
|
(a) Basic |
0.79 |
1.30 |
2.14 |
|
(b) Diluted |
0.78 |
1.29 |
2.12 |
|
After extraordinary items (not annualised): |
|
|
|
|
(a) Basic |
0.79 |
1.30 |
2.14 |
|
(b) Diluted |
0.78 |
1.29 |
2.12 |
|
Particulars
|
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
22125159 |
22125159 |
22125159 |
|
- Percentage of shareholding |
55.96% |
55.96% |
55.96% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
1652174 |
1652174 |
1652174 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
9.49% |
9.49% |
9.49% |
|
Percentage of shares (as a % of total share capital of the
company) |
4.18% |
4.18% |
4.18% |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
15757656 |
15757656 |
15757656 |
|
Percentage of shares (as a % of the total shareholding of promoter and
promoter group) |
90.51% |
90.51% |
90.51% |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
- |
|
|
Receiving during the quarter |
|
1 |
|
|
Disposed of during the quarter |
|
1 |
|
|
Remaining unreserved at the end of the quarter |
|
- |
|
STATEMENT
OF ASSETS AND LIABILITIES
|
SOURCES OF FUNDS |
|
|
30.09.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
412.700 |
|
(b) Reserves & Surplus |
|
|
1,486.800 |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
1,899.500 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
392.100 |
|
(b) Deferred tax liabilities (Net) |
|
|
134.500 |
|
(c) Other long term
liabilities |
|
|
0.700 |
|
(d) long-term
provisions |
|
|
35.100 |
|
Total Non-current
Liabilities (3) |
|
|
562.400 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
160.300 |
|
(b) Trade
payables |
|
|
1,944.200 |
|
(c) Other
current liabilities |
|
|
501.500 |
|
(d) Short-term
provisions |
|
|
7.300 |
|
Total Current
Liabilities (4) |
|
|
2,613.300 |
|
|
|
|
|
|
TOTAL |
|
|
5,075.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
|
2,426.100 |
|
(ii)
Intangible Assets |
|
|
0.000 |
|
(iii)
Capital work-in-progress |
|
|
0.000 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
292.500 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
349.400 |
|
(e) Other
Non-current assets |
|
|
4.100 |
|
Total Non-Current
Assets |
|
|
3,072.100 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
983.700 |
|
(c) Trade
receivables |
|
|
803.900 |
|
(d) Cash
and cash equivalents |
|
|
110.000 |
|
(e)
Short-term loans and advances |
|
|
98.100 |
|
(f) Other
current assets |
|
|
7.400 |
|
Total
Current Assets |
|
|
2,003.100 |
|
|
|
|
|
|
TOTAL |
|
|
5,075.200 |
Notes:
a. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 11 November 2014.
b. The Statutory Auditors of the Company have carried out a Limited Review of the financial results for the quarter ended 30 September 2014.
c. Pursuant to the decision made in the meeting of partners of Jai Suspension Systems Limited Liability Partnership (LLP) conducted on 07 November 2014 in which Jamna Auto Industries Limited is a partner profits earned by the LLP for the quarter ended 30 September 2014 amounting to Rs.39.300 Millions has been credited to the respective current accounts of the partners. The same has been included under other income.
d. The Company is in the business of manufacturing Parabolic/ Tapered leaf spring Lift axle and Air suspension spring. As the Company’s business activities fall within a single business segment no segment disclosures are required.
e. Current period basic and dliuted earnings per share has been computed after considering the impact for preference dividend (including dividend distribution tax thereon) and outstanding employee stock options.
f. For the year ended March 31 2014 remuneration being paid to directors was in excess of the limits prescribed under the Companies Act 1956 by Rs.191.33. The Company has applied to the Central Government for the approval and is hopeful to receiving the same. The Company has continued to pay the remuneration during the period as per the agreement to the directors correspondingly remuneration of Rs. 46.52 for the six months ended September 30 2014 included in employee benefit expenses is in excess of permissible remuneration under the Companies Act 2013.
g. Previous period figures have been re-grouped/re-classified/re-arranged wherever necessary to make them comparable.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10542632 |
26/12/2014 |
300,000,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
C40236101 |
|
2 |
10538581 |
24/11/2014 |
200,000,000.00 |
SBER Bank India |
Upper
Ground Floor, Gopal Dass Bhawan, 28, Barakhamba Road, Connaught Place, New Delhi,
Delhi - 110 |
C38023537 |
|
3 |
10531428 |
11/11/2014 |
120,000,000.00 |
Standard Chartered Bank |
Credit
Risk Control, Narain Manzil, 23 Barakhamba |
C33689498 |
|
4 |
10522444 |
25/09/2014 |
30,000,000.00 |
ICICI Bank Limited |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
C22956122 |
|
5 |
10512783 |
18/11/2014 * |
150,000,000.00 |
Kotak Mahindra Bank Limited |
27bkc, C 27, G Block, Bandra Kurla Complex, Bandra (E),, Mumbai, Maharashtra - 400051, India |
C37414331 |
|
6 |
10497064 |
24/11/2014 * |
130,000,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
C38488656 |
|
7 |
10328776 |
06/05/2014 * |
350,000,000.00 |
Kotak Mahindra Bank Limited |
27bkc, C 27, G Block, Bandra Kurla Complex, Bandra (E),, Mumbai, Maharashtra - 400051, India |
C05937461 |
|
8 |
10263002 |
29/12/2010 |
500,000,000.00 |
Lakshmi Vilas Bank Limited |
Gf, 8, 9 & 10, Tolstoy House,, 15-17 Tolstoy Marg , Janpath, New Delhi, Delhi - 110001, India |
B03839271 |
|
9 |
10261051 |
24/12/2010 |
100,000,000.00 |
Indusind Bank Limited |
Dr.Gopal Das Bhawan,28,Barakhamba Road, New Delhi, New Delhi, Delhi - 110001, India |
B03107612 |
|
10 |
10261231 |
30/12/2011 * |
300,000,000.00 |
State Bank Of India |
Industrial Finance Branch, Jawahar Vyapar Bhawan,1 Tolstoy Marg,, New Delhi, Delhi - 110001, INDIA |
B31720485 |
|
11 |
10236544 |
30/12/2011 * |
230,000,000.00 |
ICICI Bank Limited |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
B30855431 |
|
12 |
10211728 |
05/08/2010 * |
393,200,000.00 |
Industrial Finance Corporation Of India Limited |
Ifci Tower, 61 Nehru Place,, New Delhi, Delhi - 110019, India |
A93945699 |
|
13 |
10135631 |
30/12/2011 * |
300,000,000.00 |
3i Infotech Trusteeship Services Limited |
3rd To 6th Floor, International Infotech Park,, Tower No.5, Vashi Railway Station Complex, Vashi, Navi Mumbai, Maharashtra - 400703, INDIA |
B31167653 |
|
14 |
10133364 |
30/10/2008 |
210,000,000.00 |
Standard Chartered Bank |
Credit
Risk Control, Narain Manzil, 23 Barakhamba |
A52340288 |
|
15 |
10120184 |
07/04/2014 * |
270,000,000.00 |
Kotak Mahindra Bank Limited |
27bkc, C 27, G Block, Bandra Kurla Complex, Bandra (E),, Mumbai, Maharashtra - 400051, India |
C05434766 |
|
16 |
10058649 |
29/06/2007 |
1,502,177.00 |
Icici Bank Limited |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
A18482430 |
|
17 |
10052601 |
16/04/2007 |
73,500,000.00 |
State Bank Of India |
Specialized Commercial Branch, S.C.O. 103-106, Sector-17- B,, Chandigarh, Punjab - 160017, India |
A15797194 |
|
18 |
10039443 |
17/10/2007 * |
160,000,000.00 |
Kotak Mahindra Bank Limited |
36-38a, Nariman Bhavan, 227,D,, Nariman Point,, Mumbai, Maharashtra - 400021, India |
A25828831 |
|
19 |
10031212 |
29/11/2006 |
80,000,000.00 |
Clear Water Capital Partners India Private Limited |
201, 2nd Floor,, Central Plaza, 166, Cst Road, Kalina, Mumbai, Maharashtra - 400098, India |
A08938722 |
|
20 |
90057447 |
22/03/2001 |
20,000,000.00 |
ICICI Bank Ltd |
9-A, Connaught Place, New Delhi, Delhi, India |
- |
|
21 |
80023490 |
18/12/2006 * |
276,500,000.00 |
State Bank Of India |
Specialized Commercial Branch,, S.C.O. 103-106, Sector 17-B,, Chandigarh, Punjab - 160017, India |
- |
|
22 |
80045814 |
28/08/2010 * |
517,100,000.00 |
ICICI Bank Limited |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
A93443927 |
|
23 |
90041990 |
08/05/2013 * |
2,755,400,000.00 |
State Bank Of India |
Industrial Finance Branch, Jawahar Vyapar Bhawan,1 Tolstoy Marg,, New Delhi, Delhi - 110001, India |
B77285831 |
|
24 |
80035600 |
06/08/1996 |
20,000,000.00 |
Punjab State Industrial Development Corporation Ltd |
Udyog Bhawan, 18,Himalya Marg,Sector 17-A, Chandigarh, Chandigarh - 160017, India |
- |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
NEWS:
JAMNA AUTO ALLOTS 16368 EQUITY SHARES
UNDER ESOP 2006, ESOP 2008 SCHEME
Jamna Auto Industries Ltd has informed BSE that the Compensation Committee of
the Board of Directors of the Company, at its meeting held on November 08, 2012
has allotted 16368 equity shares upon exercise of stock options by the
employees under ESOP 2006 Scheme and ESOP Scheme 2008.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.76 |
|
UK Pound |
1 |
Rs.93.13 |
|
Euro |
1 |
Rs.70.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
45 |
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.